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How to organize tenant file for LIHTC

1. Preliminary Documentation

Verify tenant application form is complete.

Ensure all required identification documents are included (e.g., Social Security cards, driver's licenses).

Collect proof of income (e.g., pay stubs, tax returns).

Gather asset documentation (e.g., bank statements, investment account statements).

2. Eligibility Verification

Confirm tenant's income falls within the applicable limits.

Check for compliance with occupancy standards based on household size.

Document any special circumstances (e.g., disability, elderly status).

3. Lease Documentation

Ensure the lease agreement is signed by both parties.

Verify lease terms are in compliance with LIHTC requirements.

Include any addendums or modifications to the lease.

4. Recertification Files

Maintain documentation for annual recertifications.

Keep income and asset verification for recertification periods.

Document any changes in tenant status or household composition.

5. Compliance and Reporting

Organize compliance documentation (e.g., tenant certifications).

Keep records of any inspections and findings.

Document correspondence with regulatory agencies.

6. Tenant Communication

Maintain a log of all communications with the tenant.

Organize notices of rent adjustments or lease violations.

Ensure all tenant complaints and resolutions are documented.

7. Record Retention

Establish a retention schedule for tenant files (e.g., 5-7 years).

Ensure secure storage of physical files or proper electronic filing systems.

Verify compliance with local and federal record-keeping regulations.

8. Audit Preparation

Ensure all files are complete and organized for potential audits.

Review documentation for accuracy and compliance.

Prepare a checklist for audit readiness.

This structured approach will help property management organizations maintain organized and compliant tenant files for LIHTC properties.

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