If your tax credit site lets residents pay their rent by credit card, consider letting prospects pay their security deposits by credit card as well, suggests property manager Kristen Morgan. Doing so can increase the likelihood that prospects will sign a lease when they first visit your site,...
Test your knowledge of common acronyms used in the low-income housing tax credit industry. On the lines below (or on a blank piece of paper), write down the terms associated with each of the following 50 acronyms. The answers appear on p. 8. This list was provided by Karen Graham of Karen A....
The Federal Housing Finance Agency (FHFA) recently released for comment proposed changes to its existing housing goals and housing goals for 2012, 2013, and 2014 for Fannie Mae and Freddie Mac.
According to the FHFA, the value of low-income housing tax credits (LIHTCs) fell in 2009, but...
The laws and rules governing the tax credit program include Section 42 of the Internal Revenue Code and its regulations, Internal Revenue Service (IRS) Revenue Notices, IRS Revenue Procedures, and IRS Revenue Rulings. The laws and rules are binding on everyone who's involved with a tax...
Facts: When a low-income housing tax credit project owner violates the Vacant Unit Rule, all vacant units previously occupied by qualified households lose their low-income status and stop generating tax credits for the owner. A developer of a multi-building site asked the IRS if the...
Q According to my state agency's occupancy rules, I'm not allowed to rent a two-bedroom unit to one person. A single applicant has a 40-year-old blind son who lives in an intermediate care facility. The applicant wants the son to stay with her...
Facts: The “eligible basis” of a project is the cost of acquiring an existing building if there is one (but not the cost of the land), plus construction and other construction-related costs to complete the project. This number is then multiplied by the percentage of the units...
HUD recently announced that it has designated qualified census tracts (QCTs) for 2013 for purposes of the low-income housing tax credit. HUD based the 2013 QCTs on new data from the 2010 Decennial Census and the 2006-2010 tabulations of the American Community Survey.
Recently, a federal judge ruled that the Texas Department of Housing and Community Affairs (TDHCA) unintentionally discriminated in its allocation of low-income housing tax credits (LIHTCs). The case was filed by The Inclusive Communities Project (ICP), a Dallas fair housing organization. In its...
Utah Governor Gary Herbert recently signed H.B. 75 to require low-income housing tax credit (LIHTC) property owners to provide certain information annually to county assessors.
Under the new law, owners must provide rent rolls and a financial operating statement for the prior year, a...
Don't count a child as part of two households if her parents live in separate units at your site and share custody. According to the HUD Handbook, you must count a child in a joint custody arrangement as part of a household if that child is “present in the household 50 percent or more...
