Annual Compliance Reporting

Annual Compliance Reporting Requirements HUD 542c Risk Share, Housing Tax Credit & HOME

2024 Annual Compliance Fees (HUD 542c Risk Share, Housing Tax Credit & HOME)

The invoice for the 2024 Housing Tax Credit compliance fees which are currently due for this calendar year has been e-mailed. Fees are due January 31, 2024.  Failure to pay monitoring and compliance fees within the time frame specified on the invoice will result in MFA’s filing of a “Notice of Noncompliance” (IRS Form 8823) with the IRS and the Principal(s) will be deemed ineligible for additional funding from MFA, including tax credit, for any Projects while the fees remain outstanding.

Please include a copy of the MFA e-mailed invoice along with your payment. This will ensure that your fee is applied to your property.

2023 Annual Owner Certification of Continuing Program Compliance (Tax Credit)

The Annual Owner’s Certification form will need to be completed for the time period beginning January 1, 2023 through December 31, 2023. This form is due January 31, 2024.  

The owner or their designated signatory must sign the Annual Owner’s Certification. Please remember that the signature on the Certification must be notarized. Failure to annually certify property compliance is considered non-compliance under the IRS Code and MFA will report such evidence of non-compliance to the IRS in accordance with the Code. A form 8823 will be filed with the IRS listing the non-compliance items and property will be considered out of compliance.

2023 Tenant Compliance Data (HUD 542c Risk Share, Housing Tax Credit)

The Tenant Compliance Report of Certification Data is submitted online through MFA’s NextGen data system. This data is due throughout the year, but no later than March 31, 2024 for 2023 activity.

2023 Audited Financial Statement (HUD 542c Risk Share, Housing Tax Credit & HOME)

Please provide MFA a PDF of the 2023 audited financial statements and submit the data online through HDS Next Statement of Financial Position and Statement of Cash Flows. This data is due March 31, 2024. Should you not be able to meet the March 31st deadline please provide MFA prior notice.

2024 Operating Budget (HUD 542c, HOME)

Please provide MFA a PDF of the 2024 budget and submit the data online through WCMS Statement of Operations. This data is due March 31, 2024.

2023 Unit Vacancy (HUD 542c Risk Share, Housing Tax Credit & HOME)

The unit vacancy is no longer submitted through WCMS; therefore, MFA is requesting the attached Excel will need to be completed for the time period beginning January 1, 2023 through December 31, 2023. This data is due March 31, 2024.

Rent Roll (HUD 542c Risk Share, Housing Tax Credit & HOME)

The property’s current rent roll is required to confirm assigned set-asides and rents. Please provide a PDF copy to MFA by March 31, 2024.