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The Ohio Housing Finance Agency (OHFA) announced Jan. 11 changes for 2019, including that software for audits will integrate with DevCo Online. The new software will allow OHFA to move toward becoming a paperless department. Owners and managers will also be able to view all of the review reports for properties that they have access to in DevCo. Also, owners and managers will be required to update all tenant and property data in DevCo each month. OHFA will also begin to conduct re-inspections on properties to determine if non-compliance has been corrected after an audit has been completed. Lastly, OHFA will continue to give an original 60-day response period when conducting audits.
The California Tax Credit Allocation Committee posted a resyndication questionnaire and memorandum Feb. 8 for developments requesting a new reservation of low-income housing tax credits (LIHTCs). The questionnaire must be submitted for those who have existing LIHTC properties and are applying for a new allocation. The memo is available at www.taxcredithousing.com.
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) announced April 17 updates to its low-income housing tax credit compliance monitoring procedures manual. Among the changes, NJHMFA added several forms as exhibits for convenience. In addition, the extended-use period monitoring procedures for properties in Chapter 6 were updated. The newest version is available at www.taxcredithousing.com.
The California Tax Credit Allocation Committee (CTCAC) issued a notice to program participants May 31 regarding compliance manual updates. Changes include updates to manager’s unit and transfer events; Internal Revenue Code Section 42 lease rider/addendum; updates to reverse mortgage, anticipated wages and other payment resyndications; updated pay-stub policy, negative verification policy and project status reports; updates to unemployment income; and the Consolidated Appropriations Act of 2018.
The Mississippi Home Corporation issued a memo June 5 to developers, owners and management agents of low-income housing tax credit properties regarding its website, www.MSHousingSearch.org. Due to a lack of funding, the website was deactivated May 31.
The Utah Housing Corporation will present a tax credit compliance training session Sept. 25 in West Valley, Utah. The session topics include a compliance manual update, fair housing, certification and documentation, and more. The registration deadline is Sept. 13. Visit www.utahhousingcorp.org for more information.
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.
The National Council of State Housing Agencies (NCSHA) released updated model forms Oct. 4 for low-income housing tax credit (LIHTC) compliance monitoring.
The Georgia Department of Community Affairs (DCA) sent a notice Dec. 13, 2019, regarding utility allowances and other services for rental housing tenants.
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