6/14/ National Center for Housing Management. Compliance Overkill Mixed Finance Parts I & II. Mission Statement
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1 Compliance Overkill Mixed Finance Parts I & II Presented by National Center for Housing Management 1 Lisa Vercauteren Senior Vice President, Compliance Programs National Center for Housing Management lvercauteren@nchm.org Mission Statement NCHM s mission is to provide objective and independent leadership at the national level in helping meet the Nation s housing management and training needs Executive Order
2 NCHM Courses and Instructors: Teach federal regulations and guidance for housing programs providing NCHM s interpretation of both Provide examples of policies and procedures used in the industry Provide the instructor s opinion on how to handle specific situations Do not give legal advice or set policy for your owner or management company Objectives At the conclusion of this session you should know: The basic program mechanics of LIHTC, HUD P/B and HOME Income eligibility as it applies to each program Student eligibility as it applies to each program How to set rents for each program Introduction 2
3 Key Terminology Programs HUD P/B = HUD Project Based LIHTC = Low Income Housing Tax Credit HOME = HOME Investments Partnership Program Program Administrators HUD = U.S. Department of Housing and Urban Development IRS = Internal Revenue Service PJ = Participating Jurisdiction CA = Contract Administrator SHFA = State Housing Finance Agency Key Concepts Understanding key program requirements Similarities/differences between the programs What to do when regulations conflict The Blended Challenge IRS HUD When program regulations conflict, comply with the regulation that is most restrictive 3
4 The Blended Challenge HUD IRS When program regulations don t align, comply with both sets of regulations The Blended Challenges: Examples Annual Recertification OR Annual & Interim Recertification HUD P/B & HOME Student Restrictions AND LIHTC Student Restrictions Basic Program Mechanics 4
5 LIHTC Background Created by Congress in 1986 to encourage private in exchange for 10-year credit against tax liability For new construction or rehab Single or multi-family rental development, including housing for Seniors Creates or preserves 100,000 units per year LIHTC Design Market Rate Housing Income Low-Income Housing Tax Credit Program Traditional HUD Housing 14 LIHTC Regulations Regulations Section 42 of Internal Revenue Code Guidance IRS Guide for Completing Form 8823 HUD Handbook REV-1 5
6 LIHTC Compliance State Housing Finance Agencies Owners/Investors Managers Residents LIHTC Eligibility TENANT ELIGIBILITY Program Eligibility Income qualified Student household qualified Project Eligibility Occupancy restrictions Unit size restrictions Tenant selection criteria LIHTC Eligibility LIHTC ELIGIBILITY Unit Eligibility Project Eligibility Suitable for occupancy Rent restricted Non-transient rental agreement Meeting and maintaining the minimum set-aside 6
7 LIHTC Key Documents DOCUMENT Qualified Allocation Plan Application Extended Use Agreement IRS Form 8609 IRS Form 8823 PURPOSE Defines application criteria Blueprint for property s defining characteristics Deed restriction locking in income targeting and length of affordability Allocates tax credits and enables them to be claimed Used for reporting noncompliance to the IRS Common Compliance Findings Dissemination of bad information / lack of training Communication gaps between owners and managers Conflicting regulations when blended site Examples of LIHTC Findings Owner failed to correctly complete or document tenant s annual income certification Violation(s) of the UPCS or local inspection standards Household income above income limit upon initial occupancy Owner did not properly calculate utility allowance Owner failed to provide annual certification What is the root cause? 7
8 HUD P/B Background Privately owned rental housing under Housing Assistance Payment (HAP) Contract with HUD Programs that provide subsidies paid to owners on behalf of tenants to keep the amount that tenants pay for rent affordable. Par. 1-3C, p.1-6, HUD Handbook REV-1 HUD P/B Design Rental income for financial feasibility Assistance Affordability for qualified families HUD P/B Regulations and Guidance Regulations Guidance 24 Code of Federal Regulations (CFR) Part 5 HUD Handbook REV-1 8
