View Compliance Form Current Version List Electronic File Review Checklist - LIHTC Yrs 1-15 and CHFA Loan. to Tax Credit projects underwritten for that program unless adjusted for the New Pilot in separate guidance. RequiredCompleted. Internal Revenue Code Section 42 (PDF - novoco.com) Additional Treasury Regulations (novoco.com) IRS Regulations on Compliance Monitoring (PDF) Relevant IRS Rulings. The Housing Tax Credit Program allocates federal and state tax credits to owners of qualified rental properties who reserve all or a portion of their units for occupancy for low-income tenants. Although product designers use the set of questions during the product design phase, it is highly unlikely that the questions will be similar for every product or service. Of course, no business is designed similar, as such, a compliance checklist templates will, most likely, record varying, but significant results. 100 NW 63rd, Suite 200 Oklahoma City, OK 73116 (405) 848-1144 . PO BOX 781538 . Business executives often use these queries to test how a product or a specific service complies with specific standards, especially in areas that are usually difficult to test. The Tax Credit Compliance Procedures Manual was designed to give property owners and managers step-by step instructions on how to fulfill compliance requirements if Commission-issued low-income housing tax credits were used to finance a property. Utility Allowance source documentation 3. Sections 3.2 & 4.2.B. Affirmative Fair Housing Marketing Plan (updated and approved within 5 years) 2. Income Certification (TIC, IC HEC, etc.) Unsubscribe to the idea that more is better. Compliance Forms Checklist | Rev: March 2020 tonbar COMPLIANCE FORMS CHECKLIST (This form is for your use. Checklist and have ready to submit to inspector the day of the inspection including: 1. Disaster Area Temporary Relief / added link to LIHTC compliance web page that contains the following: 1. PLANNING FOR THE REVIEW At least eight (8) weeks prior to the scheduled review, the Hub/PC, with the assistance of the Contract Administrator Part # Michigan Compliance Manual - Table of Contents 210 LIHTC Record Retention Requirements for Owners 212 Management Company and On-site Personnel - Responsibilities 214 Development File for LIHTC Projects 216 Contact Information Must Be Up-To-Date 218 Nonprofit Participation Section 2C - Owners and Managers of Projects 220 Federal Housing Tax Credit Regulations. Employment Income Calculation Worksheet. 128 127. This is the period of time where the tax credits that have been given to developers can be taken away or re-captured if the property fails to comply with LIHTC regulations. Questions regarding Tax Credit compliance issues may be directed to: Oklahoma Housing Finance Agency . The Low-Income Housing Tax Credit (LIHTC) program (also known as Section 42) is the federal government's primary method of funding new affordable rental housing in the USA. LIHTC PROGRAM COMPLIANCE CHECKLIST. They are updated from time to time. Low Income Housing Tax Credits. 118 71 205. IFA LIHTC / HOME Compliance Manual Chapter 1 - Introduction & Program Fundamentals addresses the requirements for two of those programs, the Low Income Housing Tax Credit (LIHTC) and HOME programs. OHFA is committed to helping owners of LIHTC developments understand and meet their responsibilities under the program. HOME PROGRAM COMPLIANCE CHECKLIST. Property Name: Unit: Resident Name: ASSEMBLE MATERIALS FROM TOP TO BOTTOM NOTE: Forms with 2014. 2015. DSHA Form Statement of Profit and Loss 25 Internal Revenue Service - Section 42 Low Income Housing Tax Credit - DSHA is the housing Tax Credit agency DCA LIHTC COMPLIANCE MANUAL Revised: March 2019 Chapter 1 Program Summary The following is a brief summary of the requirements of the tax credit program. If not A Certification is required by most property management companies, local Sections 3.4, 3.5, & 3.7. The Low-Income Housing Tax Credit (LIHTC) program (also known as Section 42) is the federal governments primary method of funding new affordable rental housing in the USA. Housing Tax Credit is claimed, a copy of the latest Forms 8586 and 8609 Schedule A filed with the Internal Revenue Service. Addendum to Lease . A comprehensive LIHTC training of common compliance topics related to tenant file contents and reviews. The Compliance Period (IRC 42(i)(1)) is the duration of the credit period plus 5 years. Policy Regarding Vacancies Pending a Rehabilitation. Michigan LIHTC Compliance Manual - INDEX OF TOPICS 4/29/2013 Page 1 of 28. Hazard Insurance Claim Compliance To reclaim your desktop and get your files completed accurately, follow these seven simple steps to get your LIHTC paperwork under control: 1. Compliance Period. New Hampshire Housing incorporated these requirements into our Qualified Allocation Plan (QAP) and they were set to be effective on December 31, 2020. 