MSHDA - Compliance Monitoring - LIHTC Program Compliance Manual

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Compliance Monitoring - LIHTC Program Compliance Manual

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Compliance Monitoring Manual for the Low Income Housing Tax Credit Program:

The LIHTC Program Compliance Monitoring Manual includes a description of key compliance requirements and copies of applicable federal regulations issued by the IRS and other Authorities. It also describes owner and management responsibilities, IRS regulations and forms, and State of Michigan documents relating to compliance. The scope of this Manual is limited and does not include a comprehensive description of the procedures to obtain a final allocation of credit following project completion. If there are questions regarding the LIHTC Program Compliance Monitoring Manual, please call (517) 241-2560 or email our Compliance Monitoring Division.

Cover Page and Table of Contents:

•	Cover and Contents

Sections I through XI

•	Section I - Introduction
•	Section II - Overview of the LIHTC Program
•	Section III - Responsibilities
•	Section IV - LIHTC Allocation Basics
•	Section V - Income Limits, Rent Limits and Utility Allowances
•	Section VI - Qualifying Tenants for LIHTC Units
•	Section VII - Compliance Monitoring Procedures and Forms
•	Update Memo with information pertaining to full-time students, covered in Section VIII Section VIII - Tenant Demographics and Household Composition
•	Section IX -Unit, Building, and Project-Level Rules
•	Section X - Federal and State Laws, Rules, Etc
•	Section XI -Noncompliance

Appendix A through Appendix N

•	Appendix A - MSHDA/LIHTC Forms for Certifying Project Compliance (Microsoft Word versions of some of the forms in Appendix A are available in the Compliance Monitoring Forms section of this web site under Year End Reports):
	Owner's Certification of Continued Program Compliance
	Annual Project Summary
	Utility Allowance Documentation
	Common Area Unit Designation
	First Year Credit Statement
	List of Unit Numbers
•	Appendix B - MSHDA/LIHTC Tenant Certification
	Authorization to Release Information for Section 8 Participants
	Under $5,000 Asset Certification
	Student Verification
	MSHDA Checklist
	Tenant Income Certification (TIC)
•	Appendix C - MSHDA/LIHTC Policies: The policies referenced on the cover of Appendix C are located under the Compliance Monitoring Policies section of this web site
•	Appendix D - HUD Handbook 4350.3 Rev-1. The HUD Handbook 4350.3 Rev-1 may be found at the following web sites:
	HUD Handbook 4350.3 REV-1
•	Appendix E - Sample HUD Third Party Verification Forms
•	Appendix F - IRC Section 42
•	Appendix G - LIHTC Compliance Monitoring Regulations
•	Appendix H - IRS Notices, Revenue Rulings, Revenue Procedures: The documents referenced on the cover of Appendix H may be found at the web addresses listed below:
	www.IRS.gov
	www.access.gpo.gov
	www.unclefed.com
	www.novoco.com
•	Appendix I - Internal Revenue Service (IRS) Forms:
	IRS Form 8586
	IRS Form 8609
	IRS Form 8611
	IRS Form 8693
	IRS Form 8823
	IRS Form 8877
•	Appendix J - Forms for Other Government Programs
	HUDclips
	RHS 1944-8
•	Appendix K - Recertification Waiver (Guidelines updated December 2004)
	IRS Form 8877
•	Appendix L - NCSHA Best Practices Forms and Policies
•	Appendix M - Qualified Allocation Plan: The QAP may be found at the following link:
	Qualified Allocation Plan
•	Appendix N - Guest Articles Discussing LIHTC Compliance Issues
A complete listing of forms available may be found in the Compliance Monitoring Forms section of this web site.


	Related Content
•	LIHTC 8823 Guide
•	HUD Handbook 4350.3 REV-1
•	UPCS Plus Physical Inspection Manual