Low Income Housing Tax Credit
FPI currently provides management and compliance services for over 40,500 units financed through the LIHTC Section 42 program. FPI has been providing comprehensive property management service for LIHTC communities since 1990. FPI has built this portfolio through successful lease-ups and management of new construction and acquisition/rehab projects. FPI provides affordable property management in SoCal, NorCal, PNW and across the nation, financed through LIHTC, HUD, Tax Credit, Bond, Sec. 8, etc.
The majority of the affordable portfolio includes the oversight of nonprofit co-managing general partners. FPI works closely with these partners to assure compliance with all programs as well as daily involvement with the applicable social service providers.
Project Based Section 8
FPI began operations in 1968 developing properties under HUD insured programs, including Section 8, Section 236 and USDA. Currently, FPI provides TRACS billing services for 25 properties under the Section 8 program. A team of FPI Compliance Specialists are dedicated to the billing process, training, auditing and review of all income certifications relating to these billings.
FPI maintains memberships in the Affordable Housing Management Association of Northern California, Nevada, and Hawaii (AHMA-NCNH) to provide on-going training to on-site and Regional staff. Of the 360 LIHTC projects FPI manages, 30 projects have additional financing through HOME funds. FPI’s Compliance team is experienced in the requirements of this program, and monitors on-going compliance.
Tax Exempt Government Purpose Bond-Financed Multifamily
The majority of FPI’s portfolio of LIHTC properties includes tax-exempt bond financing. On bond financed communities, FPI is responsible for income-qualifying, compliance monitoring and reporting to respective agencies. All Regional Portfolio Managers responsible for sites with bond financing are required to attend training covering all aspects of the regulatory agreement requirements.