|On July 1, 2020 the Internal Revenue Service published Notice 2020-53 providing temporary relief to owners and residents of Housing Credit and tax-exempt bond financed developments in response to the COVID-19 pandemic.
OHFA compliance will be impacted as follows:
· There is a temporary moratorium on recertifications due 4-1-20 through 12-31-20. OHFA is interpreting this as those recertifications / annual information due during this time will be due no later than 12-31-20 and will again be due on the anniversary of move-in for 2021 and going forward.
· The annual physical LIHTC inspections due for the remainder of 2020 will be suspended until OHFA receives further guidance from the IRS effective immediately and through 12-31-2020. OHFA will continue to perform desk top monitoring for all sites that are to be inspected in 2020.
Please contact the OHFA compliance department at 405-419-8271 if you have any questions.