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CTCAC RELEASES NEW TENANT INCOME COLLECTION FORMS

Tuesday, November 23, 2010 - 8:00AM

The California Tax Credit Allocation Committee (CTCAC) today announced a policy change related to the U.S. Housing and Urban Development’s (HUD’s) tenant income collection (TIC) initiative. Low-income housing tax credit (LIHTC) property owners will be required to use one of two forms posted on CTCAC’s Web site to provide the TIC data that HUD requires property owners to collect from tenants as part of the Housing and Economic Recovery Act of 2008. Owners must use the Tenant Income Certification with Supplemental Information Form for all new households who move in on or after January 1, 2011; the form replaces the form CTCAC issued in March 2009. For households residing in units on or before December 31, 2010, owners may use the Supplemental Information Form for Existing Households at all LIHTC properties, including those in their extended use period. Beginning on January 1, 2011, all LIHTC property owners must complete one of the two forms for all households at their properties and transmit the demographic and economic data to CTCAC electronically. Additional information about the TIC forms can be found on CTCAC’s compliance monitoring Web page.

HUD’s tenant data collection initiative will be one of many topics discussed at Novogradac & Company LLP’s Tax Credit Housing Finance Conference on December 2-3 in Las Vegas, Nev. Property owners and managers can also get a more in-depth discussion of the data collection initiative by attending the conference’s two-day Property Compliance Workshop.

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