File Reviews

File ReviewsTenant File Review

Identifying a non-eligible tenant or a single instance of non-compliance can completely offset the cost of having all of your files audited.

Our services can be tailored to meet the specific needs of any project’s stage of development. Our most commonly requested services are:

1. Lease-Up: At the completion of lease-up for new properties, Spectrum reviews all LIHTC tenant files that make up the project’s initial qualified basis. We then prepare a comprehensive report detailing compliance and eligibility status on a unit-by-unit basis. The report also includes a project-wide evaluation of procedures.

The entire certification process is analyzed with supplemental forms, procedures, or corrective methods accompanying any findings.

2. Investor Review: Spectrum can help asset managers. This is typically an annually recurring review of tenant files to ensure that the property staff continues to meet LIHTC compliance expectations. We typically review 20% of the tenant files on an annual basis. In some cases the files are shipped to our office but we also travel to dozens of projects throughout the nation to conduct these reviews. If needed we can also perform physical inspections, ADA design requirement inspections, and marketability reports.

The Spectrum LIHTC review includes a detailed analysis of the following:

  • 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.
  • Fair Housing Issues.
  • Staff unit and set-aside unit issues.
  • Initial qualified basis.

Spectrum 2017 Sample Investor Report

Submitting files to Spectrum for Review

Property Compliance Profile

If your property or company could benefit from this service please contact Dan Warren, for more information.