Affordable Housing Management/LIHTC and HUD Property Management
Cornell Pace Inc. (CPI) and its staff have significant experience in the highly specialized area of Affordable Housing. We are involved with the owners and developers from the initial planning stages. This allows the firm to be proactive and become familiar with the project from the time of construction through receipt of the Certificate of Occupancy. Our compliance and screening procedures exceed industry requirements and ensure that applicants are ready to move into the building in an efficient and expeditious manner minimizing vacancy costs and maximizing rental revenue.
Marketing and Lotteries
CPI has enhanced many development submission packages with thorough and complete Management and Marketing Plans. For Department of Housing and Urban Development (HUD) building wide subsidized housing, CPI has prepared customized Affirmative Fair Housing Marketing Plans. These plans have been reviewed and accepted by all divisions of New York State Homes and Community Renewal (NYSHCR). New York State Housing Finance Agency (NYSHFA), the New York State Division of Housing and Community Renewal (DHCR), and the New York State Housing Trust Fund Corporation (NYSHTFC).
Following the initial marketing, CPI handles all aspects of the lottery and subsequent apartment rent up complying with the specific guidelines of many different oversight agencies including the New York City Housing Development Corp (NYCHDC) and the New York City Department of Housing Preservation and Development (NYCHPD). Our knowledge and expertise in handling thousands of applications received for each project, conducting the interviews and screening tenants for initial vacancies, ensures that the development project is rented quickly and efficiently. At the conclusion of the initial rent-up, what remains is a conforming and extensive Waiting List of eligible applicants to assist us with a smooth transition in subsequent apartment turnovers.
In addition, CPI’s familiarity with many different Community Boards and Groups enhances the applicant pool and allows for the continued growth and support of the community. It also provides a way for the communities to have a vested interest in the planning of the development and its sustained success. When we assume management of the building we are already familiar with all the tenants and their household members allowing us to be proactive in any assistance we can provide through community outreach and various subsidies and programs.
Certifications and Re-Certifications
Initial move-in certifications are executed following all IRS Section 42 regulations for tax credit projects and the HUD Handbook manual guidelines. Our impeccable files allow for quick and efficient review by accounting firms and timely completion of the cost certification that allows developers/syndicators to maximize Tax Credit dollars. Tenants residing in LIHTC developments and building-wide Section 8 and 202 developments requiring annual re-certifications are completed in house by CPI’s staff.
CPI’s affordable housing staff regularly attends Tax Credit workshops and various training sessions sponsored by the National Center for Housing Management (NCHM), Quadel Consulting Corporation and Spectrum Enterprises, Inc. to ensure that all the latest regulations, laws and best practices are utilized and complied with.
A comprehensive set of standard monthly and quarterly reports allows an owner to review all the details of their property’s status at a quick glance. In addition, we provide customized reports that are required by many of the larger syndicators and investors of Low Income Housing Tax Credit (LIHTC) programs, such as First Sterling Financial, Inc.; JP Morgan Capital Corporation; Hunt Companies; Alliant Capital, Ltd.; PNC Tax Credit Capital Group; and John Hancock Realty Advisors, Inc.