chfa enews - multifamily loan compliance
January 4, 2023

reminder: annual submissions

In this eNews
  • Annual Submission Reminder and Change to February 15 Due Date
  • Annual Submissions Webinar On-demand through chfareach
  • Common Errors To Avoid On Your Annual Owner Certification

Change to February 15 Annual Submissions Due Date

Effective with January 2023 annual submissions, the due date for most annual submissions has changed from January 15th to February 15th. Therefore, all items below are now due February 15, 2023.
  • LIHTC Owner Certification of Continuing Program Compliance
  • LIHTC Post Year 15 Owner Certification of Continuing Program Compliance
  • Owner Certification of Continuing Loan Compliance
  • Post Year 15 LIHTC Monitoring Fees
  • NextGen occupancy records through December 31st of the previous calendar year
All annual owner certification forms are available on CHFA’s website. See CHFA’s updated Multifamily Program Compliance Manual, Chapter 3, for detailed information on annual submissions.

Annual Submissions Deadline Reminder and On-demand Webinar through chfareach

LIHTC and CHFA Loan program annual owner certifications for calendar year 2022 are due to be uploaded directly into CHFA’s secure Insight system in February 2023.
  • Current annual owner certification forms can be accessed on CHFA's website.
  • Be sure to use the current online versions of all forms and fill out current contact information on each form. Outdated forms will not be accepted.
  • CHFA’s free 50-minute annual submissions webinar is now available on-demand through chfareach. The webinar includes a general overview of timelines, common errors, and key items not to overlook.
For instructions on uploading to Insight, refer to the “Information” tab within Insight. The owner/agent must have an Insight username and password to upload owner certifications. To register for an account, please go to the Insight login page and click the request a new user account link by January 15, 2023.

2022/2023 annual submissions for the Housing Tax Credit (LIHTC) and CHFA Multifamily Loan programs are due as follows.

For All Housing Tax Credit (LIHTC) and CHFA Multifamily Loan Properties

(excluding Project-based Section 8 and Mod Rehab - unless a RAD conversion)

Accurate Occupancy and Demographic information as of December 31, 2022;
must be entered and submitted in NextGen.

Due February 15, 2023

For Properties with Multifamily Loans through CHFA

Owner Certification of Continuing Loan Compliance
(Must be signed by Owner)
*Covers January 1 through December 31, 2022

Due February 15, 2023

(no sooner than January 1)

Operating Budget for Properties with 542(c) Risk Share Loans only

 

* For confirmation of your CHFA loan type, please check Insight or contact your Program Compliance Officer.

Due 60 days before the development’s fiscal year end

Audited Financial Statements

Due 90 days after the development’s fiscal year end

IRS Form 8703 for Calendar Year 2022


*Applicable to developments where CHFA served as the issuer of Private Activity Bonds and lender.

(PAB/tax-exempt bonds associated either with multifamily financing only or in conjunction with 4 percent Housing Tax Credits).

Due to the IRS March 31, 2023,
with a copy to CHFA by
April 30, 2023

For Properties with Housing Tax Credits (LIHTC)

LIHTC Owner Certification of Continuing Program Compliance
(For properties within the initial 15-year compliance period)
(Must be signed by Owner)
*Covers January 1 through December 31, 2022

Due February 15, 2023

(no sooner than January 1)

LIHTC Post Year 15 Owner Certification of Continuing Program Compliance
(For properties that have completed the initial 15-year compliance period)
(Must be signed by Owner)
*Covers January 1 through December 31, 2022

Due February 15, 2023

(no sooner than January 1)

IRS Form 8703 for Calendar Year 2022

*Applicable to developments where CHFA served as a conduit issuer of Private Activity Bonds (PAB/tax-exempt financing)

Due to the IRS March 31, 2023,
with a copy to CHFA by
April 30, 2023

Monitoring Fees
*Post Year 15 Housing Tax Credits only ($25/Housing Tax Credit unit or a maximum of $2,500/year)

Due February 15, 2023

(no sooner than January 1)

First-year IRS form 8609 (Part II completed in full), as filed with the IRS

 

For all new Housing Tax Credit project owners that elected to claim first year credits for 2021 or earlier, ensure all 8609 forms have been submitted in CHFA Insight.

Within 90 days of the end of the first year of the Credit Period

First-year Colorado LIHTC Allocation Certificate, as filed with the Colorado Department of Revenue (Colorado Affordable Housing Tax Credits only)

Within 90 days of the end of the first year of the Credit Period

Common Errors to Avoid on Your Annual Owner Certification

  • Certifications with owner signatures that are typed will not be accepted. Owner signatures must be either handwritten or, if electronic, they must be time/date stamped by authenticating software.
  • Forms filled out for the wrong program
    • LIHTC Certification
      • Questions or sections regarding Colorado state Affordable Housing Tax Credits should be marked N/A (or blank if a section), unless you’ve confirmed the project was awarded state credits.
      • Tax-exempt bond questions and sections should be marked N/A (or blank if a section), unless you’ve confirmed your property has CHFA tax-exempt bonds via a conduit bond issue.
      • All questions regarding Average Income should all be marked N/A if the property’s minimum set-aside election is 20/50 or 40/60.
    • Loan certification
      • Tax-exempt bond questions and sections should be marked N/A (or blank if a section) unless your multifamily loan was funded with tax-exempt bonds issued by CHFA.
    • To confirm your property type(s), refer to Insight or contact your PCO.
  • Using expired version of the form
  • Blank questions or inaccurate entries
  • Selecting an incorrect set-aside on the LIHTC certifications
  • Current contact information on last page is missing. CHFA requires all ownership/management contact information to be completed on the document (even if there has not been a change)
  • See CHFA’s Multifamily Program Compliance Manual, Section 3.2 for more information.

Please contact your Program Compliance Officer with any compliance-related questions.
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