Qualified Allocation Plan vs. Compliance Manual
The “Qualified Allocation Plan” (QAP) is a document your state housing agency publishes that contains the selection criteria it uses to award credits. Because the QAP describes how a state housing agency awards credits, it's mainly written for owners. But because your agency's QAP also describes some of the agency's procedures for monitoring noncompliance, managers need to read the QAP, as well.
The “compliance manual” is another document that your state housing agency publishes—but this one's aimed mainly at managers. It provides a comprehensive outline of agency procedures and compliance requirements. Read this document carefully to learn how your state housing agency wants things done.
Be sure to get both the QAP and the compliance manual from your state housing agency to know all your agency's requirements. For example, your state housing agency may include special forms in its compliance manual that managers must use to certify residents' income or verify the status of student residents. If you don't follow your state housing agency's rules because you didn't get the compliance manual, you may wind up violating the Extended Use Restriction Agreement if the agreement requires the owner to comply with state rules. You may also make it difficult or impossible for the owner to get tax credits for other sites in the future. Plus, your agency will be less likely to give you any leeway or benefit of the doubt when it monitors your site for compliance with the tax credit law.