1. (a) In reference to the recertification exception for one hundred percent (100%) LIHTC properties, the Arkansas Development Finance Authority reminds owners that the waiver refers to third-party verifications of income.

2. (b) The authority requires the following:

   1. (1) Properties must have completed the first year in service or initial credit year, whichever is later;
   2. (2) The authority must have completed its first compliance monitoring review at the property;
   3. (3) The authority requires a complete recertification at first anniversary of the household's move-in (move-in and next complete recertification);
   4. (4) Tenants must complete the Affidavit of Income Self-Certification Form and Student Status Affidavit within one hundred twenty (120) days of the anniversary date of the move-in; and
   5. (5) Owners or managers are required to update tenant data online using the authority’s web-based computer reporting system (WCMS) including information that has been self- certified.

3. (c) Note.

   1. (1) If your property participates in other programs or additional set-asides (e.g., HOME, United States Department of Agriculture Rural Development, or thirty percent (30%) set-asides) that require annual third-party verifications of income, the owner is not relieved of the recertification requirements for those programs/set-asides.
   2. (2) The authority recommends that owners or managers complete third-party verifications of income for all units if you are required to do so for other programs.

Codification Notes: "LIHTC" means low-income housing tax credit.