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Five Tips for Better Site Management Reports

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Everyone who has financial responsibility for a low-income housing tax credit site understands the importance of keeping owners informed of how well it's performing. That means you need to be able to identify, document, and deliver the critical pieces of information that owners need to make prompt, informed decisions about their properties. The following tips should be considered: 1. Create a cover sheet to highlight key information. 2. Provide more thorough occupancy report. 3. Combine small expenses. 4. Make sure information is timely and complete. 5. Provide a checklist of moving targets.

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									                                   A LEGAL COMPLIANCE GUIDE FOR THE LOW-INCOME HOUSING TAX CREDIT COMMUNITY

                                                                                                                                November 2009



               inside this issue                                                                                fe ature

  Calculating Income from a Home-
  Based Business  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 3     set Policy for home-Based
  Casualty Loss: Take Three Steps
  to Protect Tax Credits After                                                     Businesses in tax Credit units
  Casualty Loss  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 4
                                                                                   During a slow job market, many people turn to self-employment as a
  Sample Unit Availability Chart  .  .  .  .  .  .  . 6                            way to stay afloat. While some site owners may be reluctant to permit
  Security: Safeguard Your Site                                                    households to run businesses in their units, allowing some types of
  Against Squatters  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 7           home-based businesses can help you to keep qualified households.
                                                                                       Many owners ban home-based businesses because they believe
hud issues Guide to                                                                that the IRS prohibits them in tax credit units. Not true, says housing
interviewing Applicants                                                            expert A.J. Johnson. “One of the misconceptions in the tax credit pro-
HUD has issued a new tool for site and                                             gram is that you can’t have a home business because tax credit units
leasing management to use in training                                              cannot be used for commercial purposes,” he explains. “That means
staff who conduct tenant interviews.                                               the owner can’t convert a common area to commercial use. It doesn’t
A Guide to Interviewing for Owners of                                              preclude home businesses. As long as the unit is used primarily as a
HUD-Subsidized Multifamily Projects                                                residence, there is no prohibition against home-based businesses.”
offers useful tips for the interview pro-
cess, such as using the C.A.V.E. meth-                                                                                                      (continued on p. 2)
odology to remember the important
purposes of an interview:
	 •	Collection of information;                                                                       maNagemeNt basics
	 •	Analysis of the information to deter-
mine verification requirements and to
resolve discrepancies;
                                                                                   Five tips for Better site Management
	 •	Verification of information; and                                               Reports
	 •	Education of applicants and tenants                                            Everyone who has financial responsibility for a low-income hous-
of what is required and how the pro-                                               ing tax credit site understands the importance of keeping owners
gram works.                                                                        informed of how well it’s performing. That means you need to be able
  The guide also offers techniques for                                             to identify, document, and deliver the critical pieces of information
conducting the interview, guidance on                                              that owners need to make prompt, informed decisions about their
how to ask the right questions, the types                                          properties.
of questions to use, requirements when
                                                                                       A good management report provides the right amount of transpar-
interviewing persons with disabilities,
                                                                                   ency into the site. That can be challenging, and attempting to present
initial application/recertification ques-
tions, guidelines for interviewing zero-                                           a clear picture of performance by producing volumes of data simply
income families, and more. The guide
								
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