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Passing REAC

What is REAC?. Real Estate Assessment Center (REAC)REAC's mission is to provide and promote the effective use of accurate, timely and reliable information, assessing the condition of HUD's portfolio; to provide information to help ensure safe, decent and affordable housing; and to restore the publ

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Passing REAC

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    1. Passing REAC Presented by Larry D. Davis Terrence J. Kelley Michelle DeVastey

    2. What is REAC? Real Estate Assessment Center (REAC) REAC’s mission is to provide and promote the effective use of accurate, timely and reliable information, assessing the condition of HUD’s portfolio; to provide information to help ensure safe, decent and affordable housing; and to restore the public trust by identifying fraud, abuse and waste of HUD resources.

    3. What Happens Depends on your Score? Properties scoring 59 or below are automatically referred to HUD’s Departmental Enforcement Center (DEC) for corrective enforcement and re-inspection. For properties which receive physical re-inspection scores below 60, the possible courses of action to be taken include the following: 1. Foreclosure 2. Prepayment 3. Abatement/termination of the Section 8 HAP Contract 4. Mortgage sale of the Note 5. Restructuring by OMHAR (Office of Multi Housing Assistance Restructuring) 6. Transfer of Physical Assets (TPA)

    4. Now do you think REAC is Important?

    5. Preparing for REAC All Year Walk you property thoroughly Identify problems in the early stages Plan and budget for repairs and seasonal work with RPM and/or Owner approval

    6. REAC Notification REAC Inspection can take place 90 days before or after the anniversary date of the previous REAC REAC Inspection for new properties can be any time after development closes Notification can be 30 days to as little as 2 weeks prior to inspection

    7. REAC Resources Your Regional Property Manager Your Senior Vice President EMC Specialists Frank Martin, Jamal Abdul-Wali, Frank Winston, Boo Nickel and Team Property Owner Properties under the same ownership in near proximity to your property

    8. What do you do when you get the call from HUD or assigned inspection company informing you of the REAC? Do not panic Do not agree to date without clearing with your RPM or Senior VP Once date is agreed upon with management team, call HUD or inspection company and confirm date Now you need to step up your plan and completion date

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