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,...
Income Calculations
March 31, 2015
On March 6, HUD released the 2015 income limits, available at huduser.org. According to Revenue Ruling 94-57, you have 45 days to begin using them to certify and recertify low-income households at your tax credit site. This means this year’s income limits must be implemented no later than...
Compliance
March 31, 2015
The IRS recently released a memorandum issued by the Office of Chief Counsel dated June 2, 2014, which addressed circumstances that could affect the eligibility of employee units such as manager or maintenance personnel units in a LIHTC site to qualify for the tax credit. Specifically, the memo...
In the News
March 31, 2015
The IRS recently released its 2015 Calendar Year Resident Population Figures in IRS Notice 2015-12. This notice advises state and local housing credit agencies that allocate low-income housing tax credits of the population figures to use in calculating tax credit ceilings and tax-exempt private...
In the News
March 31, 2015
The IRS sets priority guidance plans each year and updates them on a quarterly basis. The IRS uses the priority guidance plan each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published...
In the News
March 31, 2015
The National Housing Conference’s Center for Housing Policy recently released a cost burden report that examines trends in housing affordability for low- to moderate-income working families throughout the United States. Using the U.S.
Feature
February 26, 2015
When charging restricted rents for low-income units at your tax credit site, it’s important to calculate the amount of each household’s rent properly. Managers too often make mistakes in their calculations and this can lead to big problems.
Charging more than the maximum rent for a low-...
