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3,000 clients

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AFTER 25 YEARS OF FINANCIAL INNOVATION, COLLABORATIVE PARTNERSHIPS AND A CLEAR FOCUS ON COMMUNITY IMPACT, NATIONAL EQUITY FUND, INC. REMAINS A LEADER IN THE TAX CREDIT INDUSTRY WITH A $9.5 BILLION PORTFOLIO--THAT’S 127,000 HOMES ACROSS THE COUNTRY. CONTACT: Joe Hagan, President & CEO | 312.697.6116 | jhagan@nefinc.org National Equity Fund, Inc. 120 S. Riverside Plaza, 15th floor Chicago, IL 60606

WWW.NEFINC.ORG

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Successful Experience. Trusted Partner.

At Stratford Capital Group, we understand affordable rental housing represents an entirely unique real estate sector. It’s critical that you work with a partner that is not just a real estate company, but a multifamily investment specialist. To learn more about our 15 years of successful experience and how we can be your trusted partner, visit us online at: www.stratfordcapitalgroup.com.

Investment with Integrity Peabody, MA: Benjamin D. Mottola, President / Phone: 978.535.5600 McLean, VA: Stephen P. Wilson, President, VA / Phone: 703.918.4888 stratfordcapitalgroup.com 6


Insight. Knowledge. Leadership.

Cevallos Lofts San Antonio, TX (Photo: The NRP Group)

TDHCA is proud to partner with TAAHP and the Affordable Housing Community

TDHCA staff will be participating in the following sessions. Please join us. Tuesday, 24, 2012

Compliance Issues Trouble in Paradise 8:30 a.m. - 9:45 a.m. Little Colony

Corban Townhomes Corpus Christi, TX

Orchard at Garden Oaks Houston, TX (Photo: Orchard Communities)

Wednesday, July 25, 2012

A Look Inside the 2012-2013 QAP 1:45 p.m. - 3:00 p.m. San Jacinto Ballroom - West

Magnolia Trails Senior Living Magnolia, TX

One on One with TDHCA Leadership Team 8:30 a.m. - 9:30 a.m. Four Seasons Ballroom

M Station Austin, TX

The Huntington in Buda Buda, TX

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS 221 East 11th Street, Austin,TX 78701 PO Box 13941, Austin, TX 78711

512-475-3800 800-525-0657 info@tdhca.state.tx.us www.tdhca.state.tx.us

7


Helping clients see their projects through, for three decades, and the many years to come. Bank of America Merrill Lynch has worked closely with affordable housing developers across the country for more than thirty years, helping them achieve their goals with time-tested expertise and the full range of financial tools. We are proud to sponsor the 2012 Texas Housing Conference. We salute the Texas Affiliation of Affordable Housing Providers for creating a dynamic forum where housing professionals can share knowledge, exchange ideas and shape the future of community development. bankofamerica.com/CommercialRE

“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 commercial banking 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 FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured  May Lose Value  Are Not Bank Guaranteed. ©2012 Bank of America Corporation ARN465J3

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Scan QR code

www.centerline.com

affordable housing debt for our website.

> MULTIFAMILY Centerline Capital Group provides real estate financing and asset management services for affordable and conventional multifamily housing. Centerline offers debt and equity financing to developers, owners, and investors. Centerline is structured to originate, underwrite, service, manage, refinance or sell through all phases of an asset’s life cycle. A leading sponsor of Low-

LEADER Income Housing Tax Credit (LIHTC) funds, Centerline has raised more than $10 billion in equity across 136 funds, and invested in more than 1,200 assets spanning 47 states. The firm’s multifamily lending platform services more than $11 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 14 locations throughout the US.

Philip Melton 972 868 5736 pmelton@centerline.com

affordable housing equity Michael Riechman 704 887 4958 mriechman@centerline.com

asset management Michael J. Curran 212 521 6385 mcurran@centerline.com

mortgage banking William T. Hyman 212 317 5750 whyman@centerline.com

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EE on FR rati ist r a e. g re fo tim d ite m li

Austin

TM

September 13 - 15, 2012 Austin Convention Center

Trade show

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Presenting Partners

Networking

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If you build it they will come. Helping you help them is right up our alley.

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D P D C P C

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THE METER’S RUNNING ON YOUR UTILITY ALLOWANCES... THE METER’S RUNNING ON YOUR UTILITY ALLOWANCES... There’s a good chance your utility allowances are costing you too much. The DPC Utility Allowance Program gives you an option that There’ a good chance allowances are costing you too could slower these costsyour and utility improve your operating income. much. The DPC Utility Allowance Program gives you an option that could lower these with costshousing and improve operating DPC has worked financeyour agencies, localincome. utility providers, and tax credit properties in multiple states across the country. DPC hasa worked housing finance agencies, providGive us call andwith find out if you’re spending morelocal thanutility you should ers, credit properties multiple states across the country. and and if ourtax program is right forinyou. Give us a call and find out if you’re spending more than you should and if our program is right for you.

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Š2012 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association. Member FDIC CIB Program Ad Aug 2011 007

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THE IDEAL LOCATION IN DOWNTOWN AUSTIN

WELCOME 2012 TEXAS HOUSING CONFERENCE! • Ideal lakeside location overlooking scenic Lady Bird Lake and the Congress Avenue Bridge bats. • Close to Austin’s unique shopping, dining and entertainment including 2nd Street (1 block), Warehouse District (2 blocks) and 6th Street (5 blocks), and just 2 short blocks from the Austin Convention Center. • Remodeled guest rooms and suites, cozy lobby with live entertainment, outdoor pool, fitness center, hike & bike trails, plus our own T.G.I. Friday's® and Starbucks. • Book your next meeting or social event in our beautiful ballroom or meeting rooms 111 Cesar Chavez @ Congress Austin, TX 78701 (512) 478-9611 www.radisson.com/austintx 1-800-333-3333

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40YEARS HELPING DEVELOPERS 40YEARS HELPING DEVELOPERS AND INVESTORS SUCCEED. AND INVESTORS SUCCEED. OVER AND OVER AGAIN. OVER AND OVER AGAIN. Who says all habits partners and excelWho says all habits partners and excelare bad? Since we lent execution, we’ve are bad? Since afwe lent execution, we’ve began supporting posted a long-term began supporting postedrecord a long-term fordable housing afin track of creWe find sound fordable in partnerships to be quite track record of succre1969, ourhousing partners atively financing We find sound rewarding. 1969, our partners atively financing sucpartnerships to be quite have enjoyed consiscessful developments. rewarding. havesuccess. enjoyedAnd consiscessfulthe developments. tent since the tax We’d welcome opportunity tent success. And sinceinthe tax We’d welcome the opportunity credit program began 1986, to tell you more about Raymond credit program began inequity 1986, to tell you more about Raymond we’ve provided James, because like our current we’ve provided equity James, because like our current for more than 1,300 projpartners, we think you’ll find for more projpartners, towebethink you’ll find ects in 46 than states.1,300 Through success habit-forming. in 46 states. success WELL to be habit-forming. aectscombination of Through quality LIFE PLANNED. a combination of quality LIFE WELL PLANNED.

R J TA X C R E D I T F U N D S . C O M / / 7 2 7 . 5 6 7 . 5 0 1 4 R J TA X C R E D I T F U N D S . C O M / / 7 2 7 . 5 6 7 . 5 0 1 4

ST. PETERSBURG, FL // NEW YORK, NY // CLEVELAND, OH // BIRMINGHAM, AL BALTIMORE, MDNY // LOS ANGELES, CA ST. PETERSBURG, FL // NEW YORK, // CLEVELAND, OH // BIRMINGHAM, AL BALTIMORE, MD // LOS ANGELES, CA

©2012 Raymond James Financial, Inc. ©2012 Raymond James Financial, Inc.

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Municipal Bond Experience Lives Here MUNICIPAL BOND TRUSTEE ESCROW AGENT SUCCESSOR TRUSTEE CUSTODY INSTITUTIONAL INVESTMENT MANAGEMENT

Chuck Hicks

Greg Hasty

Camilla Lindsey

DEFAULT TRUSTEE ADMINISTRATION

The business world is an increasingly volatile place. Managing through change demands the expertise that Wilmington Trust clients have come to expect. We bring a world of experience to the table. We’ve been there, we’re ready, and we’re capable of things you haven’t even imagined yet. GET IN TOUCH WITH EXPERIENCE TODAY BY CALLING 972.383.3153 OR EMAIL EXPERIENCE@WILMINGTONTRUST.COM.

©2012 Wilmington Trust Corporation. Affiliates in Arizona, California, Connecticut, Delaware, Maryland, Michigan, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Texas, Vermont, Cayman Islands, Channel Islands, Dublin, Frankfurt, London, and Luxembourg. All rights reserved.

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Innovative partnership. Environmentally focused. Innovative partnership. Environmentally focused.

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

Citi. Your Community Development Partner.

Citi. Your Community Development Partner. Cevallos Lofts SanCevallos Antonio, TX Lofts

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2012 Citibank, N.A. All rights reserved. 2012Arc Citibank, rights reserved. Citi and DesignN.A. is aAll registered service mark of Citigroup Inc. Citi and Arc Design is a registered service mark of Citigroup Inc.

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Affordability goes beyond a lease rate. As leaders in the field for more than 40 years, we proudly support TAAHP’s continuing commitment to affordable housing development and preservation.

Utility costs matter, too. Help make your affordable development more appealing by lowering monthly energy bills with efficient natural gas appliances and amenities.

N ATUR AL G AS U TIL ITIE S of T E XAS Silver Conference Partner

www.nixonpeabody.com

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Visit us at Booth 21 and21 attend our session Visit us at Booth and attend “Innovative and Energy Efficient Natural Gas our session “The Bridge Fuel” on Technologies Add to Your Bottom Line” July 2624 atat 10:15 on July 1:45a.m. p.m.to tolearn learnmore. more.


Red Stone Equity Partners would like to thank our investor and developer partners, along with other industry experts, on raising

$1 billion of tax credit equity in our first 5 years.

Red Stone is a national multifamily real estate finance company providing innovative financial products to the affordable housing industry. w w w.reds toneco.com

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7/3/12 11:


PATRONS

ADVERTISERS

CONTRIBUTORS

Anderson Capital, LLC (p. 11) Bank of America Merrill Lynch (p. 8) Capital One (p. 143) Centerline Capital Group (p. 9) Chase (p. 22) Citi (p. 19) Dauby O’Connor & Zaleski LLC (p. 3) Diamond Property Consultants (p. 14) Federal home Loan Bank (p. 142) Hudson Housing Capital (p. 23) Locke Lord, LLP (p. 41) National Equity Fund (p. 5) Natural Gas Utilities of Texas (p. 20) Nixon Peabody (p. 20) Oryx Compliance, LLC (p. 4) PNC Real Estate (p. 15) Portfolio Resident Services (p. 2) Radisson Hotel & Suites (p. 16) Raymond James (p. 18) Redstone Equity Partners (p. 21) Reznick Group, P.C. (back cover) The Richman Capital Group (p. 17) Sabrina Nicole Photography (p. 10) Shackelford Melton & McKinley, LLP (p. 12) Stratford Capital Group (p. 6) Tax Credit Group of Marcus & Millichap (p. 13) Texas Aff. of Afford. Hsg. Providers (p. 9, 88, 90, 101, 133) Texas Assoc. of Builders (p. 10) Texas Assoc. of Local Housing Finance Agencies (p. 12) Texas Dept. of Housing and Community Affairs (p. 7) Wilmington Trust (p. 19)

Cynthia Bast (Housing Tax Credits: Looking Back & Looking Forward, p. 38) is Partner at Locke Lord, LLP. R.L. “Bobby” Bowling IV (Tax Credit Apartments: Incubating Future Homeowners, p. 42) is President of Tropicana Building Corp. Stephanie Darden (Crowdsourcing: Create Community, Before Building a Community, p. 26) is President + Creative Director of FDG {creative}. Scott Harold (Smart Economic Growth, p. 34) is an Associate with Lancaster Pollard. Ray Landry (HUD Announces New LIHTC Expedited Processing Pilot Program, p. 32) is Vice President of Commercial Lender for Davis-Penn Mortgage Co. Jennifer McDermitt (The Trickle Down Effect, p. 46) is a Staff Writer for the Texas Association of Builders. Betty Waters (SilverLeaf Complex Adding More Units, p. 30) is a Staff Writer for the Tyler Morning Telegraph.

Improving communities. Improving lives. As a national leader in community development finance for affordable housing and economic development projects nationwide, Chase is leading the way to help strengthen communities across America by providing loans and investments in low- and moderate-income communities. For more information on Chase Community Development Banking, visit chase.com/cdb or contact: Benjamin Glispie Southwest Region Manager (214) 965-2113

© 2012 JPMorgan Chase & Co. All rights reserved. Chase is a marketing name for certain businesses of JPMorgan Chase & Co. and its subsidiaries worldwide.

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hh_CG_2011_full_page_v1_qxd_Layout 1 10/25/11 6:19 PM Page 1

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 251 Recinto Sur, 2nd Floor, San Juan, PR 00901 | Tel: 787.721.7929

10.25.11 • Common Ground • ad size: 7.5” x 10” • issue: November 2011

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contents

101

26

50

GENERAL 22 48 86

85

Schedule At-A-Glance

FEATURES

92

Special Events

Award-winning affordable housing developments take center stage

34

Smart Economic Growth

94

Educational Program

Leadership

38

Housing by Choice

108

Exhibits

42

Future Homeowners

Partners 136 2012 Cheers to all who make the

Patrons

Article contributors and advertisor listings

Housing Connection

Get to know the dedicated leaders who make it happen

to Know 134 Need Get the scoop on registration, exhibit hall hours, & more!

24

conference

Benefits of creating affordable housing in the U.S. A self reflection of the Housing Tax Credit Program Tax Credit Apartments help El Paso family become homeowners

Check out this year’s jam packed agenda

Cocktails, granola bars, wine & cheese, popcorn, and more! Expand & share your housing knowledge

Your chance to network & secure new business relationships

Texas Housing Conference come to life!


contents

intro It’s safe to say that it’s going to be another hot Texas summer. As the heat index rises and the sun wraps its sweltering arms around the Lone Star State, I encourage you to beat the heat and kick back, put your favorite beverage on ice, and drink-in another edition of the Texas Housing Magazine. Rewind three years ago…the economy was in the mist of one of the most devastating downturns since the Great Depression, Octomon gives birth to octuplets, the swine flu pandemic rattles the Nation, and the Texas Housing Magazine is born. While most would take a step back we lunged forward and created the only major magazine focused on highlighting affordable housing communities in Texas and the people behind the scenes who make it all happen.

In this edition you will read about an El Paso family who have become first time home buyers, the positive economic impact affordable housing communities have on local economies, and how to maximize your business exposure through social media. I hope you use this publication as a tool to tell your story and grow your business. As the summer heat continues to bake the Earth, don’t forget to stay cool and enjoy the sanctity of an air conditioned room with a copy of the Texas Housing Magazine neatly placed on a coffee table next to your favorite iced beverage.

The goal was to produce a magazine that informs, engages, and encourages its readers to share ideas and work together to produce award-winning housing communities with state-of-the-art designs, amenities, and resident services.

Jesus Azanza

editor + creative director

Fast forward three years… the National economy begins to gain traction as it rallies to recover, Lebron James finally wins his first NBA Championship, and this publication expands from a 28 page program to a 140+ page magazine. Interest to advertise, contribute peer reviewed articles, and showcase affordable housing communities across the State of Texas continues to grow.

Staff Editor

Executive Director

Questions and feedback:

General Manager

Director of Member Services Jesus Azanza

221 E. 9th Street, Ste. 408 Austin, TX 78701

Sales

Administrative Assistant

512.476.9901

Jesus Azanza Jim Brown

Kristi Sutterfield

Design + Production Jesus Azanza

Jim Brown

Nancy Hardin

Conference & Marketing Consultant Kristi Sutterfield

Phone: Email:

info@taahp.org

w w w.taah p.o rg

25


CROWDSOU

CREATE COMMUNITY, BEFORE B By: Stephanie Darden, President + Creative Director, FDG {creative} continued on page 28

26


URCING:

BUILDING A COMMUNITY

27


feature

9

continued from page 26 99.9% of developers will agree with passionate zeal: their projects’ planning and approval process is tedious on a good day and hellacious on most other days, with outcomes that are anything but certain. I am not a developer, but I’ve worked as a partner long enough to know that the projects, places, and people may change, yet one thing remains constant: real estate development is not a simple, linear process. Getting from the vision at point A to a full occupancy at point Z, will include a trajectory that often resembles a connect the dots version of the galaxy’s constellations. But what if I told you there is a new movement strengthening developer and project brands, creating a robust leads generation pipeline, and actively transforming the vision to reality trajectory along the way?

end of April 2012, and approved in June 2012. All along the way, for every review, every vote, members of Bristol Rising were in attendance at the municipality to help usher along project progress. Think about that for a moment. Normally, community involvement is seen when those who are vehemently opposed to a project show up, speak loudly, and urge municipality decision makers to reconsider or reject plans. Bristol Rising had the opposite impact. There was a crowd of fans and supporters attending the reviews. Renaissance Downtowns had its very own pep squad cheering and helping to show that a large portion of the local population agreed with and supported the plan. So how did they do it? How did they create community before building community?

So what exactly is crowdsourcing? Consider it the modern, interactive, multidimensional version of polling. It involves taking a decision or task to the general public that is ordinarily completed or decided by your team or related project partners.

Renaissance Downtowns created an all-call of sorts, asking for all interested members of the community to submit ideas for the plan and provide feedback along the way. You can see it live and in action at BristolRising.com. In addition to the obvious benefit of project velocity, the launch of Bristol Rising also succeeded in strengthening their own brand as a developer who cares about community development through community engagement. I fell in love with their ingenious Crowdsourced Placemaking Agreement and Triple-Bottom-Line Statement, both available for reading on the website.

But how can crowdsourcing be specifically utilized to advance the interests of real estate developers and their projects? Look no further than a role model example I continue to admire from afar: Renais-

Bristol Rising also made the municipality’s decisions easier because Renaissance Downtowns was able to show community consensus and support of the plan. This was a game changer. Project opponents

This movement is a shift in thinking that can aptly be described as a concerted effort to create community, before building community. The name of this movement is crowdsourcing.

