It is evident that the demand for quality Affordable Housing in Arizona is in short supply and the growth in recent years of quality housing has not included the Affordable Housing market. Centurion Management Company (CMC) believes the best way to respond to these imbalances is to:
a. Target the specific needs of the local community (i.e., family sized units);
b. Increase the available supply of quality Affordable Housing.
To effectively capitalize on the property's potential, CMC will establish a diverse resident mix by targeting the following markets:
a. Lower Income Households.
b. Fixed Income Retirees.
c. Commuting Residents employed in the downtown area.
d. Special needs groups (e.g. ADA).
In order to achieve the maximum economic occupancy, CMC will market the property by utilizing the following methods:
Involvement in local affairs is critical to developing good public relations and becoming an active member of the community. The following local organizations will be targeted for their involvement in the local community and the diversity of their member base:
Chamber of Commerce
(Monthly Apartment Listings)
(Local Information Center)
Local Realtor Associations
Arizona Multi-housing Association
(Apartment Association/Government Affairs)
- Product Awareness:
CMC has established extremely high standards in the areas of apartment maintenance, resident relations, etc., all designed to attract new tenants and improve resident retention. The following is a partial list of recommendations that would be beneficial in helping CMC to achieve and maintain these standards:
Energy Efficient Units
Decreased utility costs due to use of energy saving construction materials, (e.g. roof, windows & heating systems).
Drive by traffic is usually the number one marketing resource for any apartment community.
Property Curb Appeal
Should include landscaping and color schemes that distinguish the communitywhile conforming to the surrounding area.
May include laundry room, clubhouse and exercise room.
May include balconies/patios, storage closets, dishwashers, washer and dryer connections, garbage disposals and blinds.
ADVERTISING: The following local media sources will be evaluated for their respective target audience and cost efficiency: a. Chamber of Commerce and Visitor Center Publications
b. Internet Advertisings (Apartments.com, Move.com, Rent.com, Craig’s List, & Vaultware).
c. Newspaper Publishings (Arizona Republic, Tucson Newspaper, & La Estrella)
d. Rental Magazines (The Apartment Finder, The Apartment Guide & For Rent).
e. Rental Locators.
By shopping the property's competition and outlining markets, our management team can target those competitors that are:
a. Not adequately maintaining their property or units.
b. Not providing a minimum of property and unit amenities.
c. Charging excessive rents.
Then, at a relatively inexpensive rate, CMC will immediately send direct mailings to the individual residents of those target properties.
CMC strongly believes in "word of mouth referral". It is a proven fact that satisfied residents become long-term residents and tell others how they feel.
Our high standards in the areas of apartment maintenance and resident relations are key to creating an atmosphere in which residents continue to reside in our communities year after year as well as continue to refer new residents during their stay and long after they leave.
CMC has established a proven track record of controlling expenses without deferring maintenance or otherwise compromising the quality and value of the property.
CMC keys the operating performance (economic occupancy) of its properties to the acceptance of only qualified tenants and the timely collection of rental income.
Centurion Management Company has been a pioneer in managing Low Income Housing Tax Credit (LIHTC) projects in Arizona for 17 years. We have significant experience in this highly specialized area of Affordable Housing.
Our Tax Credit Compliance Director, Greta Wood, attends yearly seminars from several organizations such as the Arizona Department of Housing, Theopro Compliance & Consulting with Ruth Theobald and Spectrum Seminars with Steve Rosenblatt, to keep updated on any new regulations and/or changes in the program and the way that Arizona interprets the LIHTC program. She has also obtained the designation of “Certified Credit Compliance Professional (C3P).
Ms. Wood reviews each file for compliance before a tenant is moved in and also completes the yearly Annual Report that is required by the Arizona Department of Housing. Additionally, she oversees all audits from the Arizona Department of Housing. Initial move-in certifications are executed following all IRS Section 42 regulations for tax credit projects and the HUD Handbook 4350.3 manual guidelines.
CMC’s affordable housing staff regularly attends Tax Credit workshops and various training sessions sponsored by the AZ Department of Housing to ensure that all the latest regulations, laws and best practices are utilized and complied with.
Additionally, we have always maintained a very positive relationship with the Limited Partner, SunAmerica, in all of our Tax Credit Properties.
Centurion Management Company has never experienced any possible Tax Credit Recapture issues.
Another key reason Centurion has been such an effective management company is because of the way Centurion treats its residents.
We believe that the landlord/tenant relationship need not be of a contentious nature. We believe that the vast majority of our residents want the exact same thing that we want: A quiet, peaceful community that is well kept without an abundance of deficiencies and a place they can feel safe and can make their home.
Prior to being approved, each Resident:
•Must pass a criminal background check and never have been convicted of a felony or of a violent or sexually related crime in all places they have lived over the previous five years unless something suspicious is found in which case Centurion may choose to go back farther.
•Must provide valid identification including a valid Social Security card or valid worker’s permit if they are a resident alien.
•Must have good credit or credit sufficient to be approved with an additional security deposit.
•If an application is denied, they can re-apply in 90 days.
Centurion Management Company is a fair housing provider and each employee that works in our rental offices signs an employee manual promising to abide by all fair housing laws and attends a fair housing seminar annually.
Centurion Management Company is dedicated to continuous fair housing training for our employees. Employees are trained in fair housing practices during their initial training period when hired.
Twice a year, we have our attorney, Andrew M. Hull, hold a company meeting at one of our properties to go over fair housing practices and any updates to the fair housing laws.
Additionally, all leasing staff members attend Fair Housing Seminars that are presented through the AMA several times a year.
•Centurion maintains a strict no cash acceptance policy.
•Property managers are required to scan/fax all deposits made immediately to the accounting department to be compared to what shows up in the system.
•A delinquency report is required weekly from all managers.
•No one in the company has both the ability to write checks and sign checks. Only Brian Wareing and Greta Wood have the authority to sign checks and both are restricted from writing a check. There are no hand checks available. All checks are printed with a special magnetic toner that machines at the banks have the ability to read.
•Centurion’s Controller or an in-house Accounting Assistant prints the checks and closes the books for the month on a property while Centurion’s C.F.O. reconciles the bank statements.
•All properties carry a $10,000 Employee Dishonesty policy to cover the theft of any funds. This policy can be increased to any amount an Owner wishes.
In addition, Centurion requires all employees to sign an employee handbook that is reviewed by our attorney annually to ensure it remains in compliance with the law.
Centurion utilizes what we feel is the best property management software for managing L.I.H.T.C. properties in the industry: Yardi Property Management and Section 42 L.I.H.T.C. Compliance Software.
The data is stored on a secure off-site server and backed up daily to a secure off-site location.
Each user is assigned his/her own login name and password along with a description which can be tailored to fit the individual’s needs. This description limits what the individual can view or change.
For instance, on-site Managers may be restricted from viewing cash balances or other data the property owner might want to keep private. Owners are generally assigned a description that allows them to view everything but change nothing.
The Internet based software will allow an Owner to view any data pertaining to their property from any place with Internet connectivity.