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EMPLOYEE SPOTLIGHT: ASHLEY HAGAN, CONTINUED ...continued from page 1
Describe your idea of the perfect vacation? My idea of a perfect vacation is somewhere warm with either a pool or ocean, and reading a book while relaxing. What food could you not live without? I am not sure if there is one set thing I could not live without; however, I would say some of the items my family bakes would be the top of the list. My family has “pie” days where we make 20-40 apple pies to freeze for the year. My mom also makes raspberry jelly, from raspberries that
she picks from all over our town. That would be hard to live without.
What is your best childhood memory? My best memories are the vacations taken with my aunt and uncle. These vacations always ended in some sort of unplanned incident. One trip, my aunt convinced us we should take a hike in Michigan on a trail that was supposed to be 8 minutes. Turns out - the trail was actually closed and rough. It took us about an hour to complete. My dad and uncle had to hitchhike back to get the car so we didn’t have to hike back. • Total Operating Expense: » In 2020, total operating expenses per unit average was $5,858, versus $5,690 for Novogradac and $5,868 for CohnReznick. » Total per unit expenses increased 4.2% in 2018 and 1.9% per year in 2019 and 2020. In 2020, the Novogradac portfolio average increased 3% and CohnReznick increased 1.6%. While totals were similar in 2020, the three indexes increased at different rates from 1.6-3%. » Insurance costs were up 20%, while Admin expense grew by over 4% from 2019 to 2020. » Areas where CREA has seen a decrease in costs recently include Payroll and R&M which have been decreasing every year since 2017. • Expenses by Construction Type: » New construction properties have historically had lower overall
Wow, ten years with CREA! That’s quite an accomplishment. Tell us a little about your time at CREA, how you started and where you are now. I started at CREA as an Asset Manager working on a portfolio with a mixture of development and stabilized properties. Through the years, I have worked my way up the asset management ladder alongside changes throughout the department. When the department decided to change to a stabilized group and a development group, I decided my favorite aspect of the asset manager role was the development phase. With this choice, I became the VP of the development side of the Asset Management department. You’ve seen a lot change over the years. What would you say is the most significant/beneficial change that you have been a part of? I think the most significant change I have been a part of is splitting the department into stabilized, development and special assets groups. This was an adjustment period for all todetermineappropriate workloads and which area was best for all current employees. With the split, reporting structure also changed requiring us to learn the best ways to communicate with new individuals. What is the most rewarding part of your job? The most rewarding part of my job
We know you work hard for CREA. What other things do you enjoy doing in your spare time? Most of my mornings I can be found at the gym for a quick workout before my work day begins. I like to spend my evenings catching up on TV/movies, reading or doing jigsaw puzzles. During COVID, I jumped on the puppy bandwagon and got a mini Bernedoodle, Lucy “The Sock Thief” to join my current dog. I enjoy taking both for walks whenever the weather permits. I have family close, so I enjoy spending time with them and having competitive game nights.
is the ability to help others and see the appreciation on residents’ faces for safe and affordable housing when on site. You are the gate keeper of all things MRI, our asset management software. What other technology advancements are coming up for Portfolio Management? The largest technology-related project we have in the works is the movement of our consent tracking process into MRI, as opposed to a SharePoint spreadsheet. The other large project is the implementation of a new resource for CREA called Analytix. This will allow a quick analytical review of key data points across our portfolio for all groups without having to request asset managers to gather this information from MRI reports. Congratulations on your recent promotion to Senior Vice President! How will your role change over the next year? My rolewill change over the upcoming years by taking a different approach to how/what I look at and review. I will work to gradually decrease my reviews to focus more time on the watchlist and increased risk transactions within in the portfolio. My role will also dive deeper into working on the implementation of Analytix and working on upgrading and more efficient use of MRI for CREA’s needs.
They say couples start to look alike, the longer they’re together. For Ashley and Brooke Solis, the saying holds true!
CREDIT&UNDERWRITINGTRENDS &MARKETUPDATE By: Ed Stone , Chief Credit Officer
operating expenses, with the biggest difference being found in Payroll, R&M, and Utilities. » Increased costs for acq/rehab properties are attributed to age and efficiency of buildings and mechanicals depending on the rehab. Total operating costs are $658 PUPY higher on average. » The Novogradac index reported $535 PUPY higher expenses at acq/ rehab properties.
As many of us do when year-end data begins to be received, we like to take the opportunity to analyze portfolio performance, assess results to market data, and identify potential trends. Below is a snapshot of some interesting results that we thought could be of value as you think about your own portfolio. Stabilized Portfolio Trends CREA recently reviewed property- level operating expenses and historical trends for the stabilized portfolio to better understand increasing and decreasing costs and how it compares to the larger industry. Over 15,000 properties were included in the analyses by CohnReznick and Novogradac. Key findings include:
Emerging
Trends
in
LIHTC
FUN FACTOIDS:
Development One of
CREA’s third-party consultants recently provided a market update on emerging trends in LIHTC developments. Key takeaways from their update include:
What is your favorite music genre? I honestly do not know that I have a favorite genre. I would say I go in spurts of what I find myself listening to. I am currently listening to country. The best country concert was Garth Brooks when he toured at the Notre Dame Stadium.
• Continued Presence of Delays: » Roughly 40% of multifamily projects
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