WSHFC | Compliance & Asset Management

The Asset Management & Compliance Division monitors properties financed with tax-exempt bonds and low-income housing tax credits, as well as Federal Deposit Insurance Corporation projects. By working together with its partners, the division ensures the long-term asset management and ensures that federal laws and Commission Regulatory Agreement requirements are followed. To achieve these objectives, the Asset Management & Compliance TEAM (Training, Education, and Monitoring) employs a training, education, and technical assistance approach with its owner and property manager partner.

STAFF CONTACT INFORMATION

Seattle Office:
Asset Management & Compliance
Washington State Housing Finance Commission
1000 Second Avenue, Suite 2700
Seattle, WA 98104-1046
Phone toll free in Washington: 800.767-4663 | Phone Seattle area: 206.464.7139 | Fax: 206.587.5113

Spokane Office:
Asset Management & Compliance
Washington State Housing Finance Commission
421 West Riverside Avenue, Suite 661
Spokane, WA 99201
Direct phone: 509.458.2112
Main phone toll free in Washington: 800.230.3526
Fax: 509.458.2114

Please send all required Annual Reports and supporting documentation to our Seattle Office - unless specifically requested otherwise. All properties that have Jack Beeching as a portfolio analyst should mail their annual reports and documentation directly to the Spokane Office.

AWARDS RECEIVED

2004 NCSHA Annual Awards for Program Excellence Winners
Rental: Multifamily Management
Washington State Housing Finance Commission
Marketing and Qualified Contract Process

In 2003, the Commission was one of the first state housing finance agencies to develop a Marketing and Qualified Contract Process for Tax Credit Properties eligible for the “Option Year” described in Section 42 (h)(6)(E) – (K) of the IRS Code. Properties allocated tax credits in 1990 and beyond are eligible for this option year at the completion of year-14 in the extended use agreement, unless otherwise extended or waived by agreement between the owner and agency. If the owner exercises their right to declare the option year, the agency has one year to find a qualified purchaser for the property at what is called the “Qualified Contract Price”.

The Compliance and Preservation Division consulted with stakeholders when it established worksheets for determining the Qualified Contract Price along with a sample for Washington State. We also created a Notification Letter for the owner to send to the Commission. This letter outlines certain expectations that the Commission requires for anyone exercising his or her option. Finally, we created a plan for marketing the properties for sale during the option year and added Chapter 11 to our Tax Credit Compliance Manual explaining the entire process, which is posted on our website. Our objective is to preserve properties in low-income use for the longest period of time possible.

2002 NCSHA Annual Awards for Program Excellence Winners
Rental: Multifamily Management
Washington State Housing Finance Commission
Teaching Compliance Via Webpage

The Commission’s Compliance and Preservation Division hosted or co-sponsored 11 Housing Credit and five bond compliance workshops during 2001, as well as other training sessions with industry partners, totaling more than 1,300 participants. The workshops featured a unique method of learning that incorporated a traveling version of the division’s webpage into a Power Point presentation. These workshops familiarize participants with the webpage and have dramatically increased it as a continuous self-education element to the Commission’s compliance technical assistance. The Commission now averages more than 15,000 hits (up from 10,000 in May 2001) and 3,200 visitor sessions (up from 1,800) per month.

Management Innovation: Operations Management
Washington State Housing Finance Commission
Intergovernmental Leveraging

A compliance group that included several public funding agencies—including the State Office of Community Development, City of Seattle, Office of Housing, USDA - Rural Housing Service and various state and city authorities—evolved into a formal agreement for these agencies to share information and expertise on a regular basis. Through Memoranda of Understanding, these agencies have agreed to provide an exchange of services. The Commission’s task is to review low-income set-aside requirements for other agencies on jointly financed projects. Those agencies then conduct on-site inspections to the Commission’s required standards. To conduct joint annual reporting, the participating agencies agreed to a common reporting form that is available to owners/managers on all agency websites. The participating agencies have developed methods of communicating the status of inspections through emails and form letters; additionally, they meet at least quarterly and exchange calls and email regularly to keep the process on track.

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TEAM

(Training, Education, Assistance, Monitoring)

STAFF CONTACT INFORMATION

AWARDS RECEIVED