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Discrimination Based on National Origin

March 27, 2016

This is my second in a series of articles focusing in detail on each of the seven characteristics that are protected under the federal Fair Housing Act. These seven characteristics (also known as “Protected Classes”) are race, color, national origin,…

Affirmatively Furthering Fair Housing Assessment Tool for States and Insular Areas – Notice March 11, 2016

March 20, 2016

A. J. Johnson

Affirmatively Furthering Fair Housing Tool for States and Insular Areas – Notice March 11, 2016 On March 11, 2016, HUD published a Notice in the Federal Register providing information on the Affirmatively Furthering Fair Housing Assessment Tool for States…

National Housing Trust Fund Money Now Available

March 6, 2016

A. J. Johnson

National Housing Trust Fund The National Housing Trust Fund (NHTF) was established as part of HERA 2008, and will provide communities with funds to build, preserve and rehabilitate rental homes that are affordable for extremely low and very low-income…

IRS Issues Final and Temporary Regulations Regarding Utility Allowances

March 4, 2016

A. J. Johnson

Utility Allowance Final and Temporary Regulations The IRS published Final and Temporary Regulations relating to Utility Allowances for Low-Income Housing (LIHTC) properties in the March 3, 2016 Federal Register. The final regulations clarify the circumstances in which utility…

IRS Amends State LIHTC Monitoring Requirements

February 25, 2016

A. J. Johnson

Amendments to LIHTC Monitoring Regulation, Revenue Procedure 2016-15 On February 25, 2016, the IRS published a proposed rule in the Federal Register that would amend the compliance monitoring duties of a state or local housing credit agency relative to…

Discrimination Based on Race

February 14, 2016

A. J. Johnson

Over the next few months, I intend to do a series of articles focusing in detail on each of the seven characteristics that are protected under the federal Fair Housing Act. These seven characteristics (also known as “Protected Classes”) are…

HUD Advanced Notice of Proposed Rule Making – Strenthening Oversight of Over-Income Tenancy in Public Housing

February 12, 2016

A. J. Johnson

HUD is considering a rule to ensure that households in public housing continue to need housing assistance after admission. This potential rule was prompted by a HUD Office of Inspector General (OIG) report stating that of 1.1 million families in…

The Relationship Between Housing and Overall Quality of Life

January 25, 2016

A. J. Johnson

The Relationship Between Housing & Quality of Life When examining ways to increase affordable housing opportunities, ensuring that opportunity is not limited by where a person lives is critical. Unfortunately, today where people live depends on large part on…

Recapture – What it is and When it Occurs

January 6, 2016

Chris

Although taxpayers claim the low-income housing credit over a ten-year period, the owner of a low-income housing tax credit project is required to provide low-income housing in compliance with IRC §42 for 15 years (the compliance period). In effect, the…

Tax Extenders Signed Into Law

December 19, 2015

A. J. Johnson

Congress has passed and the President has signed the Protecting Americans from Tax Hikes (PATH) Act of 2016. The legislation includes a number of permanent (as opposed to temporary) extensions of expiring tax provisions. Included in these is a permanent…

Proposed Bill Would Require Eviction of Over-Income Public Housing Tenants

December 13, 2015

A. J. Johnson

Representative Bradley Byrne (R-AL) has introduced HR 4133, a bill that would require removal of public housing tenants whose income after move-in exceeds the qualifying income limits. The proposed “Public Housing Accountability Act” was introduced on November 30, 2015 and…

Computing Adjustments to the Allowable Annual Credit for LIHTC Properties

December 6, 2015

A. J. Johnson

At the conclusion of an audit of a Low-Income Housing Tax Credit (LIHTC) taxpayer, the IRS will determine whether any adjustments to the amount of annual credit are appropriate. This will be done after auditing the eligible basis, applicable…

