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 Compliance Officer. 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
Compliance Officer. See
Bond Compliance Reports page for report
descriptions and instructions.
CHAPTER and APPENDIX:
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3
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4
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5
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A |
B
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C
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D
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E
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F
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G
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CHAPTER 1
Introduction (PDF)
with Bookmarks
(1.1) General Overview
CHAPTER 2:
General Property Information (PDF)
with Bookmarks - Revised August 2007
(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) with Bookmarks
- Revised August
2007
(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) with Bookmarks
(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) with Bookmarks
- Revised September
2007
(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
A.
Financial Solvency and Litigation
Form (PDF)
B.
Legal Counsel and Professional
Representative Form (PDF)
C.
Owner Request for Commission
Approval, Transfer Summary Form (DOC)
Appendix A
Glossary (PDF)
Appendix B
Differences Between Tax Credits and Bonds (PDF)
Appendix C
Property
Reporting Requirements
(HTML)
(PDF)
May 2007 
Appendix D
Bond Property Income Limits (PDF)
Appendix E
Income & Asset Verification Summary Chart (PDF)
Appendix F
HUD Occupancy
Handbook 4350.3 REV-1 (Excerpts) (PDF)
Chapter 5, Section 1:
Determining Annual Income
Chapter 5, Section 3:
Verification
Chapter 5, Exhibit 1:
Income Inclusions and Exclusions (pg 1-4)
Chapter 5, Exhibit 2:
Assets (pg 5-9)
Appendix 3:
Acceptable Forms
of Verification
Appendix G
Bond-Financed
Properties Frequently Asked Questions (PDF)
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This page was
modified on 01/11/2008.
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