lihtc compliance checklist

Qualified Contract Notification Letter (PDF) /Tx BMC Note there are seven worksheets within this workbook. File Audit Forms - Complete through the CARS application on the Online Systemspage. Federal Low Income Housing Tax Credit A significant change in the method by which the federal government assists the development of affordable housing was born with the passage of the Tax Reform Act of 1986. \` ,u Recertification Waivers @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > IRS Form 8609-A- Annual Certification for Low Income Housing Credit Revised October, 2018: Each time a revision is made to the Tax Credit Compliance manual, it will be . 0.75293 g 0.5 0.5 17 17 re Chapter 5: endstream endobj 112 0 obj <>/Subtype/Form/Type/XObject>>stream (11.5) Utility Allowances 12/12MSHDA Checklist (Spanish)(PDF) (Mandatory Form), 10/15Student Verification(PDF) (5.5) Outside Agency Verifying Income | Information for Instructors | Multifamily Housing: f 01/23HOME Rent and Occupancy Report (for HOME Projects Only(Excel), 01/23NSP Rent and Occupancy Report (for NSP Projects Only)(PDF) (2.18) Resident Certification Package To date more than 3 million apartment units have been created through LIHTC with another 100,000 new units added each year. Failure to submit by the deadline is noncompliance that shall be . HOME |SITE LIHTC Lease Addendum (Word). endstream endobj 168 0 obj <>/Subtype/Form/Type/XObject>>stream 9% Housing 0 0 18 18 re I | (12.1) Qualifying for the Waiver (3.2) Additional Low-Income Housing Commitments endstream endobj 99 0 obj <>/Subtype/Form/Type/XObject>>stream Rev 10/2018 Calculation of Qualified Contract Price Worksheet (Sample) (Word), Post-Year 15 Monitoring Procedures (PDF) Rev 03/2017 0 0 18 18 re 0.5 0.5 17 17 re C: Actual Usage Estimate Guidance - Method 6 (PDF) Forms of Verification (PDF), Chapter 5, Exhibit 1: Appendix O / Added language to Management Change Checklist . Infractions are reported to the Internal Revenue Service, which, in its discretion, may conduct tax audits. s (5.18) Mortgage or Deed of Trust s Rev 02/2009 A fully completed "Calculation of Qualified Contract Price" form, including Worksheets A - E. This form must be completed or approved (in writing), by a third party accountant or similar professional. Seattle, Washington 98104, Calculating Assets 101- Part 1 & Part 2 Training Download. 1 . (11.4 Special-Needs Set-Asides Provided below with the Year End Reports. s s Post the Development information on NIFAs website. Multi-Family/Rental Pay Request Checklist. NCHM is one of the largest, oldest, and most respected credentialing agencies in the country and the only one specifically established by HUD to train and certify housing professionals. 0.5 0.5 17 17 re (5.17) Trusts endstream endobj 105 0 obj <>/Subtype/Form/Type/XObject>>stream 0.5 0.5 17 17 re It contains examples of records that can be maintained to support Section 3 compliance during a HUD compliance review. H | Review theDevelopment Owners packet of due diligence materials and agree on an appropriate Qualified Contract Price (QCP). (3.7) Farmworker Housing 9. Owners of LIHTC properties are required to comply with the annual reporting and payment requirements outlined below. 06/14HUD 50059Sample Form Exhibit "B" to Regulatory Agreement (PDF) In addition to the above, theDevelopment Owner must agree to the following requirements: DevelopmentOwner Certifications and Commitment. f 11/15Common Area Unit Designation(Word), 01/19First Year Credit Statement(PDF) Using HUD's inspection protocol for tax credit properties is more than just doing a REAC Inspection. 2016 MAP Guide Waivers for Chapter 14.13.D, Repayment Terms for Deferred Developer Fees (03/22/2019) 12/14TIC Instructions, 12/15MSHDA Checklist(PDF) (Mandatory Form) (5.21 Additional Income and Asset Information (6.7) IRS Forms 8609, Schedule A and 8586 (5.3) Overtime 1 g Videos, IRS Averaging Guidelines (PDF) NEW 05/01/2020, Home|About | 10/15Annual HOME Certification of Student Status(Word) (Mandatory Form), 09/04Authorization to Release Information for Section 8 Participants, 12/15Certification of Zero Income(PDF) (Mandatory MSHDA Best Practice Form) Application Materials 2022-2023. . Subscribe to 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). (6.3) Data Collection Requirement The Department of Housing and Community Development (DHCD) determines which: Low-income housing projects will qualify for the credit. @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > (12.5) Noncompliance This annual LIHTC Compliance Training is a comprehensive course specifically designed to assist affordable housing professionals with becoming skilled in project compliance. Handbook 4350.3, Change 4 (Excerpts) Rev 11/2014 endstream endobj 107 0 obj <>/Subtype/Form/Type/XObject>>stream (5.5) Tips Low Income Housing Tax Credits (LIHTC) Architects and Contractors Go to Architects and Contractors Standards of Design for Preconstruction manual and forms Missing Middle Housing Program Go to Missing Middle Housing Program Forward information with respect to the Developmentto current owners of tax creditdevelopments and tolocal, state and nation-wide non-profit and for profit owners who have notified NIFA that they have an interest in preserving housing; and to tax credit investors and others who have asked for such information. Exhibit "B" to Regulatory Agreement (PDF), Life Cycle of a 1 g s 08/16List of Unit Numbers(Excel), 01/23Resident Fees(PDF) Projects Eligible for a Qualified Contract Request. 