Carteret Innovations...

The experience that the Carteret team brings to property management

has enabled our organization to provide a range of enhanced services

to its clients. Current examples include:
 

• Turnaround of troubled low income housing projects.  Since 1995 Carteret has assumed management of seven properties listed on HUD’s trouble list and within a short timeframe brought the properties into regulatory compliance, made capital improvements, and/or substantially enhanced their financial reserves to a comfortable level.

 

• Obtained over $1.2 million in low-interest loans to make capital improvements at three senior housing projects.

 

• Obtained renovation funding for one elderly project in the form of a $1.5 million grant from the Green Retrofit Program, which is part of the American Recovery and Reinvestment Act of 2009.

 

• Assisted and supervised the refinancing of three affordable housing projects to generate annual debt savings that could be used to make capital improvements, expand supportive services, and fund residual receipts accounts for emergency maintenance and repairs.

 

• Assisted a conventional multifamily property to obtain refinancing and supervised a $4 million renovation of the project.

 

• Tax credit applications. With the blessing of the boards of directors, Carteret has partnered with very experienced tax credit development companies to obtain funding
  that will allow for substantial renovations to several properties.

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• Oversight of several multi-million dollar tax credit renovations at existing affordable housing sites.

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• Rapid lease up of several new construction affordable housing communities.