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Low-Income
Housing Tax Credit The
Connecticut Housing Finance Authority (CHFA) is the Housing Credit Agency
for the State of Connecticut. The Internal Revenue Service (IRS) issued amended compliance monitoring regulations on January 4, 2000, effective January 1, 2001. The role of the monitoring agency is to review the qualified residential composition of each development, report instances of noncompliance violations to the IRS, monitor and report corrective action, and provide guidance to owners/agents on program requirements. Compliance with the additional requirements and obligations of the Extended Low-Income Housing Commitment will also be monitored. Instances of noncompliance will be reported to the owner in the form of a noncompliance letter and IRS Form 8823. The owner will be allowed at least 30 days to correct instances of noncompliance. Properly evidenced corrected noncompliance will be noted accordingly and forwarded to the IRS. By receiving an 8823, an owner significantly increases the risk of an audit and subsequent recapture of credits. As permitted by the IRC, CHFA has contracted with Spectrum Enterprises, as "Authorizied Delegate," to perform LIHTC Compliance Monitoring on behalf of CHFA. Spectrum has responsibility for all compliance monitoring with the exception of filing IRS Form 8823, which will be retained by CHFA. Any questions concerning compliance monitoring should be directed to Spectrum Enterprises at (207) 767-8000 or via their website at www.spectrumlihtc.com. The Spectrum website includes the Connecticut LIHTC Compliance Monitoring Manual, required reporting forms, and links to the IRC and other LIHTC related websites. CHFA contact: Edmund M. Campion, Jr., CPM at (860) 571-4265 or e-mail to edmund.campion@chfa.org INCOME
LIMITS LINKS
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