What does it mean to reimagine affordable housing? Who are the affordable housing property managers and compliance professionals leading the way? How do Yardi solutions fit in? Stay tuned to The Balance Sheet over the coming months to read our new series highlighting the work and successes of who we are calling Affordable Housing Visionaries. Throughout the series, we’ll speak with affordable housing providers and learn how their use of evolving technology has helped them reimagine the future of affordable housing compliance. Guardian achieves measurable outcomes with outsourced compliance First in the series is Guardian, based in Portland, Oregon. Read on to learn how Guardian’s Compliance Quality Assurance Manager, Allison Christensen, is leading the organization’s embrace of outsourced affordable housing compliance expertise to build a stronger team and achieve measurable benefits. Q: Hi Allison! Please introduce us to Guardian. AC: Guardian is a developer, owner and operator of multifamily properties. We provide innovative real estate solutions dedicated to community and housing for all. We are based in the Pacific Northwest, and our customer-focused team is committed to supporting and lifting the communities we serve. Q: Describe an example of compliance technology that Guardian has implemented? AC: In July 2020, we began contracting with Yardi RightSource to review affordable housing applicant and recertification files for completeness and compliance with our funding sources. We’ve found that RightSource has helped Guardian expedite our file processing times, improved our data accuracy and leveraged data integrations for greater efficiency. Q: Tell us more about how data integration is valuable? AC: Yardi Voyager is our core operating platform for managing properties, finance and affordable housing compliance data. And, because RightSource auditors have seamless integration with Voyager, we are assured that our compliance data is always accurate and up to date. Q: How did Guardian adjust its team structure after adding RightSource compliance services? AC: It’s true that our staff assignments changed once we outsourced a portion of our compliance services. However, the process was done with care and consideration of all affected team members. Some of Guardian’s former compliance team members were reassigned within the company, and others even began working at RightSource. Everyone landed in a great space. RightSource was very helpful in ensuring staff assignment changes were handled with care. Q: Please describe Guardian’s compliance reporting processes? AC: One of the benefits of adopting new solutions is the ability to simplify processes which, in the past, may have been particularly stressful on staff resources. We’ve found that adding RightSource simplifies reporting because of how data is shared between auditors and Yardi Voyager. As part of the audit process, RightSource team members ensure compliance data is accurate while connected to the core Voyager database. That reduced chances for errors or misplaced data due to extraneous data transfers. So, when it’s time for Guardian to compile data for compliance reporting, we feel assured our reports are accurate and reflective of everything our properties have achieved. Q: How does training fit in with reimagining affordable housing? AC: The complexities of affordable housing are real, and training has always been a core component of successful strategies. We provide our employees with self-paced instructional content that’s available online. We’ve found this type of training resource is more effective than what the industry had traditionally relied on. RightSource makes the content available and updates it as compliance regulations evolve. It’s a great resource for new and current staff. Q: What is the central benefit Guardian has achieved by adopting new compliance technology? AC: Communication. Embracing outsourced compliance services keeps us well informed with everything happening with our new resident applications and current resident recertifications. We can log in any time to see exactly where all files are in the queue. For example, which applicant files are incomplete, which are pending review, which are coming up for recertification, and on and on. RightSource promises a 24-hour turnaround for file review, and...

