The Social Security Administration began issuing retroactive lump sum payments in March and increasing monthly payments in April for some public-sector retirees.
We’ll review how the limits have changed for 2025 and explain how to apply them. We’ll also discuss how an owner’s minimum set-aside election on IRS Form 8609 determines which income limits apply to a LIHTC property.
Some owners may have mistakenly included all flex card benefits as income, possibly leading to income certifications that may have exceeded the maximum income limit.
This should make it easier for veterans to qualify for affordable housing. The IRS recently released Revenue Procedure 2024-38, which provides guidance on the alternative income eligibility requirements for the Department of Housing and Urban Development–Veterans Affairs Supportive Housing (HUD–VASH) program. The HUD-VASH program is a joint effort between HUD and the Department […]
You’ll use the new figures when calculating household income in 2025. HUD recently released its annual inflationary adjustments for 2025, impacting the determination of income and assets under the Housing Opportunity Through Modernization Act (HOTMA). The bulk of the legislation deals with reforms to HUD’s Section 8 Housing Choice Voucher program, but it also affects the LIHTC program because LIHTC site owners must use Section 8 rules regarding income calculations.
The IRS recently issued Notice 24-08, which contains the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.With the recent notice, the 2024 business standard mileage rate is increasing to 67 cents, up 1.5 cents from 2023. In addition to the rate per mile driven for business use, the IRS also announced the standard mileage rate for 2024 will be:
