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Compliance News Briefs - January 2022

The Colorado Housing and Finance Authority (CHFA) issued 2022 due dates Nov. 9, 2021, for annual owner certifications for its low-income housing tax credit (LIHTC) and CHFA loan programs. Many deadlines were Jan. 15 for properties using LIHTCs and/or CHFA multifamily loans, although certifications for developments for which CHFA served as a conduit issuer of private activity bonds are due to the Internal Revenue Service March 31 with a copy to CHFA by April 30. Visit CHFA’s website to access forms.

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The Arizona Department of Housing issued a bulletin regarding rental compliance Nov. 15, 2021, for its range-of-hours income calculations as well as recertifications in 100% affordable communities. An income calculation using an average number of hours in a provided range is now acceptable in place of using the highest figure in a given period. Owners and agents are not required to conduct a full recertification beginning in year two of a household’s residency, but can conduct self-certification discretionarily. The recertification policy does not change for mixed-use developments, which are mandated by Internal Revenue Code Section 42, nor homes using State Housing Funds.

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The Kansas Housing Resources Corporation in December 2021 announced March 15, 2022, as the due date for 2021 annual reports for LIHTC properties. The annual report covers the period between Jan. 1, 2021, and Dec. 31, 2021. Forms are available from Kansas Housing Resources Corporation.

Journal Category:

Property Compliance

Authors:

Novogradac

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