If you don’t know when to count—and when not to count—the income of absentees, because of military service or otherwise, during recertification at your mixed-income site, you can miscalculate residents’ rent and jeopardize the owner’ tax credits. Counting the income...
When dealing with the death of a resident, you must remain sensitive to the family and friends of the deceased but also carefully follow legal procedures. We’ll tell you what steps you must take to deal with the deceased resident’s body and belongings. We’ll explain how you can...
The tax credit law doesn’t bar you from renting to employees. In fact, many sites have on-site employees—from property managers to security officers to maintenance workers—who reside at the LIHTC site and are essential to the success of the property. Having someone employed by...
On Feb. 26, the IRS issued final regulations for LIHTC compliance monitoring. The regulations replace the temporary compliance monitoring regulations under which state housing agencies have been operating since 2016. The new regulations make several changes to compliance monitoring requirements...
Last year, HUD and the Department of Justice (DOJ) announced an interagency task force to combat sexual harassment in housing. This joint outreach followed a DOJ pilot program started in October 2017. The initiative sought to increase the Department’s efforts to protect women from...
When you hire an attorney to evict a resident from your tax credit site for violating the lease, you want to have the eviction handled as quickly and efficiently as possible. But the process may be unnecessarily hindered if you don’t give the attorney all the documents and information she...
Sports courts, such as basketball, volleyball, and tennis courts, are a great amenity for your site. But sports courts can also lead to problems. For example, residents may argue with each other over how much time a resident should be...
Regardless of how well you run your tax credit site, your state housing agency may cite you for noncompliance with the tax credit law. If that happens, your state housing agency must notify your site’s owner of the violation and report it to the IRS using IRS Form 8823 (Low-Income Housing...
The Tax Cut and Jobs Act of 2017 passed late last year includes a provision to allow states to designate “Opportunity Zones” in low-income areas. Investors who develop real estate or fund businesses in these zones are eligible for tax breaks. Governors have been working with mayors,...
The National Council of State Housing Agencies (NCSHA) recently issued the Task Force on Recommended Practices in Housing Credit Administration’s final report, which updates the organization’s guidance on administering the LIHTC. In 2000, NCSHA published its first recommended...
IRS regulations don’t require annual certifications for properties that are 100 percent tax credit. However, for mixed-income sites, recertifications serve an important function. Annual certifications ensure affordable housing units are occupied by income-eligible households, and provide a...
The IRS recently issued guidance on LIHTC developments and their compliance with fair housing rules at the local level. Notice 2016-77 relates to allocations of housing credits to projects located in a qualified census tract. A qualified census tract (QCT) is a geographic area defined by the...
