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Property Compliance News Briefs - December 2022

The Internal Revenue Service (IRS) Oct. 7 issued IRS Notice 2022-52 which extended relief announced in IRS Notice 2022-05, specifically placed-in-service deadlines for 2019-2021 low-income housing tax credit (LIHTC) allocations, postponement of the reasonable restoration period by 24 months instead of 18 months, extension of the correction period by up to 12 months and the continuation of waivers for physical inspections.

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Oregon Housing and Community Services updated its general housing account program manual to update its loan criteria. The update affects the timing of a temporary filing to meet the timing of an affordable housing development. A temporary filing must pass construction closing before a permanent filing. Not filing could force delays, which may add risk and costs to a development.

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The Colorado Housing and Finance Authority (CHFA) announced Oct. 13 efforts to streamline its recertification policy for LIHTC and multifamily loan developments. Basic annual recertification for 100% LIHTC, 100% CHFA loan and mixed-income post-Year 15 LIHTC properties can be completed beginning with the first annual recertification. The recertifications require a new form available through CHFA’s website. The new policy takes effect Jan. 1, 2023.

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The Iowa Finance Authority in September issued the 2022 edition of its compliance manual. The new edition adds details about utility allowances for U.S. Department of Housing and Urban Development-regulated buildings, including LIHTC units, file order recommendations and excluded household members, among other updates and changes.

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The Illinois Housing Development Authority updated its LIHTC Unit Agreement form. The form is an agreement between the tenant and manager/owner of an acknowledgment of the rules of the LIHTC program.

Journal Category:

Property Compliance

Authors:

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