An Important Anniversary!

Question from a Blog Reader "Has it really been a year since the Average Income Test was passed into law?" Answer Yes. March 23, 2019, marked the 1-year anniversary of the new minimum set-aside. To some degree it doesn't seems like it has been that long. On the other hand, it has created so much discussion and work as we manage and consult with properties, state agencies, investors and owners using the new average test set-aside, we sometimes joke here at Costello that it has been the longest two years of our life since last March!

States Ask: When and How Can New Tax Credit Inspections be Conducted?

Question from a Blog Reader "I work for a state tax credit agency. I read your Blog post about the new final tax credit compliance monitoring regulations. We are in a state where properties tend to be a lot less than 100 units, so we are working hard to figure out how to conduct over 41% more unit inspections overall, starting this week. As we adjust the schedule and consider staffing needed, I have a couple of questions. 1) Can we do the file and physical inspections at different times? 2) If the reviews are at different times, can we select the same unit for physical and file review?" Answer Summary: 1) Yes, the inspections can be conducted at different times. 2) No, different units must

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Costello Compliance

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Sioux Falls, SD 57108

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