MAHMA - Challenges Of Managing Combined Funding

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The Challenges of Managing Combined Funding PropertiesGwen VolkCPM , NAHP-e , FHC ,SHCM , HCCP , FHC , RAM GWEN VOLKINFOCUS, INC.The information on the handout, on the slides, andpresented verbally in this course is intended as a guide.Agency compliance manuals, regulatory agreements andother pertinent documents provide further guidance andshould always be consulted. Laws and regulations aresubject to change and it is imperative that housingproviders stay current with these changes.Whenmanaging a combined funding property, be sure toaddress conflicts in rules and procedures up front withall parties to ensure you are in compliance with theirexpectations. 2016 GWEN VOLK INFOCUS, INC.“Financing affordable housing andcommunity development projects is rarelysimple or straightforward, often involvingnumerous funding sources and multi‐tieredownership, investment and evelopment 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC.1

The Challenges of Managing Combined Funding PropertiesProject-Based Section 8A Perfect Fit?Tax Exempt BondsHOMEBondIssuerParticipatingJurisdictionPJ 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC.HUD MultifamilyHUD Community Planning and DevelopmentHUD Public and Indian HousingDepartment of Agriculture – Rural DevelopmentDepartment of Treasury – IRS 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC.2

The Challenges of Managing Combined Funding PropertiesProgramEnacting LegislationProject‐BasedSection 8Section 236Housing & Community Development Act of 1974 CFR 24 Part HUD Occupancy HBRegulations Handbooks/Guidesamending United States Housing Act of 1937880‐86CFR 24 Partamending United States Housing Act of 1937236Rental Assistance Housing & Community Development Act of 1974 CFR 24 Partamending United States Housing Act of 1937236DProgram (RAP)CFR 24 PartRent Supplement Housing & Urban Development Act of 1965amending United States Housing Act of 1937215Section 221(d)3 National Housing Act of 1961, amending United CFR 24 PartStates Housing Act of 1937BMIR2214350.3 Rev 1 Ch. 4HUD Occupancy HB4350.3 Rev 1 Ch. 4HUD Occupancy HB4350.3 Rev 1 Ch. 4HUD Occupancy HB4350.3 Rev 1 Ch. 4HUD Occupancy HB4350.3 Rev 1 Ch. 4Housing Act of 1959, amending U. S. HousingAct of 1937Housing & Community Development Act of 1974and Housing Act of 1959, amending U. S.Housing Act of 1937Section 811 PRAC Cranston-Gonzales National Affordable HousingAct of 1990, amending United States HousingAct of 1937HUD Occupancy HB4350.3 Rev 1 Ch. 4HUD Occupancy HB4350.3 Rev 1 Ch. 4Housing & Urban Development Act of 1968Section 202(PAC or PRAC)Section 202/8CFR 24 Part891CFR 24 Part891ECFR 24 Part HUD Occupancy HB891 C4350.3 Rev 1 Ch. 4 2016 GWEN VOLK INFOCUS, INC.ProgramHOMEEnacting LegislationRegulationsTitle II of the National Affordable 24 CFR PartHousing Act of 1990, amending 92US Housing Act of 1937CDBGHousing & CommunityDevelopment Act of 1974amending US Housing Act of1937CFR 24 Part570Handbooks/GuidesCompliance in HOME RentalProjects: A Guide for PropertyOwners (2009)HOME Final Rule rces/documents/Basically-CDBG-Chapter-4Housing.pdf 2016 GWEN VOLK INFOCUS, INC.HUD Office of Public and Indian HousingProgramEnacting LegislationRegulationsHandbooks/GuidesPublic HousingThe United States Housing Act of193724CFR Chapter 9Public& IndianHousingPIH HB 7465.1 REV 2, 3 August1987 / Public Housing OccupancyGuidebook, June 2003Housing ChoiceVouchersHousing & CommunityDevelopment Act of 1974amending 1937 Housing Act24 CFR Part 982Section 8 TenantBased AssistancePIH HB 7420.10G April 2001:Housing Choice Voucher ProgramGuidebookPIH‐2012‐32, REV‐2issued June 15, 2015– revised RAD Notice(235 pages)Quick Reference Guides toMultifamily Housing (PBRA) andProjects Converting to Project‐Based Voucher (PBV) AssistanceRAD‐RentalPublic Law 112‐55 11/18/11Assistance Demo (established RAD) ‐ Public Law 113‐76 1/17/14 (extended RAD’ssecond component) 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC.3

