Sign Up For Novogradac Industry Alert Emails

Property Compliance News Briefs – September 2018

New Hampshire Housing’s asset management staff issued a memo July 31 to owners and management agents regarding the budget form. The memo advises all owners and managers required to submit a budget on their property due to financing that New Hampshire Housing will no longer officially approve those budgets. When a budget is submitted to the asset-management mailbox, owners and managers will receive an automatic reply from the mailbox with a notification that the email was received. The new budget form removing the approval section is posted on the New Hampshire Housing website.

***

The Ohio Housing Finance Agency (OHFA) announced July 17 upcoming compliance training dates. Training is required for owners trying to obtain their 8609s. The training provides information about the Low-Income Housing Tax Credit (LIHTC) program and reviews OHFA-specific rules. The course also provides six hours of continuing education credit for various programs. The next training date is Sept. 16 in Akron, Ohio. 

***

The California Tax Credit Allocation Committee (CTCAC) issued Aug. 2 a guidance memo on placed-in-service packages, as well as limited partnership agreement (LPA) language relating to reserves. In the memo, CTCAC reminds owners of all developments that received reservations of tax credits in or after 1997 that they are subject to the requirement for reserves to remain with the project, regardless of any LPA language to the contrary. CTCAC may issue program sanctions for violations of this requirement. In addition, for all placed in service packages submitted after Sept. 1, 2018, CTCAC will review the LPA language on reserves for compliance with this requirement. 

***

CTCAC announced Aug. 10 that its placed-in-service checklist was updated to include requirements for developments awarded LIHTCs in 2016 and 2017. The checklist is applicable to developments with 2015 LIHTC awards as well. The updated checklist eliminates duplicative checklist items, consolidate sections and clarifies requirements. Those in the process of completing the previous placed-in-service checklist for a 2015 award may continue to use the older version. All 2016- and 2017-awarded developments must use the new placed-in-service checklist.

Journal Category:

Property Compliance

Authors:

Novogradac

Learn more about Novogradac's expertise and many services