Texas Department of Housing & Community Affairs - Building Homes and Strengthening Communities

Asset Management

Raquel Morales
Director of Asset Management

Phone:  (512) 475-2109
Fax:  (512) 475-3359

Physical Address
221 East 11th Street
Austin, TX  78701

Mailing Address
PO Box 13941
Austin, TX  78711-3941

Overview

Asset Management is responsible for oversight of development performance for all multifamily properties. The Asset Management team operates in a proactive manner by enforcing regulatory documents to minimize exposure to the Department and ensure long term financial viability of the development. Oversight activities are essentially the same for all types of developments; however, the aspects of borrower performance examined during these activities will vary by type of development due to the different program requirements. Asset managers work with the development owner and the Department’s Asset Review Committee to develop workout solutions for troubled or “at-risk” developments.

General Post Award Deadlines Overview

General Post Award Deadlines

Item Due

60 calendar days after closing on the bonds, regardless of the Bond Issuer (4% HTC/Bonds)

Post Bond Closure submission packet

As published in the QAP for the applicable award year, but July 1st of the year following submission of the Carryover Allocation Agreement (9% HTC only) NOTE: 10% Tests for 2016 awards are due on June 30, 2017 as required by 11.2 of the 2016 QAP.

10% Test

90 days following either:
1) the 10% Test (9% HTC),
2) expiration of the Certificate of Reservation (4% HTC/Bonds), or
3) loan closing (Direct Loan programs)

Initial Construction Status Report (due quarterly thereafter on defined quarterly due dates)

December 31st of the first year of the elected Credit Period (9% and 4% HTC)

Recorded LURA must be received by the Department

January 15th of the year following the first year of the Credit Period (9% and 4% HTC)

Cost Certification

April 30th of the second year following award of funds (all Developments) and every April 30th thereafter

Annual Owner’s Compliance Report (AOCR) and Annual Owner’s Financial Certification (AOFC)

December 31st of the second year following award of funds (9% HTC)

Placement in Service – evidence will be submitted with cost certification packet submission

30 days following construction completion

Final Construction Inspection request

45 days prior to any upcoming Board meeting

Material Amendments and LURA Amendments

45 days prior to any property sale or transfer of ownership

Ownership Transfers

 

Asset Manager Assignments and Contact Information

An Asset Manager has been assigned a portfolio of properties according to regional location.  This provides development owners with one contact person for any questions related to their developments and post award activities. To find the Asset Manager assigned to your development, enter the county of the development on the Asset Manager Assignments and Contact List page.

Property For Sale

Visit the Property For Sale section of the Multifamily Preservation Clearinghouse for listings of properties, including vacant land as well as single- and multi-family developments, which are available for purchase. Appraisals, financial information, and other useful documents are available for review to assist buyers.

The Multifamily Preservation Clearinghouse is designed to facilitate the preservation of existing affordable and subsidized multifamily rental properties in the State of Texas. It provides multifamily property owners a format to market their properties to prospective buyers interested in maintaining the affordability of a property. Real Estate Brokers, Financial Institutions, and other related entities are encouraged to post contact information.

Real Estate Analysis Tools

Visit the Real Estate Analysis page for regional and statewide operating expense databases and the HTC applicable percentages and underwriting rates.