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Forum to Focus on Preserving Affordable Housing Stock
Preservation of the nation’s affordable housing stock is the topic of a Sept. 7 Issues Forum that will be presented by NAHB’s Housing Credit Group (HCG) in Reno, Nev. in conjunction with the association’s fall board of directors meeting.
HCG is a group of builders, developers, lenders and syndicators who are involved in using Low Income Housing Tax Credits to build affordable housing.
At this year’s forum, Housing Credit Certified Professional Sara Newsom, president of Compliance Consulting Services, will be discussing preservation challenges such as the difficulty of combining housing managed under one program (project-based Section 8) with housing managed under another (Section 42) that has different requirements for certifying resident eligibility.
While in most cases Section 8 residents meet eligibility requirements for housing under Section 42, making certain that they do requires a full application, verification and certification process. And since Section 42 also requires annual recertification — in all likelihood on a different schedule — the community’s managers may be facing two sets of recertifications every year.
Experts recommend recertifying everyone at once at the next Section 8 due date, even if it’s not yet required for the original Section 42 residents. That changes the Section 42 effective date, which is flexible, to the Section 8 date, which isn’t.
Other fine points involved in such situations can trip up managers of tax-credit properties, producing serious financial consequences. But with the right information, provided by experts in the field, everything works out.
For more information about the HCG Issues Forum on Affordable Housing Preservation, including an agenda and online registration, click here.
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