sponsored by

Florida Housing Finance Corporation’s

Catalyst Program

Michael Chaney

Common Administrative Pitfalls to Avoid

All Participants Call In with Telephones

FIRST: Click Telephone

• Dial Number

• Enter Access Code

• Provide Audio Pin

Catalyst Training Schedule

www.flhousing.org

All Participants Call In with Telephones

FIRST: Click Telephone

• Dial Number

• Enter Access Code

• Provide Audio Pin

sponsored by

Florida Housing Finance Corporation’s

Catalyst Program

Michael Chaney

Common Administrative Pitfalls to Avoid

Income Calculations • Exceeding 120 day clock • Inaccurate or Incomplete Verifications • Missing or incomplete Income Certification

Administrative Procedures • Exceeding maximum award • Exceeding income limits • Lack of clear policies and procedures

Past SHIP Monitoring Reports: Common Admin Mistakes

Review recording of March 2015 Income Compliance webinar:

https://vimeo.com/122781038

Income Resource

Past SHIP Monitoring Reports: Common Admin Mistakes

File Documentation • Missing required documents

• Discrepancy between LHAP and lien document

File Tips • Keep a Log of Action

• Update a File Checklist

• Date stamp all verifications

• All documents: signed, dated

Resources for SHIP Monitoring

LUNCH & LEARNS: 8 part Administrative Series and 7 part Strategies Series

WORKSHOP:

Preparing for your SHIP Monitoring Visit

• May 24, Clearwater

NEW SHIP MANUAL:

• Read it

Download the new SHIP Manual

New Template

www.floridahousing.org

Tracking and Reporting Mistakes

• Inaccurate tracking of cases and expenditures • Spreadsheets do not reconcile with General

Ledger

Sum of Unencumbered plus Unspent Encumbered money on Tracking Spreadsheet

SHOULD EQUAL

Current balance of the SHIP Local Housing Trust Fund

Do you have a process for reconciling expenses with your

finance department? • Yes

• No

Review recording of 2015 Annual Report webinar:

https://vimeo.com/136626312

Tracking & Reporting Resource

Tips to Avoid Pitfalls

• Creating LHAPs

• File documentation or unclear written agreements

• Selecting applicants

• Working with Contractors and local partners

• Ask a Question of presenter or participants

Call in with your

Set-Aside Compliance EXERCISE

Allocation: $500,000 Program Income:$10,000

All applicants assisted are Low Income

• $110,000 Owner-Occupied Rehab Strategy

• $150,000 Special Needs: Homeowner Repairs

• $250,000 Rental Development

Which set aside was violated?

A. Income Set-Aside D. Both A and B

B. Homeownership Set-Aside E. Both B and C

C. Construction/Rehab Set-Aside

Don’t Mess Up the Notice of Funding Availability

• Advertise in a newspaper of general circulation and periodicals serving ethnic and diverse neighborhoods

• At least 30 days before beginning application period.

• If funding unavailable due to a waiting list, no NOFA required.

According to SHIP Rule 67-37.005 (6), Advertisement Must Include

• Projected Amount of the Distribution • Beginning and end date of application period • Local contact person. Where to apply

In addition, consider adding Details per Strategy: • Estimated amount per strategy • Income categories assisted • Selection criteria • Maximum housing value

LHAP Pitfalls

• Do not limit eligibility to buyers with less than $10,000 on their 401K.

• LHAP erroneously states “Any loans paid off prior to the end of their amortization schedule will be considered as program income.” WRONG: Could be recaptured funds instead

• Do not include a range of numbers like “If a bid is extremely out of range (i.e. 15-20% of cost estimate)”

Review recording of “Effective Written Agreements” webinar: https://vimeo.com/149032881

Partnership Resource

Contractor Pitfalls • New Contractors • Too many jobs • Deliberately underestimate • Poor workmanship • Cheap materials • Delays • Warranty issues

LUNCH & LEARN: Pitfalls to Avoid in the Rehabilitation Process

• December 1, 2015

Resources for Contractor Pitfalls

LUNCH & LEARNS: 4 part Rehab Series

WORKSHOPS:

Rehabilitation Construction Process

• January 19, West Palm Beach

Emergency Repair, Rehabilitation and Reconstruction

• March 22, Fort Lauderdale

Thank you for joining us

• Please e-mail your questions or ideas for future lunch and learns, webinars, clinics and workshops to:

• Chaney@flhousing.org