A. J. Johnson Consulting Services, Inc.

Tax Credit

  1. Home
  2. chevron_right
  3. Tax Credit
    4. (Page 5)

Small Area Fair Market Rents (SAFMRs)

person
A. J. Johnson
Small Area Fair Market Rents (SAFMRs)   HUD publishes fair market rents for all areas of the nation. Public Housing Agencies (PHAs) use fair market rents as a guideline when determining payment standards for the Housing Choice Voucher (HCV) program.…

HUD Final Rule on VAWA – November 16, 2016

person
A. J. Johnson
The U.S. Department of Housing & Urban Development (HUD) final rule regarding the implementation of housing protections authorized in the Violence Against Women Reauthorization Act of 2013 (VAWA) was published in the Federal Register on November 16, 2016.   In…

Compliance with HUD Live-in Aide Rules

person
A. J. Johnson
Compliance with HUD Live-in Aide Rules   Allowing a Live-in Aide for a disabled person is both a HUD and fair housing requirement.   The definition of a live-in aide is a person who resides with one or more elderly…

Verification of Cash Payments

person
A. J. Johnson
Verification of income from employment is usually just a matter of obtaining a written verification of income from the employer or the most recent four to six consecutive pay stubs from the applicant. However, in some cases, persons are paid…

GAO Issues Second Report on the LIHTC Program, May 2016

person
A. J. Johnson
The United States Government Accountability Office (GAO) recently issued a report to the Senate Judiciary Committee titled “Low-Income Housing Tax Credit – Some Agency Practices Raise Concerns and IRS Could Improve Noncompliance Reporting and Data Collection.” This is the second…

Updated REAC Guidance – May 23, 2016

person
A. J. Johnson
HUD has released a document titled “UPCS Guidance & Protocol Clarification.” This guidance was effective on May 23, 2016, and changes some of the prior guidance inspectors followed during REAC inspections. Primary changes/clarifications are as follows: HUD has clarified that…

Fair Housing Enforcement at LIHTC Properties

person
A. J. Johnson
Fair Housing Enforcement at LIHTC Properties   A violation of fair housing law is reportable noncompliance for Low-Income Housing Tax Credit (LIHTC) properties. It is reported on Line 11h of IRS Form 8823, along with any other finding of noncompliance…

HUD Publishes 2016 Income Limits

person
A. J. Johnson
On March 28, 2016, HUD published the 2016 income limits for HUD programs as well as for the Low-Income Housing Tax Credit and Tax-Exempt Bond programs. The limits for the LIHTC and Bond projects are published separately from the limits…

IRS Amends State LIHTC Monitoring Requirements

person
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…

HUD Changes REAC Protocol Regarding Units with Bedbugs

person
A. J. Johnson
On January 21, 2016, HUD issued Inspector Notice No. 2016-01, “UPCS Inspector Protocol Bed Bug Infestation.”   The Notice was effective on February 1, 2016, and applies to all properties that are subject to UPCS physical inspections. In states that…

2016 HUD Imputed Interest Rate

person
A. J. Johnson
HUD published Notice 2016-01 on January 19, 2016, announcing that the passbook savings rate effective February 1, 2016, will remain at .06%. The notice applies to all Project-Based Section 8 programs, Section 101 Rent Supplement Program, Section 202 Programs, Section…

Rent to Own vs. Seller Financing

person
A. J. Johnson
The Difference Between “Seller Financing” and “Rent-to-Own”   Chapter Five of HUD Handbook 4350.3, Chg. 4 outlines various requirements relative to the determination of value and income for assets. One of the more unusual assets managers of affordable housing developments…

Tax Extenders Signed Into Law

person
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…

Developer Fees – How They are Viewed by the IRS

person
A. J. Johnson
  Developer fees represent payment for a developer’s services and are (at least partly) includable in eligible basis for a Low-Income Housing Tax Credit (LIHTC) project. There are three basic types of developer fees.   Turnkey Project Fee   The…

The Determination of Qualified Basis for LIHTC Projects

person
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…

Eligible Basis: IRS Reconciliation of Allowable Costs

person
A. J. Johnson
During an audit, a primary point of examination by the IRS will be the reconciliation of eligible basis, and identification of large, unusual or questionable items.   Reconciliation of Eligible Basis   The eligible basis shown on Line 7 of…

Costs Included In Eligible Basis

person
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

person
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…

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