Q1 Affordable Housing Market Update: 4 Key Takeaways

In our Q1 Affordable Housing Market Update, we looked at regulatory and industry trend updates for property management companies following the turmoil of 2020 and facing the uncertainty of 2021.  

Post-Pandemic Process Trends 
Eviction Moratoriums and COVID-19 Relief Plans 
E-Signature Updates 
ResMan Affordable Updates 

1. Post-Pandemic Process Trends 

The National Affordable Housing Management Association (NAHMA) recently explored the effect COVID-19 has had on how its members manage operations. To no one’s surprise, the pandemic has affected everything from leasing procedures to maintenance and construction processes. It remains to be seen how these and other changes will best be navigated going forward.  

Trends included postponed maintenance that PMCs plan to tackle in 2021, increased emphasis on diversity, equity and inclusion and green building and energy efficiencybut the most consistent operational change reported to NAHMA was an increase in technology adoption and reliance. 

Out of necessity, affordable housing PMCs are moving to digital processes for leasing, recertifications, online rent payments, online training, shared documents for budgets, policies and procedures, and more. As regulations continue to evolve, even greater reliance on technology will be required to manage increased compliance complexity. 

To get a detailed look at these affordable housing market updates, watch our on-demand webinar. 

2. Eviction Moratoriums and COVID-19 Relief Plans 

New legislation aimed at providing relief for residents has complicated leasing operations. In addition to longer wait lists and more defaulted payments, PMCs expect the moratorium lift to generate not only a backlog of evictions, clusters of vacancies and the challenges of multiple simultaneous turnovers, but also more complex reporting requirements. Relief legislation to watch: 

COVID-19 Economic Relief Bill 12/27/20  

•  Eviction moratorium was extended (Separate from CARES Act Moratorium)

•  $25 billion in rental assistance (HUD and tax credits) was approved

•  HUD provided guidance on unemployment compensation:
         ○  Pandemic Unemployment Assistance Benefits – included as an annual income, projected for 52 weeks. 
         ○  Federal Pandemic Unemployment Compensation Benefits – temporary income, not included in annual. 
         ○  Pandemic Emergency Unemployment Benefits – included as annual income, projected for 52 weeks.
         ○  Currently awaiting guidance from HUD on whether stimulus checks should be included when calculating income. 

  •  

President Biden’s COVID-19 Relief Plans 

Information is fluid. We expect a lot of updates over the next 30-90 days, so it’s important to keep an eye on this new legislation. New relief will provide: Extended eviction moratorium for non-payment of rent. (The end date is currently set for March 2021. We are anticipating this to eventually be extended through 2021.) 

• Additional $25 billion in rental assistance program 
• $5 billion in emergency assistance to help people obtain stable housing 
• $1400 per person in direct payments 
• Extra $400 per week, and expansion of other unemployment benefits 

IRS COVID Guidance 

A moratorium on income recertification and compliance monitoring is set to last through September 2021. 

3. E-Signature Updates 

HUD released guidance that Housing Notice 2020-04, which allowed PMCs to use e-signatures and electronic storage, was replaced by the new Housing Notice 2020-10 in October 2020, with two key differences: 

• Extends notice to include 811 Project Rental Assistance (PRA) contracts. 
• Disallows Independent Public Auditor (IPA) access to Electronic Income Verification (EIV) reports, ensuring that EIV Rules of Behavior remain compliant. The new language requires EIV reports to be reviewed on site or at a management office. We are waiting on guidance from HUD on whether this can be done via web meetings or other methods, due to COVID. 

4. New ResMan Affordable Product Updates 

Now that HUD is allowing electronic storage, we have been investing heavily in the ResMan Affordable product to level up our Online Affordable Leasing feature to support the pandemic-imposed need for PMCs to move to a virtual environment.  

Key features include: 

• End-to-end online leasing experience 
• Customized HUD online applications 
• E-sign recertification with auto-generated notices to residents and digital document storage 

More product updates are coming in 2021. Be on the lookout for our Q2 affordable housing market update to stay informed about quickly evolving regulations, deadlines and trends. 

Meet Our January ResMan Rockstars

Jennifer, Contract Manager/Billing Analyst

Where did you grow up? Dallas, TX

When did you join ResMan? January 2019

How does your role impact other ResMan customers? By working to ensure a better customer experience from the contract process through billing and off-boarding of their properties.

