Funding Program Detail

• HUD Programs

• • Click here for a screen shot

  • Community Nbr

  • Financing Agency

  • • The Financing Agency drop down list is populated from System Administration > Maintain Lookup Tables - Agency.

  • Contract Administrator

  • • The Contract Administrator drop down list is populated from System Administration > Maintain Lookup Tables - Agency.

  • Subsidy Agency

  • • The Subsidy Agency drop down list is populated from System Administration > Maintain Lookup Tables - Agency.

  • Income Limit Type - The Income Limit Type (i.e. - Income Limits used by the Funding Program) is set at conversion when the community/funding program is added to Property Manager, and if incorrect, can only be changed with assistance of Bostonpost Client Support (contact Bostonpost Client Support at myMRI or contact a Client Support Analyst directly at (877) 579-8896 for assistance).

  • Income Levels - double-click this hyperlink to show a popup with the region and income limit source to make it clear where the Income Levels displayed are coming from.

  • Income Limit Region - select the appropriate Income Limit Region for the community

  • • You can not change this parameter once households are actively in the Funding Program (a household has been moved into or swapped into the Funding Program).

    • Click on the Income Levels link to see the current Income Limits for the selected Income Limit Region.

  • Welfare Region

  • Financial Rounding Method

  • • Whole Dollars

    • 2 Decimals

  • Prorate Subsidy Method - how to prorate on move-ins and move-outs.

  • • 30 Days

    • Actual Days in Month

    • Do Not Prorate.

  • Eligibility Restriction

  • • None

    • Elderly Including Disabled.  When selected also need to set:

    • • Elderly Age

      • Elderly Preference

      • • Non-Elderly Disabled (49 and younger) Set Aside

        • • For HUD Section 8 Programs the “Under 62 Quota” label has been changed to “Non-Elderly Disabled (49 and younger) Set Aside”.

          • You must enter this Set Aside when the Near Elderly Preference below is selected.

        • Near Elderly Preference

        • • The checkbox is selected when the Near Elderly Preference is not zero.  See HUD Handbook, page 3-48, for definitions of Elderly, Near Elderly and Non Elderly.

    • Elderly Only.    When selected also need to set:

    • • Elderly Age

    • Disabled Only

  • Prorate Imputed Asset Income - Selecting this parameter gives the Owner/Agent the option to allow for the proration of imputed income if the divested asset’s two year life ends during the period covered by the proration.  As stated in the HUD 4350.3 5-7.G.8c. By selecting this option the income for the disposed of asset will be prorated. By prorating the amount an IR certification does not have to be created to report the removal of the disposed of asset.

• Tax Credit Programs

• • Click here for a screen shot

  • Community Nbr

  • • For LIHTC (Tax Credit), Community Nbr is the property identifier in your state’s database.  If the state/agency has an empty database (for example Spectrum software), set this equal to the community ID in Property Manager.

  • Financing Agency

  • • The Financing Agency drop down list is populated from System Administration > Maintain Lookup Tables - Agency.

  • Contract Administrator

  • • The Contract Administrator drop down list is populated from System Administration > Maintain Lookup Tables - Agency.

  • Income Limit Type - The Income Limit Type (i.e. – Income Limits used by the Funding Program) is set at conversion when the community/funding program is added to Property Manager, and if incorrect, can only be changed with assistance of Bostonpost Client Support (contact Bostonpost Client Support at myMRI or contact a Client Support Analyst directly at (877) 579-8896 for assistance).

  • Income Levels - double-click this hyperlink to show a popup with the region and income limit source to make it clear where the Income Levels displayed are coming from.

  • Income Limit Region - select the appropriate Income Limit Region for the community

  • • You can not change this parameter once households are actively in the Funding Program (a household has been moved into or swapped into the Funding Program).

    • Click on the Income Levels link to see the current Income Limits for the selected Income Limit Region.

  • Welfare Region

  • Financial Rounding Method

  • • Whole Dollars

    • 2 Decimals

  • Federal Program - select this check box when the Tax Credit Program is a Federal Program and not a State Tax Credit Program.

  • Program Provides Subsidy - select this check box when the Funding Program provides subsidy to residents of the community.

  • National Non-Metro applies - select this check box to use special income limits for the funding program.

  • • The rule is that, if the community is in a rural area, for tax credit purposes the income limits based on the greatest median income (area median or national non-metropolitan median) should be used.  Section 3004 of the Housing and Economic Recovery Act (HERA) specifies that any project for residential rental property located in a rural area (as defined in section 520 of the Housing Act of 1949) use the maximum of the area median gross income or the national non-metropolitan median income.

    • The original income limit region is preserved for the community and selecting this check box will cause an extra check for higher limits to occur.

