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Form 8823 Corona California: What You Should Know
IRS revised its guide on qualified projects as of December 2003, reflecting a new requirement for projects that are completed prior to the date of approval. Housing and Urban Development 21 Aug-2002 — Notice of new guidelines for housing assistance programs. Revised guidance to housing applicants for LIH TC (Low income housing tax credit), the new guidelines apply to all low and moderate income project applicants in the state of New York. Applicants eligible for LIH TC must: Have housing that is affordable (less than 30 percent of their family income) when paid, Have a housing unit not exceeding 400 square feet, Have an approved project plan, and Have paid off the remaining mortgage or be loan dischargeable. New Guidelines Are Effective Immediately: In New York, the guidelines are effective immediately, and may not be changed prior to 31 December 2006. (Read more about this, click on the link to the NYS Department of Labor and Workforce Development website.) Housing Assistance Program Guidelines — NYC Department of Housing Preservation and Development 08-Nov-1992 — HUD has issued a notice to all housing providers in New York State that HUD is requiring each project to ensure that any home provided that uses the Housing Choice Voucher or Low Income Housing Tax Credit (LIH TC) is qualified. HUD is not authorizing funds to be used in a home that is not qualified when it makes an award. Additionally, HUD is requiring all housing providers to complete an annual inventory of all vacant homes that have been rented to qualified persons so that HUD can determine the number of qualified homes and the fair market value of the homes that are being vacant. HUD Guidance on Housing Choice Voucher/LIH TC Program Requirements: HUD expects housing providers to comply with these requirements at the inception of any proposed HUD assistance or grant application, and has the authority to withhold funding if compliance is not achieved. To receive benefits and to obtain a determination of compliance, a housing provider must submit and HUD will determine each project's eligibility based upon the information submitted in the application. If a home is not in compliance with the established requirements, you may be subject to a penalty of up to 25 percent of qualified project payments, and may be held liable for any additional costs that relate to this compliance. HUD has an established process for awarding HUD-assisted housing benefits and has established certain requirements for the provision of LIH TC.
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