Housing directors play an invaluable role in ensuring that residents in their communities have access to affordable housing options. However, managing funding allocation can prove a complex and time-consuming process, filled with challenges and hassles for administrators and applicants alike.
From assessing complex eligibility criteria to allocating resources appropriately, managing the Notice of Funding Availability (NOFA) process can be overwhelming.
With NOFA management software however, agencies and community development departments can more easily notify the public of funding opportunities, process available funds faster, streamline the application process, increase efficiency and productivity, manage project progress, and use data to improve application assessment.
Since the software also provides better visibility into the funding opportunities available, and helps housing directors stay organized, they can stay on top of incoming applications and direct funding toward the programs that need it most.
So how does NOFA management software address the major challenges faced by housing agencies when managing and allocating available funds?
How NOFA Management Software Supports Community Investment
NOFA management software simplifies community investment by modernizing the complete lifecycle of housing-related funding. Here are 3 things it helps accomplish:
1. Easily notify the public and collect applications
The right NOFA management solution will make a difference from the very first steps of the process, helping you publish notices of fund availability, making sure the public hears about them in a timely manner, and giving you a place to collect and organize applications.
NOFA management software allows housing agencies to:
- Notify the public that funding is available, via automated notifications
- Collect online applications with configurable forms and document submission via a custom applicant portal
- Eliminate paperwork with easy digital collection, storage, and organization of supporting documents and signatures
With a system that is both sophisticated and simple, you can make sure nobody falls through the cracks.
2. Simplify the Processing and Management of Applications
NOFA software streamlines the application evaluation process, enabling housing agencies to quickly and effectively process applications received from community organizations, tenants, and other stakeholders.
With NOFA management software, housing agencies can:
- Automate the process of evaluating and scoring applications for funding from potential recipients with an application workflows tool, making it easier to make informed decisions about which initiatives to support.
- Easily customize forms and documents, adjust workflows, and set evaluation criteria to quickly review the unique requirements of each funding offer
- Keep a pulse on funding trends and allocate resources accordingly to align with these trends
Software like the NOFA management solution on 3Di Engage provides a flexible and configurable solution for managing the funding application process, allowing agencies to assess the viability of each funding request with ease.
3. Optimize Resource Allocation with Simplified Reporting and Management Tools
Housing agencies must carefully allocate their resources to ensure that funds are put to good use. To do this effectively, they need access to accurate and digestible information about their funding and projects.
NOFA management software can help housing directors with this challenge by providing real-time data and insights. For instance, with a Reporting & Analytics dashboard and built-in project management tools, agencies can:
- Monitor funding history, trends, and progress in real-time
- Track the progress of funded projects and ensure compliance
- Use reporting tools to organize and visualize data, helping evaluate the impact of initiatives and make data-driven decisions about which programs are working best
- Assess key project metrics and identify areas for improvement
By using NOFA management software, housing agencies can optimize their resource allocation and track project progress with confidence.
4. Get More Done in Less Time, with Better Productivity Tools
NOFA management software can help speed up processes (from applications to project management) from a central platform, with solutions to automate complex workflows, and eliminate mundane tasks like copying data to fill forms.
With this software, agencies can:
- Enhance efficiency and accuracy with digital document templates that automatically fill with relevant data, reducing manual effort and minimizing the risk of errors or missed deadlines
- Automatically receive reports on the progress toward the key milestones of funded projects to pass along as needed
- Collaborate with other agencies, working simultaneously or sequentially across agencies, even when agency processes or evaluation criteria differ.
From advanced document management to automation for even the most unpredictable workflows, a great software solution will have you flying along through otherwise tedious tasks, helping you process applications and projects accurately and on-schedule.
Finding the right software
When it comes to handling funding applications in a complex funding environment, NOFA management software helps agencies make a difference in their communities.
But if you want to get the most out of this software, look for a solution built on a platform that supports other tools. With the ability to extend your platform to include essential tools like a rental property registry or rental inspection solution, a full platform solution like this will get exponentially more useful with each additional tool you add.
That’s why we built 3Di Engage for Housing, a integrated platform that lets you pick the solutions you need, expand your capabilities over time, and have everything work seamlessly together from day one.
To learn how this kind of technology can support affordable housing initiatives like tenant protections programs, read our guide.