Housing Trust Fund Monitoring
ARCH performs several forms of monitoring regarding the projects member cities have funded through the ARCH Trust Fund or created through local incentive programs.
Quarterly Reports through Development Period: For projects funded through the ARCH Trust Fund, as a condition of funding, ARCH performs quarterly monitoring of project progress through development from award of funds through project closeout. These reports are meant to inform member cities about the progress of the project, inform them of upcoming elements of carrying out the project and any substantive changes to a project.
Annual Monitoring: ARCH performs various types of annual monitoring for developments with funding agreements and/or affordability covenants with ARCH member cities. Monitoring falls into the following categories. For the first two categories, the monitoring process generally is the same as required by other funders.
Affordability and Income Restriction: ARCH monitors all projects for compliance with affordability levels and resident income qualifications. Specific reporting requirements are specified in the affordability covenant. Note: In the past, a number of projects provided ARCH hard copies of their WBARS report to meet the monitoring reporting requirements. ARCH now has direct access to the WBARS system, so ARCH will be able to directly access WBARS reports and those projects will no longer need to send ARCH their WBARS information.
Operating/Cash Flow: For projects that have some form of contingent loan ARCH monitors annual operating costs and cash flow. One purpose for this is to determine if loan payments are required pursuant to the project's funding agreement. Typically the information needed for this monitoring activity includes WBARS Table 4 supplemented with annual audits, and status of deferred developer fees.
Long Term Sustainability Monitoring: Starting in 2013 ARCH will be performing periodic reviews of all funded projects to evaluate ongoing stability and long-term sustainability. Information needed for this work will rely primarily on material collected for the other monitoring activity, plus information on reserve fund balance and activity and if available, any updated Capital Needs Assessment. More information about this process can be found by clicking here.
Please contact Klaas Nijhuis at ARCH if you have further questions about the ARCH monitoring process.