Property Compliance News Briefs - October 2015

Thursday, October 1, 2015

The Ohio Housing Finance Agency (OHFA) announced a regional compliance forum to be held Oct. 7. The forum will provide participants with interactive discussion on OHFA’s compliance and monitoring policies. In addition, the forum will cover such topics as the DevCo online system that provides information on allocations, the qualified allocation plan, landlord tenant issues, and OHFA’s U.S. Department of Housing and Urban Development 811 award.

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On Aug. 12, the Vermont Department of Health released a the results of survey that gauged whether residents would choose to live in a smoke-free building over a similar building in which smoking was allowed. Nearly 60 percent of residents said they would be more likely to choose living in a smoke-free building. In addition, approximately 80 percent of respondents supported limiting or outright prohibiting smoking in entryways. The Vermont Directory of Affordable Rental Housing, which is operated by the Vermont Housing Finance Agency (VHFA), provides smoke-free policies that are available online for nearly two-thirds of the state’s affordable rental housing complexes. More information about the smoke-free policies is at www.housingdata.org/doarh.

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West Virginia Housing Development Fund (WVHDF) announced Aug. 28 the retirement of Sherry Bossie. She was senior director of tax credits and compliance. Bossie was with WVHDF for 26 years, starting as the financial management officer. Her work at WVHDF assisted in producing or improving nearly 14,000 residential rental units in West Virginia. Bossie officially retired July 28.

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On Aug. 6, OHFA released a memorandum to all owners and managers of LIHTC properties regarding an update made to the monitoring of extended-use tax credit properties. Effective Jan. 1, 2016, properties between the 16th and 30th years of compliance (the extended-use period) will have both physical and file reviews conducted on either a three-year or five-year rotation cycle. Extended-use properties will also be required to submit all tenant data on all households residing at the property during each reporting year. The notice is available at www.taxcredithousing.com.

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The Tennessee Housing Development Agency (THDA) released updated 2016 county needs scores Aug. 31. The new construction housing needs score was revised due to an error in methodology. Originally, the nonviable counties were computed based on being either in a county where the fair market rent was below the maximum LIHTC rent for all bedroom sizes, or where the county was defined as rural without a Community Reinvestment Act (CRA) area. However, this methodology only allowed the inclusion of counties as nonviable when they were located in a 100 percent rural county without a CRA area. The correction resulted in two counties being added to Tier I and one county being added to Tier II. The remaining counties that are now viable are in Tier III and IV.

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