Search Results for: Income Averaging
S. 3365 Middle-Income Housing Credit Act of 2018
Senate Finance Committee Ranking Member Ron Wyden (D-OR) introduced the Middle Income Housing Tax Credit Act of 2018, S. 3365, which would create a new state-administered tax credit, modeled after the Low Income Housing Tax Credit (Housing Credit), to stimulate the development of rental housing for middle-income households earning up to 100 percent of area median gross income (AMGI).
Program Monitoring and Compliance (HCC18)
Gain a better understanding of essential aspects of Housing Credit compliance, including satisfying the minimum set-aside, applicability of income limits, tenant eligibility requirements, income calculation and verification rules, the next available unit rule, state agency compliance monitoring, property inspection requirements, and the impact of noncompliance on Credit delivery. TRAINERS Renee Dickinson, Multifamily Compliance Manager | [...]
Tenant Income and Asset Seminar (HCC18)
Review essential rules for tenant income determination and asset valuation. Gain a better understanding of treatment of wages, Social Security payments, alimony and child support, real estate income, royalties, and other sources of income. Discuss verification of periodic self-employment income from sources such as eBay, Lyft, and Uber. Consider best practices in tenant income and [...]
Mixed-Income Housing Solutions (HCC18)
Explore best practices for utilizing the Housing Credit in mixed-income developments. Consider the benefits of a diverse resident base and the underwriting risks associated with units above 60 percent of area median income. Examine zoning variances, impact fee waivers, density bonuses, and other planning incentives for mixed-income development. Understand how the income averaging provision of [...]
Housing Credit Program Basics (HCC18)
Veteran industry trainers discuss basic Housing Credit program requirements, including income and rent restrictions, qualified allocation plans, federal preferences and criteria, financial feasibility analysis, types of Credit, eligible basis calculations, and compliance monitoring. TRAINERS Thomas Giblin, Partner | Nixon Peabody LLP Alexandra Lawson, Associate | Nixon Peabody LLP Thomas Stagg, Partner | Novogradac & Company [...]
Compliance Hot Topics (HCC18)
Industry compliance experts explore current issues in Housing Credit compliance, including income limit and utility allowance updates, fair housing enforcement action, and the impact of natural disasters and casualty loss events. Understand how the new income averaging option will impact compliance monitoring. DISCUSSION LEADER Susan Westbrook, Supervisor of Rental Compliance Operations | North Carolina Housing [...]
NCSHA Comments on 2018-2019 Priority Guidance Plan
On June 15, 2018, the National Council of State Housing Agencies (NCSHA) provided comments to the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) on their recommendations for items that should be included in the 2018-2019 Priority Guidance Plan, as requested in Notice 2018-43. In the letter, NCSHA requested additional guidance, requirements,Ā [...]
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NCSHA Income Averaging Letter to IRS and Treasury
On June 13, 2018, the National Council of State Housing Agencies, on behalf of the state Housing Finance Agencies and other Low Income Housing Tax Credit allocating agency members, composed a letter to the Department of the Treasury and Internal Revenue Service to ensure the successful implementation of the recently enacted new minimum set-aside election [...]
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CohnReznick āHousing Tax Credit Investments: Investment and Operational Performance
A study issued by CohnReznick found Low Income Housing Tax Credit (Housing Credit) properties to be operating better than in any other period during the programās history.
