File Reviews
From lease-up to annual reviews, you need in-depth evaluations to ensure complete complianceIdentifying an ineligible tenant or a single instance of non-compliance can completely offset the cost of having all your files audited.
Our expert team of compliance analysts conduct file reviews to identify any Low-Income Housing Tax Credit non-compliance issues—and then help you develop a plan to implement corrections. Our services can be tailored to meet the specific needs of any project’s stage of development.
Most Common File Review Services
Lease-Up (New Construction)
At the completion of lease-up for new properties, Spectrum will review all LIHTC tenant files that make up the project’s initial qualified basis. We will then prepare a comprehensive report detailing compliance and eligibility status on a unit-by-unit basis. The report will also include a project-wide evaluation of procedures.
Acquisition Rehab
This is the most complex type of review. Spectrum will review all LIHTC tenant files that make up the project’s initial qualifying basis. We will audit the files to ensure compliance with the safe harbor rule based on the acquisition date. Spectrum will then prepare a comprehensive report detailing compliance and eligibility status on a unit-by-unit basis. The report issued also includes a project wide evaluation of procedural issues noted at the time of review.
Annual Review
This is typically a recurring review of tenant files to ensure that the property staff continues to meet LIHTC compliance expectations. Generally, we review 20% of the tenant files on an annual basis.
Resyndication
Spectrum will review the new move-in files or any certification showing income eligibility for current residents. We will then prepare a comprehensive report detailing compliance and eligibility status on a unit-by-unit basis. The report issued will also include a project wide evaluation of procedural issues noted at the time of review.
More Information
Sample Documents
Spectrum Contact
Dan Warren
Designation:
Operations SpecialistPhone:
207-805-0933Email:
dwarren@spectrumlihtc.comAddress:
8:00AM-5:00PM ESTDepartment:
Client Liason,OperationsDan joined Spectrum Enterprises in March 2016. Dan balances several roles in the company between being the first contact point for new private consulting clients, daily operations of file receipts from existing clients, maintaining employees’ workstations, and ensuring that all webinars have no technological issues. Dan has years of experience serving low-income populations using a compassionate individualized approach to meet client needs. Dan has a Bachelor’s degree from the University of Southern Maine.
Certifications
C8P, Multi-Family Management
Our Reviews Include
- Tenant applications, income verifications, certifications, and leases
- Income calculation methods
- Area income limits and rent-restrictions
- IRS Form 8609 for each building
- Regulatory Agreements, Restrictive Covenants, and Extended Use Agreements (or equivalent)
- Student status documentation
- Vacant unit and 140% issues
- Deeper skewed set-asides
- Initial qualified basis
- Any additional documentation
Your compliance analyst will review all materials provided and issue an approval once we have established that the household is qualified for the LIHTC program. Files are reviewed using guidelines and requirements set forth by the IRS and administered by the state agency monitoring for Section 42 Low Income Housing Tax Credit compliance. Industry standard “Best Practices” are utilized in this work
Files Annually
Properties
States
Stay on schedule and in compliance—no matter where you are in your stage of development.