Project: Asset Management and Financial Reporting System

While working at the Department of Housing and Community Development, I co-developed a financial reporting and asset management system. I was involved in research, development, testing, and implementation of a new Schedule of Rental Workbook and Budget Workbook for the Rental Housing Construction Program (RHCP -B) and FHDP programs. Our efforts to develop the new system led to a transparent, self-compliant, and easy to follow workbook that tremendously streamlined the monitoring review and immensely improved the work processes for the RHCP-Bond and FHDP compliance reporting requirements.

The new system provides comprehensive instruction with a detailed checklist that enables sponsors to easily understand and review the compliance reporting requirements for the RHCP-Bond and FHDP programs. For example, the project number, project name, and other common information automatically populate the succeeding forms thereby, eliminating redundant data entry. In addition, it allows the sponsors to enter the stipulated unit mix based upon the Regulatory Agreement which is used to identify any unit mix compliance issues. Furthermore, it calculates the tenant’s net rent by deducting the utilities from the gross tenant rent. The system also compares the current rents vis-a-vis the HCD approved rent of the previous year and readily captures any rent overcharge issues. It enables quick identification of the various compliance issues concerning over-income, under-income, under-occupancy, and over-occupancy.

As a result, the work processes for the RHCP-Bond and FHDP team have tremendously improved. Sponsors are able to self-monitor and submit more accurate information with comments and explanations of compliance issues. The automated formulas facilitated a faster processing time for review and compliance monitoring for the RHCP-B team.