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Everyone who has financial responsibility for a low-income housing tax credit site understands the importance of keeping owners informed of how well it's performing. That means you need to be able to identify, document, and deliver the critical pieces of information that owners need to make prompt, informed decisions about their properties. The following tips should be considered: 1. Create a cover sheet to highlight key information. 2. Provide more thorough occupancy report. 3. Combine small expenses. 4. Make sure information is timely and complete. 5. Provide a checklist of moving targets.
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; maNagemeNt basics • Analysis of the information to deter- mine verification requirements and to resolve discrepancies; Five tips for Better site Management • Verification of information; and Reports • Education of applicants and tenants Everyone who has financial responsibility for a low-income hous- of what is required and how the pro- ing tax credit site understands the importance of keeping owners gram works. informed of how well it’s performing. That means you need to be able The guide also offers techniques for to identify, document, and deliver the critical pieces of information conducting the interview, guidance on that owners need to make prompt, informed decisions about their how to ask the right questions, the types properties. of questions to use, requirements when A good management report provides the right amount of transpar- interviewing persons with disabilities, ency into the site. That can be challenging, and attempting to present initial application/recertification ques- tions, guidelines for interviewing zero- a clear picture of performance by producing volumes of data simply income families, and more. The guide
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