Summary
A few of the commonly confusing requirements from Chapter 5 of HUD Handbook 4350.3 that don't quite mesh with tax credit regulations are examined. Jo Ikelheimer, research & development consultant and compliance trainer for the National Center for Housing Management (NCHM), points out these discrepancies in her Tax Credit Specialist training course, as well as in her ongoing article series in the Compliance Corner blog on the NCHM Web site. "Tax credit regulations do not require interim recertifications," Ikelheimer says. "If there are going to be looming changes that are known at the time of certification, you really have to go ahead and account for those changes up-front rather than waiting until they happen. Everything has to be accounted for on an annual or 12-month basis." In situations where the resident's income is sporadic or seasonal (Paragraph 5-5C), HUD directs managers to use reasonable judgment to calculate income.
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Extract
Hud Handbook and Lihtc: Discrepancies Reveal Imperfect Fit
When determining an applicant's eligibility, tax credit managers often can be thrown by HUD Section 8 regulations for income and asset identification that seem to conflict with certain provisions in the tax credit regulations. Jo Ikelhe...
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(Copyright 2011)
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