Why is a household required to sign a tax credit Tenant Income Certification (TIC) if each adult member has also completed and signed a Sworn Income and Asset Statement (SIAS)?
A There are several reasons the TIC is required. First, the Internal Revenue Code requires the owner of a tax credit community to obtain from residents a Tenant Income Certification. The SIAS is simply an information gathering tool. Second, the TIC must be prepared and signed because the income calculation is made after the resident manager has third-party verified the income and assets of the household. Unfortunately, owners and managers cannot rely solely upon the information disclosed by the resident to determine income. While executing the TIC requires another visit to the management office by the resident, it is a critical step in the affordable housing process that cannot be avoided.
Related Questions
- If a change in household status or household income occurs between annual re-certification, is the tenant required to advise the manager? Is the manager required to monitor these changes?
- If a change in household status or household income occurs between annual recertification, is the tenant required to advise the manager? Is the manager required to monitor these changes?
- How should unit transfers be reflected on the Tenant Income Certification (TIC)? What date is used for the initial move-in date and what date is used for the certification date?
