Secret Weapons to Better Manage Affordable Housing

Managing Affordable Housing brings a unique set of complexities compared to other forms of rental housing. Professionals in the Affordable industry must ensure that the property and/or portfolio is working within the rules of United States Department of Housing and Urban Development (HUD) and other regulatory agencies. But doing so doesn’t have to be a daunting process, says Perry Levine, RealPage Industry Principal. “Affordable has a totally different set of issues than conventional multifamily,” says Levine. (The solution) is using a powerful suite of solutions to run the back-office of the business.” Managers and stakeholders can easily conquer the distinctive challenges within accounting, budgeting, reporting, portfolio management and more. All it takes is a few secret weapons. Levine says Affordable operators can benefit from a robust property management financial suite that can provide a holistic operational view. In the recent webcast, “6 Financial Secret Weapons for Affordable,” Levine touched on how operators can arm themselves with the right property management platform to more effectively manage this unique housing vertical. Here is a sampling of how the suite eases the Affordable accounting and reporting processes: Budgeting for Affordable requirements Budgeting is time consuming.   Traditional processing can take weeks or even months.  Most companies have adopted spreadsheets instead of doing their budgets manually, but that comes with its own set of problems.  Bad data entry, incorrect formulas, broken links are all common with spread sheet processing.  There is no central location to house the budgets, no tracking, no single version of truth, so there are often issues with multiple people working on different versions of the same budget at the same time.  And without integration to your property management and accounting systems to load and upload data you still have to...