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Some managers have tried to use the same household to qualify more than one unit as low income. It’s true that leasing up enough units to meet the set-aside on time can be stressful. But this seemingly time-saving strategy will only lead to noncompliance. If you need to transfer a low-income household shortly after move-in, just follow the unit transfer rule to determine the status of the new and old units. Under that...
The Joint Center for Housing Studies of Harvard University (JCHS) recently released a report entitled "Housing America’s Older Adults: Meeting the Needs of an Aging Population." The report cites housing cost burden, a lack of basic accessibility features in the current housing stock, isolation due to lack of transportation infrastructure, and disconnects between housing and health care as areas of concern. It concludes that the U.S.
A lawsuit was recently filed alleging that the U.S. Department of Treasury and Office of the Comptroller of the Currency (OCC) perpetuated racial segregation in the City of Dallas in their administration of the LIHTC program. The lawsuit, filed by a group that assists low-income families eligible for Section 8 vouchers, claims that the agencies’ conduct violated their duty to affirmatively further fair housing under the Fair Housing Act.
Q: Tax credit sites that are not Rural Housing Services-assisted or HUD-regulated can use which of the following methods for estimating tenant utility costs?
a. Public Housing Authority (PHA) Estimate
b. Local Utility Company Estimate
c. Agency Estimate based on Similar Building/Actual Consumption
On July 24, 2014, Rep. Pete Gallego, D-Texas, introduced legislation in the House of Representatives that would amend Section 42 of the Internal Revenue Code to provide for an appeals process for HUD Qualified Census Tract (QCT) and Difficult Development Area (DDA) designations.
Bipartisan legislation recently introduced by Sen. Rob Portman, R-Ohio, and Al Franken, D-Minn., would amend a law that prevents some college students from qualifying for affordable housing. The Housing for Homeless Students Act of 2014 would allow full-time students who experience or have recently experienced homelessness to become eligible—or retain eligibility—for LIHTC housing.
The proposed law would tweak a provision of the LIHTC program that make...
The MacArthur Foundation recently committed $25 million to support and expand innovative energy efficiency financing programs specifically designed to meet the challenges and needs of multifamily housing in the United States. The foundation's investments are intended to reduce significantly carbon footprints for some of the country’s least energy-efficient buildings and make housing more affordable for low-income families, seniors, and individuals with special...
Sites generate a lot of records, such as leasing records, maintenance records, security deposit records, incident reports, and so on. Because these records take up space in leasing or management offices, most staff members want to get rid of them as soon as possible. But these records can help you if you ever need to defend yourself in a lawsuit. They can also help you to bring a lawsuit against someone—for example, a resident who leaves owing you money.
Citigroup recently agreed to pay $7 billion in a deal with the government for misleading investors about the riskiness of mortgage-backed securities sold in the run up to the 2008 financial crisis. Citigroup, which received $45 billion in taxpayer bailouts during the 2008 financial crisis, is one of the largest banks yet to be penalized by the task force formed by President Obama to investigate the banks' packaging of mortgage securities.
HUD recently issued revised extremely low-income (ELI) limits. The revised limits are effective July 1, 2014. ELI limits are defined as “very low-income families whose incomes do not exceed the higher of the Federal poverty level or 30 percent of Area Median Income (AMI).” Although ELI limits don't affect LIHTC income limit calculations, many tax credit site professionals may also work with various HUD programs that utilize ELI targeting requirements.
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