Dealing with State Housing Agency
January 29, 2015
Sites awarded low-income housing credits prior to 1990 had a compliance period of 15 years. Beginning in 1990, a change in federal law required an additional 15 years of compliance, which is known as the extended use period. As a result, IRC Section 42(h)(6) establishes that sites that were awarded...
In the News
January 29, 2015
HUD recently issued a memo clarifying tenant protections for households when owners use both HUD-assistance and LIHTC financing. According to HUD, there have been reports that some owners had been trying to terminate the tenancy of current HUD-assisted tenants who don’t meet LIHTC eligibility...
In the News
January 29, 2015
The U.S. Department of Health & Human Services (HHS) recently issued its 2015 poverty guidelines. These guidelines are used to determine financial eligibility for certain federal programs. Now that these guidelines have been published, HUD will release two sets of new income limits for fiscal...
Feature
December 23, 2014
In most cases, you need to verify household income with third-party employers because household members usually earn their income through jobs. But you may encounter a household member who works for herself. In this situation, you must follow the HUD Handbook’s requirements for verifying self...
Compliance
December 23, 2014
When you verify a household’s income with employers or other verification sources, you may get information that contradicts what household members told you during the household’s certification or annual recertification. For instance, a household member may tell you that he gets $50 per...
Income Calculations
December 23, 2014
The IRS recently issued the 2015 optional standard mileage rates. Starting Jan. 1, 2015, when calculating the deductible costs of operating an automobile, the new rates will be 57.5 cents per mile for business miles driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per...
In the News
December 23, 2014
On Dec. 19, President Obama signed H.R. 5771, The Tax Increase Prevention Act of 2014, into law. This law extends for one year only a number of tax relief provisions that expired on Dec. 31, 2013. The one-year extension act passed the Senate earlier by a vote of 76-16. And the House passed the...
In the News
December 23, 2014
On Dec. 11, 2014, Federal Housing Finance Agency (FHFA) Director Melvin L. Watt instructed Fannie Mae and Freddie Mac to begin setting aside and allocating funds for the Housing Trust Fund and the Capital Magnet Fund. Congress created the two funds in 2008 under the Housing and Economic Recovery...
In the News
December 23, 2014
Housing credit sites are performing well across-the-board, including large, small, urban, and ex-urban projects, according to a recent report published by CohnReznick entitled “The Low-Income Housing Tax Credit Program: A Performance Update Analysis.”
In the News
December 23, 2014
Oregon Housing and Community Services (OHCS), the agency that administers the LIHTC program in Oregon, recently released new data on the demographics of households served by LIHTC sites in 24 of the state’s 26 counties. This is the first publically available dataset on LIHTC properties to...
