Seniors over age 55 have a wide range of housing options, including: single family residences, townhomes, condominiums and apartments. One housing option many people are not familiar with is a senior housing cooperative. According to seniorcoops.org, there are more than […]
Affordable Housing
What is the 50% Test? The 50% Test is required for every project that receives 4% credits by financing acquisition and construction costs with volume cap tax-exempt bonds. The test is to verify that 50% or more of the tax-exempt […]
In the first year of a tax credit project, the applicable fraction is calculated differently than subsequent years. Calculating the applicable fraction for first-year low-income housing tax credits isn’t quite as easy as taking the months a building is in […]
In response to the continuing presence of the COVID-19 pandemic, the IRS has again issued a notice that extends certain deadlines for low-income housing projects. Notice 2022-5 extended relief for the following deadlines and operational waivers: Deadline Relief • 10-percent […]
History The Minnesota Historic Structure Rehabilitation Tax Credit (MN HTC) was enacted in 2010. To qualify a historic building rehabilitation project for the MN HTC, a MN Part A application must be submitted to the Minnesota State Historic Preservation Office […]
How do you receive an allocation of 4% LIHTC? 4% Low Income Housing Tax Credits (4% Credits) are utilized to finance new construction and/or acquisition & rehabilitation of affordable housing projects. To receive an allocation of 4% Credits a developer […]
Passive Activity Rule Limitations The Low-Income Housing Tax Credit is generated from a passive rental real estate activity. Accordingly, individual taxpayers may be limited or prevented from claiming Low Income Housing Tax Credits under the passive activity rules unless one […]
Passive Activity Rule Limitations The Historic Rehabilitation Tax Credit (HTC) is most often generated from a passive rental real estate activity. Accordingly, individual taxpayers may be limited or prevented from claiming HTC under the passive activity rules unless one of […]
On December 1, 2021, the IRS issued Revenue Ruling 2021-20 and Revenue Procedure 2021-43. Situations Where 4% Minimum Floor Is Not Applicable Since the Taxpayer Certainty and Disaster Tax Relief Act of 2020 created the 4% Minimum Floor, there have […]
LIHTC Compliance Relief Provisions Affected In response to the COVID-19 pandemic, the Department of the Treasury and the Internal Revenue Service issued multiple notices providing temporary relief from certain requirements for low income housing tax credit (LIHTC) projects. Relief from […]
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