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

IRS Grants Owner Extension to Group Buildings as Part of Single Multi-Building Project

February 23, 2023    

A private letter ruling (PLR) is a written response issued by the IRS to an owner or taxpayer when the owner asks a question about the tax effects of its acts or transactions. The questions posed by site owners usually entail uncertainty about how to handle a situation and the need for guidance...

Clarification on Applying the Vacant Unit Rule at Mixed-Income Sites

January 31, 2023    

Q I have a mixed-income site. The last issue of the Insider seemed to indicate that credit may be claimed on vacant units if reasonable attempts are being made to rent the unit and no units are rented to non-qualified households...

White House Announces Actions to Protect Renters and Promote Affordability

January 31, 2023    

The White House recently announced new actions to increase fairness in the rental market and further principles of fair housing. Notable actions announced include: 

Bill Would Expand LIHTC Housing Options for Formerly Homeless Students

January 2, 2023    

In November, U.S. Senators Angus King (I-Maine), Sherrod Brown (D-Ohio), and Rob Portman (R-Ohio) and Rep. Brad Wenstrup (R-Ohio) and Rep. Danny Davis (D-Ill.) from the House introduced “The Housing for Homeless Students Act of 2022” to help homeless students, veterans, and foster...

IRS Distributes Unused 2022 LIHTC Allocation

October 31, 2022    

The IRS recently published the amounts of unused low-income housing tax credit carryovers for calendar year 2022. The carryover allocation is made up of LIHTCs that are not allocated by states but are added to a national pool and redistributed to qualified states that apply for the additional...

NCSHA Reports Scramble to Fill Funding Gaps for LIHTC Developments

September 30, 2022    

A recent report released by the National Council of State Housing Agencies (NCSHA) highlights the actions state housing finance agencies are going through in this period of increased labor, materials, and financing costs to ensure pending LIHTC projects can proceed as planned. The report is...

How Inflation Reduction Act Targets Energy Efficiency in Affordable Housing

August 30, 2022    

On Aug. 16, President Biden signed into law the new Inflation Reduction Act (IRA), which includes significant investments to address climate change in affordable housing. The law provides billions of dollars in funding through direct spending and tax credits that can be used to preserve...

White House Hosts Summit on Eviction Prevention

August 30, 2022    

In early August, the White House hosted a virtual summit on “Building Lasting Eviction Prevention Reform.” As funds for Emergency Rental Assistance (ERA) are beginning to wind down, the meeting focused on the need for an all-out effort to build lasting eviction prevention reform.

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...