Property Compliance News Briefs – October 2019

Thursday, October 3, 2019

The Mississippi Home Corporation issued Program Bulletin #19-2308 Aug. 23, focused on 2019 development financial analysis reports for the state of Mississippi. The memo, sent to developers, owners and management agents of low-income housing tax credit properties, provides information on the Development Financial Analysis Report (DFAR), including a due date of Sept. 3 for the 2018 reporting period. The memo also clarified how to submit a DFAR and stated that first-time reporters must include loan closing documentation and existing reporters must include loan modification documentation. The memo also warned that failure to submit or properly complete the DFAR by the deadline would result in noncompliance fees and reporting to the IRS for noncompliance. 

***

On Sept 5, the Mississippi Home Corporation announced that marketing efforts for all special need set-aside categories has been shortened from 90 to 30 days. Included in the set-aside categories is private owner deeper targeting rental assistance. 

***

Utah Housing Corporation announced the release of the 2019 Compliance Manual in late August. Included in the new manual were format updates, information on re-syndication, rehabilitation and acquisition/rehabilitation as well as new rules for management companies that are not in good standing, new requirements for electronic signatures and a new income-averaging minimum set aside. In addition to this new information, the 2019 compliance manual included Violence Against Women Act information and links to forms, and disparate impact information and links. 

Journal Category: 
Property Compliance
Authors: