Property Compliance News Briefs – December 2019
The National Council of State Housing Agencies (NCSHA) released updated model forms Oct. 4 for low-income housing tax credit (LIHTC) compliance monitoring. The model forms, developed in collaboration with NCSHA’s members and stakeholders, include the owner’s certification of continuing program compliance, tenant income certification, employment verification and more. NCSHA’s Recommended Practices in Housing Credit Administration encourages state agencies to adopt model forms to standardize compliance monitoring practices across states and create efficiencies for owners and other LIHTC professionals.
Oregon Housing and Community Services (OHCS) Nov. 4 released a notice of a public rulemaking concerning proposed rules to make changes to the publicly supported housing preservation requirements. Proposed rules would require owners to provide notices to OHCS and local government earlier than previously required. The hearing for these proposed changes was scheduled for Nov. 18.
New Hampshire Housing issued a notice to LIHTC property owners and agents to remind them of changes the Internal Revenue Service made in February on how allocating agencies must monitor LIHTC compliance. The notice includes significant rule changes and how the changes affect how New Hampshire Housing monitors compliance. Noted rule changes include the requirement that allocating agencies inspect units/files solely based on the sample sizes outlined in the LIHTC Minimum Unit Sample Size Reference Chart. The notice states that in certain cases, the entire property may need to be inspected/reviewed as part of the periodic LIHTC compliance monitoring review. New Hampshire Housing also notes that the time frame for providing a notice of an upcoming review has been shortened to 15 days.