2017. Updated Exhibit L, J, and J-1 5. 2018 Federal Compliance & Relocation Manuals; Appraisals Submitted. Rent Schedule 4. PRE-PLANNING PBCA Stakeholder Survey RESERVED" 2. Self-Certification of Income 5. The compliance period lasts for fifteen years. Annual Property Checklist* Owner's Certificate of Continuing Program Compliance* Owner's Certification of Continuing Program Compliance During The Extended Use Period* Year 15 Status Report Form* Tenant Income Certification - Revised December 2019; Tenant Income Certification Addendum ; Tenant Self-Certification Form - For 100% LIHTC HPD funds certain affordable housing with HOME dollars and/or Low-Income Housing Tax Credits (LIHTC). The records must include the following: 1. The 30% subsidy, commonly called the automatic 4% tax credit, is for new construction that includes additional subsidies or that can be used for the acquisition cost of existing buildings. Dont let miscalculations and technical mistakes cost your property. Chapter 2: OHFAs Responsibilities: a) Review to include / waiting list policy Please check off each item as it pertains to the property and submit complete package on or before January 31st. TC BD. Displaced HH Affidavit 4. Low Income Housing Tax Credit Check List for Annual Compliance Packages This check list must be used when submitting compliance packages to the Agency for approval. Loan sizing ratios under 220, 223 and 231 are provided, and these apply to Tax Credit projects underwritten for each program unless adjusted for the New Pilot in separate guidance. The LIHTC Compliance Manual lists several RIHousing speciic forms. Monitoring Forms (XLSX) Suggested File Checklist (DOCX) Average Income Testing Tool (XLSX) Income Certification Form Owners of affordable housing with this type of funding must comply with applicable federal Regulations, and HPD is legally required to monitor compliance to ensure continued affordability and habitability. Compliance for Rental Housing. The compliance period begins with the first taxable year of the credit period. The amount of HPD's authority is negotiated annually with the State. Audit Internal Control/Compliance Checklist 15 X. DSHA Surplus Cash Computation Form 19 XI. 120 122/123 PPMG. Electronic File Review Checklist - Post Year 15 LIHTC. Our pre-REAC, HUD, LIHTC Compliance services will help you with your affordable housing regulations. Call us: 603-223-0003 2016. Suggest making this form a requirement in our state monitoring and no longer requiring the 8 page application form. requirements to benefit from the anticipated tax credit. HM Other. Child Support Affidavit 131. HPD allocates a portion of the State of New York's federal Low Income Housing Tax Credit allotment - both 9% competitive credits and 4% "as-of-right" credits. LIHTC VAWA and Managers Unit Guidance. 2022 Compliance Monitoring Guidance (New February 2022) Casualty Loss Guidance (Updated February 2022) Compliance Fines (New December 2021) Exempt Unit Change Policy (Updated February 2022) 2021 Compliance Monitoring Guidance. 116; Tenant/Resident Release and Consent 24 % % TICQ/ Income Certification Checklist/REA 117. Payment of your 2021 LIHTC Compliance Monitoring Fee should be mailed to: NYC HDC Construction . If there has been a change in the eligible basis of any building for which the Low Income . To date more than 3 million apartment units have been created through LIHTC with another 100,000 new units added each year. The first year of a buildings compliance period is the first year of its credit period. House and Ground Rules-TC 63TC. This 6-hour online course includes rules and regulations, helpful hints and best practice reminders, resources and tools for those in the industry who work directly with applicant and Completion of Applicant/Tenant Questionnaire. If you have questions about these checklists, please contact Wendy Quackenbush at (512) 305-8860 or by email at wendy.quackenbush@tdhca.state.tx.us. (Treasury) released final regulations regarding compliance monitoring requirements to be followed by Low-Income Housing Tax Credit (LIHTC) allocating agencies. The percentage of residential rental units in the buildings that are low-income units. For instance, the Tax Credit program eligibility rules focus on households made up of FULL-TIME students of any age, while HUD/RD/HOME rules apply to Most importantly is the first time they are officially recorded which is at the end of the first year of the credit period on IRS Form 8609 when the property owners file to begin claiming the tax credits with their tax returns. Credit Percentage. LIHTC/RD&LIHTC/HUD: The tax credit student eligibility rules are completely different than the rules for HUD/RD/HOME programs. 