New HUD Policy on Electronic Signatures is Out! Look for an Impact on Your State LIHTC Rules!

May 26, 2020

 

According to a RHIIP annouincement today, HUD has issues an Electronic Signature, Transmission, and Storage Notice.

 

Today the Office of Multifamily Housing published Housing Notice 2020-04 on HUDCLIPS, “Electronic Signature, Transmission, and Storage – Guidance for Multifamily Assisted Housing Industry Partners.”  The Notice provides guidance on acceptable procedures for use of electronic signatures and the transmission and storage of documents and files. With the issuance of this Notice, HUD’s multifamily industry partners are permitted (but not required) to use electronic signatures and electronic file transmission and retention, and must do so in compliance with federal, state, and local laws.

 

HUD also said that it has received numerous COVID-19 inquiries from owners and agents asking about signatures, in-person meetings, and income verifications. The Notice may address many of those questions.

 

Many tax credit allocating agencies have been waiting for this guidance, and we may see this affecting tax credit rules as well!

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