Hoboken Office | 201-656-0115
Medford Office | 609-953-7555
Pennsylvania Office | 610-326-4900
In July 2000, NW Financial was selected through a national competition as one of nine private Participating Administrative Entities by the Office of Multifamily Housing Assistance Restructuring (“OMHAR”) division of the US Department of Housing and Urban Development (“HUD”), to undertake debt and/or rent restructuring under HUD’s recently enacted Mark-to-Market program. Prior to this appointment, NW Financial had been 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.
As a PAE and teaming partner, 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 approximately 50 assets under review at this time 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 represents a unique opportunity to combine knowledge of HUD programs with expertise in affordable housing finance.