9 HUD P/B Regulations Contract Administrators Owners Managers Residents HUD P/B Program Eligibility HUD P/B Program Eligibility Income within income limits Disclosure of Social Security Number Signatures on Authorization for Release of Information Forms Family s sole residence Agreement to pay rent U.S. citizen or eligible non-citizen All information subject to verification Student eligibility restrictions apply HUD P/B Project Eligibility HUD P/B Project Eligibility Occupancy restrictions Unit size restrictions Tenant selection criteria 9
10 HUD P/B Key Documents Document Housing Assistance Payment Contract HUD Form 9834 Physical Inspection Summary Report Purpose Specifies the number of units in a property for which assistance will be provided Used to assess management and oversight of multifamily housing projects Provides owners/agents with the results of REAC physical inspection Examples of Findings Date Discrepancies - Tenant not provided proper 30 day notice Financial Discrepancies - Verifications do not match Incorrect Deductions Deductions for medical expenses >12 months or not expected to reoccur Missing: Forms , 120 day notice, Missing Signatures/Dates Tenant or Owner Missing Verifications - Income used without verification Missing Background Checks - Sex Offender Check Missing EIV Reports - Deceased Tenant Report Old or Incorrect Form H Procedural Findings - 90 day notice not sent Incomplete Information - Questionnaire of Income and Assets What is the root cause? HOME Design Initially funded by HUD in 1992 Designed to increase supply of affordable housing for a sustainable period by capping rents at affordable levels and restricting occupancy to Low and Very-Low households Participating Jurisdictions (PJs) are units of state and local government who receive annual block grants of Federal HOME funds from HUD 10
11 HOME Regulations Regulations 24 CFR Part 92 Updated in 1996 Updated in 2013 with many significant changes Most 2013 Final Rule provisions became effective for HOME commitments made after August 23, 2013 Guidance HOME Model Program Guides 2013 Final Rule Applicability Charts HOME Program Administrators Participating Jurisdictions (state/local) Owners Managers Residents HOME Eligibility TENANT ELIGIBILITY Program Eligibility Project Eligibility Income qualified Student household qualified Occupancy restrictions Unit size restrictions Tenant selection criteria 11
12 HOME Eligibility HOME ELIGIBILITY Unit Eligibility Project Eligibility Suitable for occupancy Rent restricted Rental agreement should be for 12 months Meeting and maintaining the high/low and fixed/ floating unit status requirements HOME Key Documents Document Written Agreement Management Plan and Performance Goals Purpose Legally binding document executed by PJs and Owners that regulates HOME funding activity and program compliance Enforced by deed restriction, covenant or other HUD-approved mechanism Optional requirement by PJs to ensure asset management fiscal objectives and property management compliance objectives are met Management should keep a copy of both documents on file Examples of HOME Findings O/As not using the correct HOME Income and/or Rent Limits O/As not verifying all assets Noncompliance concerning Housing Choice Voucher holders with regard to verifications and rent Incorrect treatment of over income tenants with regard to unit s High/Low and Fixed/Floating status O/As not applying student eligibility restrictions correctly What is the root cause? 12
13 Income Eligibility Calculating Household Income HUD P/B and LIHTC use HUD s Section 8 definition of income (24 CFR Part V) Calculate income based on: Current Income (Par. 5-5A1) Anticipated Changes (Par. 5-5A2) Reasonable Judgment (Par. 5-5C) HUD P/B also follows Par. 5-5A3, Using EIV, when calculating income at recertification Calculating Household Income Two options for HOME income definition as determined by PJ: Section 8 program definition IRS definition of adjusted gross income as defined for IRS Form 1040 HUD indicates owners/managers should request that PJ permit them to use Section 8 definition for consistency when blended 13
