상세정보

Over the past fifteen years, the role of nonprofits in developing housing for those with low and moderate incomes has changed dramatically. Once supporting players, community development corporations, tenant associations, and other nonprofit organizations have now assumed the lead, filling the gap left by shrinking government commitment to become the nation's primary producers of affordable rental and home ownership opportunities. With the growing involvement of these various groups comes a new set of issues and concerns for them to handle, all of which are addressed in this revised and expanded edition of Developing Affordable Housing.

Written by Bennett L. Hecht, a professional with extensive experience in nonprofit real estate development, this comprehensive resource provides cutting-edge tools and strategies for creating long-term stability, meeting community housing needs, and taking advantage of economic opportunities. Demystifying affordable housing development for those considering it for the first time, as well as for those seeking to expand into different types of housing production, it offers invaluable insights into possible financing sources and long-term management strategies that will make planned affordable housing developments effective and successful.

Taking you step-by-step through the entire development process, Developing Affordable Housing, Second Edition covers all the bases, from putting together the development team to determining project feasibility to obtaining site control. Along with details on using Hope 6 funds for neighborhood revitalization programs, it contains a new chapter on joint ventures that includes specifics on limited liability corporations (LLCs). Packed with numerous checklists, step-by-step procedures, sample contracts, and model documents designed to help save time, effort, and expense, Developing Affordable Housing has all the information on:

• Raising capital?loans, grants, equity, public housing funds
• Property development?deposit and escrow, closing and recording costs, settlements, tenancies, risk of loss, purchaser inspection
• Prepurchase considerations?applying for financing and operating subsidies, determining ownership entity, interviewing management companies, developing plans for renting or selling units
• Settling on acquisition?title insurance, the settlement agent, property location survey, governmental regulations, building permits
• Financing and taxation?Low-Income Housing Tax Credit (LIHTC), Fannie Mae and Freddie Mac, Tax-Exempt Bonds

A practical resource that features straightforward guidelines, sound advice, and up-to-date information, this is essential reading for any nonprofit looking to sponsor, own, or manage affordable housing projects.

This comprehensive guide, now revised and expanded, covers the fundamentals of nonprofit real estate development, from financing and purchase contracts to site control and ownership entity. Packed with numerous checklists, sample contracts, and model documents, the Second Edition addresses such essential topics as:

• Assembling the development team
• Projecting costs, income, and expenses
• Raising capital
• Establishing partnerships and joint ventures
• Purchasing, constructing, and rehabilitating property
• Maintaining an ownership or rental community

"Developing Affordable Housing does what no other book I know has done?lays out in a practical, complete way all the steps nonprofits need to successfully develop affordable housing ... It should become required reading for anyone attempting their first or their fortieth housing project." ?F. Barton Harvey III, Chairman of the Board and CEO, The Enterprise Foundation

"Many of today's most creative solutions to local affordable housing challenges arise from the innovative collaborations nonprofit organizations form with local government, the private sector, and philanthropic institutions. Mr. Hecht's thorough and insightf

정보제공 :

CONTENTS

Preface = xxvii

Acknowledgments = xxix

PART ONE GETTING STARTED

 Chapter One Real Estate Development by Nonprofit Organizations : Coming of Age = 3

  1.1 Introduction = 3

  1.2 The Shrinking Role of the Federal Government = 4

   (a) Rental Housing = 4

   (b) Homeownership = 5

  1.3 The Evolving Role of Nonprofit Housing Development Organizations = 5

  1.4 The Federal Response to the Nonprofit Housing Development Movement = 6

   (a) Federal Legislation = 6

   (b) Other Federal Action = 6

  1.5 Unique Opportunities for Nonprofit Organizations to Create Affordable Housing = 7

 Chapter Two The Real Estate Development Process for Nonprofit Organizations : An Overview = 8

  2.1 Nonprofit Organizations and the Real Estate Development Process = 8

  2.2 An Overview of the Real Estate Development Process = 9

   (a) Feasibility Phase = 9

   (b) Acquisition and Construction Phase = 10

   (c) Project Completion Phase = 11

  2.3 Addressing the Specific Needs of a Community and a Specific Project Site = 11

 Chapter Three Establishing the Development Team = 12

  3.1 In General = 12

  3.2 The Sponsor = 13

  3.3 The Financial Development Specialist = 13

  3.4 Attorneys = 14

   (a) General Counsel = 14

   (b) Specialized Counsel = 15

   (c) Retaining Counsel on a Fee for Service or Pro Bono Basis = 16

  3.5 Accountant／Bookkeeper = 17

  3.6 Architect = 18

   (a) During Feasibility = 19

   (b) During Acquisition and Construction = 20

  3.7 Property Management Company = 20

  3.8 General Contractor = 20

  3.9 Construction Manager = 21

  3.10 Community Organizer = 21

  3.11 Appraiser = 23

  3.12 Conflicts, Multiple Roles, and Oversight = 23

PART TWO PROJECTING COSTS, INCOME, AND EXPENSES

 Chapter Four Project Feasibility and Total Development Costs = 27

  4.1 Project Feasibility Defined = 27

  4.2 Determining Preliminary Project Feasibility = 27

  4.3 Estimating Total Development Costs = 28

   (a) Total Development Costs Defined = 28

   (b) Purchasing the Property("Hard" Costs) = 29

   (c) Improving the Property("Hard" Costs) = 39

   (d) Completing the Project("Soft" Costs) = 45

  Appendix 4-1 Sample Letter of Value = 49

  Appendix 4-2 Summary of Key Federal Regulations Governing Underground Storage Tanks = 51

  Appendix 4-3 Summary of Relevant Laws and Regulations Governing Lead-Based Paint = 52

 Chapter Five Determining Projected Income and Expenses = 53

  5.1 Introduction = 53

  5.2 Projecting Income - Generally = 54

  5.3 Identifying Targeted Income Levels = 54

  5.4 Determining Affordability as a Percentage-of-Income and Market Rents = 55

  5.5 Income from Nonresidential Use = 57

  5.6 Projecting Expenses - Generally = 58

  5.7 Evaluating Past Operating Expenses = 58

  5.8 Projecting Expenses Where No Operating History Exists = 60

  5.9 Allowances and Reserves = 63

   (a) Vacancies and Bad Debts = 63

   (b) Operating Reserves = 64

   (c) Replacement Reserves = 64

  5.10 The Role of Lenders = 65

  Appendix 5-1 Controllability of Expenses = 66

PART THREE RAISING CAPITAL

 Chapter Six Raising Capital to Meet Total Development Costs = 69

  6.1 Introduction = 69

  6.2 Sources of Capital - Generally = 70

  6.3 Loans = 70

   (a) Kinds of Loans a Sponsor Can Anticipate = 70

   (b) Common Loan Provisions = 71

   (c) Security Required by Lenders = 77

   (d) What Lenders Look for in a Project = 78

   (e) Making a Loan Application More Attractive to a Lender = 82

  6.4 Grants = 82

  6.5 Equity and Sales Proceeds = 83

   (a) Equity = 83

   (b) Proceeds from the Sales of Homeownership Housing = 83

  Appendix 6-1 Example of an Amortizing Loan = 84

  Appendix 6-2 Example of a Nonamortizing Loan = 85

 Chapter Seven Sources of Capital : Loans = 86

  7.1 Who Are Possible Lenders? = 86

  7.2 Sources of Loan Funds from Public Lenders - Generally = 86

  7.3 Sources of Loans from State and Local Governments = 87

   (a) Community Development Block Grants = 87

   (b) Community Development Block Grant Loan Guarantees(Section 108) = 88

   (c) The HOME Program : HOME Investment Partnerships = 88

   (d) Appropriated Funds／General Obligation Bonds／Repayments of Prior Loans = 93

   (e) Bond Financing - Generally = 94

   (f) Tax-Exempt Bond Financing = 95

   (g) Taxable Bond Financing = 104

  7.4 Sources of Loans from the Federal Government = 104

   (a) Supportive Housing for the Elderly = 104

   (b) Supportive Housing for People with Disabilities = 105

   (c) Empowerment Zones and Enterprise Communities(EZ／EC) Initiative = 105

   (d) Brownfields Redevelopment Initiative(BRI) = 106

   (e) FHA Multifamily Portfolio Reengineering = 106

   (f) The USDA Rural Housing Service(RHS) = 107

   (g) Rural Cooperative Housing Loans = 108

   (h) Rural Rental Housing Loans = 109

   (i) Self-Help Housing Loans : Single Family = 110

  7.5 Sources of Loan Funds from Private For-Profit Entities = 112

   (a) Owner Take-Back Financing = 112

   (b) Commercial Banks = 113

   (c) Savings and Loans = 113

   (d) Life Insurance Companies = 117

   (e) Pension Funds = 119

  7.6 Sources of Loan Funds from Private Nonprofit Entities = 121

   (a) The Enterprise Foundation = 121

   (b) Local Initiatives Support Corporation = 123

   (c) National Community Development Initiative(NCDI) = 124

   (d) Institute for Community Economics = 127

   (e) McAuley Institute = 128

   (f) The Low Income Housing Fund = 128

   (g) World Vision in the United States = 130

   (h) National Community Capital Association／National Association of Community Development Loan Funds = 130

   (i) Local Community Land Trusts = 132

   (j) National Nonprofit Foundations : Program-Related Investments = 133

   (k) Local Community Foundations = 134

   (l) Affordable Housing Loan Consortia = 134

  Appendix 7-1 501(c)(3) Bond Terminology = 183

  Appendix 7-2 National Association of Community Development Loan Funds = 184

 Chapter Eight Sources of Capital : Grants = 204

  8.1 Grants from the Federal Government = 204

   (a) Grants for Developing Single-Family Homeownership = 204

   (b) Grants for Downpayment Assistance and Other Costs to Help Low-Income Purchasers of Single Family Homes = 206

   (c) Grants for Developing Multifamily Housing = 207

   (d) Safe Neighborhood Action Grants Program = 208

   (e) Grants for Developing Housing for the Elderly = 208

   (f) Grants for Developing Housing for Persons with Disabilities = 209

   (g) Grants for Developing Housing for the Homeless = 209

  8.2 Grants from State and Local Governments = 212

  8.3 Grants from Private Nonprofit Foundations = 212

   (a) City or Region-wide Funding Collaboratives = 213

  8.4 Grants from For-Profit Corporations = 219

 Chapter Nine Sources of Capital : Equity = 220

  9.1 Creation of an Equity Fund for Housing Development = 220

  9.2 Use of the Low-Income Housing Tax Credit = 221

   (a) Tax Credit - Generally = 221

   (b) How the Low-Income Housing Tax Credit Works in Nonprofit Housing Development = 222

   (c) Tax Credit Rates and Costs = 222

   (d) Other General Requirements of the Program = 223

   (e) How a Sponsor Applies for the Tax Credit = 225

   (f) Securing the Property after the Expiration of the Compliance Period = 225

   (g) Availability of Equity Funds for Tax Credit Projects = 226

  9.3 Other Equity Sources = 231

   (a) Fannie Mae's American Communities Fund = 231

   (b) Real Estate Investment Trusts(REITs) = 232

   (c) Historic Investment Tax Credit = 233

  Appendix 9-1 Partial Listing Low-Income Housing Tax Credit Tax Syndicators = 236

 Chapter Ten Sources of Capital : Public Housing Funds = 237

  10.1 Relationship of Public Housing to Affordable Housing = 237

   (a) Introduction to Public Housing = 237

   (b) Transition : Public Housing Prepares to Enter the World of Affordable Housing Development = 238

   (c) The Shadow Law of Mixed-Finance = 240

  10.2 Mixing Public Housing Capital with Other Capital : Mixed-Finance = 241

   (a) Introduction to Mixed-Finance = 241

   (b) Advantage for PHAs = 242

   (c) Disadvantages for PHAs = 243

  10.3 Uses of the Public Housing Funds in Mixed-Finance Transactions = 243

   (a) Public Housing Capital Funds = 243

   (b) Eligible Uses = 245

   (c) Ineligible Uses = 246

  10.4 Considerations in Mixing Public Housing Capital Funds with Other Sources of Affordable Housing Funds = 248

   (a) Role of HOME Funds = 248

   (b) Role of CDBG Funds = 249

   (c) Role of the Low-Income Housing Tax Credit = 250

   (d) The Role of Private Lenders = 251

   (e) The Role of Bond Financing = 252

  10.5 Traps for the Unwary = 252

   (a) HUD Review and Underwriting = 252

   (b) Procurement = 253

   (c) Declaration of Trust : Long-Term Use Restriction and Prohibition on Conveyance = 254

