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Compliance HTC Overview
The Housing Tax Credit Program was created as part of the Tax Reform Act of 1986. When the program was originally created, the Internal Revenue Code contained no specific requirements for compliance monitoring. However, Congress wanted to insure that building owners would comply with program requirements. As a result, state housing finance agencies (Mississippi Home Corporation) that administer the program were directed to monitor and report noncompliance with the Housing Credit program requirements. The requirements mandate the each agency submit a Compliance Monitoring Plan to the Internal Revenue Service (IRS) describing how they would monitor housing credit developments and report noncompliance to the IRS. The plan must include the details on how the agency will review the record retention and record keeping stipulations, the certification and eligibility determination procedures and the overall compliance with building code standards.
2011 Compliance Monitoring Plan
For more information
regarding the HTC, contact:
Robert Collier
Senior VP of Compliance Monitoring
(601)718-4630