Tuesday, July 29, 2014
 
New to LIHTCManaging Tax Credit Properties
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Managing Tax Credit Properties

NOTE: Remember, if you have more than one program on your property, you should always use the most restrictive guideline.

To successfully manage a tax credit property, you must always have the following information at hand. This can be found in the Land Use Restriction Agreement (LURA) for your property:

  • The number of units set aside for tax credit compliance requirements
  • The applicable maximum incomes for each family size
  • The maximum allowable gross rents
  • The utility allowance for each unit size
  • Resident services promised on the Land Use Restriction Agreement (LURA) and/or Extended Use Agreement (EUA)

The following information needs to be posted where all residents and prospective residents can see it:

  • Income Limits and Rents
  • Utility Allowance Chart
  • Resident Selection Policy
  • Late Charge Policy
  • Fair Housing Poster (English and Spanish)
  • Office Hours
  • Emergency Phone Numbers