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During Construction
During the Construction phase, Asset Management monitors the progress of construction. We receive reports on a monthly basis to check the progress of the buildings and check the budget for the project. We also receive a quarterly questionnaire to check in with the General Partner (see Reporting Requirements below).
While monitoring the progress of the construction, Asset Management also works with the General Partner and Property Managers to prepare for the operation of the property. We check all pertinent management documents, such as:
- Property Management Agreement
- Management Plan
- Model Lease
- Tenant Selection Plan
- Marketing Plan
- Reasonable Accommodation
- Support Services Agreement
- Rent Schedule
- Updated Budget
Approximately 90 days before the lease-up period, we will have a pre-occupancy meeting to discuss the levels of regulatory restrictions, partnership requirements, management agreements, the lease-up schedule, and other issues that may occur. Invitees to the Pre- Occupancy Meeting may include the State Housing Authority and other regulatory agencies, the general partner, property management company, and compliance consultant.
Reporting Requirements
- Monthly: requisitions for construction loan draws (including AIA form G702)
- Monthly: updated Total Development Budget, with revised estimates for cost to complete
- Periodic: schedule of values
- All change orders and lien waivers and change order summary log
- Relevant correspondence by architect, construction manager, consulting engineer or HFA inspector
- Construction meeting minutes
- Within 30 days after calendar quarter end: Quarterly Questionnaire certified by General Partner
