We have a surprise for affordable housing providers: compliance has made its way to Yardi Breeze!
The software supports properties participating in Low-Income Housing Tax Credit, HUD 50059, Rural Development and HOME.
If you’re not part of the affordable housing industry but are curious about compliance, here’s how it works.
Every day across the country properties are developed, acquired and rehabilitated by affordable housing providers. Those providers secure funds from state, federal and local sources to subsidize costs and cap rents to affordable levels. In exchange for those subsidies, affordable housing providers rent to residents who meet specific eligibility requirements.
Simply put, compliance is how affordable housing providers prove their properties benefit the residents intended by the funding program.
But the process of compliance? Not so simple — until now.
First and foremost, compliance is about data. From first contact through moveout, affordable housing providers are required to record many details about their clients and be prepared to report that data throughout the year.
With that data, applicants demonstrate that their personal finances match the requirements of a property. Income, assets and family size are the three biggest factors.
Add in variables such as student income, imputed income, assets disposed for less than market value, and you soon realize that compliance is a lot of work.
The kicker to it all? All of those funding sources want detailed reports that prove your properties are in compliance, and they want them pretty often throughout the year.
And don’t forget about surprise audits for on-site monitoring.
The right software makes compliance easy
Yardi Breeze takes this complex process and simplifies the compliance workflow. It’s the perfect fit for companies that don’t have a big software budget but still want to be confident they are running compliant programs.
Affordable housing providers can use Yardi Breeze to document the eligibility status of every applicant and resident, including households that don’t qualify for assistance.
Workflows make it simple for housing specialists to complete intake processes for prospective residents and securely store compliance data in the cloud.
Yardi Breeze guides users through calculations that help to determine eligibility, with online assistance available throughout the process.
When it’s time to report, affordable housing providers can access built-in reporting templates to export compliance data in multiple formats. Yardi Breeze even interfaces with online reporting sites. That means reports are transferred electronically, without the need to hand-key data.
If your company has all or some affordable housing properties in its portfolio, it may just be the perfect fit for your compliance needs.
Ready to learn more?