Quiz 09/25/2018: HTF vs HOME - Part 1

We recently updated our Multiple-Programs Guide and training courses to include provisions for the Housing Trust Fund (HTF). HTF shares many provisions with HOME, but also has some key differences. This quiz explores these. 1. The HTF has low and high HTF units, similar to low and high HOME. True or False 2. HTF units can be fixed or floating, like HOME. True or False 3. Like HOME, the HTF carries an affordability period that is most often 20 years. True or False 4. HTF lease terms are generally for 12 months, as are HOME leases. True or False CLICK HERE for answers to this week's quiz

Quiz 09/11/2018: Applicable Fraction vs. Minimum Set-Aside

Match the word or words on the left below that apply to the items on the left (more than one may apply). 1. Applicable Fraction | ...is calculated for a project 2. Minimum set-aside | ...is calculated for a building |...is an irrevocable election | ...involves unit size | ...does not involve unit size CLICK HERE for answers to this week's quiz

Form 8609 Instructions Have Been Revised to Include the Income Average Test Option.

The IRS has issued adjusted instructions for form IRS-8609 HERE. Amended instruction for Line 10 (c) and (d) include provisions relating to the option to elect the Income Average Test, referred to on the 8609 as "Income Average." As we discussed in our ongoing Costello Blog series, Aspire to Average, the 2018 Omnibus Tax Act added a new minimum set-aside (MSA) to the options available. As the MSA is an irrevocable election, the new option is only available to properties that have not elected the MSA by submitting the form 8609 after the first year of the credit period. As the law change happened before tax returns were due in 2018, many owners held off making the election until the IRS made

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