Wayne Nelis,
Senior Vice President,
317.808.7367
wnelis@cityrealestateadvisors.com
Brandon Conway,
Assistant Vice President,
317.808.7314
bconway@cityrealestateadvisors.com
Brooke Solis,
Senior Asset Manager,
317.808.7318
bsolis@cityrealestateadvisors.com
Susan Calhoun,
Asset Manager,
317.808.7158
scalhoun@cityrealestateadvisors.com
Ashley Hagan,
Asset Manager,
317.808.7182
ahagan@cityrealestateadvisors.com
Ashley Oler,
Asset Manager,
317.808.7277
aoler@cityrealestateadvisors.com
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:
-
To provide assurance that the project is in compliance and the tax credits are being protected
-
To analyze variances in the actual results of the investment and what was originally underwritten
-
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. |