Income Calculations
February 23, 2023
You probably know that each time you certify or recertify a household at your site, you need to determine the cash value of the household’s assets and the income those assets are expected to generate over the next year. It may be the case that increasingly more applicants and households are...
Private Letter Rulings
February 23, 2023
A private letter ruling (PLR) is a written response issued by the IRS to an owner or taxpayer when the owner asks a question about the tax effects of its acts or transactions. The questions posed by site owners usually entail uncertainty about how to handle a situation and the need for guidance on...
Feature
January 31, 2023
HUD recently requested public comment on plans to implement the key changes the VAWA Reauthorization Act of 2022 (VAWA 2022) made to the Violence Against Women Act of 1994. Since the 2013 amendments, VAWA has applied to the LIHTC program. However, neither the Treasury Department nor the IRS has...
Income Calculations
January 31, 2023
Personal retirement accounts can be tricky to navigate when completing income certifications. They can be considered assets or income depending on if the resident has access to the retirement account funds and if distributions are regular and periodic or sporadic. Generally, when the regular...
Compliance
January 31, 2023
HUD’s Office of Fair Housing and Equal Opportunity recently published a fact sheet to educate housing providers and persons with disabilities who seek reasonable accommodations related to assistance animals. The fact sheet can be found at https://files.hudexchange.info/resources/documents/...
Q & A
January 31, 2023
Q I have a mixed-income site. The last issue of the Insider seemed to indicate that credit may be claimed on vacant units if reasonable attempts are being made to rent the unit and no units are rented to non-qualified households while the unit is vacant (see How to Make Sure Next Available Units...
In the News
January 31, 2023
The White House recently announced new actions to increase fairness in the rental market and further principles of fair housing. Notable actions announced include:
Feature
January 2, 2023
In the LIHTC program, if the income of tenants of a low-income unit in the building increases above the limit allowed, the next available unit (NAU) of comparable or smaller size in the building will be rented to tenants having a qualifying income. This is the NAU rule and it applies whenever a...
Dealing with Households
January 2, 2023
Most residents aren’t home during the day to accept packages sent to them. And with the rise of online shopping, packages that are left unattended at your site could become attractive targets for thieves and may entice thieves to regularly visit your site.
Compliance
January 2, 2023
When complying with the tax credit law, you must follow different rules depending on which of the five types of tax credit units you’re dealing with. But tax credit managers often get confused about which rules apply to which type of unit, or even about how each unit type differs. If this...
