RightSource Metrics

An inside look at compliance numbers

By Mike Sederholm on Jul 30, 2024 in Technology

Affordable housing may very well be the most complex component of the multifamily rental housing industry. Its regulations under federal, state and local programs are challenges that require expensive training and years of professional experience to master.

Given the complexity of doing business in affordable housing, it’s no wonder many organizations choose to contract with third-party compliance vendors such as Yardi RightSource.

Chris Voss, Yardi vice president of affordable housing, founded RightSource in 2006. His company found its way to the Yardi family in 2020, creating a unique opportunity for Yardi clients to easily add compliance expertise to their team without having to recruit, hire or train new employees.

“I’m proud of the team we’ve built and the services we provide. The numbers show RightSource is not only a successful product for Yardi, but is creating tremendous value for our clients. It’s truly a win-win as our client list grows and we deliver on our promise of reducing the cost and complexity of compliance for affordable housing providers,” says Voss.

Let’s take a look at some key metrics to learn more about how RightSource creates value for its clients.

Note: You’ll see the term “file” come up a lot in these stats. A file, in this case, means all of the documentation that a household must provide to an affordable housing provider to qualify for a unit. Files are the backbone of compliance as they are audited and reported on throughout the residential lifecycle in affordable housing.

24 hours

In general, RightSource advises clients that a file submitted for review will be returned within 24 hours. That’s a stark difference from relying on in-office team members who may or may not be up to date with current regulations, or who may lack industry knowledge to make a truly informed decision of completeness within such a short period of time.

AAMCI, a Yardi RightSource client since 2020, attests to the timeliness of file reviews.

“RightSource delivers fast file reviews within 24-hours or less. That commitment and reliability helps us fill units faster with the confidence of knowing the data used to approve the file matches our records in Yardi Voyager,” said Deedra Burroughs, AAMCI chief financial officer.

220,000 files, annually

Affordable housing providers submit approximately 220,000 files for review every year. That’s as of July 2024, and the number continues to grow.

10 minutes

On average, RightSource auditors can actually complete a file review in just 10 minutes! Leveraging proprietary technology that sorts files, automates financial calculations and digitizes file data, the RightSource team and its decades of combined experience completes reviews with impressive speed.

1,900 files, monthly

RightSource’s most active client submitted nearly 2,000 files in a single month last year. Imagine how many staff resources that would have required if completed by an in-house team of housing specialists instead of contracting with RightSource.

Complete files in less than 1 week

On average, it takes three RightSource reviews, each returned to the client usually within 24 hours, before an affordable housing file is determined to be complete and compliant with all applicable federal and state program mandates.

If an applicant household can resolve file deficiencies quickly, they’re likely to be certified to live in a unit in less than a week. That’s a fraction of the time many affordable housing providers spend qualifying households without RightSource.

Nearly 500,000 units

RightSource clients own and operate nearly half a million affordable housing units. More than half of those fall under the Low Income Housing Tax Credit program which is overseen and run by housing finance agencies in all 50 states. RightSource keeps forms current for its clients for LIHTC programs and continuously updates them as each state makes programmatic changes.

HUD 50059 units total more than 130,000, and more than 30,000 fall under USDA Rural Development.

Put RightSource to work for your team

This is a great time to consider adding Yardi RightSource to your affordable housing compliance strategy given the challenges currently impacting the industry.

“It’s never been more difficult to hire, train and retain affordable housing talent, and at the same time, much of our industry’s legacy knowledge is heading into retirement. The industry grows in funding and in numbers of units and properties, and as a result, the amount of compliance work also expands. Solving those issues is our prime objective,” says Voss.

Reach out to RightSource for a demonstration by calling (800) 866-1144.