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A Quick Guide to Preparing FDIC AHP Annual Reports

A Quick Guide to Preparing FDIC AHP Annual Reports. Prepared by Affordable Housing Connections, Inc. The order of preparation of documents is: The Tenant Consent Form The 3rd Party Verification (recommended forms can be found online at http://www.mnhousing.gov/ )

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A Quick Guide to Preparing FDIC AHP Annual Reports

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  1. A Quick Guide to PreparingFDIC AHP Annual Reports Prepared by Affordable Housing Connections, Inc.

  2. The order of preparation of documents is: • The Tenant Consent Form • The 3rd Party Verification (recommended forms can be found online at http://www.mnhousing.gov/) • Tenant Income Certification • Report Part B, then Report Part A • Owner’s Certification of Program Compliance

  3. Tenant Release and Consent

  4. Tenant Release and Consentform can be found on the AHC Web site

  5. In order to collect 3rd party verification and other personal information, each adult member of the household must first sign a Tenant Release and Consent. This form needs to be included as part of each household file and renewed annually.

  6. Annual ReportPreparing 3rd Party Verifications FDIC AHP

  7. Income Verification • To determine whether a tenant is eligible, an owner must compare the tenant’s anticipated annual (gross) Income for the next 12 months to the income limits for the appropriate household size. • Household annual income includes employment or earned income of all adult members, most benefits and periodic payments, and income from assets.

  8. FDIC 3rd Party Verification forms • Employment Verification • Telephone Verification • Asset Verification • Includes: • Checking Accounts • Savings Accounts • Certificates of Deposit • Trusts • Property Recommended verification forms can be found on the following Web page: http://www.mnhousing.gov/wcs/Satellite?c=Page&cid=1358905290806&pagename=External%2FPage%2FEXTStandardLayout

  9. See AHC Web site for additional pages…

  10. A Guide for Determining Annual Income Appendix C can be found on the FDIC Property Owner’s Manual Web page:http://www.fdic.gov/buying/owned/affordable/affordable/manuals/owner/

  11. Tenant Income Certification(TIC) FDIC AHP

  12. Blank Tenant Income Certification forms can be found on the AHC Web site:

  13. Names of all tenants written here (If more, attach list) Choose applicable Choose applicable VLI – very low income LI – low income OI – over income Choose the total # of people in the unit Income sources are put in the correct category. The letters correspond to the household members. If more room is needed, add separate sheets, and identify each separate household member with their letter. All adults in the household must must sign and date the TIC.

  14. Income from assets is the total cash value multiplied by the interest rate. (For example: George receives .001% interest on the balance in his savings account. $596.32 X .001 = $.596, rounded to $.60) List of Assets (the letter corresponds to each household Member’s assets. In this case, all Assets belong to the head of household, George Langley) (Imputed income is calculated only if the total Net Value of Assets is more than $5,000.)

  15. Check income level carried over from page 1 of the TIC Owner or authorized agent (Management Company) should sign on the same day or after than the tenant(s). Contract Rent as stated on lease Income limits found on annual rent and income limits tables published on the AHC Web site. Original lease date

  16. Tenant Income Certification Preparation Hints • TICs should be signed first by the tenant, then by the management representative on the same day or later, NEVER BEFORE the tenant • Fill out all gray cells in the TIC. Cells outlined in red will auto fill. • Never black out any entry (or white it out) – it must be crossed off so that it is still legible, and with the preparer’s initials and date close to the correction. Example: Albert AJH 03-02-14

  17. Annual Report, Report B FDIC AHP

  18. Blank Annual Report forms can be found on the AHC Web site (customized report forms can be found in your secure folder):

  19. FDIC Summary Report, Part B This report, along with Report Part A, are to be filled out AFTER all preliminary documentation has been completed, such as 3rd party verifications of Income and Assets, and information from the Tenant Income Certification. It derives its information from these documents.

  20. Rent and Income limits are sent to Property managers each year. The Applicable limits should be typed into These boxes

  21. Fill these cells with the actual total number of set-aside units including how many are very low income, and how many are low income. The “Required” cells are prefilled and the “% Required” will automatically calculate when the first fields are filled in.

  22. The Columns in the Report body are labeled as to what they should include. The information below needs to be entered for all units in the project.For Units NOT included in the set-aside (or units that are classified “Unrestricted” do not include Gross Income, Monthly Unit Rent, or Date of Last Income Certification. • Column A Building Address • Column B Unit # • Column C Tenant name (or indicate if the unit is VACANT) • Column D Number of Bedrooms • Column E Number of Persons • Column F Original Date of Lease (should match Lease date on TIC) OR Move out Date • Column G Type of Unit (select the following from the drop down list: VLI, LI, O-LI or U- Unrestricted)(should match TIC) • Column H Tenant’s Annual Gross Income (should match TIC) • Column I • Maximum Annual Eligible Income (fills automatically from the Rent & Income Limits sheet) • Income Eligible Tenant? If the actual income is under the maximum income, the column has “Y” for yes • Column J Monthly Unit Rent (should match TIC) • Column K • Maximum AHP Rent (fills automatically from the Rent & Income Limits sheet) • Rent Within Allowed Limit (If the actual rent is less than the maximum allowed rent, the column has “Y” for yes • Column L Date of Last Income Certification (should match Certification date on TIC)

  23. Annual Report, Report A FDIC AHP

  24. Type in the date report submitted

  25. Fill in the shaded boxes with actual numbers from Report B. (Columns will total where formula “#DIV/0!” appears.)

  26. Owner’s Certification of Program Compliance Form FDIC AHP

  27. This form needs to be filled out, and signed by the property owner as part of each FDIC Annual Report

  28. Questions? Barbara Dolan, Compliance Monitor Affordable Housing Connections, Inc 651-222-8319 barbara@ahcinc.net

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