Homeownership: Homebuyer Programs|Information for Lenders| Determining Income and Calculating Rent (PDF) (11.5) Utility Allowances (2.11) Available Unit Rule Infractions are reported to the Internal Revenue Service, which, in its discretion, may conduct tax audits. Financial Solvency and LIHTC History (PDF) cA ib@3dC[a!!yY g`Y"R*^4an'9hAd iJ>+3h{xzyjbz-Z7.TizJl}r:rBIb050 s E-08 Notice of Intent to Clear Land. Bond Compliance Manual The following forms are for use in creating tenant files: 10/08Affidavit of Income Self Certification(PDF) Projects Eligible for a Qualified Contract Request. (5.7) Self-Employed Income Verification (7.1) Noncompliance with IRS Program Requirements The debit note should be issued for the amount of tax which is charged less, i.e. f Year End Report Forms, 10/17Auditor-Inspector Customer Service Survey(PDF) aTLR&R$R3GJh@h`bc2:$8P"4Of"5I"SD`FaF\G[ST[pYEQQ;%C1 u`X h 9u- 08/20Notice Of Change In Ownership(PDF) Exhibit A-2: Project Owner's Management Agent Certification. LIHTC Management Capacity Certification Form Other Multifamily Capital Fund Initiative FAQs and 2023 Qualified Allocation Plan and Multifamily Rental Financing Program Guide Revision -- Update and Schedule for Listening Sessions. endstream endobj 127 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream All units must have a valid lease. (2.15) Utility Allowance Documentation endstream endobj 150 0 obj <>/Subtype/Form/Type/XObject>>stream Compliance Workshops and Trainings f s Doc Title. Electronic Storage Policy Memo (New September 2022) 2022 Compliance Monitoring Guidance (February 2022) Casualty Loss Guidance (February 2022) Compliance Fines (August 10, 2022) Exempt Unit Change Policy (February 2022) 2021 Compliance Monitoring Guidance. endstream endobj 135 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream LIHTC Program Policies (See Current Year endstream endobj 148 0 obj <>/Subtype/Form/Type/XObject>>stream endstream endobj 133 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream 03/20 Request To Eliminate Re-certifications(PDF) endstream endobj 140 0 obj <>/Subtype/Form/Type/XObject>>stream H Join our mailing list to receive the latest industry news and training updates. EMC These checklists are not required to be completed by owners and managers. (9.2) Maintaining Credit Set-Asides H This narrative must include, at a minimum, the following: A description of all income, rents and other program restrictions, if any, applicable to the operation of the Development. Appendix: (2.16) Appendix O Learn through self-paced online trainings, recorded webinars, and more. Once the noncompliance is resolved, NIFA will file a corrected (back in compliance) Form 8823. 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). 0.5 0.5 17 17 re HOME |SITE 01/23HOME Rent and Occupancy Report (for HOME Projects Only(Excel), 01/23NSP Rent and Occupancy Report (for NSP Projects Only)(PDF) This document is intended to be used as a reference tool to help grantees prepare for HUD compliance reviews. endstream endobj 149 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream The Federal Low-Income Housing Tax Credit was created by the Tax-Reform Act of 1986 and extended by the revenue Reconciliation Acts of 1989 and 1992 in order to encourage the private sector to invest in the construction and rehabilitation of housing for low- and moderate-income families. (9.5) Required Document for All Transfers s (5.6) Verbal Verification Rev 02/08/2022 (6.1) Summary (9.3) Conditions and Consent Videos, IRS NIFA may, in its sole discretion, on its own behalf or on behalf of another party, elect to submit a Qualified Contract to purchase the property. (11.2) Qualifying for the Waiver The manual is effective January 24, 2023, and DCA will accept public comments year-round. (5.20) Assets Disposed of for Less than Fair Market Value IRS Form 8609- Low Income Housing Credit Allocation Certification A | 36,000. 0.5 0.5 17 17 re In order toreceive pointsontheLIHTCapplicationyou must attend the Compliance Training. (6.1) Owner Annual Certifications 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. If you are looking for a particular form, you should check for the most recent version on theInternal Revenue Service (IRS)website, as forms are periodically updated. Form SS-4 Application for Employer Identification Number (PDF) endstream endobj 100 0 obj <>/Subtype/Form/Type/XObject>>stream They should be able to provide insights on financial matters and help drive the organization's growth strategy. 