Asset Review Case Study

BACKGROUND

A public agency was responsible for monitoring ongoing compliance on a large number of affordable housing loans it had provided in previous years.  Developers in receipt of prior funding awards were required to submit annual financial statements demonstrating the compliant operation of their properties.

SPECIFIC CHALLENGES

Implementing financial plans at different properties is often complex, making it difficult to standardize annual reporting across the entire portfolio.  Moreover, the agency lacked the expertise required for professional analysis and compliance reporting.   The combined challenges created administrative difficulties for agency staff.

STRATEGY & SOLUTION

Veloce Partners provided an in-depth financial assessment of the property business plans, financial strengths and performance history.  Veloce Partners interviewed the developer’s key management staff, conducted on-site property inspections, and reviewed project performance and loan and regulatory agreements.  Using this data, Veloce Partners provided the agency with a comprehensive restructuring plan with recommendations to improve property performance and compliance.