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Compliance Online Reference Manual - treasurer.ca.gov

Compliance Online Reference Manual Assisting in the Development and Maintenance of Quality Rental housing Communities Affordable to Low income Californians California Tax Credit Allocation Committee California Tax Credit Allocation Committee (CTCAC). 915 Capitol Mall, Room 485. Sacramento, CA 95814. (916) 654-6340 Main Office (916) 654-6033 Fax Mark Stivers, Executive Director Anthony Zeto, Deputy Executive Director Compliance Staff Compliance Section Chief Rose Guerrero Program Managers Elizabeth Gutierrez-Ramos Shannon Nardinelli Ammer Singh Biu Wong Compliance Analysts Troy Bailey Kim Hong Angel Barragan Noemy Iniguez Tara Boynton Tina Johnson Stephen Bellotti Quang Le Phyllis Blanton Giovanni Martinez Richard Chinakwe David McDaniels Edward Chrisen Pheng Moua Emilio Contreras Juan Diego Ochoa Gene Deguzman Gur

Compliance . Online . Reference . Manual . Assisting in the Development and Maintenance. of Quality Rental Housing Communities. Affordable to. Low Income Californians

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Transcription of Compliance Online Reference Manual - treasurer.ca.gov

1 Compliance Online Reference Manual Assisting in the Development and Maintenance of Quality Rental housing Communities Affordable to Low income Californians California Tax Credit Allocation Committee California Tax Credit Allocation Committee (CTCAC). 915 Capitol Mall, Room 485. Sacramento, CA 95814. (916) 654-6340 Main Office (916) 654-6033 Fax Mark Stivers, Executive Director Anthony Zeto, Deputy Executive Director Compliance Staff Compliance Section Chief Rose Guerrero Program Managers Elizabeth Gutierrez-Ramos Shannon Nardinelli Ammer Singh Biu Wong Compliance Analysts Troy Bailey Kim Hong Angel Barragan Noemy Iniguez Tara Boynton Tina Johnson Stephen Bellotti Quang Le Phyllis Blanton Giovanni Martinez Richard Chinakwe David McDaniels Edward Chrisen Pheng Moua Emilio Contreras Juan Diego Ochoa Gene Deguzman Gurpreet Ratia Justin Espanol Jahan Tahaei Frank Harper Kole Tefft Diana Hester Julio Villanueva CALIFORNIA TAX CREDIT

2 ALLOCATION COMMITTEE. LOW income housing . TAX CREDIT PROGRAM. (LIHTC). Compliance MONITORING. Manual . ( Online format). TABLE OF CONTENTS. SECTION I INTRODUCTION PAGE. Part Background of the TCAC Program 1. Part Contents and Summary 1. Part Compliance Period 2. Part Regulations for Various Tax Credit Programs 2. Part CTCAC Policy Memo 4. Part Compliance Manual 4. SECTION II RESPONSIBILITIES PAGE. Part The California Tax Credit Allocation Committee 5. A. Issue IRS Form 8609 5. B. Prepare Regulatory Agreement/Restrictive Covenants 5. C. Review Annual Owner Certification 5.

3 D. Review Annual Operating Expense Report 6. E. Review Project Status Report 6. F. Conduct On-site Monitoring 6. G. Conduct On-site Monitoring Extended Use Portfolio 6. H. Conduct 504 Monitoring for TCAP Properties ARRA Legislation 7. I. Conduct Asset Management Functions for TCAP and Section 1602 7. Exchange Funds ARRA Legislation J. Notice of Noncompliance 8. K. Record Retention 8. L. Conduct Training and Provide Continuing Education 8. M. Rural housing Service (RHS) Agreement 9. N. Subcontracting of Functions 9. O. Freedom of Information Act / Public Records Act 9.

4 Part Owner of Project 10. A. Be Knowledgeable About . 10. B. Good Cause Eviction 11. C. Comply with Terms of Application 11. D. Meet Initial Eligibility Requirements 11. E. Deeper Targeting Requirements 11. F. Prepare and Submit Annual Certifications 12. 1. Annual Owner Certification (part 1) 12. 2. Annual Project Ownership Profile (part 1) 14. 3. Annual Operating Expense Report (part 2) 15. 4. Lender Report (part 2) 15. 5. HUD Demographic Data (2010) 15. G. Train On-site Personnel 15. H. Ensure Proper Maintenance 15. I. Recordkeeping and Retention - Site 16.

