Property Compliance News Briefs – April 2018

Wednesday, April 4, 2018

New Hampshire Housing issued a memo to owners and management agents Feb. 9 on 2018 utility allowances. New Hampshire Housing 2018 utility allowances are now on the agency’s website and were effective Feb. 1. Low-income housing tax credit (LIHTC) properties must implement changes in utility allowances to compute gross rents within 90 days of the effective date. 

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The Ohio Housing Finance Agency (OHFA) announced Feb. 5 changes to income and rent verification on events in DevCo online. The changes were implemented to ensure that income and rental verifications are working properly on all LIHTC properties. Properties do not require income verifications due to the Housing and Economic Recovery Act of 2008 on recertification, composition update and transfer-in events. Additionally, LIHTC properties that have no market-rate apartments listed on the development do not require income verifications on recertification, composition update and transfer-in events and will not be implemented through DevCo Online.

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The California Tax Credit Allocation Committee announced a schedule for LIHTC compliance workshops for owners, managers and directors of compliance. The one-day workshops will go until April 19. Topics will include the latest updates from Washington, D.C., sale and transfer event policy, unit guidance and Form 8823 case studies. The complete schedule is available on the TCAC website.

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The OHFA issued its winter 2018 newsletter, including a program compliance update reminding property owners and managers about U.S. Department of Housing and Urban Development (HUD) rulings on issues including harassment. Since spring 2016, HUD issued several rulings focusing on practices in affordable housing. The compliance update discusses the rulings and how they apply to state-level housing.

Journal Category: 
Property Compliance