Annual Submissions Deadline Reminder and On-demand Webinar Through chfareach
LIHTC and CHFA Loan program annual owner certifications for calendar year 2021 are due to be uploaded directly into CHFA’s secure Insight System in January 2022.
- 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 Outdated forms will not be accepted.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 complete an
Insight Enrollment Form and email it to
Peggy Boyd by December 15, 2021.
Annual Submissions Deadline Reminder
2021/2022 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, 2021,
must be entered and submitted in NextGen (formerly WCMS).
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Due January 15, 2022 |
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For Properties with Multifamily Loans through CHFA |
Owner Certification of Continuing Loan Compliance
(Must be signed by Owner)
*covers January 1 through December 31,
2021 |
Due
January 15, 2022 |
Operating Budget for Properties with 542(c) Risk Share Loans only
* For confirmation of your CHFA loan type, please 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 |
Due 90 days after the
development's fiscal year-end |
IRS Form 8703 for Calendar Year 2021
*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 Credit).
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Due to the IRS
March 31, 2022,
with a copy to CHFA by
April 30, 2022 |
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For Properties with Housing Tax Credits |
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, 2021
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Due
January 15, 2022 |
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)
*January 1 through December 31, 2021
| Due
January 15, 2022 |
IRS Form 8703 for Calendar Year 2021
*Applicable to developments where CHFA served as a conduit issuer of Private Activity Bonds (PAB/tax-exempt financing). |
Due to the IRS March 31, 2022, with a copy to CHFA by April
30, 2022 |
Monitoring Fees
*Post Year-15 only ($25/LIHTC unit or a maximum of $2,500/year) |
Due
January 15, 2022 |
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 2020 or earlier, please 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) |
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 the State Affordable Housing Tax
Credit 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 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.
2022 Social Security COLA Announced
On October 13, 2021, the Social Security Administration announced there will be a 5.9 percent cost-of-living (COLA) increase for Social Security and Supplemental Security Income (SSI) benefits in 2022. For developments with
Housing Tax Credit and CHFA loans, managers must factor in the COLA when estimating annual household income for move-in certifications effective after October 13, 2021.
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 2022 income, the COLA must be reflected on all move-in Tenant Income Certification (TIC) forms effective after October 13, 2021. If an applicant has not yet received confirmation of their 2022 benefit, you can multiply the 2021 benefit amount by 1.059 to estimate the 2022 benefit. For Social Security benefits, the new amount will take effect with the January 2022 payment. The COLA will affect individuals receiving SSI, VA pensions, Civil Service Pensions, and Railroad Retirement as well.
Please contact your Program Compliance Officer with any compliance-related questions.
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