0.75293 g Novogradac will not be liable for any loss or damage that may arise out of your use of any of the information available on the website. Tax credit compliance monitoring for those projects will be done by the entity that first allocated credits to the project unless the allocators make other arrangements regarding the project. To accept cookies and close this box, click I agree. LIHTC Ownership Capacity Certification Form contains the official notification of any non-compliance and lists each type of non-compliance. s Exhibit A-22: Authorization for Release of Property Information. \` ,u (3.3) Special-Needs Housing Commitments IRS Form 8693- Low Income Housing Credit Disposition Bond endstream endobj 169 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream Related Forms: Use to document information obtained verbally or to explain any unusual circumstance in the file. (2.3) Fair Housing What Could Debt Limit Negotiations Mean for Housing and Community Development? 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. Seattle, Washington 98104 | Phone: 206-464-7139 or 800-767-4663 | Environmental Review, Davis Bacon, Relocation, Fair Housing and Section 3 requirements are also monitored as they relate to these programs. Town of Stoddard, 1450 Route 123 North, Stoddard, NH 03464-4153 Ph: 603-446-3326 Fax: 603-446-2278 Government Websites by CivicPlus %PDF-1.7 % endstream endobj 109 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream f 0.75293 g (9.5) Specific Documentation Required for Sale of Property 3 | Resources and assistance to support HUD's community partners. (5.21) Types of Excluded and Included Income Using HUD's inspection protocol for tax credit properties is more than just doing a REAC Inspection. endstream endobj 131 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream 94 0 obj <> endobj endstream endobj 103 0 obj <>/Subtype/Form/Type/XObject>>stream \` ,u The IRS has published Notice 2022-52, providing unexpected extensions to HFAs and LIHTC properties due to the COVID pandemic. 0 0 18 18 re Calculation of Qualified Contract Price Worksheet (Sample) (Word), Post-Year 15 Monitoring Procedures (PDF) Rev 03/2017 0.5 0.5 17 17 re s 2016: 39.35M population x $2.35 multiplier = $92.47M credits. B (5.2) Verification LIHTC/Tax Exempt Bonds without Section 8 rental assistance and which have reached the end of their initial tax-credit compliance period. /Tx BMC s In addition to the above, theDevelopment Owner must agree to the following requirements: DevelopmentOwner Certifications and Commitment. endstream endobj 138 0 obj <>/Subtype/Form/Type/XObject>>stream endstream endobj 122 0 obj <>/Subtype/Form/Type/XObject>>stream @ $a$ $a$ " * ; = > ? 1 g Online access to policy bulletins, guidebooks, model documents, trainings, webinars and more. 12/19CO Detector Owner Verification Form The development must satisfy all low income requirements for a compliance period of 15 consecutive taxable years for owners to receive the full Low Income Housing Tax Credits (LIHTC). \` ,u 2018 Home Policy Operations Manual. (7.3) Properties Approved for Post-Year 15 Monitoring Procedures or If any portion of the land or improvements are leased, copies of the leases. endstream endobj 156 0 obj <>/Subtype/Form/Type/XObject>>stream Bond f 0 0 18 18 re 2023 LIHTC Compliance Virtual Workshop #1; 2023 LIHTC Compliance Virtual Workshop #2; . H | Records Retention (PDF) Rev 11/2014 Fax: @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > Tax Credit Specialist is the premier course for earning your LIHTC certification. 0.5 0.5 17 17 re (5.21 Additional Income and Asset Information IRS Rev . LIHTC Compliance Monitoring and Site Inspection Guidance During the COVID19 Pandemic. f 8 | The IRS requires that Tax Credit monitoring agencies use the UPCS Inspection Protocol to monitor the physical standards of LIHTC and HOME properties. Bharat Associates Pvt. 01/18Utility Allowance Documentation(Excel), 11/15Common Area Unit Designation(PDF) Tax Credit Project (PDF) If a Development Owner desires to sell the property under the qualified contract process such Development Owner must notify NIFA using the process outlined below. The notification letter also states that the owner should not include any nonqualified low income housing units when computing