Property Compliance News Briefs - June 2015

Wednesday, July 1, 2015

The National Affordable Housing Management Association (NAHMA) announced May 29 its 2015 Affordable 100, a list of the 100 largest affordable multifamily property management companies ranked by affordable unit counts. In addition, NAHMA provides an online version that expands the list to the 120 largest multifamily property management companies. NAHMA publishes two specialty lists: the 25 largest low-income housing credit (LIHTC) property management companies and the 25 largest Rural Development program property management companies. The report is available at www.nahma.org.

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On April 29, the Tennessee Housing Development Agency (THDA) released a memo to LIHTC recipients about construction inspections. THDA will start conducting construction site visits for LIHTCs allocated in 2013 and thereafter to ensure properties that were awarded LIHTCs by THDA are constructed within federal guidelines and qualified allocation plan (QAP) standards. For 9 percent LIHTCs, 4 percent LIHTC and tax-exempt bond developments, the construction control manager will monitor the anticipated construction commencement date and will notify the construction analyst of the date. The memo is available at www.taxcredithousing.com.

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Entries for NAHMA’s 2015 Communities of Quality (COQ) Awards program will be accepted until Nov. 6. The COQ Awards recognize outstanding property management companies providing the highest quality of safe, affordable multifamily rental housing in communities across the country. The awards competition includes the Exemplary Family Development, the Exemplary Development for the Elderly, Exemplary Development for Residents with Special Needs, Exemplary Development for Single Room Occupancy Housing and Outstanding Turnaround of a Troubled Property. To enter the 2015 COQ Awards competition, a property must first apply for and achieve national recognition as a NAHMA COQ with a minimum score of 325 points on its national recognition application. The deadline for submitting this application is Sept. 11. COQ Award winners will be notified in early January 2016 and will receive their awards at a ceremony at the NAHMA 2016 winter meeting in Washington, D.C.

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On May 28, NAHMA announced the winners of its annual Affordable Housing Vanguard Awards. The awards recognize newly developed or significantly rehabilitated affordable multifamily housing communities that showcase high-quality design and resourceful financing. The 2015 winner for the Vanguard Award for New Construction Small Property (less than 100 units) is Valley Brook Village in Basking Ridge, N.J. The large property winner (more than 100 units): is Park 7 Apartments in Washington, D.C. The Vanguard Award for Major Rehabilitation of an Existing Rental Housing Community is Glenark Mills/Glenark Oaks in Woonsocket, R.I. The Vanguard Award for Major Rehabilitation of a Nonhousing Structure is Voke Lofts in Worcester, Mass. The Vanguard Award for Major Rehabilitation of a Historic Structure into Affordable Housing is The Commons at Imperial Hotel in Atlanta.

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