The United States is facing a severe shortage of affordable housing, with a gap of 7 million homes for residents in the bottom 30% of the area’s national income. Affordable housing providers must operate at maximum efficiency to serve residents in desperate need of housing. By streamlining operations and maximizing the use of available resources, you can make a significant impact in your community. To improve the lives of those who rely on your services, you have to meet compliance requirements in affordable housing. Here is our featured post on Meeting Compliance Requirements in Affordable Housing.
Yardi Voyager’s affordable housing module helps customers centralize leasing, finance planning, maintenance management, and compliance requirements. Yardi provides a range of tools and reports to support affordable housing operations. However, due to constantly changing and complex requirements that vary by state, Yardi may not meet your compliance and reporting needs.
If you find that Yardi falls short in some areas, you may be tempted to use Excel as a workaround. While Excel is one option, it is rarely the most efficient, long-term solution. You can automate many processes with analytics to make your job easier. Check out the best automatable Yardi affordable housing solutions:
Affordable Rent Roll
While Yardi provides a rent roll for affordable clients, it doesn’t include details such as certificate information, the most recent AR date, the split of rent between the tenant and subsidy, and classification factors such as children under 18, elderly status, and disability. See the example below for what an affordable rent roll report might look like.
Compliance Reports
Each state in the U.S. has different annual compliance reports. Many affordable housing groups compile and submit these reports using a series of extracts in Excel, merging and mapping the data, and scrubbing it. They have to do this for each individual property to be submitted to the state’s compliance offices. However, you can automate each of these reports. Take the Schedule of Rental Income and Annual Monitoring Report in San Francisco. With CREx, TNDC automated both of these reports, making compliance season much faster and easier. If you want to see how we make this process seamless for our affordable housing partners, visit our website and send us a message.
Demographic Reports
As an affordable housing provider, you must understand the demographics of your tenants. By tracking key metrics such as race, ethnicity, age, AMI (Area Median Income), and income range, you ensure that you meet demographic requirements and provide fair and affordable housing to those in need. You also need to stay up-to-date on the latest laws and regulations. Finally, you may even use data analysis to monitor trends and make informed decisions that benefit your tenants and your organization. By prioritizing the needs of your community, you make a real difference in the lives of those who rely on your services.
Expiring Certificate Requirements
As a property manager, it’s essential to stay on top of certificate expiration dates. An expiring certificates report by property manager helps you easily track and manage this important task. This report ensures you meet compliance requirements and helps you avoid any potential setbacks. Check out our ready-to-use version below.
Standard Yardi reports may not always suffice. In these cases, we recommend that you consider custom solutions to ensure the best use of your time. With your residents livelihoods at stake, you need the right tools and support to make informed, strategic decisions.
Meeting Compliance Requirements in Affordable Housing