Welcome to the March 2021 edition of The Credential
We have emerged from a very challenging year, and we are being granted glimpses of positive changes that are as tangible as the daffodils blooming and as encouraging as the laughter of children playing outside. Here are just a few of the changes we are seeing:
- Last year, the IRS issued proposed guidance related to the newest minimum set-aside, average income, which unsettled the industry. One constructive outcome of this guidance is that the entire industry came together to address the main points of concern. As a result, the IRS has scheduled a public hearing on March 24, 2021, to allow interested parties to testify. Those testifying are united in their message, and the IRS is listening. Positive changes are expected.
- The Consolidated Appropriations Act of 2021 has made $25 billion available to states for emergency rental assistance to assist renters who have been affected by the pandemic. States are in the process of standing up programs to get this funding distributed to landlords on behalf of qualified tenants.
- IRS Notice 2021-12 offered relief to developers on meeting meet certain deadlines, relief to owners and managers related to certain compliance requirements, and relief to state monitoring agencies related to monitoring requirements prior to Sept. 30, 2021.
- Last, but certainly not least, the Housing Credit Certified Professional (HCCP) exam is now being offered online! The shift to an online exam is a step that was not taken lightly, and a significant investment in security preceded this move. The exam can still be taken in person, once the pandemic recedes and people can gather safely for this purpose. Until then, people can schedule and take the exam from the safety of their home or office.
The Credential is designed to be a helpful tool to increase your knowledge and discuss the latest changes in the industry. We welcome your feedback or suggestions on topics you would like to see addressed in future issues. This month’s edition contains relevant articles by prominent industry experts:
- Thomas Stagg of Novogradac & Company discusses the six-month extension to lease units that was included in IRS Notice 2021-12.
- In his Back to Basics series, Scott Michael Dunn of Costello Compliance reviews verification requirements for properties.
- In the final article in her Utility Allowance series, Amanda Gross of US Housing Consultants examines the timing related to updating the utility allowance and record retention.
We look forward to meeting with you during the next HCCP webinar, “Implementing & Utilizing an Emergency Rental Assistance Program,” on March 24 at 2 p.m. ET.
It is my sincerest hope that your year is moving forward toward a future that is positive and bright!
With Warmest Regards,
Susan Westbrook, HCCP
Manager of Rental Assets
NC Housing Finance Agency