The Challenges of Managing Combined Funding PropertiesProgramEnacting LegislationRegulationsHandbooks/GuidesSection 515Section 515 of the Housing Act of 1949Direct LoansSection 521Section 521 of the Housing Act ofRental Assistance 19497 CFR, Parts1940‐19497 CFR, Parts1940‐1949RD Occupancy Handbook 2‐3560,2/24/05.[Chapter 6]RD Occupancy Handbook 2‐3560,2/24/05. [Chapter 7]US Department of Treasury - IRSProgramEnacting LegislationRegulationsHandbooks/GuidesLow Income Housing The Tax Reform Act of 1986 (temporary). IRS CodeCredits 4% & 9%Made a permanent part of the IRS Code Section 42(Section 42) by the Omnibus BudgetReconciliation Act of 1993.Tax‐Exempt BondsPre‐HERAMortgage Subsidy Bond Tax Act of 1980set‐asides for low income unitsPost‐HERA2008 Housing & Economic Recovery ActGuide for CompletingForm 8823 Low IncomeHousing Agencies Reportof Noncompliance. StateAgency Manual or FAQ’sIRS CodeProperty‐specific Land UseSection 142(d)Restriction Agreement142(d) amended and Issuer Handbook (ifany) 2016 GWEN VOLK INFOCUS, INC.StateLink to Compliance 5 RHTC http://www.in.gov/myihcda/2490.htmCompliance Same linkIllinoisOhioLink to spxMichigan 5 8002 26576 26578‐254003‐‐,00.htmlMinnesota http://mnhousing.gov/wcs/Satellite?c Page&cid 1358905290806&pagename External%2FPage%2FEXTStandardLayoutWisconsin id ttp://www.michigan.gov/mshda/0,4641,7‐141‐5555 8002 26576 26589‐80581‐‐,00.htmlSame linkhttps://www.wheda.com/Forms/LIHTC/ 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC.4

The Challenges of Managing Combined Funding Properties Established July 2010 To better align the operationof Federal rental policy forproperties with multipleFederal funding sourceshttp://archives.huduser.org/aff rental/home.html 2016 GWEN VOLK INFOCUS, INC.Participating Agencies White House Domestic PolicyCouncil National Economic Council Office of Management and Budget U. S. Department of HUD [MultiFamily, PIH, CPD & OGC] U. S. Department of Agriculture –RHS/RD U. S. Department of the Treasury –IRS 2016 GWEN VOLK INFOCUS, INC. Alignment Initiatives Physical Inspections Income Reporting and Definitions Financial Reporting Common Energy Efficiency Requirements Appraisal Primer Market Study Standards Subsidy Layering Review Capital Needs Assessment Improve Data Sharing on Owner Defaults Fair Housing Compliance Enforcement 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC.5

The Challenges of Managing Combined Funding Propertieshttp://archives.huduser.org/aff rental/fed admin proposals.htmlPhysical InspectionsIssue: A property that has multiple federal funding sources may besubject to multiple physical inspections using multiple standards.Lead Agency: USDA-RDPrograms Involved: USDA-RD, HUD MF, HOME, HUD PIHProposed Alignment: Federally-assisted multifamily housing ownersare subject to multiple physical inspections as a result of utilizingmore than one federal funding stream for property acquisition, repairor rehabilitation, or rental income subsidy, when programs arecombined on a property. State-level teams are testing solutions toeliminate duplicative physical inspections at each multifamily propertyfinanced with multiple federal funding sources. State, local and federalhousing agencies will come to agreement on the use of commoninspection criteria, a statistically valid sample size, and an establishedinspection frequency.Participating States: MI, MN, OH, OR, WA, WI 2016 GWEN VOLK INFOCUS, home.html 2016 GWEN VOLK INFOCUS, INC.As of 2015, thirty-one (31) states were participating in the pilot program for:1. Alignment of inspection standards:a. Use of the Uniform Physical Condition Standards (UPCS)for the LIHTC, HOME, Rural Development, PublicHousing, project‐based Section 8, Section 202 andSection 811 and FHA‐insured Multifamily programs; orb. Use of the UPCS or local code, whichever is morestringent for all properties that have units supportedby HOME funds. The Housing Choice Voucher Program(HCV) uses Housing Quality Standards which differfrom UPCS and local code;2. Use of statistically valid sample size from all assisted units in building;3. Established inspection frequency of not less than every three years. 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC.6

