Dos & Don'ts, In the News, Keeping It Straight, Private Letter Rulings, Q & A

Dos & Don'ts, In the News, Keeping It Straight, Private Letter Rulings, Q & A

Paying for Reasonable Modifications

July 28, 2022    

Q We manage a tax credit site that gets funding through the HOME program. A resident with disabilities recently asked us to install a ramp at the entrance to our site's community room so that he can access it using his wheelchair. We want...

Setting Occupancy Standards

July 28, 2022    

Q My company has managed federally assisted sites and will soon start managing tax credit sites. Are there any special laws or guidelines we must follow when setting occupancy standards for our tax credit sites?

Report: State Finance Agencies Address Climate Resiliency

July 28, 2022    

More than half of all states have measures aimed at protecting LIHTC sites from natural disasters, according to a new report from Freddie Mac. The research is part of Freddie Mac’s Duty to Serve plan, a regulatory mandate from the federal Housing Finance Agency to provide leadership and...

Treasury to Allow COVID Funds for State, Local Affordable Housing Loans

July 28, 2022    

The U.S. Department of Treasury recently announced that it will allow state, local, and tribal governments more flexibility to use COVID-19 rescue funds to boost the supply of affordable housing, including permission to issue direct long-term project loans. The issued guidance permits State and...

How to Treat Employer Contributions to ABLE Accounts

June 20, 2022    

Q An applicant has an ABLE account. He’s able to provide proof that it’s an ABLE account and document its balance. Both the applicant and his employer put money into the account. ABLE accounts aren’t mentioned in the HUD...

Clarification on State or Local Fair Housing Law and IRS Violations

June 20, 2022    

Q The last issue of the Insider seemed to indicate that a violation of state or local fair housing law may result in noncompliance reported with IRS Form 8823 (see “...

Judge Rules LIHTC Program's Right of First Refusal Is Unique

May 27, 2022    

Nonprofit sponsor wins in LIHTC right of first refusal case.

 

Bipartisan Bill Seeks to Unlock American Rescue Plan Funds for Stalled LIHTC Developments

April 28, 2022    

Reps. Alma Adams (D-N.C.) and David Rouzer (R-N.C.) recently announced the LIHTC Financing Enabling Long-Term Investment in Neighborhood Excellence Act or LIFELINE Act. This legislation would make American Rescue Plan funds more compatible for LIHTC housing developments.

Rounding Up When Calculating Rents

March 31, 2022    

Q We calculated the maximum allowable rent for our low-income units. Since we’d like all our rents to be whole numbers, can we round the rents up to the nearest whole number?

Starting to Claim Credits

March 31, 2022    

Q The tax credit building we manage was placed in service last week. Because it may be difficult to meet the minimum set-aside this year, we’re wondering whether the owner can wait until next year to begin claiming its tax credits if...

Treasury Notes One-Year Anniversary of American Rescue Plan Act

March 31, 2022    

The American Rescue Plan Act turned one this past month. The act authorized the second infusion of resources into the Emergency Rental Assistance Program (initially authorized and funded under the Consolidated Appropriations Act of 2021). In celebration of the law’s anniversary, the...

IRS Grants Permanent Authority to Conduct Telephonic Public Hearings for Housing Credit QAPs

March 31, 2022    

On March 18, IRS issued Revenue Procedure 2022-20, providing permanent authority to conduct telephonic public hearings for tax-exempt private activity bonds. IRS provided temporary authority to conduct telephonic public hearings several times during the pandemic, with the most recent authority...