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State News:

September 17, 2019

CHFA and Spectrum Enterprises
Semiannual LIHTC Compliance Monitoring Conference
October 30, 2019
9:00AM - 1:00PM
Location: The Lyceum
227 Lawrence Street
Hartford, CT 06106

Owners and Management Agents of LIHTC developments are required to attend CHFA's Tax Credit Compliance Monitoring Conference.

Who should attend? Owners, Developers, Management Agents and compliance staff representing new and older LIHTC projects.

What is it all about? CHFA and Spectrum will provide an overview of the allocation and compliance monitoring components of the tax credit program. Monitoring requirements including processing applications and completing Tenant Income Certifications will be covered. Spectrum will explain how to complete verification forms, review the most common mistakes and easiest ways to avoid findings of noncompliance, and provide tips on how to prepare for a Spectrum review.

Certificates of attendance will be emailed to attendees following the conference.

How To Register: Please email Sharon Klesseck at Sharon.Klesseck@chfa.org no later than October 18, 2019. Sessions fill up quickly and space is limited. Therefore, we ask for no more than three participants per organization.

CHFA is pleased to offer this conference at no charge to participants, but has implemented the following policies due to past attendance issues:

  • Priority registration will be given to organizations and/or individuals who have not attended in the past two years.
  • Registrants who are unable to attend must cancel at least 24 hours prior to the date of the conference via email to Sharon Klesseck at Sharon.Klesseck@chfa.org. Addresses and phone numbers of attendees will be required.
  • Certificates of attendance will not be issued unless you attend the session in full. If you arrive 30 minutes or more late to the session or depart more than 30 minutes early, you will not receive a certificate.

    April 24, 2019

    HUD has released the 2019 income limits. They are effective 4/24/19 and must be in use no later than 6/8/19. Be sure to check the MTSP limit chart to determine which income limits to use for your property.

    Rents from CHFA are now posted. They can be found under "CT Income Limits and Area Definitions" below.

    To find your 2019 income limits visit: https://www.huduser.gov/portal/datasets/mtsp.html

    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

    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.