CHAM hosts webinars to provide the asset management industry with cutting edge information about best practices and trends. We are grateful for our sponsors whose generosity allows us to offer free webinars.
COVID-19: A Catalyst for Change in Asset Management Practices & Value Proposition
July 29, 2020 | 12:00 PM EDT
CHAM’s webinar series is about response and resilience of affordable housing in the wake of the pandemic and our country’s rising awareness of racial equity – all through the lens of the asset manager.
Our first webinar on June 24th explored bold ideas about how our work and perspectives may change around racial equity, resident health, community needs, disaster planning, technology, investment, reserves and more.
The second webinar on July 8th focused on changes in development and underwriting from the perspectives of lenders and investors. They challenged us to move from a vision of housing that is financially sustainable to that of resilient housing that promotes health, equity, and can weather disasters. And with end goals for the property, residents and communities that are aligned and equitable.COVID-19: A Catalyst for Change in Asset Management Practices and Value Proposition, the third in the CHAM’s webinar series, looked at how the pandemic has been a catalyst for change in how to think about operations, repositioning and refinance. We asked a lender/investor, an HFA executive and two nonprofit leaders:
We heard how their practices have changed in reaction to this unprecedented pandemic. They shared stories of innovative thinking, creative solutions, flexibility, transparency and cooperation. What remains a constant among all the affordable housing organizations is a commitment to mission and the people who live in the properties.
An audience poll revealed that the overwhelming majority of asset management staff have had to adjust to how they spend their time and what they prioritize. And most believe there will be some long term and permanent change in their practices. What strategies are their highest priority for the foreseeable future? The number one answer was operating efficiency, budgets and reforecasts. Then came capital improvements to increase efficiency/longevity and forbearance agreements, refinancing and recapitalizing.We had some great questions from the audience, and our panelists have provided written answers that we have posted here on our website.
Underwriting for Resilience
July 8, 2020
The development and underwriting of affordable housing is changing due to the pandemic and our country’s rising awareness of racial equity. This webinar explored the emerging awareness in our industry from the perspective of lenders and investors -- from a vision of housing that is financially sustainable to that of resilient housing that promotes health, equity, and can weather disasters. The pandemic is a wake-up call for the industry – our end goals for the property, residents and communities need to be aligned and equitable.
Jim Fox, JPMorgan Chase, talked about what the performance to date of the 4,500 properties across his portfolio and how they are stress testing in the time of the pandemic. The conversation helped participants see a broader picture of the components or resources that need to be tested for a comprehensive resiliency plan.
Cat Vielma, Redstone Equity Partners, talked about new perceptions of risk. “Risk is the possibility there is danger. Resiliency is recovering quickly from the problem. These are two highly subjective items in underwriting world.” She talked about changes in underwriting criteria now and possibly in the future, and what may be ahead for rent collections in August. Asset managers and underwriters have innovated how they handle many types of tasks, like site visits, through the use of technology, and many of these will be adopted as standard practices.
Chrystal Kornegay, MassHousing, challenged us to expand our view about resiliency to that of residents and communities. “The resiliency of the property doesn’t matter if the residents cannot live there. We need to think about the whole ecosystem.” Discussion led to ideas on how underwriting needs to think about the health of the residents and communities.
As an added bonus, moderator David Smith, International Housing Institute, introduced us to ideas about “health secure housing” as a new standard in multifamily dwellings. See below for links to resources about this topic.
Asset Management at the Crossroads - Bold Ideas for Resiliency
June 24, 2020
Asset management is, quite simply, achieving the owner’s goals. But what are our organizational goals in a world shaken by the pandemic and riven by inequity and injustice?
Our traditional asset management infrastructure did not link our goals well. Our usual practice and measures such as data trending, projections, and analytics served financial outcomes but, often, not human outcomes. Now our goals and tools must work together. The survival of our residents, our communities and our properties are at stake.
This webinar featured the work of three outstanding nonprofit owners and where they believe asset management should be going in the next few years. Be inspired by bold ideas about how our work and perspectives may change around racial equity, resident health, community needs, disaster planning, technology, investment, reserves and more.
Listen to the recording to hear about:
• Resident services quickly pivoting to meet urgent needs, such as food security and internet connectivity
• Measuring resident outcomes that demonstrate impact
• Stress testing, cash flow analysis and financial planning
• Taking care of your front line workers
• Providing “grace, space and safe place” to discuss, address and creative solutions
• Communicating openly and regularly with residents, community, staff and stakeholders
• Forging new partnerships around services and funding
• Focusing on racial equity and assuring inclusion in their programs
Greta, Josh and Priya challenged us to be courageous leaders – to understand our full history; take calculated risks for the greater good and community change; and challenge and invite cross-sector partners to right wrongs that our communities’ experience. They encouraged us to change our approach and scale in order to address systemic change -- through structuring deals, enhancing cash flow, addressing reserves and engaging residents.
COVID-19 Asset Management - Strategic Responses
May 27, 2020
ONE Neighborhood Builders and REACH CDC shared how they are pivoting their asset management approaches to address COVID-19 stresses on properties, portfolios and residents. They highlighted their practices for collaboration, communication, partnerships and equity, and shared tactics that have been working:
April 7, 2020
Leading syndicators and owners of mission-based affordable housing demonstrate sensitivity analyses to create portfolio scenarios to help manage the crisis.
During the COVID-19 crisis, asset managers of mission-oriented affordable housing are needed now more than ever. We have seen how data analysis is critical to crisis management. Our field is uniquely positioned to provide the leadership and expertise needed to protect our nation's affordable housing resources.
This webinar is essential for asset managers and CFOs responsible for mission-oriented affordable multifamily housing portfolios and professionals who support the industry. This includes nonprofit and for-profit owners, PHAs, syndicators, investors, lenders and government.
LISC Boston created the Green Retrofit Initiative to help multifamily affordable housing owners build their capacity to implement energy efficient and clean energy technology, transition to safer cleaning products and pest management techniques, and go smoke-free in their buildings.
Since 2010, LISC Boston has worked with over 50 for-profit, nonprofit, and public affordable housing owners statewide. They published the Green + Healthy Property Management Guide and related resources to provide our affordable housing partners with a basis for an open discussion with their property managers about green and healthy goals, implementation of those goals, and ongoing oversight of the properties’ energy and water performance.
This webinar gives an overview of LISC green + healthy resource toolkit, and discusses promising program design, policy recommendations, and learning networks that can help support affordable housing owners in achieving greener and healthier buildings for themselves and their residents.