HUD’s Rental Assistance Demonstration (RAD) program is everywhere in the news and the spotlights are on projects D3G WORKED ON! From our very own backyard in RVA (Richmond times Dispatch July 17, 2017 article on Creighton Courts); North to The Big Apple (NYCHA Plans Largest Public-Private Rehab Ever); West to the Golden Gates (Politico: How San Fran saved its Public Housing – By Getting Rid of It); and South down to the Rio Grande (ElPaso Receives LIHTC Allocation). We are proud to be working to preserve housing for those that need it most.
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The latest in industry news with the insight of Dominion Due Diligence Group (D3G) President, Rob Hazelton
Dr. Ben Carson’s confirmation hearing was almost boring compared to the others!
While many in our industry were questioning Dr. Carson’s housing acumen, it is obvious that he is well advised by housing experts. I was pleased to hear him give praise to LIHTC; acknowledge the importance of the Section 8 platform; and, encourage public-private partnerships (e.g. RAD should benefit).
Also, I was enlightened by his criticism of the Affirmatively Furthering Fair Housing laws which are hindering RAD deals.
This past Friday, the last work day of the year, HUD released the long-awaited CNA e-Tool and Mortgagee Letter 2016-26. The original fall 2014 release of a beta version was followed by much radio-silence, and the fate of the tool was unknown. It appears now that HUD believes the tool ready for prime time – however, the instructions to the platform will not be ready until mid-January! Release a convoluted electronic tool without instructions - why would HUD do that? It is obvious to me the pending administration change precipitated the year-end release. It is my professional opinion that an electronic tool would be welcomed by the industry for consistency of reporting, access to portfolio wide data, and development of capital needs analytics to speed underwriting and processing.
But that only works if the tool has a dynamic user interface (UI). And that is where the tool may fail, because strong stakeholder involvement was not enlisted during development. Anyone that knows anything about software development understands the importance of stakeholder involvement to achieve buy-in. This is why I fear HUD will be using a stick and not a carrot to make all of us use the tool, despite potential limitations and bugs (mandatory use is July 1, 2017). Which is greater reason why strong multifamily industry partners and advocates like D3G must engineer methods to streamline use of the tool. Stay tuned...
RICHMOND, VA., – Dominion Due Diligence Group (D3G), a national leader in environmental and engineering due diligence, today announces an expanded senior leadership team.
“Our industry has experienced significant change in the past few years,” said Rob Hazelton, CEO and president of D3G. “We have been evolving as well, and our new leadership team positions us to manage the complex issues facing our clients, just as we have for more than 20 years.”
The senior leadership team consists of:
Rob Hazelton, CEO and President – Hazelton has served as President and CEO of D3G since founding the firm in 1994. A graduate of Bucknell University, Hazelton boasts more than 20 years of real estate due diligence inspection, account management and technical review of field projects. Rob’s passion for the preservation of our nation’s affordable housing inventory and the programs and institutions that support these housing programs is evident in D3G’s corporate vision and missionary foundation. More on Rob Hazelton.
Tim Ungerleider, COO – Ungerleider has been promoted from senior leader/program manager to COO and will focus on the firm’s growth and operations. A graduate of Rider College with advanced certifications from Rutgers University and Villanova University focusing on program development and Six Sigma process improvement, Ungerleider has been with D3G since 2013. Tim has more than 20 years of corporate management experience including Fortune 500 firms as well as the start-up of two service-based technical companies. His experience in business management includes operations, sales and corporate finance.
Mike Ferguson, VP of Technical Services – Ferguson has been promoted from Director of Engineering Services to VP of Technical Services and will lead D3G’s account management teams. A Licensed Professional Engineer and graduate of Ryerson University with an advanced engineering degree from the University of Toronto and an MBA from Averett University, Ferguson has been with D3G since 2003. Mike has a vast and thorough knowledge of FHA multifamily mortgage insurance programs, and has participated in and reviewed thousands of engineering studies for D3G’s property and capital needs assessment services.
Tim Black, CFO – Black has served as CFO since 2009. He is a graduate of the University of Richmond with an MBA from University of Virginia’s Darden School of Business and holds a CPA certification. Tim has spent the past 20 years working with emerging growth and entrepreneurial companies as an advisor, banker, accountant and owner. His passion and skills enable business owners to use financial information to make better strategic and personal decisions.
Jil Stoddard, HR Director – Stoddard joins D3G after serving as a human resources senior leader for 29 years. Stoddard is a graduate of the University of New Hampshire with an advanced degree from Virginia Tech. Jil’s extensive experience in providing internal employee and leadership development to all corporate organizational levels enables her to design and implement strategic plans that cultivate D3G’s high-performing teams.
Over the past 18 months, the Department of Housing and Urban Development (HUD) has issued a series of changes within the Federal Housing Administration’s (FHA) multifamily mortgage insurance programs, allowing for greater access to capital and favorable underwriting for affordable and energy efficient properties. HUD also is streamlining its operations through its “Transformation for Tomorrow” initiative to reflect these regulatory changes and other industry best practices. D3G has responded to these new opportunities, changing dynamics and challenges by implementing process efficiencies, leveraging technology and strengthening its management team.
About Dominion Due Diligence Group (D3G):
D3G is a multi-disciplinary due diligence provider for the multifamily, senior and affordable housing markets. D3G’s environmental, engineering and energy assessments facilitates the preservation, repositioning and construction of greater than 180,000 units of housing annually. For more information about D3G, please visit www.d3g.com.
(RAD Project, Orcutt Townhomes, pictured above)
Dominion Due Diligence Group (D3G) has been a proponent of the Rental Assistance Demonstration (RAD) program since inception in 2012. During this time, RAD has gotten mixed reviews from different groups in and out of the affordable housing industry, much of which has been pessimistic. Everything from tenant protesting RAD to articles smearing RAD as a negative program out to destroy public housing. But, as the program matures, we have seen most of those views turn positive. RAD is rising above the noise and proving to skeptics that the program is successful.
On September 21, HUD released a RAD Evaluation Interim Report prepared by Econometrica. My read of the report is RAD gets an A+ in the mission and effectiveness of leveraging private capital with public funds - for the benefit of the most-worthy affordable housing in this country. The interim report concludes that for every $1 of public housing funds, RAD is leveraging $9 from sources such as LIHTC, private mortgage debt, accrued land equity, grants and other funding. On average, the closed projects studied for the report are undergoing an average of $60,877 per unit in construction costs. More on the report here.
I was pleased to see that D3G has been involved in approximately 38% of the RAD projects studied for the Econometrica report. Let us put our 3rd party affordable housing due diligence experience to work for you in your next RAD project.