The first, and most important, thing you should consider when evaluating new solutions to manage properties with affordable housing programs is a tool that can easily handle the management from one place. A consolidated dashboard eliminates much of the friction associated with management of multiple property types, resulting in more simplified management of your properties, which is essential in a world where employee turnover is higher than average.

Next, you’ll want to find a solution that is customizable and configurable to your unique situation. One-size-fits-all software might get the job done in the long run, but it’s not going to be as efficient or easy to use as something that can be set up with your specifications in mind.

Having the ability to manage all of the different workflows associated with affordable housing like HAP and TRACS is essential. One of the most important aspects in this area to look for is whether the tool will update automatically as changes are made to laws and regulations (i.e. income limits). Having to manually key those in could be time consuming for site teams and also opens yourself up to human error, which could put you out of compliance.

For LIHTC properties, the labor associated with Electronic Reporting for entering data into state agency websites is immense and very time consuming. Fortunately, Entrata has XML reporting available for all US States and territories available out of the box.

One of the most complex characteristics of managing layered properties is ensuring every payment is accounted for correctly, whether those payments come from the resident or through subsidies from government programs. Having an accounting tool that automatically updates the ledger and even back-dates payments after a resident is approved is essential to ensure the accounting doesn’t get too complicated and your accounting team doesn’t become overburdened tracking down payment sources.

There are a number of areas where Entrata is helping drive cost and time savings at affordable properties, below are the most notable.

• Streamlined compliance workflows that help you easily determine the eligibility of households.
• Automated income limit updates to ensure residents are meeting current income thresholds.
• Consolidated management of conventional and affordable housing units from one dashboard instead of using multiple systems.
• Simplified program management that enables you to stay on top of all the benefits your properties are eligible for

Utilizing Entrata Affordable has resulted in more efficient and cost effective management of affordable and layered properties for businesses that have implemented it, including:

• 90 second HAP approval process. In the past, this process could take a week or more
• Lead to lease for affordable 9 days shorter (a decrease of 21%)
• Lead to lease for conventional 4 days shorter (a decrease of 15%)

How Entrata can help

Entrata Affordable enables businesses to manage all of their properties, regardless of type, from one easy-to-navigate dashboard. When automations are set up, you’re able to quickly and seamlessly determine income eligibility and approve or deny applications much faster than with other solutions that aren’t purpose built to manage affordable housing.

This is because Entrata’s solution is flexible and customizable and enables you to create specific workflows and application processes for each property and program type, which results in less confusion and happier residents and site teams. One of the areas where It’s most flexible is managing tax credit programs. Depending on the make-up of your properties, whether they be 20/50, 40/60, 15/40 and more, Entrata Affordable is flexible enough for you to build out a program that meets your properties’ specific needs.

Currently, Entrata Affordable is built to manage HUD and LIHTC housing and a multitude of other national and local programs, but is in the process of building out and adding workflows for more and more programs in the coming quarters.

Learn more

To learn more about how to more efficiently and effectively manage affordable housing contracts in your portfolio, check out our latest ebook, Affordable Housing Best Practices.