|(a) Development Owners must comply with program recordkeeping
requirements. Records must include sufficient information to comply
with the reporting requirements of §10.607 of this chapter (relating
to Reporting Requirements) and any additional programmatic requirements.
HTC Development Owners must retain records sufficient to comply with
the reporting requirements of Treasury Regulation 1.42-5(b)(1). Records
must be kept for each qualified Low-Income Unit and building in the
Development, commencing with lease up activities and continuing on
a monthly basis until the end of the Affordability Period.
(b) Each Development that is administered by the Department
must retain records as required by the specific funding program rules
and regulations and executed contracts or Land Use Restriction Agreements.
In general, retention schedules include, but are not limited to, the
provision of subsections (c) - (g) of this section.
(c) HTC records must be retained for at least six years
after the due date (with extensions) for filing the federal income
tax return for that year; however, the records for the first year
of the Credit Period must be retained for at least six years beyond
the due date (with extensions) for filing the federal income tax return
for the last year of the Compliance Period of the building (§1.42-5(b)(2)
of the Code).
(d) Retention of records for NHTF, TCAP-RF, and HOME
rental Developments must comply with the provisions of 24 CFR §92.508(c)
and 24 CFR §93.407(b), which generally requires retention of
rental housing records for five years after the Affordability Period
(e) Retention of records for NSP rental Developments
must comply with the provisions of 24 CFR §570.506, which generally
requires retention of rental housing records for five years after
the Department has closed out the grant with HUD.
(f) Texas Housing Trust Fund (HTF) rental Developments
must retain tenant files for at least three years beyond the date
the tenant moves from the Development. Records pertinent to the funding
of the award, including, but not limited to, the Application and Development
costs and documentation, must be retained for at least five years
after the Affordability Period terminates.
(g) Section 811 PRA tenant records must be maintained
for the term of tenancy plus three years. After the end of the record
retention period, all Enterprise Income Verification (EIV) data must
(h) Other rental Developments funded or administered
in whole or in part by the Department must comply with record retention
requirements as required by rule or deed restriction.
(i) All required records must be made available on
site when an onsite monitoring occurs.