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Pacific West Communities Selects Fusion as Its Asset Management Platform(January 17, 2012)
BOSTON, MA -- (Marketwire) -- 01/17/12 -- Pacific West Communities today announced their decision to adopt Fusion asset management software to support their affordable workforce and senior housing properties across the western United States. Fusion will enable Pacific West Communities to better manage its portion of its Low Income Housing Tax Credit (LIHTC)-related properties by streamlining the collection and analysis of property financials and simplifying its reporting efforts.
"As a developer of more than a hundred properties, we needed a single, robust system that would allow us to closely monitor each property and to quickly drill down into the details as needed," said Denise Carter, vice president of Asset Management at Pacific West Communities. "We were impressed by Fusion's ability to synthesize data across thousands of properties and to enable our team to become even more productive and proactively manage our assets and tax credits. We're excited to get started."
Like many real estate developers, Pacific West Communities collects property data such as income statements, balance sheets, rent rolls and payables from property managers through disparate systems including email, documents and Excel spreadsheets. As the portfolio grew, this lack of a centralized, intuitive database made it increasingly labor-intensive and costly to get a clear picture of the health of each property. It hindered the firm's ability to identify all of the opportunities and vulnerabilities in the portfolio in a timely fashion, if at all. Pacific West Communities chose Fusion to help them:
- Quickly and easily consolidate and analyze key financial data
- Obtain transparency on data submitted from property managers
- Enable asset managers to proactively address critical portfolio issues
- Create reports in-house for key stakeholders without expensive fees and downtime
Developed by Lexington Solutions, a wholly owned subsidiary of Boston Capital, Fusion is the first comprehensive software platform designed to handle the demands of developers, investors and asset managers in LIHTC market. With Fusion, the LIHTC professional can track construction costs, change orders, required/actual inspection dates and results, as well as other construction and lease-up metrics against pre-established underwriting benchmarks to identify issues and update property status in real time. This allows developers to resolve issues and minimize the impact on credit delivery. Today, Fusion is supporting more than 2,500 properties across the United States.
"More and more we're seeing that developers are reaching a breaking point where Excel spreadsheets can no longer handle their data analysis needs," said COO Brian Madden, Lexington Solutions. "Real estate developers in the LIHTC market need to know that there is an affordable and accessible single platform solution to better manage their portfolio and bring greater productivity to their asset management teams."
About Pacific West Communities
Pacific West Communities specializes in the development, design, construction, and operation of affordable workforce and senior housing throughout the western United States. With particular emphasis on the use of the affordable housing tax credit as well as federal, state, and local resources including HOME Funds, Community Development Block Grants (CDBG), and redevelopment agency financing, the companies develop and rehabilitate multi-family and senior citizen housing in California, Arizona, New Mexico, Colorado, Utah, Nevada, Wyoming, Montana, Idaho, and Washington. Visit www.tpchousing.com for more information.
About Lexington Solutions
Lexington Solutions, a wholly owned subsidiary of Boston Capital, is an innovative asset management software and services provider to the LIHTC market. The company's flagship product, Fusion, is the most comprehensive LIHTC asset management software of the market, and the only platform specifically built by asset managers, for asset managers. Fusion's built-in analysis helps asset managers to proactively pinpoint potential issues earlier, confidently manage assets and tax credits while reducing credit delivery risk. Today, Fusion is used to manage over 2,500 LIHTC properties nationwide as the most affordable asset management solutions for the affordable housing industry. For more information, visit: www.Lexington-Solutions.com.
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