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This article is the second of a three-part series on complying with federal design and accessibility requirements. Part 1, in our June issue, explained what the requirements are and how to tell whether your site is among those that must comply with them. Part 2, below, gives you five rules to follow to ensure your buildings and common areas are in compliance with the requirements. Part 3, in our August issue, will give you six rules covering unit-specific compliance requirements.
This article is the first of a three-part series on meeting the federal design and accessibility requirements. The first part outlines what the requirements are and whether your site is among those that must comply with them. The second and third parts, which will be published in the next two issues, will give you 11 rules that your site must follow to remain in compliance.
To comply with many key tax credit requirements, it is important to take into account unit size, that is, either a unit's square footage or its number of bedrooms. If you don't take unit size into account where required, your site is likely to fall into noncompliance, which could put the owner's tax credits in jeopardy. Many managers who have experience with other housing programs, but are new to the low income housing tax credit (LIHTC) program, make mistakes because they don't realize that unit size plays a key role in tax credit compliance.
Real estate businesses in New York face sales tax issues; it's a fact of life in the Empire State. And, generally, when a real estate business fails to comply with its tax obligations, the New York State Department of Tax and Finance (DTF) sends it a notice of examination. The notice triggers an audit of the business owner's transactions and purchases for a period up to six years prior to the audit. Business owners who have undergone a tax department audit are aware that it can cost hundreds of thousands of dollars and, possibly, into the millions.
Your tax credit site may offer a parking lot or other parking facility where your residents can keep their cars. If you, as a site owner or manager, want to charge residents a parking fee, you must proceed carefully, cautions tax credit consultant Karen A. Graham. Although the tax credit program's requirements don't specifically address parking lot fees, you may trigger noncompliance by charging them, she warns.
This article is the third of a three-part series on complying with federal design and accessibility requirements. Part 1 (June 2008) explained the requirements and how to tell whether your site is among those that must comply with them. Part 2 (July 2008) gave you five rules to follow to ensure your buildings and common areas are in compliance with the requirements. Part 3, below, gives you six rules covering unit-specific compliance requirements.
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