120 122/123 PPMG. Find answers to frequently asked questions. 01/19Notice of Building Casualty Loss or Damage(Word) \` ,u s 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq endstream endobj 127 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream s Rev 10/2018 H (2.4) Non-Transient Use (2.16) Changes in Allowance The NEP program provides MSHDA funding statewide for activities directly tied to stabilization and enhancement of Michigan neighborhoods by nonprofit 501(c)3 agencies. s (1.3) Compliance Basics f (5.19) Personal Property Held as an Investment \` ,u 0 0 18 18 re \` ,u NOFA and grant programs for nonprofit agencies and local units of government. As the monitoring entity for the IRS on the LIHTC Program and HUD on the HOME, CDBG and ESG Programs, DHCD reports directly to them on issues of non-compliance. N | 02/11Ownership Entity Information Form(Excel), Optional - for property use only: endstream endobj 122 0 obj <>/Subtype/Form/Type/XObject>>stream E-News monthly newsletter. E-05 Checklist for Tribal Consultation under Section 106. (6.1) Owner Annual Certifications Your compliance analyst will review all materials provided and issue an approval once we have established that the household is qualified for the LIHTC program. (12.2) Request Process s 15 Streamlined Monitoring - Property List (PDF), Post-Year 15 In order toreceive pointsontheLIHTCapplicationyou must attend the Compliance Training. The relief has been granted due to unavoidable labor and supply-chain disruptions delaying the construction, rehabilitation, and restoration of properties throughout It was created under the Tax Reform Act of 1986 and gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans. 0.75293 g /Tx BMC Census Population Estimates 2015-2019. 10/28/2022. Subscribe to At the end of instruction, each participant is allowed one week to complete a 100-question online certification test. 01/23HOME/NSP Owner's Certification of Continued Program Compliance(Word), 01/23HOME Rent and Occupancy Report (for HOME Projects Only)(PDF) endstream endobj 121 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream (3.1) Summary of State Requirements (7.2) Common Reasons for Noncompliance Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Please check off each item as it pertains to the property and submit complete package on or before January 31st. 11/15Annual Student Eligibility Certification LIHTC & Tax Exempt Bond(Word) (Mandatory Form), 10/15Annual HOME Certification of Student Status(PDF) (Mandatory Form) 0 0 18 18 re 0.5 0.5 17 17 re Properties may generate a LIHTC for investors. (11.3) Re-Certifications NIFAs actions or failure to act on these procedures does not constitute a waiver of the requirements of Section 42. 10/17Compliance Officer Customer Service Survey(PDF) Calculation of Qualified Contract Price Form and Worksheets Every TCS online class includes both an instructor and teaching assistant to ensure your questions are addressed quickly and accurately. Our products and services work seamlessly within your company's business processes to meet all of your asset management and compliance needs. endstream endobj 143 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream endstream endobj 124 0 obj <>/Subtype/Form/Type/XObject>>stream Eligible to participate in the company benefits plan. @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > \` ,u endstream endobj 142 0 obj <>/Subtype/Form/Type/XObject>>stream endstream endobj 106 0 obj <>/Subtype/Form/Type/XObject>>stream Fax: f The qualified purchaser may be a non-profit or for-profit entity that agrees to maintain the affordable housing units and fulfill all requirements of the LURA for the remainder of the extended use period. (2.16) Utilities Paid by Owner f (7.1) Noncompliance with State Requirements @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > 0.5 0.5 17 17 re Related Forms: 1 g Use to document information obtained verbally or to explain any unusual circumstance in the file. (8.1) Summary 01/19First Year Credit Statement(Word), 08/16List of Unit Numbers(PDF) Credit Frequently Asked Questions (PDF) Utility IRS Form 8821- Tax Information Authorization | Search for a specific grantee and view itsawards, contact information, and reports, and more. P \ Le$A2* 0 0 18 18 re Income Certification (TIC, IC HEC, etc.) 0.5 0.5 17 17 re 08/22Extension Request(Word), Requirements For Substituting A REAC Or RHS Inspection For A MSHDA Inspection: Rev 02/2009, Differences Between Tax Credits and Bonds (PDF) Rev 11/2014, Income & Asset Verification Summary Chart (PDF) Rev 07/2016, HUD Occupancy Attachments The course is customized to highlight Nebraska state specific policies and procedures in addition to federal requirements. (5.17) Trusts It availed the ITC. Income/asset verifications and other forms. Notice 22-19. 