Servicing and monitoring |
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VHFA's servicing and monitoring relationship with its multifamily borrowers is proactive. We are interested in the ongoing financial and physical well-being of each of the properties in the Agency's portfolio and are also available to offer advice and ideas on topics, such as, energy efficiency, supportive services, tax assessments and insurance costs, capital needs, tax credit compliance issues, and the future of rental subsidy programs that may be depended on by your property.
We use the following tools to keep us informed about the status of each property:
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In addition to the above, we require that all project bank accounts be established as separate and identifiable for each property and that they be federally insured. VHFA also requires joint signatory authority on disbursements from the Replacement Reserve account.
For maintenance and improvements that will exceed $7,500 in cost, we ask that you solicit and submit at least two bids prior to completing the work or making purchases (in an emergency, please notify us after the fact.)
Proposed property management services must be acceptable based on the experience and capacity of your agent. All management agreements must be approved in writing by VHFA and contain a provision that it is subject to termination, with cause, upon the written request of the Agency.
Liability and hazard insurance on the property must be maintained, including business interruption coverage as outlined in VHFA's insurance handbook for multifamily properties (103 KB; PDF).
Multifamily asset management staff is available to review specific documents and answer any questions you or your management agent may have regarding loan closing requirements.
