|(a) The Department requires reports to be submitted
electronically through 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 emailed to
(1) 9% Housing Tax Credit Developments - no later than
the date prescribed in §10.402(g) of this chapter (relating to
the 10% Test);
(2) 4% Housing Tax Credit Developments - no later than
the date prescribed in §10.402(e) of this chapter (relating to
Post Bond Closing Documentation Requirements); or
(3) For all other rental Developments, no later than
September 1st of the year following the award.
(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 (e) of this section. Example 607(1): A Development
was allocated Housing Tax Credits in July 2015. The first report is
due April 30, 2017, even if the Development has not yet commenced
(c) The AOCR is comprised of four 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;
(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; and
(4) Part D "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) The Owner is required to report certain financial
information to the Department electronically through CMTS. If supplemental
information is required, it must be uploaded to the Development's
(1) "Annual Owner's Financial Certification" (formerly
Part D of the AOCR). Developments funded by the Department must annually
provide and certify to the data requested in the Annual Owner's Financial
(2) Developments funded with Exchange or TCAP must
also submit a "Quarterly Owner's Financial Certification" and these
must be submitted in January, April, July, and October on the 15th
business day of the month.
(e) Parts A, B, C, and D of the AOCR and the Annual
Owner's Financial Certification 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).
(f) 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. Failure to report occupancy
timely will result in a finding of noncompliance.
(g) 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.
(h) 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.