0.5 0.5 17 17 re See Developments Currently Eligible for a Qualified Contract Request. This letter establishes the beginning of the correction period for any non-compliance issues. 0.75293 g Physical inspection of properties to ensure they meet mandated standards. E | (9.2) Types of Transfers or Assignments Requiring Commission Consent HOME |SITE Projects Eligible for a Qualified Contract Request. endstream endobj 166 0 obj <>/Subtype/Form/Type/XObject>>stream Sections 3.2 & 4.2.B. J | (11.5) Utility Allowances Development Owners who elect to exercise their qualified contract process must complete the forms located under the Qualified Contract Process dropdownand provide all required due diligence documentation listed therein. Tax Credit Annual Report Common Errors/Best Practices Rev. \` ,u (5.3) Year-to-Date Information They are solely responsible for documents and information provided to NIFA and to prospective purchasers. 0.5 0.5 17 17 re Rental Housing Tax Credits (RHTC) Rental Housing Tax Credits (RHTC) The Qualified Allocation Plan (QAP), details selection criteria and application requirements for the Rental Housing Tax Credit (RHTC) and multifamily tax-exempt bond programs. Town of Stoddard, 1450 Route 123 North, Stoddard, NH 03464-4153 Ph: 603-446-3326 Fax: 603-446-2278 Government Websites by CivicPlus (3.7) Double Counting (5.6) Written Verification 0 0 18 18 re IRS endstream endobj 159 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream (11.1) Introduction LIHTC Program Policies (See Current Year Handbook 4350.3, Change 4 (Excerpts), Chapter 5: Policies)Rev 02/2009, Compliance Monitoring Fees (PDF) Rev 05/01/2020, Sample s All units must have a valid lease. endstream endobj 164 0 obj <>/Subtype/Form/Type/XObject>>stream Compliance FAQs s Lincoln, NE 68508-1402. Streamlined Monitoring Procedures Overview - (3.4) Housing for the Homeless f 1 g endstream endobj 116 0 obj <>/Subtype/Form/Type/XObject>>stream endstream endobj 135 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream (5.14) Student Income endstream endobj 99 0 obj <>/Subtype/Form/Type/XObject>>stream 3 | Forms and Reports 10/17Auditor-Inspector Customer Service Survey(Word) Compliance Materials Rent Change Requests Manuals & FAQs Exhibits & References Required Forms endstream endobj 170 0 obj <>/Subtype/Form/Type/XObject>>stream LIHTC Compliance Guidance A list of links and resources curated for LIHTC property owners and managers Authoritative Sources Internal Revenue Code Section 42 Treasury Regulations 1.42 HUD Handbook 4350.3: Occupancy Requirements of Subsidized Multifamily Housing Programs (November 2013) Housing Bonds |Special Programs: (9.5) Specific Documentation Required for Sale of Property 1230 O Street, Suite 200 s 08/22Extension Request(PDF) (5.16) Stocks, Bonds, Treasury Bills, Certificates of Deposits, Money Market Your use of the website or any of the information available on it does not constitute a professional services relationship between you and Novogradac & Company LLP or its affiliates (Novogradac). The Low-Income Housing Tax Credit (LIHTC) program (also known as Section 42) is the federal governments primary method of funding new affordable rental housing in the USA. (5.20) Assets Disposed of for Less than Fair Market Value H 5 | (4.4) Household Composition Issues, Income & Asset Input Tax Credit - CA Inter Tax Study Material is designed strictly as per the latest syllabus and exam pattern. MAP| This can occur, at the Development Owners election, any time after year 14 in a 30-year Land Use Restriction Agreement (extended use agreement or LURA) or after year 29 in a 45-year LURA. 0 0 18 18 re endstream endobj 155 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream For all other Michigan State Housing Development Authority (MSHDA) and Low Income Housing Tax Credit (LIHTC) properties there is no specific required lease. (10.4) Three-Year Period s Policy Regarding Vacancies Pending a . /Tx BMC Developments should reference their Land Use Restriction Agreement (LURA) for any commitment made to a longer Extended Use Period. f (PDF) Rev 03/2018 TENANT FILE - REVIEW CHECKLIST . To qualify, the taxpayers must invest in a qualified low-income housing project located in Massachusetts. endstream endobj 167 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream endstream endobj 133 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream I | 01/19Notice of Building Casualty Loss or Damage(PDF) | Requests for Public Records O | (1.8) Tax Credit Properties with Tax-Exempt Bonds, Federal Requirements We use cookies on this site to provide a better experience with content and analytics. (PDF) endstream endobj 171 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream NOTE: In connection with the process described herein, NIFA is not acting as an agent for any Development Owner and NIFA is not responsible for finding a buyer for anyDevelopment and is not representing anyDevelopment Owner in the sale of suchDevelopment Owners Development. This narrative must include, at a minimum, the following: A description of all income, rents and other program restrictions, if any, applicable to the operation of the Development. This program has been the largest driver of the production of new affordable . 