Your SlideShare is downloading. ×
What RAD Can Do Now
Upcoming SlideShare
Loading in...5

Thanks for flagging this SlideShare!

Oops! An error has occurred.

Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

What RAD Can Do Now


Published on

Published in: Business, Economy & Finance
  • Be the first to comment

  • Be the first to like this

No Downloads
Total Views
On Slideshare
From Embeds
Number of Embeds
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

No notes for slide
  • Administrative Services:Salaries & & Employment Benefit Contributions – review on an annual basis. With current funding reductions HA’s may have to mandate hiring & salary increase freezes. Following a wellness plan; the HA may want to hire an outside contractor to conduct a salary comparability study to ensure that its salaries are in line with other like agencies in the area. In order to save money to in the long run – money must be spent in the beginning on preventative controls. The same is true for Employee Benefits – the HA should take a look at what it can truly afford in terms of % of benefits paid on behalf of its employees. Historically PHA’s benefits have run 38% - 40% of its salaries. Again, with the reduction in funding the HA paying this large a share of benefits may not be feasible.Audit Fees – This is an area where cheaper is definitely not always better for the HA. A good Audit Report gives the HA’s Board a reliable current financial picture as well as some indication of where the HA is headed. A good Auditor can be a HA’s best friend when it comes to identifying problems early and correcting them. This is not the area to “cut corners” on spending.Office Expenses – Without proper controls in place this is an area that can get out of control really fast. One suggestion is to have 1 person in charge of supply “closet” and does ordering of supplies and disbursements via approved requisitions. This eliminates staff from “stockpiling” supplies.Travel – this is an area that often abused. It is recommended that all travel be approved by the immediate supervisor as well as the ED.Maint & Operation Expenses – Again, salaries & benefits should be reviewed in this category. Also, materials should be monitored so that there is no large inventory of supplies built up – remember, inventory not being used = cash not available. Maintenance Contracts should also be reviewed on an ongoing basis to ensure that the HA is getting the services that they are paying for.Protective Services – Most of these are contract services so again, these contracts should be monitored to ensure that the HA is getting the services that they are paying for.Tenant Services – HUD allocated $25 per unit per year…with funding cuts the HA will need to watch its spending in this category.
  • VAC
  • Policies require board approval. The board should have reviewed these policies, even if approved prior to their membership.*means HCV also.Capitalization – Whether a purchase is to be classified as an asset or an expense if it exceeds a certain amount – for instance buildings and land, vehicles would be classified as assets and refrigerators as an expense.Community Service and Self-Sufficiency Policy – HA should spell out what constitutes community service and self-sufficiency activities, policy for determining who is exempt and how to verify exempt status, consequences of noncompliance, grievance procedure for noncompliance*Criminal Record Management – how applicants and residents’ criminal records will be handledDeconcentration of Poverty and Income Mixing – this can also be part of the ACOP – but the PHA’s admission policy should be designed to promote deconcentration of poverty and income mixing that is a policy that provides for bringing higher income tenants into lower income developments and lower income tenants into higher income developments.*Drug Free Work Place – should be in Personnel PolicyDwelling lease – Must include parties, dwelling unit and term of lease, payments due under the lease, PHA charges, Late payment penalties, when charges are due, security deposit, how often rent is determined and interim determinations, tenant’s right to use and occupancy, PHA’s obligations, tenant’s obligations, tenant maintenance, defects hazardous, to life, health, or safety, pre-occupancy and pre-termination inspections, entry of dwelling unit during tenancy, notice procedures, termination of tenancy and eviction procedures and right to examine PHA documents before hearing or trial, and grievance procedures.Financial management – how you handle investments like CD’s and internal