0.5 0.5 17 17 re Revised August, 2019: Disaster Area Temporary Relief / added link to LIHTC compliance web page that contains the following: 1. 0.5 0.5 17 17 re s endstream endobj 118 0 obj <>/Subtype/Form/Type/XObject>>stream 2023 All Rights Reserved, NYC is a trademark and service mark of the City of New York, 2023 HOME and LIHTC - Income and Rent Limits for NYC, 2023 LIHTC Income -Averaging Project - Income and Rent Limits for NYC, HPD Annual Owner Certification Form Part A, HPD Annual Owner Certification Form Part B, HPD eRent Roll Template - Including Instructions, Tenant Income Certification Form Instructions, Investment or Pension or Annuity Verification, Student Status and Financial Aid Verification, HUD Handbook: Income Inclusions and Exclusions, Compliance in HOME Rental Projects: A Guide for Property Owners, HOME and Low Income Housing Tax Credit Guidebook, Advisory for HOME and LIHTC Property Owners Regarding the Violence Against Women Act, Highlights of Changes in the 2013 HOME Final Rule (changes in compliance monitoring for HOME projects funded after August 23, 2013), IRS Guide for Completing Form 8823, LIHTC Noncompliance or Building Disposition, IRS Guidance:Electronic Signature Program. (6.8) Annual Recertifications for Mixed Income Properties (11.4) On-Site Visits What Could Debt Limit Negotiations Mean for Housing and Community Development? endstream endobj 123 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream Income verifications are in compliance with methods required by state, federal, city and/or county polices . Alone and in combination with tax exempt private activity bonds, the LIHTC has been the most . \` ,u For all other Michigan State Housing Development Authority (MSHDA) and Low Income Housing Tax Credit (LIHTC) properties there is no specific required lease. Learn through self-paced online trainings, recorded webinars, and more. (9.1) Summary (1.8) Tax Credit Properties with Tax-Exempt Bonds, Federal Requirements 04/19Carbon Monoxide Detectors & IRS Final Regulations for LIHTC Memorandum, Customer Service Surveys Environmental Review, Davis Bacon, Relocation, Fair Housing and Section 3 requirements are also monitored as they relate to these programs. H Attendees learn all the details of how to determine an applicants eligibility and how to keep a LIHTC property in compliance with the many rules and regulations of the IRS and HUD, as spelled out in HUD Handbook 4350.3 REV 1 and other federal notices. H IRS Form 8823- Low Income Housing Credit Agencies Report of Noncompliance. 10/17Compliance Officer Customer Service Survey (Word). (1.6) Additional State Rules Tax Credit Compliance Manual (3.3) Persons with Disabilities Utility 0 0 18 18 re 0.75293 g IRS Form 8693- Low Income Housing Credit Disposition Bond Income/asset verifications and other forms. 0.5 0.5 17 17 re endstream endobj 163 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream Tax Credit Compliance Procedures Manual was designed to give property owners and 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq 0 0 18 18 re Compliance monitoring is basically comprised of three processes: Review of Annual Owner Certifications submitted by March 1st, to ensure income-qualified tenants are paying rents which are below the mandated limits. 1 g Chapter 5, Exhibit 2: Assets (PDF), Utility Allowance Procedures for LIHTC Properties (PDF) Compliance Forms Checklist (PDF) Rev 7 | Some developments may have committed to longer affordability periods as outlined in their Land Use Restriction Agreement (LURA). P \ Le$A2* 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. HUD Forms - Can be found on theHUDCLIPSwebsite. (10.1) Summary (6.8) Record Retention, Noncompliance 1000 2nd Avenue, Suite 2700, Tenant File Forms The Internal Revenue Service (IRS) Low Income Housing Tax Credit is available under Section 42 of the Internal Revenue Code. @ 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. 01/23Resident Fees(Excel), 02/11Ownership Entity Information Form(PDF) Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. The LIHTC is designed to subsidize either 30% or 70% of the costs in a low-income unit rental project. 08/20Notice Of Change In Ownership(Word) Attn: Management & Compliance Pros: "Take our survey on improving our paperwork & enter to win a gift basket!". H Tax Credit Project (PDF), Differences Between Tax Credits and Bonds (PDF), Income & Asset Verification Summary Chart (PDF), HUD Occupancy LIHTC Program Policies (See Current Year Exhibit A-13: Schedule II LIHTC 12 units or more with Section 8.

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