   (d) Disposition of Public Housing Property to Private Owners = 255

   (e) Relocation = 256

   (f) Davis-Bacon = 258

   (g) Operating Subsidy = 258

   (h) Occupancy Issues = 258

   (i) Tenant Empowerment = 262

   (j) Private Management = 264

   (k) Public Housing Homeownership = 265

PART FOUR ENHANCING FEASIBILITY AND PACKAGING THE PROJECT

 Chapter Eleven Enhancing the Feasibility of an Affordable Housing Project = 269

  11.1 Increasing Access to Capital - Credit Enhancement = 270

   (a) Third-Party Guarantees - Generally = 270

   (b) Government Mortgage Insurance = 270

   (c) Private For-Profit Mortgage Insurance = 275

   (d) Private Nonprofit Mortgage Insurance = 276

   (e) Pledges of Personal Assets = 276

  11.2 Increasing Access to Capital - Loan Sales on Secondary Market = 276

   (a) Fannie Mae = 277

   (b) Freddie Mac = 289

   (c) Ginnie Mae = 292

   (d) Enterprise Mortgage, Inc. = 293

   (e) Local Initiatives Managed Assets Corporation(LIMAC) = 293

  11.3 Reducing Total Development Costs = 296

   (a) HUD-Owned Single-Family Property Disposition = 296

   (b) Using Surplus Non-HUD Properties for Assisting the Homeless = 296

   (c) HUD Mortgagee in Possession and Foreclosed Multifamily Property Disposition Properties = 297

   (d) Federal Deposit Insurance Corporation Disposition Properties = 298

   (e) Freddie Mac Multifamily Property Disposition Program = 299

   (f) Bargain Sale = 299

   (g) City "In Rem" Property = 300

  11.4 Increasing Income = 300

   (a) Rent Subsidies Only = 300

   (b) Property Disposition Set-Aside Program = 301

   (c) Rent Subsidies for Homeownership = 302

   (d) Rent Subsidies for the Homeless = 303

   (e) Rent Subsidies for the Elderly = 304

   (f) Rent Subsidies for People with Disabilities = 305

   (g) Rent Subsidies for People with AIDS = 305

   (h) Operating Expense Subsidies for Special Needs Populations = 305

   (i) Other Federal Operating Subsidies = 306

  11.5 Reducing Operating Expenses = 308

   (a) Property Taxes = 308

   (b) Other Taxes = 309

   (c) Enterprise Zones = 309

   (d) Utilities Including Water and Sewer Charges = 310

 Chapter Twelve Developing the Project Feasibility Report : Five Case Studies = 311

  12.1 Introduction = 311

  12.2 The Feasibility Report and Financial Pro Formas = 312

   (a) The Feasibility Report - Generally = 312

   (b) Financial Pro Formas = 312

   (c) Multiyear Income and Expense Projections = 313

   (d) Other Schedules = 314

   (e) Notes to the Financial Pro Formas = 315

  12.3 The Development of Affordable Housing : Five Case Studies = 315

   (a) The Whitelaw Hotel, Washington, DC - Manna, Inc. = 316

   (b) The Fulton House, New York, NY - BRC Human Services Corporation = 318

   (c) 7611 Maple Avenue Cooperative, Takoma Park, MD - 7611 Maple Avenue Tenant Association, Inc. = 319

   (d) Partnership 10 Lease Purchase Project, Cleveland, Ohio - Cleveland Housing Network = 321

   (e) Tenderloin Family Housing, San Francisco, California - Chinese Community Housing Corporation = 322

