Formed in 1997, Urban American Management is a family-owned property management company that purchases buildings to rehabilitate and apply energy saving measures as avenues of providing affordable housing to residents. The company believes that both residents and property owners have long-term investment stakes in the welfare of the property and surrounding neighborhood.
Urban American Management has purchased five buildings in Harlem, through which the company seeks to reduce the carbon footprint and provide a more energy-efficient homes for the renters. The energy use of the buildings had been excessive due to broken windows and heating leaks. Planned upgrades include replacement of 6,000 windows and installation of a mini power plant called a cogeneration system. The estimated cost of the renovations is $11 million, but the estimated savings in energy costs could be as much as $4 million annually. This will benefit both the residents and the management company.
Costing approximately $5 million, the cogeneration system will combine the heat and power functions that are currently being served by a boiler, a power grid, and a natural gas line. Cogeneration harnesses waste heat and uses it for the water heater and to power the cooling system. Cogeneration reduces the carbon emissions of buildings by as much as 50 percent.
Urban American Management is a property management company that owns and manages real estate properties in New York City. By providing affordable, quality apartments in desirable neighborhoods, Urban American Management endeavors to benefit communities and improve the quality of life of families and veterans.
Many studies show that developing affordable housing provides social, physical, and economic benefits. Tenants that pay less money towards their rent can afford to spend more on food, healthcare, and other necessities. It also gives them the ability to save for emergencies, education, or for the purchase of a vehicle.
Households with stable affordable housing are also more likely to become long-term employees to companies, since those who live in affordable housing are less likely to face eviction and have to move from the locale of their jobs. This can greatly benefit local businesses by reducing employee turnover. Additionally, when affordable housing buildings are renovated, the value of neighboring properties is often increased, which can economically benefit a community.
As owner and manager of over 170 multifamily residential real estate properties, Urban American Management strives to enhance their residents’ lives and the quality of the community. To further accomplish this endeavor, in August of 2012, Urban American Management partnered with The Street Academy for Financial Literacy to provide financial education for residents.
Financial literacy involves having the necessary knowledge to manage debt and credit and to make financially responsible decisions. Studies have shown that there is a strong link between poverty and poor financial literacy. Unwise financial decisions that are often made in desperation contribute to the rise of debt and the fall of credit scores, which keeps struggling families from attaining financial security.
However, programs that teach basic money management skills can contribute greatly to helping low-income families get out of poverty. Not only does such education help families in the day-to-day financial struggle, but it also helps earners to prepare for retirement, avoid bankruptcy, and even find ways to invest. Furthermore, financial literacy can improve the economic health of an entire community.
Urban American Management operates out of West New York, New Jersey, with a commitment to bettering neighborhoods and enhancing the lives of residents. Beyond its services in the property management industry, Urban American Management supports real estate programs at Cornell University. Master degree programs offered by Cornell include the Baker Program in Real Estate.
Cornell’s Baker Program in Real Estate requires students to commit to two years of immersive study and guides students in building the necessary foundations to become an effective leader. The program delivers instruction from the country’s largest full-time real estate faculty and offers real estate classes designed to improve student knowledge in a wide spectrum of areas. Classes impart information on the various roles in the real estate field and advance the student’s understanding of such topics as finance, investment, deal structuring, and construction management.
Towards the end of their first semester, students will select an area of concentration that defines the path of their future studies and distinguishes them within the industry. Studies during the student’s second semester typically align with their chosen area of concentration. Requirements for the degree consist of the completion of 62 credit hours, which include 10 credit hours in an approved concentration and six elective credit hours.
In addition, students receive the opportunity to participate in a multitude of internships, such as a summer internship in the selected area of concentration held between the first and second year.