Understanding the Applicable Percentage for a Section 42 Property

November 28, 2015

A. J. Johnson

The amount of annual Low-Income Housing Tax Credit (LIHTC) a building may receive is dependent on four factors: (1) Eligible Basis; (2) the Applicable Fraction; (3) qualified basis; and (4) the Applicable Percentage. Of these four elements, the “Applicable Percentage”…

The Determination of Qualified Basis for LIHTC Projects

November 27, 2015

A. J. Johnson

The Determination of Qualified Basis for LIHTC Projects Qualified basis is a portion of a low-income building’s eligible basis associated with the low-income units. In simplest terms, it represents the amount of money spent on the construction of a building…

Smoke Free Public Housing – HUD Proposed Rule

November 25, 2015

A. J. Johnson

Smoke Free Public Housing – HUD Proposed Rule, November 17, 2015 On November 17, 2015, HUD published a proposed rule in the Federal Register that would require all public housing agencies (PHAs) that administer public housing to implement a…

Costs Included In Eligible Basis

October 18, 2015

A. J. Johnson

The next few articles in this series of articles on the IRS Audit Guide will focus on the important issue of Eligible Basis, the beginning point for the calculation of credits. This first article will discuss the costs that…

No Increase in 2016 Social Security Rates

October 15, 2015

A. J. Johnson

The federal government announced today that the Social Security Cost of Living Adjustment (COLA) for 2016 will be zero. This means that there will be no change in the Social Security income of SS recipients for the upcoming year. Owners…

Taxpayer Removal from the Program – The Section 42 Death Penalty

October 4, 2015

A. J. Johnson

Taxpayer Removal from the Program – The Section 42 Death Penalty IRS Treasury Regulation §1.42-5(e)(3) provides authority for the state agency to report to the IRS that a building is “no longer in compliance nor participating in the IRC…

Revisions to Public Housing Flat Rents – Interim Rule, September 8, 2015

September 26, 2015

A. J. Johnson

The Department of Housing and Urban Development (HUD) published in Interim Rule in the September 8, 2015 Federal Register, titled “ Streamlining Administrative Regulations for Public Housing: Revisions to Public Housing Flat Rents.” This interim rule amends HUD regulations…

The IRS and Extended Use Agreements

September 20, 2015

A. J. Johnson

The IRS and Extended Use Agreements As outlined in §42 (h) (6), all LIHTC properties allocated credits after 1989 must have an extended use agreement (EUA). The agreement is entered into by the taxpayer and the Housing Credit Agency…

HUD Final Rule on Streamlining the Portability of the Voucher Program, August 20, 2015

September 2, 2015

A. J. Johnson

On August 20, 2015, HUD published a Final Rule in the Federal Register titled, “Housing Choice Voucher Program: Streamlining the Portability Process.” This final rule amends HUD’s regulations governing portability in the Housing Choice Voucher (HCV) program. Portability is a…

Section 42 Audit Guide- Techniques Used During Audit

September 2, 2015

A. J. Johnson

Audit Guide Chapter 3- Techniques Used During Audit The IRS audit process includes the accumulation of evidence for evaluating the accuracy of a taxpayer’s tax return. Evidence includes taxpayer testimony, books and records, examiner observations, and third party documents.…

The IRS Section 42 Audit Guide: How Tax Returns for LIHTC Properties are Analyzed for Audit Potential

August 23, 2015

A. J. Johnson

How Tax Returns for LIHTC Properties are Analyzed for Audit Potential The IRS §42 Audit Guide provides guidance for analyzing tax returns before contacting taxpayers to determine the specific tax credit issues that should be audited. Prior to any…

HUD Moving Aggressively on Affirmatively Furthering Fair Housing

August 17, 2015

A. J. Johnson

The Department of Housing and Urban Development (HUD) is moving forward aggressively with the departments new “Affirmatively Furthering Fair Housing” campaign to desegregate the country’s primarily white neighborhoods. Rockford, IL will be an early test for HUD’s ability to impose…

