CHF Canada Asset Management Services
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1 CHF Canada Asset Management Services Facilitator David Spackman 0 Agenda 1. Introductions 2. Why now 3. What is Asset Management 4. Maintenance, how to make assets last longer 5. Reserves, how to replace assets when they wear out 6. Finance, how to pay for maintenance and replacement 7. CHF Canada Asset Management Services 1 1
2 2 Why now? The End of Operating Agreements, Section 95, ILM and Section 61-55,000 homes by 2020 Not just about end of obligations to CMHC Housing stock is aging Most Housing co-op have not saved enough reserves Important to take the long view Sign on for CHF Canada 2020 program 3 2
3 Today s workshop - Co-op Enterprise Services Five programs designed to fit the changing needs of housing co-ops and their managers to help make co-ops successful as Co-operative Enterprises. 4 What is asset management? Asset management is the planning and work to maintain, restore, manage and protect the buildings and site improvements belonging to the co-operative. Activities Include: An effective maintenance program A long term replacement (capital) reserve program A long term financial plan A comprehensive safety promotion and insurance plan 5 3
4 WHY Asset management? 6 Elements of a Maintenance Plan: Maintenance Budget Co-op Inspections Member work orders Annual preventative maintenance calendar Capital projects and replacements 7 4
5 Elements of a Maintenance Plan: Maintenance Budgets What are your co-op fixed expenses? What are your variable expenses? What did you really spend last year? Did you meet budget? Did you complete all necessary repairs? Set your maintenance budget(s) - use inspection reports Do not underspend maintenance to pay for fixed expenses 8 Elements of a Maintenance Plan: Annual, Move-Out and Common Area Inspections Set realistic time frame Notify members Develop your inspection forms Building envelope, site improvements, grounds Common interior spaces & services Unit interiors, services & appliances Train Inspectors Co-op staff, Contracted consultant Develop standards, Include risk management 9 5
6 Elements of a Maintenance Plan: Annual, Move-Out and Common Area Inspections Know your standards Not ready for move in 10 Elements of a Maintenance Plan: Annual, Move-Out and Common Area Inspections Know your standards 11 6
7 Maintenance Plan work orders Use a work order system / multi copy / paper trail / electronic Provide 24 hour access / answering machine Set a standard for response time/ health & safety & routine Supervisor inspects health & safety, 10% & complaints Assign the task, contact the member with repair date Keep completed work orders Follow up incomplete work orders 12 Member work orders Assigning the task member and co-op roles direct employee(s) hired handy person(s) a list of contractors a co-op sector maintenance company a private sector maintenance company 13 7
8 Member work orders Member and co-op roles A member s role is to promptly report problems they can t fix. The co-op is responsible for everything else. Be realistic about what members can do! Volunteers cannot replace adequate budgets 14 Capital repairs and replacement reserve planning A capital repair is a replacement or major repair to building components including the building envelope, structures, mechanical systems, electrical systems, interior finishes and site improvements A replacement reserve plan is a plan to work out when the various parts of your co-op will need replacement and how much money you need over time to cover the costs of replacing capital items or making capital repairs. 15 8
9 Benefits of capital planning Reducing maintenance costs through major repair or replacement. Maintain the co-op in a safe, efficient and structurally sound condition. Capital repairs are an opportunity to take steps to a sustainable future improve energy efficiency. Implement improvements for aging in place. Increasing member satisfaction and increasing marketability. Preserving affordable housing for future generations 16 Asset Management Replacement Reserve Plan (RRP) Make sure you have an RRP. The plan tells you: which capital items you need to replace each year how much money replacements will cost each year how much money you need to set aside each year The plan will have two parts: the Building Condition Assessment (BCA) the Reserve Fund Forecast (RFF) 17 9
10 Planning resources 18 Asset management Plan Building Condition Assessment (BCA) Who can do the BCA? Hiring professionals Usually engineers specializing in building science & experienced with: o How buildings and their systems are constructed o Estimating remaining useful life of capital components o Ways to repair deficiencies o Ways to perform preventive maintenance o Building code changes o Replacement & repair costing 19 10
11 Asset Management Plan Building Condition Assessment The BCA Scope of Work should include: A desk review of construction drawings and a site inspection of the property, buildings and systems. 20 Asset Management Plan Building Condition Assessment The BCA Scope of Work should include: Maintenance recommendations to maximize life of all components 21 11
12 Capital reserve plan Building Condition Assessment The BCA Scope of Work should include: Prioritized Capital Replacement Plan Life cycle spreadsheet The BCA explains Which capital items you need to replace first. How much you will need to spend each year over 25 to 30 years. 22 Building Condition Assessment Report procurement: Prepare a Request for Proposals (RFP) Write the Scope of work Prepare a schedule of events Circulate RFP to appropriate firms Receive and analyze bids Prepare a contract with successful proponent Production of report Co-ordinate site inspections Review draft report and submit recommendations Receive final report CHF Canada Asset Management - Procurement service 23 12
