The Asset Management Team
VCDC’s asset management staff is comprised of a full time director of asset management, three portfolio directors and a financial analyst with more than 25 years of combined property management and LIHTC experience. A part-time construction specialist provides technical assistance including physical inspections of VCDC’s portfolio and significant rehab funded activities as requested.
Financial Monitoring
VCDC’s financial information tracking system produces detailed spreadsheets and summary reports which track key performance criteria on a quarterly basis by individual projects and investment funds. Quarterly investor reports reflect operating performance, debt coverage ratio, reserve account balances, watch list conditions and other financial details.
Development To Asset Management Hand-Off Process
VCDC’s “hand off” from development to asset management staff is a multi-phase process which typically commences during the pre-construction phase and continues until construction completion. Monthly meetings are held to review properties in lease-up or construction as well as potential potential projects.
Pre-lease-up Activity & Initial Lease-up
Monitoring Asset management staff conducts pre-lease-up meetings with the general partner and property staff approximately 180 days prior to initial project lease-up. Technical assistance in the areas of compliance, lease-up and marketing plan development and unit mapping is available.
Portfolio directors review and approve first year resident files prior to move-in to verify that the household meets Section 42 requirements. In the event that additional file maintenance is necessary, required corrective measures are provided and a follow-up review occurs to ensure that all compliance corrections have been completed. A complete copy of all first year files is maintained by VCDC in an offsite fireproof facility.
Annual Compliance Audits
Compliance audits consisting of a 20% file review are conducted for all projects in VCDC’s portfolio at either 12 or 18 month intervals. To ensure compliance with Section 42 requirements, annual audits include review of all LIHTC documentation and timely completion of annual recertifications.
Ongoing Technical Assistance
Asset Management staff provide ongoing property management and LIHTC technical assistance for project sponsors. Regional workshops and conferences are conducted to assist project staff in maintaining compliance with Section 42, fair housing and Virginia Landlord Tenant Law.
Annual Physical Inspections
Portfolio directors perform physical inspections at 12-18 month intervals including all vacant units. Significant physical findings may be referred to the VCDC construction specialist for further investigation and reporting. A site visit report is completed and provided to the project sponsor.
Watch List Management
VCDC utilizes the AHIC watch list criteria to identify watch list conditions. High Watch projects are closely monitored until condition is cured. For more information regarding VCDC’s Asset Management Program, contact Barbara Barnes.
July 15th
2nd quarter property financial reports due
September 24th-26th
NASLEF Annual Meeting, Grand Rapids, Michigan
October 15th
3rd quarter property financial reports due
November 1st
2009 property operating budgets due
2008 VCDC Board of Directors Meetings
VCDC Office: July 29th, September 17th, October 30th, December 9th
Glen Allen Cultural Arts Center: April 29th (full day planning meeting), June 10th
Bristol Train Station - Bristol, Virginia
