@Sandy
Thank you for your post, your a true realist. We have done the tax credit along with HUD, HOME, USDA-RD and yes some conventional for the last ten years. I have literally seen my wife work well after midnight on recerts and have her office piled sky high with files trying to get information. When we first started, it really was not so bad. You only had one tenant file, and one annual recert, unless something odd caused an interim. Now you have two files, the tenant file and the tax credit file and you can have situations where the "two do not agree". I won't go further on this as those involved with it know what I am talking about.
Instead, let me inject the thing that absolutely makes me the most disgusted:
The rental assistance is based on the "Adjusted Gross Monthly Income". Any other assets are counted as 2% or actual. What ever cooks up as the "AGMI" (Adjusted Gross Monthly Income) is what the tenant pays rent against. And, there is the utility allowance which further reduces the tenant contribution on the rent.
What you can wind up with is a tenant with $100,000 or more in a bank CD living in a subsidized apartment. This does not set well with me, never has, never will.
However that is the way things are. I guess I am someone who wants people to pay their costs of living out of their own assets. I do it, and I want everyone else to as well. Now that I have said that, let people go ahead and run me out of town on a rail. But that is the view from my window.