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A LEGAL COMPLIANCE GUIDE FOR THE LOW-INCOME HOUSING TAX CREDIT COMMUNITY November 2009 inside this issue fe ature Calculating Income from a Home- Based Business . . . . . . . . . . . . . . . . . . . . 3 set Policy for home-Based Casualty Loss: Take Three Steps to Protect Tax Credits After Businesses in tax Credit units Casualty Loss . . . . . . . . . . . . . . . . . . . . . 4 During a slow job market, many people turn to self-employment as a Sample Unit Availability Chart . . . . . . . 6 way to stay afloat. While some site owners may be reluctant to permit Security: Safeguard Your Site households to run businesses in their units, allowing some types of Against Squatters . . . . . . . . . . . . . . . . . 7 home-based businesses can help you to keep qualified households. Many owners ban home-based businesses because they believe hud issues Guide to that the IRS prohibits them in tax credit units. Not true, says housing interviewing Applicants expert A.J. Johnson. “One of the misconceptions in the tax credit pro- HUD has issued a new tool for site and gram is that you can’t have a home business because tax credit units leasing management to use in training cannot be used for commercial purposes,” he explains. “That means staff who conduct tenant interviews. the owner can’t convert a common area to commercial use. It doesn’t A Guide to Interviewing for Owners of preclude home businesses. As long as the unit is used primarily as a HUD-Subsidized Multifamily Projects residence, there is no prohibition against home-based businesses.” offers useful tips for the interview pro- cess, such as using the C.A.V.E. meth- (continued on p. 2) odology to remember the important purposes of an interview: • Collection of information;
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