Welcome to the October issue of The Credential.
It’s hard to believe that we’re in the fourth quarter already. What happened to the year? Where did the time go? I’m sure that, as I write this, we are all diligently working to wrap up budgets and start to think about the holidays. We are, once again, getting ready to close a year of major change and events in our world and our industry.
Coming into this issue of The Credential, there are three very recent big pieces of news that are at the forefront of all of our minds:
- The IRS has released final AIT regulations! We’ve been anxiously anticipating this release for months, and the wait was well worthwhile. This issue has two very timely articles on this guidance: a review of the AIT regulations by AJ Johnson and an HFA perspective written by Matt Rayburn of Indiana Housing and Community Development Authority. Additionally, in our “Back-to-Basics” series by Scott Michael Dunn, we learn about minimum set-asides with updated information related to AIT.
- The Social Security Administration just announced an 8.7% increase for 2023. This is the largest Cost of Living Adjustment (COLA) in 40 years! We would have to go back to 1981 when the COLA was 11.2% to find any point where there was an increase of this size. I’m sure that there will be more news and information on this adjustment forthcoming.
- The IRS released new guidance on extensions related to the LIHTC program. This edition features an article by Stephanie Naquin of Novogradac on these updated extensions.
Please also remember that there will be a webinar on the new AIT guidelines on Wednesday, Oct. 26. If you’re an HCCP member, this webinar is free for you to access. I encourage you to get everything you can out of your membership and take advantage of this great learning opportunity.
Finally, in this issue, we are spotlighting:
- Mike Ellis (a former chair of the HCCP board who serves on multiple committees),
- Andrew Teal and
- Sheryl Putnam.
Thank you to all of our spotlighted individuals for being a part of the HCCP membership!
As always, I’d like to put out the call to you, our HCCP credentialed members, to give back to The Credential as you’re able. If you’re available to write an article, speak on a webinar, or even if you have subject you’d like to see addressed, please let us know!
Until next time,
Senior Vice President, Affordable Housing
ConAM Management Corporation
Stories in This Edition
Final IRS Average Income Regulation Much Improved Over Proposed Regulation
Average Income Test — Next Steps for HFAs
Back to Basics: LIHTC Minimum Set-Aside
IRS Notice 2022-05: Compliance Relief Extended
HCCP Board of Governors Spotlight: Mike Ellis
HCCP Designee Spotlight: Andrew Teal
HCCP Distributor Spotlight: Sheryl Putnam