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As Congress considers reforms, sites may need to take action now to limit the financial strain.
As a site owner or manager, you understand the severe financial consequences that can result from things beyond your control, such as a loss due to fire, flood, weather, or other causes. In addition, whether it’s a legitimate claim or not, you could also face expensive legal difficulties from liability claims associated with on-site cri...
We’ll explain how to treat real estate when calculating a household’s income and assets.
The regulations for the tax credit program require site owners to use the rules found in HUD Handbook 4350.3 to calculate the annual income of applicants and residents. During the process of certifying or recertifying households, you may learn that an applicant or household member owns real estate.
When you certify or recertify households for tax credit housing, IRS rules require you to estimate how much income household members expect to receive in the next 12 months. Without this information, you can’t certify or recertify the household’s eligibility.
Before you rent any unit at your tax credit site to a new household, it’s important to confirm that the rental will comply with the tax credit law. If your rental of a unit won’t comply, the owner’s credits for that unit may be at risk. And if the unit is one you must count to meet or maintain your site’s minimum set-aside, that one noncomplying unit may place all the owner’s credits in jeopardy.
HUD recently awarded $54 million to 182 fair housing organizations across the country under its Fair Housing Initiatives Program. These grants allow the organizations to provide fair housing enforcement by conducting investigations, testing to identify discrimination in the rental markets, and filing fair housing complaints with HUD or equivalent state and local agencies.
HUD recently requested public comment on plans to implement the key changes the VAWA Reauthorization Act of 2022 (VAWA 2022) made to the Violence Against Women Act of 1994. Since the 2013 amendments, VAWA has applied to the LIHTC program. However, neither the Treasury Department nor the IRS has issued any formal regulations or guidance on VAWA implementation for the LIHTC program. Nevertheless, LIHTC owners are still subject to VAWA’s mandates and some state tax c...
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