LIHTC and Multifamily Loan Program File Requirements Checklist LIHTC Owner Certification of Continuing Program Compliance LIHTC Post Year 15 Owner Certification of Continuing Program Compliance Notice of Rent Adjustment Notification of Change in Contact Information Owner Certification of Methamphetamine Decontamination endstream endobj 164 0 obj <>/Subtype/Form/Type/XObject>>stream (4.4) Changes in Rent Limits Tenant Based Rental Assistance Guide. The following programs are monitored by DHCD: 0.5 0.5 17 17 re Register for upcoming training, webinars, conferences, and more. H Development Owners who believe the development they own is eligible for the option year should contact NIFA. endstream endobj 112 0 obj <>/Subtype/Form/Type/XObject>>stream Policies)Rev 02/2009, Compliance Monitoring Fees (PDF) Rev 05/01/2020, Sample endstream endobj 171 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream Careers |Commissioners | Contact Us 03/14Owners Certification Attachment A(PDF) Arkansas Standards in Housing. endstream endobj 153 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream 0 0 18 18 re As the monitoring entity for the IRS on the LIHTC Program and HUD on the HOME, CDBG and ESG Programs, DHCD reports directly to them on issues of non-compliance. Calculation of Qualified Contract Price Form and Worksheets endstream endobj 150 0 obj <>/Subtype/Form/Type/XObject>>stream (5.17) Trusts s To date more than 3 million apartment units have been created through LIHTC with another 100,000 new units added each year. endstream endobj 169 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream 03/14Owners Certification of Completion of Repairs(PDF) 0.75293 g 08/16List of Unit Numbers(Excel), 01/23Resident Fees(PDF) (1.2) Tax Credit Program Overview (5.13) Annuities DCA has published the new LIHTC & HOME Compliance Manual. s What are the eligibility requirements for the ADA Tax Credit? (2.20 Correction Period for Non-Compliance The Act includes Section 42 of the Tax Code, the Low Income Housing Tax Credit Program. The course is customized to highlight Nebraska state specific policies and procedures in addition to federal requirements. Powerpoint (PDF) Compliance Workshops and Trainings endstream endobj 165 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream Date. View important LIHTC Compliance forms and documents Lease Addendums File), Tax TheDevelopment Owner must certify to the following: If NIFA finds a prospective purchaser willing to present an offer to purchase theDevelopment for an amount equal to the Qualified Contract Price, theDevelopment Owner must agree to enter into a commercially reasonable form of earnest money agreement or other contract of sale for the Development and provide a reasonable time for necessary due diligence and closing of the purchase. (5.3) Determining Annual Wage Income NIFA will perform a desk audit, conduct a site visit, or review the owner's tenant files and provide the owner with a summary report of the findings. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Income Certification (TIC, IC HEC, etc.) EMC Any opinions or conclusions expressed by any third party should not be construed as opinions or conclusions of Novogradac. In compliance with the Federal Tax code, the HMFA conducts annual file and physical inspections for 20% of the 66,000 units it monitors for 1/3 of the projects in its portfolio. 1 g 0 0 18 18 re Review theDevelopment Owners packet of due diligence materials and agree on an appropriate Qualified Contract Price (QCP). Allowance Spreadsheet - Method 6 (Excel), Stream Presentation on Vimeo (32 Chapter 5, Exhibit 2: Assets (PDF), Utility Allowance Procedures for LIHTC Properties (PDF) LIHTC Compliance Guidance A list of links and resources curated for LIHTC property owners and managers Authoritative Sources Internal Revenue Code Section 42 Treasury Regulations 1.42 HUD Handbook 4350.3: Occupancy Requirements of Subsidized Multifamily Housing Programs (November 2013) It is highly recommended that Owners and Agents check this page regularly to obtain the most current information and latest forms. (6.3) Data Collection Requirement 1 g Move-In Master File Checklist- LIHTC PPMG 17a PPMG. (3.3) Newly Placed-in-Service Acquisition/Rehab Properties (10.2) Qualified Contract Packet Materials EMC (7.1) Noncompliance with State Requirements Note there are seven worksheets within this workbook. 0.5 0.5 17 17 re A copy of a capital needs assessment, prepared by a licensed engineer or architect within the last six (6) months, that meets the requirements set forth in the Exhibits of NIFA'scurrent. (5.19) Lump-Sum Receipts Sample Pro-forma - Non-Habitat. 