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TEXAS AFFORDABLE

HOUSING ISSUE 5 2014

MAGAZINE

Pictured here: Hillside West Senior Living Dallas, Texas Texas Affordable Housing Magazine

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Texas Affordable Housing Magazine

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Strength in numbers. Laying The Foundation For a Brighter Future.

3,500 clients | 46 states | 150 employees

You are a visionary, who is investing in the future. Bank of Texas is your partner, who is committed to making your vision a reality. Together we are laying the foundation to strengthen our communities.

Proud To Support The Texas Housing Conference.

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866.848.5700

Lending | Debt Solutions | Corporate Trust Services Community Development | Lisa Albers: 918.588.6420 Coprorate Trust | Pamela Black: 817.348.5797 | www.bankoftexas.com Š 2014 Bank of Texas, a division of BOKF, NA. Member FDIC.

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Texas Affordable Housing Magazine

Texas Affordable Housing Magazine

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Indianapolis | Boston | Austin | Portland | New York

Enhancing communities. Impacting lives. Waters at Willow Run Apartments - Austin, Texas Atlantic Housing Foundation, Inc. 242 Family Units – 4% Transaction

Developer: Versa Development, LLC Paseo Pointe Apartments (9% project) Paseo Pointe Apartments – Los Fresnos, Texas Los Fresnos, TX Versa Development, LLC Equity: $11,922,231 208 Family Units – 9% Transaction 208 units

In 2013, City Real Estate Advisors, Inc. closed $441 million in investor equity and raised over $525 million. Today, CREA is a proud supporter of THC and its shared passion to improve lives, create homes, and develop communities. K. Nicole Flores, SVP Acquisitions nflores@cityrealestateadvisors.com 512.861.4080 Find us online: CityRealEstateAdvisors.com Follow us on Twitter: @CityREAdvisors 6

Texas Affordable Housing Magazine

Texas Affordable Housing Magazine

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LIVE

From single-project transactions to portfolio-wide solutions, Citi Community Capital combines unparalleled community development expertise with industry-leading capital markets capabilities to offer financial solutions to preserve and build stronger communities.

Committed to building affordable housing? Financing from Amegy is a strong foundation.

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Commercial Real Estate

Focused on Housing Finding capital for housing developments can be difficult; many projects rely on tax credits and other financial incentives to bridge funding gaps. Husch Blackwell’s low income housing team leverages deep industry knowledge to obtain the best results for developers and investors. We help you open the door to affordable housing.

Joe Davis, Partner joe.davis@huschblackwell.com 512.703.5780 Jonathan Giokas, Partner jonathan.giokas@huschblackwell.com 314.480.1713

huschblackwell.com Arizona

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Colorado

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As a Texas-born bank, Amegy is committed to financing affordable housing programs in our communities. We offer a broad range of commercial real estate loans structured around you. Talk with one of our lending experts today, and let’s finance your project, and the future, together. Call on our experts: Sara Hutchinson, Vice President Commercial Real Estate Lending

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amegybank.com Loans are subject to credit approval in accordance with Bank eligibility and lending guidelines. Restrictions may apply; see banker for details. ©2014 Amegy Bank N.A. Member FDIC. Equal Housing Lender

The choice of a lawyer is an important decision and should not be based solely upon advertisements.

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Texas Affordable Housing Magazine

Texas Affordable Housing Magazine

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2014 T a b l e o f C o n t e n ts

Advertisers and contributors

TEXAS AFFORDABLE HOUSING MAGAZINE F e at u r e s

Conference

LIHTC Property Operating Expenses Increasing at 2.92 12 Percent Annual Rate

Schedule At-A-Glance 77 Take a look at this year’s agenda and Get Connected

Leadership 11 Get to know the dedicated leaders who make it all happen

Current Employment Issues You Should Know

Education Program Engage and expand your housing knowledge

Housing Spotlight 26 Award-winning affordable housing developments

Transforming the U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing 24 for the 21st Century

G e n e r al Contributors Articles and Ads

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84

Exhibits 104 Nework and connect with new business relationships 2014 Partners 134 Special “thanks” to all who make the conference a reality!

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Texas Affordable Housing Magazine

A d v e rt i s e r s

Contributors

S ta f f

Amegy Bank of Texas ARA Affordable Housing Bank of America Merrill Lynch Bank of Texas Bellwether Enterprise Betco Consulting, LLC Berkadia Capital One Bank CenterPoint Energy Churchill Stateside Group City Real Estate Advisors Citibank Coats | Rose Dauby O’Conner & Zaleski Diamond Property Consultants, Inc. Gardner Capital Goodman Air Conditioning & Heating Greystone Hudson Housing Capital Husch Blackwell Locke Lord, LLP Merchant Capital LLC National Equity Fund Nixon Peabody Novogradac & Company LLP Oryx Compliance LLC Portfolio Resident Services PNC Real Estate Raymond James The Richman Group RBC Capital Markets R4 Capital Redstone Equity Partners Shackelford, Melton, McKinley & Norton, LLP Southeast Texas Housing Finance Corp. Tax Credit Group Marcus & Millichap Texas Department of Housing & Community Affairs Texas State Affordable Housing Corp. Wilmington Trust

Armand Domalewski (LIHTC Property Operating Expenses Increasing at 2.92 Percent Annual Rate) pg. 13-16 is a Tax Policy Research Associate for Novogradac & Company LLP

Executive Director Frank Jackson fjackson@taahp.org

Jeff McPhaul and Hannah Norvell of Locke Lord, LLP (Current Employment Issues Every Affordable Housing Employer Should Know) pg. 16-22 Kelley Haines is the HUD Director for the Dallas/ Fort Worth office (HUD Article) pg. 24-25

Executive Assistant Lauren Staton lstaton@taahp.org Conference Director & Magazine Editor Kristi Sutterfield ksutterfield@taahp.org Conference Intern Spencer Moore intern@taahp.org Creative Design: Bill Carson Design bc@bcdtexas.com

Questions & Feedback:

221 E. 9TH STREET SUITE 408 AUSTIN, TX 78701 512.476.9901 info@taahp.org

www.taahp.org Texas Affordable Housing Magazine

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LIHTC Property Operating O Expenses Increasing at

Editor’s Note: This article first appeared in the April 2014 issue of the Novogradac Journal of Tax Credits. It is reprinted here with permission.

2.92

Percent Annual Rate

perating expenses between 2010 and 2012 for low-income housing tax credit (LIHTC) properties increased at an annual rate of 2.92 percent between 2010 and 2012, according to a report released by Novogradac & Company LLP, “Novogradac Multifamily Rental Housing Operating Expense Report—Survey and Analysis for LIHTC Properties.” Operating expenses for all multifamily rental properties, including market-rate developments, grew at an annual rate of 2.39 percent during the same period. To provide insight into national and regional operating expense trends, Novogradac & Company LLP collected data from property audits, categorized that data based on accepted operating expense line items and analyzed the information. The survey spans from 2010 to 2012 and covers more than 2,100 market-rate and LIHTC properties that include 585,000 individual units. The report, which will be updated annually, examines how rental housing properties’ operating expenses differ over time as well as by property size, type and location. Regional Growth Rates A look at the relative operating expense growth rates from region to region shows that operating expense trends depend in part on where a multifamily rental property is located. Operating expenses in some regions grew at faster annual rates than the national average. The fastest growth in total operating expenses between 2010 and 2012 was seen in the combined regions 7 and 8 that include several Western and Midwestern states: Iowa, Kansas, Missouri, Nebraska, Colorado, Montana, North Dakota, South Dakota, Utah and Wyoming. Total operating expenses in this combined region grew at an annual rate of 6.36 percent, mostly due to a surge in administrative expenses and operating costs that include security, trash and contract costs. The region with the second fastest growth rate for total operating expenses was

Region 9, which encompasses Arizona, California, Hawaii and Nevada, where operating expenses for multifamily rental housing properties grew at a 3.62 percent annual growth between 2010 and 2012. This increase was caused mostly by increases in administration, payroll and management fee expenses. Several regions’ operating expenses grew at a slower rate than the national average. Expenses in Region 6, which includes Arkansas, Louisiana, New Mexico, Oklahoma and Texas, grew at 2.43 percent annually between 2010 and 2012. Multifamily rental housing properties in Region 10, which includes Alaska, Idaho, Oregon and Washington, saw operating expenses grow by 2.27 percent annually. The largest driving factor in this growth was the increase in management fees. The fifth fastest growing region was Region 4–Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina and Tennessee–where total operating expenses grew by 1.37 percent annually. This was primarily caused by large increases in payroll expenses and repair and maintenance expenses, but these were tempered by a large decline in operating costs and management fees. The next fastest growing region was Region 5, which grew at an annual rate of 1.33 percent between 2010 and 2012. This region’s total operating expenses declined sharply in 2010 and recovered in 2011, averaging out to modest growth. Total operating expenses in two regions actually declined between 2010 and 2012. Operating expenses in the combined regions 1 and 2, which cover Connecticut, Maine, New Hampshire, Rhode Island, Massachusetts, Vermont, New Jersey and New York, experienced an annual 0.09 percent decrease. Significant variation and fluctuation within the data for these properties makes it difficult to draw a concrete conclusion about the drivers of this decrease. Finally, properties in Region 3, which includes Washington, D.C., Delaware, Maryland, Pennsylvania, Virginia, and West Virginia, experienced a decline of 3.60 percent in annual total operating expenses. This region, too, experienced remarkable volatility, and the decline in total operating expenses largely corresponds to a generalized weakness in economic growth in the region between 2010 and 2012.

Armand Domalewski, Tax Policy Research Associate, Novogradac & Company LLP

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Texas Affordable Housing Magazine

Texas Affordable Housing Magazine

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continued from page 1

Annualized Annualized Growth Growth RateRate in in TotalTotal Operating Operating Expenses Expenses by Region by Region

Annualized Annualized Growth Growth RateRate in in TotalTotal Operating Operating Expenses Expenses by State by State

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Expert Services and Solutions for the Affordable Housing Industry

7 6.36%

6

6

5

5

4

3.2%

Average Annualized Growth 3

State

-1

-3

-3

-5

0.33%

-2.63%

-4

-5

Source: Novogradac and Company LLP, 2014

Reach out to one of our partners to learn more about our full spectrum of services in the real estate sector.

Ohio

0

Nevada

1

-2

-3.6%

2.39%

2

-2

-4

2.47%

Mississippi

Region 5

-0.09% Region 3

-1

Region 4

Region 10

Region 6

Region

1.33%

Region 1 and 2

0

Region 9

1

1.37%

Average Annualized Growth

2.89%

Arizona

2

2.97%

California

2.27%

Tennessee

2.39%

Percentage Growth

2.43%

Region 7 and 8

Percentage Growth

3

Texas

3.62%

Washington

4

Novogradac & Company LLP is a national certified public accounting and consulting firm with 15 offices nationwide.

3.83%

George.Littlejohn@novoco.com

-5.15%

PROPERTY COMPLIANCE

3.62%

continued on page 3

Region 10: Alaska, Idaho, Oregon and Washington

Novo

Texas Affordable Housing Magazine

State-Level Growth Rates For this first edition of the report, Novogradac & Company published state-level analysis only for the 10 states for which the greatest amount of data was available in order to ensure the sample sizes used in the analysis were large enough to draw accurate conclusions. Of the 10 states featured in the report’s first edition, Tennessee experienced the largest increase in operating expenses between 2010 and 2012. Costs increased at 3.83 percent annually even though costs in the region only increased by 1.37 percent. This growth is the result of a combination of factors including a stronger than average housing recovery and increases in local property taxes. Washington came in a close second, where operating expenses grew by 3.20 percent annually between 2010 and 2012. This strong overall growth masks a lot of underlying volatility; Washington’s economy and total operating expenses fell in 2011 and rebounded in 2012. Operating expenses in two of the 10 featured states declined between 2010 and 2012. Ohio’s operating

expenses declined by an annual rate of 5.15 percent between 2010 and 2012. This decline was chiefly caused by a decline in repair and maintenance costs and a decline in payroll costs. Total operating expenses in Nevada decreased by 2.63 percent even though costs in the region increased 3.62 percent. The decline in Nevada corresponds to a similar decline in the state’s housing market during this time period. Participation Invited for Future Editions Novogradac will update this report annually to provide the most recent information for those in the affordable housing industry. To expand the analysis and increase the report’s benefit for the affordable housing community, property owners and other industry participants are encouraged to share data for inclusion in future editions. Those interested in participating in Novogradac & Company’s next data collection should send an email to CPAs@novoco.com. For a copy of the report, please go to www.novoco.com/products/index_reports.php.

This article first appeared in the April 2014 issue of the Novogradac Journal of Tax Credits.

Region 9: Arizona, California, Hawaii and Nevada

Source: Novogradac & Company LLP, 2014

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Susan.Wilson@novoco.com

11044 Research Boulevard, Suite 400, Bldg. C | Austin | TX 78759 | www.novoco.com | 512.340.0420

Source: Novogradac and Company LLP, 2014

continued from pagewas 2 growing region Region 5, which grew at an annual State-Level Growth Rates rate of 1.33 percent between 2010 and 2012. This region’s For this first edition of the report, Novogradac & Regional Analysis total operating expenses declined sharply in 2010 and Company published state-level analysis only for the 10 to differences influenced by property type,for operating expenses by region.amount of data was available recovered in 2011, averaging out toIn addition modest growth. states which thevary greatest This analysis divides the country into 10 geographical regions based on the Institute of Real Estate Management’s defined regions. in order to ensure the sample sizes used in the analysis Total operating expenses in two regions actually declined were large enough to draw accurate conclusions. Of the Region 1: Connecticut, Maine, Massachusetts, New Hampshire, between 2010 and 2012. Operating expenses in the 10 states featured in the report’s first edition, Tennessee Rhode Island and Vermont 2.27% combined regions 1 and 2, which cover Connecticut, Maine, experienced the largest increase in operating expenses Region 2: New Jersey and New York New Hampshire, Rhode Island, Massachusetts, Vermont, between 2010 and 2012. Costs increased at 3.83 percent 0.09% 3: Washington, D.C., Delaware, New Jersey and New York, experienced an annual 0.09 annually even though costs in theRegion region only increased Maryland, Pennsylvania, 6.36% percent decrease. Significant variation and fluctuation by 1.37 percent. This growth is the result of West a combination Virginia and Virginia 1.33% within3.62% the data for these properties makes it difficult of factors including a stronger than average housing Region 4: Alabama, Florida, Georgia, 3.6% Kentucky, Mississippi, North Carolina, to draw a concrete conclusion about the drivers of this recovery and increases in local property taxes. Washington South Carolina and Tennessee decrease. Finally, properties in Region 3, which includes came in a close second, where operating expenses grew Indiana, Michigan, Washington, D.C., Delaware, Maryland, Pennsylvania, by 3.20 percent annually betweenRegion 20105: Illinois, and 2012. This Minnesota, Ohio and Wisconsin 1.37% Virginia, and West Virginia, experienced a decline of 3.60 strong overall growth masks a lot of underlying volatility; 2.43% Region 6: Arkansas, Louisiana, percent in annual total operating expenses. This region, Washington’s economy and total operating expenses fell New Mexico, Oklahoma and Texas too, experienced remarkable volatility, and the decline in 2011 and rebounded in 2012. Region 7: Iowa, Kansas, in total operating expenses largely corresponds to a Missouri and Nebraska generalized weakness in economic growth in the region Operating expenses in two of the 108: Colorado, featured states Region Montana, North Dakota, South Dakota, between 2010 and 2012. declined between 2010 and 2012. Ohio’s operating 2.27% Utah and Wyoming expenses declined by an annual rate of 5.15 percent

Phong.Tran@novoco.com

© Novogradac & Company LLP 2014 - All Rights Reserved Notice pursuant to IRS regulations: Any U.S. federal tax advice contained in this article is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties under the Internal Revenue Code; nor is any such advice intended to be used to support the promotion or marketing of a transaction. Any advice expressed in this article is limited to the federal tax issues addressed in it. Additional issues may exist outside the limited scope of any advice provided – any such advice does not consider or provide a conclusion with respect to any additional issues. Taxpayers contemplating undertaking a transaction should seek advice based on their particular circumstances. This editorial material is for informational purposes only and should not be construed otherwise. Advice and interpretation regarding property compliance or any other material covered in this article can only be obtained from your tax advisor. For further information visit www.novoco.com. Texas Affordable Housing Magazine 15


CURRENT EMPLOYMENT ISSUES

The maze of employment laws that all employers must navigate is ever-changing and requires vigilance. This article highlights for the Texas housing employer some of the key current issues at each stage of the employment process, from hiring to compensation to separation from employment.

EVERY AFFORDABLE HOUSING EMPLOYER SHOULD KNOW BY: JEFF MCPHAUL AND HANNA NORVELL

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Texas Affordable Housing Magazine

Texas Affordable Housing Magazine

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[Hiring Processes]

T

he U.S. Equal Employment Opportunity Commission (“EEOC”) has identified hiring issues as its top enforcement priority for 2013-2016. Systemic issues involving processes and procedures that affect large groups of employees or applicants seem to be a big part of this priority. As a result, employers should review their background checks and other hiring processes for compliance with federal, state, and local laws.

One hiring practice recently under fire in several lawsuits filed by the EEOC is the use of background or credit checks as a hiring screen. Since they are treated similarly, we will include both criminal and credit checks when referencing background checks in this article. Employers are within their rights to screen out applicants who likely will be a risk or danger to others in their position of employment. However, employers should not use background checks in an intentionally disparate manner, such as running a background check on all applicants of a certain race but not on other applicants. Further, in its published guidance, the EEOC asserts that race, national origin, and perhaps other categories protected by Title VII can be negatively impacted by the use of even a neutrally written and neutrally applied policy regarding background checks due to a higher incidence of convictions or credit issues among various segments of the population. Employers are encouraged to review this guidance at http://www. eeoc.gov/laws/guidance/arrest_conviction.cfm According to the EEOC, one way for employers to limit or avoid actual or perceived disparate impact in their hiring practices is to ensure that background checks, and any disqualifiers based on the results of those checks, are narrowly tailored to be job related and consistent with business necessity. Overbroad use of these policies lessens their relevance to the stated purpose of appropriate screening, and increases the risk of impacting certain protected groups. The EEOC has denounced the practice of excluding any convict

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Texas Affordable Housing Magazine

conviction and then conduct an individualized assessment of how that conviction may affect the position and the person at issue. An individualized assessment requires the employer to decide if any exclusion remains job related and consistent with business necessity after giving the candidate an opportunity to explain the situation and considering factors such as: • the facts or circumstances surrounding the offense or conduct; • the number of offenses for which the individual was convicted; • the applicant’s age at the time of conviction, or release from prison; • evidence that the individual performed the same type of work, post-conviction, with the same or a different employer, with no known incidents of criminal conduct; • the length and consistency of employment history before and after the offense or conduct;

• rehabilitation efforts, e.g., education/training; employment or character references and any other information regarding fitness for the particular position; and • whether the individual is bonded under a federal, state, or local bonding program. At minimum, employers should provide the opportunity for the applicant/employee to explain, both on the application form used and after background check results come in. The individual assessment factors listed above should be part of the information requested. According to the EEOC, a good recent history, especially if employed in a similar position or at the same company, should not be ignored in favor of speculation based on a more distant conviction. Prudent employers should review their application form, conditional offer form, and other practices regarding criminal and credit background checks to ensure their hiring practices are tailored according to the EEOC’s guidance.

regardless of position or type of crime or length of time since the crime. Instead, the EEOC has stated that employers should use a targeted screen and conduct an individualized assessment. A targeted screen means that the scope of the background questions or background checks are tailored to the job position at issue. Any application or conditional offer question regarding criminal or credit background should carefully consider the nature of the business, the job in question, and the legitimate business considerations that warrant disqualifying the individual. Local law should be reviewed as well, as many states and localities are moving to eliminate conviction inquiries from employment applications in a movement referred to as “ban the box.” The EEOC encourages employers to determine their background inquiries based on specific crimes that they consider relevant for each position and a specific number of years a conviction for each crime serves as a disqualifier for each position. The less serious or less relevant the crime, the shorter the duration of the disqualification, if it is considered a disqualifier at all. By way of example only, driving-related convictions may not be relevant for job positions that do not involve driving. As a further example, failure to pay child support or other debts may not be as relevant to positions without access to funds. When a conviction is found within the targeted scope, the employer should confirm accuracy of the

Texas Affordable Housing Magazine

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[Compensation Practices]

T

he Fair Labor Standards Act (“FLSA”) requires employers to pay non-exempt employees time and a half for hours worked over 40 in a workweek, with some specified exemptions and alternative pay methods allowed. Employers should regularly review any overtime exemptions they use, as misclassified employees can seek unpaid overtime for up to three years and lawsuits of that nature have been on a steady rise in recent years. The most common exemptions are the executive, administrative, and professional exemptions. To satisfy any of these three exemptions, an employee must be compensated on a salary basis at a rate not less than $455 per week, no pay deductions can be made except in very specific instances, and the duties of the position at issue must meet specific requirements listed below. In addition, the Department of Labor is currently reviewing these exemptions and more stringent rules and a higher minimum salary amount are expected in 2015. To meet the executive exemption, the employee’s primary duty must be managing the enterprise, or managing a customarily recognized department or subdivision of the enterprise. The employee also must customarily and regularly direct the work of at least two or more other full-time employees or their equivalent (e.g. four part time workers whose weekly hours total 20 hours each). Finally, the employee must have the authority to hire or fire other employees, or the employee’s suggestions and recommendations as to the hiring, firing, advancement, promotion, or any other change of status of other employees must be given particular weight. Generally, but not always, managers and supervisors will meet this exemption. Employers should review these rules and ensure all parts of the exemption test are met. To meet the administrative exemption, the employee’s primary duty must be the performance of office or non-manual work directly related to the management or general business operations of the employer or the employer’s customers. They generally cannot be performing the primary functions of the enterprise/business. The employee’s primary 20

Texas Affordable Housing Magazine

duty also must include the exercise of discretion and independent judgment with respect to matters of significance. A good example of an employee that would likely be exempt under the administrative exemption is the company’s Human Resources Manager or Marketing Manager. Employers should use this exemption sparingly, however, because not everyone is making decisions with respect to matters of significance within the company. To meet the professional exemption, the employee’s primary duty must be the performance of work requiring advanced knowledge, defined as work which is predominantly intellectual in character and which includes work requiring the consistent exercise of discretion and judgment. The advanced knowledge must be in a field of science or learning, and must be customarily acquired by a prolonged course of specialized intellectual instruction (i.e., not “on the job training”). Some examples of exempt professional employees include doctors, lawyers, engineers (degreed), professors, and many accountants. Employers should remember that just because someone is called an “engineer” (system engineer, etc.) does not make them exempt. Similarly, everyone who works in the accounting department is not necessarily an exempt accountant. If an employee is classified as exempt from the overtime requirements of the FLSA, the employer should make sure it can articulate which exemption applies and why. A good job description can help list out the key duties that make the position exempt. Employers are well-advised to review their exemptions without waiting for the Department of Labor investigation or wage and hour lawsuit to be instituted. Texas Affordable Housing Magazine

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[Separation Issues]

E

mployment terminations raise a number of issues for employers and a few of the more common termination-related questions we receive are addressed here. Texas is an at-will employment state, but nevertheless, it is a best practice to have a business-related basis for the termination as well as good documentation. These can help to dispel any claims that some unlawful reason motivated the decision. Documentation need not be provided to the Texas employee upon termination but certain circumstances may warrant it. If the employer seeks to obtain a release of liability upon termination, there are three basic types of release agreements: employees under the age of 40; employees age 40 or older involved in an individual termination event; or employees age 40 or older asked to sign a release in connection with an exit incentive or other termination program offered to a group of class of employees. The latter two types require additional language and information pursuant to the Older Workers Benefit Protection Act, including a period of time to review the agreement and time allowed for revocation once the agreement is signed. The third type also requires an informational exhibit defining the eligible employee group, eligibility factors, timing, job

Locke Lord’s Affordable Housing Legal Team Everything You Need Under One Roof

titles and ages of employees selected and not selected. In Texas, an employee is generally entitled to receive unemployment benefits if employment is involuntarily terminated for reasons other than misconduct (provided other eligibility criteria are met). On October 1, 2013, new measures became effective in Texas as part of a federal push to curb overpayment on unemployment claims. Texas employers now must respond to unemployment claims within 14 days of receipt and must provide sufficient factual information to allow the Texas Workforce Commission to make a determination regarding entitlement to benefits. Merely asserting that the claimant is not entitled to benefits is not adequate. If an employer fails, without good cause, to provide a timely or adequate response to the claim, or the employer has failed to provide timely and adequate responses on at least two prior occasions, benefits paid to a claimant will be charged to the employer’s account. This will occur even if it is later determined that the employee was not entitled to benefits. Thus with issues from hiring to separation, employers should review their current practices and policies to ensure compliance with the current requirements.

