The National Council for State Housing Agencies (NCSHA) has released updated model compliance forms for housing credit developments. Virtually all Housing Credit agencies (HCAs) require Housing Credit development owners to use specific forms in their compliance reporting. NCSHA, in collaboration with its members, has developed model compliance forms over the years and has recently released updated versions of these forms.
NCSHA has updates seven different forms:
- Owner’s Certification of Continuing Program Compliance;
- Tenant Income Certification;
- Employment Verification;
- Certification of Zero Income;
- Under $5,000 Asset Certification;
- Student Self-Certification; and
- Student Status and Financial Aid Verification
NCSHA is encouraging HCAs to adopt these model forms in order to standardize compliance monitoring practices across all states. However, no HCA is required to use the forms and if they choose to do so, may adapt the forms to suit their needs.
While the forms have been created for HCAs to use as desired, they may also be used by individual owners/managers of LIHTC properties, if approved by the applicable HCA. All owners and managers of LIHTC properties should check with their HCAs regarding required forms relating to LIHTC compliance.