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Monitoring - Rental

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Project Completion Report
All projects are required to complete Project Completion Reporting (PCR) within  one year and 150 days from project completion.  Project completion is defined in the  Affordable Housing Program Implementation Plan (IP).

Download the PCR  User Guide below. All documentation must be submitted via AHP Online.

PCR User Guide

Rental Monitoring
Rental Project Monitoring

During the Project  Completion Reporting   process, the project is reviewed for compliance of three categories:
 

  • Tenant- projects will need to submit documentation to verify income, targeting and rent affordability for randomly selected tenants.  Read more.
  • Commitments-verification of scoring commitments agreed to in the AHP Agreement or most recent modification, and documentation that show commitments were completed.  Read more.
  • Feasibility-this includes  completing a feasibility workbook that demonstrates a need for the AHP subsidy and project viability. In addition, documentation that the AHP funds were transferred from the member to the project, and final retention documentation.  Read more.
 

Long -Term Monitoring

All rental projects that did not receive Low Income Housing Tax Credits are subject to Long Term Monitoring (LTM). The LTM requirements begin in    the second year, following project completion. It consists of two processes:
 

  • Sponsor/Owner Certification — due every year until the 15-year retention period expires, and
  • Tenant Income Worksheet (TIW) — due every two, four, or six years depending on the amount of the AHP Subsidy.
 

Tenant Income Worksheet

The TIW will be requested based on a schedule dependent on the amount of AHP subsidy received.

  • Projects that received $100,001 to $250,000 of subsidy — TIW will be requested at least once every six years, after project completion.
  • Projects that received $250,001 to $500,000 of subsidy — TIW will be requested at least once every four years, after project completion.
  • For projects receiving more than $500,000 of subsidy — TIW will be requested at least once every two years, after project completion.

 

The TIW will be requested via email. When providing HCD with the TIW, please use  Proofpoint  to securely transfer the document.

The Tenant Income Work Sheet   will   Be   Reviewed   for the Following:

Income Targeting

  • The tenants’ incomes must fall within or be more restrictive than the Area Median Income (AMI) percentages agreed to in the AHP Agreement or most recent modification, if applicable.
  • Income reported can be from initial certification when the tenant moved in or, if the tenant’s income was recertified in the past three years, the recertification income can be used.
  • Refer to FHLBank Topeka’s Income Calculation Guidelines (on the Resources page) for instruction on how to calculate income. Other organization’s (such as HUD or USDA) calculate income differently, and the AHP calculation method must be used.

 

Rent Affordability

  • The current rent charged to the tenants must be at or below the maximum allowable rent.
  • Rents cannot exceed 30% of the income of a household of the maximum income and size expected to occupy the unit (assuming occupancy of 1.5 persons per bedroom or 1.0 persons per unit without a separate bedroom).
  • The maximum affordable rent is listed on the TIW, which is available on the Forms page.

 

Tips for Completing the TIW

  • Follow the instructions on the top left, which correspond with highlighted cells.
  • The tenants listed must be residing at the project as of the TIW date on the top right.
  • The tenant portion monthly rent is what the tenant paid as of the TIW date on the top right.
  • The total monthly rent is the tenant paid rent plus rental assistance received. When no rental assistance is received, the two figures will match.
  • The tenant’s income at move-in can be used for every TIW submitted. Documentation verifying income at move-in must be maintained so it can be provided if requested.

 

Tenant File Review

  • The Project must submit documentation that verifies the tenant’s income and rent is consistent with the TIW.
  • The list of randomly selected tenant files will be requested via email.
  • If reviewers determine documentation is not sufficient, the calculation method was incorrect, or discover other issues with the tenant file, additional tenant files may be requested.
  • Tenant file review must be completed by the end of the year it was requested.
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