Sign Up For Novogradac Industry Alert Emails

Property Compliance News Briefs - January 2014

The Texas Department of Housing and Community Affairs (TDHCA), on Nov. 28, adopted compliance monitoring rules under 10 TAC, Subchapter F. The new rules require that each household be provided a notice listing the development’s common amenities, unit amenities and services. This notice must be provided at the time of initial lease execution and each time there is a change in the amenities or services. Each notice must also include the following statement: “The Texas Department of Housing and Community Affairs (the “Department”) is responsible for monitoring this Development for compliance with any Land Use Restriction Agreement setting forth required common amenities, unit amenities, or services in connection with programs administered by the Department.” The new compliance rules are available at www.taxcredithousing.com.

***

The Wisconsin Housing and Economic Development Authority (WHEDA) partnered with the Wisconsin Department of Health Services and the Wisconsin Division of Housing to present a free housing locator for prospective tenants. This website will provide current information about rental housing in the state. Properties listed will include private market and assisted housing. Properties can be searched based on affordability, proximity to medical facilities, public transit and schools. Landlords can list properties and will have 24-hour access to the site to add and update listings. The website is WIHousingSearch.org.

***

MassHousing recognized 93 property management companies for doing business with minority and women-owned business enterprises (M/WBEs). The MassHousing M/WBE vendor program works to provide benefits to these companies through MassHousing-financed rental housing. They work together on contracts for goods, services and supplies for these units. In fiscal year (FY) 2013, 520 rental units produced nearly $200 million in contracts. MBEs received $37.5 million and WBEs received $24.8 million. Four companies were also recognized for their Million Dollar achievement. They are Beacon Management Company of Hingham, Cornerstone Corporation of Boston, The Community Builders Inc. of Boston and Schochet Property Management Company of Boston.

***

WHEDA sent out a reminder for submitting 2013 audited financial statements. They are due within 60 days of the development’s fiscal year-end. WHEDA added that for developments operating on a calendar year basis, the due date for submission is Mar. 1, 2014. All WHEDA financed developments are required to submit annual financial information on WHEDA Form 600AL (balance sheet information) and Form 800 (profit and loss information).

***

The Iowa Finance Authority and Cedar Rapids property owners on Dec. 6 announced the introduction of a new housing locator service. The site allows property owners to list available units and provides 24-hour access to managing, adding and updating property listings. There is also a toll-free call center available to give renters, property owners, housing professionals and social service providers access to information about rental vacancies. At press time, the site was scheduled to launch in January. The site is iowahousingsearch.org.

***

The National Multifamily Housing Council (NMHC) on Nov. 21 announced the release 2013 NMHC/Kingsley Apartment Resident Preferences Survey, Nationwide Report. The survey was conducted in partnership with Kingsley Associations and examined which features, amenities and services 15,000 apartment residents value most. Residents ranked high-speed Internet access as their top preference, with 93 percent rating it a priority. The most popular common amenity was a fitness center. More information about the survey is available at the National Multifamily Housing Council.

Journal Category:

Property Compliance

Authors:

Novogradac

Learn more about Novogradac's expertise and many services