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Property Compliance News Briefs - July 2016

The U.S. Department of Housing and Urban Development (HUD) released guidance May 19 on utility allowance requirements. The guidance answered the question, “when does the utility allowance (UA) requirement established in the 2013 HOME Final Rule (HOME Rule) become effective, and what methods may a participating jurisdiction use to establish the UA for Home-assisted rental units?” HUD stated that participating jurisdictions are required to determine UAs for HOME-assisted rental units by using either the HUD Utility Schedule Model (HUSM) or a project-specific methodology. HUD reviews the HUD Utility Schedule Model and identifies several other methodologies that meet the HOME regulatory requirements including the HUD Multifamily Housing Utility Analysis, a Utility Company Estimate, a low-income housing tax credit (LIHTC) Agency Estimate or an Energy Consumption Model. The guidance is effective immediately and is available at www.hudresourcecenter.com. See page 50 for a detailed discussion of this guidance.

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The Ohio Housing Finance Agency (OHFA) released May 20 an updated Notification of Employee Unit(s) form. Previously titled, “Resident Manger’s Unit form,” the form was revised to be completed more efficiently. In addition, the Notification of Unit(s) Offline form was created to better record when low-income units are taken offline due to fire or other types of damage. Owners are required to submit this form within five business days of the unit going offline. Owners should begin using the forms effective immediately. The forms are available at the Ohio Housing Finance Agency.

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The National Affordable Housing Management Association (NAHMA) announced May 26 the Affordable 100 for 2016. The Affordable 100 is a list of the 100 largest affordable multifamily property management companies, ranked by affordable unit counts. While the list is available in print in the Affordable Housing Finance magazine, NAHMA says the online version expands the list to the top 120 largest multifamily property management companies. In addition, the online version presents two specialty lists, the 25 largest LIHTC property management companies and the 25 largest rural development program property management companies. The complete list is available on its website at the National Affordable Housing Management Association.

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The Mississippi Home Corporation (MHC) released May 25 changes to its compliance monitoring plan. Changes were made in five chapters–state compliance requirements, income and asset determination and responsibilities, gross rent determination, property dispositions and transfers, and noncompliance procedures and consequences. In addition, several forms were revised, including student financial aid verification, notice of general partner/LLC member/ management change and quarterly compliance status report. The community service sign-in sheet was also created. These changes were presented at MHC’s annual housing conference March 21-23 at the Beau Rivage Resort & Casino in Biloxi. The changes were effective May 1.

Journal Category:

Property Compliance

Authors:

Novogradac

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