01/19Notice Of Change In Management Agent(PDF) NIFAs actions or failure to act on these procedures does not constitute a waiver of the requirements of Section 42. Housing Bonds |Special Programs: 0.75293 g Exhibit "B" to Regulatory Agreement (PDF), Life Cycle of a 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq Year End Report Forms, 10/17Auditor-Inspector Customer Service Survey(PDF) (7.4) Overcharging Rent 0.5 0.5 17 17 re (10.4) Three-Year Period . A list of links and resources curated for LIHTC property owners and managers, Litigation Support and Expert Witness Testimony, Novogradac Property Compliance Certification, Novogradac Community Development Certificate, Renewable Energy Tax Credit Resource Center, HUD Handbook 4350.3: Occupancy Requirements of Subsidized Multifamily Housing Programs, Civil Rights and Nondiscrimination Requirements, Income and Assets - Included and Excluded, Rectifying Improper or Inaccurate Information, Discriminatory Conduct Under the Fair Housing Act, Guide for Completing Form 8823: Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition, Election for Number of Bedrooms for Gross Rent Limitation, Safe Harbor to Comply with Eviction and Rent Increase Restrictions in LIHTC Extended Use Commitments, Income Determination Follows Section 8 of U.S. Housing Act of 1937, Safe Harbor for over income tenants during first year of the credit period, Utilities Paid by Tenant of Submetered Rent-Restricted Units, Assignment of Building Identification Number, Extended Use Agreement for Allocations Prior to 1990, Long Term Commitment to Low Income Housing, Manager Unit and Application Fees in Rent, Acq/Rehab of a Residential Rental Property, Earthquake Relief for Compliance Monitoring, Issues Arising when Qualified Low-Income Buildings are Damaged By Casualty, Links to States' LIHTC Compliance Guidance, Sign Up For Novogradac Industry Alert Emails, Tackling Homelessness as a Housing Supply Problem. The IRS has published Notice 2022-52, providing unexpected extensions to HFAs and LIHTC properties due to the COVID pandemic. Rental Housing Tax Credits (RHTC) Rental Housing Tax Credits (RHTC) The Qualified Allocation Plan (QAP), details selection criteria and application requirements for the Rental Housing Tax Credit (RHTC) and multifamily tax-exempt bond programs. | Requests for Public Records NOTE: In connection with the process described herein, NIFA is not acting as an agent for any Development Owner and NIFA is not responsible for finding a buyer for anyDevelopment and is not representing anyDevelopment Owner in the sale of suchDevelopment Owners Development. This can occur, at the Development Owners election, any time after year 14 in a 30-year Land Use Restriction Agreement (extended use agreement or LURA) or after year 29 in a 45-year LURA. endstream endobj 143 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream endstream endobj 103 0 obj <>/Subtype/Form/Type/XObject>>stream Rev 05/01/2020, Chapter: This annual LIHTC Compliance Training is a comprehensive course specifically designed to assist affordable housing professionals with becoming skilled in project compliance. 08/22Extension Request(PDF) (12.5) Definitions, Tax Recent ReEvision Webinar 12/2015 (3.9) Restricting Up-Front Charges, Rents & Tenancy Multifamily Capital Fund Initiative Application Open. 0.5 0.5 17 17 re H It was created under the Tax Reform Act of 1986 and gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans. Every TCS online class includes both an instructor and teaching assistant to ensure your questions are addressed quickly and accurately. (4.1) How to Determine Rent EMC H endstream endobj 159 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream Exhibit A-22: Authorization for Release of Property Information. 128 127. (3.8) Marketing and Good Faith Efforts (the "30-Day Rule") LIHTC Compliance Monitoring and Site Inspection Guidance During the COVID19 Pandemic. (11.5) Noncompliance Compliance FAQs s (5.16) Types of Assets Rev 02/2009 Sections 3.4, 3.5, & 3.7. \` ,u Request for Proposals - 2023 Tax Credit General Set-Aside 0.5 0.5 17 17 re (2.3) Fair Housing B. WSHFC Owner Certificate of Utility Estimate (PDF) %PDF-1.7 % Michigan LIHTC Compliance Manual Checklist - MSHDA Programs - This form lists all of the sources of income and types of assets held by the applicant. The amount of HPD's authority is negotiated annually with the State. 0.5 0.5 17 17 re (9.8) Specific Documentation Required for Sale of Property (Assumption by Original Use this form to create a record of your income and rent limits along with the income and asset calculations for each household. @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > HM Other. 