C-FACTS provided financial management and advisory consulting services to Washtenaw Affordable Housing Corporation (WAHC) to assess the financial condition and performance of the organization, its real estate development properties and partnerships. The assessment took stock of WAHC’s current capacity, strengths and challenges and will compare their performance against industry standards or peer performance.
WAHC had a history of financial, organizational and asset management challenges. A low-income housing tax-credit property had recently been faced with foreclosure that required immediate intervention and additional financial assistance by investors. This crisis further eroded funders’ confidence regarding WAHC’s capacity to effectively manage the organization’s assets. Substantial public subsidies and equity investments were at risk if performance was not improved or the organization forced to dissolve.
We produced consolidated financial statements for the fiscal year, assessed WAHC’s current fiscal condition and performance, analyzed the performance of WAHC’s real estate portfolio, developed recommendations to address the identified issues, and provide executive leadership in the implementation of the final recommendations.
Provided a comprehensive assessment report that provided WAHC and funders with a clear view of WAHC’s future long-term financial viability and recommendations for next steps.
Worked with the Board to Reached consensus with Board to merge with a local housing agency to create a stronger, more viable affordable housing provider to serve the Washtenaw County and Ann Arbor market.
Developed a plan to transition WAHC properties to Avalon.
Developed a plan to deal with significant payables owed by WAHC.
Developed cash flow forecast to finance WAHC through year-end when the merger would be completed.
