The Office of Asset Management is responsible for oversight of multifamily project assets after their development. The Office develops policy for, and oversees, field office asset management operations. The Office is responsible for oversight of regulated property ownership and management, routine mortgage servicing, default servicing, acquisition and disposition of loans (mortgage notes) and properties, and management of properties where the Secretary is owner or, mortgagee-in-possession. The Office serves as Multifamily Housing's liaison with the Real Estate Assessment Center (REAC), and Departmental Enforcement Center (DEC). The Office oversees field office and lender servicing activities for HUD involved properties. Through two field Property Disposition Centers, the Office oversees HUD management, ownership, and the sale of properties, which HUD owns by virtue of default and foreclosure or, for which HUD is mortgagee-in-possession. In support of asset management, the Office defines business requirements for automated system development and modification. The Office is comprised of three Divisions:
||The Policy and Participation Standards Division has two major functions:|
a) The development of policy for asset management and disposition through the drafting of regulations, handbooks, and notices to implement law, and programmatic policy. The Division's staff performs portfolio analyses of the financial and physical health of the portfolio from data collected by Real Estate Assessment Center (REAC) and other Departmental systems. These analyses are used for strategic planning, budgeting, and policy development.
b) Previous Participation review and control. All prospective participants in HUD Multifamily Housing Programs must make certification of their participation in HUD and other housing agency programs. Previous Participation Review is cross-cutting to all of Multifamily Housing's programs, and offices.
||The Field Asset Management Division is responsible for communications related to asset management of the insured and assisted multifamily portfolio, both to and from the field offices, and the public. The Division is responsible for all matters affecting the condition of FHA insured multifamily properties and the related performance of project management. The Division receives and responds to requests for interpretation of policy, waiver of regulations, HUD property ownership and sales issues. The Division reviews and processes requests for prepayment of HUD-insured, HUD-Held mortgages, and Section 202 Direct Loans. |
||The Business Relationships and Special Initiatives Division coordinates the business relationships between Multifamily Housing and other HUD organizations. The Division is the primary liaison with the Real Estate Assessment Center (REAC), the Departmental Enforcement Center (DEC), and the Office of Multifamily Housing Assistance Restructuring (OMHAR). The Division works with these organizations and others to see that Housing and the affiliated organizations achieve the goals of the Department. The Division is responsible for the development and maintenance of operating protocols and Memoranda of Understanding between Multifamily Housing and external organizations. The Division also develops and coordinates procedures and processing of new initiatives for the Office of Asset Management. |
OFFICE TELEPHONE NO. (202) 708-3730
FAX NO. (202) 401-5978
ROOM NO. 6160