Starta Development announced a low-cost solution that enables syndicators to avoid costly penalties that can result from non-compliance with IRS regulations. The service supports a variety of funding, including Low-Income Housing Tax Credit (LIHTC), New Markets Tax Credits (NMTC), HOME Funds, Sections 202 and 811. And, the web-based solution captures not only initial funding documentation, but also incorporates all tenant documents. Further, Starta maintains all information indefinitely.
Syndicators face a significant risk of massive penalties that could result from lost, unfiled, or improper tenant documentation. Starta extends an easy-to-use service to gather and organize necessary compliance details in a central location. Having a web-base solution enables access from anywhere with offsite backups that provide business continuity in the event of a disaster. “There are numerous properties in Louisiana that lost everything. Disaster remains an event that we assume will happen to someone else. With the Starta system, LPs can put aside the worry of losing documentation due to natural disasters," stated Gordon Blackwell, founder of Starta Development.
“The recent focus on major financial institutions has generated a significant amount of concern in the industry regarding compliance of existing portfolio assets,” explains Blackwell. Blackwell further relays that “this is a valuable service that Starta enabled years ago. However with the emerging unease, we have packaged a valuable solution at a very attractive price.”
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