2012 Annual Owners Compliance Report (AOCR) Training January 22, 2013.
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Transcript of 2012 Annual Owners Compliance Report (AOCR) Training January 22, 2013.
2012 Annual Owners Compliance Report
(AOCR) TrainingJanuary 22, 2013
Contact Information
Physical Address:TDHCA221 East 11th StreetAustin, Texas 78701
Mailing Address:TDHCAPO Box 13941Austin, Texas 78711-3941
Website: www.tdhca.state.tx.us
Phone Number: (512)475-2906 or 1(800)643-8201 (toll free in Texas only)
Patricia MurphyChief of Compliance
*A complete staff listing including direct phone numbers and email address is provided*
2
Annual Owner’s Compliance Report
Reports available in the Compliance Monitoring and Tracking System (CMTS) first week in January
All Parts now due April 30th for reporting data for January 1st – December 31st of the previous year
Rule moved from 10TAC§60.105 to 10TAC§10.603
3
Annual Owner’s Compliance Report (Cont’d)
Reports available in the Compliance Monitoring and Tracking System (CMTS) first week in January
All Parts now due April 30th for reporting data for January 1st – December 31st of the previous year
Rule moved from 10TAC§60.105 to 10TAC§10.603
4
Annual Owner’s Compliance Report (Cont’d)
This reporting year is for 2012 All answers and information should be
limited to activity that occurred January 1, 2012 to December 31, 2012
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Why do we have to complete this report?
All rental program regulations require owners to annual certify compliance
For HTC program, see Treasury Regulation 1.42-5
Chapter 2306 of the Texas Government Code requires TDHCA to report information to the legislature and Governor’s office
REA uses data to underwrite new applications received by TDHCA
Asset Management uses the information to determine which properties are at risk and need additional oversight
6
Overview
All properties are required to submit the reports
The first report is due the 2nd year following the award
i.e. property awarded HTC’s in July of 2011. First report due 4/30/2013
Training will cover how to complete reports for properties that have not yet started leasing
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Getting Started
Must have a user ID and password to access system and reports
Forms available on website http://www.tdhca.state.tx.us/
Must be signed by General Partner Electronic Compliance Reporting Filing
Agreement Owner’s Designation of Administrator
of Accounts
8
Getting Started (Cont’d)
Forms available on the website:
Getting Started (Cont’d)
This is the same place you access CMTS to login
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Getting Started (Cont’d)
Owners must request a user ID and password no later than 9/1 of the year following the award.
i.e. property awarded HTC’s in July of 2011. The CMTS Filing Agreement & Owner’s Designation of Administrator of Accounts forms must be submitted to the Department no later than 9/1/2012.
This helps in being prepared to submit the AOCR due 4/30/2013 timely
Required in 10TAC§10.603(a)
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How to Access Reports
2 types of usernames are issued A username for the administration
Starts with admThis is the only username that can be
used to access all parts of the ACOR A username for the property manager
Starts with mgrCan only update Part B: Unit Status
Report (USR)
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How to Access the Reports (Cont’d)
When you log in as the adm, this is what you see:
Will list here all of the properties associated with the adm username
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How to Access the Reports (Cont’d)
To access the parts of the AOCR:
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Basics
Use mouse or tab keys to navigate the system
Do not use “back” button Do not have to complete reports in their
entirety in one sitting; just make sure you Save as you go
Select the “submit” button to submit the report.
If there is still a link for the report, the report has not been submitted.
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Part ACompliance Questions
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Part A: Compliance Questions
To access the Compliance Questions, click Start New Report:
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Part A: Compliance Questions
The reporting year for this report is 2012. Be sure to limit your responses to activities that
occurred January 1, 2012 to December 31, 2012
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Part A: Compliance Questions
YES: If you choose YES, once you SAVE, it will direct you to the next screen to complete the Questionnaire
NO: If you choose NO, you will need to provide details explaining why the property was not occupied (ie. 2011 allocation of Housing Tax Credits and construction is not complete); If your property was not occupied, the report ends here!
