HUD's $47.2M Asset Manager Contract with Cityside Management Corp: A 6-Year Deal
Contract Overview
Contract Amount: $47,202,725 ($47.2M)
Contractor: Cityside Management Corp
Awarding Agency: Department of Housing and Urban Development
Start Date: 2010-06-01
End Date: 2016-03-31
Contract Duration: 2,130 days
Daily Burn Rate: $22.2K/day
Competition Type: FULL AND OPEN COMPETITION
Number of Offers Received: 27
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: ASSET MANAGER (AM) M&M III AREA 1P
Place of Performance
Location: MANCHESTER, HILLSBOROUGH County, NEW HAMPSHIRE, 03101
Plain-Language Summary
Department of Housing and Urban Development obligated $47.2 million to CITYSIDE MANAGEMENT CORP for work described as: ASSET MANAGER (AM) M&M III AREA 1P Key points: 1. The contract value is substantial at $47.2 million over six years. 2. Cityside Management Corp secured this contract through full and open competition. 3. The contract involves mortgage and nonmortgage loan brokerage services. 4. This spending falls under the Department of Housing and Urban Development's purview.
Value Assessment
Rating: fair
The contract value of $47.2 million over six years suggests a significant investment. Benchmarking against similar asset management contracts would be necessary to fully assess pricing fairness, but the duration and scope imply a moderate to high price point.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded through full and open competition, which generally promotes competitive pricing and ensures a broad range of potential contractors can bid. This method is favorable for price discovery.
Taxpayer Impact: Taxpayer funds are utilized for asset management services, aiming to optimize mortgage and loan portfolios. The competitive award process suggests an effort to achieve value for money.
Public Impact
Impacts mortgage and loan servicing efficiency for HUD. Affects borrowers whose loans are managed under this contract. Contributes to the overall financial health of HUD's housing programs.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Contract duration is long (6 years).
- No indication of small business participation.
- Specific performance metrics are not detailed.
Positive Signals
- Awarded via full and open competition.
- Clear agency and service type identified.
Sector Analysis
This contract falls within the financial services sector, specifically mortgage and loan brokerage. Spending benchmarks for similar asset management contracts can vary widely based on portfolio size and complexity.
Small Business Impact
The data indicates that small businesses were not specifically involved in this contract (ss: false, sb: false). Further analysis would be needed to determine if subcontracting opportunities were offered or utilized.
Oversight & Accountability
The Department of Housing and Urban Development is the awarding agency, implying internal oversight. The contract's duration and value warrant regular performance reviews and audits to ensure accountability.
Related Government Programs
- Mortgage and Nonmortgage Loan Brokers
- Department of Housing and Urban Development Contracting
- Department of Housing and Urban Development Programs
Risk Flags
- Long contract duration may reduce flexibility.
- Lack of small business participation noted.
- Potential for cost overruns if not managed tightly.
- Performance metrics not explicitly stated in summary data.
Tags
mortgage-and-nonmortgage-loan-brokers, department-of-housing-and-urban-developm, nh, delivery-order, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Housing and Urban Development awarded $47.2 million to CITYSIDE MANAGEMENT CORP. ASSET MANAGER (AM) M&M III AREA 1P
Who is the contractor on this award?
The obligated recipient is CITYSIDE 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 $47.2 million.
What is the period of performance?
Start: 2010-06-01. End: 2016-03-31.
What was the specific scope of services provided by Cityside Management Corp under this contract?
The contract specifies 'ASSET MANAGER (AM) M&M III AREA 1P', indicating services related to the management of assets, likely within the mortgage and loan sector. This could encompass tasks such as property management, loan servicing, disposition of assets, and financial reporting, aimed at optimizing the value and performance of HUD's real estate and loan portfolio.
What were the key performance indicators (KPIs) used to evaluate Cityside Management Corp's performance?
The provided data does not detail the specific Key Performance Indicators (KPIs) used to evaluate Cityside Management Corp. Typically, such contracts would include metrics related to asset performance, financial returns, timely reporting, compliance, and borrower satisfaction, assessed against predefined targets.
How did the final contract price compare to initial estimates or bids received during the competition?
The data shows the awarded amount ($47.2 million) but does not provide initial estimates or a breakdown of all bids received. To assess value, a comparison of the final price against the range of bids and any pre-competition cost estimates would be necessary.
Industry Classification
NAICS: Finance and Insurance › Activities Related to Credit Intermediation › Mortgage and Nonmortgage Loan Brokers
Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › PROFESSIONAL SERVICES
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION
Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY
Offers Received: 27
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: 22 GREELEY ST STE 5, MERRIMACK, NH, 03054
Business Categories: Category Business, Not Designated a Small Business, Special Designations, Subchapter S Corporation, U.S.-Owned Business
Financial Breakdown
Contract Ceiling: $47,202,725
Exercised Options: $47,202,725
Current Obligation: $47,202,725
Contract Characteristics
Commercial Item: COMMERCIAL ITEM
Parent Contract
Parent Award PIID: GS23F0003V
IDV Type: FSS
Timeline
Start Date: 2010-06-01
Current End Date: 2016-03-31
Potential End Date: 2016-03-31 00:00:00
Last Modified: 2018-10-22
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