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LIHTC Compliance Processing

LIHTC Compliance Processing

More owners in HUD’s assisted portfolio are utilizing the IRS’s Low Income Housing Tax Credit (LIHTC) Program to refinance and/or rehab existing affordable properties. PMCS has developed and launched services for these layered subsidy clients that allow PMCS to be an integral part of their compliance team.

Using nearly three (3) decades of compliance review experience with HUD properties, PMCS has expanded this popular, specialized service to include Tenant Income Certification (TIC) Compliance Review. Using proprietary computer software, PMCS can store incoming submissions into a verification module which also serves as a digital document retention system; fulfilling the critical need for long-term storage of Move-In TICs for tax credit owners.  100% of the documents provided are reviewed to ensure initial eligibility has been correctly determined for the household.  Missing or incomplete verification elements are identified and coded, and provided to the client via a summary report.  Corrections and resubmissions of the TICs are required until it meets all compliance requirements and all signatures have been obtained. The complete, correct MI TIC is stored electronically.

Along with all IRS-required documents, PMCS has the flexibility to customize the verification module for each client to display documents required by the particular state agency administering the credits.  This feature easily allows PMCS to update or modify the required documents when changes occur. Again, excelling in customization, PMCS can also incorporate into the TIC Compliance Review, specific documents designed by the owner for management use.

In addition to the TIC Compliance Review, PMCS can also oversee, generate, and/or submit the compliance monitoring reports to the state agency at the required frequency. This quality assurance service reaffirms the set-asides are met during the reporting period and accurate tenant information is submitted in the correct file format to the overseeing state agency.

 

 

 

 

 

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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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