Compliance
How many compliance auditors does SHA have?
5 auditors and one Compliance manager
What does LIHTC stand for?
Low Income Housing Tax Credit
Is SHA a regulatory agency?
No. SHA is a municipal corporation tasked with administering subsidized and affordable housing in the City of Seattle.
Does HUD audit all of SHA's files?
No
Does WSHFC allocate funds for SHA's housing programs?
No. WSHFC administers the LIHTC program for the State of WA.
Does SHA compliance review every AR file?
No! Only full first year tax credit files and PLA files.
Is LIHTC a subsidy?
The Low-Income Housing Tax Credit (LIHTC) program is considered an indirect federal subsidy for the construction and rehabilitation of affordable rental housing
What role does SHA play with tax credit buildings?
Landlord and verification of eligibility for continued participation in the LIHTC program
Does HUD provide funding for subsidized or affordable housing?
Subsidized
Who does SHA compliance interface with at WSHFC to monitor compliance for SHA's tax credit properties>
Portfolio Analysts
How do you contact compliance?
#compliance email
Email you compliance auditor
Do all SHA units report to WBARS?
No, only units with tax credit funding
Does SHA determine eligibility for participation in the LIHTC program?
SHA evaluates an applicants income and asset information to determine if the applicant household meets the LIHTC criteria.
What are the consequences of not adhering to HUD regulations?
Fines, fees, sanctions, bad reputation, poor customer service
What does WSHFC stand for?
Washing State Housing Finance Commission
Does SHA compliance know every detail of HUD and WSHFC policies / procedures? Why or why not?
NO!
What organization is responsible for ensuring property management meets all LIHTC program requirements in Washington State?
WSHFC
Washington State Housing Finance Commission
I do not work with tax credit buildings. Why do I need to know about WSHFC and tax credit regulations?
May change properties
Increased availability of tax credits means LIHTC units will be more prevalent in the future
It is important to know the regulations as an affordable housing professional
Does HUD and WSHFC follow the same rules?
Mostly, yes
What is the name of the reporting system necessary to report LIHTC compliance in WA State?
WBARS