At the 2024 SAHMA Leadership Conference in Tampa, industry experts gathered to discuss the emerging role of Artificial Intelligence (AI) in affordable housing. The panel, moderated by Sonja Horn from DASH Compliance, featured insights from Lauren Chung of Yardi Systems, Inc. and Sheila Salmon of Reno & Cavanaugh, PLLC. The discussion covered the latest AI tools, their implications for property management, and the critical considerations for housing professionals.
In April, we blogged about the new HUD guidance on AI in tenant screening and advertising, which has become increasingly relevant as AI technology continues to evolve. As the industry embraces these innovations, staying informed about the benefits and risks is essential. Here’s a summary of the key points from the panel, along with practical tips for housing professionals navigating the AI landscape.
AI in Action: Enhancing Property Management
Lauren Chung highlighted several innovative AI tools that are transforming property management. These tools are designed to automate routine tasks, allowing property managers to focus on more critical thinking and strategic activities. For instance, a chatbot in beta testing can do more than just open maintenance requests—it can also suggest ways residents might prevent further damage. This proactive approach not only improves efficiency but also enhances tenant satisfaction.
Another promising development is an AI-powered system that can analyze a photo of an invoice and automatically enter the information into the workflow. This type of automation can significantly reduce manual data entry errors and free up time for property managers to address more complex issues.
Data Privacy and Legal Considerations
Both panelists emphasized the importance of maintaining strict data privacy standards when using AI, especially in the context of affordable housing. Sheila Salmon cautioned against entering private data into open AI systems like ChatGPT, which may not comply with legal privacy guidelines. Chung advised relying on housing-specific software designed to adhere to these regulations.
The risks associated with using open AI platforms include the potential loss of exclusive rights to data and the possibility of introducing bias into decision-making processes, particularly concerning fair housing laws. Housing professionals must ensure that their use of AI aligns with legal requirements and protects sensitive information.
Challenges and Opportunities
One of the challenges discussed was the use of third-party criminal screening apps, which are increasingly being integrated into AI-driven systems. While these tools can streamline the screening process, careful and manual oversight is needed to avoid discriminatory practices and ensure compliance with fair housing regulations. Another challenge is waitlist management.
Attendees also shared their wishlists for AI in affordable housing. Some expressed a desire for AI to handle automatic inventory management. In contrast, others hoped for AI tools that could easily navigate and provide answers from thousands of HUD documents. These aspirations underscore the potential of AI to simplify complex tasks and enhance the efficiency of housing operations.
Practical Tips for Housing Professionals
- Leverage AI for Efficiency: Implement AI tools like chatbots and invoice readers to automate routine tasks, freeing your time for more critical and strategic activities. However, ensure these tools are tailored to the specific needs of the housing industry.
- Prioritize Data Privacy: Avoid using open AI platforms for sensitive information. Instead, choose housing software that complies with legal privacy standards and protects your data.
- Mitigate Bias Risks: When using AI for tenant screening or decision-making, be aware of the potential for bias. Regularly review and update your processes to ensure compliance with fair housing laws.
- Stay Informed: The field of AI is rapidly evolving. Keep updated on the latest developments, legal guidelines, and best practices to ensure your organization remains compliant and competitive.
- Explore AI Capabilities: Consider how AI can address your organization’s specific needs, such as automating inventory management or simplifying the interpretation of complex HUD regulations. Engage with vendors to understand the full potential of AI tools.
AI is revolutionizing affordable housing by offering tools that can enhance efficiency, improve decision-making, and support compliance with legal standards. However, housing professionals must approach AI with a keen understanding of its risks and benefits. By following best practices and staying informed, you can harness the power of AI to better serve your residents and meet the challenges of today’s housing market.
For more on the latest AI developments in affordable housing, revisit our April blog on HUD’s new AI guidance here.
