Origination & Underwriting allows the agency to manage the initial MF application and underwriting process, including application version management. The module tracks information to the Project, Property, Building, Tenant and Unit, as well as detailed Project information, such as Composition, Project Development Team, Property Management team, Sources and Uses of Funds, Tax Credits, Performance, and Scoring.
The HDS Underwriting Calculations engine allows users to use, create, or modify easy-to-understand calculations. In Underwriting you can also manage the project’s funding sources, uses, loans, and activities. As part of the HDS Enterprise solution and integrated database concept, HDS Multifamily interfaces with the HDS Funds Management Allocation module to update sources, uses and track funds.
Additional features in Underwriting include:
- Version Management & Scenarios; System Template Functions; Building, Unit Mix, Unit Targeting; Contractor, Sub-Contractor and General Partner Info; Income & Expenses; Reserves & Escrows; Sources & Uses; Multiple funding sources for loans; Maximum Supportable Mortgage, Tax Credit Analysis; Unit Vacancy; Fees, and more.
Additional features in Origination module include:
- Customizable narrative sections, Optional Fields, LIHTC – Set Asides, Construction tracking, Rent Election, Creation and Processing of 8609 & 8610s, Subsidy Layering Reviews for LIHTC & HOME, Scoring Templates, Bonds & Guarantee Bonds, Risk Share HOME, Property features, Information and demographics, Reports, etc.
- Includes workflow tools such as an entities and contacts database, stage and date tracking, document tracking, ability to store pictures, site directions, and notes to project file, communication log, agency goals, and more!
Multifamily Compliance allows agencies to manage tenant, unit based compliance and run agency-defined compliance tests. With Compliance, users track information related to Move-ins/Move-outs, tenant income certifications, annual re-certification, unit transfers, interims, IRS compliance, HUD limits, and unique agency restrictions. Multifamily Compliance tests include agency restrictions, tax credit tests, HOME tests, various reports and forms. Compliance module includes the NEW HDS LIHTC XML Export Tool for submitting the tenant data to HUD annually, in the required format.
Web Compliance is an add-on module to the Windows-based HDS Compliance module. Web Compliance allows property managers to login on the web and enter data for compliance and other reporting on projects, buildings, tenants and units. HDS partners with various property management software vendors and the National Affordable Housing Management Association (NAHMA) to provide a standard interface for the importing of certification information directly from the property management software, thus eliminating the need for additional work or data entry by the property managers
Multifamily Asset Management module gives the agency the ability to manage the project’s financial information including Statements of Operations, Cash Flow, and Financial Position. The HDS Asset Management Module provides features to configure the collection of financial information down to the account and sub account level. HDS uses the REAC chart of accounts as the basis for this configuration.
Web Asset Management gives external users the ability to submit data related to financial statements via the Web. This information is fed into Windows-based Asset Management module for reporting on the Statements of Operations, Cash Flow, and Financial Position. This module greatly reduces the need for duplicate data entry by agency staff by allowing the properties to enter and submit the necessary financial data directly to the agency.
Tax Credit Allocation is an add-on module to Origination that gives the agency ability to track and monitor the agency’s credits and apply them to 8609’s and 8610’s.
Risk Assessment Tool is a powerful tool for gathering and monitoring risks on your Multifamily properties. As an add-on module to the HDS Multifamily Management System, the R.A.T utilizes the comprehensive, centralized HDS database, to populate fields using existing agency data in the HDS Asset Management module. The tool allows an agency to capture, monitor and mitigate property-based risks such as cost overruns, inconsistencies in physical asset inspections, and levels of vacancy and occupancy rates, among other features.
The flexibility of this tool, and it’s use of user defined calculations in the HDS Calculations Engine enables the user to create agency-defined risks based on a calculation or group of calculations. For example, risk criteria may be set on a maximum amount of risk, or an assigned amount of risk, based on where a value falls within a defined range of weighted averages of risks. These user-defined templates can then be saved for later use or printed.
Within the HDS System, Risk Assessment templates are displayed based on a property’s process type and effective date. The tool incorporates a scoring methodology of high, moderate, or low risk, to make it visually simple for an agency to evaluate the risk of a particular property. Each risk category is defined by a range of risk level, as a percent value.
Whether it is used for Risk Scoring or determining Risk Tolerance, the HDS Risk Assessment Tool has the flexibility to define risk as the agency sees it, create and change calculations on-the-fly, and store risk templates and calculations in the HDS database/reference tables.