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PAPMC, the Philadelphia Asset & Property Management Corporation, is a private service affiliate that manages PHA’s tax credit sites. PAPMC was created by PHA to manage all Limited Partnership Low Income Housing Tax Credit (LIHTC) properties. It is a nonprofit, management entity that is completely separate from PHA.
PAPMC employees include but are not limited to former PHA employees and it still uses PHA’s record keeping system, though the funding sources are different. PAPMC insures that all goods and services are appropriately taxed.
PAPMC’s responsibilities include:
- Day to day management of the Low Income Housing Tax Credit portfolio for PHA.
- Commercial management.
- Oversight of third party management properties (Alternative Management Entities - AME’s) receiving federal subsidies for affordable housing.
PAPMC manages 1,560 LIHTC units in 17 affordable housing developments.
It supervises the administration of an additional 1,100 units through 9 properties that are managed by Alternative Management Entities (AME’s). The AME’s are totally separate and receive a subsidy, while PAPMC monitors their performance to insure their compliance with HUD regulations. AME sites comprise tax credit and public housing.
Under PAPMC, each site is a private individual property, that is, each property is a business unit, separate and distinct. PHA created this structure so that management of the units is separate from the housing authority. This allowed PHA to use tax credits AND federal subsidy to develop the sites (mixed finance).
As federal funding for affordable housing decreased, PHA moved to create PAPMC. The agency had to find alternative sources of financing in order to complete its development plans. PHA had to compete for private equity.
With the downward trend in funding for affordable and public housing, entities such as PAPMC are the wave of the future. Private entities such as PAPMC allow PHA to grow its portfolio.
Properties managed by PAPMC rival and exceed the quality and comfort of similar dwellings in the private market. At Germantown House, the PAPMC management team achieved 100% occupancy of this 133-unit senior property in January 2007. The site has maintained 100% occupancy and maintains a waitlist of more than 400 applicants.
At Lucien Blackwell, Phase III, The PAPMC management team achieved 100% occupancy of this 50-unit family property in March 2007. 1,200+ applications were received from persons looking to make this property their home. This property is the latest component of PHA’s major plan to revitalize the Mill Creek area of West Philadelphia.
PAPMC developments collected an average of 96% of rent billed in 2007. Developments managed by PAPMC maintained less than 3% vacant units. Two new developments will open in 2008, Marshall Shepard and Ludlow.
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