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Affordable

Affordable Housing

Yardi Affordable features built in compliance functionality and supports the successful operation of properties with funding from the following programs: Project-Based Section 8, Section 42 LIHTC, Section 515 Rural Development, and HOME.

yardi's affordable module

Yardi Affordable features built-in compliance functionality and supports the successful operation of properties with funding from the following programs: Project-Based Section 8, Section 42 LIHTC, Section 515 Rural Development, and HOME. Based on the program, Yardi allows you to “customize” your property with layers of compliance (if a property has more specific requirements or multiple funding sources) and the mapping of units. Affordable interfaces directly in the system with iMAX, TRACS, and MINC – making quick and easily documented payments possible. Here are more benefits of adding this module:

  • Unit transfer rules can be setup so that LIHTC properties remain in compliance if a household moves building-to-building; maximum rents and income limits, and LIHTC student household rules are built into the system, eliminating compliance guesswork
  • Easy generation of third- party verification forms; secure storage of documents that include PII (Personally Identifying Information)
  • Demographic and unit event data can be quickly converted into multiple formats required by LIHTC state agencies, simplifying your annual reporting process
  • Required forms and lease addendums can be stored directly in the system and are customizable based on property and tenant information

The most important component of setup in the Yardi Affordable module is the setup of Compliance rules. Rules and regulatory requirements (based on appropriate source documentation, like a Land Use Regulatory Agreement) must be entered properly on the Property Information record. This is the first, and maybe most important, step to running a successful affordable property. Here are a few back-end items that need to be completed:

  • Entering property set-asides, and ensure that setup for Recertification dates follows state guidelines (LIHTC)
  • Yearly rent and income limits update will need to be updated when they have been released – you’ll also want to ensure that any other programmatical updates are set up (to the extent that they can be) in the system
  • Utility allowance updating as needed
  • Setup of “fixed” or “floating” units and setup the Next Available Unit Rule (HOME)
  • Ensuring BINs (Building Identification Numbers) are added correctly (LIHTC). You’ll also need to consult your LIHTC allocator’s compliance manual for unit transfer rules

Workflows can be built into the system to ensure that there aren’t compliance issues falling through the cracks. We can customize access to menusets and dashboards for site staff. Here are a few workflow items you’ll want to consider in your setup:

  • Designating a supervisor as the only staff member who has the ability to use the Execute Lease function
  • Ensuring site staff don’t have erroneous access to PII, including EIV (Enterprise Income Verification) data
  • Setting up workflows for calculating eligibility

Yardi Affordable gives you the flexibility to automate certain functions to ensure that you are following applicable state and federal programmatic requirements:

  • Rent Adjustment, Recertification notices, Notices to Vacate, and other required letters and notice verbiage for Project-Based Section 8 properties – you can setup form letters in the system that will automatically populate with a tenant’s information
  • Automate all Move-in, Initial Certification, and Recertification paperwork; generate 50059s, 3560-8s and Tenant Income Certifications with income and asset information verified and uploaded into the system by site staff; setup RENTCafe Affordable so that tenants can upload their own paperwork
  • Ensure waitlists are functioning correctly and automate notices and randomization

The interpretation of an affordable tenant ledger can be tricky – here’s what we can assess:

  • Tenant rent and HAP are posting correctly – and that subsidy types are properly coded
  • Ensure TRACS reports are accurate, and match information on the GL
  • Ensure that Utility Allowance payments are hitting the ledger correctly
Advantages to using Yardi’s Affordable module:

  • Tracking and creating certification documents (these documents are program requirements), making sure all boxes are checked and income/asset information is entered correctly
  • Tenant payment and subsidy data can be entered directly into HUDs payment systems within Yardi (these systems are how owners get paid)
  • Prevents compliance mistakes – max income and rent limits entered on the back-end make it so that a site manager can’t move in a household who is over income, or enter lease charges beyond a certain amount
  • Workflows are preloaded into the system that prompt site staff to enter all required demographic, income, asset, and expense information required by whatever program is selected on the back end

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