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  • HUD’s Mark-to-Marketing and Portfolio Re-engineering Programs US Department of Housing and Urban Development

    In July 2000, NW Financial was selected through a national competition as one of nine private Participating Administrative Entities (PAE) by the then Office of Multifamily Housing Assistance Restructuring (OMHAR) of the US Department of Housing and Urban Development (HUD), to undertake debt and/or rent restructuring under HUD’s Mark-to-Market program.  NW Financial was also engaged as a teaming partner by the Community Preservation Corporation (CPC Resources) and by the New York State Housing Finance Agency to perform most of the same restructuring functions.  The Mark-to-Market program offers restructuring options to affordable housing properties with expiring Section 8 contracts and rents in excess of comparable market facilities; NW remains an active PAE under this program through the date of this Proposal.

    As a PAE, NW Financial is responsible for: gathering information on each project, its owner and manager; reviewing due diligence files as well as appraisals and engineering reports; conducting negotiations with owners and chairing tenant meetings; underwriting the property according to HUD standards; and making final recommendations to the HUD staff concerning rent and debt restructuring.

    The NW portfolio has assets under review in all parts of the country: South Carolina, New Jersey, New York, Pennsylvania, Massachusetts, Rhode Island, Ohio, Michigan, Maryland, Connecticut, Maine, Oklahoma and Alabama.  The projects range from inner city urban properties to suburban and rural complexes.  NW Financial’s housing professionals undertook this contract assignment because it represented a unique opportunity to combine knowledge of HUD programs with expertise in affordable housing finance.
    Lisa Petrosky now heads up NW Financial’s PAE activities and continues to work with appraisers, engineers, lenders, issuers and borrowers to arrive at workable and sustainable restructured projects.  The knowledge gained by NW’s staff in structuring and modeling alternative scenarios to provide the best possible outcome for both the project, the owner, and HUD will be critical in its role as financial advisor to the Agency, particularly as it develops and expands its preservation program.

    Our work as a subcontractor to NYSHFA in restructuring its mark to market projects has given us the opportunity to become familiar with a variety of market areas throughout the State of New York, from New York City to Buffalo.  This contract allowed NW Financial to broaden our already extensive knowledge base of the housing market within the State of New York and has proved useful in performing the necessary analyses for evaluating tenant versus project-based assistance and the feasibility of maintaining affordable housing in these locations.

    It has also given us the ability to properly understand issues particular to different areas within the State, e.g., tax issues, historical preservation, environmental issues, and subordinate debt issues with local municipalities.   This knowledge and experience have prepared us well for working with the Agency in financing affordable housing projects around the State.

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