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Property Compliance News Briefs – February 2018

The Ohio Housing Finance Agency (OHFA) issued a program compliance update Dec. 1, 2017, reminding low-income housing tax credit (LIHTC) property owners that 2017 Annual Owner Certifications and tenant data are due March 1. LIHTC extended-use properties have completed 15 years of the compliance period and are required to submit tenant data on all rental activity for the reporting year. If any new properties or lease-up phases are qualified during the 2017 reporting period, the owner is required to submit the tenant data and annual certification. If the property was sold during the reporting period, the owner of record at the end of the reporting period is responsible for annual reporting. Owners are required to submit the 2017 certifications and tenant data via OHFA’s online reporting system, DevCo Online. 

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The Ohio Housing Finance Agency (OHFA) announced Dec. 27, 2017, several changes and updates to DevCo Online. The new release impacts development activation in DevCo, display of income and rent limits, annual owner certification questions and more. Changes were initially released Dec. 20, 2017. 

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The California Tax Credit Allocation Committee (CTCAC) announced Jan. 9 deadline reminders for its 2017 annual owner certification (AOC) package. Part one of the AOC is due March 19. CTCAC also noted that the AOC package will continue to consist of two parts. Part one includes the AOC form and the project ownership profile (POP) form. Part two of the AOC package includes the annual operating expense (AOE) form and the lender profile (LP) form. In addition, CTCAC also announced the availability of the 2018 compliance monitoring inspection list and that owners will receive up to a 30-day advanced written notice of any upcoming monitoring visit. 

Journal Category:

Property Compliance

Authors:

Novogradac

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