Prior to creating this company, Erik Whitton worked for over 17 years at Spectrum Enterprises, Inc. as the Director of Private Monitoring Services. Erik has provided hands on compliance consulting services to over 4,000 LIHTC developments nationwide.
With Spectrum Erik played a leading role in the development of the Spectrum LIHTC Compliance Manual (which has been adopted for use by multiple state agencies); development and continual refinement of the tenant forms package; and the development of compliance training materials which were featured in dozens of national and regional public conferences and private group seminars.
One of the unique aspects of the LIHTC is the constant refinement of new rules, opportunities, and insights. This is also one of the biggest challenges faced by many compliance professionals. Erik has worked within the IRS § 42 Compliance industry across the entire county for many years and has witnessed first hand many landmark changes including:
- Year 2000: National Council of State Housing Agencies (NCSHA) best recommended practices for compliance monitoring
- Year 2000: IRS Final Regulations for Compliance Monitoring
- Year 2003: IRS Revenue Procedure 2003-82 which specified the “Safe Harbor” guidance for acquisition/rehab tenant income certifications
- Numerous revisions to the HUD 4350.3 Handbook
- Years 2007/2009/2011: Issuance (and subsequent revisions) of the IRS 8823 Audit Guide
- Numerous IRS Compliance Newsletters
- Year 2008: Housing and Economic Recovery Act (HERA)
- Years 2008/2009: IRS Utility Allowance Updated Regulations
Erik has participated in over a dozen NCSHA conferences as an attendee, exhibitor, and speaker. These conferences provided a unique opportunity to meet with HFA staff, investors, compliance trainers, and rulemakers to achieve an in -depth understanding of compliance requirements and industry best practices. Erik has also been a featured compliance trainer with various state agencies, national housing coalition groups, and regional associations of real estate professionals.
As director of the private monitoring division at Spectrum Enterprises, Inc. Erik managed a staff of up to 12 compliance analysts providing expert consulting services to over 1400 LIHTC developments across the US each year. Clients included investor/syndicators, property management firms, and developers. His primary responsibilities included:
- Hiring, staff training and development, oversight of internal quality control, and client relations (sending proposals, executing contracts, and ensuring deadlines were met).
- Erik was a leader on projects involving the ongoing refinement of proprietary software, client reporting elements, and company policy and procedure.
- As compliance regulations evolved from regulatory organizations such as HUD, the IRS, or various state housing agencies it was Erik’s responsibility to disseminate new rules to staff, clients, and colleagues.
- Each year Erik participated in local, regional, and national conferences as a featured trainer on LIHTC compliance matters for asset managers, property managers, developers, and state HFA personnel.
- Erik has authored articles for publication in national print magazines as well as web-based media.
- Each year under his leadership the private consulting division experienced double digit growth becoming a leading provider in compliance services throughout the LIHTC industry.
Through many years of dedication, hard work, and a commitment to quality Erik has earned a well-deserved reputation as a leading consultant on LIHTC compliance matters.