Rental Developers

Owners / Managers

- Program compliance highlights

- Policies & procedures

- Training

Schedule & registration

- Reasonable accommodations

- Income limits

- Free marketing service

- Utility allowances

- Rental Asset Management Newsletter & Memos

- Forms

- Contacts

Resources

RCRS

Inspection Guide

Rental Asset Management Newsletter

Property Management Software Developers: Check out our RCRS Data Upload (XML) information

Planning an Opening

Utility Allowances

On July 29, 2008, the Internal Revenue Service issued the final regulation regarding utility allowances under the Housing Tax Credit program.  The North Carolina Housing Finance Agency is adopting these regulations for all affordable housing program administered by the Agency including the Housing Trust Fund and HOME programs. The effective date for utility allowance regulation is January 1, 2009.  North Carolina Housing Finance Agency will require all owners to adopt one of the methodologies allowed under the regulation to establish the utility allowance for each active development.

The new regulations add three additional methodologies to established a development’s utility allowance.  One of the new methods allowed is the Agency Estimate.  The N.C. Housing Finance Agency can issue the utility allowance for a property based on actual consumption history provided by the owner.  Procedures regarding submission of the consumption data can be found below.  Twelve months of historical utility records are required on a unit sample of at least 25% of each unit size (number of bedrooms).  The data must be submitted on the spreadsheet below with copies of the utility bills.  Owners are responsible for the cost associated with establishing the utility allowance. 

Questions regarding how to submit requests for utility allowances can be directed to agency staff.  

Utility Allowance Policy

Agency Estimate Spreadsheet