Feature
November 5, 2012
Applicants and residents who lie about their income or student status cause big problems for tax credit owners and managers. Many applicants lie about their qualifications for the tax credit program because they think this will increase the chances that they'll appear eligible to occupy a low-...
Compliance
November 5, 2012
When you take over a site, there’s a good chance you’ll find paperwork mistakes made by prior managers. Missing income certifications, spotty income documentation, and utility allowance errors are common. Even though you didn’t make them, you mustn’t ignore these household...
In the News
November 5, 2012
On Oct. 16, the Social Security Administration (SSA) announced the 2013 cost of living adjustment (COLA) of 1.7 percent. The COLA increase will begin with benefits that more than 56 million Social Security beneficiaries receive in January 2013. Increased payments to more than 8 million Supplemental...
In the News
November 5, 2012
The IRS recently announced that the amount used to calculate the low-income housing tax credit (LIHTC) ceiling in 2013 will be the greater of $2.25 multiplied by the state population or $2,590,000. The previous multiplier was $2.20 and a small state minimum of $2,525,000.
Also, according to Revenue...
Feature
September 28, 2012
As a tax credit manager, you must be aware of households' composition and be aware of how life changes such as pregnancies among your households or applicants can invoke specific HUD rules when it comes to eligibility, income, and unit size. For example, suppose a married couple applies for a...
Dealing with Employees
September 28, 2012
Some of the most important, and often overlooked, sources of fair housing complaints arise from maintenance operations. Site owners and managers may face allegations of discriminatory maintenance policies or procedures—for example, that requests from white households are routinely pushed...
In the News
September 28, 2012
Earlier this year we reported on a physical inspection pilot program that was launched in six states in November 2011. Its goal is to test methods for developing a single, periodically scheduled physical inspection for jointly subsidized multifamily housing that can be performed by one housing...
Feature
August 30, 2012
Unless you get the right documents from the owner, you may not be able to manage your tax credit site effectively. Part of keeping your site in compliance is making sure your staff knows all the requirements and restrictions that affect it. The most authoritative sources for much of this...
Dealing with Owners
August 30, 2012
One of the owner’s most valuable business assets is the site's reputation. That's why it's important for you to protect and control the use of your site's name. If you have a Web site, you may use it as an internal communications tool for informing residents of events and...
Private Letter Rulings
August 30, 2012
Facts: The developer of a low-income housing tax credit site and a bond issuer had agreed that the site would meet the 40-60 test. Under the 40-60 test, the developer reserves 40 percent of its units for those earning 60 percent or less of the area median gross income. The issuer elects either the...
