In the News
February 27, 2013
On Feb. 5, the Treasury Department released the second quarter update to the 2012-2013 Priority Guidance Plan. The Treasury Department’s Office of Tax Policy and the IRS use the Guidance Priority List each year to identify and prioritize the tax issues that should be addressed through...
In the News
February 27, 2013
Recently, the IRS suspended certain requirements for qualified residential rental projects financed with tax-exempt bonds that are providing emergency housing for victims of Hurricane Sandy. IRS Notice 2013-9 temporarily suspends income limitations and the non-transient use requirement for the...
Feature
January 30, 2013
In these economic times, you may have experienced an uptick in qualified applicants applying for units at your tax credit site. Unfortunately, a small subset of these applicants is probably reporting false income in an attempt to take advantage of subsidized rent rates. Recently, the Worcester...
Dealing with the IRS
January 30, 2013
Like every other tax credit site manager, you may not always be sure of the right way to handle a situation. And the owner may sometimes ask you questions that you can’t answer. For example, you may not know whether the IRS can give the owner more time to elect the site’s minimum...
Income Calculations
January 30, 2013
When certifying or recertifying households at your tax credit site, it’s not uncommon to discover that a household member is the creator or beneficiary of a trust. If so, you’ll need to account for the trust when calculating the household’s income. If you don’t know...
In the News
January 30, 2013
On Dec. 20, 2012, Ohio Gov. John Kasich signed a bill into law that will keep real estate taxes lower for properties with income restrictions, including low-income housing tax credit properties. The provision was added to H.B. 510 during Ohio’s lame duck congressional session in...
In the News
January 30, 2013
HUD recently released a request for comments on the statutorily mandated collection of information for tenants of low-income housing tax credit (LIHTC)-funded properties. The Housing and Economic Recovery Act (HERA) required that each state agency administering tax credits annually furnish HUD with...
Feature
December 21, 2012
In the November 2012 Special Issue, we covered move-in procedures that make good first impressions on new residents. In this issue, we’ll cover an important step to perform when good residents move out, so you can assess the effectiveness of your management practices.
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Income Calculations
December 21, 2012
On Dec. 4, HUD released income limits for 2013, but revised the limits after discovering a calculation error. The revised numbers were issued Dec. 11. Under the Housing and Economic Recovery Act of 2008 (HERA), income limits are used to determine qualification levels as well as set maximum rental...
Keeping It Straight
December 21, 2012
The “first-year fraction” is the “applicable fraction” for the first year of the compliance period. The applicable fraction is the percentage of a building that’s treated as low-income use and generally eligible for the tax credits as of the close of that year of the...