Our team of experienced professionals is dedicated to serving the affordable housing industry.

Look for our Locke Lord lawyers at this year’s Texas Housing Conference Cynthia Bast Partner and Affordable Housing Chair T: 512-305-4707 cbast@lockelord.com

[Conclusion] Affordable housing providers must abide by extensive regulations on so many fronts. We hope this short article has served as a reminder regarding some aspects of employment law compliance that may be ripe for a review.

Rick Morrow Christine Richardson Matthew Borah Partner, Austin Partner, Austin Associate, Austin T: 512-305-4709 T: 512-305-4754 T: 512-305-4877 rmorrow@lockelord.com crichardson@lockelord.com mborah@lockelord.com Jeff McPhaul is an associate in Locke Lord LLP’s labor and employment practice group and Hanna Norvell is a partner and chair of Locke Lord’s firm wide labor and employment practice group. Locke Lord’s labor and employment practitioners assist housing entity and other employers nationwide in complying with their myriad legal obligations, evaluating and assisting with the defense of any employment-related claims, and providing practical advice regarding how to improve practices and procedures to achieve better compliance and fewer claims. Their contact information can be found at www.lockelord.com.

Alan L. Kennard Head of New Markets Tax Credits, Chicago T: 312-443-1774 akennard@lockelord.com

Vijay D’Cruz Partner, Houston T: 713-226-1551 vdcruz@lockelord.com

Practical Wisdom, Trusted Advice. www.lockelord.com

Atlanta, Austin, Chicago, Dallas, Hong Kong, Houston, London, Los Angeles, New Orleans, New York, Sacramento, San Francisco, Washington DC

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Texas Affordable Housing Magazine

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Transforming the U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing for the 21st Century. The Office of Multifamily Housing (MFH) is proactively making changes to better fulfill its mission, while doing more with less. This transformation will help MFH better serve its customers and stakeholders, operate more efficiently and consistently, and improve its risk management. These changes are necessary to ensure MFH operating model keeps pace with current market

MFH’s transformation includes four initiatives: Workload sharing to more equitably distribute workload across the country, in both Development and Asset Management. This will mitigate pressure on staff and reduce wait time and backlogs for customers. Risk-based processing and underwriting in production to increase the efficiency of processing applications will be reduced, providing improved customer service, and help better manage risk. Applications will be segmented according to risk and complexity and then assigned to the appropriate underwriter. The underwriter will manage the end-to-end review of the application, drawing in technical experts such as construction analysts and appraisers as needed. Creating specialist support in Asset Management to allow senior staff to focus on risky, complex, or troubled assets. Troubled Asset Specialists, a new role, will focus on addressing challenges associated with at-risk assets. Account Executives, today’s Project Managers, will focus on the non-troubled portfolio. Increasing focus will allow MFH experts to better manage risk while creating more manageably scoped roles for staff. Ultimately, streamlining its organizational model in both headquarters and the field to focus decision-making and enhance accountability. In headquarters, MFH will narrow and focus its structure, with four main offices: Production, Asset Management Kelly Haines, Multifamily Hub Director Fort Worth Region and Portfolio Oversight, Recapitalization, and Field Operations. These changes will reduce duplication and provide better support and service to the field, our external customers and stakeholders. In the field, MFH is consolidating its17 hubs into 5 future regions. This structure will more closely mirror the model used elsewhere in HUD and will increase national consistency across MFH. The future regions will be: New York, Boston, Baltimore, Atlanta, Jacksonville, Chicago, Detroit, Minneapolis, Fort Worth, Kansas City, San Francisco and Denver. Implementation of changes other than workload sharing, which is already being piloted in multiple hubs, will not begin until this fall and will continue gradually over the next two to three years to minimize the risk of business disruption.

demands, while providing for future flexibility. 24

Texas Affordable Housing Magazine

Texas Affordable Housing Magazine

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Housing Spotlight The Texas Affiliation of Affordable Housing Providers (TAAHP) is the leading nonprofit association of affordable housing development professionals representing the affordable housing industry in Texas. We want to share a few of the exceptional communities that have been built by TAAHP members. For over 17 years, TAAHP has represented hundreds of local and national housing professionals dedicated to providing high-quality affordable housing for Texans of all income levels. Our members are passionate about what they do and we hope you will enjoy reading each of the Spotlight Stories in this edition of the Texas Affordable Housing Magazine. One of the top goals of the TAAHP leadership team in publishing the magazine is to educate the public and our elected officials about how critical safe and decent housing is to working families, seniors and people with special needs. Thank you to all of our contributors and to the men and women who build affordable housing for Texas. If you are not a TAAHP member, we invite you to join our dynamic association! The Texas Department of Housing & Community Development (TDHCA) recently shared that since the inception of the Low Income Housing Tax Credit Program (LIHTC) program in 1987, the affordable housing industry in Texas has generated over $51,830,966,000 into the state’s economy and an additional $6,324,586,620 into local taxes and fees, creating 773,736 jobs and 262,510 affordable work force homes across Texas. We have come a long way in providing homes for families earning less than 60% of the area median family income but we have a long way to go. Join us as we make a difference together. Thank you for attending the Conference! Kristi Sutterfield Editor, Texas Affordable Housing Magazine

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Texas Affordable Housing Magazine

T eTxeaxsa sA fAffof rodr adbalbel eH o Hu o suisni g n gM a Mga agzaizni en e

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Hillside West Senior Living 28

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Texas Affordable Housing Magazine

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Hillside West Senior Living 30

Hillside West Senior Living 3757 Falls Bluff Dr., Dallas, TX 75211

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he completion of Hillside West Seniors Apartments in March 2013 marked the second affordable housing development that GroundFloor Development built in the emerging “Canyon in Oak Cliff” master planned community in Dallas, Texas since 2011. The senior housing development, financed using low-income housing 9% tax credits (LIHTCs) and a U.S. Department of Housing and Urban Development (HUD) FHA 221(d)(4) loan, serves residents 62 years old and older earning approximately 60% of the area median income (AMI) and below. The five building, 130-unit development, built by Dallas-based general contractor, KWA Construction, is located 4 miles west of the downtown Dallas central business district. Hillside West, which features 58 one-bedroom and 72 two-bedroom apartments, became fully occupied just one month after construction was completed. “Dallas is the ninth largest city in the country and there is a tremendous demand for new high quality affordable housing,” said Brandon Bolin, founder and CEO of GroundFloor Development. “Both Hillside West Apartments and Taylors Farm Apartments (which is GroundFloor Development’s additional property at the Canyon in Oak Cliff) are 98% leased.” Mr. Bolin added that because Taylors Farm Apartments, a multifamily affordable and mixed-income housing development, has been at 98% occupancy since 2011 he knew this would be a good location for Hillside West. “Hillside West Apartments does more than just provide Dallas with additional affordable seniors housing stock,” said Mr. Bolin. It also features a number of dynamic shared amenities and resident services. The 104,086 sq. ft. development features a clubhouse with dining and activities area, a swimming pool with sundeck and seating area, an outdoor barbeque area, a fitness center and a business center with a number of computers. The development also features an herb garden, a dog run and access to the Canyon in Oak Cliff’s hike and bike paths. In addition, the development was LEED Silver certified. Hillside West’s LEED certification was achieved through the utilization of a number of sustainable features in the development, such as low VOC paint, Energy Star-rated appliances, and low-flow showers, toilets and kitchen faucets. An experienced green builder, KWA Construction recycled construction waste whenever possible and worked with GroundFloor Development and the landscape architect to include native trees and plants appropriate for the site’s soil and microclimate.

Texas Affordable Housing Magazine

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Mr. Bolin also adds that it was important to not only provide just housing, but the tenant social services to go along with it. Hillside West Apartments provides its residents with notary services; basic adult education classes; computer skills, counseling; health and nutritional courses; and health screenings. Financing The $20.1 million development utilized limited sources of financing. Boston Capital - JPMorgan provided the $13.7 million tax credit equity investment, which was syndicated by Boston Capital. Mr. Diego Benites, Vice President of Acquisition at Boston Capital, emphasizes that strong business relationships played a big role in the success of Hillside West. In fact, since working on Hillside West, Boston Capital and GroundFloor Development have partnered on two additional deals. “We think very highly of them,” Mr. Benites said of GroundFloor Development. “They have an ability to find very good sites and they plan, design and execute these types of “New Generation” urban style affordable housing projects very well. Their niche is infill locations in urban areas and surrounding suburban town centers.”

Hillside West Seniors, LP Financing $13.7 million LIHTC equity investment from Boston Capital - JPMorgan • $5.6 million HUD FHA221(d)(4) loan provided by Dougherty Mortgage • $630,000 Deferred Developer Fee •

The other funding sources were a Deferred Development Fee of $630,000 and a $5.6 million HUD FHA 221 (d) (4) loan provided by Dougherty Mortgage. “It is a very upscale product at an extremely affordable rent,” said Mr. Jeff Rogers, Senior Vice President at Dougherty Mortgage. The HUD 221(d)(4) loan was a good fit for this development because “it is a 40-year, fixed-rate construction and permanent loan rolled into one.” Mr. Rogers attributed the success of this deal to “a quality team, a good location and strong submarket and very well designed and built product.” Implementing Modern Design While keeping the units affordable was the team’s top priority, Mr. Bolin said that it was exceedingly important to build an attractive and desirable development from a design standpoint. “We believe some of the problems with the tax credit program stem from people not wanting the traditional lesser quality low-income housing in their neighborhood,” said Mr. Bolin. “In many communities across DFW, there are many bad examples of this situation and the neighborhoods have suffered, however, if you design very attractive housing, with good urban form, substantial landscaping and do not skimp on the cost of sustainability components, then we know from prior experience in the market rate segment, that people will want to live there and be proud of their home.” “When I looked at the master plan, I was very excited. We tried to adhere to the goals of the master plan, which were urban and pedestrian,” said Mr. Rick Garza, Principal at RPGA Design Group, Inc., architect of Hillside West Apartments. “It’s a crisp, clean, modern contemporary design, we feel it is very progressive architecture for senior housing.” Mr. Garza added that accessibility was a major effort when designing the development and said there are almost no steps throughout the entire development– from inside the units to the exterior walkways. Instead, gradual slopes were put in their place, making it easier for senior residents to maneuver through the development.

Larger Development Plan Hillside West Apartments is just a small portion of a much larger development plan: The Canyon in Oak Cliff. The Canyon in Oak Cliff is a 200-acre, mixed-use use development that will feature a range of residential housing developments, retail, entertainment, restaurants, office space and medical facilities. Hillside West Apartments was the second development completed in the overall master plan, which is scheduled to be 100% completed by 2020 .

R4 CAPITAL CLIENTS

CAN RELAX!

Our clients know we are creative, diligent, and focused on their transactions—so they can focus on their businesses, among other things. In the past 24 months we have raised over $500 MM in LIHTC equity for our clients and for the future of affordable housing development.

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Texas Affordable Housing Magazine

Marc D. Schnitzer, President 646 576 7659 | mschnitzer@R4cap.com Jay Segel, Executive Vice President 617 502 5946 | jsegel@R4cap.com Ronne Thielen, Executive Vice President 714 727 3851 | rthielen@R4cap.com Paul Connolly, Senior Vice President 646 576 7664 | pconnolly@R4cap.com www.R4cap.com

Texas Affordable Housing Magazine

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Floral Gardens 34

Floral Gardens 7950 S. Sam Houston Parkway W., Houston, TX, 77085

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loral Gardens Active Senior Community features 100 First-Class apartments with deluxe amenities for Houston residents 55 and older. Floral officially opened three years ago in June 2011 and offers one-bedroom and two-bedroom apartment homes. Residents are often seen enjoying the clubhouse, fitness center, private health screening room and a beautiful community room with a stylish mix of engaging monthly activities planned for those who live there. Upscale amenities also include a Business Center with complimentary Wi-Fi, a palm tree-lined outdoor pool with a grilling area, and picnic tables surrounded by lovely landscaping featuring a gazebo, pond and fountain. “Floral Gardens is more than a set of buildings. It’s an intimate, charming senior living community,” remarked LDG Development’s Principal Chris Dischinger. “These homes are ideal for those who want to downsize as they retire and it’s a perfect place for people on limited income. Our goal is to give residents a host of recreational and educational activities as they develop new friends and settle into this state-of-the-art community.” All apartments are equipped with Energy Star appliances and low flow toilets making for a greener place to live with less costly utility bills. The units have plush carpeting mixed with wood laminate flooring, ceiling fans and covered patios or balconies. Floral Gardens is three stories and has covered garage units plus elevators and ramps making all common areas ADA accessible. Individual units are also Fair Housing accessible with the ability to meet the various needs of each individual resident. The Weber Group based in Louisville, KY designed Floral Gardens to fit strict environmental standards. “Our design and build services are geared toward structures that are environmentally responsible and resource efficient,” said Tom Weber, President of Weber Group. “We also like our buildings and sites to blend with the surrounding area and add to the visual landscape.” Funding for the nearly $14.3 million dollar project is made possible through three main sources. $11.7 million comes from the TDHCA Tax Credit Exchange Grant. These housing tax credit grants are allocated through Texas Department of Housing and Community Affairs - the state’s housing finance agency. In addition, Sterling Bank is providing the construction and permanent loan and the City of Houston is providing HOME Funds.

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“As the first wave of baby-boomers enter retirement over the next few years it’s important for Houston to provide top quality, affordable housing options,” said District D Councilwoman Wanda Adams. “This new community will allow residents to enjoy their golden years while living a full active lifestyle.” Floral Gardens is located off Beltway 8 access road and Fondren Road. It’s a wonderful community for grandparents to be nearby their families with young children. The property is professionally managed by Capstone Real Estate Services. Rents start at $568 per month. The phone number for more information is 713-481-9770 or log on to http://www.seniorapthouston.com.

Property Information Developer LDG Multifamily, LLC Chris Dischinger and Mark Lechner LDG Development 1469 South 4th Street Louisville, KY 40208 502-638-0679 www.LDGDevelopment.com Architect Weber Group, Inc. 5233 Progress Way Sellersburg IN 47172 812-246-2100 www.WeberGroupInc.com Lender Comerica 1717 Main Street 4th Floor Dallas TX 75201 www.Comerica.com

GreG HASTY ghasty@wilmingtontrust.com 972.383.3153

CHUCK HICKS chicks@wilmingtontrust.com 972.383.3152

CAM LINDSeY clindsey@wilmingtontrust.com 972.383.3151

DAYNA SMITH dlsmith@wilmingtontrust.com 972.383.3154

Renowned mUnICIPAL Bond EXPERIENCE wilmington Trust is an approved Trustee for the Texas department of Housing and Community Affairs (TdHCA) and the Texas State Affordable Housing Corporation (TSAHC). Get in touch with experience. Call one of us or email experience@wilmingtontrust.com.

MUNICIPAL BOND TRUSTEE | ESCROW AGENT | SUCCESSOR TRUSTEE | CUSTODY INSTITUTIONAL INVESTMENT MANAGEMENT | DEFAULT TRUSTEE ADMINISTRATION ©2014 Wilmington Trust Corporation. Affiliates in Arizona, California, Connecticut, Delaware, Maryland, Michigan, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Texas, Vermont, Amsterdam, Cayman Islands, Channel Islands, Dublin, Frankfurt, London, and Luxembourg. All rights reserved.

Texas Department of Housing and Community Affairs Management Company Capstone Real Estate Services, Inc. 210 Barton Springs Suite 300 Austin TX 78704 512-646-6700 www.CapstoneManagement.com

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Texas Affordable Housing Magazine

Texas Affordable Housing Magazine

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Success in affordable housing takes dedication and expertise. Relationships make it possible. Bringing desirable living spaces to underserved communities takes a lender well-versed in affordable housing finance. Providing expertise in LIHTC equity, Fannie Mae, Freddie Mac and FHA agency solutions, and offering a range of construction and bridge lending options, PNC is here to help developers build, acquire or refinance, and overcome the challenges of creating great communities. For those ready for a relationship with a lender ready to make a difference, it’s time to think PNC. To learn more, visit pnc.com/realestate.

for the achiever in you®

*As of December 31, 2013 PNC, Midland Loan Services and “For the Achiever in You” are registered marks of The PNC Financial Services Group, Inc. (“PNC”). Lending products and services require credit approval and are offered by PNC Bank, NA, a wholly owned subsidiary of PNC. Investment banking and capital markets activities are conducted by PNC through its subsidiaries PNC Bank, National Association, PNC Capital Markets LLC, and Harris Williams LLC. Services such as public finance advisory services, securities underwriting, and securities sales and trading are provided by PNC Capital Markets LLC. Merger and acquisition advisory and related services are provided by Harris Williams LLC. PNC Capital Markets LLC, and Harris Williams LLC are registered broker-dealers and members of FINRA and SIPC. Harris Williams & Co. is the trade name under which Harris Williams LLC conducts its business. PNC does not provide legal, tax, or accounting advice. ©2014 The PNC Financial Services Group, Inc. All rights reserved. CIB PDF 0613-033-148004

GIVING

Y U

MORE ADVANTAGES

INCREASE SALES WITH THE NATURAL GAS ADVANTAGE Whether you are seeking to differentiate your property in the crowded multi-family market or to gain financial benefits, CenterPoint Energy’s Natural Gas Advantage Multi-Family Program can help your development reach its full potential. VISIT US AT BOOTH #23 and discover how to add to your bottom line by building with natural gas. You’ll learn about: • CenterPoint Energy’s Natural Gas Advantage Multi-Family Program • Cash incentives offered through our program

For more information, visit CenterPointEnergy.com/ Multi-Family.

Peachtree Senior Living

for strengthening communities.

Peachtree Senior Living Apartments 11200 Ryle Crest Drive, Balch Springs, Texas 75180

Property Information

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Developer: Ron Pegram Peachtree Housing, LLC P.O. Box 1990 Rockwall, Texas 75087

eachtree Senior Living has set a new standard for affordable housing for independent seniors. Located on six (6) beautifully landscaped acres, Peachtree Senior Living provides its residents with a country-living, resort-like environment. Peachtree Senior Living is architecturally pleasing and its 144 apartment homes offer a wide range of floor plan options with beautiful and spacious patios and covered decks. Each apartment features 9 foot ceilings, ceiling fans, 2 inch faux-wood blinds, faux-wood flooring, granite countertops, energy efficient appliances, walk-in closets and built-in computer desks. The property provides restricted access gates and is elevator served. Peachtree Senior Living residents may enjoy walking paths, a putting green, a swimming pool and spa, a fitness center, a business center, an arts and crafts center, a theater, and spacious two-level community room, and a fully staffed hair salon. Peachtree Senior Living provides resident services including transportation, health-screening and inoculations, out-reach and food bank services, housekeeping services, and a wide range of monthly social events tailored to suit everyone’s interests.

Architect: KSNG Architects, Inc. 10440 N. Central Expressway Suite 1210, Lock Box 105 Dallas, Texas 75231-3303 214-890-7980 www.ksng.net Lender: PNC 26901 Agoura Road Suite 200 Calabasas, California 91301 www.PNC.com/RealEstate.com Texas Department of Housing and Community Affairs Management Company: Michael Clark President UAH Property Management, LP 10670 N. Central Expressway Suite 505 Dallas, Texas 75231 214-265-7227 ext 104 www.uahmgt.com

• Favorable utility allowances • The energy, cost and environmental savings benefits of building with natural gas

©2014 CenterPoint Energy 140925

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Texas Affordable Housing Magazine

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Tylor Grand 40

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Tylor Grand 42

Tylor Grand 3702 Rolling Green Drive, Abilene, TX 79606

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onveniently located in the heart of Abilene, Tylor Grand is a brand new energyefficient, ergonomic, affordable housing community. Completed in the fall of 2013, the 120-unit community is a blend of 1, 2, 3, and 4 bedroom, garden-style apartments. Each apartment features walk-in closets, granite countertops, Energy Star appliances and fixtures, full-size washer and dryer, ceramic tile flooring, and 2” faux wood blinds. Tylor Grand encourages active community engagement with a multitude of outdoor amenities including a swimming pool, covered picnic area with grilling stations, shaded children’s playground, and sand volleyball court. Creating an energyefficient community was an important goal for the development of Tylor Grand. The community features two arrays of solar panels mounted on parking lot canopies that convert solar radiation into electricity. The clean renewable energy produced offsets the base load consumption of the complex’s clubhouse facilities. In addition, by producing its own renewable energy Tylor Grand will eliminate over 150,000 pounds of carbon dioxide emissions per year – roughly equivalent to the annual emissions of 15 passenger vehicles. Miguel Granados is a U.S. Marine Corps veteran and is a resident at Tylor Grand. After serving during the Reagan administration, poor choices in life led him to become homeless. “Even as a college graduate and veteran, I found it incredibly difficult to get a foot hold to get back up again,” Granados said. “Having a permanent address gives you an identity, and I struggled to provide that for my wife and children.” When Granados first visited Tylor Grand, he was struck by how well thought out and detailed each unit was. “I thought there was no way I could qualify to live in such a luxurious place! But the resources were there to help us and now my family and I live in an environment that is truly a blessing for us.” Granados noted how the on-site computer lab at Tylor Grand has been incredibly helpful to his eleven-year-old son who has raised his grades in math and science by utilizing the computers after school each day. He also highlighted that during a few days of below zero weather, the insulation kept the apartment so warm that he only had to turn on the heat for a short period of time. Granados is registered for classes to go back to school and become an aircraft mechanic. “Each day when I wake up, I thank God that my family and I live in such a beautiful place that provides us a quality of life that I always dreamed of.”

