Asset Repositioning

Econometrica helps public housing agencies analyze, plan, and implement strategies to recapitalize and redevelop their existing properties and/or new sites to revitalize neighborhoods and bring more affordable housing opportunities to their communities.

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Asset Repositioning

WHY REPOSITION?

Provide for the long-term capital needs of your properties.
Ensure financial sustainability of the agency.
Stabilize revenue.
Improve and expand housing options.
Streamline operations and costs.
Maximize flexibility and increase housing choice.

HOW CAN WE REPOSITION IF I DON’T HAVE THE TIME OR KNOWLEDGE?

Econometrica’s experts that can:

Analyze your needs and feasibility.
Navigate the sea of possible tools.
Procure the right partners.
Manage implementation, including all the complicated regulations.

All as an allowable Capital Fund expense or as part of the project financing.

WHY SHOULD WE HIRE ECONOMETRICA FOR OUR DEVELOPMENT ADVISORY NEEDS?

Provided repositioning support to numerous Public Housing Agencies (PHAs), from portfolio and market analysis to repositioning plans and implementation.
Delivered preliminary and comprehensive Rental Assistance Demonstration (RAD) assessments and training to more than 100 PHAs.
Compiled and submitted several PHA RAD applications.
Conducted all evaluations of the RAD program for the U.S. Department of Housing and Urban Development’s (HUD) Office of Policy Development and Research.
Supported HUD’s Office of Prevention, Recovery, and Transformation with repositioning strategies at East St. Louis Housing Authority, Gary Housing Authority, Slidell Housing Authority, Alexander County Housing Authority, and Rockford Housing Authority.
Provided Physical Needs Assessment (PNA) analysis and support to many PHAs on their capital plans, worked with HUD on the PNA Tool, and completed more than 200 housing market assessments.

WHAT DO DEVELOPMENT ADVISORS DO?

Portfolio-wide and project-specific feasibility assessment, financial and physical analysis, and planning.
Application development and submission – Section 18, RAD, and Low-Income Housing Tax Credit (LIHTC).
Development partner engagement – RFP/RFQ development, evaluation, negotiation, and Master Development Agreement development and management.
Project management, schedule maintenance, oversight and reporting, and coordination among additional consultants, such as attorneys, appraisers, architects/engineers, city/county officials, and lenders.
Advisement regarding ownership and management structure.
Relocation planning, support, communications, and advisement.
Identify additional land or acquisition opportunities.
PNAs – RFPs, review and use for planning.
Pre- and post-closing and conversion implementation and support.
Resident meetings and communications.
Staff training on RAD, LIHTC, project-based vouchers (PBVs), and project-based rental assistance (PBRA).

To learn more about Econometrica’s repositioning capabilities, click on the Contact Us button below. We can run a quick repositioning analysis for a specific property, discuss your portfolio at large, or just answer any questions you have and discuss next steps.

CASE STUDY

Mobile Housing Authority (Mobile, Alabama)

In 2021, the Mobile Housing Authority (MHA) brought Econometrica in to assist with repositioning analysis, planning, and repositioning implementation support. They had already developed a repositioning scorecard, which consisted of both Section 18 demolition/disposition and RAD repositioning of their entire 2,665-unit portfolio. Econometrica redid the financial analysis, restaging the properties slated for RAD and assisting the Authority in obtaining three property-specific RAD Commitment to Enter into a Housing Assistance Payments Contracts (CHAPs) and a portfolio-wide RAD CHAP. We assisted MHA in numerous renegotiations with the HUD Special Applications Center over their Section 18 approval for three sites consisting of 1,368 units. This ultimately enabled MHA to dispose of the entire 330-acre site to the local airport authority for $23 million. Econometrica also helped MHA secure Office of Fair Housing and Equal Opportunity (FHEO) approval of their relocation plan and, after many delays and challenges with FHEO, successfully relocate all remaining residents at these sites ahead of schedule.

Econometrica enabled MHA to procure a pool of three highly skilled developer teams, from which they will select for their remaining rehabilitation RAD projects. One of these teams has already entered into Master Development Agreements (MDAs) for two projects and is well on their way to their first 4% LIHTC bond application and RAD Financing Plan.

During this time, MHA successfully completed its Voluntary Compliance Agreement and Recovery Agreement and moved from a troubled Public Housing Assessment System (PHAS) score to a substandard performer and is likely to soon be a standard performer. It has also achieved Housing Choice Voucher (HCV) Section 8 Management Assessment Program (SEMAP) high-performer status two years in a row.

Your Partner in Problem-Solving

The Housing & Finance Group encompasses multiple experts in a broad array of Federal agency housing programs and financing tools. Econometrica maintains a strong base of in-house expertise that can be augmented by contracted subject matter experts.