28

sance Downtowns, a real estate development firm that won an RFP to develop 17 acres of failed shopping mall into a vibrant, thriving downtown destination. Their crowdsourcing placemaking campaign and participants are known as Bristol Rising. Launched in November of 2010 via a seemingly simple happy hour with 14 people, it has since led a planning and approval process that has been completed in a fraction of the time of similar projects in other markets. Consider that most master plans can easily take 2-3 years to complete. In this case, for Renaissance Downtowns, their Concept Master Plan was submitted in April 2011 with municipal approval gained in October 2011. But the project’s velocity did not end there. Zoning amendments were approved in February 2012. The first official land use plan was submitted at the


feature

did not stand a chance against a tidal wave of project supporters, the Bristol Rising crowdsourcing community, who continually filled the room and afforded the developer verifiable proof of support both online and in-person. Crowdsourcing has provided another magical gift to the developers of this mixed-use development. It has also created a powerful pipeline for lead generation. What started as a mini movement of 14 people at happy hour has become a mighty movement of 2,300 members today. In November 2011, Bristol Rising launched their Downtown Living Campaign, which focused on identifying 400 people who were interested in living downtown, and this past March, they reached their goal. Renaissance Downtowns’ crowdsourced placemaking campaign is a success on all fronts. But make no mistake about it, it took energy and investment upfront–an atypical time for most developers to spend money on public communication initiatives, a.k.a. marketing. But that’s perhaps the most important part of all crowdsourcing. You are effectively engaging in marketing and branding from the earliest possible stage–point A–of a project’s trajectory. You are able to officially move away from push marketing (outbound “push”-style messages about your project) and fully realize pull marketing where individuals are drawn inward, into the heart of your project. Crowdsourcing empowers them to affect a development’s outcome, not sim-

ply occupy it once it’s constructed. Renaissance Downtowns is not alone in their adoption of crowdsourced placemaking. Other examples include: NewPauldoe.com, a site created for the redevelopment initiative of the Jack R. Wells public housing development in Athens, GA by Columbia Residential and the Athens Housing Authority. Their crowdsourcing initiatives have played a major role in the pursuit of tax credits in Georgia, by helping them showcase tremendous community support for the project and a vital need for affordable housing in Athens-Clarke County, an area plagued with one of the highest rates of poverty in the United States. Popularise.com, a site that solicits the community via large-scale architectural building wraps to volunteer their ideas for the best fits for available retail spaces throughout the Washington, D.C. area.

For more examples of ways crowdsourcing is playing a vital part in community development, visit fdgcreative.com/communitycrowdsourcing.

29


feature

SILVERLEAF COMPLEX ADDING MORE UNITS by betty waters, staff writer, tyler morning telegraph

CHANDLER — SilverLeaf, a new complex here providing senior citizens who are able to live independently with high-quality housing at affordable rental rates, is adding 44 apartments in four-plexes and six-plexes in nine buildings less than a year after it opened.

Residing in the new senior apartment community is “wonderful and peaceful and the people are kind,” Benni Brown said. She was drawn to move in by the convenience, access to things and realization that she is older.

The additions will increase capacity of SilverLeaf at Chandler Senior Apartment Community at 801 Farm-to-Market Road 2010 from 30 apartment units in six buildings to a total of 74 apartments, all built in the Texas traditional style of architecture.

The development represents an investment of about $7.5 million, including $3 million for the costs of Phase 1 and $4.5 million for Phase 2, Sugre said.

“We hope to bring the first buildings (of Phase 2) on line at the end of the year,” said Mike Sugre, principal of StoneLeaf Companies, a Mabank-based development company specializing in senior living communities. “We would not ever build a place we would not live in ourself,” Sugre said. Phase 1 on the approximately 13-acre site formally opened in December 2010, although leasing started earlier, and it is fully occupied.

30

She also liked knowing that her newly constructed apartment had never been lived in until she moved in. There's a waiting list of approximately 50 applicants for apartments under construction in Phase 2.

“I don't foresee any problems filling up those 44 (new) units. Everyday people come by or call about an apartment,” said Laura Dickson, on-site property manager for Alpha-Barnes Real Estate Services, a management company hired by Sugre to oversee the senior living complex. Most residents are widows or widowers, although there are a few couples. The development represents an investment of about $7.5 million, including $3 million for the costs of Phase 1 and $4.5 million for Phase 2, Sugre said. Sugre undertook building the complex through the low-income housing tax credit program, based on Section 42 of the Internal Revenue Code, a federal program administered in Texas by the Texas Department of Community Affairs that provides the private market with tax incentives to invest in affordable rental housing. His company picked Chandler as the site of the project after a market study showed a need for this


feature

type of housing, partly because Chandler is a bedroom community to Tyler. “We looked at a lot of different places to see where there is a need. I talked to a number of towns in East Texas. The people in Chandler were very, very accommodating and really wanted housing and knew they needed housing,” Sugre said. To show the state and federal governments that the city of Chandler wanted the development and was willing to participate, the Chandler Economic Development Corp. loaned the developer $100,000 for Phase 1 and $140,000 for Phase 2 from half-cent sales tax revenue, city Administrator Jim Moffeit said. Sugre paid back the Phase 1 loan upon completion of construction and Moffeit expects he will pay off the Phase 2 loan when Phase 2 is completed, probably next summer. The new senior living complex allows a person with limited income to have a place to go and still be independent, Moffeit said. “There's a big need in Chandler,” Sugre said, “because of its proximity to Tyler. It's an area that had a need and we could fill that need.”

sons aged 55 years and older. Depending on tenants' income, monthly rent for a one-bedroom apartment ranges from $229 to $526 and for a two-bedroom apartment the range is $278 to $634. The rent includes garbage pickup, water and sewer service. Size of the apartments varies from 750 square feet for a one-bedroom apartment to 900 square feet for two-bedroom units. Most tenants sign a 12-month lease, although the minimum lease is for six months. There are eight handicapped-accessible units. Some are designed for the mobility impaired and the hearing and sight impaired as well. Units for the handicapped have roll-in showers for anyone who is wheel-chair bound. All of the units have granite counter tops in kitchens and bath rooms. Counters are chair height and easy to reach over. To facilitate movement, especially by anyone on a walker, they have plank vinyl flooring and no carpeting, which makes them easier to clean and less offensive to anyone with allergies.

Many of the Phase 1 residents have family members who live in Tyler and wanted to be close by. Several Tylerites with aging parents moved them into StoneLeaf from all over Texas, Louisiana and Oklahoma City, Ms. Dickson said.

Living rooms have 9-foot, tray ceilings, creating the illusion that the apartments are bigger than they actually are. Insulation is heavier than in a typical home to make the units energy efficient, and every room has a ceiling fan. Most have showers, but some also have bath tubs.

“It's a quiet, safe community,” she added. “The biggest (benefit) is the community aspect. I can truthfully say that you see the best in people when you live in a community like this. They (tenants) get to know each other, share rides to the grocery store and doctor, check on each other.”

All of the units have washer and dryer hookups, dish washer, disposal, self-cleaning ovens, a 17-cubic-foot refrigerator with ice maker, built-in microwave oven, walk-in closets, an outside storage area and patio. All of the light fixtures have an energy star rating to keep electric bills down, Sugre said.

There are two restrictions that tenants must meet — age and income.

A community building in the complex serves as a gathering place for residents. It has a large room with a flat screen TV where they watch football games, play games, and have parties. There are bil-

Phase 1 is restricted to persons aged 62 years and older, while Phase 2 will be restricted to per-

liard tables and card playing tables. Another room hosts crafts, Bible study, health fairs and other activities. A business center in the community building is equipped with computers for residents, a copy machine and a fax machine. The community building also has an office, a kitchen and a laundry room for residents who do not install a washer and dryer in their apartment. Walking trails weave through the property and there is a place for a community garden.

fact According to the U.S. Census, Chandler has grown 38.7 percent since the 2000 census. The 2010 Census cites a Chandler population of 2,734 compared to 1,971 for the year 2000. According to the Census, Chandler grew at a faster rate than the state and Henderson County. Texas grew from 20,851,820 people in 2000 to 25,145,561 in 2010; reflecting a 20.6 percent increase. During this same time period, Henderson County had a 7.2 percent increase from 73,277 persons to 78,532 persons. Chandler, TX Population Growth (by decade) Year

Population

% change

1940 1950 1960 1970 1980 1990 2000 2010

624 675 715 765 1,308 1,630 1,971 2,734

--8.2 5.9 7.0 71.0 24.6 20.9 38.7

Resource: City of Chandler http://www.chandlertx.com/ DocumentCenter/Home/View/5

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HUD Announces New LIHTC Expedited Processing Pilot Program by ray landry, davis-penn mortgage company This article first appeared in the April 2012 issue of the Novogradac Journal of Tax Credits and is re-produced here with the permission of Novogradac & Company LLP. For further information visit www.novoco.com.

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Here’s a shout out to all low-income housing tax credit (LIHTC) developers. Knowing that interest rates today are at an all-time low, are you sick and tired of converting your developments into the 7 percent or more permanent debt that you had to commit to two years ago? Have you had enough of hearing your competitor brag about the low FHA rate he just locked, but you didn’t have the time to process a 221(d)(4) transaction? Your agony is now over. Some of my colder-hearted comrades had a saying they liked to use back in my Resolution Trust Corporation days as we entered a savings and loan institution to ultimately eliminate employees’

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jobs: “We’re with the Government, and we’re here to help you.” Flash forward 20 years, and once again the phrase comes to mind, but this time in a much more positive light. At the Mortgage Bankers Association’s annual Commercial Real Estate Finance Conference in February, U.S. Department of Housing and Urban Development (HUD) Deputy Assistant Secretary for Multifamily Housing Programs Marie Head presented the highlights of the new HUD LIHTC pilot program. Chief is the revival of the recently expired three-year rule, making it available again for LIHTC transactions processed through the program.

As you may recall, HUD in July 2009 instituted its three-year rule waiver in an effort to clear bank portfolios of construction loans that had no permanent financing; it was meant to be an incentive to get banks lending again. Historically, HUD could not insure a loan until the property was three years old. One requirement of the expired waiver was proof that alternative permanent financing wasn’t available, a requirement that the new waiver removes. As of this printing, the new three-year rule waiver was still in clearance and had not been issued. In the interim, the LIHTC pilot mortgagee letter (ML 2012-1) extends the existing waiver until February 2013 for tax credit pilot transactions only.


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The two other pilot program initiatives are preservation related. The first involves rehabilitations of up to $40,000 per unit on properties processed through the program. These properties can now be processed as 223(f) transactions instead of a 221(d)(4) construction loan. Some of the 221(d)(4) protocols, especially those pertaining to property capital needs assessments (PCNAs), use of architects, plans and specifications, and general contractors are applicable, except Davis-Bacon wage rules do not apply provided all rehab costs in excess of normal 223(f) rehab limits are paid from LIHTC equity. The assurance of completion escrow required by the Section 223(f) program will serve as a construction contingency, with a credit given for a funded repair contingency held at the partnership level. Repairs will be funded on a monthly draw basis with inspections, like a 221(d)(4), and the repair period can extend beyond the normal 12-month 223(f) limit. Rehabilitations requiring more than a two-week tenant relocation are not eligible and must be processed as 221(d)(4) transactions.

properties must have averaged 85 percent physical occupancy for the previous 12 months, and rehabilitations can only be “tenant-inplace;” again, allowing for no more than a two-week relocation of tenants. An operating deficit escrow equal to six months of principal, interest and mortgage insurance is required. Transactions involving 4 percent and 9 percent LIHTCs are eligible for the pilot program, and the maximum loan amount is $25 million. The LIHTC partnership must have a third-party LIHTC investor, thus projects funded exclusively with ex-change credits or Tax Credit Assistance Program (TCAP) transactions are not eligible. For mixedincome developments, at least 90 percent of the units must be rent restricted. On non-HAP properties, underwritten rents must be at least 10 percent less than comparable unrestricted rents. Mixed-use developments are also eligible, provided the commercial income and square footage is less than 10 percent of the entire project.

Transactions involving 4 percent and 9 percent LIHTCs are eligible for the pilot program, and the maximum loan amount is $25 million. “Assisted projects,” in which project-based Section 8 contracts cover at least 90 percent of the units, may qualify under one of the three types of transactions included in the program but the owner must agree to a new 20-year housing assistance payment (HAP) contract. If the owner requests a rent increase in conjunction with the new contract, that request must be submitted to asset management prior to submitting the firm application. Year-15 LIHTC properties are also an eligible property type under the pilot program. Any property being re-syndicated with new credits and a new equity investor is eligible for the same $40,000 per unit rehab limit described previously. Eligible

The program is available only to selected multifamily accelerated processing (MAP) lenders, and the selection criteria include successful affordable housing lending histories. Lender applications are being accepted now, and the list of approved lenders is expected to be released later this month. Initial testing of the pilot program will be in HUD’s Boston, Chicago, Detroit and Los Angeles hubs. It is HUD’s desire to expand the preservation initiatives of the program to additional Hubs and lenders within the first 12 months of implementation. Discussions are taking place about possibly including 221(d)(4) transactions in the program next year.

We all know the knock on HUDinsured financing has always been the lengthy process to get to closing, with typical timeframes ranging from 10 to 12 months. The pilot program provides for a single LIHTC Hub-delegated underwriter for each Hub that will process the entire loan application, as opposed to the current system of having each discipline review their portion of the application. The best news of all is their stated timing goals are for firm commitments to be issued within 60 to 90 days of receipt of a firm application, with closings in another 30 days. You can download the mortgagee letter creating the LIHTC pilot at http:// portal.hud.gov/hudportal/documents/ huddoc?id=12-01ml.pdf. If you have any questions on this information, I can be reached at rayl@davispenn.com.

Ray Landry is vice-president of commercial lending with Davis-Penn Mortgage Co. Davis-Penn provides new construction, refinancing, acquisitions and substantial rehab financing through the FHA and HUD insured loan programs. This article first appeared in the April 2012 issue of the Novogradac Journal of Tax Credits. © Novogradac & Company LLP 2012 - 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.

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SMART

Economic GROWTH by scott harold, lancaster pollard

Low-income housing tax credits (LIHTC) are arguably the most important resource for creating affordable housing in the United States today. Created by Section 42 of the Tax Reform Act of 1986, the LIHTC program gives state and local LIHTC-allocating agencies nearly $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation or new construction of affordable rental housing targeted to low-income households. cotinued on page 36

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cotinued from page 34

A Quarter Century of Success

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The spirit of the LIHTC program is based on competition. Each year, states are allocated a certain amount of tax credits from the federal government based on population. State and local officials award those tax credits to competing developers who sell them to investors in exchange for equity to build affordable housing. The application process rewards developers who build LIHTC projects in areas of significant need, use sustainable building practices and demonstrate a solid track record of success within the program, among other criteria.

To date, the LIHTC program has succeeded in facilitating private investment to support the development and preservation of affordable rental housing for America’s low-income families. According to a report from Reznick Group, for the last 15 years, the demand for housing tax credits has exceeded supply almost every year. Reznick believes this imbalance between the supply and demand for housing credits has resulted in a highly efficient use of tax credit dollars as a tool to finance the construction of additional affordable housing. The same report revealed that over the course of the past decade, the occupancy level in LIHTC properties has consistently been approximately 96%.1 Additionally, a report by Novogradac & Company referenced the LIHTC program’s significantly low foreclosure rate relative to other real estate asset classes. In a survey of 15,174 properties, respondents indicated that only 129 of the properties had been foreclosed between 1991 and 2006, which translates to a 0.08 percent on an annualized basis. The same study revealed that, in comparison, the foreclosure rate for non-LIHTC apartment properties was 0.27 percent.2 The LIHTC program is a significant public policy success story;

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however, the development of LIHTC properties is not without opposition. It is a widely held notion that affordable housing contributes to neighborhood blight, low property values and poor community economies. A survey conducted by Housing Illinois, a coalition of over three dozen housing and community advocate groups, revealed that two-thirds of people surveyed believed low-income housing is poorly maintained, half agreed that developing low-income housing would lower property values and just over half agreed that crime increases in neighborhoods with low-income housing.3 This “not-in-my-backyard” attitude has led to growing resentment against the construction and rehabilitation of affordable housing in neighborhoods across the county. It is well recognized that this important housing program plays an important role in improving the economic welfare of low-income households throughout the United States, but its positive impact on local income, taxes and jobs is rarely highlighted.

Small Investment, BIG Return Since 1987, when it began, the LIHTC program has become the primary federal subsidy instrument for supporting the production of new and rehabilitated rental housing for low-income households. The exact number of units actually preserved and newly developed under the program, however, is difficult to determine. Given the dispersed nature of the program, no single federal source of information on LIHTC housing production exists.4 State and local allocation agencies collect more information on the nature of the LIHTC housing through the state’s competitive application process. The following analysis uses the 2009 U.S. Department of Housing and Urban Development’s (HUD) LIHTC Database and The National Association of Home Builders (NAHB) model to estimate the

local economic benefits of LIHTC development. The LIHTC database, first created by HUD in 1997, contains information on 33,777 projects and almost 2,203,000 housing units placed in service between 1987 and 2009. The NAHB model captures the effect of the construction activity (Phase I), the ripple impact that occurs when income earned from construction activity is spent in the local economy (Phase II), and the ongoing impact that results from the LIHTC units being occupied (Phase III).5 According to the HUD LIHTC Database, on average, between 1995 and 2009 nearly 103,000 units were placed into service each year with the average project containing 75 units. Placed-in-service projects are those that have received a certificate of occupancy and for which the state has submitted the IRS Form 8609, indicating the property owner is eligible to claim LIHTCs on their tax return.6 Using the NAHB model, the oneyear impact (Phase I and II) of 103,000 placed-into-service LIHTC units creates 125,660 jobs, injects $8.1 billion in income to local economies and generates $1.3 billion in federal, state and local taxes, fees and charges. The additional, annually recurring impact of 103,000 placed-int0-service LIHTC units (Phase III) creates 30,900 jobs, injects $2.4 billion in income to local economies, and generates $454 million in federal, state and local taxes, fees and charges. The per-unit data used to calculate the one-year and recurring impacts were estimated by NAHB under the assumptions that tax-credit apartments: had an average market value of $120,000 per unit; had an average raw land value of $12,000 per unit; incurred an average of $3,043 per unit in impact, permit and other fees to local governments; and incurred an average annual property tax of $1,200 per unit.7 Developed by economists, NAHB’s economic-impact models have been used by outside universities, state housing authorities, and affordable housing agencies. The Illinois Housing Development Au-


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thority used the NAHB model to determine that the one-year employment impact of the authority’s lending for new construction resulted in 4,256 full-time jobs and about $70 million in federal, state and local taxes and fees.8

School is Back in Session An example of the LITHC program in action is Franklin School Apartments in Great Falls, Mont. Originally an elementary school built in 1913, the property was expanded and converted to tax-credit apartments in 1990. In a city known for its historical architecture, the apartment project was one of Great Falls’ success stories; however, over recent years the project had been physically deteriorating and was due for a makeover. The developer applied for and received LIHTCs from the Montana Board of Housing, which positioned the project to restore its physical quality and improve living conditions for residents. Lancaster Pollard provided a permanent loan through the fixed-rate, nonrecourse Fannie Mae Affordable Housing product. As a result, the property will benefit from $48,000 worth of repairs per unit, including updated kitchens, bathrooms and common areas as well as energyefficient improvements. The economic impact from the Franklin School Apartments project will be substantial for Great Falls. (See table above.) For the development cost of $4 million, the NAHB one-year local income estimate is more than $3.1 million and the one-year estimate of local taxes and fees is nearly $331, 000.

