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Property Compliance News Briefs - June 2014

On April 18, the U.S. Department of Housing and Urban Development (HUD) updated the final fair market rents (FMRs) for the Housing Choice Voucher program and Moderate Rehabilitation Single Room Occupancy program for fiscal year (FY) 2014 for Santa Barbara-Santa Maria-Goleta, Calif., metropolitan statistical area and Stamford-Norwalk, Conn., HUD metro FMR area. The updated FMRs are based on surveys that were conducted in November 2013. The FY 2014 FMRs for these areas show the estimated 40th percentile rent levels to April 1. The FMRs became effective April 18. The notice is available at www.taxcredithousing.com.

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HUD published the 2014 HOME Investment Partnership program income and rent limits, which were effective May 1. Income limits are based on the HUD estimates of median family income, with adjustments based on family size. The limits are available on HUD’s website. Individual links to a state’s income and rent limits are available at www.huduser.org,.

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The Ohio Housing Finance Authority (OHFA) announced April 29 that it extended the 2013 owner certification and reporting deadline to June 6. OHFA provided the extension to ensure that developers would have sufficient time to register on DevCo Online, OHFA’s new online multifamily system used to prepare tenant income certifications and report them to the housing finance agency. Developments that used gap financing from OHFA, as well as extended use low-income housing tax credit developments, must report on DevCo Online.

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On April 30, the Texas Department of Housing and Community Affairs (TDHCA) posted an updated cost certification application form to its website. Development owners submitting cost certifications that are due after June 1, 2014, must use the updated form, which can be found at www.tdhca.state.tx.us.

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The Florida Housing Finance Corporation (FHFC) announced on May 6 that the Federal Emergency Management Agency issued a major disaster declaration for those affected by storms that occurred between April 28 and May 6 in Escambia and Santa Rosa counties. The disaster declaration allows the state to suspend certain requirements of the LIHTC program, as established by Revenue Procedure 2007-54. Rev. Proc. 2007-54 established a procedure for temporary relief from certain requirements of Internal Revenue Code Section 42 for owners of low-income housing located in major disaster areas. Owners of these developments who wish to participate need to coordinate their efforts with FHFC. FHFC said that for communities in the affected areas to provide housing to displaced households, the owner must submit Form TH-01–Request for Approval to Provide Temporary Housing. When a request is approved, certain rules are suspended for displaced households until Sept. 3, 2014. This includes the non-transient rule and the available unit rule. FHFC stated that all other rules apply, including rent restrictions. The displaced household shall then complete Form TH-02–Affidavit of Displacement. Requests should be submitted to the asset management and compliance department at [email protected].

Journal Category:

Property Compliance

Authors:

Novogradac

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