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  • LIHTC Monitoring

    Tax Credit Monitoring provides information about WHEDA's monitoring program to assist Section 42 property owners and management companies.

    Online Unit Status Reporting

    The Rental Compliance Reporting System (RCRS) is available for submitting Unit Status Reports electronically. RCRS allows owner/agents to electronically submit unit event history to WHEDA® online via services on our web site. RCRS can be accessed through eWHEDA, a secure area for all of our partners. You need to complete and submit a  Delegated Administrator (DA) Agreement to WHEDA. Once WHEDA receives the completed agreement, you will get a confirmation e-mail indicating that your account has been activated. You must set up your account within three calendar days after receiving the confirmation e-mail. This confirmation will also include instructions for creating user accounts for additional persons within your organization.

    Click here for a link to the XML State Housing Finance Agency Low Income Housing Tax Credit Data Transfer Standard. 

    If you are new to the system, you must sign up for eWHEDA in order to gain access.

    Extended Use Period

    Tax Credit Extended Use Period provides WHEDA's procedures and forms for tax credit properties completing the initial 15-year compliance period in accordance with section 42 regulations.

    Features & Benefits

    The Omnibus Reconciliation Act of 1989 provided an option for owners to exit the Housing Credit at the end of the initial 15-year compliance period.

    Applies only to those properties that are eligible for opt-out at some time prior to the 29th year of usage. If eligible, owners may request that WHEDA find a buyer for the low-income portion of a property. WHEDA has one year to find a buyer at a pre-determined price, not to exceed the Qualified Contract Price (QCP).

    How to Use the Tax Credit Opt-Out Provision

    • Review both the  Compliance Policy for Extended Use Period and the  Compliance Policy for Opt-Out Provision. This information will help you determine the property's eligibility, and outlines compliance guidelines. 
    • If your property is not eligible for opt-out, or it is and you choose to remain in the program, follow the guidelines detailed in the  Compliance Policy for Extended Use Period
    • If your property is eligible for opt-out, the first step in the process is to request a Qualified Contract by submitting a  Qualified Contract Notification Letter and application materials to WHEDA. 
    • Upon receipt, WHEDA will review the submission and notify you within 15 days either that the requirement has been met or that the submission materials are incomplete. 
    • Once the notification application is complete, WHEDA has one year to find a buyer for the property. The one-year period begins as soon as all the required documentation is received by WHEDA. 
    • Before WHEDA will commence marketing a property, you must complete the  Calculation of Qualified Contract price, which will establish the minimum price at which WHEDA will market the property and present an offer for its purchase. 
    • You must agree to list the property for sale with a broker who works with affordable housing properties and cooperate with WHEDA's marketing efforts.

    Guidelines

    Credit on Credit Guidance
    Securing additional tax credits for existing Section 42 LIHTC developments 
    Compliance Policy for Extended Use Period
    Provides information on reporting requirements and compliance monitoring for tax credit properties that are not eligible under the opt-out provision or who may opt-out but choose to remain in the program. 
    Compliance Policy for Opt-Out Provision
    Provides information on exercising the Opt-Out Provision and the calculation of the Qualified Contract Price.
    Lease-Purchase LIHTC Projects
    Requirements for Partial Releases of LURA for Tenant-Purchased Units
    IRS Regulations
    List of links to IRS Regulations (26 CFR, Part 1, Section 42) on the web site of the United States Government Printing Office.
    Rev. Rul. 2004-82
    Link to revenue ruling 2004-82 on the Internal Revenue web site.
    26 USC Section 42
    Link to Title 26, Section 42 of the United States Code on the Office of the Law Revision Counsel web site.

    Eligibility

  • Income and Rent Limits

    2017

    • Standard MTSP
      • For tax credit and/or tax exempt bond-financed projects placed in service 4/14/2017 or later, or those not in HUD ‘hold harmless’ areas.
    • HERA Special
      • For projects placed in service on or before 12/31/08 in HUD designated ‘hold harmless’ areas. Do not apply to HUD, RD, and HOME projects.

    2016

    2015

    2014

    2013