Franklin School Apartments: By the Numbers Improve Your Community

FRANKLIN SCHOOL APARTMENTS BY THE NUMBERS

The economic benefits of LIHTC developments cannot be ignored. The LIHTC program does more than just provide affordable housing to families in need; it creates jobs for millions of Americans and injects recurring capital in the U.S. economy. When using the NAHB model and HUD statistics, LIHTCs generate one-time annual income of $8.1 billion for local economies and recurring annual income of $2.4 billion. The LIHTC program represents public-private partnership at its best combining closely monitored compliance and public stewardship with private-sector discipline, investment and leadership. Additionally, because LIHTC projects serve the economy, the community and the environment, they are considered smart-growth development. Developers, communities and planners would be wise to consider both the social and economic benefits that LIHTC development can bring to a local economy.

1 “The Low-Income Housing Tax Credit Program at Year 25: A Current Look at Its Performance.” Reznick Group. http://www. reznickgroup.com/sites/reznickgroup.com/ files/papers/reznickgroup_lihtc_survey_2011. pdf, Pg. 5-10. August 2011 2 “Low-Income Housing Tax Credit: Assessment of Program Performance & Comparison to Other Federal Affordable Rental Housing Subsidies.” http://www.novoco. com/products/special_reports/Novogradac_HAG_study_2011.pdf, Pg. 1-10Novogradac & Company. May 2011. 3 “Valuing Housing: Public Perceptions of Affordable Housing in the Chicago Region.” Housing Illinois. http://www.housingillinois. org/pdf/Valuing%20Housing%20Full%20 Report.pdf, Pg. 46-49. October 2002. 4 “New Low-Income Housing Tax Credit Property Data Available.” U.S. Department of Housing and Urban Development (HUD). http://www.huduser.org/portal/datasets/ lihtc/topical9509.pdf, Pg. 6-14. September 2011. 5 “The Local Economic Impact of Typical Housing Tax Credit Developments.” National Association of Home Builders (NAHB). http://www.nahb.org/fileUpload_ details.aspx?contentTypeID=3&contentI D=35601&subContentID=265044, Pg. 1-21. March 2010. 6 HUD. 7 NAHB. 8 “An Analysis of the Economic Impact of the Illinois Housing Development Authority’s Loan Programs for Fiscal Year 2004.” The Illinois Housing Development Authority. Pg. 1-10. December 2004.

Scott Harrold is an associate with Lancaster Pollard in Columbus. He can be reached at sharrold@lancasterpollard.com.

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housing tax credits by cynthia bast, locke lord, llp

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At age 13, I chose my career path. Inspired by studying the legal system, I decided I would earn a business degree, go to a great law school, and become a corporate lawyer. I wanted to help people to make their businesses successful, working on transactions that would bring businesses together for a common goal. Not a bad plan for a junior high school student. The only thing I didn’t plan for was the fate that would lead me to become an affordable housing lawyer. Exiting law school in 1991, I was one of the few fortunate ones who got to stay in Austin, hired as a corporate associate attorney for a major Texas law firm. One of the first projects assigned to me was to perform securities work

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for a private placement offering that would raise equity to invest in housing tax credit properties. This was the birth of the Texas Housing Opportunity Fund. It was a statewide fund, co-sponsored by a forprofit entity and a non-profit entity. At the time, no other equity fund had a dual-sponsorship structure. But this is Texas, and we do things differently here. The people sponsoring this fund, our clients, were stars of the fledgling housing tax credit industry and veterans of other affordable housing finance programs. Yet, raising the capital was no easy task. At the time, the housing tax credit remained subject to sunset under federal law. This chilled investment appetite. Combine that effect with a new and untested business model, and investors were not beating down

the door at first. About eighteen months later, when the housing tax credit law became permanent, that first fund closed. To be honest, it never occurred to me that the fund would not close. I just kept working until it did. To this day, one of the sponsors teases me that the only reason the fund closed was because I was too naïve to know it wasn’t supposed to. Over the years, the Texas Housing Opportunity Fund went on to raise over $85 million in equity for housing tax credit properties, beginning with that first closing in 1993. This capital infusion was an important milestone in the life of the affordable housing industry in our State. Through the 90s, more and more developers gained interest in the


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tax credit program. The Qualified Allocation Plan (QAP) and the competition became more robust. Yet, I only attended one Board meeting for the Texas Department of Housing and Community Affairs (TDHCA) each year. That was the meeting when we would cram into a room, no doubt violating fire code, and wait for the Board Chair to call out lucky application numbers, as if they were bingo balls. As the housing tax credit program celebrated its tenth anniversary, it felt like the program had matured tremendously and was being used effectively. A 1997 report by the United States General Accounting Office found that the housing tax credit program had developed a diverse range of properties across the country and had stimulated the multifamily housing market. The creation of the Texas Affiliation of Affordable Housing Providers (TAAHP) in 1997 was a natural byproduct of this era. Those who had been working together in the tax credit program during its first ten years decided that the industry needed an association where all of the interested parties could come together to share information, advocate, and promote the greater good of the business. It was a well-executed vision. It is hard to imagine our industry without TAAHP today. With the new millennium came a head-spinning amount of change for the housing tax credit industry in Texas. It started in the 2001 Legislative Session, when TDHCA was subject to sunset review. A legislative mandate set forth a new direction for how the tax credit allocation process should be conducted. As TDHCA worked to implement the new law, the industry was unsettled by such a dramatic change. Yet, the insecurity led to healthy public discourse as to how the law should be interpreted and applied. Without a doubt, the tax credit application process became more complex. Soon, I found myself attending every TDHCA Board meeting, arguing appeals and making requests. But the increased use of a public forum to vet questions and concerns did

lead to transparency that the Legislature was trying to achieve. Many turned to the tax-exempt bond program to provide a combination of debt and tax credits without the uncertainty of the competitive tax credit application process. Once a bond reservation was received, the 120-day closing deadline seemed rocket-fast. The industry claimed victory when they convinced the Legislature to tack another 30 days on that timeline. Unless they involved contentious negotiations (and I had a couple doozies), bond closings were fun. They brought everyone together in one place and we always enjoyed a nice dinner. While it is no doubt easier to distribute electronic signatures via attachments to an email, the personal interaction of a bond closing is a refreshing change.

ried about what was to come. The situation was grim as developers lost financing commitments for developments on which they had already spent hundreds of thousands of dollars. We wondered if we would ever have a housing tax credit program again. But the affordable housing industry rallied to work with Congress in support of funding programs through the American Reinvestment and Recovery Act (ARRA), providing a bridge to allow the markets to recover. Looking back, I appreciate the brilliance of those who modeled the Tax Credit Assistance Program and the Exchange Program. They advocated for the interests of affordable housing developers in the grand stimulus funds package and created financing schemes that would perform exactly as the housing tax credit industry needed.

Look for our Locke L

I was introduced to the affordable housing industry by chance. I stayed in the affordable housing industry by choice. Just when it seemed we had absorbed the Legislative change and gotten into a groove with the revised tax credit allocation process, we were hit with another challenge – one of the most devastating hurricane seasons in the history of our country. Observing the level of cooperation among affordable housing professionals who reached out to assist was truly heartwarming. With disaster recovery funds available, 2007 was the most productive year ever for the Locke Lord team, as we closed 85 financing transactions. Yet, a celebratory mood was dampened in December when a transaction made it all the way to the closing table and didn’t close. This was virtually unprecedented. Demand for tax credits and pricing were high. My instincts said something was amiss, and they were validated as the nation’s financial crisis rolled through 2008. As financial institutions teetered and failed, we were grateful for every closing in 2008 and wor-

Cynt

Partne

T: 512

cbast@

We closed the fewest number of deals ever in 2009, yet it was one of my favorite years of practice. In the face of the greatest challenge yet, implementing ARRA was invigorating because of the level of teamwork involved. In the American Bar Association, we have a group of lawyers dedicated to affordable Rick housing and commuMorrow nity development law. This group has a listserve for the members to Partner, Austin seek advice from one another. In 512-305-4709 2009, theT:listserve exploded with communication. Questions were rmorrow@lockelord.com posed as to how ARRA should be interpreted. continued on page 40

Prac

www.loc

Atlanta

Los Ang

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continued from page 39 Notes were compared as to how different states were approaching it. Collectively and collaboratively, the nation’s affordable housing bar arrived at conclusions that would form the basis for our service to clients as they utilized these programs. It was remarkable to watch all of those great minds debating and sharing and to benefit from their insights. And then there was the collaboration with TDHCA, as staff proposed the priorities and procedures for the allocation of these funds. With few additional employees, TDHCA implemented massive new financing programs, complete with policies, documents, and systems. When that infrastructure was in place, we closed the first Texas transaction for TCAP funds on December 31, 2009, late in the day. We gathered in the conference room at TDHCA with a table full of documents. Once the documents were signed, we toasted the achievement with sparkling cider in little plastic cups. That cup remains on my shelf as a treasured memento. While we were busily closing ARRA financing transactions in 2010, we wondered what things would look like when the ARRA program concluded. I started January 2011 with trepidation, questioning whether the investors would be back, whether debt would be available, and how business terms would change. Happily, the market did exactly what was hoped for. New investment was generated, and the last two years have felt very much like “business as usual” in the financing realm. By my observation over twenty years, the tax credit industry has stared down challenges time and time again. Threats of federal tax reform, natural disasters, supply shortages, financial crises, and new laws have made all of us stop, think about what we are doing, and figure out how to do it better. The housing tax credit program has proven itself as the most effective housing finance program in 40

the history of this country. Change has been a constant. But that change has been essential for the successful maturation of the business.

I am exceedingly grateful for the opportunity to serve the affordable housing industry in Texas for the past 20 years. I can hardly wait to see what we get to do next.

As I start my third decade in this industry, I cannot help but look back a little and reflect on some of the things I will never forget: Reminiscing doesn’t make me wistful for the “good old days.” It energizes me for the days and years to come. I look around and see an assemblage of amazing, talented people who will take the housing tax credit program and related financing programs to the next level. I was introduced to the affordable housing industry by chance. I stayed in the affordable housing industry by choice. I found a career path that was intellectually challenging, emotionally satisfying, and never, ever dull. It is far more than I could have hoped for as a 13 year-old girl.

1 The smiling face of a little boy who was the first resident of a new development sponsored by the local family violence charity. He and his mother had come out of the shelter, and he was so excited to have his own bedroom.

Clients who proudly drove me through their cities, taking me on tours of the properties they developed.

The incredible generosity of property owners who provided so much more than shelter when hurricane evacuees arrived.

An elderly woman, dressed in her Sunday finest, singing along with a mariachi band at a grand opening, so happy with her new home.


Our Affordable Housing Group Puts All the Pieces Together Locke Lord provides comprehensive legal services for the affordable housing industry. We understand your business and tailor our legal work to meet each client’s unique needs. Let us help you put all the pieces together for success in your affordable housing endeavors. 100 Congress Avenue, Suite 300 Austin, Texas 78701

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

Rick Morrow Partner, Austin T: 512-305-4709 rmorrow@lockelord.com

Christine Richardson Partner, Austin T: 512-305-4754 crichardson@lockelord.com

Matthew Borah Associate, Austin T: 512-305-4877 mborah@lockelord.com

Practical Wisdom, Trusted Advice. www.lockelord.com

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

Scan with your device’s QR reader to learn more about Locke Lord’s Affordable Housing Group.

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

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Incubating Tax Credit Apartments:

Future Homeowners

by r.l. “bobby” bowling iv, president tropicana building corporation

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Tropicana Homes and the Bowling family have been building single-family homes in El Paso since 1950, but in the late ‘90s, this generation of Bowlings (Bobby, Randy, Greg and Bob Sr.) identified an increasing problem for their company’s sales. “Credit was somewhat tight as the country was coming out of the Savings and Loan debacle, interest rates were rising past 8%, and we seemed to be turning away about half of the people that wanted to buy a house from us because they couldn’t qualify” says Bobby. “We thought, it’s a real shame that we can’t help these people into nice housing, as many of them were living in substandard conditions and some in area Colonias.” Bobby, Bob Sr. and Randy had been working for several years with Nancy Hanson and her local non-profit, the Lower Valley Hous-

ing Corporation, on several different down-payment assistance programs through TDHCA (including the “boot strap program” where homeowners invest their own labor or “sweat equity” into homes

and build their own houses, financing mostly only materials with their mortgages), but another program began to intrigue the Bowlings— the Low Income Housing Tax Credit (LIHTC) Program. “We thought,

This set-up allows our tenants to see how achievable homeownership is, when our single-family homes are literally across the street. 42

if we can rent to people that can’t qualify for homes because of credit issues, maybe we can help them rehab their credit as tenants and eventually help them to buy a home from us a few years down the road,” says Bobby. Thus began a new venture for the Bowlings, exploring and developing what they eventually termed their “incubation program” for future homeowners. So, in 1999, Bobby gathered input from his friend Nancy Hanson and did some investigating into the program, including the arduous task of reading the Q.A.P. (the “Qualified Allocation Plan” or the rules for the tax credit program), as well as making a few phone calls to TDHCA to try and gain an understanding of the program. He also developed a friendship with Demetrio Jimenez at about this time, who was executive director of the local chamber of commerce’s nonprofit housing entity, the Greater El Paso Housing Development Corporation (GEPHDC). Bobby learned that Demetrio had worked at TDHCA and had a little bit of a working knowledge of the tax credit program. “It’s funny,” says


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Demetrio, “Bobby and I were just kind of stumbling around in the dark trying to absorb this incredibly complex program for financing apartments,” adds Demetrio. “We actually spent our first few months under the impression that the company doing the building had to use all their own tax credits, so my question was, what if one year we don’t have the necessary tax burden to use the credits?” adds Bobby. “It wasn’t until we hired a consultant and met with some other industry stalwarts like Edwina Carrington, Deborah Griffin and Dan O’Dea that we began to understand the amazing world of syndication and the establishment of the secondary market for tax credits.”

So, starting in 1999, Tropicana began the venture into applying for tax credits. “The idea was always to supplement our home building company with eventual homeowners,” says Bobby, “and then Demetrio came to work for us and coined the term ‘incubators’ for our tax credit apartments.” Today, the “incubation program” is working in full force. Tropicana has successfully placed over a dozen of their former tenants into homeownership in just the last 12 months. “We’ve either financed homes through our mortgage company, Patriot Mortgage, or sold Tropicana Homes to over 50 former tenants at this point,” says Randy Bowling, president of both Tropicana Homes and Patriot Mort-

gage. “A key point in our program is the location of our tax credit apartments almost always at the entrance to one of our single family home subdivisions,” adds Greg Bowling, Vice President of Tropicana Homes. “This set-up allows our tenants to see how achievable homeownership is, when our single-family homes are literally across the street.” Randy adds, “Many times our homeowners’ kids end up playing in the parks at our tax credit communities, then parents meet and our tenants feel a real part of a larger community where they can eventually own a home and stay for many years.” A perfect example of the Tropicana “incubation program” is the Rojas family, who just closed on a new home after living in Tropicana’s “Cooperstown” tax credit apartments. “I’m just so happy to have been able to achieve my dream of homeownership,” says, Mr. Rojas, “I never imagined it could become a reality for me so quickly and easily.” As part of the social services provided in all of Tropicana’s tax credit units, the Rojas family was able to benefit from free credit continued on page 44

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feature continued from page 43 counseling classes, financial literacy classes and instruction about the qualification process and homeownership. Mr. Rojas wrote a letter to Tropicana in which he described his story, “My first dealings with your company came at a time when I was a low place in my life. Having just been medically discharged from the Army, I was trying to survive with a low wage job, a growing family and stressed about where we would live. Thankfully I was able to move into a low income assistance apartment through Tropicana Properties. It was here were I spent almost three years building myself up again.” “I feel so good about what we’ve been able to do for the hardworking citizens of El Paso who live in our communities,” says Bob Bowling Sr., patriarch of the family businesses. “To see what this has become in such a short period of time is really unbelievable, it has exceeded our expectations. It really is an American success story every time we hand the keys over to one of the families that came from one of our LIHTC apartments. The families are sometimes overcome with emotion the day they close, and we get pretty emotional about it as well.” Bob Sr. offers this about the LIHTC program, “As a conservative businessman, most government programs cause me pause, as my experiences over the years have taught me that most well-intentioned government programs usually become bloated with wasted costs of red-tape and bureaucracy. However, this program really works. The key to me is the program’s reliance upon private developers and private investors to do what they know how to do. I was around in the early 1970s for the disastrous venture into public housing for poor families through HUD and Public Housing Authorities, which delivered housing at typically 2-3 times the costs. Today our tax credit housing is delivered to the market at the same costs as our single family houses. 44

There is not another government program I know of that make a claim like that.” As future generations of El Pasoans continue to look for housing opportunities, Tropicana’s “incubation program” will play a big part. The coupling of apartment tenancy and eventual homeownership is true success story and Mr. Rojas says it best, “With your company’s help, I was able to thoroughly enjoy and found the home purchasing process very easy, and for that I am truly grateful.”


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Demographics, economics and politics create new housing trends, opportunities in Texas.

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by jennifer mcdermitt, texas association of builders

The housing downturn has had a dramatic effect on many areas of this industry — from the way we run our businesses to the way we finance our projects. Perhaps the biggest change, however, has been the market itself: the people who are buying homes and what those people are seeking in the homes they choose. As a result of Texas’ changing demographics, economic downturn and political climate, new trends have emerged in housing that are opening new doors for the state’s building community. Unfortunately, many homeowners who are ready to move up into a different home face two big obstacles: selling their current home and getting financing for a new home. “The market is probably the toughest on the re-sale market, because sellers have a tough time qualifying buyers, and homeowners selling their homes usually do not have money set aside to pay for buyers’ closing costs, which is what many builders do,” said Bobby Bowling of Tropicana Homes in El Paso. Bowling says, in addition, the cost increases in new home permits have trickled down, as new home prices drive up appraisals for property tax purposes. As a result, many people have a false sense of how much their homes are worth in this market because they use an over-valued property tax assessment as a guide. As a result of these and many other challenges, consumers are making different choices for

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their housing needs: scaling down their desires, remodeling their current homes or opting to rent highend apartments. In addition, new demographic markets are emerging, bringing about new opportunities and prompting builders to rethink their marketing strategies.

Single-Family Market Finds Middle Ground Released in March 2010, the Special Study for Housing Economics “The New Home in 2015” sheds some light on new trends as a result of the housing downturn. As we near the middle of 2012, it is interesting to see which trends have indeed begun to come to fruition. The study claimed that, across the board, homes will get smaller and have more green features, which is no surprise to most builders. Respondents to the NAHB survey expect the average, new single-family detached home in 2015 to be about 2,152 square feet, which is 10 percent smaller than the average size of a single-family home started in the first three quarters of 2010. Why are homes getting smaller? The economy has played a role, but other factors have contributed to the reduction in size, including consumer con-


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cern for heating and cooling costs, diminished expectation for house price appreciation, and finally, demographics. In the year 2020, 29 percent of the U.S. population will be over 55, which will create a demand for smaller, more manageable homes. Dan Markson of the NRP Group in San Antonio says that in addition to the senior market, the growing Latino market in Texas is also resulting in some housing trends. “Many Latino families are multigenerational who choose to live together in the same home, which means more bedrooms and better use of space,” he said. And, unlike most housing markets, the Hispanic housing market is growing. According to Census Bureau data provided by Alejandro Becerra, former senior housing fellow at the Congressional Hispanic Caucus Institute, the number of Hispanic owner-occupiers grew by 288,000 from 6.21 million in the second quarter to 6.49 million in the third quarter. Randy Bowling, president of Tropicana Homes, says that the lending crisis is another reason homes are getting smaller. “I see a real shift in our market toward the middle-end priced homes, which tend to be smaller,” he noted. “The larger, higher end market is down because the banks are lending less money for those homes, largely because they view that loan as higher risk.” Unfortunately, according to Bowling, the lending crisis has also hurt the starter home market since that buyer is typically seen as more of a credit risk.

