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This document certifies compliance with the Low-Income Housing Tax Credit (LIHTC) program requirements as set by the Connecticut Housing Finance Authority, detailing the status of buildings, income
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How to fill out owners certificate of continuing
How to fill out OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE
01
Obtain the OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE form from your state housing agency or relevant body.
02
Fill out the property and owner information at the top of the form, including the property name, address, and owner's details.
03
Confirm that the property continues to meet the requirements of the Low-Income Housing Tax Credit (LIHTC) program by reviewing program guidelines.
04
Provide specific information regarding tenants, including compliance with income limits and occupancy requirements.
05
Complete any necessary sections regarding rent restrictions and utility allowances as mandated by the program.
06
Sign and date the certificate to certify that all information provided is true and accurate.
07
Submit the completed certificate by the deadline set by the state housing agency to maintain compliance.
Who needs OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE?
01
Owners of properties that have received Low-Income Housing Tax Credits (LIHTC) and need to demonstrate ongoing compliance with program requirements.
02
Property managers or stakeholders involved in the administration of LIHTC properties.
03
Investors or lenders requiring assurance of compliance for financial purposes.
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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.
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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 adherence to the requirements of the Low-Income Housing Tax Credit (LIHTC) program. It ensures ongoing compliance with federal and state regulations.
Who is required to file OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE?
Property owners who have received Low-Income Housing Tax Credits must file the OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE as part of their obligations to demonstrate compliance with LIHTC 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, the property owner must complete all sections of the form accurately, providing necessary details about rental occupancy, income qualifications, and any other relevant program requirements. The form should be signed and dated before submission.
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 confirm that the property continues to meet the qualifications set forth by the LIHTC program, ensuring that tenants meet income requirements and that the property is maintained in compliance with program standards.
What information must be reported on OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE?
The OWNER'S CERTIFICATE OF CONTINUING LIHTC PROGRAM COMPLIANCE must report information including the number of qualified low-income units, the income levels of tenants, occupancy rates, and compliance with rent restrictions, as well as any changes in ownership or management of the property.
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