The low-income housing tax credit program has undergone a notable transformation over the past year. The Housing and Economic Recovery Act of 2008 (HERA; P.L. 110-289), which was signed into law on July 30, 2008, contained significant changes that affect compliance for LIHTC sites.
Section 2002 of the Housing and Economic Recovery Act (HERA) of 2008 requires the U.S. Department of Housing and Urban Development (HUD) to collect the following data for low-income housing tax credit tenants:
You may be interested in converting some residential units at your tax credit site to another use. For example, your site might need a security office or childcare center. But before you can use residential units for other purposes, significant due diligence must be performed. And part of that...
If you own or manage a tax credit site, there may have been times when you had trouble deciding whether to count an investment or retirement account as income or an asset. That's probably because of the inconsistencies that appear in HUD's Occupancy Handbook 4350.3, REV-1, CHG-2,...
As a site owner or manager, you probably know that you can evict residents for lease violations. But there is another basis for eviction—independent of lease violations—known as termination for “good cause.” But what exactly is good cause?
Just over one year ago the industry received the long-awaited 8823 Guide. It was greeted with a standing ovation when it was first delivered to the state housing finance agencies. Six months after its release, the cheering stopped.
In July, the U.S. Department of Justice (DOJ) announced proposed regulations to expand the obligations of owners of commercial facilities, including those found at assisted housing and other residential multifamily sites, regarding accessibility for persons with disabilities.
HUD requires all applicants to give you their Social Security number. But what if an applicant says she does not have one? HUD rules do not require you to accept applicants who do not have a Social Security number, nor do HUD rules bar you from accepting such applicants. Generally, sites do not...
Nowadays, it's all too common to hear reports of sex offenders occupying subsidized housing units. The question you face as a site owner or manager is what you should do if you learn that a sex offender is living at your site.
The IRS recently issued circular chief counsel advisory (CCA) 2008812023, requiring that tax credits be allocated in accordance with depreciation deductions. The coordinated allocation should occur wherever a partnership agreement provides for special allocations of depreciation that differ from...
Housing advocacy groups are promoting a federal initiative that would require HUD to fulfill its obligations to owners arising out of housing assistance payment (HAP) contracts in fiscal year 2008 (FY08) on time and in full, says Denise Muha, executive director of the National Leased Housing...
As a site owner or manager, you may not be aware that the IRS has a “safe harbor” rule for tax credit sites. The safe harbor rule lets low-income residents qualify for units before the beginning of the first taxable year of a building's tax credit period, says affordable housing...
