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HUD Changes Income Verification Rules for PHAs

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A. J. Johnson
HUD has issued Notice PIH 2013-3, establishing temporary guidelines for public housing agencies (PHAs) in fulfilling certain public housing and Housing Choice Voucher program requirements during this period of decreased resources available to PHAs. It offers PHAs four options that…

IRS Priorities for 2013 Relating to LIHTC

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A. J. Johnson
During 2013, the IRS will review various issues under Section 42 of the IRC, including the following:   Guidance relating to the application of the design and construction accessibility requirements under the Fair Housing Amendments Act of 1988. Issues relating…

No More Paper Checks for Federal Retirement Benefits

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A. J. Johnson
In an effort to save money, Federal officials began retiring paper checks in favor of direct deposits and prepaid ‘Direct Express’ debit cards in May, 2011. Since then, the Treasury Department has required all new recipients of payments from federal benefits…

Social Security Benefits Verification Now Available Online

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A. J. Johnson
Social Security recipients can now get their benefits verification letter and conduct other business online, as part of enhanced Web services introduced on January 7, 2013 by the federal government. The letters, which state the amount of the recipient’s monthly…

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

person
Chris Johnson
(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

person
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

person
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

person
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

person
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

person
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

person
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

person
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…

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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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