Tax credits compliance manual

From —, North Carolina offered state housing credits in addition to federal credits. For some developments, these state statutes required lower income targeting, resulting in additional rent restriction and occupancy standards.

The rules for rent and occupancy depend on two factors—year of tax credit award and county in which the project is located.

Used alongside tax credits, RPP loans provide gap financing to make rental housing more affordable. For example, all rent increases and reserve withdrawals must be approved in writing by the NC Housing Finance Agency. The manual provides owners and management with written procedures for these processes.

Additionally, owners and managers must comply with all requirements established in Agency loan documents. Some of these funds provide loans for the development of affordable rental housing. Normally, these loans are granted in combination with federal Housing Credits. We administer the Housing Trust Fund and monitor properties receiving money from it for compliance with the following state regulations. The Agency serves as a traditional contract administrator for the US Department of Housing and Urban Development HUD on a portfolio of properties in which it served as lender, with project-based Section 8 rental assistance.

We have direct responsibility for the day-to-day asset management requirements. The NC Housing Finance Agency monitors projects financed through a variety of agency-issued bonds to ensure that units provide safe, decent and affordable housing and are occupied by eligible households, based on income.

We monitor these units to protect the tax-exempt status of the bonds. These properties were purchased at below-fair-market value with the restriction that units be made available to low- and very low-income households. The NC Housing Finance Agency monitors the provision of interest-free loans to government and nonprofit organizations for the production of transitional and permanent housing for occupants with special needs.

These loans, funded through the state Housing Trust Fund, serve homeless or non-homeless households that require supportive services, including:. TBRA has been available after certain designated natural disasters. No new sources of TBRA are currently available. Reference should be made to the official statement and operative documents of each series of bonds referred to herein for complete information on that issue.

Because of the possibility of human and mechanical error as well as other factors, this information is provided "as is" without warranty of any kind and no representation or warranty, expressed or implied, is made, nor should any be inferred, as to the accuracy, timeliness, or completeness of this information.

Under no circumstances shall North Carolina Housing Finance Agency have any liability to any person or entity for a any loss or damage in whole or part caused by, resulting from, or relating to any error on account of neglect or otherwise or other circumstance involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, transmitting, communicating or delivering this information, or b any direct, indirect, special, consequential, or incidental damages whatsoever, even if North Carolina Housing Finance Agency is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, any such information.

This information relates to bond issues of the North Carolina Housing Finance Agency that have been sold and distributed in underwritten public offerings described in the related official statements. Each viewer of the aforementioned information acknowledges that i the North Carolina Housing Finance Agency is not now by this document offering any bonds or other securities, nor soliciting an offer to buy any securities, ii this information is not to be construed as any description of the North Carolina Housing Finance Agency-such offerings are only made pursuant to the appropriate official statements of the North Carolina Housing Finance Agency, iii the information provided speaks only as of the date thereof and the North Carolina Housing Finance Agency has not in any way undertaken to update such information, and iv no representation is made as to the propriety or legality of any secondary market trading of the bonds or other securities of the North Carolina Housing Finance Agency by anyone in any jurisdiction.

The financial condition of the North Carolina Housing Finance Agency may have changed since the date this information was prepared. Tax Credit Forms and Documents. The collection of fees will resume for the Compliance Monitoring review period. The deadline to submit all completed and executed owner reports is June 1, To ensure you receive important updates, please Sign up for Compliance and Asset Management Updates , and select the "Property Manager" email list.

Annual Tax Credit Reporting Process. Before using any utility allowance schedules posted on Virginia Housing's website, please ensure that your local PHA has adopted Virginia Housing utility allowances for use or that your only local PHA is a Virginia Housing administered program agency. Detailed information may be found in the documents below. Skip to Content. It looks like your browser does not have JavaScript enabled.

Please turn on JavaScript and try again. Follow Us. The covered program activities include: Annual recertifications are waived through September 30, , and must resume October 1, Compliance monitoring inspections and reviews are waived until September 30, , and must resume October 1, Temporary closure of property amenities and common space in response to COVID is permitted until September 30, Temporary Emergency Housing Temporary Emergency Housing for medical or other essential personnel is permitted until September 30, Things to Note: Immediately report all changes in property ownership, management agent, and on-site property contacts to your assigned Compliance Officer so we can update our records before the packets are distributed.

The annual report questionnaire is due for projects where all buildings are placed in service by December 31, The annual owner's certification must be completed by the project taxpayer owner , general partner, or a designated signor authorized by the project taxpayer or general partner. View in Web Browser. Page Contacts.