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Property Compliance News Briefs - June 2010

The National Affordable Housing Management Association (NAHMA) last month released the NAHMA 2010 Affordable 100, a list of the 100 largest affordable multifamily property managers ranked by affordable unit counts. The Affordable 100, which was created in an effort to accurately determine the portfolio sizes of U.S. affordable multifamily units receiving federal subsidy, lists units subsidized by HUD project-based assistance, low-income housing tax credits (LIHTCs), HOME funds, federal bond programs or USDA Section 515. The list also provides historical information that can aid in negotiating with federal departments and agencies regarding the preservation of affordable housing and developing housing policy. See the entire list at www.nahma.org.

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The Ohio Housing Finance Agency (OHFA) on April 22 issued a memo to owners and managers of LIHTC properties that highlighted immediate changes to its policies and procedures, including student status certification; recertification exemption for single-family units; use of the "Under $5000 Asset Certification and PHA" letter by multifamily bond projects; and utility allowances. Download a copy of the memo at www.ohiohome.org. Questions can be directed to Brian Carnahan at (614) 728-5608.

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In response to recent flooding in Kentucky, the Kentucky Housing Corporation (KHC) has released contact information for questions or reports related to flood damage to affordable multifamily housing developments. To report flood damage to projects financed with KHC funding sources, including low-income housing tax credits, call (800) 633-8896. Questions about proper compliance documentation and records if tenants have been relocated, either temporarily or permanently, due to flooding should be directed to Veronica Ramsey. For requests for disbursements from a project's reserve to replacement account, or to inquire about loss draft procedures for insurance claims, contact Sharon McCurdy. Chrystal Satterly is the contact to report flood-related damages for projects participating in the project-based rental administration program. KHC can provide temporary rental assistance to income-eligible households through partnerships with local housing agencies throughout the state. KHC also announced that it would update its online database with information about flood damages to multifamily developments.

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The U.S. Department of Housing and Urban Development (HUD) on April 13 issued Housing Notice 10-08 (H 10-08), providing detailed instructions for implementing its refinement of income and rent determination requirements as they pertain to certain public and assisted housing programs, including project-based Section 8, Section 101, Section 202/162, Section 202 Project Rental Assistance Contract, Section 811, Section 236, Section 236 Rental Assistance Payment and Section 221(d)(3) Below Market Interest Rate. The notice also deals with the implementation of the Enterprise Income Verification (EIV) system. HUD's final rule on the implementation of the above requirements went into effect on January 31. Download the notice at www.hud.gov/offices/adm/hudclips.

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The Indiana Housing and Community Development Authority (IHCDA) announced in late April that it will redevelop its web site in response to suggestions from stakeholders. The authority is in the process of dividing the present single site into two – one with end-user information such as homebuyer resources, energy assistance programs and other information targeted to consumers, and another site exclusively for applicants and partners, called MyIHCDA. Program manuals, training and webinar schedules, and compliance information will be available for download through MyIHCDA. Send suggestions for the new sites by e-mail to [email protected]. IHCDA plans to unveil the two sites by early summer.

Journal Category:

Property Compliance

Authors:

Novogradac

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