#yearly credit report
Tax Credit Compliance Reports
OWNER’S ANNUAL CERTIFICATION (formerly CCPC – Part A)
Purpose: An owner’s certification that this tax credit project is in compliance with its Regulatory Agreement. This reporting form is due on January 31st for the previous year. This report is sent to owners each year with numbers generated from our database. Owners answer a series of questions regarding their property and must provide an original signed copy with their annual report. Contact the Portfolio Analyst assigned to your property if you need a copy of this reporting form: Portfolio Analyst Assignment List
TABLE 1 – TENANT ACTIVITY (CCPC – Part B)
Purpose: A summary report of rental activity in every low-income unit during the calendar year. Table 1 is completed annually and due January 31st for the previous year.
The Table 1 Report is submitted annually via the Web Based Annual Reporting System (WBARS). *
* Properties with other funders should check their other funders’ websites for additional required documentation and/or additional deadlines. The following public funders are currently participating in WBARS for Combined Funder Annual Reporting: Washington State Department of Commerce , City of Seattle , City of Tacoma , City of Spokane, King County , and Snohomish County .
TABLE 4 – INCOME AND EXPENSES
Purpose: Table 4 information will be used as an additional resource for the Commission in the underwriting process. Table 4 is completed annually and is due on or before June 30 for the previous year.
The Table 4 report is submitted annually via the Web Based Annual Reporting System (WBARS).
Properties with other funders should check their other funders’ websites for additional required documentation and/or additional deadlines.
SPECIAL NEEDS VACANCY REPORT
Purpose: This report is used at properties with special-needs set-aside or farm work commitment units to assist the Commission in determining if you are marketing and holding these units properly. This Special-Needs Vacancy Report must be submitted with the annual report (Part B/Table 1) and is due on January 31st if the special-need set-aside or farm work commitment has NOT been met at the end of the previous year. The Special-Needs Vacancy Report can only be used after the units have been initially rented to special-needs or Farm Work commitment households and the units are now vacant.
EXTENDED VACANCY / RENT-READY REPORT
Purpose: This report is optional and is intended to be used when a property has units that have not been made rent-ready within 30 days and/or have been vacant for longer than 90 days.
FARMWORKER MOVE-IN REPORT
Purpose: Properties who provide Commission Farmworker Commitment units need to complete this form for every qualified household that moves-in during the calendar year. Most of the information needed to complete this report can be found on the Household Initial Certification and Instructions form that is completed when a new Household moves in to the property. This report will provide the Commission with information about the population served by the Commitment and their occupations. The report for the previous calendar year is due January 31 and the completed Excel Spreadsheet file should be mailed in with all other Annual Report documents.
Move-In Report (Excel) Rev 12/2013 Excel workbook includes spreadsheet and complete instructions.
HOMELESS / TRANSITIONAL REPORT
Purpose: This report is used by properties with transitional housing or permanent housing for the homeless set-aside commitments in their Commission Tax Credit Regulatory Agreement. Properties with these commitments will use this report to confirm whether or not services are being provided for these households. This report is due on January 31st for the previous year. A printed copy of this report on agency letterhead should be provided with the annual report. An enterable report form and a sample report form are provided below. Owners may have service provider(s) fill out this report, or provide a similar report from the service agency as long as all requested information is included. Any household initially qualifying as homeless counts toward the Homeless Set-Aside Commitment for as long as the household remains in the project. We request this information in order to gather statistics on who is benefiting from and using supportive services in conjunction with housing. Homeless/Transitional Report (PDF) (Word) Rev 08/2007 Sample (PDF) Rev 08/2007
IRS FORM INFORMATION
The Asset Management and Compliance Division requests completed copies of these forms which are filed with the ownership’s tax return (except the 8823). Blank versions of IRS forms listed below can be viewed at the IRS website by clicking on Forms and Publications .
Low-Income Housing Credit Allocation Certification 8609. The Commission issues one form for each building in a project after the building has placed in service and when all allocation and placed in service requirements have been met. Commission completes the top portion. Ownership completes the bottom portion of this form the first year credits are taken. Ownership files this completed form with the Schedule A and the 8586 mentioned below. Commission requests completed copies of Form 8609 the first year tax credits are taken in each building.
8609 (Schedule A)
Statement attached to each 8609 form submitted to the IRS. This form shows the actual amount of credit taken for the specified building during the specified year. Commission requests completed copies of Form 8609 and Schedule A the first year tax credits are taken in each building.
Low-Income Housing Credit Attachment. One form is filed to the IRS annually while credit is being claimed. Form shows the amount of credit claimed for the entire project during the specified year. Commission requests completed copy of Form 8586 the first year tax credits are taken in each project.