​​ CHFA eNews: Multifamily
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  • 2017 COLA
  • Annual Submissions are Due!
November 16, 2016

2017 cola announced

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 adjustment when estimating resident income for 2017.

If you have already prepared resident certifications due any time after the announcement, review all estimates of Social Security income and apply the COLA. Since this is a known increase in 2017 income, it must be reflected on all Tenant Income Certification (TIC) forms effective after 10.18.2016. If your resident has not yet received confirmation of their 2017 benefit, you can multiply the 2016 amount by 1.003 to estimate the 2017 benefit. The new amount will take effect with the January 2017 payment.

Contact your Program Compliance Officer with any compliance-related questions.

annual submissions are due

As a reminder, 2016/2017 annual LIHTC, CHFA loan, and RTC submissions are due as follows.

Owner certification forms can be accessed on CHFA's website.

Note that the Owner Certification for CHFA Multifamily Loans has changed. Be sure to use the new form!

For all Properties (excluding Project-based Section 8 and Mod Rehab)
Occupancy and Demographic information as of December 31, 2016,
must be entered in WCMS.

Please visit chfareach to register for the WCMS Training Webinar on December 13, 2016, at 10:00 a.m.
Due January 15, 2017
For Properties with Loans
Owner Certification of Continuing Loan Compliance
(Must be signed by Owner)
*January 1 through December 31, 2016
Due January 15, 2017
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 2016
*Applicable if development has a CHFA loan with PAB/tax
  exempt bond financing
Due to the IRS April 15, 2017,
with a copy to CHFA by
April 30, 2017
IRS Form 990 for Calendar Year 2016
*Applicable if development has a CHFA loan with 501(c)(3) bonds
Due June 15, 2017
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 1 through December 31, 2016
Due January 15, 2017
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, 2016
Due January 15, 2017
Monitoring Fees
*Post Year-15 only ($25/unit or a maximum of $2,500/year)
Due January 15, 2017
For RTC properties
Owner Certification of Continuing Compliance
(Must be signed by Owner)
*January 1 through December 31, 2016
Due January 15, 2017
Compliance Report - Part A&B for the month of December 31, 2016 Due January 15, 2017
Annual monitoring fee of $50 per RTC unit Due January 15, 2017

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 and Publications section.



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