14 Calculating Household Income Because LIHTC and HOME do not provide for interim adjustments If, at the time of (re)certification, it is known that a household s income will change throughout the year, the regulations require owners to project annual income using the Anticipated Changes method Calculating Household Income LIHTC Specific Exceptions: Count excess scholarship income (Par. 5-6E) only if unit also receives Section 8 subsidy Only exclude deferred Department of VA disability benefits (Par. 5-6Q3) from annual income if unit also receives Section 8 subsidy Calculating Household Income Earned Income Unearned Income Asset Income Annual Household Income 14
15 Certifying Household Income LIHTC No standard form required Many states use the Tenant Income Certification Form (TIC) published by NCSHA or a modified version Round to second decimal point on TIC Do not calculate adjusted income Certifying Household Income HUD P/B Use the required HUD Form Do not round numbers until number placed on the 50059, then round to the dollar Income eligibility based on Annual Income (gross) Calculate Adjusted Income to determine rent Certifying Household Income HOME No standard form required Certification form must be PJ approved LIHTC TIC is usually sufficient for HOME certification when blended Do not calculate adjusted income 15
16 Identify Applicable Income Limit Income limits are determined by HUD on an annual basis and published per program: HUD Program Income Limits (HUD P/B) Multifamily Tax Subsidy Income Limits (LIHTC) Published in the Federal Register or on the internet at HOME limits are published separately at at a different time Income Limits and Family Size Par. 3-6E3 & 4, Pages 3-8 to 3-11 Include all persons living in the unit except: Live-in aide(s) Guests With Change 4, Foster children and Foster adults now included in the count Include the following individuals who are not living in the unit: Children placed in foster homes Children in joint custody arrangements Children who are away at school Unborn Children Children who are being adopted Temporarily absent family members Family members in hospital or rehab Persons permanently confined to hospital or nursing home MTSP Income Limits 16
17 HUD Program Income Limits HOME Income Limits Blended Income Qualification Carter County, Oklahoma Median Family Income $50,500 $55,600 4-person 50% HUD & MTSP Effective Date HOME Effective Date $25,250 $26,750 December 13, 2013 March 6, 2015 May 1, 2014 June 1, 2015 Which income limit would be used for a unit blended with HOME on April 15, 2015? 51 17
18 Student Eligibility Assessing Student Status - LIHTC LIHTC Student Eligibility Requirements UNLESS one of five exceptions is met, households consisting entirely of full-time students are NEVER eligible for tax credit units Student status can change from year to year, and a household may become ineligible at any time in their tenancy, even though they were initially eligible at application Assessing Student Status HUD P/B Section 8 Student Eligibility Requirements Unless they meet an exception, Section 8 Assistance shall not be provided to any individual who is enrolled either full-time or part-time at an institution of higher education or other program leading to a recognized educational credential (HUD Handbook , Rev. 1, Par. 3-13A) Other HUD P/B Student Eligibility Requirements found in (Par. 3-13B) 18
19 Student Eligibility Modification Student Eligibility- Section 8 FR-5969-N-01 If a student: is enrolled as either a part time or full time student at an institute of higher education for the purpose of obtaining a degree, certificate, or other program leading to a recognized educational credential, AND, Is under the age of 24, AND Is not living with his/her parents/guardians, THEN, in order to receive Section 8 assistance, he/she must meet the Higher Education Act (HEA) definition of an independent student OR the parent(s) income eligibility must be taken into consideration. Assessing Student Status - HOME HOME Student Eligibility Requirements Adopts Section 8 Housing Choice Voucher program restrictions on student participation found at 24 CFR Same as Section 8 restrictions, including modification from FR-5969-N-01 Determining Student Status Considerations for Blended Units For Section 8 and HOME, any student of higher education, either full-time or part-time, must qualify For LIHTC, households consisting only of fulltime students must qualify, but this includes students in grades K-12 19
