forms located under the Qualified Contract Process dropdown, Calculation of Qualified Contract Price Form and Worksheets, Projects Eligible for a Qualified Contract Request. (2.7) Common Area Units H 118 71 205. Some developments may have committed to longer affordability periods as outlined in their Land Use Restriction Agreement (LURA). IRS Form 8693- Low Income Housing Credit Disposition Bond endstream endobj 104 0 obj <>/Subtype/Form/Type/XObject>>stream - RD may wage match periodically (If available in . Post the Development information on NIFAs website. File Audit Forms - Complete through the CARS application on the Online Systemspage. Form SS-4 Application for Employer Identification Number (PDF), Financial Solvency and LIHTC History (PDF), LIHTC Ownership Capacity Certification Form, LIHTC Management Capacity Certification Form, Qualified Contract Notification Letter (PDF), Calculation of Qualified Contract Price Worksheet (Blank) (Word), Calculation of Qualified Contract Price Worksheet (Sample) (Word), Post-Year A debit note is required to be issued as the tax charged in the invoice is less than the actual tax payable. (3.1) Introduction 4 | /Tx BMC Rev 02/2009, Differences Between Tax Credits and Bonds (PDF) Rev 11/2014, Income & Asset Verification Summary Chart (PDF) Rev 07/2016, HUD Occupancy 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 Credit|Bond/Tax Credit| 1000 2nd Avenue, Suite 2700, G items 2,3,4, and 6 only 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. For all other Michigan State Housing Development Authority (MSHDA) and Low Income Housing Tax Credit (LIHTC) properties there is no specific required lease. 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) MSHDA HUD Section 3 policy and these guidelines have been prepared to provide information and guidance to Section 3 recipients on how the Michigan State Housing Development Authority (MSHDA) will administer the Section 3 regulations. 253 0 obj <>stream @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > (5.2) Verification 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. LIHTC/Tax Exempt Bonds without Section 8 rental assistance and which have reached the end of their initial tax-credit compliance period. Compliance Forms Checklist (PDF) Rev f Michigan LIHTC Compliance Manual Checklist - MSHDA Programs - This form lists all of the sources of income and types of assets held by the applicant. H The information provided on the website is for general informational purposes only and does not constitute professional advice or an offer to sell or solicitation to buy securities. endstream endobj 167 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream Homebuyer Assistance Document Checklist. endstream endobj 162 0 obj <>/Subtype/Form/Type/XObject>>stream 0 0 18 18 re (1.6) Tax Credit Only Properties (12.2) Request Process (1.3) Compliance Basics 0.5 0.5 17 17 re Development Information Forms s s 0 0 18 18 re 10 | f (PDF) In addition, developments must adhere to a minimum Extended Use Period of an additional 15 years. endstream endobj 116 0 obj <>/Subtype/Form/Type/XObject>>stream 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. s IRS Form 8611- Recapture of Low Income Housing Credit (12.5) Noncompliance Owners of LIHTC properties are required to comply with the annual reporting and payment requirements outlined below. endstream endobj 164 0 obj <>/Subtype/Form/Type/XObject>>stream \` ,u This website provides links to websites owned by other parties. 0.75293 g Some of the information may have been provided by third parties and is based solely on information provided to Novogradac by that third party. (3.7) Farmworker Housing 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 149 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream They understand that NIFA has made no independent investigation of theDevelopment Owners submissions and cannot attest to their accuracy or completeness. (2.14) Effect of Resident Moving to Another Unit (100% Affordable Properties( Allowance Spreadsheet - Method 6 (Excel), Stream Presentation on Vimeo (32 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. (2.20 Correction Period for Non-Compliance Information about the Pass-Through Bond Program, Information on Direct Lending Parameters, Gap Financing Programs, Equity Bridge Loan Program, Notice of Intent to Apply, LIHTC Application and Exhibit Requirements for Direct Lending Programs, Other Information (Mortgagor and Contractor's Cost Certification Guide and forms, HOME Subsidy Limits, Direct Lending Intake Forms, Contractor Requirements, and the Modified Pass-Through Program), Parameters, Standards of Design for Preconstruction manual and forms. Current Ownership Entity Certification (11.1) Introduction Use this form to create a record of your income and rent limits along with the income and asset calculations for each household. EMC 07/14LIHTC Compliance Policy #10, Owner Physical Inspection Certification Forms: /Tx BMC 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. (2.6) Evictions 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. The qualified purchaser may be a non-profit or for-profit entity that agrees to maintain the affordable housing units and fulfill all requirements of the LURA for the remainder of the extended use period. P | 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 Worksheet (Blank) (Word) (10.2) Fees 10/15Student Verification(Word), 11/15Annual Student Eligibility Certification LIHTC & Tax Exempt Bond(PDF) (Mandatory Form) (11.5) Fulltime Student Households 18 KB. endstream endobj 108 0 obj <>/Subtype/Form/Type/XObject>>stream endstream endobj 157 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream H 9 | Below are MSHDA approved recommended leases and addendums. 09/04Annual Project Summary(PDF) 0.5 0.5 17 17 re Development Owners who elect to exercise their qualified contract process must complete the forms located under the Qualified Contract Process dropdownand provide all required due diligence documentation listed therein. Exhibit F Bond Process Checklist. 