Property Compliance News Briefs - April 2011

Friday, April 1, 2011

The U.S. Department of Housing and Urban Development (HUD) requested comments about its calculation method for the trend factor used in its fair market rent (FMR) estimates. According to HUD's notice in the March 9 Federal Register, FMRs are required to be "trended so the rentals will be current for the year to which they apply." HUD proposed several alternative methods for calculating the trend factor and requested comments on the alternatives as well as sought other suggestions. The agency will accept public comments until April 8. A copy of the notice is available online at www.hudresourcecenter.com.

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The Internal Revenue Service (IRS) is inviting comments concerning Form 8609 and 8609-A for low-income housing tax credit (LIHTC) allocation and certification. No changes have been made to Form 8609; in the March 4 Federal Register notice the IRS says it updated the instructions for Form 8609 in December of 2010 and the updated filing figures changed the reporting burden. Written comments are due on or by May 3, 2011.

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The Indiana Housing and Community Development Authority (IHCDA) released the final draft of its 2011 Rental Housing Tax Credit Compliance Manual. IHCDA said policies and procedures outlined in the 2011 manual override those in previous editions and apply to all LIHTC properties regardless of allocation year. The agency is encouraging all LIHTC property owners, management companies and onsite management personnel to read the manual and keep a copy for reference. IHCDA has posted the manual and all of its appendices on its web site at www.in.gov/ihcda.

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To comply with HUD's annual reporting requirements, the Texas Department of Housing and Community Affairs (TDHCA) revised its income certification and annual eligibility certification forms. The agency's compliance and asset oversight division updated the income certification form to include the Section 1602 LIHTC exchange program, the tax credit assistance program (TCAP), the Community Development Block Grant Program and the Neighborhood Stabilization Program. TDHCA's annual eligibility certification form now includes Section 1602 and TCAP. Both forms are available on TDHCA's web site at www.tdhca.state.tx.us.

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The Multifamily Information and Transactions Standards (MITS) initiative, an apartment industry effort to develop common data transfer standards, released a new standard called Renters' Insurance 4.0. MITS founder National Multi-Housing Council said the new standard is designed to facilitate the sale of renters' insurance as part of the leasing process by making it easier for property management software to exchange data with software used by renters' insurance companies. Renters' Insurance 4.0 is available for free to all users at www.mitsproject.org.

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The New York City Department of Housing Preservation and Development (HPD) and the Community Preservation Corporation (CPC) launched NYC Green House, an online resource for multifamily property owners that want to save money by going green. NYC Green House includes a hands-on tool kit and training workshops on how owners can cost-effectively retrofit, operate and maintain their buildings. The program was made possible through a grant from HSBC Bank. Explore the online knowledge base and download materials from www.nycgreenhouse.org.

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Ronald Burson was elected to serve a three-year term on the National Affordable Housing Management Association's (NAHMA's) national board. Burson is president of Fairfield Homes' property management division and has worked for Fairfield Homes for more than 30 years. He has served as past president of several real estate associations, including the Columbus Apartment Association in Ohio.

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