What is the purpose of compliance monitoring in LIHTC projects?
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To ensure projects adhere to program rules and affordability requirements.
Who is responsible for monitoring compliance in California LIHTC projects?
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The California Tax Credit Allocation Committee (CTCAC) and property owners share responsibility.
What types of reports are required for LIHTC compliance?
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Annual reports on tenant incomes, rents, and project status.
How often must compliance inspections occur?
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Typically annually or as required by CTCAC.
What happens if a project fails compliance monitoring?
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Penalties or recapture of tax credits may result.
What information must property owners submit for compliance?
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Tenant income certifications and rent documentation.
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Who reviews compliance reports in the LIHTC program?
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CTCAC reviews reports to ensure continued eligibility.
What is the purpose of rent restrictions in LIHTC?
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To ensure affordability for low-income tenants.
What are reporting requirements for LIHTC projects?
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Regular submission of financial, tenant, and operational data to CTCAC.