the LIHTC under IRC 42 and that the noncompliance may result in the recapture of previously claimed credits. Notice of Non-Assignment - Habitat Applicant. Forms of Verification (PDF) items 2,3,4, and 6 only @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > (1.6) Tax Credit Only Properties @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > Streamlined Monitoring Procedures Overview - HUD Forms - Can be found on theHUDCLIPSwebsite. endstream endobj 146 0 obj <>/Subtype/Form/Type/XObject>>stream Upon receipt of aDevelopment Owner's request to exercise its option year (Notification Letter and Qualified Contract Price Form and Worksheets), NIFA staff will proceed as follows: In order for NIFA to assist in making information available to potential purchasers of affordable housing properties, the Development Owner must cooperate in such effort and is responsible for providing certain information. (9.8) Specific Documentation Required for Sale of Property (Assumption by Original (2.3) Violence Against Women Act (VAWA) HPD funds certain affordable housing with HOME dollars and/or Low-Income Housing Tax Credits (LIHTC). s 03/20 Request To Eliminate Re-certifications(Word). endstream endobj 129 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream endstream endobj 111 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream endstream endobj 163 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream Arkansas Standards in Housing. HM Other. (5.3) Year-to-Date Information Child Support Income (Part 380) HUD 50058 & HUD 50059 forms (Chapter 11) HUD 9887 and HUD 9887A forms (Part 634) Lease Agreement (Part 630). TheDevelopment Owner agrees to indemnify, defend and hold NIFA harmless with respect to the use of information submitted with respect to the Development. The amount of HPD's authority is negotiated annually with the State. Owners receiving LIHTC in 1990 or later years must continue to maintain the low income occupancy of their developments for an additional 15+ years beyond the end of the 15-year compliance period. H (2.15) Utility Allowances 11/15Annual Student Eligibility Certification LIHTC & Tax Exempt Bond(Word) (Mandatory Form), 10/15Annual HOME Certification of Student Status(PDF) (Mandatory Form) NIFA is responsible for monitoring compliance with the requirements of Internal Revenue Code (IRC) 42 for LIHTC developments in Nebraska. Strategic thinking: A CFO must have a deep understanding of the organization's strategic objectives and align the finance function accordingly. List theDevelopment for sale with a qualified sales agent or attorney who is qualified to sell affordable multifamily housing developments. \` ,u To date more than 3 million apartment units have been created through LIHTC with another 100,000 new units added each year. In addition, developments must adhere to a minimum Extended Use Period of an additional 15 years. 18 KB. 0 0 18 18 re forms located under the Qualified Contract Process dropdown, Calculation of Qualified Contract Price Form and Worksheets, Projects Eligible for a Qualified Contract Request. @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > H Policy Regarding Vacancies Pending a . (11.4) Additional Low-Income Set-Asides NOFA and grant programs for nonprofit agencies and local units of government. /Tx BMC This may include providing copies of additional rent rolls,development tax returns, income certifications, repair and maintenance records, operating expenses and debt service information, and other due diligence documents. (4.4) Restricting Up-Front Charges 0.5 0.5 17 17 re 1 g 7 | 0 0 18 18 re property. 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq N | Chapter 5, Appendix 3:Acceptable Tax Credit Annual Report Common Errors/Best Practices Rev. The current yearly cap is $10,000,000. 0 0 18 18 re (510) Public Assistance/Welfare Income (7.5) Residents Found to be Over-income at Time of Move-in 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq s (12.3) Household Transfers MSHDA model lease forms are located on the AM Policies and Formspage. The credit note should be issued for the excess value of supply charged in the invoice, i.e. f Extension Request Form (For All Inspections) Request for Proposals - 2023 Tax Credit General Set-Aside (1.6) Compliance Process Overview 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. /Tx BMC 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.