Multifamily Asset Managers
President & CEO
BUSINESS AND TECHNICAL EXPERIENCE
Since June 2000, Ms. Du has been Co-Managing Director of Michigan Multifamily Asset Managers, LLC (MMAM), which assists Michigan State Housing Development Authority (MSHDA), in fulfilling their Section 8 Performance-Based Contract Administration (PBCA) requirements by providing asset management services for over 400 properties throughout the state of Michigan. MMAM, working with MSHDA, was the first to perform the functions under the HUD Section 8 PBCA program. As a result, its Co-Managing Directors have been responsible for setting many of the guidelines for the PBCA program. Ms. Du has performed the same function for Pennsylvania Housing Finance Agency (PHFA). Du’s subsidiary, Pennsylvania Multifamily Asset Managers (PMAM), has assisted PHFA in fulfilling their Section 8 PBCA requirements by providing asset management services for over 550 properties throughout the Commonwealth of Pennsylvania since December 2000.
Ms. Du’s responsibilities under both of these contracts include oversight over performance of Management and Occupancy Reviews (MORs), Physical Inspection follow-ups, resident inquiries, rent adjustments, and contract renewals. As part of the PBCA contract, Ms. Du developed and implemented a proprietary integrated comprehensive asset management system to perform the PBCA tasks. As a result of the system’s capabilities, PMAM and MMAM together have met all deadlines, and have never had any findings or disincentives in 22 annual compliance reviews and 4 Inspector General Audits. Ms. Du and her staff provide extensive targeted training to owners, management agents, and HUD staff throughout Michigan and Pennsylvania in MORs, contract renewals and adjustments, resulting in increased owner/agent satisfaction and better compliance with HUD regulations. Under both PMAM and MMAM, Ms. Du manages over 40 employees in four separate offices.
Since May 2009, Du’s affiliate, MMAM, as contractor to MSHDA, has overseen the Rent Comparability Studies (RCS) for the MSHDA-financed, non-PBCA portfolio of approximately 400 properties. Du’s affiliate, PMAM, has provided compliance review, property assessment services, and training for owners/agents in New Jersey and Indiana in preparation for HUD MORs.
As President of Du and Associates, Inc., Ms. Du has provided technical assistance to several Housing Authorities. Du provided consulting services to the Receiver of the Chester Housing Authority in applying for several HOPE VI revitalization grants which stimulated investment. Du and her staff assisted the Akron Metropolitan Housing Authority by reviewing its Section 8 Voucher Program, identifying problem areas and crafting solutions to these problems by applying practices successfully used in the private sector.
Ms. Du underwrote and provided due diligence for mortgagees including Mellon Financial (sold to GMAC), Patrician (sold to Berkshire and then to Deutsche Bank), Greystone, and Standard Mortgage.
Prior to forming Du and Associates, Inc., Ms. Du was Director of Asset Management at Ervin and Associates, HUD’s asset management contractor for its portfolio of over 600 defaulted and/or troubled formerly coinsured loans totaling $4 billion. Ms. Du provided both a portfolio and project specific approach to the asset management of these defaulted loans by performing initial evaluations of property and/or portfolio risk, and ongoing asset management services. Du worked with owners and agents to improve the financial position of the projects, enhance property value, and reduce risk to HUD by increasing debt service through vacancy reduction, improvement in collections, and reduction in operating expenses. Ms. Du provided workout and restructuring expertise for this portfolio in the areas of bond refunding, GNMA refinancing, re-assignments, partial payments of claims, 223(a)7 and other methods of refinancing.
While at Ervin, Ms. Du managed 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. Ms. Du also served as a Chief Underwriter as part of Ervin’s Delegated Underwriting contract with HUD, in which she underwrote 241 preservation loans under LIHPHRA and ELIHPA, as well as HUD Section 232, 223(f), 223(a)7, and 221(d)4 loans. Ms. Du underwrote over $400 million in HUD-insured loans on behalf of HUD for multifamily, congregate care, and retirement communities throughout eight of HUD’s ten regions. While at Ervin, Ms. Du performed and coordinating due diligence of 180 HUD-held loans with an outstanding balance of over $1 billion that were slated for acquisition by the Cargill/J-Hawk team, thus reducing the volume and amount of HUD-held loans.
Prior to Ervin, Ms. Du worked for the National Housing Partnership as an asset manager overseeing a portfolio of HUD-insured and HUD-assisted properties and loans worth $800 million.
Ms. Du is an active member of the Affordable Housing Task Force of the National Housing Conference, which meets monthly to discuss the latest FHA-related issues. She participates in HUD’s Focus Group as PBCA and has served as a panelist/speaker at conferences for such organizations as NCSHA, MAHMA, MAHSA, PAHRA, and PAHMA. Ms. Du is an active member of NCSHA, NLHA, and PHADA.
MBA Finance, George Washington University, Beta Gamma Sigma Honor Society, 1987
BA Economics, De La Salle University, Cum Laude, 1982
BS Accounting, De La Salle University, Cum Laude, 1982
Certified Public Accountant-Manila, Philippines, 1983