Heads up! If you haven’t already heard the special tabulations of ACS 2021 data HUD needs for median family income calculations was not available until earlier this year which ultimately means HUD has delayed the release of FY 2023 median family incomes and income limits until May 15, 2023.
For properties who don’t use ResMan’s platform, this will mean participating in the time-consuming and risky task of manually updating their income limits across all Affordable properties. This usually falls on the shoulders of a single team member and requires attention to detail and copious hours of manual entry.
However, if you’re a ResMan customer, there’s not a thing to worry about. We automatically update income limits within the software so you and your team can keep on business as usual.
Two years ago, ResMan announced its new capabilities that automatically updates income limits for HUD and Tax Credit properties managed through the platform. This functionality eliminates the risk of data entry errors and provides significant time savings to already stretched affordable property management teams.
“For too long, the time intensive and error prone ritual of keying new income limits into a property management system has been passed over as just another responsibility that comes with managing an affordable housing property,” says Janel Ganim, ResMan’s Senior Vice President of Product & Operations at ResMan and Co-host of Cocktails & Compliance.
ResMan is passionate about serving properties in ways that free up your teams from time-intensive tasks that ultimately would take them away from their main focus – the tenants. Automating tasks like income limit updates is just one of many ways ResMan can do so, while also mitigating any risk of important data entry errors.
Any properties, especially new ones, added to ResMan’s affordable platform can take advantage of automatic income limit updates, speeding up the onboarding process by eliminating the need to locate historical income limits from previous years.
All you must do as a ResMan user is make sure the setting is turned on to automatically update income limits. It’s that simple!
Not a ResMan customer and interested in a stress-free and automatic income limit update for your Affordable properties? Let’s chat.
If you’re interested in ResMan as a software provider for your daily operations, book a demo to see the product up close.