    • You can not change this parameter once households are actively in the Funding Program (a household has been moved into or swapped into the Funding Program).

  • HERA Special Limits

  • • This check box can be selected when tax credit rules apply to indicate HERA Special Limits apply.  This check box can not be selected if the income region does not have HERA Special Limits.

    • You can not change this parameter once households are actively in the Funding Program (a household has been moved into or swapped into the Funding Program).

  • Eligibility Restriction

  • • None

    • Elderly Including Disabled.  When selected also need to set:

    • • Elderly Age

    • Elderly Only.  When selected also need to set:

    • • Elderly Age

    • Disabled Only

  • Allow Full Time Student Households - Select when households comprised of only full time students are permitted by the Tax Credit (LIHTC) Funding Program.

  • Full Recert Schedule - when the full certification process needs to be done for an AR.  The choices in the drop down list is based on various state regulations.

  • • Examples include:

    • • All Annuals (MI and each annual)

      • None (full TIC at MI only)

      • First AR Only (Self certs starting in the third year - second AR)

      • Maine Rules - Every 6 Years

      • Full cert every three years after MI cert

    • When multiple Agency Rules apply in a Funding Program Group, the Agency with the most stringent rules will govern what can be selected for the Full Recert Schedule.

    • • For example, if HUD or USDA are involved in the funding program group, the Full Cert Schedule field will not be visible because HUD and USDA dictate that the certification must be done annually.

      • If one funding program requires a full cert each year, then a full cert will be done for Tax Credit as well.

  • Recerts Effective on Anniversary Day

  • Alternative Annual Tax Credit Income

  • • The Alternate Annual Tax Credit income has been replaced with expanded methods for calculating Wage income.  To better meet compliance requirements in California for calculating employment income, or to assist with wage income calculations from a variety of sources, you will be able to calculate non-Federal wage income 4 ways with the higher income amount ultimately used for the income calculation.  You will be able to enter income detail for non-Federal Wages under each of these four different methods.  The parameters for each of these methods is included on the Community Detail > Program Info tab.  Choosing “None” for any of these methods makes that method of entry unavailable when entering a prospect or household’s income.
    • • Verification of Employment (VOE) Regular
      • • None
        • Exclude ARI (Anticipated Rate Increase) - exclude any anticipated rate increases from the calculation
        • Include ARI (Anticipated Rate Increase) - include any anticipated rate increases from the calculation. This is set by default based on the former checkbox Alternate Annual Tax Credit Income.  If the method is set to Include Anticipated Rate Increase, alternate columns will be available to enter a different value for tax credit qualification.
      • Verification of Employment (VOE) YTD
      • • None
        • Weekly Average
      • Paystub Average
      • • None
        • Average all Paystubs
      • Paystub YTD
      • • None
        • Weekly Average
    • The Income and Expense, Gross Income and Expense, and Preliminary Income and Expense reports have been modified to display the new income calculation fields, when multiple ways of entering income information have been configured.

  • Certification Form - select the TIC Form that applies to this Tax Credit Program.  This drop down list includes both Certification Forms and Self Certification Forms (Supported TICs).

  • • If you don't see the TIC form you are looking for, navigate to the File menu and select "Check for Updates to Forms" to make sure you have all of the current Supported TIC Forms.

    • FAQ - Forms Versions

  • Self Certification Form - select the Self TIC Form that applies to this Tax Credit Program, if applicable.  This drop down list includes both Certification Forms and Self Certification Forms (Supported TICs).

  • Recerts Effective on Anniversary Day - When selected, if the Recertification is effective in the same month as the move-in anniversary, then the effective date on the certification form will display with the actual day of the month instead of the 1st of the month.  Please note the transaction effective date will still show as the first of the month.

  • Member Count Method

  • • Number of Tenants

    • 1.5x Number of Bedrooms

    • 2.0x Number of Bedrooms

    • Number of Bedrooms + 1

  • Community Setaside

  • • 40-60

    • 20-50

  • Prorate Imputed Asset Income - Selecting this parameter gives the Owner/Agent the option to allow for the proration of imputed income if the divested asset’s two year life ends during the period covered by the proration.  As stated in the HUD 4350.3 5-7.G.8c. By selecting this option the income for the disposed of asset will be prorated. By prorating the amount an IR certification does not have to be created to report the removal of the disposed of asset.

  • Allocation Year

  • Specify Export Name - Select this option to designate a program export name when submitting certifications to LIHTC.

• USDA

• • Click here for a screen shot

  • Community Nbr

  • Financing Agency

  • • The Financing Agency drop down list is populated from System Administration > Maintain Lookup Tables - Agency.

