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

notices and updates

November 2, 2015

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. Post Year 15 monitoring fees charged as of the effective date of this notice will be $25 per tax credit including employee units (not to exceed $2,500 maximum). All fees are due on January 15 of each year.

post year 15 compliance and monitoring plan update

The Post Year 15 Compliance and Monitoring Plan has been updated to reflect the fee change. Please use this version of the plan moving forward for questions regarding LIHTC Post Year 15 procedures and rules.

"no COLA in 2016" announced by the social security administration

In October 2015, the Social Security Administration announced there will be no cost-of-living adjustment (COLA) for Social Security benefits this year. Therefore, for developments with LIHTC and/or loans through CHFA, managers will not be required to add an increased amount of SS, SSDI, or SSI to Tenant Income Certifications (TICs) effective in 2016.

As always, please contact your Program Compliance Officer with any compliance-related questions.