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VHDA Amenities Submittal Form

VHDA Amenities Submittal Form

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Maria must also consider the agencies, the partners, and the documents related to her properties. Each entity may have differing requirements on interpreting and implementing average income which impacts how Maria and her on-site managers complete their work and maintain compliance at the property. Maria put together a list of their Virginia partners so her co-workers know which part they play. The IRS published federal rules about the average income minimum set-aside election. The owner is responsible for adhering to the legal and practical application of average income. Currently, the IRS has not released guidelines for implementing this statutory change. VHDA is the HFA and is responsible for administering and monitoring the federal housing credit program in Virginia. Remember, since Maria has properties in different states, the other HFAs may have different requirements for average income. While HFAs like VHDA provide guidance to the owners for compliance and monitoring, they do no

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