Annual Reporting

During the year properties are required to send reports to the State HFA and file federal tax returns. Additionally, the state HFA’s conduct compliance reviews at properties. As part of NNEHIF’s reporting requirements, properties are to send copies of these reports to us. Please check the reporting requirements to see when you should be sending reports to us.

Reporting Requirements

  • Within 30 days after due date: copies of all required annual submissions to State HFA, including owner’s certification and leasing compliance report
  • By February 15th: submission of draft federal income tax return with supporting documents are due to NNEHIF’s accountants Otis/Atwell in South Portland, ME
  • By March 1st: submission of partnership’s audited financial statements are due to Otis/ Atwell
  • By March 1st: certification by General Partner regarding disclosure of any violations
  • By March 15th: submission of federal income tax return to the Fund
  • By November 30th: submission of partnership’s operating budget and proposed rent schedule for the next year
  • Proof of payment of real estate taxes and renewal of property insurance, preferably by anniversary date of tax cycle and policy term (all proofs of payment, can be included in next quarterly reporting cycle)
  • Financial statements of Developer, Sponsor and/or General Partner, preferably within 90 days of subject’s fiscal year end
  • Copies of any reviews and site inspection reports by state HFA or first mortgage lender conducted in current year (can be included in next quarterly reporting cycle)
  • Copies of any notice of default or findings of non-compliance, including IRS Form 8823, and any notice of pending IRS audit or recapture of tax credits