New Compliance Services Tool for Syndicators
Starta Development has launched a new tool that enables syndicators to avoid costly penalties that can result from non-compliance with IRS regulations. The service supports a variety of funding, including LIHTC, New Markets Tax Credits, HOME Funds, Section 202 and 811. The Web-based tool captures initial funding documentation, but also incorporates all tenant documents, and will maintain all information indefinitely.
Syndicators face a significant risk of massive penalties that could result from lost, unfiled, or improper tenant documentation. “There are numerous properties in Louisiana that lost everything,” said Gordon Blackwell, founder of Starta. “Disaster remains an event that we assume will happen to someone else.” Blackwell says the system will help syndicators who are worried about losing documentation due to natural disasters.
“The recent focus on major financial institutions has generated a significant amount of concern in the industry regarding compliance of existing portfolio assets,” he added.