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Property Compliance News Briefs - March 2016

The 2015 annual owner certifications and tenant data were due to the Ohio Housing Finance Agency (OHFA) March 1. Certifications were to be submitted by that date to OHFA’s online reporting system, DevCo Online. OHFA invited low-income housing tax credit (LIHTC) developers to apply to the Section 811 Project Rental Assistance program. The application window was be open until all funding was allocated. More information is available at the Ohio Housing Finance Agency.

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On Jan. 8, the Wisconsin Housing and Economic Development Authority (WHEDA) released guidance for preparing the Owner’s Certificate of Continuing Program Compliance (AHTC Form 100), and the Unit Status Report (AHTC Form 200). AHTC Form 100 and Paper Unit Status Reports had to be postmarked no later than Jan. 31. WHEDA indicated that both reports are requirements of the Internal Revenue Service (IRS), as well as WHEDA, and documentation for the 2015 tax credit compliance year had to be complete and accurate. The owner’s certification was for Jan. 1, 2015, through Dec. 31, 2015. The Unit Status Report had to include all move-in, move-out, recertification and adjustment events which took place Jan. 1, 2015, through Dec. 31, 2015. More information is available at the Wisconsin Housing and Economic Development Authority.

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On Jan. 25, the Missouri Housing Development Commission (MHDC) released a 2016 draft of its LIHTC Compliance Manual. MHDC is inviting feedback on the draft copy In addition, MHDC specifically requested input on what will make this LIHTC manual a useful resource for owners and/or management companies, what subject matter should be expanded upon review of the manual, what subject matter seems redundant upon review of the manual and whether or not the manual explains both federal tax credit requirements and the requirements of the MHDC Asset Management Department as the state LIHTC administrator. The comment period will end at 5 p.m. March 31. The draft is available at www.taxcredithousing.com.

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The Mississippi Home Corporation (MHC) released, “Program Bulletin 16-2001: Annual Owner’s Certification Report,” Jan. 21. The bulletin includes information on the compliance forms and resources available to assist with the completion of the report. The reporting period is Jan. 1, 2015, to Dec. 31, 2015. The Annual Owner Certification Report must be submitted by 5 p.m. May 2. The bulletin is available at www.taxcredithousing.com.

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The National Affordable Housing Management Association (NAHMA) announced the winners of the 23rd annual Communities of Quality (COQ) Awards program at its winter meeting, March 6-8. These awards honor the best multifamily affordable housing communities across the country, with criteria including how the manage the physical, financial and social conditions of the properties are managed, and on how well properties offer the highest quality of life for their residents. The four winners include Village at Lakeview Apartments in Edgewood, Md., for exemplary family development. The property serves 497 residents in 223 garden-style units. Rogers Hall in Lowell, Mass., a 60-unit apartment community for seniors, was awarded in for exemplary development for the elderly. The nonprofit Lilburn Terrace Apartments in Lilburn, Ga., an 811 Project Rental Assistance Contract property designed for individuals at least 18 years old who are physically disabled/mobility impaired, was awarded for exemplary development for residents with special needs. Silver Leaf Terrace in Leominster, Mass., a 216-unit complex that received a makeover complete with new appliances and fixtures, was awarded for outstanding turnaround of a troubled property. The 2015 COQ had 50 entrants.

Journal Category:

Property Compliance

Authors:

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