IRS Temporary and Final LIHTC Compliance Monitoring Regualtions

//IRS Temporary and Final LIHTC Compliance Monitoring Regualtions

IRS Temporary and Final LIHTC Compliance Monitoring Regualtions

The Internal Revenue Service (IRS) is revising the rules for physical inspections and review of certifications today, 2/25/2016. These are final and temporary regulations relating to low-income housing tax credit (LIHTC) compliance monitoring and propose changes that are in effect immediately and yet may change at final rule implementation.

In addition to compliance monitoring and interactions with properties subject to REAC inspections. Other changes are in store including;

  • decoupling the requirement to examine the tenant files of the same units inspected and allowing the file review to be done at a different time,
  • new method of selection for the number of units to inspect,
  • and also, units to inspect must be chosen randomly so that the OA can’t figure out what is likely to be looked at.

We are interested in understanding how these rules will impact your business and day to day.  How do these changes impact you as an HDS user of the Multifamily Management System? How will current system functionality be impacted by the new regulations?

Please reply to Support@HDSoftware.com, post comments directly on the HDS Multifamily community forum or call us at 888-326-7680.

By | 2016-02-25T17:14:46+00:00 February 25th, 2016|Categories: HDS News|Comments Off on IRS Temporary and Final LIHTC Compliance Monitoring Regualtions