1. 1.1 Occupancy Requirements Projects eligible for housing tax credits must meet low-income occupancy threshold We also help clients with on-site file reviews and assistance, Pre-MORs, and TRACS & HAP processing. Move-In Master File Checklist- LIHTC PPMG 17a PPMG. Instead of overloading the LIHTC section of your file with unnecessary documents that could be found non-compliant, include only documents with a purpose. IRS Rev-Proc 2014-49 2. You must submit your forms to your RIHousing LIHTC Compliance Specialist for approval. Owners Request to Provide Emergency Housing 3. Basic Tax Credit File Setup; Spectrum Enterprises. DO NOT mail with package.) More is not always better. A compliance checklist example is a specific set of questions used to test whether a product or service is compliant. It is not intended to be detailed or comprehensive. Instructions: This checklist and summary report is for Hub/Program Center (PC) use when conducting the Annual Compliance Review (ACR). Discriminatory Conduct Under the Fair Housing Act (24 CFR, Part 100) Guide for Completing Form 8823: Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition (October 2009) Recommended Practices in Compliance Monitoring, Capital Needs Assessments, Operating Cost Databases, and Accountant Opinion Letters. Current Training Certificates (within the past 2 years) Introduction to LIHTC Compliance; Keeping In Compliance: LIHTC Tenant Files; Replaces interview checklist and recertification questionnaire. Although LIHTC properties must commit to at least 30 years of affordability, they are only subject to a 15-year compliance period.. 207 206 PPMG 31. 2018. Our services include Tax Credit (LIHTC) & HUD compliance file audits and approvals. The Michigan State Housing Development Authority (MSHDA) monitors multifamily developments for resident eligibility for the following programs: Section 8, LIHTC projects, MSHDA Direct Loan projects (funded under tax-exempt and taxable bond financing programs, including One Percent, 80/20, 70/30, TEAM, and HOME TEAM Advantage), DSHA Quick Reference Checklist - Schedules and Reports 23 XII. An owner must comply with all Subject/Topic Form Part # Part Title Michigan LIHTC Compliance Manual - INDEX OF TOPICS Checklist Form Form 616 Checklist Checklist, Inventory 1140 Additional Requirements for MSHDA Direct Loan Projects Child Support 386 Child Support Income PRELIMINARY ELIGIBILITY DETERMINATION. The compliance period is the 15 year period over which a project must continue to meet LIHTC requirements in order to avoid tax credit recapture. It takes an owner fifteen years to earn the tax credit the IRS allows them to take over the ten year credit period. The credit percentage is a fluctuating rate published by Treasury each month. 2013. 2. A. The total number of all residential rental units (both LIHTC and non-LIHTC) in the building, including the number of bedrooms and the size in square feet of each residential rental unit. The compliance period is 15 years beginning with the first year of the tax credit period (placed in service year or subsequent year if deferral was elected). Can we continue to use our own forms, and if so, do our forms have to be approved by RIHousing? Exhibit A-7: Project Training Certificate Checklist : Exhibit A-9: Rental Housing Program Experience Summary : Exhibit A-10: MHDC Blank Budget : Exhibit A-13: Schedule II LIHTC 12 units or more with Section 8 : Exhibit A-14: Schedule II LIHTC Attn: Tax Credit Compliance Department . Revenue Ruling 90-60 - Recapture Bonds ; Revenue Ruling 90-89 - Minimum Set-Aside Requirements In addition, the IRS states that, all vacant LIHTC units that are not suitable for occupancy are out of compliance. The out of compliance date is determined for each unit based on the date that particular unit was vacated. The units will not be considered back in compliance until they are occupied by income-eligible households. (Use a separate Checklist per Applicant/Tenant) NAME: Phone #: Unit #. Memos. North Mall Office Building, 725 Summer St NE, Suite B, OR 97301-1266 (503) 986-2000, FAX (503) 986-2020, TTY (503) 986-2100 www.ohcs.oregon.gov LIHTC Program Compliance Manual Table of Contents To date more than 3 million apartment units have been created through LIHTC with another 100,000 new units added each year. LIHTC Compiance Manual 2019 FAQs for Property Managers and Owners FORMS Q. The LIHTC is designed to subsidize either 30% or 70% of the costs in a low-income unit rental project.