Property Compliance News Briefs - February 2011

Tuesday, February 1, 2011

The U.S. Department of Housing and Urban Development (HUD) now requires owners and managers of properties with project-based Section 8 rental assistance contracts or Section 202 or 811 project rental assistance contracts to obtain Dun and Bradstreet Numbering System (DUNS) numbers and to register in the Central Contractor Registration (CCR). Notice H 2011-01 provides guidance on the Federal Accountability and Transparency Act of 2006; the deadline and process for obtaining a DUNS number and CCR registration and how DUNS and CCR will use the information. Owners have 60 days from the publication date of the notice, January 5, to obtain a DUNS number and to register in CCR. Failure to obtain a DUNS number and CCR registration by the deadline may result in suspension of HUD assistance payments. The notice is available on HUD's web site at www.hud.gov.

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The Texas Department of Housing and Community Affairs (TDHCA) released the 2010 annual owner compliance report in January. The agency requires that owners and managers of properties receiving assistance under the HOME, low-income housing tax credit (LIHTC), Housing Trust Fund (HTF), preservation, tax credit assistance, LIHTC Section 1602 exchange, community development block grant (CDBG) and multifamily revenue bond rental programs submit the report using TDHCA's online reporting system, Case Management Tracking System (CMTS). Parts A, B and C of the report are due no later than March 1. Part D is due no later than April 30. Access the report by logging in to CMTS through TDHCA's web site, www.tdhca.state.tx.us.

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Owners and managers of affordable rental properties receiving assistance through Kentucky Housing Corporation (KHC) are required to submit annual performance reporting (APR) packets online. KHC's submission deadline is March 15 and the agency will begin assessing late fees on March 16. KHC will charge an additional $100 for reports not submitted electronically. In a separate announcement, KHC said it will begin accepting applications for its 2011 funding round from February 22 through the March 1 deadline. The agency has also posted revised underwriting models for 2011 and 2012 applications. Review the updated underwriting models and obtain all forms and instructions needed to complete the APR packet at www.kyhousing.org.

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The Wisconsin Housing and Economic Development Authority (WHEDA) announced that in January it had implemented a new fee schedule for tax credit annual monitoring. The fees for paper and electronic unit status reports are, respectively, $55 per unit per annum and $25 per unit per annum for WHEDA and U.S. Department of Agriculture Rural Development-assisted properties. Monitoring fees for properties receiving all other types of assistance are $55 per unit per annum for paper unit status reports and $40 per unit per annum for electronic reports. The agency will send invoices for the increased fees prior to the March 15 due date.

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The Ohio Housing Finance Agency (OHFA) released a revised reporting method for 2011. The agency says all tax credit property owners and managers must use its "compliance tool" for the 2011 reporting year and that it will provide training sessions. OHFA also announced that it will perform subsidy layering reviews on properties that propose to use Section 8 project-based vouchers with LIHTCs; these reviews are designed to ensure that projects with multiple funding sources do not receive subsidies in excess of the amount necessary to maintain affordability. See more information on subsidy layering review guidelines and download the compliance tool and training schedule at www.ohiohome.org.

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Diana Koppes recently became Oregon Housing and Community Services' (OHCS') asset and property management division administrator. Koppes previously served as the OHCS asset and property management division policy advisor.

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