We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
When households move out of a unit, they may leave behind damage that’s expensive to repair. For example, a household may damage the carpeting so badly, it must all be replaced. Although you can deduct this cost from the household’s security deposit, the security deposit may not be big enough to cover the full cost of the repairs. Or there may not be enough of it left—the household may have moved out owing back rent, so you may have already applied the...
When you sign a lease with a new household, you must process certain documents. In some cases, this means that both you and household must sign the documents. In other cases, it simply involves giving the documents to the households. If you forget to give a document to a household or process a required document, you risk losing points on your management and occupancy review, and could face other problems, as well.
Screening applicants is becoming increasingly important for assisted sites. And visiting an applicant's home is an effective way to identify bad applicants. It can also help you get a head start in working with those applicants you ultimately decide to accept. At the Residences at Ninth Square, a site in New Haven, Conn., the management uses home visits with great success as part of a rigorous applicant-screening process. They perform the standard background checks ...
During an inspection, Real Estate Assessment Center (REAC) inspectors look at specific areas of the site for health and safety hazards. Most of these hazards can cost you points on your inspection score but don't necessarily subject you to other, more serious penalties.
Four years ago, the Insider launched a new monthly feature: The Trainer. Since then, the Trainer has asked—and answered—questions based on topics raised in each issue’s compliance articles. Whether you’re a long-time subscriber or a new one, you can test your knowledge—and that of your staff—on various compliance topics we’ve covered in recent years by taking the quiz in this Special Issue.
All site owners at one time or another must take the unpleasant step of evicting a resident. You may have to evict a resident for one of a number of lease violations, such as nonpayment of rent, excessive noise, or criminal activity. Whatever your grounds for eviction, you want to do everything you can to make the eviction process go smoothly. But it’s easy to make mistakes before your case goes to court. And a mistake could delay your eviction case or, worse, for...
Sometimes contractors accidentally overbill you. Less frequently, but still too often, they may even try to cheat you. Being the victim of overbilling practices not only costs you lots of money, it can also lead to audit problems. Auditors pore over contractor invoices to make sure they back up the amounts you charge to the site operating account. If the auditors believe the charges aren’t reasonable, necessary, or properly supported, HUD could order you to reimbu...
Going to court with a resident can be an expensive proposition—even if you win. You may win $1,000 in back rent, but that's not a meaningful victory if you have to pay your attorney a few thousand dollars to win it for you. And without a lease clause requiring residents who violate their leases to pay your attorney's fees, you won't be able to convince many courts to order residents to do so.
If you're considering taking over the management of an assisted site, or if you've already agreed to do so, look carefully at the site's financial statements for signs of financial problems or challenges you may face once you start managing the site, says Seth D. Strongin, a CPA in Atlanta, Ga., specializing in the financial management of assisted sites. Knowing what problems may lie ahead can help you:
In today's struggling economy, providing affordable housing to low-income families is more important than ever. There may be plenty of qualified applicants, but there are also considerable challenges in keeping up with rising operational costs and program compliance requirements. Last month, the Insider conducted a survey of assisted housing managers across the country to find out about their biggest budget concerns and toughest management challenges.
RSS