Challenges like improper payments are costing the Affordable and Public Housing market billions every year – and they’re on the rise. This means the verification process for tenants is more vital than ever. The key to navigating these complex challenges is to streamline the process while ensuring accuracy. Platforms like Yardi offer robust tools that can automate and simplify verification. In order to get the most out of these tools, you’ll need to implement some key best practices.
Let’s dive into some essential strategies to optimize your verification process.
1. Understand Regulatory Requirements
The affordable housing sector is governed by various federal, state, and local regulations, such as the Low-Income Housing Tax Credit (LIHTC) program, Housing and Urban Development (HUD) programs, or other local initiatives. Staying informed about these rules is crucial. Each program has their own requirements for tenant income, assets, and household composition. Being well-versed in these regulations will help you avoid errors that could lead to penalties or non-compliance.
An easy and effective way to ensure you’re up to date is by regularly attending compliance training sessions. Leveraging platforms like Yardi, who frequently update their tools to meet current standards, is another easy way to ensure compliance.
2. Use Standardized Forms and Procedures
Consistency is key when it comes to verification. Standardized forms ensure that all required information is collected uniformly, reducing the risk of errors or omissions. Implementing a checklist for your staff to follow during the verification process is a great way to maintain consistency.
If you have Yardi, you can take advantage of its built-in forms that standardize the way you collect information, ensuring you have everything you need for a successful and compliant verification process. The software also allows for customizable workflows, so you can tailor processes to fit the specific needs of your properties.
3. Leverage Technology for Accuracy
One of the biggest pain points in affordable housing verification is manual data entry and processing. The good news is there is technology that can handle much of this heavy lifting. Platforms like Yardi streamline the income verification process, providing templates and automated checks that can flag potential issues before they become a problem.
Automated systems also reduce human error, making sure that your verification is accurate. With integrations for electronic document submission and real-time updates, it’s easier to keep everything in one place. That way, it’s accessible to both staff and tenants.
5. Train Your Team Regularly
An experienced team that knows what to look for during the verification process is a huge asset. Regular training sessions should be part of your operations, especially when new regulations or software updates are released. It’s essential that staff are comfortable using verification tools, reading income and asset documentation, and understanding how to flag inconsistencies.
Training should also include customer service skills, as navigating the verification process can sometimes be confusing or stressful for applicants. Having a well-trained, empathetic team helps applicants feel more at ease and ensures better communication throughout the process.
6. Timely Re-Certification
Affordable housing programs typically require regular recertifications to ensure ongoing eligibility, and have timelines for when they need to occur. Don’t wait until the last minute to get this done. Identify the deadlines that apply to your organization, and develop a plan that allows your team enough time to collect, verify, and update required information. You can use tools like Yardi’s eLearning platform to set up automated reminders for courses required for recertification. This helps avoid last-minute scrambling and ensures you stay compliant year after year.
7. Clear Communication with Tenants
The verification process can feel overwhelming for tenants, especially if they’re unsure of the documents they need or the steps involved. It helps to clearly communicate what is required and why it’s necessary. So does breaking the process down into easy, manageable tasks and providing easy-to-understand instructions, in multiple languages if needed. Encourage questions and let them know you’re there to help them through it.
Using a platform like Yardi can also be beneficial, as it simplifies the process through easy messaging, direct electronic submission of required documents, and status tracking.
8. Document Everything
Documenting every step of the verification process is crucial. From the forms filled out by tenants to the communication you have with them, everything should be stored in a secure and accessible manner. Not only does this ensure compliance, but it also provides you with a clear record in case of any disputes or audits.
These documents should be stored in one centralized location, preferably in digital form on a platform like Yardi. It makes it easier for your team to access and reference when needed.
9. Keep Security and Privacy in Mind
Lastly, don’t overlook security and privacy. The verification process requires tenants to submit sensitive personal information. It’s essential to have robust security measures in place to protect this data, whether it’s through encryption, secure databases, or limited access protocols.
Working with trusted solutions like Yardi, who prioritize data security, helps you maintain these standards effortlessly.
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Conclusion
Incorporating the above best practices with tools like Yardi’s ScreeningWorks, streamline operations, maintain compliance, and provide better service to your tenants. ScreeningWorks provides integrated screening and fraud prevention by first verifying the identity of applicants, then checking credit, rental history, and criminal background checks, then verifying the income of applicants. Unlike with manual processes, most of these verifications can be completed on the same day. Streamlining these processes can reduce days units are vacant, and prevent errors.
Using these kinds of powerful tools while incorporating these best practices into your affordable housing verification process allows you to drastically reduce the risk of fraud, reduce vacancies, and enable households to move in faster, which means people experiencing homelessness can be housed sooner.
