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Chapter 1 Introduction (PDF)
with Bookmarks
Rev May 2008
(1.2) Tax Credit
Program Overview
(1.3) Compliance Basics
(1.3) Minimum Low-Income Housing Set-Aside
(1.4) Restricted Rents
(1.5) Additional State Rules
(1.5) Compliance Process Overview
Chapter 2
Federal Requirements (PDF)
with Bookmarks
Rev May 2008
(2.1) Summary
(2.2) For Use by the General Public
(2.3) Fair Housing
(2.3) Suitable For Occupancy; Non-Transient Use
(2.3) General Prohibition Against Student Housing
(2.5) Evictions
(2.6) Common Areas
(2.6) Common Area Units
(2.9) Mixed-Income Properties
(2.10) Available Unit Rule
(2.11) Available Unit Rule and Mixed-Income Properties
(2.12) Mixed-Income Buildings with Different Sized Units
(2.13) Available Unit Rule and 100% Affordable Properties
(2.14) Effect of Resident Moving Within a Building
(2.14) Utility Allowances Also See: Utility
Allowance Information
(2.15) General Rule
(2.15) Utilities Paid by Owner
(2.16) Utility Company Estimate Also See:
Appendix
O
(2.16) Section 8 Rental Assistance
(2.16) Rural Development Rental Assistance
(2.16) RD-Assisted Buildings
(2.17) HUD-Regulated Buildings
(2.17) Changes in Allowances
(2.18) Compliance Affordable - Use Periods
(2.19) Commission Compliance Responsibility
(2.20) Scope of Compliance Review
(2.21) Rural Development (FmHA/RHS) Properties
(2.21) Tax Credit/Bond Financed Properties
(2.21) Joint Property Inspections Also See:
Property Inspections
Chapter 3
Washington State Requirements
(PDF)
with Bookmarks
Rev May 2008
(3.1)
Introductions
(3.1) Summary of State Requirements
(3.2) Additional Low-Income Housing Use Period
(3.2) Additional Low-Income Housing Set-Aside
(3.3) Special-Needs Housing Commitments
(3.3) Large Households
(3.3) Persons with Disabilities
(3.4) Housing for the Homeless
(3.6) Housing for the Elderly
(3.7) Farmworker Housing
(3.7) Double Counting
(3.8) Marketing and Good Faith Efforts (the "30-Day Rule")
(3.9) Restricting Up-Front Charges
Chapter 4
Rents & Tenancy Issues (PDF)
with Bookmarks
Rev May 2008
(4.1) How to
Determine Rent
(4.2) Restricted Rent Requirements
(4.2) What Constitutes Rent
(4.4) Changes in Rent Limits
(4.4) Tax Credit Projects with Section 8 Subsidies
(4.4) Restricting Up-Front Charges
(4.5) Model Units
(4.5) Household Composition Issues
Chapter 5 Income & Asset
Certification (PDF)
with Bookmarks
Rev May 2008
(5.1) Summary
(5.1) HUD Occupancy Handbook 4350.3, Chapter 5 See
also: Appendix N
(5.1) Income-General Information
(5.2) Verification
(5.2) Determining Annual Wage Income
(5.3) Overtime
(5.3) Year-to-Date Information
(5.4) Include Raises When Calculating Wages
(5.4) Tips
(5.4) Seasonal or Sporadic Wage Income
(5.5) Outside Agency Verifying Income
(5.5) Written Verification
(5.6) Verbal Verification
(5.6) Picture Identification
(5.6) Self-Employed Income Verification
(5.7) On-Site Staff and Management Personnel
(5.8) Social Security, Supplemental Security Income (SSI)
(5.9) Alimony and Child Support
(5.10) Public Assistance/Welfare Income
(5.10) Unemployment, Disability, Worker's Compensation, Severance
Pay
(5.10) Military Pay
(5.11) Pensions, Veteran's & other Periodic Benefits
(5.12) Annuities
(5.13) On-Going Monetary Gifts
(5.13) Student Income
(5.14) Additional Income Verification Guidelines
(5.14) Review Appendices M and N
(5.15) Types of Excluded and Included Income
(5.15) Income from Assets
(5.15) Types of Assets
(5.16) Stocks, Bonds, Treasury Bills, Certificates of Deposit, Money
Market Funds
(5.16) Trusts
(5.17) Individual Retirement, Keogh, and 401(k) Accounts
(5.17) Rental Income
(5.17) Real Estate Owned
(5.17) Mortgage or Deed of Trust
(5.18) Personal Property Held as an Investment
(5.18) Lump-Sum Receipts
(5.19) Instructions for Valuing Assets
(5.19) Calculating Income from Assets
Chapter 6
Reporting & Records Retention (PDF)
with Bookmarks
Rev May 2008
(6.1) Summary
(6.1) Owner Certifications
(6.3) Supporting Documentation Forms
(6.7) IRS Forms 8609, Schedule A and 8586
(6.8) Annual Recertification
(6.8) Record Retention
(6.8) "Deep Rent Skewed" Properties
Chapter 7
Noncompliance (PDF)
with Bookmarks
Rev May 2008
(7.1) Correction
Period: Notice of Noncompliance to IRS
(7.1) Reporting Noncompliance with Commission Requirements
(7.2) Common Reasons for Noncompliance
Chapter 8
Tax-Exempt Bond-Financed Properties with
Tax Credits (PDF)
with Bookmarks
Rev May 2008
(8.1) Summary
Chapter 9
Property Transfers (PDF)
with Bookmarks
Rev May 2008
(9.1) Summary
(9.1) Maintaining Credit Set-Asides
(9.2) Transfer Instructions
(9.2) Types of Transfers or Assignments Requiring Commission Consent
(9.3) Fees
(9.3) Process
(9.3) Cover Letter
(9.4) Timeframe and Completeness
(9.4) Documentation Required for Complete Ownership Changes
(9.7) Documentation Required for Non-Sale of Property
Attachments
A.
