Comprehensive Compliance Management
LOMCO specializes in managing compliance for affordable and Section 8 based housing programs. Our dedicated and experienced team of compliance specialists have decades of experience working with management companies, investors as well as owners providing the services they need to ensure their housing continually stays in compliance with applicable laws at both the Federal and State levels. Our compliance services come with reports to help you not only understand the regulations, but also stay ahead of TCAC inspections and HUD Management Occupancy Reviews (MOR’s).
LOMCO’s Centralized Compliance Department will review tenant files prior to a TCAC audit or HUD MOR and will submit all pre-audit documents requested by governmental agencies. Our compliance team truly understands how to manage HUD, LIHTC and Bond programs!
LOMCO Compliance Services
|Property 1||45||223(f) – Sec. 8 (Disabled)||Mark up to Market – 1a|
|Property 2||189||Sec. 8 / Tax Credit (Elderly)||Mark up to Market – 1a|
|Property 3||25||811 PRAC (Disabled)||Initial Renewal in 2015|
|Property 4||25||811 PRAC (Disabled)||Initial Renewal in 2017|
|Property 5||40||202 – Sec. 8 (Disabled)||At or Below Market|
|Property 6||333||223(f) – Sec. 8 / Tax Credit (Elderly)||Mark up to Market|
|Property 7||162||223(f) – Sec. 8 / Tax Credit (Elderly)||CH 15 Requirements|
|Property 8||50||202 – Sec. 8 (Elderly)||Above Market|
|Property 9||185||223(f) – Sec. 8 / Tax Credit (Elderly)||Mark up to Market|
|Property 10||196||Sec. 8 / Tax Credit (Elderly)||Mark up to Market|
|Property 11||200||221(d)(4) – Sec. 8 / Tax Credit (Elderly)||CH 15 Requirements|
|Property 12||75||202 – Sec. 8 (Elderly)||At or Below Market|
|Property 13||165||221(d)(4) – Sec. 8 / Tax Credit (Elderly)||Mark up to Market|
|Property 14||72||202 – Sec. 8 (Elderly)||At or Below Market|
Once a tenant’s certification is signed, compliance will add that certification to the queue to be included in the next TRACS transmission. All properties governed by the HUD 4350.3 Revision 1 must submit resident data to TRACS. To ensure payments are paid by TRACS by the 1st of the month, submit the transmission no later than the 10th of the previous month. Vouchers are submitted 1 month prior to the effective date.
For those properties that are project based section 8 and receiving subsidy from HUD, a voucher is submitted every month. Properties are paid based on the voucher amount. In order for TRACS to pay a submitted voucher, TRACs will conduct 2 “tests. They will confirm that the voucher is in the TRACS data base and the property’s compliance percentage is 90% or greater.
The purpose of a HUD MOR and a TCAC audit is to verify compliance of the property with the terms of the various HUD and Tax Credit agreements and restrictions., HUD conducted the MOR audit on an annual basis while TCAC conducts their audit, unless the site is out of compliance.
LOMCO will conduct a preparatory review of the organization’s operation, tenant files, forms, and documents related to the Audit. Before the actual audit Compliance will be reviewed to determine property status by referring to REAC inspections, previous HUD MOR Congressional inquiries, response to resident concerns in a timely manner. A member from the Compliance department will meet with the own/agent to review the HUD MOR Questionnaire and determine whether existing policy conditions and procedure are acceptable and if corrective action is needed. A random audit of resident files will be conducted to verify HUD compliance. The supervisor of the compliance department will attend the audit and follow up with any corrective action if necessary .