The impact of low-income housing tax credits on the taxable value of real property had been a subject of controversy in Oklahoma for many years before a recent court ruling definitively stated that the credits are to be excluded from calculations of taxable value [Stillwater Housing Assoc. v....
A few weeks before Congress passed the debt plan on Aug. 2, U.S. Sen. Tom Coburn released his own deficit-reduction plan, which included the elimination of the low-income housing tax credit program. Ending the tax credit program would save at least $57 billion over the next 10 years, according...
The IRS recently issued Notice 2011-47, which grants certain tax credit sites relief from some Section 42 requirements in the wake of devastation caused by severe storms and tornadoes in Missouri that began on April 19.
HUD released revised fiscal year (FY) 2011 income limits for certain areas on June 30. The affected areas are located in California, Colorado, Florida, Massachusetts, New York, and Puerto Rico. If your tax credit site is located in the following counties, use the revised income limits to certify...
Recently issued studies by Fannie Mae, the National Low Income Housing Coalition (NLIHC), and the Harvard Joint Center for Housing Studies (JCHS) have all highlighted the importance of preserving and expanding the supply of affordable rental housing to meet increased renter demand as more...
QI'm in the process of certifying an applicant's annual income. The applicant has a considerable amount of money spread out over various checking and saving accounts. Most of the applicant's money resides in checking accounts that earn no...
A nonprofit housing group in Dallas, Texas, recently claimed that a developer schemed to defraud the government of millions of dollars in low-income housing tax credits by forging signatures, stealing building plans, and signing fraudulent tax credit applications. According to the group's...
QOne of my residents is still making mortgage payments on a real property asset. In determining the cash value of the asset, is the value of the property simply the total assessed value? Or do you subtract what is left owing on the property?
In late March, the IRS released an updated version of its Guide for Completing Form 8823: Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. State housing agencies use Form 8823 to notify the IRS of a site's noncompliance with tax credit requirements. Your...
The IRS recently released its 2011 calendar-year resident population estimates. These estimates are used to determine the size of the tax credit pie that state housing finance agencies can distribute to low-income housing projects.
Twelve people (including 11 residents and one site owner) were charged with defrauding HUD and the Miami-Dade Housing Agency (MDHA) of more than $300,000 in rental assistance funds. They have been indicted on charges that include public assistance fraud, organized scheme to defraud, grand theft...
Each May, the U.S. Environmental Protection Agency (EPA) kicks off its efforts to promote Asthma Awareness Month. Asthma is a serious, potentially life-threatening respiratory disease that affects the quality of life for 23 million Americans, including 7 million children. EPA's goal is to...
