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Compliance News Briefs - July 2021
The California Tax Credit Allocation Committee (CTCAC) proposed changes to the language and dollar amounts for a slate of compliance violations in a May 20 letter to property owners and management agents of low-income housing tax credit (LIHTC) developments. The changes were for a series of violations including failure to provide service amenities, sale of property or change of ownership entity without CTCAC approval, change of property management company without CTCAC approval and many others. The comment period concluded June 1.
The Illinois Housing Development Authority (IHDA) announced in an April 26 letter that it would resume compliance monitoring operations for the 2021 review cycle. The IHDA changed its procedure in March 2020 due to the COVID-19 pandemic. Several processes will remain remote, such as physical inspections, tenant file reviews and management reviews.
The Maryland Department of Housing and Community Development (DHCD) committed $40 million May 17 to relaunch its Assisted Housing Relief Program, which helps rental units in multifamily developments financed by DHCD’s community development administration using state funds and other federal resources. The online application portal, as well as forms, frequently asked questions and more information are available on the DHCD website.
Mississippi updated its 2021 Housing Tax Credit Compliance Monitoring Requirements in an April 20 bulletin sent to developers, owners and management agents. The changes, which took effect May 1, reflect updates to the language for compliance reviews, physical damage reporting, presentation of a qualified contract and completion of qualified contract process.
The Oklahoma Housing Finance Agency announced in March that it would not extend its moratorium on LIHTC compliance recertifications that took place from April 1, 2020, to Dec. 31, 2020. The moratorium was put in place due to the global pandemic.