In the News
May 30, 2014
The Louisiana Joint Legislative Committee on the Budget recently approved a compliance fee increase that will go into effect beginning with the next funding round. The Louisiana Housing Corporation (LHC) will increase its compliance fee from $5 to $33 per unit for sites that receive new LIHTC...
In the News
May 30, 2014
Rep. Charles Rangel, D-N.Y., recently introduced the Renters Tax Credit Act of 2014 (H.R. 4479), which would provide a tax credit to apartment owners and lenders that subsidize the cost of lower rents for low-income households. The renter’s credit combines the concepts of the Low-Income...
Feature
April 30, 2014
For many owners already operating on thin margins, aggressive tax assessors may be their biggest concern since property taxes are likely to be their sites’ single largest expense. If you believe that your property taxes are too high because the local tax assessor has overvalued your tax...
Compliance
April 30, 2014
Tax credit sites tend to operate on tight margins because of the competition to obtain these credits initially and the allocating agencies’ obligation to provide the minimum amount of credit necessary to make a deal feasible. Given these constraints, it’s no surprise that some sites, by...
In the News
April 30, 2014
Although the low-income housing tax credit program started less than 30 years ago, many sites are now operating after their initial 15-year compliance period—that is, in the “extended use period,” which preserves rental affordability for at least an additional 15 years as required...
In the News
April 30, 2014
In 2012, HUD and the Federal Housing Administration (FHA) introduced a new Multifamily Low Income Housing Tax Credit Pilot Program intended to speed project financing of tax credit sites. Before, the Section 223(f) program for FHA-insured loans couldn’t be used for substantial rehabilitation...
In the News
April 30, 2014
Sen. Charles Schumer, D-N.Y., recently introduced the National Disaster Tax Relief Act of 2014 (S. 2233), a bill that would increase the Low-Income Housing Tax Credit (LIHTC), New Markets Tax Credit (NMTC), and Historic Rehabilitation Tax Credit (HTC) allocations in states that included a federally...
Feature
March 31, 2014
Tax credit sites are required to abide by the nondiscrimination provisions of the federal Fair Housing Act (FHA) and their state or local fair housing laws. It's imperative that site owners and managers know the rules. The IRS has stated that a finding of discrimination by the Justice...
Dealing with Households
March 31, 2014
It’s hard to enforce all the lease provisions residents must comply with, such as bans on pets and home businesses. At some point, you may overlook a resident’s violation of a lease provision for several months. But if you ignore the violation for too long, you may lose your right to...
Keeping It Straight
March 31, 2014
In January 2014, the IRS released a draft version of the Section 42 Audit Technique Guide. The audit technique guide was prepared to assist IRS examiners audit owners of tax credit sites. The audit technique guide consists of 20 chapters, in nine parts, plus 10 appendices that include case law to...
