BY INDUSTRY

Department of Housing and Urban Development (HUD) - San Antonio, Texas

Property Condition Assessment

HUD's Mark to Market program was established to provide a uniform process for restructuring Federal Housing Authority (FHA) or Department of Housing and Urban Development (HUD) held mortgages on multifamily properties receiving rental subsidy assistance under HUD's Section 8 program.

EMG completed Property Condition Assessments and Limited Environmental Screenings for multifamily properties in San Antonio, Texas. The reason for the assessment of the properties was to improve and preserve the physical condition of the 120 FHA-insured units and to address rehabilitation needs.

The Property Condition Assessment was performed in accordance with the HUD Mark to Market Operating Procedures Guide. The report was prepared in accordance with the Fannie Mae (FNMA) DUS Guide. During the assessment, 25% of the dwelling units and a representative sample of the major building systems and components were observed and their physical conditions evaluated. The report identified immediate needs, short term needs and reserve repairs. The standard followed was a non-luxury standard adequate for the rental market intended at the original approval of project-based assistance. The physical needs identified were intended to reflect those necessary for the project to retain its original market position as an affordable project in a decent, safe and sanitary condition. The intent is to include those improvements that the project requires to compete in a non-subsidized market, resulting in a marketable project that competes on rent rather than amenities.

EMG's reports assisted the client in reaching their goal. All work was completed on time and within budget.