Dealing with Households
October 15, 2013
Many state housing finance agencies are adding energy assessment and conservation measures to their Qualified Allocation Plans (QAPs) that encourage owners and managers to take steps to reduce their site’s energy and water usage and to engage and educate residents in making the site a greener...
Feature
September 27, 2013
Suppose an applicant or a household member at your tax credit site tells you she has been in an automobile accident and will be on disability for a while. She has no idea when it will be possible for her to work again. In the case of the household member, if your site isn’t a 100 percent low-...
Maintenance
September 27, 2013
Most residents are good about reporting maintenance problems. Some owners and managers may say that they’re too good. But there are residents who don’t report maintenance problems. Perhaps these residents are too busy or don’t want members of your maintenance staff in their units...
In the News
September 27, 2013
For tax credit sites that also receive less than $500,000 in combined federal financial assistance, HUD recently issued Notice 2013-23 that revised the financial reporting requirements for small multifamily housing developments. Specifically, the notice eliminates the audit requirements for small...
In the News
September 27, 2013
Senator Maria Cantwell (D-WA) and a group of bipartisan senators together reintroduced S. 1442, which would amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit (LIHTC) rate for unsubsidized buildings and provide a minimum 4 percent credit rate for...
In the News
September 27, 2013
U.S. House Representative Jim McDermott (D-WA) recently introduced H.R. 3145 to amend Section 42 of the Internal Revenue Code of 1986 as it relates to homeless youth and veterans. The last modification to the student rule occurred in 2008 with the passage of the Housing and Economic Recovery Act,...
In the News
September 27, 2013
The Fair Housing Justice Center (FHJC) recently released a report entitled “Choice Constrained, Segregation Maintained: Using Federal Tax Credits to Provide Affordable Housing” that examines the location of affordable housing/Low-Income Housing Tax Credit (LIHTC) properties in the New...
Private Letter Rulings
September 27, 2013
Facts: The IRS gives owners the option of claiming tax credits at the end of the year the buildings are placed in service or deferring until the following year. Once credits are claimed, the qualified basis is set and can never go down. In addition, any low-income units leased after the first year...
Feature
August 29, 2013
When certifying low-income households at your tax credit site, you may encounter a situation in which you need to calculate income for military personnel. You may find the process difficult because you may have trouble obtaining the right documentation to prove to your state housing agency and the...
Compliance
August 29, 2013
Sometimes tax credit site owners aren’t entitled to claim all the credits they were allocated for a building. This happens when owners don’t lease up as many units to qualified low-income households as they must in the first year of the building’s compliance period. As a result,...
