SAN FRANCISCO (September 24th, 2019) — Veritas Investments today announced the launch of the Expedited Hardship Waiver Program, which immediately waives passthrough charges resulting from Operating & Maintenance expenses (O&M) as well as from Capital Improvements (Capex) and voter-approved bond initiatives for Veritas residents in San Francisco with a particular hardship or situation that makes such increases difficult or impossible to absorb. In addition to this new program, Veritas is also voluntarily waiving all accumulated O&M charges up until the City’s Rent Board certification for petitions filed after December 11, 2017.
While San Francisco regulations allow owners who repair and improve their properties to seek increases to offset a minority portion of those costs, this new Veritas program waives that increase at Veritas properties citywide for those residents with a qualifying hardship.
The rollout of this new citywide program follows a smaller test with several Veritas properties within District 5 and District 3.
Helping Residents Who Need Support
“As the largest operator in San Francisco, we understand our responsibility to our residents and communities. Veritas is committed to the well-being of our residents and especially to those who are most vulnerable in this tight housing market,” said Yat-Pang Au, CEO of Veritas Investments. “We recognize the potential impact these expenses might have on residents and we will continue to find ways to help residents who need additional support and preserve affordability in San Francisco.”
Previously, when a resident felt they could not afford an O&M, Capex, or bond-related increase, they would file an application waiver that the Rent Board reviews. The process of certifying passthroughs can take months, with residents responsible for paying the amount of the pending passthrough from the time of the petition’s filing until certification and beyond. The new Veritas citywide program simplifies the process and waives the charges immediately.
Even though O&M, Capex, and bond-related expenses may cause rents to slightly increase, they do provide significant benefits for residents, ranging from urgent and required items like earthquake retrofits and life-safety repairs, to ongoing repairs such as water, electrical, infrastructure and general maintenance to revitalize and restore aging properties.
Residents for whom these increases pose an economic hardship should either reach out to GreenTree, Veritas’ property management operator at 415.968.1806 to place a hold on any related charges, or contact their district supervisor. The waivers will be immediately granted, and subject to later verification.
Over 11 Years of Giving Back in San Francisco
The new hardship waiver program is the latest in a series of commitments Veritas has made to its residents and community. Recently, Veritas’ employees volunteered over 500 employee hours and collected more than 3,500 gallons of trash while working to clean up the Mission District. Veritas has also joined Pledge 1%, a national social impact initiative, in which the company gives back 1% of its time and resources, integrating philanthropy into its corporate DNA. As part of its Pledge 1% investment, Veritas’ employees will volunteer over 3,000 hours in the coming year to support causes and non-profits in the San Francisco Bay area and beyond.
About Veritas Investments
San Francisco-based Veritas Investments, Inc., founded in 2007, is one of the largest operators of multi-family, urban retail and mixed-use properties in California. Veritas’ assets include more than 5,000 apartments and ground-floor commercial retail space. Vertically integrated, the firm provides property management, leasing, project management, redevelopment, accounting, asset management, financing, and investment management services.