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. endstream endobj 148 0 obj <>/Subtype/Form/Type/XObject>>stream \` ,u Input Tax Credit - CA Inter Tax Study Material is designed strictly as per the latest syllabus and exam pattern. A current and complete rent roll for the entire Development. Please check off each item as it pertains to the property and submit complete package on or before January 31st. (5.8) On-Site Staff and Management Personnel Chapter 10, Qualified @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > endstream endobj 102 0 obj <>/Subtype/Form/Type/XObject>>stream 0 0 18 18 re (10.4) Three-Year Period @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > \` ,u Post-Year 15 0.5 0.5 17 17 re Verification Checklist can be used for this documentation. (11.5) Post-Year 15 Training | Information for Instructors | Multifamily Housing: Financial Solvency and LIHTC History (PDF) 36,000. All units must have a valid lease. f 206-587-5113 | Contact Us (5.5) Tips (8.1) Summary Rev 10/2018 H RealPage Compliance Services provides services to ensure compliance with local, state and federal Affordable Housing regulations. endstream endobj 151 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream CDBG Application Handbook (REV March 2020 corrected) CDBG Administration Handbook 2014. . Hope Manor (Chicago) The Low Income Housing Tax Credit (LIHTC, Housing Credit) is a dollar-for-dollar federal tax credit for affordable housing investments. 01/23HOME Rent and Occupancy Report (for HOME Projects Only(Excel), 01/23NSP Rent and Occupancy Report (for NSP Projects Only)(PDF) (7.4) Overcharging Rent File) 11/2017, Recertification Waiver Procedure (PDF) 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq 0 0 18 18 re s (5.1) HUD Occupancy Handbook 4350.3, Chapter 5 | See also: @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > Forms and Reports 0.5 0.5 17 17 re Using HUD's inspection protocol for tax credit properties is more than just doing a REAC Inspection. Grantees and Public Housing Agencies (PHAs) should work with their legal counsels to ensure it meets all local and state laws. 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq These are some of the checklists that Compliance Monitors use when they perform onsite monitoring visits at TDHCA administered properties. Multi-Family/Rental Pay Request Checklist. Facilities |Land Acquisition Program Owner Utility Estimate Checklist - Methods 6-8 (PDF) 12/12MSHDA Checklist (Spanish)(PDF) (Mandatory Form), 10/15Student Verification(PDF) The current yearly cap is $10,000,000. 0.5 0.5 17 17 re endstream endobj 128 0 obj <>/Subtype/Form/Type/XObject>>stream (4.1) How to Determine Rent endstream endobj 160 0 obj <>/Subtype/Form/Type/XObject>>stream (5.5) Seasonal or Sporadic Wage Income (2.11) Available Unit Rule 11/15Annual Student Eligibility Certification LIHTC & Tax Exempt Bond(Word) (Mandatory Form), 10/15Annual HOME Certification of Student Status(PDF) (Mandatory Form) endstream endobj 112 0 obj <>/Subtype/Form/Type/XObject>>stream 1 g Compliance Forms Home Compliance Forms Compliance Forms Property managers or owners of OHFA-funded communities need to complete various forms in order to certify your residents are qualifying for housing. Properties may generate a LIHTC for investors. 01/18Utility Allowance Documentation(Excel), 11/15Common Area Unit Designation(PDF) Rev 10/2018 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq 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). H Powerpoint (PDF) (5.1) Summary E-NEWS Email and you will be notified when there are changes to this manual. If any portion of the land or improvements are leased, copies of the leases. (6.8) Annual Recertifications for Mixed Income Properties (5.16) Types of Assets f 01/19Notice Of Change In Management Agent(Word) Our products and services work seamlessly within your company's business processes to meet all of your asset management and compliance needs. POSITION: Regional Manager, Affordable Housing. It availed the ITC. Tax Credit Annual Report Common Errors/Best Practices Rev. To date more than 3 million apartment units have been created through LIHTC with another 100,000 new units added each year. 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. \` ,u f A thorough narrative description of the Development, including all amenities suitable for familiarizing prospective purchasers with the Development. endstream endobj 118 0 obj <>/Subtype/Form/Type/XObject>>stream 187 0 obj <>/Filter/FlateDecode/ID[<6C0801052EB2644EA5560E0BDDF7FB48><9ECC332C94208F4CA5BA534F797A6FC6>]/Index[94 160]/Info 93 0 R/Length 149/Prev 153443/Root 95 0 R/Size 254/Type/XRef/W[1 3 1]>>stream (12.3) Annual Reports Allowance Spreadsheet - Method 6 (Excel), Webinar To date more than 3 million apartment units have been created through LIHTC with another 100,000 new units added each year. endstream endobj 117 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream Chapter 5, Exhibit 1: endstream endobj 103 0 obj <>/Subtype/Form/Type/XObject>>stream EMC E-09 Administrative Record. Application Materials 2022-2023. . Chapter 5, Exhibit 2: Assets (PDF), Utility Allowance Procedures for LIHTC Properties (PDF) LIHTC Newsletter # 45 (PDF) Provides clarification about utility allowance and gross rent violations for the Housing Tax Credit program. (12.1) Qualifying for the Waiver 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 . endstream endobj 158 0 obj <>/Subtype/Form/Type/XObject>>stream 42 of the Internal Revenue Code of 1986, the Tax Credit Regulatory Agreement ("TCRA"), the Compliance Monitoring Agreement, the Qualified Allocation Plan ("QAP") and other legal governing documents. Environmental Review, Davis Bacon, Relocation, Fair Housing and Section 3 requirements are also monitored as they relate to these programs. 0.5 0.5 17 17 re (9.8) Specific Documentation Required for Sale of Property (Assumption by Original 0 0 18 18 re Find answers to frequently asked questions. 1 g 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. Information about the Project Based Voucher program. H theirPortfolio Analyst. s LIHTC Program Policies (See Current Year 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. 0.5 0.5 17 17 re Fax: @ 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.
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