Utility Allowance Service
Are you the owner of a HUD-assisted or LIHTC property, and tired of the time-consuming, costly, and overwhelming process of collecting and analyzing tenant data for utility allowance calculations? If so, there’s a better (and faster) way to handle them.
New Ecology and WegoWise have teamed up to offer a Utility Allowance Service that makes compliance with new HUD guidelines and existing LIHTC regulations simple and cost-effective.
In June 2015, HUD published a Notice to clarify the means by which owners and managers may calculate utility allowances for tenants. The new Notice (H 2015-04 - Methodology for Completing a Multifamily Housing Utility Analysis) requires owners to collect and analyze real tenant utility data. Using real tenant data to calculate utility allowances provides an accurate and fair estimate of utility usage.
IRS regulations specify the methods by which owners of LIHTC buildings may calculate utility allowances. Among the five methods, LIHTC agencies may permit owners to base their utility allowance calculations on actual tenant data.
How does this Utility Allowance Service help?
WegoWise and New Ecology have created a way to calculate utility allowances based on actual tenant data, automatically importing it from your local utility company. We work with you to collect basic information about your buildings and secure tenant consent to access utility data. Then, we take care of the rest to provide you with the final report, ready to submit to HUD or the relevant LIHTC agency with your cover letter--reducing the burden on your staff and the time spent on the approval process.
To speak to an expert about how this works for portfolios like yours, fill out the form to the right, and we’ll be in touch.