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!

 

Helping you achieve your compliance goals

Our management company is considered an expert in managing compliance programs, please contact us to discuss how LOMCO can help you achieve your compliance management goals.

Leverage our expertise with HUD contracts

We interact with HUD to renew Housing Assistance Payments contracts (HAP), prepare rent comparability studies and implement rental increases.

LOMCO Compliance Services

Property Units Type Renewal Option
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 .

The primary goal of the Tenant Selection Plan is to provide a checks and balances system to ensure compliance with the HUD program requirements and to develop a standard by which each applicant is treated equally and has equal opportunity for residency in accordance with Federal, State and Local laws.  LOMCO will research and verify compliance with the procedures and criteria by which management will conduct the rental process and select/reject tenant for occupancy at the sites
Our Occupancy Training is updated to include changes from the HUD 4350.3 REV.. This training is designed for all Affordable Housing Management Staff who are required to use the HUD Handbook 4350.3. It is especially helpful for property/site managers and multifamily property management staff who are responsible for the leasing and occupancy aspects of the property. This training also is ideal for a newly-hired manager or those with no HUD experience, as well as those needing a refresher course on the basics and the latest updates.
The Enterprise Income Verification (EIV) system is a web-based computer system that contains employment and income information of individuals who participate in HUD section 8 assistance programs. All Section 8 programs are required to use HUD’s EIV system. All LOMCO managers and compliance department  staff are certified to use EIV.  The Compliance Supervisor is the EIV Coordinator and  Trainer.
LOMCO has worked with Section 42 Low-Income Housing Tax Credit (LIHTC) properties since 1999.  We have  performed the complete lease-up and certification of more than 14 LIHTC properties to date. Our Tax Credit Compliance department, provides  training and compliance monitoring services through audits and file repair to Owners, Managers and Equity Investors.
This service provides you with a prompt review of an applicant’s paperwork to determine if the applicant meets the program eligibility requirements, which qualifies them to move into your Community.  The resident files are reviewed for Housing Credit compliance issues and a written report of findings and recommendations is provided.