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QMy company is about to manage a new tax credit site. We heard that tax credit managers can choose to base the rent for a low-income unit on either the size of the household that occupies the unit or the number of bedrooms in the unit. Is this true?
Q One of the tax credit households at my site has an adult son who just left for the Marines and is stationed in another state. His wife still lives in the unit, and he still uses the unit as his legal address and receives his mail there. At recertification time, should I count his military pay in the household's income?
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?
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 interest. How do I do the income calculations from these accounts?
QHow can a low-income housing tax credit (LIHTC) site owner collect rent that is above the area median income rent when the resident is receiving Section 8 in a tax credit unit?
AThe tax credit program allows owners to charge more than the tax credit rent for residents receiving rental subsidies, says tax credit consultant Elizabeth Bramlet.
QI read in a past issue that a live-in aide cannot be a family member of the resident. We are a Section 202/8 elderly property. I asked our contract administrator about this, and she told me that a live-in aide can be a family member. Can you clear this up for me?
QHow should we treat IRAs and annuities if the holder has access to the balance, the account earns interest, and the holder is receiving distributions, such as the IRS Required Minimum Distribution? The HUD Handbook 4350.3 still has conflicting advice on this subject.
QI spend quite a lot of time signing out keys when students come home. Some have forgotten their keys, others have left them at school, others say that their parent is usually at home, etc. Is there some type of “latch-key child” form or lease addendum that I could use to advise residents of this problem, and require them to make sure that their children have keys to enter their units so that they are not dependin...
QAn applicant to our site claims that she works and collects SSI. Because of her wages, the SSI payment is reduced. SSI lists the “maximum allowable” payment as $637, but then deducts $249.50 because of her wages, making her net monthly benefit $387.50. Should we deduct the $249.50 from the $637?
QAn applicant for a unit at our site says he's married but does not live with his wife. He is self-employed and provided a copy of his joint tax return to help us determine his income. How do we handle the wife's income? Does it matter that he claims her as a dependent on his tax return?
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