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Part A: Compliance Questions
Some answers will require you to include an explanation
Thing to include Unit number affected Dates of noncompliance If the noncompliance has already been
corrected Was the noncompliance identified by
TDHCA as part of an Onsite Monitoring Review or UPCS Inspection
The more detail provided, the less likely we will have to contact you for additional information to resolve an issue
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Part A: Compliance Questions
YES: For new construction, if Certificates of Occupancy (CO’s) were received in 2012 For Acquisition/Rehabs, if the Rehab was placed in service 2012
NO: If all the buildings in the project were already placed in service before 1/1/2012
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1. During this reporting period, have any buildings been placed in service for the first time?
Part A: Compliance Questions
YES: If all the occupancy requirements as outlined in the LURA have been met
NO: If there was an issue and, as a result, the occupancy requirements were not met; you will have to give the details.
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2. During this reporting period, have the occupancy requirements in the Land Use Restriction Agreement/Regulatory Agreement (LURA) been met?
Part A: Compliance Questions
YES: If the Income Certification was received from each low income household at move in When required, the Income Certification completed annually For 100% low income HTC projects, the Annual Eligibility Certification was completed for all low income households before 12/31/2012
NO: Please give details
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3. Has each low income household completed the Income Certification and/or the Annual Eligibility Certification (AEC) form(s) (Treasury Regulation 1.42-5(c)(1)(iii))?
Part A: Compliance Questions
YES: If you properly income qualified every low income household at move in and annually when required
NO: If a program unit was leased to a household that did not qualify If a program unit was leased to a household and there was not appropriate documentation to support that the household was eligible Please give details
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4. For each low income household, has documentation been maintained to support the Income Certification Form (Treasury Regulation 1.42-5(c)(1)(iii))?
Part A: Compliance Questions
YES: If rents at all levels required by the LURA continuously met
NO: Please give details
25
5. During this reporting period, have the rent requirements in the LURA been met (Treasury Regulation 1.42-5(c)(1)(iv))?
Part A: Compliance Questions
YES: If the property is marketing the low income units Even if no units became available, as long as you are marketing, compliance can be demonstrated
NO: Please give details
26
6. If a low-income unit in the building became available during the reporting year, were all reasonable attempts made to rent that unit (or the next available unit of smaller or comparable size) to a low-income tenant before a market rate tenant (Treasury Regulation 1.42-5(c)(1)(ix))?
Part A: Compliance Questions
YES: If all units that have been vacant for more than 30 days are ready for occupancy (made ready) by 12/31/2012 (other than units down due to reported casualty loss)
NO: If any units vacant for more that 30 days as of 12/31/2012 have not been made ready; you will need to give details
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7. Has each unit and/or building been suitable for occupancy (ready for move in), taking into account local, health and safety codes, or other habitability standards (Treasury Regulation 1.42-5(c)(1)(vi))?
Part A: Compliance Questions
YES: If any governmental entity (other than TDHCA) inspected the property and found any deficiencies/violations; please give details
NO: If any governmental entity (other than TDHCA) inspected the property and NO deficiencies/violations If no inspections occurred
28
8. Has the state or local government unit (other than TDHCA) responsible for making building code inspections issued a report of a violation for any unit and/or building (i.e. local code, health, safety inspections) (Treasury Regulation 1.42-5(c)(1)(vi))?
Part A: Compliance Questions
YES: If a casualty and/or disaster loss occurred during 2012, and it was NOT reported to TDHCA; please give details
NO: If casualty and/or disaster loss occurred in 2012 and it has already been reported If no casualty and/or disaster loss occurred in 2012
29
9. Did the development experience a casualty loss that has not already been reported to TDHCA?
Part A: Compliance Questions
YES: If there has been any change to any person/entity in the ownership structure and the Department was not notified Contact your Asset Manager
NO: If there was no change
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10. During this reporting period, has there been a change in the General Partner or Ownership of the development that was not reported to or approved by TDHCA?
Part A: Compliance Questions
YES: If you have an Affirmative Marketing Plan that meets that requirements in 10TAC§10.612(d) If there are NO vacancies and the waitlist is closed, affirmative marketing is not required
NO: If there is no Affirmative Marketing Plan If there are NO vacancies, the waitlist has not been closed and there is no affirmative marketing plan Please give details
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11. Has the development approved and distributed an Affirmative Fair Housing Marketing Plan as required in 10TAC§10.612(d)?
