On February 26, 2019, the Internal Revenue Service issued final regulations regarding compliance monitoring. Per the new regulations, effective January 1, 2021, state housing finance agencies may not provide more than a 15-day notice prior to a file review or a Uniform Physical Condition Standards (UPCS) inspection.
As a result, the turnaround time to submit the required information needed by the Compliance Division to monitor and inspect a property will be shortened to comply with the final regulation. It is recommended that at all times the Unit Status Report (USR) be correctly updated, and that the following documentation be readily available:
- Form(s) 8609
- Documentation to support the development’s utility allowance
- Invoices or other documents supporting the development’s application fee
- Documentation demonstrating compliance with all other LURA requirements if applicable, such as social services, Historically Underutilized Business (HUB) ownership and participation, non-profit ownership and participation, etc.
The new regulations have been posted to our website and can be found at this link: https://www.tdhca.state.tx.us/pmcomp/manuals-rules-htc.htm.
If you have any questions, please contact Wendy Quackenbush, Director of Compliance Monitoring, at 512-305-8860 or by email at email@example.com.