5 J. Maintain a Development File 16. K. Maintain a Tenant / Unit File 17. L. Prepare and Submit Low income housing Credit 17. (IRS Form 8586). M. Administration and Notification 17. Part Management Company and On-site Personnel 17. SECTION III REGULATIONS PAGE. Part Calculating and Claiming the LIHTC 18. A. The Annual Tax Credit Amount 18. B. Claiming Tax Credits in the Initial Year 18. C. Initial Year Proration 18. D. The Two-Thirds Rule 19. E. Increase in Qualified Basis 19. F. Claiming Credit in the Remaining Years of the Compliance 19. Period Part Minimum LIHTC Set-aside Requirements and income Limits 19.

6 Part Maximum Gross Rent 20. A. Projects Allocated Credit During the Years 1987 to 1989 20. B. Projects Allocated Credit After January 1, 1990 20. C. Allowable Fees and Charges 21. D. Section 8 Rents 21. E. Gross Rent Floor Election 21. F. 8609 Form Line 8b Election 22. G. Amenities and Services 23. H. Conflicts with Other Government-Funded housing Programs 23. Part Utility Allowances 24. Part Rules Governing the Eligibility of Residential Units 25. A. Unit Vacancy Rule 26. B. When a Unit Must Remain Vacant 26. C. 140% Next Available Unit Rule 26.

7 D. Transfer of Existing Tenants 100% Tax Credit Property 26. E. Resident Manager's Unit 27. Part Rules Governing the Eligibility of Tenants and Uses 28. A. Student Eligibility 28. B. Managers or Employees as Tenants 29. C. Live-in Care Attendants 29. D. Non-transient Occupancy 30. E. Ineligible Facilities 31. Part Other Regulations 31. A. Physical Requirements of Units 31. B. Discrimination Prohibited in Project 31. C. General Public Requirements 31. D. General Occupancy Guidelines/Family Size 32. E. Good Cause Eviction 32. Part Statutory Set-Asides 33.

8 A. Qualified Nonprofit Organizations 33. Part Qualified Allocation Plan 33. Part Adopted Regulations 34. Part Transfer Events 34. SECTION IV QUALIFYING TENANTS FOR LIHTC UNITS PAGE. Part The Tenant Application, Lease, and Lease Rider 37. A. Application 37. B. Lease 37. C. CTCAC Required Lease Rider (Good Cause Eviction Rider) 38. Part Determining Maximum income and Rent Limits 38. Part Tenant income Verification 40. A. Effective Term of Verification 40. B. Methods of Verification 40. C. Discrepancies in Reported income 41. D. Assets 42. E. Real Estate 42.

9 1. Normal Sale of Real Estate 42. 2. Real Estate used as Rental Property 43. 3. Foreclosure 43. 4. Short Sale 43. 5. Reverse Mortgages 43. F. Computing the Total Household income 44. G. Anticipated income 44. H. Cash Payments 44. I. Electronic Banking Cards (EBT), Debit Visa or MasterCard 44. Part Initial Tenant income Certification Guidelines 45. Part Annual income Recertification Requirements 46. A. For 100% Tax Credit Properties 46. B. For Mixed Use Tax Credit Properties 47. C. Recertification Procedure 47. D. Annual Recertification Waiver (pre-2008) 49.

10 Part Students 48. A. Part-time Students 48. B. Full-time Students 48. C. $480 Student income 48. D. Financial Aide Verification 48. Part The Tenant/Unit File 49. Part Qualifying Section 8 Tenants for LIHTC Units 50. Part Qualifying Tenants in RHS Projects for LIHTC Units 51. Part Acquisition and Rehabilitation 53. Part Resyndication 54. A. Grandfathering of Existing Tenants 55. B. Creating a New Tenant File 55. C. Mixed income Resyndication 56. D. Reducing Rents 56. Part Re-Application Resyndication of Existing Tax Credit Properties 57. without a Regulatory Agreement SECTION V Compliance MONITORING PAGE.


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