A lot of new apartment buildings are springing up especially in California and comprised of market rate apartments and tax credit units. Does anyone know what local, state, or federal agency (IRS, HUD, Housing and Community Development, Housing Authority, etc.) has compliance authority over tax credit property owners?
Thanks and here’s more detail: I am speaking of "affordable housing (apartments) to low income families who make 60, 50, and 35 per cent of the median income as determined by HUD. These properties receive funding from many different agencies including the federal low income tax credit program, the California Department of Housing and Urban Development and the California Finance Committee." They use the California Tax Credit Program receiving funds from HUD and administered thru the California Tax Credit Allocation Committee per the HUD mutlifamily and affordable housing guidelines manual 4350.1)
…compliance authority to assure that these properties act consistent with HUD 4350 and other regulations…..
Resources
Are you talking about subsidized housing (below market rate apartments)? The funding comes from various sources (HUD, state, etc.). Basically, the developer gets construction funding assistance in return for making a certain number of units available at below-market rates.
Don’t know what kind of "compliance authority" you’re talking about. Usually, the local community has primary authority.