Tax Credit

  1. Home
  2. chevron_right
  3. Tax Credit
  4. (Page 6)

Program Relief for Flood & Tornado Victims

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

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

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

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,…

TCAP Grants Considered Income By IRS

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

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

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

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…

IRS Priorities for 2011

The IRS and Treasury Department will give priority to issuing guidance on a number of issues relating to the Low-Income Housing Tax Credit Program in 2011…

Menu