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Affordable Housing Asset Management
What does managing a building look like?
Just like buying a building, managing one is no easy feat. Cooperatives must elect a board of directors and officers to supervise the building’s management company and conduct long-term planning. Additionally, co-op boards have a responsibility to assist with filing annual tax returns and audits, organizing building inspections, planning renovations, filing reports to lenders and grant-makers, troubleshooting financial problems/concerns, responding to residents’ requests and concerns about the property, marketing vacant units, responding to nonpayment by residents of monthly housing charges, and more.
Where does the Tenant Purchase Assistance Program jump in?
Our cooperative asset management services help co-op board members manage their buildings both on a day-to-day basis and long-term. Our work focuses on four main concerns of cooperatives:
1) Their building’s physical condition.
2) Their financial performance/health.
3) Compliance with lenders and city requirements.
4) Effective board governance.
For example, we assist cooperatives with:
- Creating Asset Management and Sustainability Plans.
- Planning building inspections and repairs.
- Creating annual operating budgets.
- Reviewing monthly and annual financial statements.
- Submitting required reports to lenders and the City, including energy/utility reporting.
- Marketing and the selection of new cooperative members.
- The hiring, oversight, and coordination with property management companies.
- Board governance and training.
Contact Us!
Are you in need of asset management assistance? Contact us at (202) 547-4747 ext. 146 or amartin@uls-dc.org today!