\` ,u 01/19Notice Of Change In Management Agent(Word) Sample Pro-forma - Non-Habitat. 08/22Extension Request(Word), Requirements For Substituting A REAC Or RHS Inspection For A MSHDA Inspection: Your use of the website or any of the information available on it does not constitute a professional services relationship between you and Novogradac & Company LLP or its affiliates (Novogradac). (7.2) Common Reasons for Noncompliance 0 0 18 18 re For more information or questions, property managers and owners should contact 01/23NSP Rent and Occupancy Report (for NSP Projects Only)(Excel), 01/23HTF Rent and Occupancy Report(PDF) Sections 3.4, 3.5, & 3.7. 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq (3.3) Special-Needs Housing Commitments endstream endobj 115 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream They are solely responsible for documents and information provided to NIFA and to prospective purchasers. f Streamlined Monitoring Procedures Overview - (6.7) Annual Recertifications for 100% Low Income Tax Credit Properties @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > 01/19Change in System Contact Form(PDF) | Requests for Public Records H Sections 3.2 & 4.2.B. @ $a$ $a$ " * ; = > ? H Join our mailing list to receive the latest industry news and training updates. Rev 10/2018 0 0 18 18 re 0.75293 g Failure to submit by the deadline is noncompliance that shall be . 10/28/2022. Income Inclusions and Exclusions (PDF) H (11.5) Post-Year 15 Training contains the official notification of any non-compliance and lists each type of non-compliance. (9.5) Required Document for All Transfers @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > LIHTC VAWA and Manager's Unit Guidance. s MP4 of Lease Addendums (5.13) On-Going Monetary Gifts (2.2) For Use by the General Public Bond Compliance Reports - SUBMISSION PROCEDURES FOR JANUARY 2023 Rev 12/2022. \` ,u endstream endobj 154 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 F | (1.4) Minimum Low-Income Housing Set-Aside H C: Actual Usage Estimate Guidance - Method 6 (PDF) 03/14Owners Certification Attachment A(Word). We use cookies on this site to provide a better experience with content and analytics. Income and Rent Limits 1998-2018 All Rights Reserved, 1000 2nd Avenue, Suite 2700, 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. (Link to IRS: see Search Forms and Publications), Life Cycle of a s (11.2) Initial Resident Qualifications 0.75293 g 0.5 0.5 17 17 re Policies), Sample (12.2) Request Process endstream endobj 162 0 obj <>/Subtype/Form/Type/XObject>>stream Year End Report Forms, 10/17Auditor-Inspector Customer Service Survey(PDF) $ 8p a$ $ 8p a$gd$ $ 8p a$gde $ R8p p^p`a$ $ 8p a$ J K ^ _ ` a ` a b c 2 3 4 G H I J O V " h$ 5CJ hcG j hcG Uh.p 5>*OJ QJ hik CJ OJ QJ h.p CJ OJ QJ h.p >*CJ OJ QJ h.p h.p OJ QJ h$ CJ OJ QJ h$ >*CJ OJ QJ J K ^ ` 3 4 G $a$ 8p gd$ $ 8p a$gd$ $ 8p p^p`a$ $ 8p a$ $ 8p a$ = > ? endstream endobj 158 0 obj <>/Subtype/Form/Type/XObject>>stream 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. (2.17) Compliance Affordable - Use Periods (6.1) Summary Rev 02/2009, Qualifying a Household (PDF) 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. s HM Other. They should be able to provide insights on financial matters and help drive the organization's growth strategy. Recent ReEvision Webinar 12/2015 A Certification is required by most property management companies, local housing authorities, owners and others involved in LIHTC housing for any of their staff who are involved in determining if an applicant for tax credit housing is eligible and if a tax credit property complies with the various rules of the program as set forth by the IRS and HUD. H hb``f``d 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. E-09 Case Study Example. Review theDevelopment Owners packet of due diligence materials and agree on an appropriate Qualified Contract Price (QCP). Q | E-09 Administrative Record. PowerPoint Slides (PDF) 0.5 0.5 17 17 re 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. (2.11) Available Unit Rule Verification Checklist can be used for this documentation. s Table of Contents (PDF) f LIHTC Newsletter # 45 (PDF) Provides clarification about utility allowance and gross rent violations for the Housing Tax Credit program. The highest tax credit a business can receive is $5,000. H Credit Frequently Asked Questions (PDF) 0.5 0.5 17 17 re You should always consult with your retained professional advisor(s) concerning your particular circumstances. /Tx BMC H Development Owners who believe the development they own is eligible for the option year should contact NIFA. 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. f 0.75293 g /Tx BMC f (4.4) Restricting Up-Front Charges 0 0 18 18 re EMC These checklists are not required to be completed by owners and managers. 1 g (5.2) Verification 3 | A debit note is required to be issued as the tax charged in the invoice is less than the actual tax payable. H 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq s 03/20 Request To Eliminate Re-certifications(Word). Find answers to frequently asked questions. endstream endobj 119 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream If any portion of the land or improvements are leased, copies of the leases. (1.6) Additional State Rules 2016 MAP Guide Waivers for Chapter 14.13.D, Repayment Terms for Deferred Developer Fees (03/22/2019) (9.2) Transfers to Owners with No Previous Tax Credit Experience Some of the information may have been provided by third parties and is based solely on information provided to Novogradac by that third party. Bond EMC I | endstream endobj 132 0 obj <>/Subtype/Form/Type/XObject>>stream HUD may conduct a review of the recipient agency to determine compliance. f 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq HUD may conduct a review of the recipient agency to determine compliance. Title. 