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Bond Compliance Procedures Manual

Compliance Bond Procedures ManualDesigned to give property owners and managers step-by step instructions on how to fulfill compliance requirements if Commission-issued tax-exempt bonds financed a property. 

Compliance Bond Procedures ManualFor more information or questions, property managers and owners should contact their Portfolio Analyst.  Subscribe to E-NEWS Email and you will be notified when there are changes to this manual.  Bond property reporting requirements can be obtained by reviewing the Regulatory Agreement and Project Description or by contacting the property Portfolio Analyst.  See Bond Compliance Reports page for report descriptions and instructions.

Bond-Financed Properties, Compliance Procedures Manual – Revisions Memo #1-2018

Cover Sheet (PDF) Rev 09/28/2017

Table of Contents (PDF) Rev 05/2009

Chapter and Appendix

1 | 2 | 3 | 4 | 5 | A | B | C | D | E | F | G |

Chapter 1

Introduction (PDF) Rev 10/2018
(1.1) General Overview

Chapter 2

General Property Information (PDF) Rev 10/2018
(2.1) Bonds vs. Tax Credits 
(2.1) Bonds are Income Restricted Only
(2.1) Bond Closings and the Minimum Set-Aside 
(2.2) Federal Minimum Low-Income Set-Aside 
(2.3) Consequences of Non-Compliance 
(2.3) Property & Resident Manager Guidelines 
(2.3) Income Set-Asides and Your Residents 
(2.4) Discrimination Prohibited 
(2.5) Full-Time Students 
(2.5) Student Status Documentation 
(2.7) Special-Needs Housing Commitments/Set-Asides 
(2.7) Persons with Disabilities Commitments
(2.8) Large Household Commitments
(2.8) Housing for the Elderly Commitments
(2.8) Double Counting 
(2.9) Marketing and Good Faith Efforts 
(2.10) Minimum Rental Agreement and Physical Requirements of Set-Aside Units 
(2.11) Inspections
(2.11) Qualified Vacant Units
(2.11) Allowable Fees 
(2.11) Rents

Chapter 3

Rental Process & Reporting Procedures (PDF) Rev 10/2018
(3.1) Rental Process 
(3.1) Proportionate Lease-Up Requirement - New Construction Properties
(3.1) Counting Vacant Units to Meet Set-Aside Requirements
(3.2) Move-Ins
(3.2) Move-Outs 
(3.2) Record Keeping and Retention Period
(3.2) Reporting Dates
(3.3) Income Recertification 
(3.3) If a Resident Moves Within a Project
(3.3) Qualifying a Resident After Move-In
(3.3) Available Unit Rule (140%) 
(3.4) Required Forms and Documentation
(3.4) Authorized Signatories 
(3.4) Submitting Reports

Chapter 4

Income & Asset Certification (PDF) Rev 10/2018
Calculating Assets 101- Part 1 & Part 2 Training Videos May 2008
(4.1) Summary 
(4.1) HUD Occupancy Handbook 4350.3, Chapter 5

Chapter 5

Property Transfers (PDF) Rev 10/2018
(5.1) Summary
(5.1) Types of Transfers or Assignments Requiring Commission Consent
(5.3) Transfers to Owners with No Previous Bond Experience
(5.3) Conditions and Consent
(5.4) Fees
(5.5) Timeframe and Completeness
(5.5) Owner Cover Letter
(5.6) Documentation Required for Sale of Property
(5.9) Documentation Required for Changes to General Partner or Managing Member

Attachments:

  1. Owner Request for Commission Approval - Summary of Transfer for Sale of Property (Word) Rev 04/2011
  2. Owner Request for Commission Approval - Summary of GP/Managing Member Change (Word) Rev 04/2011
  3. IRS Form SS-4 Application for Employer Identification Number (PDF)
  4. Financial Solvency and Litigation Form (PDF) Rev 07/2008
  5. Legal Counsel and Professional Representative Form (PDF) 
  6. Closing Contact Information (PDF) 06/2010

Appendix A

Glossary (PDF) Rev 05/2009

Appendix B

Differences Between Tax Credits and Bonds (PDF) Rev 11/2014

Appendix C

Bond Property Reporting Requirements (PDF) Rev 06/2012

Appendix D

Bond Property Income Limits (PDF) Rev 05/2009

Appendix E

Income & Asset Verification Summary Chart (PDF) Rev 07/2016

Appendix F

HUD Occupancy Handbook 4350.3, Change 4 (Excerpts) Rev 11/2014
Chapter 5: Determining Income and Calculating Rent (PDF) 
Chapter 5, Appendix 3: Acceptable Forms of Verification (PDF)
Chapter 5, Exhibit 1: Income Inclusions and Exclusions (PDF)
Chapter 5, Exhibit 2: Assets (PDF)

Appendix G

Bond-Financed Properties Frequently Asked Questions (PDF) Rev 01/2018

   

 
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