In compliance with the Federal Tax code, the HMFA conducts annual file and physical inspections for 20% of the 22,000 units it monitors for 1/3 of the projects in its portfolio. Infractions are reported to the Internal Revenue Service, which, in its discretion, may conduct tax audits. Such audits may result in tax credit recapture and imposition of tax penalties.
Attention Tax Credit Property Owners
- Download 2015 Income Limits and Max Rents (539k PDF)
- Click here to view the information due to HMFA no later than January 31, 2015 (319k PDF).
- Download the Compliance Monitoring Manual (4MB PDF).
- Download the 8823 Guide (1MB PDF)
- Audited financials are due annually by May 1st for all tax credit properties within their initial compliance period (first 15 years). Failure to submit your audited financial statement shall result in a notice of noncompliance, which may be reported to the IRS.
- Effective February 1, 2015: Passbook Savings Rate (167k PDF) - Effective February 1, 2015, the passbook savings rate to be used for all move-in, initial, annual, and interim recertifications when a family has net assets over $5,000 is .06%. This .06% rate must be used until Multifamily Housing publishes and makes effective a new passbook savings rate. Click on the link above to view the complete HUD notice.
- Please contact your Tax Credit Compliance Analyst (61k PDF) if you have any questions.
* Links with an asterisk are now required to be filled out electronically.
Important Note - Only users with Adobe Acrobat Professional will be able to save documents that are filled out. If you are using Adobe Reader please print out the document before you close it or you will lose your work. If you have any questions please call Bruce Yellin at 609-278-7474.
- New Property Checklist (85k pdf)
- New Property Setup Form (56k xls)
- Annual Property Checklist (75k pdf)
- Project Certification for Projects with Social Serve Models and/or Special Needs Component (61k PDF)
- Certification of Zero Income (doc 24k)
- Employment Verification (pdf 15k)
- Frail Elderly Certification (pdf 12k)
- *Owner's Certificate of Continuing Program Compliance* (pdf 136k)
- *Owner's Certification of Continuing Program Compliance During The Extended Use Period* (pdf 99k)
- *Project Status Form* (pdf 60k)
- Student Verification (pdf 160k)
- Tenant Income Certification (doc 101k) - Effective February 1, 2015
- Under $5,000 Asset Certification (doc 41k)
- *Year 15 Status Report Form* (pdf 10k)
Gross Rent Floor Election
- *For 9% projects, the initial allocation is the date of carryover.
- *For 4% projects, the initial allocation is the date of the 42m determination.
If the owner wishes to select the rent limits in effect at the placed in service date, a notification letter must be submitted to the Frank Sciarrotta, Manager of Tax Credit Compliance BEFORE any building is placed in service.
If notice is not received, or if it is received after the placed in service date, the gross rent floor will be the rent limits in effect at the time of initial allocation.* This is a one time, irrevocable election.