Omni provides its staff and clients with over 20 years of varied experience in the acquisition, development and management of affordable housing. Omni is very active and involved in several of the industries professional organizations. Through its presence, Omni will vocalize the concerns of its clients to ensure representation while advocating for changes that will affect the affordable housing industry.
Striving to be the premier provider of affordable housing services, the Executive Staff of Omni has developed an approach to set itself apart from other Property Management companies, by putting emphasis on the word “SERVICES.” As agent for the owner, Omni raises the bar by assisting with:
Much of the affordable housing stock in South Carolina is approaching an age where rehabilitation is necessary. HUD created the Real Estate Assessment Center (REAC) to closely monitor the condition of the properties. With the exception of debt restructuring and a continued commitment to HUD, as HUD doesn’t provide funding to assist owners to make necessary repairs. It then becomes the owner’s responsibility to pay for the rehabilitation from their pocket or find other funding sources. Through experience and exposure, Omni has identified several funding sources on the State and Federal level in addition to conventional refinancing.
Omni will always pursue ways to improve services and maximize value for our owners/investors by seeking the most competitive pricing for supplies and services. Omni will negotiate all contracts, solicit bids for services, and present at least three options to the owner for him to decide the best situation to represent the interest of the owners.
Many of the Non-Profit owned properties were financed by HUD held or insured mortgages, thus making it impossible to reap any financial benefit (profits) as owners of these properties. There are various programs available that will enable the owner to take control of their properties and remove HUD as the financier. This allows owners more financial control in planning for surplus cash. Under the current arrangement any surplus cash realized at the end of the year must be put into an account called residual receipts, which is then monitored by HUD.
Omni and its staff manage the process of ensuring constant compliance with Federal and State agencies. Omni also maintains a working relationship with all Federal and State agencies, staying abreast of all changes while immediately implementing and communicating them to the staff and owners. A member of Omni executive staff will be present at all site visits by any regulatory agency (HUD, REAC, Tax Credit, HOME, Housing Trust and Rural Housing Services) to ensure a smooth and accurate review of the properties compliance and operating procedures.
Community Development & Gentrification
Many faith-based organizations are seeking ways to expand on their ministerial work within the community but lack the funding mechanism or the expertise to do so. Omni will become a key player in helping to develop an existing, or create a body to help develop new affordable housing, or rehabilitate existing housing by using state, local and private funds.
Participative Annual Budgeting and Forecasting
The staff of Omni and the owners will collectively develop the annual operating objectives to be articulated through the operating budget. This team approach ensures the interest and desires of the owner are conveyed to the staff and properly carried out.
Monthly Financial Statements and Quarterly Reporting
Each month the owner will receive financial statements reflecting the financial activities from the previous month. Each quarter Omni Crescent will be available to meet with the owner to discuss the previous quarter’s activities, for the purpose of remaining steadfast with the objectives and plans that were determined during the management retreat and budget planning session.