Spectrum Enterprises – Connecticut

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.

Connecticut Contacts

News Archive

April 18, 2018

CHFA & Spectrum Enterprises Semiannual LIHTC Compliance Conference May 21, 2018. More information here.

October 13, 2017

The Social Security Administration has announced the Cost-of-Living Adjustment (COLA) for 2018. The COLA will increase 2.0 percent beginning on December 29, 2017. www.ssa.gov

April 14, 2017

2017 Income Limits have been published! They are effective 4/14/17 and must be in use no later than 5/28/17. Be sure to check the MTSP limit chart to determine which income limits to use for your property.

See this link: https://www.huduser.gov/portal/datasets/mtsp.html

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.

CT Compliance Manual

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

Demographic Reporting to HUD

End of Year Reporting and Information

All end of year materials due April 1st, 2018.
CT Owner Letter 2018 Including EOY instructions and important notice(PDF)
Owner’s Certification of Continuing LIHTC Program Compliance (WORD)(PDF)
Post Year 15 Owner’s Certification of Continuing LIHTC Program Compliance (WORD) (PDF)
Spectrum Status Software
Status Report Software Instructions
Utility Allowance
Certificate of Continuing Education

Post Year 15 Compliance Monitoring Policy

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

All end of year materials due April 1st annually.
Spectrum EOY Software XML Spectrum Status Software XML (Version 5.0.0)
Spectrum Status Report Instructions
Post Year 15 Compliance Monitoring Policy (WORD) (PDF)
Post Year 15 Owners Certification (WORD) (PDF)

Required and Recommended CT Tenant Forms

Required Forms:

Tenant Application (PDF)
Interview Checklist (PDF)
Recertification Update (PDF)
Certification Worksheet (PDF)
TC-100 Tenant Income Certification Effective January 1, 2017 (PDF)
Self-certification of Income (PDF)
Student Verification (PDF)
TC100A Student Status Household Affidavit (PDF)
TC100 B Lease Addendum (mixed income) (PDF)
TC-100 B(1) Lease Addendum (100% qualified) (PDF)
TC-100 D Employment Verification (PDF)
TC-100 F Certification of Zero Income (PDF)
TC-100 H Under $5,000 Asset Certification (PDF)

Recommended Forms:

Annuity Verification (PDF)
Child Support or Alimony Verification (PDF)
Financial Aid Affidavit (PDF)
Bank Account Verification (PDF)
Investment Verification (PDF)
Life Insurance Verification (PDF)
No change in income statement (PDF)
Pension Verification (PDF)
Public Assistance TANF Verification (PDF)
Real Estate Asset Worksheet (PDF)
Real Estate Verification (PDF)
Section 8 Income Verification (PDF)
Self Employment Affidavit (PDF)
SS & SSI Verification (PDF)
Telephone Verification (PDF)
Unable to obtain Third Party Verification (PDF)
Unemployed Status Affidavit (PDF)
Unemployment Verification (PDF)
Verification of Terminated Employment (PDF)
Veteran’s Pension Verification (PDF)

CT Income Limits and Area Definitions

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.