Carrollton, Texas–RealPage, Inc. has launched an automated repayment service for its OneSite Affordable customers, giving property owners a new tool to recover lost revenue by more easily tracking subsidies tenants owe to the Department of Housing and Urban Development (HUD).
Edgewood Management worked with RealPage on the design of the new product and is one of the first to use it with its residential properties.
HUD properties are required to use Enterprise Income Verification (EIV), resulting in some tenants owing subsidy to HUD because of misreported income. Property owners, or management agents who run the HUD properties for the owners, are tasked with negotiating repayment agreements with these tenants, including managing the billing and payment processes and returning the collected money to HUD. HUD allows owners/agents to keep a percentage of the money collected if they can track and document the time spent on the collection. Owners/agents often do not take advantage of the percentage of revenue they are eligible to receive because the manual processes of tracking and accounting the funds was difficult to validate.