control measures should be part of any financial management policy*Grievance procedure – basically procedures to request a hearingMaintenance – how often maintenance items need to be doneNonSmoking - HUD Notice PIH 2012-25 issued May 2012 strongly encourages PHAs to adopt a non-smoking policy in their public housing unit, their workplace and any common areas that the PHA might have. *Personnel – should include items such as work ethics, non-discrimination and sexual harassment, political activities, recruitment and replacement, employee benefits, performance appraisals, annual and sick leave policies, and termination procedures.Pet - PHA should have two different types of Pet Policies – one for PH residents for pets and one for service animals. Procurement – self-explanatory but must conform to the requirements of 24 CFR 85.36Property Disposition – just as it name it is it’s how you will dispose of property, for instance will you donate your vehicles to a Vo-Tech school for them to use in learning how to repair a vehicle.Reasonable Accommodations* – spells out how a resident can request a reasonable accommodation and what documentation they will have to have for it to be approved and who pays for the reasonable accommodation renovations.Rent Collection – this has got to be one of the most important policies a HA can have – spells out how rent is to be collected. Must be enforced to be effective.Transfer Policy – is probably in ACOP*Travel – how travel should be requested and how it will be reimbursed*Vehicle Operation - even if HA does not have owned vehicles still needs to have a Vehicle Policy*Violence Against Women Act policies – policies on protection for victims of domestic violence, dating violence and stalking. These policies also need to be in the PHA Plan.Other policies include conflict of interest/ethics; technology use
  • Transcript

    • 1. TN Education Committee Association of Housing and Redevelopment Authorities October 23, 2013 Presenters: Judy Van Dyke Holly Knight Dan Johnson Rob Hazleton
    • 2. Core values
    • 3. Core values
    • 4. Core values
    • 5. Core values
    • 6. Our mission
    • 7. Our people Clockwise: Founder & Managing Partner Assistant Development Coordinator Development Partner Partner & Development Coordinator Vice President of Development
    • 8. The Bennett Group Consulting, LLC
    • 9. Our track record Over a four-decade period, our partners have  developed 81 residential communities  created more than 4,000 units of market rate and affordable housing  developed 35 partnerships with non-profit organizations  generated $10 million in fees that were put back into these organizations to further advance their mission.
    • 10. Grace Ridge Apartments Auburn, Ala.  56 Family Units  New Construction  Funding  LIHTC  Home  Private Equity  Earthcraft  Alabama Council on Human Relations, CAP Agency
    • 11. Grady’s Walk Dothan, Ala.        New Construction 56-unit seniors , 55 + 2 Bdr/2Bth 1,070sf Organized Community Action Partnerships, CAP Gazebo, Fitness Center, Computer Center, Clubhouse Funding    LIHTC Home Private Equity
    • 12. Jubilee Pell City, Al     72 Unit Family Homeownership Organized Community Action Partnerships, CAP Earthcraft   Funding      Solar site lighting LIHTC Private Equity 3 & 4 Bd 1,300 Avg sf Splash Pad, Fitness Center, Computer Center, Clubhouse
    • 13. Solstice Opelika, Ala.    56-unit duplex, Senior 55+ Private, comfortable neighborhood “feel” Funding       LIHTC Home Private Equity 2 bd/2bth 1,072 Avg sf Fitness Center, Computer Center, Clubhouse
    • 14. Our industry partners WILLIAM J. PEEK Member of the American Institute of Architects
    • 15. Our industry partners WILLIAM J. PEEK Member of the American Institute of Architects
    • 16. Our industry partners
    • 17. What is RAD  What is RAD? HUD demonstration program that combines public housing operating and capital subsidy into payments under a Section 8 HAP contract  What kinds of developments are being done with RAD? Minor rehab; major rehab; new construction; mixed income; off‐site replacement housing  How do I determine if I have a project/portfolio that would be a good candidate for RAD conversion? Use the RAD Inventory Assessment Tool in the Resources section of  How would RAD affect: • Residents: No change; 30% of income for rent • Boards and PHAs: Still maintain identity • PHA Functions: Dependent on cash flow, fees, strong management; puts them on the more secure Section 8 funding platform; Gives them the affordable housing tools of other nonprofit developers
    • 18. Who is involved?
