US Virgin Islands

US Virgin Islands

USVI News

April 2, 2018

HUD has released the 2018 income limits. They are effective 4/1/18 and must be in use no later than 5/15/18. Be sure to check the MTSP limit chart to determine which income limits to use for your property.

To find your 2018 income limits visit: https://www.huduser.gov/portal/datasets/mtsp.html

January 5, 2018

Section 42 properties affected by the recent hurricanes
Due to the Territory’s designation as a Presidentially Declared Disaster Area there is potential relief from loss of credits and recapture. We urge all owners to review Section 42, along with IRS Rev. Proc. 2014-49, and to have discussions with their tax counsel as soon as possible. To qualify for relief the owners must at a minimum follow certain steps, as outlined below.

1. Owner must submit a Casualty Loss Form prior to 2/15/2018*.
2. Owner must submit a timely and accurate Annual Owner’s Report that references the casualty loss.
3. Owner must complete the restoration prior to 10/31/2019.
4. Owner must submit a Property Restoration form prior to 10/31/2019.
5. Any BINs not completely restored by 10/31/2019 will be subject to recapture and reduction in eligible basis.

The VIHFA is required to submit an 8823 to the IRS reporting the loss but will explain special circumstances surrounding the loss in the 8823 notes. Please contact VIHFA or Spectrum Enterprises, Inc. if you have any questions.

*Please note that the Annual Reporting Deadline for U.S. Virgin Islands is also 2/15/2018. All End of Year materials are due on this date.

  • VIRGIN ISLANDS HOUSING FINANCE AGENCY CASUALTY LOSS FORM (WORD) (PDF)
  • Property Restoration Form (WORD) (PDF)

  • All Forms should be submitted to Daryl Griffiths and Janine Hector at VIHFA. Please CC Wil Whalen at Spectrum as well.

  • dgriffith@vihfa.gov
  • jhector@vihfa.gov
  • wwhalen@spectrumlihtc.com
  • October 13, 2017

    The Social Security Administration has announced the Cost-of-Living Adjustment (COLA) for 2018. The COLA will increase 2.0 percent beginning on December 29, 2017. www.ssa.gov

    April 14, 2017

    2017 Income Limits have been published! They are effective 4/14/17 and must be in use no later than 5/28/17. Limits have recovered enough that all properties except those placed in service on or before 12/31/08 will use the 2017 limits.

    January 6, 2017

    End of year 2016 reporting is due to Spectrum by 2/15/17. If you didn't receive one, the letter sent to owners and manager may be found in the end of year drop down.


    Welcome!

    Spectrum Enterprises has just been awarded a new contract by the Virgin Islands Housing Finance Agency (VIHFA) for compliance monitoring of their Low Income Housing Tax Credit (LIHTC) and HOME investment Partnerships Program (HOME) rental properties.  We have been doing LIHTC monitoring in the islands for many years and started monitoring their HOME rental program in 2005.