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Property Information Number of Units and Composition: 120 units: 32 one bedroom, 64 two bedroom, 20 three bedroom and 4 four bedroom units. Tylor Grand is 100% affordable and serves families at 30%, 50% and 60% of AMI and was funded through 9% LIHTC through TDHCA Art in Public Places: Tylor Grand commissioned the work of renowned sculptor, Keith Bradley for the public artwork at the development entrance. Best known for his current work creating full-scale metal animal sculptures, Bradley converted the entrance rotunda at Tylor Grand into a corral with life-size sculptures of three horses and one colt grazing. The body of each horse is made up solely of horseshoes, with metal strips for the tails and manes. The spirited animated creations have been an ongoing point of pride and conversation since the community opened. Developer: Louis Wolfson III, a principal of both Wolfpack Group, LLC and Pinnacle Housing Group Syndicator and Lender: Wells Fargo Community Lending and Investment Architect(s): Miller Slayton Architects, Inc. Tax Credit Consultant: S2A Development Consulting For more information please contact: Tylor Grand Apartments (512) 383-5470

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Texas Affordable Housing Magazine

Texas Affordable Housing Magazine

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SilverLeaf at Gun Barrel City

Texas Department of Housing & Community Affairs Future Meeting Dates SilverLeaf at Gun Barrel CIty 400 Church Street, Gun Barrel City, TX

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ilverLeaf at Gun Barrel City is an 80 apartment home community at 400 Church Street Gun Barrel City Henderson County in East Texas. The community serves the senior population aged 55 and above. The property was developed by StoneLeaf Development, LLC, in partnership with Boston Capital, designed by Cross Architects. The construction lender was Bank of Texas, while the permanent loan was provided by TDHCA HOME funds. The Economic Development Corporation of Gun Barrel City provided in-kind contributions and was a major player in bringing safe affordable housing to Gun Barrel City for its senior populations. The community is ideally located 1 block from Main Street and across from ETMC Medical Center and doctors’ offices. The name of the street fronting the community comes from the fact that a major church is within 100 yards of the entrance. The Community was 100% leased prior to completion of construction.

Property Information The Community boasts many amenities including: • Steel Entry Doors with Doorbell and Peephole • Full-Size Washer/Dryer Connections • Additional Storage Room on Each Patio • Walk-In Closets • Beautiful Black Energy Star Electric Appliances including: o Frost-Free Refrigerator with Ice Maker o Range o Microwave • Granite Counter Tops • Faux Wood Flooring • Mini-Blinds • Large Covered Porch • Energy Star Ceiling Fans in Every Bedroom and Living Room • Energy Star Light Fixtures Community Features: • Large Clubhouse with: o Computer Business Center o Community Activity Center o Community Clothes Care Center o Full Kitchen • Outdoor Horseshoe Pit • Gazebo with Fireplace and Sitting Area • Beautifully Landscaped Grounds • Covered Parking • Located Close to Police, Fire, Doctors, Hospital and Shopping Contact: Mike Sugrue (903) 887-4344 1920 S. 3rd Street Mabank, TX 75147 Development Team: Developer: StoneLeaf Development, LLC Syndicator: Boston Capital Lender(s): Bank of Texas TDHCA HOME Special Thanks: Gun Barrel City Economic Development Corporation and the City of Gun Barrel City

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Our Greatest Investment

Texas Affordable Housing Magazine

TDHCA Board Meeting July 31, 2014 TDHCA Audit Committee Meeting September 4, 2014 TDHCA Board Meeting September 4, 2014 TDHCA Board Meeting October 9, 2014 TDHCA Board Meeting November 13, 2014 TDHCA Board Meeting December 18, 2014

SAVE THE DATE

Nationally, only 68% of children in high poverty areas graduate with a high school diploma compared with 91% in low poverty areas.*

The Texas Department of Housing and Community Affairs invests in fair housing choice and greater opportunities for Texans. We are proud to collaborate with TAAHP and the affordable housing community. Check your conference schedule for sessions featuring TDHCA speakers.

221 East 11th Street, Austin, TX 78701 PO Box 13941, Austin, TX 78711 Phone: 512-475-3800 Toll Free: 800-525-0657 Fax: 512-482-8851 Email: info@tdhca.state.tx.us Web: www.tdhca.state.tx.us Follow us on Twitter at www.twitter.com/TDHCA Like us on Facebook at www.facebook.com/TDHCA * 2011, National Center for Education Statistics Texas Affordable Housing Magazine

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New Hope Housing at Rittenhouse 48

New Hope Housing at Rittenhouse 577 W Rittenhouse Road, Houston, TX 77091

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or more than 20 years, New Hope Housing has helped people mend their lives and recover their dignity by providing affordable, beautiful housing. Working with collaborative partners, the organization’s model of excellence in Housing + Services is smart and levelheaded, and their results have real human impact. Beyond bricks and mortar, New Hope properties offer supportive environments that help people climb out of the tenuous situation of life on the streets or on the edge, to repurpose and stabilize their lives. Once people have a place to call their own, a place they can be proud of, they can begin to move forward to heal other parts of their life as well. In December 2013, New Hope opened its seventh single room occupancy (SRO) housing community – Rittenhouse. Built for a livable and sustainable future, Rittenhouse is their third Platinum LEED for Homes property, with 160 fully furnished efficiency units and handsome community and social service spaces. The development is built around a grove of mature oak trees and features native ‘prairie’ areas, creating a unique park-like experience. Stained glass panels punctuate the entry. The creation of a sense of place through art and nature is an integral part of New Hope’s internationally recognized approach to affordable housing. With the opening of Rittenhouse, New Hope reached its near-term goal of owning and managing almost 1,000 units of SRO housing. As Texas’ leading provider of SRO housing, New Hope has garnered the capacity to expand its mission and reduce the footprint of homelessness and near homelessness for Houston families, as well as continuing to serve individuals. The organization is now in the pre-development phase to construct a supportive housing property serving homeless and at-risk families, most typically single mothers. Hope is on the horizon.

Texas Affordable Housing Magazine

Property Information List of on-site amenities: • Reception area with 24/7 front desk coverage • Free utilities and cable TV access • Coin-operated washer/dryer facilities • Service coordinator offices for on-site case management • Fully furnished community rooms • Fully equipped business center • Central courtyard with outdoor seating Special design features: Half-moon shaped community building nestled around a grove of mature oak trees; lighting features give the staircases a lantern-like appearance and illuminate the four corners of the development; open breezeway corridors; unique community spaces designed to reduce isolation and meet resident needs; incorporation of six social service offices. Developer: New Hope Housing, Inc. Syndicator: National Equity Fund, Inc. Investor/Interim Lender: Capital One Bank Architect: Ernesto L. Maldonado, AIA, Glassman Shoemake Maldonado Architects Type of funding: LIHTC; TDHCA Homeless and Housing Services Program; City of Houston Homeless Housing Bond funds; Federal Home Loan Bank of Atlanta; and private grants from foundations and corporations. Photographer: Photos courtesy of Mark Hiebert, www.HiebertPhotography.com Name and contact information: Joy Horak-Brown Executive Director joy@newhopehousing.com

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EQUITY INVESTED

For more than 25 years, we’ve played an integral role in affordable housing. With more than 135,000 homes in 2,225 developments, we are committed to revitalizing communities, empowering individuals and families and creating economic opportunities nationwide.

CONTACT Rachel Rhodes Vice President, Central Region 312.687.8255 rrhodes@nefinc.org

The Overlook at Plum Creek

$10B

MORE THAN

The Overlook at Plum Creek 4850 Cromwell Drive, Kyle, TX 78640

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Property Information

he Overlook at Plum Creek is a 94-unit age 55+ community in Plum Creek, a 2,200-acre, mixed-use, masterplanned community in Kyle, Texas, 20 minutes south of downtown Austin. The development team, of DMA Development Company and JSA Development Company, LLC, worked closely with the master developers of Plum Creek to create a design that was consistent with the master development’s overall vision of a walkable, tree lined neighborhood. The result is a mix of one-story cottages and a centrally located three-story elevator building which overlooks the Plum Creek Golf Course, one of the central green features at Plum Creek. Of the 94 units, 80 have rents structured to be affordable to persons with income levels at or below 60% of the area median income. In addition to the outstanding accommodations that each individual unit provides, the entire property has been designed with the idea of ‘community’ in mind. The primary focus is the Manor Building, a three-story elevator-served building at the center of the property that contains 58 residential units and all of the common areas. The common areas were designed to incorporate golf course views from the community room, library, and fitness center, first, second, and third floors, respectively. This attractively-designed building features unitized masonry and a porte-cochiere for resident drop-off and pick-up. The buildings feature hardiplank and central Texas stone exteriors. Amenities include a community room with a party kitchen, a theatre/auditorium with stadium seating, a library (with enclosed deck overlooking the golf course), business center, an equipped fitness center, and art studio. Centered in the property is a fully accessible pool, with adjacent loggia and outside seating. Additionally, The Overlook at Plum Creek features 36 single-story cottage style units, many with attached carports, which contribute to an overall neighborhood aesthetic and feel.

Syndicator: The property received an allocation of 9% tax credits, which were purchased by Boston Capital Lenders: Construction & permanent financing – J.P. Morgan Chase. Gap Financing – HOME loan through Texas Department of Housing and Community Affairs (TDHCA). Architect: Kelly Grossman Architects, LLC. Contractor: Carleton Construction List of Support Services Provided: Residents at The Overlook at Plum Creek enjoy a wide range of planned activities including barbecues, coffees socials and other informal “get togethers”. A sampling of the services and programs offered includes twice a week exercise classes, ice cream socials once a week, movie nights, art classes, and various health screenings. Green Initiative: All units feature EnergyStar appliances and fixtures. These include ceiling fans, lighting fixtures, dishwashers, disposals and refrigerators. The property uses thermal and draft efficient doors, water conserving fixtures, and takes advantage of passive heating/cooling design features. Contact Information for follow-up: Diana McIver, President DMA Development Company, LLC 4101 Parkstone Heights Drive, Suite 310 Austin, TX 78746 dianam@dmacompanies.com (512) 328-3232 extension 4504

www.nefinc.org

MEANS HELP COMING HOME 50

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The Terrace at MidTowne 52

The Terrace at MidTowne 991 Abigail Way, Midlothian, TX 76065

Property Information

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Number of Units and Composition: Of the 92 units, 80 have rents structured to be affordable to persons with income levels at or below 60% of the area median income.

he Terrace at MidTowne is a 92-unit seniors-only community in the heart of MidTowne, a 131-acre mixed-use, sustainable community in Midlothian, Texas which is located 25 miles southwest of Dallas. The Terrace is the first multifamily community in MidTowne, which at completion, will have a variety of single-family residential homes, office and retail spaces, living units over retail, and 15 acres of green space. Countless sit-down meetings among the master developer, the tax credit developer and the architect played an important part in achieving the MidTowne vision. As a result, The Terrace at MidTowne features a two-story ‘Manor House’ with entries and stoops that face George Hopper, the main thoroughfare through the MidTowne community. This “urbanist” approach encourages street activity and intergenerational interaction as the nearby high school students go to and from school. The cottage style buildings also face outward toward the neighboring properties which will only be separated by small scale streets as opposed to fencing. The intention is that the entire planned community will be walkable and livable, providing frequent daily interactions among residents of all ages. For the use of its residents, the Manor House features a community room with a party kitchen, and a large wrap around porch, complete with rocking chairs and café tables. Additionally, the Manor House includes a theatre/auditorium with stadium seating, a living room with television, a library with computer stations, several small lounges, and an equipped fitness center. Amid beautiful landscaping is a large loggia with seating for 20 and barbeque grills. Additionally, the 40 single-story cottage style units have attached carports, which contribute to an overall neighborhood aesthetic and feel. These cottage style units are very popular with the Terrace’s more active residents, who like to garden and visit on their front porches, many of which face common green spaces.

Texas Affordable Housing Magazine

Resident Profiles: The Terrace at MidTowne residents must be at least 62 years of age. Developers: The Co-Developers are DMA Development Company, LLC, and JSA Development Company, LLC Syndicator: The property received an allocation of 9% tax credits, which were purchased by RBC Capital Markets Lenders: Construction & permanent financing – J.P. Morgan Chase. Gap Financing – HOME loan through Texas Department of Housing and Community Affairs (TDHCA). Architect: Nelsen Partners, Inc. Contractor: Carleton Construction Contact Information for follow-up: Diana McIver, President DMA Development Company, LLC 4101 Parkstone Heights Drive, Suite 310 Austin, TX 78746 dianam@dmacompanies.com (512) 328-3232 extension 4504

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Mariposa at Bay Colony League City, Texas Bonner Carrington

A Leader in Affordable Housing. RBC Capital Markets’ Tax Credit Equity Group raised over $720 million of tax credit equity over the course of 2013 and would like to thank its investors, developers and industry associates for a very successful year. Our partnerships with groups like Bonner Carrington on Mariposa at Bay Colony have led to the construction or rehabilitation of over 6,300 affordable homes in 2013. Together, we continue to advocate for the Housing Credit program and its proven success in the development and preservation of affordable housing. Take Confidence in Our Approach

Dan Kierce Director, Tax Credit Equity 216.875.6043 daniel.kierce@rbccm.com

Sean Cullen Director, Bond Underwriting 212.618.5641 sean.cullen@rbccm.com

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Texas Affordable Housing Magazine

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Cypress Creek at Fayridge Drive 56

Cypress Creek Apartment Homes at Fayridge Drive 14155 Fayridge Drive, Houston, TX 77048

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ypress Creek Apartment Homes at Fayridge Drive is a 152-unit garden-style apartment home community designed to create a sense of neighborhood. Completed in 2012, Cypress Creek is located just inside the Sam Houston Tollway, near the Highway 288 corridor, and only a short commute to Hobby International Airport. A park-like courtyard containing class A amenities; such as sports court and field, resort-style pool, and Heart of Redwood playscape; centrally located creates a unique living experience that focuses on fostering a community where life happens and friendships are made. Beyond these amenities, residents can enjoy spacious one, two, three, and four bedroom floor plans. Each apartment home interior is tastefully color-coordinated and includes 9-foot ceilings, garden tubs, and an upgraded energy efficient gas and electric appliance package. In 2014, Cypress Creek took energy efficiency a step further by installing solar panels, which are projected to reduce electricity consumption by 50% in the community’s clubhouse. To date, the solar panels are expected to be among the most significant solar installations at an apartment community in the City of Houston. Cypress Creek continues to be a leader in finding innovative ways to improve the lives of our residents and future generations of neighbors.

Texas Affordable Housing Magazine

Property Information Property Name: Cypress Creek Apartment Homes at Fayridge Drive Property Location: 14155 Fayridge Drive, Houston, Texas 77048 Photographer: Beth Woods, Peach Marketing Type of Funding: Housing Tax Credits – Texas Department of Housing and Community Affairs Number of Units & Composition: (8) Units set-aside at 30% AMI (66) Units set-aside at 50% AMI (74) Units set-aside at 60% AMI (1) Unit set-aside at 80% AME (3) Units Market Rate Resident Profile: General Population Developer: Bonner Carrington Syndicator: Royal Bank of Canada Lender Name(s): JP Morgan Chase Bank Architect: Kelly Grossman Architects List of on-site amenities: Community Clubhouse, Business & Learning Center, Fitness Center, Multi-Purpose Community Activity Center, Resort-Style Swimming Pool, Sport Court, Sports Field, Professional Landscaping, Heart-of-Redwood Playscape Area, Barbecue Grills & Picnic Areas, Clothes Care Center and Recycling Stations List of support services offered: Home Buyer Education; Credit Counseling; Financial Planning Assistance; Health Screening Services; Health and Nutritional Courses; Organized Team Sports Programs

Texas Affordable Housing Magazine

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Gateway Apartments - Georgetown, Texas Scheduled to open early 2015

Your Statewide Partner for Multifamily Financing Bonds, Lending, Land Banking David Danenfelzer 512-477-3562 ddanenfelzer@tsahc.org www.tsahc.org Texas Affordable Housing Magazine

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Canutillo Palms 60

Canutillo Palms 365 La Puesta, El Paso, TX

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anutillo Palms is a 172-unit quadraplex townhome development built on the West Side of El Paso, Texas—an area of town that has been over built with market apartments in the last few years. However, don’t tell that to Canutillo’s property manager Sergio Gamboa, “In my 29 years of leasing and managing I have never seen a lease-up of such a large property in that short of a period.” Canutillo Palms opened in January of 2013, and by the second week of March it was one hundred percent full. Since its two month lease-up in January of 2013 it enjoys 98% occupancy and has not dropped since. This was no surprise to Bobby Bowling, one of the owners of Tropicana Building Corporation, developer of Canutillo Palms. “Sunset Palms, our only other tax credit deal on the west side, was our first tax credit project award in 2001. Since that time I don’t ever remember it falling below 95% occupancy. So even though thousands of market units have been built in the area since then, we were still confident that another tax credit development would do well in this area.” Canutillo is part of a master planned community called La Puesta Del Sol—built with walking trails, biking trails, and parks all culminating at Canutillo Palms. The mixed use community includes a single family development, a retail center and directly abuts the brand new Canutillo High School. El Paso Community College and the Westside Sports Complex (the main regional park for west El Paso) are also within a few hundred feet. “Canutillo is truly part of a walkable community that is set apart from any complex in El Paso,” says Demetrio Jimenez, President of Tropicana Properties, Inc. “We were very fortunate that the owners of the larger 120-plus acre tract, the Bowling family, decided to put some extra amenities in the area, which frankly is expected only in highest end housing communities on the west side of El Paso. The west side of El Paso is perceived to be the more affluent area of El Paso, and our tenants deserved to be a part of that part of El Paso, even though we were met with some political difficulties with the city council representative to get it started.” Tropicana Building decided to put extra amenities to mirror the single family homes that their affiliated company (Tropicana Homes) was building in the area including granite countertops, faux stone fronts, and wrought iron architectural details. “It’s apparent that the details in our apartments and the community center here, that this is

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Texas Affordable Housing Magazine

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Property Information not your stereotypical low income complex,” said Marie Torres, one of the first residents of Canutillo Palms who will soon be moving into her own new Tropicana home. “I love living here, it’s a community. I’ve lived here for over a year and looked at the houses that Tropicana builds and now I’m able to afford and buy one of the single-family homes in the community.” Bowling summed up the development with one final statement, “This is exactly what TDHCA is looking for as an exemplary tax credit development at this time. Outstanding visibility from our major freeway of I-10, all the amenities you’d find in a highend private development, proximity to schools, retail, parks and major employment centers and in the higher income part of El Paso. Everyone I know in El Paso has driven by and seen Canutillo Palms, and not a single one of them can believe it when I tell them that Canutillo Palms is a Low Income Housing Tax Credit Development.”

This beautiful Mission style apartment targets the low income families of the El Paso area. Construction was completed in 2012. The property is surrounded by many public amenities. This property has energy star appliances, washer and dryer in every unit. Photographer: Christ Chavez Type of funding: Tax Credits (HTC) Number of Units:172 Units Resident’s profiles: Family Developer(s): Tropicana Building Corp. Syndicator(s): The Richman Group Lender name(s): Bank of America Architect(s): ARTchitecture On-site Amenities: Full perimeter fencing, gazebo with sitting area, covered pavilion that includes barbeque grills, equipped and functioning business center, furnished community room, library with an accessible sitting area, enclosed sun porch, two child playscapes, and sports courts. Unit Amenities: Covered entries, microwave ovens, self-cleaning ovens, ceiling fixtures in all rooms, Laundry equipment, energy star appliances. Green Building Initiative: Water conserving features Irrigation and Landscaping Sub metered utility meters Thermally and draft efficient doors EPA’s best management practices Supportive Services: Basic adult education, Legal assistance, GED preparation, English as a second language class, Homebuyers education, Credit Counseling, Financial planning assistance or courses, Health screening services, Notary public services, encourages the formation and maintenance of two-parent families. Affirmative Marketing to Veterans

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Texas Affordable Housing Magazine

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Amberwood Place

Developing Partnerships, Building Communities, and Changing Lives

Amberwood Place 411 W. Hawkins Parkway, Longview, TX 75604

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mberwood Place is a new construction, garden style, multi-family community located in Longview, Texas. Consisting of 78 mixed-income units, there are five residential buildings and one clubhouse with amenity areas and leasing office space. Created with families in mind, this development offers a number of spacious 1, 2, 3 and 4 bedroom units and encourages active community engagement with a multitude of outdoor amenities. Michael Wohl, a principal of both Anthem Builders and Pinnacle Housing Group, recognizes the importance of art education. In each community, a local artist is commissioned to create an original sculpture, mosaic, or other form of art work. This commitment to Art in Public Places aims to provide a sense of pride within each community. In addition to a sculpture commissioned for the property entrance, at Amberwood Place, Mr. Wohl partnered with Moving Lives of Kids Art Center to create a 150 foot long mural on the property. The mural includes artwork from six local and national artists who lead a group of 10 youth artists to assist in the project. Each youth artist received a ‘continued arts education’ stipend for their contribution to the mural, while gaining hands-on experience in working with professionals. The selection of artists and local youth was conducted through a six month community process that included theme development, artwork contests and youth participation competitions.

