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U.S. Department of Housing and Urban Development (HUD) Tenant Rental Assistance Certification System (TRACS) TRACS Security Deposits March 3, 2005. A D V A N C E D T E C H N O L O G Y S Y S T E M S. Agenda. Current Security Deposit Logic

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U.S. Department of Housing and Urban

Development (HUD)

Tenant Rental Assistance Certification System (TRACS)

TRACS Security Deposits

March 3, 2005

A D V A N C E D T E C H N O L O G Y S Y S T E M S


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Agenda

  • Current Security Deposit Logic

  • Revised 4350.3 Handbook Security Deposit Changes

  • Security Deposits Amount

  • Revised Discrepancies

  • New Discrepancies


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Current Security Deposit Logic

  • Based on subsidy type.

  • Does not differentiate among Section 8 programs.


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Revised 4350.3 Handbook Changes

  • Differentiates among Sec 8 programs.

  • Expects a specific security deposit amount based on subsidy type and/or program guideline id.

  • Makes collecting a security deposit a prerequisite for special claims approval

    (Sec 8, PAC, PRAC).


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Security Deposit Amount

Amount collected for Sec 8 depends

on:

  • Program type

  • Date AHAP or HAP contract was signed.

  • Amount of TTP


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Revised Discrepancies

  • CE131

    • Transaction type other than MI

      (Sec 8, PAC, or PRAC)

    • Submitted security deposit equals $0.0.

    • “Security Deposit is Now Being Collected by TRACS.”

    • Action Required = 3


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Revised Discrepancies

  • CE252

    • Transaction type equals MI

      -Subsidy type

      (202 PAC, 202/811 PRAC)

      -Submitted amount does not equal the greater of TTP or $50.


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Revised Discrepancies

  • CE252

    - “Security Deposit Should Equal the Greater of Total Tenant Payment or $50.”

    • Action Required = 3


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New Discrepancies

  • CE259

    _ Transaction type = MI

    • Subsidy type = Section 8

    • Program types

      a) New Construction

      (with AHAP executed before 11/5/79)

      b) New Construction FMHA

      (RHS 515 with Section 8)


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New Discrepancies

  • CE259(cont)

    c) Substantial Rehab

    (with AHAP executed before 2/20/80)

    d) State Agency

    (with AHAP executed before 2/29/80)


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New Discrepancies

  • CE259(cont)

    -Submitted amount does not equal 1 month’s TTP.

    - “Security Deposit for this Section 8 Program Should Equal One Month’s TTP.”

    - Action Required = 3


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New Discrepancies

  • CE260

    • Transaction type = MI

    • Subsidy type = Section 8

    • Program types

      a) Property Disposition

      (with sale of HUD owned property)

      b) Section 202

      (with Section 8 or PAC)


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New Discrepancies

  • CE260 (cont)

    c) State Agency

    (with AHAP executed on or after 2/29/80)

    d)New Construction

    (with AHAP executed on or after 11/5/79)

    e)Substantial Rehab

    (with AHAP executed on or after 2/20/80)


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New Discrepancies

  • CE260 (cont)

    -Submitted amount is not the greater of 1month’s TTP or $50.

    - “Security Deposit for this Sec 8 Program Should Equal the Greater of TTP or $50.”

    -Action Required = 3


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New Discrepancies

  • CE261

    • Transaction type = MI

    • Subsidy type = Section 8

    • Program type

      Loan Management Set-Aside


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New Discrepancies

  • CE261

    -Submitted amount is greaterthan 1 month’s TTP.

    • “Security Deposit for this Sec 8 Program May Not Exceed TTP.”

    • Action Required = 3


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Features Requiring Tenant MAT Changes

  • Submission of a security deposit in installments

  • Opt-Out provision for PAC and PRAC properties


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Other Subsidy Types

  • Rent Supp, RAP, Sec 236, BMIR

    -TRACS will acceptthe submitted security deposit amount.

    -No discrepancy will be generated.


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TRACS Documents Page

http://www.hud.gov/offices/hsg/mfh/trx/

trxdocs.cfm


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TRACS Security Deposits

The End


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