Tax Credit

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IRS Issues Final Average Income Regulation

On October 7, 2022, the IRS published final and temporary regulations on the average income set aside for the LIHTC program. A quick review of the regulation indicates that the “cliff test” has been eliminated and owners will have more…

HUD Updates National Nonmetropolitan Income Limits

When the Department of Housing & Urban Development (HUD) published the 2022 income limits (effective April 18, 2022), the Department simultaneously published the National Nonmetropolitan Income Limits (NNMIL) as part of the Frequently Asked Questions (FAQ) section of the Income…

A. J. Johnson Partners with Colorado Housing on Average Income Webinar

A.J. Johnson will be presenting Average Income Minimum Set-Aside: Requirements and Best Practices on July 19, 2022, at 11:00 am (EST). This class will be offered through Colorado Housing and Finance Authority’s chfareach educational programming for affordable housing property owners and managers.  The…

HUD Publishes 2022 Income Limits

On April 18, 2022, HUD published the 2022 income limits for HUD programs as well as for the Low-Income Housing Tax Credit and Tax-Exempt Bond programs. The limits are effective on April 18, 2022.  The limits for the LIHTC and…

A. J. Johnson to Offer Average Income Live Webinar

A. J. Johnson will be conducting a webinar on January 26, 2022, on Requirements & Best Practices Relating to the Average Income Minimum Set-Aside for LIHTC properties. The Webinar will be held at 1:00 PM Eastern Time. The Average Income…

IRS Extends COVID-19 Relief for LIHTC and Tax-Exempt Bond Properties

On Friday, January 14, 2022, the IRS will release a notice (2022-05) extending widespread temporary relief from certain requirements for low-income housing tax credit (LIHTC) financed and private activity tax-exempt bond-financed properties due to the COVID-19 pandemic. Extended relief will…

IRS Issues Revenue Ruling on 4 Percent Tax Credit Floor

The IRS has issued Revenue Ruling 2021-20, providing clarity on when taxpayers may claim the fixed four percent credit for properties with tax-exempt bonds. The IRS addressed three separate issues relative to the 4% credit: Does the minimum 4% applicable…

Key Improvements to LIHTC Program Possible for 2021

An updated Affordable Housing Credit Improvement Act (AHCIA) has been introduced in the House and Senate with bipartisan support. The House and Senate bills are identical and are a continuation of an effort that began with the initial introduction of…

HUD Confirms Income Exclusions

Unemployment Benefits & Child Tax Credit The 2021 Consolidated Appropriations Act (2021 Appropriations) and the American Rescue Plan of 2021 (ARP) amended three provisions to strengthen and extend unemployment benefits in the CARES Act and the ARP provides a monthly…

IRS Extends COVID-19 Relief

In response to the COVID-19 pandemic, the IRS issued Notice 2020-53 in July 2020.  This Notice provided temporary relief from certain requirements under §42 of the Internal Revenue Code and §§142(d) and 147(d) of the Code for properties with tax-exempt…
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