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Veterans Day Holiday
 Kentucky Housing Corporation (KHC) offices will be closed tomorrow, Wednesday, November 11, 2015, in observance of Veterans Day. KHC offices will reopen on Thursday, November 12, 2015, at 8 a.m. ET.
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Updated Q&A Now Available
KHC has updated the 2016 Multifamily Funding Round Q&A to address additional questions. These questions and answers are available on KHC's website, under Development; Multifamily; Applications, Guidelines and Scoring; Applications and Scoring. This document will be updated regularly for as additional clarifications are added.
If you have any questions, please contact Andrew Hawes toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 326; TTY 711; or email ahawes@kyhousing.org.
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November 2015 Housing Credit Percentages
The Internal Revenue Service (IRS) released Revenue Ruling 2015-22, which establishes the applicable Housing Credit percentages under Section 42(b)(1) for November 2015.
The November 2015 Housing Credit percentages are:
- 7.48 percent for the 70% Present Value Credit
- 3.20 percent for the 30% Present Value Credit
Please note, these are the percentages to which KHC will underwrite all Housing Credit applications submitted in the 2016 funding round.
As a reminder, the Universal Funding Application (UFA) system is now open and the deadline for application submissions is 5 p.m. ET, Friday, December 18, 2015.
If you have questions, please contact Andrew Hawes toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 326; TTY 711; or email ahawes@kyhousing.org.
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Electronic Annual Performance Reporting
Every year, owners and managers of affordable rental housing funded through KHC are required to submit an Annual Performance Report (APR) packet by March 15 of the current year for the previous calendar year.
To decrease costs for partners and KHC, the APR packet must be submitted electronically. APR Packets are required for all rental projects that are within their compliance period. This includes projects allocated Low Income Housing Tax Credits (Housing Credits) and funding from the Risk-Sharing, HOME Investment Partnerships, and Small Multifamily Affordable Loan Programs, as well as the Affordable Housing Trust Fund. The deadline for submission to KHC is Tuesday, March 15, 2016. All APRs submitted after the March 15 deadline will be subject to late fees. KHC is now accepting payments through our online payment system beginning Monday, January 4, 2016. You must log in to the Tenant Data Certification System (TDCS) to make the payment. The TDCS is available on KHC's website, under Systems. Checks will no longer be accepted. The Annual Performance Report Packet consists of all the following items submitted and received at KHC by Tuesday, March 15, 2016: - Completed Owner's Annual Certification of Compliance (all funding sources)
- Annual Operating Expenses / Income and Rental Rate Information
- All online payments of fees must be received by 11:59 p.m. ET, Tuesday, March 15, 2016.
Instructions for completing the 2015 Annual Performance Report Packet are available on KHC's website, under Quick Links, Compliance, Asset Mgmt, Annual Performance Reporting Tools dropdown. The instructions provide checklists that help ensure documents are submitted by the appropriate submission method.
Caution: To avoid fees for incomplete submissions, please follow the 2015 APR Packet Submission Instructions.
Note: Fee payment must be submitted with a printed copy of the invoice. Please note, these invoices will not be available until Monday, January 4, 2016.
If you need assistance with this new electronic submission process, please contact Amanda Bess or Tim Carpenter toll-free in Kentucky at 800-633-8896 or 502-564-7630, extensions 700 or 733, respectively; TTY 711; or email abess@kyhousing.org or tcarpenter@kyhousing.org, respectively. |
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Program Funding Draw Management System Unavailable November 13-17
Beginning Friday, November 13, through Tuesday, November 17, 2015, the Program Funding Draw Management system will be down for maintenance. This extended time will allow KHC staff to implement new functionality to enhance the service we are currently providing.
What can you expect after the updates? Additional status types will be viewable in the system. After a draw request is submitted and we begin to process the request, the draw request status will update to Pending Approval. Once the request is approved and the process to disburse the funds begins, the status will update to Pending Disbursement. After payment is issued, the status will update to Funds Disbursed and an email is sent to the project team indicating the draw request has been paid.
We are excited to provide you with these additional features and appreciate your patience while the system undergoes these updates.
If you have any questions about the Program Funding Draw Management System, please contact your assigned Program Representative.
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