The Challenges of Managing Combined Funding PropertiesThe Thirty-One StatesCalifornia, Colorado, Delaware, Georgia, Illinois, Indiana, Kansas,Kentucky, Louisiana, Massachusetts, Michigan, Minnesota,Missouri, Nevada, New Jersey, New Mexico, New York, NorthCarolina, Ohio, Oregon, Pennsylvania, Rhode Island, SouthCarolina, Tennessee, Texas, Utah, Virginia, Vermont,Washington, Wisconsin, and West Virginia.As listed on the HUD website 2016 GWEN VOLK INFOCUS, INC.Established in 2011, seven (7) states including MI, OH, WI, NV, PA,NC, SC participated in the pilot program where State-level teamstested different strategies for standardizing, and aligning SubsidyLayering Review requirements across agencies.On September 26, 2014, HUD issued Notice 2014-0081 entitledAdministrative Guidelines; Subsidy Layering Reviews for Section 8Project-Based Voucher Housing Assistance Payments Contractsand Mixed-Finance Development.HUD intends to publish a guidebook that will allow all agenciesthat wish to enter into such an agreement to do so. 2016 GWEN VOLK INFOCUS, INC. HUD has exempted all HUD properties that have RD financingfrom HUD audit requirements.Notice H2013-23 allows owners of HUD assisted projects thatreceive less than 500,000 in federal financial assistance tosubmit unaudited, owner-certified, financial statementsFebruary 14, 2014 new version of FASS-MF so these ownerscan submit owner-certified financials electronically.RD has been working on a handbook update to eliminate theAUP* requirement and use the 500,000 threshold for audits.*AUP means “agreed upon procedures” which is the “light audit” required of RDprojects with between 16 and 24 units. 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC.7

The Challenges of Managing Combined Funding Properties IRS publishes Amendments to Low Income Housing CreditCompliance Monitoring Regulations - FR Vol. 81 No. 37February 25, 2016IRS issues Revenue Procedure 2016-15 reduces minimum number of units for which the state agency mustperform physical inspections and low-income certification reviews permits state agency to perform inspections on different units thanthose for which file reviews are performed Both initiatives may make it easier for LIHC owners to work withHUD on properties subject to HUD REAC Inspections (if stateagency adopts the IRS modifications – these are permissions, notrequirements) 2016 GWEN VOLK INFOCUS, INC.Variations in Program-SpecificRequirements: Eligibility requirements Documentation Requirements Unit RequirementsVariations in Monitoring: Physical Inspections Management Reviews Reporting Non-ComplianceVariations in Other Requirements AFHMP VAWAVariations in Procedures Verification Calculation Certification Leases Utility Allowances Terminations Record retention Terminations Record retention 2016 GWEN VOLK INFOCUS, INC.Eligibility requirements Definition of IncomeIncome LimitsIncome eligibility –initially and at recertificationIncome TargetingStudent eligibility Social Security NumbersBirth CertificatesCitizenshipCriminal Background Screening Unit as sole/primary residenceUnder-UtilizationManager’s unitTransfersDocumentation RequirementsUnit Requirements 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC.8