Homeward Bound Residents Bring Remodeling to the Forefront Since many homeowners are unable to sell their current homes and/or obtain financing for a new one, remodelers are experiencing an increase in demand. And, builders who remodel part-time

are shifting to remodeling full time. Adam Bakir, P.E., GMB, CGR, CGP of Incredible Renovations in Houston, has seen a moderate increase in remodeling projects in recent days. “Compared to the 80s and 90s when people changed homes every 4th or 5th year as their lifestyle changed, now homeowners are falling in love with their homes and their communities and want to remodel instead of upgrade with new homes,” he said. “The lack of easy money confirms and steers that trend.” Not surprisingly, Bakir says kitchens and baths are still the most popular areas for remodeling, followed closely by room additions. “Room additions are always justified as a good investment since the homeowner thinks they will be rewarded when it’s time to sell out,” he said. Despite the consumer desire to remodel, Bakir says that market uncertainty and financing difficulty still impact the remodeling market. “Contracts are lagging as the prospects are taking their time ‘thinking about it’,” he said. “The reason for this is instability in the political and economic pictures. Consumers are afraid of committing to anything in the absence of the market certainty.”

Multi-Opportunities for Multifamily Builders Multifamily builders are also experiencing an increase in demand thanks, in part, to the stall in single-family housing construction. However, unlike single-family homes, multifamily units are trending larger. “The apartment dweller is demanding the same things in their apartment home that the single-family homeowner wants, so you have to be prepared to offer more bang for the buck,” said Granger MacDonald of MacDonald Companies and past president of the Texas Association of Builders. Bowling has also seen an increase in multifamily construction, particularly in the El Paso area. “There are actually more high-end

market apartments being built here in the last 4 to 5 years than in the last 30 years combined,” he said. “It seems like with credit limitations on the single family borrower, high-end apartment rental makes sense for the first time in my lifetime in El Paso.” Bowling said that not only are consumers demanding it, but his subcontractors and suppliers actually prefer multifamily construction, because the work is steady and the schedule is not as impacted by market conditions. Even though the multifamily market may be seeing a bit of a boom, both MacDonald and Bowling are confident the single-family market will soon follow suit. A recent NAHB survey showed that most apartment residents (76 percent) were interested in preserving the mortgage interest deduction — a sign MacDonald says indicates that apartment residents hope to one day own their homes, which bodes well for the single-family market. Bowling agrees, “I think that eventually, some sanity will be restored to the lending markets and the housing market will recover. Public policy makers are starting to get involved in solving the problem they created with their overreaction to the crash, and soon the market will again return to the reasonable lending standards that worked for over 50 years in this country for the residential mortgage market.”

Reprinted from Texas Builder Magazine with permission of the Texas Association of Builders © 2012 www.TexasBuilders.org

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spotlight

housing

connection

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Welcome to the second edition of the Texas Housing Conference Magazine and another opportunity to showcase TAAHP membership’s affordable housing community portfolio. The distribution of the magazine to our state elected leadership over the past year has been educational to our legislative leaders and their key staff members. Unfortunately, the moniker “affordable housing” is perceived to be some of the worst housing product cast upon the Texas landscape. Our public relations effort returns comments from elected officials, local and state: “these houses look more like the place where my relatives or employees live”. In reality their employees along with other workforce Texans may actually live in a Low Income Housing Tax Credit (LIHTC) apartment community that is privately funded and owned by either a for-profit or non-profit multifamily or single family community. The LIHTC program is designed to accommodate those individuals and families who are overqualified by income from public housing, but short on disposable income for the typical market rate rental communities. Many of the LIHTC projects in Texas combine subsidized rental homes in the same project with market rate units. This unique combination allows a family, or elderly, or resident with disabilities, to remain on the same property should their disposable income allows them to upgrade their housing status. They can continue their children’s education in the same school system, shop with their trusted acquaintances, and retain established friendships and social order.

As you read through the Housing Connection section of this year’s magazine you will quickly notice a new and different focus of the spotlight. Our membership which includes developers, lenders, syndicators, and professional support organizations have broadened their design and construction methodologies as well as expanded their amenities, support services, and sustainability. The chore in selecting only a small number of projects from the membership portfolio was given to a complex group of staff, board members and conference committee. Since the magazine has become a valuable educational and marketing tool, we tried to select a variety of projects each contributing to the adopted TAAHP mission: Increasing the quality and supply of affordable housing for Texans with limited incomes and special needs. Read and enjoy!

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Sutton oaks 2818 n ih 35, san antonio, tx The new Sutton Oaks is a transformed community on the site of a former public housing development.  The mixed-income housing community on the eastside of San Antonio is in a prime location at the gateway to the city’s growing Fort Sam Houston military base. Number of Units

194 units = 49 public housing; 137 affordable (tax credit); 8 market rate

Support Services l l l

Resident Profiles

Sutton Oaks serves families with 30%, 50% and 60% of AMI and includes 1-, 2-, 3-, and 4-bedroom units, in addition to market rate.

Developer(s) l l l

Developer – Franklin Development Co-Developer – San Antonio Housing Authority General Contractor – Franklin Construction

Syndicator(s) Bank of America Lender(s) l l l l l l l

Bank of America (Debt) Replacement Housing Factor (RHF) Funding (HUD) Neighborhood Stabilization Program (NSP) Funding (City of San Antonio) 9% Tax Credit Equity (Bank of America) Land Loan (SAHA) TCAP Loan (TDHCA)

Architect(s)

Architect – RPGA Design Group, Inc.

On-site Amenities l l l l l l l l l l

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Business Center Community Room Children’s Activity Center Visitor and resident parking Central Park / Green Space / Shaded Playground / Soccer nets Swimming Pool 24-hr Fitness Center 24-hr Laundry Facilities Garages / Covered Parking

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Adult / Children Social Services (provided at no cost to residents and their families) Personal financial literacy seminars Nutrition, health & wellness classes Employment skills & resume writing workshops After school tutoring Women’s self-confidence workshops Patio gardening club Bicycle safety classes Computer literacy sessions Food distribution partnerships Parenting classes for children with ADD

Green Initiative

The previous concrete slabs were crushed and reused as base material in the new development. Metal roofs, doors and windows were salvaged for recycling. Energy Star appliances, compact fluorescent lighting throughout, R-15 and R-30 insulation in walls and ceilings, double-pane low-E windows, thermally efficient low U-value exterior doors, recycling dumpsters, FloorScore certified healthy flooring materials, native and drought tolerant plant materials, compliance with EPA’s recommended Best Practices throughout construction.

Special design features

A unique and important feature of Sutton Oaks was the design and installation of a piece of community artwork. A local artist transformed the vision and values of the community residents into a glass tile mosaic structure that embodies the community spirit.  This artwork stands tall in the center of the community, highlighting ideas like Respect, Education & Family, and serving as a reminder of the values and history of the residents.


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CONTACT Angela McClendon Johnson, Communication Manager, San Antonio Housing Authority (210) 477-6792 Angela_Johnson@SAHA.org Photographer: Lilia Swayne, SAHA

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spotlight

Residents and community sup Bexar County Commissioner Antonio Housing Authority Bo

sutto “We Have a Dream” is a three-panel mosaic, created by artist and San Antonio native, Rick Williamson.  The artwork, which was unveiled at the April 2011 grand opening of Sutton Oaks on San Antonio’s Eastside, illustrates the vision that Sutton Oaks families have for their community -- Safety, Family, Dream, Education, Respect and Beauty.

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pporters of Sutton Oaks celebrate the opening of Sutton Oaks along with State Representative Ruth Jones McClendon’s office, Tommy Adkisson, San Antonio City Councilwoman Ivy R. Taylor, San Antonio Police Department Chief William McManus, San oard Chairman Ramiro Cavazos, and TDHCA Board Member Gloria Ray.

on oaks Special Thanks: Sutton Homes former residents, neighborhood leaders, the Texas Legislature, local elected officials, U.S. Department of Housing and Urban Development (HUD), The City of San Antonio, Texas Department of Housing & Community Affairs (TDHCA), Bank of America, and Franklin Development.

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spotlight

wildflower terrace 3801 berkman drive, austin, tx

Wildflower Terrace, a new community that serves active seniors aged 55+, is located in Mueller, the former site of the Robert M. Mueller airport in central Austin. Redeveloped into a sustainable transit-oriented community, Mueller includes a mix of housing, retail shops, dining establishments, outdoor recreational areas and green space.

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DMA Development Company, LLC (DMA) was selected by Catellus, the Master Developer of Mueller, to develop Wildflower Terrace. Located directly north of the Southeast and Southwest Greenways, with walking trails and native vegetation, Wildflower Terrace challenges all common perceptions of affordable housing. The 201-unit, four-story, elevator building features a warm, contemporary design and incorporates green building standards throughout. Residents enjoy a number of community amenity spaces, where they gather for activities such as art classes, literary salons, writing classes and movie screenings. Individual apartments feature high-end finishes, secure garage parking and energy-saving appliance packages. The project received a 2-Star rating from Austin Energy’s Green Building Program and is also in the process of achieving LEED Certification.

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Diana McIver and her amazing staff approach every project with thoughtfulness, grace, and attention to detail. Wildflower Terrace is no exception. This project exhibits exquisite design and serves such an important community need --- affordable senior living. Kelly Weiss Executive Director, Austin Habitat for Humanity

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Number of Units

Of the 201 one- and two-bedroom units, 171 have rents structured to be affordable to persons with incomes at or below 60% of the area median income. l l

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26 units with rents affordable to persons at 30% AMI levels 60 units with rents affordable to persons at 50% AMI levels 85 units with rents affordable to persons at 60% AMI levels 3 units with rents affordable to persons at 80% AMI levels 27 units at market rents

Resident Profiles Seniors (55+)

Developer(s)

DMA Development Company, LLC

Syndicator(s) RBC Capital Markets

Lender(s)

J.P. Morgan Chase Bank provided the construction loan and Enterprise Communities provided the permanent financing. The City of Austin provided General Obligation bonds which also served as a construction source.

Architect(s)

Nelsen Partners, Inc.

On-site Amenities

Wildflower Terrace features a spacious community room with a party kitchen and a baby grand “player� piano, a furnished library, an art studio, a movie theater, an equipped fitness center, a billiards room, several lounges, an interior courtyard and a business center with computer stations.

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wildflo terrac


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CONTACT Diana McIver, President, DMA Companies (512) 328-3232 x 165 dianam@dmacompanies.com

Support Services l l l l l l l l l

Writing Classes Tai Chi Yoga Art Classes Educational Forums Free On-site Notary Public Comedy Classes Computer Classes Monthly Blood Pressure/Blood Sugar Monitoring

Green Initiative

Austin Energy 2-Star Green Building Rating and LEED Certification (level of LEED certification achieved is still under review)

Special design features

The units have 9 foot ceilings (except on the 1st floor where they are 10 foot), top rated energy efficient appliances, granite countertops, built-in desks, balconies or porches, washer/dryer connections and garage parking. Many of the units have views of the Austin skyline and others enjoy greenbelt or courtyard vistas.

Special Thanks l l l l l l l l l l l l l l

ower ce

Texas Depart. of Housing and Community Affairs The City of Austin Catellus – Master Developer of Mueller Carleton Construction, Ltd. - Contractor Urban Design Group – Civil Engineer EN Incorporated – MEP Engineer Strand Engineering – Structural Engineer Austin Energy – 2 Star Green Building Program Lee Gros, Architect and Artisan, Inc. – LEED Consultant Carolyn Kelly – Landscape Architect Coats Rose – Borrower’s Counsel Heritage Title – Title Company Novogradac - Accountant

Florence is an accomplished artist and moved to Wildflower shortly after the death of her husband of nearly 60 years. In the photo she is standing in her apartment in front of two drawings that she did of her late husband - for which she made him pose, long hours at a time!! 57


spotlight

heritage park vista 8729 ray white road, fort worth, tx

A mixed income property for residents over 55 years of age and the disabled, Heritage Park Vista is located in north Fort Worth very close to shopping, medical facilities, churches and recreation facilities. Residents of all incomes can enjoy live near their church and families.

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Support from the North Fort Worth Alliance, a super neighborhood association was obtained in part because NuRock dedicated park land to access to a linear park located behind the property. The housing tax credits obtained in 2008 were exchanged for Tax Credit Exchange Program funds provided by the American Recovery and Reinvestment Act of 2009. The residential units are included in a 3 story building served by elevators with interior courtyards and sitting areas. Activities, property management and other services are provided in a large clubhouse.

There is a swimming pool, outside fireplace and sitting area, grills, picnic tables and extensive grounds for walking and pets.

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heritage pa Number of Units

140 units broken down by size and income levels served

Resident Profiles

Independent seniors and disabled

Developer(s) Type Number Size

NuRock Companies

1 bedroom, 1 bath < 30% AMI 22 < 50% AMI 7 < 60% AMI 40 Market Rate 1

722 sqft

Syndicator(s)

2 bedroom, 2 bath < 30% AMI 13 < 50% AMI 14 < 60% AMI 39 Market Rate 4

948 sqft

Lender(s)

The housing tax credits were returned in exchange for TCEP dollars so there is no syndicator for Heritage Park Vista

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Interim funding- JP Morgan/Chase Permanent financing â&#x20AC;&#x201C; Wells Fargo Multifamily Capitalâ&#x20AC;&#x2122;s Freddie Mac Program Plus

Architect(s)

Morton Gruber & Associates

contact dan allgeier, vice president, nurock companies (972) 573-3411, dallgeier@nurock.com 60


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ark vista On-site Amenities

Green Initiative

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Kitchen and dining facility for parties and events Recreation room Health Club Library Business Center Beauty and Barber Shop Craft Room Swimming Pool Outside fireplace and sitting areas Landscaped courtyards Separate laundry and pantry with washer and dryer connections in each unit Outside storage for each unit Patios and balconies Vaulted ceilings Ceiling fans

Support Services l l l l l

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Drip irrigation for portion of property to conserve water Native drought resistant landscaping Ceiling Fans High energy efficient heating and cooling Energy Star Appliances

Special Thanks

JBI Partners, Dallas - Civil engineers This was a complicated site plan because of park dedication and drainage issues and JBI worked out a very affordable compromise with the City. Texas Dept. of Housing and Community Affairs Teresa Shell and her staff ran the Exchange program better than any state housing organization in the nation.

Daily activities including crafts, luncheons and Bingo Outside speakers from local service organizations and churches Web based call system to periodically check on residents l

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spotlight

horizon meadows 1903 main street, la marque, tx

horizon Meadows is conveniently located just off I-45 (Exit 10) in La Marque, TX; just North of Galveston & 20 minutes from downtown Houston. Number of Units

[ 96 Family Units ] l l l

1 Bedroom – 12 2 Bedrooms – 48 3 Bedrooms – 36

Income Levels

30%, 50% & 60% (LIHTC & HOME)

Developer(s)

Realtex Development Corporation

Lender(s) l l l l

Construction Financing – Regions Bank Equity – Regions Bank TDHCA HOME TDHCA TCAP

Green Innitiative

Energy Star Appliances

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Professional Management Realtex Housing Management, LLC

Construction Realtex Construction, LLC

Grand Opening / Lease Up May 2011 / 100% 3 Months

Special Thanks l l l

City of La Marque / Texas Department of Housing and Community Affairs (TDHCA) Staff Northfield Design Associates

Contact

Tel: (409) 735-3700 hmmngr@realtexmanagement.com


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For more information on Horizon Meadows Apartments or how Realtex can assist you in the development, construction and management of multifamily housing, please contact Realtex Development Corporation 1101 S. Capital of Texas Hwy, F-200 Austin, Texas 78746 (512) 306.9206 www.realtexdevelopment.com 63


spotlight

washington village apartments 1001 redwood street, wichita falls, tx

washington Village Apartments is nestled in a quaint residential community near downtown Wichita Falls Texas, conveniently located near major thoroughfares and shopping, and it serves as the anchor in revitalization of the Eastside neighborhood community. Number of Units

[ 96 Family Units ] l l l

1 Bedroom – 12 2 Bedrooms – 48 3 Bedrooms – 36

Income Levels

30%, 50% & 60% (LIHTC & HOME)

Developer(s)

Realtex Development Corporation

Lender(s)

Construction & Permanent Financing – PNC Bank Equity – PNC Bank

Green Innitiative Energy Star Appliances

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Professional Management Realtex Housing Management, LLC

Construction Realtex Construction, LLC

Grand Opening / Lease Up February 2009 / 100% 5 Months

Special Thanks l l l l

Booker T. Washington Alumni Association City of Wichita Falls / Texas Department of Housing and Community Affairs Staff Northfield Design Associates

Contact

Tel: (940) 761-1721 washmngr@realtexmanagement.com


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For more information on Horizon Meadows Apartments or how Realtex can assist you in the development, construction and management of multifamily housing, please contact Realtex Development Corporation 1101 S. Capital of Texas Hwy, F-200 Austin, Texas 78746 (512) 306.9206 www.realtexdevelopment.com

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spotlight

PROVIDENCE TOWN SQUARE 3801 center street, deer park, tx

providence Town Square consists of 188 residential units on 7 acres located in the City of Deer Park. The development is part of a Planned Unit Development and is in an area that has a large number of quality retail and commercial properties in close proximity. 66


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This Senior Community is comprised of 11 residential one and three story brick buildings and 7 non residential buildings. The community is housing for seniors with 1 story bungalow units that have attached garages that are similar to a single family home, and a 3 story building that is closer to the amenity center and allows easy access to special services, such as a community support representative, leasing office, hair salon, theatre room, chapel, business center, swimming pool, community dining area, etc. Providence Town Square serves a demand for quality senior housing in Deer Park at a range of income levels to accommodate the diverse incomes in this area.

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Number of Units [ 188 Units ] l l

165 units (87%) tax credit 23 units) 13% market rate

Resident Profiles Senior (55+)

Developer(s) Nantucket Housing, LLC

Syndicator(s) Boston Capital

Lender(s) Bank of America

Architect(s) Mucasey and Associates

On-site Amenities

On-site amenities- hair salon, theatre room, chapel, business center, swimming pool, community dining area, fitness center, area gardens, dog park.

