Compliance |
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The Compliance Division serves as the monitoring agency
for LHFA. The staff monitors properties financed with housing tax credits,
HOME funds, Section 8, as well as Federal Deposit Insurance Corporation
projects. The Compliance Division ensures the long-term preservation
of affordable housing and ensures that federal laws and LHFA requirements
are followed. To achieve these objectives, the Compliance staff employs
a training, education, and technical assistance approach with its owner
and property manager partners.
Federal regulations require all properties to be inspected. The frequency
of inspections is dictated by the project's source(s) of funding. In
addition to site inspections, the staff also reviews tenant files to
ensure program requirements are met. The staff receives and reviews
annual compliance certifications and submissions due every year on February
15th.
Compliance training is required for the receipt of IRS forms 8609 and
the release of HOME funds. Throughout the year, LHFA staff conducts
training sessions that assist owners and managing agents of rental properties
in maintaining compliance with the federal regulations and state requirements
that govern their properties.
Agency training emphasizes specific state interpretations and uniform
minimum procedures based on our monitoring experiences. We recommend
that new supervisors, on-site managers and leasing personnel, experienced
staff seeking a program update and persons responsible for completing
LHFA reports attend our training. Training by nationally recognized
trainers, several of whom offer tax credit certification designations,
is also acceptable.
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Assistance is available on an equal basis regardless
of race, color, familial status, national origin, religion, sex or handicap. |
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