Sometimes a site owner must give back tax credits that it claimed in previous years of the credit period. To do this, owners fill out IRS Form 8611: Recapture of Low-Income Housing Credit and file it with the tax return. The IRS will then recapture part of the tax credits the owner claimed in previous years if the property is disposed of or if it fails to meet certain requirements over a 15-year compliance period and a bond is not posted.

When you start managing a tax credit site, you’ll need to get certain information from the owner to manage the site effectively. Getting this information before renting units to qualified low-income households is essential. Without it, you won’t know what’s required to keep your site in compliance—or even to get it to qualify for the tax credit program in the first place.

One of the owner’s most valuable business assets is the site's reputation. That's why it's important for you to protect and control the use of your site's name. If you have a Web site, you may use it as an internal communications tool for informing residents of events and special information, or a way for residents to alert you of problems in their units. But it also gives an impression of what your site is like, allowing prospective residents to d...