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Fees and The  LIHTC Program Fees and The  LIHTC Program

Fees and The LIHTC Program - PowerPoint Presentation

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Uploaded On 2018-10-30

Fees and The LIHTC Program - PPT Presentation

Application Fees Application fees may be charged for the actual costs of Checking applicants income Checking applicants credit history Checking criminal background Checking landlord references ID: 704576

optional fees occupancy checking fees optional checking occupancy condition application gross services applicant

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Presentation Transcript

Slide1

Fees and The

LIHTC ProgramSlide2

Application Fees

Application fees may be charged for the

actual costs

of:Checking applicant’s incomeChecking applicant’s credit historyChecking criminal background Checking landlord referencesSlide3

Treasury Regulation 1.42-11

“Charges to low-income tenant for services that are not optional generally must be included in gross rent”

A service is “optional” when it is not a condition of occupancy and there is a reasonable alternative

Optional fees include pet fees, laundry room (in the form of coin operated machines), garage and storage feesSlide4

Non-Optional Fees

Non-optional fees are fees or services required as a condition of occupancy

Non-optional fees which are not refundable must be included in the gross rent

Requiring renters insurance Month to month rental feesFee for system that allows resident to speak to and/or allow entry of guests