Property Compliance News Briefs - January 2011

Saturday, January 1, 2011

The Department of the Treasury's Low-Income Housing Credit (LIHC) Compliance Unit relocated from Bensalem, Pa. to a new office in downtown Philadelphia. The LIHC compliance unit is where completed and signed Internal Revenue Service (IRS) Form 8609, used to obtain a low-income housing tax credit (LIHTC) allocation from the housing credit agency, should be submitted for filing. The new address is Department of the Treasury, Internal Revenue Service Center, Philadelphia, PA 19255-0549.

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The National Leased Housing Association (NLHA) posted scholarship applications for assisted housing residents, including Section 8 vouchers recipients and tax credit property residents, on its education fund web page. The education fund provides scholarships that cover tuition and related college or trade school expenses. NHLA is encouraging its members to notify their residents of the scholarship availability through community newsletters or other resident communications prior to the application deadline of February 25. NHLA awarded 24 scholarships last year. An application and a description of the scholarships are available at www.hudnlha.com.

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Florida Housing announced that its compliance monitors will no longer give owners or managers advance notice of inspections or reviews of units and files. However, the agency said it will continue to provide notice of when management reviews will occur so that owners and managers may notify tenants of an upcoming inspection. More information is available at www.floridahousing.org.

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The Georgia Department of Community Affairs (DCA) compliance department implemented the MITAS database in December. MITAS will allow owners and property managers to track anomalies and compliance problems and will also eliminate the need for quarterly compliance reports, DCA said in an e-mail announcement on December 14. Through MITAS, the agency will be able report tenant data to the U.S. Department of Housing and Urban Development as required under the Housing and Economic Recovery Act (HERA). DCA said that because the reporting is congressionally mandated, participation in the MITAS database is mandatory. (Read more about the HERA data collection requirement in the February 2011 issue of the Novogradac Journal of Tax Credits.) Owners and managers who complete the process for their portfolios by the February 1 deadline will be awarded points in the 2011 qualified allocation plan as an added incentive. To reduce the initial reporting burden, DCA is only requiring the MITAS Excel report in place of the LIHTC compliance quarterly report, the HOME semi-annual report and the rent roll for the annual owner's certification (AOC) that is required for both LIHTC and HOME programs. DCA also announced that the AOC deadline has been pushed back to March 31. These forms must be submitted electronically for all sites with DCA HOME or LIHTC funding, even if the properties are monitored by another agency. The forms and instructions are available on DCA's web site at www.dca.state.ga.us.

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The National Affordable Housing Management Association (NAHMA) announced the details of the 2011 Affordable Housing Vanguard Award, which recognizes and benchmarks exceptional new affordable multifamily housing development and highlights the results of public and private partnerships. Awards will be presented in four categories: new construction; major rehabilitation of an existing rental housing community; major rehabilitation of a non-housing structure into affordable rental housing; and major rehabilitation of a historic structure into affordable rental housing. Created to complement NAHMA's Communities of Quality (COQ) Award program, the Vanguard Award recognizes properties that are less than three years old and are too new to meet COQ criteria. NAHMA will host an awards ceremony in June at its summer meeting in Las Vegas, Nev. Applications must be submitted as portable document format (PDF) files to NAHMA by April 15. More information on the award and full details about the application process can be found on NAHMA's web site at www.nahma.org.

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