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Ensuring the quality of multifamily properties

Multifamily property owners contract with management agents, through a management agreement, to oversee the day-to-day operations of the property, and maintain the financial and accounting records. The owners and HUD must ensure that the projects will be managed in a prudent, efficient, and costs-effective manner, in accordance with applicable laws and HUD requirements.

The management agents that oversee the HUD-insured and HUD-assisted multifamily properties play a key role in helping HUD provide quality affordable housing. Management agents provide property owners with dedicated property management services focused on ensuring that all expenses of the project are reasonable and necessary, increasing property cash flow, improving resident satisfaction, and improving properties’ physical condition.

There are numerous HUD OIG reports finding that HUD did not adequately monitor its management agents. As a result, less funds are available to maintain property conditions, and tenant quality of life suffers.

But resource limitations make it difficult to properly monitor all agents. Research to determine methods for identifying high-risk management agents using available data sources would allow HUD to focus its oversight resources more effectively.

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Ensuring the quality of multifamily properties - by JWeinstock - 11-06-2015, 07:30 PM

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