updated average income compliance monitoring policy for housing tax credit developments

Multifamily Program Compliance has updated CHFA’s Average Income Compliance Monitoring Policy for Housing Tax Credit Developments.

Revisions were made in accordance with updated federal regulations published in the Federal Register on October 12, 2022.

The revised policy is effective retroactively as of January 1, 2023.

For developments that elected the Average Income minimum set-aside and were in service during calendar year 2022, additional Average Income compliance reporting is required, as explained in the policy. CHFA Program Compliance Officers will communicate directly with those developments in the near future regarding the year-end 2022 reporting and deadlines.

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