Property Compliance News Briefs - March 2015

Journal of Tax Credits Volume 6 Issue 3Sunday, March 1, 2015

The Ohio Housing Finance Agency (OHFA) released its interactive DevCo Compliance User Guide Jan. 7. The guide assists with 2014 annual owner certifications and tenant data through DevCo Online, OHFA’s online management system. The guide lists general procedures, including accessing and registering in DevCo Online, adding utility allowances, adding development information, completing tenant income certifications and using the data-import function. The guide also states that the 2014 annual owner certification and tenant data is due April 3 for any low-income housing tax credit (LIHTC) or HOME development that was operational in 2014. However, for developments funded with Housing Trust Funds only or that are in extended use periods, tenant data will not be due until May 1. OHFA will no longer accept the Excel-based compliance tool to report tenant data.

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The National Affordable Housing Management Association (NAHMA) announced Jan. 16 the winners of the 22nd annual Communities of Quality (COQ) Awards. Participants were judged on how they manage physical, financial and social conditions of their properties; and how well they convey their success in offering the highest quality of life for their residents. There were more than 30 entrants for the 2014 COQ Awards. The winners were Canterbury Place in Roslindale, Mass., for exemplary family development; Little Neck Village in Marion, Mass., for exemplary development for the elderly; Pear Tree Place I, II and III in Yakima, Wash., for exemplary development for special needs; and Blackstone Terrace in Woonsocket, R.I. for outstanding turnaround of a troubled property. The 2014 COQ Awards will be presented at NAHMA’s annual Federal Affairs Issues meeting, March 8-10 at The Fairmont Washington, in Washington, D.C.

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The California Tax Credit Allocation Committee (CTCAC) announced Jan. 30 that the California utility allowance calculator (CUAC) was updated. Changes to CUAC include updated submission instructions and frequently asked questions (FAQ). CUAC is California’s energy consumption model for calculating utility estimates. More information is available at www.treasurer.ca.gov.

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The Missouri Housing Development Commission released its Developer’s Guide for Multifamily Programs in early January. The guide is provided as a reference for developers, owners and all team members. The guide provides detailed information on documents and procedures in order for developers to comply with tax credit requirements. The guide is available at www.taxcredithousing.com.

Property ComplianceNovogradac & Company LLP