The Travois Asset Management and Compliance team recently took a few hours away from the office to talk shop, have a meal together, and enjoy some friendly competition!
We’ve had a very productive 2017 so far. Our team has made many site visits, attended and led industry trainings, reviewed piles of tenant files, and facilitated the delivery of developer fees — also referred to as final pays — for 11 developments, totaling nearly $4.6 million for our clients.
The final pay compensates the tribe or housing authority for all the hard work it took to make the project happen. The dollar amount is significant and can be between 10-18 percent of the total development costs of the entire project.
In many cases, it provides additional funding to continue operations or even start a new project. In all cases, it marks the successful completion of the long — and often initially daunting — list of reports, inspections, surveys and other deliverables outlined at the start of the project.
Receiving the final pay is definitely something to be proud of. Congratulations to those tribes and tribal housing authorities for meeting such an important benchmark! You deserve a few hours of fun – we had our own too!
We enjoyed playing pickle ball and challenging our smarts in an escape room. Here are a few photos from the afternoon. Now, back to work!