Part A: Compliance Questions
YES: If you are marketing to Persons with Disabilities in accordance with 10TAC§10.612(d)(3)(A) If you are marketing to the groups identified on your plan as least likely to apply If you are NOT marketing because there are NO vacancies and the waitlist has been closed
NO: If there is a plan but no marketing efforts have been conducted (either the Persons with Disabilities or the groups identified as least likely to apply) If you are NOT marketing because there are NO vacancies and the waitlist has been NOT been closed
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12. Are marketing efforts and leasing activities conducted in accordance with the Affirmative Fair Housing Marketing Plan as required in 10TAC§10.612(d)?
Part A: Compliance Questions
Questions 13 – 25 are only for the Housing Tax Credit (HTC) and the HTC Exchange programs
If you do not have HTC or HTC Exchange funds, you are finished with the Questionnaire
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Part A: Compliance Questions
YES: As of 12/31/2012, were there enough units in the project occupied with households who were income qualified and rent restricted to meet the minimum set-aside
NO: If for any project(s) in the development, the minimum set-aside was not met on 12/31/2012
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13. Has the development met the minimum set-aside requirement of the 20/50 or 40/60 test under section 42(g)(1) (Treasury Regulation 1.42-5(c)(1)(i))?
Part A: Compliance Questions
YES: If there was an increase or a decrease in the applicable fraction as defined in the LURA for any building; please give details
NO: If there was no change to the applicable fraction of any building
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14. During the reporting period was there a change in the applicable fraction (low income occupancy), as defined in section 42(c)(1)(B) for any building in the development (Treasury Regulation 1.42-5(c)(1)(ii))?
Part A: Compliance Questions
YES: If units are leased in a manner consistent with the general public use requirements If occupancy restrictions or preferences favor tenants
1) with special needs,2) who are members of a specified group under a Federal program or state
program or policy that supports housing for such a specified group, or3) who are involved in artistic or literary activities
NO: If units are not leased in a manner consistent with the general public use requirements If a residential unit is provided only for a member of a social organization or provided by an employer for its employeesYou will need to give details
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15. During the reporting period, were all units in the development for use by the general public (as defined in section 1.42-9) (Treasury Regulation 1.42-5(c)(1)(v))?
Part A: Compliance Questions
YES: If a finding was cited that the development violated the Fair Housing Act; please give detail
NO: If a compliant was filed, but there was no finding of a violation If no compliant was filed
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16. Did HUD, or an equivalent fair housing agency or a federal court find that the development violated the Fair Housing Act (Treasury Regulation 1.42-5(c)(1)(v))?
Part A: Compliance Questions
YES: If the rule was followed Post 15
NO: If there was an over income (OI) household and the next unit rented of smaller/comparable size was to a market household Even if the issue has since been corrected Please give detail
N/A: If 100% low-income and annual recertification is not required If you are mixed income no households income exceeded 140% of the current AMI for the household’s size
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17. For mixed income projects where annual recertification's are required, if at recertification a household's income increased above 140% of the current income limit determined by minimum set-aside, was (or will) the next unit in the building of comparable or smaller size leased to a low income household (Treasury Regulation 1.42-5(c)(1)(x))?
Part A: Compliance Questions
YES: You will need to describe the nature of the change (i.e. a common area has become a commercial space or a fee is charged for a resident facility where the cost was initially included in eligible basis)
NO: NO
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18. During the reporting period, has there been a change in eligible basis (Treasury Regulation 1.42-5(c)(1)(vii))?
Part A: Compliance Questions
YES: No fees charged for any residential facility If fees are charged, you are sure that the cost for that facility was excluded from eligible basis
NO: A fee is being charged for a resident facility for which the cost to construct that facility was included in the eligible basis calculation; you will need to give detail
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19. Are all resident facilities that were included in eligible basis for any building in the project (such as swimming pools, other recreational facilities, or parking areas, etc.) provided on a comparable basis without charge to all residents in the buildings? (Treasury Regulation 1.42-5(c)(1)(viii))?
Part A: Compliance Questions
YES: You are doing leases for less than 6 months, but only for transitional housing for the homeless or SRO’s All initial lease terms are at least 6 months
NO: Please give details
41
20. Are all low income units in the development used on a non-transient basis (i.e. initial lease contracts require a minimum six month term), except for transitional housing for the homeless or single-room occupancy units rented on a month-by-month basis (Treasury Regulation 1.42-5(c)(1)(xii))?
