Assisted Housing Properties Receive High Marks on REAC Inspections
The Lightstone Group has received exceptionally high marks from HUD on the maintenance, security, and appearance of its multifamily assisted housing properties. In a recent review of eight properties that are part of Lightstone’s portfolio, the company received a mark of “satisfactory” or higher, with two properties receiving the title of “above average,” and one receiving a “superior.”
The properties—Curtis Apartments in Watertown, N.Y., and Midtown Apartments in South Glen Falls, N.Y.—both elderly/Section 8 properties, received the “above-average” mark in a management and occupancy review, an annual review of assisted housing properties that takes into account general appearance and security, follow up and monitoring or project inspection, maintenance and standard operating procedure, leasing and occupancy, tenant/management relations, and general management practices. Millpond Towers in Dover, N.J., also an elderly/Section 8 property, received a “superior” rating, which means the government recognizes the company for going above and beyond its requirements. That property has earned that score for the second year in a row.
The Lightstone Group’s properties also received high marks in the Real Estate Assessment Center’s (REAC) review this year. REAC conducts inspections of HUD buildings regularly. The frequency of inspections depends on how high the property scored on its previous review. REAC conducts a physical review of the property, inspecting a certain percentage of units and common areas, as well as equipment and storage rooms. Each deficiency is awarded a point value and those points are added up and subtracted from a total score of 100. This year, four Lightstone properties up for review by REAC scored above an 85. All properties passed with the lowest mark of 75, significantly higher than the 60 points needed to pass the inspection.