    • 19. RAD Basics • Contract Rents: Operating Fund (with Operating Fund Allocation Adjustment) + Capital Fund + Tenant Rents = RAD Contract Rent • Can convert Public Housing to: • Project‐Based Rental Assistance (PBRA) or • Project‐Based Vouchers (PBV) • Can convert at 2012 funding levels • Operating Fund 2012 higher than 2013 at 82% funding • Capital Fund 2012 higher than 2013 at 95% funding • WHY IS THE SECTION 8 FUNDING MODEL MORE SECURE FOR A PHA? • Tenant Protections: • Tenants have the absolute right to return • Choice‐Mobility, with limited exemptions • Extensive waiver authority available to facilitate conversion RAD BASICS
    • 20. RAD Details • Ownership – Public or non-profit, except to facilitate tax credits • The authority can lease the land to the LIHTC Partnership • A Physical Condition Assessment (PCA) must be performed on RAD sites to determine the improvements required • The authority must comply with the Uniform Relocation Act • An existing PILOT agreement must be renewed when ownership Changes • Davis-Bacon wages must be paid during rehabilitation
    • 21. RAD Notice Changes • Mixed Finance projects • Removes unit cap for Mixed Finance projects • Allows financially distressed HOPE VI projects to apply • Exempts awarded projects from the Public Housing Assessment System (PHAS) • Extends Capital Fund obligation and expenditure deadlines • Clarifies conditions for “rehab assistance payments” • HUD will honor the FY 2012 RAD contract rents for all applications received before end of CY 2013 (applies to individual applications, portfolio awards, and multi-phase awards) • PHA may adjust Contract Rents across multiple projects as long as aggregate subsidy does not exceed current funding (“rent bundling”)
    • 22. Show us the Money • The RAD options: • Modest rehab with no debt • Modest rehab with no debt only • Moderate rehab with debt and 4% LIHTCs • Major rehab or replacement with debt and 9% LIHTCs • These are funding sources that are not conveniently available to small PHAs • A conversion of all LIPH units eliminates the HUD requirements for: • Procurement • Annual and Five‐ Year Plans • PHAS • REAC (if…PBV) • You Get to Keep the Money – no offsets, developer fees, seller take back financing, cash flow options
    • 23. Per HUD as of August 2013
    • 24. Tax Credits Leverage Funds
    • 25. RAD Notice Changes • Portfolio conversions • PHA defines “portfolio” of projects, either the entire PHA inventory or some subset • PHA must submit applications for at least half of the projects in portfolio • HUD will reserve award for remaining units in portfolio • PHA must submit application for remaining projects in portfolio within 365 days • Multi‐phase conversion • Allows PHAs to reserve conversion authority for projects with multiple development phases with applicable contract rent for all phases • PHA has until July 1, 2015 to submit application for final phase • PHA required to fulfill all CHAP milestones for each CHAP awarded • Upon application acceptance, HUD will issue CHAP for initial phase and multi‐phase award letter covering all phases of project • Joint RAD/CNI applicants
    • 26. Backlog of Physical Needs  $26 Billion in repair needs nationally  Apt study says average of $24,000 in need per PHA unit
    • 27. RAD versus HOPE VI  In one year there are more PHAs and more Public Housing Units committed to RAD than there were in the first four years of the HOPE VI program.  The RAD program has no additional funding from Congress.  Over 20 years Congress has spent $5.6 Billion on HOPE VI.  Opportunity for all PHAs to participate in revitalization and leveraging private funds
    • 28. RAD Authority 42,000 Units to date have been submitted
    • 29. Sample Public Housing Conversion Per Unit Monthly (PUM) – Same funding $900 $800 $700 Operating Fund $200 Operating Fund $600 Housing Assistance Payment Housing $300 Assistance $330 Payment $474 $500 $400 $300 $200 Capital Fund Capital Fund $144 $100 Tenant Payment $150 Tenant Payment $792 $450 Tenant Payment $150 Tenant Payment $318 $318 Pre-Conversion Post-Conversion $100 $-
    • 30. Sample Public Housing Conversion Per Unit Monthly (PUM) – Same funding $900 $800 $700 Operating Fund $200 Operating Fund $600 $330 2013 Funding $164 Payment $474 $500 $- Pre-Conversion $409 $318 $100 $792 $450 Tenant Payment $150 Tenant Payment $318 Total $200 Capital Fund Capital Fund $144 $100 Tenant Payment $150 Tenant Payment $259 $300 Funding $95 2013 Cap and OP 2013 $400 Housing Assistance Payment Housing $300 Assistance Post-Conversion
    • 31. How does the PHA Plan?  Sequestration (Public Law 112-25 Budget Control Act of 2011, August 2, 2011)  Ten year implementation  Know your Funding  Financial and Physical Viability  Diversify and Plan
