Sign Up For Novogradac Industry Alert Emails

Property Compliance News Briefs - January 2010

The Ohio Housing Finance Agency (OHFA) announced on December 4 that it had revised its compliance forms. Property managers or owners must use the revised forms for certifications or verifications on or after January 1, 2010. Revisions include a new Student Status Verification (PC-E42), which is required by the IRS to ensure all tax credit households are complying with the tax credit student rule. Effective January 1, 2010, the Student Status Verification must be completed by each household on or up to 60 days before the household’s move-in or recertification date. Properties continuing to recertify residents using the OHFA Sworn Income and Asset Statement (PC-E01) are not required to use the Student Status Verification as student status is already addressed on the Sworn Income and Asset Statement. Properties may elect to use a version of the Student Status Verification provided all of the questions on the Student Status Verification are included on the owner’s certification form. The revised forms and Student Status Verification can be found on OHFA’s web site.

***

The Indiana Housing and Community Development Authority (IHCDA) announced on December 1 that its Physical Inspection Compliance Guide is available on its web site. The guide is a reference for the compliance inspections of properties assisted with IHCDA resources. The guide will assist owners, developers, management companies and on-site management personnel to answer questions regarding procedures, rules and regulations that govern assisted properties. It provides guidance with respect to IHCDA’s administration of inspection for compliance of low-income housing tax credit, HOME Investment Partnership properties, Community Development Block Grant recipients and the Indiana Affordable Housing and Community Development Fund. IHCDA hopes that promoting awareness of the inspection process will lead to fewer findings of noncompliance.

***

Kentucky Housing Corporation (KHC) has developed a new form for properties to update or change management company information electronically. The electronic form will help expedite the process for changes and updates and provide confirmation when the updates are received. The form can be found on KHC’s web site under Housing Production, Asset Management/Compliance Monitoring, Management Information Update Form. Questions about the form can be addressed to Sherri Woods at 502-564-7630, ext. 255, or [email protected].

***

The Colorado Housing Finance Authority (CHFA) issued a Post Year 15 Compliance and Monitoring Plan on November 17 to provide owners of low-income housing tax credit (LIHTC) projects with a waiver that in year 16 of a project’s extended use period waives some of the compliance and monitoring restrictions. According to IRC Section 42(h)(6)(E)(ii), owners are prohibited throughout the extended use period and for three years after the termination of the extended use period from evicting or terminating tenancy of an existing tenant for other than good cause; or increasing the gross rent of an existing tenant above the applicable maximum rent. The post Year 15 guidelines go into effect starting the later of November 17 or the first day after the end of the project’s 15-year compliance period. 

***

On December 9, Gov. David Paterson announced $60.3 million in federal American Recovery and Reinvestment Act (Recovery Act) funding for weatherization projects that will work to reduce the energy burden on low-income residents in 9,431 multi-family housing units around New York. Awards have been made to 12 new and existing weatherization assistance providers under the Division of Housing and Community Renewal’s (DHCR) Weatherization Assistance Program (WAP). Weatherization activities to be performed include: adding insulation and making buildings more weather-tight, updating heating and air conditioning systems, replacing inefficient appliances, and repairing and replacing windows. Awardees demonstrated the capacity to move quickly to be able to weatherize entire portfolios of affordable multifamily buildings that include low-income housing tax credit (LIHTC) developments. Funding highlights include $15 million to weatherize 2,143 units of LIHTC and U.S. Department of Housing and Urban Development (HUD) portfolios in New York City. The Local Initiatives Support Corporation (LISC) and Enterprise will form a partnership to deliver services and NYC’s Housing Preservation and Development (HPD) will provide support. 

***

Nearly 10,000 apartments in Maine, including more than 650 vacancies, are listed at MaineHousingSearch.org, a new web site that matches landlords with rental apartments to people looking for an apartment. This new rental listing service is free for both landlords and renters. The web site was officially launched by MaineHousing and the Department of Health and Human Services at Maine’s Annual Affordable Housing Conference October 19, and includes listings from 398 landlords, according to MaineHousing. Landlords who register to use the site may enter their detailed rental property information online at any time, and include vacancies, any eligibility requirements and photographs. Renters seeking an apartment can search listings by location, cost, size, proximity to work and other factors. In addition to general use, the web site can be used by service providers who are looking for supportive or assisted housing for clients, as well as to locate vacant apartments in a region when there is a natural disaster. Socialserve.com, a national not-for-profit provider of housing locator services, runs Maine’s site. Socialserve.com operates similar housing registry and locator services in 27 other states. 

Journal Category:

Property Compliance

Authors:

Novogradac

Learn more about Novogradac's expertise and many services