Mo. Code Regs. tit. 4 § 170-5.500

Current through Register Vol. 49, No. 24, December 16, 2024

Section 4 CSR 170-5.500 - Compliance Requirements and Recapture

PURPOSE: This rule establishes the compliance requirements for the Affordable Housing Assistance Program (AHAP).

(1) The Missouri Housing Development Commission (commission) staff is authorized, in its discretion, to audit the records and accounts of the approved mortgagor of the affordable housing units for which the Affordable Housing Assistance Program (AHAP) tax credit is claimed or audit the records and accounts of the eligible agency providing the affordable housing rent subsidies to tenants of claimed units in order to verify the information provided in the tax certification.

(2) Eligible agencies receiving a reservation of AHAP tax credits shall submit progress reports as required by the commission staff and specified in the reservation letter and/or in the AHAP land use restriction agreement (LURA). Failure to file the required progress reports within the prescribed time shall result in recapture of all AHAP tax credits that have not been allocated to that date, subject to the discretion of the commission staff.

(3) Eligible agencies that believe they will be unable to obtain the required amount of eligible donations to satisfy the entire reservation are highly encouraged to contact the commission staff as soon as they have made this determination so that funds can be reallocated.

(4) When an eligible agency has been unsuccessful in utilizing reservations by the prescribed deadline as set forth in the reservation letter, the commission staff shall send a letter of notification to notify the eligible agency of the amount of the reservation recaptured.

(5) For as long as there are eligible donation funds available, an eligible agency providing affordable housing units to eligible occupants through a housing rent subsidy program, and for which an AHAP tax credit is being claimed by an eligible donor, shall certify to the commission that all tenants receiving affordable housing rent subsidies are income-eligible for affordable housing units and the rental subsidies for each claimed unit are in compliance with the provisions of sections 32.100-32.125, RSMo, and all other applicable commission-required certifications and documentation and state and federal laws and regulations.

(6) Allocations of AHAP tax credits shall be revoked in the event of intentional fraud by the eligible donor.

(7) The commission staff shall notify the director of the Missouri Department of Revenue of any recapture or revocation of AHAP tax credits.

4 CSR 170-5.500

AUTHORITY:sections 32.111, 32.112, and 215.030(5), (12), and (19), RSMo 2000.* Original rule filed May 24, 2010, effective Jan. 30, 2011 .

*Original authority: 32.111, RSMo 1990, amended 1993, 1996, 1998, 1999; 32.112, RSMo 1996, amended 1999; and 215.030, RSMo 1969, amended 1974, 1982, 1985, 1989, 1993, 1995, 1998.