Whether you are conducting tenant file audits for a management company, a syndicator, or a state housing finance agency, knowing how to conduct accurate and effective file reviews is a critical component of your role. File audits are integral in the monitoring of the compliance health of a property. With comprehensive policies and procedures, conducting these audits can determine staff training needs, identify any system or procedural errors, reduce potential credit loss due to non-compliance.
The IRS has a gift for owners who proactively and independently address issues of non-compliance. Meaning, if an owner identifies and corrects an issue of non-compliance before being notified of a state agency audit, such issues will not be reported to the IRS by the state agency and will not result in credit loss.
The IRS requires state Housing Finance Agencies to conduct monitoring reviews to ensure an owner is maintaining compliance with the LIHTC program. This is a critical function to ensure that LIHTC housing is used for its intended purpose of serving low-income families. One component of these monitoring activities includes file reviews.
Why is conducting file reviews so important? By conducting file reviews, an owner can demonstrate they have done their due diligence to ensure compliance with the LIHTC program. Demonstrating due diligence is key to protecting the owner’s credits.
It is crucial to have comprehensive file review procedures to maximize the benefits of doing these reviews. Such policies and procedures should speak to the steps involved in file submission, data collection and data tracking, review time, and methods of communicating findings and corrective actions.
In this 90-minute webinar, Amanda Lee Gross will provide valuable information relating to conducting tenant file reviews. This webinar is essential for any professional who conducts file reviews or oversees a file review department.
• Recommended policies and procures for On-going File Reviews
• Recommended policies and procedures for Periodic File Reviews
• Writing effective findings and corrective actions
• Necessary Project Data to collect before beginning reviews at a new project
• Audit Techniques
• Red flags in tenant files
At all of our compliance webinars, attendees will receive more than just world-class training. You will also receive the best training materials in the industry and a lively and interactive training environment. This includes,
• A certificate of attendance
• Knowledge checks and polls, and an interactive presentation