annual submissions and cola
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
- 2023 Social Security COLA
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 15 to February 15. 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 31 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 to 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 Outdated forms will not be accepted.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 and CHFA Multifamily Loan programs are due as follows.
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For
All Housing Tax Credit and CHFA Multifamily Loan Properties
(excluding Project-based Section 8 and Mod Rehab - unless a RAD
conversion)
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Accurate Occupancy and
Demographic information as of December 31, 2022,
must be entered and submitted in NextGen.
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Due February 15, 2023
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For
Properties with Multifamily Loans through CHFA
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Owner Certification of Continuing Loan Compliance
(Must be signed by Owner)
*Covers January 1 through December 31, 2022
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Due February 15, 2023
(no sooner than January 1)
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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.
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Due 60 days before the development’s fiscal year end
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Audited Financial Statements
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Due 90 days after the development’s fiscal year end
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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 LIHTC).
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Due to the IRS March 31, 2023,
with a copy to CHFA by
April 30, 2023
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For
Properties with Housing Tax Credits
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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
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Due February 15, 2023
(no sooner than January 1)
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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
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Due February 15, 2023
(no sooner than January 1)
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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).
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Due to the IRS March 31, 2023,
with a copy to CHFA by
April 30, 2023
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Monitoring Fees
*Post Year 15 LIHTC only ($25/LIHTC unit or a maximum of $2,500/year)
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Due February 15, 2023
(no sooner than January 1)
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First year IRS form 8609 (Part II completed
in full), as filed with the IRS
For all new LIHTC
project owners that elected to claim first year credits for 2021 or
earlier, ensure all 8609 forms have been submitted in CHFA Insight.
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Within 90 days of the end of the first year of the Credit Period
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First Year Colorado LIHTC Allocation Certificate, as filed with the
Colorado Department of Revenue (Colorado Affordable Housing Tax Credits
Only)
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Within 90 days of the end of the first year of the Credit Period
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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.
2023 Social Security COLA Announced
On October 13, 2022, the Social Security Administration announced there will be an 8.7 percent cost-of-living (COLA) increase for Social Security and Supplemental Security Income (SSI) benefits in 2023. For developments with Housing Tax Credits and/or CHFA loans, managers must factor in the COLA when estimating annual household income for move-in certifications effective after October 13, 2022.
If you have already prepared move-in certifications effective any time after the announcement, go back and review all estimates of Social Security income, apply the COLA, and recalculate household income. Since this is a known increase in 2023 income, the COLA must be reflected on all move-in Tenant Income Certification (TIC) forms effective after October 13, 2022. If an applicant has not yet received confirmation of their 2023 benefit, you can multiply the 2022 benefit amount by 1.087 to estimate the 2023 benefit.
For Social Security benefits, the increase will begin with the January 2023 payment. The COLA will also affect SSI, VA pensions, Civil Service Pensions, and Railroad Retirement. For SSI benefits, the increase will begin on December 30, 2022.
Please contact your Program Compliance Officer with any compliance-related questions.
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