lihtc compliance checklist

2023 US Department of Housing and Urban Development, Section 3 HUD Compliance Review Checklist. (5.14) Student Income f 0 0 18 18 re 0 0 18 18 re Rev 10/2018 WBARS Tax Credit developments allocated federal low income housing tax credits in 1990 and thereafter may be eligible to make a qualified contract request to NIFA in 2005 and beyond. EMC Calculation of Qualified Contract Price Worksheet (Blank) (Word) 12/19CO Detector Owner Verification Form (7.5) Residents Found to be Over-income at Time of Move-in Properties may generate a LIHTC for investors. 09/04Annual Project Summary(PDF) MAP| Credit Frequently Asked Questions (PDF), LIHTC Program Policies (See Current Year Question 1. 12/14Tenant Income Certification (TIC)(Word) (Mandatory Form) 0.5 0.5 17 17 re E-08 Notice of Intent to Clear Land. 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. 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. H These checklists are not required to be completed by owners and managers. Contract Process (PDF) endstream endobj 108 0 obj <>/Subtype/Form/Type/XObject>>stream Rev 02/2009 0.5 0.5 17 17 re 04/19Carbon Monoxide Detectors & IRS Final Regulations for LIHTC Memorandum, Customer Service Surveys (5.6) Picture Identification It contains examples of records that can be maintained to support Section 3 compliance during a HUD compliance review. Year End Report Forms, 10/17Auditor-Inspector Customer Service Survey(PDF) 7 | endstream endobj 146 0 obj <>/Subtype/Form/Type/XObject>>stream Notice H2019-03 LIHTC Pilot Q&A's (5/3/2019) Map Guide Clarification, Security for Equity Bridge Loans (3/8/2018) 2016 MAP Guide FAQs on Affordable Transactions (6/19/2017) Lender Certification for Tax Exempt Bonds and 4% Tax Credit Transactions. (11.4) On-Site Visits @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > endstream endobj 111 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream Tenant File Forms 0 0 18 18 re (5.19) Personal Property Held as an Investment (11.5) Fulltime Student Households H (12.5) Definitions, Tax s 0.5 0.5 17 17 re endstream endobj 122 0 obj <>/Subtype/Form/Type/XObject>>stream E-News monthly newsletter. 0.5 0.5 17 17 re They should contain a completed application with appropriate signatures and dates, income and asset verifications as appropriate, and a thoroughly completed Tenant Income Certification (TIC) that has been signed by all adult members of the household as well as the manager. 94 0 obj <> endobj Learn about what HUD grantees are doing across the nation. s /Tx BMC (5.13) Annuities (4.2) Restricted Rent Requirements Resources and assistance to support HUD's community partners. A copy of a capital needs assessment, prepared by a licensed engineer or architect within the last six (6) months, that meets the requirements set forth in the Exhibits of NIFA'scurrent. Q | EMC Tax Credit Compliance Manual endstream endobj 120 0 obj <>/Subtype/Form/Type/XObject>>stream endstream endobj 116 0 obj <>/Subtype/Form/Type/XObject>>stream 01/23Resident Fees(Excel), 02/11Ownership Entity Information Form(PDF) Housing Tax Credit (LIHTC) The Housing Tax Credit Program (LIHTC) is designed to provide for-profit and nonprofit developers with an incentive to create and maintain affordable housing. This document is intended to be used as a reference tool to help grantees prepare for HUD compliance reviews. IRS Forms @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > Rev 10/2018 (11.2) Initial Resident Qualifications (8.1) Summary endstream endobj 117 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream 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 01/19Notice of Building Casualty Loss or Damage(PDF) EMC House and Ground Rules-TC 63TC. 0 0 18 18 re \` ,u (5.8) Social Security, Supplemental Security Income (SSI) s (2.15) Utility Allowances (11.3) Household Transfers (9.1) Summary Browse the library of grantee reports and plans, organized by program. 1 g The Internal Revenue Service (IRS) Low Income Housing Tax Credit is available under Section 42 of the Internal Revenue Code. H G Some tax credit projects receive tax credits from both Minnes ota Housing and a suballocator. @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > Doc Title. 80/20 Bonds | 501(c)(3) Find answers to frequently asked questions. IRS Form 8609-A- Annual Certification for Low Income Housing Credit (3.3) Newly Placed-in-Service Acquisition/Rehab Properties The credit note should be issued for the excess value of supply charged in the invoice, i.e. They should be able to provide insights on financial matters and help drive the organization's growth strategy. Tax Credit 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq If a Development Owner desires to sell the property under the qualified contract process such Development Owner must notify NIFA using the process outlined below. Income Certification (TIC, IC HEC, etc.) 0.5 0.5 17 17 re (12.3) Annual Reports 0 0 18 18 re K | f 1 | (5.13) On-Going Monetary Gifts This document describes (1) the federal and state resources available for financing rental housing through the plan, (2) the legislative requirements for distributing these resources, (3) the State's preference for the location and type of such housing, (4) the process used for evaluating applications and awarding these resources, and (5) program s %%EOF 9. 