The Credential - September 2023
Welcome to the September issue of The Credential.
Hi, fellow HCCPs!
Looking back at my last chair’s message I sound so excited to be heading into summer. Well, I live in Florida, and it is HOT. I am over it and ready for fall. Anyway, I hope each of you had a great summer and found some time to get away from your desk and feed your soul.
As usual, we have a lot packed into this issue of The Credential. First up: The Housing Opportunity Through Modernization Act of 2016, or HOTMA. We will be talking about this topic quite a bit in the coming months. In fact, our December webinar is entirely devoted to it. Scott Michael Dunn introduces part one of an introduction to HOTMA. This article addresses some of the frequently asked questions around these regulations, and how and when they will impact our programs.
Another hot topic this year is National Standards for the Physical Inspection of Real Estate (NSPIRE). This will change the way housing finance authorities complete physical property inspections. It will be interesting to see if this results in more or fewer 8823s; I vote for the latter. Scott Precourt provides a great article detailing the thought process behind these changes and how they may impact Low Income Housing Tax Credit (LIHTC) properties.
This year will see the sunset of some of the COVID relief provided by Treasury over these last few years. One thing that I will truly miss is the six-month extension beyond the end of the first credit year to qualify units and avoid two-thirds credits. A.J. Johnson discusses this and other guidance from IRS Notices 2022-05 and 2022-52.
Laurel MacDonald contributes an article on acquisition rehabs. Although not exactly a new or hot topic, it's definitely one that never gets old or cold. The focus is on tenant transfers. For those of you that have completed an acquisition rehab project, you can appreciate the time, effort and coordination that goes into this process. Thank you, Laurel, for a very insightful article from a boots-on-the-ground perspective.
I hope that you enjoy reading this edition’s articles as much as I did. Special thanks to all of our contributors and the HCCP Education Committee.
This month we also have our quarterly webinar. On Sept, 13, Thomas Stagg with Novogradac will be talking about non-compliance, how to correct it and what impact it can have on our tax credits. I have no doubt this will be an interesting and informative discussion. Look forward to seeing you all online.
Take care,
Missy Covington, HCCP
Chair, HCCP Board of Governors
Stories in This Edition
What NSPIRE Means for LIHTC Compliance Monitoring
This Year’s “HOT” Topic: HOTMA
Deadlines for COVID Relief Approaching
Tax Credits 101: Acquisition/Rehab
HCCP Board of Governors Spotlight: Mike Price
HCCP Distributor Spotlight: Jeffrey Promnitz
HCCP Designee Spotlight: Tasha Dahl
