Audit Preparation or 100% File Reviews

IFC staff will meet with on-site staff to review a sample of the tenant files and the pre-audit documents required, depending on the regulatory layer being reviewed.

Each file will be reviewed for the following:

• Initial Occupancy – Application, Background Reports, Identification Documentation, and Initial Certifications Documents.

• Annual Recertifications – Notification of AR, Certification Documents, and any changes in household size.

• If HUD, Interim Recertifications, Termination Certification, Gross Rent Certification, and Initial Certification are reinstated, they will also be reviewed for accuracy and to ensure correct effective dates.

• Leases/Lease Addendum will be reviewed from Initial Occupancy onto the property to current occupancy on the property.

• Unit Inspections will be reviewed from the Initial Occupancy to the current.

• If HUD, EIV Reports, and Discrepancy Resolutions will be reviewed.

Pre-audit required documents reviewed, but are not limited to the list below:

• EIV Documents Binder and EIV Monthly Reports

• Tenant Selection Plan in accordance with regulatory requirements

• Affirmative Fair Housing Marketing Plan (Supporting Documentation)

• Project Status Reports or Unit Status Reports

• Security Reports and Follow-Up Procedures

Training

IFC staff have over a decade of experience in training on multiple regulatory compliance programs. They can offer on-site or virtual training to property-specific staff or multiple properties for clients as needed.

The regulatory training courses are all day from 9 am to 4 pm, with lunch from 12 pm to 1 pm. The training includes materials supporting regulatory guidance, regulatory updates, and training tools for reference. During the training, there will be group interaction and practical scenarios to enhance an on-the-job learning atmosphere. All trainings will end with a question-and-answer finale. Upon completion of the training, all attendees receive a certification of completion.

Half-day trainings are also available if needed.

Note: We do not offer regulatory designations. The certificate is to prove you have completed training on the regulatory topic but does not give you a designation title.

Custom & Large Projects

IFC can assist with Custom Projects or Large Projects such as Acquisition Rehab (Adding LIHTC to an existing HUD Project), Re-Syndications (Adding updated LIHTC Contract to an existing LIHTC Project), and Initial Lease Ups for new construction projects.

Custom Projects:

• Affirmative Fair Housing Marketing Plan Review and Submissions

• Utility Allowance Review

• Funding Layer Review and Recommendations

• Regulatory Agreement Review

• Unit Matrix Development for existing projects under new management or initial lease-ups of new construction projects

• Investor File Review Corrections and Responses

• EIV Report Review & Discrepancy Follow Up

• LIHTC Rent Waiver Requests

• CTCAC File Scanning and Review

• Policy and Procedure Development

Large Project Services Provided:

• Review of the current Income/Rent Limits per regulatory agency requirements.

• Review of the approved utility allowances to ensure max rent has not been exceeded.

• Assisting in developing a regulatory unit mix (or matrix) to be followed while qualifying each unit on the project ensuring all regulatory requirements are met.

• Initial review of existing tenant files for potential over-qualified or student households

• Preparing working files with certification documents for tenant interviews

• Reviewing completed certification documents to include confirming calculations of income, assets, and allowances are correct.

• Reviewing completed certifications forms (Tenant Income Certification/ 50059/ etc.) for accuracy before having household’s sign the documents.

• Investor Scans: Scanning and uploading files to the investor and owner for third party review. (IFC is available as a third-party reviewer if requested by client.)

• Responding to investor auditor corrections to close out the required initial file review.