On February 26, 2019, the Internal Revenue Service (IRS) issued final regulations, effective immediately, for Housing Credit compliance monitoring.

 

March 21, 2019

Volume: 2

 

 

Compliance News

 

·     On February 26, 2019, the Internal Revenue Service (IRS) issued final regulations, effective immediately, for Housing Credit compliance monitoring which changes the way OHFA conducts audits at your projects. Please be prepared to have additional staff on site to help your audit go smoothly. 

 

·     OHFA will immediately begin utilizing the Low Income Housing Credit Minimum Unit Sample Size Reference Chart (see page 4 of the amendment). This will often result in an increased number of units and files being audited. The 8b election on your project’s 8609’s will be a key factor in determining the sample size.

 

·     OHFA will not give notice of an audit more than 15 days in advance. 

 

Other Updates at OHFA

 

·     Our new inspection software has launched, and we are using it on physical inspections. Please be patient with OHFA auditors as they transition from paper and pen to tablets.  

 

·     Owners/ Property Managers should be prepared to turn on stove tops and ovens, start dishwashers and open all windows in the unit being inspected. 

 

·     Please update all of your tenant events in DevCo no later than the 10th of each month for the previous month. You will also need to update all tenant events when you are notified that OHFA will be visiting your project to conduct an audit. 

 

·     Please submit all Utility Allowance (UA) requests via email to UArequest@ohiohome.org OR via mail to 57 E. Main Street, Columbus, OH 43215, Attention: Compliance Operations Manager. If you submit your UA request via email please also provide a copy of the check that was or will be sent to OHFA for the UA fee. OHFA will not begin processing UA requests until we receive the UA fee. 

 

We appreciate your patience and cooperation. If you have any questions or concerns, please contact ALunsford@ohiohome.org.