Thank you for joining us for today's webinar on low-income housing tax credit management and compliance. Our speaker for today is Elizabeth Bramblett of Liz Bramblett Consulting LLC. Elizabeth has worked in the development and compliance components of many housing programs. She consults with developers, investors, and property managers to create strategies that maximize the value of their properties' tax credit allocation. Elizabeth is a nationally recognized expert in the field of affordable housing and speaks regularly at conferences sponsored by the National Council of State Housing Agencies and individual State Housing Finance Agencies to share her expertise of the low-income housing tax credit program and other programs that support affordable housing. Thank you, Elizabeth. Thank you very much, Renteria. I'm very happy to be with all of you today, even if we're not in the same room together. We've got a lot of material we're going to try to cover in an hour, so let's go ahead and get started. As Renteria said, what we're going to focus on in this hour today is compliance in the low-income housing tax credit program, and I always say establishing and maintaining compliance because in the tax credit program, the first year of the credit period is the critical year for all projects and buildings. So first, we're going to talk about how you establish compliance during that critical first year, and then we'll talk about how you maintain compliance through the 15-year compliance period. All right, Year One: Establishing Compliance. We want to start with our Placed in Service dates. Now, a Placed in Service date, the general definition is it has the potential to produce a tax credit, which means it's a viable housing opportunity. So a qualified resident could move into the unit and start producing a tax credit...
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Lihtc regulations Form: What You Should Know
Property Owners and the Tax Compliance — HUD This form is created in order to provide information about eligible owners of Qualified Residential Buildings (Orbs). Frequently Asked Questions (FAQ) about Section 8 LIH TC — HUD Section 8 LIH TC is a federal property tax credit program. This brochure contains additional information on Section 8 LIH TC, including the rules that apply to LIH TC for specific types of buildings. It also lists information on the specific application forms for LIH TC tax credits for certain buildings. Federal Property Tax Credit — HUD This form provides information about LIH TC's “eligible buildings.” (This can be an owner-occupied building or any other type of qualified property, such as commercial or manufacturing.) It describes “eligible buildings” in greater detail. Housing Opportunity Certificate (HOC) and LIH TC — HUD's form contains details that describe the status of a LIHTC-qualified housing opportunity. For each of these properties, it tells how quickly the property qualifies and what the tax ability of the property is. LIH TC Program in Wisconsin — WI.gov This Wisconsin form provides information about LIH TC. It also asks some questions related to the Wisconsin program. Frequently asked questions (FAQ) about Section 8 LIH TC—HUD The following FAQs provide information about the Section 8 LIH TC program in Wisconsin. These FAQs may be of help to property owners and tenants when seeking information about the benefits of LIH TC. Q: Should I file Form 990-EZ and include the original and the copy? A: Yes. This form, along with any return or payment statement, should be filed on a timely basis. If you have a delinquent Form 990-EZ and don't have a copy, the IRS will require you to file with IRS Form 5498. The Form 990-EZ does not expire when it is no longer needed or when you fail to file a return or pay any other tax liability. Q: How do I file Form 990-EZ? A: You need to make sure that you file Form 990-EZ by the due date to avoid having the tax liability assessed by the IRS as part of the calculation of the amount of tax you owe. If you are unsure of your due date, you can get help on IRS.gov or in writing from the Internal Revenue Service.
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