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Property Compliance News Briefs - July 2012

The Ohio Housing Finance Agency (OHFA) has updated its extended use monitoring plan for low-income housing tax credit (LIHTC) properties in the extended use period. The most significant revision is the suspension of regular inspections of properties in extended use, the agency said. If the LIHTC property also receives OHFA-administered HOME funds, the agency will still conduct regular inspections. The revised plan is available for download from www.ohiohome.org.

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The National Affordable Housing Management Association (NAHMA) released the NAHMA Affordable 100, a list of the 100 largest affordable multifamily property management companies ranked by unit counts. The top three property managers for 2012 are WinnResidential, based in Boston, Mass.; Interstate Realty Management, headquartered in Marlton, N.J.; and Riverstone Residential Group, based in Dallas, Texas. The list was created in an effort to determine the size of the nation’s portfolio of affordable multifamily units that benefit from at least one form of federal subsidy, including LIHTCs, Section 8 project-based assistance, HOME funds, bonds and Section 515. View the list at www.nahma.org.

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The Georgia Department of Community Affairs (DCA) released a memo regarding a code requirement that affects utility metering of multifamily developments. According to the new law, construction on all new multifamily buildings permitted on or after July 1 must allow for each unit’s water use to be measured. DCA advised developers that have pending permits to check with the local building authority or watershed management department to make sure they meet this requirement.

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NAHMA announced the four winners of the third annual Affordable Housing Vanguard Awards, created to recognize newly developed or rehabilitated affordable multifamily housing. The awards pay tribute to developers of high-quality affordable housing and demonstrate that affordable housing is a positive addition to any neighborhood. This year’s winning properties are Harmony Oaks in New Orleans, La., for new construction of a large property; Old Court Estates Co-op in Baltimore, Md., for new construction of a small property; Castle Square in Boston, Mass., for major rehabilitation of an existing rental housing community; and Wilber School Apartments in Sharon, Mass., for major rehabilitation of a historic structure into affordable rental housing. The judges were NAHMA owner and developer members from across the country. Descriptions of each winning property are available at www.nahma.org

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Sen. Scott Brown, R-Mass., introduced a bill in June to help eliminate housing discrimination against veterans. S. 3283, the Ending Housing Discrimination Against Servicemembers and Veterans Act of 2012 would amend the Fair Housing Act (FHA) to include veterans as a protected class. The current act prohibits housing discrimination based on race, color, religion, sex, familial status, national origin and disability. The bill was referred to the Committee on Banking, Housing and Urban Affairs.

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A new corporate designation, Specialist in Housing Credit Management (SHCM) Company, has been created for LIHTC property management companies. NAHMA, the National Apartment Association Education Institute and LeadingAge are sponsoring the SHCM certification program. To qualify, 30 percent of the company’s portfolio must be LIHTC housing. In addition, the company must have SHCM-certified at least one professional at each LIHTC property with direct daily supervision of its tax credit units, 50 percent of the company’s LIHTC housing site-level staff responsible for occupancy, and one company executive. Companies that earn the designation will receive permission to use the SHCM logo, a certificate and a listing on NAHMA’s SHCM web page.

Journal Category:

Property Compliance

Authors:

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