Feature
November 29, 2018
Every year site owners submit various IRS tax forms to claim the low-income housing tax credit on their tax return. IRS examiners look at the submitted information along with internal IRS information to determine whether to conduct an audit. If an examiner wants to continue with the audit process,...
Certification
November 29, 2018
Site managers have to deal with countless situations presented to them by residents, one of which is shared custody of children. A low-income household may report to you that its members include children who are covered by a joint custody arrangement—that is, the children live part of the...
Compliance
November 29, 2018
Placing a building in service—that is, making it functional within the tax credit program—can be tricky if you’re not sure what’s required and what your options are. And knowing how to place a building in service is important because it affects when your building’s...
In the News
November 29, 2018
The IRS recently announced an increase in the low-income housing tax credit (LIHTC) and private-activity bond caps for 2019. Revenue Procedure 2018-57 sets the 2019 amounts used to calculate each state’s LIHTC ceiling at the greater of $2.76 multiplied by the state population, or $3,166,875....
In the News
November 29, 2018
The Treasury Department and IRS recently released their third quarter update to their 2018–2019 Priority Guidance Plan, detailing tax guidance the government intends to focus its efforts on in the coming months. The update identifies projects needed to implement tax changes made by the 2017...
In the News
November 29, 2018
State and local source-of-income nondiscrimination laws prohibit landlords from discriminating against potential renters who receive income from sources such as alimony, disability benefits, and Housing Choice Vouchers (HCVs). Senators Orrin Hatch (R-UT) and Tim Kaine (D-VA) recently introduced the...
In the News
November 29, 2018
Wells Fargo has dismissed two Charlotte, N.C.-based executives in its community lending and investment division in relation to a federal investigation into the bank’s negotiation and procurement of LIHTCs. The two executives had been previously suspended by Wells Fargo in connection with the...
In the News
November 29, 2018
The 2018 omnibus spending bill passed earlier this year authorized the “income-averaging” option for minimum set-aside elections in the LIHTC program. The option replaces the 60 percent area median income (AMI) maximum eligible income for LIHTC sites with 80 percent for units where the...
Feature
November 13, 2018
By Carolyn Zezima
Feature
October 30, 2018
When managing a tax credit site, you may be confused about what you can and can’t do when it comes to creating a lease for your low-income households. For instance, you may be unsure whether you can give households a one-month lease without putting your site owner’s tax credits at risk...