1 g Tax Credit Specialist is the premier course for earning your LIHTC certification. Handbook 4350.3, Change 4 (Excerpts), Chapter 5: (3.9) Restricting Up-Front Charges, Rents & Tenancy (2.19) Inspections 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. In addition, developments must adhere to a minimum Extended Use Period of an additional 15 years. Compliance Workshops and Trainings (11.4 Special-Needs Set-Asides 0.75293 g 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. (5.18) Mortgage or Deed of Trust Rev 02/08/2022 FUNDING INVOLVED: (Check all that apply) LIHTC OAHTC RISKSHARE CONDUIT ELDERLY/DISABLED PB-Section 8 Housing Plus Trust Fund GHAP NSP2 HPF Other: . (11.1) Introduction CDBG Application Handbook (REV March 2020 corrected) CDBG Administration Handbook 2014. . 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. Post the Development information on NIFAs website. Allowance Spreadsheet - Method 6 (Excel), Stream Presentation on Vimeo (32 (2.4) Non-Transient Use 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. H (5.16) Types of Assets (9.2) Maintaining Credit Set-Asides 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. 116; Tenant/Resident Release and Consent 24 % % TICQ/ Income Certification Checklist/REA 117. See Developments Currently Eligible for a Qualified Contract Request. (11.5) Definitions, Post-Year aTLR&R$R3GJh@h`bc2:$8P"4Of"5I"SD`FaF\G[ST[pYEQQ;%C1 u`X h 9u- 04/19Carbon Monoxide Detectors & IRS Final Regulations for LIHTC Memorandum, Customer Service Surveys Tax Credit Report Forms and PROCEDURES FOR JANUARY 2023 SUBMISSIONS. 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq The Department of Housing and Community Development (DHCD) determines which: Low-income housing projects will qualify for the credit. Review of Annual Owner Certifications submitted by March 1st, to ensure income-qualified tenants are paying rents which are below the mandated limits. 0.75293 g Developers & Contractors Environmental Review. (11.4) On-Site Visits 08/22Extension Request(PDF) Your compliance analyst will review all materials provided and issue an approval once we have established that the household is qualified for the LIHTC program. 0.75293 g 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. f Information about the Project Based Voucher program. 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. H (2.18) Resident Certification Package 0.5 0.5 17 17 re 1 | 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. 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. 01/23HTF Rent and Occupancy Report(Excel), 01/18Utility Allowance Documentation(PDF) When we identify noncompliance or a disposition of a building, NIFA is required to notify the Internal Revenue Service (IRS) during the initial 15-year compliance period using Form 8823, Low Income Housing Credit Agencies Report of Noncompliance or Building Disposition. (9.5) Specific Documentation Required for Sale of Property (9.9) For Changes to Limited Partner or Upper Tier Member please provide TC BD. 07/03RHS 1944-8Sample Form. 07/14LIHTC Compliance Policy #10, Owner Physical Inspection Certification Forms: 0.75293 g The content of such sites is not within Novogradacs control and Novogradac has no responsibility for the information or content thereon. (7.5) Residents Found to be Over-income at Time of Move-in 01/19First Year Credit Statement(Word), 08/16List of Unit Numbers(PDF) 0 0 18 18 re f (7.3) Properties Approved for Post-Year 15 Monitoring Procedures or 08/2019, Forms ~ Federal H (5.19) Lump-Sum Receipts 0 0 18 18 re Use this form to create a record of your income and rent limits along with the income and asset calculations for each household. s IRS Form 8611- Recapture of Low Income Housing Credit The course is customized to highlight Nebraska state specific policies and procedures in addition to federal requirements. 120 122/123 PPMG. (5.15) Additional Income Verification Guidelines B (1.3) Compliance Basics s endstream endobj 136 0 obj <>/Subtype/Form/Type/XObject>>stream 1 g (5.6) Verbal Verification Event Calendar \` ,u (2.3) Violence Against Women Act (VAWA) List theDevelopment for sale with a qualified sales agent or attorney who is qualified to sell affordable multifamily housing developments. Subscribe to 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. 253 0 obj <>stream H (5.5) Seasonal or Sporadic Wage Income 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 Input Tax Credit - CA Inter Taxation Study Material. s (2.11) Available Unit Rule and Mixed-Income Properties 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) items 2,3,4, and 6 only At a minimum, theDevelopment Owner must provide the following to NIFA: Qualified Contract Notification Letter Infractions are reported to the Internal Revenue Service, which, in its discretion, may conduct tax audits. endstream endobj 151 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream 01/23HOME Rent and Occupancy Report (for HOME Projects Only(Excel), 01/23NSP Rent and Occupancy Report (for NSP Projects Only)(PDF) 1 g (12.3) Annual Reports