Handling Security Deposits and MOR in Compliance with HUD

Pre Recorded | Best Sellers

  • 60 minutes

An Owner/Agent (O/A) must understand what to charge as security deposit to a tenant moving out of a housing unit as it represents a financial protection in the event that a tenant defaults on their obligation of their lease. You must also be aware of what to do with that security deposit, the interest earned and refunds to be in compliance with the HUD (US Department of Housing and Urban Development). Any additional charges is also to be considered. 

Talking Points Regarding Security Deposits:

  • When is a security deposit to be collected? 

  • How much security deposit is allowed? 

  • How long may I keep the deposit?

  • Can I use first and last month’s rent as deposit?

  • How long do I have to return it?

  • What can be taken out of security deposit?

  • How do I establish charges of items taken out?

These ensure that there will be a good report on the Management and Occupancy Review (MOR). Consequences of a bad report could result in HUD withholding some of your voucher requests,or worse, decide to no longer work with the O/A.

MOR is conducted as apart of the HUD’s regulatory oversight and is the key tool for monitoring how well a Section 8 property is attaining their goals. MOR’s are needed to make sure that the HUD’s multifamily housing programs are regulated as required by identifying the flaws to eliminate waste, fraud and mismanagement.

As MOR is returning this year, O/A not having an MOR in the past 5 years should expect one now. 

Talking Points Regarding MOR: 

  • What is normal wear and tear?

  • What are the steps in handling MOR findings?

  • How do I respond?

  • How long do I have to respond?

  • What is the typical MOR procedure?

Join us with expert Paul Flogstad in this webinar to understand the concept of security deposits and how it must be dealt with in compliance with HUD. In addition, you will also get advice on MOR, its findings and how to achieve a good rating. He will discuss “real world” scenarios and options that may occur for any non-compliance items.

Who Should Attend

  • Property owners

  • Property managers

  • Leasing Agents

  • Compliance Staff

  • Housing Authority Staff


Paul Flogstad

Paul Flogstad

Paul has been involved in the real estate industry for the past 38 years. After college graduation he was in law enforcement for 4 years. From that point on, he has been involved in sales, construction, project management, appraisal, mortgage consulting and brokerage, property management and property management consulting/training. 

Most recently, he was a consultant for affordable, multi-housing properties in 22 different states. This involved properties in HUD, Rural Development and Tax Credit programs. In this role he supported managers by training, compliance, budgeting, developing policy and procedures as well as creating successful marketing strategies. Previously was a regional manager for a large property management company in South Dakota. 

For over twenty years was involved in appraisal of residential, multi-family, farm and commercial properties throughout the Midwest.

He holds numerous professional property management designations and currently holds the prestigious RHM designation from the National Center for Housing Management. 

In 2007 he formed Property Management Solutions. In this capacity, he provides training and consulting services nationwide to owners, management companies, multi-housing associations, as well as state and federal agencies. 

Paul was previously Vice President of the South Dakota Multi-Housing Association, Vice Chairman of the Minnehaha County Housing and Redevelopment Commission, and Chairman of the Sioux Falls Property Appeals Board. In 2009, he received the Outstanding Educator of the Year award from the South Dakota Multi-Housing Association.

"Handling Security Deposits and MOR in Compliance with HUD

    

Training was very informative, covering a lot of topics.

by Tracy Jackson


Want to attend in a Group? Call 844-810-1151 and Save upto 50%

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