Reminder: Surplus cash payments are due to RIHousing within 30 days of receipt of the audit approval letter.
Audited Financial Statements are due within 90 days of the fiscal year end. If an extension of time is needed, please contact Susan Halloran at shalloran@rihousing.com
New Policy for Owners and Managing Agents of LIHTC projects
RIHousing will be instituting a new policy regarding responses to annual LIHTC tenant file reviews and physical inspections. This new policy will be published and distributed via a Program Bulletin in the near future.
As you know, upon completion of a physical inspection and/or tenant file review, the asset manager assigned to your property will send a formal letter along with a list of items needing correction. The owner or agent then has 30 days to respond to the findings. If a follow up is needed to close out the file review, an additional 30 days will be given.
If the review is still open six (6) months from the initial date of review, RIHousing will give one last opportunity for a complete response before a finding of non-compliance is issued and a Form 8823 is sent to the IRS (for projects in the compliance period).
Regarding HOTMA as it Affects the LIHTC Program
RIHousing has made no changes to our LIHTC policies due to HOTMA. We do know that the IRS has verbally confirmed that it is their intention to follow the HOTMA final rule regarding determining income and assets and will allow for self-certification of assets when the cash value does not exceed $50,000.
At this time, our LIHTC policies will continue to mirror Section 8 as far as income and asset verification are concerned. If you use a verification for Section 8, we will accept it for tax credit. As HOTMA is not yet entirely in effect for Section 8, there are no changes to be made.
We will be posting an official Program Bulletin when we make changes to our LIHTC policies.
For more information on HOTMA, please visit the HUD website.
Have you had staffing changes? Please ensure your property’s contact information is always current and accurate with this easy to use form.
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To provide suggestions for information you would like to see in future Property Matters E-News, please email Kathy Millerick at kmillerick@rihousing.com.
RIHousing, 44 Washington Street, Providence, RI 02903
