Understanding Verification Requirements for the LIHTC Program


July 10, 2018


Paul Flogstad

  1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 60 Minutes


Low Income Housing Tax Credit professionals often misunderstand verification requirements: Many believe that third-party verification is a federal requirement or that LIHTC properties must follow HUD’s verification requirements, including HUD’s definition of “third-party” verification.

Income verification for the LIHTC program isn't what it used to be. Once a simple matter of following the guidance found in HUD Handbook 4350.3 REV-1, Change 4 and the revision to HUD's definition of third-party verification have sparked loud debate within the LIHTC community over what now constitutes sufficient income verification. Some states, for example, allow pay stubs to be used as verification of income for applicants and tenants at LIHTC properties, while others do not.

This webinar will make clear what eligibility requirements and eligibility recommendations are.

Speaker Paul Flogstad, will delve deep into the regulations and uncover what is truly required when it comes to verifying income and other tenant eligibility requirements for the LIHTC program.

Learning Objectives:

  • Recognize the IRS’ verification requirements for an LIHTC program.  
  • Identify the areas where stricter requirements may be needed to demonstrate due diligence and comply with state agency requirements. 
  • Receive valuable tips and tools to help owner/agents accurately verify household eligibility and combat tenant fraud.

Session Highlights

  • Deciphering LIHTC
  • Distinguishing between sources of guidance
  • Analyzing IRS Forms 8609, 8823 and the multiple building election
  • Going through blended LIHTC management
  • Acquisition/rehabs using LIHTC
  • Basic program mechanics for LIHTC with HUD P/B, HOME and/or RD
  • Reviewing LIHTC planning and vigilance
  • Year 15 planning
  • Identifying the top 5 noncompliance issues

Who Should Attend

  • Property managers
  • Property owners
  • Maintenance staff
  • Leasing consultants

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