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Validity : 14th Apr'24 to 24th Apr'24
Handling Security Deposits and MOR in Compliance with HUD
- 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?
- What is normal wear and tear?
- What are the steps is handling MOR findings?
- How do I respond?
- How long do I have to respond?
- What is the typical MOR procedure?
Overview of the webinar
Will discuss how to handle security deposits correctly and how to be in compliance with HUD guidelines as well as local state rules. This is one of the items covered in an MOR and we will cover some additional topics that come up in MOR reviews.
Who should attend?
- Property Managers
- Property Owners
- Public Housing Authority Staff
- Maintenance Staff
- Compliance staff
Why should you attend?
Topic will be “Ins and Outs of handling security deposits” and “Additional MOR finding and what your next step will be.”
Iy is very important that sesecurity deposits be handled correctly. State laws differ on some aspects but the basics of security deposits will be coered. Some questions include,: How much can I charges, how soon must they be returned. What is normal wear and tear- how to develop charge list for damages and more related topics.
Also covered will be strategies to successfully pass a MOR inspection. Hinks about what auditors look for as well as proper file set up will be covered.
Faculty - Mr.Paul Flogstad
Paul has been involved in the real estate industry for the past 38 years.He has been involved in sales, construction, project management, appraisal, mortgage consulting and brokerage, property management and property management consulting/training.
Through his consulting company, Property Management Solutions, he provides training and consulting services nationwide to owners, management companies, multi-housing associations, as well as state and federal agencies.
He specializes in fair housing issues and has developed fair housing and outreach programs for governmental agencies as well as conducting seminars which are presented to property management companies, apartment associations and the general public. He also conducts research analysis for impediments to fair housing for grantees of federal CDBG funds.
Most recently, he has been a consultant to the State of South Dakota. In this assignment he has developed a program that is one of the first of its kind in the nation. It involves being an Ombudsman for fair housing issues. In this role he takes calls from anyone who may have a fair housing or landlord tenant question. He attempts to resolve the issue before it has to go to HUD. This has been a successful program and he takes over 900 calls a year.
For over twenty years was involved in appraisal of residential, multi-family, farm and commercial properties throughout the Midwest. Most recently, he was a consultant for affordable, multi-housing properties in 22 different states. This involved properties in HUD, Rural Development, HOME and Tax Credit programs. He is a certified trainer for a national company which specializes in HUD and Tax Credit education.
He holds numerous professional property management designations.Paul has served on numerous boards and commissions that deal with real estate, property management and fair housing issues and is in demand as a speaker in the affordable housing industry.