QAP Outlines Process for Requesting
IRS 8609 Forms
Each year OHFA is obligated by the IRS tax code to publish a Qualified Allocation Plan (QAP). This document outlines submission dates, application fees, restrictions, standards and requirements to assist developers when they apply for housing tax credits and tax-exempt bonds. The QAP is also important for compliance reasons, as it contains information on requesting IRS 8609 forms. It is the 8609 form that outlines the rent and income restrictions a project must follow.
An owner must complete three compliance-related steps to earn the 8609 form. Employees who will be working directly with tenant files are obligated to attend the Basic Tax Credit Compliance course offered by OHFA within six months of the development being placed in service. It is also necessary for owners or managers to schedule a meeting with the OHFA Program Compliance Training and Technical Assistance team to discuss the lease-up of any units funded through tax credits. Finally, within 15 days of placing the last building in service, the project owner is required to forward a letter to the OHFA Compliance Analyst assigned to the development indicating the date on which the last building was placed in service. Based on this communication, the project will be preliminarily scheduled for a lease-up monitoring visit. The responsibility to complete these activities lies solely with the owner or management company.
In addition to the obligations above, owners must gain approval from OHFA's Office of Program Compliance for any changes made to the management company after the development has been placed in service. The Agency requires notification from the owner of the proposed change at least 60 days prior to the termination of the current management company. To ensure continued compliance with the QAP and OHFA programs, the proposed company may be requested to complete a due diligence questionnaire.
To learn more about the QAP or to register for a scheduled training, please visit OHFA's Web site. For information regarding scheduling time to discuss the lease-up of a particular project, contact Arthera Burgess, Training and Technical Assistance Manager, via telephone at 614.995.0306 or via email at aburgess@ohiohome.org.