No one wants to find out that his tax credit site has been cited for noncompliance, but if your state housing agency has issued the owner a Form 8823, your first reaction may be to panic. Don't.
“It's not the end of the world,” says Barbara Crook, compliance director...
There is a growing consciousness among low-income housing developers, site owners, and managers of the health, environmental, and cost advantages associated with green building practices. Owners and developers are increasingly employing green strategies to ensure that newly constructed and...
Not meeting the minimum set-aside requirement is a common reason that tax credit sites get cited for noncompliance. It's a mistake that has severe consequences: If your building or site fails to meet the minimum set-aside requirement at the close of the first taxable year of the credit...
In a recent television program, a 65-year-old woman living on her own became sick and collapsed in her home. When rescue workers arrived, they found her in the kitchen wedged among mountains of clutter, trash, and human feces. She had to be removed through the window. The show, called ...
Chipping and peeling paint on a building's exterior. Loose wood siding. Exposed wiring. Rusted steps and railings. These were just some of the problems uncovered during the Real Estate Assessment Center's (REAC) inspection of a 77-unit Section 8 project. And after receiving low scores on...
The deadline is approaching for site and maintenance staff of pre-1978 housing to be trained and certified in lead-safe work practices. After April 22, 2010, sites that conduct repair work that disturbs paint in housing built before 1978 must ensure that the work is performed by certified...
Most well-managed tax credit sites have one thing in common: the ability of management and maintenance to work in a cohesive and productive manner. Working as a team requires both parties to understand the site's objectives and how each area's specific functions contribute to its overall...
The revised 8823 Guide, released by the IRS on Sept. 25, 2009, addresses issues brought about by the Housing and Economic Recovery Act of 2008 (HERA), amendments to the HUD Handbook 4350.3, and the revised utility allowance regulation. Last month, we looked at significant changes related to...
On Sept. 25, 2009, the IRS released its revised 8823 Guide, which includes changes brought about by the Housing and Economic Recovery Act of 2008 (HERA), amendments to the HUD Handbook 4350.3, updated interpretations and guidance, and in-depth information on utility allowance procedures.
If you're planning a building project at your site, whether it involves new construction, rehabilitation, or just light repair work, you may be apprehensive about working with a new contractor. But investing some time up front to find the right candidate and define the terms of the job may...
If you're fortunate, your site may never be damaged by a flood, tornado, or other natural disaster. But the odds are, at some point, you'll find yourself dealing with property loss caused by an everyday hazard, such as fire, burst pipes, wind, hail, or sprinkler leakage.
If you're having problems with groups loitering in your parking lot, common areas, or elsewhere on your property, you're not alone. Nonresident loiterers have been a long-time complaint for tax credit site managers. Loitering has the potential to incite vandalism, burglary, muggings,...
