Affordable Housing Asset Management Community,
The Asset Management team of the City of San José's Housing Department is sending this email to advise you of a revised rent roll form to be used for rent roll submissions which is located on the Department's website. We are requesting that our borrowers and their asset management teams, complete these rent rolls for their City of San José properties by December 16, 2016. The rent roll is being requested effective as of the September 30, 2016 occupancy.
Unlike previous rent roll forms, this version has formula areas locked and only allows input where appropriate. The main borrower input area in this revised rent roll is generally the same as before with only a few additional columns or inputs as noted in the instructions. The remainder of the rent roll page provides analytics for your use and for the City of San José. We have also added worksheet tabs to verify affordability restrictions, utility allowances, and vacancy and move-in activity. Also, a portion of the Reference Data #1 tab asks whether you have comparable market rents for apartments in your property's neighborhood. A detailed instruction page is provided in the first tab of the rent roll workbook. The instructions are also repeated on each of the additional tabs. Finally, we are requesting that you submit an Excel copy of your TCAC Project Status Report with your rent roll, if applicable . This will help us to better understand your property's affordability requirements. We hope this new form is easy to use and provides you with helpful analysis.
Operating & Capital Budgets
In addition, we want to remind everyone that
most properties had operating and 5-year capital budgets due in the month of October.
We have provided a new link on the Department's City-Funded Asset Management
to an operating budget roll-up template. This template is an attempt to standardize and organize budget presentations.
This year we are asking, but not requiring, our borrowers to prepare this roll-up budget to facilitate the City's review and response.
We expect, however, that use of this budget format will be a requirement for operating budget submittals next year.
Finally, we would like to remind everyone that in 2014, we had requested our borrowers submit various project documents for their properties that included:
- Senior loan documents and amendments
- Other subordinate loan documents
- Limited partnership documents and amendments (including the name of the upper tier investor)
- Any ground lease documents, if applicable
- Notice of Completion and NOC date
- Certificate of Occupancy and COO date
- Placed in service date and form 8609
- TCAC regulatory agreement
- Section 8 or other rent subsidy agreement
Most of you have provided the City with these documents. For those of you that have not submitted the full set of documents for each property with an outstanding City loan, please do so as soon as possible. We will be contacting you individually to follow up.
Submissions Email Address
The Department's Multifamily Asset Management team is happy to help guide you through the new rent roll form and answer any questions about the compliance and collections process.
Our contact information is as follows:
Thank you all for the work you do to provide affordable housing.
Director of Asset Management