Sign Up For Novogradac Industry Alert Emails

Property Compliance News Briefs - February 2013

H.R. 8, the American Taxpayer Relief Act of 2012, extended for two years a tax provision that had expired in 2011, which allows for the exclusion of military basic housing allowances from income qualification calculations for the low-income housing tax credit (LIHTC) and tax-exempt private activity multifamily housing bonds. The provision was extended until January 1, 2014. H.R. 8 did not change the number of bases qualified for this provision, and thus continues permitting the exemption only for the following: U.S. Air Force Academy in Colorado, Fort Shafter in Hawaii, Fort Riley in Kansas, Annapolis Naval Station (including U.S. Naval Academy) in Maryland, Fort Jackson in South Carolina, Fort Bliss and Fort Hood in Texas, Dam Neck Training Center Atlantic in Virginia and Naval Station Bremerton in Washington.

***

The National Affordable Housing Management Association (NAHMA) invites submissions for its 2013 Affordable Housing Vanguard Award by April 1, 2013. The Vanguard Award recognizes quality multifamily affordable housing developments that are less than 3 years old. The Vanguard Award’s four categories are new construction, major rehabilitation of an existing rental housing community, major rehabilitation of a non-housing structure into affordable rental housing and major rehabilitation of a historic structure into affordable rental housing. Management companies may only submit one entry for each category. Winners of the award will be recognized at the NAHMA summer meeting in June in San Diego. More information is available at www.nahma.org.

***

The Ohio Housing Finance Agency (OHFA) requests owners and sponsors of properties financed with an OHFA multifamily program to submit certain certifications and reports to remain in compliance. OHFA posted a chart to help owners identify which certifications and reports are necessary for their properties. Documents for tax credit projects with or without gap financing, non-tax credit projects with gap financing and multifamily bond projects with tax credits are due to OHFA by March 1 at 5 p.m. Certification forms are available at www.taxcredithousing.com.

***

The Kentucky Housing Corporation (KHC) announced that owners and managers of KHC-funded affordable rental housing must submit an annual performance report (APR) electronically. Developments using funds from the low-income housing tax credit (LIHTC), HOME Investment Partnerships, small multifamily affordable loan programs or the Affordable Housing Trust Fund must submit an APR to remain in compliance. The deadline for submissions is March 15. More information is available at www.taxcredithousing.com.

***

The National Multi Housing Council (NMHC) released the findings of its 2012 Apartment Cost of Risk Survey. The survey, which included data from 55 apartment firms on more than one million apartment units, calculated three components of insurance premiums: property, general liability and workers’ compensation. The survey covered more units than in any previous year and it saw a shift in respondents toward larger property managers. It found that the cost to insure apartments increased by 9.5 percent between 2011 and 2012. The mean cost of risk for the average property increased by 10.4 percent and the average per occurrence deductible increased from the unusually average in 2011 of $66,000 to $118,000. Property terrorism insurance takeup rates increased from 85 percent in 2011 to 91 percent in 2012.The mean average general liability saw no changes from 2011 and the mean average workers’ compensation saw little change as well. Download the report from www.nmhc.org.

***

The Georgia Department of Community Affairs (DCA) announced that Tarron Gibbs will replace Brandon Bruce as the new compliance contact for MITAS, an online database tool for multifamily housing management. DCA will offer MITAS training to new users in early 2013.

Journal Category:

Property Compliance

Authors:

Novogradac

Learn more about Novogradac's expertise and many services