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...
In the News
March 31, 2014
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, 2014
Rep. Hakeem Jeffries, D-N.Y., recently introduced a bill, entitled the Low and Moderate Income Housing Act of 2014, to encourage the development of mixed-income housing. The bill would institute a 50-50-120 minimum set-aside test in lieu of the 40-60 minimum set-aside test.
In the News
March 31, 2014
The Oklahoma Affordable Housing Act (H.B. 3099) recently passed the Oklahoma State House of Representatives by a margin of 75-13, and has now moved to the Senate Finance Committee for consideration. This measure would match the amount of federal Low-Income Housing Tax Credits awarded for a...
Feature
February 28, 2014
Deep rent-skewing is an attractive option for sites in cities where market-rate rents are high. If you manage or are about to manage a site in such a city, your site’s owner may have decided that it was more economically feasible to make your site “deep rent-skewed.” The owner may...
Dealing with Households
February 28, 2014
One of the toughest situations you can face is when a household withholds rent over a claimed problem in a unit. Sometimes the problem is something major, such as no heat or hot water for an extended time. Other times the problem is something minor, such as a broken dishwasher. And still other...
In the News
February 28, 2014
On Feb. 26, Ways and Means Chairman Dave Camp (R-Mich.) released a draft tax reform proposal that would modify the Low-Income Housing Tax Credit (LIHTC) program. The proposal came about from a process that involved more than 30 separate Congressional hearings dedicated to tax reform, 11 separate...
