multifamily program compliance enews Sign up for Multifamily Program Compliance eNews Subscribe to CHFA’s multifamily program compliance eNews to stay informed of program updates and compliance changes. February 18, 2021reminder: we would appreciate hearing from you!CHFA, including its Asset Management team, is fully operational and continues to work remotely. The CHFA team is available to you, so please feel free to reach out to your point of contact for any assistance. As the effects of the pandemic persist into February 10, 2021we would appreciate hearing from you!CHFA, including its Asset Management team, is fully operational and continues to work remotely. The CHFA team is available to you, so please feel free to reach out to your point of contact for any assistance. As the effects of the pandemic persist into December 2, 20202021 annual recertifications, annual submissions, and colain this enews • 2021 Annual Recertifications for LIHTC and CHFA Loans • Annual Submissions Deadline Reminder • 2021 Social Security COLA Announced 2021 Annual Recertifications for LIHTC and CHFA Loans Annual Recertifications effective 01.01.2021 and lateNovember 2, 2020eviction moratoriums: update on national and state ordersOn October 21, 2020, Governor Jared Polis signed Executive Order 227 that reaffirms and clarifies the Center for Disease Control and Prevention’s national eviction moratorium and includes amendments to Executive Order 223 signed on October 15, 2020, proteSeptember 10, 2020update to covid-19 guidance on annual recertifications for lihtc and chfa loan programs Due to unprecedented circumstances, including health concerns, business closures, and government orders, CHFA issued a temporary waiver of annual recertifications of income and assets, effective 03.27.2020. This waiver applies only to certifications withJuly 20, 2020emergency rental assistanceOn Friday, July 17, our partners at the Colorado Department of Local Affairs-Division of Housing launched the Property Owner Preservation (POP) program in response to the COVID-19 pandemic. The program allocates up to $20 million in federal CARES Act fundMay 15, 2020property tax value alertIf a multifamily housing property is subject to rent restrictions to make it more affordable, it may be eligible for a market adjustment to the taxable value used for property tax assessment. Rent-restricted housing properties that receive below-market reApril 29, 2020extension of compliance guidance through may 31, 2020CHFA continues to monitor the COVID-19 situation and developments in Colorado. In response to concerns related to COVID-19, CHFA has implemented modifications to policies for inspections and monitoring, which are now extended through May 31, 2020. CHFA’April 13, 2020we would appreciate hearing from you!CHFA is here and fully operational! CHFA, including its Asset Management team, is working remotely until April 30, 2020. However, the team is available to you, so please feel free to reach out to your point-of-contact for any assistance. April 9, 2020colorado 2020 income limit and maximum rent tables publishedOn March 31, 2020, HUD released updated Multifamily Tax Subsidy Program income limits. The 2020 income limit and maximum rent tables for Colorado are now available on CHFA's website. IRS Revenue Ruling 94-57 allows LIHTC project owners to rely on the March 27, 2020additional guidance for O/As on employment income calculations, annual recertifications, and audited financial statementsWe have updated CHFA's interim compliance policies for the LIHTC and CHFA Loan programs to provide additional guidance on how to calculate annual employment income and to communicate an annual recertification waiver and audited financial statement extensiMarch 18, 2020additional guidance for O/As on tenant certifications and verificationsAs a follow up to CHFA’s previous interim compliance policy, we are providing additional guidance. If the O/A is unable to conduct the certification process in person, or electronic format is not available, the certification may be conducted with the resiMarch 16, 2020CHFA: Asset Management Multifamily Compliance Interim Compliance PoliciesApplicable through April 30, 2020 unless otherwise noted below NOTICE TO PARTNERS: CHFA’s Inspection and Monitoring Policy in Response to COVID-19. CHFA continues to monitor the COVID-19 situation and developments in Colorado. In response to concerns rNovember 22, 2019annual submissions and other remindersin this enews • New LIHTC and CHFA Loan Owner Certifications Are Due in CHFA’s Insight System