On March 3, the Federal Reserve cut its federal funds rate by half a percentage point. It was the first rate cut in 2020 and came in response to the threat posed to the economy by the coronavirus.
When the Fed cuts interest rates, consumers usually earn less interest on their savings....
On Oct. 10, the Social Security Administration announced that the Social Security and Supplemental Security Income (SSI) benefits will increase 1.6 percent in 2020. The 1.6 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 63 million Social Security...
Determining annual income is an important step in determining an applicant’s eligibility for the LIHTC program. To become income eligible, an applicant’s household gross annual income must be equal to or less than the income limit applicable to your site.
If you have part-time or full-time students living at your tax credit site, it’s important to know how to calculate their income properly. However, be mindful that all student eligibility requirements are met for your LIHTC site before you consider student income in a household. In other...
With the rise of gig economy companies such as Uber, Lyft, and Instacart, you may have noticed more applicants earning money from these companies as independent freelancing contractors. When you’re calculating household income, a “freelancer” presents special challenges....
When recertifying households, you, as the site tax credit manager, probably know that households that go over-income don’t cease to qualify as tax credit units. To continue receiving tax credits on a unit whose household goes over-income, you must follow the available unit rule. The rule...
A household can consist of one or more persons. A household may report to you that one of its members will be absent from the unit. For instance, an applicant may report that she has a daughter who’s away at school. Or an applicant may report that his wife recently had a stroke and will be...
During the certification or recertification process, residents are required to report all income from all sources to the owner or manager during certification or recertification. One component of annual income is any income the household’s assets generate. And sometimes, households may...
On March 6, HUD released the 2015 income limits, available at huduser.org. According to Revenue Ruling 94-57, you have 45 days to begin using them to certify and recertify low-income households at your tax credit site. This means this year’s income...
The IRS recently issued the 2015 optional standard mileage rates. Starting Jan. 1, 2015, when calculating the deductible costs of operating an automobile, the new rates will be 57.5 cents per mile for business miles driven, 23 cents per mile driven for medical or moving purposes, and 14 cents...
On Oct. 31, 2014, HUD issued Housing Notice 2014-15, “Passbook Savings Rate Effective February 1, 2015 and Establishing Future Passbook Savings Rates.” The HUD passbook rate is used to impute asset income on households who have $5,000 or more in assets. Currently, the HUD passbook...
When certifying or recertifying households at your tax credit site, it’s not uncommon to discover that a household member is the creator or beneficiary of a trust. If so, you’ll need to account for the trust when calculating the household’s income. If you don...