Part A: Compliance Questions
21 & 22. Department records indicate that this question is not applicable to the development.
N/A: If for #21 and #22, this message appears, it means that, based on a reconciliation of Department records, the property is not required to have Nonprofit and/or HUB hold an ownership interest or materially participate
42
Part A: Compliance Questions
YES: Answer to confirm that the Nonprofit is in good standing and maintains an ownership interest Please describe how the Nonprofit materially participates
NO: If the Nonprofit is not in good standing If the Nonprofit does not hold an ownership interest If the Nonprofit does not materially participate Please give details
43
21. Department records (LURA, Form 8609, etc..) show that a Nonprofit is required to maintain an ownership interest in the development. Does a Nonprofit maintain an ownership interest in the development?
Part A: Compliance Questions
YES: Answer to confirm that the HUB is in good standing and maintains an ownership interest Please describe how the HUB materially participates
NO: If the HUB is not in good standing If the HUB does not hold an ownership interest If the HUB does not materially participate Please give details
44
22. The LURA requires a HUB (Historically Underutilized Business) to hold an ownership interest in the development. Does a HUB maintain an ownership interest in the development?
Part A: Compliance Questions
YES: If 2012 is the first year of the credit period for any project that comprises the development
NO: If 2012 was the 2nd year or later in the credit period
45
23. Is this reporting year the first year of the development's credit period?
Part A: Compliance Questions
YES: If your LURA has been signed by all parties, recorded in the county’s records and the original document has been returned to the Department
NO: If there is NO LURA If the LURA has not been fully executed (including signing, filing and/or returning original document)
46
24. Is there a fully executed and recorded LURA in effect (Treasury Regulation 1.42-5(c)(1)(xi))?
Part A: Compliance Questions
YES: If the intent is to group building(s) into project(s), define the projects here
NO: If the intent is to treat all building(s) as separate project(s)
8609 Issued: Form 8609 has been issued for all buildings and filed with the IRS
47
25. If the owner has not yet claimed credits and no Form 8609 has been issued, does the owner intend to treat the buildings as part of a multiple building project (Part II, line 8(b))?
Part A: Contact Information
You will need to update all contact fields for the Property, Management Company, Syndicator, Owner, Nonprofit and/or HUB if applicable
48
Part A: Contact Information
Make sure to review all contact information for the owner, syndicator, management company and property Including a valid email address Be sure to update with the contact person
you want receiving Department correspondence
You will not be able to submit these reports unless all contact information is completed
Only have to update Nonprofit/HUB contact information if applicable as defined by Department records
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Part A: Contact Information
If there is not any contact information currently entered for the property, click Start New Report
50
Part A: Contact Information
If there is existing contact information, to review for accuracy and edits as needed, click Edit or View Before Submission
51
Part A: Contact Information
If you need to change existing information, you have to Delete then Add
To add missing information, click Add
52
Part A: Contact Information
To Add information:1. Click Add
2. Enter the prompted information and Submit Query
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The Department database will be searched to determine if the record already exists
Part A: Contact Information
If the record exists, Assign to the property
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Part A: Contact Information
If the record does not already exist, Add an Organization to the property
55
Part A: Contact Information
At minimum, must complete the fields in orange; SAVE
56
Part A: Contact Information
Once saved, update remaining information by clicking Add to each relevant field
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Part A: Contact Information
Be sure to review the contact information for all parties and
update as needed. The Department solely relies on this
information and when it is incomplete/incorrect, the right
people don’t get the right information!!!
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Part BUnit Status
Report (USR)
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Part B: Unit Status Report
This should reflect occupancy as of 12/31/2012
If the property is still under construction, submit blank
Part A no longer requires race/ethnicity information to be reported
The Department will use the race/information from Part B for reporting purposes
60
Part B: Unit Status Report
To access the Unit Status Report, click Unit Status Report from the main login screen:
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Part B: Unit Status Report
Click on Enter Unit Occupancy to start updating the USR:
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Part B: Unit Status Report
From the list of Unit Numbers, select the unit you need to update:
63
Part B: Unit Status Report
To clear the screen to enter a new household’ s information:
Enter the Move Out Date
Then click New Household
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Part B: Unit Status Report
To clear the screen to enter a new household’ s information:
Enter the Move Out Date
Then click Mark Vacant
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Part B: Unit Status Report
Complete all relevant Household Information
66
Part B: Unit Status Report
Complete all relevant Household Composition data:
67
Part B: Unit Status Report
Don’t forget to SAVE!
