HUD Awards $10M for Field Service Management in Florida

Contract Overview

Contract Amount: $10,038,620 ($10.0M)

Contractor: 24 Asset Management Corp

Awarding Agency: Department of Housing and Urban Development

Start Date: 2026-12-16

End Date: 2027-02-15

Contract Duration: 61 days

Daily Burn Rate: $164.6K/day

Competition Type: FULL AND OPEN COMPETITION

Pricing Type: FIRM FIXED PRICE

Sector: Other

Official Description: FIELD SERVICE MANAGEMENT FOR AREA [3A/4A]

Place of Performance

Location: MIAMI, MIAMI-DADE County, FLORIDA, 33175

State: Florida Government Spending

Plain-Language Summary

Department of Housing and Urban Development obligated $10.0 million to 24 ASSET MANAGEMENT CORP for work described as: FIELD SERVICE MANAGEMENT FOR AREA [3A/4A] Key points: 1. Contract awarded to 24 Asset Management Corp for residential property management. 2. Full and open competition was utilized, suggesting a competitive bidding process. 3. The contract duration is 61 days, indicating a short-term need. 4. The total award value is approximately $10 million.

Value Assessment

Rating: fair

The contract value of $10,038,620 for a 61-day period appears high for residential property management services. Benchmarking against similar contracts for short-term, localized services is needed to assess value.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was awarded under full and open competition, which typically fosters competitive pricing. However, the short duration and specific geographic focus might limit the pool of qualified bidders.

Taxpayer Impact: Taxpayer funds are being used for essential housing services. The competitive nature of the award aims to ensure reasonable pricing, but the high per-day cost warrants scrutiny.

Public Impact

Ensures continued maintenance and management of HUD-supported residential properties. Supports residents by maintaining safe and habitable living conditions. Potential for disruption if service quality is not maintained during the contract period.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

High cost per day for a short-term contract.
Limited duration may not allow for long-term efficiency gains.
Specific geographic focus might limit broader competition.

Positive Signals

Awarded through full and open competition.
Addresses essential housing management needs.
Clear contract end date.

Sector Analysis

This contract falls under residential property management, a sector crucial for maintaining affordable housing stock. Spending benchmarks for similar short-term, localized property management contracts are typically lower on a per-day basis.

Small Business Impact

The data does not indicate if small businesses participated in or benefited from this contract. Further analysis would be needed to determine small business inclusion.

Oversight & Accountability

The Department of Housing and Urban Development is responsible for oversight. The short duration may simplify oversight, but ensuring service quality and adherence to terms is critical.

Related Government Programs

Residential Property Managers
Department of Housing and Urban Development Contracting
Department of Housing and Urban Development Programs

Risk Flags

High cost per day
Short contract duration
Potential for limited contractor investment
Geographic specificity

Frequently Asked Questions

What is this federal contract paying for?

Department of Housing and Urban Development awarded $10.0 million to 24 ASSET MANAGEMENT CORP. FIELD SERVICE MANAGEMENT FOR AREA [3A/4A]

Who is the contractor on this award?

The obligated recipient is 24 ASSET MANAGEMENT CORP.

Which agency awarded this contract?

Awarding agency: Department of Housing and Urban Development (Department of Housing and Urban Development).

What is the total obligated amount?

The obligated amount is $10.0 million.

What is the period of performance?

Start: 2026-12-16. End: 2027-02-15.

What is the expected outcome of this short-term contract for property management?

The primary outcome is the continued maintenance and operational management of HUD-managed residential properties in Area 3A/4A, Florida, for the 61-day period. This ensures that residents' living conditions remain stable and that properties are kept in good repair, preventing deterioration during the transition or specific service gap.

What are the primary risks associated with this contract?

Key risks include potential service quality issues due to the short contract duration, which might disincentivize deep engagement from the contractor. There's also a risk that the high cost per day may not represent the most efficient use of taxpayer funds if comparable services could be secured at a lower rate.

How does this contract contribute to HUD's overall mission effectiveness?

This contract directly supports HUD's mission by ensuring the operational continuity of residential properties under its purview. Effective property management is vital for providing safe and affordable housing, thereby contributing to community stability and resident well-being, even if for a limited duration.

Industry Classification

NAICS: Real Estate and Rental and Leasing › Activities Related to Real Estate › Residential Property Managers

Product/Service Code: MAINT, REPAIR, ALTER REAL PROPERTY › MAINT, ALTER, REPAIR BUILDINGS

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Address: 13155 SW 42ND ST, MIAMI, FL, 33175

Business Categories: Category Business, Corporate Entity Not Tax Exempt, Hispanic American Owned Business, Minority Owned Business, Small Business, Special Designations, U.S.-Owned Business

Financial Breakdown

Contract Ceiling: $10,038,620

Exercised Options: $10,038,620

Current Obligation: $10,038,620

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES PROCEDURES NOT USED

Cost or Pricing Data: NO

Parent Contract

Parent Award PIID: 86614524D00005

IDV Type: IDC

Timeline