EJW Qualified Compliance Consulting, LLC offers compliance consulting services to syndicators/investors, developers, and property management firms engaged in the Low Income Housing Tax Credit (LIHTC) program. Core services include:
- Tenant file review for initial lease-up or on an annual basis to ensure ongoing compliance
- Move in approvals to ensure affordable units are rented to qualifying households
- General compliance consulting focused on best practices, due diligence, or complex scenarios
- Compliance training for leasing staff, compliance personnel, or asset managers
- Tenant file correction/restoration to minimize the potential for noncompliance
- Strategic guidance for appropriate and timely responses to HFA or investor compliance audits
- Document review for pre-sale due diligence
UNDERSTANDING LIMITED PARTNERSHIP AGREEMENTS (LPAs)
Having worked with many leading investors for several years, Erik has a strong background in understanding the expectations and requirements between the general partner and limited partner. Affordable developments may experience issues that are not reported as noncompliance by state HFAs (or shared with the IRS) but can nonetheless be problematic or costly to the development based on the the committed schedule of credit delivery. Erik can work with all parties to prevent or minimize these scenarios.
SPECIALTY AREA – ACQUISITION/REHAB & RESYNDICATION
Qualified Compliance specializes in working with developments financed using acquisition/rehabilitation credits and properties being resyndicated with a subsequent allocation of housing credits after the initial 15 year compliance period has passed. Erik has worked with hundreds of developments utilizing this financing and understands the critical issues that often arise. Erik can work with leasing staff to develop strategies for efficient income certifications of in-place residents, tracking tenant transfer activity, and working with old files to income qualify existing tenants in resyndicated deals. Erik has written articles and presented training at national conferences specifically related to the unique challenges presented in this type of work.
REPORT FORMAT & DETAIL
Qualified Compliance utilizes a report format that summarizes all compliance risks and needed corrections in a straightforward and easy to understand format. The report includes a high level of detail for each file under review. All files are assessed a risk rating so the compliance team is clear on the most critical cases. In addition to summarizing each file – the report additionally provides insight on the full scope of the income certification process utilized by the development. The report has been shaped over the course of several years with feedback from investor asset managers, property managers, and owners.
By choosing to work with EJW Qualified Compliance Consulting, LLC you can ensure LIHTC developments will maximize the flow of housing credits and minimize the risk of noncompliance with HFA audits and credit timing adjusters with investor partnership agreements. Complex LIHTC regulations and strategies will be explained in easy to understand terms to all parties responsible for executing compliance matters.