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Q&A
Low-income tax credit compliance and efforts to reduce paperwork
0:52:13
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73 sec
Commissioner Tigani explains the low-income tax credit compliance process and HPD's efforts to streamline documentation requirements. The discussion covers federal regulations and HPD's initiatives to reduce paperwork burden.
- Low-income tax credit units require annual compliance review to verify income eligibility
- HPD has been working since 2022 to reduce unnecessary paperwork in both Section 8 and marketing processes
- The department engaged with Treasury and IRS to clarify guidance and potentially reduce documentation requirements
- These efforts aim to provide better guidance to housing partners and streamline the application process
Ahmed Tigani
0:52:13
Is to get just a little bit in the weeds.
0:52:15
So because low income tax credits have to be verified, in fact, occupants of those households go through annual compliance review.
0:52:25
We the the marketing agents just has to make sure that those households are income eligible to be in a unit that's been funded with low income tax credits.
0:52:35
And so the handbook and the rules about how much paperwork you need and what the requirements lived on the federal level.
0:52:42
So one of our early priorities going back to 02/2022 when we issued Housing Our Neighbors was to cut paper that we don't need.
0:52:51
Whether it's in the section eight application or in the marketing world.
0:52:55
What how hard do people have to prove that they're eligible for this department?
0:52:58
How can we reduce reduce it?
0:53:00
One of the things was looking at the low income tax credit compliance and seeing if they need as much paperwork as we're currently requiring.
0:53:07
And that's the involve that was the involvement on the federal level.
0:53:11
Nothing at the at the intersection that we're talking about now involves that.
0:53:16
That was just getting clarity on guidance that we can then give better guidance to our partners in housing.
0:53:24
Thank
Pierina Ana Sanchez
0:53:25
you.