Multifamily Asset Managers
U.S. Department of Housing and Urban Development
OFFICE OF PUBLIC HOUSING INVESTMENT (OPHI)
D&A served as subcontractor to Reznick Group in their contract providing consulting and advisory services to HUD’s Office of Public Housing Investment in the structuring, determination, and evaluation of alternative funding sources for four large-scale mixed-income affordable housing redevelopment projects in post-Katrina New Orleans. Reznick, with D&A as its subcontractor, assisted in securing additional funding and provided technical assistance, consulting, and advisory services as well as coordinating with all stakeholders – including debt and equity investors, project managers, construction managers, architects/engineers, local government and regulatory officials, Federal government officials, Housing Authority of New Orleans (HANO) and HUD OPHI staff. As subcontractor, D&A inspected all services and deliverables to verify conformance to the acceptability standards specified in the contract. Responsibilities include analyzing financial projections to ensure reliability of data, exploring alternative financing strategies, and editing weekly and monthly status reports submitted to HUD. By the completion of the project, three of the properties closed their Equity Syndication, had financing, tax credits and other subsidy committed and construction underway. The State of Louisiana and City of New Orleans were in the process of implementing a change in the overall development plan for the fourth property.
ASSET MANAGEMENT - HUD FORMERLY COINSURED MORTGAGES
Ms. Du, while at Ervin and Associates, served as the Director for the Asset Management Contract with HUD. This contract required the ongoing asset management of a portfolio of about 600 defaulted and/or troubled multifamily projects totaling $4 billion. Ms. Du supervised a staff of asset managers in performing initial project reviews and evaluations, conducting management reviews and physical inspections, reviewing audited financial statements, analyzing and negotiating workout agreements and ensuring owner compliance to those agreements, providing expert witness assistance and advice to HUD’s OGC and Department of Justice (DOJ) in dealing with renegotiation plans filed in bankruptcy courts, reviewing Transfer of Physical Assets (TPA), reviewing Management Improvement and Operating Plans (MIO), recommending and assisting HUD in pursuing resolution and enforcement actions, and assisting HUD in identifying and collecting millions of unauthorized distributions by project owners.
DELEGATED UNDERWRITING SERVICES
Ms. Du served as Director of Underwriting and Due Diligence for Ervin and Associates. She performed and managed delegated underwriting of mortgage insurance applications for 8 of HUD’s 10 regions. She served as Chief Underwriter, coordinating and overseeing the Architectural, Engineering and Cost, Appraisal, and Mortgage Credit Analysis disciplines of each financing and refinancing transaction. Ms. Du provided underwriting supervision and analysis in processing 81 multifamily, congregate, assisted living and nursing home facility refinancing, new construction and preservation mortgage insurance applications totaling approximately $365 million on behalf of HUD.
REVIEW OF ANNUAL AUDITED FINANCIAL STATEMENTS
While at Ervin, Ms. Du worked on the contract with HUD in creating, designing, and implementing the template of a system that was a precursor to the Financial Assessment Sub System (FASS) used to review 16,000 annual audited financial statements for HUD’s portfolio of insured multifamily loans.
While at Ervin, Ms. Du performed and coordinated due diligence of 180 HUD-held loans with an outstanding balance of over $1 billion on behalf of the Cargill/J-Hawk team.