Sometimes a household's income rises above tax credit program limits. When this happens, you have to comply with an IRS rule known as the “next available unit” (NAU) rule. But many managers fail to comply with this key rule. And that can have costly consequences. If the...
Annual income is an important factor that influences the eligibility of an applicant for the tax credit 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.
On February 28, the U.S. Department of Housing and Urban Development (HUD) issued Notice PIH-2012-17, which contained guidelines on bedbug control and prevention in public housing. This notice included the same guidelines as the ones in HUD Notice 2011-20, issued in August 2011.
In the past few years the Justice Department has brought increased scrutiny to the issue of accessibility. For example, in September 2010, the Justice Department published revised regulations for Titles II and III of the Americans with Disabilities Act of 1990 (ADA) in the Federal Register...
As site owners and managers increasingly direct more of their marketing focus online in an effort to attract new prospects, engage current residents to encourage renewals and generate referrals, and recruit potential employees, there are fair housing considerations they need to be mindful of....
QMy company is about to manage a new tax credit site. We heard that tax credit managers can choose to base the rent for a low-income unit on either the size of the household that occupies the unit or the number of bedrooms in the unit. Is this true?...
According to U.S. Census data released in June 2011, more than half—51.6 percent—of all the country's businesses that responded to the 2007 Survey of Business Owners were operated primarily within homes or other noncommercial spaces. And because the data was compiled before the...
Last year, the IRS sent out numerous notices granting certain low-income housing tax credit properties relief from specified Section 42 requirements to provide emergency housing relief needed as a result of devastation caused by some sort of natural disaster.
Occasionally a household member will tell you that she has no income in order to reduce the household's total income and qualify it for the unit. Or a tax credit household that's also subject to Section 8 subsidies may claim that the entire household has no income so as to reduce the...
Wages and salaries. The full amount, before any payroll deductions, of wages and salaries, overtime pay, commissions, fees, tips and bonuses, and other compensation for personal services.
Some of your residents may be affected by layoffs and persisting unemployment. These residents may be eager to break their lease if they can no longer afford the rent. But under a written lease, residents are responsible for the entire term of the lease provided that there are no legal reasons...
Every tax credit building you manage is either a “mixed-income building” or a “100 percent building.” If it's a mixed-income building, you can rent units to both low-income and market-rate households. However, if your building is a 100 percent building—or, in...
