Compliance Department

What the Program Does:

The Compliance Department exists to service and oversee project performance for developments that have received an allocation of Housing Tax Credits, Private Activity Bonds, and/or HOME Rental Housing Development, Tax Credit Assistance Program and Credit Exchange Program dollars.

Responsible for the development, implementation and maintenance of policy, procedures and processes, the Compliance Department provides enhanced asset management features and monitoring oversight to help ensure initial and ongoing project viability for the term of the contractual agreement. The Compliance Department is involved in budget analyses, reserve draws, leasing and marketing, monthly and annual reporting, project stabilization, project monitoring through onsite reviews, training and technical assistance, conflict resolution, tenant complaints and other work as necessary to ensure compliance with federal and state laws.

Who the Program Helps:

The Compliance Department helps private developers, syndicators, attorneys, bankers, accountants, managers, leasing agents and so forth to understand and apply complicated federal rules correctly and consistently. In addition the Compliance Department works closely with involved parties to effectively administer the terms and agreements of restrictive use covenants and other legal binding documents on behalf of the Kansas Housing Resources Corporation. Tenants’ civil and state rights are protected through mediation and workout plans. All programs are administered statewide except for the HOME Rental Development Program which covers non-entitlement areas of the state.

How It Works:

By federal statute, the Kansas Housing Resources Corporation is required to officially publish its compliance rules and regulations as a means of proper notification to recipient entities. In addition the Corporation has responsibility for helping to ensure the financial integrity and physical viability of projects developed using federal tax credits and/or dollars. Compliance Department staff conduct annual desk audits and onsite reviews in compliance with federal mandates. The Section also provides advanced statewide training annually to ensure interested parties are kept abreast of federal and state program changes.

Type(s) of Assistance:

Services

Key Statistics for 2010:

734 developments reported rental activity in calendar year 2009

26,265 units of affordable housing were either rented or available for rent

51 developments were reported under construction or nearing construction

5 compliance training workshops were held in 2009 and are being planned for 2010