Compliance monitoring for low-income housing tax credit projects. (Tax Issues): An article from: Journal of Property Management
Book Details
Author(s)Michael J. Novogradac
PublisherInstitute of Real Estate Management
ISBN / ASINB00092STWU
ISBN-13978B00092STW3
MarketplaceFrance 🇫🇷
Description
This digital document is an article from Journal of Property Management, published by Institute of Real Estate Management on July 1, 1993. The length of the article is 1515 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
From the supplier: The IRS requires all state housing authorities to keep track of taxpayers claiming low-income housing tax credit (LIHC). This is to ensure that all LIHC projects are complying with the requirements of IRC Section 42. To meet the IRS requirements, LIHC projects should have a monitoring system with provisions for recordkeeping and record retention, certification and review, auditing, and informing owners and the Service of noncompliance or lack of certification. Regarding recordkeeping, LIHC owners must keep records showing several information, including the rent charged per unit and low-income certification of such residents. As for certification, LIHC owners are required to certify to the state agency that the projects really qualifies for the tax credit. Project owners must also allow the state agency to review their records and perform an audit of the project. Lastly, the state agency is responsible for informing project owners of their noncompliance.
Citation Details
Title: Compliance monitoring for low-income housing tax credit projects. (Tax Issues)
Author: Michael J. Novogradac
Publication:Journal of Property Management (Refereed)
Date: July 1, 1993
Publisher: Institute of Real Estate Management
Volume: v58 Issue: n4 Page: p62(2)
Distributed by Thomson Gale
From the supplier: The IRS requires all state housing authorities to keep track of taxpayers claiming low-income housing tax credit (LIHC). This is to ensure that all LIHC projects are complying with the requirements of IRC Section 42. To meet the IRS requirements, LIHC projects should have a monitoring system with provisions for recordkeeping and record retention, certification and review, auditing, and informing owners and the Service of noncompliance or lack of certification. Regarding recordkeeping, LIHC owners must keep records showing several information, including the rent charged per unit and low-income certification of such residents. As for certification, LIHC owners are required to certify to the state agency that the projects really qualifies for the tax credit. Project owners must also allow the state agency to review their records and perform an audit of the project. Lastly, the state agency is responsible for informing project owners of their noncompliance.
Citation Details
Title: Compliance monitoring for low-income housing tax credit projects. (Tax Issues)
Author: Michael J. Novogradac
Publication:Journal of Property Management (Refereed)
Date: July 1, 1993
Publisher: Institute of Real Estate Management
Volume: v58 Issue: n4 Page: p62(2)
Distributed by Thomson Gale
