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Property Compliance News Briefs - September 2016

The U.S. Department of Housing and Urban Development (HUD) released an update July 29 for the final fiscal year (FY) 2016 fair market rents (FMRs). Updates were included for the FY 2016 FMRs for Maui County and Kauai County, Hawaii. The revised FY 2016 FMRs for these areas reflect the estimated 40th percentile rent for April 2016. The updated FMRs were effective upon release of the notice. 

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Oregon Housing and Community Services released a 2016 version of its low-income housing tax credit (LIHTC) compliance manual in June. Oregon’s compliance monitoring plan is modeled to meet federal and state regulations as well as the recommendations of the National Council of State Housing Agencies (NCSHA). The manual is available at www.taxcredithousing.com.

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The Ohio Housing Finance Agency (OHFA) announced July 27 that the agency will require owners of projects that received an allocation of HOME funds on or after Aug. 23, 2013, to request a utility allowance from OHFA’s office of program compliance. Owners of these projects will no longer be able to use the public housing authority (PHA) allowance for the HOME units in the project. The OHFA stated in a press release that this 2013 Final HOME Rule utility allowance requirement impacts 13 OHFA HOME-funded properties, and will be effective Jan. 1, 2017. Owners of projects that received OHFA HOME funds before Aug. 23, 2013, are not impacted by the new utility allowance requirement and may continue to use any utility method described in OHFA’s Utility Allowance Policy to include PHA estimates. 

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In mid-July, the Washington State Housing Finance Commission (WSHFC) released several updated documents for its LIHTC compliance program. The cover sheet, federal requirements page and income and asset verification summary chart were all updated. The cover sheet provides the most up-to-date contact information for the agency; the chapter on federal requirements includes sections for fair housing, the violence against women act, mixed-income properties, and more; and the chart includes the required verification documentation and relevant forms. The compliance documents are available at www.wshfc.org.

Journal Category:

Property Compliance

Authors:

Novogradac

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