What is it? A casualty loss is defined as the damage, destruction, - - PowerPoint PPT Presentation

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What is it? A casualty loss is defined as the damage, destruction, - - PowerPoint PPT Presentation

Aug 15, 2022 293 likes •373 views

CASUALTY LOSS What is it? A casualty loss is defined as the damage, destruction, or loss of property resulting from an identifiable event that is sudden , unexpected , or unusual . CASUALTY LOSS Cont. A sudden Event = An unexpected event =

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CASUALTY LOSS What is it?

  • A casualty loss is defined as the damage,

destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual.

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SLIDE 2

CASUALTY LOSS Cont.

A sudden Event =

  • one that is swift
  • not gradual or progressive

An unexpected event =

  • ordinarily unanticipated
  • unintended
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CASUALTY LOSS Cont.

An unusual event = not a day-to-day occurrence not typical for low income housing credit properties

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Examples of CASUALTY LOSS

Car accidents Fires Government-ordered demolitions Hurricanes Mine cave-ins Sonic booms Storms Vandalism Flooding

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What is not considered Casualty Loss?

  • Deferred Maintenance
  • Willful or negligent actions of owner
  • Normal wear and tear of property
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How is Casualty Loss Reported?

  • On form 8823

Does it result in the loss of Credits? IF THE UNIT IS NOT SUITABLE FOR OCCUPANCY ON 12/31 OF THE YEAR THE CASUALTY LOSS WAS REPORTED IT COULD RESULT IN THE LOSS OF CREDITS.

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When will the Division report it?

  • 1. When it is reported to us by owner
  • 2. If we see or hear about it through other

sources, TV, newspaper or other news media

  • 3. If we learn of it through resident
  • 4. If we find out at time of monitoring visit,

even if it has been restored