|(a) The Department requires reports to be submitted
electronically through the Department's web-based Compliance Monitoring
and Tracking System (CMTS) and in the format prescribed by the Department.
The Electronic Compliance Reporting Filing Agreement and the Owner's
Designation of Administrator of Accounts forms must be filed no later
than September 1st of the year following the award. The Department
will provide general instruction regarding the electronic transfer
(b) Each Development is required to submit an Annual
Owner's Compliance Report (AOCR). Depending on the Development, some
or all of the Report must be submitted. The first AOCR is due the
second year following the award in accordance with the deadlines set
out in subsection (d) of this section. Example
607(1): A Development was allocated Housing Tax Credits in
July 2011. The first report is due April 30, 2013, even if the Development
has not yet commenced leasing activities.
(c) The AOCR is comprised of five parts:
(1) Part A "Owner's Certification of Program Compliance."
All Owners must annually certify compliance with applicable program
requirements. The AOCR Part A shall include answers to all questions
required by the U. S. Department of the Treasury to be addressed,
including those required by Treasury Regulation 1.42-5(b)(1) or the
applicable program rules. HTC Developments during their Compliance
Period will also be required to provide the contact information of
the syndicator in the Annual Owner's Compliance Report;
(2) Part B "Unit Status Report." All Developments must
annually report and certify the information related to individual
household income, rent, certification dates and other necessary data
to ensure compliance with applicable program regulations. In addition,
Owners are required to report on the race and ethnicity, family composition,
age, use of rental assistance, disability status, and monthly rental
payments of individuals and families applying for and receiving assistance
or if the household elects not to disclose the information, such election;
(3) Part C "Housing for Persons with Disabilities."
The Department is required to establish a system that requires Owners
of state or federally assisted housing Developments with 20 or more
housing Units to report information regarding housing Units designed
for persons with disabilities. The certified answers to the questions
on Part C satisfy this requirement;
(4) Part D "Owner's Financial Certification." Developments
funded by the Department must annually provide and certify the data
requested in the Owner's Financial Certification; and
(5) Part E "Form 8703." Tax exempt bond properties
must file Form 8703 each calendar year of the qualified project period.
The form is due to the IRS by March 31 after the close of the calendar
year for which the certification is made. The Department requires
Tax Exempt Bond Development Owners to submit a copy of the filed Form
8703 for the preceding calendar year.
(d) Parts A, B, C, D and E of the Annual Owner's Compliance
Report must be provided to the Department no later than April 30th
of each year, reporting data current as of December 31st of the previous
year (the reporting year).
(e) Periodic Unit Status Reports. All Developments
must submit a Quarterly Unit Status report to the Department through
the Compliance Monitoring and Tracking System. Quarterly reports are
due in January, April, July, and October on the 10th day of the month.
The report must report occupancy as of the last day of the previous
month for the reporting period. For example, the report due October
10th should report occupancy as of September 30th of the preceding
month. The first quarterly report is due on the first quarterly reporting
date after leasing activity commences.
(f) Owners are encouraged to continuously maintain
current resident data in the Department's CMTS. Under certain circumstances,
such as in the event of a natural disaster, the Department may alter
the reporting schedule and require all Developments to provide current
occupancy data through CMTS.
(g) All rental Developments funded or administered
by the Department will be required to submit a current Unit Status
Report prior to an onsite monitoring visit.
(h) Exchange developments must submit IRS Form(s) 8609
with lines 7, 8(b), 9(b), 10(a), 10(c), and 10(d) completed thirty
(30) days after the Department issues the executed form(s). If an
Owner elects to group buildings together into one or more multiple
building projects, the owner must attach a statement identifying the
buildings in the project. An owner may request to change the election
made on line 8(b) only once during the Compliance Period. The request
will be treated as non-material amendment, subject to the fee described
in §10.901 of this chapter (relating to Fee Schedule) and the
process described in §10.405 of this chapter (relating to Amendments