| (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 subchapter
(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 TCAP-RF, HOME, ERA, and
HOME-ARP rental Developments must comply with the provisions of 24
CFR §92.508(c), which generally require retention of rental housing
records for five years after the Affordability Period terminates.
HOME-ARP rental Developments must also comply with HUD CPD Notice
21-10.
(e) Retention of records for NHTF must comply with
the provisions of 24 CFR §93.407(b), which generally require
retention of rental housing records for five years after the Affordability
Period terminates.
(f) 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.
(g) THTF 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.
(h) 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
be destroyed.
(i) Other rental Developments funded or administered
in whole or in part by the Department must comply with record retention
requirements as required by federal regulations, statute, rule, or
deed restriction.
(j) All required records must be made available and
accessible for a monitoring review, physical inspection, and whenever
requested by the Department. The Department permits electronic records.
Digital signatures of both property management and household are acceptable.
Developments should have policies in place that allow the household
to choose between electronic or hard copy documents. It is the responsibility
of the Development Owner to maintain policies and procedures that
mitigate fraud, waste, and abuse on an ongoing basis.
(k) Prior to completion of ownership and/or management
agent change, a current (no earlier than 45 days prior to owner/management
agent change) waitlist must be submitted to the Department through
CMTS.
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