The Section 8 Housing Choice Voucher program is the federal government’s major program for helping very low-income families, the elderly, and the disabled afford decent, safe, and sanitary housing in the private market. Since housing assistance is provided on behalf of the family or...
To calculate the rent for your low-income units, you use HUD income limits. These are the same limits you use to determine whether households are qualified. The limits you use depend on the geographic location of your building and the percentage of area median gross income (AMGI) the owner and...
When certifying or recertifying households, you may encounter household members who get alimony or child support from ex-spouses or their children’s parents. Or it may be the case that a household member pays alimony or child support to someone else. Or a household member receives none or...
Fair housing compliance is key to successful tax credit management. Here are five online resources for you to check out. Each site offers a product, service, or activity that can help you better understand what you must do to avoid illegally discriminating against applicants and residents at...
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...
How you calculate the income of a low-income household member depends on whether that member is an “adult” or a “dependent,” as defined by HUD. But the difference between the two isn’t as obvious as you might think. The HUD Handbook specifically defines these terms...
National Preparedness Month is recognized each September to promote family and community disaster and emergency planning now and throughout the year. Preparing for natural disasters can greatly reduce the risks to health and the environment. Hurricanes or floods can contaminate drinking water...
The IRS requires your state or local housing credit agency to perform physical inspections of sites awarded LIHTCs. The agencies want to ensure the sites are in a safe, decent, sanitary condition and in good repair. Specifically, Section 42 of the IRS code requires state housing agencies to...
Taking over the management of a tax credit site in the middle of its compliance period can be tricky. That’s because the owner or former manager has important information you need to know to manage the site effectively, and you must ask the owner or former manager the right questions to...
The IRS Office of Chief Counsel recently issued a memorandum addressing noncompliance of common areas in LIHTC sites. The memo was issued in response to a clarification request by an IRS Program Manager for Technical Issues. The memo states that its advice may not be used or cited as precedent,...
To comply with tax credit rules, you must verify the student status of each household member who says he or she is a student. That’s because tax credit rules bar households composed entirely of full-time students. And if the student is a member of a household that’s not barred for...