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Part B: Unit Status Report
To submit the USR, go back to the Unit Selection Screen and click Property details
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Part B: Unit Status Report
At the Property detail screen, click Submit Reports
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Part B: Unit Status Report
Choose the report you would like to submit and click Submit:
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Part B: Unit Status Report
Enter the date the occupancy data you have entered is through:
Be sure to click Submit to TDHCA
72
Part CHousing for Persons with Disabilities
Report 73
Part C: Housing for Persons with Disabilities Report
To access the Housing for Persons with Disabilities Report, click Start New Report:
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Part C: Housing for Persons with Disabilities Report
YES: If you choose YES, once you SAVE, it will direct you to the
next screen to complete the Questionnaire
NO If you choose NO, you will need to provide details explaining why the
property was not occupied (ie. 2011 allocation of Housing Tax Credits and construction is not complete); If your property was not occupied, the report ends here!
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Part C: Housing for Persons with Disabilities Report
For all the following questions, be sure to answer in number format (7 vs. seven)
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Part C: Housing for Persons with Disabilities Report
1. Enter the number of units occupied by persons 60 years old or older.
If a unit has any household member 60 or over, include them in the count.
For Example: Mary (35) and Bob (37) live with Mary’s elderly mother Agnes (89). Count this household as a unit occupied by a person 60 or older even though Agnes is not the head of household.
77
Part C: Housing for Persons with Disabilities Report
2. Enter the number of units occupied by person with a disability.
The answer to this question should reflect, to the best of your knowledge, the number of units that are occupied by a person with a disability, whether or not the property has documentation
78
Part C: Housing for Persons with Disabilities Report
3. Enter the number of units initially constructed or subsequently adapted for persons who have disabilities or other special needs.
Properties built for first occupancy after March of 1991 are subject to the design and construction standards of the Fair Housing Act. All ground floor units must meet some minimum accessibility requirements. Do not include these “Fair Housing units”
For Example: Mary (35) and Bob (37) live with Mary’s elderly mother Agnes (89). Count this household as a unit occupied by a person 60 or older even though Agnes is not the head of household.
79
Part C: Housing for Persons with Disabilities Report
4. Enter the number of those units which are occupied by such persons.
From the total units entered for question 3, now enter the number of these units that are occupied by any member of the household with disabilities and/or special needs.
If none, enter 0
80
Part C: Housing for Persons with Disabilities Report
5. Enter the number of units which were not constructed or adapted, but are occupied by persons who have a disability or other special need.
If your property has units leased to disabled persons who are not living in a unit constructed or adapted for persons with disabilities, enter the total number of those units in this field
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Part C: Housing for Persons with Disabilities Report
After completing Questions 1-5, click SAVE You will then be directed to the accessibility
information for each unit on the property
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Part 2: Accessibility Screen
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Part C: Housing for Persons with Disabilities Report
For every unit on the property, an accessibility option must be selected:
Not Equipped, Mobility Equipped and / or Vision / Hearing Equipped.
Mobility Equipped and Vision / Hearing Equipped may be selected for the same unit.
If Not Equipped is selected, Mobility and / or Vision / Hearing Equipped may not be selected
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Part C: Housing for Persons with Disabilities Report
An Accessibility Description section is available for more detailed information to describe the accessibility feature(s).
Examples of detailed descriptions: grab bars in master bathroom; lowered cabinets in kitchen; fully accessible; smoke detector modified for visual impairment needs. Mobility Equipped and Vision / Hearing Equipped may be selected for the same unit.
There will be 20 units displayed on each page. You must save after each set of 20 units before updating the next set of 20 units.
85
Part DOwners Financial
Certification
86
PART D: Owners Financial Certification
Two goals of this session-
How to fill out the Part D correctly? (changes in 2012 report)
Why is this information important?
