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Oregon Housing & Community Services 2007 IRS 8823 Guide: Impacts on LIHTC Compliance

This fifth edition of the IRS 8823 Guide outlines the implications for monitoring LIHTC compliance within Oregon. Key changes include procedures for inspections prior to the issuance of Form 8609, revised calculations for vacant units, and updated reporting requirements for deficiencies under UPCS standards. The guide emphasizes enhanced asset management from the state, comprehensive certification processes for tenants, and clarifications on compliance updates. It serves as a crucial resource for stakeholders navigating post-15-year monitoring requirements.

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Oregon Housing & Community Services 2007 IRS 8823 Guide: Impacts on LIHTC Compliance

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  1. Welcome to Oregon Housing & Community Services 2007 IRS 8823 Guide How it Impacts Monitoring LIHTC Compliance Manual Fifth Edition Post-15 Year Monitoring Plan

  2. Monitoring Impacts Allows for inspections prior to issuance of the 8609(s) Shortens the time frame for the first inspection Changes how vacant units are counted for inspection All levels of deficiencies under UPCS standards are reportable Notification of Exigent and Non-Life threatening Health & Safety issues Allows for more asset management from the state

  3. Monitoring Impacts TIC effective dates vs. signature dates Transfers from building to building Certifications needed for ac/rehab deals Non-compliance found prior to the notification of state inspection Imperfect documentation

  4. Recent Compliance Updates & Requirements Clarifications On-Site Administrative Notebook 7 Required Forms Owner’s Certification of Compliance (F.1) Tenant Income Certification (TIC) (F.2) Employment Verification (F.3) Verification of Student Status/Educational Assistance (F.4) Unemployment Affidavit (F.5) Under $5,000 Asset Certification (F.6) Applicant/Tenant Questionnaire (F.7)

  5. More Changes and Updates Changes to the TIC Changes to the Annual Certification of Compliance (CCPC) The new OHCS manual www.ohcs.oregon.gov

  6. Post-15 Year Monitoring What “Post-15 Year” means Requirements of the Plan You Relax… We Relax…

  7. Conclusion Contact your OHCS Compliance Officer if you have questions

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