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Home » Topics » Tax Credit Housing Management Insider » Feature

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Understanding Compliance Requirements of the LIHTC and Tax-Exempt Bond Programs

Sep 29, 2016

The owner of a tax credit site you manage may tell you that the site also gets bonds—that is, participates in the tax-exempt bond program. Owners who get approved for these bonds for their site enjoy a tax-exempt status, which means they get lower interest rates on mortgages. They also don’t have to compete with other owners in your state for tax credits. If you manage such a site, you must know how to comply with both programs’ requirements. If you&rs...

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Protect Yourself When Law Enforcement Officers Seek Confidential Information or Access

Aug 30, 2016
TCHMI_2016_09_MF_Law_Enforc_Info.pdf

Suppose people showed up at your management office with official-looking badges and asked to see a copy of a resident’s file. Chances are you may not have encountered a situation like this before. Many well-meaning managers would probably hand over the file, especially if the agents said they were investigating some serious crime involving the resident.


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Include Key Elements to Ensure Effective Nonpayment Settlements

Jul 28, 2016

An owner seeking to evict a resident can’t begin an eviction lawsuit without first legally terminating the tenancy. This means giving the resident written notice, as specified in the state’s termination statute. If the tenant doesn’t move or fix the issue, for example, by paying the rent or finding a new home for an unauthorized occupant, you can then file a lawsuit to evict. State laws set out very detailed requirements to end a tenancy.


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Incorporate Seven Resident Engagement Strategies into Site's Sustainability Plan

Jul 15, 2016
Site_Sustainability_Map.pdf

By Carolyn E. Zezima, Esq.


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How to Annualize Five Types of Employment Income

Jun 30, 2016

To calculate household income for determining whether a household is eligible at a tax credit site, you’re required to follow the rules set out in HUD Handbook 4350.3. Sections 1 and 3 of Chapter 5 of the HUD Handbook (Determining Income and Calculating Rent) set out the rules you must follow for calculating and verifying income. You should ignore Sections 2 and 4 of this chapter. Section 2 doesn’t apply because it concerns adjusted income, which doesn&rsquo...

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Q&A on Site Inspections

May 31, 2016

Most tax credit managers know that state housing agencies must regularly inspect sites for compliance with the tax credit program. The agencies inspect units to make sure they’re suitable for occupancy and look at household files to make sure they’re accurate and complete. But many managers are confused about what these inspections involve.

We’ll tell you the answers to the most commonly asked questions about state housing agency inspections. Thi...

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Use Checklist to Prove Student Rule Compliance

Apr 27, 2016
TCHMI_2016_05_Student_Rule_Cklst.pdf

With certain exceptions, households made up entirely of full-time students aren’t eligible to occupy low-income units at a tax credit site. So when you screen applicants, it’s essential to ask them questions to determine whether you can rent to them without violating this rule, known as the student rule. And you must also make sure throughout the compliance period that you continue renting to households only if they stay eligible under the rule.


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Nine Rules for Complying with FHA Rules Banning Discriminatory Statements

Mar 28, 2016

The Fair Housing Act (FHA) prohibits housing discrimination because of race, color, religion, sex, national origin, familial status, or disability. The law targets discriminatory practices by making it unlawful to deny housing—or discriminate in the terms and conditions of the rental—because of race or other protected characteristic.


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Avoid Recapture and Noncompliance with Understanding of Eligible Basis Calculations

Feb 26, 2016

The low-income housing tax credit program is administered at the state level by state housing finance agencies with each state getting a fixed allocation of credits based on its population. The state housing agency has wide discretion in determining which projects to award credits, and applications are considered under the state’s “Qualified Allocation Plan.”


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Check for Five Conditions to Count Unit as Low Income in Monthly Applicable Fraction

Jan 29, 2016

To help the owner of your site determine how many credits it may claim for a building, you must first calculate an “applicable fraction” for each month of the first year of the building’s compliance period. The applicable fraction is the percentage of a building dedicated to low-income residential rental units. Under Internal Revenue Code (IRC) Section (§) 42(c)(1)(B), the applicable fraction is the smaller of the unit fraction or the floor space ...

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