HUD Awards $5.35M for Field Service Management, Competition Leveraged
Contract Overview
Contract Amount: $5,351,606 ($5.4M)
Contractor: 24 Asset Management Corp
Awarding Agency: Department of Housing and Urban Development
Start Date: 2025-12-18
End Date: 2027-02-15
Contract Duration: 424 days
Daily Burn Rate: $12.6K/day
Competition Type: FULL AND OPEN COMPETITION
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: AREA 1D FIELD SERVICE MANAGEMENT SERVICES
Place of Performance
Location: MIAMI, MIAMI-DADE County, FLORIDA, 33175
State: Florida Government Spending
Plain-Language Summary
Department of Housing and Urban Development obligated $5.4 million to 24 ASSET MANAGEMENT CORP for work described as: AREA 1D FIELD SERVICE MANAGEMENT SERVICES Key points: 1. Contract value of $5.35 million for essential field service management. 2. Awarded to 24 Asset Management Corp, a single contractor. 3. Full and open competition was utilized, suggesting potential for competitive pricing. 4. The sector involves residential property management services for HUD.
Value Assessment
Rating: good
The contract value of $5.35 million appears reasonable for the scope of field service management over its duration. Benchmarking against similar HUD contracts for property management services would provide a clearer picture of value.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded under full and open competition, indicating that multiple vendors had the opportunity to bid. This method generally promotes price discovery and can lead to more competitive pricing for the government.
Taxpayer Impact: The use of full and open competition aims to ensure taxpayer funds are used efficiently by securing the best possible price for the required services.
Public Impact
Ensures continued management of residential properties, impacting tenants and housing availability. Supports the operational efficiency of HUD's housing programs. The contract's success relies on effective service delivery by 24 Asset Management Corp.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Potential for vendor lock-in if performance is poor.
- Reliance on a single vendor for critical services.
Positive Signals
- Full and open competition utilized.
- Clear contract duration and end date.
Sector Analysis
This contract falls within the residential property management sector, a crucial area for HUD's mission. Spending benchmarks for similar services can vary significantly based on property size, location, and service complexity.
Small Business Impact
The data does not indicate if small businesses were involved in this contract, either as prime contractors or subcontractors. Further analysis would be needed to assess small business participation.
Oversight & Accountability
Oversight will be critical to ensure 24 Asset Management Corp meets performance standards and delivers services effectively within the agreed-upon budget. HUD's contracting officers will monitor contract performance.
Related Government Programs
- Residential Property Managers
- Department of Housing and Urban Development Contracting
- Department of Housing and Urban Development Programs
Risk Flags
- Contract duration extends beyond one year.
- Awarded to a single entity.
- No indication of small business participation.
- Potential for vendor performance issues impacting service delivery.
Tags
residential-property-managers, department-of-housing-and-urban-developm, fl, delivery-order, 1m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Housing and Urban Development awarded $5.4 million to 24 ASSET MANAGEMENT CORP. AREA 1D FIELD SERVICE MANAGEMENT SERVICES
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 $5.4 million.
What is the period of performance?
Start: 2025-12-18. End: 2027-02-15.
What specific field services are included in this contract?
The contract specifies 'Field Service Management Services' for residential properties managed by HUD. This typically includes tasks such as property inspections, maintenance coordination, repairs, landscaping, and ensuring properties are secured and presentable. The exact scope would be detailed in the contract's statement of work.
What is the risk associated with relying on a single vendor for these services?
Relying on a single vendor, 24 Asset Management Corp, carries risks such as potential service disruptions if the vendor faces operational issues or fails to meet performance standards. It could also limit flexibility in adapting to changing needs or incorporating new technologies without renegotiating terms.
How does the firm fixed price contract type impact value for taxpayers?
A firm fixed price contract provides cost certainty for taxpayers, as the price is set and generally not subject to adjustment based on the contractor's cost experience. This shifts the risk of cost overruns to the contractor, encouraging efficiency and potentially leading to better value if the contractor manages costs effectively.
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: $5,351,606
Exercised Options: $5,351,606
Current Obligation: $5,351,606
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES PROCEDURES NOT USED
Cost or Pricing Data: NO
Parent Contract
Parent Award PIID: 86614524D00003
IDV Type: IDC
Timeline
Start Date: 2025-12-18
Current End Date: 2027-02-15
Potential End Date: 2027-02-15 00:00:00
Last Modified: 2025-12-22
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