More public housing sites in Michigan are going smoke-free, according to Jim Bergman, co-director of The Center for Social Gerontology, Inc., in Ann Arbor, Mich., which operates the Smoke-Free Environments Law Project (SFELP). At the end of 2008, there were approximately 28 public housing commissions in that state with smoke-free policies for some or all […]
Q I manage a tax credit site and usually charge households a monthly rent of $930 as the maximum allowable rent. But recently, a broker used $940 as the basis for prorating a mid-month move-in’s rent. Is this a violation? A No, says affordable housing consultant Elizabeth Moreland, an expert in the low-income housing tax […]
The IRS is permitting owners of tax credit sites to obtain a utility estimate for each unit in a building from the allocating agency. This development is the culmination of five years’ effort on the part of the National Leased Housing Association (NLHA), the National Multi Housing Council (NMHC), and other housing advocacy groups, says […]
Fannie Mae is honoring the commitments it made in 2006 and 2007 to invest tax credit equity in New Orleans, and will continue to be a major player in the rebuilding effort, says Ken Bacon, Fannie Mae’s executive vice president of housing and community development. Although Fannie Mae is not actively making new tax credit […]
Q I recently started work at a state monitoring agency where we use the 140% income limit or the Available Unit Rule. We calculate d the same way as initial eligibility income limits, resulting in artificially high available unit rule income limits. Is the agency doing something wrong? A Yes, says affordable housing consultant Elizabeth […]
New regulations issued by the IRS on utility allowances for tax credit sites have changed the means by which each unit’s obligation is calculated. “These new regulations are solving a critical problem that had been threatening to make a large inventory of the nation’s affordable housing financially unstable,” says Dave Cardwell, vice president of capital […]
The foreclosure relief bill passed by the House and the Senate (H.R. 3221) contains a provision for home buyer tax credits. According to both the House and the Senate version, a buyer is eligible for a tax credit only if the house is used as the primary residence. However, the fine print is different in […]
The IRS issued Revenue Ruling 2004-82 to address questions about residents who were relocated to new units because their original units required renovation, but who seek return, when renovation is complete, to the units they previously occupied. The ruling states that if you, as a site owner or manager, transfer a qualified household to another […]
Q I manage a tax credit site, and one of our residents receives income in cash. I heard that such payments, which are made “under the table,” prevent the resident from being eligible for tax credit housing. Is this true? A No, says Cheryl McMillon, a 25-year veteran of affordable housing management in Port Arthur, […]
Q I manage a tax credit site, and the daughter of a resident who died recently lived with her in a unit. The daughter was not on the lease. She was listed as a “caregiver” who was not considered for eligibility purposes at move-in. Since her mother died, the daughter does not qualify for a […]