What motivates you to come to work every day? This company has such a tremendous passion for being on the cutting edge of technology in the industry and strives daily to create a personal and positive experience with our customers every day.  I have never worked with a team that puts in as many hours as they do, willingness to go the extra mile, and it all boils down to dedication!

What is your favorite ResMan Value Statement? Believe in the Impossible!  I have always had a “Where there’s a will, there’s a way” outlook on life, so having the opportunity to share in that philosophy is a great fit.

Rafaela, Senior Implementation Associate

Where did you grow up? Most of my childhood, I grew up in Brazil. In middle school, I got the opportunity to go study in Japan where I became a great basketball player and swimmer. I stayed in Brazil until I was 19 and then finally moved to the US.

When did you join ResMan? I joined Resman on June 4, 2018.

How does your role impact other ResMan customers? My role is to make sure that our IAs are completing their tasks on time to make sure that the client is happy with our front-facing team. Although indirectly working with the clients, I make sure that we get good emails at the end of the day that deadlines have been met and also mediate any issues that might occur when delays occur on our end.

What motivates you to come to work every day? The environment at Resman is positive and uplifting. Even on “bad” days, you have a team of co-workers there to help and support you on your needs, have laughed, and get work done. The partnership within our Resman family makes work feel less like work and a place where what you do is truly appreciated.

What is your favorite ResMan Value Statement? We often hear “win together.” One of the values at Resman is to cultivate the idea of a team-oriented workspace environment. We win together, we work together, we go through everything together.

Stephany, Product Manager

Where did you grow up? Puerto Rico

When did you join ResMan? March 5, 2018

How does your role impact other ResMan customers? As a product manager, my daily decisions impact customers. Support tickets, customer calls, beta feedback exercises, roadmap planning, so many of my day-to-day activities create a direct impact. Honestly, I don’t see them as customers, I see them as true partners & I owe my day to day to them.

What motivates you to come to work every day? Every day I am asked to be a problem solver & I love it. I feel such a rush when meeting the challenge of taking a frustrated client & turning them into a customer for life. The opportunity to take a non-believer & transform their opinion of ResMan’s power as a solution. The chance to impact my users everyday by solving their problems today with the foresight of what they need tomorrow. Making clients bleed ResMan blue, that fuels me.

What is your favorite ResMan Value Statement? #WinTogether. I feel honored to have amazing coworkers. I get to problem-solve with some of the brightest, kindest, and most sincere humans every day. From my devs, to business services, my leasing support gurus, my selling machines, and my creative CAPs. My coworkers inspire me to show up & deliver every day. ResMan is my home because of my coworkers.

Rue, Sales Engineer – Affordable

Where did you grow up? Toledo Bend Lake in East Texas

When did you join ResMan? October 2016

How does your role impact other ResMan customers? I have the best role in the company.  I get to present our Affordable solution to an industry that needs a great product every day!

What motivates you to come to work every day? My love for the sector of the industry I work in.  My respect for the people I am surrounded with.  And the undying need to win, lol.

What is your favorite ResMan Value Statement? All of them.  Win Together – because we could never win without each other.  Believe in the Impossible – because the trials of a startup are many and we made it!  And Own What you Do – Because there are so many really smart people around me to support what I do, I have to own every day.

Dustin, Customer Support POD Lead

Where did you grow up? Trinidad, Texas – 887 person town about 70 miles south of Dallas

When did you join ResMan? April 8, 2019

How does your role impact other ResMan customers? Beings that I am client-facing, my role brings customer satisfaction front and center. Humor and a personality make the impact I have on our customers have a lasting impression.

What motivates you to come to work every day? The Support Team. We are a pretty close group of people with one goal in common – winning together!

What is your favorite ResMan Value Statement? #wintogether – in Support many different agents have different levels of understanding of all of the products. We work together in order to win together.

Alian, Software Engineer III

Where did you grow up? In Cuba as a child and after that in Spain

When did you join ResMan? With the acquisition of Razz in January 2020

How does your role impact other ResMan customers? I work with the rest of the Website teams making sure we offer our clients the tools they need to have a cool and successful website

What motivates you to come to work every day? I love technology, programming and being able to create, even when it’s in the virtual space, so having the opportunity to do so every day fuels me to get up and do my best!