Support Services l l l l l l l l l l

Home Health Screenings Financial and Education Seminars Maxwell Senior Center Movies on Monday Games Birthday Socials Covered Dish Socials Bible Study Grocery Trips Pharmacy Trips

Green Innitiative Energy Star Appliances & Low E Windows

Special Design Features

Beach entry pool, covered drive entry, various landscapes.

CONTACT Kim canal, Property management, blazer real estate services (713) 265-4342 www.blazerrealestate.com 68

PROVIDEN


NCE TOWN SQUARE

CONTACT chris richardson or matt fuqua blazer building, inc. (713) 914-9200 www.blazerbuilding.com 69


spotlight

HERITAGE CROSSING 12402 eleventh street, santa fe, tx

Heritage Crossing is a 72 unit affordable housing community for low-income elderly households located in Santa Fe, Texas. The development was made possible by a partnership between DMA Development Company and Senior Housing Resources (on behalf of the Southeast Texas Housing Finance Corporation).

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Despite the challenges created by the depressed economy, Heritage Crossing managed to secure funding to build a beautiful property: a two-story â&#x20AC;&#x153;Manor Houseâ&#x20AC;? located in the center of the property, surrounded by five garden-style cottage buildings with private patios accompanying each apartment. The units are also extremely wellappointed and energy-efficient, featuring 9 foot ceilings, granite countertops, faux-wood flooring, window coverings, Energy Star-rated lights, fans and appliances, walk-in closets, and built-in desks. Beyond that, Heritage Crossing features a spacious community room with a party kitchen, a furnished living room, a community theater with stadium seating, an equipped fitness center, a communal laundry room, a computer center/library, and a fully landscaped interior courtyard with a water feature.

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heritage Heritage Crossing resident Lillian stays busy making crafty creations with her neighbors.

Number of Units

Of the 72 units, 68 have rents structured to be affordable to persons with income levels at or below 60% of the area median income. l l

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Architect(s)

31 units with rents affordable to persons at 50% AMI levels

On-Site Amenities

33 units with rents affordable to persons at 60% AMI levels 4 units with market rents

Heritage Crossing residents must be at least 62 years of age.

Developer(s) l

DMA Development Company, LLC Senior Housing Resources, Inc. (an entity of SETH)

Syndicator(s)

Project was financed using TDHCA’s Tax Credit Exchange program, along with a TDHCA HOME Loan. 72

Texas Department of Housing and Community Affairs (TDHCA). Permanent financing is provided through a TDHCA HOME Loan.

4 units with rents affordable to persons at 30% AMI levels

Resident Profiles

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Lender(s)

Kelly Grossman Architects, LLC. Heritage Crossing features a two-story ‘Manor House’ at the center of the property featuring a community room with a party kitchen, a piano lounge, a theatre with stadium seating, a library with computers, an equipped fitness center and a covered patio and courtyard with a water feature. Additionally, Heritage Crossing is adjacent to a shopping center that includes a grocery store, pharmacy, several restaurants, and a bank.


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crossing Support Services

One of the factors that makes Heritage Crossing so special is the way the residents have come together, acting as one big extended family. Aside from the planned activities, they continually enjoy each other’s company on the patio and in the courtyard, hosting barbecues, coffees and informal “get togethers”. A sampling of the services and programs offered includes, weekly coffee gatherings, twice a week exercise classes, ice cream socials once a week, movie nights, 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.

Special Design Features

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 result is the Manor House, a two-story building at the center of the property that contains 45 residential units and all of the common areas. This attractivelydesigned building features unitized masonry and a porte-cochiere for resident drop-off and pick-up. The buildings feature hardiplank and stucco exteriors.

Contact Ron Williams, Executive director, seth 11111 South Sam Houston Pkwy E., Houston, TX 77089 (281) 484-4663 x108 rwilliams@sethfc.com 73


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SILVERLEAF AT CHANDLER 1 & 2 801 fm 2010, chandler, tx silverLeaf at Chandler is a senior community. The property includes 1 and 2 bedroom apartment homes in single story buildings. The property serves residents in the 30%, 50%, and 60% brackets of Area Median Income. In addition, the property serves the disabled population, either physically impaired or visually or hearing impaired. Number of Units [ 74 Units ] l

1 & 2 Bedrooms (tax credit only)

Resident Profiles Seniors (55+)

Developer(s) StoneLeaf Development, LLC

Syndicator(s) Boston Capital

Lender(s)

Chase Community Development and TDHCA HOME

Architect(s) Architecttura

On-site Amenities

Furnished Community building with business center, senior activity room, warming kitchen and laundry, furnished pavilion, and community walking trails.

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Support Services

Chandler Services, Health & Hearing Screening, quarterly financial planning courses, annual health fair, quarterly health and nutritional courses, notary public services during regular business hours, twice monthly arts/crafts and other recreational activities such as book clubs and creative writing classes, twice monthly on-site social events, specific and preapproved caseworker services for seniors or persons with disabilities or supportive housing, and weekly home chore services such as valet trash removal, assistance with recycling, furniture movement, etc.

Green Initiative

Energy star appliances, lighting, and extra insulation

Special Design Features

100% Masonry with brick and cementous siding, granite tops, vinyl wood plank flooring

Special Thanks City of Chandler EDC & City Manager: Jim Moffeit

CONTACT MIKE SUGRUE, (903) 887-4344 1302 S. 3RD ST., STE. 103 MABANK, TX 75156


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spotlight

magnolia trails 31511 nichols sawmill road, magnolia, tx

Magnolia Trails, a rural tax credit project for seniors received a 2010 award of tax credits and is located in Magnolia, TX. Special Features

Number of Units 80

Income Levels

80 Tax Credit Units (ranging from 30% to 60% AMGI)

Residence profiles Seniors

Developer(s)

Mark-Dana Corporation

Backup emergency generators to run elevators and club house in case of natural disaster, fully furnished fitness center, fully furnished business center, fully furnished community room with functioning kitchen, craft and game rooms, 100% masonry exterior, solid wood cabinets, nine foot ceilings in all units, full perimeter fencing with controlled access gates, fully sprinkled buildings, covered parking, separate cabana structure, dog park, and pool.

Special Thanks

Koogler Construction of Texas, LLC (General Contractor), Mark-Dana Management of Texas, LLC and FDI Property Management Services, Inc., and Montgomery County Community Development.

Syndicator(s)

RBC Capital Markets

Lender(s) Q10|Amegy Mortgage Capital

Green Initiative

Energy Star Appliances, low flow toilets and faucets, sub-metered utilities, low E thermal pane windows, thermally draft efficient doors

CONTACT David mark koogler, (713) 906-4460 oak ridge dr., suite 100 spring, TX 77380

76


Virginia â&#x20AC;&#x201C; I moved into the Magnolia Trails Apartments the last of March 2012. When my son and daughter-in-law and I first saw the inside of the apartment we were really impressed. A lot of thought was put into the needs of the elderly. Comfort and security are a large consideration. Everything is very nice, clean and open. I would highly recommend Magnolia Trails as a place to call home. My thoughts are easy, I love it here!

77


Sue – I would like the community of Magnolia to know that Magnolia Trails Apartments is the ideal place to live. Especially if you are on a fixed income. The landscaping is beautiful. It is well kept. The staff is outstanding and so friendly. I can’t think of any reason for someone in the senior age bracket wouldn’t want to live anywhere else. The facility has a lot to offer. I have lived here since January 2, 2012. I was so grateful for the opportunity to make this my new residence. It’s quiet and has many activities. We have a pool, fitness facility and a crafts room. We also have a clubroom. Once a month the management puts together a social for the residents. We get together in our beautiful clubroom. So all I can say in closing is come check us out. The manager will be delighted to show you around. So don’t delay or debate where your next move will be, make it 31511 Nichols Sawmill Rd. You will be overjoyed!

78


spotlight

C

SUNDAY August 21, 2011

Lifestyle The Daily News | galvnews.com |

FEEDBACK

Contact Us lifestyle@galvnews.com

SUBMIT IDEAS We’d love you to submit story ideas for the Lifestyle section. Send information to life style@galvnews.com. Include a description up to 100 words and a phone number.

InsIde Scenes

n Get caught up on the latest news from the island social scene in Frances Powell’s “Scenes” column/C2. Book Review

Language Oddities

n Harold Raley writes more about Irish English/C3. Indie Bestseller List

n The Indie Bestseller List for the week ending Aug. 14, based on reporting from hundreds of independent bookstores across the United States/C3. Pets of the Week

Eva Paterson sews trim onto a the squares of a quilt as Sue Hill irons the backing and Debby Luton, from back left, Marice Lowe, Peggy Winters and Mary Garibay work on another quilt at Highland Manor Senior Living apartments in La Marque. The group, which call itself the Highland Community Quilters, is trying to complete 50 quilts for the Veterans of Foreign Wars Hall in La Marque to distribute to homeless veterans.

Quilting Giving Back

for

n Mark Lardas reviews “The Practical Pyromaniac”/C3.

This is the first in an ongoing Lifestyle series about Galveston County residents who through acts big and small are making lives better. If you would like to suggest someone, email us at newsroom@galvnews.com. Include a description up 50 words about them and your name and phone number.

L

Photos by JENNIFER REYNOLDS | The Daily News

vets

Group forms bond over quilting, God to help homeless Story by ANGELA TAYLOR | The Daily News and BRONWYN TURNER | Correspondent

A MARQUE — MARICE LOWE, A RETIRED FAC-

tory worker from Indiana, had just moved into the Highland Manor Senior Living apartments in La Marque in June when she spotted the craft room with a perfect window spot for quilting.

n Check out what dogs and cats you can adopt from local animal shelters/C5. Applause n See who earned what awards and honors and what is going on in community events/C7-8.

When Judy Pokorny, community manager at the apartment complex, learned of her newest tenant’s hobby, she asked Lowe if she would be interested in forming a quilting class for See QUILTING/C6

Donations needed • Quilt batting; • Beige and white all-purpose thread; • Any size or color of 100 percent cotton material; • Sewing machines;

ABOVE: Finished quilts made by the Highland Community Quilters hang on a rack at Highland Manor Senior Living apartments in La Marque. RIGHT: Mary Garibay, left, and Debby Luton match fabric patterns and colors in a pile of fabric Garibay donated. • Quilting equipment and tools; • Volunteers; and • Send check donations payable to Judy Pokorny, “Highland Community Quilters” on the memo line to Judy Pokorny, Highland Manor Senior Living, 301 Newman Road, La Marque, TX 77568.

The Daily News, a Galveston, TX based newspaper serving Galveston County since 1842, published the above article on August 21, 2011 highlighting residents of Highland Manor Apartments. The apartment community was developed by MarkDana Corporation. For more information visit www.galvestondailynews.com/story/252054/

79


spotlight

south acres ranch 11409 scott street, houston, tx

80


spotlight

81


spotlight

Developer(s) Hettig/Kahn Development Corp. HK/South Acres Development, LLC HK/South Acres Development II, LLC Syndicator(s) Hudson Housing Capital, LLC Lender(s) Capital One Bank of Texas Number of units 128 single-family rental homes (80 homes Phase I, 48 homes Phase II) Unit composition Tax Credit only Residence profile Families

82

south a Human stories Several streets named after citizens who made a positive difference within their communities, such as Sunnyside resident Bessie Swindle, who has long promoted economic and residential development in the area. Additional streets in Phase II were named after community leaders Reverend Elbert R Curvey, Margaret Jenkins and LL Chamberlain.

Area US Representative Al Green presented a US Congressional Recognition Award at the grand opening of Phase I. The flag that flew over the US Capital the day of the opening was delivered subsequently. State Representative Alma Allen presented a Texas House of Representatives recognition award at Phase IIâ&#x20AC;&#x2122;s grand opening. The Houston Business Journal granted a Special Judgeâ&#x20AC;&#x2122;s Recognition Award in recognition of providing single family housing to those who were impacted by Hurricane Ike and the recognition of important community area leader with street naming in both Phase I and Phase II.


spotlight

acres ranch The Houston Apartment Association named South Acres Ranch as the 2012 Best Affordable Housing Property at its initial Industry Achievement Awards dinner.

Special Features Detached 4-bedroom single family homes to house larger families.

On-Site Amenities BBQ grills and picnic tables, multiple playgrounds, controlled access gates, covered pavilion with BBQ grill and tables, equipped business center with computer and fax machine, furnished community room, a Bus Depot for student pickup, and swimming pool.

Special Thanks RM Architects, Inc., Architect Lin Engineering, Ltd., Engineer Locke Lord Bissell & Liddell, Law Firm

Support Services GED preparation, scholastic tutoring, health screening, health nutritional courses, financial planning assistance, and legal assistance. The development will also be used as a pilot for a major commercial bankâ&#x20AC;&#x2122;s financial literacy program.

CONTACT Barry kahn, president, hettig/kahn development corp (713) 871-0063 l bkahn@hettig-kahn.com 83


Education + Exhibits

july 23 - 25, 2012

84

l

four seasons hotel

l

austin, texas


SCHEDULE AT-A-GLANCE MONDAY - JULY 23, 2012 9:30 am - 1:00 pm 9:30 am - 1:00 pm 1:00 pm 2:00 - 3:00 pm 3:00 pm 3:30 - 5:00 pm 5:00 - 7:00 pm

New Markets Tax Credits 101 (lunch included) Tax Credit Workshop (lunch included) Conference Registration Open TAAHP Annual Membership Meeting Exhibits Open Opening Session Opening Reception (Wine Tour)

7:00 am 7:30 - 8:30 am 8:30 - 9:45 am 9:30 am - 7:00 pm 9:45 - 10:15 am 10:30 - 11:45 am 12:00 - 1:30 pm 1:45 - 3:00 pm 3:00 - 3:30 pm 3:30 - 4:45 pm 5:00 - 7:00 pm

Registration Desk Open Fruit & Donuts Breakout Sessions Exhibits Open Refreshment Break Breakout Sessions Luncheon (Hilton Hotel) Breakout Sessions Refreshment Break Breakout Sessions Closing Reception

The

Texas Housin

g Conference

is hosted by

WEDNESDAY - JULY 25, 2012 8:00 am Registration Desk Open 8:00 am Breakfast 8:00 am Registration Desk Open 8:30 - 9:30 am One on One with the Texas Department of Housing and Community Affairs (TDHCA) Leadership Team 9:30 - 10:30 am Federal and Legislative Issues from our Nationâ&#x20AC;&#x2122;s Capitol 10:30 - 11:30 am Washington Wire 11:30 pm Conference Adjournment 12:00 - 7:00 pm Spa Day (see below) 1:30 pm Mike Lankford Memorial Golf Tournament (Onion Creek Club)

sc hedule at-a-glance

TUESDAY - JULY 24, 2012

(Several packages available)

20% off spa day services (Offer valid 7/21 - 7/28, 2012)

To make a reservation call 512.685.8160 and tell them you are with the Texas Housing Confrence.

To make a reservation call 512.542.3626 or send an email to Danielle.Holloway@whotels.com and mention you are with the Texas Housing Confrence.

85


WELCOME

board of directors

First Row (left to right)

President Antoinette M. “Toni” Jackson, Immediate Past President Dan Markson, President Elect Barry Kahn

second Row (left to right) Vice President Nicole Flores, Vice President George Littlejohn, Treasurer Justin MacDonald, Secretary Mahesh Aiyer third Row (left to right) Directors: Sarah Anderson, Terrri Anderson, R.L. “Bobby Bowling IV, Dennis Hoover, Joy Horak-Brown, fourth Row (left to right) Darrell G. Jack, David Mark Koogler, Mark Mayfield, Jeffrey Spicer, Jerry Wright EX-OFFICIO (not pictured) Edwina Carrington, Mike Clark, JOT Couch, Granger MacDonald, Diana McIver, Linda McMahon, Mike Sugrue 86


w

Dear Members, Colleagues and Friends, Welcome to the 2012 Texas Housing Conference. We are very excited to come together once again to share information and ideas while also addressing some of the challenges that we currently face in the housing industry. During this conference, you will hear from leading industry experts on topics ranging from the State of the Market, Green Building, Compliance and New Markets Tax Credits. Our Conference Committee has set up an educational grid that assures that we will address issues of both current and future concern. Additionally, we will receive updates from Washington and national investors that provide insight on legislative and financial direction for the housing market.

In recent years, our industry has been faced with market fluctuations and legislative challenges. These issues have created a level of uncertainty in our industry. However, even with all of these challenges, our developers and housing professionals have continued to work hard to address the need for quality affordable housing. TAAHP works hard to represent our industry and serve as a collective voice in responding to these challenges. TAAHP has also worked to provide additional services to our members. This year, TAAHP initiated the Quarterly Luncheon which has proven to be a huge success. The Quarterly Luncheon has allowed us the opportunity to showcase our properties while having discussions and updates with local housing officials in cities across the state. We are hoping to expand on these luncheons by also inviting more elected officials and other members of the community so that we can use the Quarterly Luncheon as a tool to demonstrate the quality of our developments and advocate for our industry.

There is always more work to be done but TAAHP has shown that it is up for the challenge. Each of us on the board works hard to represent you and serve as the voice of the industry. We thank you for the opportunity to serve you.

WELCOME

The Texas Affiliation of Affordable Housing Providers (“TAAHP”) is the leading organization of affordable housing professionals in the State of Texas representing the affordable housing industry. TAAHP is dedicated to working for laws, policies, regulations and programs that are vital for the development of quality affordable housing for all Texans. A few years ago, this message was adopted by our board and continues to be evidenced through the growth of our membership and the attendance at this conference.

to participate in discussions regarding regulatory and practical changes. TAAHP has provided input on issues related to the recent AG opinion, HUD Fair Housing Regulations and continues to have ongoing discussions on the QAP. TAAHP has also worked with other organizations to provide a collective voice on industry issues.

We hope that you enjoy the 2012 Texas Housing Conference and continue to participate with us in other activities over the upcoming year. Very truly yours,

Antoinette M. “Toni” Jackson President, TAAHP

TAAHP has also continued to work in partnership with TDHCA, HUD and others by continuing 87


Providing housing for

Texans for over 15 years.


i

Dear Conference Partners and Attendees, It is with both excitement and pleasure that I welcome you to THC 2012. You asked, we listened, and you came: The 2012 Texas Housing Conference continues to grow in numbers and successes. Our attendee list spreads throughout the USA from the northwest to the southernmost tip of the southeast across the fruited plain to the far west. Other associations inquire as to THC’s success secret as they experience decline in participation and attendees. Our response, it is you that bring the answer to Austin every July.

The 2012 Conference hotel room block sold out in early April; the exhibit hall spaces maxed out by the end of March. We had to move the debt and equity panels and the conference luncheon to the Hilton Hotel. We simply outgrew the Four Season’s capacity. In order to accommodate you, we are providing four 32 seat shuttle busses between the Four Seasons and the Hilton’s special Texas Housing Conference’s boarding area. On Thursday, the buses will run every 15 minutes between 9:45am and 3:00pm providing prompt service for the two panels, the Conference luncheon and back to the Four Seasons. The affordable housing industry is facing a myriad of challenges in the months ahead. What will Congress do with the Housing Tax Credit Program and will it continue to work for us? What is the outfall from the ICP –v- TDHCA litigation and will the Federal Court’s final order not only address an issue that originated in Dallas, but throw a negative blanket over the remaining 253 counties adversely affecting the tax credit industry across the State of Texas? And will the profile and interests of the new Texas Legislature significantly change after the November general elections? Unfortunately this list grows daily.

our business climate. We have brought new life to the standard sessions and added new topics. By popular demand we are bringing back the Washington Wire and added a new feature: housing issues from two perspectives; leading Democrat and Republican Washington attorneys will discuss national housing policies. A panel of TAAHP members who are actively involved in the Washington policy scene will lead into the Washington Wire session making Wednesday morning and the brunch a dynamic closing to the conference. Thank you for making the 2012 Texas Housing Conference such a success. This is your conference; connect, network, learn and enjoy.

