Miami Property Group Limited
Evaluation Report – Opa Locka Portfolio
Client:
Miami Property Group Ltd.
c/o The Community Development Trust, Inc.
1350 Broadway Suite 700
New York, NY 10058
Attn. Ms. Joan Berkowitz
Project Assignment:
Prepare an evaluation of three low-income Tax-Credit funded housing developments consisting of 506 units in 24 buildings. Work included preparation of an Evaluation Report summarizing our findings.
Assignment Details:
The overall goal was to serve as an objective third party to a tax credit construction/renovation project at three properties in the Miami, Florida area. The evaluation was initiated by the lender on behalf of the syndicators of the tax credits to determine if the work was in general compliance with the construction documents, what outstanding work was left to be completed, and the general quality of the work in place.
CHS began the process by meeting with management staff to obtain information about the course and status of the project. CHS reviewed drawings, met with construction contractor staff, and inspected the developments.
CHS conducted thorough development and unit assessments which included:
- Inspection of 100% of each development site.
- Inspection of 100% of the exterior of each building.
- Inspection of 100% of the dwelling units.
- Review of Construction Documents.
- Review of Construction Contracts and Related Documents
- Evaluation of quality of work in place.
Executive Summary: CHS prepared an executive summary of the findings and recommendations. This document was shared with the BHA Executive Staff.
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