in January 2020! • Annual Submissions Deadline Reminder • 2020 Social Security COLA Announced November 22, 2019 New LIHTC and CHFA Loan Owner Certifications Are July 16, 2019wcms is back onlineWe are pleased to inform you that the technical issues that were affecting the Web Compliance Management System (WCMS) have been corrected. We appreciate your patience throughout this temporary outage. July 10, 2019 technical issues web compliance management system (wcms)Please be advised that a technical issue affecting the Web Compliance Management System (WCMS) is preventing users from accessing their property portfolios. CHFA is aware of the problem and is working with the software company to resolve the outage. TheJune 27, 2019insight updateCHFA has recently made some changes to Insight, our online account management system, and we’d like to provide you with a little background on those changes. In September 2018, House Bill 18-1128 concerning consumer data privacy protection became law. IMay 1, 2019colorado 2019 income limit and maximum rent tables publishedOn April 24, 2019, the US Department of Housing and Urban Development (HUD) released updated Multifamily Tax Subsidy Program income limits. The 2019 income limit and maximum rent tables for Colorado are now available on CHFA’s website. IRS Revenue RulinMarch 20, 2019updated lihtc regulations and annual reportingin 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: o Audited Financials and IRS Forms 8703 due in April 2019 December 13, 2018attempted security breachCHFA has received notice from HUD’s national headquarters in Washington D.C. that a multifamily owner/agent participating in the Project-Based Section 8 program has been the target of a malicious phishing attempt. Someone, portraying themselves as HUD staNovember 5, 2018Asset Management SurveyHow are we meeting your customer service needs? Please take this short Asset Management Customer Satisfaction survey and let us know what you think of our customer service efforts and offer your suggestions for future improvements. The survey will remaiOctober 29, 2018annual submissions and 2019 colain this enews • 2019 Social Security Cost of Living Adjustment (COLA) • IRS Form 8609 Reminder for New LIHTC Projects • Annual Submissions (with Updated Owner Certification Forms) are Coming Up!October 22, 2018We Want to Hear What You Think About Affordable Housing PreservationCHFA is working to preserve existing affordable housing throughout Colorado. As part of the work of our statewide Housing Preservation Network, we would like to hear your opinions about resources, programs, and incentives that may be of value in the preseOctober 15, 2018Affordable Housing Preservation SurveyCHFA is working to preserve existing affordable housing throughout Colorado. As part of the work of our statewide Housing Preservation Network, we would like to hear your opinions about resources, programs, and incentives that may be of value in the September 12, 2018CHFA Insight is Getting a New Look!On Tuesday, September 18, CHFA will be rolling out a new version of Insight, offering the same great account maintenance functionality in a more user-friendly format. Enhancements include: • New design and navigation features to easily find information August 28, 2018update needed by september 3 to avoid TRACS file rejectionsTo address security vulnerabilities identified by the Department of Homeland Security, HUD must upgrade the Transport Layer Security (TLS) from version 1.0 to TLS version 1.2. To comply and avoid TRACS file rejections, ensure that your Microsoft .NET FrApril 11, 2018colorado 2018 income limit and maximum rent tables publishedOn March 30, 2018, the US Department of Housing and Urban Development (HUD) released updated Multifamily Tax Subsidy Program income limits, effective April 1, 2018. The 2018 income limit and maximum rent tables for Colorado are now available on CHFA’s webFebruary 22, 2018property tax value alert If a multifamily housing property is subject to rent restrictions to make it more affordable, it may be eligible for a market adjustment to the taxable value used for property tax assessment. Rent-restricted housing properties that receive below-market reNovember 28, 2017Register Today: 2017 HUD Preservation Workbook and Recapitalization Excel Tool WebinarDecember 7, 2017 at 1:00pm MT If you own HUD-insured or assisted multifamily rental housing and want to learn more about developing a preservation strategy for your rental properties, don’t miss this webinar offered by the U.S. Department of