In the News
October 30, 2014
On Oct. 22, the federal government announced that the Social Security Cost of Living Adjustment (COLA) for 2015 will be 1.7 percent. This is up from the 2014 increase of 1.5 percent, but less than the 3.6 percent increase of 2012. Next year will mark only the eighth time the COLA has been less than...
In the News
October 30, 2014
The District of Columbia’s fiscal year (FY) 2015 Budget Support Emergency Act, which became effective on Oct. 1, 2014, implements a low-income housing tax credit for the District of Columbia. As a result of the legislation, the Department of Housing and Community Development will make...
In the News
October 30, 2014
The Treasury Department’s Office of the Inspector General (OIG) released an audit of the Missouri Housing Development Commission regarding payment under the Section 1602 cash grant exchange program. The Section 1602 program was enacted by the American Recovery and Reinvestment Act of 2009.
Feature
September 30, 2014
Meeting your site’s minimum set-aside is the most important goal you have as a tax credit manager. If you meet the set-aside, the owner of your site will be entitled to claim its tax credits. If you don’t meet the set-aside, your site won’t qualify for the tax credit program,...
Compliance
September 30, 2014
The IRS recently released its new audit technique guide (ATG) for IRC Section 42, Low-Income Housing Credit. The purpose of the ATG is to help IRS examiners audit owners of LIHTC projects. It’s organized in the order an examiner might address issues during an examination, starting with an...
Dealing with Households
September 30, 2014
Residents frequently need you to let friends, relatives, or workers into their units when they aren’t home. But it’s risky to do that since you could inadvertently be letting a criminal into one of your residents’ units. If something happens to the resident or her property, you...
Maintenance
September 30, 2014
One of the most important things you can do before winter settles in at your site is to inspect your roof. That’s because most roof damage occurs during winter. Harsh weather conditions—such as heavy rain or snow, strong winds, and extreme temperatures—can cause substantial damage...
In the News
September 30, 2014
Each year the IRS allocates a certain amount of Low-Income Housing Tax Credits to each state using a formula allocation method, which is based on a state’s population, and is established in Section 42 of the Internal Revenue Code. In addition to the credits allocated by this formula method,...
Feature
August 26, 2014
Your residents are entitled to a utility allowance if they are responsible for payment for their gas, electric, water, sewer, or trash service. A unit is out of compliance if you are not crediting the resident with a utility allowance, and the amount you charge them for rent exceeds the tenant rent...
Maintenance
August 26, 2014
With the approach of the fall heating season, it’s a good time to consider the steps that need to be taken to get your heating system online for the upcoming cold weather. Increasing oil prices have alerted many owners to the basic fact that an inefficient boiler will waste unnecessary...