    • 32. Operating Subsidy Funding $6,000,000,000.00 $5,000,000,000.00 $5,031,106,183 $4,921,341,060 $4,594,294,060 $4,611,918,201 $4,149,983,999 $4,000,000,000.00 Operating Fund CY OFND Annual Amount (U.S.) $3,000,000,000.00 Final Proration $2,000,000,000.00 $1,000,000,000.00 2013 $0.00 82% 2012 94.968% 2011 100% 2010 103% 2009 88.42%
    • 33. Capital Fund F Capital Funding Trends 2500000000 $2,341,258,000.00 $2,365,835,000.00 $1,910,035,000.00 $1,790,000,000.00 $1,696,372,000.00 2000000000 1500000000 1000000000 500000000 2009 2010 2011 2012 2013 0 1 2 3 4 5
    • 34. HCV Funding
    • 35. Typical PHA Revenue versus Expenses Total Revenue over Total Expenses $3,000,000 $2,500,000 Dollars $2,000,000 $1,500,000 Total Revenue Total Expenses $1,000,000 $500,000 $0 2009 2010 2011 2012 2013
    • 36. Typical PHA Administrative Trends
    • 37. Income/Expenses – Oops in 2012
    • 38. Typical Expense Trends Total Maintenance $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Total Maintenance FYE 2009 $594,383 FYE 2010 $692,426 FYE 2011 $711,099 FYE 2012 $803,869
    • 39. Financial Planning Short and Long Term What discussions are you having? What plans are being made to address financials?  What are discretionary costs to be examined?     Administrative Expenses Maintenance & Operations Expenses Protective Services Tenant Services  Make tough decisions
    • 40. Physical Needs  What is your agency doing to address physical needs?  Are you fully UFAS compliant/ADA compliant?  Do your units physically meet or compare to other affordable units in the market?
    • 41. PNA  A Physical Needs Assessment (PNA) is systematic review all of the major physical components of property to result in a projection of future needs and costs to meet those needs.  A PNA is a strategic planning tool. It is not a budget but is an important reference document for the development of annual budgets.  A PNA can serve as documentation for a long term grant or loan.  It’s the beginning point for a number of other tools
    • 42. Energy Audit  An Energy Audit (EA) is a systematic review of the energy use and requirements for real estate that seeks to identify opportunities for energy savings.  While Energy Audits (EAs) and Physical Needs Assessment (PNAs) often involve a review of the same building systems, EAs have historically been completed independently of PNAs.  The broader real estate industry is moving aggressively to integrate EAs and PNAs as has HUD’s Mark to Market program.
    • 43. Physical Needs Assessments GPNA RAD (RPCA) PCNA Why Required by Rule Public Housing converting to Section 8 HUD Insured Loan Requirement Frequency Every 5 years Transaction Driven At financing Format Access Database Excel Sheets Excel Sheets Term 20 Year 20 Year 20 Year Funding Sources HUD PHA Funds Multiple Funding Sources HUD MAP lender
    • 44. Backlog of Capital Needs  Capital repair needs of $23,365 per unit  Needs at your PHA        Roof - $8,000 3 Bedroom 504 Compliance $25-35,000 ADA Site compliance $10-15,000 HVAC replacement -$4,000 Water Heater - $350 Site Soil Erosion- $20,000 Appliances –Range $450 / Fridge $550
    • 45. What is RAD/Why go RAD?  Rental Assistance Demonstration Program is an opportunity to convert your current form of housing assistance to long-term Section 8 Housing Assistance Payments (HAP)  Builds on a more stable funding platform  Lock in 2012 funding  Leverage private capital to address physical needs and preserve your units  Provides a great deal of regulatory and reporting relief
    • 46. Public Housing Policies – Too Many Rules! Include but are not limited to: • Capitalization • Community Service and Self-Sufficiency • Criminal Record Management • Deconcentration of Poverty • Dwelling Lease • Drug Free Work Place • EIV Security • Financial Management • Grievance Procedure • Housekeeping • Internal Control • Investment • Maintenance • Non-Smoking • • • • • • • • • • • • • • References: *24CFR 85.42, 902.79, 982.158, 990.325 Personnel Pet – Residential and for Service Animals Procurement Property Disposition Reasonable Accommodations Rent Collection Records Retention and Disclosure Risk Management Section 3 Transfer Policy if not in ACOP Travel Vehicle Operation Violence Against Women Act HUD Reporting –multiple systems 49
    • 47. What is best plan for residents?        Diversify Borrow funds for improvements New cutting edge programs Partner Reposition RAD Compliance is not going away even if there is temporary relief  Need to over come funding and sequestration
    • 48. Why RAD What Makes RAD So Special? • One simple application, not four long ones.(No SAC) • Not competitive, just get it right. • Rapid turnaround by HUD. • Less procurement, fewer specialized consultants. • High probability of approval. • RAD brings in new money.
