Andrew Estocin
Program Specialist
Direct (505) 767-2248
Fax (505) 242-2766
In order to receive housing credits, a project owner has set aside
a number of units in his project for occupancy by households at or
below 60% (or 50%, if elected). Rents must not exceed 30% of the chosen
income limit. The units in the set aside must remain affordable for
a minimum of 30 years.
Section 42 of the IRS Code requires MFA to develop and implement a compliance monitoring program. That monitoring program is contained within MFA’s Housing Credit Compliance Manual. Sections of the manual include occupancy and tenant eligibility, establishing a project’s qualified basis, income verification, and rent restrictions and lease requirements, among others. The Housing Credit Compliance Manual is provided here for your reference.
Other documentation provided includes the Annual Compliance Report and the Owner’s Certification, both of which can be downloaded.