  12.4 Conclusion = 334

  Appendix 12-1(a) Description of Proposed Very Low-Income Rental Housing = 335

  Appendix 12-1(b) Sources and Uses Statement, Manna, Inc. = 336

  Appendix 12-1(c) Multiyear Income and Expense Projections, Manna, Inc. = 338

  Appendix 12-1(d) Projected Annual Profit／Loss = 340

  Appendix 12-1(e) Calculation of Tax Credits, Manna, Inc. = 342

  Appendix 12-2(a) Description of Proposed Transitional Residence for Homeless, BRC Human Services Corporation = 343

  Appendix 12-2(b) Capital Budget = 348

  Appendix 12-2(c) Five-Year Operating Budget = 348

  Appendix 12-3(a) Narrative and Project Description(7611 Maple Avenue Cooperative) = 351

  Appendix 12-3(b) Sources and Uses Statement = 353

  Appendix 12-3(c) Income and Expense Projections, 7611 Maple Avenue, Takoma Park, MD = 355

  Appendix 12-3(d) Projected Share Prices and Monthly Costs = 356

PART FIVE PURCHASING AND DEVELOPING THE PROPERTY

 Chapter Thirteen Securing Site Control Over the Property : Signing the Option or Purchase Agreement = 361

  13.1 Introduction = 361

  13.2 Site Control Must be Secured in Writing = 361

  13.3 The Use of Purchase Contracts = 362

   (a) Parties = 362

   (b) Description of Property = 362

   (c) Purchase Price = 363

   (d) Deposit and Escrow = 364

   (e) Title = 365

   (f) Deed = 366

   (g) Adjustments = 366

   (h) Closing and Recording Costs = 367

   (i) Settlement = 367

   (j) Tenancies = 368

   (k) Risk of Loss = 369

   (l) Conditions and Operation of the Property = 369

   (m) Inspection by Purchaser = 371

   (n) Representations and Warranties of Seller and Purchaser = 371

   (o) Choice of Law = 372

   (p) Brokerage = 372

   (q) Time of Essence = 372

   (r) Acceptance = 372

   (s) Binding Effect = 373

   (t) Assignment = 373

   (u) General Provisions = 373

   (v) Notices = 374

   (w) Acknowledgment = 374

  13.4 The Use of Options = 374

   (a) Differences Between Purchase and Option Agreements = 375

   (b) Unique Terms of an Option Contract = 375

  Appendix 13-1(a) Real Estate Purchase Contract = 378

  Appendix 13-1(b) Escrow Agreement - Earnest Money = 384

  Appendix 13-2 Real Estate Option Agreement = 385

 Chapter Fourteen Prepurchase Considerations = 391

  14.1 Introduction = 391

  14.2 Applying for Financing and Operating Subsidies = 391

  14.3 Determining the Ownership Entity - Generally = 392

  14.4 Determining the Ownership Entity - Corporations = 392

   (a) Corporations Defined = 392

   (b) Profit versus Nonprofit = 392

  14.5 Determining the Ownership Entity - Partnerships = 394

  14.6 Determining the Ownership Entity - Factors = 395

   (a) Rental Housing = 395

   (b) Homeownership Housing = 396

   (c) Purpose and Maturity of the Nonprofit = 399

   (d) Financing and Subsidy Requirements = 400

  14.7 Establishing the Ownership Entity : Divided Ownership and Leasehold Interests = 401

  14.8 Interviewing and Selecting the Management Company = 402

   (a) Experience in Multifamily Housing = 402

   (b) Monthly Reporting = 402

   (c) Fees = 402

  14.9 Developing Plans for Renting or Selling Units = 403

   (a) Fair Housing Laws = 403

   (b) Plans for Achieving Maximum Occupancy and Total Sell-Outs = 404

  Appendix 14-1 Summary of Monthly Management Reports = 407

 Chapter Fifteen Partnerships and Joint Ventures = 420

