Compliance
Reporting Requirements
Low-Income Housing Tax
Credit Program
Overview
The Connecticut Housing Finance Authority (CHFA) monitors
the compliance of developments that have received tax
credits under the federal Low-Income Housing Tax Credit
(LIHTC) program in the state of Connecticut. The LIHTC
program is contained within § 42 of the
Internal Revenue Code (26 U.S.C. § 42) as a tax incentive program
to stimulate investment in affordable housing. In return
for tax credits, developments must follow specific
compliance requirements for at least 15 years.
CHFA has contracted with
Spectrum Enterprises to perform LIHTC compliance
monitoring in Connecticut. Findings of noncompliance are
reported to the Owner in the form of a noncompliance
letter. The Owner will be allowed at least 30 days to
correct instances of noncompliance. CHFA retains the
responsibility of reporting noncompliance to the IRS on
IRS Form 8823. Tax Credits can be lost or recaptured if
program regulations are violated.
(Please consult the
current Qualified Allocation Plan for more detailed
information on LIHTC compliance.)
Questions? Contact Spectrum or CHFA.
For additional assistance regarding compliance,
developments participating in the Low Income Housing Tax
Credit (LIHTC) program are encouraged to contact
Spectrum Enterprises directly. Their website
includes the Connecticut LIHTC Compliance Monitoring
Manual, all required reporting forms, as well as helpful
resources and links.
For more information about LIHTC compliance policy,
Owners and Management Agents may contact:
Mailing Address:
Connecticut Housing Finance Authority
Attn: George Rapp
999 West Street
Rocky Hill, Connecticut 06067 |
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