Form 8703 - Annual Certification Of A Residential Rental Project Page 3
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Form 8703 (Rev. 4-2011)
Page
Part III—Issuer and Description of
See Rev. Rul. 94-57, 1994-2 C.B. 5, for
In general, unless the noncompliance is
guidance on computing the income limits
corrected within a reasonable period, the
Bonds
applicable to these tests. See Pub. 4492,
noncompliance will cause the exempt facility
Line 14. The issuer's name is the name of the
Information for Taxpayers Affected by
bonds for the project to not be qualified
entity issuing the bonds, not the name of the
Hurricanes Katrina, Rita, and Wilma, for details
bonds under section 141. When the bonds
entity receiving the benefits of the financing.
about the GO Zone. See Pub. 4492-B,
are no longer qualified, the interest paid or to
The name of the issuer should be identical to
Information for Affected Taxpayers in the
be paid on the bonds is taxable, and the
the name listed on Form 8038, Part I, line 1,
Midwestern Disaster Areas, for details about the
issuers or brokers of the bonds must report
filed with respect to the bond issue.
Midwestern Disaster areas.
the taxable interest to bond holders as
required by section 6049. See Regulations
Line 15. Enter the issuer's employer
Line 2. The qualified project period is the
sections 1.103-8(b)(1)-(9) and sections 141,
identification number (EIN). The issuer's EIN
period beginning on the first day that 10% of
142, and 103 for additional information.
should be identical to the EIN listed on Form
the residential units are occupied and ending on
8038, Part I, line 2, filed with respect to the
the latest of (a) the date that is 15 years after the
Lines 10a and 10b. Complete these lines only
bond issue.
date that 50% of the residential units are
if an election was made to treat the project as
occupied, (b) the first day that no tax-exempt
a deep-rent skewed project under section
Line 16. Enter the name of the bond issue. If
private activity bond issued for the project is
142(d)(4). The 15-40 test that applies to the
there is no name of the issue, please provide
outstanding, or (c) the date that any assistance
deep-rent skewed project election is not an
other identification of the issue. The name of
provided for the project under section 8 of the
additional test for satisfying the requirements
the bond issue should be identical to the
United States Housing Act of 1937 terminates.
of section 142(d)(1). The 15-40 deep-rent
name listed on Form 8038, Part I, line 8, filed
skewed project test relates to the
with respect to the bond issue.
Lines 3a and 3b. If a low-income housing
determination of a low-income tenant’s
credit allocation was issued for more than one
Line 17. Enter the date of the bond issue.
income. Generally, a continuing resident’s
building in the project, attach a schedule
Enter the date in an MM/DD/YYYY format.
income may increase but not exceed 140% of
listing the building identification number (BIN)
The date of the bond issue is generally the
the applicable income limit (i.e., 50% or less
for each building.
date on which the issuer physically
or 60% or less of the area median gross
exchanges the bonds for the underwriter's (or
Line 4. The determination of whether the
income under the line 1a or 1b test). When
other purchaser's) funds. The issue date
income of a resident of a unit in a project
the deep-rent skewed election is made and
should be identical to the issue date listed on
exceeds the applicable income limit shall be
the requirements of section 142(d)(4)(B) are
Form 8038, Part I, line 7, filed with respect to
made at least annually on the basis of the
met, the income of a continuing resident may
the bond issue.
current income of the resident, except for with
increase up to 170% of the applicable income
respect to any project for any year if during
Line 18. Enter the CUSIP (Committee on
limit. If this election is made, at least 15% of
such year no residential unit in the project is
Uniform Securities Identification Procedures)
all low-income units in the project must be
occupied by a new resident whose income
number of the bond with the latest maturity. If
occupied by tenants whose income is 40% or
exceeds the applicable income limit. See
the issue does not have a CUSIP number,
less of the area median gross income.
section 142(d)(3)(A). Check "Yes" if there are
write "None." The CUSIP number should be
On line 10a, enter the number of
no new residents in the project whose income
identical to the CUSIP number listed on Form
low-income units occupied by individuals
exceeds the applicable income limits.
8038, Part I, line 9, filed with respect to the
whose income is 40% or less of area median
Therefore, if “Yes” is checked, complete Part
bond issue.
gross income. Also include the number of
II, skipping lines 6 through 10.
Line 19. Enter the issue price of the bond
units occupied by continuing residents whose
issue. The issue price of bonds is generally
Part II—Annual Determinations
income is treated as not exceeding the
determined under Regulations section
applicable income limit. If the percentage on
Line 5. Enter the total number of residential
1.148-1(b). Thus, when issued for cash, the
line 10b is less than 15%, the project is not a
rental units in the project.
issue price is the first price at which a
deep-rent skewed project, and a continuing
substantial amount of the bonds are sold to
Line 6. Enter the number of residential rental
resident’s income may not increase above
the public. To determine the issue price of an
units occupied by individuals whose income
140% of the applicable income limit for
obligation issued for property, see sections
is (a) 50% or less of area median gross
purposes of section 142(d).
1273 and 1274 and the related regulations.
income (if box 1a was checked), (b) 60% or
Line 11. Enter the number of low-income
The issue price should be identical to the
less of area median gross income (if box 1b,
units vacated during the calendar year.
issue price listed on Form 8038, Part III, line
1c, or 1d was checked), or (c) 70% or less of
Line 12. Enter the number of vacated
21(b), filed with respect to the bond issue.
area median gross income (if box 1e was
low-income units that were occupied by new
checked).
Line 20. The final maturity date is the last date
residents who were low-income residents at
the issuer must redeem the entire issue. Enter
Do not include any units included on line 7.
the time of occupancy. The instructions for
the date in an MM/DD/YYYY format. The final
Line 7. Enter the number of residential rental
lines 6 and 7 describe low-income residents.
maturity date should be identical to the final
units occupied by continuing residents whose
Line 13. Enter the number of vacant
maturity date listed on Form 8038, Part III, line
income exceeds the applicable income limit
low-income units that were held available for
21(a), filed with respect to the bond issue.
but whose income is treated as not exceeding
low-income residents as of the end of the
the applicable income limit. Do not include
Certification
calendar year.
any units included on line 6. See section
Note. Lines 11 through 13 ask questions
Section 142(d)(7) requires the operator of the
142(d)(3)(B).
about low-income units that were vacated
project to submit this annual certification as to
Line 9. If line 9 is less than the percentage for
during the calendar year. Regulations sections
whether the project continues to meet the
the test elected in item 1, Part I (i.e., 20%,
1.103-8(b)(5)(i) and (ii) provide, that low-
requirements of section 142(d). This form must
40%, or 25%), the project is considered in
income units must be rented or available for
be signed by the operator of the project.
post-issuance noncompliance. In this case,
rent on a continuous basis by low-income
check the box in Part IV to certify that the
tenants during the longer of: (a) the remaining
project “does not meet” the requirements of
term of the bond, or (b) the qualified project
section 142(d).
period. If lines 12 and 13 do not add up to line
11, then make a determination whether the
project is in compliance with the requirements
of section 142(d). If it is determined that the
project is not in compliance, check the box in
Part IV to certify that the project "does not
meet" the requirements of section 142(d).
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