  15.1 Issues Concerning Organization's Tax-Exempt Status = 420

   (a) The Charitable Purpose Test : First Prong = 421

   (b) The Insulation from Liability Test, et al : Second Prong = 423

  15.2 Options for Structuring the Relationship = 426

   (a) General Partner in a Limited Partnership = 426

   (b) Limited Partner in a Limited Partnership = 426

   (c) Limited Liability Corporations(LLC) = 426

   (d) Use of a Subsidiary as Participant in Partnership = 428

  15.3 Partnerships and the Use of the Low Income Housing Tax Credit = 430

   (a) Partnership Allocations and the Impact of the Tax-Exempt Leasing Rules = 432

 Chapter Sixteen Purchasing the Property : Settling on Acquisition = 434

  16.1 The Settlement Process - Generally = 434

  16.2 The Role of the Settlement Agent = 434

  16.3 Title Insurance = 435

  16.4 Selecting the Settlement Agent = 435

   (a) Title Insurance Company = 436

   (b) Law Firm or Settlement Company = 436

  16.5 Preparing for Settlement = 438

   (a) Title Insurance Commitment = 438

   (b) Property Location Survey = 438

   (c) Property Insurance = 438

   (d) Utility Transfers = 439

  16.6 Settlement = 439

   (a) The Settlement Statement = 439

   (b) The Deed = 441

   (c) Other Settlement Documents = 442

  16.7 Postsettlement = 442

   (a) Generally = 442

   (b) Title Insurance Policy Issues = 443

  16.8 Lender Requirements = 444

  16.9 Governmental Regulations = 444

   (a) Housing Business Licenses = 444

   (b) Rent Control = 445

   (c) Building Permits and Certificates of Occupancy = 445

   (d) Special Treatment of Nonprofits by Government = 445

  Appendix 16-1 Preliminary Checklist of Items to be Provided by the Borrower at Settlement = 446

  Appendix 16-2 Survey = 448

  Appendix 16-3 Settlement Statement = 449

  Appendix 16-4 Sample Documents = 451

  Appendix 16-5 Financing Statement = 455

  Appendix 16-6 Escrow Agreement - Postsettlement = 456

  Appendix 16-7 Samples of Affirmative Title Insurance Coverage = 457

 Chapter Seventeen Constructing or Rehabilitating the Property : Settling on the Construction Loan and Surviving the Construction Process = 458

  17.1 Introduction = 458

  17.2 Settling on the Construction Loan = 459

  17.3 The Construction Process - The Participants and Their Responsibilities = 459

   (a) The Participants' Roles - Generally = 460

   (b) The Role of the Owner = 460

   (c) The Role of the Architect = 465

   (d) The Role of the General Contractor = 471

   (e) The Role of the Construction Manager = 477

  17.4 Negotiating the Construction Contract and Bidding = 477

   (a) Competitive Bidding with Complete Specifications and Work Write-Up = 478

   (b) Negotiated Contract with Gross Maximum Price = 485

   (c) Design／Build Contract = 488

  17.5 Elements of the Construction Contract = 490

   (a) AIA Document A101 = 491

   (b) AIA Document A201 = 495

  17.6 Rehabilitating an Occupied Property = 498

  17.7 Completion of Construction = 499

  Appendix 17-1 AIA Document A101 = 502

  Appendix 17-2 AIA Document A111 = 510

  Appendix 17-3 AIA Document A201 = 524

 Chapter Eighteen Selective Rehabilitation = 548

  18.1 Overview = 549

  18.2 Introduction to Selective Rehabilitation = 549

   (a) Selective Rehabilitation Defined = 550

   (b) The Role of Selective Rehabilitation in the Affordable Housing Industry = 550

