The Treasury Inspector General for Tax Administration (TIGTA) recently released a report on IRS oversight of the LIHTC program. The previous Chairman of the Senate Budget Committee, Michael Enzi (R-WY), requested the audit to obtain information about the LIHTC program as part of the committee...
If a staff member or resident reports that a door or lock at a building or unit entrance is broken, you may think you can wait until morning or even a few days to repair this condition. But that would be a mistake. Any delay leaves residents at risk and increases the likelihood of your being...
On Jan. 11, the IRS issued guidance extending LIHTC program deadlines and providing other compliance accommodations due to the COVID-19 pandemic [IRS Notice 2022-05]. Since the last extension deadline lapsed, industry groups have asked the IRS to extend compliance deadlines for LIHTC sites. The...
In dealing with the constraints imposed by the pandemic, many state housing agencies have successfully transitioned to virtual household file reviews. The IRS’ recent notice reflects this reality in splitting compliance-monitoring requirements for household file reviews from the...
On Dec. 17, 2021, the IRS issued Notice 22-03, which contains the 2022 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. The agency said it rates the standard mileage for business use based on an annual...
The alarming rise of the Omicron variant may have postponed your site’s return to normal operations regarding welcoming and informing new households of site rules and certain obligations imposed by the tax credit program. In pre-pandemic times, sites may have held new household orientation...
Households may seek to transfer to different units at a site for various valid reasons. There may be a change in household composition. A household may seek a unit with additional bedrooms due to additional members joining the household. Or a member with a disability may seek a transfer because...
Site owners, at least annually, for each year of a site's 15-year compliance period, are required to certify to the state housing agency that the LIHTC site was operated in compliance, for the preceding 12-month period, with Internal Revenue Code (IRC) Section 42 requirements. This annual...
When certifying and recertifying low-income households at your tax credit site, you may encounter situations that require you to use special forms to get more information about household income. Sometimes, you’ll need to get household members to complete and sign these forms. These forms...
As the temperature starts dropping across the country, your site may be undertaking increased pest prevention treatments or inspections as pests, particularly rodents, start moving indoors. Unfortunately, some residents are not always diligent about reporting pest issues for reasons such as...
On Oct. 13, the Social Security Administration (SSA) announced that the Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022. This is the largest increase in 40 years.
If you manage a mixed-income site, you’re probably gearing up to kickstart annual recertifications as a result of the expiration of IRS Notice 2021-12. This notice temporarily postponed the income recertification requirement for owners until Sept. 30.
