CHFA has announced new rules that owners of 100 % low-income housing developments with LIHTC tax credits must follow in order to qualify for the waiver of the annual recertification requirement that was part of the 2008 Housing and Economic Recovery Act.
The following summarizes CHFA’s requirements:
- Owners must continue to perform the initial tenant certification prior to move-in and one additional recertification upon the first anniversary of any resident who moved into the development during the previous year.
- Residents must continue to complete a self-certification form to enable CHFA to track student status and changes in household composition and income.
- Owners must include resident information in their end-of-year status report that they submit to Spectrum.
Please see the attached document for more information.