Novogradac & Company Llp

In October, the National Council of State Housing Agencies (NCSHA) released an updated edition of its Recommended Practices in Housing Credit Administration, a collection of standards that guides how states administer the low-income housing tax credit (LIHTC). In this week's episode of the Novogradac Tax Credit Tuesday podcast, Michael Novogradac, CPA, and Novogradac housing policy consultant Mark Shelburne highlight six of the 46 recommended practices in the release. The two discuss diversity of participants in LIHTC transactions, tax- and bond-financed developments, the distinction between development costs for new constructions versus acquisition-rehabilitations, the Internal Revenue Service (IRS) form 8609, the nonprofit right of first refusal and the addition of tenant protection guidance.