Property Information Number of units and composition: 78 units: 12 one bedroom, 32 two bedroom, 32 three bedroom and 2 four bedroom units. Amberwood Place is 87% affordable and serves families at 30%, 50% and 60% of AMI, as well as those at market. Type of funding: 9% Low Income Housing Tax Credits through the Texas Department of Housing and Community Affairs, as well as local funding from the City of Longview Developer: Michael Wohl, principal of Anthem Builders and Pinnacle Housing Group Syndicator and Lender: Wells Fargo Community Lending and Investment Architect(s): Miller Slayton Architects Tax Credit Consultant: S2A Development Consulting For more information please contact: Amberwood Place Apartments (682) 703-2940

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Serving the Multi-Family Industry since 1999 972 475 9977 ext 101 jbeats@dpcservices.net 66

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Texas Affordable Housing Magazine

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HighPoint Senior Living 68

Texas Affordable Housing Magazine

Texas Affordable Housing Magazine

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HighPoint Senior Living 70

HighPoint Senior Living 1615 S. Zang Boulevard, Dallas, TX 75224

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outhwest of downtown Dallas, HighPoint Senior Living represents the return of high-quality, affordable seniors-only housing to the Oak Cliff neighborhood. With 140 rental units, HighPoint is a state-of-the-art community that combines designer touches, recreational amenities and resident services to set a new standard for senior living. Even more impressive is how this part of Oak Cliff is being reborn through a multiphase redevelopment. The first multifamily housing on the 48-acre site was built in the 1940s to house returning U.S. military veterans and their families. While it was an attractive option in the decades that followed, the property fell into disrepair by the 1980s and ultimately went into foreclosure. Dallas City Homes and Bank of America Community Development Corporation bought the property and thoroughly renovated it into 408 units – a roughly $12 million effort. Even with that renovation, it was clear by the late 2000s that continued upkeep would be expensive and redevelopment was necessary to provide 21st century living conditions. “We were delighted when Bank of America Community Development Corporation invited us to become part of this redevelopment effort,” said John Greenan, executive director of Central Dallas Community Development Corporation (CDC). “Just like other properties, affordable housing communities need to be refreshed periodically to meet current expectations. “HighPoint Senior Living is a highly creative approach to meet that need,” Greenan added, “thanks to the combined creative energies of our organization, Bank of America CDC, the Texas Department of Housing and Community Affairs, HUD, City of Dallas Councilman Scott Griggs, and the City of Dallas Housing Department. HighPoint Senior Living is the first phase of the planned redevelopment of the Parks at Wynnewood property. Bank of America provided Housing Tax Credit equity, construction and permanent financing, with the City of Dallas providing additional support. Nineteen buildings with 108 units were demolished to make way for 140 new units on 8.5 acres. The apartments are for people 55 years or older, with rents affordable to seniors whose incomes are at 30 percent, 50 percent or 60 percent of the area median gross income. Between the rent levels, the high quality of the new units and the available resident services, HighPoint is a very desirable option for Dallas-area seniors seeking affordable housing.

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Texas Affordable Housing Magazine

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Property Information 140 apartments, with one- and two-bedroom units available. Floorplans range from 610 square feet to 984 square feet. The property will be LEEDŽ certified, and as such it will be both energy efficient and incorporate a number of green elements. Each apartment has elegant, designer touches, including granite countertops, wood cabinetry, ceiling fans, brushed nickel lighting and door hardware, ceramic tile in bathrooms, and plush carpeting. On�site recreational amenities include walking trails, swimming pool, horseshoe pit, dog park, outdoor fireplace, and a fully-equipped fitness room with TVs. Other community amenities include three elevators, a covered patio, great room with large-screen TV, fireplace and adjacent kitchen, business center with computers and printers, hair salon, theater room, laundry rooms and storage rooms. The property is adjacent to nearby shops, and also has full perimeter fencing with controlledaccess gates. Comprehensive resident services include financial planning assistance, health screening services, counseling services, credit counseling, health and nutritional services, notary public services, weekly arts and crafts classes, and weekly chair exercise classes.

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Get Connected H i lt o n A u st i n Bank of America Merrill Lynch is proud to sponsor the

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“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercialbanking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Equal Housing Lender . Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. THE POWER OF GLOBAL CONNECTIONS is a trademark of Bank of America Corporation, T eregistered x a s Ainfthef U.S. o rPatent d a band l Trademark e H o uOffice. s i n ©2014 g Ma ga i n e Corporation Bank ofzAmerica 03-14-0730

Future Conferences July 27-29, 2015 July 25-27, 2016 July 24-26, 2017

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W E L CO M E

We are glad you are participating in the 2014 Texas Housing

Conference. We hope you enjoy it as much as we plan to. The conference marks nearly one year of my service with the Texas Affiliation of Affordable Housing Providers. The year has been fun and interesting. It has also been a tremendous learning experience—one that will continue for some time. The first thing I noticed about TAAHP is how well the members work with one another. Even in the midst of intense competition there is a high level of congeniality and a sense of shared purpose. The second thing I noticed was the quality of the product our members produce. It is a reputation you should jealously guard. Outside of the organization, I have been impressed with the professionalism and commitment of the employees at the Texas Department of Housing and Community Affairs. From Chairman Oxer and Executive Director Irvine, throughout the organization there is a commitment to professionalism and transparency. While there is a necessary tension between the regulatory agency and those who are regulated, there is considerable communication between TAAHP and TDHCA. I applaud the previous executive director, Jim Brown, and the previous leadership of TAAHP for their work establishing this relationship. I thank the leadership of TDHCA for their effort in maintaining it. The past year has been successful in terms of our activities, including two very informative educational seminars and a particularly well-attended legislative outreach luncheon. We are indebted to our conference director, Kristi Sutterfield, for using her organizational and fundraising skills to make these events successful. The next twelve months will bring a new governor and lieutenant governor, a state senate with many new members and a house that has taken a more conservative turn.

Ideally, these new officials will be supportive of increasing the supply of quality, affordable housing for Texas’ growing population. This cannot be left to chance, however. Our overriding goal, then, is to demonstrate to these officials the benefit and efficiency of low income housing tax credits. This task does not fall solely to your staff or your board. It should be the goal of each member to reach out to your elected officials to inform them about what you do, how and why. Likewise, a new congress will consider tax reform and the utility of continuing the housing tax credit program. State and federal legislators who have seen our developments are overwhelmingly in support of continuing the housing tax credit program. Your personal outreach does make a difference in the perception of these decision makers. In closing, I am happy to report that the state of your association is strong. The board has allocated the resources necessary for a first class organization dedicated to representing your interests. I thank President Littlejohn and the rest of the board for the support they have provided. Your staff is committed to providing more communication, more service and more representation in the coming year. I encourage you to attend the annual business meeting Monday afternoon to learn more as well as to hear another great speaker. I enjoy hearing from you whether it is a suggestion or a complaint. This is your organization. Make the most of it. Enjoy your time in Austin and your experience at the conference. You won’t find a better time or place to exchange ideas and establish new relationships.

Frank Jackson

Schedule At-A-Glance Monday July 28, 2014 9:00 am – 12:30 pm Tax Credit 101 and 102 Workshop 9:00 am – 12:30 pm New Markets Tax Credits and Historic Tax Credit Workshop 10:00 am Conference Registration Opens 2:00 – 3:00 pm Opening Keynote: Ross Ramsey, Executive Editor, Texas Tribune 3:00 – 3:30 pm TAAHP Membership Meeting 3:30 – 4:00 pm Membership Keynote: Ben Metcalf, Deputy Assistant Secretary for Multifamily Housing, Department of Housing and Urban Development 3:00 pm – 7:00 pm Exhibits Open 5:00 – 7:00 pm Opening Reception (Wine Trail) 9:30 - 12:30 pm CREA/CohnReznick Reception Tuesday, July 29, 2014 7:00 am Registration Desk Opens 7:30 – 8:30 am Coffee with Dr. David Crowe, Chief Economist, National Association of Home Builders 8:30 – 9:45 am Breakout Sessions 9:30 – 7:00 pm Exhibits Open 9:45 – 10:15 am Refreshment & Snack Break 10:30 – 11:45 am Breakout Sessions 12:00 – 1:30 pm Luncheon Keynote Speaker: Charlie Cook, Editor, Cook Political Report 1:45 – 3:00 pm Breakout Sessions 3:00 – 3:30 pm Refreshment and Snack Break 3:30 – 4:45 pm Breakout Sessions 5:00 – 6:30 pm Conference Reception 9:00 – 12:00 pm Bank of America Merrill Lynch Reception Wednesday, July 30, 2014 7:30 am Registration Open 8:00 – 11:30 am Policy Brunch 8:30 – 9:00 am Opening Remarks - Rick A. Lazio, Jones Walker LLP 9:00 – 10:00 am Anthony “Tony” Freedman, Holland & Knight “While Washington Stagnates, Housing Markets and Needs Continue to Move” 10:00 – 10:30 am Texas Apartment Association, Texas Association of Builders, National Association of Home Builders Panel 10:30 – 11:30 am Texas Department of Housing amd Community Affairs Panel J. Paul Oxer, Chairman, Timothy Irvine, Executive Director and Executive Staff 11:30 am Conference Adjournment 12:00 pm Spa Day at W Hotel Away Spa 1:30 pm Mike Lankford Memorial Golf Tournament

Executive Director, TAAHP

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Board of Directors

W E L CO M E A M e s s a g e f r o m th e P r e s i d e n t

On behalf of the board of directors and members of the Texas Affiliation of Affordable Housing Providers, it is my pleasure to welcome you to the 2014 Texas Housing Conference.

I

t is with great pleasure that I get to share with you a little about our activities since the 2013 Texas Housing Conference. During the past year, we have continued to increase our membership and our Conference continues to set new standards for success. We expect to have over 700 attendees at this year’s conference and we have moved to the Hilton Austin to accommodate our growth in attendees and exhibitors. We have also added educational content, with additional emphasis on HUD and future market opportunities. TAAHP continues to have the best panelists in affordable housing. TAAHP continues to work with the Texas Department of Housing and Community Affairs (TDHCA) on new issues, such as fair housing and the new procedures for previous participation reviews. We have had several productive meetings with TDHCA, where we were able to share our member’s concerns. We appreciate TDHCA’s executive leadership and board for being open and transparent with their processes and programs and we look forward to continued communication. After the conference, our QAP Committee will be preparing for the 2015 QAP and multifamily rules. Members of TAAHP are looking forward to the 2015 legislative session in Texas. We continue to reach out to our friends in the legislature and we hope to make new friends before the session officially begins. We have also entered into an agreement with the Texas Association of Local Housing Finance Agencies (TALHFA) to share lobbying expenses. With participation from TALHFA and TDHCA, we have initiated a series of educational sessions with our legislators and their staff. Our industry has a great story to tell and our friends in the Capitol need to know the good works that our members do. Since the 2013 Texas Housing Conference, we have also sponsored educational sessions for the new Texas Historic Credit and on non-profit participation in LIHTC properties, as well as a well-attended property luncheon in Houston. TAAHP also sponsored an open meeting for the membership to discuss and provide comments on the 2014 QAP. Internally, there have been major changes as well. After Jim Brown’s retirement, TAAHP selected Frank Jackson as the Executive Director. Frank has significant experience in working with the Texas Legislature and their staff. He is using his experience and contacts to increase our opportunities for advocacy. Frank has been a quick learner and is maintaining our relationships with TDHCA and other

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industry groups, such as TALHFA and the Texas Association of Builders. Under his leadership, TAAHP will open new relationships with other industry groups and share our message at the Capitol. At the TAAHP Offices, Lauren Staton is handling many of our internal management processes, including membership coordination. We have recently transitioned to a new software system to handle our organizational responsibilities. Also, we have invested in new computers and a new hosting company to handle to handle the increased demands of our growth. I am also happy to report that we have a new website at www.tahhp.org. The new website has increased capability to handle membership renewals and event registrations. Kristi Sutterfield, our Conference Director, is continuing her great work with planning the 2014 Texas Housing Conference and I know you will be pleased with our move to a new location. During the past year, I have been privileged to serve with a great Board of Directors. I also want to thank the TAAHP staff for their hard work and efforts this past year. We have great candidates for the Board, and with the current TAAHP staff, TAAHP is in great hands! We are particularly thankful to our Partners for their continued support of the Conference and TAAHP’s other events. We hope you have a great experience at the 2014 Texas Housing Conference and want to thank you for your continued involvement and participation in TAAHP activities and mission. See you at the Conference,

George F. Littlejohn President of TAAHP

Top Row, Left to Right: President George Littlejohn Immediate Past President Barry Kahn President Elect Justin MacDonald Second Row, Left to Right: First Vice President Mahesh Aiyer Second Vice President Bobby Bowing Treasurer Valerie Williams Secretary Nicole Flores

Third Row, Left to Right: Dan Allgeier Rick Deyoe Tom Dixon Debra Guerrero Joy Horak-Brown Fourth Row, Left to Right: Darrell G. Jack David Mark Koogler John Shackelford Ron Williams Jerry Wright

Ex-Officio Not Pictured Antoinette M. “Toni” Jackson Edwina Carrington Mike Clark JOT Couch Granger MacDonald Dan Markson Diana Mciver Mike Sugrue

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T e x as H o u s i n g C o n f e r e n c e

W E L CO M E

Not only is the venue new and improved, but the finance and development market have been red hot for our industry and real estate in general over the last year. So, we’ve continued to search for the best and most relevant topics to add to your knowledge base or perhaps even open a whole new line of business for your firm. Note the specific panels on market rate housing, the latest on the RAD Program, State and Federal legislative updates and much more.

Thanks to our wonderful sponsors who continue to step up not only with advertising dollars but with input on the education series, sponsorship of core parties, hosting scheduled breaks and of course -- all those dinners and late night events during the “week of TAAHP!” Please look for the thank you placards acknowledging various vendors during the conference and be sure to thank your host. Also, a special thank you to the TAAHP staff including our new Executive Director, Frank Jackson and Executive Assistant, Lauren Staton, who both joined us in the last year. And finally, our most sincere thanks to your Conference Director and a woman that truly embodies the hospitality of the Lone Star State, Kristi Sutterfield. She has handled this transition year with poise and grace.

Welcome back for the 2014 TAAHP Texas Housing Conference!!

Monday, July 28, 2014

Tuesday, July 29, 2014

Opening Session 2:00pm

Coffee with Dr. David Crowe, 7:30am Fruit, Coffee, Donuts

Opening Keynote Speaker Ross Ramsey, Executive Editor, Texas Tribune 2:00-3:00pm

Morning Refreshments 9:45-10:15am

TAAHP Membership Meeting 3:00-3:30pm Membership Keynote Ben Metcalf, HUD 3:30-4:00pm

Luncheon (Hilton) Keynote Speaker, Charlie Cook, Editor, Cook Political Report 12:00-1:30pm

Opening Reception 5:00-7:00pm

Special Events

I

t is with much anticipation that we sit to ponder an appropriate welcome to all of our old friends and valued colleagues in and around the affordable housing industry. This year marks a new home and a new beginning for the conference as we move to The Austin Hilton to make room for our growing ranks and ensure state of the art facilities and prime networking areas for all attendees.

Afternoon Refreshments 3:00-3:30pm Wine Trail 5:00-7:00pm

We’re glad you’re here and we welcome your feedback on ways to

Closing Reception 5:00-6:30pm

continue to grow and improve this important housing forum!

Co-Chairs Late Night Networking Reception Four Seasons Hotel 9:00pm-12:00am Late Night Bash Liberty Tavern, Hilton Hotel 9:30pm-12:30am Bobby Bowling and K. Nicole Flores Texas Housing Conference Co-Chairs

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P r e - C o n f e r e n c e W o r ksh o ps

Monday, July 28, 2014

Monday, July 28, 2014

Monday, July 28, 2014

9:00am - 12:30pm

9:00am - 12:30pm

10:30am - 12:00pm

Tax Credit 101 and 102 Workshop 9:00am – 12:30pm Hilton Hotel - 4th Floor Room 400

New Markets Tax Credits 101 9:00am – 10:30pm Hilton Hotel - 4th Floor Room 404

An Overview of Federal and State Historic Rehabilitation Tax Credits Hilton Hotel - 4th Floor Room 404

Speakers for both workshops: Tamea Dula, Coats|Rose Alan Kennard, Locke Lord LLP Michael Kressig, Novogradac & Company John Panno, Bank of America Merril Lynch Marshall Phillips, CohnReznick

The Federal Historic Rehabilitation Tax Credit (FHTC) has been in its current form since 1986. Our panel members will provide an overview of the FHTC and state rehabilitation tax credits (SHTC), and including the IRS and National Park Service requirements. The panel will offer insight into how a project qualifies for the FHTC/SHTCs and how to calculate each. Panelists will present a sample transaction and discuss the timing and funding commitments and the variations utilized throughout the tax credit investor market. Additionally, our experts will share their experiences on how to get the deal done and the team of professionals needed for a successful closing.

Speakers: Edwina Carrington, CHK Enterprises Diana McIver, DMA Development Co.

The New Markets Tax Credit (NMTC) program was created as part of the Community Renewal Tax Relief Act of 2000 to offer investors a federal tax credit for making qualified investments in business and projects in underserved areas. Join our NMTC experts for an in-depth look at these special credits as they share information on the programs history and its evolution. Find out who the players are and what their roles are. Panel Members will take you through the tax credit pool, the application process and the award process. They will present a working example and take a look at the timing and funding commitments necessary to get the deal done and share their insight from a legal, accounting and lending perspective. If you have ever wanted to use NMTC’s, don’t miss this invaluable session on how to find allocations, the average size of the awards and who you need on your team to make it happen

The industry has begun to regain its footing in light of the Historic Boardwalk Hall decision issued by the Third Circuit Court of Appeals in September of 2012. To that end, the panel will discuss Revenue Procedure 2014-12, which was issued by the IRS in December of 2013, amended in January of 2014, and established the “Safe-Harbor” requirements under which the IRS will not challenge partnership allocations of FHTCs by a partnership to its partners. Lastly, the panel will explore how investors have reacted to the Safe-Harbor and how deals are moving forward.

Q & A Session 12:00 – 12:30pm

NOTE

The Housing Tax Credit program is the nation’s largest producer of affordable housing and one of the most complex financing programs to learn. Join us for this dynamic session and learn what a tax credit is, what you can build under the program, and a profile of the people who will live in these multifamily communities. The roles of the allocating agency, the developer/builder, the lender and the investor in a successful development will be discussed. Join us as we explore a typical tax credit transaction in Texas – including scoring under the Qualified Allocation Plan, how rents are calculated, credits are determined and possible sources for gap financing.

Monday, July 28

Monday, July 28

P r e - C o n f e r e n c e W o r ksh o ps

Conference bus service between the Hilton Hotel and the Hampton Inn Downtown, Hyatt Place Downtown and the Radisson Inn & Suites will run every 15 minutes during these hours: Monday, July 28th: 1:30 - 7:30pm; Tuesday, July 29th: 7:00am - 7:00pm; Wednesday, July 30th: 7:30am - 12:30pm.

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Texas Affordable Housing Magazine

Texas Affordable Housing Magazine

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Monday, July 28

C o n f e r e n c e K e y n o t e S p e ak e r s

Ross Ramsey will be our Opening Keynote Speaker Monday at 2pm Ross Ramsey is executive editor and co-founder of The Texas Tribune. Before joining the Tribune, Ross was editor and co-owner of Texas Weekly for 15 years. He did a 28-month stint in government as associate deputy comptroller for policy and director of communications with the Texas Comptroller of Public Accounts. Before that, he reported for the Houston Chronicle from its Austin bureau and for the Dallas Times Herald, first on the business desk in Dallas and later as its Austin bureau chief, and worked as a Dallas-based freelance business writer, writing for regional and national magazines and newspapers. Ross got his start in journalism in broadcasting, covering news for radio stations in Denton and Dallas.

Keynote Luncheon Tuesday July 29, 2014 12 noon - 1:30pm

Charlie Cook “The 2014 Political Environment”

Ben Metcalfe Membership Keynote Speaker Monday at 3:30pm Benjamin T. Metcalf is the Deputy Assistant Secretary for the Office of Multifamily Housing Programs at the U.S. Department of Housing and Urban Development. The Office of Multifamily Housing is responsible for the overall management, development, direction and administration of HUD’s Multifamily Housing Programs, including Section 8, Section 202, Section 811, Choice Neighborhoods, the Rental Assistance Demonstration, and the FHA multifamily insurance programs. Prior to his appointment, Ben served as a Senior Advisor to the Assistant Secretary in the Office of Housing – FHA Commissioner. In that capacity, Mr. Metcalf worked with a range of stakeholders and practitioners to inform the implementation of major policy initiatives during President Obama’s first term.

Join us for Tuesday’s Keynote Luncheon as Charlie shares how the 2014 midterm election cycle is taking shape and he identifies several must watch metrics worth monitoring between now and Election Day! Charlie Cook is Editor and Publisher of the Cook Political Report and a twice weekly columnist for National Journal and National Journal Daily. Charlie is considered one of the nation’s leading independent, non-partisan authorities on American politics and U.S. elections. In 2010, Charlie was a co-recipient of the American Political Science Association’s prestigious Carey McWilliams award to honor “a major journalistic contribution to our understanding of politics.” Charlie founded the Cook Political Report in 1984 and it has become one Washington’s most trusted sources for analysis of U.S. elections and political trends. Over the years Charlie has served as a political analyst or Election Night analyst for CBS News, CNN and NBC News and has appeared on all three major broadcast networks as well as on NBC’s Meet the Press and ABC’s This Week. For the Spring semester of 2013, Charlie served as a Resident Fellow at the Institute of Politics at the Kennedy School of Government at Harvard. A special “Thank You” to JPMorgan Chase for helping us underwrite Charlie Cook.

Hilton Hotel - 6th Floor - Salon FG 84

Texas Affordable Housing Magazine

Texas Affordable Housing Magazine

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Tuesday, July 29

Ed u c at i o n S e ss i o n s M ONEY

7:30 - 8:30am 8:30 - 9:45am

9:45 - 10:15am 10:30 - 11:45am

See the following pages for more detailed information on each seeson.

3:00 - 3:30pm 3:30 - 4:45pm

Private Equity - The World Outside of Tax Credits

Year 15 - The End of The Rainbow. Where is my Pot of Gold?

Moderator Dan Markson, The NRP Group

Moderator Justin MacDonald, MacDonald Cos.

Panel Members Rick Deyoe, Realtex Development Corp Michael Gardner, Gardner Capital Rob Hoskins, NuRock Development Adrian Lufschanowski, Thrive FP

Panel Members Cynthia Bast, Locke Lord Jeff Kunitz, Tax Credit Group of Marcus & Millichap Michael Regan, Boston Capital Chris Thomas, CohnReznick

CO M P L I A NCE

CURREN T I S S UE S

HUD

What are the Costs and Consequences of Building Inclusive Communities? Moderator Debra Guerrero, The NRP Group Panel Members Darrell Jack, Apartment Market Data Barry Kahn, Hettig Kahn Ann Lott, Inclusive Communities Projects Scott Marks, Coats | Rose

The Legal Edge-Solving Today’s Construction Problems Moderator Bobby Bowling, Tropicana Homes

RAD-All the Latest News! Moderator Terri Anderson, Anderson Capital Panel Members Jerry Anderson, Gill Group Elizabeth Arteaga, HUD Barry Palmer, Coats | Rose Deborah Van Amerongen, Nixon Peabody

Panel Members Vijay D’Cruz, Locke Lord Joe Davis, Husch Blackwell Chris Ryman, Coats | Rose

Refreshments Equity

Market Rate MF Housing

Moderator Nicole Flores, City Real Estate Advisors

Moderator Rick Deyoe, Realtex Development Corp

We Don’t Need No Stinkin Rules....But Maybe We Do! Moderator George Littlejohn, Novogradac

For Profits + Non Profits = True Love Always, Until Default Do Us Part! Moderator John Shackelford, Shackelford, Melton & McKinley and Norton Panel Members Lee Anderson, Housing Services, Inc. Robert Johnston, Affordable Housing Partners Ron Korval, Austin Affordable Housing Corp. Janine Sisak, DMA Development Co.

