Get the free OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE

This document certifies compliance with the Low-Income Housing Tax Credit (LIHTC) program requirements, addressing various compliance tests and conditions related to low-income housing projects.

How to fill out owners certificate of continuing

How to fill out OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE

1. Obtain the OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE form from the relevant housing authority or agency.
2. Carefully read the instructions provided on the form to understand the requirements.
3. Fill out the property details including the name and address of the property.
4. Provide owner information, including the owner's name, address, and contact information.
5. Confirm compliance with all LIHTC program requirements by checking the appropriate boxes.
6. Gather supporting documentation that evidences compliance, such as tenant income certifications.
7. Sign and date the form to certify the information provided is accurate.
8. Submit the completed certificate and any necessary attachments to the appropriate regulatory agency.

Who needs OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE?

1. Owners of properties that participate in the Low-Income Housing Tax Credit (LIHTC) program.
2. Property managers or compliance officers responsible for ensuring compliance with LIHTC regulations.
3. Investors or stakeholders who require confirmation of ongoing compliance for investment or management purposes.

People Also Ask about

What are the minimum income requirements for LIHTC?

At least 20% of the units must be occupied by tenants with an income that's 50% or less of the area's median income (AMI). For example, if $50,000 is the AMI, 20% of the tenants must have an income of $25,000 or less. At least 40% of the units must be occupied by tenants with an income that's 60% or less of the AMI.

What is LIHTC compliance?

State housing agencies are responsible for monitoring LIHTC property owners by requiring them to certify on an annual basis that they are renting units to qualified low-income tenants. If property owners are found to be out of compliance, they can lose some of their credits.

What is the initial compliance period for LIHTC?

First-Year Credit The tax credit “meter” starts running when the first eligible tenant moves into a unit in a tax credit property. The 11th year is when the remainder of the initial year's credit is taken. Although the credit is taken over 10-11 years ‒ the compliance period for this credit is 15 years.

Who owns a LIHTC property?

Projects that are awarded the Low-Income Housing Tax Credit (LIHTC) must be owned by a “single-asset entity,” typically made up of a general partner (who manages the project day to day) and a limited partner who provides equity for project development in exchange for tax credits.

How does a LIHTC deal work?

Under a typical LIHTC transaction, a developer must secure a conventional loan from a private mortgage lender or public agency, gap financing from a public or private source and equity from the developer or private investor in exchange for the tax credits.

For pdfFiller’s FAQs

What is OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE?

The Owner's Certificate of Continuing LIHTC Program Compliance is a document that certifies a property owner's compliance with the Low-Income Housing Tax Credit (LIHTC) program requirements. It is necessary for ensuring that properties continue to meet federal, state, and local housing regulations.

Who is required to file OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE?

Property owners or their authorized representatives who participate in the LIHTC program are required to file the Owner's Certificate of Continuing LIHTC Program Compliance to maintain their eligibility and compliance with program regulations.

How to fill out OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE?

To fill out the Owner's Certificate of Continuing LIHTC Program Compliance, property owners should gather necessary documentation, accurately complete all required sections of the certificate, ensure all information reflects current compliance status, and submit it to the appropriate housing authority or agency.

What is the purpose of OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE?

The purpose of the Owner's Certificate of Continuing LIHTC Program Compliance is to verify that the property continues to meet the LIHTC program requirements, including maintaining affordable rents and meeting tenant eligibility criteria, thereby helping to ensure the long-term viability of affordable housing.

What information must be reported on OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE?

Information that must be reported includes details on tenant eligibility, income limits, occupancy rates, compliance with rent restrictions, any changes in property management, and any violations or issues related to LIHTC compliance.