HUD releases 2013 Housing Tax Credit Tenant Data Collection Results

//HUD releases 2013 Housing Tax Credit Tenant Data Collection Results

HUD released the second annual report on Housing Credit households. The report includes both demographic and economic data highlighting both the successes and continued areas of opportunity in the collection of data. On a good note, all but two cities reported data to HUD meeting the HERA requirement. However, as pointed out collection compliance is not yet complete. The HERA mandated data, which includes eight parts, was left to HUD to standardize and define with no appropriation to help states implement.

The NAHMA announcement of the same report, Scott McMillen indicates that, “While the report presents valuable information on LIHTC tenants, it does note that their finding are not exhaustive: HERA requires the collection and submission of new data, requiring new collection efforts and creating additional burden on states. Many states were unable to submit complete information for all active properties due to the inability to convert or hand-enter information originally collected in hard copy into reporting systems in the time required, lack of annual income recertifications of tenants in 100 percent low-income properties and limited information on the tenants in some properties in their extended use periods.” HDS Solutions and Services are poised to help you with this challenge.

Currently and over the past seven years, HDS has collaborated with HDS Clients, HUD, NAHMA and other industry professionals to facilitate the HDS Solutions to ensure the HDS System is in compliance with the HUD standard and HERA requirements for this report. Annually we meet to review requirements and recommended features so that we can continue to provide the tools for Housing Credit Allocating Agency’s to maintain compliance in reporting to HUD.

The HDS Multifamily System and its Modules are an integral part in the management and reporting requirements for Housing Tax Credits.

THE HDS MULTIFAMILY MANAGEMENT SYSTEM is a comprehensive management and tracking solution providing an inventory of features that allow an agency to meet their affordable housing goals. At its core, are the HDS Origination and Underwriting System and the HDS Compliance and Asset Management System. Each system is scalable providing a variety of modules to fit your programmatic requirements.

HDS COMPLIANCE AND ASSET MANAGEMENT manages agency tenant and unit based compliance.  The module is designed so that the agency can develop their own compliance tests and run them on specific tenant information.  The Compliance module manages the information from Certification of Occupancy and tenant move-in, to the project lifecycle. The Asset Management module manages the financial aspects of the project, including the Statements of Operations, Cash Flows, and Financial Position.

Within the HDS Compliance System, the agency has the ability to capture tenant data, and test the corresponding information for the properties in their portfolio.

HDS has several XML export and import tools for a variety of our systems which give agency IT Users the ability to interface with third party systems and manage workflow updates.  Our HDS LIHTC XML EXPORT TOOL has been developed to export the required HUD tenant data for LIHTC Properties from the HDS System to HUD, in the required format. The HDS Compliance module currently collects all required HUD tenant data fields, including computed income, income eligibility fields, rent data, student status, and program type data. In the development of this tool, we worked closely with industry leaders from HUD and NAHMA, as well as with client agencies that are currently using the HDS Export Tool to submit the required tenant data to HUD.

Come visit HDS at NCSHA Tax Credit Connect in Seattle, WA June 13-16, 2016, we will be at booth #50 or contact us at 888-326-7680 for more details.

By | 2018-02-02T13:37:19+00:00 April 6th, 2016|Categories: HDS News|Comments Off on HUD releases 2013 Housing Tax Credit Tenant Data Collection Results