Property managers face many different challenges over the years. Situations change and, as with any business, the success or failure fluctuates with the economy and a variety of other factors. We asked three property management companies to share their challenges and the solutions that worked to create positive operating results.

Affordable Housing Conference Recap, Art of Leadership Students Shadowed Lansing Mayor, Affordable Housing Awareness Press Conference...

Getting the most bang for your buck in insurance reduces one of the largest costs in the apartment property operating budget. First, provide protection from loss to the buildings and their owners and managers by complying with the investor and lender requirements.

Creation of the first permanent and regular funding source for the Indianapolis Housing Trust Fund is seen as a major step forward in the fight to bring more affordable housing the Indiana's capital city. The action--expected to generate up to $500,000 for the trust fund every year--came with the support of Mayor Bart Peterson and a June 19 vote by the Indianapolis City-County Council.

Indiana officials have embarked on a statewide effort to educate Hoosiers on the many tools available to those struggling with affordable housing issues. Lt. Gov. Becky Skillman, at the forefront of that effort, has taken part in a number of public events in various cities.

Nine months after Hurricane Katrina and Rita devastated Louisiana causing a severe housing crisis, there was still much work to be done. Due to the magnitude of the crisis, congress passed the Gulf Opportunity Zone Act of 2005, which provides a number of tax benefits for areas defined as Gulf Opportunity Zones (GO Zones).

According to Rick Laber, managing director of asset management for the Great Lakes Capital Fund, the company's portfolio stacks up relatively well, even considering the recent economical hardships in the Midwest, and Michigan in particular, has faced.

In our recent study, "Understanding the Dynamics III," Ernst & Young measured the performance of low-income housing tax credit properties and investments. Electronic copies of the study may be downloaded at www.ey.com/taxcreditadvisory.

Our new web-based software program called TCAM has been everything we hoped for. It has worked well for our developers and their property managers, our asset managers, our senior staff members and our investors.

According to Ed Bobinchak, assistant chief underwriter and Comeakco Copeland, investment manager, with Great Lakes Capital Fund, there are many steps developers can take to ensure their communities are operating effectively. However, on the other hand, there are many detrimental mistakes developers make as well.