Compliance News
Despite the number of financial challenges that the affordable housing industry has faced in 2009, the compliance sector has been unusually quiet. However, the U.S. Department of Housing and Urban Development (HUD) issued a revision to the 4350.3 regarding calculating income for Section 8 units. In response to HUD's action, OHFA issued this implementation memo.
Owner reports and certifications for all programs will be due to OHFA by March 2, 2010. Instructions and certifications will be posted to OHFA's Web site in the coming months. No major changes to the owner report and certification process are planned for the 2009 reporting year.
In 2010, the Agency will be asking that if a management company change is planned for any development receiving funding from OHFA, that a "Management Company Change Questionnaire" be completed. The QAP clearly states that OHFA must be notified before a management company change occurs. To ensure projects and sponsors remain in compliance, OHFA should be contacted at least 60 days before a planned change. The questionnaire is based on a series of questions that will be used during the tax credit application phase to assess capacity.