    • 49. RAD Highlights  Applications for demonstration must be in by December 31,2013 to lock in 2012 funding  PHAs will remain PHAs and still run their housing  Boards of commissioners still remain  PHAs may need to obtain financing to address physical backlog  May submit partial portfolio or phased approach  Under RAD a PHA chooses PBV (PHA) or PBRA (Project Based Rental Assistance) HUD Multi Family  Gives PHA secure funding for 15 – 30 years plus annual inflation factor increase
    • 50. RAD process  Open applications through 9/15  Initial review/approvals in 30-45 days; RAD transaction manager assigned upon initial approval  Ability to review prospective deals with RAD Team prior to application  Submit full or partial AMP  No SAC approval  Subsidy layering review via RAD  Simplified procurement  Freed from PH Annual Plans, PHAS, Community Service, EPIC reporting, Section 3, etc.
    • 51. RAD financing  Availability of FHA 223(f) & 221(d)(3) insurance, with priority processing  Access to FHA LIHTC Pilot processing  Ability to tap 9% & 4% LIHTCs, including “short bond” structures  Ability to support transaction with public housing reserves and capital funds, including Replacement Housing Factor funds  Access to HOME and CDBG for development budgets  Available sales proceeds can support other affordable housing purposes
    • 52. RAD flexibility  Transfer assistance from unworkable units prior to conversion  Market accommodations in meeting 1-for-1 preservation (e.g., convert efficiencies to 1 bdrms; long-term vacant units)  Combine RAD & agency PBVs or SAC TPVs>PBVs  Flexibility to reduce densities, replace housing offsite, produce mixed income communities  Allows PHA to undertake renovations immediately or after conversion, as warranted  Demolition/New Construction allowed  Ability to “bundle” project applications for flexibility with initial contract rents
    • 53. Next Steps     Initial RAD assessment Board Resolution to apply for RAD Two resident meetings Finalize application to be submitted before December 31, 2013
    • 54. What can RAD do now?  15-20 year, renewable contracts with use agreement  Predictable initial contract rent setting; annual operating cost adjustments for inflation (OCAF)  Established replacement and operating reserves; standard industry underwriting requirements  RAD HAP funding begins at construction closing  No limitations on use of project cash flow  PHA ownership/control similar to LIHTC practices  Long-term affordability ensured
    • 55. Operating Costs Adjustment Factor (OCAF) RAD versus no RAD in PH $350 HAP Contract x 100 units=$35,000 $35,000 x 12 months=$420,000 $420,000x 2.0 OCAF= $428,400 $428,400x 2.0 OCAF=$436,968 $436,968x 2.0 OCAF=$445,707 $445,707x 2.0 OCAF=$454,621 $454,621x 2.0 OCAF=$463,713 Total HAP Funding 5 years= $2,229,409 PH 2012 Op Sub $250 Cap Fund $100 TP $150 TP = Total= $500 PH 2013 $220 $95 $150 $465 $315x100units=$31,500 x 12=$378,000 $378,000 $378,000 $378,000 $378,000 Total PH Cap and OP Funding to property 5 Years= $1,890,000
    • 56. Road to Application • Simple, start with basic assessment tool and pro forma • Application • Two resident meetings • Board meeting and approval • Financing letters • Lender • Investor • If 9% credit, letter from HFA or self‐scoring • Choice Mobility: Letter for PBRA; ability to administer for PBV (Waiver request as needed) • If converting a project that is currently mixed‐finance, need signatures of all parties • Fix “Fatal Error” issues • CHAP Award
    • 57. PBV versus PBRA RENTAL ASSISTANCE DEMONSTRATION (RAD) Various Considerations in Choosing PBRA vs. PBV Item 1. Baseline Funding Levels 2. Initial Contract Term 3. Contract Renewals 4. Rent Caps PBRA Based on 2012 levels, with Operating Fund Offset restored 20 years PBV Same 15 years (up to 20 at option of voucher agency); voucher agency may also automatically extend for another 15 years At end of contract term, Secretary Same must offer, and PHA must, accept renewal Current funding cannot exceed Current funding cannot exceed 120% of the FMR, unless the the lower of (1) reasonable rent current funding is less than or (2) 110% of FMR. market, in which case the current funding cannot exceed 150% of FMR.
