AHFA's compliance manual is designed to aid owners and managers of multifamily projects which have received an allocation of Housing Credits and HOME funds from AHFA. These allocations are made pursuant to the rules and regulations established for the respective programs.
For the convenience of the owners, AHFA has combined the compliance procedures for each program into one manual. It should be noted that these are separate programs with differing compliance requirements. Owners should carefully note which regulations apply to their projects. If both of the aforementioned funding sources are combined, the more strict regulations will apply.
The procedures outlined in the manual are guidelines for helping owners ensure that assisted projects remain in compliance with the Internal Revenue Code (the “Code”), the HOME Investment Partnerships Program Final Rule (24 CFR Part 92) (the “HOME Rule”), the Regulatory Agreement, and other applicable regulations for the duration of the compliance period. This manual is not intended to be all-inclusive. Rather, owners should review the manual and accompanying regulatory information in the “Code” and “HOME Rule” with their legal or tax counsel to determine the applicability of said information to their projects.
Compliance with the requirements of the code, the HOME Rule, and other applicable regulations is the building owner’s responsibility. AHFA’s obligation to monitor the project for compliance with the requirements of the code, the HOME Rule and other applicable regulations does not make AHFA liable for an owner’s noncompliance.
The compliance period is established within the Declaration of Land Use Restrictive Covenants; specifying the use restrictions required under the Code, the HOME rule, and those certified by the owner during the allocation process.
The manual provides instructions on determining eligibility of families for occupancy, the maximum rents that can be charged, record-keeping procedures, occupancy rules, provisions for monitoring project files, and certifications.
All projects participating in one or both of the HOME and Low-Income Housing Tax Credit Programs are subject to compliance monitoring with rules and regulations of the Code, the HOME Rule and all other applicable regulations.
Questions regarding Housing Credit, HOME, and Bond compliance issues and procedures may be emailed to MFCompliance@ahfa.com.