Rental multifamily properties financed through TSAHC's tax-exempt bond or direct lending programs undergo physical inspections and management reviews perfomed by TSAHC staff. On-site inspections are performed at least once each calendar year. In addition, staff monitors the monthly financial statements and annual audited financial statements of properties in our direct lending and bond portfolios, and administer requests by the properties for withdrawals from their Replacement Reserve Accounts.
When performing inspections and reviews, TSAHC staff looks at the property from the perspectives of the residents, managers, and owners.
Benefits to Residents
Residents benefit when management remedies concerns identified in Asset Oversight reviews. These may be issues with health and safety; improvements to units, landscaping or amenities; or initiation or continuation of crime prevention programs.
Benefits to Managers
We inform management of current industry trends and changes in laws that affect staff operations. We are also able to make suggestions on how to improve property management, including marketing and resident retention programs.
Benefits to Owners
Owners benefit by being notified of any possible liabilities or management deficiencies that a TSAHC reviewer might observe. Owners also get a third party’s perspective of the appearance of their property. Ultimately, improvements made as a result of this yearly review have a positive effect on the value of the property.
The monitoring requirements for the Multifamily Tax-Exempt Bond financed properties are set forth in the Asset Oversight, Compliance and Security Agreement and the Regulatory Agreement included in the bond transaction documents. Monitoring requirements for the Direct Lending properties are set forth in the loan policies and agreements.
Asset Oversight Manual (PDF)