When your state housing agency tells you the date it plans to inspect low-income units at your tax credit site, it’s a good idea to tell your residents. You can send a letter to residents telling them the date of the inspection and why the agency may be visiting their units. We’ve...
If students want to live in low-income units at your tax credit site, you must make sure you comply with the student rule. This rule says that, generally speaking, households composed entirely of full-time students aren’t eligible to occupy low-income units at any time during the...
Suppose an applicant or a household member at your tax credit site tells you she has been in an automobile accident and will be on disability for a while. She has no idea when it will be possible for her to work again. In the case of the household member, if your site isn’t a 100 percent...
When certifying low-income households at your tax credit site, you may encounter a situation in which you need to calculate income for military personnel. You may find the process difficult because you may have trouble obtaining the right documentation to prove to your state housing agency and...
You’ve placed ads in the newspaper and on the Internet to market your tax credit site. Your efforts prove successful, and before you know it you’re busy handling phone calls and visits from prospects. When this happens, you should be prepared to make the most of your first meeting...
Whether you’re a long-time subscriber or a new one, you can test your knowledge—and that of your staff—on various compliance topics we’ve covered in the past year by taking the quiz in this Special Issue. The questions touch on topics ranging from income calculations and...
As a tax credit manager, your main goal is to make sure that the owner of your site can claim all the credits allocated to the site. To do this, you must keep your site in compliance with the tax credit law throughout the compliance period. But because the tax credit program’s requirements...
Tax credit site managers often find themselves wasting time and money processing applications for ineligible households. You need an easy way to get basic eligibility information right away so that you can focus your administrative efforts on eligible households.
Requiring application deposits for tax credit units is a good way to secure applicants and get signed leases later on, especially when new or substantially rehabilitated buildings aren’t ready. But when you accept a deposit, don’t inadvertently give the applicant the impression that...
While the IRS is generally responsible for the low-income housing tax credit program, in 2000 it entered into a Memorandum of Understanding with the Department of Housing and Urban Development (HUD) and the Department of Justice (DOJ) to enforce fair housing laws. HUD is generally charged with...
If you manage several tax credit sites or one very large one, you may find it hard to get an accurate day-by-day picture of how things are going at each of them. That’s because information tends to get altered in the course of reaching you. For example, maintenance staffers and leasing...
