The Compliance Department monitors the compliance of our many developments with Section 42 of the IRS Code. Every resident file is reviewed for compliance as soon as a development is leased up. Every year thereafter a percentage of the files are reviewed as well as a physical review of the property. These reviews continue for 15 years.

This department also administers these same reviews for many of our investors’ portfolio that we are not a partner. These reviews are at the request of the investor and are subject to a negotiated contract.

 

Items that are checked during a file review include:

• Set asides
• Applicable Fractions
• Income Parameters
• Rent limits
• Utility Allowances
• Calculation of income and assets

 

Physical reviews:

• Structural condition
• Common area condition
• Apartment condition
• Preventative Maintenance
• Continued Maintenance
• Curb Appeal
• Occupancy