Role of the IRS and State Agencies in Implementing the LIHTC Program

August 16, 2015

A. J. Johnson

With the revision of the IRS Audit Guide for the Low-Income Housing Tax Credit Program, the IRS is providing a comprehensive examination of the requirements of the program. Chapter 1 of the Guide provides and introduction and overview of the…

Proposed Rural Housing Service Rule will Reduce Financial Reporting Requirements

August 14, 2015

A. J. Johnson

On August 6, 2015, the Rural Housing Service (RHS) published a proposed rule in the Federal Register that will amend current regulations to change program requirements regarding financial reporting. The proposed change will align RHS requirements with those of the…

IRS Publishes Revised LIHTC Audit Guide – August 11, 2015

August 9, 2015

A. J. Johnson

The IRS has published a revised Audit Guide for the Low-Income Housing Tax Credit Program, with a revision date of August 11, 2015. The Guide is intended to assist IRS examiners when auditing Partnerships that utilize the Federal Low-Income Housing…

GAO Recommends Joint HUD – IRS Oversight of LIHTC Program

August 2, 2015

A. J. Johnson

Responding to a request from Senator Charles Grassley, Chairman of the Senate Judiciary Committee, the Government Accountability Office (GAO) as performed a review of the oversight and administration of the Low-Income Housing Tax Credit (LIHTC) Program. The results of the…

Affirmatively Furthering Fair Housing – HUD Final Rule

July 18, 2015

A. J. Johnson

On July 8, 2015, the Department of Housing & Urban Development (HUD) issued a final rule on the procedures that must be followed by localities with regard to affirmatively furthering fair housing. The rule directs HUD program participants to take…

HUD Guidance on First Amendment Conflict with Fair Housing

July 4, 2015

A. J. Johnson

HUD Guidance on First Amendment Conflict with Fair Housing The Department of Housing & Urban Development (HUD) published Notice FHEA-2015-01 on May 26, 2015. The title of the Notice is Substantive and Procedural Limitations on Filing and Investigating Fair…

Featured

Discrimination Based on National Origin

Affirmatively Furthering Fair Housing Assessment Tool for States and Insular Areas – Notice March 11, 2016

National Housing Trust Fund Money Now Available

IRS Issues Final and Temporary Regulations Regarding Utility Allowances

IRS Amends State LIHTC Monitoring Requirements

Discrimination Based on Race

HUD Advanced Notice of Proposed Rule Making – Strenthening Oversight of Over-Income Tenancy in Public Housing

The Relationship Between Housing and Overall Quality of Life

Recapture – What it is and When it Occurs

Tax Extenders Signed Into Law

Proposed Bill Would Require Eviction of Over-Income Public Housing Tenants

Computing Adjustments to the Allowable Annual Credit for LIHTC Properties

Understanding the Applicable Percentage for a Section 42 Property

The Determination of Qualified Basis for LIHTC Projects

Smoke Free Public Housing – HUD Proposed Rule

Costs Included In Eligible Basis

No Increase in 2016 Social Security Rates

Taxpayer Removal from the Program – The Section 42 Death Penalty

Revisions to Public Housing Flat Rents – Interim Rule, September 8, 2015

The IRS and Extended Use Agreements

HUD Final Rule on Streamlining the Portability of the Voucher Program, August 20, 2015

Section 42 Audit Guide- Techniques Used During Audit

The IRS Section 42 Audit Guide: How Tax Returns for LIHTC Properties are Analyzed for Audit Potential

HUD Moving Aggressively on Affirmatively Furthering Fair Housing

Role of the IRS and State Agencies in Implementing the LIHTC Program

Proposed Rural Housing Service Rule will Reduce Financial Reporting Requirements

IRS Publishes Revised LIHTC Audit Guide – August 11, 2015

GAO Recommends Joint HUD – IRS Oversight of LIHTC Program

Affirmatively Furthering Fair Housing – HUD Final Rule

HUD Guidance on First Amendment Conflict with Fair Housing

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