At Ludwig and Company, we take pride in our reputation as a recognized leader in the Property Management field. Ludwig and Company is known industry wide for our expertise in managing Section 42 Affordable Developments throughout Illinois. Our understanding of the intricacies of the lease up, administration, and monitoring the Section 42 Tax Credit Program has resulted in positive government and financial institution file and physical inspections, as well as a smooth and efficient year end audit process for our clients.
Ludwig and Company employs a full time Tax Credit Compliance Team trained in administering the skillful application of tax credit process. This team is dedicated to providing hands-on attention to every critical detail within the Tax Credit Program. By maintaining a “no shortcut” work ethic, we have built a proven success record. Whether it is short term, long term, or start-to-finish assistance that you need, Ludwig and Company is committed to see you through the process successfully.
Our process includes:
- Develop a potential resident interest list during construction/ rehab phase through preliminary marketing and community outreach programs.
- Interview potential new residents and perform income verification within the lease signing time limits
- Review each completed applicant file and approve applicant for program eligibility
- Coordinate efficient move in procedures within the tax credit lease up deadlines.
- Maintain resident files in our standardized format to assist government and financial institution representatives in performing efficient and seamless inspections.
- Upon accepting the management contract, clean up and organize existing resident files, converting to our standardized format, to provide a clear historical record of the resident’s tenure at the development.
- Monitor property operations to assure that all compliance requirements are being met and documented properly and timely.
- Assure adherence to income limitations and updates
- Train all on site employees on the proper procedures to keep the development in compliance with all government regulations.
- Properly prepare for successful on-site file and physical inspections.
- Provide expertise and familiarity with all government and financial institution reporting requirements.
- Provide a point of contact for all government and financial institution representatives.
- Maintain proper financial records organized to assist outside auditors in completing the year end audit efficiently and within the time frame allowed by government agencies.