Feature

HUD Aims to Revise Income Limit Calculations

January 31, 2024    
Income limit increases will be capped at 10%.     On Jan. 10, HUD published a notice on changes the agency is intending to make to the methodology used for calculating Section 8 income limits. HUD publishes these income limits each year based on changes to each housing area’s median...
Compliance

Inspect Interior Common Areas Periodically for Potential Hazards

January 31, 2024    
As a site owner or manager, it’s a good idea to check the interior common areas of your tax credit site regularly for safety hazards. If you find problems, you must immediately correct them, or risk legal liability for any potential injuries to residents, their guests, or visitors to the site...
In the News

FHFA Releases Summary of Tenant Protection Comments

January 31, 2024    
The Federal Housing Finance Agency (FHFA) recently released a summary of responses it received after issuing a Request for Input (RFI) on how the agency could create and enforce renter protections for households living in rental properties with federally backed mortgages, namely through Fannie Mae...
In the News

JCHS Report Shows Record Levels of Renters Are Cost Burdened

January 31, 2024    
A record-high 22.4M renters spent more than 30% of their income on rent and utilities.  
Feature

Create Disaster Preparedness Plan to Protect Site, Residents

December 21, 2023    
We give you 6 guidelines to follow.     A definite plan to deal with potential disasters at your site is an important element of providing a safe environment for your staff and residents. The U.S. is experiencing more frequent and intense weather- and climate-related hazards such as...
Dealing with Households

Make Opioid Overdose Reversal Medication Part of Site’s Safety Toolkit

December 21, 2023    
We give you answers to four frequently asked questions.     Fentanyl and other opioids are fueling the worst drug crisis in the history of the United States. According to CDC drug overdose data, drug overdose deaths in the United States, driven by illicit fentanyl and other opioids,...
Income Calculations

IRS Increases Standard Mileage Rates for 2024

December 21, 2023    
The IRS recently issued Notice 24-08, which contains the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. With the recent notice, the 2024 business standard mileage rate is increasing to 67 cents, up...
In the News

GAO Recommends Designating Agency to Improve LIHTC Administrative and Cost Oversight

December 21, 2023    
The IRS doesn’t have the resources to collect detailed LIHTC cost information.     The U.S. Government Accountability Office (GAO) recently issued a brief report entitled, “Low-Income Housing Tax Credit: Opportunities to Improve Oversight.” The report highlights the fact...
Feature

HOTMA Spotlight: Track Annual Inflationary Adjustments and Passbook Rate

November 29, 2023    
Prepare for how these annual changes will affect income, asset, and eligibility determinations.     Low-income housing tax credit law requires site owners to use HUD’s Section 8 rules regarding income calculations. According to Treasury Regulations §1.42-5(b)(1)(vii), “...
Compliance

HUD Offers New NSPIRE Inspection Checklist

November 29, 2023    
Use the checklist to prepare your site for inspection under NSPIRE.