U.S. Department of Housing and Urban Development. HUD Webinar. Multifamily Property Management June 14, Community Planning and Development

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1 U.S. Department of Housing and Urban Development HUD Webinar Multifamily Property Management June 14, 2011 Community Planning and Development

2 Presenters Sandra Abramson, President, Tem-Pro-Tech, Inc. Ken Crawford, Vice President, Enterprise Community Partners Matthew Do, Program Officer, Enterprise Community Partners David Noguera, HUD Hunter Kurtz, HUD 2

3 Agenda Multifamily Property Management Asset Management Property Management Managing the Manager In-House and Third Party Managers NSP and Property Management 3

4 Multifamily Property Management Owning and Managing Affordable Housing: It may not be rocket science but it requires at least as much patience with long-term and day-to-day attention! Two types/levels of responsibility Owner: to manage the asset over the long-term (Asset Management) Property Manager: to manage the property operations on a day-to day basis (Property Management) 4

5 Overall Goals of Asset Management Ensure long-term fiscal health of the asset Ensure the physical condition of the property Ensure compliance with all regulatory, financial and physical requirements Maximize the income while reducing expenses Maximize the double bottom-line : meet the financial as well as social goals or mission of the organization 5

6 Asset Management: Access to Information Materials from closing binder have all regulatory, financial, insurance and reporting requirements Managers and internal staff need access to all relevant information Summaries, such as deal points memos and property profiles are useful tools Some information needs to be updated, e.g. NSP/LIHTC rent and income levels; NYC rent stabilization annual increases 6

7 Asset Management: Board Involvement They are the individuals who will be held responsible for the well-being of the assets They can take a more objective view of both the property and the manager They can give a longer term sense of direction for the organization and its assets They would be less involved in the regular oversight of the manager but would be more involved in setting long-term goals for the assets 7

8 Managing the Manager ( MTM ) Job #1 of the owner Necessary with either an internal manager or a third-party manager Primary part of the owner s asset management responsibility that will help it to: protect its assets ensure their long-term financial viability Avoid micro-management Define clear staff/board assignment of tasks and ensure they are implemented 8

9 MTM: Policies and Procedures Both the Owner and Manager need clear, written policies and procedures Incorporate all of the tasks to be performed by each party and identifies who performs them Memorialize and agree upon them to avoid duplication and confusion Update as often as necessary Disseminate to all concerned parties, including the residents 9

10 MTM: Creating Management Plans The plan spells out, for example: Owner s and Manager s roles and responsibilities Delegation of authority from the Owner to the Manager Property Manager s personnel policies and staffing patterns Owner s policies and Property Manager s procedures for carrying them out 10

11 MTM: Creating Management Agreements The agreement details, for example: The parties to the agreement The term of the agreement The scope of services the manager will perform and the fee for the services The manager s reporting requirements The extent and limitations to the manager s authority Insurance and indemnification requirements Compensation Terms of termination 11

12 MTM: Monitoring of Property Performance Create reasonable targets that fit the property Set targets that will help to ensure overall compliance with all regulations and terms that govern the property Set only as many targets as can be measured on a reasonable basis Create tools that help to measure performance against the targets Use the tools: targets are only useful if performance is measured against them 12

13 MTM: Monitoring the Manager Hold regularly scheduled meetings with the Manager Use a standing agenda Prioritize tracking the meetings through minutes Review a property s performance against established targets, e.g. report financial performance against adopted annual budget Make sure that Manager follows up on items/issues addressed in the meeting, e.g. takes corrective action if necessary 13

14 Developing a Long-Term Disposition Plan Capital Replacement Plan Long-term regulatory requirements Refinancing plan if necessary 14

15 Resource Management For want of a nail.... Both the Property Manager and internal staff/board overseeing the manager must have adequate resources Without adequate resources and tools, it is difficult for Manager or staff to take pride in what they do and in the condition of the property The Owner needs to identify or develop reliable income streams to support the management of the property 15

