Chapter 13:  Managing Specialized Housing

Definitions

l   Cooperative

l   Condominium

l   Planned Unit Development

Cooperative Ownership

l    Trust ownership

l    Corporation ownership

l    Proprietary lease

    Share allocation--varies according to "unit" value

    Covenants

l   Forfeiture of lease for non-payment

l   Reserve funds

l   Transfer of interest--right of first refusal

The Property Manager's Role in Cooperatives

l   Normal facilities management

l   Chose cooperative form rather than condominium form to have more control--makes job harder, requires more public relations, more important to keep professional distance.

Condominium ownership

l    Conditions Covenants and Restrictions Declaration (CC&R)

l    The property manager's role

    More difficult in retirement condominiums

    Timely service response is important.

    Make a point to meet new owners.

l    Marketing Cooperatives and Condominiums

    Usually restricted to leasing

    When selling, units are in competition with single-family homes.

Managing a Planned Unit Development (PUDs)

l   Basic Concept

l   Conditions, Covenants and Restrictions (CC&Rs)

l   Property Manager’s Role like condo

Managing Mobile Home Parks

l   Inexpensive Housing

l   Near-Elderly Housing

l   Property Manager’s Role

Managing Subsidized Housing

l    Section 8 Housing Assistance Programs

l    Private Investors

l    Tenant Rental Assistance Certification System (TRACS)

l    Need for Professional Property Management

l    Area Management Brokers (AMB)

l    Tenant Management Participation and Ownership

l    Drug Abuse and Other Crime

l    Future of Subsidized Housing Management

Management Planning for Subsidized Housing

l   Consistency with Tenants

l   Good Tenants

l   Responsiveness

l   Rent Collection

l   Building Strong Tenant/Landlord Relations

l   Occupant Responsibility

Managing Housing for the Elderly

l    Special Requirements

l    Section 202

l    Types

    Active Adult Communities (AAC)

    Congregate care communities

    Assisted Living Facilities 

    Nursing Homes

    Continuing Care Retirement Communities (CCRC)