When construction is complete, Asset Management collects information regarding the completion of construction and begins monitoring the project’s operations to ensure a successful lease-up process and that regulatory requirements are met.

Asset Management receives copies of the Certificates of Occupancy for the buildings in the property, as well as certificates of substantial completion, notifications of incomplete work, escrow analysis, and other relevant reports. (See Reporting Requirements to see which reports should be sent to Asset Management.)

During lease-up, Asset Management receives monthly reports of the number of units leased, with an updated schedule of leasing. (See Reporting Requirements below.)

During the lease-up, Evernorth requires a third-party file review for 100% of the tax credit units.  It is recommended that the reviews are completed prior to move-in to mitigate risk as much as possible.  Once the property has been fully leased, we will need a Qualified Occupancy Report from the third party consultant and Evernorth will conduct a physical inspection to ensure that everything is in compliance. 

Evernorth requires the property management company to send an electronic copy of all initial tenant files to us, as well as a copy of the leasing compliance certification required by the state housing authority.  The quarterly questionnaire that was prepared for Asset Management during construction will continue to be updated and sent to Asset Management during the lease-up period.

Reporting Requirements

 We ask that all files and reports be submitted electronically, if possible, to Asset Management.

  • Certificate of Occupancy
  • Certificate of Substantial Completion
  • Monthly as of the end of each month: Tenant Occupancy Summary.
  • Within 90 days: Cost Certification and Credit Basis Report
  • Within 90 days: Form 8609 from the state HFA
  • At 100% lease-up: leasing compliance certification required by state, detailing all initial qualifying tenants: Compliance Certification-Tenant Information Format (ME) or Qualified Basis Tracking Sheet (NH) and completed IRS Form 8609
  • At 100% lease-up: copies of all initial qualifying tenant files