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Property Compliance News Briefs – April 2020
Property Compliance Briefs
Several housing finance agencies have announced suspensions to physical property inspections of occupied units, in consideration of the COVID-19 public health emergency. Visit www.novoco.com/coronavirus for updates.
The New Hampshire Housing Finance Authority announced Feb. 20 that its 2020 utility allowance schedule was published and went into effect Feb. 1. Low-income housing tax credit properties must implement changes in utility allowances to compute gross rents within 90 days of the effective date.
Mississippi Home Corporation announced Feb. 3 that the annual owner’s certification (AOC) report is due by 11:59 p.m. April 30. The AOC report must be completed by all owners of developments that received a LIHTC award from the Mississippi Home Corporation. The AOC report is used to show that the development met the provisions of the tax credit program.
The Connecticut Housing Finance Authority informed local housing authorities, owners and sponsors of the state-sponsored housing portfolio Feb. 6 that income from employment with the U.S. Census Bureau in support of the 2020 census is exempt. Any tenant who has wages from employment with the U.S. Census Bureau in support of the 2020 census must report this income, but the income is not to be included in the tenant’s annual or interim certification.