TO: Owners of Low Income Housing Tax Credit Rent-Restricted Housing Projects
FROM: Kelly Schultze, LIHTC Assistant Manager - Compliance
DATE: September 6, 2016
RE: Required Filing of Information with County Assessors
In 2005, the Nebraska Legislature passed LB 263, which provides specific guidance to county assessors when valuing § 42 rent-restricted housing projects. County assessors are now required to perform an income-approach calculation when considering the assessed valuation to place on these projects. In order to provide the county assessors with information to perform the income approach, owners of these projects are now required by LB 263 to file with the county assessor, on or before October 1 of each year, certain information relating to the operations of the project.
This memorandum serves as a reminder to send the following information to the local county assessor for your project(s) no later than October 1, 2016:
1. Income and expense data for the project for the prior year; and
2. A description of the applicable land use restrictions that apply to the project.
In addition, please send a copy of the Income and Expense Reporting Form to NIFA via email to email@example.com.
For the Income and Expense Reporting Form click here.
The applicable § 42 land use restriction information is contained on the summary page of your NIFA Land Use Restriction Agreement (LURA); other funding program documents should contain any additional restrictions. In your description of the applicable land use restrictions, you will want to note the time period the restrictions will apply, the percentage of units that are restricted, the income and rent restrictions that apply, whether there are targeted rent levels, and any other relevant restrictions that apply to your project.