FORTIS SAVES INVESTORS 55% ON LOW-INCOME HOUSING CONVERSION

CHALLENGE

Investors were converting a hotel in North Carolina into a 229-unit low-income housing facility. Qualifying for the Low-Income Housing Tax Credit (LIHTC) was essential to complete this $41 million project, and one of the requirements was obtaining a compliance certificate from HUD that certified the building and its systems would function for at least 15 years. Often this requires a new roof. But Fortis, with more than a decade of experience and a track record of saving LIHTC investors nearly $14 Million, provided a better alternative.

RESPONSE

Fortis conducted extensive lab testing of roof materials and utilized our proprietary Fortis Roof Risk Assessment (FRRA) to rigorously inspect everything from membrane and flashing conditions, existing deficiencies to rooftop traffic. We reconditioned the roof to a state where we could guarantee long-term performance and provided a 15-year extended warranty – no exclusions except for damage by others or acts of God.

BOTTOM LINE IMPACT

Instead of having to make a major investment on a re-roof, investors got 15 years of guaranteed roof performance from Fortis and saved 55%. The Fortis Extended Warranty met the requirements for HUD certification and enabled the building to qualify for LIHTC.

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