​​ CHFA eNews: Multifamily
chfa enews - multifamily loan compliance 

in this eNews

January 13, 2015
  • 2015 COLA
  • new savings passbook rate change
  • reminder: annual submissions are due!

2015 COLA impacts certifications effective 10.23.2014 and later

On October 22, 2014, the Social Security Administration announced a 1.7 percent Cost-of-Living Adjustment (COLA) for 2015. For developments with LIHTC and/or loans through CHFA, managers must now factor in the adjustment when estimating resident income for 2015. If you have already prepared resident certifications due any time after the announcement, CHFA recommends that you review all estimates of Social Security income and apply the COLA. Since this is now a known increase in 2015 income, it must be reflected on all Tenant Income Certification (TIC) forms effective after October 22, 2014. If your resident has not yet received confirmation of their 2015 benefit, you can multiply the 2014 amount by 1.017 to estimate the 2015 benefit. The new amount will take effect with the January 2015 payment.

new savings passbook rate change

Effective February 1, 2015, the new passbook savings rate per HUD will be adjusted from 2 percent to 0.06 percent. The rate of 0.06 percent will be used to calculate imputed income for total assets with a cash value that exceeds $5,000.

reminder: annual submissions are due!

As a reminder, 2014/2015 annual LIHTC and loan submissions are due to the CHFA as follows:

For All Properties (excluding Project-based Section 8 and Mod Rehab)
Occupancy and Demographic information as of December 31, 2014, must be submitted in WCMS. Due January 15, 2015


For Properties with Loans
Owner Certification of Continuing Loan Compliance
(Must be signed by Owner)
*January 1st through December 31, 2014
Due January 15, 2015
Operating Budget Due 60 days prior to the beginning of next fiscal year
Audited Financial Statements Due 90 days after the fiscal year end
IRS Form 8703 for calendar year 2014
(applicable if development has a CHFA loan with PAB/tax exempt financing)
Due to the IRS April 15, 2015, with a copy to CHFA by April 30, 2015


For Properties with Low Income Housing Tax Credits
LIHTC Owner Certification of Continuing Program Compliance
(for properties within the initial 15-year compliance period)
(Must be signed by Owner)
*January 1st through December 31, 2014
Due January 15, 2015
LIHTC Post Year 15 Owner Certification of Continuing Program Compliance, if applicable
(for properties that are past the initial 15-year compliance period)
(Must be signed by Owner)
*January 1 through December 31, 2014
Due January 15, 2015
Monitoring Fees
*Pre-1995 ($23/unit) and Post Year 15 ($15/unit or a maximum of $1500/year)
Due January 15, 2015


For RTC properties
Owner Certification of Continuing Loan Compliance
(Must be signed by Owner)
*January 1st through December 31, 2014
Due January 15, 2015
Compliance Report - Part A&B for the month of December 31, 2014 Due January 15, 2015
Annual monitoring fee of $50.00 per RTC unit Due January 15, 2015


Please note that most tax exempt organizations are required to file an annual Form 990 “Return of Organization Exempt from Income Tax” with the IRS. If an organization fails to file an annual or submit a notice as required for three consecutive years, it will automatically lose its tax exempt status. You may access online the IRS instructions and the Form 990 at www.irs.gov in the Forms & Publications section.



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