Tax Credit (LIHTC) & HUD Compliance is Critical

Understanding Tax Credit (LIHTC) & HUD Compliance

Don’t let miscalculations and technical mistakes cost you large losses

Compliance with Tax Credit (LIHTC) & HUD regulations is incredibly important for properties receiving federal or state assistance. Noncompliance can result in huge losses of time and money. For Tax Credit properties, not only does noncompliance put you in danger of losing future funding, but it also puts you at risk for the recapture of credits that have already been distributed. That is why it is important that such properties stay in compliance and why you should have US Housing Consultants review and approve all of your resident files. 

We are a national company that will travel wherever you need us to go to conduct an onsite audit. However, we also have an easy-to-use electronic auditing system that allows you to upload your documents at your own leisure. While some of our competitors still use the now antiquated process of faxing documents back and forth, we handle everything electronically. That way, you can send us your documents outside of normal business hours. This also allows us to have a quicker turn around rate than most HUD and tax credit compliance companies. When you use our online portal, you will receive your report in 1-2 days. 

Our services include Tax Credit (LIHTC) & HUD compliance file audits, site visits and approvals, TRACS & HAP processing, on-site and custom web LIHTC & HUD compliance training, and easy-to-use HUD templates.

Tax Credit (LIHTC) & HUD File Audits and Site Visits 

Our LIHTC and HUD compliance audits can be as extensive as you want them to be, and we offer both electronic and on-site audits. We can review a few resident files or all of them. These include both management procedure documents and tenant eligibility paperwork. When we review your management process, we check the following for accuracy: income and rent limits, applicant screening documents, utility allowance, and income, asset, and expense calculations. When we review tenant applications we check several elements including household income and area income limits, lease agreements, and local requirements set by state offices or contract administrators. 

Tax Credit (LIHTC) & HUD Compliance File Approvals

We offer tenant approvals and pre-approvals to ensure that your residents are eligible for low-income housing. We review tenant files to verify that each resident’s income matches up with their cost of rent, and we check these factors against the area income limit. If any of the information in your tenant files is incorrect, then you are in danger of noncompliance. With so much going on in everyday property management, it is very easy to overlook a mistake in paperwork or calculations. That’s why it is always best to have our professionals review these documents and find any mistakes before your next MOR (Management and Occupancy Review.) 

TRACS & HAP Processing

Since low-income housing property owners receive rent payments through TRACS and HAP processing, it is important that investors know how to navigate these transactions or have someone to handle it for them. US Housing Consultants can take care of your processing procedures for you. We will also help ensure that you are properly reporting tenant changes. These adjustments include move-ins, move-outs, changes in tenant income, changes in household composition, and more.

HUD Templates

Our clearly written HUD templates are easy to use and are available for immediate download. It is important that policies be clearly communicated in writing to avoid any future noncompliance repercussions. That’s why it is best to use templates created by compliance experts like those at US Housing Consultants. 

Let US Housing Consultants Keep You In Compliance 

Whether you are a concerned investor or property manager, you know that the cost of poor Tax Credit (LIHTC) & HUD compliance can result in considerable penalties. Don’t let mishaps in small details become large losses. We are experts that put great focus on the little technicalities so that we can catch any mistakes and prevent costly issues. 

For Tax Credit (LIHTC) & HUD compliance services, assistance, and training contact US Housing Consultants today at 603-223-0003.