  • Contract Administrator

  • • The Contract Administrator drop down list is populated from System Administration > Maintain Lookup Tables - Agency.

  • Program Provides Subsidy - select this check box when the Funding Program provides subsidy to residents of the community.

  • Income Limit Type - The Income Limit Type (i.e. – Income Limits used by the Funding Program) is set at conversion when the community/funding program is added to Property Manager, and if incorrect, can only be changed with assistance of Bostonpost Support.

  • Income Levels - double-click this hyperlink to show a popup with the region and income limit source to make it clear where the Income Levels displayed are coming from.

  • Income Limit Region - select the appropriate Income Limit Region for the community

  • • You can not change this parameter once households are actively in the Funding Program (a household has been moved into or swapped into the Funding Program).

    • Click on the Income Levels link to see the current Income Limits for the selected Income Limit Region.

  • Welfare Region

  • Financial Rounding Method

  • • Whole Dollars

    • 2 Decimals

  • Prorate Subsidy Method - how to prorate on move-ins and move-outs.

  • • 30 Days

    • Actual Days in Month

    • Do Not Prorate.

  • Eligibility Restriction

  • • None

    • Elderly Including Disabled.  When selected also need to set:

    • • Elderly Age

    • Elderly Only.    When selected also need to set:

    • • Elderly Age

    • Disabled Only

• Public Housing

• • Click here for a screen shot

  • Financing Agency

  • • The Financing Agency drop down list is populated from System Administration > Maintain Lookup Tables - Agency.

  • Contract Administrator

  • • The Contract Administrator drop down list is populated from System Administration > Maintain Lookup Tables - Agency.

  • Program Provides Subsidy - select this check box when the Funding Program provides subsidy to residents of the community.

  • Income Limit Type - The Income Limit Type (i.e. – Income Limits used by the Funding Program) is set at conversion when the community/funding program is added to Property Manager, and if incorrect, can only be changed with assistance of Bostonpost Client Support (contact Bostonpost Client Support at myMRI or contact a Client Support Analyst directly at (877) 579-8896 for assistance).

  • Income Levels - double-click this hyperlink to show a popup with the region and income limit source to make it clear where the Income Levels displayed are coming from.

  • Income Limit Region - select the appropriate Income Limit Region for the community

  • • You can not change this parameter once households are actively in the Funding Program (a household has been moved into or swapped into the Funding Program).

    • Click on the Income Levels link to see the current Income Limits for the selected Income Limit Region.

  • Welfare Region

  • Financial Rounding Method

  • • Whole Dollars

    • 2 Decimals

  • Prorate Subsidy Method - how to prorate on move-ins and move-outs.

  • • 30 Days

    • Actual Days in Month

    • Do Not Prorate.

  • Eligibility Restriction

  • • None

    • Elderly Including Disabled.  When selected also need to set:

    • • Elderly Age

    • Elderly Only.    When selected also need to set:

    • • Elderly Age

    • Disabled Only

  • Other Programs

  • • HOPE VI - select if true for this Funding Program

  • Moderate Rehabilitation

  • • Single-Room Occupancy (SRO) for Homeless - select if true for this Funding Program

  • Rent Calculation

  • • Use Flat Rent as Ceiling - select if true for this Funding Program

    • Apply annual COLA adjustment between full certs

    • • When this parameter is selected and a household in the Funding Program has no wage income (household is on fixed income), there rent will be increased in non-AR (annual recertification) years by Percent Cost of Living Adjustment (COLA).  Fixed Income households are only required to do an AR every 3 years.  The adjustment increase is a percentage of existing tenant rent, not the unit rent on the rent plan.

    • Income Based Rent Percent - set percentage to use

    • PHA Form Option - select either:

    • • Family Report

      • Moving to Work

• Rent Regulation

• • Click here for a screen shot

  • Financial Rounding Method

  • • Whole Dollars

    • 2 Decimals

• Conventional

• • Click here for a screen shot

  • Eligibility Restriction

  • • None

    • Elderly Including Disabled.  When selected also need to set:

    • • Elderly Age

    • Elderly Only.    When selected also need to set:

    • • Elderly Age

    • Disabled Only

  • Income Limit Region - select the appropriate Income Limit Region for the community

  • • You can not change this parameter once households are actively in the Funding Program (a household has been moved into or swapped into the Funding Program).

    • Click on the Income Levels link to see the current Income Limits for the selected Income Limit Region.

  • Financial Rounding Method

  • • Whole Dollars

    • 2 Decimals

  • Proj. Based Voucher Source - this parameter defines the project based voucher source for a conventional funding program.  The drop down list is populated with voucher sources selected in the Maintain Voucher Source task on the Community Detail > General tab.