Owner Request for Commission
Approval, Summary of Transfer (Sale of Property) (DOC)
April 2008
B.
Owner Request for Commission
Approval, Summary of GP/Managing Member Change (DOC)
April 2008
C.
SS-4 Application for
Employer Identification Number (PDF)
D.
Financial Solvency and Litigation
Form (PDF) October 2006
E.
Legal Counsel and Professional
Representative Form (PDF)
F.
Form of Opinion of Transferees Counsel (PDF)
April 2008
G.
Tax Credit Transfer Agreement (PDF)
May 2008
H.
Bond
Transfer Agreement (PDF)
May 2008
The latest
IRS 8611, 8693, and SS4 forms and instructions are available at the
IRS website.
Chapter 10
Qualified Contract Process (PDF)
with Bookmarks
Rev May 2008
(10.1) Summary
(10.2) Qualified Contract Packet Materials
(10.2) Additional Owner Requirements
(10.3) Owner Certifications and Commitment
(10.4) Marketing
(10.4) Three-Year Period
(10.5) Fees
Attachments
A.
Tax Credit Properties Option Year List (1990 - 1995 Allocations)
(EXCEL)
(PDF)
B.
Qualified Contract
Notification Letter (PDF)
C.
Calculation of Qualified
Contract Price Worksheet DOC (Blank)
D.
Calculation of Qualified
Contract Price Worksheet DOC (Sample)
Chapter 11
Post Year-15
Monitoring Procedures (PDF)
with Bookmarks
Rev May 2008
Post Year 15
Monitoring Procedures
Webcast NEW!
Post Year 15 Monitoring Procedures
Webcast Script NEW!
(11.1)
Introduction
(11.1) Qualifying for the Waiver
(11.2) Annual Reports
(11.2) Initial Resident Qualifications
(11.2) Re-Certifications
(11.3) Household Transfers
(11.3) Common Area Units
(11.3) On-Site Visits
(11.3) Compliance Fees
(11.3) Special-Needs Set-Asides
(11.4) Additional Low-Income Set-Asides
(11.4) Record Retention
(11.4) Noncompliance
(11.4) Tax Credit Compliance Workshops
(11.4) Fulltime Student Households
(11.4) Utility Allowances
(11.4) Additional Low-Income Housing Use Period
(11.5) Definitions
Attachments
A.
Post-Year
15 Monitoring List (PDF)
December 2006
B.
Summary of Post Year-15
Monitoring Procedures (PDF)
September 2006
C.
Owner Request Letter for
Post Year-15 Monitoring Procedures (DOC)
D.
Resident Annual Income Self-Recertification
(PDF)
Rev May 2008
E.
Resident Annual Income Self-Recertification
Instructions
(PDF)
Rev May 2008
Chapter 12
Recertification Waiver Procedure (PDF)
with Bookmarks
Rev May 2008
(12.1)
Introduction
(12.1) Qualifying for the Waiver
(12.2) Request Process
(12.3) Annual Self-Certification Form
(12.3) Annual Reports
(12.4) Household Transfers
(12.4) Assumptions and Reservations
(12.5) Noncompliance
(12.5) Definitions
Attachments
A.
Owner Request to Proceed for Recertification Waiver (Word)
B.
Authorization to Proceed for Waiver of Annual Income Recertification (Word)
C.
Auditor
Statement of 100% Compliance (Word) May 2007
D.
Owner Letter to
IRS (sent with IRS Form 8877) (Word)
E.
IRS Form 8877
F.
Resident Annual Income Self-Recertification
(PDF)
Rev May 2008
G.
Resident Annual Income Self-Recertification
Instructions
(PDF)
Rev May 2008
Appendix A
Glossary (PDF)
with
Bookmarks
Appendix B
Tax Credit Frequently
Asked Questions (PDF)
Rev: March 2008
Appendix C
Regulations and Other Authority (PDF)
LIHTC Program Policies
(PDF)
Appendix D
Compliance Monitoring Fees
(PDF)
Appendix E
Sample Exhibit "B" to Regulatory Agreement (PDF)
Appendix F
Sample Utility Allowance Schedule (PDF)
Appendix G
Public Housing
Authorities Link
Appendix H
Forms ~ State
Appendix I
Forms ~ Federal
(Link to IRS: see Search Forms and Publications)
Appendix J
Life Cycle of a Tax Credit Project (PDF)
Appendix K
Qualifying a Household (PDF)
Appendix L
Differences Between
Tax Credits and Bonds (PDF)
Appendix M
Income &
Asset Verification Summary Chart (PDF)
Appendix
N
HUD Occupancy Handbook
4350.3 REV-1 CHG-2 (Excerpts) (PDF)
Rev April 2008
Chapter 5, Section 1:
Determining
Annual Income
Chapter 5, Section 3:
Verification
Chapter 5, Exhibit 1:
Income Inclusions and
Exclusions
Chapter 5, Exhibit 2:
Assets
Appendix 3:
Acceptable Forms of
Verification
Appendix O
WSHFC, Utility Allowance Procedures (PDF)
NEW!
Compliance and Preservation
Survey.
This page was
modified on 05/09/2008. |
The Tax Credit Compliance Procedures Manual was
designed to give property owners and managers step-by step
instructions on how to fulfill compliance requirements if
Commission-issued low-income housing tax credits were used to
finance a property. For more information or questions, property
managers and owners should contact their 
