multifamily program compliance enews

In this issue: • Final Modification to 2021 Annual Recertifications for LIHTC and CHFA Loans • NextGen to replace WCMS in September Annual Recertifications effective 01.01.2021 and later are required to be completed. Recertifications may be modified and

By late September, users of the Web Compliance Management System (WCMS) will be required to switch over to a new system called NextGen to submit their monthly tenant certification data to CHFA. Owners and management agents currently use WCMS to submit

CHFA is a proud supporter of The Consortium for Housing and Asset Management (CHAM), the only national association for affordable housing asset management profession. We invite you to participate in a short survey to help inform the advancement and

On April 1, 2021, HUD released updated Multifamily Tax Subsidy Program income limits. The 2021 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

In this issue: • New combined CHFA multifamily program compliance manual for LIHTC and CHFA multifamily loan programs • Updated compliance forms for LIHTC and CHFA multifamily loan programs • New VAWA compliance requirements for LIHTC program

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

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

in 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 late

On 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, prote

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 with

On 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 fund

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 re

CHFA 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’

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.

On 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

We 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 extensi

As 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 resi

Applicable 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 r

in 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

We 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.

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. The

CHFA 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. I

On 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 Rulin

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: o Audited Financials and IRS Forms 8703 due in April 2019

CHFA 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 sta

How 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 remai

in 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!

CHFA 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 prese

CHFA 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

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

To 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 Fr

On 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 web

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 re

December 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 U

Year-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 recei

in 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 for

In 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 individual

CHFA’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 • Sect

The 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 own

Please 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:

CHFA’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 busine

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

How 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.

How 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 bel

As 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 provide

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

As 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.

The 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

The 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.

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:

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:

If 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 Taxpaye

in this enews • Change in Assignments for Multifamily Program Compliance Officers • Reminder: Annual Submissions are Due!

post year 15 monitoring fee change Annual monitoring fees are due for all LIHTC projects beginning the sixteenth year of a project’s Extended Use Period

For 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 (LIHTC

CHFA’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.

The 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 level

The 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.

As 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.

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.

In this eNews: • 2015 COLA • new savings passbook rate change • reminder: annual submissions are due

The 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).

CHFA’s program compliance manuals have been updated as of May 2014.

The US Department of Housing and Urban Development (HUD) released income limits for 2014 on December 18, 2013.

New Manager of Multifamily Program Compliance, 2014 COLA, New 2013 WCMS User’s Guide, Annual Submissions Reminder, HUD Handbook 4350.3 – Change 4

The 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.

We are happy to announce that the newest version of WCMS is finally up and running and ready for users to enter tenant data.