AHFA's compliance staff periodically inspects each development receiving HOME funds and/or Housing Credits to ensure that it is operating in compliance. Monitoring procedures may include mail-in audits, on-site visits and review of tenant incomes, rent records and living conditions.
Audits are scheduled at random throughout the year. AHFA audits its Housing Credit-funded developments every three years, and its HOME- or bond-financed developments every year.
AHFA charges $750 per unit for the project's compliance fee.
Property owners are responsible for maintaining compliance. AHFA may assist in this effort, but owners should consult their legal or tax counsel for guidance in maintaining compliance with the Internal Revenue Code and program regulations.
If you have any questions, please contact the Compliance Department.