Kimberley Webb serves as director of compliance for TM Associates Management (TMAM) in Rockville, Md. TMAM ranks #36 in the National Affordable Housing MA Affordable 100 and is ranked as the fifth-largest rural development property management companies in the nation. Its portfolio is spread across the Mid-Atlantic region and consists of 231 affordable housing developments for over 10,000 units, with 152 properties allocated tax credits. Webb joined TMAM in 1999 and earned her HCCP designation in 2009.
How has the HCCP designation affected your career?
Having the HCCP designation provides security and assurance to our owners and partners that we have educated, certified and competent staff to handle their investments. Being nationally recognized enables me to interact with professionals throughout the industry with confidence that I have a complete understanding of the program and its complexities. As the Low-Income Housing Tax Credit (LIHTC) program continues to evolve, the continuing education requirement provides the reassurance of having a thorough understanding of all updates and changes in the LIHTC program.
How did you get into the LIHTC industry?
Honestly, I had no idea what I was getting into. After having children and choosing to be a stay-at-home mom in the 90s, I continued to stay in contact with the previous management company where I was employed. After they acquired a portfolio that consisted of 15 LIHTC properties, which at the time was still a fairly new program, I was presented with an offer to work from home and monitor the compliance. I was told that it required only two things: check the income and the rent. Sounded easy enough and here I am 19 years later still checking the income and the rent. Although the job is more complex than that, at the end of the day that is exactly what it comes down to.
What are your day-to-day responsibilities?
As director of compliance, my primary responsibility is the oversight of LIHTC compliance. In addition to LIHTC compliance, a large portion of our properties are layered with other programs such as HUD, Rural Development, HOME and Tax Exempt/Taxable Bonds. I assist and work with multiple people on various levels including site personnel, regional managers, corporate staff, owners, investors and state agencies. Along with my team of three, I carry the responsibility of approving all applicants for eligibility, assist with initial lease-ups, prepare and respond to state audits, report to investors/owners, manage multiple state-specific software, train new site staff, establish policies and procedures and file all LIHTC related reporting. I work diligently with investors and asset managers to ensure that their investment is in compliance and that all credits are delivered as anticipated.
What helped with your success in the LIHTC industry?
TMAM manages properties in nine different states, with all of them having very different monitoring requirements. I consider myself very fortunate to have a positive and effective working relationship with all of the state agencies that I deal with, along with having some leading individuals in the industry as mentors who are experts in the field. Being a compliance professional, and with the continued changes in program requirements, it is important to develop relationships with those in the industry that have experience and can interpret and provide guidance that you can trust.
What’s your favorite hobby?
I enjoy entertaining family and friends. Recently, I added a new outdoor patio to my home that has provided many good memories and proven to be well worth the aggravation of construction. My husband and I love the water and enjoy spending time relaxing on our boat along with our dogs. I love dogs and have two, a mixed 10-year-old labrador/chow named Phez and a recently rescued five-year-old golden retriever named Holly.