Get Lihtc Compliance Status Report Revised 2006.doc - State Ar

This guide provides a comprehensive overview of filling out the LIHTC Compliance Status Report Revised 2006.doc for the State of Arkansas. By following the outlined steps, users will be equipped to complete and submit this important form accurately online.

Follow the steps to complete the form effectively.

1. Press the ‘Get Form’ button to access the document and open it for editing.
2. Begin by entering the project name in the designated field at the top of the report. Ensure you accurately correspond this with relevant project documents.
3. Fill in the building identification number (Bldg. ID No.) as assigned by the Arkansas Development Finance Authority (ADFA). This is crucial for compliance verification.
4. Indicate the report's calendar year by entering the date format 'MM/DD/YYYY' for the year ending. Verify this date aligns with your project records.
5. Provide the complete street address of the project. This includes the city, state, and zip code. Each component must be accurate to prevent misrouting of the report.
6. In the min. set-aside section, select the appropriate threshold percentage (20/50 or 40/60) based on your project qualifications.
7. Document the date the building was placed in service in 'MM/DD/YYYY' format to track compliance from that point onward.
8. List the total number of units in the building. Ensure this aligns with your project data.
9. Detail the allocation year of the project, which typically corresponds to the year LIHTC is allotted.
10. Specify the total number of LIHTC units within the building. This must match your earlier submissions to the ADFA.
11. Input the name and contact details of the project owner, including their phone number and email address. This establishes clear points of communication.
12. Complete the management company’s details if applicable, including their phone and fax numbers.
13. For each unit, enter detailed information, including unit number, total bedrooms, square footage, tenant name, and move-in date.
14. State the gross annual income at move-in for each tenant and indicate their qualification income percentage.
15. Confirm if the household income is less than the maximum allowable income for their household size at move-in.
16. Document the recertification completion date and the recertification income amount for ongoing compliance checks.
17. Calculate the gross monthly rent by adding the tenant portion of rent, utility allowance, and subsidy amount. This is crucial for determining if rents comply with LIHTC regulations.
18. Input the maximum LIHTC rent allowed as per regulations to finalize the report appropriately.
19. At the end of filling out all fields, review your entries for accuracy and completeness.
20. Once all information is accurately filled, save your changes, download, print, or share the completed report as needed.

Complete your LIHTC Compliance Status Report online to ensure your project's compliance with state regulations.