MODERNIZING ASSET

MANAGEMENT

Agenda

• Introductions• Contact Lookup• 2019 Compliance Guide• Training • Policies and Procedures – LIHTC Manual• DMS • Rental Assistance Program Access/Usage• Financial Process Improvements• 2017 Operating Expense Report • Ask IHDA Q/A

Poll #1

Introductions

Asset Management Department

Tim Veenstra, Director

Long-term compliance & operations of 1,298 properties / 131K affordable units

5 Assistant Directors & 70 staff

Introductions

Policy, Strategy, Analytics Team

Jennifer Miller, Senior Advisor

Policies/Procedures, Training, Data/Systems, Business Development

5 staff

Introductions

Rental Compliance Team

Patricia Williams, Assistant Director

Operational, Occupancy, & Physical Conditions: Loans/Grants & Tax Credits

3 supervisors & 32 staff

Introductions

Rental Assistance Team

Liz Smith, Assistant Director

Program Administration for Section 8, Mod/Rehab, LTOS/RHS, SRN, Section 811

1 manager & 9 staff

Introductions

Financial Analysis & Servicing Team

Joanne Ryan, Assistant Director

Audits, Escrows, Budgets, Loan Servicing

2 supervisors & 11 staff

Introductions

Portfolio Risk Management Team

Steve Gladden, Assistant Director

Preservation and Workout Strategies

3 staff

Contact Lookup

Senior Asset Manager orAsset Manager

Compliance Analyst

Physical Inspector

Financial Analyst

www.ihda.org/property-managers/

http://www.ihda.org/property-managers/

Contact Lookup

Poll #2

Contact Update

New Link

http://survey.constantcontact.com/survey/a07eg40g25ejs6hgfih/a00rjslzqnq0/questions

2019 Training Schedule

Upcoming WebinarsLIHTC Basics March 12 9:30 – 11:30 am

Student Rules March 14 9:30 – 11:00 am

Fair Housing for Maintenance March 20 9:30 – 10:30 am

Fair Housing April 10 2:00 – 4:00 pm

HOME Funds April 17 2:00 – 4:00 pm

Rental Housing Compliance April 30 10:00 – 12 noon

Poll #3

New LIHTC Manual

• Issued for review/comment this week

• Clarifies requirements/options for:

o8823 Filing

oStudent Rule

oAnnual Recertification

oIncome Verifications

oExisting Tenant Rule in Acquisition / Rehab

oGeneral Public Availability

oPost Year 15 Monitoring

oIncome Averaging (if permitted)

Rental Compliance

Key Initiatives

• DMS: Online tax credit compliance portal – 80% of all properties are registered!

– Annual Owners Certification and Tenant Events

• Shift from Desk Reviews to More On-Site Reviews

• 8823 Changes in Reporting

New 8823 Process

• Timing of filing

• Reportable non-compliance vs. imperfections

• Physical Inspection changes

• Corrections during inspection

• UPCS Level 1 Deficiencies Only

Rental Assistance

Key Initiatives

• IL Housing Search Usage/Features

• Section 811/SRN Updates

• Re-entry Demonstration

• Preview of Panel on Rental Assistance

New Website Design

Financial Analysis & Servicing

Key Initiatives

• Electronic Escrows Withdrawal Requests

• Loan Confirmations

• Operating Expense Report

2017 Operating Expense Report

Total Units

#Prop

Total Income

Total Exp

Exp/IncRatio

State of IL 37,694 543 $9,080 $6,020 66.3%

Elderly 11,444 146 $8,491 $4,590 54.1%

Non-Elderly 26,250 397 $8,166 $4,980 61.0%

City of Chicago 13,638 151 $9,580 $6,671 69.6%

Metro Chicago 4,337 54 $9,294 $4,870 52.4%

Other Metro 8,230 115 $7,336 $4,570 62.3%

Rural 7,912 137 $5,555 $3,610 65.0%

All dollars are reported as the median of the average per unit per year for FY 2017

2017 Operating Expense Report

Total

Units

#

Prop

Total

Income

Total

Exp

Exp/Inc.

Ratio Admin Operat Maint Salary Supply Utility Taxes Ins.

State of IL 37,694 543 $9,080 $6,020 66.3% $1,280 $200 $920 $1,210 $160 $810 $820 $520

Elderly 11,444 146 $8,491 $4,590 54.1% $1,021 $128 $672 $923 $91 $693 $714 $345

Non-Elderly 26,250 397 $8,166 $4,980 61.0% $1,150 $153 $773 $981 $79 $756 $598 $490

City of Chicago 13,638 151 $9,580 $6,671 69.6% $1,413 $195 $1,106 $1,464 $123 $1,059 $775 $536

Elderly 2,716 26 $9,123 $5,120 56.1% $1,010 $128 $787 $951 $115 $755 $1,012 $362

Non-Elderly 10,922 125 $9,785 $6,270 64.1% $1,741 $168 $682 $1,490 $122 $811 $700 $552

Metro Chicago 4,337 54 $9,294 $4,870 52.4% $1,045 $123 $685 $975 $62 $613 $958 $409

Elderly 1,802 27 $9,125 $4,910 53.8% $1,080 $138 $625 $919 $78 $585 $1,135 $345

Non-Elderly 2,535 27 $10,098 $4,900 48.5% $1,018 $100 $738 $1,007 $46 $653 $821 $520

Other Metro 8,230 115 $7,336 $4,570 62.3% $1,055 $133 $734 $859 $54 $687 $600 $447

Elderly 2,351 21 $8,399 $4,470 53.2% $1,083 $72 $528 $827 $92 $707 $824 $334

Non-Elderly 5,879 94 $7,284 $4,530 62.2% $1,034 $149 $741 $863 $46 $678 $569 $451

Rural 7,912 137 $5,555 $3,610 65.0% $880 $136 $464 $709 $72 $477 $490 $377

Elderly 2,014 35 $5,028 $3,270 65.0% $864 $137 $391 $553 $77 $518 $425 $308

Non-Elderly 5,898 102 $5,704 $3,730 65.4% $887 $135 $486 $754 $67 $466 $491 $440

All dollars are reported as the median of the average per unit per year for FY 2017

Poll #4

ASK IHDA Q/A

THANK YOU!