A property may get several management companies in its lifespan. It is important that this information be provided to key participants. Management companies should inform their state agency when a property is slated to be added to its portfolio. Even though the management company has been approved in the past, or may have overseen many properties in a specific state, it is still necessary to let the State Agency know that a new affordable property is about to join their portfolio. If there is a third-party monitor, they, too, should be notified as soon as approval has been given. The State Agency requires documents be submitted before a new management company takes possession. In many instances, the state agency or monitor find out there is a new management company at the time of the management review. It is recommended that the owner or owner representative not wait for the review.
Please inform the State Agency and the monitor responsible for the property that there has been a change to the contacts –including, but is not limited to, a new owner, management company, trustee, etc. – as early in the approval process as possible. It is important that the monitors have the most current contact information when sending correspondence. This way, all interested parties are receiving information pertinent to their property(ies) in a timely manner.