13 Asset Management Plan Reserve Fund Forecast (RFF) You need to know The difference between your current balance & contributions to reserves and the spending requirements of the BCA How much money you should be putting into your replacement reserve each year. How much you can expect to earn on your replacement reserve investments What impact this will have on housing charges 24 Replacement Reserve Plan (RRP) Reserve Fund Forecast Doing it yourself: CHF Canada Guide to Replacement Reserve Planning Co-op Management/Staff Time & experience Contracting it out to: Basic plan, part of BCA Detailed plan, CHF Canada AMS services Financial specialist 25 13
14 Replacement Reserve Plan (BCA plus RFF) How will you use your RRP? to develop a long term financial plan and budgets to make budgeting decisions (operating and capital) to set contributions to the replacement reserve fund to make investment decisions to decide when to repair or to replace to decide what capital work to do each year to identify preventive maintenance priorities 26 Asset Management Long-Term Financial Plans What is a long term financial plan? A long-term financial plan is a detailed, long-term forecast of a co-op s financial future. It should be for a minimum period of 10 years. Longer if there is new financing
15 Asset Management Long-Term Financial Plans Why does the co-op need a long term financial plan? An annual operating budget only deals with the immediate future. A multi-year financial forecast will keep the Co-op viable and housing affordable for the future. Affordability requires planning 28 Asset Management Comprehensive Asset Management Plans An asset management plan will: Review the Building Condition Assessment (BCA) Create short and long term capital replacement plans Create/revise the reserve fund forecast. Advise when the funding gap becomes critical Provide refinancing options Create long term operating budgets including financing costs Create an annual maintenance plan CHF Canada Asset Management Plannning Service 29 15
16 Asset management plans Long Term Budgets Refinancing options Building Condition Assessment AMP Reserve Fund Forecast Capital plan Annual Maintenance Plan 30 BCA to Asset Management Plan The BCA provides for replacement to original What about improvements? Building systems Plumbing systems Insulation & building envelope Mechanical & electrical Community Infrastructure Appliance alternatives Recycling Transportation Food security and quality of life 31 16
17 Asset management plan Infrastructure opportunities Co-ordinate Green Infrastructure improvements Windows + insulation +siding Shingles + venting + insulation 32 Asset management plan Infrastructure opportunities Green Infrastructure improvements High efficiency boiler 9 unit apt. * Fortis program Electric Hydronic baseboard heater Programmable thermostat 33 17
18 Asset management plan Community improvement opportunities Finishes and fixture improvements Low flow, universal design Energy star best performance 34 CHF Canada, asset management support CHF Canada current services Technical report procurement BCA & RFF Technical investigation Asset management Plans Overview of the co-op s BCA Capital spending plans, short term & long term Refinancing, reserve forecast and housing charges Financial projections and spreadsheets Maintenance planning 35 18
19 Reserve funds are never enough 36 Refinancing closes the gap The gap and refinancing refinance 37 19
20 Asset Management Long Term Financial Plans Refinancing Refinancing Funding for major capital repairs Invest in green infrastructure Modify units to meet changing needs of members Densification or redevelopment New development How? CMHC Direct Lending? Commercial market / Credit Unions or Banks? Sector based lending service 38 Asset Management Refinancing Mortgage Basics Loan to Value: Loan Amount Property Value First Mortgage: 70% to 80% of appraised value, best rate Debt Service Coverage Ratio: Housing charges Non loan Expenses Total Loan Payments Minimum DSCR 1.1 to 1.2 = 10 % to 20% cushion Lenders want to see reserve funds and BCA in place Lenders will offer higher LTV and appraised values are higher on well maintained properties
21 Asset Management Refinancing basics 30 units. Average housing charge 2 bedroom = $850 per month Current Budget Current Mortgage $ 8,500 per month Current reserve contribution $ 2,500 per month x12 = $30,000 Current reserve savings $150,000 Funding BCA first 3 years $1,250, Asset Management Refinancing basics 30 units. Average housing charge 2 bedroom = $850 per month Refinance : Original mortgage P&I $8,500 4% over 25 years = $ 6,575+$1,315 (.2 dcr) = $7,890 New reserve contribution $2,500 + $610 = $3,110 x 12 = $37,320 Value of reserve after 3 years $150,000 + $111,960 = $261,
22 CHF Canada, Asset management services CHF Canada current services Project management counts Technical services procurement Scope development, Tendering documents & procurement Project & Construction monitoring CHF Canada/HSC technical Co-op Housing Advocates 42 Windfield Co-op, Guelph ON 43 22
23 CHF Canada, asset management support CHF Canada current services Technical report procurement BCA & RFF Technical investigation Asset management Plans Technical services procurement Scope development, tendering documents & procurement Project management 44 Asset Management David Spackman
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