Compliance

Compliance encompasses how your development is meeting agreed-upon funding-source restrictions and requirements. This means working with both your tenants and funders to provide all of the necessary documentation. While compliance can be tedious at times, it’s important to remember that affordable housing receives certain benefits in return for certain obligations to low-income residents: this process is focused on ensuring your obligations are being met.

• Land Use Restriction Agreement

• Certifying Household Incomes

• Exemptions

• Post Year 15 LIHTC Compliance

• Noncompliance

This is only an overview. It is recommended that you seek out the services of an attorney and/or accountant who specializes in the relevant programs and work with them on any complex problems that may arise. In general, it is wise to survey your Agreement documents, including your Land Use Restriction Agreement, to determine which has the strictest compliance. Use that document as a primary check for whether you’re in compliance. Be sure to note any additional considerations not covered by the strictest agreement.

Vacant units typically need to be filled within 30 days. You will need to make sure that the affordable rental units are being filled first and demonstrate that you are marketing just as fairly to low-income households as to market-rate households. Vacant units can usually remain open longer if there is unusual damage, and up to 6 to 12 months if there’s been methamphetamine use.