Housing and UNovember 21, 2017modified payment schedule: replacement reserve requests in December 2017 and January 2018Year-end Replacement Reserve Request Deadlines For multifamily properties with CHFA loans, replacement reserve requests will be processed according to a modified schedule in December 2017 and January 2018. • For approved replacement reserve requests receiOctober 20, 2017annual submissionsin this enews • 2018 COLA • IRS Form 8609 Reminder for New LIHTC Projects • Annual Submissions are Due! 2018 COLA Announced On October 13, 2017, the Social Security Administration announced there will be a 2.0 percent cost-of-living (COLA) increase forOctober 3, 2017Temporary Housing Support for Those Affected by Hurricanes Harvey, Irma, or MariaIn accordance with Revenue Procedure 2014-49 the Colorado Housing and Finance Authority (CHFA) is permitting owners of Low Income Housing Tax Credit (LIHTC) properties in the State of Colorado to provide temporary emergency housing to displaced individualAugust 8, 2017chfa lihtc compliance manual, utility allowance policy, and replacement reserve withdrawal requirements updatedCHFA’s LIHTC Compliance Manual has been updated as of August 2017. Please use the new version moving forward for questions regarding LIHTC procedures, rules, and regulations. Substantive changes were made to the following sections: • Introduction • SectApril 24, 2017 colorado 2017 income limit and maximum rent tables publishedThe US Department of Housing and Urban Development (HUD) released income limits for 2017 on April 14, 2017. The 2017 income limit and maximum rent tables for Colorado are now available on CHFA’s website. IRS Revenue Ruling 94-57 allows LIHTC project ownMarch 27, 2017join us in vailPlease join us at the Colorado National Association of Housing and Redevelopment Organization (NAHRO) conference—occurring May 24-25, 2017—for the following CHFA-sponsored Project Based Section 8 (PBS8) tracts: February 17, 2017Masouda Omar Named Manager of Program Compliance/Section 8CHFA’s Asset Management Division is pleased to welcome Masouda Omar as its new Manager of Program Compliance/Section 8! Prior to this role, Masouda served as Manager of Community Development Lending. She brings nearly 19 years of CHFA experience in busineNovember 16, 2016in this enews: 2017 COLA; Annual Submissions are Due!On October 18, 2016, the Social Security Administration announced there will be a 0.3 percent cost-of-living (COLA) increase for Social Security benefits in 2017. For developments with LIHTC, and/or loans through CHFA, or RTC, managers must factor in the November 7, 2016reminder: asset management surveyHow are we meeting your customer service needs? Please take this short Asset Management Customer Satisfaction survey and let us know what you think of our customer service efforts and offer your suggestions for future improvements. October 26, 2016asset management surveyHow are we meeting your customer service needs? Please take this short Asset Management Customer Satisfaction survey and let us know what you think of our customer service efforts and offer your suggestions for future improvements. Click on the link belSeptember 1, 2016chfa’s multifamily portfolio reports available onlineAs part of our effort to support CHFA’s mission to strengthen affordable housing and economic development across the state, CHFA’s Multifamily Portfolio Reports are available for viewing on the CHFA website. Updated quarterly, these reports will provideAugust 25, 2016utility allowance “noncompliance” can cost you!What happens if you don’t update your utility allowance schedule? The utility allowance schedule in place at your property must be reviewed at least once during each calendar year and updated if any changes in utility costs are found. If using the local April 26, 2016chfa’s latest multifamily portfolio reports are now available onlineAs part of our effort to support CHFA’s mission to strengthen affordable housing and economic development across the state, we would like to remind you that the latest CHFA Multifamily Portfolio Reports are now available for viewing on the CHFA website. April 7, 2016colorado 2016 income limit and maximum rent tables publishedThe US Department of Housing and Urban Development (HUD) released income limits for 2016 on March 28, 2016. Income and rent limits for Colorado are now available on CHFA’s website. IRS Revenue Ruling 94-57 allows LIHTC project owners to rely on the March 30, 20162016 hud limits and chfa lihtc program compliance manual updatedThe US Department