In the News
November 29, 2016
The Social Security Administration recently announced that monthly Social Security and Supplemental Security Income (SSI) benefits for more than 65 million Americans will increase 0.3 percent in 2017. The 0.3 percent cost-of-living adjustment (COLA) will begin to Social Security beneficiaries in...
In the News
November 29, 2016
HUD recently published in the Federal Register the final rule implementing housing provisions under the Violence Against Women Reauthorization Act of 2013 (VAWA) as it applies to HUD programs. The rule codifies VAWA core protections across covered HUD programs to ensure individuals are not denied...
Feature
November 7, 2016
The Low Income Housing Tax Credit (LIHTC) program is the country’s most extensive affordable housing program. The program was added to Section 42 of the Internal Revenue Code (IRC) in 1986 to provide private owners with an incentive to create and maintain affordable housing. The LIHTC program...
Compliance
November 7, 2016
As the end of the calendar year nears, your site’s annual certification to your state housing agency is approaching. Under Treasury Regulation Section 1.42-5(c)(1), owners are required to certify to the state agency that allocated the credit at least annually that, for the preceding 12-month...
Compliance
November 7, 2016
In addition to annual certifications, owners are required to complete a “First-Year Certification” under Internal Revenue Code (IRC) Section 42(l)(1). The certification is made to identify specific information needed for the administration of the program and document specific elections...
Feature
October 20, 2016
An owner may hire you to manage tax credit sites in a different state from the one where your current tax credit sites are located. You may think that because the tax credit program is a federal program, you can simply apply the same rules you’re currently complying with to the site in the...
Dealing with Households
October 20, 2016
The Housing and Economic Recovery Act of 2008 (HERA) eliminated the annual income recertification requirement for 100 percent buildings. Each state agency, however, may opt to tighten the rule and impose its own recertification requirements. For mixed-use tax credit sites, owners are required to...
In the News
October 20, 2016
From Oct. 6 to Oct. 11, as a result of Hurricane Matthew, President Obama and the Federal Emergency Management Agency (FEMA) declared parts of South Carolina, North Carolina, Florida, and Georgia as major disaster areas. Among other federal assistance, these declarations make LIHTC and tax-exempt...
In the News
October 20, 2016
The IRS recently issued Revenue Procedure 2016-52, which publishes the amounts of unused housing credit carryovers allocated to qualified states under Section 42(h)(3)(D) of the Internal Revenue Code for calendar year 2016. This year, slightly more than $2.6 million in unused low-income housing tax...
In the News
October 20, 2016
The White House recently released the “Housing Development Toolkit,” which highlights actions state and local jurisdictions can take to encourage housing development. The white paper argues that restrictive zoning contributes to high rents, exacerbates wealth inequality, and slows the U...
