NAHB Provides Tax Credit Developer With Answers on IRS Regulations
“Can we include disabled people who aren’t 55 or older in our seniors low-income community without having to count them as part of the 20% under-55 exceptions?”
That’s the question that Barbara Schoor, one of NAHB’s tax-credit developer members, asked the association last month. Her company, Community Investment Strategies, did not want to find itself on the wrong side of any federal regulations.
She spoke with Carmel McGuire, director of the Housing Credit Group (HCG) — a group of developers, lenders and managers of low income housing tax credit properties. McGuire didn’t find a straightforward answer in the Internal Revenue Service regulations, so she went to the source, phoning her way through the bureaucratic maze until she connected with someone at IRS who could give her a clear answer.
But because the issue had a number of different nuances, Schoor continued her information search at NAHB, consulting with Felicia Watson, for a legal analysis, Andrew Holliday for his take on the regulatory side, and Jeff Inks, for insights into related cdodes and standards issues.