of Housing and Urban Development (HUD) released income limits for 2016 on March 28, 2016. We will be updating CHFA’s rent and income limit tables online by April 15th, and will send an eNews when complete. March 23, 2016reminder: join us in vail!Please join us at the Colorado National Association of Housing and Redevelopment Organization (NAHRO) conference—occurring May 9-13, 2016. The following CHFA-sponsored Project Based Section 8 (PBS8) tracts will be held May 11-13: March 1, 2016join us in vailPlease join us at the Colorado National Association of Housing and Redevelopment Organization (NAHRO) conference—occurring May 9-13, 2016. The following CHFA-sponsored Project Based Section 8 (PBS8) tracts will be held May 11-13: February 23, 2016basic allowance for housing (bah) in qualified military installation areasIf your 4 percent or 9 percent LIHTC property is located in a Qualified Military Installation (QMI) area, you will now be able to exclude military personnel’s BAH payments from their household income calculation, due to the passage of the American TaxpayeDecember 31, 2015Program Compliance Officer Assignment Changes and Annual Submissions Reminderin this enews • Change in Assignments for Multifamily Program Compliance Officers • Reminder: Annual Submissions are Due!November 2, 2015post year 15 monitoring fee change and 2016 COLApost year 15 monitoring fee change Annual monitoring fees are due for all LIHTC projects beginning the sixteenth year of a project’s Extended Use PeriodOctober 19, 2015utility allowance schedule – denver – effective october 1, 2015For properties located in Denver and/or utilizing Denver Public Housing Authority’s (PHA) utility allowance schedule dated October 1, 2015, the effective date of October 1, 2015 begins the 90 day notification period to Low Income Housing Tax Credit (LIHTCOctober 13, 2015chfa lihtc program compliance manual updatedCHFA’s LIHTC program compliance manual has been updated as of October 2015. Please use this version moving forward for questions regarding procedures, rules, and regulations. March 27, 2015Energy Outreach Colorado's Affordable Housing Weatherization ProgramThe Energy Outreach Colorado affordable housing weatherization program serves affordable multifamily housing properties across the state that are 5 or more units, centrally heated, and where 67% of the population are at or below 200% federal poverty levelMarch 16, 2015HUD 2015 Income Limits and Maximum Rents ReleasedThe US Department of Housing and Urban Development (HUD) released income limits for 2015 on March 6, 2015. Income and rent limits for Colorado are now available on CHFA’s website. March 9, 2015chfa’s multifamily portfolio reports are now available onlineAs part of our effort to support CHFA’s mission to strengthen affordable housing and economic development across the state, we are pleased to announce that CHFA’s Multifamily Portfolio Reports are now available for viewing on the CHFA website. January 23, 2015Attention: Low Income Housing Tax Credit (LIHTC) Properties CHFA’s new Utility Allowance Policy is in effect for all LIHTC properties beginning January 1, 2015. The policy and applicable forms, can be found on the LIHTC Compliance page of our website. The forms can also be found on the Compliance Forms page.January 13, 2015Updates and Due DatesIn this eNews: • 2015 COLA • new savings passbook rate change • reminder: annual submissions are dueMay 28, 2014fair housing accessibility trainingThe training will cover the Design and Construction Requirements of the Fair Housing Act, Technical Overview (Module 10), Accessible Routes (Module 7), and Accessible Public and Common-Use Areas (Module 8). May 21, 2014CHFA Program Compliance Manuals UpdatedCHFA’s program compliance manuals have been updated as of May 2014.January 10, 2014HUD 2014 Income Limits and Maximum Rents ReleasedThe US Department of Housing and Urban Development (HUD) released income limits for 2014 on December 18, 2013.November 14, 2013In this eNewsNew Manager of Multifamily Program Compliance, 2014 COLA, New 2013 WCMS User’s Guide, Annual Submissions Reminder, HUD Handbook 4350.3 – Change 4October 1, 2013Summary of Disaster NoticesThe Internal Revenue Service (“IRS”) is suspending certain requirements of the Internal Revenue Code (the “Code”) as they relate to qualified residential real estate projects financed with tax exempt facility bonds.September 10, 2013WCMS is Back OnlineWe are happy to announce that the newest version of WCMS is finally up and running and ready for users to enter tenant data.