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Tax Credit and HOME Compliance
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Tax Credit Tenant and Compliance Issues
Once a development receives IHDA financing and/or State Federal Tax Credits and has begun leasing, compliance officers from IHDA's Technical Services Department review the tenant files from the development to confirm compliance with federal, state and/or IHDA regulations.
Additionally, Compliance Officers assist in the processing of subsidy payments received by some developments from the U.S. Department of Housing and Urban Development (HUD). Properties monitored for compliance include developments financed by the Section 8, Section 236, HOME and State or Federal Housing Tax Credit programs.
The Tax Credit program has very specific compliance guidelines as required by Section 42 of the Internal Revenue Code of 1986, as amended. The Compliance Group has prepared Guidelines for use by owners, developers, management companies, and on-site management personnel. These guidelines were designed to supplement the existing federal law and regulations regarding Tax Credit compliance.
Forms associated with Tax Credit compliance are available by clicking here.
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