In the News
November 26, 2013
The Housing and Insurance Subcommittee of the House Committee on Financial Services recently held a hearing on the implementation of the Biggert-Waters Flood Insurance Reform Act of 2012. The hearing’s purpose was to assess the ongoing implementation of the law.
Congress enacted the Biggert-...
In the News
November 26, 2013
On Nov. 13, a settlement was reached in an important fair housing lawsuit. This case involved the southern New Jersey town of Mt. Holly. In 2003, Mount Holly declared a neighborhood called the “Gardens” blighted and sought to redevelop it, claiming that was the only way to end rising...
Private Letter Rulings
November 25, 2013
Facts: The site owner of a newly constructed building requested an extension of time to make an election under Section 42(g)(1) of the Internal Revenue Code. The owner received Form 8609, Low-Income Housing Credit Allocation Certification, reflecting a maximum allowable housing credit dollar amount...
Feature
October 31, 2013
If students want to live in low-income units at your tax credit site, you must make sure you comply with the student rule. This rule says that, generally speaking, households composed entirely of full-time students aren’t eligible to occupy low-income units at any time during the compliance...
Maintenance
October 31, 2013
Preventive maintenance is a thankless task. Occurring behind the scenes, preventive maintenance usually doesn’t get noticed unless something disastrous happens. Owners and managers often give landscaping and cleaning services priority because the benefits associated with those activities are...
Dealing with State Housing Agency
October 31, 2013
As the federal agency that’s responsible for administering the tax credit law, the IRS issues regulations, rulings, and other guidance; audits sites for noncompliance; and decides what penalties to impose for noncompliance. And state housing agencies monitor compliance with the tax credit law...
In the News
October 31, 2013
The IRS recently released its latest LIHC Newsletter, which provides a forum for information about Section 42, the Low-Income Housing Tax Credit (LIHTC), and communicates technical knowledge and skills, guidance, and assistance for developing LIHTC properties.
In the News
October 31, 2013
On Oct. 17, the Mississippi Supreme Court upheld the income approach to valuation of affordable housing sites in Mississippi. Mississippi Code Section 27-35-50(4)(d) prohibits local governments from including the value of federal tax credits in their valuation of the properties for tax assessment...
In the News
October 31, 2013
On Oct. 21, the California Tax Credit Allocation Committee (TCAC) proposed extending the “Readiness-to-Proceed” deadline that applies to some 2013 low-income housing tax credit sites. The change would allow some in-state credit recipients with federal funding an additional 45 days to...
Feature
October 15, 2013
By Carolyn Zezima, Esq.
