Yardi FAQ 14: EIV Repayment Agreements and Yardi
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1 Yardi FAQ 14: EIV Repayment Agreements and Yardi It is important to note that when unreported income is discovered, verified and reported (added to recertifications) that there will very likely be an overpaid subsidy amount that will need to be repaid to HUD by the tenant. When this happens HUD requires that the subsidy is repaid to them through the property s HAP. HUD does not require that the subsidy be returned to them all at once. The tenant has the option of entering into a repayment agreement with the management agent to repay the subsidy on a monthly basis. This is called a repayment agreement. Because the unreported income is added to the tenant s recertifications in Yardi, Yardi will calculate the total of the overpaid subsidy and try to return the total to HUD through its normal HAP and adjustment processing. However, because this is not what is required by HUD, it is important that before entering any of the recertifications adding the unreported income into Yardi, that we contact the Help Desk for assistance. See the Chapter 8 20, pages 28 and 29 for HUD Regulations and further details on repayment agreements and the EIV Policy for NCR s Sample EIV Repayment Agreement. 1 Yardi FAQ 14: June 2011
2 This FAQ gives a summary of each step from discovery through repaying HUD. Step 1: Identify the unreported income through the use of EIV Reports. See the EIV Policy on the PPG for details on use each of the reports. Step 2: Address the unreported income with the tenant. See the EIV Policy for further details. Step 3: Verify that the information in EIV is correct by completing the necessary verifications for the unreported income. Step 4: Enter into a repayment agreement with the tenant. (Be sure to contact your RPL first.) NOTE: Because the tenant s income was unreported, their subsidy amount on their s (recertifications) and on the property s HAP was too high. HUD requires that the overpaid subsidy is returned to them by the tenant. Step 5: Contact the Help Desk for advice and assistance in completing any needed recertifications in Yardi to correctly record the tenant s income for the appropriate period. Step 5 is a critical step. If the recertifications are completed in Yardi without Help Desk assistance, all of the overpaid subsidy will be returned through the HAP at once. Because of the potentially high dollar amounts involved, this could cause an unnecessary financial hardship for the property. Steps Six: Collect the agreed upon amount from the resident each month. Step Seven: Enter a Miscellaneous Accounting Request into Yardi each month as the payments are received from the resident. The Miscellaneous Accounting Request instructions in the Yardi Guide advise the use of charge code SRVCOR. From this point forward please use charge code repaymnt and claim type OARQ. 2 Yardi FAQ 14: June 2011
3 Use the following scenario to help you tie the steps together. Scenario: Tenant Bugs Bunny has an EIV New Hires Report showing that he started new employment with Free Cell in July of Bugs Bunny did not report the new employment to the property manager in July 2010 as HUD regulations dictate. Step 1: We discovered the new employment (unreported income) in November of 2010 because of the EIV New Hires Report. Step 2: We address the unreported income with Bugs Bunny and Bugs Bunny agrees with the EIV New Hires Report. Step 3: We complete the necessary verifications. Step 4: Once the income is verified, we contact our RPL and enter into a repayment agreement with Bugs Bunny. The repayment agreement will allow him to repay any overpaid subsidy to HUD though our property s HAP each month. Step 5: After the repayment agreement has been entered into (signed), we contact the Help Desk for assistance in completing any needed interims and corrections to recertifications where the income was missing. 3 Yardi FAQ 14: June 2011
4 Step 6: Each month Bugs Bunny pays the agreed amount to us along with their monthly rent check. NOTE: The repayment agreement charge will be posted through the Monthly Posting batch. Sample: Monthly Posting Report NOTE: Once the Monthly Posting Batch has been posted, Bugs Bunny will have a balance due on the Aged Receivable Report Tenant Balance for the agreed upon monthly amount. Sample Aged Receivable Report Tenant Balances NOTE: After receiving the payment we enter a Detail Receipt (payment) for Bugs Bunny into Yardi. We are sure to apply ANY amounts paid toward the repayment agreement directly to the repayment agreement charge, showing on the Detail Receipt Screen. 4 Yardi FAQ 14: June 2011
5 Step 7: When the resident makes the required payment we also create a Miscellaneous Accounting Request equaling the amount of the payment. The Miscellaneous Accounting Request will show on the next HAP Voucher. This is how the resident repays HUD NOTE: See the Yardi Guide Miscellaneous Accounting Request, Move In Procedures, (Section 3), pages 47 and 48 for instructions on completing a Miscellaneous Accounting Request. 5 Yardi FAQ 14: June 2011
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