The Credential - June 2024

Housing Credit Certified Professional (HCCP)
Contact: Dean Schwanke
VP, Multifamily Housing
(202) 266-8392

Hello and welcome to the June 2024 edition of The Credential!

As I’m writing this, I’m struggling to figure out how we are already entering the summer months of 2024. I guess it’s true time flies when you’re having fun (if you define fun as learning new things and staying extraordinarily busy)! The Housing Opportunity Through Modernization Act (HOTMA) has not only changed the way we’ve been handling compliance for years but also required us to update forms, tenant selection plans and our affordable software platforms. I remember my third-grade teacher telling me many, many years ago every time you learned something new there would be a new wrinkle in your brain. Well, if that’s true, my brain has certainly gained a few new wrinkles this year. And, with the fantastic articles we have in store for this edition, more wrinkles are sure to form.

First, another Back to Basics…Again article from Scott Michael Dunn which focuses on annual adjustment factors that are built into HOTMA. Next, Erica Etterling has put together a fantastic article about a 2nd Allocation of Credits and what you need to know about that allocation. So much great information in this article I don’t know where to start — it’s a must-read. Christine Bennett-Martin took time out of her busy schedule to tell us everything we need to know about file organization and how ensuring files are properly organized can save us time and money, and more importantly, reduce our risk of credit loss.

And to tie in with our upcoming webinar, we have an article by Randy McCall on understanding gross rent. Randy will explain how to calculate gross rent and provide tips to ensure your rents remain within the maximum rent limits. As mentioned, our upcoming webinar also focuses on gross rent. A.J. Johnson will discuss how gross rents are established and what role fees play in determining the maximum allowable rent that can be charged for your property. Be sure to register for the June webinar — you won’t want to miss it.

Thank you for everyone who contributed to this month’s newsletter and webinar. Your time and dedication to our industry doesn’t go unnoticed.

For those attending the NCSHA conference in Atlanta in a couple weeks, please stop by our booth to say hello and pick up your HCCP ribbon.

Wishing you all a wonderful summer!

Chair, HCCP Board of Governors

Stories in This Edition:

Back to Basics: Annual Adjustment Factors

What to Know About File Organization

My Property Received a 2nd Allocation

Understanding Gross Rent Limits

Emerging LIHTC Issues

HCCP Board of Governors Spotlight: Gina Metzger

HCCP Designee Spotlight: Amanda Mistretta

HCCP Distributor Spotlight: Stephanie Naquin

Marie Peace
   Marie Peace
   Chair, HCCP Board of Governors