WELCOME

We asked, you listened and told us about the issues and challenges on your horizon. Through Texas Housing Conference’s new sponsorship and underwriter program we have been able to attract qualified resources from across the country to participate in your educational sessions.

Jim T. Brown Executive Director, TAAHP

The 2012 Conference educational block, designed by conference Co-Chairs Nichole Flores and Bobby Bowling, you and staff, has reached across the vast resource bank and pulled together unique sessions addressing the major concerns affecting 89


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The opportunities to get involved are endless – simply walking through the lobby of the beautiful Four Seasons Hotel generally results in more than a few handshakes and business cards exchanged at almost any hour during the conference. In addition, again this year we have strived to work with the best and brightest in the industry to put together an educational grid including panels and network opportunities for most of the core issues facing developers, lenders and the various constituent groups. Beyond the core business issues, the conference also provides for the very latest in updates on the state and national political front, including updates on critical legislation, changes to Federal programs, etc. Following the Washington Wire on Wednesday morning, join a foursome out at Onion Creek for the 2nd annual Mike Lankford Memorial Golf Tournament or join the spa crowd for some cooler and relaxing indoor down time. After years of tireless advocacy by many in our industry, the task at hand remains as critical as ever. We must ensure that our voices continue to be heard as tireless advocates for our industry. We must arm ourselves with knowledge and a toolbox sufficient to complete not only the projects at hand in each of our development shops, but also to compete at the State and Federal level for the critical resources necessary to ensure our projects compete successfully and achieve a closing. On behalf of TAAHP, we have endeavored to provide a comprehensive look at all of the issues facing our agenda. Of course, we always welcome feedback from within the development/advocacy community

WELCOME

It’s a pleasure to welcome our many friends and colleagues from across the nation’s housing industry back to Austin for the annual Texas Housing Conference -- the premiere event in the Southwest each year focused on best practices in creating and maintaining decent, safe and affordable housing. With each year brings much success in providing a variety of housing options to those most in need across Texas and surrounding states throughout the Southwest. However, the challenges from the economic turmoil in recent years leaves us with the continued need to act with one voice in addressing the legislative issues facing our industry on both the local and national level. More than ever, we need to come together in a common goal of advocacy and improvement aimed at solidifying long-term funding sources and ensuring that housing gets an equal place at the table with other core economic growth engines.

and look forward to your comments from the sessions and overall conference. Of course, we also look forward to welcoming old friends and meeting new ones, so if you’re new to Texas or to this conference circuit, please introduce yourself and let us know how we can help to improve your networking and learning at this and future events. Sincerely,

K. Nicole Flores & R.L. “Bobby” Bowling IV Conference Co-Chairs, TAAHP

91


special events

special events monday, july 23, 2012

Tuesday, july 24, 2012

Opening Session: 3:30 - 5:00 pm

fruit & donuts : 7:30 - 8:30 am

Opening Reception: 5:00 - 7:00 pm

morning refreshments: 9:45 - 10:15 am

Other contributions to the Texas Housing Conference Bank of America Merrill Lynch Conference Bags + Save the Date Postcard

Wine Tour : 5:00 - 7:00 pm

[ Booth 2 ]

luncheon { hilton hotel }: 12 - 1:30 pm

afternoon refreshments: 3:00 - 3:30 pm

City Real Estate Advisors Water Bottles + Lanyards Citi Conference Bag Gift

Education Track Partners

[ Booth 18 ]

closing reception: 5:00 - 7:00 pm

Current Issues Bank of America Merrill Lynch Future Markets Chase

[ Booth 34 ]

wednesday, july 25, 2012 breakfast: 8:00 am

[ Booth 41 ] 92

Money City Real Estate Advisors Compliance Issues Reznick Group, P.C.


monday, july 23, 2012 MONDAY 9:30 AM - 1:00 PM

MONDAY 9:30 AM - 1:00 PM

Tax Credit Workshop

New Markets Tax Credits 101

Speakers

Speakers

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, who purchases credits, what you can build under the program, and a profile of the people who will live in these multifamily communities.

The 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 such as loans and capital investments in businesses and projects in underserved areas. By making an investment, the investor can receive a tax credit worth 39% of the initial investment, distributed over seven years. Join two NMTC experts for an in-depth look at these special credits and gain valuable insight into the program history and its evolution. Find out who the players are and what their roles are. Kevin and Alan will take you through the tax credit pool, the application process and the award process.

Room: San Jacinto Ballroom East

The role 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 where you will walk through the reservation process and the placed-in-service date.

Alan Kinnard, CHK Enterprises, LLC Kevin Goldsmith, Chase

education

Edwina Carrington, CHK Enterprises, LLC Diana McIver, DMA Development Co., LLC

Room: Stones Crossing

They will present a working example and take a look at the timing and funding commitments necessary to get the deal done. 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!

93


education

tuesday, july 24, 2012 Session Track

money

future markets

sponsored by City Real Estate Advisors

sponsored by Chase

7:30 - 8:30 am

fruit & donuts breakfast [ four seasons ballroom ]

8:30 - 9:45 am

State of Market Rate Financing - The Hunt for the Right Opportunity (p. 96)

Bonds (p. 96) Location: Four Seasons Hotel Room: Stones Crossing

education

Location: Four Seasons Hotel Room: San Jacinto Ballroom West

9:45 - 10:15 am

refreshment break

10:30 - 11:45 am

Equity - Straight Talk (p. 98)

sponsored by

Where do Cities Invest & Why? (p. 98)

Location: Hilton Hotel Room: 400/402 (4th Floor)

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

Location: Four Seasons Hotel Room: San Jacinto Ballroom East

luncheon [ hilton hotel ]

sponsored by

Debt - Stepping Up to the Plate (p. 102)

HUD Updates & Opportunities (*) (p. 102)

Location: Hilton Hotel Room: 400/402 (4th Floor)

Location: Four Seasons Hotel Room: San Jacinto Ballroom East

3:00 - 3:30 pm

refreshment break

3:30 - 4:45 pm

Leader to Leader Straight Talk from the Top (p. 104)

sponsored by

Location: Four Seasons Hotel Room: San Jacinto Ballroom East

5:00 - 7:00 pm

closing reception

Opportunities in New Markets Tax Credits, Renewable Energy, and Historic Tax Credits (p. 105) Location: Four Seasons Hotel Room: San Jacinto Ballroom West

sponsored by

complimentary shuttle service to + from the Four Seasons Hotel and Hilton Hotel between 9:30 am - 3:30 pm 94


compliance issues

sponsored by Bank of America Merrill Lynch

sponsored by Reznick Group, P.C.

Compliance Issues Trouble in Paradise (p. 97)

Location: Four Seasons Hotel Room: San Jacinto Ballroom East

Location: Four Seasons Hotel Room: Little Colony

Social Services - Making the Connection (p. 99)

Recent Legal Issues in Housing and Development (*) (p. 99)

Location: Four Seasons Hotel Room: San Jacinto Ballroom West

Getting the Deal Done Right! An Indepth Look with NonProfits & Public Housing Authorities (p. 103)

-----

Crowdsourcing (p. 100) Location: Four Seasons Hotel Room: Stones Crossing

Location: Four Seasons Hotel Room: Little Colony

A Look Inside the 2012 - 2013 QAP (*) (p. 103) Location: Four Seasons Hotel Room: San Jacinto Ballroom West

Location: Four Seasons Hotel Room: Little Colony

Getting the Most from Your Third Party Partners (p. 105)

Recapture is Not a Four Letter Word (p. 106)

Location: Four Seasons Hotel Room: Stones Crossing

Location: Four Seasons Hotel Room: Little Colony

Innovative & Efficient Natural Gas Technologies Add to Your Bottom Line (p. 104)

education

Year 15 - A Whole New Experience (*) (p. 97)

energy + social media

education

current issues

Location: Four Seasons Hotel Room: Stones Crossing

-----

Four Seasons Hotel

Upper Level: Little Colony, Stones Crossing, Waterloo Lower (Lake) Level: San Jacinto Ballroom East & West

Hilton Hotel

4th Floor: Room 400/402

Room locations 95


education

TUESDAY 8:30 - 9:45 AM

TUESDAY 8:30 - 9:45 AM

State of Market Rate Financing The Hunt For the Right Opportunity

Bonds

Room: Stones Crossing

Room: San Jacinto Ballroom West

future markets

education

money

96

Moderator

Moderator

Panelists

Panelists

It is clear that traditional financing can be challenging. We need banks! What do private and institutional debt and equity sources really want? Banks are returning to the housing sector but it is not the same as before and the money is more expensive. If you are in the hunt for new sources of financing, join us for an interesting and lively discussion on where the money is and how you can get it!

A review of the increasing role of bond finance in creating affordable housing continues to heat up. Bond financed developments and the 4 percent Low-Income Housing Tax Credits (LIHTC) have never been as attractive to investors as the 9 percent program has been because the risks and losses are traditionally greater. This session will provide an overview of some creative financing techniques available to limit negative arbitrage due to the unique current interest rate environment.

Granger MacDonald, MacDonald Companies Mike Backman, AmeriSphere Mortgage Chris Bergmann, ARA Affordable Housing Mark Ragsdale, PNC Real Estate

Jerry Wright, Dougherty & Co. David Danenfelzer, Texas State Aff. Housing Corp. Jim Shaw, Capital Area Housing Finance Corp. Cody Wilson, Merchant Capital


TUESDAY 8:30 - 9:45 AM

Year 15 - A Whole New Experience (*)

Compliance Issues - Trouble in Paradise

Room: San Jacinto Ballroom East

Room: Little Colony

current issues

education

TUESDAY 8:30 - 9:45 AM

compliance issues

Moderator Panelists

Moderator

Garrick Gibson, Reznick Group, P.C. Nancy Morton, Dauby O’Connor & Zaleski Patricia Murphy, Texas Dept. of Hsg. and Com. Aff.

Mike Sugrue, Silverleaf Companies

Panelists

Cynthia Bast, Locke Lord, LLP Todd Crow, PNC Real Estate Jeff Kunitz, Marcus & Millichap Chris Thomas, Reznick Group, P.C.

The National Council of State Housing Agencies estimates over 80,000 Low-Income Housing Tax Credits (LIHTC) units will reach Year 15 in the US in 2012. This panel will cover the strategies and decisions that will prepare your Post Year-15 property for success. Panel members will examine the opportunities and legal challenges facing owners of maturing tax credit communities. The panel will also explore how to maximize the tax credit property’s value in Year 15 and other financial and legal issues necessary to better serve your tenants and property including amending the recorded Land Use Restriction Agreement (LURA). Additional topics include how to calculate a qualified contract price and exercising the right of first refusal. If you have a property nearing Year 15, you won’t want to miss this session.

Compliance issues are often complex and confusing. Gain a better understanding of the compliance problems you will face during lease-up and on-going operations. Attendees will learn about the multiple building election and other 8609 tax elections that influence your ability to transfer tenants, avoid re-certification and meet your minimum set-aside test. Also, learn what happens during a previous participation review and gain a better understanding of “Material Noncompliance”. The panel members will also touch on the 45-day rule and income limits.

education

George Littlejohn, Novogradac & Company LLP

*Pending CLE Credit

97


TUESDAY 10:30 - 11:45 AM

TUESDAY 10:30 - 11:45 AM

Equity - Straight Talk

Where do Cities Invest & Why?

Room: 400/402 (Hilton Hotel)

Room: San Jacinto Ballroom East

future markets

education

money

Moderator

Moderator

Panelists

Panelists

Nicole Flores, City Real Estate Advisors Sam Ganeshan, Hudson Housing Capital Daniel Kierce, RBC Capital Markets Gary Robinson, Raymond James Eric Trucksess, Centerline Capital Group

Where will your equity financing come from for your next tax credit development? Our panel of experts will take a look at the sunset of the flat 9% applicable percentage rate and how investors are going to handle this change in the future. Panel members will discuss pricing, current trends and market conditions. Learn what equity providers currently consider significant issues in providing tax credit equity and how tax reform will affect the current lending environment. Come prepared with your tough questions in this interactive session with some of the leading tax credit equity providers in the nation.

98

Justin MacDonald, MacDonald Companies Bernadette Mitchell, City of Dallas Housing & Community Srvcs. Dept. Eta Paransky, Houston Housing Authority Betsy Spencer, City of Austin Hsg Finance Corp. Bob Salas, City of San Angelo Neighborhood & Family Srvcs Dept.

This panel will give you insight into how a city sets their goals and their vision for growth. Each city has assets that they need to utilize like light rail or infill development tracts. Most cities have designated â&#x20AC;&#x153;Areas of Opportunityâ&#x20AC;? and look for higher density and a better mix of housing. City leaders and staff are sensitive to the needs of the lower to moderate income neighborhoods and often concentrate on these areas for redevelopment. Get a unique perspective on how to maneuver City Halls and the politics of the community and get straight talk on how to get your deals done.


TUESDAY 10:30 - 11:45 AM

TUESDAY 10:30 - 11:45 AM

Social Services - Making the Connection

Recent Legal Issues in Housing and Development (*)

Room: San Jacinto Ballroom West

Room: Little Colony

current issues

Moderator Panelists

Roland Broussard, RealTex Development Mike Clark, Alpha Barnes Real Estate Services Jennifer Gonzales, Alamo Area Mutual Hsg. Assoc.

Enriching, empowering and providing the supportive services needed in today’s affordable housing communities can sometimes be difficult to execute. According to Texas Department of Housing & Community Affairs (TDHCA), the inability of owners and managers to deliver and document the services they promised has become the predominant finding of non-compliance in the state. This panel will offer solutions and best management practices as well as provide ideas for services that are needed and work in today’s current economic environment.

Moderator

Toni Jackson, Coats l Rose

Panelists

Cynthia Bast, Locke Lord, LLP Mark Foster, Law Office of Mark D. Foster John Shackelford, Shackelford Melton & McKinley

This esteemed panel will discuss and provide updates on recent legislation and lawsuits impacting the housing practice including the recent

education

JOT Couch, Inter-Faith Group

compliance issues

Texas Supreme Court case on ad valorem tax exemptions as well as the ongoing federal ICP lawsuit. The panel will review recent changes to Fair Housing regulations and its impact on the state allocation process. The panel members will also explore legal issues using housing credits to promote supportive housing as a long term care alternative. The panel will also discuss the non-profit ‘material participation’ and explore ethical issues related to the affordable housing industry. Bring your toughest questions and concerns to this group of legal experts! *Pending CLE Credit

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TUESDAY 10:30 - 11:45 AM Crowdsourcing

Room: Stones Crossing

energy + social media

presenter

education

Stephanie Darden, FDG { creative }

Take it to the people. Thatâ&#x20AC;&#x2122;s what crowdsourcing is all about. Explore the role crowdsourcing strategies are taking in shaping communities from names to land use/planning to determining what type of retailer is best suited for a specific commercial space. This presentation will emphasize the tools and resources to facilitate crowdsourcing as well as the benefit it has in brand building at a developer and community level.

CROWDSOURCING: CREATE COMMUNITY, BEFORE BUILDING A COMMUNITY

100


complimentary shuttle service to + from the Four Seasons Hotel and Hilton Hotel between 9:30 am - 3:30 pm


TUESDAY 1:45 - 3:00 pm

TUESDAY 1:45 - 3:00 pm

Debt - Stepping Up to the Plate

HUD Updates & Opportunities (*)

Room: 400/402 (Hilton Hotel)

Room: San Jacinto Ballroom East

future markets

money

education

Moderator

Toni Jackson, Coats l Rose

Panelists

Moderator

David Saling, Chase

Panelists

Jason Aldridge, Wells Fargo Frank Brown, Citi Community Capital Valerie Williams, Bank of America Merrill Lynch John Yochum, Capital One

Does it seem that financing a deal has gotten more complicated? Come discuss and hear about real estate financing in todayâ&#x20AC;&#x2122;s current economic climate. Changes are occurring daily in the financing arena. Points of discussion will include balance sheet vs. non-balance sheet lending, recourse vs. non-recourse notes. Panel members will take a look at guarantor liquidity and net worth as well. They will also discuss the debt service coverage test, loan to value tests, interest rates, fees that are increasing and more. This session will help you navigate through the financing maze today and determine what is best for your deal.

102

Ray Landry, Davis-Penn Mortgage Monica Sussman, Nixon Peabody Theodore Toon, U.S. Dept. of HUD

Policy changes happening within the Housing and Urban Development (HUD) Department will be shared during this dynamic session. HUD is committed to the preservation of its low income housing inventory and is launching programs to facilitate the financing of affordable communities across the nation. This panel will explore any recent changes in HUD regulations and the signing of the threeyear waiver for Low Income Housing Tax Credit (LIHTC) transactions. Secretary Donovan has the Rental Assistance Demonstration as a top priority and there is new 811 Pilot regulation of interest to non-profit organizations and their developer partners. This panel will also provide insight into the new 202 Prepayment rules and the new guidance allowing the three year Qualified non-profit waiver for the mark to market projects. *Pending CLE Credit


TUESDAY 1:45 - 3:00 pm

TUESDAY 1:45 - 3:00 pm

Getting the Deal Done Right! An In-depth Look at Working with Non-Profits & Public Housing Authorities

A Look Inside the 2012-2013 QAP (*) Room: San Jacinto Ballroom West

Room: Little Colony

current issues

compliance issues

Moderator Panelists

Moderator

Diana McIver, DMA Development Co., LLC Barry Palmer, Coats l Rose Lisa Stephens, Pinnacle Housing Group

Mahesh Aiyer, Community Bank of Texas

Panelists

Naomi Byrne, Housing Authority of Texarkana Macy Kislinsk, National Equity Fund Mark Mayfield, Texas Housing Foundation Michelle Norris, National Church Residences

If you have ever wanted to work with a Housing Authority on structuring a Low Income Housing Tax Credit (LIHTC) transaction that includes public housing units, an operating subsidy, and capital funds- or if you’ve got a yen for difficult “preservation” deals and want the nonprofit perspective --don’t miss this session! The panelists will present Texas case studies on recent transactions as well as the syndicator’s underwriting requirements for Public Housing Mixed Financed Transactions. This will be an intensive “hands on” session.