Marrying Tax Credits with HUD Financing Moderator Toni Jackson, Jones Walker LLP

Panel Members Steve Ford, Resolution, Inc. Dan Markson, The NRP Group Mark Ragsdale, PNC

Panel Members David Cervantes, TDHCA Tom Gouris, TDHCA Jean Latsha, TDHCA Patricia Murphy, TDHCA

Panel Members Michael Backman, AmeriSphere Tom Goade, HUD Robbye Meyer, ARX Advantage Susan Wilson, Novogradac

Debt-Opportunities and Challenges in a Changing World

Year 15 and Beyond Can You Say ROFR?

Keeping Pace in Texas

Moderator David Saling, JP Morgan Chase

Moderator Mike Sugrue, Stoneleaf Companies

Panel Members Jason Aldridge, Wells Fargo Bank Frank Brown, CITI Jeff Rodman, Bank of America Merrill Lynch Jim Spound, Red Stone Tax Exempt Funding John Yochum, Capital One

Panel Members Cynthia Bast, Locke Lord George Littlejohn, Novogradac Cliff McDaniel, ARA Dan O’Dea, Delphi Affordable Housing Group

Panel Members John Fleming, Texas Mortgage Bankers Assoc. Tom Gouris, TDHCA Steve Minick, Texas Assoc. of Business David Robins, Thompson & Knight

Panel Members Roland Broussard, Realtex Development Corp. Ellie Miles, Portfolio Resident Stephanie Naquin, TDHCA Blanca Ramirez, Hudson Housing

New Markets Tax Credit Program & Historic Tax Credit Program

Accounting By the Numbers: Tracking the Practical Effect on your Development

Washington Wire: The Latest News from our Washington Insiders

Taking Advantage of Non-Traditional HUD Programs to Preserve and Develop Affordable Housing

Moderator Dan Allgeier, NuRock Companies Panel Members Tamea Dula, Coats| Rose Alan Kennard, Locke Lord Michael Kressig, Novogradac John Panno, Bank of America Marshall Phillips, CohnReznick

Moderator Chris Thomas, CohnReznick

Moderator Sharon Dworkin Bell, NAHB

Panel Members Amy Blocker, CohnReznick Bob Courtney, Boston Financial Michael Martin, M Group Nancy Morton, DOZ

Panel Members Tony Freedman, Holland & Knight Rick Goldstein, Nixon Peabody Bob Moss, CohnReznick Jeff Whiting, CREA

Moderator Joy Horak-Brown, New Hope Housing Panel Members Naomi Byrne, Fort Worth Housing Authority Tory Gunsolley, Houston Housing Authority Kate Moore, TDHCA Raynold Richardson, HUD

Lunch Break Moderator David Mark Koogler, Mark-Dana Corporation

Supportive Resident Services: Challenges and Rewards

Preservation: HUD’s Re-Development Program can be Part of Your Preservation Plan

Moderator JOT Couch, Texas Inter-Faith

Moderator Michael Backman, AmeriSphere Panel Members Ray Landry, Davis Penn Gretchen Marchand, HUD Joyce Moskovitz, Bank of America Monica Sussman, Nixon Peabody

Refreshments Never Say Never Again Bonds Are Back! Moderator Mahesh Aiyer, Community Bank of Texas Panel Members Sean Cullen, RBC Capital Markets David Danenfelzer, TSAHC Nicole Flores, CREA Ken Overshiner, Chase Cody Wilson, Merchant Capital

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FU T URE M A R K E T S

Refreshments

Panel Members Bernard Husser, Richman Capital Joe Hagan, National Equity Fund Dan Kierce, RBC Capital Markets Josh Lappen, Hudson Housing Gary Robinson, Raymond James Tax Credits

12:00 - 1:30pm 1:45 - 3:00pm

Ed u c at i o n S e ss i o n s

Texas Affordable Housing Magazine

Closing Reception Texas Affordable Housing Magazine

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Tuesday, July 29, 2014

Tuesday, July 29, 2014

Tuesday, July 29, 2014

Tuesday, July 29, 2014

Private Equity – The World Outside of Tax Credits

Equity

Debt–Opportunities and Challenges in a Changing World

Never Say Never Again – Bonds are Back!

Moderator: David Saling, JP Morgan Chase

Moderator: Mahesh Aiyer, CommunityBank of Texas

Panel Members: Jason Aldridge, Wells Fargo Bank Frank Brown, CITI Jeff Rodman, Bank of America Merrill Lynch Jim Spound, Red Stone Tax Exempt Funding John Yochum, Capital One

Panel Members: Sean Cullen, RBC David Danenfelzer, TSAHC Nicole Flores, CREA Ken Overshiner, Chase Cody Wilson, Merchant Capital

Please join our panel of affordable housing lenders to discuss the obstacles and opportunities in an ever changing lending environment. The panelists will cover topics such as interest rate volatility, rising construction costs, the availability of subordinate financing, Fannie and Freddie, and much more. With housing economics being favorable, financing is available but under what criteria and timelines? Get the debt options available today along with current information on regulations, pre-payment penalties, increasing fees and more. As always, questions and comments from the audience are welcome and appreciated.

This all-star panel will share the latest news on the municipal bond market. Panel members will discuss how investors look at the structure of a bond deal versus a 9% deal and if they find it more or less appealing. The timing and benefits of various bond structures will be debated and our speakers will explore whether certain markets garner premium debt terms or higher equity pricing and how pricing varies from deal to deal. The biggest pitfalls in structuring bond deals will be covered. Find out if the equity side of a bond transaction looks different from the debt side and how creative financing trends in today’s market are getting bond deals financed. Bonds are back, you won’t want to miss this lively discussion.

8:30 - 9:45am Room 400/402

Moderator: Dan Markson, The NRP Goup Panel Members: Rick Deyoe, Realtex Development Corp. Michael Gardner, Gardner Capital Rob Hoskins, Nu Rock Development Adrian Lufschanowski, Thrive FP Creative Financing can provide crucial options for your affordable housing developments. This session will provide information about how you and your development team can utilize private equity and mezzanine debt to finance your affordable multifamily communities. Our distinguished panel will share real-life case studies and give you step by step guidance on how to structure your financing and which public partnerships make sense. Panelists will present a variety of case studies that have used the HUD 221(d)(4) program, tax credits, private equity and more. You will leave with solutions on how to address the challenges in substituting private equity for tax credits and a practical plan of action from experienced developers and lenders.

Texas Affordable Housing Magazine

9:45 - 10:15am Room 400/402

Moderator: Nicole Flores, City Real Estate Advisors Panel Members: Bernard Husser, Richman Capital Joe Hagan, National Equity Fund Dan Kierce, RBC Josh Lappen, Hudson Housing Gary Robinson, Raymond James Tax Credits Come swim with the sharks at TAAHP’s own version of “Shark Tank”. Test your skills at what makes a deal attractive and enticing to an equity investor as well as what raises a red flag as we review two real deals that are out to bid in a virtual marketplace. Join representatives of StoneLeaf Development and Steele Properties as they present both a new 9% construction deal and a 4% acquisition rehab deal to our panel of equity experts. Follow the interview and discussion process, hear the good, the bad and the ugly from an investor perspective and find out if these developers get a bid or walk away empty handed.

1:45 - 3:00pm Room 400/402

3:30 - 4:45pm Room 400/402

Tuesday, July 29

Tuesday, July 29

Ed u c at i o n S e ss i o n s - M o n e y

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8:30 - 9:45am Room 404 Year 15 - The End of the Rainbow. Where is my Pot of Gold? Moderator: Justin MacDonald, MacDonald Companies Panel Members: Cynthia Bast, Locke Lord Jeff Kunitz, Tax Credit Group of Marcus & Millichap Michael Regan, Boston Capital Chris Thomas, CohnReznick When it comes to the end of the compliance period, no two properties are alike. Each one needs its own solution, depending upon legal, financial, and market considerations. This panel will present case studies for actual Year 15 scenarios, giving attendees insight as to how other owners have positioned their properties. Year 15 deals can be tricky business, especially with the Texas Right of First Refusal (ROFR’s) in place. Panel members will cover all aspects of the ROFR as well as the sales process to include market rate, debt plus taxes, and specific named non-profits. Learn how the ROFR can affect the General Partner, what it means to the Limited Partner and how to determine the value for buyouts and the fair process.

Texas Affordable Housing Magazine

Tuesday, July 29, 2014

9:45 - 10:15am Room 404 Market Rate MF Housing Moderator: Rick Deyoe, Realtex Development Corp. Panel Members: Steve Ford, Resolution, Inc. Dan Markson, The NRP Group Mark Ragsdale, PNC This panel will give attendees insight into what it takes to complete market rate development as well as the financing alternatives and structures available in today’s lending environment. If you haven’t built, managed or developed a market rate multifamily community, find out if your Low Income Housing Tax Credit (LIHTC) development experience can help you with market rate developments. The panelists will discuss the difference between developing market rate as compared to a more typical LIHTC transaction. They will cover how equity is treated, what mezzanine debt looks like and how the partnerships you may be creating are very different from a typical LIHTC transaction. Market rate financing structures will be discussed as well as 9% LIHTC transactions looking for market rate financing or refinances of your existing affordable properties. There will be a case study presented which will outline how a market rate development differs from preparing and developing for a LIHTC development.

Ed u c at i o n S e ss i o n s - f u t u r e ma r k e ts

Tuesday, July 29, 2014

Tuesday, July 29, 2014

Year 15 and Beyond - Can You Say ROFR?

New Markets Tax Credit & Historic Tax Credit Programs

Moderator: Mike Sugrue, StoneLeaf Companies

Moderator: Dan Allgeier, NuRock Companies

Panel Members: Cynthia Bast, Locke Lord George Littlejohn, Novogradac Cliff McDaniel, ARA Dan O’Dea, Delphi Affordable Housing Group

Panel Members: Tamea Dula, Coats | Rose Alan Kennard, Locke Lord Michael Kressig, Novogradac John Panno, Bank of America Marshall Phillips, CohnReznick

1:45 - 3:00pm Room 404

When it comes to the end of the compliance period, no two properties are alike. Each one needs its own solution, depending upon legal, financial, and market considerations. This panel will present case studies for actual Year 15 scenarios, giving attendees insight as to how other owners have positioned their properties. Year 15 deals can be tricky business, especially with the Texas Right of First Refusal (ROFR’s) in place. Panel members will cover all aspects of the ROFR as well as the sales process to include market rate, debt plus taxes, and specific named non-profits. Learn how the ROFR can affect the General Partner, what it means to the Limited Partner and how to determine the value for buyouts and the fair process.

3:30 - 4:45pm Room 404

The New Markets Tax Credit (NMTC) was designed to increase the flow of capital to businesses and low income communities by providing a modest tax incentive to private investors. This session will provide a high level review of the NMTC program and the impact that it has made in businesses and economic development projects located in some of the most distressed communities in the nation. The Federal Historic Tax Credit Program will also be covered and attendees will learn about the three-step process regulated by the National Park Service (NPS) and the Internal Revenue Service (IRS). In 2013, Texas enacted legistlation that creates a Texas State HTC. The tax credit may be applied against franchise tax obligations starting on January 1, 2015; credits can be used a little at a time and be transferred multiple times, and unused credits can be carried forward up to five years. Don’t miss this interactive session!

Tuesday, July 29

Tuesday, July 29

Ed u c at i o n S e ss i o n s - f u t u r e ma r k e ts

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Tuesday, July 29, 2014

Tuesday, July 29, 2014

Tuesday, July 29, 2014

Tuesday, July 29, 2014

What are the Costs and Consequences of Building Inclusive Communities?

We Don’t Need No Stinkin Rules.... But Maybe We Do!

Keeping PACE in Texas

Accounting by the Numbers: Tracking the Practical Effect on Your Development

8:30 - 9:45am Room 417AB

Moderator: Debra Guerrero, The NRP Group Panel Members: Darrell Jack, Apartment Market Data Barry Kahn, Hettig Kahn Ann Lott, Inclusive Communities Project Scott Marks, Coats | Rose We expect a spirited discussion regarding furthering fair housing and its applicability to local, state, and federal programs. Recently, the 5th Circuit Court of Appeals reversed and remanded the Inclusive Communities Project (ICP) vs. Texas Department of Housing and Communities Affairs case and directed the U.S. District Court to reconsider its decision in light of standards issued by HUD in March of 2013. Panel members will discuss the status of the case and what possible impacts it will have on future policy decisions. Our speakers will share the success stories of building new residential communities in high opportunity areas as well as the impacts of current policy on the revitalization efforts of cities across Texas.

Texas Affordable Housing Magazine

9:45 - 10:15am Room 417AB

Moderator: George Littlejohn, Novogradac Panel Members: David Cervantes, TDHCA Tom Gouris, TDHCA Jean Latsha, TDHCA Patricia Murphy, TDHCA Join our expert panel of TDHCA staff as we discuss the rules and find answers to all of your questions, such as: • When will the new QAP come out? • How do I make it through a Previous Participation Review successfully? • What do I need to know about underwriting? • I really liked my compliance monitor. Can I get them again? A successful tax credit development is more than a good application. Find out how to make the rules work for you. This is a chance to get the answers you have always wanted – so bring your questions!

1:45 - 3:00pm Room 417AB

Moderator: David Mark Koogler, Mark-Dana Companies Panel Members: John Fleming, Texas Mortgage Bankers Assoc. Tom Gouris, TDHCA Steve Minick, Texas Assoc. of Business David Robins, Thompson & Knight Capture the benefits of energy and water conservation retrofits with no down payment or use of your own capital! SB 385, the Property Assessed Clean Energy Act (PACE) gives multi-family property owners access to long term, affordable financing for water and energy saving retrofits. Municipalities and counties with a PACE program work with business property owners and private sector lenders who finance the qualified improvements. A municipality or county places a PACE assessment with a senior lien on a property at the request of the owner. The term of a PACE loan extends many years, resulting in utility cost savings that cover the assessments. Improvements financed through PACE can generate positive cash flow upon completion with no up-front, out-of-pocket cost to the property owner. The repayment obligation automatically transfers to the next owner because the lien securing the PACE assessment follows title to the property. Learn how PACE can help control growing utility costs on your multi-family properties.

3:30 - 4:45pm Room 417AB

Moderator: Chris Thomas, CohnReznick Panel Members: Amy Blocker, CohnReznick Bob Courtney, Boston Financial Michael Martin, M Group, LLP Nancy Morton, DOZ Join us for a LIVELY discussion on a number of critical aspects facing developers from attracting more capital due to FASB Rule 13-B to the impact of the economy. Get answers to all of your critical questions. What issues are affecting cost certifications and credit allocations? How are developers handling the phantom income issue (deferred developer fees) and what are some strategies to reduce their impact? Why are capital accounts important and how do they affect the proceeds received from sold projects? Join in to gain strategies to keep your developments and company successful.

Tuesday, July 29

Tuesday, July 29

Ed u c at i o n S e ss i o n s - C o mpl i a n c e

Texas Affordable Housing Magazine

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Tuesday, July 29, 2014

Tuesday, July 29, 2014

Tuesday, July 29, 2014

Tuesday, July 29, 2014

The Legal Edge-Solving Today’s Construction Problems

For Profits + Not for Profits = True Love Always, Until Default Do Us Part!

Supportive Resident Services: Challenges and Rewards

Washington Wire: The Latest News from our Washington Insiders

Moderator: JOT Couch, Texas Inter-Faith

Moderator: Sharon Dworkin Bell, NAHB

8:30 - 9:45am Room 416AB

Moderator: Bobby Bowling, Tropicana Homes Panel Members: Vijay D’Cruz, Locke Lord Joe Davis, Husch Blackwell Chris Ryman, Coats | Rose From breaking ground to broken buildings, what are the proactive steps to take to protect your project? Seasoned construction litigators will share their insights on problems frequently encountered in construction projects. You will learn to recognize and handle the key issues in contract drafting, interpretation and negotiation on the front end, and gain an understanding of the latest court rulings affecting the rights and remedies applicable when disputes inevitably arise. The Dispute Resolution Process will be covered and the best avenue to handle construction defect claims will be presented. Key provisions in contracts, the termination provisions, risk shifting devices, indemnity clauses and more are on the agenda. Bring your toughest questions and concerns to this group of legal experts.

Texas Affordable Housing Magazine

9:45 - 10:15am Room 416AB

Moderator: John Shackelford, Shackelford, Melton, McKinley & Norton Panel Members: Lee Anderson, Housing Services, Inc. Robert Johnston, Affordable Housing Partners Ron Korval, Austin Affordable Housing Corp. Janine Sisak, DMA Development Company A cross-section of experts representing for profit and non-profit entities and investors discuss the ins and outs, the issues and complications of marrying a nonprofit entity with a for profit developer. The topics to be covered are general partner organization and structure; control, management and scope of authority; material participation requirements of TDHCA and IRS; non-profit guaranties; private inurement; property and sales tax exemptions and structure requirements to obtain these exemptions; division of fees and cash flow; and investor considerations. Learn the good, bad and ugly aspects of combining the charitable purposes of a non-profit partner with maximizing income purposes of a for profit partner. Marriage is sweet, but the living together with different goals inherently creates tension. Find out how each partner in these transactions needs to manage its expectations of the others.

1:45 - 3:00pm Room 416AB

Panel Members: Roland Broussard, Realtex Development Corp. Ellie Miles, Portfolio Resident Services Staphanie Naquin, TDHCA Blanca Ramirez, Hudson Housing As multifamily affordable housing owners, developers, partners, managers and investors, many obligations and responsibilities are imposed upon us to ensure the communities that we build provide decent, safe and affordable housing to our residents. Many of these obligations and responsibilities vary from property-to-property and are often interpreted in different ways. One crucial obligation that is often misinterpreted is on-site services and activities. This panel will enlighten attendees with the challenges and rewards of providing a wide variety of resident services. Our experts will share their views about on-site work, target audiences, compliance with LURAs, content programing, record keeping and the financial aspects. Case studies will be presented that will include Resident Services, Enhanced Resident Services and Supportive Housing Services, from the owner, developer, manager and investor perspective.

3:30 - 4:45pm Room 416AB

Panel Members: Tony Freedman, Holland & Knight Rick Goldstein, Nixon Peabody Bob Moss, CohnReznick Jeff Whiting, CREA What is happening in Washington could have a major impact on your deals and deal structures. Whether it’s the issues being discussed or changes in leadership in Congress or at the federal agencies, you are likely to be feeling the effects. This panel of Washington insiders, who are also among the industry’s leading practitioners, will give you an inside look at what is likely to happen, when it might happen, and how you can make plans now for these eventualities. Get critical information on important issues and learn how you can make sure that your voice is heard in D.C.

Tuesday, July 29

Tuesday, July 29

Ed u c at i o n S e ss i o n s - C u r r e n t Iss u e s

Texas Affordable Housing Magazine

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Tuesday, July 29, 2014

Tuesday, July 29, 2014

Tuesday, July 29, 2014

Tuesday, July 29, 2014

RAD-All the Latest News!

Marrying Tax Credits with HUD Financing

Preservation: HUD’s Re-Development Program can be Part of Your Preservation Plan

Taking Advantage of Non-Traditional HUD Programs to Preserve and Develop Affordable Housing

Moderator: Michael Backman, AmeriSphere

Moderator: Joy Horak-Brown, New Hope Housing

Panel Members: Ray Landry, Davis Penn Gretchen Marchand, HUD Joyce Moskovitz, Bank of America Monica Sussman, Nixon Peabody

Panel Members: Naomi Byrne, Fort Worth Housing Authority Tory Gunsolley, Houston Housing Authority Kate Moore, TDHCA Raynold Richardson, HUD

8:30 - 9:45am Room 412

Moderator: Terri Anderson, Anderson Capital Panel Members: Jerry Anderson, Gill Group Elizabeth Arteaga, HUD Barry Palmer, Coats | Rose Deborah Van Amerongen, Nixon Peabody Hear from a panel of experts about how implementation of the United States Department of Housing and Urban Development’s (HUD) Rental Assistance Demonstration (RAD) program has been received over the past year. The panel will bring experience from practitioners who are closing RAD deals in Texas and around the country. There will also be an update from HUD on the latest developments in the program. The panel will discuss how the RAD implementation has been going in Texas and what policy issues may impact the future of the program in Texas. You will gain insight into how the RAD program impacts Housing Credit demand, state Qualified Allocation Plans (QAP) and preservation strategies.

Texas Affordable Housing Magazine

9:45 - 10:15am Room 412

Moderator: Toni Jackson, Jones Walker Panel Members: Michael Backman, AmeriSphere Tom Goade, HUD Robbye Meyer, ARX Advantage Susan Wilson, Novogradac Relationships take work. Marrying tax credits and FHA loan products is not always easy, but like any good partnership they are better together. FHA’s increasingly flexible affordable underwriting standards and improved processing makes it a better fit than ever for developers seeking a reliable source of debt for unconventional transactions. This trend is demonstrated by the sharp rise in total FHA/LIHTC loan volume from less than $500 million in 2010 to $1 billion in 2013. This panel brings together many of the experts that developers will need to make the marriage work. Beginning with the consultant helping to write the tax credit application, to the lender underwriting the loan, to the HUD official approving the loan, to the attorney and accountant needed to close the loan and ensure compliance with both TDHCA’s and HUD’s requirements, panelists will give insight into each phase of securing FHA long-term debt for your project.

1:45 - 3:00pm Room 412

Hear from industry experts on available U.S. Housing & Urban Development (HUD) financing and subsidy preservation tools. This panel will discuss how to access and best use available HUD resources and processes to accomplish an effective and meaningful preservation transaction. The bulk of preservation transactions involve the acquisition and rehabilitation of existing properties by for-profit and nonprofit developers. The Low Income Housing Tax Credit (LIHTC) program remains a key driver of transactions for renovating existing multifamily properties and preserving them as affordable rental housing. Panel members will share new approaches to keep properties affordable as well as outline the key HUD programs available to you and your company that will foster increased preservation activities and energize communities.

3:30 - 4:45pm Room 412

Tax-exempt bonds, HUD-insured financing and the syndication of low income housing tax credits are the primary tools for developing new affordable housing or rehabilitating existing affordable housing. Learn how to layer the traditional sources of funding with other HUD sources such as Project Based Vouchers, Project Based Rental Assistance, Section 811, and other HUD/ Housing Authority programs to maximize your funding streams for multi-family affordable housing. The panel will review the some of the financing tools and options currently available, and outline effective strategies for structuring deals to make the most of the HUD programs and funding.

