The Part Played by Property Managers in Promoting Affordable Rental Housing
In many cities across the country, the issue of affordable housing has become a pressing challenge. Amidst this crisis, property managers are stepping up to contribute to the solution, playing a critical role in the ecosystem of affordable housing.
Alex Vasquez, an entrepreneur, investor, advisor, author, and speaker, is one such individual making a difference. As the owner of Rhino Realty Property Management and Rhino Realty B&B, Vasquez is at the forefront of implementing practices that promote housing affordability.
Property managers contribute to affordable housing practices primarily by ensuring compliance with affordability regulations, maintaining tenant-focused policies, and supporting community stability. They manage designated affordable housing units under programs like the Low-Income Housing Tax Credit (LIHTC), enforcing clear and updated house rules that protect tenant rights and community standards, and engaging in regular communication with residents to address their needs.
For LIHTC properties, resident managers may occupy designated units without reducing the housing credit available to the property, facilitating onsite management that supports tenant engagement and compliance with program rules. Property managers should ensure that employee-resident units are occupied by full-time staff working primarily at the site and that any changes comply with housing finance agency approvals to maintain program integrity.
Maintaining comprehensive and compliant house rules is critical in affordable housing communities. These rules should be regularly reviewed and updated to reflect best practices and regulatory requirements. Well-structured house rules help managers enforce community standards fairly and protect both tenants and landlords.
Beyond compliance, property managers can work with public housing authorities and developers to optimize financial management and property operations, ensuring long-term viability of affordable housing through adherence to regulatory frameworks and maximizing the use of available resources.
Property managers can act as go-betweens for tenants and property owners to brainstorm creative solutions to help tenants who may be struggling. Modern property management platforms can help managers spot early signs of financial trouble for tenants and intervene before they fall too far behind. Flexible lease options can accommodate changing family or employment circumstances.
Moreover, property managers can offer payment plans or deferrals during tenants' hardships, like illnesses or job loss, which can lead to long-term gains through lower turnover and filled properties. Supporting housing affordability can be done through transparent and compassionate rent policies, such as basing rent increases on market analysis rather than opportunistic pricing.
Housing insecurity affects a significant percentage of Americans, extending the role of the property manager beyond maintenance tickets and lease renewals. Second-chance screenings can allow tenants with past credit issues or evictions to obtain affordable housing. Property management platforms should be accessible to everyone, ensuring support for different languages and accommodations for people without reliable internet or smartphones.
Clear communication between tenants and management can build trust and contribute to tenant stability. Property managers are capable of managing homes with purpose, compassion, and accountability. By embracing their role in addressing the affordable housing crisis, property managers like Alex Vasquez are making a significant impact on the lives of many Americans.
[1] https://www.hud.gov/program_offices/housing/rfh/affordablehousing/lihtc [2] https://www.hud.gov/program_offices/housing/rentalassistance/index [3] https://www.hud.gov/program_offices/housing/rentalassistance/esrap/index [4] https://www.hud.gov/program_offices/housing/rentalassistance/esrap/resources [5] https://www.hud.gov/program_offices/housing/rentalassistance/esrap/esrap_house_rules
Alex Vasquez, an entrepreneur and investor in the real-estate sector, is implementing practices that promote housing affordability through his property management companies, Rhino Realty Property Management and Rhino Realty B&B. As property managers, they contribute to affordable housing by ensuring compliance with affordability regulations, maintaining tenant-focused policies, and supporting community stability, often managing designated affordable housing units under programs like the Low-Income Housing Tax Credit (LIHTC).
