Preparing for your LIHTC annual utility allowance review can feel overwhelming sometimes. We understand how frustrating it is when you don’t have all the information you need, or you can’t find that form you have to submit today.
That’s why we put together this comprehensive guide with practical tips to using the HUD Utility Schedule Model, an online tool that helps you create the LIHTC utility schedules you’ll need for your annual review.
What is the HUD Utility Schedule Model?
The HUD Utility Schedule Model (HUSM) is a digital portal for property managers to determine their LIHTC utility schedules. It draws data from the Residential Energy Consumption Survey and takes both the unit information and weather patterns into account.
Once you complete all of the information, there are two submission options: you can ”Preview Allowance Schedule” and receive a schedule without the family-specific allowances, or you can view the “Projected Family Allowances” and receive a sample HUD-52667 form.
3 Practical Tips for Using the HUD Utility Schedule Model
The HUSM is a sophisticated tool that calculates LIHTC utility schedules using integrated data and data that you enter. Review these practical tips to take advantage of everything the tool has to offer.
1. Gather Necessary Data Ahead of Time
You’re going to need a fair bit of information to get a sample utility schedule. To complete the unit information section, for example, you’ll need to know the type of unit, number of bedrooms, whether or not the unit is an energy-saving design, and the electricity tariff for that unit.
It’s a good idea to create a master document that tells you which data points you’ll need and where you can find that information. This will speed up the model process each time you use it.
2. Schedule Time to Complete the Model All at Once
Even if you have your data ready, it takes some time to complete the HUSM. You can download and complete an Excel document to track changes, but it’s good practice to dedicate time incase you need to research information. TDHCA accepts the Excel version for the annual review but does not allow submissions through the portal.
Add the HUSM to your calendar as a task you complete before your HUD annual utility allowance review. You can save the sample schedules and projected allowances to review later.
3. Utilize the Model to Project Changes to Allowances
The HUSM isn’t an official submission, so you can use the tool to make projections about potential building renovations. There might be significant differences in the LIHTC or HOME utility allowances for older units compared to newer ones that are energy-star rated.
Before taking on significant property updates, use the HUSM to determine how the renovations will impact your utility schedule and rent payments.
Finding an Affordable Housing Compliance Consultant
The HUD Utility Schedule Model is a practical tool for property managers who want to avoid filling out tedious forms by hand. However, a compliance consultant can help you create a complete approach to compliance, so your LIHTC annual utility review goes smoothly.
Looking for ways to simplify your compliance issues? Contact Sanchez Compliance & Consulting to see how we can create a solution for your situation.