All TCAP/TCR funded
properties are required to submit the previous months internal balance
sheet, income statement, and accounts payable aging report through
MHDC’s Asset Management Reporting System (AMRS)
https://amrs.mhdc.com by the 25th of
each month. A user name and password is required to access this system.
Note: All financial information must follow MHDC’s Chart of Accounts.
affordability period is the same as the term of the loan. The
affordability period for TCR is 30 years.
An Asset Management
fee of $45,000 is required to be funded at conversion and be held in an
account held by MHDC. MHDC’s Asset Management Department will release
1/15th of the fee annually as payment to MHDC for its asset management
TCAP and TCR
programs are subject to the following additional MHDC Asset Management
risk review requirements:
• Monitoring of established reserves
• Authorization of management and adjustment of management fees
• Annual inspections
• Budget Based rent increases
• Reporting of annual household characteristics through COL
• TCR Only: 25percent of cash flow needs to be deposited annually into a
reserve account of MHDC’s choice.
properties only: In accordance with HUD requirements, the owner agrees
to establish an affirmative fair housing marketing plan (AFMP) to be
followed when marketing TCAP units. AFMP steps consist of actions to
provide information and otherwise attract eligible persons in the
housing market to the available housing without regard to race, color,
national origin, sex, religion, familial status or disability.
properties only: The owner must engage a qualified compliance
professional, unrelated to both the owner and management agent, to
verify qualified occupancy at initial tenant move-in. Qualified
occupancy refers to the first households to occupy 100percent of the