    • 58. 5. Annual Inflation Adjustment Based on Operating Cost Adjustment Factor (OCAF), i.e., the method used to adjust rents for Multifamily projects renewed under the Multifamily Assisted Housing Reform and Affordability Act (MAHRAA). Same 6. Choice Mobility Resident may request next available Resident may request next available voucher after two years; however, voucher after one year, with no voucher agency may limit to not more limitations. than 15% of project in any year and not more than 33% of voucher turnover due to RAD. 7. Voucher Admin Fee N/A PHA earns Section 8 voucher admin fee for all units converted to PBV Note: for agencies that do not administer a voucher program, and that convert to PBVs, the voucher agency will be responsible for administration of the waiting list, eligibility, reexaminations, leading to substantial deregulation for the converting agency. 8. REAC/UPCS Inspections Yes No (unless project receives FHA insurance)
    • 59. 9. REAC/FASS-MF Annual Financial Statements 10. Management and Occupancy Reviews (MORs) 11. Cash Flow 12. Appropriations 13. Rehab Requirements 14. FHEO Site/Neighborhood Standards 15. Income Mixing Yes No (unless project receives FHA insurance) Yes No (unless project receives FHA insurance) Unrestricted Same Annual funding subject to Annual funding subject to appropriations; however, the appropriations. Because of the RAD Congress has never failed to renew a Use Agreement, if Congress provides PBRA contract less than full funding for the Voucher program (i.e., proration), the PHA administering the voucher program may will likely need to absorb the cuts from its non-RAD voucher units. There is no required level of rehab Same under RAD (or requirement to leverage debt). The PHA must simply ensure that whatever needs are identified are addressed. Standard FHEO requirements not Same waived under RAD. N/A Under normal PBV rules, not more than 25% of units in a project can be assisted, unless the units are elderly or disable, scattered site, or receiving supportive services. RAD increased the threshold to 50%, with
    • 60. LEEDS HOUSING AUTHORITY PBV v PBRA 326 129 PBV HCV RAD Other Y1 326 129 160,392 63,468 223,860 Y2 326 106 160,392 52,275 Y3 326 85 160,392 Y4 326 64 Y5 326 Y6 326 Y7 326 Y8 Units Admin Fee No RAD No RAD 144,156 162 79,704 212,667 136,948 154 75,719 41,642 202,034 130,101 146 71,933 160,392 31,540 191,932 123,596 139 68,336 45 160,392 21,943 182,335 117,416 132 64,919 26 160,392 12,827 173,219 111,545 125 61,673 8 160,392 4,166 164,558 105,968 119 58,590 326 160,392 0 160,392 104,732 113 55,660 Y9 326 160,392 0 160,392 107,515 107 52,877 Y10 326 160,392 0 160,392 110,159 102 50,233 Y11 326 160,392 0 160,392 112,670 97 47,722 Y12 326 160,392 0 160,392 115,056 92 45,336 Y13 326 160,392 0 160,392 117,323 88 43,069 Y14 326 160,392 0 160,392 119,477 83 40,915 Y15 326 160,392 0 160,392 121,522 79 38,870 Y16 326 160,392 0 160,392 123,466 75 36,926 Y17 326 160,392 0 160,392 125,312 71 35,080 Y18 326 160,392 0 160,392 127,066 68 33,326 Y19 326 160,392 0 160,392 128,732 64 31,660 3,047,448 227,860 PBV NO PBV PBV Admin Fees 3,275,308 992,548 Other Admin Fees This is happening anyway DIFFERENCE 2,282,760 Total Admin Fees Extra Admin Fee 2,282,760 ANNUAL AVG ANNUAL AVG 992,548 NO PBV PBV 52,239 172,385
    • 61. Additional thoughts • • • • FDS different for PBV and PBRA Simplification of programs to learn Pay for vendor software Will more developers be supporting HCV due to PBV • What will HCV funding do? How likely are severe cuts to zero out the program? • HQS versus REAC • Multi family reorganization
    • 62. Change  Take the first step in faith. You don’t have to see the whole staircase, just take the first step. -Martin Luther King, Jr.