Tuesday, July 29

Tuesday, July 29

Ed u c at i o n S e ss i o n s - H U D

Texas Affordable Housing Magazine

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Wednesday Policy Brunch 8:00am – 11:30am, Hilton Hotel - 6th Floor Salon FG 8:30am – 9:00am

10:00am – 10:30am

Rick A. Lazio, Partner Jones Walker LLP Mr. Lazio is the former U.S. Representative from New York and the former Chair of the Housing Subcommittee. While a Congressman, Mr. Lazio served as Deputy Majority Whip and Assistant Majority Leader. He joined Jones Walker to focus on affordable housing and related housing finance. Mr. Lazio has been a longtime advocate for housing issues.

Moderator: Granger MacDonald, MacDonald & Associates, Inc.

Welcome and Opening Remarks

9:00am – 10:00am

“While Washington Stagnates, Housing Markets and Needs Continue to Move.” Anthony “Tony” Freedman, Partner Holland & Knight Mr. Freedman has been involved with the low-income housing tax credit program since its adoption as part of the Tax Reform Act of 1986, representing developers, syndicators, investors, lenders and housing credit agencies. He currently provides regular advice and counsel to more than a dozen State housing credit agencies. Mr. Freedman will provide an overview of developments in low-income housing credit, housing reform and the possible replacement of Fannie Mae and Freddie Mac. Rick A. Lazio

Tony Freedman

What Our Friends are Thinking

M i k e L a n k f o r d M e m o r i al G o l f T o u r n am e n t

We’re Moving On Up ... To The East Side

What Our Friends are Thinking

Wolfdancer Golf Club

Panel Members: Sharon Dworkin Bell, National Association of Home Builders David Mintz, Texas Apartment Association Ned Muñoz, Texas Builders Association The legal and policy specialists from these organizations will opine and prognosticate about current issues and about what may transpire during the coming sessions of the Texas Legislature and US Congress. This will be fast-paced panel designed to provide you with a high level view of items of interest and concern. 10:30am – 11:30am

What Our Regulators are Thinking Moderator: George Littlejohn, Novogradac Panel Members: Tim Irvine, Texas Department of Housing & Community Affairs J. Paul Oxer, Texas Department of Housing & Community Affairs The leadership team of the Texas Department of Housing and Community Affairs (TDHCA) will join us for the closing session of the Conference. Board Chairman J. Paul Oxer and Executive Director Tim Irvine will share their vision for TDHCA. Senior Staff will also be present …. join us to hear what is in your future. Bring your questions!

What Our Regulators are Thinking

Wednesday, July 30

Wednesday, July 30

Policy Brunch

We have moved the Mike Lankford Memorial Golf Tournament to the Hyatt Regency Lost Pines Resort & Spa Wolfdancer Golf Club 575 Hyatt Lost Pines Road, Lost Pines, TX 78612 512-380-4713 12:30pm Registration and Lunch 1:00pm Shotgun Start 6:30 pm 19th Hole Reception & Awards $200 per player You can still sign up to play golf. Taking registrations until 10am on Wednesday, July 30th! Benefiting the TAAHP PAC and The Texas Housing Foundation

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Texas Affordable Housing Magazine

Texas Affordable Housing Magazine

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Welcome to another great Texas Housing Conference! It is hard to

believe that 2014 is more than halfway behind us. Before long, we will be feeling cooler weather, sending in our Tax Credit Commitments, and looking to get closed and started on the new projects awarded in this year’s credit round. And soon, I will be taking over the reins of TAAHP from George Littlejohn, our current president. It will be hard to live up to the high standard the George has set over the last year of his leadership. We have weathered staffing changes, computer system upgrades, a new Texas Housing Conference venue, and many other challenges. I look forward to carrying on George’s good work in the coming year. Luckily, with our capable staff under the leadership of Frank Jackson, that should not be too hard to do. Of course, coming up on the start of the 84th Session of the Texas Legislature in January, one of our main priorities will be in the arena of government relations. To that end, Frank and I have already started working with TAAHP’s Government Affairs Committee to begin identifying what our legislative priorities should be. Frank has also been in contact with our industry partners, especially TALHFA (with whom we share an outside government affairs consultant), to find issues of common ground where we can support each other. We will also be relying on you, the members of TAAHP, to help us carry our message to the Capitol; before, during, and after the Session convenes.

Providing housing for Texans for over 16 years.

I know that 2014-2015 will be a good time for TAAHP. I am excited to be leading us into this time, and I look forward to your comments and feedback.

President Elect Justin MacDonald

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SPECIAL THANKS

TO THIS YEAR’S

GOLF

SPONSORS

COFFEE WITH DR. CROWE

+

Tuesday, July 29, 2014 - 7:30am Coffee and Crowe will cover where the housing market is now in the US and Texas and where we expect it to go in the next two years. Dr. Crowe will cover the macroeconomic conditions that will propel housing back to a more normal state as well as the causes behind the slow national recovery and what sets Texas apart from that modest recovery. Special thanks to our sponsor.

David Crowe is Chief Economist and Senior Vice President at the National Association of Home Builders (NAHB). Dr. Crowe is responsible for NAHB’s forecast of housing and economic trends, survey research and analysis of the home building industry and consumer preferences as well as microeconomic analysis of government policies that affect housing. Dr. Crowe is also responsible for the development and implementation of an innovative model of the local economic impact and fiscal cost of new home construction, which has estimated the net impact of new housing in over 500 local markets. Past research has concentrated on home ownership trends, tax issues, demographics, government mortgage insurance, local land use ordinance impacts and the impacts of housing on local economies.

A TRUSTED PARTNER IN AFFORDABLE HOUSING. Raymond James’ affordable housing experience dates back to 1969 and covers nearly all 50 states. We deliver innovative and comprehensive financing solutions through Raymond James Tax Credit Funds, one of the nation’s most active low-income housing tax credit syndicators. Since the tax credit program began in 1986, we’ve provided equity for more than 1,500 projects throughout the United States. And through a combination of quality partners and excellent execution, we’ve posted a long-term track record of more than 85 successful funds. Consider us your partner, helping you fulfill your mission of providing sustainable and affordable housing in your communities. Let us put our proven performance to work for you.

Sponsors as of 7/18/14

THANK YOU!

A PROUD SPONSOR OF THE 2014 TEXAS HOUSING CONFERENCE

GARY ROBINSON // Vice President, Managing Director of Acquisitions // 727.567.5014 RJTCF.COM Past performance is not indicative of future results. 13-TCF-0153 CW 4/14

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Jean W. MacDonald Lifetime Achievement Award

Kick off the 2014 Conference with a Late Night Bash at the Liberty Tavern, located at the Hilton Hotel from 9:30pm until 12:30pm. Bring your dancing shoes and come join your friends for Scotch Flights, Beer Flights, Desserts and great Austin tunes!

Hosted by:

2011 Jean W. MacDonald 2012 Edwina Carrington

Tuesday, July 29th

2013 Diana McIver

Find out this years winner on 7-29-14. Award presentation will be held during the annual Texas Housing Conference Luncheon. 104

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Hosted by:

Join our Diamond Partner Bank of America Merrill Lynch from 9:00pm until midnight at the Four Seasons Hotel to network and connect with old and new friends! Music will be provided by the band, HOTCAKES, a local Austin favorite and refreshments will be served.

Get Connected. Parties!

Congratulations to our previous recipients:

Monday, July 28th

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Exhibit Layout

E x h i b i t o r & Pa rt n e r D i r e c t o ry

Governor’s Ballroom 4th Floor

Capstone Real Estate

9

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Amegy Bank

Phase Engineering

10

22

AEGON

34

Sonoma Housing Advisors

35

Boston Financial Investment Management

47

Bonneville Mortgage

8 Mark D. Foster & NDC Corproate Equity Funds

7

Carleton Construction

6 First Sterling Financial

5

Gill Group, Inc.

3

Enterprise

2

City Real Estate Advisors

48 CMB Construction

49 Boston Capital

11 Wilmington Trust

12

Red Stone Equity Partners LLC

21 Galaxy Builders

20

R4 Raymond Capital James LLC

13

19

CentePoint Goodman Energy

23 Federal Home Loan Bank of Dallas

24 Wells Fargo

25

33 ICI Construction

32 Novogradac & Company

31

Husch Orion Real Estate Blackwell Servcies LLP

36 Alliant Captial

37

46 Johnson Petrov LLP

45

National Churchill Equity Stateside Fund

38

44

Bank of Texas

4

Innovative Dehumidifiers

Thrive, FP

50

ARX Advantage

51 Pathfinder Insurance

52

Journeyman Construction

53 Dallas Housing Finance Corp.

54

Shackelford, Melton, McKinley & Norton LLP

14

CITI

15

Coats I Rose

18 Capital One

17

16 Chase

Hudson Housing Capital

26

Portfolio Resident Services & Inter-Faith Group

27

Bank of America

28

Locke Lord

30 Richman Capital

29

RBC Captial Markets

39

PNC Real Estate

40

Dauby, O'Connor & Zaleski, LLC

43 Gardner Capital

42

Cohn-Reznick

41

ICF International

55 Fox Energy Specialists

56 Rheem Tankless Hot Water Heaters

57

TAAHP Central

1

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CohnReznick LLP Booth 41 Chris Thomas, Partner 816 Congress Avenue, Suite 200, Austin, TX 78701 512-499-1408 + chris.thomas@cohnreznick.com www.cohnreznick.com

Bank of America Merrill Lynch is one of the largest providers of commercial real estate financial services in the country. Our Commercial Real Estate Banking team provides project finance, corporate finance and comprehensive financial solutions for a wide range of clients, including public and private Real Estate Investment Trusts (REITS) and funds, as well as commercial and residential development companies.  Bank of America Merrill Lynch is one of the world’s largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services.

With more than 2200 employees and 26 offices nationwide, CohnReznick is the 10th largest accounting, tax, and advisory firm in the U.S. Dating back more than 35 years, CohnReznick’s affordable housing practice continues to help shape the policy of the industry, connect its people, and implement best practice solutions to help improve developer and investor outcomes. Our experienced professionals provide services at each stage in the life cycle of a project—from pre-application to Year 15 to the post-tax credit period, drawing upon the knowledge of dedicated practice groups in tax credit advisory, real estate development, construction, renewable energy, valuations, and transactions. For more information, visit www.cohnreznick.com.

Chase Bank Booth 16 David H. Saling, Senior Banker 221 West Sixth Street, Floor 1, Austin, TX 78701 512.479.2218 + david.h.saling@chase.com www.chase.com/cdb

Capital One, N.A. Booth 17 John Yochum 5718 Westheimer Road, 10th Floor, Houston, TX 77057, 713.435.5324 + john.yochum@capitalone.com. www.capitalone.com

Chase takes pride in working to develop vibrant and diverse communities capable of sustaining a high quality of life and economic opportunity. We distinguish ourselves as a national leader in community development by expanding access to capital, providing leadership by example, and delivering comprehensive community development solutions of our global bank. By providing the financial resources needed to grow and develop, Chase is leading the way to help strengthen communities across America.

With more than 2200 employees and 26 offices nationwide, CohnReznick is the 10th largest accounting, tax, and advisory firm in the U.S. Dating back more than 35 years, CohnReznick’s affordable housing practice continues to help shape the policy of the industry, connect its people, and implement best practice solutions to help improve developer and investor outcomes. Our experienced professionals provide services at each stage in the life cycle of a project—from pre-application to Year 15 to the post-tax credit period, drawing upon the knowledge of dedicated practice groups in tax credit advisory, real estate development, construction, renewable energy, valuations, and transactions. For more information, visit www.cohnreznick.com.

City Real Estate Advisors Booth 1 K. Nicole Flores, Senior Vice President The Offices at The Domain Building One – Suite 360 11401 Century Oaks Terrace, Austin, TX 78758 512.821.4080 + nflores@cityrealestateadvisors.com www.cityrealestateadvisors.com

Citi Community Capital Booth 15 Frank Brown 5500 Maryland Way, Brentwood, TN 37027 615.372.6143 + franklin.d.brown@citi.com www.citicommunitycapital.com

City Real Estate Advisors, Inc. is a full-service low income housing tax credit syndicator, operating in 34 states and the US Virgin Islands. In 2013, CREA closed $441 million in investor equity and raised over $525 million. To date, CREA has raised and placed over $2 billion in LIHTC equity. We are dedicated to helping developers get the capital and resources they need to create quality affordable housing — while offering excellent investments to our investor clients.

Citi Community Capital is a premier financial partner with nationally recognized expertise in financing all types of affordable housing and community reinvestment projects. Citi Community Capital’s origination, structuring, asset and risk management staff across the country provides creative financing solutions designed to meet their clients’ needs. Citi Community Capital helps community development financial institutions, real estate developers, national intermediaries and nonprofit organizations achieve their goals through a broad, integrated platform of debt and equity offerings.

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Bank of America Merrill Lynch Booth 28 Valerie A. Williams, SVP, Client Manager 901 Main Street, 20th Floor, Dallas, TX 75202 214.209.3219 + valerie.a.williams@baml.com www.bankofamerica.com/community

SAPPHIRE

DIAMOND

E x h i b i t o r & Pa rt n e r D i r e c t o ry

SAPPHIRE

E x h i b i t o r & Pa rt n e r D i r e c t o ry

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Gardner Capital Development Booth 42 Michael Gardner, Principal 8000 Maryland Ave., Suite 910, Clayton, MO 63105 314.561.5901 + michael@gardnercapital.com Gardner Capital Development is a full service tax credit developer supporting the growth of affordable housing by working with communities and other industry stakeholders to create attractive and sustainable homes and neighborhoods. As a consolidated group, Gardner Capital and its affiliates also provide syndication, construction management, property management and other tax credit development related services.

Inter-Faith GROUP Booth 27 3701 Kirby Drive, Suite 860, Houston, TX 77098 713.526.6634 + frontdesk@ti-f.org www.TheInterFaithGroup.org

Coats | Rose Booth 18 Barry J. Palmer, Director 3 Greenway Plaza, Suite 2000, Houston, TX 77046 713.653.7395 + bpalmer@coatsrose.com www.coatsrose.com The Coats Rose Affordable Housing Group has extensive experience in affordable housing development. We have represented for-profit developers, non-profit developers and public housing authorities utilizing a variety of financing techniques, including Choice Neighborhood grants, CDBG Disaster Recovery Funding, low income housing tax credits, private activity bonds, historic tax credits, investment syndications and conventional financing. Our attorneys routinely structure complex transactions providing comprehensive solutions utilizing all aspects of financing in the affordable housing arena.

Inter-Faith GROUP represents companies dedicated to positively improving communities and benefiting their residents. We own, manage, as well as provide resident services to affordable housing communities in Texas and beyond. We offer customers the assurance of global experienced work completion, a uniqueness to specialized organizations, because of our balanced perspective, our advanced operations, our history and our visionary Boards of Directors.

Dauby O’Connor & Zaleski, LLC Booth 43 Gemi Ozdemir, Member 501 Congressional Blvd, Suite 300, Carmel, IN 46032 317.848.5700 + cozdemir@doz.net www.doz.net

Portfolio Resident Services Booth 27 3701 Kirby Drive, Suite 860, Houston, TX 77098 713.526.6634 + frontdesk@ti-f.org

Dauby O’Connor & Zaleski, LLC (DOZ) provides accounting, consulting, and tax services to participants in multi-family housing communities. DOZ is well versed in projects financed through HUD, RD, Tax-Exempt Bonds, and Low Income Housing Tax Credits with a client base that spans the United States. Our intense focus in the multi-family housing arena, coupled with operating from one central location, differentiates DOZ from other national firms. The result is a client experience that stands alone.

Portfolio Resident Services is a nonprofit organization dedicated to establishing resident services programs within affordable and conventional housing communities, providing residents the opportunities and resources needed to achieve economic and housing self-sufficiency. PRS provides customized, on-site classes and activities under the banner of The Good Neighbor Program incorporating elder services, youth programs, educational opportunities, and/or adult life skills programs. We enjoy word of mouth growth as we improve assets and communities.

Richman Group Affordable Housing Corporation Booth 29 Kevin Hoffman, Vice President 340 Pemberwick Road, Greenwich, CT 06831 203.869.0900 + HoffmanK@richmancapital.com www.therichmangroup.com The Richman Group and its affiliates have structured and sponsored real estate investment funds that have surpassed 1,300 properties acquired. The firm has raised billions of equity dollars that have been invested in real estate transactions. Our properties are located in forty-nine states, Washington, D.C., Puerto Rico, Guam and the U.S. Virgin Islands, and include a variety of locations: rural, suburban and urban. The properties include garden-style complexes, high-rise apartment houses, adaptive reuse of historic properties, and senior developments.

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PLATINUM

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Hudson Housing Capital Booth 26 Sam Ganeshan / Joshua Lappen 630 Fifth Avenue 28th Floor, New York, NY 10111 212.218.4469 / 212.218.4446 sam.ganeshan@hudsonhousing.com / josh.lappen@hudsonhousing.com www.hudsonhousing.com Hudson Housing Capital provides customized financial services to residential real estate developers and investors. Owned and managed by professionals with decades of experience in the industry, Hudson builds its business on long-term relationships, extensive expertise, and the ability to craft transactions uniquely tailored to each customer’s needs. Founded in 1998, Hudson has syndicated over 342 low-income housing tax credit investments preserving or creating over 35,000 multi-family rental units. The firm has placed more than $2.8 Billion in equity. Our breadth of expertise encompasses desirable units for families, seniors, special needs, assisted living – virtually every type of property option offered in the market.

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Locke Lord LLP Booth 30 Cynthia L. Bast, Partner 600 Congress Avenue, Suite 2200, Austin, TX 78701 512.305.4700 + cbast@lockelord.com www.lockelord.com

Shackelford, Melton, McKinley & Norton, LLP Booth 14 Sonia De Leon, Director of Marketing 3333 Lee Parkway, Tenth Floor, Dallas, TX 75219 214.780.1400 + sdeleon@shackelfordlaw.net www.shacklaw.net

Locke Lord’s Affordable Housing Group provides comprehensive legal services to those who develop, own, manage, finance, and oversee affordable housing across the country. We combine a keen understanding of the business with our legal experience to provide effective advice and service to our clients. Over the years, we have closed hundreds of transactions across the country, addressed compliance and regulatory matters, advocated for change in legislation and rules, and helped to reposition troubled properties. We have everything you need under one roof to achieve success in your affordable housing endeavors.

Shackelford, Melton, McKinley & Norton, LLP is a Dallas based law firm with expertise in the following areas: corporate, aviation, tax, banking, securities, mergers and acquisitions, private equity, real estate, estate planning, wealth protection, entertainment and multifaceted litigation. The real estate practice group focuses on all aspects of real estate ownership, leasing, financing, and development of various real estate products, including affordable housing, multifamily, retail, office, mixed-use and golf resort properties.

PNC Real Estate offers one of the industry’s most comprehensive arrays of financing solutions to owners, operators, developers and investors nationwide. PNC provides Tax Credit Capital solutions, as well as Freddie Mac, Fannie Mae and FHA financing for the predevelopment, construction, interim and permanent financing of multifamily properties, seniors communities and healthcare facilities. PNC combines LIHTC and HTC equity with our agency and balance sheet debt solutions to deliver seamless financing options for the construction or redevelopment of multifamily housing.

RBCCM Tax Credit Equity Group Booth 39 Dan Kierce, Director 216.875.6043 Daniel.Kierce@rbccm.com www.rbccm.com/tceg RBCCM Housing Finance Group Sean Cullen, Director 212.618.5641 Sean.Cullen@rbccm.com www.rbccm.com/housingfinancegroup RBC Capital Markets’ Tax Credit Equity and Housing Finance Groups provide equity capital by utilizing federal and state LIHTC and HTC programs, and offers a complete range of multifamily solutions to meet the needs of developers, investors, PHAs and HFAs. Our team of over 100 professionals raised more than $5.1 billion of equity for 750 affordable housing and new markets developments nationwide, and has senior managed 107 multifamily bond transactions totaling $1.08 billion since 2008.

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CenterPoint Energy Booth 23 Josh Tingler, Sales Staff Consultant 1111 Louisiana #924B, Houston, TX 77002 713.207.4320 + Joshua.Tingler@CenterPointEnergy.com www.centerpointenergy.com/Multi-Family Whether you are seeking to differentiate your property in the crowded multi-family market or to gain financial benefits from utility allowances, the Gas Advantage Multi-family Program can help your development reach its full potential. Natural gas appliances offer customer benefits such as long term cost savings, comfort, and reliability. Moreover, natural gas appliances can increase the marketability and value of any development.

SILVER

PNC Real Estate Booth 40 Janna Cormier, Vice President 1717 W. 6th Street, Suite 262, Austin, TX 78703

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GOLD

E x h i b i t o r & Pa rt n e r D i r e c t o ry

Churchill Stateside Group, LLC Booth 44 Michelle McNally 601 Cleveland Street, Suite 850, Clearwater, FL 33755 Direct: (727) 223-6417 | Main: (727) 461-2200 Fax: (727) 461-6047 mmcnally@CSGfirst.com Churchill Stateside Group is a Q10 Capital Partner Clearwater |Atlanta| Chicago | Dallas | Detroit | DC Visit us at CSGfirst.com Follow CSG on Linked In Churchill Stateside Group (CSG) sponsors tax credit investment funds for investors and provides financing for developers of affordable housing, renewable energy installations, historic preservation, and film production projects. CSG is an approved HUD MAP and USDA 538 program lender.

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Diamond Property Consultants, Inc. Booth N/A Jim Beats 2113 Kings Pass, Heath, TX 75032 972.475.9977 + jbeats@dpcservices.net Diamond Property Consultants, Inc. (DPC) works with developers, property managers, lenders, utility companies and regulatory agencies to strengthen the quality of the affordable housing market by providing a portfolio of services from a team of experienced, knowledgeable professionals. Services to the LowIncome Housing Tax Credit industry include Utility Allowances, Energy Audits and Comprehensive Needs Assessments. DPC principals have over 75 years practical experience working with properties in the public and private sector around the country.

Goodman Manufacturing Company, L.P. Booth 33 Dick Rydzeski, Director National Accounts 5151 San Felipe, Suite 500, Houston, TX 77056 713.263.5249 + dick.rydzeski@goodmanmfg.com www.goodmanmfg.com We’ve been building Goodman® brand air conditioning and heating equipment since 1982. Given our nearly three decades of experience in the heating and cooling business, home builders and home owners can be assured that Goodman brand air conditioning and heating systems meet the highest industry standards and are installed by some of the best and most experienced professionals in the industry. When you choose the Goodman brand, you can rest assured that you’ll receive a refreshingly affordable product that’s covered by what we believe to be the best product warranties in the heating and cooling industry.

National Equity Fund, Inc. Booth 38 Rachel Rhodes, Regional Vice President 120 S. Riverside Plaza, 15th floor, Chicago, IL 60606 312.697.8255 + rrhodes@nefinc.org www.nefinc.org National Equity Fund, Inc. is a non-profit Chicago-based affiliate of the Local Initiatives Support Corporation and one of the nation’s leading Low Income Housing Tax Credits syndicators. Since inception, we have played an integral role in creating affordable housing options, revitalizing communities and strengthening local economies. Our investments total more than $10.7 billion in 2,225 LIHTC developments, which created 135,000 affordable homes for low-income families and individuals.

