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Property Compliance News Briefs - July 2011

Mississippi Home Corporation (MHC) has issued guidance to assist low-income housing tax credit (LIHTC) property owners who wish to provide housing to victims displaced by recent river flooding. The Internal Revenue Service (IRS) has suspended certain income eligibility requirements for LIHTC property ownership that provide temporary emergency housing to displaced low-income individuals. However, owners must meet certain other requirements, including submitting to MHC by January 31, 2012 a report of all households temporarily housed in 2011. See MHC program bulletin 11-0513 at www.mshomecorp.com for the full list of requirements and procedures for providing temporary housing.

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The IRS's most recent edition of its Low-Income Housing Credit Newsletter, Issue #44, contains information about revisions to the Form 8823 guide and the guide's new electronic format. It explains how to work around an e-filing bug for partnerships; gives advice on verifying income and assets to determine whether a household is income-qualified; provides state agencies instructions on how to rescind Form 8823; and gives taxpayers tips on preparing for an IRS interview, along with reminders on administrative details. To read the newsletter online, visit www.taxcredithousing.com, click on IRS Guidance in the LIHTC menu and then click on the IRS LIHTC Newsletters link on the left side of the page.

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To help Federal Emergency Management Agency (FEMA) officials locate housing for people displaced by recent natural disasters, the U.S. Department of Housing and Urban Development (HUD) is encouraging multifamily property owners to post vacancy reports to the National Housing Locator System (NHLS) web site. FEMA will use the vacancy information as a resource to help displaced residents find available housing. Vacancy reports are critical for the impacted states and useful for properties in surrounding areas, Kentucky Housing Corporation said, because displaced residents may wish to relocate closer to family in other communities. Instructions for registering properties in the NHLS are available at www.kyhousing.org.

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HUD awarded more than $31.3 million in grants to help public housing residents find employment and increase their financial independence. Provided under the Resident Opportunities and Self Sufficiency (ROSS) – Service Coordinators program, the funding enables public housing authorities, resident associations or not-for-profit organizations to hire or retain service coordinators who help residents achieve self-sufficiency. Service coordinators assess residents' needs to connect them with education, employment training and job placement. More information, including a breakdown of the grants, is available at www.hud.gov.

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HUD announced a nearly $15 million program to help public housing authorities (PHAs) reunite foster children with their families or prevent them from ever entering the foster system. The Family Unification Program (FUP) will make more than 1,900 housing choice vouchers available to families whose inadequate housing is the primary factor in the separation or near separation from their children. Under the program, PHAs will work closely with local child welfare agencies to identify families with children in foster care or who are at risk of being placed in foster care, as well as youth at risk of homelessness. The FUP vouchers will allow families and youths to rent housing and pay 30 percent of their monthly income toward rent and utilities. The agency says that through HUD's investment in FUP it will reunite nearly 3,500 children with their parents and save $74 million in annual foster care expenditures. More details on FUP and the distribution of the grants are available at www.hud.gov.

Journal Category:

Property Compliance

Authors:

Novogradac

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