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Upon Completion of Construction
When construction is complete, Asset Management collects information regarding the completion of construction and begins monitoring the projects operations to ensure a successful lease-up process and that regulatory requirements are met.
Asset Management receives copies of the Certificates of Occupancy for the buildings in the property, as well as certificates of substantial completion, notifications of incomplete work, escrow analysis, and other relevant reports. See reporting Requirements to see which reports should be sent to Asset Management.
During Lease-up, Asset Management receives monthly reports of the number of units leased, with an updated schedule of leasing (see Reporting Requirements below).
When the property has had 20% of the units leased, the files will be reviewed for compliance. When the property has been fully leased, a 100% file and physical review will take place to ensure that everything is in compliance. NNEHIF requires the property management company to send a copy of all initial tenant files to us, as well as a copy of the leasing compliance certification required by the state housing authority. The quarterly questionnaire that was prepared for Asset Management during construction will continue to be updated and sent to Asset management during the lease-up period.
Reporting Requirements
- Certificate of Occupancy
- Certificate of Substantial Completion
- Monthly as of the end of each month: Initial Qualified Occupancy Summary
- Within 90 days: Cost Certification and Credit Basis Report
- Within 90 days: Form 8609 from the state HFA
- At 100% lease-up: leasing compliance certification required by state, detailing all initial qualifying tenants: Compliance Certification-Tenant Information Format (ME) or Qualified Basis Tracking Sheet (NH)
- At 100% lease-up: copies of all initial qualifying tenant files
