beginning of a long-term commitment to maintaining the property as a community and financial asset. VIP's asset management practices are an integral part of its success as a housing developer. Oversight responsibility can continue for as long as 30 years, particularly when government financing is involved. For example, Federal Low Income Housing Tax Credits have a compliance period of 15 years.

In order to assure the long-term viability of the housing it develops, VIP has established the Asset Management Unit, which acts as owner's representative for VIP. Its responsibilities include:

• Overseeing the property manager.
• Establishing short and long-term goals for each property and developing strategies to meet these goals.
• Forecasting systems aging and anticipated replacements.
• Maintaining property economics by establishing performance standards and benchmarks, preparing and reviewing operating budgets, and coordinating the preparation and submission of audits, tax returns and other reports required by funders.
• Assuring ongoing compliance with conditions and requirements of the various funders (i.e. tenant income requirements), including Federal Low Income Housing Tax Credits.

The Asset Management Unit leverages its experience with existing properties through participation in the initial stages of new developments. Its insights contribute to VIP's continuing success as an affordable housing developer.