The 2012-2013 QAP has been a hot topic for affordable housing industry leaders. This session will review the 2012 round and what worked and didn’t work for the Applicants. Texas Affiliation of Affordable Housing Providers (TAAHP) members have worked diligently to build a consensus and our developers, consultants, attorneys, property management and construction companies, syndicators and investors have weighed in.

education

Sarah Anderson, S2A Development Consulting

This session will review the ICP lawsuit and recent request to the Texas Attorney General and its potential impact on the 2013 application round and touch on what the legal briefs and responses mean to the development community. Comments, questions and concerns from this session will be used as the first step in the formulation of TAAHP’s 2013 QAP comments and any potential legal issues raised. Attend this session and join the ongoing discussion of these critical issues. *Pending CLE Credit

103


TUESDAY 1:45 - 3:00 pm

TUESDAY 3:30 - 4:45 pm

Innovative and Energy Efficient Natural Gas Technologies Add to Your Bottom Line

Leader to Leader - Straight Talk from the Top Room: San Jacinto Ballroom East

Room: Stones Crossing

energy + social media

money

presenter

education

Margaret von Flatern, Texas Gas Alliance

In this session, attendees will learn how natural gas and renewable energies fuel technologies, such as high-efficiency solar and natural gas water heating systems and gas heat pumps. These technologies will drastically increase a building’s efficiency and decrease energy costs for tenants and building operators.  Case studies of properties that have utilized such technologies will be presented. Consumers today are much more saavy about energy efficiency. Find out why gas is the right choice for your communities.

Moderator

James Feild, Bank of America Merrill Lynch

Panelists

Leila Ahmadifar, Citi Community Capital Priscilla Almodovar, Chase Joe Hagan, National Equity Fund Jeff Whiting, City Real Estate Advisors

Join these leaders for a macro level discussion of our economy today. Insurance companies have made up at least half of the investor base for tax credits the past three years. These companies are backing up on yield requirements and in some cases exiting the market entirely. Why? The easy answer is a decrease in tax liability due to earnings which is due to lower interest rates. Find out why price is irrelevant. This panel will also discuss tax reform, the biggest risks in tax credit lending and investing and what is happening with governmentsponsor enterprise’s today. Get a view from the top players in the affordable housing arena as we look to the future of affordable housing.

104


TUESDAY 3:30 - 4:45 pm

TUESDAY 3:30 - 4:45 pm

Opportunities in New Market Tax Credits, Renewable Energy and Historical Tax Credits

Getting the Most from Your Third Party Partners

Room: San Jacinto Ballroom West

Room: Stones Crossing

future markets

compliance issues

Moderator

Panelists

Panelists

For nearly 50 years, federal tax credits have been used to attract private capital to help finance the development of a wide variety of projects. If you have ever considered using a different tax credit or combining multiple credits, you wonâ&#x20AC;&#x2122;t want to miss this session. This panel will present case studies on each of of these opportunities. Panel members will talk about the timing of Federal historic equity payin and the New Markets Tax Credit (NMTC) equity pay-ins with considerations for bridging federal historic equity. They will also cover matching the standard loan productâ&#x20AC;&#x2122;s term with the term of the NMTC construction and compliance period. Underwriting for NMTC Commercial Space Revenue in a predominately affordable residential property will also be discussed.

Due diligence is a big part of the pre-application and application process. Join this panel for an indepth discussion on how to utilize the resources available from your third party partners. Find out what up-front tools these parties have for little or no expense to you. You will receive information on the Appraisal and Property Condition Assessment, American Land Title Association (ATLA) Surveys required by lenders and the basic surveys required by the Texas Department of Housing and Community Affairs (TDHCA). Environmental assessments and reports will also be covered.

Joy Horak-Brown, New Hope Housing Inc. William Callihan, Capital One Kevin Goldsmith, Chase Leigh Ann Smith, Bank of America Merrill Lynch

Terri Anderson, Anderson Capital, LLC James Dismukes, Phase Engineering Darrell Jack, Apartment Market Data Diane Kinney, FDI Management

education

Moderator

Time is money! Find out how your third party partners can help you save both prior to pre-applications.

105


TUESDAY 3:30 - 4:45 pm

wednesDAY 8:30 - 9:30 am

Recapture is Not a Four Letter Word

One on One with the Texas Department of Housing and Community Affairs (TDHCA) Leadership Team

Room: Little Colony

Room: Four Seasons Ballroom compliance issues

education

Moderator

106

Dennis Hoover, Hamilton Valley Management

Panelists

Wendy Langlais, Reznick Group George Littlejohn, Novogradac Sean Oâ&#x20AC;&#x2122;Connor, Dauby Oâ&#x20AC;&#x2122;Connor & Zaleski

The million dollar question? How to calculate recapture! State and the Federal Governments have different roles in determining compliance and recapture. This group of experts will discuss what happens once a Form 8823 is sent to the IRS and discuss if there is recapture when a partner transfers or there is a foreclosure. They will also discuss casualty losses and losses in federally declared disaster zones.

Moderator

Jim Brown, Executive Director, Texas Aff. of Affordable Hsg Providers

Panelists (pictured left to right)

Tom Gouris, TDHCA Michael Lyttle, TDHCA Patricia Murphy, TDHCA Cameron Dorsey, TDHCA Tim Irvine, TDHCA

For once outside of a Board meeting, the Texas Affiliation of Affordable Housing Providers (TAAHP) is able to gather TDHCA leadership into one group to be focused on issues of interest to TAAHP members and attendees at the Texas Housing Conference. Here is your opportunity to pose your questions or concerns or kudos to the decision-makers at the agency. Join us for this dynamic session and get straight talk from the top!


wednesDAY 9:30 - 10:30 am

wednesDAY 10:30 - 11:30 am

Federal & Legislative Issues in Our Nation’s Capitol

Washington Wire

Room: Four Seasons Ballroom

Room: Four Seasons Ballroom

Moderator speakers

Rick Goldstein, Nixon Peabody James Miller, Tax Legislative Solutions, LLC

Moderator

Bobby Bowling, Tropicana Building Corp.

Panelists

Kent Conine, Conine Residential Group Barry Kahn, Hettig/Kahn Development Corp. Granger MacDonald, MacDonald Companies Dan Markson, The NRP Group

Join former Texas Deptartment of Housing and Community Affairs (TDHCA) Board Chair, National Association of Home Builders (NAHB) Past President and incoming NAHB Housing Credit Group Chair Kent Conine, incoming NAHB Multifamily Council Chair Granger MacDonald along with longtime NAHB members Bobby Bowling, Barry Kahn, and Dan Markson, for an update on tax credit, multifamily and other building issues from the NAHB perspective. Panelists will give updates on national issues being championed by the leaders and members of NAHB and answer questions about how you can get involved. They will share why grass roots efforts are critical to the success of the building and development community.

Tax reform is looming and may well affect the Low Income Housing Tax Credit (LIHTC). The panel will discuss the Congressional agenda for the rest of the year with particular focus on approaches to tax reform and the socalled “fiscal cliff” wherein the 2001 and 2003 Bush tax cuts, the Alternative Minimum Tax (AMT) “patch,” and the 50 plus business tax extenders will expire and domestic/military spending sequester levels will take place unless Congress takes action. The panel will address the status of legislation fixing the 9 percent and 4 percent LIHTC’s and how tax reform could affect the credit. The industry’s efforts before Congress in this regard will also be a key topic for discussion. Learn what Congress is likely to do during this time of budget cutting, deficit reduction, and tax reform that may well affect the future of this program and your business activities!

education

Jeff Whiting, City Real Estate Advisors

107


108

exhibits


exhibits

109


Alliant Asset Management Company, LLC

E XH IB ITOR + PARTNER LI STI NG S

Booth 27 Dan Winters, Vice President of Acquisitions 205 South Hoover, Suite 208 , Tampa, FL 33609 727.244.2440 + dan.winters@alliantcapital.com www.alliantcapital.com

bronze

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.

Amegy Bank

Booth 40 Mary Jane Henson / Dierdre Ward 1211 McKinney Street, Level P-1, Houston, TX 77010 Mary Jane Henson, VP, 713-232-6036, Maryjane.henson@amegybank.com Deirdre Ward, VP, 713-232-6017, Deirdre.ward@amegybank.com www.amegybank.com As one of the most stable corporate trust providers in the country, we have earned the reputation for integrity and responsiveness to customer needs. Our success is closely aligned with the way we do business, particularly in our commitment to our customers. We have the resources and flexibility to execute even the most difficult of transactions and a staff of qualified trust professionals to lend invaluable experience and expertise. Visit www.amegybank.com for more information.

AmeriSphere

Booth N/A Mike Backman, FHA National Production Director 2805 North Dallas Parkway, Ste. 510, Plano, TX 75093 972.941.3403 + mbackman@amerisphere.net www.amerisphere.net

conference supporter

AmeriSphere is a mortgage banking company engaged in originating, underwriting, closing and servicing high quality multifamily and health care mortgage loans throughout the United States. AmeriSphere helps increase the availability of affordable multifamily housing through financing of properties that qualify for federal housing tax credits. AmeriSphereâ&#x20AC;&#x2122;s headquarters are located in Nebraska with offices in Colorado, Texas and Maryland. We have over 15 years in the lending business and we are the 15th largest FHA lender in FY12.

110


Bank of America Merrill Lynch

Booth 3 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

diamond

Bank of America Merrill Lynch Commercial Real Estate Banking is the largest provider of commercial real estate financial services in the country. This dedicated team of real estate professionals provides project and corporate finance and comprehensive financial solutions for a broad array of clients including public and private Real Estate Investment Trusts (REITS) funds, as well as commercial and residential development companies.

EXHI BI TOR + PARTNER LIST IN GS

Bank of America Merrill Lynch is one of the worldâ&#x20AC;&#x2122;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.

Bank of Texas

Booth 7 Pamela M. Black, CCTS 801 Cherry Street, Suite 3325, Unit 27, Fort Worth, TX 76102 817.348.5797 + pblack@bankoftexas.com www.bankoftexas.com or Gilbert Gerst 4217 Swiss Avenue, Dallas, Texas 75204 214-515-1723 + ggerst@bokf.com

bronze

The Corporate Trust group at Bank of Texas offers a variety of services, including successor trustee, bond trustee, custody, paying agent and escrow agent. The Community Development group delivers an array of debt (construction & permanent) and equity solutions for the affordable housing industry. Our commitment is to provide proven products with personalized service. Bank of Texas is backed by the vast resources and financial strength of BOK Financial Corporation, a diversified $26 billion financial services company. To learn more, visit www.bankoftexas.com.

diamond

SAPPHIRE

PLATINUM

gold

silver

bronze

conference supporter

111


Blazer Building, Inc.

Booth N/A Matt Fuqua 9219 Katy Freeway, Suite 120, Houston, TX 77024 713.914.9200 + mfuqua@blazerbuilding.com www.blazerbuliding.com

conference supporter

E XH IB ITOR + PARTNER LI STI NG S

Chris Richardson, President, founded Blazer in 1978 as a general contracting company focused on multi-family housing. The Blazer family of companies has grown into a fully-integrated real estate services company handling all facets of the project. Development â&#x20AC;&#x201C; Blazer Residential has built a record of success based around a strong belief in relationship driven business; whether it be our investors or vendors. Blazer continues to deliver value to our partners at each stage of development; through site selection, design and project capitalization. As market influence, Blazer adapted its product to include a mix of family and senior communities. Our high-quality projects are comprised of low-rise, garden-style to a mid-rise design coupled with bungalows that mirror a traditional single-family living environment. Construction - Blazer Building has constructed over 30,000 apartment homes in twelve different states. Blazer Building is made up of a highly experienced team with decades of construction experience.

Boston Financial Investment Management, L.P. Booth 17 Greg Voyentzie, EVP Acquisitions 101 Arch Street, Boston, MA 02110 617.488.3203 + greg.voyentzie@bfim.com www.bfim.com

bronze

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. Currently, we manage approximately $9.1 billion in Low-Income Housing Tax Credit and Historic Tax Credit equity investments comprising over 1,600 properties and 173,000 units. Contact us today and put our experience to work for you.

Burgess Construction Consultants, Inc.

Table Top A Ken Harward, President, Commercial Division 1255 West 15th Street, Suite 1000, Plano, TX 75075 214.291.3143 + kharward@burgess-inc.com www.burgess-inc.com Burgess Construction Consultants provides a full range of residential and commercial inspection services, energy and green program verifications, consulting and building science. We are very successful in saving time and money for builders, general contractors, developers, lenders, investors and owners. We can assist with all areas of your construction along with support from our Construction Science Division. Call Ken Harward at 214.291.3143 or email kharward@burgess-inc.com for more information.

112


Capital One, N.A.

Booth 35 John Yochum 5718 Westheimer Road, 10th Floor, Houston, TX 77057, 713.435.5324 + john.yochum@capitalonebank.com www.capitalone.com

gold

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries collectively have $121 billion in deposits and $150 billion in managed loans outstanding as of March 31, 2009. Well known for credit card products, Capital One also operates full service banks in Texas, Delaware, Louisiana, New York, New Jersey, Virginia, Maryland, and the District of Columbia. Capital One’s community development program invests and lends over $1 billion annually to serve the needs of our communities.

Booth 10 D. Michael Boone, Jr., CPM®, Director of Program Development 210 Barton Springs Road, Suite 300, Austin, TX 78704 512.492.7022 + Zboone05@gmail.com www.CapstoneManagement.com Capstone Real Estate Services is extending its proven expertise in the field of affordable housing compliance services beyond our traditional 3rd Party property management services. Having excelled in the multifamily fee management field for over 45 years, Capstone is now offering 3rd party compliance services to serve the affordable housing industry property owners, investors, syndicators and even other management firms. Our current 3rd Party Services include file review, set-aside management, new lease up, audit preparation and most other compliance related services in the HUD, Tax Credit, Bond, Home, Seniors and many local housing assistance programs.

Carleton Construction, Ltd.

Booth 22 Cindy Cruz 5485 Belt Line Road, Suite 300, Dallas, TX 75254 972.980.9810 + ccruz@carletonrp.com www.carletonconstruction.com

bronze

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 approaching $1 billion, 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 exceeds $100 million.

EXHI BI TOR + PARTNER LISTINGS

Capstone Real Estate Services, Inc.

113


Centerline Capital Group

E XH IB ITOR + PARTNER LI STI NG S

Booth 11 Deep Katdare, Director 625 Madison Avenue, New York, NY 10022 212.317.5700 + dkatdare@centerline.com www.centerline.com

114

silver

Centerline Capital Group provides real estate financing and asset management services for affordable and conventional multifamily housing. Centerline offers debt and equity financing to developers, owners, and investors. Centerline is structured to originate, underwrite, service, manage, refinance or sell through all phases of an assetâ&#x20AC;&#x2122;s life cycle. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline has raised more than $10 billion in equity across 136 funds, and invested in more than 1,200 assets spanning 47 states. The firmâ&#x20AC;&#x2122;s multifamily lending platform services more than $11 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 14 locations throughout the US. To learn more about Centerline, visit www.centerline.com.

Chase

Booth 5 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

SAPPHIRE

Chase is a national leader in community development finance for affordable housing and economic development projects. Through our vast resources, we can offer financing for projects of any size and complexity, both short-term and long-term. We distinguish ourselves as leaders by providing loans and community development services to meet the needs of low-and moderate-income communities throughout the United States.

Churchill Stateside Group Churchill Stateside Group Experience & Integrity. Since 1984.

Booth 43 BRONZE Keith J. Gloekl / Christopher Martiner 1150 Cleveland Street, Suite 150, Clearwater, FL 33755 727.461.2200 kgloeckl@churchillstateside.com / cmartiner@churchillstateside.com www.churchillstateside.com 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 lender for the USDA Multifamily 538 Guaranteed Loan Program and Fannie Mae Construction Loan Program.


Citi Community Capital

Booth 4 Frank Brown 5500 Maryland Way, Brentwood, TN 37027 615.372.6143 + franklin.d.brown@citi.com www.citicommunitycapital.com

PLATINUM

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 Capitalâ&#x20AC;&#x2122;s origination, structuring, asset and risk management staff across the country provides creative financing solutions designed to meet their clientsâ&#x20AC;&#x2122; 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.

Table Top D Karen Schaffner 1500 Marilla, 5CS, Dallas, TX 75244 213.670.5390 + Karen.schaffner@dallascityhall.com The Dallas Housing Finance Corporation (DHFC) was created by the Dallas City Council on April 25, 1984, as a public non-profit corporation to act on behalf of the City as its duly constituted authority and instrumentality for the public purposes defined in the Texas Housing Finance Corporation Act. In 2007, the Dallas Housing Finance Corporation was granted authority to own, lease, sell and otherwise take an ownership interest in residential developments. DHFC supports the citywide efforts for the public purpose of providing affordable housing for low-to-moderate income persons (LMIs) by facilitating the financing of the cost of development/re-development of multi-family rental housing that can be a variety of different building designs, including single family design, garden style and high rise housing. The division provides support to City economic and community housing projects, citywide efforts, including southern and central sectors of the city, for the public purpose of providing affordable housing for LMIs.

City of Dallas Housing Finance Corporation

EXHI BI TOR + PARTNER LIST IN GS

City of Dallas Housing Finance Corporation

115


City Real Estate Advisors, Inc.

Booth 2 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

SAPPHIRE

E XH IB ITOR + PARTNER LI STI NG S

City Real Estate Advisors, Inc. (“CREA”) is a full service LIHTC Syndicator with tax credit equity financing in excess of $1 billion for 180+ transactions since inception. Formed in 2001, we are committed to the clients we serve; investors and developers alike. Our team pledges to provide innovative real estate investment solutions by applying our five corporate tenets of Trust, Respect, Integrity, Attitude and Commitment to every facet of our business.

116

Coats | Rose

Booth 6 Barry J. Palmer, Director 3 Greenway Plaza, Suite 2000, Houston, TX 77046 713.651.7395 + bpalmer@coatsrose.com www.coatsrose.com

gold

The Coats l Rose Affordable Housing Group has extensive experience in affordable housing devleopment. We have represented for-profit developers, nonprofit developers and public housing authorities utilizing a variety of financing techniques, including HOPE VI financing, low income housing tax credits, private activity bonds, investment syndications and conventional financing. Our attorneys routinely structure complex transactions providing comprehensive solutions utilizing all aspects of financing in the affordable housing arena.

Comm-Fit

Table Top C Marcus Ling P.O. Box 342315, Austin, Texas 78734 512.378.3581 + marcus@comm-fit.com www.comm-fit.com Comm-Fit is a leading provider for Commercial Fitness Equipment in Texas. The Multi-Family market is our main area of concentration and we work with developers across the nation due to our knowledge and expertise of the industry. No matter the size of the property or class we can and will find a solution that works best for you and your residents. Thank you for the consideration!


Dauby Oâ&#x20AC;&#x2122;Connor & Zaleski, LLC

Booth 15 Gemi Ozdemir, Principal 501 Congressional Blvd, Suite 300, Carmel, IN 46032 317.848.5700 + cozdemir@doz.net www.doz.net

PLATINUM

Dauby Oâ&#x20AC;&#x2122;Connor & Zaleski, LLC (DOZ) provides accounting, consulting, and tax services to owners, managers, and syndicators of multifamily 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.

