How are you doing with compliance on your affordable housing portfolio? Is it getting increasingly more difficult and costly for your organization to keep up with? If you feel this way, you are not alone! Compliance has become challenging across the industry for a couple of different reasons:
Due to rising development costs, many developers finance their projects with multiple funding sources. You name it: LIHTC, HOME, Housing Trust Fund, CDBG, and Rural Development (RD). Each funding program has its own set of compliance requirements. Requirements across different funding sources can overlap sometimes and can conflict with each at other times. This complexity leads to duplicate work in maintaining compliance. For example, the programs might have different methods of calculating income or determining financial assets, or different ways of determining student eligibility.
With the Great Resignation in swing, it is becoming more challenging to find new employees and retain existing employees. For niche industries like ours, this becomes even more challenging.
So what are your options? You can find third-party experts to help with compliance. Particularly with remote compliance file review services, you can stay compliant at a fraction of the cost of on-site compliance services. Third-party experts can step in and take a load off your compliance staff. The expert will take the following action steps:
Step 1: Establish a portfolio compliance profile. Collect and maintain all funding requirements in one place to ensure a complete awareness of compliance requirements.
Step 2: Conduct File Reviews: Professional services to verify that the calculations made by the site manager to determine household eligibility based on income are correct. The review also verifies that all applicable procedures have been followed and verified such as student rule, VAWA and other addendums, lease terms etc.
Step 3: You receive a report on that individual file reviewed with any necessary corrections that your staff can then make. Once the corrections have been made and verified the file is now compliant and a detailed summary of all units and files reviewed and verified can be provided.
If you are interested in engaging third-party compliance experts, contact Procorem Marketplace. We’ll find your match!