Affordable housing software is software that focuses on housing that is eligible for government subsidy designed to finance housing for very low, low or moderate income families.
The Affordable Housing Program (AH) is a subsidy program designed to finance housing for the very low, low and moderate income families. The funds are made available thru the Federal Home Loan Bank System. “Affordable Housing Software” is a general term that can be used to describe software that reimburses owners of housing, including multi-family housing, with subsidy to offset the lower rents paid by their residents. Affordable Housing Software, like MultiSite Systems and other rental housing providers, does not provide services to the Federal Home Loan Bank or any services to the AH program itself.
Affordable Housing Software provides rental housing management software that can track and help owners maintain in compliance with the very complicated government subsidy programs. Not every property management software is compliant with the federal, state, local and private subsidy programs. There are a relatively few management software companies that have the subsidy programs embedded into the software product. For example: MultiSite Systems property management software is fully compliant with the following programs and other types of local subsidies:
US Department of Housing and Urban Development (HUD) programs:
These programs are qualified with specifications and form 50059.
- Project based Section 8
- Rent Supplement
- RAP
- Section 236
- BMIR
- HUD Owned
- Section 202 PRAC
- Section 811 PRAC
- Section 202/162 PAC
Public and Indian Housing
Some of these programs are qualified with specifications and form 50058 Technical Reference Guide
- (P) Public Housing
- (CE) Section 8 Certificate
- (VO) Voucher
- (MR) Mod Rehab
- (MTW) Moving to Work
- And other program types.
LIHTC Low Income Housing Tax Credit:
The LIHTC program is an indirect Federal subsidy program that encourages affordable housing development. It was created under the Tax Reform Act of 1986. The housing developed thru this program provides affordable rental units to qualified low income families. The developers compete each year for the valuable tax credits that are issued to encourage development of affordable housing. This is not a federal program the States award developers with the best plan to provide affordable housing. The compliance is very strict and the non-compliance penalties are strong to discourage abuse. Many management companies use LIHTC compliant software like MultiSite or they employ a staff of experts to maintain the strict compliance standards of private compliance companies and local housing authorities.
Rural Development (RD) Multi Family Housing program
• Multi-Family Housing Programs offer Rural Rental Housing Loans to provide affordable multi-family rental housing for very low-, low-, and moderate-income families; the elderly; and persons with disabilities. This is primarily a direct mortgage program, but funds may also be used to buy and improve land and to provide necessary facilities such as water and waste disposal systems. In addition, deep subsidy rental assistance is available to eligible families.
• One of the programs “Section 515” provides loans and deep subsidy for persons with very low and low incomes, the elderly, and persons with disabilities are eligible if they are unable to pay the basic monthly rent within 30 percent of adjusted monthly income. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is established by adding $5,500 to the low-income limit. Section 515 families are qualified on the RD form known as 3560-7. Software vendors like MultiSite Systems and others are fully compliant with the complete specifications for qualifying and transmitting to Rural Development.
All new MINC 3560-8 cert types supported.- On screen New 3560-8 and Budget 1930-7 forms prefill with tenant information.- Seamless integration with Tenant tables, Accounting, AP, Work Orders, Wait List, Tax Credit, HUD.- Excellent Project Worksheet 3560-29 fully integrated with mortgage payments and multiple loans.
State, local and private subsidies
The remaining non-federal subsidy programs are made up of individually unique affordable housing subsidy programs. Since the programs are unique and flexible it is not feasible to list all the programs here. Many of the affordable housing software’s like MultiSite Systems are able to adapt to individual permanent and temporary subsidy program offered by local sources.