Nixon Peabody Booth N/A Monica Sussman, Partner 401 Ninth Street NW, Suite 900 Washington, DC 20004 T: 202-585-8833 + msussman@nixonpeabody.com www.nixonpeabody.com We understand the business of affordable housing and the challenges it can present our clients. After all, our attorneys, many of whom formerly worked at HUD in legal and policy positions, have helped shape housing industry policy for more than 40 years. With this deep experience and our robust industry network, we work with clients to anticipate issues, cut through complex regulations and creatively leverage public financing opportunities to keep their affordable housing investments moving forward.

Greystone Booth N/A Robert C Momeier, Originator Greystone Servicing Corporation 558 Surf Oaks Drive Seabrook, TX 77586 281-291-0185 + BMomeier@Greystoneusa.com www.greyco.com

Novogradac & Company LLP Booth 31 George Littlejohn, Partner/Susan Wilson, Partner/Phong Tran, Partner 11044 Research Boulevard, Bldg. C, Suite 400, Austin, TX 78759 512.340.0420 + george.littlejohn@novoco.com susan.wilson@novoco.com phong.tran@novoco.com www.novoco.com

Greystone provides innovative financing solutions for affordable multifamily properties throughout the US. We are experts in creativity and execution across multiple lending platforms including FHA, Fannie Mae and Freddie Mac. Greystone is one of the top-ranked Multifamily Affordable Housing lenders in the country. We offer a broad variety of loan products – both taxable and tax-exempt – to facilitate the construction, acquisition, rehabilitation and repositioning of affordable multifamily housing across the country.

Novogradac & Company, LLP is a national certified public accounting and consulting firm with 15 offices nationwide. Our clients represent a broad range of industries, with a major emphasis in the real estate sector. We provide publicly and privately held national enterprises with a full spectrum of audit, tax, valuation, expert witness and litigation support, property compliance and general consulting services and we work extensively in the affordable housing, community development and renewable energy fields.

Husch Blackwell LLP Booth 36 Jonathan W. Giokas, Partner 190 Carondelet Plaza Suite 600 St. Louis, MO 63105 P: 314.480.1713, F: 314.480.1505 + jon.giokas@huschblackwell.com

R4 Capital LLC Booth 13 Jay R. Segel, Executive Vice President 38 Chauncy Street, Suite 600, Boston, MA 02111 617.502.5946 + jsegel@r4cap.com www.R4cap.com

Whether you’re a developer, owner, lender or contractor in the affordable housing arena, Husch Blackwell’s Real Estate, Development & Construction attorneys leverage their industry knowledge, multidisciplinary approach, and governmental relationships to obtain the best results for our housing industry clients. Our attorneys have closed tax credit transactions in 47 states, helping clients structure complex financings to develop communities and achieve a positive return on their investment. 114

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SILVER

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R4 Capital is a national affordable housing syndicator and subsidiary of Regis Group of London, a 60-year-old residential property investment firm with more than $14 billion of US multifamily assets under management. R4 Capital is an established team of affordable housing finance and investment leaders with more than 120 years of collective LIHTC experience, including the origination, underwriting, and management of $12 billion of LIHTC investments for more than 100 corporate investors, in 1750 LIHTC transactions. Texas Affordable Housing Magazine

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Raymond James Tax Credit Funds Booth 19 Gary Robinson, VP- Director of Acquisitions 880 Carillon Pkwy, St. Petersburg, FL 33716 727.567.5014 + gary.k.robinson@raymondjames.com www.rjtcf.com

AEGON USA Realty Advisors, LLC Booth 34 Christopher Long, Vice President 505 Sansome Street, San Francisco, CA 94111 415-983-5443 + cjlong@aegonusa.com www.aegonrealty.com/en/Home/Investment-approach/Tax-Credit-Investing

Raymond James Tax Credit Funds is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSERJF). Raymond James and its subsidiaries have been among the leading syndicators of affordable housing for more than four decades. To date, Raymond James Tax Credit Funds has raised more than $5 billion in equity for more than 1,500 tax credit projects in 46 states.

The AEGON Community Investments group has been investing in tax credits since 1987. AEGON has over 250 partnerships and nearly $3 billion invested in affordable housing nationwide, helping to create more than 120,000 units of housing. AEGON invests directly and on behalf of third-party investors in low-income housing with for-profit and non-profit sponsors. The AEGON Community Investments group is proud to have many repeat clients, and a reputation for integrity, responsiveness and timely execution.

Red Stone Equity Partners LLC Booth 21 2 Grand Central Tower, 140 East 45th Street 15th Floor New York, NY 10017 Drew Foster | 212-225-8294 + Drew.Foster@redstoneequity.com

Alliant Capital LLC Booth 37 Dan Winters, SVP – Acquisitions 501 Belle Hall Parkway, Suite 201 Mt. Pleasant, SC 29464 727-244-2440 + Daniel.winters@alliantcapital.com http://www.alliantcompany.com

Red Stone Tax Exempt Funding LLC 2 Grand Central Tower, 140 East 45th Street 15th Floor New York, NY 10017 Jim Spound | 212-277-6437 + jspound@redstoneco.com www.redstoneco.com Red Stone Equity Partners (“Red Stone”) is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits to facilitate affordable housing development. Red Stone builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides longterm asset management services to its institutional clients.

Wells Fargo Booth 25 Leslie Houston 201 Main Street, Suite 301, Fort Worth, TX 76102 817.334.7164 + Leslie.houston@wellsfargo.com www.wellsfargo.com/affordablehousing At Wells Fargo, we work hard to help our customers and communities succeed. As the nation’s largest affordable housing lender, we have a deep understanding of the industry and use that knowledge to develop competitive financial solutions for your project. Whether you need access to capital markets, construction or permanent financing, credit enhancements, or equity through the sale of tax credits, Wells Fargo can help you reach your financing goals.

A Special Thank You to our 2014 Conference Partners and Exhibitors!

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SILVER

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The Alliant Company is a privately owned, fully integrated national finance and investment firm with assets under management in excess of $6 billion. We offer a comprehensive range of services and products including multifamily debt, as well as tax credit syndication for the development and financing of affordable housing. With offices nationwide and innovative investment vehicles, we are able to service and maintain strong relationships with our borrowers, investors and developers. Visit us at booth 27 or contact us as we are committed to assisting you with your transaction.

ARA National Affordable Housing Group Booth N/A Cliff McDaniel, Principal 675 Bering, suite 500 Houston Texas, 77055 T 713-425-5404, M 713-249-4509 + mcdaniel@arausa.com ARAUSA.com ARA NAHG is dedicated to providing advisory and brokerage services on a nation wide basis to owners of multifamily properties financed using Low Income Housing Tax Credits (LIHTC), Tax exempt bonds, and HUD related properties. Our primary focus is to represent sellers on an exclusive basis in order to obtain the highest market price possible. We accomplish this by thoroughly understanding audits, profit and loss statements, various partnership agreements, LURA’s, regulatory agreements, subsidy agreements, HAP contracts and multiple layers of debt and the combining this knowledge with superior Offering Memorandums and a coordinated marketing effort that leverages our ARA platform.

Bank of Texas Booth 4 Pamela M. Black, CCTS, Corporate Trust 801 Cherry Street, Suite 3325, Unit 27, Fort Worth, TX 76102 817.348.5797 + pblack@bankoftexas.com Gilbert Gerst, Community Development 4217 Swiss Avenue, Dallas, TX 75204 214.515.1723 + ggerst@bokf.com www.bankoftexas.com Bank of Texas is unique because it’s part of BOK Financial, one of the top 25 U.S.-based banks. It provides a wide variety of services to the housing industry, including successor trustee, bond trustee, custody, paying agent and escrow agent from our Corporate Trust group and financing for affordable housing and community revitalization projects from our Community Development group. Bank of Texas offers strength and stability with a personal approach to develop customized client solutions. Texas Affordable Housing Magazine

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Berkadia Booth N/A Lloyd Griffin, VP – Mortgage Banker 901 S MoPac Expressway Building Two, Suite 430, Austin TX 78746 512.226.8704 + ashley.gillespie@berkadia.com www.berkadia.com lloyd.griffin@berkadia.com a Berkshire Hathaway and Leucadia National Company Berkadia Commercial Mortgage LLC, a prominent and innovative lender in the commercial real estate industry, is a highly rated master, primary and special servicer managing a portfolio of more than $229 billion as of March 31, 2014. As a correspondent for insurance companies, institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia provides access to capital and flexible, customized lending and servicing solutions for the acquisition, construction, rehabilitation or refinance of commercial real estate properties. Through Hendricks-Berkadia, Berkadia also offers multifamily advisory services and investment sales.

Bonneville Mortgage Company Booth 8 Chris Mullen 111 E. Broadway, Suite 200, Salt Lake City, Utah 84111 801.323.1076 + cmullen@bmcslc.com www.bmcslc.com Bonneville Multifamily Capital is a national lender with a reputation for personal service. We focus on HUD/FHA and Multifamily USDA loans and are the largest originator of USDA 538 loans in the country with over 200 closings. These federally backed loans are an excellent source of low-interest rate, high LTV, long amortization, for rural multifamily housing projects.

Boston Capital Corporation Booth 11 Mr. Tom Dixon, Vice President 9595 Wilshire Blvd., Suite 900 Beverly Hills, CA 90212 Tel: 310-300-3430 + tdixon@bostoncapital.com Boston Capital is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and equity investment in market rate apartment communities. Boston Capital’s holdings include more than 2,150 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 153,500 apartments with a development cost in excess of $15.8 billion. Boston Capital is one of the largest owners/investors of apartment properties in the United States. Visit www.bostoncapital.com

Boston Financial Investment Management Booth 47 Bob Courtney, Senior Vice President, Equity Production 312 S. Fourth Street, Suite 724 Louisville, KY 40202 502-212-3819 + bob.courtney@bfim.com www.bfim.com For more than 40 years, Boston Financial has been a leader in the affordable housing industry and an innovator in equity syndication and portfolio and asset management. Boston Financial has over $10 billion of syndicated equity invested in more than 2,000 properties. Currently, our portfolio consists of approximately $7.9 billion of LIHTC equity investments comprising over 1,300 properties and 140,000 units. 118

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E x h i b i t o r & Pa rt n e r D i r e c t o ry Carleton Construction, Ltd. Booth 6 Tiffany Carroll 5485 Belt Line Road, Suite 300, Dallas, TX 75254 972.980.9810 ext. 115 + tcarroll@carletonrp.com www.carletonconstruction.com Since 1991, Carleton Construction has provided general contracting and related construction services for new and rehab construction of multi-family housing. Carleton Construction has completed more than 15,000 units of new and rehab multi-family construction with a dollar value averaging between $60-90 million annually, including more than 50 tax credit jobs throughout the Southwest with numerous sponsors, delivering buildings on time and at budgeted costs. Carleton Construction’s bonding capacity of $130 million.

Capstone Real Estate Services, Inc. Booth 9 Matthew C. Lutz, Executive Vice President 210 Barton Springs Road, Suite 300, Austin, TX 78704 512.646.6700 + matt.lutz@capstonemanagement.com www.CapstoneManagement.com

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Capstone Real Estate Services, Inc. is a full-service, third-party management firm presently managing approximately 33,000 multi-family units. Founded in 1969, Capstone maintains 12 offices across 75+ cities nationwide, and employs approximately 850 people in the property management field. Capstone also has significant affordable housing experience, currently managing over 19,000 units under a variety of affordable programs. This portfolio ranks Capstone nationally as the 13th largest manager of affordable housing and one of the 15th largest third-party management firms.

Austin Affordable Housing Corporation Booth N/A Mike Gerber, President & CEO 1124 South IH 35, Austin, TX, 78704-2614 512.477.4488 + michaelgerber@hacanet.org http://www.hacanet.org Austin Affordable Housing Corporation (AAHC) was established in 2000 as a non-profit subsidiary of the Housing Authority of the City of Austin (HACA). AAHC works to preserve and increase the stock of affordable housing for low to moderate families in Austin as well as provide financial literacy and homeownership opportunities to HACA’s Pubic Housing and Housing Choice Voucher residents.

Enterprise Booth 2 Aron Weisner / Kevin Bowen 511 N. Akard Street, Suite 201, Dallas, TX 75201 214.651.7789 + aweisner@enterprisecommunity.com kbowen@enterprisecommunity.com www.EnterpriseCommunity.com Enterprise is a leading provider of the development capital and expertise it takes to create quality, affordable homes in strong communities. Since 1982, Enterprise has invested nearly $14 billion in equity, grants and loans to help build or preserve 300,000 affordable homes – including nearly 20,000 homes in Texas. Bellwether Enterprise Real Estate Capital, LLC offers a wide range of lending products and services for a variety of property types to provide clients with the most competitive, creative solutions for their financing needs. Visit www.EnterpriseCommunity.com and www.BellwetherEnterprise.com to learn more. Texas Affordable Housing Magazine

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Federal Home Loan Bank of Dallas Booth 24 Greg Hettrick, VP, Director Community Investment Bruce Hatton, VP, AHP Manager 8500 Freeport Pkwy South, Irving, TX 75063 800.362.2944 + ahp@fhlb.com, www.fhlb.com The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $30.6 billion as of March 31, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.

First Sterling Financial, Inc. Booth 5 Martin Soja, Chairman & CEO 111 Great Neck Road, Suite 500, Great Neck, NY 11021 516.869.7410 + msoja@firststerling.com, www.firststerling.com First Sterling, a nationally recognized full service syndicator and leader in affordable housing, covers a broad spectrum of real estate investment capabilities and asset management services. They have a major interest and significant footprint in the state of Texas and work with their valued developers on a full range of 9% and 4% transactions. First Sterling offers both proprietary and multi-investor funds.

Law Office of Mark D. Foster Booth 7 Mark Foster, Attorney 4835 LBJ Freeway, Suite 424, Dallas, TX 75244 214.363.9599 + mark@mdfoster.com, www.mdfoster.com The Law Office of Mark D. Foster is a boutique law firm specializing in Solar Tax Credits, New Markets Tax Credits, LIHTCs and Historic Credits. Mark has an accounting degree from UT Austin and a Masters in Tax Law from SMU which makes him uniquely qualified to represent developers, lenders and investors in all aspects of a transaction. During the past 28 years, Mark has facilitated the development of 500 tax credit projects in 40 states.

Galaxy Builders, Ltd. Booth 20 Neilesh Verma, President 4729 College Park, San Antonio, TX 78249 210.493.0550 + neileshv@galaxybuilders.com, www.galaxybuilders.com For over two decades, Galaxy Builders, Ltd., has built its reputation on its pursuit of excellence, commitment, and trust. Based in San Antonio, Texas, Galaxy is a leading general contracting firm specializing in multifamily construction throughout the Southwest. Galaxy Builders’ award-winning management teams have built more than 20,000 units representing more than $1 billion worth of projects throughout the region with a wide range of finish levels. From large-scale senior living to rehabilitating affordable housing, the company dedicates itself to timely, budgetaware delivery. Follow us on Twitter @GalaxyBuildersL. Like us on Facebook at Galaxy Builders Ltd.

Gill Group, Inc. Booth 3 Jana Jones 512 No. One Mile Road, Dexter, MO 63841 573.624.6614 + jana.jones@gillgroup.com www.gillgroup.com

ICI Construction, Inc. Booth 32 Leia Sidwa, Director of Marketing 5057 Keller Springs Road, Suite 200, Addison, TX 75001 972.387.8000 x109 + lsidwa@icidallas.com www.icidallas.com ICI Construction is a 30 year old general construction firm with revenues in the $125 million range. Our Multi-Family Division is accustomed to working with all types of financing programs, including: tax credit, housing bonds, conventional and HUD. We provide a complete range of services to the developer from preliminary budgeting to value-engineering that ensure your project stays within budget. Our company has been built on our ability to exceed our customer’s expectations.

Johnson Petrov LLP Booth 45 Andrew P. Johnson, III 1001 McKinney St., Suite 1000, Houston, TX 77002-6424 713.489.8977 + ajohnson@johnsonpetrov.com

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Johnson Petrov LLP (JP) is a dynamic Houston-based law firm, a leader in multifamily finance. JP attorneys created one of the first public-private partnerships for multifamily housing in the United States and is now closing innovative P-3’s with cities and HFC’s. JP attorneys have represented developers, nonprofit owners and issuers in numerous tax credit (4% and 9%), multifamily, nonprofit and market rate financings. JP continues to lead the industry in financing alternatives for its clients.

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708 Third Avenue, Suite 710, New York, NY 10017 Ann Vogt, avogt@nationaldevelopmentcouncil.org, Karen Garritson, kgarritson@nationaldevelopmentcouncil.org www.ndccef.org www.nationaldevelopmentcouncil.org Among the most innovative economic development organizations in the country, National Development Council is a national non-profit organization that has become the most comprehensive provider of development expertise for community revitalization in the U.S. NDC provides direct investment and loans to projects through NDC Corporate Equity Fund, HEDC New Markets and the Grow America Fund. NDC CEF has invested in 168 projects in 29 states and Puerto Rico and created over 8,200 units of housing.

Orion Real Estate Services, Inc. Booth 46 Pam McGlashen, VP Property Management 1455 West Loop South, Suite 800, Houston, TX 77027 713-622-5844 + pmcglashen@allied-orion.com www.ores.com Major Real Estate Firm with emphasis on 3rd Party Asset Management for LIHTC, PHA, and other forms of affordable housing.

Gill Group specializes in Valuation and Market Feasibility Analysis. We provide Appraisals, Market Studies, RCSs, CNAs and ESAs for LIHTC, RD and HUD properties nationwide.. We also provide these for Fannie Mae, Freddie Mac, Bonds and many other specialized sources. We have more experience, faster turnaround, and lower prices than other firms in the industry. With OAHP’s RAD Program, we set the standard for large portfolio conversions and have provided RPCAs for thousands of units. 120

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Phase Engineering, Inc. Booth 22 Darcey Philipp, EP (832) 485-2244 + Darcey@PhaseEngineering.com www.PhaseEngineering.com Phase Engineering successfully works with many TDHCA tax credit and HOME applicants on their submissions to receive the associated NEPA Environmental Clearance. Phase Engineering, Inc. is an environmental consulting firm that was founded in 1993. Their licensed staff of environmental professionals annually performs over 1,000 Phase I Environmental Site Assessments (ESA), Phase II ESAs, asbestos and lead inspections, property condition assessments, storm water plans and related environmental services nationwide.

Sonoma Housing Advisors, LLC Booth 35 Bill Fisher 5430 LBJ Freeway, Dallas, Texas 75240 972.663.9368 + 214.608.7201 + bill.fisher@sonomaadvisors.com www.sonomaadvisors.com Over the past 20 years, our leadership team has developed, financed, and/or constructed over 8,500 living units throughout the Southwest. Our multifamily financing contacts, and our ability to build long-term community support can contribute to your success. We’ve received HOME, CDBG, and 9% or 4% housing tax credits every year since 1996. In the application process, winning isn’t everything – it is the only thing!

Southeast Texas Housing Finance Corporation Booth N/A Ron Williams, Executive Director 11111 S. Sam Houston Parkway East, Houston, TX 77089 281.484.4663 + rwilliams@sethfc.com www.sethfc.com The Southeast Texas Housing Finance Corporation (SETH) was organized in October 1981 under the Housing Finance Corporations’ Act. Its members include 9 Counties and 11 Cities within Region 6. SETH has issued over $1.6 Billion in tax-exempt/taxable bonds for both Single Family Homeownership and Multifamily Rental Housing. SETH has owned 10 multifamily developments with over 3600 units and currently is in the ownership structure for 3 tax credit developments.

Tax Credit Group of Marcus & Millichap Booth N/A Jeff Kunitz, Senior Director 1918 8th Ave, Suite 3200, Seattle, WA 98101 206.826.5800 + jeff.kunitz@tcg-mm.com www.tcg-mm.com Tax Credit Group of Marcus & Millichap (TCG) is the leading real estate brokerage firm focused exclusively on Section 42 Low Income Housing Tax Credit (LIHTC) assets. Our team has a deep understanding of the risks, opportunities, and nuances of LIHTC restrictions and we have executed more LIHTC transactions than any other firm. Since 2001, we have listed and closed over $5 billion in LIHTC real estate. For more information, please visit www.taxcreditgroup.com.

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E x h i b i t o r & Pa rt n e r D i r e c t o ry Wilmington Trust N.A Booth 12 Gregory M. Hasty 15950 North Dallas Parkway, Suite 550, Dallas TX 75248 972.383.3153 + ghasty@wilmingtontrust.com www.wilmingtontrust.com Wilmington Trust has been serving Corporate Trust clients for more than a century, providing the strength, resources, and credibility to meet the needs of sophisticated enterprises. We continuously strive to be a leading provider of specialized services to corporate and institutional customers and help our clients succeed, by efficiently delivering trust, agency and fiduciary solutions, as well as by helping mitigate risk. Clients rely on our services in the world’s most attractive jurisdictions, where we develop customized solutions, pairing technology and staff with world-class, local expertise. We’re the partner that corporate clients seek to execute complex transactions and provide solutions to help drive their success.

Amegy Bank Booth 10 Mary Jane Henson, Vice President & Manager 1801 Main Street, 8th Floor, Houston, TX 77002 713.232.6036 + Maryjane.henson@amegybank.com www.amegybank.com Amegy Bank, along with other Zions Bancorporation affiliates, has provided local and personalized Corporate Trust and Escrow services to municipalities and corporations for over 100 years. Our unique, personalized “OnePoint-Of-Contact” servicing model and our flexibility to administer simple to very complex financings allows us to consistently provide exceptional customer service to our clients. Our qualified and knowledgeable professionals, based in Texas, have an average of 25 years direct Corporate Trust experience and are truly dedicated to the Texas marketplace. Texans serving Texans! Contact Amanda Lavin, Business Development Officer at 512-961-1981; 111 Congress, Austin, Texas or Mary Jane Henson.

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Arx Advantage, LLC Booth 51 Robbye Meyer 8801 Francia Trail, Austin, TX 78748 512.963.2555 + robbyemeyer@gmail.com www.arxadvantage.net Arx Advantage, LLC is a comprehensive real estate development consulting firm whose vision is to assist in the development of affordable housing through the use of public and private funding resources. The Arx team has extensive knowledge in real estate development, finance, housing programs, asset management and compliance services. Arx is committed to providing the highest level of professional service and dedicated to promoting and maintaining strong client relationships.

