Tip #2: Know what funding/subsidy sources your development has.
There are many different permissible combinations of funding/subsidy sources that can be used in developing affordable rental housing. The low-income housing tax credit program is one of the few programs that can be combined with just about anything.
When you have low-income housing tax credits layered with other funding/subsidy, such as public housing, project-based rental assistance, or HOME, compliance can be tricky. Make sure you keep copies of pertinent regulatory agreements, HAP contracts, income limits, rent limits, and written agreements in one place so that your staff can understand the development's unique blend of programs.
Next: Working with the LIHTC program: Tip #3
As professional development manager, Sheryl Putnam took the lead role in designing NMA's newest certification seminar, Fundamentals of Low-Income Housing Tax Credit (LIHTC) Management. Prior to joining Nan McKay and Associates in 2011, Ms. Putnam managed the compliance department for a state housing finance agency, providing compliance oversight activities for the LIHTC, PBRA, and HOME programs. She recently wrote a series for the NMA blog about blended occupancy projects.
