Volume 12, Issue 2
November 2019
Staff Announcements Jennifer Niemier, Closing Manager
Trey Mendlik, Financial Analyst
Jennifer joined MHEG as a Closing Manager this past May in our Omaha office. She will work closely with the Acquisitions Managers to close our Funds’ investments in various developments. Her duties will include collecting and reviewing due diligence to ensure a timely closing of our investments. Jennifer has over 20+ years of paralegal experience and sits on the Sarpy County Habitat for Humanity Board of Directors. MHEG would also like to recognize several employees who reached their 5th and 10th service anniversary date in 2019. MHEG recognizes that dedicated employees are its most important asset. We are proud to have so many committed and experienced staff.
5 YEARS
10 YEARS Brooke Smith, Senior Asset Manager
MHEG in a Minute Keeping you up to date on MHEG in just a minute’s time.
Trey joined MHEG as Financial Analyst this past May in our Omaha office. His duties will include overseeing a development portfolio with financial reviews, site visits and problem resolution/workouts as needed. Trey is a recent graduate from the University of Nebraska at Lincoln, majoring in Business Administration & Finance.
Volume 12, Issue 2
Inside this Issue: Recent Highlights
1
CEO Update
2
Region Updates
2, 3
Property Spotlight
4
Government Affairs Update 4
We’re Hiring!!
Closed Acquisitions
4
Recent Events
5
MHEG & MHDF are looking to add associates to our team! For complete job descriptions and requirements, visit our website’s Employment page. To apply, email your resume to Keely McAleer.
Staff Updates
6
Upcoming Events
6
Monthly LIHTC Rates
MHEG - Acquisitions Manager (Omaha, NE)
Amanda Raak, Financial Analyst
Andrea Frymire, VP- Business Development Officer
Dana Oswald, Accounting Assistant
November 2019
July 2019
The Acquisitions Manager is responsible for underwriting equity investments in affordable housing developments financed with LIHTCs in compliance with MHEG’s processes, procedures and credit standards. This individual works with MHEG management, affordable housing developers, lenders, state Housing Finance Agencies and other government agencies to close our investments into operating partnerships. Together with our Business Development Officers, this individual also helps foster strong relationships with our various partners and potential partners.
AFR 2.50%
(L to R) Joshua Yurek (MHEG), along with Arch Icon’s staff Elizabeth Heistand, Dustin Crook, Darin Smith and Mindy Crook receive the award from Senator Chuck Grassley.
AFR 2.33% September 2019 30%PV 3.20% AFR 2.21% October 2019 30%PV 3.17% AFR 1.86%
Hensley Receives MHEG Pillar of Housing Award
November 2019 30%PV 3.17% Please note we will no longer show the 70% PVC rate as it was permanently fixed at 9% in December 2015. For more information view the Protecting Americans from Tax Hikes Act of 2015.
KHRC Board Meeting: Nov. 7th Topeka, KS - KDFA Board Room
Portfolio Update
December
IFA Board Meeting: Dec. 4th Des Moines, IA - IFA Office
IFA Board Meeting: Jan. 8th Des Moines, IA - IFA Office
KHRC Board Meeting: Dec. 5th Topeka, KS - KDFA Board Room
KHRC Board Meeting: Jan. 9th Topeka, KS - KDFA Board Room
TDHCA Board Meeting: Jan. 16th TDHCA Board Meeting: Dec. 12th TDHCA Board Meeting: Nov. 7th Austin, TX - Capitol Extension Auditorium Austin, TX Capitol Extension Auditorium Austin, TX - Capitol Extension Auditorium CHFA Board Meeting: Jan. 23rd NIFA Board Meeting: Dec. 13th OHFA Board Meeting: Nov. 13th Denver, CO - CHFA Board Room Lincoln, NE NIFA Board Room Oklahoma City, OK - OHFA Office CHFA Board Meeting: Nov. 21st Denver, CO - CHFA Board Room
“Communities across the country continue to count on the work or organizations like our 2019 Edson Award winners to create affordable homes,” said AHTCC Executive Director Emily Cadik. “Affordable housing is needed in every part of the country.”
30%PV 3.21%
MHDF - Loan Administrator (Omaha, NE)
Upcoming Events IFA Board Meeting: Nov. 6th Des Moines, IA - IFA Office
Announced each year by the Affordable Housing Tax Credit Coalition (AHTCC) at an event on Capitol Hill that unites members of Congress, business and housing leaders, the award honors LIHTC developments that are strengthening communities, improving residents’ health and boosting economies in urban, suburban and rural areas across the country. Senator Chuck Grassley (R-IA), Chair of the Senate Finance Committee, presented the award to the development team.
August 2019
AFR 1.94%
November
In June, the Aberdeen Apartments received the Charles L. Edson Tax Credit Excellence Award. The Edson Awards recognize outstanding Low-Income Housing Tax Credit developments across the nation at the forefront of creating stronger, healthier communities. Aberdeen was included in the small metropolitan category.
Aberdeen Apartments was developed by Arch Icon Development Corp. MHEG Fund 48 LP is the investor. The historic adaptive re-use development transformed the Old Central High School Annex building into 46 multifamily rental units in Sioux City, Iowa.
30%PV 3.23%
The Loan Administrator is responsible for managing the day to day loan administration functions of MHDF. This position requires knowledge of, and experience in, loan and credit administration, as well as preparing reports. The Loan Administrator will report directly to the MHDF President.
January
Aberdeen Apartments Receives Edson Award
February
Developments
IFA Board Meeting: Feb. 5th Des Moines, IA - IFA Office
Units
KHRC Board Meeting: Feb. 6th Topeka, KS - KDFA Board Room TDHCA Board Meeting: Feb. 20th Austin, TX - Capitol Extension Auditorium CHFA Board Meeting: Feb. 27th Denver, CO - CHFA Board Room
574 18,370
Counties Represented
207
Cities Represented
259
Vacancy Percentage
5.43%*
Debt Coverage Ratio
1.85*
Information current as of 10/31/19 *Data compiled from 6/30/19 figures using stabilized developments only, vacancy percentage is using economic vacancy.
CHFA Board Meeting: Dec. 19th Denver, CO - CHFA Board Room
If you would like to receive our newsletter by email, go to our homepage to signup. For past issues of MHEG in a Minute check our website under News & Events.
SDHDA Board Meeting: Nov. 26th Pierre, SD - SDHDA Board Room
For any other inquiries about the content of this newsletter, please contact Keely McAleer. 6
This past summer John Wiechmann presented Chris Hensley with the MHEG Pillar of Housing Award. The Pillar of Housing Award recognizes individuals who have not only had a significant impact on MHEG, but have shown vision, leadership and commitment to improving affordable housing. This award comes as Hensley steps away from her Chairman position on MHEG’s Board of Directors. Hensley was one of the initial members of the Iowa Equity Fund Management Committee, now known as the Northeast Operations & Investment Committee, when it was established in November 2001. She was instrumental in the founding and growth of MHEG’s Iowa Operations. Hensley joined the MHEG Board in 2010 and served as the Chairman for the past year. Her knowledge, service and leadership will be greatly missed. Hensley is the fifth recipient of the award.
Chris Hensley speaking at a press conference announcing the creation of the Iowa Equity Fund in April 2002.
2018 Annual Report Copies MHEG’s 2018 Annual Report “Under Every Roof, There Is A Story” was released in June. It features three separate resident stories and the impact affordable housing has had on their life. If you know of an individual that has a story to share about how affordable housing has changed their life, please let us know. To view the report online go to our News & Events page on our website. Hard copies are available, email Keely McAleer to request one. 1