Editor’s note: The following interview was originally published on The Breezeway, the official blog of Yardi Breeze. Chris Voss is currently a vice president at Yardi, but he’s been working in affordable housing for over 20 years. In that time, he’s worked on the investor side of the business, putting together tax credit deals to help developers get their properties built. He later shifted gears and spent a number of years working directly with operators. He’s experienced in helping property management companies optimize and modernize with the help of affordable housing and compliance software. Chris is the perfect person to discuss the future of affordable housing. Keep reading to see how he’s helping Yardi revolutionize affordable housing and simplify compliance. What’s the goal of Breeze Premier?We’re looking to bring everyone on our legacy systems over to Yardi Breeze Premier. This will help us better support our clients with newer software and get upgrades out faster. It also provides a portal for applicants and residents to apply online, make payments and enter work orders. Are there any features that tend to convince people to switch or migrate?One of the bigger points of interest for our residential clients is the ability to launch branded corporate and property websites with RentCafe. This is our marketing and leasing solution built into Breeze and Breeze Premier to support online leasing. It also includes options for integrated screening and renters insurance. Historically, rent collection and work order management have been done manually, so to have an integrated system is really compelling. The most-used feature of RentCafe is probably the resident portal, which automates rent collection and centralizes online maintenance requests. And residents love the RentCafe Resident app. Looking back, what made the previous generations of Yardi software relevant in their time?Years ago, Yardi Genesis and Yardi Genesis2 were some of the most powerful property management systems around. This was especially true for small to mid-sized companies. They didn’t need everything a system like Yardi Voyager had to offer. However, a lot of that functionality was built in to help clients with activities in the back office such as bookkeeping, financial reporting and resident tracking. The reality is that a lot of employees at smaller affordable companies wear multiple hats. They do more than back-office activities. That’s where Breeze Premier come in. What’s making Breeze Premier relevant in our time?In addition to accounting, operations and reporting, our latest property management software includes built-in marketing and leasing tools plus a host of optional add-on solutions to do even more. We’ve implemented text messaging to better communicate with residents and introduced a CRM queue to track customer communications and initiate follow-ups. We leverage artificial intelligence to communicate with potential residents using our RentCafe Chat IQ chatbot. We provide the option for clients to outsource their utility billing and utility invoice processing, among other features. Not to mention, we just rolled out maintenance call center services to Breeze Premier clients with RentCafe Connect. If you were to reimagine affordable housing, what might it look like?Reimagining the future of affordable housing is really about finding ways to reduce the costs and complexities of operations. It starts by reducing the friction that is involved with finding and applying for an affordable home today. RentCafe.com is an internet listing service available for our residential clients. Even a person who wants to move to a different state can now easily apply online. They can also complete the entire certification process without ever having to walk into that out-of-state property. We’re also trying to eliminate fair housing complaints from even arising. With RentCafe Affordable Housing, the certification and application process are done online, so the manager never has influence over the application process. So even if that household ends up being denied, they can’t point back and say the property manager was discriminating against them. Put it this way: In every respect, the future...

Implementing IFRS 16 lease accounting standards is a daunting task as it requires adhering to new policies, adopting new measures, and changing existing processes. As per the new lease accounting standards, assets and liabilities need to be recognized by lessees in the balance sheet. The aim is to make reporting more transparent and allow companies to ascertain the nature of lease transactions. Transitioning to lease accounting software will help your business achieve compliance without hassle. A lease accounting software is a great tool to do calculations, produce journal entries and automate reporting compliant with the new IFRS 16 standards.  The selection and implementation process for a software can be a time-consuming endeavor. There are, however, certain criteria businesses can investigate to determine the best lease accounting software for their needs. You should be clear on the software’s data gathering and reporting capabilities, its cost-effectiveness, and the different benefits you will enjoy after the successful implementation of the software.  Here are some of the features you should look for when reviewing lease accounting software providers. Compliance with IFRS disclosure requirements There are many software solutions on the market promising different sets of features to ease IFRS 16 implementation. However, you must choose a software that helps in meeting all disclosure requirements.  The new standards demand more disclosures in the form of right-of-use assets, interest expenses, and information regarding the outflow of leases. A good lease accounting software should develop all disclosure reports as and when the company needs them.  Look for maximum accuracy and flexibility of the software solution IFRS 16 standards are very complex. A manual fixing of such complexities would take a lot of time, resources and may lead to errors. To prevent this, software solutions should have configurations that support data features that make the process easy.  A company generally has a large lease portfolio. To maintain accuracy after every change operated by different stakeholders, internal control needs support. An advanced lease accounting software solution will help with the data entry validation mechanism and provide role-based access for optimal results. A centralized data repository for easy collaboration A large amount of lease data is one of the most difficult things to handle by account managers. A lease management software solution with a centralized data repository will not only save time but money, as well. It makes it easy for employees of different departments to access the information on the platform.  Additionally, access should be granted to only those who need it, with complex data security protocols and security standards. Notifications and alerts are key As mentioned before, the lease portfolios of some companies are large. Thus, manually managing each facet of the contracts is a tedious task. It may include payment dates, renewals, events, etc. With lease software solutions, you can send automated notifications and get alerts for every important date or event in your lease contracts. Making the transition to new standards takes time and effort. But it can be done at ease with a powerful lease accounting software solution and the right support. COROM Lease Management from Yardi is a great lease accounting software solution that can help you implement IFRS 16 standards. Visit www.yardicorom.com for more...