1000 2nd Avenue, Suite 2700, Chapter 5, Exhibit 1: Rev 02/2009 hZ{o8*npmS4v c,y%|3$%++M`|djLG$g,Iq!H+hOx. (11.4) Compliance Fees 0 0 18 18 re 1230 O Street, Suite 200 0 0 18 18 re At the end of instruction, each participant is allowed one week to complete a 100-question online certification test. Denver, CO. Posted: March 01, 2023. Bond Compliance Manual endstream endobj 145 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream (9.2) Maintaining Credit Set-Asides P \ Le$A2* E | LIHTC VAWA and Manager's Unit Guidance. LIHTC Compliance Manual REVISION LIST. 1 | (5.5) Outside Agency Verifying Income 08/20Notice Of Change In Ownership(PDF) Exhibit F Bond Process Checklist. Provided below with the Year End Reports. (5.21) Types of Excluded and Included Income f H Act as a facilitator for requests of prospective purchasers by referring them to the appropriate contact personsfor the Development Owner. E-NEWS Email and you will be notified when there are changes to this manual. F | 12/15Certification of Zero Income(Word) (Mandatory MSHDA Best Practice Form), 01/05Income Certification for 125-150% AMGI(PDF) f N | E-08 Notice of Intent to Clear Land. Multifamily Capital Fund Initiative FAQs and 2023 Qualified Allocation Plan and Multifamily Rental Financing Program Guide Revision -- Update and Schedule for Listening Sessions. (2.16) Changes in Allowance 0.5 0.5 17 17 re 0.5 0.5 17 17 re 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > HUD Handbook 4350.3: Occupancy Requirements of Subsidized Multifamily Housing Programs (November 2013), Civil Rights and Nondiscrimination Requirements (HUD 4350.3, Chapter 2), Eligibility for Assistance and Occupancy (HUD 4350.3, Chapter 3), Income and Asset Determination (HUD 4350.3, Chapter 5), Income and Assets - Included and Excluded (HUD 4350.3, Chapter 5), Exhibit 5-1: Income Inclusions and Exclusions, Acceptable Forms of Verification (HUD 4350.3, Appendix 3), Security Deposits (HUD 4350.3, Chapter 6), Termination of Tenancy (HUD 4350.3, Chapter 8), Rectifying Improper or Inaccurate Information (HUD 4350.3, Chapter 8), 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, Gross Rent Floor (Revenue Procedure 94-57), Election for Number of Bedrooms for Gross Rent Limitation (Revenue Procedure 94-9), SSI Payments Excluded From Rent (PLR 9526009), HUD Notice Calculating Section 8 Rents (PIH 2003-32), HUD Notice Calculating Section 8 Rents (PIH 2003-22), Safe Harbor to Comply with Eviction and Rent Increase Restrictions in LIHTC Extended Use Commitments (Revenue Procedure 2005-37), Decrease in Area Median Gross Income (Revenue Ruling 94-57), Combined Income of Occupants Counted (Revenue Ruling 90-89), Income Determination Follows Section 8 of U.S. Housing Act of 1937 (IRS Notice 88-80), Assets Documentation (Revenue Procedure 94-65), Calculating Income Limits (Revenue Ruling 89-24), Safe Harbor for over income tenants during first year of the credit period (Revenue Procedure 2003-82), Novogradac & Company LLP's Rent & Income Limit Calculator, Elderly Population Restriction and Meals (PLR 8945036), Assistance Living Facilities Defined (PLR 9740007), Home Health Care Services Option (PLR 8945036), Home Health Care Services Option (PLR 8944042), Community Service Facility (Revenue Ruling 2003-77), Utility Allowance Requirements (IRS Notice 89-6), Utilities Paid by Tenant of Submetered Rent-Restricted Units (IRS Notice 2009-44), Compliance Monitoring Requirements (IRS Final Regulation TD 8430), Assignment of Building Identification Number (IRS Notice 88-91), Extended Use Agreement for Allocations Prior to 1990 (Revenue Ruling 92-79), Long Term Commitment to Low Income Housing (Revenue Ruling 95-49), Recapture Bond Requirements (Revenue Ruling 90-60), Targeted Population Restriction (PLR 8944042), Manager Unit and Application Fees in Rent (PLR 9330013), Answers to 12 Questions (Revenue Ruling 91-38), Acq/Rehab of a Residential Rental Property (PLR 200044020), Memorandum of Understanding Between IRS, HUD, and DOJ, Answering 12 Questions about LIHTC (Revenue Ruling 2004-82), SBSE Memo For Examiners Assigned Low-Income Housing Credit Cases Regarding Noncompliance Resulting from Conflicting Program Requirements, NCSHA Recommended Practices in Compliance Monitoring, Capital Needs Assessments, Operating Cost Databases, and Accountant Opinion Letters, NCSHA Recommended Practices in Housing Credit Allocation and Underwriting, Relief for Projects in Disaster Areas (Revenue Procedure 2007-54), Earthquake Relief for Compliance Monitoring (IRS Notice 94-94), Issues Arising when Qualified Low-Income Buildings are Damaged By Casualty (CCA 200913012). Financial Solvency and LIHTC History (PDF) The report identifies the location of the violation and generally explains what caused the non-compliance and the action necessary to remedy the non-compliance. (2.4) Non-Transient Use 76 KB. 120 122/123 PPMG. Compliance monitoring