Essential Compliance Checklists

Managing an affordable housing property is a complex, rewarding, and often challenging responsibility. Your primary focus moves beyond rent collection and routine maintenance to meticulous compliance with various program rules (like LIHTC and HUD). Successfully navigating these regulations demands attention to detail. To help you, we've compiled a comprehensive checklist, broken down by frequency. We've even included those crucial, often-overlooked tasks that can make all the difference. Put these on your calendar!!!!

Weekly Wins: Focus on Fair Access and Daily Compliance

Your weekly routine is the backbone of a well-run property. It's about proactive steps that prevent minor compliance issues from escalating.

New Applicant Management:

• Process New Applications & Update Waiting List: Check the status of verifications and follow up with applicants on any needed documents or information.

• Clean up your prospect list by following up on your interest list.

File Organization:

A tidy, consistent filing system is your best defense during an audit. We recommend daily filing but take some time at the end of the week to correctly file away any loose paperwork. Don't just stick it in the folder - organize and secure the papers.

Beyond the Basics (Weekly):

• Social Media/Online Presence Check: Review resident reviews and comments. Address feedback proactively and professionally to mitigate risk and maintain reputation.

• Tenant Services Check-In: Maintain good relationships with local service providers. They are invaluable partners for resident support and retention. If you offer services at your property, have those services been made available to the residents or is it time to schedule with a service provider?

Monthly Milestones: Deep Dives and Proactive Compliance Planning

Monthly tasks dive into the core compliance deadlines & documentation review.

Compliance & Recertifications:

• Review Lease Expirations & Generate Recertification Notices: Proactively manage lease renewals and initiate crucial compliance paperwork. Don't just look at what is due in the current month. You need to check what's due in the next 3 months - get a head start!

• Fair Housing Review: Regularly ensure your marketing materials, communications, and internal policies are inclusive and compliant with all state and federal Fair Housing laws.

• Review AMI and Unit Mix Requirements: Make sure you are meeting all requirements for each funding source. Specifically for LIHTC properties, it is important to check these and consider the next available unit rule, especially if you are a mixed income. If you've elected average income as the minimum set-aside, test the overall average, as well as the qualified and applicable fraction groups.

Beyond the Basics (Monthly):

Manager's "Desk Audit" (Compliance Quality Control): Randomly select 10% of tenant files (be sure to include some move ins and recerts) and personally scrutinize them for common errors that auditors love to find (e.g., incorrect asset calculation, missing verifications, unanswered questions, appropriate addendums are included). This is invaluable internal quality control.

Achieve Year End Success

At the start of the third quarter, planning for year end and working toward ensuring your property's compliance is in tip-top shape. Being proactive in starting early will keep you and your team from scrambling at year end...when everyone should be enjoying time with friends and family.

Compliance & Audits:

• Complete All Annual Recertifications: This is non-negotiable for programs like LIHTC and HUD. Ensure every resident's file is complete and accurate.

• Reporting: Ensure you are up to date with all required reporting for your management company, state agency, and investors. This will make year end reporting a breeze in the following year!

Beyond the Basics (Yearly):

Property Policy Review for Obsolete Language: Laws change! Regularly review and update your lease and House Rules to remove outdated or unenforceable clauses and ensure compliance with current landlord-tenant laws.

This focused checklist is designed to empower you to tackle the complex compliance requirements through organization with confidence and precision. By consistently addressing these weekly, monthly, and annual tasks – including those crucial "beyond the basics" items – you'll help ensure operational compliance, mitigate risk, and cultivate a thriving, supportive community for your residents. If this seems like too much, give Key Compliance Advisors a call and we can help you stay on top of these imperative tasks.