A Capital Needs Assessment (also known as a Physical Needs Assessment) is a plan for a multifamily property—a plan to address existing deferred maintenance, a plan to modernize and rehabilitate, and a plan to ensure that all the needs of the property are addressed well into the future. We listen to the needs of our clients and work with them to develop a plan that ensures the long-term success of each multifamily property.
US Housing Consultants has worked with developers, managers, and owners of affordable housing properties throughout the country on Capital Needs Assessments that are used for regular budgets, applications for funding, planning for rehabs, corrections for handicapped accessibility, and the development of plans for refreshing property interiors. For HUD, Tax Credit, and USDA RD properties, we can put together reports for you and for the necessary state agencies with a fast turn around and at a price that fits within your budget.
Simply put, a Capital Needs Assessment is a road map to understanding the life expectancy and cost of major items needed to maintain a property. Our inspectors are focused on providing a detailed estimation of how much it will cost to maintain your property in coming years. In this way, we are able to create a budget for the future, assess what needs to be addressed immediately, and outline the expenses for urgent fixes.
After our inspectors assess a property, we give detailed reports on the building’s structure and major items in both the interior and exterior. We note specific improvement requirements and the costs associated with these changes. We also estimate the life of various building systems and give a year-by-year assessment of when each component may need replacing or fixing.
Capital Needs Assessments are critical to staying compliant with HUD regulations. Our assessments report on all deficiencies that put you in danger of noncompliance in a practical and easy-to-understand format. Since requirements are always changing, it can be difficult for property owners to know which items are considered violations. That is why our experts are trained not only to be thorough but to also receive the information necessary to remain up-to-date on these rules.
Our capital needs assessments are beneficial for HUD properties and other multifamily projects. As with everything else US Housing Consultants does, we attempt to make this process as simple as possible. Don't risk losing your funding application because of an unreadable assessment that is full of technical jargon and little else. Call us today for more information: 877-228-0003