RealPage’s New Dual Occupancy Test Provides Affordable Industry with Solution to Lost Subsidy Payments
(June 12, 2006)—RealPage, Inc., a leading provider of products and services to the multifamily industry, today announced the release of the Dual Occupancy Test, a new feature of its OneSite© Affordable Screening system that will prevent affordable property owners from losing any subsidy payments due to dual tenancy.
Currently, HUD denies payment on multiple units rented by the same tenant—most often the result of an overlap from changing apartments—causing properties to lose portions of their subsidy payments. The Dual Occupancy Test helps mitigate the risk of not collecting this rent by allowing contract administrators (CAs) to perform an instant search to verify if an applicant is receiving subsidized housing on another property.
“Lost subsidy payments caused by dual occupancy have plagued owners and managers for some time now,” said Ranjeev Teelock, vice president of affordable housing for RealPage. “Our new functionality allows sites to submit an applicant’s Social Security number—over a secure network—to the CA, who can then determine if the applicant is residing in another subsidized property.”
The Dual Occupancy Test is part of OneSite Affordable Screening and works in conjunction with CA Net™, which was released in April 2005 and has quickly become an industry standard. CA Net is a secure network that links affordable property sites to CAs for real-time exchange of TRACS, special claims and other management information. It automatically identifies any missing or incorrect information coming from the properties so that it can be quickly and easily addressed before submission to HUD.
“The Dual Occupancy Test is designed to locate any potential problems prior to HUD finding them and then penalizing the site,” said Teelock. “It enables the site to verify that the applicant is not already receiving subsidized housing prior to the anticipated move-in date, ultimately saving the property managers their full potential subsidy payment each month.”
The Dual Occupancy Test not only researches the state of origin, but also all states for which performance-based contract administrators are using CA Net. Customers can benefit from the sophisticated set of screening capabilities in OneSite Affordable Screening—complete with credit, criminal, sex offender, terrorist, rental history, eviction and bad check-writing history—that are applied consistently in every screening decision, helping to reduce delinquencies, bad debts, fair housing complaints and, now, prevent dual occupancy for subsidized housing.
RealPage is a leading provider of affordable software for the multifamily industry. It currently offers three affordable products, OneSite Leasing & Rents Tax Credits, OneSite Leasing & Rents HUD and OneSite Affordable Screening. All are part of RealPage’s OneSite on-demand property management suite that automates the entire process of leasing, renting and managing apartments, including fast and easy applicant screening, comprehensive facilities maintenance, simplified purchasing and expense controls, professional accounting and convenient online rent payment. For more information on OneSite and other RealPage products and services, please visit www.realpage.com.
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides property management products and services to more than 20,000 apartment communities across the United States. It currently has four major product lines: OneSite© on-demand property management systems that automate property management functions while providing real-time access to important data; CrossFire© on-demand property marketing systems that automate and enhance the process of capturing and entering leads; M/PF YieldStar™ on-demand asset optimization systems that help owners and managers optimize asset values through revenue management, portfolio management and market intelligence and Velocity™ utility and billing services that help accelerate payments for rent, utility charges, late fees and small balances. For more information, please call 1-87-REALPAGE or visit www.realpage.com.