Housing Authorities are facing budget dilemmas
As you know, Housing Authorities across the country are facing increased budget dilemmas. HUD budgets are being slashed and as such it is becoming harder and harder for Public Housing operators to maintain and upgrade their facilities. It’s a troublesome situation yet there are few signs that the course will be changed anytime soon.
Alternate Funding
Increasingly, though, Housing Authorities are seeking new ways to fund their operations. Many MHA’s are now partnering with private developers to take advantage of Low Income Housing Tax Credits (LIHTC) to renovate existing or build new apartments. The result is more housing and new revenue streams.
New Issues
It is a smart move that is resulting in improved housing for tenants, yet when an MHA enters the private world of Affordable Housing, new issues appear. Managing the expectations of private developers and lenders is more complicated. Additionally, many insurance programs developed specifically for Housing Authorities are not willing to insure properties funded by LIHTC. Many insurance carriers are also reluctant to insure apartments while they are under renovation.
Value of Experience
This is where Lawley can provide great value. We have worked with many Housing Authorities and Developers to help them mange their costs while protecting their assets.
If your organization is considering utilizing LIHTC to fund renovations or new developments, we would appreciate the opportunity to advise and assist.
Some of the affordable housing insurance services we offer our clients include:
- Fast, free insurance estimate letters for tax credit applications
- Knowledge and experience in navigating the tax credit process
- Affordable housing specific insurance products with competitive pricing
- Guidance in properly transferring risk to General Contractors and/or creating your own GC operation
Learn more about Affordable Housing Insurance through Lawley by clicking here.
Thanks for your time,
John Beecher
Insurance Advisor/Partner
John is responsible for overseeing the risk management programs for large clients in the agency. John is committed to detail as well as understanding the current and future pulse of the insurance market. Major clients have entrusted their business with John year after year. Daily responsibilities include client relations, meeting with team members to ensure successful implementation of insurance programs always with the overriding priority to provide the most comprehensive, competitive risk management package to his clients.
jbeecher@lawleyinsurance.com
716.849.8247
Peter Braun
Insurance Advisor/Partner
As a partner, Peter is responsible for overseeing client relationships in his specialty group of real estate insurance services. He provides creative insurance products and risk management techniques for developers, builders, and owners of multifamily housing.
pbraun@lawleyinsurance.com
716.849.8635
Stuart Scheff
Partner
As a partner, Stuart is responsible for management, sales, and operations.
sscheff@lawleyinsurance.com
716.636.5818
Kevin Ross
CPCU
Insurance Advisor
Kevin helps clients minimize their cost of risk and maximize their insurance coverage. As well as helping clients understand their insurance needs, Kevin assists co-workers with the day-to-day activities of servicing current accounts, research prospects and developing insurance programs to fit their needs.
kross@lawleyinsurance.com
716.849.4383
Chris Ross
CPA
Principal
As principal of Lawley, Chris oversees the construction insurance and surety bond practice group, manages mergers & acquisitions and all branch activities, including the employee benefits division.
cross@lawleyinsurance.com
716.849.8650
Michael Ross
Insurance Advisor
As an insurance advisor, Michael specializes in risk management, sales, and customer service.
mross@lawleyinsurance.com
716.849.4390
Matthew Weins
Partner
With a concentration in real estate, construction, and manufacturing, Matthew’s customer service skills allow him to create and maintain exceptional relationships while developing and implementing programs to help his clients protect their most valuable assets.
mweins@lawleyinsurance.com
585.545.6671
Dylan Bittlingmaier
CLCS, SBCS
Insurance Advisor
Dylan has been practicing business insurance for over 10+ years and has had great success in establishing relationships with clients through an honest and diligent approach. Dylan believes that his customers’ needs take priority above all else.
dbittlingmaier@lawleyinsurance.com
585.545.6683