Compliance News Briefs - April 2022
The California Tax Credit Allocation Committee (CTCAC) updated its guidance Feb. 3 with regard to compliance monitoring for 2022. The memo provided further information regarding income recertifications, compliance monitoring, 30-day notices, common areas and amenities, service amenities, desk audits, electronic file storage, CTCAC required forms, and continuing COVID-19 guidelines.
Legislation introduced in February in the California Assembly aims to streamline the compliance monitoring of affordable housing developments subject to a regulatory agreement with the Department of Housing and Community Development, the California Housing Finance Agency and CTCAC. Housing providers have had to report to as many as three different agencies for compliance monitoring. A.B. 2006 seeks to simplify the inspection process via a memorandum of understanding that would ensure only one of the entities would conduct physical inspections for a particular property.
New Hampshire Housing’s 2022 utility allowance scheduled went into effect Feb. 1. The schedule covers such cost allowances such as space heating, water heating, cooking and miscellaneous electric uses such as lights and refrigeration. Low-income housing tax credit properties must institute changes in utility allowance within 90 days of Feb. 1.