Make sure that you verify every source of income a household reports. A household isn’t qualified unless you have the verifications to prove it. So if you accept a household without verifying all its income, the owner won’t be able to claim tax credits for the household’s unit...
The Treasury Department’s Office of Inspector General (OIG) recently posted audits of the Section 1602 program for Rhode Island and Arkansas. The American Recovery and Reinvestment Act, a stimulus package signed into law by President Obama in February 2009 in response to the Great...
On May 9, the television series Frontline aired an installment of a joint investigation with NPR on the affordable housing crisis. This particular episode, titled “Poverty, Politics and Profit,” took a look at the LIHTC program. After the airing, affordable housing industry...
A recent report from MPF Research, the intelligence arm of RealPage, has found that Phoenix has the greatest mismatch between needy households and housing credits units. According to the data, Phoenix has just 6.08 housing credit units per 100 low-income households, ranking it the lowest out of...
HUD recently published “Understanding Whom the LIHTC Program Serves: Data on Tenants in LIHTC Units as of December 31, 2014.” The report provides demographic and economic data about LIHTC tenants, including race, ethnicity, family composition, age, income, use of rental assistance,...
HUD recently announced the 2017 income limits for the MTSP housing programs effective April 14, 2017. This includes low-income housing tax credits and tax-exempt bond financing. HUD advises that the income limits are effective immediately for all HUD programs, whereas the IRS allows a transition...
The National Fair Housing Alliance (NFHA) recently released its annual report on fair housing trends. The report, entitled “The Case for Fair Housing: 2017 Fair Housing Trends Report,” includes the most recent data on reported instances of housing discrimination across the country....
Representative Pat Tiberi (R-OH-12) and Ways and Means Committee Ranking Member Richard Neal (D-MA-1) recently introduced the Affordable Housing Credit Improvement Act of 2017 (H.R. 1661). This is the companion legislation to S. 548, which Senator Maria Cantwell (D-WA) and Senate Finance...
Senator Maria Cantwell (D-WA) recently released a report entitled “Meeting the Challenges of the Growing Affordable Housing Crisis.” The report details the exploding demand for affordable housing and the dramatic decrease in affordable units. It attributes the crisis to an increased...
The Haas Institute for a Fair and Inclusive Society at UC Berkeley recently released a study that comprehensively analyzes the administration of the LIHTC program in California by examining LIHTC developments in the San Francisco Bay Area.
Representative Keith Ellison (D-MN) recently reintroduced legislation to end homelessness and housing poverty through tax reform. The bill calls for reducing the mortgage interest deduction to a flat 15 percent tax credit for the first $500,000 of debt. The legislation would gradually phase-out...
Texas Low Income Housing Information Service recently released a report titled “Fair Housing and Balanced Choices: Did Texas Reduce Government-Funded Segregation?” The report looked at the effect of a 2013 change in LIHTC award criteria on the location of LIHTC developments in the...
