Defining Asset Management: The Quality Housing and Work Responsibility Act of 1998 (QHWRA) required Public Housing Authorities (PHAs) to conduct a Physical Needs Assessment of each of their properties. The purpose of the assessment was to review the present and future use and value of all public housing properties nationwide.
The Plan: In response to QHWRA, RIHA prepared an Asset Management Plan in 2003. As part of the Plan, RIHA evaluated each of its developments and made recommendations to keep and maintain, to keep and upgrade, or to demolish and replace each property. At that time, RIHA owned and managed 550 units of conventional low-income public housing at five locations including; Spencer Towers, Sunset Heights, Valley Homes, Lincoln Homes, Manor Homes and six single-family homes located on scattered sites. Spencer Towers and Sunset Heights are one and two-bedroom high-rise structures. Valley, Lincoln and Manor homes are family sites.
Goals & Purpose of Asset Management: Some of the most important goals of the Asset Management Plan include:
As a result, RIHA committed itself to building new communities based on transition and hope. In doing so, the Agency began to move from the provider of public housing to an organization focused on providing affordable housing to a broad-based market.
The Asset Management Plan has served as a key element in the agency's strategic plan since 2003 and remains the blueprint by which the Agency pursues its goals today.
Between 2003 and 2008, the Asset Management Plan was the benchmark by which RIHA measured its effectiveness within the City of Rock Island. The development and implementation of the Asset Management Plan has allowed RIHA to focus on the process of eliminating the negative influences of poverty in public housing. The Plan has acted as a springboard allowing the organization to clarify its vision, mission, objectives and annual program goals. Through the implementation of the Asset Management Plan, RIHA created an infrastructure for low-income public-housing families that encourages housing choice and stable homeownership while supporting neighborhood economic development and providing a variety of resources for children, youth and adults. The development and implementation of the Asset Management Plan has provided the platform required to allow the Agency to positively address those concerns and more effectively meet the needs of its residents now and long into the future.
By evaluating the long-term benefits of each of its properties, RIHA positioned itself to make the changes required to provide more housing choices and more affordable housing opportunities to more people than at any other time in its history. RIHA completed well over 50% of the initiatives detailed in the original Asset Management Plan by 2008. The Agency also invested considerable time and energy in preparing financially, organizationally and structurally to complete the remaining recommendations within the Plan. During the same time period, the Agency proactively addressed the challenges it faced as the result of significantly increased federal Department of Housing and Urban Development (HUD) regulatory controls compounded by seven consecutive years of dwindling Operating Subsidies and diminishing Capital Funds, and ultimately; the economic collapse of 2008.
For a complete list of Asset Management accomplishments since 2003, click here.
In 2008, RIHA updated the Asset Management Plan to reflect what had been completed and detailed the implementation strategy for the remaining initiatives contained in the original 2003 Plan. When the American Recovery and Reinvestment Act of 2009 was signed, the capital required to fund many of the on-going and pending public housing development projects nationwide was infused into the economy. While RIHA was positioned to proactively respond to those funds with multiple new development projects through its Asset Management Plan, it received only $1,464,200 which was used instead for much needed capital improvements.
Since the implementation of the 2003 Asset Management Plan, and the 2009 Implementation Plan, the RIHA mission has been to meet the changing housing needs of the diverse population of the City of Rock Island. In addition, changes in housing demand and demographics within the City compelled the Agency to consider the positive impact of a comprehensive housing market study and the impact that could have on the long-term viability of its Asset Management Plan.
As part of the RIHA 2011/2012 Strategic Planning session, RIHA Board of Commissioners established a goal to conduct a Comprehensive Housing Market Study of the City of Rock Island. That goal was shared with City staff and other stakeholders and as a result, a six-member oversight team was formed to hire the firm to conduct the study. The study included the City of Rock Island and the surrounding Illinois and Iowa Quad Cities, including Moline and East Moline in Illinois and Davenport and Bettendorf in Iowa. The study identified data on current housing types and trends in the City including projections of future population, related demographics and housing growth and provides data related to the conditions, challenges, opportunities and housing gaps in the Rock Island housing market(s). The Study was finalized and released the fall of 2014.
RIHA believes that the results of the Comprehensive Housing Market Study coupled with an updated Physical Needs Assessment of its remaining properties (Lincoln Homes, Sunset Heights and Spencer Towers) will provide the Agency with the data required to develop a new Asset Management Plan. However, finding the appropriate regulatory and financial vehicle to allow the Agency to complete its mission and realize its vision has become increasingly more controversial, more competitive and more difficult.
Rental & For-Sale Housing Needs Assessment Rock Island, Illinois & Quad Cities
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For additional information, please call 309.788.0825 or e-mail Housing@riha4rent.org.