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News & Updates
- On February 26, 2019, the Internal Revenue Service published final regulations to amend compliance monitoring regulations for Low Income Housing Tax Credit (LIHTC) properties. The regulations adopt temporary regulations published Feb. 25, 2016 with a few changes. It impacts the number of days notice for an audit (from 30 to 15) and the number of units to be inspected (based on HUD REAC chart, not 20%).
- On February 23, 2019, HUD released notice Standardization of REAC Inspection Notification Timelines limiting the notice for REAC inspection to 14 days.
- The Hunt for Information - December 2018 HCCP The Credential article by Karen Graham
- Social Security Administration Announces 2.0% Increase for 2019 - The Social Security Administration has announced a 2.8 percent cost-of-living adjustment (COLA) for 2019. It will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2018. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
- IRS Revises Form 8609 to include Income Averaging Option - On May 31, 2018, the Internal Revenue Service (IRS) published an updated version of Form 8609, which is the form owners file with the IRS in order to claim low-income housing tax credits. The updated version includes an additional minimum set-aside option under line 10c on the form – the “average income” option. This new set-aside option can bring income and rent limits up to 80% of area median income. Owners should seek the advice of their accountant regarding this new option.
- HUD Publishes FY 2018 HOME, HTF and Other CPD Program Income Limits Effective 6/1/18:
- HUD Releases 2018 Income Limits 3/30/18
- Social Security Administration Announces 2.0% Increase for 2018 - Monthly Social Security and Supplemental Security Income (SSI) benefits will increase 2.0 percent in 2018, the Social Security Administration recently announced. The 2.0 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 60 million Social Security beneficiaries in January 2018. Increased payments to more than 8 million SSI beneficiaries will begin on December 29, 2017. This increase must now be added to anticipated income.
- 2017 HOME Income and Rent Limits Have Been Published – Effective June 15, 2017