Reimagining core affordable housing processes is a high priority for Yardi’s development, support and services team. Our goal is to make compliance faster, easier, more cost-effective and sustainable. If we achieve that, then we’ll have made it easier for households to find, apply for and move into affordable housing units.
For affordable housing providers, faster verifications and move-ins mean fewer days vacant, more operating revenue and greater opportunity to serve more households in affordable housing communities.
Yet, challenges exist that make it more difficult now for affordable housing providers to carry out their missions. Finding, training and retaining talent capable of navigating the complexities of compliance is a commonly cited barrier that affordable housing providers are trying to overcome. That’s where technology and automation can help.
Reimagining Affordable Housing Verifications
Qualifying for an affordable housing apartment is largely based on the income and assets of an applicant household. The process is traditionally completed by housing specialists employed by affordable housing providers. They generate verification forms for employers and banks to complete, then work to ensure the information their applicants have shared about their household finances is verified and accurate.
Studies show that process can take more than an hour of combined staff time, and up to a month or more to complete. It’s expensive, time-consuming and relies on many steps to verify actual income.
A new way to speed up verifications
Yardi Verification Services is the latest addition to Yardi Breeze Premier Affordable Housing. The solution makes verifying income and assets more affordable, more accurate and much less of a workload for on-site staff.
Yardi’s strategic partnerships with several sources of financial data makes it possible for affordable housing operators to automate income and asset verifications. In most cases, verifications will arrive within minutes.
Yardi Verification Services, available to Yardi clients with a license for RentCafe Affordable Housing, is a digital, hands-free process. There are no manual forms to fill out and no waiting around for employers and financial services companies to complete and send back paperwork.
Once a household begins a certification in RentCafe, they can consent via email or text message to having their income and assets verified by Yardi Verification Services. The housing provider’s on-site team receives the household’s verifications directly in RentCafe and records the verified totals to complete the certification.
“I’ve worked for decades creating technology solutions with the ultimate goal of reducing the cost and complexity of affordable housing compliance. Yardi Verification Services is high on my list of products that accomplish that vision,” said Chris Voss, vice president of affordable housing sales at Yardi.
Affordable housing providers can learn more about Yardi Verification Services by joining an upcoming webinar. Yardi clients can also call (800) 866-1144 to reach their sales representative to request a demo.