   (c) Selective Rehabilitation as a New Discipline = 551

   (d) Comparisons with Substantial Rehabilitation = 552

   (e) When Not to Choose Selective Rehabilitation = 554

  18.3 Managing Selective Rehabilitation : Formal Versus Informal Approaches = 555

   (a) Informal Approaches = 555

   (b) Formal Approaches = 556

  18.4 Implementing a Formal Approach to Selective Rehabilitation : The Rehabilitation Specialist = 556

  18.5 Choosing a Property for Selective Rehabilitation : Building Inspection Techniques of Rehab Specialists = 557

  18.6 Conceptualizing the Project : Rehabilitation Standards = 558

  18.7 Designing the Project : Work Write-Ups and Cost Estimates = 560

  18.8 Computerized Specification-Writing and Estimating Systems = 561

  18.9 Defining Methods and Materials : Performance Specifications = 562

  18.10 Selective Rehabilitation and Construction Management = 562

  18.11 Selective Rehabilitation and the Contractor Pool = 563

  18.12 The Role of Government Agency／Public-Purpose Organizations in Selective Rehabilitation = 564

  18.13 Avoiding Gut Rehabilitation : Tips of the Trade = 565

  18.14 Improving Energy Efficiency in Selective Rehabilitation = 566

  18.15 Dealing with Lead-Based Paint Hazards in Selective Rehabilitation = 567

  18.16 Dealing with Other Recurring Health and Safety Issues in Selective Rehabilitation = 569

  18.17 Applying Construction Codes and Existing Housing Codes to Selective Rehabilitation = 570

  18.18 Standards Issues with Funders and Selective Rehabilitation = 572

  18.19 Selective Rehabilitation as Public Policy = 572

  18.20 Information Sources and Tools for Selective Rehabilitation = 573

  Appendix 18-1 Agreement Between Owner and Rehabilitation Specialist = 575

  Appendix 18-2 Sample Inspection Checklist = 584

  Appendix 18-3 Model Rehabilitation Standards for Single-Family Housing = 586

  Appendix 18-4 Sample Work Write-Up and Cost Estimate = 595

PART SIX COMPLETING AND MANAGING THE PROPERTY

 Chapter Nineteen The Project Completion Phase : Completing the Development and Maintaining an Ownership or Rental Community = 599

  19.1 Introduction = 599

  19.2 Settling on the Permanent Loan = 599

   (a) Rental and Cooperative Housing = 601

   (b) Condominium and Single-Family Homeownership Housing = 602

  19.3 Maintaining a Rental Property = 602

   (a) Managing the Property's Finances = 604

   (b) Tenant Selection = 604

   (c) Rule Enforcement = 605

   (d) Management of Maintenance = 605

   (e) Security = 608

   (f) Personnel = 613

   (g) Management Information Services = 614

  19.4 Developing Additional Resident Services as Part of a Comprehensive Property Management Plan = 614

  19.5 Key Points on Setting Performance Standards for Comprehensive Property Management = 615

  19.6 Key Points on Deciding Whether to Contract for Management or Manage Directly = 616

  19.7 Key Points on Selecting a Good Management Company = 617

   (a) Contents of a Good Management Request for Proposal = 618

   (b) Contents of a Good Management Proposal = 618

   (c) Contents of a Complete Management Plan : Reviewing the Plan = 619

  19.8 Key Points on Evaluating Property Management Performance = 621

   (a) Collect Data = 622

   (b) Produce Reports on Time = 623

   (c) Monitor Progress = 624

   (d) Review Property Status = 624

   (e) Providing a Transition to Homeownership or Resident Management = 624

  19.9 Developing or Converting Multifamily Property to Homeownership - Generally = 626

   (a) Condominium and Cooperative Housing = 626

   (b) Complying with State and Local Conversion Laws／Condominium and Cooperative Legal Documents = 632

  19.10 Converting the Property to Homeownership for Residents = 634

   (a) Participation in Securing Resident Information = 634

   (b) Participating in Evaluating the Building's Condition = 635

   (c) Participation in Developing the Scope of Work = 635

   (d) Participation in Determining the Form of Ownership = 635

   (e) Participation in Securing Financing = 636

   (f) Establishing a Formal Relationship with Residents = 636

  19.11 Managing and Budgeting for Rental or Multifamily Ownership = 636

   (a) Managing Current Operations of the Property = 636

   (b) Managing Future Operations of the Cooperative = 637

   (c) Providing Homeownership and Board of Directors Training = 640

   (d) Receiving Ongoing Technical Support and Legal Counseling = 640

  Appendix 19-1 Sample House Rules = 641

  Appendix 19-2 Outline of Memorandum of Understanding Between Resident Council and Nonprofit Owner = 647

  Appendix 19-3 Planning Tools and When to Use Them = 648

  Appendix 19-4 Sample Model Household Survey Forms = 650

  Appendix 19-5 Sample Resident Profile Report = 655

  Appendix 19-6 Sample Apartment Rehabilitation Survey = 659

  Appendix 19-7 Sample Preliminary Building Evaluation Report = 663

  Appendix 19-8 Feasibility Analysis Report = 669

Index = 675