Introduction
If you work in the affordable housing market, you know that a standard apartment rent roll does not contain enough data for accurate, affordable housing reports. Let’s explore the key data points required for powerful affordable housing rent rolls with the key data points required for powerful affordable property rent rolls.
A standard rent roll contains tenant information and unit statuses. In contrast, an affordable rent roll contains much more data, like the certification status or the unit accessibility details.
Let’s look at the key data points required on an affordable housing rent roll.
Certification Information
Affordable apartment rent certification, also known as income certification or income verification, is a process that is used to verify the income of a tenant or potential tenant to ensure they qualify for affordable or low-income housing programs.
This certification outlines the subsidy amount and how long the certification is valid for. It also details if the unit is set up for accessibility, such as mobility, vision, and hearing.
The certification expiration date is crucial. Missing the deadline can result in fines, loss of affordable housing status, and put tenants in a difficult position. It can also impact the property’s eligibility for funding and tax benefits. For more information about the importance of certifications, check out our other post here.
Rent Information
Affordable units have market rents different than market rents for traditional residential properties. The rent amount varies based on the income of the tenant. This in turn helps determine the subsidy amount granted to the tenant and the utility allowance.
Initial vs. Current Information
Affordable property operators must be able see the initial classification of the certification. By comparing the initial certification the current, owners can adjust accordingly. Key points to compare include the annual income, household size, and the AMI (Area Median Income). This way, owners can help tenants stay up to date with accurate certification statuses. This ensures that the tenant receives the appropriate subsidy.
Compliance and Regulatory Information
An affordable property rent roll also needs to include compliance and regulatory information. This data includes the property’s compliance with affordable housing regulations, such as income restrictions and tenant eligibility requirements. It also includes regulatory information, such as inspections and audits. By including this data in the rent roll, property owners ensure compliance while avoiding penalties.
Now you know the importance of tracking affordable property certification expirations. Let’s automate it together. Reach out at CRExSoftware.com.
For more tips, be sure to check out our other blog posts.
The Key Data Points Required for Powerful Affordable Property Rent Rolls