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A. J. Johnson
876 posts

Program Relief for Flood & Tornado Victims

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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

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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

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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,…

Use Facts to Fight NIMBYism

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A. J. Johnson
Developers of affordable housing often face an uphill battle when trying to convince local planning commissions, city councils and community residents that an affordable housing complex will actually be good for a community. A recent report from the National Association…

New Cell Phone Application Offers Translation Services

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A. J. Johnson
Codetalker (www.codetalkerinc.com) is a new cell phone application that connects users to a live interpreter for a three-way conversation. Interpreter services for more than 175 languages are available, and the service also offers 24-hour turnaround for translation of documents. This…

Reminder Regarding DUNS Number

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A. J. Johnson
Last month, I reviewed the HUD requirement that all owners of HUD assisted properties obtain a Dun and Bradstreet Number no later than March 5, 2011. Failure to do so could result in a loss of subsidy. If you are…

Use Project Binder to Organize for HUD MOR

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A. J. Johnson
When HUD or Contract Administrators conduct Management & Occupancy Reviews (“MOR”), they will ask for a slew of documents. Failure to have the documents will result in MOR findings that will lower the property’s score. It is a good idea…

Avoid Lease Addendums Regarding Second Hand Smoke

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A. J. Johnson
In Upper East Lease Assoc, LLC v. Cannon, January 2011, an owner sued a resident for unpaid rent. The resident claimed that the owner had violated the warranty of habitability by allowing secondhand smoke to infiltrate from a downstairs neighbor.…

TCAP Grants Considered Income By IRS

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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…

State Agencies Getting Tough on Developers

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A. J. Johnson
Agencies in a number of states have tightened the requirements for developers with regard to being eligible to apply for tax credits. Iowa, Texas, and Florida have all added requirements that expand the ways applicants may be deemed ineligible for…

State Allocating Agency Priorities for 2011

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A. J. Johnson
A review of the Qualified Allocation Plans (QAPs) of the State Allocating Agencies indicates some new priorities and directions for a number of states with regard to the Low-Income Housing Tax Credit Program. For example, the Massachusetts Department of Housing…

HUD/IRS Agree on Protocols for Physical Inspections

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A. J. Johnson
The Internal Revenue Service and HUD have reached a preliminary agreement that will allow HUD REAC inspections to satisfy IRS physical inspection requirements for tax credit properties with project-based Section 8 assistance. Also, HUD will be able to rely on…

Red Flags Rule

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A. J. Johnson
The Federal Trade Commission (FTC) has issued a new rule that goes into effect on January 1, 2011, called the “Red Flags Rule.” This rule requires certain businesses to develop written plans to fight identify theft. The Red Flags Rule…

Online Training

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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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