Why do I need to submit a W-9 or W-9 substitute for owner and payee?
For 1099 reporting purposes, the IRS requires HACA to have a W-9 on file for every HACA vendor and payee. If the owner is not the payee, we need the owner information, including tax identification number, in case there is a change in payee and to verify ownership of the subsidized unit. If the payee is a property management company, please provide the tax identification number of the property management company. The W-9 needs to be completed accurately. If the payee name does not match the identification number (SSN or EIN), the IRS will issue HACA a penalty and be required to initiate backup withholding of 30% from the payee.
Why do I sometimes get requests from HACA for owner/agent information?
HACA is required to maintain owner/agent information for prompt, accurate payment to our owners and for verification/auditing purposes. You will be notified if the paperwork received by HACA is incomplete or inconsistent with what is on file with our agency.
How do I process a change in ownership?
The new owner will need to complete and return an Owner Change form, click the link below:
and a W-9. The new owner may also be requested to provide a copy of the recorded grant deed, final closing escrow statement or other legal document showing the transfer of title. If the property will be managed by a property management company or agent, the new owner will need to provide a copy of the Management Agreement.
What information should I have available when contacting the Accounting Department with Questions?
So that we may better assist you, please have your Vendor Account number; the first and last name of your tenant; and/or the unit address.
