DLS has overseen, managed, and/or created the Asset Management function at several entities, including public housing authorities as they transitioned their portfolio from public housing. The real estate assets of these types of entities can be a mix of complex ownership structures that include government owned properties, public/private owned properties or entity owned properties and have a mix of rental income streams that come from residents and/or highly regulated government subsidies. Properties may have debt or not. Additionally, an entities portfolio can include newly constructed properties and/or legacy properties that do or do not need major capital improvements. Many of the properties or their units may have one or more regulatory compliance requirements related to project financing or the provision of operating subsidies for the property, social services or other. This real estate asset management is the process of balancing maximizing the value and return on investment but at the same time ensuring the required social need is met appropriately.
The understanding of Affordable Housing Asset Management gets complicated as an understanding of the difference between Asset Management and Property Management has to be understood and then, the specific tasks the asset manager should perform at each stage of the real estate life cycle. In particular, housing authorities and not-for-profits are generally geared to thinking in one year funding/grant/reporting cycles that do not necessarily align well with management practices when working with private companies that have a 15 year view of the expected return of value of their asset (property). At DLS we understand these needs.