Property Compliance News Briefs - February 2010

Monday, February 1, 2010

On December 14, the Ohio Housing Finance Agency (OHFA) issued compliance guidance for owners and managers of projects financed using the Tax Credit Assistance Program (TCAP), the low-income housing tax credit cash grant exchange program and the Neighborhood Stabilization Program. The guidance outlines OHFA's current interpretation of compliance requirements for all three programs. The guidance memo is available for download at www.taxcredithousing.com or www.ohiohome.org/compliance. Questions regarding the guidance memo can be directed to Brian Carnahan at [email protected] or by telephone at (614) 728-5608.

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Texas Senate Bill 1717 requires owners of multifamily rental developments that receive state funding, including tax credits, to submit to the Texas Department of Housing and Community Affairs (TDCHA) by March 10 quarterly reports on the number of vacant units. The unit status reports, due on the 10th of January, March, June and October, must be submitted through the online Compliance Monitoring and Tracking System (CMTS). The report must show occupancy as of the last day of the month for the reporting period. The first quarterly report is currently available.

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The deadline for submission of the 2010 Annual Owner Certification (AOC) report for Mississippi has been extended from February 1 to March 15. Submission of the certification data and the other components of the report will be accepted only between February 15 and March 15. The extension is due to a major software update to the Certification Online (COL) system and Mississippi Home Corporation's (MHC's) internal compliance monitoring software. Owners and managers will still be able to access and input data into the COL system prior to the submission window. Developments that do not submit the report by the deadline, or submit an incomplete report will be assessed noncompliance fees and reported to the Internal Revenue Service (IRS). MHC will not grant a grace period of five days for the issuance of IRS Forms 8823. Contact the compliance division at (601) 718-4642 for additional information.

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The Indiana Housing & Community Development Authority (IHCDA) released the 2010 Rental Housing Tax Credit Compliance Manual last month. A draft of the manual was available on IHCDA's web site for a public comment period that ended January 4. In other news, IHDCA community development representatives received new regional assignments. Indiana's four regions will now be divided into six: Northeast, North Central, Northwest, Southeast, South Central and Southwest. The change is an endeavor to provide more targeted support to community housing development organizations throughout the state.

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The National Affordable Housing Management Association (NAHMA) announced last month that it will recognize in March four affordable housing communities as winners of its 2009 Communities of Quality® Awards. NAHMA says the awards acknowledge excellence in the physical, financial and social condition of federally subsidized properties. In addition, sites are honored on the basis of the quality of life they offer to residents; the level of resident involvement in community life; and the nature of collaborations with other organizations and agencies that contribute to the lives of residents and the larger community. Winners of the 17th annual COQ Awards competition are: Spear Management Inc. for Westbrook Pointe Apartments in Westbrook, Maine; WinnResidential for Whalers Place in New Bedford, Mass.; Creative Management Inc. for Riverside Apartments in Columbia, S.C.; and WinnResidential for Foxwell Memorial Apartments in West Baltimore, Md. The COQ awards will be presented at NAHMA's annual winter meeting, March 14-16, in Washington, D.C. More information about the awards will also be available in the March issue of the Novogradac Journal of Tax Credits.

Journal Category: 
Property Compliance