HPD funds certain affordable housing with HOME dollars and/or Low-Income Housing Tax Credits (LIHTC). Owners of affordable housing with this type of funding must comply with applicable federal Regulations, and HPD is legally required to monitor compliance to ensure continued affordability and habitability. Compliance monitoring is basically comprised of three processes:
Review of Annual Owner Certifications submitted by March 1st, to ensure income-qualified tenants are paying rents which are below the mandated limits.
Review of project owner tenant files for documents required to support information provided in Annual Owner Certifications.
Physical inspection of properties to ensure they meet mandated standards.