For Section 8 PBCA properties, HUD’s OCAF for 2025 is still on pause, as it is annually, until HUD releases the updated OCAF factor.
Issues with Utility Analysis Baselines
For property managers who are having trouble obtaining utility analysis baselines from Rhode Island Energy, please contact Hope Lanphear, Assistant Director of Leased Housing and Rental Services, at 401-429-1409 or hlanphear@rihousing.com.
Upcoming Program Bulletin: LIHTC Compliance Monitoring Fees and More
For LIHTC projects, a program bulletin will be issued soon regarding annual LIHTC compliance monitoring fees and the owner's certification of compliance for calendar year 2024.
Please use our form to update your site contact information so that the correct owner and management contacts are accurate and the correct person(s) receives the invoice(s) for billing and the owner's certification form.
Annual IREM LIHTC Compliance Seminar
For LIHTC projects, please find RIHousing’s October 23, 2024, annual LIHTC Compliance seminar presentation here.
Important Information for Our Financial Asset Management Team:
Budgets: For developments with fiscal year ending 12/31, the fiscal year end 2025 budgets are due by 12/1/24.
Escrow Analysis: Annual Escrow Analysis is normally completed within a month of the insurance premium payment. Escrow analysis letters and option forms are saved into the Procorem workcenter folder called Escrow Analysis. Partners will be notified via Procorem of the completed analysis. Please review and complete the option form if required upon receipt of the notification. Once completed and signed, the option form should be saved into Procorem within 10 days of upload so that the Asset Management team can be notified and process the partner’s chosen option to address a surplus or a deficit in the account.
Contact changes: Please ensure that your Asset Management workcenter includes anyone whose responsibilities include submitting required financial documents according to the loan agreements, including Audit Approval letters and processing escrow analysis option forms. If you need to add or remove someone as a collaborator to your workcenter, please contact Susan Halloran at shalloran@rihousing.com.
Posts in Procorem: While using Procorem, feel free to use the “Posts” section to communicate information to RIHousing Asset Management staff, which will be received as an email notification.
Late Notices: Late notices are now being sent through Procorem instead of by email.
Audits: Please note that audits are due to RIHousing within 90 days of the fiscal year end. RIHousing staff must review and submit approved risk share audits to HUD within 30 days of receipt. Please ensure that the audit file is complete and submitted timely, or request an extension if it is needed. Extension requests may be emailed to your financial officer with an estimated delivery date and explanation of the delay.
Reminders:
Cost-of-Living Adjustment (COLA) Information for 2025: SSA and SSI benefits will increase 2.5 percent in 2025. Read morehere.
Section 8 and the 811 Program Vouchers must be sent to RIHousing NO LATER than the 10th of each month.
HUD has issued a notice delaying HOTMA for Multifamily programs, pending the release of TRACS 203A. The new deadline is July 1, 2025. Read the notice here.
UPDATE your property contact information! Have you had staffing changes? Please ensure your property’s contact information remains current and accurate with this easy-to-use form.
We'd love to hear from you!
To provide suggestions for information you would like to see in future Property Matters E-News, please email Kathy Millerick at kmillerick@rihousing.com.
RIHousing, 44 Washington Street, Providence, RI 02903
