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This information was published in the Novogradac Journal of Tax Credits. The complete version is available by paid subscription only. Click here for more information on subscribing.

Also in this Issue

  • Hawthorn Village Helps Keep Columbus Affordable for Seniors

  • Newer Rental Housing Costs Less to Maintain

  • Housing Homeless Veterans (Part Two of Two)

  • Focus On: New York City Boroughs: Brooklyn, N.Y.

  • Important Information About the Multiple Building Project Election

  • A Guide to an Affordable Housing Management Office

  • Q&A: Calculating the New 2012 Social Security Cost of Living Adjustment

  • Six Common Pitfalls to Avoid When Using HUD's EIV System

  • State, Federal LIHTCs Aid Rebuilding Efforts in Joplin

  • New Broadband Connection Brings Medicine, Education to Alaska Natives

  • NCDF Community Development Awards

  • NMTC Working Group Update: December 2011

  • Q&A: What Happens When a QLICI is Charged-Off

  • NMTC Qualified Equity Investment Report

  • Q&A: Qualified Progress Expenditures

  • Industry Profile: David Blaszkiewicz

  • OIG Releases Five Section 1603 Project Audits

  • Q&A: Section 1603 Safe Harbor Scenarios


December 2011, Volume II, Issue XII Published By Novogradac & Company LLP



The National Multi Housing Council (NMHC) and the National Apartment Association (NAA) have requested a meeting with the U.S. Department of Housing and Urban Development (HUD) to clarify guidelines that HUD issued in August on preventing and controlling bed bugs. NMHC said the guidance, Notice H 2011-20, leaves many questions unanswered and makes assumptions that may not reflect market realities. NMHC, along with a coalition of organizations, sent a letter to HUD in October asking the department to rescind the notice, which the letter says may actually worsen bed bug problems by limiting owners' options to prevent infestations and failing to provide property staff with sufficient leverage to ensure resident cooperation with treatment protocols. Copies of Notice H 2011-20 and the coalition's response letter are available on the NMHC web site at www.nmhc.org. See the November 2011 Novogradac Journal of Tax Credits for an analysis of HUD's bed bug guidelines.

Wisconsin Housing and Economic Development Authority (WHEDA) announced that it will begin collecting expanded tenant information through unit status report submissions in January 2012. The agency is implementing this change to meet the requirements of the Housing and Economic Recovery Act, which requires housing finance authorities to transmit LIHTC resident data to HUD on an annual basis. Property management companies should be collecting information on each household member residing at LIHTC properties during the initial 15-year compliance period or in the extended-use period, WHEDA said. Residents have the right to decline to provide information on race, ethnicity or disability status. The agency said it has updated the hard copy version of its unit status report and is in the process of updating its rental compliance reporting system to incorporate these changes.




The California Tax Credit Allocation Committee (CTCAC) announced its California Utility Allowance Calculator (CUAC) submission requirements for properties that have been placed in service recently, or soon will be. Owners who wish to use the CUAC to determine the utility allowance in lieu of the public housing authority's utility allowance numbers must submit a CUAC package and receive CTCAC approval prior to lease-up. The agency must receive requests to use the CUAC no later than 60 days following the issuance of the Certificate of Occupancy for all buildings in the development. More information about CTCAC's submission requirements is available at www.treasurer.ca.gov.

Brittany Garland joined Vermont Housing Finance Agency as a financial analyst/compliance specialist. Garland formerly worked as an accountant with Hampton Direct. She holds a bachelor's in business administration from Castleton State College.

The National Affordable Housing Management Association (NAHMA) launched a member benefit program through which HD Supply will provide training opportunities and discount pricing for NAHMA members. Members will receive a 14 percent discount on HD Supply orders, and the company will contribute 2 percent of net member purchases to the local AHMA and 1 percent of net member purchases to NAHMA for education, training and scholarship funds. Members may also access HD Supply's online maintenance courses and in-person classroom training. HD Supply will assign a company representative to each AHMA. More information about the new program is available at www.nahma.org.

NAHMA also announced a new insurance program in partnership with Wells Fargo Insurance Services, called the Multifamily Affordable Housing Insurance Program (MAHIP). Under MAHIP, a select group of insurers will provide participants protection from catastrophic perils, risk management and loss control resources. NAHMA members may be able to access MAHIP through their existing insurance provider, NAHMA said. Wells Fargo Insurance Services will administer the program and is accepting applications.