New Capabilities Make it Easier Than Ever for Affordable Housing Providers to Stay in Compliance While Meeting the Needs of A Broader Range of Low-Income Renters
PLANO, Texas, October 14th, 2021 – ResMan®, a leading property management SaaS platform provider, today announced the addition of Average Income Test capabilities, making it easier than ever before for tax credit properties to ensure they stay compliant as they take advantage of this complex but impactful set aside.
ResMan’s new and enhanced Average Income Test capabilities eliminate the complexity and worry about program compliance by calculating everything automatically within the platform and displaying program metrics right within the Compliance Center dashboard. The robust new capabilities handle all situations – including fixed and floating units as well as layered programs that use the set aside while helping properties minimizing potential compliance risks.
Under the Low-Income Housing Tax Credit Program (LIHTC) Average Income Test set aside, properties may lease their rent-restricted units to tenants with up to 80 percent of the median gross income for the area, as long as the average income of tenants in rent-restricted units doesn’t exceed 60 percent of the area’s median gross income. This set aside provides greater flexibility for properties to serve individuals and families with very low-income levels, as well as those with income levels below the area average but above other LIHTC set-aside limits. While the Average Income Test set aside is a win-win for developers, owners, properties and applicants from a housing standpoint, these programs are more challenging to manage, requiring many property management companies and compliance departments to maintain complex spreadsheets to track required data.
“As part of our commitment to the affordable housing industry, ResMan has taken action to implement best-in-class compliance tracking and management for this set aside because it offers such impactful benefits for residents, owners, investors and property management companies,” said ResMan’s SVP of Product, Janel Ganim. “Our involvement in the industry uniquely positions us to stay on top of any technology changes that may be necessary as the final regulations are handed down, so our customers can be confident that our solution will allow them to stay compliant with the Average Income Test set aside, as well as all other LIHTC regulation changes that may come in the future.”
The ResMan team will participate in the NAHMA Biannual Top Issues in Affordable Housing Conference to be held virtually October 19-22, and will showcase the new Average Income Test capabilities in the Fall Affordable Housing Update Webinar scheduled for November 2 at 1 p.m. CT.