The final core element of asset management is project-based oversight/performance assessment.
The current Public Housing Assessment System (PHAS) examines mostly PHA-wide activities, not project-specific activities. As such, HUD is revising PHAS to emphasize project-based performance and monitoring.
Under asset management and, therefore, the new PHAS, each project will be evaluated on its financial and management performance in addition to its physical condition. A central part of this new performance measurement structure will be a system of on-site management reviews of each project. PHAs will also be assessed in the obligation and expenditure of Capital Fund dollars.
As for internal PHA performance measurement, the final rule does not stipulate a specific frequency or manner. PHAs should develop internal mechanisms to monitor the performance of each property in such a frequency or manner that is consistent with best practices in multifamily housing.