Housing Tax Credit

                                           Groundbreaking, Hatch, New Mexico

Housing tax credit properties are properties that have received Low Income Housing Tax Credits (LIHTC) through a competitive MFA process or through the State Board of Finance.

In order to receive housing credits, a project owner has set aside a number of units in his project to be occupied by households at or below 60 percent (or 50 percent, if elected.) Rents must not exceed 30 percent 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, which is under this menu heading on the left. The manual includes information on occupancy and tenant eligibility, establishing a project’s qualified basis, income verification, and rent restrictions and lease requirements, among others.

Are you nearing year 15 of the compliance period?  This section contains useful information that will assist you in preparing for changes that come in year 15.  We outline how often we will conduct monitoring visits and what will be reviewed. 

Check this area often to find out when MFA asset management staff and other agencies will be providing training. 

You will also find a secure login for WCMS where you can submit certifications and required financial information. 

Other documentation provided in this section includes the Annual Compliance Report and the Owner’s Certification.