During what period are LIHTC properties primarily monitored for compliance?

LIHTC (Low-Income Housing Tax Credit) properties are primarily monitored for compliance during the first 15 years of operation and beyond. This monitoring is essential to ensure that these properties continue to meet the program requirements intended to maintain affordability for low-income tenants.

The 15-year period refers to the compliance period established under the LIHTC program, during which property owners must adhere to specific regulations, including income limitations for tenants and rent restrictions. However, compliance monitoring does not necessarily end after this period. Extended use agreements often require compliance for an additional 15 years, making it a total of up to 30 years for some properties. This extended monitoring is crucial for maintaining the integrity of the program and ensuring the long-term availability of affordable housing options.

Properties may also undergo periodic audits, inspections, and reviews to verify adherence to the rules, which reinforces the importance of ongoing compliance scrutiny beyond the initial years. This approach helps safeguard tenant rights and the fundamental purpose of the LIHTC program, which is to foster accessible housing for low-income families.