20 Blended Student Qualification Bennett Family Name Age Status Samantha Bennett 23 F/T Student Samuel Bennett 5 F/T Student Jenna Bennett 5 F/T Student Would they meet LIHTC Section 42 Student Restrictions? Would they meet HUD Section 8 Student Restrictions? Would they meet HOME Student Restrictions? Yes Yes Yes 58 Setting Rents Determining HUD P/B Rent Three step process: 1. Calculate Adjusted Income 2. Calculate Total Tenant Payment 3. Calculate Tenant Rent 20
21 Calculating Adjusted Income 1 Calculate Annual Income Earned Income Unearned Income + Asset Income Annual Income 2 Calculate Total Allowances Allowance 1 + Allowance 2 Total Allowances 3 Subtract Total Allowances from Annual Income Annual Income - Allowances Adjusted Income Calculating Adjusted Income 1 Calculate Annual Income 14, ,620 2 Calculate Total Allowances 1, ,560 4,000 3 Subtract Total Allowances from Annual Income 15,620-4,000 11,620 Calculating TTP for Section 8 The Greater of the Following: Calculation: 10% of Monthly Income Annual Income 12 x.10 30% of Monthly Adjusted Income Adjusted Income 12 x.30 Minimum Monthly TTP $25 21
22 Calculating TTP Example Annual Income: $15,620 Adjusted Income: $11,620 TTP for Section 8 10% of adjusted monthly income: $ % of adjusted monthly income: $ Minimum monthly TTP: $25.00 Total Tenant Payment: $ Rounded Tenant Rent Chart IF No utility allowance THEN Tenant Rent = TTP Utility allowance TTP - Utility Allowance = Tenant Rent Utility allowance is greater than the TTP Enter $0.00 for Tenant Rent on Calculating Tenant Rent Example 1 Example 1 Example 2 TTP: $285 Utility Allowance: $50 Tenant Rent: $ = $235 Utility Reimbursement: Tenant rent is positive; No utility reimbursement $75 $90 $75-90 = -$15 0 $90 - $75 = $15 22
23 Setting LIHTC Rent Tax Credit Units must be Rent Restricted Owners may not set Rents that exceed the Gross Rent Limit Contract Rent + Utility Allowance + Non-optional Fees Rents are based exclusively on bedroom size in relation to Area Median Income Occupancy Standards for Calculations Assumes 1.5 persons per bedroom as the occupancy standard for calculations, except: 1 person per bedroom if Efficiency unit Sample Rent Limit Calculation Efficiency unit: 60% AMI Washington, DC MSA Efficiency Unit Calculation : 1. Applicable income limit for 1 person 2. Divide by Multiply by person: $44,940 $44,940 / 12 3 $3,745 x 0.30 $3,745 Gross rent limit $1, Setting LIHTC Rent Housing Choice Voucher Holders LIHTC rules state that Voucher Holders cannot be refused admittance because they hold a voucher The Gross Rent Limit only applies to the tenant s portion of rental payment for voucher holders However, the IRS has clarified that tenant rent may exceed the rent limit if subsidy is being paid to the owner This exception to the Gross Rent Limit is applicable to any rental subsidy program 23
24 Utility Allowances LIHTC Utility Allowances Must be calculated/updated annually Regulations allow owners to select one of five options to calculate utility allowances If blending LIHTC and HOME, coordinate with PJ If blending with HUD P/B or RD, then management must use the project-based allowance Setting HOME Rent HOME Rent Limits published by HUD annually in conjunction with HOME Income Limits High HOME Rent units are for Low-Income tenant households qualifying at 80% AMI Low HOME Rent units are for Very Low-Income tenant households qualifying at 50% AMI Rent limits include utility allowances and non-optional fees Setting HOME Rent High HOME Rent units and Low HOME Rent units can be Fixed or Floating as determined by PJ PJ provides owner with Utility Allowances annually HOME Rent Limits apply to total contribution with Housing Choice Voucher holders, but may be exceeded under certain circumstances if P/B subsidy 24
25 HOME Rent Limits HCV Rents Example 1 Taxwood Acres LIHTC with Housing Choice Voucher Holders Jones Family Smith Family LIHTC Gross Rent Limit for 3BR Unit = $900 $900 $900 HCV Gross Rent Calculations Based on HH Income $925 + $25 $950 $25 + $925 $950 What is the applicable gross rent for these units? TR HAP TR HAP 74 HCV Rents Example 2 Homewood Acres HOME with Housing Choice Voucher Holders Jones Family Smith Family HOME Gross Rent Limit for 3BR Unit = $850 $850 $850 HCV Gross Rent Calculations Based on HH Income $925 + $25 $950 $25 + $925 $950 What is the applicable gross rent for these units? TR HAP TR HAP 75 25
26 Case Study
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