FGA is a specialized HUD Subsidized and LIHTC Property Management Firm
FGA specializes in managing affordable HUD-subsidized and LIHTC financed properties in Southern California. We are proud to manage 30 properties with 3,000 apartments. Our buildings are funded by the U.S. Government and sponsored by non-profit groups like churches, service clubs, and community organizations. With many of our properties, we are the original developer.
Our staff has decades of experience managing the expectations of HUD while maintaining the excellence of our properties. In our ranks are experts with deep knowledge of HUD applications, budgeting, rent increases, occupancy regulations, accounting, bookkeeping, aging buildings, insurance, tax exemptions, payroll, labor regulations, ADA, activities for seniors, contracts, city requirements, fire department regulations, and health regulations.
Like all property managers, much of what we do is done both on-site and off-site. As one of the more prominent managers of affordable housing options in Southern California, we use the newest technology available to bridge the gap between the building staff, our boards of directors, the owners, and our residents.
Most management companies primarily focus on managing the property they own, often setting aside other investment properties’ needs. As an Affordable Housing Property Management Firm, FGA does not own any of the buildings we manage. Before any decisions are made, we have a fiduciary responsibility of consulting our owners and board members on policy matters and significant expenditures.
In an emergency, such as a fire or earthquake, we have a full staff of building employees who are highly skilled and trained in on-site crisis management.
Since our founding in 1967, we have managed most of our current buildings since they were built in the 1960s, 1970s, and 1980s. FGA’s properties are in the Los Angeles, Orange, Riverside, San Bernardino, and San Diego County areas. Since 1985, we have owned our headquarters in Pasadena, CA. We focus solely on the management of the buildings in our portfolio, protecting our owners’ investment.
Fiscal management and consultation are integral to what we do for our clients.
We have arranged the financing for 52 HUD projects over the years. We are experts at HUD programs and work with several clients to obtain funds to modernize aging facilities. Many of our clients have refinanced their buildings with our assistance. We acted as loan consultants on many of the buildings we manage, either with traditional or tax credit financing. Additionally, we are very familiar with partnering with significant contractors on big jobs, such as substantial retrofitting on many large buildings.
We routinely administer check preparation, bookkeeping, and accounting functions in our office. Vendors will send invoices to the on-site staff at the buildings for verification and approval; those are then forwarded to us for further review and payment. The centralized nature of our system allows us to monitor purchases cost and use them constantly. We prepare a monthly financial report which details receipts, disbursements, and fund balances. All the buildings we manage are subject to annual certified audits, so we are familiar with audits and internal control procedures. We also prepare yearly tax exemption submissions. While FGA has accountants and CPAs on staff, all our buildings are audited by independent CPA firms annually.
FGA will handle payroll, including employee issues, worker’s compensation, payroll tax returns, and 1099’s. We prepare budgets and rent increases for the Owner or Board and HUD’s approval. Due to our experience and knowledge, we have a good working relationship with HUD, allowing us to negotiate with HUD on your behalf. Additionally, we work with HUD to get sufficient rent amounts for the buildings to be maintained appropriately.
Keeping properties in tip-top condition is the FGA way!
The assigned supervisor and assistant supervisor visit each property several times a month to ensure that the building is in top working order and that residents are satisfied. In addition, other staff members will visit from time to time to familiarize themselves with the building and personnel. We consider this service to be an essential part of our responsibility. In addition, we expect to communicate daily with the on-site staff by phone or e-mail. Our REAC scores, often in the 90s, are some of the highest in the region.
We train site staff on Section 8, Occupancy, Fair Housing, customer service, and various forms of technology. We hold annual training seminars for the office staff and maintenance staff.
With the assistance of the on-site staff, we obtain, review, and present competitive bids for any significant work or service contracts for owner or board approval. We work with various vendors on many similar projects; therefore, we evaluate contract provisions and prices. In addition, we have overseen some projects, such as earthquake restoration on three buildings (including replacing the foundation under a 17-story-building), modernization of elevator systems, roof replacement, remodeled kitchens, rebuilt parking lots, and painted exteriors and interiors.
Competitive pricing on significant expenditures.
For purchases over $3,000, FGA will receive and evaluate three competitive bids. We then make our recommendations to the owners and allow them to choose. We work with various CPA firms that prepare our clients’ audits. In the interest of objectivity, our clients have the final say in the choice of auditor. We understand that the nature of our business is people. We strive always to be gentle and understanding with those with whom we interact.