RAIRs stands for Rent and Income Restriction sheet! Here’s the story:
Currently, Yardi has no report that shows the same information contained in the Community Fact Sheet, pulled from Boston Post. So your Compliance Team has created a specialized RAIRs for each community going live in Yardi to use as a replacement for this form. Your RAIRs will be available after your conversion.
The same requirements should be followed for the RAIRs as for the Community Fact Sheet – they are BOTH like a time-stamp in the life of the household file. It shows the circumstances under which the unit was rented or last certified. Any auditor who needs information from past years can see in the file the rents and income limits from past certifications. This is why it is required in each file submission to Compliance.
On the RAIRs you can find:
- The community’s funding programs, and how many units are required for that program
- The current income limits and the effective date of those limits
- The current rents and utility allowances at a glance
- The current rent plan/approved rents and the effective date of the plan
Rents, utility allowances, and income limits change at different times. Printing a new sheet every time will ensure all information is current and correct.
BONUS TIP! Counting Utility Assistance
Payments or allowances made under the Department of Health and Human Services’ Low-Income Home Energy Assistance Program (42 U.S.C. 8624[f]) – are excluded as income however if the assistance does not fall under this allowance/payment we would count it as income.