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Compliance Services Overview

Compliance Services Overview

Compliance Services
Outsourcing your monthly HUD Multifamily and LIHTC processing to PMCS gives you the expertise of AHM/COS/TaCCs certified staff at a fraction of the cost of hiring and training your own experts. Our staff includes Certified Public Accountants and leading industry trainers, all of whom have thorough knowledge of LIHTC, HUD, TRACS, EIV, occupancy issues, contract administration and the 4350.3 Handbook.

Whether you’re a property, management company or contract administrator, we can help. Outsourcing your monthly services to PMCS provides quality assurance, gives your staff professional compliance resources, and allows more time for your staff to handle on-site management tasks.

HUD Multifamily Compliance Processing

PMCS will: process your tenant 50059 certifications; transmit your tenant certifications and vouchers electronically to TRACS; provide recertification reminder and rent change notices; provide initial notices at move-in and annual recertifications; monitor your compliance percentage; reconcile your monthly voucher with HUD or your Contract Administrator; and review and correct all TRACS error messages.

LIHTC Compliance Processing

PMCS will review and approve (if applicable) the Tenant Income Certifications (TICs) created by your compliance software during your initial TIC year, and prepare them to be submitted to your monitoring state housing agency at their prescribed frequency.

Guard against recapture of your tax credits, failure to meet your minimum set aside, or receipt of a Form 8823 (IRS LIHTC Agency Report of Noncompliance). Avoid the need for a 100% file audit to correct file deficiencies resulting from inadequate or improper verifications; erroneous income, asset calculations; incomplete or missing required documentation, etc. Let our professionals review your initial eligibility determination, verification documents and verify your TIC calculations. Be ready for a monitoring inspection with complete and accurate tenant files!

Rural Development Compliance Processing

PMCS can transmit your Tenant Certs electronically to MINC, verify your monthly worksheet and request your monthly payments.

Certification Packet Creation

With our certification packet service, PMCS will create a customized packet of necessary tenant documents for all move-ins, annual recertifications and interim recertifications. The forms in the packet will be personalized with your property information, and will be sent out 120 days prior to tenant annual recertification dates, or as requested for move-ins or interim recertifications.

Compliance Review

Upon receiving a complete tenant packet, PMCS will complete a Compliance Verification Review in accordance with HUD’s current 4350.3 regulations. This entails verifying and calculating each tenant’s information provided by the site manager, including: income, assets and deductions on all certifications.

Resident Receivables

We can process your monthly resident receivables and provide reports, handle daily tenant bank deposits and process monthly HAP receivables.

EIV Monthly Reports

To maintain EIV compliance at a HUD property, Owners must retrieve and print a set of mandatory property-wide reports at established frequencies. Being too aggressive or lax with the printing of these reports are equally non-compliant in HUD’s view. Juggling the EIV report schedule, in conjunction with monthly voucher cycles, recertification schedules, and other monthly property management tasks can be challenging. Let PMCS keep you compliant and on schedule! Our monthly EIV Reports Service is customized to ensure all required reports are retrieved and printed from EIV, in accordance with your EIV policies and procedures, and emailed to you with the appropriate levels of data encryption. PMCS delivers EIV peace of mind at an affordable price.

Tenant Bank Deposits

Tenant checks may be mailed or delivered by the property manager to the PMCS office. (Tenants should not contact or visit PMCS directly. All tenant contact must be with the property manager.) PMCS will be responsible for depositing tenant payments into a financial institution of your choice. The deposits may be made via check scanning equipment, if available, or in person, provided there is an office for your chosen financial institution in close proximity to our office. We ensure that strong internal accounting controls are in place, including segregation of duties for audit purposes.

Accounts Payable (Check Writing)

PMCS can prepare your monthly cash disbursements (pay your site invoices from your checkbook).

General Ledger

PMCS can prepare your general ledger and quarterly financial statements. We can also perform pre-audit preparation work needed for your annual financial audit that HUD requires, and assist the auditor during the audit.

Special Claims

PMCS can prepare and submit special claims for vacancies and/or damages, working with the owner/agent to gather required information.

Call us to discuss your site’s needs, and let us prepare a customized proposal.

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Address

Property Management
Computer Services, Inc.
829 W Genesee Street
Syracuse, NY 13204
Phone: 315-451-2423
or 800-245-PMCS (7627)
Email: solutions@pmcsinc.com
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