Barcelon Associates Management Corporation (BAMC) is experienced in collaborating with owners of affordable housing originally financed with HUD Section 202 and Section 236 loans, and projects with HUD Section 8 contracts, to help them determine a pathway to long term preservation of their property and furthering of their mission. Typical strategies include refinancing with FHA 223 (f), 221 D (4), Low Income Housing Tax Credits, and the extension of Project Based Section 8 contracts.
We have achieved, on behalf of our clients, several preservation successes including moderate rehab and cash out for support of additional affordable housing. In addition to preservation consulting BAMC does offer on going property management to ensure that owners maintain compliance with HUD, CalHFA, and LIHTC regulations.
Our services are designed to meet each owner’s specific needs. Below is a description of services we typically offer our affordable housing partners.
- Board of Directors Visioning: BAMC provides visioning leadership through a series of meetings, generally 2 to 4 meetings are required. Visioning includes exploring current scope of affordable housing provisions, broadening the scope, and expanding services to your property and or the affordable housing community at large.
- Loan Sizing: BAMC, in collaboration with its lender relationships, provides initial loan sizing estimates that are supported by current financial conditions.
- Lending Institutions: BAMC has worked with several lenders and have developed an effective working relationship with a small group of lenders that are experienced, knowledgeable, responsive, and have an excellent relationship with HUD.
- Loan Application: This is an extensive process that BAMC undertakes on behalf of our clients. Being the point of contact for HUD or State Agency, Lenders, Attorneys, and the Board of Directors. We work through Due Diligence documentation and information, complete HUD or State Agency forms, documents, and applications. Coordinate Project Capital Needs Assessment Inspection and coordinate all Third-Party Reports. Make recommendations for additional inspections and coordinate all required pre and post-closing repairs. We work with experienced Legal representation for closing documents and counsel for the Board of Directors. As the Boards representative we provide regular updates, answer questions, attend board meetings, and interact with all parties to the transaction through closing.
- Construction, Rehab, and Closing: BAMC oversees Critical and Non-Critical scope of work, bidding, and rehab work insuring that all contracts are properly let and insurance requirements met. We interact with Contractors, HUD, State Agencies, Lenders, and the Board of Directors through this process.
- Low Income Housing Tax Credits (LIHTC): BAMC collaborates with owners to help them qualify as a General Partner for LIHTC partnerships. We do this through a joint General Partner relationship. Our goal is to help owners maintain their mission through the LIHTC process. We also provide development and management services along with our General Partner relationship.