We’re very excited to announce that NMA trainers Samantha Sowards and Sheryl Putnam are now authorized to administer the Housing Credit Certified Professional (HCCP) exam. The National Association of Home Builders (NAHB) HCCP designation is a specialized designation for developers, property managers, asset managers, and others who work in the low-income housing tax credit (LIHTC) program. The HCCP is a well-known and respected designation in the LIHTC world.
Students who attend NMA’s Fundamentals of Low-Income Housing Tax Credit Management course now have the option to take the HCCP certification exam instead of the NMA certification exam at the end of the seminar. Individuals interested in obtaining just the HCCP certification may also take the exam without attending the course, since the exam is given independently from the course. Attendance of an NMA course is not a prerequisite for taking the HCCP exam. Students who wish to receive both certifications may take the HCCP exam at the end of the seminar and the NMA exam online within six months of attending the seminar.
NAHB’s requirements for achieving the HCCP designation include:
Successful completion of the HCCP exam ($175 fee; $100 for retakes)
Minimum of two years’ experience in the LIHTC industry by graduation (those who fail to meet this requirement may consider themselves an HCCP candidate until reaching two years of experience)
Even if your agency is not participating in the Rental Assistance Demonstration (RAD) program, you may be interested in the inaugural issue of the monthly “RAD Newsletter” launched today. The two-page issue includes recent RAD news, highlights key program statistics, and lists recently closed projects. You’ll find a link to the newsletter on the RAD news page.
In other RAD news, last week HUD posted a “case studies” document spotlighting four agencies participating in the demonstration program. The eight-page document focuses on the differing issues faced by the participating housing authorities, including:
Combining RAD and Moving to Work (Cambridge, MA)
A small PHA leveraging private financing (Ilion, NY)
The IRS has published the new audit technique guide (ATG) for the low-income housing tax credit (LIHTC) program. The ATG is not yet available on the IRS website, but you can download it here.
Late last year a draft version was released and the comment period extended through mid-March. The revised, final version that was just released is meant to help IRS examiners audit the tax returns of LIHTC owners. The ATG is not meant to replace the 8823 Guide, which was written to help state housing finance agencies (HFAs) perform compliance monitoring and is an invaluable tool for property management staff. Rather, the two documents are meant to be used in conjunction since the new ATG references the 8823 Guide in many places.
A few highlights from the new ATG include three helpful appendices: Appendix A which contains of IRC 42 terms, Appendix B which contains references with citations, and Appendix C with frequently asked questions.
In case you missed the update to our recent blog post about increased admin fees, we’ll repeat it here: there is NO time limit on using the new funding. We had originally stated that HUD would recapture unused amounts after December 31, 2014. Our apologies for the error.
In a Federal Registernotice today, the Department of Housing and Urban Development (HUD) published the proposed fair market rents (FMRs) for federal fiscal year (FFY) 2015 (October 1, 2014, through September 30, 2015). As the notice reminds us:
The primary uses of FMRs are to determine payment standards for the housing choice voucher (HCV) program, to determine initial renewal rents for some expiring project-based Section 8 contracts, to determine initial rents for housing assistance payment contracts in the Moderate Rehabilitation single room occupancy program, and to serve as rent ceilings in the HOME program.
In addition to listing the proposed FFY 2015 FMRs for all areas (see Schedule B), today’s notice:
Explains that the proposed FFY 2015 FMRs reflect the estimated 40th and 50th percentile rent levels trended to April 1, 2015
Announces that the proposed FFY 2015 FMRs do not reflect any updates to the methodology used to calculate FMRs
Lists the proposed FFY 2015 small area FMRs for the 5 demonstration participants (see Schedule B Addendum)
Lists the proposed FFY 2015 FMRs for manufactured home spaces in the HCV program (see Schedule D)
The accompanying FMR data set has been posted to HUD’s Policy Development and Research (PD&R) FMR page and includes the following items:
If you wish to submit comments on the proposed FMRs, you have until September 14 to do so. Final FMRs will become effective on October 1. For instructions on how and where to submit comments, see the “Addresses” section in today’s notice. For complete documentation of the development of the FMRs proposed for your area, visit this page at the HUD User Web site. In other news:
Ensuring Compliance and Maximizing Financial Resources
How to Avoid Noncompliance: Low-Income Housing Tax Credits (LIHTC) and Hot Topics from IRS Newsletters Presenters, Sheryl Putnam and Samantha Pratter
The LIHTC Newsletter, which the Internal Revenue Service (IRS) has been publishing since 2000, is an excellent resource for addressing many issues owners face and also provides a valuable forum for networking, sharing information about IRC 42, and communicating guidance. This session will focus on some of the important topics covered in recent newsletters, including information on CHG 4 to the HUD Handbook 4350.3, the exception for married students under the student rule, using new income limits, first-year certifications, reporting noncompliance with utility allowance requirements, treating buildings as part of a multiple building project, and the available unit rule.