1. (a) For Department of Housing and Urban Development Section 8 tenants only, United States Treasury regulations permit the submission of a letter from the contract administrator (e.g., local PHA) as verification that the family's income does not exceed the applicable I.R.C. § 42 income limitation.

2. (b)

   1. (1) The Arkansas Development Finance Authority will accept the form Verification of Annual Income and Household Size only after the initial/move-in certification has been completed by the management company.
   2. (2) Recertification after the initial move-in can utilize the Section 8 certification.
   3. (3) Section 8 must have certified the income within one hundred twenty (120) days before the effective date of the Tenant Income Certification.

   4. (4)

      1. (A) This form is a verification of income.
      2. (B) It is not a substitute for the Tenant Income Certification, which must be executed for every LIHTC household.

3. (c) Upon receipt of the Verification of Annual Income and Household Size, the owner or manager must ensure the form is:

   1. (1) Completed in its entirety; and
   2. (2) Dated within the appropriate timeframe.
4. (d) The combined annual family income must be compared to the LIHTC income limit to ensure it falls at or below the limit.
5. (e) Any discrepancies between the application and income certified by the public housing authority will necessitate the use of third-party verifications for all income.
6. (f) Owners or managers must remember that full-time student household eligibility must be verified.

Codification Notes: "Section 8" refers to Section 8 of the Housing Act of 1937 and is codified at 42 U.S.C. § 1437f. "PHA" means public housing authority. "LIHTC" means low-income housing tax credit.