0.5 0.5 17 17 re s Accordingly, the credits allocated to this would increase as follows: 2015: 39.15M population x $2.30 multiplier = $90.05M credits. 0.5 0.5 17 17 re f Rev 02/2009 endstream endobj 161 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq 0 0 18 18 re H hbbd```b``)90L.DV!ARx Lz`|q&8X3 Sn>8}]"gqHV_0LJH q6 n 7&` q0? ^; The Act includes Section 42 of the Tax Code, the Low Income Housing Tax Credit Program. Non-compliance can result from moving in non-eligible households, miscalculating rent, or a wide range of other issues. 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq Small Business Accounting Checklist - This accounting checklist document is helpful for the accountants, bookkeepers, and Priorities First, Inc Business/Self Employed Tax Preparation Checklist Business Tax Preparation Tips - If you are a business owner, proficiency in tax preparation is of utmost importance. Compliance monitoring is basically comprised of three processes: City of New York. L 1 g 0 0 18 18 re 01/23HOME Rent and Occupancy Report (for HOME Projects Only(Excel), 01/23NSP Rent and Occupancy Report (for NSP Projects Only)(PDF) 206 PPMG 31. f H Tax Credit Compliance Procedures Manual was designed to give property owners and LIHTC Compliance Monitoring and Site Inspection Guidance During the COVID19 Pandemic. endstream endobj 154 0 obj <>/Subtype/Form/Type/XObject>>stream Low-Income Housing Tax Credit Program Compliance Program compliance forms and information on this page is updated frequently. 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq Form SS-4 Application for Employer Identification Number (PDF), Financial Solvency and LIHTC History (PDF), LIHTC Ownership Capacity Certification Form, LIHTC Management Capacity Certification Form, Qualified Contract Notification Letter (PDF), Calculation of Qualified Contract Price Worksheet (Blank) (Word), Calculation of Qualified Contract Price Worksheet (Sample) (Word), Post-Year Arkansas Standards in Housing. The notification letter also instructs the owner to contact the state agency to resolve the issue. Tax Credit Report Forms and PROCEDURES FOR JANUARY 2023 SUBMISSIONS. Owners receiving LIHTC in 1990 or later years must continue to maintain the low income occupancy of their developments for an additional 15+ years beyond the end of the 15-year compliance period. Tax Credit 1 g State and national links to homeless and special housing needs information. H (5.9) Alimony and Child Support 118 71 205. 0.5 0.5 17 17 re endstream endobj 168 0 obj <>/Subtype/Form/Type/XObject>>stream endstream endobj 111 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream (5.5) Outside Agency Verifying Income (5.20) Calculating Income from Assets At a minimum, theDevelopment Owner must provide the following to NIFA: Qualified Contract Notification Letter B. WSHFC Owner Certificate of Utility Estimate (PDF) 0 0 18 18 re @D)YolE;a!.(X7pId>Y]8{x y$=/KOPc4 > If there are questions regarding Compliance Forms, please email Compliance Monitoring Unit or call (517) 241-2560. Multifamily Capital Fund Initiative Application Open. endstream endobj 163 0 obj <>/ProcSet[/PDF/Text]>>/Subtype/Form/Type/XObject>>stream For more information about how we use cookies, see our Privacy Policy. The MSHDA model lease forms are located on the AM Policies and Formspage. endstream endobj 100 0 obj <>/Subtype/Form/Type/XObject>>stream 0 0 18 18 re EMC (9.2) Maintaining Credit Set-Asides s 0.5 0.5 17 17 re s Novogradac is not responsible for any information provided by third parties, and Novogradac disclaims any responsibility for ensuring the information is accurate or up to date. (3.8) Marketing and Good Faith Efforts (the "30-Day Rule") 1 g - If Tax Credit Property, refer to IRS Section 42 - If Section 8(HUD) & Tax Credit, the most restrictive rule applies 1D)Yw )z yTsRiu}aJM~Xav?>hY'$8h5Zveq (7.3) Recertifications at 100% Low Income Properties Exhibit "B" to Regulatory Agreement (PDF) Table of Contents (PDF) Allowance Spreadsheet - Method 6 (Excel), Stream Presentation on Vimeo (32 03/14Owners Certification of Completion of Repairs(PDF) s The notification letter also states that the owner should not include any nonqualified low income housing units when computing the LIHTC under IRC 42 and that the noncompliance may result in the recapture of previously claimed credits. forms located under the Qualified Contract Process dropdown, Calculation of Qualified Contract Price Form and Worksheets, Projects Eligible for a Qualified Contract Request.