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  • Asset Management

    Asset Management includes information, forms, and requirements for managing affordable rental housing.

    Form 500, Online Reserve Release Request Instructions

    Instructions for using our online Form 500 application to process your property's reserve release requests and our disbursement of funds policy for project reserve accounts.

      Eligibility

      2016 Income Limits
      Determine the income eligibility of applicants for Public Housing, Section 8 and other programs subject to Section 3(b)(2).

      Guidelines

      Servicing Requirements
      Broken down based on the four areas of risk.
      Quarterly Occupancy Reporting Instructions
      Instructions for Online Quarterly Occupancy reporting Screenshots are also available.
      Lead-Safe Work Practices Training
      Details on a series of lead-based paint training courses.

      Maintenance/Repair Specifications

      Concrete
      Replacement specifications.
      Shingle Roofing
      Replacement specifications.
      Single Ply Membrane Roofing
      Replacement specifications.
      Asphalt Pavement
      Maintenance specifications.

      Insurance Specifications

      Developments Under Construction
      Coverage requirements for developments financed by WHEDA during construction.
      Completed Developments
      Coverage requirements for developments that are complete.

      Frequently Asked Questions

    • I disagree with my physical assessment. What do I need to do?

      The process for requesting a technical review of a REAC inspection is located at: http://portal.hud.gov/hudportal/HUD?src=/program_offices/public_indian_housing/reac/online. You must request the review within 30 days of the inspection report being released to the property owner.

      Why am I being inspected so often?

      It is crucial for HUD to determine the condition of the properties in its portfolio on a regular basis to ensure that residents live in a decent, safe and sanitary housing. Public housing properties are inspected by REAC annually as defined by the PHAS Rule. Other housing properties are inspected annually. REAC inspections are currently not associated with inspections done by other entities (e.g. mortgagees, local building code officials). 

      How do I get a copy of my inspection report?

      Inspection reports are available only from HUD's Secure Systems. Effective October 15, 2002, HUD will no longer mail inspection reports to owners. Access to the Secure Systems is available via the Internet and users must be authorized by the owner and by HUD. For more details and instructions on how to apply for authorization to the Secure Systems, please visit: http://www.hud.gov/reac/online/reasyst.cfm.

      If you are representing an owner or PHA Executive Director, REAC can only re-send the inspection report to the address of the owner or PHA Executive Director in HUD's automated systems. For security reasons, please follow-up with the owner or PHA Executive Director to receive a copy for yourself.

      How do I get a copy of my Life Threatening Health & Safety report?

      Upon completion of the inspection, the inspector will provide your authorized representative with a signed copy of the property's Life Threatening Health and Safety Report. The Life Threatening Health and Safety Report is contained in the Inspection Report that is available on line. 

      What does the Physical Inspection score mean?

      The score is a number between 0 and 100 that reflects the physical condition of a property, inspectable area, or sub-area. Inspectable area means any of the five major components of the property, which are site, building exteriors, building systems, common areas, and dwelling units. Sub-area means an inspectable area for one building.

      Inspectable items refer to walls, kitchens, bathrooms, and other items to be inspected in an inspectable area. Weights are assigned to each item. Based on the importance of the deficiency, reflected in its criticality value, points are deducted from the property score. Health and safety deficiencies substantially affect the overall property score. The weights are adjusted to reflect the inspectable items that are present.

      For more information on inspectable item and deficiency definitions, area weightings and deficiency criticality, and physical inspection scoring processes, please refer to the REAC's Physical Inspection product page.

      What do I do when Exigent Health and Safety items identified by the REAC inspector are mitigated?

      Attachment 3 is to be copied onto the owner's letterhead (or indicate that they do not have letterhead stationary) and signed by the owner. The owner must sign it. The agent may sign for the owner only when a specific authorization to do so, signed by the owner, accompanies the 'Attachment 3'. The signed form must be sent to WHEDA. 

      How do I contact REAC?

      There are three avenues for contacting REAC.

      • First, try REAC's website. There is a "Send comments or questions" link on this website that will allow you to e-mail comments to REAC directly from the website.
      • If the website does not have what you need, then contact the REAC Technical Assistance Center (TAC) via phone at the following number: 1-888-245-4860 .
      • Or via mail at the following address:

        Department of Housing and Urban Development (HUD) 
        Real Estate Assessment Center (REAC) 
        Technical Assistance Center 
        1280 Maryland Avenue, SW, Suite 800 
        Washington, DC 20024-2135

      How often will my property be seen by WHEDA staff?

      We use a risked based system to determine the frequency of visits to your property.

      The four risk factors that we use to assess a development are:

      1. Financial Risk
      2. Management/Development Risk
      3. Market Risk
      4. Physical Risk

      Your score in each of the factors is weighted and will determine the frequency of visits to your development. You may have more frequent visits if required by the loan and regulatory requirements.

       

      What do I have to submit to WHEDA for General Reporting?

      Information we require will vary from development to development based on your overall risk assessment. At a minimum you will be required to submit the following:

      You may be required to submit additional information as determined by your Portfolio Risk Officer or regulatory agreements.

       

      What if my bank account changes?

      We will need a new Automatic Clearing House (ACH) agreement completed when bank account information changes. Please allow 30 days for processing the new information.

       

      How do I request a disbursement from reserves?

      Reserve disbursement requests are made online through eWheda services using the Form 500 - Reserve Request Form. Review of disbursement requests are handled by your Asset Manager.

      Expenditures may require a pre-approval. WHEDA’s Reserve Disbursement Policy outlines pre-approval requirements. Requests for pre-approval to enter into contracts or purchase goods or services must be submitted in writing, with specifications attached, if applicable. We reserve the right to require and review bids prior to entering into a contract or purchasing goods or services with project funds.

       

      What expenditures do not need pre-approval?

      An expenditure from project reserve funds will not require pre-approval by WHEDA if:

      1. Requests for pre-approval to enter into contracts or purchase goods or services are required for any expenditure requests over $5,000.  Copies of invoices must be provided for all expenditures over $5,000.
      2. In addition, requests for pre-approval are required for the following improvements, regardless of amount:
        1. Roofing
        2. Concrete
        3. Asphalt

      For these improvements, at least three bids are preferred.  Contact your Portfolio Risk Officer if you are unable to obtain three bids.