ProdiGem works to increase the quality of both affordable and market housing throughout the United States. We work with a results-oriented attitude servicing each individual as the opportunity arises. We strive to create a comfortable, yet structured environment for both employees and the clients we service.
ProdiGem, LLC is a full service real estate company. While its primary focus remains property management, ProdiGem also offers clients the services of construction management and business development.
William Wenson has been actively involved in the development of affordable housing since the early 1980’s. Mr. Wenson’s mission is to increase the portfolio of ProdiGem. In order to accomplish this goal, ProdiGem focuses on several financing vehicles to develop new construction and rehabilitate properties. These vehicles include Section 42 low-income housing tax credit financing, as well as tax-exempt bond financing and historic tax credits.
The key focus of business development at this time is to rehabilitate deteriorated low-income and historic properties throughout the United States through the use of both low income housing and historic tax credits and tax-exempt bond financing. After thorough demographic research to determine the appropriate cities and specific site locations, the business development team gathers a variety of information required to submit a competitive application that is scored and evaluated at the appropriate housing agency. If successful in receiving the tax credits or tax-exempt bond financing, the team will close the deal in less than sixty days and proceed with the rehabilitation or new construction.
ProdiGem offers its clients a variety of property management services to optimize investment and asset performance. In addition to the traditional property management functions of physical asset management and reporting, ProdiGem offers the following services to our clients:
Compliance – Achieving and maintaining program compliance is a vital part of property management in the affordable housing arena. Upon the initial takeover of a project that is regulated under an affordable housing program, the compliance status is determined based on information provided to us by the ownership. ProdiGem’s corporate compliance specialists then determine what action is necessary to achieve or maintain compliance, and then proceed to train the on-site personnel the rules and regulations of the program. Our compliance specialists provide compliance technical support to on-site staff on a daily basis, keep on-site managers updated as to changes in rules and regulations regarding the programs, prepare monthly compliance reports assessing compliance status, and sending compliance reports to managers, owner contacts, and monitoring agencies.
On LIHTC properties, we also review certification paperwork as part of the application and recertification process. This audit procedure ensures that the certification paperwork is reviewed by a second person. This individual is also responsible for maintaining a separate file copy in our corporate office to secure these documents off-site. On-site managers and corporate staff attend annual compliance training seminars to keep up with the latest changes in the ever-changing affordable housing compliance world.
Compliance specialists oversee the following affordable housing programs: Section 42 LIHTC, tax-exempt bond, Affordable Housing Disposition Program (RTC), Section 8, and HOME.
Resident Selection & Education - We adhere to strict resident selection criteria in order to attract and retain only quality residents at our communities. A quality resident profile enhances the value of a property, by making it more marketable, as well as lowering operating costs because of fewer maintenance problems.
Marketing - Upon the initial takeover of a project, and periodically thereafter, ProdiGem will perform a complete analysis of the marketplace in which the client's property is competing. These reports are used to assist us in maximizing the marketing effectiveness of our client's property. Based upon the marketing research performed, we formulate a marketing plan for our client's properties. This marketing plan will include items such as the targeted market for the project, a cost effective advertising plan and budget, and performance evaluation criteria.
Leasing - Depending upon the requirements of our client, or the property, we will create appropriate leasing point of sale materials, design a complete leasing program, and train on-site managers in sales techniques to maximize leasing results.
On new construction properties our staff focuses on planning and pre-leasing months before units are actually available for occupancy in order to have a successful lease-up. This will include meeting with local community groups and establishing contact with public housing authorities. Signage and brochures are critical aspects of this lease –up process to spread the word about the prospective community. We also set-up a toll-free number that enables us to disseminate pertinent information and to help build a waiting list as the project nears completion.
Budget Formulation - Of primary importance in achieving optimal returns on a real estate investment is the close monitoring of financial information. We will prepare a pro-forma operation budget upon assumption of management responsibilities and annually thereafter. Following client approval of the budget, we report budget versus actual operating results information to the client with our normal monthly reporting. Our goal is to insure that necessary funds are spent on the client's behalf in a timely manner, but that unnecessary spending never occurs. Careful management of our client's financial resources is not only a fiduciary responsibility, but also one of our greatest concerns.
Operating Cost Analysis - After budget formulation, we prepare for our clients a complete and thorough analysis of the cost of operation of their property along with suggestions and recommendations for change and improvement.
Financial Analysis - Upon client request, we are able to provide analysis of the investment performance results of the client's property. We are ready to assist
our clients in seeking ways of improving financial performance through tax strategy, debt restructuring, operational efficiencies, and other means.
Financial Reporting - Along with the other standard client services that we offer we take great pride in our management reporting to clients. We are able to provide whatever information is desired concerning the operation of their property. This reporting may take whatever form the owner deems necessary. We design a series of reports that best suits the client's information needs and we generate these reports on a monthly basis insuring that the client obtains the most up-to-date information concerning the property.
Property Maintenance - Maintenance personnel, under the supervision of our Property Managers, preserve and protect the underlying physical asset of the real estate investment. Our goal is to not only maintain the property, but to achieve operational efficiencies through aggressively seeking discounts on parts and supplies, practicing preventive maintenance, and by training maintenance personnel to perform work which might otherwise have to be done at greater cost by outside contractors.
Master Insurance Policy Coverage - Insurance coverage is one of the largest expenditures of any apartment community. We have developed a master insurance policy that includes replacement cost property and casualty coverage, contents and loss of rents coverage's, one million dollars of liability insurance, twenty-five million dollars of excess liability insurance, as well as fidelity bond coverage. We have been able to increase coverage's, and using the flexibility of combining our entire management portfolio into one policy, reduce the total premiums paid by all of our clients.
ProdiGem’s principals have been extremely successful in construction management.
ProdiGem is able to assist in the following areas:
Scope of Work
Time Line Development
Architectural Design and Planning
Drafting and Presentational Drawing
Work Write-up and Bid Specification Development
Performance Monitoring / Budget Monitoring
Job Cost Construction Accounting
Construction Draw Preparation and Inspection
General Contracting / General Contractor Selection
Davis-Bacon Wage Monitoring and Equal Opportunity Supervision
Construction Site Safety, OSHA Requirements, and Inspection
Copyright ProdiGem, LLC. All rights reserved.