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Finding enough qualified applicants to occupy your low-income units can be a tough task. And you’ll want to attract enough qualified applicants to be able to choose those who will respect your rules and pay the rent on time.

If you don’t find enough qualified applicants for your tax credit site, the owner may not be able to claim all the credits it was allocated. Worse, your site might not even qualify for the tax credit program, in which case the owner won’t be entitled to claim any of its tax credits.

Getting top-quality renters through your tax credit site’s office door is tough. But dealing with their worries about living at a tax credit site is even tougher. Some applicants think twice about renting a unit at a tax credit site. They have preconceptions that the tax credit program adversely affects the quality of housing, the mix of residents, and how well the site is managed. As a result, you may lose out on good renters who end up renting at a conventional site instead.

The Internet has proven to be very beneficial for apartment communities, as it gives prospects the opportunity to shop for apartments 24 hours a day in the comfort of their homes. As prospects continue to do more of their research online, user review and ratings Web sites such as yelp.com and apartmentratings.com play an ever increasing role in how your site is perceived by the public.

Applicants and residents who lie about their income or student status cause big problems for tax credit owners and managers. Many applicants lie about their qualifications for the tax credit program because they think this will increase the chances that they'll appear eligible to occupy a low-income unit and pay below-market rent.

As a tax credit manager, you must be aware of households' composition and be aware of how life changes such as pregnancies among your households or applicants can invoke specific HUD rules when it comes to eligibility, income, and unit size. For example, suppose a married couple applies for a two-bedroom unit at your site.

Unless you get the right documents from the owner, you may not be able to manage your tax credit site effectively. Part of keeping your site in compliance is making sure your staff knows all the requirements and restrictions that affect it. The most authoritative sources for much of this information are forms and agreements that the owner signed before the compliance period even began. Therefore, it's important to get the documents you need from the owner as early as you can to ensure that your site complies with them.

A tornado hits and wipes out three of the 10 buildings at your site. A flood leaves the ground-floor units at your site uninhabitable. A fire roars through two floors of your high-rise and severely damages 10 units. If one of these or a similar disaster occurs at your tax credit site, you’ll have additional financial worries associated with property loss. The owner has tax credits tied up with each of the destroyed units, and unless you know what to do to protect those credits, the owner could lose them along with the property.

Press releases are a great and inexpensive way to get your site’s name recognized in the community and attract qualified applicants, says communications consultant Rose Reichman. You can send press releases with newsworthy information about a new or existing site to local newspapers and other industry publications and sources. If the publications give your site favorable coverage, this generates an image of success to support your lease-up efforts.

In today's economy, providing affordable housing to low-income families is more important than ever. There may be plenty of applicants, but there are also considerable challenges in verifying that they're qualified for the LIHTC program and in keeping up with rising operational costs. Last month, the Insider conducted a survey of tax credit site managers across the country to find out about these and other challenges they're currently facing.