Click here to view the following information which is due to HMFA no later than January 31, 2008 (111k pdf)
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The compliance division is responsible for monitoring all properties with tax credit financing in the State of New Jersey. The HMFA requires annual owner compliance certifications by January 31. In compliance with the Federal Tax code, the HMFA conducts annual file and physical inspections for 20% of the 22,000 units it monitors for 1/3 of the projects in its portfolio. Infractions are reported to the Internal Revenue Service, which, in its discretion, may conduct tax audits. Such audits may result in tax credit recapture and imposition of tax penalties.
*ATTENTION: IMMEDIATE ACTION REQUIRED*
Effective May 7, 2007 the Agency has released a new Building Status Report spreadsheet to be implemented immediately. The spreadsheet is in Excel format and should not be altered in any way. Please note there is an instruction tab on the bottom of the spreadsheet for your convenience.
Please contact your Tax Credit Compliance Analyst (3k pdf) if you have any questions.
**Attention Tax Credit Property Owners**: An important notice regarding your extended use agreement and Revenue Procedure 2005-37. (420k pdf)