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PART D: Owners Financial Certification
Under Owner’s Financial Certification Report – Part D select “start new report”
88
PART D: Owners Financial Certification
YES: If you choose YES, once you SAVE, it will direct you to the
next screen to complete the Questionnaire
NO If you choose NO, you will need to provide details explaining why the
property was not occupied (ie. 2011 allocation of Housing Tax Credits and construction is not complete); If your property was not occupied, the report ends here!
89
PART D: Owners Financial Certification Annual Income
90
PART D: Owners Financial Certification
RESERVE FOR REPLACEMENT PAGE All properties answer Do not use $ sign or commas in your answer
Decimal points ok (I.e. 106504.32 instead of $106,504.32)
Beginning and ending balance are for 2012 data
91
PART D: Owners Financial Certification
ANNUAL OPERATING EXPENSE PAGE General & Administrative Expenses
92
PART D: Owners Financial Certification
ANNUAL OPERATING EXPENSE PAGE (Cont’d) Management Fees Payroll, Payroll Tax and Employee Benefits
93
PART D: Owners Financial Certification
ANNUAL OPERATING EXPENSE PAGE (Cont’d) Repairs & Maintenance
94
PART D: Owners Financial CertificationANNUAL OPERATING EXPENSE PAGE (Cont’d) Utilities Expense Other Operating Expenses
95
PART D: Owners Financial Certification
ANNUAL OPERATING EXPENSE PAGE (Cont’d) Other Operating Expenses (Cont)
96
PART D: Owners Financial Certification
ANNUAL OPERATING EXPENSE PAGE (Cont’d) Debt Service Payments (include TDHCA loans)
97
PART D: Owners Financial Certification
ANNUAL OPERATING EXPENSE PAGE (Cont’d) New section detail- Capitol Improvements
Total will calculate and should be consistent with information previously entered on form
98
PART D: Owners Financial Certification
Submit the Report- New statement added to Part D certifying that the information is
“true and correct”
99
PART D: Owners Financial Certification
HELPFUL HINTSData enter income & expense figures without commas
Income & Expense figures should be annual, NOT monthly values
Always choose to “Calculate Totals, Save and Return” to page to check calculations
Check that auto-populated numbers are correct
Enter a figure for “Annual Debt Service” and the loan information. If no debt payments are required “0” is acceptable along with explanation.
100
PART D: Owners Financial Certification
Why is Part D information important?
Sources of Expense Information
Local apartment associations Applicant’s own historical experience in property management IREM (Institute of Real Estate Management) TDHCA database includes up to 5 size categories in 13 state service regions
Updated Annually Available on our web site Used for underwriting new applications and reviewing cost certification information (estimated operating expenses)
101
PART D: Owners Financial Certification
102
PART D: Owners Financial Certification
103
PART D: Owners Financial Certification
104
Tools
2013 Regional Operating Expense Database (PDF) - year-end 2011 data 2013 Statewide Operating Expense Database (PDF) - year-end 2011 data HTC Applicable Percentages and Calculation of Underwriting Rates to b
e Used (PDF) or (XLS) - updated 2/1/13
Real Estate Analysis is providing this data as advisory and indicative and solely as a point of reference. Factors affecting operating expenses (such as development type, size, location and age, as well as target population and management philosophies) may vary, and the user should consider these possible deviations. For that reason, under no circumstances should it (or any derivative thereof) be used in whole or in part for developing an operating expense pro forma for any specific project, except in a purely theoretical environment for comparative purposes.
For more information, please contact a Real Estate Analysis staff member.
PART D: Owners Financial Certification
TDHCA Actual Average Operating Expense Statements as of Year End 2010:
OPERATING EXPENSE
PER UNIT
PER Sq. Ft.
AVERAGE (annual) 135.08 Units
AVERAGE (annual)
126,403 Sq. Ft.
