Sign Up For Novogradac Industry Alert Emails

Compliance News Briefs - February 2022

In response to December 2021’s swarm of tornadoes, the Kentucky Housing Corporation (KHC) reminded affordable housing providers of federal assistance and options available under Revenue Procedure (Rev. Proc.) 2014-49 and 2014-50. KHC’s announcement included when to contact the agency concerning available units, uninhabitable units and major property damage. Under Rev. Proc. 2014-49 and 2014-50, low-income housing tax credit- (LIHTC-) and private-activity bond- (PAB-)financed properties have temporary relief from certain requirements of Internal Revenue Code (IRC) Section 42, as well as emergency housing relief for individuals displaced by a major disaster.

***

The Washington State Housing Finance Commission (WSHFC) is seeking a seasoned compliance/property/asset manager to monitor a vital tax credit portfolio in a full-time, permanent portfolio analyst position in its asset management and compliance division. Duties and responsibilities include managing a portfolio of more than 130 rental housing properties; reviewing and auditing annual, quarterly and other periodic reports; analyzing results of on-site inspections; conducting performing analysis of the portfolio and more. For more information or to apply, contact Cindy Felker via email at [email protected].

***

The Florida Housing Finance Corporation (FHFC) began conducting in-house compliance monitoring Feb. 1 for extremely low-income special needs homes in its developments, including those designated as “link units,” named because FHFC has linked those receiving supportive services with housing. Files to be examined include the specific number of units and Links units occupied, records of contact between properties and referral agencies and a copy of any current correction period. Review dates will correspond with previous years, i.e., a development last reviewed March 1, 2019, will be reviewed March 1. Developments with January dates will face review in 2023.

***

Minnesota Housing revised its Housing Tax Credit Program Compliance Guide in December 2021. The nearly 100-page document includes a program summary, Internal Revenue Service reporting requirements, compliance and monitoring information after Year 15, and more. The document is available as a .pdf under the Housing Tax Credits tab under Program Guides, Forms and Other Resources on Minnesota Housing’s compliance webpage.

***

The Montana Board of Housing announced Dec. 15, 2021, that its compliance staff will host a spring LIHTC compliance training from March 28 to April 1. The event is planned as an in-person training as well as virtual.

***

The Alabama Housing Finance Authority (AHFA) resumed on-site physical inspections in January. Such inspections include exterior and interior areas of buildings and units. AHFA will notify each management company via email before visiting the property.

Journal Category:

Property Compliance

Authors:

Novogradac

Learn more about Novogradac's expertise and many services