Ever wondered why some affordable housing projects seem to have it all together? The secret often lies in top-notch ongoing LIHTC compliance training.
The right compliance professional will work with property managers to offer training sessions to train staff on understanding how to stay in compliance with tenant files, knowing what kind of questions to ask, and keeping important dates that files must be submitted by.
While creating a LIHTC compliance training program can seem daunting, Sanchez Compliance & Consulting’s experience with the fair housing, reasonable accommodations, compliance monitoring, low-income housing tax credit management, and property compliance makes them an ideal choice to work with your team.
Read on to learn more about why it’s important for your team to have ongoing LIHTC Compliance training.
Table Of Contents:
- Understanding the Importance of LIHTC Compliance Training
- Essential Aspects of LIHTC Compliance
- Benefits of Engaging a Third-Party Compliance Consultant
- We’re Here to Help
Understanding the Importance of LIHTC Compliance Training
The Low-Income Housing Tax Credit (LIHTC) program plays a crucial role in creating and preserving affordable housing across the United States. It’s a powerful tool that incentivizes private investment in the development and rehabilitation of affordable rental housing for low-income households.
To ensure the success and longevity of these affordable housing projects, compliance with LIHTC regulations is absolutely essential.
The Role of LIHTC in Affordable Housing
The LIHTC program has been a game-changer in the affordable housing industry since its inception in 1986. It’s responsible for creating over 3 million affordable housing units nationwide, providing homes for countless low-income families, seniors, and individuals with disabilities.
But the LIHTC program isn’t just about putting a roof over people’s heads. It’s about creating vibrant, sustainable communities where people can thrive. By leveraging private investment, the LIHTC program helps revitalize neighborhoods, stimulate local economies, and improve the quality of life for residents.
Why Continuous Training is Essential
Here’s the thing about LIHTC compliance: it’s not a one-and-done deal. Navigating through the LIHTC program feels like trying to hit a moving target. The rules change often, and what was compliant yesterday might not be compliant today.
That’s why continuous training is absolutely critical for property management staff and compliance professionals. It’s the only way to stay on top of the ever-changing compliance requirements and ensure ongoing compliance.
Failing to maintain compliance can have serious consequences, including significant financial penalties and even the loss of tax credits.
Essential Aspects of LIHTC Compliance
LIHTC compliance covers everything from who can rent and how much they pay to keeping the place in shape and jotting down all those important notes. It’s a lot to keep track of, but some aspects are absolutely critical.
Keeping Up-to-Date with File Management
Keeping all your files in order is really the secret weapon when it comes to staying on top of LIHTC compliance. Proper file management involves maintaining accurate and complete tenant files, income verification, and other required documentation.
But it’s not just about stuffing papers in a drawer and calling it a day. Keeping your files in check with regular reviews and updates is crucial to stay on the right side of the rules, which is why ongoing LIHTC compliance training is great for keeping your staff up-to-date on what needs to be done.
Key Questions to Ask When Filing
When it comes to LIHTC compliance, there are some key questions that should always be on your radar. Are all tenant income certifications complete and accurate? Have all required verification been obtained? Are the rent and income limits being adhered to?
Working with a compliance professional to make sure all key information is continuously gathered for each file will save your team stress, time, and money in the long run.
Important Dates to Remember
LIHTC compliance is all about deadlines. There are several important dates to keep in mind, including the placed-in-service date, the first year of the credit period, and the annual recertification deadlines.
Missing these deadlines can have serious consequences, so it’s crucial to have a system in place to track and manage them, whether it’s a spreadsheet, a software program, a good old-fashioned calendar, or a compliance professional to help remind you of upcoming deadlines, find a method that works for you and stick to it.
Benefits of Engaging a Third-Party Compliance Consultant
Let’s face it: LIHTC compliance can be overwhelming, especially for property managers who are already juggling a million other tasks. That’s where third-party compliance consultants come in.
Ease of Process with a Compliance Consultant
Engaging a third-party compliance consultant can take a huge weight off your shoulders. These experts have the knowledge and experience to navigate the complex world of LIHTC compliance, ensuring that all requirements are met and nothing falls through the cracks.
With a compliance consultant on your side, you can focus on what you do best: managing your property and serving your residents. They’ll handle the nitty-gritty details of compliance, giving you peace of mind and more time to focus on the big picture.
Improving Efficiency with Expert Guidance
Third-party compliance consultants don’t just take tasks off your plate – they also help you work smarter, not harder. With their expert guidance and support, you can streamline your compliance processes and improve efficiency across the board.
They can help you develop systems and procedures to make file management a breeze, identify potential compliance issues before they become problems, and provide ongoing training and support to keep your staff sharp and on top of their game.
We’re Here to Help
Sanchez Compliance & Consulting understands that the affordable housing industry is in crisis, and when the goal of a growing city is maximizing the number of affordable units, this means more competition, more paperwork, regulations, and more work for owners of low income household properties.
We have experience in the fast-paced environment of property management offices. After working for several prestigious organizations in leadership roles we were able to identify the problems all management companies had in common: over worked/under trained staff who often made simple costly mistakes.
We take pride in our detail oriented processes which provide owners with the structure and LIHTC compliance training they need to maintain the multi levels of compliance. Our formula for success is we hand pick our clients to ensure we can deliver on our promises.
We are familiar with all the finer details of the compliance industry. Our multi-state experience working with non-profit organizations, private companies, and state agencies allow us to provide top level knowledge and support to our clients!
