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E-Book on LIHTC Compliance Now Available

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A. J. Johnson
As you well know, the federal low-income housing tax credit program is complicated. Staying in compliance with all of the program’s rules – and successfully interpreting the gray areas – is essential for all of the players involved in projects:…

Documents to Retain for LIHTC Projects

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A. J. Johnson
Documents to Retain for Low-Income Housing Tax Credit Projects   In September 2014, the IRS published the Audit Guide for Low-Income Housing Tax Credit Projects. This guide is intended to assist IRS agents during an examination of a Section 42…

Disaster Relief Rules – IRS Revenue Notice 2014-49

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A. J. Johnson
Disaster Relief Rules   Revenue Procedure 2014-49 This IRS Revenue Procedure provides temporary relief from certain requirements of §42 of the Internal Revenue Code (the LIHTC Program) for Agencies and owners if certain areas have been impacted by a major…

Citi Bank Loan Program

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A. J. Johnson
Developers looking to put together LIHTC deals in California, New York, Illinois, Massachusetts, Delaware, Washington DC, and Florida have a new financing option available to them.   Citi Bank has released guidance for its new affordable rental-housing program – The…

Social Security COLA Announced

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A. J. Johnson
The federal government announced on October 22, 2014 that the Social Security Cost of Live Adjustment (COLA) for 2015 will be 1.7%. This will increase the monthly pension for the average retired worker by $22 per month. This is up from…

Changes in Administration of State Supplementary Payments (SSP)

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A. J. Johnson
Almost all states have a Supplementary Payments (SSP) Program, which supplements the Federal Supplemental Security benefit (SSI), which is administered by the Social Security Administration (SSA). In the past, many states had their program administered by the SSA, making it…

HUD REAC Rules Updated (August 12, 2014)

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A. J. Johnson
HUD released HUD Compilation Bulletin on August 12, 2014, providing updated guidance to REAC inspectors regarding when certain areas of properties are not to be inspected for REAC purposes and changing the way certain inspection elements will be reviewed. These…

HUD Updates List of Federally Mandated Income Exclusions

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A. J. Johnson
HUD is required to periodically publish in the Federal Register a notice that lists amounts specifically excluded by any Federal Statute from consideration as income for purposes of determining eligibility or benefits in a HUD program. The last such notice…

HUD to Ease PHA Income Verification Requirements

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A. J. Johnson
HUD is in the process of preparing new rules that will allow public housing authorities (PHAs) to drastically alter the income verification requirements for public housing and Section 8 Voucher tenants. These changes could impact owners of Low-Income Housing Tax…

Farm Bill Protects Rural Area Designation

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A. J. Johnson
After a three-year struggle, the Farm Bill (H.R. 2642) was finally passed by Congress on February 4, 2014, and will now go to the President, who has indicated that he will sign the bill into law. The 357 page bill…

Nonprofit Set-Aside Issues for LIHTC Properties

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A. J. Johnson
IRC §42(h)(5) requires that a portion of each state’s annual credit ceiling be set aside for allocation to projects involving qualified nonprofit organizations. Specifically, at least 10% of the state’s allocable credit must be set-aside for a nonprofit pool.  …

HUD Amends Verification Requirements

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A. J. Johnson
On December 10, 2013, HUD put online a revised transmittal for Handbook 4350.3, Chg. 4. It provided clarification for verification techniques – primarily those relating to EIV disputes and discrepancies. There is also an important change to Appendix 3, Acceptable…

2014 Income Limits Published

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Chris Johnson
On December 18, 2013, HUD published the 2014 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…

Developer Fees in Eligible Basis

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A. J. Johnson
The most important calculation in the LIHTC program – at least in terms of credit generation – is qualified basis. Qualified basis is directly related to the amount of eligible basis (Eligible Basis times Applicable Fraction = Qualified Basis). So,…

HUD Mortgage Insurance Premiums for LIHTC Projects

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A. J. Johnson
HUD published a Notice in the Federal Register on September 26, 2013, clarifying that conventional or FHA-insured projects with existing LIHTC’s, and other affordable projects that meet LIHTC affordability criteria are eligible for the LIHTC Mortgage Insurance Premium (MIP) rate.…

IRS Approves Same-Sex Marriage for Tax Purposes

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A. J. Johnson
Yesterday, I sent you an email that the IRS had not yet decided whether to recognize same-sex marriage for purposes of filing a joint federal tax return. I also indicated that I believed this was clearly contrary to the Supreme…

HUD Notice on Violence Against Women Act of 2013

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A. J. Johnson
On August 6, 2013, HUD published a Notice titled The Violence Against Women Reauthorization Act of 2013 (VAWA 2013): Overview of Applicability to HUD Programs. This notice provides an overview of the applicability to HUD programs of the recently enacted…

Rural Area Definition – Legislative Update (June 28, 2013)

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A. J. Johnson
Approximately 900 communities across the United States that are currently considered “rural” for purposes of United Stated Department of Agriculture (USDA) programs are in danger of losing their rural designation. The communities will no longer be considered rural based on…

UPCS Changes to Fence and Gate Inspection Standards

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A. J. Johnson
One significant change in the Uniform Physical Condition Standard (UPCS) that became effective on January 1, 2013 relates to the way inspectors will assess deficiencies in fencing and gates.  Such findings have been very common in REAC and State monitoring…

Online Training

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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.

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