Pub. 5 2020 Issue 3

5 ISSUE 3 2020 East Meadow Condominiums, an 82-unit complex in Manchester, was able to replace their roofs and upgrade their boilers while unlocking $26,000 in annual free cash flow after debt service. Visit www.ctgreenbank.com/ctaa for information or email multifamily@ctgreenbank.com The Connecticut Green Bank offers financing that drives a holistic energy and water-savings approach to your multifamily property. Solutions include: • Standardized and custom pre- development technical assistance • No money-down, unsecured financing options (efficiency & solar) • Potential to finance additional capital improvements • Enhanced property cash flow from energy savings • Health and safety improvement financing Unlock Savings with Green Energy & Efficiency Upgrades Here are some additional takeaways from the Appfolio survey: Overall, 64 of property managers have enacted social distancing rules, 58% are disinfecting contact surfaces more frequently and 50% are ramping up their cleaning regimens. Large property management companies are reacting quicker than smaller companies, as 69% of property management companies managing 500 or more units have already enacted social distancing rules, compared to 54% of those managing less than 500 units. Fannie Mae and Freddie Mac will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of coronavirus Property managers are also rethinking the property showing process. In all, 13% have halted showings altogether, while 77% are changing the way they handle them, according to the survey. For example, 27% of property managers have moved to only virtual or self-showings, displaying the rising potential of technology in the real estate sector. Renewal policies are also changing to help keep residents in their homes. Now, 32 of the respondents report they are handling all renewals remotely and 16% are holding off on rent increases. Still, only 7% have started offering more flexible lease terms. In terms of rent delinquencies, 22% of property managers have voluntarily relaxed their delinquency policies, while 48% are actively considering doing so. This trend is likely to increase as state and local governments create new mandates in response to COVID-19, according to Appfolio. The survey results were based on responses from 3,533 property management professionals from across the country. Source: National Real Estate Investor