16 Property Management: How to Reduce Expenses, Increase Income (1) Prepare an annual budget that reflects underwriting assumptions and describe where/why it differs from them Report financial performance against budgets on regular basis Track and prepare vacant units for re-occupancy on a timely basis Use available tools to select good, rent-paying tenants Maintain ongoing communication between the management and the tenants 16

17 Property Management: Recommendations to Reduce Expenses, Increase Income (2) Go green : be environmentally correct and reduce expenses. NSP2/3 Grantees must meet green building standards adopted by their programs. Secure good contractors; supervise their work Perform capital repairs and preventive maintenance as required Ensure that maintenance and security staff are eyes and ears of the building Train and retain staff on a regular basis Identify all compliance requirements and have strategy for complying with them 17

18 In House v. Third-Party Management What should an Owner consider when making the choice between in-house and third-party management Conformity of managing the property with the mission of organization Financial considerations Organizational capacity considerations, e.g. will managing internally strain the organization Whether to outsource all functions or keep some in-house, e.g. outsource back-office and maintenance but keep tenant selelction internal 18

19 In-House Management Potential advantages Close relationship between development and management staff Enhanced communication opportunities between Owner and Property Management staff Closer relationship to tenants and community Potential disadvantages Interferes with mission of Owner Strains capacity of Owner May be less cost effective than having third-party manager that can leverage larger number of units 19

20 Selecting a Third-Party Manager What steps should an Owner take when selecting a third-party manager Seek recommendations from syndicator, partners, local Housing Authority, PM organizations like IREM, other local not-for profits Be aware that third parties may require a minimum number of units, and not work with smaller properties Advertise in local industry papers and engage in a bidding process Identify what is most important to the owner Always engage in an annual review process and rebid as necessary 20

21 NSP and Property Management Affordability Period Rents Tenant Income Unit Quality 21

22 Affordability Period Defines the period for compliance items HOME is safe harbor Restrictions recorded as land covenant or deed restriction 22

23 Rents: Affordability Grantees required to define affordable rents in Action Plans [24 CFR 570 subpart K, FR-5255-N-01] HOME is safe harbor NSP rents must remain affordable for affordability period Grantee needs to share new rent limits with owners, as published Owner must document rents charged to NSPassisted units 23

24 Rents: Program Income Income earned by Grantee or Subrecipients Net Operating Income (NOI) from rental properties = Program Income (PI) PI must be re-used for NSP eligible activities Income/NOI earned and retained by NSP Developers is NOT Program Income Avoid undue enrichment HUD encourages structuring NSP-assistance to Developers as a loan 24

25 Rents: Program Income (con t) Rental Program Income Example: Rental income: $40,000 Operating expenses (including ($30,000) deposits to operating and capital reserve accounts) NOI (Program Income): $10,000 Eligible private loan debt service: ($8,000) PI remaining after debt service: $2,000 25

26 Rents: Program Income (con t) PI can be used to pay debt service on private loan if: Private loan was used solely to finance costs of approved project; Private loan proceeds were used in accordance with all NSP applicable requirements (e.g., Davis-Bacon); Private loan was made from an external lender (grantee/subrecipient cannot lend itself the funds); and Use of program income for debt service payment was contemplated when project was approved. 26

27 Tenant Income Eligibility During affordability period, must ensure new tenant income eligibility Check and document incomes of new tenants at unit turn over Unit originally occupied by household at 120% of median, new tenant at 120% of median Unit originally occupied by household at 50% of median, new tenant at 50% of median Units could float so long as maintain proportion 27

28 On-Going Unit Quality No required NSP on-going property standard Grantees are encouraged to adopt standards to ensure continued quality May choose to defer to HOME standard [24 CFR ]: Units must remain standard for affordability period May elect to inspect units over time HOME rule [24 CFR ]: 28

29 NSP Resources for Rental Projects Multifamily Rental Toolkit ome&programtypeid=3 Recent NSP Webinars Developing Multifamily Properties, 6/2 NSP Rental Project Compliance, 5/17 Program Income, 4/19 Successful Scattered Site Rental Programs, 2/17 29

30 We Want Your Feedback! Answer a few quick questions at: 30

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