AHFA Compliance for SAHMA
Learn about the AHFA compliance guidelines for property owners and managers, including expectations, monitoring roles, extended use periods, and post-year-15 compliance. Understand the key requirements and periods involved in maintaining compliance with AHFA regulations.
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Presentation Transcript
AHFA Compliance for SAHMA March 14, 2023
Owner and Management Role Expectations: Provide a Decent, Safe, and Sanitary Property for your Residents Report any Property Damage to AHFA Provide Documentation requested by AHFA Tenant Files Utility Allowance(s) Rent Roll Correct any Non-Compliance found by AHFA Keep AHFA Online Data Management System (DMS) Up-To-Date
AHFAs Monitoring Role What type of funded property are Files and Units inspected once every three (3) years? Housing Credit (aka: Tax Credit)
AHFAs Monitoring Role What type of property are the Files and Units inspected once every three (3) years and the in-between years only receive a Unit inspection and a Rent Roll review? Housing Credit/HOME funded property Exchange or TCAP funded property Housing Credit/Bond funded property
Extended Use Period How long is the Extended Use Period? 30 years But it can be longer if the owner elected extra years
Extended Use Period What is the Compliance Period? The 1st15 years of the Extended Use Period What is the 2nd15 years of the Extended Use Period is referred to as? The Post Year-15 Period
Post Year-15 Period AHFA has relaxed compliance monitoring guidelines Student Rule Exception If the household is made up of full-time students then the only exception that would make the household ineligible would be if they are dependents of a 3rdparty. Unit and File Review % 10% File Review and 10% Unit Inspection If the property is entering tenant data into AHFA Online DMS then we will just review a rent roll and the entered tenant data instead of reviewing files.
Housing Trust Fund (HTF) How long is the Compliance Period? 30 Years
Multifamily Bond Qualified Project Period How long does the Qualified Project Period last? It is the later date of: 15 Years from the date the project was 50% occupied The Bond reached the Maturity Date The Bond is Paid Off For Project that receive Project-Based Section 8, then the QPP ends when the Section 8 is terminated
Income and Rent Limits Income and Rent Limits can be found in the Compliance Section of the AHFA website. www.ahfa.com/compliance You will see a link to the Novogradac Income and Rent Calculator You will need to know the properties Placed In-Service Date AHFA provides the following limits: HOME HTF Non-Metropolitan
Set-Aside Restrictions Housing Credit 40% at 60% (most AHFA properties are 100% at 60%) This means that 40% of the tenants must be within the 60% income and rent limits HOME July 30, 2008 and before: 40% at 50%, 60% at 60% per Building July 31, 2008 and after: 20% at 50%, 80% at 60% per Property HTF 30% or Poverty Level, whichever is greater Bond 20% at 50% 40% at 60%
Gross Rent What are the components of Gross Rent for a Housing Credit property? Tenant Paid Rent Utility Allowance What are the components of Gross Rent for a HOME property? Tenant Paid Rent Utility Allowance Rental Assistance
Gross Rent What are the components of Gross Rent for a HTF property? Tenant Paid Rent Utility Allowance The following can be included with Gross Rent: Mandatory fees Charge for services Excessive application fees
Utility Allowance What are the acceptable utility allowance options? Energy Consumption Model HUD Utility Schedule Model Public Housing Authority An allowance provided directly from the utility provider If you have a resident who receives Section 8 rental assistance you must provide the utility allowance from the housing authority that provides the rental assistance.
Utility Allowance August 23, 2013 (and after) Why is this date important? If your property has HOME funds, then HOME regulations does not allow you to use a Public Housing Authority utility allowance.
Certification and Verification Forms All AHFA forms can be found in the compliance section of the AHFA website. The following forms have been updated: Tenant Income Certification Employment Verification Certification of Zero Income Under $5,000 Asset Certification Housing Credit Student Self-Certification Student Verification (for educational institution)
Certification Process Facts What is the Effective Date? It is the Month and the Day the tenant moved into the unit. If the property is 100% low-income, then this date will follow the household as long as they live at the property no matter if they transfer to another unit.
Certification Process Facts How long do you have to verify if the applicant is qualified to live in the unit? Within 120 days before the Effective Date
Certification Process Facts 3rdparty source documentation is needed for what type of verifications? Income Asset Student Status * (full-time household)
Rent Roll and Set-Aside Reports AHFA provides example rent roll and set-aside reports that can be used for Housing Credit, HTF, and HOME properties in the compliance section of the AHFA website. They are not mandatory, but the information on the report is mandatory
Vacant Units Owner must have vacant units marketable within a reasonable timeframe AHFA gives a 30-day timeframe If a unit receives extensive damage a Property Damage Notification form must be submitted. This form can be found in the compliance section of the AHFA website
Qualified Action Plan (QAP) It is VERY important that you annually review the QAP, specifically Addendum D. Properties are subject to penalty points that can affect your Management Company and Owner. If certain penalty point totals are met the following can happen: A Management Company can be suspended for being on an application for managing new properties. The Owner or Ownership can be suspended for applying for new funding.
AHFA Online DMS How often does AHFA Online DMS need to be updated? Monthly The QAP discusses the requirements, but here is an example: March 15, 2023 - AHFA Online must be updated through January 31, 2023 March 16, 2023 - AHFA Online must be updated through February 28, 2023
WWW.AHFA.COM Join Our Mailing List Compliance | Alabama Housing Finance Authority (ahfa.com) How reach us? mfcompliance@ahfa.com 334-244-9200 800-325-2432 7460 Halcyon Pointe Drive, Suite 200, Montgomery, AL 36117
