Property Compliance News Briefs - January 2017

Thursday, January 5, 2017

On Nov. 4, 2016, the California Tax Credit Allocation Committee (TCAC) released an updated placed-in-service checklist and Form B. Now, a requirement to update the ownership portions of the Excel application replaces the previously used project ownership profile form. An electronic version of the legal description and assessor’s parcel number is now required. Clarification is needed regarding the investor’s equity letter and the basis and credits calculation has been added. Certification templates are now required for owner, architect and energy analyst, replacing the previous owner-generated certifications. A section has been added to the checklist for points and tie-breaker documentation. TCAC stated that owners should begin using the new documents immediately, but that owners currently preparing placed-in-service packages with previous versions of these forms already completed may submit those previous documents to TCAC. Placed-in-service packages submitted after Dec. 15, 2016, must use the updated checklist and form, which can be found at www.treasurer.ca.gov.

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New Hampshire Housing (NHH) issued a memo Nov. 30, 2016, to property owners and managers discussing U.S. Department of Housing and Urban Development’s (HUD’s) Violence Against Women Act (VAWA) final rule published Nov. 16, 2016. The final rule expands the number of HUD programs subject to VAWA protections beyond residents of public housing and Section 8 tenant-based and project-based programs. In the memo, NHH stated that the rule codifies VAWA core protections to ensure that individuals are not denied assistance, evicted or have their assistance terminated because of their status as victims of domestic violence, sexual assault and stalking or for being affiliated with a victim, and that compliance with HUD’s final rule must start no later than May 15, 2017. The rule was effective Dec. 16, 2016.

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Connecticut Housing Finance Authority (CHFA) released Nov. 22, 2016, its 2017 multifamily housing financial reporting schedule. The document includes budgets, interims and the capital improvement schedule. The workbook is used by developments with CHFA multifamily mortgages to project their annual operating budgets and their capital improvements for the coming year.

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The Idaho Housing and Finance Association (IHFA) Web page reminds affordable housing owners and managers that the proposed schedule of rental rates is due within 60 days of start of fiscal year. Proposed schedules must be sent to IHFA immediately.

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On Nov. 10, 2016, the Michigan State Housing Development Authority (MSHDA) issued a memorandum to affordable housing owners and managers stating that a 0.3 percent increase in Social Security and supplemental income benefits for 2017 that could affect some affordable housing properties. MSHDA said that amounts must be taken into consideration for all tenant income certifications completed (signed) Nov.10, 2016, and thereafter.

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On Nov. 17, 2016, South Carolina State Housing Finance and Development Authority announced a storm recovery program for rental apartments affected by the Oct. 5, 2015, flood. The South Carolina Disaster Recovery Office introduced the October 2015 Storm Recovery program that is designed to repair or reconstruct single-family housing and single-family rental apartments affected by the flood. The goal of the program is to serve approximately 1,500 low-income homeowners with the priority focused on the extremely low-income, elderly, disabled and families with children 5 or younger in the household.

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