Asset Management
The mission of the Asset Management Division is to monitor the financial health of the City's affordable housing portfolio to ensure that developments financed with City funds perform as projected, benefit the intended populations, remain assets in the community, achieve long-term financial viability, and repay the City’s investment.
Asset Management responsibilites include:
The Asset Management team identifies deficiencies in City-funded multi-family developments that may impair the property's long-term viability. These deficiencies may include financial underperformance, poor physical conditions, disadvantages to the targeted population, and poor record-keeping.
Asset Management, in coordination with the Department of Finance Comptroller's office, is responsible for several of the loan monitoring and servicing functions for City-funded multifamily developments including but not limited to:
- Processing debt service payments
- Informing owners of delinquencies and defaults
- Collection of Surplus Cash payments and matured loans
- Processing Insurance Settlements
Asset Management is responsible for the underwriting and approval of any transaction that affects an existing development that has City investment including, tax credit allocations, gap financing, or other issuances of debt. These requests may include:
- Refinancing
- Subordination
- Sale/Transfer of Physical Assets
- Replace Sponsor/ General Partner
- Replace Property Manager
- Loan Assignment/Assumption
- Loan Modification
- Regulatory Modifications
- Consents
- Regulatory release
The types of disposition the Asset Management team is involved in includes:
- Receivership:
- court appoints a neutral third party, known as a receiver
- manage and oversee a property that is facing financial or operational challenges.
- typically happens when a property owner defaults on their financial obligations, and a creditor or lender steps in to recover the remaining funds.
- Bankruptcy:
- legal process where an individual or entity that owns property (the debtor) is unable to meet their debt obligations and seeks relief through the court system.
- assets, including real estate, become part of a bankruptcy estate managed by a bankruptcy trustee.
- Foreclosure:
- occurs when a borrower fails to make payments on a mortgage, leading the lender to seize and sell the property to recover the outstanding loan balance. Foreclosure is a last-resort measure and can significantly impact a borrower's credit score and financial health.
- Relocation
- URA
- SROPO
- SROLF
- TBI Delegate Agency Contract
- PSH Tract- review tenant selection plans; resident facing policies
- PSH Primer
- 5% Set Aside Development-
- HOME ARP service $$ planning
- MO Community Safety Initiative Team
- VAWA Policy Update/Review
- SAFE Pilot
- Micro Homes
- COC Involvement
- SRN Policy Recommendation
- Stabilization Housing
- Non-Congregate Shelter
- Administered by Community Investment Corporation (CIC)
- Up to $15,000 of grant assistance per SRO unit on eligible projects
- Grant funds not to exceed 50% of total development costs
- Acquisitions costs within one year of closing can be included in the total development cost
- Units subject to affordability restrictions for 15 years
- Additional eligibility and program requirements may apply