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Section 45L Energy Tax Credit

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A. J. Johnson
Section 45L Energy Tax Credit   When Congress passed the American Taxpayer Relief Act of 2012, it extended the Section 45L tax credit, which provides eligible contractors of homes -including apartments -, with a tax credit of $2,000 per energy…

Ten States Increase Minimum Wage

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A. J. Johnson
Ten States Increase Minimum Wage Happy New Year! For workers in ten states, the new year will bring an increase in minimum wages. Nine of the ten states already had minimum wage levels higher than the federal minimum of $7.25…

Rural Designation at Risk for Some Areas

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A. J. Johnson
Some Areas May Lose Rural Designation   Approximately 55 areas around the country with MTSP income limits lower than the National Non-Metropolitan Income (NNMI) limits are in danger of losing their status as rural areas. These areas are found in…

Revised 2013 Section 8 and MTSP Income Limits Released

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Chris
(Update 12/26/13) The 2014 income limits have been released. More information can be found here. HUD has revised and released the 2013 income limits. These new income limits supersede the limits released on 12/4/12. The revision is due to an…

GAO Study of HERA and the LIHTC Program

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A. J. Johnson
As required by the Housing and Economic Recovery Act of 2008 (HERA), the General Accountability Office (GAO) of Congress has conducted a study of the impacts of HERA on the Low-Income Housing Tax Credit Program. Findings of the study were…

Setting Up a Home Visit Program

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A. J. Johnson
One of the best practices to assist a management company in determining whether an applicant will be a good resident is a home visit program. Before considering the establishment of such a program, management should be aware of the difficulties…

IRS Publishes Sandy Disaster Relief Notice

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A. J. Johnson
Low-Income Housing Credit Disaster Relief for Hurricane Sandy   The IRS issued Revenue Notice 2012-68 on November 5, 2012, effective after October 22, 2012, providing emergency housing relief as a result of Hurricane Sandy. The Notice allows State Housing Agencies…

HUD Implements New Rental Assistance Demonstration Program

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A. J. Johnson
On July 26, 2012, HUD published a Final Notice in the Federal Register implementing the Rental Assistance Demonstration (RAD) Program. The program offers new opportunities to public housing agencies and some private owners of affordable housing projects.   The program…

IRS Proposed Rule on Utility Allowances

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A. J. Johnson
The IRS has published a proposed regulation that will amend the IRS utility allowance regulation 1.42-10. This regulation outlines requirements relative to utility allowances on low-income housing tax credit buildings. The proposed regulation updates 1.42-10 to clarify that utility costs…

Dealing with Bed Bug Infestation

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A. J. Johnson
Bedbugs: Addressing and Preventing Outbreaks in Tax Credit Properties By A. J. Johnson             Outbreaks of bedbug infestation in apartments are increasing at an alarming rate in most metropolitan areas of the country, and low-income housing tax credit properties are…

Program Relief for Flood & Tornado Victims

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A. J. Johnson
State Housing Finance Agencies in Alabama, Tennessee, Georgia, and Mississippi are relying on IRS Revenue Procedure 2007-54 to provide relief for owners and tenants affected by recent flooding and tornados. The Procedure provides temporary relief from carryover allocation rules, recapture,…

IRS Releases Updated 8823 Guide

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A. J. Johnson
The IRS has released the third version of the 8823 Guide, designed to assist State Agencies and taxpayers in understanding IRS requirements relative to compliance with the Section 42 Low-Income Housing Tax Credit Program. Changes were not as sweeping as…

Affordable Housing Investors Council Issues New Underwriting Guidelines

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A. J. Johnson
The Affordable Housing Investors Council (AHIC) has revised their guidelines for the underwriting of low-income housing tax credit projects, calling for increased scrutiny of development and management teams. The revised recommendations include the following: • Investors should closely investigate developer…

President Proposes Changes to Section 42

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A. J. Johnson
The Obama Administrations fiscal 2012 budget makes changes in the tax provisions that govern the Low-Income Housing Tax Credit Program. One change would permit a 30 percent basis increase for bond-financed preservation projects that were originally financed with federal funds,…

TCAP Grants Considered Income By IRS

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A. J. Johnson
In Chief Counsel Advisory (CCA) 201106008, issued December 3, 2010, the Office of Chief Counsel of the IRS stated that because the American Recovery and Reinvestment Act of 2009 (the Recovery Act) did not specifically exclude Tax Credit Assistance Program…

State Agencies Getting Tough on Developers

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A. J. Johnson
Agencies in a number of states have tightened the requirements for developers with regard to being eligible to apply for tax credits. Iowa, Texas, and Florida have all added requirements that expand the ways applicants may be deemed ineligible for…

State Allocating Agency Priorities for 2011

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A. J. Johnson
A review of the Qualified Allocation Plans (QAPs) of the State Allocating Agencies indicates some new priorities and directions for a number of states with regard to the Low-Income Housing Tax Credit Program. For example, the Massachusetts Department of Housing…

HUD/IRS Agree on Protocols for Physical Inspections

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A. J. Johnson
The Internal Revenue Service and HUD have reached a preliminary agreement that will allow HUD REAC inspections to satisfy IRS physical inspection requirements for tax credit properties with project-based Section 8 assistance. Also, HUD will be able to rely on…

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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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