Physical/Capital Needs Assessments
CCI has provided Physical Needs Assessments for over 50,000 dwelling units throughout the country. Our clients range from HUD approved lenders to state agencies to developers, lenders, and investors.
In addition to meeting ASTM E2018 criteria for Property Condition Assessments, our analysis of each subject property centers around the following excerpt from the Housing and Urban Development (HUD) Multifamily Accelerated Processing (MAP) guidelines: “Because there is no initial deposit to the Reserve for Replacements for substantial rehabilitation, the scope of work must provide for the replacement of all doors, windows roofs, cabinets, and mechanical/conveyance systems (e.g. elevators, plumbing, boilers/furnaces, ventilation/air conditioning, electrical) which are at or near the end of their useful lives and must result in a structure which will require no complete replacement of doors, windows, roofs, cabinets, or mechanical/conveyance systems for at least 5 years.”
Most of our reports will include a 20-year capital expenditures/ replacement reserve schedule, typically required for HUD insured projects. The schedule evaluates the expected useful life of all major building components.