Lucie Du, President of Du & Associates, Inc.
Ms. Du has over 20 years experience in the field of government-assisted multifamily asset management. She has been President of Du & Associates, Inc., a comprehensive asset management company, since December 1996. Prior to that, Ms. Du was Director of Asset Management for Ervin and Associates, overseeing all asset management functions for a portfolio of 600 troubled or defaulted HUD-insured or held multifamily loans with a total balance of approximately $4 billion on behalf of HUD.
While at Ervin, Ms. Du also worked on the Annual Financial Statement Contract with HUD, which included the design and development of an automated Annual Financial Statement data collection and analysis system that was the precursor to the current FASS system. She served as Multifamily Mortgage Chief Underwriter where she underwrote 241 preservation loans under LIHPRHA & ELIHPA, as well as HUD Section 232, 223(f), 223(a)(7) and 221(d)(4) loans as part of Ervin's Delegated Underwriting contract with HUD. Ms. Du also has experience with National Housing Partnership as an asset manager overseeing a portfolio of HUD-insured and HUD-assisted properties and loans worth $800 million.
Since June 2000, Ms. Du has been Co-Managing Director of Michigan Multifamily asset Managers, LLC ( MMAM) and has provided asset management functions to assist Michigan State Housing Development Authority in fulfilling their Section 8 PBCA requirements for almost 400 properties throughout the state of Michigan(MSHDA). MMAM, working with MSHDA, was the first to perform functions under the HUD Section 8 PBCA program. As a result, its Co-Managing Directors have been responsible for setting many of the guidelines for the PBCA program. Ms. Du has performed the same function for Pennsylvania Housing Finance Agency(PHFA) since December 2000 under its subsidiary Pennsylvania Multifamily Asset Managers, LLC ( PMAM). PMAM has assisted PHFA in fulfilling their Section 8 PBCA requirements for over 550 properties throughout the state of Pennsylvania. Responsibilities under both of these contracts include performing management and occupancy reviews and oversight of tasks including physical inspection follow-up, resident inquiries, rent adjustments, opt-outs, contract renewals. Together, PMAM and MMAM have had 18 annual compliance reviews and 4 Inspector General Audits and have never had any findings or disincentives. Under both PMAM and MMAM, Ms. Du manages over 40 employees in four separate offices.
Ms. Du is an active member of the Affordable Housing Task Force of the National Housing Conference. This task force meets on a monthly basis to discuss the latest FHA-related issues such as Mark to Market, latest rent adjustment regulations, HUD's REAC endeavors, etc. She regularly participates in HUD's Focus Group for PBCA and is a member of several working groups. She has served as a panelist/speaker at various conferences for various organizations, including NCSHA, MAHMA, MAHSA, PAHRA and PAHMA.
