In 2018, Section 42 was amended to establish a third minimum set-aside option for LIHTC projects known as the average income test. The purpose of the average income test is to promote income diversity in LIHTC properties, allowing them to…
South Carolina Housing announced earlier this year that rent increases in excess of 5% annually on all properties may not be approved, which may have led to some confusion. However, after discussion with the South Carolina Housing LIHTC Compliance Department,…
The U.S. Department of Housing and Urban Development announced that it will use 2021 American Community Survey data to determine fiscal year 2023 median family incomes and income limits for low-income housing tax credit properties. HUD will release the FY23…
Be sure to double-check these common file findings to make sure tenant files are completed correctly! Missing signature and/or date on documents. Missing verification or affidavits in the file. Income/asset calculations are miscalculated. Outdated or expired paperwork being used to…
We often discuss best practices in our industry to help properties run and operate as smoothly as possible. One of the best practices that the AEP asset management team encourages is conducting a timely and engaged 20% annual file audit.…
