We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
Use of the Enterprise Income Verification (EIV) system for public and multifamily housing providers receiving HUD rental assistance became mandatory on Jan. 31, 2010. Progress seemed bumpy earlier in the year, with lagging participation from some owners and agents, multiple system outages, functionality problems, and data anomalies, but HUD's EIV team has been working to troubleshoot and fix the issues.
From time to time, you may receive requests from households that want—or need—to move to a new unit. For instance, they may need a larger unit, or they may desire a unit on a higher floor, or they may need a ground-floor unit to accommodate a disability. The IRS has made it clear that you don't need a special reason to transfer a household to a different unit at your tax credit site.
Security deposits can become a source of conflict between owners and residents. A good rule of thumb with security deposits is to remember that, unlike any other money that you receive from a household, the security deposit remains the resident's money, says Daniel Bancroft, a Boston-area attorney who specializes in subsidized housing and property management.
Whether you're developing a new pet policy for your site or you have a strict no-pets rule, keep in mind that animals needed because of a disability are not pets.
No one wants to find out that his tax credit site has been cited for noncompliance, but if your state housing agency has issued the owner a Form 8823, your first reaction may be to panic. Don't.
“It's not the end of the world,” says Barbara Crook, compliance director for Affordable Housing Support Services, an affordable housing compliance consulting firm in Littleton, Colo. “Most likely, these are errors that can be fixed. The state agen...
Not meeting the minimum set-aside requirement is a common reason that tax credit sites get cited for noncompliance. It's a mistake that has severe consequences: If your building or site fails to meet the minimum set-aside requirement at the close of the first taxable year of the credit period, the noncompliance cannot be corrected, and the owner is prohibited from ever claiming credits for that project.
If you're fortunate, your site may never be damaged by a flood, tornado, or other natural disaster. But the odds are, at some point, you'll find yourself dealing with property loss caused by an everyday hazard, such as fire, burst pipes, wind, hail, or sprinkler leakage.
If you manage a tax credit site that has funds through the HOME Investments Partnership (HOME) Program, then you know that you must meet the compliance requirements for both programs. But what happens when the two programs' requirements differ? How do you know which rules to apply?
We asked two leading tax credit compliance experts to review the top areas of conflict between tax credit and HOME requirements, and explain how to resolve them and stay in complian...
Section 2002 of the Housing and Economic Recovery Act (HERA) of 2008 requires the U.S. Department of Housing and Urban Development (HUD) to collect the following data for low-income housing tax credit tenants:
In July, the U.S. Department of Justice (DOJ) announced proposed regulations to expand the obligations of owners of commercial facilities, including those found at assisted housing and other residential multifamily sites, regarding accessibility for persons with disabilities.
In particular, the DOJ proposes adopting accessibility guidelines previously issued by the Architectural and Transportation Barriers Compliance Board to reflect the accessibility standards un...
RSS