Connecticut

US Virgin Islands

State News:

February 25, 2019

On 2/26/19 the Treasury Department will officially publish significant changes to LIHTC monitoring requirements. A copy of the publication can be found HERE

* Advance notice of file reviews and inspections will be limited to no more than 15 days.

* Same day notification of the particular units and files to be reviewed.

* The number of units and files reviewed will increase for properties with 100 or fewer units, decrease for properties with more than 100 units.

The IRS has severely limited the amount of advance notice monitoring agencies are allowed to give LIHTC property owners of upcoming file reviews and physical inspections. This is presumably because some owners have used the advance notice to make deferred repairs and improvements they otherwise would have put off. As a result, the conditions noted at the time of the inspections do not accurately reflect the conditions the tenants experience on a regular basis. The IRS believes giving Owners no more than 15 days advance notice of an inspection and/or file review will help eliminate this gaming of the system. By using same-day notice of which units/files in particular will be reviewed, the IRS believes the results of the reviews will better reflect actual conditions.

These changes present significant logistical issues for Owners, Managers, and Monitoring Agents. Allocating Agencies are required to implement these changes no later than 12/31/2020. You should review your policies and procedures now as these changes can be put in place any time before then.

October 11, 2018

The Social Security Administration has announced the Cost-of-Living Adjustment (COLA) for 2019. The COLA will increase 2.8 percent beginning on December 29, 2018.www.ssa.gov

April 2, 2018

HUD has released the 2018 income limits. They are effective 4/1/18 and must be in use no later than 5/15/18. Rents will be posted from CHFA within the next 45 days. Please continue to check for updates.

To find your 2018 income limits visit: https://www.huduser.gov/portal/datasets/mtsp.html

September 13, 2017

The Connecticut Housing Finance Authority is permitting all owners of Housing Tax Credit properties in the State of Connecticut to provide temporary emergency housing to displaced individuals affected by Hurricane Harvey, in accordance with Revenue Procedures 2014-49 and 2014-50. CLICK HERE for more information.

May 4, 2017

Now posted is the Connecticut Housing Finance Authority's Overview of the Violence Against Women Act. Please see the VAWA tab below.


Welcome!

Spectrum is happy to be the authorized delegate for the State of Connecticut and hopes to continue to provide outstanding service to owners and managers with their LIHTC compliance needs. 

To the left you will find helpful links to contacts, end of year reporting, compliance questions, required forms and more.  If you have any questions please do not hesitate to contact us.