Rhode Island Housing
Page 2
To: Owners/Managing Agents of Low Income Housing Tax Credit
(LIHTC) Program Properties.
From: Leslie McKnight, Director, Loan Servicing
Date: November 29, 2011
Subject: Annual Owners Reporting and Monitoring Fees
Bulletin #: 2011-05
Under the U.S.Treasury Revenue Regulation 1.42-5, the Owner of every project that has received tax credits under the Low Income Housing Tax Credit Program (LIHTC) shall certify to Rhode Island Housing, under the penalty of perjury, that for the preceding 12-month period their project(s) was continually in compliance with the Program. Accordingly, this Notice serves as a reminder that for each property, the Owner must submit the required monitoring fee plus complete the following reports by 4 p.m. on Tuesday, January 31, 2012:
· Annual Owners Certification of Continuing Program Compliance
· Annual Project Report
· Annual Certification of Tax Credit Training
Please note, these forms can be found on our website: www.rhodeislandhousing.org
Owners must submit the above listed reports plus the monitoring fees no later than 4p.m. on January 31, 2012, to the attention of the Compliance Specialist assigned to their property at the address listed below:
Compliance Specialist name
Rhode Island Housing
44 Washington Street
Providence, RI 02903
2012 Compliance Monitoring Fees
In order to offset the cost of compliance monitoring and cover administrative costs for FY 2012, the monitoring fee has been increased to $25 per LIHTC unit. This fee is due and payable no later than 4 p.m. on Tuesday, January 31, 2012. If you need a copy of your Compliance Monitoring Fee Invoice, please contact the Compliance Specialist assigned to your property.
If you have questions regarding this notice, please contact Carlos Hernandez, Assistant Director of Loan Servicing, at 401-450-1357 or ; or Kathleen Millerick, Multifamily Compliance Supervisor, at 401-457-1241 or .
Please note that failure to respond to our request for annual reports and/or monitoring fees is considered a violation by the IRS and may result in the issuance of an 882
About Rhode Island Housing
Together with its partners, Rhode Island Housing works to ensure that all people who live and work in Rhode Island can afford a healthy, attractive home that meets their needs. Rhode Island Housing uses all of its resources to provide low-interest loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, Rhode Island Housing is a privately funded public purpose corporation.