Marion Scott Real Estate, Inc. (MSI) is a minority business enterprise that specializes in the management of government assisted housing. Formed in 1990, MSI has become one of the largest managers of government assisted housing in the metropolitan New York area.
MSI currently manages almost 17,000 apartments under virtually every type of state and federal housing program. We have a wealth of experience administering properties financed under Section 8, 236, Public Housing, 202/8 and Handicapped, Mitchell Lama and Low Income Housing Tax Credit programs.
We are a full service property management firm. We utilize a state of the art computer system networked to all site offices with supervisory control from our main office. Our systems are geared for monitoring and compliance with the U.S. Department of Housing & Urban Development (HUD), the New York State Division of Housing & Community Renewal (DHCR) and New York City Housing Preservation and Development (HPD) regulations. A CPA heads our finance and accounting departments.
Each year, independent auditing firms conduct full audits of our developments, in accordance with GAAP requirements. We pass these audits without exception. Our state of the art technology allows our staff to continuously monitor critical operations such as certification, annual income reexaminations, financial reporting, management and accounting requirements. MSI assures compliance with relevant regulations and statutes at all levels of government and secondary mortgage lenders. We have received several "superior" management review ratings from New York Quadel Consulting Corporation, an organization contracted by the HUD to monitor Section 8 housing both physically and administratively.
MSI also pursues HUD's portfolio re-engineering options for various developments. This includes the successful completion of five Mark-to-Market restructurings, acquisition and payoffs of HUD projects.