The National Council of State Housing Agencies (NCSHA) today released a set of revamped model forms for low-income housing tax credit (LIHTC) compliance monitoring.
The forms include owner’s certification of continuing program compliance, tenant income certification, employment verification, and others. All state housing credit agencies require LIHTC property owners to use specific forms in their compliance reporting.
The revisions address legislative and regulatory changes in the program since the forms were first developed, including the average income test minimum set-aside, student rule exemptions, and application of the Violence Against Women Act. They also provide greater clarity for properties undergoing a resyndication of credits, said NCSHA.
The organization’s recommended practices urge housing credit agencies to adopt model forms to help standardize compliance monitoring practices and create efficiencies for owners and other LIHTC professionals.
