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5 Easy Ways to Avoid Tax Credit Recapture
Although not
inclusive to avoiding Tax Credit recapture, these “5 Easy Ways”
will surely help you stay in compliance with the Housing Credit
rules.
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Correct
non-compliance issues before the date of the state audit
notice.
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Check the
student status of the qualifier in the Tax Credit household
at least quarterly.
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In case
they go up, check your utility allowance amounts at least once
a year. Adjust your rents accordingly.
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Even if
your property is 100% Tax Credit, maintain a tracking system
of households whose annual gross income exceeds 140% AMI at
re-cert.
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Ask each
household if any assets were disposed of for less than fair
market value in the past 24 months.
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