The uncertainty caused by the COVID-19 pandemic affects affordable housing providers in many ways. Missed rental income, difficulty documenting residents’ eligibility and ensuring compliance with a suddenly remote team are just three of the challenges faced by the industry. Thankfully, there are assistance resources that can help alleviate the discomfort of change and uncertainty. Yardi is here to help Affordable housing providers have big concerns, and Yardi is committed to help. Here are some questions you may be asking, and follow-up answers from Yardi below: Q: Where can I get information about changing compliance requirements? A: Current Yardi clients can log into Client Central to watch a free webinar titled “How COVID-19 Changes Affordable Housing Compliance.” The recorded demonstrates ways to keep socially distant and while making sure compliance work gets done. Q: How can we accept applications or conduct compliance interviews when staff are working from home? A: It’s possible for households to complete their affordable housing application online, without having to bring paperwork to your office (which is likely understaffed or closed as employees are working from home). Yardi is offering a fast-track implementation of RentCafe Affordable Housing to current Yardi Voyager customers. Clients can be processing online applications and certifications in as little as two weeks. RentCafe Affordable Housing includes online portals for application processing, screening, move-in, initial, interim, and annual certifications, leading practice compliance forms, payment processing, maintenance requests, compliance reporting and more. The fast-track offer is currently limited to 50059 certifications. As we develop additional leading-practice workflows, we will include additional subsidy types. Q: How do you certify the eligibility of new and current residents when they can’t drop off forms and employers are closed? Your housing specialists can use RentCafe to review household, income, asset and expense data submitted through the online applicant portal. Applicants and residents can upload images of bank statements, paychecks, and any other required eligibility documentation. The online interface enables your compliance team to collaborate, even as they work individually from home offices. Q: How can I implement RentCafe when most of our team are working remotely and have limited to no time available to complete the setup of the software? We understand current circumstances may make implementing any new software or processes challenging. To overcome this, we have developed a streamlined guided implementation approach featuring our leading practice certification workflows and forms. As your partner, Yardi will take the lead to complete the necessary configuration and setup and provide remote webinar training and support for your teams enabling them to start using RentCafe Affordable housing in as little as two weeks. Learn more by downloading a free ebook called Five Steps to Revolutionize Affordable Housing Applications and Workflows. Another way to bolster income certification data is to use social service verification screening from Equifax®. That service delivers applicant and resident payroll data, year to date income reports and more as part of the applicant screening and annual recertification processes. Affordable housing providers using Yardi’s ScreeningWorks Pro can access social service verifications on the Yardi Voyager and Breeze dashboard. Q: How do we process rent deferrals? RentCafe includes a new feature that facilitates rent deferrals and doesn’t require in-person meetings. Residents can log into RentCafe to see what options they have for rent deferral, see how a deferral affects their account balance, and keep up to date with changing policies. Watch a free webinar and see how this new rent deferral feature works. Q: How Does the CARES Act support affordable housing? A: The CARES Act includes legislation that offers relief for property owners experiencing reduced revenue from missed rent payments. Specifically, the CARES Act identifies the procedures landlords can take to keep their properties viable despite financial hardships caused by COVID-19. It addresses forbearance of mortgage payments, temporary eviction moratoriums, and more. Now more than ever Affordable housing is a vital resource for communities across the country. As...

Yardi announced this week the acquisition of RightSource Compliance, a Minneapolis-based software consultant and developer that improves the technology experience for affordable housing providers and provides standout compliance solutions. RightSource has developed a successful software solution to assist clients with meeting complex federal and state affordable housing regulations. RightSource software serves affordable housing providers in all 50 states, and in 2019, the company’s software and services were used to help more than 10,000 families move quickly into affordable housing. “Through our integrated services and technology, we’re able to provide site staff the tools and outsourced compliance services needed to complete paperwork efficiently and accurately, which allow families to move in faster and reduce the risks of compliance errors, including late recertifications,” said Chris Voss, president and founder of RightSource. “We started RightSource in 2007 with one simple goal: to reduce the costs and complexity of compliance. Those dollars and time saved can be put right back into the properties to improve resident services and quality of life,” Voss said. The RightSource team of over 50 employees will continue to operate from their existing offices based out of Minneapolis, Minn. “We’re pleased to welcome RightSource Compliance to the Yardi family,” said Gordon Morrell, executive vice president for Yardi. “Affordable housing is an important part of our clients’ portfolios and RightSource’s products, services and the expertise of its staff will be a great enhancement to our affordable housing product line.” About RightSource Compliance RightSource is a technology firm committed to increasing the availability and quality of affordable housing throughout the country by reducing the costs and complexity of compliance. RightSource partners with owners and operators of multifamily real estate to provide software, consulting, training and technology-enabled compliance services for their properties. Together, we help the homeless become housed faster and enable property managers to focus on collecting rents, maintaining the property, and providing resident services by taking away the burden of compliance. Find out more...