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Property Compliance News Briefs - May 2014

The Internal Revenue Service (IRS) released LIHC Newsletter #55 April 1. The newsletter covers foreclosure, public housing authority utility allowance updates, noncompliance correction period, the draft Internal Revenue Code (IRC) Section 42 Audit Technique Guide and the guide for completing Form 8823. LIHC Newsletter #55 is available at www.taxcredithousing.com.

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On March 31, the U.S. Department of Housing and Urban Development (HUD) released a 30-day notice soliciting comments on owner’s certification with HUD tenant eligibility and rent procedures. HUD is collecting comments to establish an applicant’s eligibility for admittance to subsidized housing, specify which eligible applicants may be given priority over others and prohibit racial discrimination in conjunction with selection of tenants and unit assignment. HUD’s primary goal is to maintain a standard of fair practices in providing rental assistance to low-income families in HUD multifamily properties. Comments are due May 7. The notice is available at www.hudresourcecenter.com.

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The Ohio Housing Finance Agency (OHFA) released its newsletter in early April with a section discussing compliance updates about physical non-compliance and DevCo, OHFA’s online database and reporting system. Annual certification and the upload of tenant data must be completed by May 16. OHFA also announced that because of the new IRS requirements in IRS Regulation 1.42-5, OHFA revised its policy for reporting physical non-compliance to the IRS. This is effective for compliance reviews conducted on or after March 1. OHFA will host seven compliance program training sessions throughout the state in 2014. The newsletter is available at www.taxcredithousing.com.

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On April 3, the National Multifamily Housing Council (NMHC), in partnership with Kingsley Associates, a business intelligence company for the real estate industry, released its annual survey, “2014 NMHC 50: The Nation’s 50 Largest Apartment Owners and 50 Largest Apartment Managers; A Special Advertising Section to Multifamily Executive.” The report found that as of Jan. 1, Hunt Companies Inc. was the nation’s largest apartment owner and Greystar Real Estate Partners LLC was the nation’s largest apartment manager. The report also found that there was only a 1,161 unit difference between the number of apartments managed by the top 50 managers and the top 50 owners, which is the smallest difference since 2008. The average number of units a company owned was 43,969. The average number of units a company managed was 44,208.

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On April 1, the Kentucky Housing Corporation (KHC) released an announcement stating fair housing surveys will be available and will be used to complete the analysis of impediments (AI), a review of impediments or barriers that affect the rights of fair housing choice at the end of 2014. The surveys are for partners to fill out and KHC will use two forms of the survey, one for housing professionals and one for housing participants. The surveys are available at the Kentucky Housing Corporation.

Journal Category:

Property Compliance

Authors:

Novogradac

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