A. J. Johnson Consulting Services, Inc.

Tax Credit

  1. Home
  2. chevron_right
  3. Tax Credit
    4. (Page 4)

Save Affordable Housing Act of 2019

person
A. J. Johnson
On June 25, 2019, four U.S. Senators and three members of the House introduced the Save Affordable Housing Act of 2019. The sole purpose of this proposed legislation is to repeal the qualified contract option for the federal Low-Income Housing…

Proposed Changes to LIHTC Program

person
A. J. Johnson
     On June 4, 2019, S. 1703, “The Affordable Housing Credit Improvement Act of 2019,” was introduced in the Senate. It offers some major revisions to the Low-Income Housing Tax Credit (LIHTC) program. If enacted into law, it would represent…

IRS Final Regulation on LIHTC Compliance Monitoring

person
A. J. Johnson
On Tuesday, February 26, 2019, the IRS will publish in the Federal Register a final regulation on how state Housing Finance Agencies (HFAs) must monitor low-income housing tax credit (LIHTC) properties for compliance with the requirements of Section 42 of…

Documents Critical to the IRS Section 42 Audit Process

person
A. J. Johnson
DDespite a recent increase in IRS audit activity relating to Low-Income Housing Tax Credit (LIHTC) projects, audits of such projects remain relatively rare. However, such audits do occur, and owners should ensure that record retention protocols include the documents that…

Documentation of Child Custody and Support

person
A. J. Johnson
One of the most vexing problems faced by managers of affordable housing is how to handle the counting of children when full time residence in a unit is not clear. There are many households with children in shared custody situations.…

LIHTC Lease – Important Elements

person
A. J. Johnson
Important Elements of Low-Income Housing Tax Credit Leases   With the exception of having at least a six-month initial term when a household moves into a Low-Income Housing Tax Credit (LIHTC) property, the IRS has no specific requirements regarding leases.…

Final GAO Report on LIHTC Program – September 18, 2018

person
A. J. Johnson
On September 18, 2018, the Government Accountability Office (GAO) issued its fourth and final report on the Low-Income Housing Tax Credit (LIHTC) program. This report is titled “Improved Data and Oversight Would Strengthen Cost Assessment and Fraud Risk Management.” The…

Update on State Positions Regarding Income Averaging

person
A. J. Johnson
State Housing Finance Agencies (HFAs) continue to release information regarding how they will approach the new minimum set-aside election – the “Average Income” election. As of August 1, 2018, 20 HFAs have provided some guidance on how the new election…

States Begin Issuing Average Income Set-Aside Guidance

person
A. J. Johnson
A number of states have now begun to issue guidance regarding the implementation of the “Average-Income” minimum set-aside test, which was signed into law as part of the Consolidated Appropriations Act of 2018. Eight states have provided formal guidance. Alaska…

Additional Guidance on the Income Average Test

person
A. J. Johnson
In order to meet the minimum set-aside, if owners select the new Income Average test, at least 40% of the units in the project must have rents and incomes at the various designated unit income limits selected by the owner…

HUD Publishes 2018 Income Limits

person
A. J. Johnson
On March 30, 2018, HUD published the 2018 income limits for HUD programs as well as for the Low-Income Housing Tax Credit and Tax-Exempt Bond programs. The limits are effective on April 1, 2018. The limits for the LIHTC and…

More Thoughts on the Income Average Test

person
A. J. Johnson
This article is a follow up to the one I posted on March 26, 2018, relating to the Average Income Test which was included in the “Consolidated Appropriations Act, 2018,” as a third set-aside election for Low-Income Housing Tax Credit…

Income Averaging Discussion and Examples

person
A. J. Johnson
I posted an article on March 24, 2018, describing the two changes made to the Low-Income Housing Tax Credit (LIHTC) program by the “Consolidated Appropriations Act, 2018,” the increase in credits and the new “Average Income Test.” I want to…

Self-Employed Individuals in Affordable Housing Properties

person
A. J. Johnson
One of the most difficult type of income to determine for managers of affordable housing rental properties (e.g. Section 8 or Low-Income Housing Tax Credit [LIHTC]) is self-employment income. Based on the number of issues we see when reviewing the…

NCSHA Publishes 2017 Recommended Best Practices

person
A. J. Johnson
The National Council of State Housing Agencies (NCSHA) has updated its Recommended Practices in Housing Credit Administration for voluntary adoption by Housing Credit Agencies. The organizations first recommended practices were published in 1993, and included recommendations relative to allocation and…

Foreign Students in LIHTC Projects

person
A. J. Johnson
Managers of Low-Income Housing Tax Credit Projects (LIHTC) are sometimes faced with having to determine the eligibility of foreign students for occupancy at a Section 42 property. This is actually easier in most cases than determining the eligibility of U.…

HUD Revision to Effective Date for 2015 DDA and QCT Designations

person
A. J. Johnson
On October 26, 2017, HUD published a notice in the Federal Register, “Statutorily Mandated Designation of Difficult Development Areas and Qualified Census Tracts: Revision of Effective Date for 2015 Designations.”   This notice revises the effective date for designations of…

Reminder of Federal Disaster Rules Relating to Section 42

person
A. J. Johnson
With all the natural disasters that have occurred recently (Harvey, Irma, Maria), it is worthwhile to review IRS guidance relative to Low-Income Housing Tax Credit properties located in affected areas.   Disaster Relief Rules   Revenue Procedure 2014-49   This…

Building a Case Against Unauthorized Occupants

person
A. J. Johnson
Dealing with unauthorized occupants is a troublesome issue for many affordable housing managers, but due to the requirements of affordable housing programs such as Section 8 and the Low-Income Housing Tax Credit (LIHTC), knowing who is living in a unit…

Online Training

AJJCSTraining.com

Visit our online training platform to participate in our web-based courses.

Guidance

The Professional Property Manager's Guide to the Low Income Housing Tax Credit

An easy to understand and in-depth guide written by a nationally recognized leader in affordable housing compliance, A. J. Johnson.


The Professional Property Manager's Guide to the Violence Against Women Act

Designed to provide professionals in the affordable housing industry with an easy to understand reference manual for issues related to VAWA.

Subscribe To News

* indicates required
Menu