Asset management and financial analysis
For a single asset, or multiple phased assets within one larger redevelopment, we bring the same disciplined asset management approach the LIHTC industry itself built: file-level accuracy, financial clarity, and a paper trail that holds up to review.
Compliance, findings, and the financial picture
- Asset management and financial analysis for a single asset, or multiple phased assets within one larger redevelopment
- File audits and compliance review for every capital stack — HUD, HOME, LIHTC, Bond financing, FHA-insured Market Rate, and LIHTC-only properties, including file stack organization
- Corrective action plans for all demands — HUD findings, PBCA HAP contract MOR findings, State Housing Finance Agency findings, and city or local code findings
- LIHTC monitoring reviews and 8823 findings resolution before the 12/31 deadline, to preserve credits and avoid disallowances
- Collaborate with staff to resolve findings and prevent tax credit recapture
- NSPIRE inspection assistance across PBV, HCV, and Multifamily/PIH REAC NSPIRE
- Section 202 and 811 PRAC support, and RAD conversion assistance for PHAs
- TPA and Modified TPA packages, partial payment of claim, partial release of security, and assistance with special claim submissions
- SOP development, KPI design, and a proprietary Asset Management financial model with quarterly, T12, year-over-year, and month-over-month analysis
- Quarterly investor and syndicator reports prepared from the property's data, or reviewed before submission
Asset management is its own discipline, not an afterthought
Asset management was not always its own function in affordable housing. In the mid-1990s, as LIHTC-financed nonprofit housing matured past its construction years, the industry itself recognized that long-term sustainability needed a distinct discipline, separate from development and from day-to-day property management. That is the discipline behind everything on this page: not just tracking how one building is doing, but mapping across an entire development, so a problem in one building gets caught by comparison to the others before it becomes a finding.
The cost-revenue gap, by program
Every program manages the cost-revenue gap differently. LIHTC rents are capped by AMI as a fixed percentage, so those deals are typically underwritten with low debt service to absorb the restriction. Public Housing relies on federal operating subsidy. Voucher-assisted units follow payment standards. HAP contracts adjust through OCAF. Inflation does not hit any of them the same way, and a one-size approach to budgeting misses where the real pressure sits.
Section 202/811 PRAC and RAD conversions
Two property types that need a specialist's eye, not a generalist's checklist.
202 and 811 PRAC
These properties are financed through a Capital Advance, not a loan, with program compliance and budget-based rent increases governing how they operate day to day. Many 202 PRACs are looking to reposition into PRAC RAD. 811 PRACs carry a heavier lift: budget-based rent increase requests, and navigating new state laws tied to the Olmstead Act, which is genuinely stressful for many 811 owners. PRAC MORs include a financial review alongside the file, occupancy, and physical review, since HUD Field Office staff conduct them directly. We assist with those financial reviews and with NSPIRE inspections. We do not prepare PCNAs, but we review and assist with the rent increase package and budget built around a new PCNA's increased reserve deposits, aimed at getting HUD's approval faster, before the PRAC contract expires.
RAD conversions
PHAs converting to RAD are used to PIH's way of doing things, and the shift is hardest for agencies running MTW. A conversion to PBRA moves a PHA fully into Multifamily, and the conversion year is where they need the most help. A conversion to PBV keeps them under PIH, but reporting still gets more complex with FHA financing, or a property layering PBRA, LIHTC, and PBV together — and that added complexity holds regardless of whether the property sits on the PHA or the Multifamily side.
FHA-only Market Rate
FHA insurance without any other HUD subsidy layer still means real HUD oversight: Field Office Management Reviews, Annual Financial Statement requirements, and a Regulatory Agreement. Those MORs briefly review tenant files for Fair Housing, though not in depth, and focus mainly on financials and the physical condition review conducted through NSPIRE.
Three regulators, three compliance lanes
A single property can answer to all three at once. We know which lane each finding belongs to, and how to resolve it there.
- HUD: Multifamily and PHA oversight, NSPIRE, and program compliance — with PBCA handling Multifamily HAP contracts specifically
- State Housing Finance Agencies: HOME and LIHTC/IRS compliance
- City Government: CDBG and HOME, plus code enforcement, permits, the Health Department, and the Fire Marshal
Numbers that hold up
The annual audit and the audited financial statements are the CPA's. The quarterly reports we can prepare from the property's data, or review before they are submitted. We track monthly accounting in our proprietary Asset Management model to check financial health, capital plans, and reserve levels, flag anything below the lender, partnership, or investor thresholds, and report what it means to ownership, leadership, boards, and other interested stakeholders.
Review, resolve, report
Review
File audits, asset management reports, and prior findings, so we know exactly what HUD or the state agency already sees.
Resolve
Corrective action plans, 8823 responses, and NSPIRE remediation, each built around the actual deadline that applies, so corrections are completed on time.
Report
Asset management reporting, KPIs, and financial models that keep ownership and leadership working from the same accurate picture, and the SOPs and compliance documentation that keep regulators satisfied.
Have a property, or a development, that needs a closer look?
The earlier the review starts, the more options stay on the table.
Email Kari LaLonde