Field Work Starts On Nation's Largest Capital Planning Effort In a Decade

CAS Financial Advisory Services' inspections to quantify multi-billion-dollar
capital backlog in public housing nationwide

BOSTON, July 30 /PRNewswire/ -- CAS Financial Advisory Services (CAS FAS), the
asset management group of CAS Partners, announced today that its capital
planning subsidiary On-Site Insight (OSI) has started field inspections of the
nation's 1,300,000-home public housing portfolio. The findings from these
inspections will give Congress and HUD a quantitative cost estimate of
addressing public housing's multi-billion-dollar capital backlog.

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Together with the prime contractor, Abt Associates, which will be responsible
for data integration and cost extrapolation, CAS FAS will assess the
portfolio's physical condition and quantify the total cost of addressing
physical and functional obsolescence. Responding to a Congressional directive
to the U. S. Department of Housing and Urban Development (HUD) to survey this
vital housing resource, the study is HUD's first large-scale assessment in
more than a decade, and the first ever to look out 20 years.

"You shouldn't make billion-dollar decisions in the dark," said David A.
Smith, CEO of CAS FAS. "But nobody knows with any precision how much it will
cost to bring these properties up to an appropriate standard. We'll deliver
exact numbers policymakers can use to make accurate spending decisions."

Over the next five months, CAS FAS will visit and inspect more than 550
properties operated by 140 separate housing authorities in 39 states and
territories. Home to more than 4,000,000 Americans, the public housing
inventory is roughly half a century old, varies widely in age, quality,
maintenance record, and current physical condition. Observations will be
compiled into a statistically meaningful projection of capital needs funding
required.

"There really isn't anyone else out there that could take on a multifamily job
of this magnitude," said Jed Lowry, CAS Financial Advisory Services' director
of capital planning. "This property capital needs analysis requires
experienced people who are trained to a consistent high standard. We looked
at this for HUD back in the mid-1980s, we know the physical infrastructure,
and we're experts in the legacy building systems. We'll give HUD the best
available property-level assessment."

CAS FAS's field team of more than 20 inspectors averages more than two
decades' experience each in capital planning for multifamily housing. "Not
only do we bring knowledge, we provide a structured and detailed approach,"
added Lowry. "A CAS FAS capital needs assessment encompasses more than 150
distinct building systems, and is regarded as the industry standard for
thoroughness and accuracy. CAS Financial Advisory Services experience
includes more than 6,000 such assessments over the past two decades.

About CAS Financial Advisory Services
CAS Financial Advisory Services (formerly Recap Advisors) is a Boston-based
financial services company that provides solutions to complex multifamily
asset problems. It is the financial services and asset management group of
CAS Partners. Over the company's 20-year history, CAS Financial Advisory
Services has completed transactions on more than 780 properties nationwide,
with aggregate property value of more than $2.7 billion. It currently manages
nearly $5 billion in multifamily assets. Through its wholly owned subsidiary
On-Site Insight it has performed more than 6,000 capital needs assessments.
Visit www.casfas.com.

About CAS Partners
CAS Partners is a world-class property and asset management services company.
The company's integrated business approach provides clients with a
comprehensive array of multifamily real estate business services. CAS
Partners' unique network of services includes property management, financial
advisory services, insurance services, construction management, utility
services, screening services, and purchasing services. CAS Partners is the
trade name of Consolidated American Services, Inc. For more information, visit
CAS Partner's Web site at www.CASPartners.com.

SOURCE CAS Partners

Katherin Dockerill of CAS Partners, +1-214-965-6513,
kdockerill@caspartners.com