Did you know that some states cite properties who use YTD income on the TIC? Watch the video to find out why and learn what you can do if your property is located in one of these states
In this video Heidi explains seasonal employment in an LIHTC Community and how to calculate that income.
Today, Heidi focuses on court ordered child support and alimony in a Low Income Housing Tax Credit Community. What documents are needed for the file? Watch to find out!
In this video, Heidi is sharing an update on how to properly document income from self employment (not to be confused with income from a business). Although there are multiple other options when documenting “net income from a business”, none are acceptable when documenting “net income from self-employment”. This has increasingly been a subject of discussion and findings during state audits; therefore, we have decided to proactively align our clients’ applicable policies and procedures with the same.
In this video, Heidi will use good, better and best practice to explain how to best document income for UBER and LYFT drivers in an LIHTC Community.
In this video, we discuss how to best verify the hire date with an employer during the application process in an LIHTC Community. We discuss why this date is so important and use "good, better and best" to show what options are available for verifying this date.
While income from a business and income from self employment are not the same, in an LIHTC community they are typically documented in the same manner. In this video, Heidi discusses the "good, better and best" procedures for documenting income from a business and income from self employment.
A generic e-mail address is one ending in @yahoo, @gmail etc. In this video Heidi outlines when it is OK to use a generic e-mail address on an Employment Verification as well as during the application process for an LIHTC community.
In this video, Heidi explains "Compliance BEST Practice" for income verification's that are received via e-mail, mail or completed in person.
In this video, Heidi explains "Compliance BEST Practice" for income verification's that can be printed from the employers internet income information source(Also known as electronic sources of verification's of income).
One thing to consider when determining household eligibility, is if assets have been disposed of for less than fair market value. In this video, Heidi explains how to determine how to determine this and shows an example of an asset disposed of for less than fair market value.
Did you know that the file of a household that will occupy a unit with MMRB (BOND) must include documentation of the value of all assets regardless of the value? In this video, Heidi explains why this is the case.
We know that it can be difficult at times to 3rd party verify a household's assets. This is because some banks do not permit bank representatives to complete the Verification of Assets form at the local branch. In this video, Heidi explains how to verify assets in such cases.
In this video, Heidi explains when to count and when not to count a 401K account as an asset during the application process in an LIHTC community.
In today's video, Heidi explains why sites like Zillow are not "best Compliance practice" for determining Fair Market Value of real estate during the application process for an LIHTC community. Heidi explains what you should use instead.
In today's video, Heidi explains when it is necessary/not necessary to verify household assets in an LIHTC community.
In today's video, Heidi explains when to count/not count Life Insurance policies as assets in an LIHTC community.
In this video, Heidi explains when it is necessary to document student status during the application process in an LIHTC community.
In Today's Preferred Compliance Solutions quick tip video, Heidi explains the student definition in regards to LIHTC communities.
In this video, Heidi explains "Compliance BEST Practice" for households that are comprised of all full-time students, with a dependent child in the household in an LIHTC community.
In this video, Heidi is breaking down our Tip Declaration. She will discuss when this form should be used and how to select the option that best fits your file.
In this quick video, Heidi talks about the resident history section of the application. She mentions why this section is necessary and how much resident history is needed.
Today's quick tip from Preferred Compliance Solutions is all about white out and Compliance forms. When filling out Compliance forms in an LIHTC Community, when is it OK to use white out? Do you know the answer? Watch the video to find out!
What is the difference between the Zero Income Form and the Unemployed Form? In this video, Heidi describes when each form is appropriate for use on file.
In this video, Heidi describes how to proceed when an applicant cannot fill out the application and needs assistance.
In this video, Heidi gives some tips to remember when completing the application in an LIHTC community. It's always great to refresh and get back to the basics!
In this compliance training video, Heidi explains when and how to document an absentee spouse during the application process in LIHTC communities.
In this Compliance Training, Heidi uses good, better and best to explain how to document marital status when completing the application process in an LIHTC community.
In this video, Heidi explains one of the elements and "Compliance BEST Practice" for determining a child will be residing in the unit at least 50% of the time. Why and when to place a copy of a child's birth certificate in the file.
In this video, we explain why we don't use YTD earnings to calculate the household income in HUD and RD properties.
There are 7 main differences between the HOME program and Tax Credit program. Today, Heidi explains the first 3 differences. Please tune in for part 2 this video where we explain the other 4 differences between Home and Tax Credit.
There are 7 main differences between the HOME program and Tax Credit program. Today, Heidi explains the last 4 differences. Check out part 1 of this video where we explain the other 3 differences between Home and Tax Credit.
Do you know what the worst non-compliance possible is? In this video, Heidi outlines the worst non-compliance and why it should be avoided.
In this video Heidi reminds us of six conditions that must be met in order for a unit to be counted as Low Income Housing Tax Credit. Stayed tuned for more videos about LIHTC Compliance!
In this video, Heidi explains when to sign the TIC during the move in and re-certification process in an LIHTC Community.
In this video, Heidi lists the most common non-compliance to avoid as well as non-correctable non-compliance.
In this video, Heidi outlines some basics of managing a Low Income Housing Tax Credit property. She discusses information to always have on hand as well as information that should be posted where all residents/prospective residents can see it.
Did you know that during the funding application process, the owner of your LIHTC community agreed to provide specific resident programs and services? You may be wondering where to find the programs and services required for your community. You may also be wondering the best way to document these. In this video, Heidi walks you through the documentation process.
In this video Heidi goes over how to prepare and what to expect during a state audit in a Low Income Housing Tax Credit Community.
This video is an introduction to Utility Allowances in an LIHTC Community. Heidi shares an example as well as some things to remember when it comes to Utility Allowance.
