You are probably already familiar with the designation programs the NAA Education Institute (NAAEI) offers for apartment professionals in management, leasing and maintenance—CAM, CAMT, CAPS, IROP, NALP—but you may not realize that it has partnered with the National Affordable Housing Management Association (NAHMA) and LeadingAge, (formerly the American Association of Homes and Services for the Aging) to offer a certification designed for property managers who work with properties developed and operated under the Low Income Housing Tax Credit (LIHTC) program.
Created in 2005, the Specialist in Housing Credit Management (SHCM) certification puts candidates through a rigorous program, requiring them to complete 12 hours of coursework, demonstrate a minimum of two years of housing credit management employment experience, pass the SHCM exam and commit to obtaining six hours of continuing education credit annually to maintain certification.
The partnership among the three associations is ideal as we see the affordable multifamily housing and conventional multifamily housing worlds come closer together. In the past 20 years, the lines have blurred in the industry as an increasing number of property management companies add tax-credit properties to their portfolios.
“We saw a need to develop a certification program by property management professionals for property management professionals,” NAHMA Executive Director Kris Cook, CAE, says.
Companies appreciate the SHCM certification because it means that they don’t have to choose between multiple certifications and can go with one that has the support of the three major industry associations. LIHTC rules and regulations are constantly changing, and tax-credit program properties must be managed with exacting standards and procedures. SHCM certification is a way of providing the necessary tools to property managers.
Before the SHCM program, industry tax-credit housing certification programs targeted a diverse group including onsite managers, accountants, investors and developers of tax credit properties. SHCM specifically addresses LIHTC management and is a way for industry management professionals to demonstrate their knowledge of requirements and procedures unique to LIHTC, such as the determination of tenant eligibility, resident retention services, record-keeping rules and certifications for tax credit properties.
State agencies recognize the SHCM certification, and working with a management firm with SHCM-certified professionals on staff earns developers “points” and gives them a competitive edge in the process of obtaining tax credits for the development of LIHTC properties.
Employers and other industry professionals know what to expect from someone holding the SHCM certification because it means that person has proven industry knowledge, a level of industry experience and is current on the latest rules and regulations governing tax credit properties.
“If you don’t know the regulations, you can cost your clients millions of dollars on a mistake, and in some cases, shut down the property management company,” says Johnrita Solari, SHCM, President and Co-Founder of Solari Enterprises. “You don’t have that risk in non-tax credit housing.”
She requires all of her firm’s onsite property managers, as well as members of the compliance department, to have the SHCM certification. Most of her executive operations staff also holds the certification. The company pays for the certification courses and fees.
WinnResidential also requires that all managers of LIHTC housing properties earn their SHCM designation within two years of being hired.
“For the tax credit program, this certification fits what we were looking for,” says Karen Newsome, Vice President of Compliance for WinnResidential.
Newsome also serves on the SHCM exam committee, which works with a third-party consultant to maintain the integrity and relevance of the SHCM exam. The committee meets three times a year and spends a great deal of time making sure the test drills down to the knowledge and skills needed by property managers of LIHTC properties.
She describes the SHCM program as “rigorous” with a comprehensive curriculum geared specifically for property managers.
NAAEI is offering an online SHCM exam preparation course every Tuesday from noon to 3 p.m. ET for four weeks starting Sept. 6. E-mail
Shana Treger for information.
Maureen Lambe, CAE, is Executive Vice President of NAAEI. She can be reached at 703/797-0601.