City of Dallas Housing Finance Booth 54 Karen Schaffner, DHFC Manager 1500 Marilla, 5CS, Dallas, TX 75244 214.670.5390 + karen.schaffner@dallascityhall.com The Dallas Housing Finance Corporation (DHFC) supports the citywide efforts for the public purpose of providing affordable housing for low-to-moderate income persons through ownership opportunities and by facilitating financing for development/re-development of multifamily rental housing including single family design, duplex design, garden style and high rise housing. DHFC financing includes tax-exempt bonds with 4% tax credits used to develop new rental units and adaptive/reuse or rehabilitation of existing units. The DHFC uses the Single Family Private Activity Bond allocation to provide the Mortgage Credit Certificate Program for first time homebuyers in the City of Dallas. The DHFC can provide loans as a conduit lender for 9% tax credit applicants to allow them to qualify for points under the provision of the 2014 Qualified Allocation Plan, “development funding from a local political subdivision” as of April, 2013.

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CMB Construction LLC. Booth 49 Cherno Njie, Principle; Doug Hayes, Manager 1106 Clayton Lane, 524W, Austin, Texas 78723 512-452-5505 + Cherno@songhaiventures.com Dhayes@songhaidev.com

Journeyman Construction, Inc. Booth 53 Joy Rouches 7701 N. Lamar Blvd., Suite 100, Austin, TX 78752 512.247.7000 + info@journeymanco.com www.journeymanco.com

CMB Construction LLC is a Multi-Family Construction Management firm and a certified Texas HUB. CMB specializes in design-build negotiated projects, providing a range of services including; development services, project planning, conceptual estimating, budgeting, value engineering, site specific safety planning and construction management. CMB can meet any of our clients’ project specific needs whether they be; design, budgetary, constructability or regulatory. CMB is headquartered in Austin and serves markets throughout Texas.

Headquartered in Austin, we cover the state of Texas with regional offices in San Antonio, Dallas, Fort Worth and Corpus Christi as a General Contractor with consulting and managing capabilities. Our Multi-Family project portfolio includes styles ranging from podium, high rise, student living, and garden style multi-family complexes. Journeyman Construction has completed over 1,650 units in the last 3 years, 400 units to be completed this year, and an additional 1,100 units starting in 2014.

Fox Energy Specialists Booth 56 Jerry Fenchel, GM/Vice President Business Development 3109 Lubbock Avenue, Fort Worth, TX 76109 817-546-0160 x153 + jfenchel@foxenergyspecialists.com www.foxnergyspecialists.com

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Pathfinder LL&D Insurance Group Booth 52 Jason Hall 8632 Fredericksburg Rd, Suite 219, San Antonio, TX 78240 (210) 298-4777 + jhall@pathfinderins.com www.pathfinderlld.com

Fox Energy Specialists, a division of The Nelrod Company, provides energy code and green energy efficiency program consulting, performance testing and field verifications for single family and multi-family projects. Certified team members are prepared to support your needs whether it’s for energy efficient plan review and compliance modeling, IECC inspections and testing, or green programs such as National Green Building Standard (NGBS) ICC-700, Green Built Texas, ENERGY STAR for Homes, LEED verification, Enterprise Green Communities, and other programs.

Pathfinder LL&D Insurance, in operation since 1913, specializes in insurance for multi-family property, with a dedicated team of professionals versed in the ever-changing real estate marketplace. We can help determine what you need in the most cost-efficient manner with offerings of a diverse selection of insurance companies, loss control, safety, and claims management. We can customize an insurance program to protect your apartment investment within your budget needs.

ICF International Booth 55 CenterPoint Energy ENERGY STAR® Low-Rise Multifamily Program Yen Yoon 7160 Dallas Parkway, Suite 340, Plano, TX 75024 469.467.4414 + yen.yoon@icfi.com http://www.centerpointenergy.com

Rheem Water Heating & HVAC Mfg. Company Booth 57 Renae’ L. Turnbaugh- Texas New Construction & MultiFamily Manager 1624 Mossy Stone Drive, Friendswood, TX 77546 281.455.6406 + renae.turnbaugh@rheem.com www.reehm.com

The CenterPoint Energy ENERGY STAR® Low-Rise Multifamily Program promotes the construction of new ENERGY STAR certified low-rise multifamily complexes. This voluntary program provides financial incentives to developers that commit to construct qualifying multifamily complexes within the CenterPoint Energy electric distribution territory. In addition to incentives, developers can take advantage of training and marketing resources that can also help them leverage their affiliation with ENERGY STAR, a nationally recognized, government-backed brand that is the national symbol of energy efficiency.

Respected For Reliability, Rheem is an industry leader for total heating, cooling and water heating solutions. Rheem is the only global brand with product offerings that include residential and commercial heating, cooling, conventional and hybrid water heaters, tankless water heaters, solar, hydronic and geothermal water heating systems and replacement parts for all categories – making Rheem a one-stop Air and Water comfort solutions provider. Renae’ Turnbaugh has been with Rheem for more than 5 years and works exclusively in Texas with New Construction and Multifamily developers.

Innovatyive Dehumidifiers Booth 48 Ron Revia, Product Sales Representative 6260 Ocean Hwy West, Ocean Isle Beach, NC 28469 910-579-3348 + ron@innovativedehu.com www.innovativedehu.com

Thrive FP Booth 50 JP Newman, CEO - Andrian Lufschanowski, President 809 N. Cuernavaca Drive, Austin Texas, 78733 Phone: 512.692.4195, Fax: 512.692.4198 info@thrivefp.com

Innovative Dehumidifier Systems designed the IW-25-1, In-Wall Dehumidifier, selected as the People’s Choice Best New Product at the 2014 American Institute of Architecture Expo. The IW-25-1 was engineered specifically for multi-family applications to overcome the effects of occupant behavior, increased energy codes and tighter construction. The IW25-1 is a solution which allows property owners and managers to control the humidity of their property rather than the occupant, correcting elevated indoor humidity and mold growth in apartments.

Thrive, FP is a private equity firm that specializes in both real estate debt and equity. We invest primarily in multi-family real estate assets in primary and secondary cities of Texas, California, and Arizona with over 40,000 units. Thrive’s investments appeal to those who desire the protection of a hard tangible asset often with the possibility of both solid cash flow and upside profit potential, both short and long term holds. Thrive takes a conservative approach in its general investment practices, including the structuring and sponsorship of its investment offerings. As we continue to develop new assets, we are Joint venturing with Developers in various Public-Private Partnerships.

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Alpha-Barnes Real Estate Services Michael D. Clark, HCCP, Principal 12720 Hillcrest, Suite 400, Dallas, Texas 75230 972-643-3205, 972-503-7569 (Fax) + mclark@alpha-barnes.com www.alpha-barnes.com

Capital Area Housing Finance Corporation Jim Shaw 4101 Parkstone Heights Drive, Suite 310, Austin, TX 78746 512.347.9953 + jeshaw@cahfc.org www.cahfc.org

Since 2000, Alpha-Barnes Real Estate Services, LLC, is a firm that specializes in leasing, managing and ensuring program compliance for affordable apartment properties of all types throughout Texas. Presently A-BRES manages over 2,000 HUD-financed and over 10,000 LIHTC units in Texas for twenty plus clients and provides compliance services to another 1,500 units. The company is headquartered in Dallas with regional offices and staff in Austin and San Antonio.

Capital Area Housing Finance Corporation was established in 1981 to address workforce housing needs in Central Texas. We provide financing opportunities for single family home ownership and multi-family rental properties. In addition to providing financing for multi-family developments, CAHFC also co-develops and assumes an ownership role when appropriate. To date we have financed approximately 2900 units and have an ownership interest in over 850 units. We work with developers, finance team members, and local leaders to build relationships that benefit area residents and their communities while creating quality, sustainable workforce housing throughout our region.

AmeriSphere Mike Backman, FHA Managing Director 14841 North Dallas Parkway; Ste. 275, Addison, TX 75254-7552 972.941.3403 + mbackman@amerisphere.net AmeriSphere’s mission is to provide effective capital solutions to the multifamily rental housing industry, with the highest level of integrity, while maximizing value and managing risk.

Anderson Capital, LLC Terri Anderson 347 Walnut Grove Lane, Coppell, TX 75019 972.567.4630 + Terri_L_Anderson@msn.com Anderson Capital, LLC is a full service commercial real estate development consulting firm, which has successfully secured over $137,860,000 in 9% housing tax credits for its clients to development over 1,657 affordable housing units. Anderson Capital’s management of the tax credit application submission, financial modeling, and development processes has resulted in a 81% competitive tax credit award success ratio.Additionally, Anderson Capital, LLC provides Fannie Mae, Freddie Mac, and FHA loans through its correspondent lending relationship and financial advisory services for nonprofit organizations and HOPE VI grant recipients.

Blazer Building Texas, LLC Jim Wanja or Matt Fuqua 713.914.9200 + jwanja@blazerbuilding.com mfuqua@blazerbuilding.com www.blazerbuilding.com Blazer Building founded in 1978 as a general construction company focused on delivering high-quality product on an expedited schedule at the best possible value. Blazer is dedicated to providing personalized attention to our clients, believing strongly in a relationship-based approach to business. Blazer provides construction services through a number of platforms including General Contracting; Self-Performed Work; Construction Management; and Design-Build. Over our 35 year history, Blazer Building has overseen the construction of more than 30,000 apartment homes totaling over $1.5 billion in contract value.

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Community Bank Mahesh Aiyer 1415 Louisiana St., 22nd Floor, Houston, TX 7700 713-308-5778 + maiyer@communitybankoftx.com www.communitybankoftx.com CommunityBank of Texas NA is a $2.5 billion local community bank serving the needs of Texans everywhere. The Bank is headquartered in Beaumont, Texas with a large presence in Houston. Our affordable housing banking platform is Statewide from our largest cities to our smallest towns. We provide sophisticated financing with the nimbleness of your home town bank.

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Davis-Penn Mortgage Co. Ray Landry 12650 N. Featherwood Dr., Houston, TX 77034 281.481.2400 + RayL@davispenn.com www.davispenn.com For over 30 years, DPMC has dedicated its resources to providing developers and owners the expertise to obtain construction, permanent and refinancing through FHA programs. DPMC has a proven track record in financing affordable and market rate multifamily communities through HUD. As a one stop shop, DPMC is a MAP approved mortgagee, a GNMA approved issuer of mortgage-backed securities and an approved seller-servicer for HUD and GNMA.

DMA Development Company, LLC Diana McIver, President 4101 Parkstone Heights Drive, Suite 310, Austin, TX 78746 512.328.3232 + dianam@dmacompanies.com www.dmacompanies.com DMA Development Company, LLC has developed 25 apartment communities, primarily financed through the Housing Tax Credit Program. While most of the company’s portfolio is in the State of Texas, DMA Development has also developed apartment communities in Georgia and the District of Columbia. Through affiliated entities, DMA also provides property management services and development consulting services.

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Jones Walker LLP Rick A. Lazio, Partner and Head of Affordable Housing Team 590 Madison Ave, 8th Floor, New York, NY 10022 212.759.7025 + rlazio@joneswalker.com Antoinette M. Jackson, Partner 1001 Fannin, Suite 2450, Houston, TX 77022 713.437.1888 + tjackson@joneswalker.com www.joneswalker.com For more than four decades, Jones Walker LLP has helped organizations and individuals acquire, develop, finance and build a broad range of affordable housing; workforce, senior, student and military housing; and mixed use projects across the country. In this complex environment, our Affordable Housing team is able to offer clients the deep industry knowledge, full-spectrum legal counsel, and firsthand government experience required to provide creative, practical solutions.

KWA Construction, LP 16800 Westgrove Drive, Suite 300, Addison, TX 75001 (214) 978-0177 info@kwaconstruction.com www.kwaconstruction.com KWA Construction is a Dallas-based construction firm building mid-rise, multi-family developments. With more than 600 years of combined experience, the KWA team of veteran project managers, superintendents, and accounting and scheduling personnel, works one-on-one with its developer clients with the promise of delivering the greatest value at the right cost, 100 percent of the time. For more information about KWA Construction, visit www.kwaconstruction.com.

Merchant Capital, LLC Cody N. Wilson Lakeview Center, Suite 400, 2660 Eastchase Lane, Montgomery, AL 36117 334.834.5100 + cody.wilson@merchantcapital.com www.merchantcapital.com Founded in 1987, Merchant Capital is a regional investment banking firm that provides a leading platform of investment banking and financial advisory services. The firm’s clients include state and local governments, state and local housing agencies, water and sewer authorities, school districts, higher education institutions and affordable housing developers. The firm underwrites, on average, $2 billion in par amount a year. Through related companies and investments, Merchant Capital has developed over 18,500 affordable housing units. Additionally, through a related company, Merchant Capital actively syndicates and purchases Georgia State tax credits. Merchant Capital’s affordable housing team consistently ranks as one of the top underwriters in multifamily housing transactions. The firm ranked #1 in the US in terms of the number of transactions brought to market in 2013.

NHP Foundation Thomas Vaccaro, Senior Vice President / Secretary 1090 Vermont Avenue NW, Suite 400, Washington, DC 20005 202-789-5300 + tvaccaro@nhpfoundation.org www.nhpfoundation.org The NHP Foundation is celebrating 25 years of implementing one simple philosophy: Where you live matters and our strategy has proven successful since 1989. NHPF carried its mission forward by investing in communities and creating affordable multifamily housing for low- to moderate-income families and seniors. In addition to providing more than a place to live, the Foundation also provides a comprehensive array of programs and services, enhancing the quality of life for its residents.

M Group, LLP Michael Martin, Managing Partner 515 W. Southlake Blvd., Suite 150, Southlake, TX 76092 817.865.1360 + mmartin@mgrouptx.com www.mgrouptx.com

Realtex Development Corporation Rick J. Deyoe, President 1101 S. Capital of Texas Hwy, Bldg. F, Suite 200, Austin, TX 78746 512.306.9206 + rdeyoe@realtexdevelopment.com www.realtexdevelopment.com

M Group, LLP is a full service public accounting firm specializing in real estate and the affordable housing industry. For over 14 years, M Group professionals have served developers, owners and managers of affordable housing projects throughout the United States providing audit and assurance, cost certifications, carryover allocations, tax planning, compliance and consulting services. M Group, LLP also has vast experience serving the distinct needs of nonprofit organizations helping them fulfill their missions.

Realtex Development Corporation (“Realtex) is a professional real estate development company that offers superior development, construction, and management services throughout the states of Texas, Florida, Mississippi, and Louisiana. Our Development, Construction, and Management services include: • Third-Party Management and • Class-A Multifamily Market Rate Apartment Homes Construction Services • Affordable Multifamily Apartment Homes (HTC and HUD) • Rehabilitation Development Services • Senior Living Housing

Mason Joseph Company, Inc. Randy Mason 211 North Loop 1604 East, Suite 140, San Antonio, Texas 78232 Phone: (210) 402-6161 + randy@masonjosephco.com www.masonjosephco.com Mason Joseph Company, Inc. is a multifamily mortgage banking firm and an FHA MAP lender providing financing for the market rate and affordable housing industries. Based in San Antonio, MJC arranges multifamily loans through long, well-established relationships with the country’s premier real estate investors including FNMA, FHLMC, CMBS, commercial banks, private investors, and life insurance companies. MJC specializes in originating and underwriting mortgages through FHA for the acquisition, refinancing, construction, and/or rehabilitation of apartment properties.

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Stearns Bank Dave Feriancek (davidf@stearnsbank.com) Steve Domine (steved@stearnsbank.com) 4191 2nd St. S., St. Cloud, MN 56301 800.320.7262 www.stearnsbank.com Stearns Bank holds LIHTC finance as one of our top priorities. You will enjoy the Stearns Bank no-nonsense approach toward a custom affordable housing finance solution. We specialize in straight-forward finance, but also shine when it comes to “out of the box” terms that surface. Our documents and project supervision are done in-house, and most importantly - we go where you go (rural & urban)! Call us to experience finance the way it was meant to be. You can trust our team to get the job done!

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R E C E N T LY C LO S E D T R A N S AC T I O N S

Bank of Texas Booth 4 Pamela M. Black, CCTS, Corporate Trust 801 Cherry Street, Suite 3325, Unit 27, Fort Worth, TX 76102 817.348.5797 + pblack@bankoftexas.com www.bankoftexas.com or Gilbert Gerst, Community Development 4217 Swiss Avenue, Dallas, TX 75204 214.515.1723 + ggerst@bokf.com

$14,895,000 9% LIHTC SENIOR/NEW CONSTRUCTION SAN JOSE, CA $4,655,888 9% LIHTC FAMILY/NEW CONSTRUCTION MOUNTAIN VIEW, CA $6,775,000 TAX-EXEMPT BOND PURCHA SE (LIHTC) SRO / REHABILITATION / SECTION 8 SUFFOLK, VA $6,725,000 TAX-EXEMPT BOND PURCHA SE (LIHTC) FAMILY / REHABILITATION / SECTION 8 NEWPORT NEWS, VA

Music Lancaster Pollard Lisa Vecchietti 1301 S. Capital of Texas Highway, Suite A-130 Austin, TX 78746 512-327-7400 + lvecchietti@lancasterpollard.com http://www.lancasterpollard.com Lancaster Pollard develops low-cost, creative financing options for affordable housing developers so they can fund new construction, moderate to substantial capital improvements, acquisition or refinance. Our finance options include FHA mortgage insurance, Fannie Mae multi-family special affordable housing programs, taxable and tax-exempt bonds, with or without enhancement, and USDA guaranteed loans. We serve both nonprofit and for-profit developers/owners and are able to integrate multiple sources of funding.

INNOVATIVE THINKING. DONE DEALS. TAX CREDIT EQUITY

TAX EXEMPT BONDS

HUD/FHA LENDING

RED STONE IS A NATIONAL MULTIFAMILY

ERIC MCCLELLAND

JAMES SPOUND

STEVE WESSLER

INNOVATIVE FINANCIAL PRODUCTS

216-820-4750

212-297-1800

303-221-2160

TO THE AFFORDABLE HOUSING INDUSTRY.

ERIC@REDSTONEEQUITY.COM

JSPOUND@REDSTONECO.COM

SWESSLER@REDSTONECO.COM

REAL ESTATE FINANCE COMPANY PROVIDING

WWW.REDSTONECO.COM

Wine Trail Bank of America Merrill Lynch Booth 28 Valerie A. Williams, SVP, Client Manager 901 Main Street, 20th Floor, Dallas, TX 75202 214.209.3219 + valerie.a.williams@baml.com www.bankofamerica.com/community

Goodman Manufacturing Company, L.P. Booth 33 Dick Rydzeski, Director National Accounts 5151 San Felipe, Suite 500, Houston, TX 77056 713.263.5249 + dick.rydzeski@goodmanmfg.com www.goodmanmfg.com

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For over 30 years, we have created opportunity for low- and moderate-income communities. And it all starts at home. Never before has our work been as urgent. Together with our partners, we will continue to create vibrant communities, filled with promise and the opportunity for a good life. Join us. Enterprise is a proud sponsor of the 2014 TAAHP Texas Housing Conference. Aron Weisner, Vice President, Syndication-Originator Enterprise Community Investment, Inc. 410.772.2621 | aweisner@enterprisecommunity.com

Kevin Bowen, Senior Vice President

www.EnterpriseCommunity.com

www.BellwetherEnterprise.com

Bellwether Enterprise Real Estate Capital, LLC 214.295.3828 | kbowen@bwecap.com

Texas Affordable Housing Magazine

© 2014 Enterprise Community Investment, Inc. All rights reserved.

Dauby O’Connor & Zaleski, LLC Booth 43 Gemi Ozdemir, Member 501 Congressional Blvd, Suite 300, Carmel, IN 46032 317.848.5700 + cozdemir@doz.net www.doz.net

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Oryx Compliance, LLC Davis Bacon & Section 3 Specialists WE MAKE DAVIS BACON EASY! ♦ Our custom internet software provides error free subcontractor payrolls ♦ Conduct on-site interviews ♦ Submit wage classification requests ♦ Manage Davis Bacon audits

SECTION 3 MONITORING SERVICES ♦ Develop and implement a Section 3 Plan ♦ Provide Section 3 information packages to subcontractors ♦ Assist Subs in documenting Section 3 compliance More about Oryx’s monitoring services at Oryxcompliance.com Ph: (512) 294-4017

Email: Support@Oryxcompliance.com

Expert Advice. Innovative Solutions. Outstanding Execution. Merchant Capital, LLC has long established itself as a leading underwriter of multifamily housing bonds. Over the years, Merchant Capital has demonstrated an unsurpassed leadership position in the structuring and marketing of multifamily securities. We believe that low- and moderateincome housing is an essential function in American society, and that state and local housing agencies and for-profit and not-for-profit developers are key to financing these projects. As a national leader in multifamily housing finance, we help our clients achieve strategic objectives through comprehensive investment banking services, in-depth housing sector knowledge, debt structuring, trading expertise and strong distribution channels. To learn more about Merchant Capital, LLC and our services for the affordable housing industry, visit: www.merchantcapital.com

One Lakeview Center 2660 Eastchase Lane Suite 400 Montgomery, Alabama 36117

10500 NE 8th Street Suite 1410 Bellevue, Washington 98004

John B. Rucker, III john.rucker@merchantcapital.com

Daniel E. Dill dan.dill@merchantcapital.com

Cody N. Wilson cody.wilson@merchantcapital.com

David A. Dill david.dill@merchantcapital.com

WHAT DOES OUR INTEGRATED PLATFORM YIELD? CONFIDENCE. The confidence of knowing that one partner provides all of the resources you need. We solve the commercial real estate puzzle by combining innovative lending opportunities, direct access to capital, multifamily investment sales expertise and flexible servicing solutions. CALL 512.226.8700 AND GET BERKADIA BEHIND YOU.

BERKADIA.COM

VP - Mortgage Banking 512.226.8710

Susan M. Alley sue.alley@merchantcapital.com 132

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T ha n ks t o o u r P A R T NER S

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Exhibitor/Sponsor

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IT REALLY DOES MATTER WHO YOU CHOOSE AS A PARTNER.

Hudson Housing Capital has long served as a trusted financial partner to tax credit investors and developers alike. Our track record of delivering results continues to attract a growing stream of investor capital. Hudson has consistently provided capital to its partners through these challenging financial times. While Hudson Housing Capital has the experience and depth of management to understand the most complicated opportunities, it is the simple things that set us apart: care in dealing with our partners, thorough underwriting and meticulous asset management. And private ownership that understands the value of building relationships for the long term. Talk to those who have worked with us. It really does matter who you choose as a partner.

www.hudsonhousing.com Hudson Housing Capital LLC 630 Fifth Avenue, Rockefeller Center, 28th Floor, New York, NY 10111 Tel: 212.218.4488 | Fax: 212.218.4467 7545 Irvine Center Drive, Suite 200 Irvine, CA 92618 | Tel: 949.623.8563 525 B Street, Suite 1500, San Diego CA 92101 | Tel: 619.297.6500 7535 Little River Turnpike, Suite 204, Annandale, VA 22003 | Tel: 703.639.0880 100 Cummings Center, Suite 433A, Beverly, MA 01915 | Tel: 978.236.4252 980 N Michigan, Suite 1400, Chicago, IL 60611 | Tel: 312.214.6312

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CohnReznick is an independent member of Nexia International

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Texas Affordable Housing 2014