As the Low Income Housing Tax Credit Program continues its second decade of service, it is apparent that the role of creating low-income housing is only the first step in the process. Maintaining properties, both in physical appearance and in compliance with the requirements of the program, is an equally important component.
The Asset Management department works in conjunction with the Project Sponsor and Managing Agent to ensure compliance with the reporting requirements of the Partnership Agreement, financial performance of the properties, and information about the occupancy levels and physical appearance of the properties. Merritt has enacted specific guidelines to address deficiencies in any of these areas. In addition, the Asset Management staff performs annual site inspections on all projects in the portfolio. This includes a thorough review of Project operations, and financial and managerial performance.