Q I’m leasing up a brand-new, 80 percent tax credit building—that is, eight of my 10 units must be rented to qualified low-income households. My marketing brought in nine qualified low-income households. If I rent to nine...
Q:We have a single disabled veteran who moved into one of our 100 percent tax credit units in 2012. This resident holds a HUD-VASH (Veterans Affairs Supportive Housing) Voucher and at the request of the VA may be returning to school and...
QAt our “100 percent” site, all the units are low-income units rented to households that are either 50 percent or 60 percent below area median income (AMI). Upon recertification it was discovered that a resident who initially...
Q: One of our tax credit units became vacant early last year. We advertised regularly in the newspaper and on the Internet and posted flyers at local shopping centers. But all the prospective households were ineligible. We’ve...
Q One of our low-income applicants is a divorced mother who has joint custody of her two children. The applicant says that, under the joint custody agreement, her children would live with her in the unit most of the time. If we accept this...
Q According to my state agency's occupancy rules, I'm not allowed to rent a two-bedroom unit to one person. A single applicant has a 40-year-old blind son who lives in an intermediate care facility. The applicant wants the son to stay with her...
QMy company is about to manage a new tax credit site. We heard that tax credit managers can choose to base the rent for a low-income unit on either the size of the household that occupies the unit or the number of bedrooms in the unit. Is this true?...
Q One of the tax credit households at my site has an adult son who just left for the Marines and is stationed in another state. His wife still lives in the unit, and he still uses the unit as his legal address and receives his mail there. At...
QOne of my residents is still making mortgage payments on a real property asset. In determining the cash value of the asset, is the value of the property simply the total assessed value? Or do you subtract what is left owing on the property?
QI'm in the process of certifying an applicant's annual income. The applicant has a considerable amount of money spread out over various checking and saving accounts. Most of the applicant's money resides in checking accounts that earn no...
QHow can a low-income housing tax credit (LIHTC) site owner collect rent that is above the area median income rent when the resident is receiving Section 8 in a tax credit unit?
QI read in a past issue that a live-in aide cannot be a family member of the resident. We are a Section 202/8 elderly property. I asked our contract administrator about this, and she told me that a live-in aide can be a family member. Can you clear...
