As a reminder, AB 832 requires that landlords serve a new informational notice to certain residents by July 31, 2021. This is the 3rd informational notice required as part of the COVID -19 Tenant Relief Act. It must be served to all residents who, as of July 1, 2021, owe rent or other amounts starting from March 1, 2020.
Also this month, the Internal Revenue Service has issued Revenue Ruling 2021-14 which sets the rates for the federal income tax purposes including applicable federal interest rates, adjusted applicable federal interest rates, and adjusted long-term and tax-exempts rates for August 2021. As provided in the ruling, Table 4 contains LIHTC Appropriate Percentages Under Section 42(b)(1) for August 2021:
- Appropriate percentage for the 70% present value low-income housing credit: 7.33%
- Appropriate percentage for the 30% present value low-income housing credit: 3.14%
Note: Under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July 30, 2008, shall not be less than 9%.
Please click here to view the attached revenue ruling from the IRS online.
Lastly, the City of Los Angeles is requiring the HCID-COVID-19 Renter Protection Fact Sheet needs to be served only to residents where there is a past due rent balance. This document should accompany the 15 (or 30 day) notice being served. Please click here to view the fact sheet.