City Real Estate Advisors, Inc. (CREA) provides an array of asset management services for the investors in low income housing tax credit partnerships. The CREA Asset Management Group closely monitors investments to ensure that the requirements of the General Partner are being fulfilled. Additionally, Asset Management works to ensure the investment is being maximized in compliance with IRS guidelines outlined in Section 42 of the Internal Revenue Code.
Terms of the limited partnership agreements require the general partner and their property management representative to provide CREA with monthly, quarterly and annual reports. CREA currently works with a third party vendor on the reporting requirements prescribed in the equity documents at: https://secure.integratec.biz/crea/. Mandatory reporting along with regular site visits enables CREA to monitor investments and facilitate the asset management process. CREA’s asset management of the limited partner’s investment in affordable housing development begins at the close of the partnership and runs through the development/rehabilitation process, lease up, stabilization and finally the fifteen years (plus) of compliance obligation.
A formal report is issued quarterly to the limited partners which provides critical investment information in a clear and concise format. The three main goals of these reports are:
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To provide assurance that the project is in compliance and the tax credits are being protected
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To analyze variances in the actual results of the investment and what was originally underwritten
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To forecast expectations of the investment over the balance of the compliance period
Investors can rely on the experience and expertise of CREA’s staff to work hand in hand with the general partner and management company to ensure proper compliance with regulations. General partners and managers can rely on one central contact to work with regarding tax credit compliance issues. CREA is dedicated to the success of the investment, addressing concerns and troubleshooting issues before they arise. If you are interested in learning more about CREA’s asset management services, please contact one of our asset managers.
Wayne Nelis, Senior Vice President, joined CREA, in March 2007 as senior vice president and is directly responsible for lower tier portfolio asset management functions. Prior to joining CREA, Wayne spent 4 years managing all activities pertaining to the origination and asset management of a large insurance company's $1.7 billion commercial real estate portfolio and 9 years with another major insurance company, responsible for the asset management of their $6 billion real estate investments. Wayne has worked in the mortgage field for over 35 years. Wayne received a bachelor of science degree in accounting from Marian College and an MBA from the University of Indianapolis.
317.808.7367
Kelly Jones, Asset Manager, joined CREA in August 2008. Prior to joining CREA, Kelly was a tax credit compliance monitor for the Indiana Housing and Community Development Authority and has been working within the Section 42 low income housing tax credit program since 2003. She is currently working toward a bachelor of science degree in finance from the IU Kelley School of Business.
317.808.7182
Melissa Ray, Asset Manager, joined City Securities Corporation in March 2006 and transitioned into asset management with CREA in September 2008. Melissa has been assigned a portfolio of properties that she is responsible for monitoring at the lower tier partnership level. Prior to joining CREA, she was in the Insurance Division within City Securities Corporation where she managed a large commercial book of business and a national contractor’s insurance program. Melissa has held an Indiana state license for property/casualty and life/health insurance for over 10 years.
317.808.7139
Andrea Gregory, Asset Manager, Andrea permanently transitioned into asset management with CREA, in December 2007 after working in the municipal bond department of City Securities Corporation since 2001. There she maintained departmental compliance with municipal regulating standards, managed profit and loss and worked with the eligibility of municpal underwritings on a national level. Andrea holds a certificate in business from the I.U. Kelley School of Business and a bachelor of science degree in apparel merchandising from I.U. Bloomington.
317.808.7155 |