For a building or site to qualify for the tax credit program, an owner must rent at least a certain percentage of the units to qualified low-income households. These households can earn no more than a specified amount of income. This requirement is called the “minimum set-aside,” and...
Over the past two years, balancing operating budgets has become more of a juggling act for site owners and managers at low-income housing tax credit (LIHTC) sites. And the recent recession coupled with the loss of jobs among residents have not helped. As the cost of doing business increases, a...
In late March, the IRS released an updated version of its Guide for Completing Form 8823: Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. State housing agencies use Form 8823 to notify the IRS of a site's noncompliance with tax credit requirements. Your...
Some people are uneasy when they're dealing with people with disabilities—mostly due to misinformation or a lack of knowledge about how to act. Fear of possible discrimination complaints often makes site staff nervous about words and phrases to use, what questions they can ask, and...
Charging residents fees for processing applications, running a credit check, transferring to another unit, or for the use of a parking space seems like a practical way to recoup operating costs. After all, these tasks and services require staff time, maintenance, and additional business expenses...
Graffiti is the most common type of property vandalism (35 percent), according to the Bureau of Justice Statistics. It is more than a nuisance to site owners and maintenance staff. Graffiti has a negative impact on residents, prospects, and the surrounding community by reducing the curb appeal...
The tax credit program's requirements are complex, and understanding all of the rules and requirements can be challenging. Even experienced tax credit site staff can make errors from time to time. Mistakes can be costly, though, so we reached out to the compliance experts at several state...
When certifying or recertifying household income, knowing how to count assets properly is an area that often throws site staff. It can be tricky, but understanding when to treat an item as income or an asset is essential—counting an item as an asset when it's not may lead you to...
Two years ago, the Oklahoma Housing Finance Agency notified some 90,000 families associated with its Section 8 Housing Choice Voucher (HCV) program that their personal information might have been compromised when a laptop was stolen from an OHFA employee's home. The computer contained names...
Creating positive curb appeal is essential to attract eligible candidates to your tax credit site and combat negative perceptions of low-income housing among the local community. You may think that an expansive, rolling green lawn contributes to your site's overall attractiveness, but...
When new tax credit households move into your site, you can help them to start out on the right foot by ensuring that they have a clear understanding of their obligations for adhering to lease provisions and the house rules for your site. The orientation meeting sets the tone for the...
A written resident selection plan ensures that your site's application policies and procedures will be uniformly administered and that all applicants are treated fairly. It outlines for both staff and prospects the tax credit requirements and the site's criteria for screening applicants...
