Harold Tucker, Spectrum Compliance Analyst
(207)767-8000 x221 or htucker@spectrumlihtc.com
George Rapp, CHFA Senior Asset Manager
(860)571-4265 or george.rapp@chfa.org
March 7, 2017
CHFA & Spectrum Enterprises Semiannual LIHTC Compliance Conference May 19th, 2017. More information here.
August 30, 2016
CHFA & Spectrum Enterprises Semiannual LIHTC Compliance Conference November 4, 2016. More information available here.
January 21, 2016
All 2015 EOY materials now available under the EOY tab below.
March 9, 2015
-The 2015 LIHTC Income Limits have been released. See this link to the HUD website.
January 5, 2015
Happy New Year! With the new year comes our annual EOY submissions. Please note the date is April 1st for all submissions. The updated Letter to the Owner and Certification forms are all under the EOY tab below.
November 11, 2014
Beginning in February, 2015 the imputed rate of interest on cumulative assets exceeding $5,000 will drop from 2% down to .06% A revised certification form will be made available as that date gets closer.
Remember to start adding a Cost Of Living Adjustment of 1.7% to SS. It may also apply to other forms of retirement payments so be sure to ask.See the link hereThe updated TIC effective February 1, 2015 is available under our recommended forms tab below.
September 8, 2014
CHFA Announces: CHFA & Spectrum Enterprises SemiAnnual LIHTC Compliance Conference.More information and details about the program can be found at this link. Please email Jessica Hall atjessica.hall@chfa.org no later than October 17, 2014 if you wish to sign up, or need more information.
January 17, 2014
The 2014 CT income limits are now posted on the CHFA and Spectrum Websites. Please go to the CT income limits and area definition tab for more details.
December 19, 2013
The new 2014 income limits have been released. Please see this blog post written by Erik Whitton for more information and links.
October 30, 2013
The Social Security Administration has just released the new 2014 COLA adjustments. It has been adjusted to 1.5%. Please see this link for details.
March 1, 2013
The End of Year owner letter has been posted under the End of Year drop down menu below. Please take special note of the 2nd page for instructions regarding electronic submissions. The due date remains April 1. However, if you submit after March 28 you will need an updated version of the software. See the owner letter for details.
February 21, 2013
CHFA & Spectrum Enterprises LIHTC Compliance Conference Semi-Annual Conference, April 19, 2013 (Click link for session details).
CHFA Asset Management staff, in conjunction with Spectrum Enterprises, will be conducting the following LIHTC Compliance Conferences in the month of April, 2013. Both conferences will be held at the Crowne Plaza, 100 Berlin Road, Cromwell, CT.
Certificates of continuing education will be given at the end of each session. There is no charge for these sessions.
To register, please email jessica.hall@CHFA.org no later than April 10, 2013. When registering, please provide the full name, contact information, and desired session(s) for each participant.
Space is very limited, therefore we ask for no more than three participants per organization.
January 10, 2013
Remember, End of Year documentation is due April 1st, 2013 in the State of Connecticut. This includes Owner Certifications, Updated Utility Allowance, Proof of Continuing Education within the last 2 years and the projects electronic database. These items are due for all LIHTC projects, even those in Post Year 15. If you have any questions please contact Harold Tucker at htucker@spectrumlihtc.com.
December 12, 2012
2013 LIHTC Income Limits have been revised. Follow this link for more information and clarification.
The effective date of this income limit data is 12/4/2012. All properties must utilize the new amounts within 45 days. January 18, 2013 would be the deadline.
December 3, 2012
New Forms Available
Updated TIC and Employment Verification forms are available under the Required and Recommended forms drop down menu at the left.
Post 15 Year Compliance
Spectrum is now contracted with the state of Connecticut to begin monitoring all Post Year 15 properties. Please refer to the Post Year 15 Compliance Monitoring Policy on the left panel.
Compliance Manual
Part I
Cover
CHFA Introduction
CHFA Disclaimer
CHFA Documents
Table of Contents
Introduction to the Manual
Compliance Issues
Determining Tenant Eligibility
Part II
Recordkeeping & Retention
Noncompliance
Forms
Compliance Monitoring
Part III
General Explanation of the Tax Reform Act of 1986 – Blue Book
Part IV
IRC Section 42
Part V
IRS form 8609 with instructions
IRS final regulations
IRS revenue ruling 90-89
Part VI
IRS revenue ruling 92-61
IRS revenue ruling 94-57
IRS revenue procedure 94-57
IRS revenue procedure 94-64
IRS revenue procedure 94-65
Part VII
IRS notice 88-80
IRS advance notice 88-116
IRS form 8586; IRS form 8611; IRS form 8823
IRS 26 CFR part1
HUD 4350.3 REV-1 appendix 3 acceptable forms of verification
Part VIII
HUD 4350.3 REV-1 chapter 5 determining income calculating and rent
Part IX
HUD 4350.3 REV-1 chapter 5 determining income calculating and rent (continued)
Part X
HUD 4350.3 REV-1 appendix 15 verification and consent
IRS memo 200137028
IRS section 42-5 regulations
New Student Rule Policy (Single Parent)
CHFA Policy for Post 15 Year Projects
CHFA Policy on Annual Recertification for 100% Low Income Housing Tax Credit and Tax Exempt Bond Projects
With passage of the HR 3221, HUD is required to gather demographic information for LIHTC properties. It is optional on tenants’ past but management must make a ‘best guess’ if not provided. Please begin using this TIC immediately.
- TIC Form Effective January 1, 2017 (PDF)
CHFA has established a policy regarding how properties will be monitored and consequences for noncompliance during the Extended Use Period. The purpose of this policy is to ensure compliance with the Extended Low-Income Housing Commitment (ELIHC).
All End of Year Documentation must continue to be submitted annually. This includes the End Of Year Database, Post 15 Year Owner Certification, and Utility Allowance. Please refer to the Policy below for more details. The documents below serve as Connecticut Housing Finance Authority’s Post Year-15 Compliance Monitoring Policy
LOW-INCOME HOUSING TAX CREDIT
INCOME LIMIT DISCLAIMER
These materials are intended to assist owners in meeting the requirements for complying with Internal Revenue Code Section 42 and Section 1.42-5 of the Regulations thereunder. However, it is important to note that compliance with IRC 42 and the Regulations is solely the responsibility of the owner of the building for which the Low-Income Housing Tax Credit is allowable, and the owner is solely responsible for the consequences of any non-compliance. CHFA shall not be liable for any loss or damage caused by any inaccuracies in the information contained herein, and suggest you review such information for accuracy prior to implementation.
The Connecticut Housing Finance Authority (CHFA) provides the following as an overview of the HUD ‘Final Rule’ pertaining to the 2013 Reauthorization of the Violence Against Women Act, or “VAWA.”
