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Audited Financial Statements Handbook

The California Department of Housing and Community Development (HCD) and the California Housing Finance Agency (CalHFA) have revised (September 2016) the joint Audited Financial Statements Handbook for projects administered under both Departments either jointly or individually. Audits submitted to HCD or CalHFA must adhere to this joint Audited Financial Statements Handbook. HCD and CalHFA have been coordinating selected administrative functions such as the joint Audited Financial Statements Handbook to improve the State's ability to serve and coordinate housing needs and to achieve administrative efficiencies.

MTSP Income & Rent Limits

The 2016 Income and Rent limits reflect the hold harmless policy as enacted by the 2008 HERA legislation. Owners must know the placed in service year for the property in order to use the correct income limits.

Placed in Service (PIS) Dates:

  • For acquisition/rehab developments, use the project's* acquisition PIS date
  • For rehab-only developments, use the project's* rehab PIS date
  • For new construction, use the project's* Certification of Occupancy date

* Each building in the development must be treated as a separate project for LIHTC purposes unless the owner elects to treat the buildings collectively as one property per Form 8609, Part II, question 8b. If buildings are collectively treated as one project, the PIS date of the first building is the applicable PIS date

Archived Income Limits & Rents (previous years)


Additional Resource:
Novogradac & Company LLP, as a courtesy to the LIHTC industry, has made available their
Rent and Income Limit Calculator

The compliance with IRC 42 and the Regulations is solely the responsibility of the owner of the project and the owner is solely responsible for the consequences of any non-compliance. The determination of maximum income and rent limits is complex and the use of a Tax Credit Professional is recommended.