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Bond Compliance Procedures Manual

Designed to give property owners and managers step-by step instructions on how to fulfill compliance requirements if Commission-issued tax-exempt bonds financed a property. 

For more information or questions, property managers and owners should contact their Portfolio Analyst.  Subscribe to E-NEWS Email and you will be notified when there are changes to this manual.  Bond property reporting requirements can be obtained by reviewing the Regulatory Agreement and Project Description or by contacting the property Portfolio Analyst.  See Bond Compliance Reports page for report descriptions and instructions.

Color Cover (PDF)

Color Spine (PDF)

Cover Sheet (PDF) Rev 07/2012

Table of Contents (PDF) Rev 05/2009

Chapter and Appendix

1 | 2 | 3 | 4 | 5 | A | B | C | D | E | F | G |

Chapter 1

Introduction (PDF) Rev 05/2009
(1.1) General Overview

Chapter 2

General Property Information (PDF) Rev 05/2009
(2.1) Bonds vs. Tax Credits 
(2.1) Bonds are Income Restricted Only
(2.1) Bond Closings and the Minimum Set-Aside 
(2.2) Federal Minimum Low-Income Set-Aside 
(2.3) Consequences of Non-Compliance 
(2.3) Property & Resident Manager Guidelines 
(2.3) Income Set-Asides and Your Residents 
(2.4) Discrimination Prohibited 
(2.5) Full-Time Students 
(2.5) Student Status Documentation 
(2.6) Special-Needs Housing Commitments/Set-Asides 
(2.7) Persons with Disabilities Commitments
(2.7) Large Household Commitments
(2.8) Housing for the Elderly Commitments
(2.8) Double Counting 
(2.9) Marketing and Good Faith Efforts 
(2.10) Minimum Rental Agreement and Physical Requirements of Set-Aside Units 
(2.10) Vacant Units
(2.10) Allowable Fees 
(2.11) Rents

Chapter 3

Rental Process & Reporting Procedures (PDF) Rev 05/2009
(3.1) Rental Process 
(3.1) Proportionate Lease-Up Requirement - New Construction Properties
(3.1) Counting Vacant Units to Meet Set-Aside Requirements
(3.1) Move-Ins
(3.2) Move-Outs 
(3.2) Record Keeping and Retention Period
(3.2) Record Retention
(3.2) Reporting Dates
(3.3) Income Recertification 
(3.3) If a Resident Moves Within a Project
(3.3) Available Unit Rule (140%) 
(3.4) Required Forms and Documentation
(3.4) Authorized Signatories 
(3.4) Submitting Reports

Chapter 4

Income & Asset Certification (PDF) Rev 05/2009
Calculating Assets 101- Part 1 & Part 2 Training Videos May 2008
(4.1) Summary 
(4.1) HUD Occupancy Handbook 4350.3, Chapter 5
(4.2) Determining Annual Wage Income 
(4.2) Overtime
(4.3) Year-to-Date Information
(4.3) Include Raises When Calculating Income 
(4.4) Tips 
(4.4) Seasonal or Sporadic Income 
(4.5) Outside Agency Verifying Income 
(4.5) Written Verification 
(4.5) Verbal Verification 
(4.5) Picture Identification
(4.5) Self-Employed Income Verification 
(4.7) Social Security, Supplemental Security Income (SSI) 
(4.8) Alimony and Child Support 
(4.9) Public Assistance/Welfare Income 
(4.9) Unemployment, Disability, Worker's Compensation, Severance Pay
(4.10) Military Pay
(4.11) Pension, Veteran's & Other Periodic Benefits 
(4.11) Annuities
(4.11) On-Going Monetary Gifts 
(4.12) Student Income 
(4.12) Additional Income Verification Guidelines
(4.13) Types of Excluded and Included Income
(4.13) Income from Assets
(4.14) Types of Assets
(4.14) Savings and Checking
(4.14) Stocks, Bonds, Treasury Bills, Certificates of Deposit, Money Market Funds
(4.14) Trusts
(4.15) Individual Retirement, Keogh, and 401(k) Accounts
(4.15) Rental Income 
(4.16) Real Estate Owned
(4.16) Mortgage or Deed of Trust
(4.16) Personal Property Held as an Investment
(4.17) Lump-Sum Receipts 
(4.17) Instructions for Valuing Assets
(4.17) Calculating Income from Assets

Chapter 5

Property Transfers (PDF) Rev 05/2009
(5.1) Summary
(5.1) Transfer Instructions 
(5.2) Types of Transfers or Assignments Requiring Commission Consent
(5.3) Fees
(5.3) Process
(5.3) Cover Letter
(5.3) Timeframe and Completeness
(5.4) Documentation Required for Complete Ownership Changes
(5.7) Documentation Required for Non-Sale of Property
Attachments

1. Owner Request for Commission Approval - Summary of Transfer for Sale of Property (Word) Rev 05/2009
2. Owner Request for Commission Approval - Summary of GP/Managing Member Change (Word) Rev 05/2009
3. IRS Form SS-4 Application for Employer Identification Number (PDF) Rev 05/2009
4. Financial Solvency and Litigation Form (PDF) Rev 05/2009
5. Legal Counsel and Professional Representative Form (PDF) Rev 05/2009 
6. Form of Opinion of Transferees Counsel (SAMPLE) (PDF) Rev 07/2009
7. Bond Transfer Agreement (SAMPLE) (PDF) Rev 07/2009

Appendix A

Glossary (PDF) Rev 05/2009

Appendix B

Differences Between Tax Credits and Bonds (PDF) Rev 05/2009

Appendix C

Bond Property Reporting Requirements (PDF) Rev 06/2012

Appendix D

Bond Property Income Limits (PDF) Rev 05/2009

Appendix E

Income & Asset Verification Summary Chart (PDF) Rev 05/2009 

Appendix F

HUD Occupancy Handbook 4350.3 REV-1 (Excerpts) (PDF) Rev 05/2009
Chapter 5, Section 1: Determining Annual Income Rev 05/2009
Chapter 5, Section 3: Verification Rev 05/2009
Chapter 5, Exhibit 1: Income Inclusions and Exclusions Rev 05/2009
Chapter 5, Exhibit 2: Assets Rev 05/2009
Appendix 3: Acceptable Forms of Verification Rev 05/2009

Appendix G

Bond-Financed Properties Frequently Asked Questions (PDF) Rev 01/2013

01/29/2013