What is your favoriteResMan Value Statement? Own what you do. I think that getting involved in what you are doing (the good as well as the mistakes) is what leads to great products!, you can never accomplish something if you don’t believe in what you are doing.

Eduardo, Software Developer

Where did you grow up? Sao Paulo, Brazil

When did you join ResMan? February 2020

How does your role impact other ResMan customers? Working on the Websites team, we are directly impacting our customers’ revenue with new prospects, so it is crucial we provide a stable platform and the best features to our customers

What motivates you to come to work every day? I love what I do, I love the challenges the ResMan presents to me and above all ResMan makes me feel at home

What is your favorite ResMan Value Statement? Win together, this makes me feel I am really part of the company and also it is the perfect mentality for a company that wants to achieve big things

Richard, Technical Lead

Where did you grow up? St. George’s. Grenada (Caribbean)

When did you join ResMan? Jan 2, 2018

How does your role impact other ResMan customers? Our team has a big impact on the Resident’s experience in interacting with ResMan, and ensuring they have a smooth and pleasant experience in the leasing process.

What motivates you to come to work every day? Solving problems and facing new challenges

What is your favorite ResMan Value Statement? Win together, Resman is truly like a family

ResMan Adds Payment Acceptance Capabilities To Its Award-Winning Property Management Platform

Native Payments Functionality Streamlines Processes for Residents, Property Managers and Back of House Operations

Plano, TX, January 26, 2021 – ResMan®, a leading property management SaaS platform provider, today announces the extension of the ResMan platform to include payment acceptance services. This new functionality, which is developed and supported by ResMan, now allows property management companies to receive and manage payments from applicants and residents entirely within the ResMan platform.

“Our focus continues to be on listening to our customers’ needs and expanding our platform capabilities in ways that make their lives easier and more efficient. To this point, we are introducing our own native payments capabilities which reduce friction for applicants and residents and provide property management companies with a fully integrated, secure, cost-predictive solution for receiving, processing and reconciling application, security deposit, rent and amenity payments,” says Paul Bridgewater, CEO, ResMan.

ResMan’s payment functionality aligns with industry standards in accepting a wide range of payment methods, offering standard and expedited funding options, and complying with PCI Level I, SSAE 18, SSL (Secure Sockets Layer), NACHA, and Card Rules and Regulations security requirements. The beta program and initial launch with several customers, including Bellrock Real Estate Partners has recently been completed with great success

“We are currently a ResMan payments beta customer, and we will soon be moving our entire portfolio to ResMan payments,” said Jarrad Principe, President of Bellrock Real Estate Partners. “Our payments onboarding experience was fast and smooth, and we see value in having applicant and resident payments received, processed, and reconciled all within ResMan’s comprehensive Property Management Platform. It offers the most seamless experience for our residents, property managers, and back-office team.”

Learn more about how you can manage payments with the ResMan platform.

ResMan Adds End-to-End Affordable Housing Market Online Leasing Solution

Easy-to-Use Online Application, Electronic Signature, and Electronic Document Storage Capabilities Are Fully Compliant with All Affordable Housing Requirements

Plano, TX, January 12, 2021 – ResMan®, a leading property management SaaS platform provider, today announced the national launch of ResMan Affordable Online Leasing. The solution offers a highly intuitive online leasing workflow and meets application and lease format requirements specific to the affordable housing market.

“We are proud to be able to give the industry the technology they need to streamline their application process – something the conventional market has had available to them for a long time,” says Janel Ganim, senior vice president of product at ResMan. “This functionality enables affordable housing property managers and residents to conduct business in a safer, more convenient, and operationally efficient way while remaining in compliance with government regulations.”

Beyond support for affordable online applications and electronic lease signatures, ResMan’s Affordable Platform also includes unlimited electronic document storage as part of the core offering. This feature allows organizations on the ResMan Affordable Platform to take full advantage of the new guidance and move away from paper and physical document storage completely at no additional cost today or in the future. Now property management companies can finally go green – shedding all the cost and risk associated with maintaining paper files.

For those interested in learning more, ResMan will host a webinar on January 21st at 2pm CT to discuss the current Affordable Market regulatory climate and showcase the new Affordable Online Leasing and Electronic Document Storage functionality.