0.5 0.5 17 17 re Forms of Verification (PDF) Annual Reports, Interim Information| Privacy Notice This document is intended to be used as a reference tool to help grantees prepare for HUD compliance reviews. LIHTC/Tax Exempt Bonds without Section 8 rental assistance and which have reached the end of their initial tax-credit compliance period. (1.8) Tax Credit Properties with Tax-Exempt Bonds, Federal Requirements @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > 0.75293 g 206 PPMG 31. (7.3) Delays in Making a Unit Suitable for Occupancy 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq f endstream endobj 114 0 obj <>/Subtype/Form/Type/XObject>>stream TheDevelopment Owner agrees to indemnify, defend and hold NIFA harmless with respect to the use of information submitted with respect to the Development. NIFA will perform a desk audit, conduct a site visit, or review the owner's tenant files and provide the owner with a summary report of the findings. File) 11/2017, Recertification Waiver Procedure (PDF) Exhibit "B" to Regulatory Agreement (PDF), Life Cycle of a 10/17Compliance Officer Customer Service Survey(PDF) 0.5 0.5 17 17 re 118th Congress Begins with New Committee Membership on House and Senate Committees That Focus on Affordable Housing, Community Development, Feb. 28, 2023: Standalone Storage and the Investment Tax Credit, Feb. 21, 2023: Four Things to Set Up CDEs for NMTC Compliance Reporting Success, Feb. 14, 2023: Opportunity Zones Hot Topics, Decreased Competition from Home Ownership in Increasing Interest Rate Environment, As Market Rate Multifamily Starts Near Record Highs, Affordable Housing Community is Assessing Effects on LIHTC-Financed Properties, Quick Guide to Answering IRS Form 8609 Line 8bMultiple Building Election, Do Not Sell or Share My Personal Information. endstream endobj 106 0 obj <>/Subtype/Form/Type/XObject>>stream EMC Contact Us PowerPoint Slides (PDF), Post-Year 15 Streamlined Monitoring Procedures Overview - Recorded Webinar (MP4 1 g H f Attn: Management & Compliance Pros: "Take our survey on improving our paperwork & enter to win a gift basket!". f @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > Resources 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. (5.16) Stocks, Bonds, Treasury Bills, Certificates of Deposits, Money Market endstream endobj 158 0 obj <>/Subtype/Form/Type/XObject>>stream Doc Title. Revised October, 2018: Each time a revision is made to the Tax Credit Compliance manual, it will be . Current Ownership Entity Certification Tenant Based Rental Assistance Guide. endstream endobj 123 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream 0 0 18 18 re Knowledge of Section 8, LIHTC, and HUD ; Must know HUD/Public Housing/Tax Credit policies and procedures ; Detail-oriented and the ability to operate on a deadline-driven schedule ; Possess strong organizational, analytical, and problem-solving skills ; COS certification ; Physical Demands . A. WSHFC s endstream endobj 101 0 obj <>/Subtype/Form/Type/XObject>>stream (5.19) Lump-Sum Receipts 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. Sections 3.4, 3.5, & 3.7. (2.7) Common Area Units (9.2) Types of Transfers or Assignments Requiring Commission Consent (5.4) Include Raises When Calculating Wages H s C: Actual Usage Estimate Guidance - Method 6 (PDF) (9.5) Required Document for All Transfers Handbook 4350.3, Change 4 (Excerpts), Chapter 5: Move-In Master File Checklist- LIHTC PPMG 17a PPMG. 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 If there are questions regarding Compliance Forms, please email Compliance Monitoring Unit or call (517) 241-2560. @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > endstream endobj 130 0 obj <>/Subtype/Form/Type/XObject>>stream endstream endobj 104 0 obj <>/Subtype/Form/Type/XObject>>stream Below are MSHDA approved recommended leases and addendums. endstream endobj 142 0 obj <>/Subtype/Form/Type/XObject>>stream 1 g Review of project owner tenant files for documents required to support information provided in Annual Owner Certifications. s 1 g (10.4) Marketing by the Commission 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. (6.1) Owner Annual Certifications Rev 02/2009, Sample Utility Allowance Schedule (PDF)Rev 02/2009, Public Housing Authorities Link Rev 02/2009, Forms ~ State; theirPortfolio Analyst. Agree to allow NIFA to post summary data about theDevelopment on NIFAs website.

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