is basically comprised of three processes: Review of Annual Owner Certifications submitted by March 1st, to ensure income-qualified tenants are paying rents which are below the mandated limits. This document describes (1) the federal and state resources available for financing rental housing through the plan, (2) the legislative requirements for distributing these resources, (3) the State's preference for the location and type of such housing, (4) the process used for evaluating applications and awarding these resources, and (5) program Revised October, 2018: Each time a revision is made to the Tax Credit Compliance manual, it will be . Once the noncompliance is resolved, NIFA will file a corrected (back in compliance) Form 8823. @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > The content of such sites is not within Novogradacs control and Novogradac has no responsibility for the information or content thereon. 1 g /Tx BMC SFRF-ARP PRESERVATION NOFA. Tax Credit Post-Year 15 Streamlined Monitoring Procedures Overview - Recorded Webinar (MP4 0.5 0.5 17 17 re These are some of the checklists that Compliance Monitors use when they perform onsite monitoring visits at TDHCA administered properties. Audits for compliance with due diligence for certain tax benefits, such as the earned income tax credit (EITC), child tax credit (CTC), including additional child tax credit (ACTC), credit for other dependents (ODC), American opportunity tax credit (AOTC) and/or the head of household (HOH) filing status, as defined by IRS Section IRC 6695(g) are another tier of our Preparer Compliance Program. These checklists are not required to be completed by owners and managers. f endstream endobj 110 0 obj <>/Subtype/Form/Type/XObject>>stream (2.4) General Prohibition Against Student Housing Rev 02/08/2022 endstream endobj 147 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream endstream endobj 108 0 obj <>/Subtype/Form/Type/XObject>>stream We use cookies on this site to provide a better experience with content and analytics. (2.11) Available Unit Rule and Mixed-Income Properties (9.4) Timeframe and Completeness Allowance Spreadsheet - Method 6 (Excel), Webinar Rev 10/2018 - If Tax Credit Property, refer to IRS Section 42 - If Section 8(HUD) & Tax Credit, the most restrictive rule applies They have conducted their own investigation and due diligence in determining calculations of the Qualified Contract Price. | 01/2020 Attachments Information about the Project Based Voucher program. @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > Tax Credit Compliance Manual @ hcG h.p h$ 5CJ h$ h.p 5CJ , &P / =!"#$% ^ 6 6 6 6 6 6 6 6 6 v v v v v v v v v 6 6 6 6 6 6 > 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 h H 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 2 0 @ P ` p 2 ( 0 @ P ` p 0 @ P ` p 0 @ P ` p 0 @ P ` p 0 @ P ` p 0 @ P ` p 8 X V ~ _HmH nH sH tH. 0.5 0.5 17 17 re 1998-2018 All Rights Reserved, 1000 2nd Avenue, Suite 2700, 09/04Annual Project Summary(Word). Policies), Sample @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > Income Inclusions and Exclusions (PDF), Utility Allowance Procedures for LIHTC Properties (PDF), A. WSHFC The IRS requires that Tax Credit monitoring agencies use the UPCS Inspection Protocol to monitor the physical standards of LIHTC and HOME properties. Ltd. purchased machinery worth 9,00,000 (excluding GST) on 20-07-2017 on which it paid GST @ 18%. 0.5 0.5 17 17 re The Compliance Period (IRC 42(i)(1)) is the duration of the credit period plus 5 years. endstream endobj 146 0 obj <>/Subtype/Form/Type/XObject>>stream Tax Credit Specialist is the premier course for earning your LIHTC certification. H Housing Tax Credit (LIHTC) The Housing Tax Credit Program (LIHTC) is designed to provide for-profit and nonprofit developers with an incentive to create and maintain affordable housing. Review of project owner tenant files for documents required to support information provided in Annual Owner Certifications. endstream endobj 120 0 obj <>/Subtype/Form/Type/XObject>>stream A. WSHFC Determining Income and Calculating Rent (PDF), Chapter 5, Appendix 3:Acceptable Small Business Accounting Checklist - This accounting checklist document is helpful for the accountants, bookkeepers, and Priorities First, Inc Business/Self Employed Tax Preparation Checklist Business Tax Preparation Tips - If you are a business owner, proficiency in tax preparation is of utmost importance. For more information about how we use cookies, see our Privacy Policy. Once complete and proper notice has been received, NIFA has one year to find a buyer for the project at a pre-determined price, not to exceed the Qualified Contract Price (QCP).

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