If residents at your tax credit site pay for their own utilities, the amount of each unit’s utility allowance affects the maximum monthly rent you can collect from the household. The utility allowance is generally based on an estimate of reasonable household consumption and cost for the...
One of the most important jobs for the manager of a tax credit site is keeping the owner informed of how well you’re managing the site. The owner wants to know on a monthly or quarterly basis how well the site is doing financially and to be assured that there are no compliance problems...
You can keep emergency repair costs to a minimum by reducing the number of these repairs your site needs, and by planning ahead to keep their costs and the damage they cause under control. Here are four tips that will help you avoid having to make emergency repairs and control the costs of those...
Tax credit site managers often find themselves spending much time and expense processing applications for ineligible households. Hearing about a good deal, casual visitors may submit applications not realizing that they’ll be considered over-income or student households. One way to...
Nonresident loitering is a safety issue and a common complaint of tax credit managers—especially those in urban areas. Loiterers, who can range from skateboarding teenagers to homeless people to criminals to ex-spouses involved in domestic disputes, can create lots of problems for managers...
Starting on July 1, the standard mileage rate used to deduct eligible business trips in a vehicle on tax returns increases by 4 cents to 62.5 cents per mile, according to the IRS. The new rate applies to trips during the second half of 2022.
President Biden recently unveiled a sweeping plan that aims to create and preserve hundreds of thousands of affordable housing units in the next three years and help close the country’s critical housing supply shortfall within five years. The plan follows recent remarks by President Biden...
Even though HUD doesn’t administer the tax credit program, the tax credit law requires owners and managers to use the HUD rules for calculating household income at a tax credit site. As such, when certifying or recertifying housing income, you must include any income the household's...
Federal fair housing law bans owners and managers from discriminating against prospects and residents based on race, color, national origin, religion, sex, disability, and familial status. But most states and many municipalities have fair housing laws that ban owners and managers from...
LIHTC site owners and managers know that to comply with the vacant unit rule, you must make “reasonable attempts” to rent vacant units to qualified low-income households. The tax credit program’s vacant unit rule allows you to claim credits for tax credit units even if they...
On April 18, HUD released the 2022 income limits for the Multifamily Tax Subsidy Projects (MTSP) housing programs. MTSPs, a term coined by HUD, are all Low-Income Housing Tax Credit projects under Section 42 of the Internal Revenue Code and multifamily projects funded by tax-exempt bonds under...
When interviewing households at certifications or recertifications, residents are required to report all income from all sources to the owner or manager. One component of annual income is any income the household’s assets generate. And sometimes, households may dispose of assets for less...