The Challenges of Managing Combined Funding PropertiesVerification Income AssetsCalculation Income Rents Security DepositsCertifications Notice Requirements Types and Timing Effective Dates Adding Household Members Acquisition Rehab Issues 2016 GWEN VOLK INFOCUS, INC.(More) Variations inProceduresLeases Forms Modifications Addenda/Attachments Beginning TermUtility AllowancesTermination Tenancy AssistanceRecord Retention 2016 GWEN VOLK INFOCUS, INC.Variations in Monitoring Management reviewsPhysical InspectionsReporting non-compliance 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC.9

The Challenges of Managing Combined Funding PropertiesVariations in Other RequirementsAFHMP vs AFFH FHEO requires AFHMP of most HUD projects FHEO requires AFFH of PHA’s and of states andlocalities using HOME/CDBG fundsVAWA 2013 reauthorization applies to LIHC, HUD, RD but . . . Each agency devises its own rules and formsHUD Fair Housing rules applicable only to deep subsidyprojects: Section 504 access for persons with disabilities Meaningful access for persons with limited Englishproficiency Equal access for LGBT Equal access to restrooms re: gender identity 2016 GWEN VOLK INFOCUS, INC. HUD announced on 1/12/15 that an LIHC property cannot terminate aSection 8 tenant for becoming over-income for LIHC or for notmeeting another LIHC requirement (full-time student household, forexample) because the HUD lease does not include this as a groundsfor termination.Owners may offer full-time student households incentives to moveout so as long as the incentives are not paid from Section 8 or FHAproject funds.Owners should inform tenants in writing that they have the option ofremaining as HUD-assisted tenants and that the choice of movingwith incentives is truly voluntary. 2016 GWEN VOLK INFOCUS, INC.HUD’s “Tips for Combining LIHTC with . . . Section 8”http://portal.hud.gov/hudportal/HUD?src nants who qualify for Section 8 80% income limits on pre-universeproperties, cannot be denied housing due to an LIHC restriction of50% or 60%. Owners cannot exclude students who would otherwise qualify forSection 8 without having “a HUD-approved waiver.” Owners may want to choose other than 100% LIHC deals in order toavoid conflicts. 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC.10

The Challenges of Managing Combined Funding Properties Every program’s rules rule for their program. Conflicts among eligibility rules can result in ahousehold who qualifies for one program but notanother not being able to move-in or being limitedas to which units are available to them. Conflicts among procedures can result in differentincomes for the same household – one for eachprogram. Some conflicts will mean that an owner may have tosacrifice financial benefits or even risk noncompliance if a solution cannot be found. 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC. Name the programs funding the property and/or its residents Review the regulations, regulatory documents, agencyhandbooks and manuals for each program. Identify potential conflicts – especially those that can beresolved within the existing regulations Talk about these issues with compliance staff of the agenciesinvolved and seek common ground where not in violation ofprogram rules. Establish property procedures that take into account everyprogram Hire staff with multiple program experience and train them inyour procedures 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC.11

The Challenges of Managing Combined Funding Properties Include all the Players on the Team from Day One DeveloperOwnerSyndicatorManagement Agent Compliance ManagerProperty Manager/Assistant ManagerLeasing StaffRegional ManagerDirector of OperationsAnd last but not least . . . 2016 GWEN VOLK INFOCUS, INC.Assume nothingQuestion everything Listen well Take Action Repeat . . . 2016 GWEN VOLK INFOCUS, INC.Multiple Program Knowledge and Experience 2016 GWEN VOLK INFOCUS, INC. 2016 GWEN VOLK INFOCUS, INC.12

The Challenges of Managing Combined Funding PropertiesGwen Volk,CPM , NAHP-e , FHC ,SHCM , HCCP , FHC , RAM INFOCUS, INC.(903) 938-2605gwenvolk@gwenvolk.comGWEN VOLK 2016 GWEN VOLK INFOCUS, INC.13

Section 515 of the Housing Act of 1949 7 CFR, Parts 1940‐1949 RD Occupancy Handbook2‐3560, 2/24/05.[Chapter 6] Section 521 Rental Assistance Section 521 of the Housing Act of 1949 7 CFR, Parts 1940‐1949 RD Occupancy Handbook2‐3560, 2/24/05. [Ch

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