Compliance Monitoring Functions: General Administrative The Consolidated Appropriations Act of 2018 establishes Average Income (AI) as a new minimum set-aside election for new LIHTC developments. It allows LIHTC qualified units to serve households earning as much as 80% of the Area Median Income (“AMI”) so long as the average income of qualified units is 60% or less of AMI. The Authorized Delegate shall ensure that each eligible property adheres to both the IRS Regulations and CHFA Guidelines and provides guidance and audit oversight for such regulations and guidelines. Authorized Delegate shall: • Maintain and/or create CHFA Owners’ Compliance Monitoring Manual. • Develop a plan that is in compliance with the Low-Income Housing Tax Credit (“LIHTC”) Qualified Allocation Plan (“QAP”), CHFA Procedures and the Internal Revenue Service (“IRS”) requirements applicable during the term of the contract. • Review and approve alternative utility allowance methodologies in accordance with CHFA Guidelines applicable during the term of the contract. • Monitor each property relative to awarded points on the respective LIHTC application, as requested by CHFA. Specifically, the Authorized Delegate shall ensure property specific programs, amenities, set-asides, physical requirements and any such application specific requirements are instituted, supported and such record keeping is in place. • Confirm the number of Supportive Housing units that were committed to according to the development’s Carryover Allocation and confirm the Supportive Housing provider and their specific contact information. • Conduct semi-annual compliance conference with the owner and agent to outline compliance reporting requirements. • Develop and maintain a data base of statistical units and tenant information and shall provide supporting documentation as required by CHFA.
