The Colorado Housing and Finance Authority (CHFA) will implement a new income averaging policy and income averaging compliance guidelines as part of the 2019 Qualified Allocation Plan. The policy is effective as of Jan. 1, 2019. CHFA also released an updated income averaging FAQ.
A Colorado-specific income averaging training must be completed before the IRS form 8609 is issued. Training certificates must be submitted to CHFA prior to issuance of the IRS 8609. The training is required for all onsite staff, staff involved in compliance and file preparation as well as members of the ownership and management teams. The training is also required annually and upon any change in compliance staff, owner and or management agent.
