HUD's $48.6M Asset Manager Contract for Area 2A Awarded to Homelos, L.P. Under Full and Open Competition
Contract Overview
Contract Amount: $48,581,049 ($48.6M)
Contractor: Hometelos, L.P.
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: $22.8K/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 2A
Place of Performance
Location: DALLAS, DALLAS County, TEXAS, 75248
State: Texas Government Spending
Plain-Language Summary
Department of Housing and Urban Development obligated $48.6 million to HOMETELOS, L.P. for work described as: ASSET MANAGER (AM) M&M III - AREA 2A Key points: 1. The contract, valued at $48.6 million, was awarded to Homelos, L.P. for asset management services. 2. Full and open competition was utilized, suggesting a competitive bidding process. 3. The contract duration was 2130 days, ending in March 2016. 4. The North American Industry Classification System (NAICS) code is 522310 (Mortgage and Nonmortgage Loan Brokers).
Value Assessment
Rating: fair
The total award amount was $48,581,048.52. Without specific per-unit cost data or benchmarks for asset management services, a direct pricing assessment is difficult. However, the duration of the contract (2130 days) suggests a significant scope of work.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded under full and open competition, indicating that multiple bidders were likely considered. This method generally promotes price discovery and can lead to more competitive pricing.
Taxpayer Impact: Taxpayer funds were used for this contract. The competitive nature of the award suggests an effort to secure fair market value, but the overall effectiveness in maximizing taxpayer value depends on the specific performance and pricing achieved.
Public Impact
This contract supported housing programs by managing assets, likely contributing to the stability and efficiency of HUD's operations. The use of a firm-fixed-price contract type indicates that the contractor assumed the risk for cost overruns. The contract was awarded in Texas, suggesting a regional focus for asset management services.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Lack of detailed performance metrics makes it hard to assess value for money.
- The contract ended in 2016, so current relevance and pricing benchmarks are unavailable.
Positive Signals
- Awarded under full and open competition.
- Firm-fixed-price contract type.
Sector Analysis
The contract falls under financial services, specifically mortgage and nonmortgage loan brokerage. Spending in this sector can vary significantly based on economic conditions and government housing policies. Benchmarks are difficult without more specific service details.
Small Business Impact
The data indicates that neither small business nor small disadvantaged business participation was a factor in this award (ss: false, sb: false). This suggests the contract was not specifically set aside for small businesses.
Oversight & Accountability
The contract was awarded by the Department of Housing and Urban Development (HUD). Oversight would typically involve contract officers and program managers within HUD to ensure compliance and performance standards were met.
Related Government Programs
- Mortgage and Nonmortgage Loan Brokers
- Department of Housing and Urban Development Contracting
- Department of Housing and Urban Development Programs
Risk Flags
- Lack of current performance data.
- Limited detail on specific services rendered.
- Contract concluded in 2016.
- No small business participation noted.
Tags
mortgage-and-nonmortgage-loan-brokers, department-of-housing-and-urban-developm, tx, delivery-order, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Housing and Urban Development awarded $48.6 million to HOMETELOS, L.P.. ASSET MANAGER (AM) M&M III - AREA 2A
Who is the contractor on this award?
The obligated recipient is HOMETELOS, L.P..
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 $48.6 million.
What is the period of performance?
Start: 2010-06-01. End: 2016-03-31.
What was the specific scope of asset management services provided under this contract?
The provided data does not detail the specific asset management services. Typically, such contracts involve managing properties, loans, or other assets owned or guaranteed by the agency, including tasks like property maintenance, tenant relations, financial reporting, and disposition of assets to maximize recovery for the government.
How did the final cost compare to the initial bid or estimated value?
The data shows the total award amount ($48,581,048.52) but does not provide information on initial bids or estimates. As it was a firm-fixed-price contract, the awarded amount was likely the agreed-upon price, with the contractor bearing the risk of cost overruns. Without pre-award data, a comparison is not possible.
What was the impact of this contract on HUD's ability to manage its housing assets effectively?
While the contract was awarded under full and open competition and for a significant duration, the provided data lacks performance metrics. Therefore, its specific impact on HUD's asset management effectiveness cannot be definitively assessed. However, securing an asset manager is crucial for maintaining and disposing of properties efficiently.
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: 16850 DALLAS PKWY STE 1000, DALLAS, TX, 75248
Business Categories: Category Business, Not Designated a Small Business, Partnership or Limited Liability Partnership, Special Designations, U.S.-Owned Business, Woman Owned Business
Financial Breakdown
Contract Ceiling: $57,747,481
Exercised Options: $57,747,481
Current Obligation: $48,581,049
Contract Characteristics
Commercial Item: COMMERCIAL ITEM
Parent Contract
Parent Award PIID: GS23F0024V
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: 2018-08-09
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