CONTROLLABLE PER UNIT
General & Administrative
$353 $0.39
$47,632 $49,222 $353
Management $334 $0.37
$45,056 $46,532
Payroll & Payroll Tax $1,007
$1.10
$136,017 $139,217 $1,007
Repairs & Maintenance
$516 $0.56
$69,765 $70,779 $516
Utilities $457 $0.51
$61,689 $64,820 $457
Water, Sewer & Trash $583 $0.63
$78,806 $79,865 $583
Insurance $500 $0.54
$67,593 $68,528
Property Tax $509 $0.54
$68,697 $68,384
Reserve for Replacement
$243 $0.27
$32,817 $33,870
Total Expenses $4,501
$4.91
$608,072 $621,217 $2,916
105
PART D: Owners Financial Certification
Additional Documents to Submit
Reserve Account Information Form
Rent Roll as of 12/31/2012
Annual Operating or Financial Statements for 2012 showing Replacement reserve account balance Capital improvementsStatement from owner if reserve account was used for expenses other than necessary repairs, or if balance or deposits were not made in compliance with TDHCA or lender requirements
106
PART D: Owners Financial Certification
Additional Documents to Submit (cont)
Property Insurance Certificate
Reserve Account Bank Statements as of 12/31/2012
Tax Statement for 2012 (receipt of payment)
Signed certification or statement from 1st Lien Lender stating the following
Reserve requirements of Lender Monitoring standards of Lender to ensure compliance with requirementStatement indicating that the owner has met all reserve requirement
Electronic copies (Adobe PDF) can be sent to [email protected]
107
Asset Management Division
Contact information for Asset Management staff can be found on our webpage at http://www.tdhca.state.tx.us/asset-management/contacts.htm
108
Asset Management Division
109
Part EForm 8703
110
Part E: Form 8703
What is it? Annual Certification of Residential Rental
Project Only have to complete if you have Tax
Exempt Bonds through the Department
Part I: General Information Part II: Annual Determinations Part III: Issuer and Description of
Bonds Part IV: Certification
111
Part E: Form 8703
Due to the Internal Revenue Service (IRS) by March 31st after the close of the calendar year for which the certification was made
Submit a copy of the filed form for the proceeding calendar year by April 30th to the Department
112
Part E: Form 8703
Not a report that is entered in CMTS like all other parts
Submit a copy of the form via email to
113
Part E: Form 8703
Part I: General Information
114
Part E: Form 8703
Part II: Annual Determinations
115
Part E: Form 8703
Part III: Issuer and Description of Bonds
116
Part E: Form 8703
Part IV: Certification
117
What’s Next?
Department Follow Up
118
Department Follow Up
Have all parts of the report
been submitted?
119
Department Follow Up
On May 1st, the Department will identify properties that have not submitted all parts of the report
Notice of Noncompliance sent to properties
The Notification will identify which part(s) has/have not been submitted
30 day corrective action period given to submit the missing part(s)
Extensions are not available120
Department Follow Up
After the corrective action period, form(s) 8823 will be sent to IRS reporting all HTC properties that have not submitted Part A
All properties that have not submitted all parts of the report are “scored” in the Department’s Compliance Status SystemUncorrected 10 pointsCorrected 3 points
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Department Follow Up
A review of the answers
in Part A
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Department Follow Up
A report is run comparing anticipated answers to the Part A questions to actual answers i.e. The anticipated answer to a
question is “yes” and the submitted response is “no”
If this review suggests that noncompliance has occurred based on the answer, a Notice of Noncompliance will be sent to those owners requesting clarification
30 day response period123
Department Follow Up
If the owner does not respond, 8823s are issued for HTC properties
All non responsive properties are scored in the Department’s Compliance Status System under the finding “Owner failed to submit annual certification”Uncorrected 10 pointsCorrected 3 points
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Department Follow Up
If the owner responds during the 30 day period and clarifies that the question was answered incorrectly; if reasonable, review closed with no further action
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Department Follow Up
If owner responds that the property was out of compliance, the file is reviewed to determine if the Department was already aware of the issue. If so, reviewed closed with no further action
If TDHCA was not aware of issue, action taken as appropriateFiling Form 8823Scoring in the Department’s
Compliance Status System126
Who to Contact with Questions
Type of Issue Contact Phone
CMTS James Roper 512.657.5880
Part A, B and/ or C Content2012
Stephanie NaquinWendy Quackenbush
512.475.2330512.305.8860
Part D The property’s Asset Manager
See assignments
Part E Carolyn Magill 512.475.3969
All Department email contacts are in the following format:
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The End!Thanks for
Coming
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