Mandatory Reporting Requirements for Owners of Rent-Restricted Housing Projects Due October 1, 2015
On September 17, 2015, the Nebraska Rent Restricted Housing Projects Valuation Committee (the “Committee”) met and approved the Section 42 – Income and Expense Reporting Form (the “Form”) that owners of rent-restricted housing projects will use to report income and expenses associated with their projects. All owners of rent-restricted housing who received an allocation of federal low-income housing tax credits must file the Form with the county assessor and the Committee by October 1, 2015. An owner must also file a description of any land-use restrictions and any mortgage loans affecting their projects, including the loan amount, interest rate, and amortization period.
The Committee will meet again in November to discuss the Forms that owners submitted and to calculate the capitalization rate county assessors will use in determining the assessed valuation for rent-restricted housing projects. As background, the Nebraska Legislature created the Committee during the 2015 legislative session to develop a market-derived capitalization rate for valuing rent-restricted housing projects. See Laws 2015, LB 356.
If you would like additional information regarding the legislation or the reporting requirements, please contact us.