How to Correct Common Noncompliance Triggers
No one wants to find out that his tax credit site has been cited for noncompliance, but if your state housing agency has issued the owner a Form 8823, your first reaction may be to panic. Don't.
“It's not the end of the world,” says Barbara Crook, compliance director for Affordable Housing Support Services, an affordable housing compliance consulting firm in Littleton, Colo. “Most likely, these are errors that can be fixed. The state agency usually will give you between 30 and 60 days to correct it, depending on the type of noncompliance.”