Compliance for Housing Tax Credits

As the Administrator for the Housing Tax Credit Program, Mississippi Home Corporation must monitor and report noncompliance with the Housing Credit program requirements. The requirements mandate the MHC submit a Compliance Monitoring Plan to the Internal Revenue Service (IRS) describing how they would monitor housing credit developments and report noncompliance to the IRS. The plan includes the details on how the agency will review the record retention and record keeping stipulations, the certification and eligibility determination procedures and the overall compliance with building code standards.