CHFA eNews: Multifamily
chfa enews - multifamily loan compliance

in this enews

  • Updated LIHTC regulations – 15-day inspection notice for multifamily program compliance reviews
  • Annual Reporting – Submit and view online 24/7 through CHFA Insight!
  • Reminders:
    • Audited Financials and IRS Forms 8703 due in April 2019
    • Have you submitted first year IRS forms 8609 and Colorado AHTC Allocation Certificates to CHFA?
March 20, 2019

updated lihtc regulations

15-day inspection notice for multifamily program compliance reviews

On February 26, 2019, the IRS published a final regulation on how state housing finance agencies must monitor LIHTC properties for compliance with Section 42 of the Internal Revenue Code. Among other changes, the final regulation reduces the amount of notice CHFA may give owners and agents for reviews and inspections to 15 days. Only under extraordinary circumstances, such as natural disasters and severe weather conditions, notice of more than 15 days may be given.

This change is effective immediately and will be applied to all 2019 multifamily program compliance reviews not yet scheduled. To promote consistency, CHFA is also applying the 15-day notice maximum to the CHFA multifamily loan and RTC programs.

To review the Federal Register notice describing the changes to LIHTC monitoring requirements in 26 CFR 1.42-5, click here.

annual reporting

Submit and view online 24/7 through CHFA Insight!

CHFA's Insight application now allows multifamily property owners and agents to submit annual reporting documents online for review by CHFA’s Program Compliance team. This system enables multifamily customers to review the status of their annual submissions, to upload new submissions, and to identify missing documents, so that properties may maintain compliance with annual LIHTC, CHFA loan, and RTC reporting requirements more easily. Sign up today to take advantage of this new feature!

Please refer to CHFA’s Insight Quick Step User Guide to learn more about Insight and how to register as a user, and to see instructions on report uploading.

reminders

  • Audited Financials and IRS forms 8703 due in April
  • Have you submitted your first year IRS forms 8609 and Colorado AHTC Allocation Certificates to CHFA?
The following documents are due. Instead of sending reports to your Program Compliance Officer, please upload them directly in CHFA’s Insight application.

Sign up today! Please refer to CHFA’s Insight Quick Step User Guide to learn more about Insight and how to register as a user, and to see instructions on report uploading.

For Properties with Loans through CHFA
Audited Financial Statements Due 90 days after the development's calendar/fiscal year end

For properties with FYE December 31, statements are due April 1, 2019.
IRS Form 8703 for Calendar Year 2018

*Applicable to developments where CHFA served as the issuer of Private Activity Bonds and lender.
Due to the IRS March 31, 2019
Copy due to CHFA April 30, 2019
For Properties with Low Income Housing Tax Credits
IRS Form 8703 for Calendar Year 2018

*Applicable to developments where CHFA served as a conduit issuer of Private Activity Bonds.
Due to the IRS March 31, 2019
Copy due to CHFA April 30, 2019
First-year IRS form 8609
*Ensure Part II is completed in full (as filed with the IRS)
Due within 90 days of the first IRS filing
First-year Colorado AHTC Allocation Certificate
*Colorado Affordable Housing Tax Credits Only (as filed with the Colorado Department of Revenue)
Due within 90 days of the first Colorado Department of Revenue filing

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