In the News
May 29, 2015
Recent research has examined the siting patterns of Low-Income Housing Tax Credit (LIHTC) developments, but the reality is that the LIHTC program is not one uniform, national program. Rather, the program is administered by state allocating agencies, each of which has considerable discretion over...
In the News
May 29, 2015
Senator Al Franken (D-MN) and Senate Finance Committee member Rob Portman (R-OH) recently introduced the Housing for Homeless Students Act, S. 1412, which would add a new exemption to the housing credit student rule to allow full-time students to qualify to rent an LIHTC apartment if they were a...
In the News
May 29, 2015
The National Low Income Housing Coalition recently issued a report entitled “Out of Reach 2015.” The report highlights the growing housing affordability crisis in America and the need to expand and preserve the supply of quality affordable housing through programs such as the LIHTC...
Feature
April 30, 2015
When you start managing a tax credit site, you must meet certain occupancy requirements in the first year of the site’s compliance period. If you don’t meet these requirements, you’ll run into big problems. For example, the site owner may have to forfeit some or even all of the...
Dealing with Households
April 30, 2015
As a site owner or manager, you must check the 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. You may encounter items...
Private Letter Rulings
April 30, 2015
Facts: An owner requested a letter ruling on whether certain easement relocation costs incurred while constructing a site are includible in the eligible basis for purposes of Section 42(d)(1) of the Internal Revenue Code.
Q & A
April 30, 2015
Q When certifying households, must we always treat minors as dependents?
A No. Generally, you must treat household members who are minors (under 18 years old) as dependents. But if a household member is an “emancipated minor,” meaning that she’s under 18 years old and enters into...
Q & A
April 30, 2015
Q My community room is part of the building’s basis for tax credit calculation purposes, meaning that the owner counts it as part of the property for which the state has awarded tax credits. Residents have asked me to permit a local hairdresser to use the community room once a week to provide...
Q & A
April 30, 2015
Q I’m leasing up a brand-new, 80 percent tax credit building—that is, eight of my 10 units must be rented to qualified low-income households. My marketing brought in nine qualified low-income households. If I rent to nine qualified low-income households instead of eight, can the owners...
Feature
March 31, 2015
Claims for sexual harassment, which is considered a form of housing discrimination based on sex, can cost thousands—if not millions—in settlements or court awards, civil penalties, and attorney’s fees—not to mention lasting damage to the reputation of the site, management,...
