Property Inspections – a physical inspection of a tax credit property including the grounds, common areas, amenities, unit interiors and major physical components. Unless otherwise directed, a percentage of units will be inspected. The deliverable will be a report that documents the condition of the property and makes recommendations for improvement.

 

Property Operations Reviews – an overall review of systems and processes for operating the property including vendor selection and purchasing, budgeting, invoice review and approval, general maintenance, unit make-ready, customer service and retention, staffing levels and personnel policies. The deliverable will be a report that evaluates the effectiveness of the systems and processes that are in place and makes recommendations for improvement.

 

Marketing and Occupancy Reviews – a review of the property marketing plan and its implementation, as well as tracking occupancy trends. This review will attempt to reconcile rental rate and occupancy levels with the initial market study that was prepared when the property was proposed. The deliverable will be a report that evaluates the effectiveness of the marketing plan and its implementation as well as making recommendations for improvement.

 

Financial Reviews – a review of the financial results generated by the property. This process will involve analyzing the annual audits for the past three years (on a rolling basis) and compiling the data in a trackable format. Rental collections, ancillary income, operating cost, capital expenditures and debt levels/structures will be reviewed. The deliverable will be a report that addresses the financial results and compares them to industry metrics with recommendations for improvement.

 

Compliance Reviews – a review of compliance processes that are in place on a property as well as an inspection of the compliance documentation for a certain percentage of units. The deliverable will be a report that evaluates the effectiveness of the compliance process, documents the results of the file review and makes recommendations for improvement.

 

Construction Draw Inspections – for projects under construction, conduct a site inspection and evaluate the quality of construction along with a comparison of the work performed with the architectural plans and specifications. This does not replace the normal architect’s inspection would be performed simultaneously and may also offer value engineering recommendations for consideration. The deliverable will be a report that confirms whether or not the required parameters of construction have been met in order for the state housing finance agency to release funding to the developer.

 

Program Specifications – besides performing the various reviews and inspections for the pilot program, CEAM will also develop specifications for the creation of a permanent asset management program. It will consult with the state housing finance agency throughout the pilot program to determine certain metrics for the program. For example, how many occupied units really need to be inspected? How many vacant units really need to be inspected? What will the state agency do with the information that is provided? Will it be used in a manner that is beneficial to the owner/operator; for the benefit of the residents in the various properties, and for the benefit of the communities in which the properties are located?

 

CEAM will offer several service packages to state housing finance agencies.

 

Level One Services will include a property inspection, a property operations review, a marketing and occupancy review, a financial review and a compliance review.

 

Level Two Services will include a much more intensive property inspection to include inspecting every occupied and vacant unit on a property.

 

Level Three Services will include a much more intensive compliance review to include inspecting the documentation in every resident file for a property.

 

Level Four Services will include a construction draw inspection.

Level Five Services will include providing direct consultation with a property owner/operator to implement specific recommendations that were included in Level One Services.

 

The Level One Service package can be modified by a state housing finance agency to include fewer of the services if needed.