Sign Up For Novogradac Industry Alert Emails

Property Compliance News Briefs - April 2014

The Texas Department of Housing and Community Affairs (TDHCA) announced on Feb. 18 that the ownership transfer forms for multifamily housing development owners have been updated, as has the post-carryover activities manual. The manual now includes a chapter for ownership transfers and provides detailed instructions on completing the transfer process. The manual and the forms are available at www.taxcredithousing.com.

***

On Feb. 21, the Ohio Housing Finance Authority (OHFA) announced it is revising its policy for reporting physical non-compliance to the Internal Revenue Service (IRS). The revision applies to low-income housing tax credit (LIHTC) compliance reviews conducted on or after March 1, 2014. IRS regulation 1.42-5 requires reports to be made on all non-compliance. It also requires that state housing agencies report all non-compliance after the IRS bright line (date of the letter scheduling the on-site review). Identified non-compliance that is uncorrected at the time of the on-site review will be reported to the IRS in Form 8823.

***

On March 10, the IRS released a notice soliciting comments for Forms 8609 and 8609A for LIHTC allocation and certification. The notice states this is an extension of a currently approved collection, no changes to either document were incorporated. Comments are due by May 9.

Journal Category:

Property Compliance

Authors:

Novogradac

Learn more about Novogradac's expertise and many services