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

In this eNews

November 14, 2013
  • New Manager of Multifamily Program Compliance
  • 2014 COLA
  • New 2013 WCMS User’s Guide
  • Annual Submissions Reminder
  • HUD Handbook 4350.3 – Change 4
*For further information on any of these topics, please contact your CHFA Program Compliance Officer.

Introducing Liz Smith, CHFA's New Manager of Multifamily Program Compliance

CHFA is extremely pleased to announce that Liz Smith has joined our team as the Manager of Multifamily Program Compliance! In this position, Liz will oversee operations of the Program Compliance, Section 8 and chfareach teams. Liz has worked in affordable housing for over 17 years. Her resume in Colorado includes working for a private management company, the Colorado Division of Housing, and the U.S. Department of Housing and Urban Development.

2014 COLA impacts certifications effective 10.31.2013 and later

On October 30, 2013, the Social Security Administration announced a 1.5 percent Cost-of-Living Adjustment (COLA) for 2014. For developments with LIHTC and/or loans through CHFA, managers must now factor in the adjustment when estimating resident income for 2014. 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 2014 income, it must be reflected on all Tenant Income Certification (TIC) forms effective after 10.30.2013. If your resident has not yet received confirmation of their 2014 benefit, you can multiply the 2013 amount by 1.015 to estimate the 2014 benefit. The new amount will take effect with the January 2014 payment.

New 2013 WCMS User's Guide

CHFA has prepared a User’s Guide for the August 2013 version of the Web Compliance Management System (WCMS). For step-by-step instructions on how to register and enter tenant occupancy and demographic data in the new web-based WCMS, view t​he guide​. Check out the new tools that make navigating this system quicker and more efficient!

Reminder: annual submissions are due!

As a reminder, the 2013 Annual LIHTC and Loan submissions are due to the Colorado Housing and Finance Authority (CHFA) as follows:

For All Properties (excluding Project-based Section 8 and Mod Rehab)
Occupancy and Demographic information as of December 31, 2013, must be submitted in WCMS. Due January 15, 2014


For Properties with Loans
Owner Certification of Continuing Loan Compliance
(Must be signed by Owner)
*January 1st through December 31, 2013
Due January 15, 2014
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 2013
(applicable if development has a CHFA loan with PAB/tax exempt financing)
Due to the IRS April 15, 2014, with a copy to CHFA by April 30, 2014


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, 2013
Due January 15, 2014
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, 2013
Due January 15, 2014
Monitoring Fees
*Pre-1995 ($23/unit) and Post Year 15 ($15/unit or a maximum of $1500/year)
Due January 15, 2014


For RTC properties
Owner Certification of Continuing Loan Compliance
(Must be signed by Owner)
*January 1st through December 31, 2013
Due January 15, 2014
Compliance Report - Part A&B for the month of December 31, 2013 Due January 15, 2014
Annual monitoring fee of $50.00 per RTC unit Due January 15, 2014


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.

HUD Handbook 4350.3

HUD published Change 4 to Handbook 4350.3 “Occupancy Requirements of Subsidized Multifamily Housing Programs” on August 7, 2013, with changes effective the same day. CHFA is evaluating how the changes will impact LIHTC and Multifamily Loan compliance, pending clarification expected from HUD and the IRS. We expect to publish written guidance shortly. In the meantime, all properties with LIHTC and/or multifamily Loans should continue according to CHFA’s current LIHTC Compliance Manual and CHFA Multifamily Financing Programs Compliance Manual.



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