Which of the following represents a significant risk to compliance with LIHTC regulations?

Improper tenant screening is a significant risk to compliance with Low-Income Housing Tax Credit (LIHTC) regulations because it directly affects the eligibility of tenants for the program. LIHTC guidelines require that a specified percentage of tenants meet certain income restrictions to maintain compliance. Failure to properly screen tenants can lead to leasing units to individuals who exceed the income limits, which jeopardizes the project's compliance with LIHTC requirements.

Furthermore, non-compliance can lead to significant consequences such as the loss of tax credits, which is a crucial financial resource for the property. It is important for property owners and managers to establish a thorough and consistent tenant screening process to ensure that all tenants qualify under the program's rules.

While the other options may contribute to operational challenges, they do not pose as direct a threat to compliance as improper tenant screening does. Regular maintenance, changes in ownership structure, and promotional marketing, while important, typically do not carry the same immediate risk to tenant eligibility and, consequently, to the sustainability of the LIHTC benefits.