Booth N/A Ray Landry 12650 N. Featherwood Dr., Houston, TX 77034 281.481.2400 + RayL@davispenn.com www.davispenn.com

conference supporter

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.

Diamond Property Consultants, Inc. Booth N/A Jim Beats 2113 Kings Pass, Heath, TX 75032 972.475.9977 + jbeats@dpcservices.net

silver

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.

D P C

DIAMOND

Property Consultants, Inc.

EXHI BI TOR + PARTNER LIST IN GS

Davis-Penn Mortgage Co.

117


DMA Development Company, LLC

Booth N/A Diana McIver, President 4101 Parkstone Heights Drive, Suite 310, Austin, TX 78746 512.328.3232 + dianam@dmacompanies.com www.dmacompanies.com

conference supporter

E XH IB ITOR + PARTNER LI STI NG S

DMA Development Company, LLC has developed 22 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.

Empire Construction

Table Top B Dan Johnson, Director of Sales/Marketing 3600 Henson Road, Knoxville, TN 37921 865.755.7100 + danj@empireconstruction.com www.empireconstruction.com Empire Construction is recognized as the industry leader in LIHTC renovations by tax credit industry professionals from all associated businesses. With over 30 years of business experience and unlimited business licenses in 18 states, Empire is the regional General Contractor of choice with a proven track record of over 12,500 units renovated since 2003. Our job site and office staff are very experienced with all aspects of LIHTC projects. With the implementation of Empire’s custom designed job tracking software our level of detailed control over quality, production schedules, budgets and development team lines of communication are unmatched in the industry. Empire Construction works with our developer customers in a design build format. We utilize our years of experience to the benefit of each customer by getting the most out of every tax credit dollar awarded to a project through value engineering, large volume discounts and capitalizing on strategic relationships throughout the LIHTC industry. Empire’s long list of repeat customers combined with continually adding new customers speaks loudly of our integrity, professionalism and successful projects. Come find out what your competitors already know. Call Dan Johnson 865.755.7100.

Enterprise Community Investment, Inc.

Booth 36 BRONZE 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 As one of the leading providers of Low-Income Housing Tax Credit equity in the country, we have invested $11 billion to create more than 300,000 affordable homes throughout our three decades of experience, including over 2,500 in the State of Texas. Together with our partners, our work has driven investment in building better, more sustainable neighborhoods nationwide.

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FDI Property Management Services, Inc. Booth N/A Diane Kinney 26303 Oakridge Drive, Spring, TX 77380 281.367.5222 + dkinney@fdimgt.com

conference supporter

FDI is a full-service real estate management firm that specializes in Tax credits and other affordable housing. FDI provides a broad scope of management services, including acquisition, rehabilitation and asset management. FDIâ&#x20AC;&#x2122;s management techniques are tailored to each clients ever changing investment needs.

Booth 16 Greg Hettick, VP, Director Community Investment 8500 Freeport Pkwy South, Irving, TX 75063 800.362.2944 + gregory.hettick@fhlb.com www.fhlb.com

BRONZE

The Federal Home Loan Bank of Dallas supports housing and economic development by providing access to favorably priced funds to more than 900 member institutions across our five-state District. The Affordable Housing Program (AHP) offers direct grants to assist our members in meeting the affordable housing needs in their communities. AHP grants are intended to bridge financing costs for construction, renovations, repairs, down payments, closing costs, and first-time homebuyer counseling. Call 1.800.362.2944 or visit www.fhlb.com for more information.

First Sterling

Table Top G Martin Soja, Chairman & CEO 1155 Northern Blvd, Suite 250, Manhasset, NY 11030 516.869.7410 + msoja@firststerling.com www.firststerling.com First Sterling, a New York and California based syndicator, covers a broad spectrum of real estate investment capabilities and asset management services. A nationally recognized leader in affordable housing, First Sterling works with its valued partners on a full range of 9% and 4% transactions. Projects include various local, state and federal housing initiatives, ranging from award-winning tax credit transactions to HUD pilot and demonstration programs.

EXHI BI TOR + PARTNER LISTINGS

Federal Home Loan Bank of Dallas

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Galaxy Builders, Ltd.

E XH IB ITOR + PARTNER LI STI NG S

Booth 8 Neilesh Verma, President 4729 College Park, San Antonio, TX 78249 210.493.0550 + neileshv@galaxybuilders.com www.galaxybuilders.com

BRONZE

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 largescale senior living to rehabilitating affordable housing, the company dedicates itself to timely, budget-aware delivery.

Gill Group, Inc.

Booth 37 Jana Santos 512 No. One Mile Road, Dexter, MO 63841 573.624.6614 + jana.santos@gillgroup.com www.gillgroup.com

BRONZE

Gill Group is a firm specializing in Valuation and Market Feasibility Analysis. We provide Appraisals, Market Studies and CNAs for LIHTC, RD and HUD properties nationwide. We have more experience, faster turnaround, and lower prices than other firms in the industry. Beyond our core services, we offer RCSs and ESAs.

Goodman Manufacturing Company, L.P.

Booth 18 Dick Rydzeski, Director National Accounts 5151 San Felipe, Suite 500, Houston, TX 77056 713.263.5064 + dick.rydzeski@goodmanmfg.com www.goodmanmfg.com

silver

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.

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Home Team Pest Defense

Booth 30 Vanessa Valero, Builder Sales 11000 Metric Blvd., Austin, Texas 78758 512.491.7475 + vvalero@pestdefense.com www.pestdefense.com HomeTeam Pest Defense is the #1 builder pest management company and offers the Taexx® built-in pest control system to homebuilders. The system targets household pests using perforated distribution lines installed in designated walls during home construction. A HomeTeam technician services the system from ports located on the outside. For termite protection, HomeTeam applies a termiticide to the wood framing supports during construction and installs Sentricon, an in-ground baiting system that offers long-lasting protection from subterranean termites.

Booth 34 gold Sam Ganeshan / Joshua Lappen 630 Fifth Avenue 28th Floor, New York, NY 10111 212.218.4488 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 258 low-income housing tax credit investments preserving or creating over 27,000 multi-family rental units. The firm has placed more than $2 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.

ICI Construction, Inc.

Booth 26 Steve Williams, Vice President 5057 Keller Springs Road, Suite 200, Addison, TX 75001 972.387.8000 + swilliams@icidallas.com www.icidallas.com

BRONZE

ICI Construction is a 25 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 prelimenary 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.

EXHI BI TOR + PARTNER LIST IN GS

Hudson Housing Capital

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Inter-Faith GROUP

Booth 24 Christine DeCuir - Marketing Manager 3131 West Alabama, Suite 300, Houston, TX 77098 713.526.6634 + cdecuir@ti-f.org www. TheInterFaithGroup.org

PLATINUM

E XH IB ITOR + PARTNER LI STI NG S

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.

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James Hardie Building Products

Booth 39 Laurie Gizer, Marketing Coordinator 26300 La Alameda, Suite 400, Mission Viejo, CA 92691 949.348.4408 + laurie.gizer@jameshardie.com www.jameshardie.com James Hardie Building Products is a world leader in Fiber Cement Siding and Backerboard with several manufacturing plants in the U.S. and abroad. Lightweight and resilient, James Hardie® Products are rare in that they combine beauty and durability and also are considered “Green and Sustainable” by industry professionals. Our siding is the most popular brand of siding in America and can be found on over 4 million homes.

Journeyman Construction

Booth 20 Casey Gandy 7701 N. Lamar Blvd., Suite 100, Austin, TX 78752 512.247.7000 + info@journeymanco.com www.journeymanco.com Journeyman Construction, Inc. was founded in 1996 to pursue consulting opportunities in the construction industry. In 2001, our firm began managing construction projects as a General Contractor. Headquartered in Austin, Journeyman Construction covers the state of Texas with regional offices in San Antonio, Diana (East Texas), Dallas, Corpus Christi, and McAllen. Journeyman Construction was named by Entrepreneur magazine as one of the 100 fastest growing construction firms in the U.S. Annually Journeyman Construction and its affiliated companies generate approximately $120 million in revenue.


Law Office of Mark D. Foster

Booth 42 Mark Foster, Attorney 4835 LBJ Freeway, Suite 424, Dallas, TX 75244 214.363.9599 + mark@mdfoster.com www.mdfoster.com

bronze

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.

Booth 44 Cynthia L. Bast, Partner 100 Congress Avenue, Suite 300, Austin, TX 78701 512.305.4700 + cbast@lockelord.com www.lockelord.com

gold

Locke Lordâ&#x20AC;&#x2122;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 want to help you put all the pieces together for success in your affordable housing endeavors.

M Group, LLP

Booth N/A Michael Martin, Managing Partner 515 W. Southlake Blvd., Suite 150, Southlake, TX 76092 817.865.1360 + mmartin@mgrouptx.com www.mgrouptx.com

conference supporter

M Group, LLP is a full service public accounting firm specializing in real estate and the affordable housing industry. For over 12 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.

EXHI BI TOR + PARTNER LIST IN GS

Locke Lord LLP

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National Development Council

E XH IB ITOR + PARTNER LI STI NG S

Booth 42 Deborah Welchel, Director of Acquisitions 708 Third Avenue, Suite 710, New York, NY 10017 212.682.1106 + dwelchel@nationaldevelopmentcouncil.org www.nationaldevelopmentcouncil.org

bronze

The National Development Council (NDC) is one of the nationâ&#x20AC;&#x2122;s oldest 501(c)(3) corporations dedicated to housing and economic development finance. NDC provides technical assistance and development services to communities for the development and financing of economic development and affordable housing projects; professional certification training in economic and housing development and direct investment and loans into projects through the NDC Corporate Equity Fund (NDC CEF), HEDC New Markets (HEDC NM) and the Grow America Fund. NDC CEF has invested in 160 projects in 27 states and Puerto Rico and created over 7,500 units of housing. HEDC NM, has received seven allocations of NMTC and has closed 67 projects totaling over $1.2 billion in 24 states.

National Equity Fund, Inc.

Booth N/A Tina Belanger, Marketing Project Manager 120 S. Riverside Plaza, 15th floor, Chicago, IL 60606 312.360.0400 + tbelanger@nefinc.org www.nefinc.org

silver

Celebrating its 25th anniversary in 2012, National Equity Fund, Inc. (NEF) is a nonprofit Chicago-based affiliate of the Local Initiatives Support Corporation (LISC) and the nationâ&#x20AC;&#x2122;s largest syndicator of Low Income Housing Tax Credits (LIHTC). NEF has been an integral participant in creating affordable housing options, revitalizing communities and strengthening local economies. It has invested $9.5 billion in more than 2,100 LIHTC developments, creating 127,000 affordable homes for low-income families and individuals.

Natural Gas Utilities of Texas

Booth 21 Wendy Lamb, Sr. Marketing Director 290 S Castell Avenue, New Braunfels, TX 78130 830.643.6938 + wendy.lamb@centerpointenergy.com www.naturalgasutilitiesoftexas.com

silver

We supply the Lone Star State with clean and efficient natural gas. Installing natural gas appliances can help developers meet green building standards and help renters save money on their energy bills.

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NaviStone Partners LLC

Booth N/A Michael Moses, VP Structured Finance 5309 Transportation Blvd., Cleveland, OH 44125 216.548.0990 + mmoses@navistonepartners.com www.NaviStonePartners.com

bronze

NaviStone Partners LLC is a real estate investment and advisory company providing multifamily developers certainty of financial execution during uncertain times. NaviStone services span all types of real estate with a focus on multifamily development and include services such as direct equity investment, real estate syndication, debt placement, equity advisory services and financial modeling assistance.

Booth N/A Rachael Loper 401 9th Street NW, Suite 900, Washington, DC 20004-2128 202.585.8236 + rloper@nixonpeabody.com www.nixonpeabody.com

bronze

Nixon Peabody’s Affordable Housing practice offers unparalleled experience for any challenges that arise, whether in connection with federally assisted housing or accessing capital markets for housing development. Our attorneys—many of whom formerly worked at HUD in several legal and policy positions—have been involved with every major federal affordable housing initiative in the last 40 years, so we’re able to help our clients work through the complex regulatory environment and benefit from public financing opportunities.

NorthMarq Capital, LLC

Booth N/A Nathan Stone / Paul Brighton 4890 Alpha Rd, Suite 200, Dallas, Texas 75244 972.392.3366 nstone@northmarq.com / brighton@northmarq.com www.northmarq.com

conference supporter

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $8.5 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of market rate and affordable multi-family financing with Freddie Mac, Fannie Mae and FHA as well as relationships with many life companies, CMBS platforms and banks.

EXHI BI TOR + PARTNER LISTINGS

Nixon Peabody

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Novogradac & Company, LLP

E XH IB ITOR + PARTNER LI STI NG S

Booth 32 George Littlejohn, Partner / Susan Wilson, Partner 11044 Research Boulevard, Bldg C, Suite 400, Austin, TX 78759 512.340.0420 george.littlejohn@novoco.com / susan.wilson@novoco.com www.novoco.com

bronze

Novogradac & Company, LLP is a national certified public accounting and consulting firm with 13 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.

Orion Real Estate Services, Inc.

Booth 29 Cynthia Barksdale, Regional Vice President 1455 W. Loop South #800, Houston, TX 77027 713.622.5844 + cbarksdale@ores.com www.ores.com Major Real Estate Firm with emphasis on 3rd Party Asset Management for LIHTC, PHA, and other forms of affordable housing.

Phase Engineering, Inc.

Booth 12 Melanie Edmundson, P.G., Principal 335 West 21st Street, Houston, TX 77008 713.476.9844 + Melanie@PhaseEngineering.com www.PhaseEngineering.com

bronze

Phase Engineering, Inc. is an environmental consulting firm that was founded in 1993 and its licensed staff of environmental professionals annually perform over one thousand Phase I, Phase II, asbestos and lead inspections and related environmental services. Phase Engineering successfully works with many TDHCA tax credit and HOME funds applicants on their environmental submittals.

PNC Real Estate

Booth 14 Janna Cormier, Vice President 1717 W. 6th Street, Suite 262, Austin, TX 78703 512.391.9216 + janna.cormier@pnc.com www.pnc.com/realestate

gold

PNC Real Estate offers one of the industryâ&#x20AC;&#x2122;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. 126


Portfolio Resident Services Booth 23

Katie Danley, Business Development Director 3131 West Alabama, Suite 300, Houston, TX 77098 713.808.1988 + kdanley@portfolioresidentservices.org

bronze

The Nation’s Largest Provid

www.portfolioresidentservices.org

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.

REAL SERVICES, R E A L R E S U LT S .

 Set

your community apart from the competition

 Increase  Offer

Property Tax Advocates, Inc. Jeff Burgher, CPA, President 1303 W. Walnut Hill Lane, Suite 260, Irving, TX 75038t 972.550.8877x11 + jburgher@proptaxadv.com

 Enhance

relationships between Management Staff and your

 Improve

renewal rates

 Decrease  Improve  Meet

www.proptaxadv.com

Property Tax Advocates began representing owners of LIHTC properties in 1998 and currently represents over 10% of such properties in Texas in approximately 70 counties. As such, we’ve created a database of information to support cap rates above those published by the appraisal districts and quantify the effect on value of the various LIHTC restrictions in a clear and concise manner that appraisers and appraisal review board members can understand.

R4 Capital Booth 33

Marc D. Schnitzer, President 780 Third Avenue Tenth Floor, New York, NY 10017 646.576.7660 + mschnitzer@r4cap.com

your lease closing ratio

residents of all ages regularly scheduled educational a

programs

Table Top E

bronze

www.R4cap.com

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.

EXHI BI TOR + PARTNER LIST IN GS

Let us provide what should be your most effecti QUALITY RESIDENT SERVICE

vandalism

financial performance of a property

compliance requirements

VISIT US AT BOOTH #23

For your FREE resident services consultation, contact info@portfolioresi www.portfolioresidentservices.org

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Raymond James Tax Credit Funds, Inc.

Booth 9 Gary Robinson, VP, Director of Acquisitions 880 Carillon Pkwy, St. Petersburg, FL 33716 727.567.5014 + gary.k.robinson@raymondjames.com www.rjtcf.com

silver

E XH IB ITOR + PARTNER LI STI NG S

Raymond James Tax Credit Funds (RJTCF) is a wholly-owned subsidiary of Raymond James Financial, Inc. (NYSE-RJF). RJTCF has served both investors’ and developer’s needs managing approximately $5 billion in assets for more than 1,300 properties in 46 states since the inception of the tax credit program.

RBC Capital Markets

Booth 28 Dan Kierce, Regional Director 600 Superior Avenue, Suite 2300, Cleveland, OH 44114 216.875.6043 + daniel.kierce@rbc.com www.rbccm.com/tceg

silver

RBC Capital Markets’ Tax Credit Equity Group (TCEG) provides a complete range of finance solutions to meet the needs of developers, investors and public authorities. We offer a comprehensive suite of debt, equity and credit products. We have invested $4 billion of equity in over 600 affordable and historic multifamily housing developments. We provide investors with full asset management and reporting services. Our experienced professionals strive to identify strategic investments and design equity structures that serve the long-term interests of all our partners in LIHTC, HTC and RETC.

Realtex Development Corporation

Booth 19 Rick Deyoe, President 1101 S. Capital of Texas Hwy, Bldg F-200, Austin, TX 78746 512.306.9206 + rdeyoe@realtexdevelopment.com www.realtexdevelopment.com www.realtexms.com Realtex Development Corporation (“Realtex”) offers a broad array of professional real estate development, construction and management services having over 14 years of knowledge and experience, that when applied, creates a unique and successful approach to real estate development, construction and management of affordable and market-rate multifamily housing. Realtex is proud to provide its residents and customers with consistent, high quality and attractive living communities with superior professional and courteous customer service throughout Texas, Mississippi, and other US States. Our Development, Construction and Management business services include: Affordable Housing (including HUD) Market Rate Luxury Apartment Homes Senior Affordable Housing Student & University Housing For more information on Realtex and how our professional staff and services can benefit your organization, please contact us today.

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bronze

Red Stone Equity Partners Booth 45

Drew Foster 2 Grand Central Tower, 140 East 45th Street, 15th Floor, New York, NY 10017 212-225-8294 + Drew.Foster@redstoneequity.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.

Booth 13 Mark Dault, Business Development - Vice President 1111 W Mockingbird Lane, Suite. 1200, Dallas, TX 75247 214.678.2577 + mark.dault@regions.com www.regions.com

bronze

For over 80 years, the Corporate Trust Services Group at Regions Bank has focused on municipal bond business.   In this regard, Regions’ goal has been consistent and straightforward – to be the best trustee/paying agent/bond proceeds depository bank in the municipal bond world.  We invite you to experience our exemplary level of service through our dedicated relationship managers who have extensive expertise serving as Trustee on single family and multifamily bond issues.

Reznick Group, P.C.

Booth 1 Joanna Turner, Marketing 100 Congress Avenue, Suite 480, Austin, TX 78701 704.295.9862 + joanna.turner@reznickgroup.com www.reznickgroup.com

SAPPHIRE

Reznick Group is a top 20 national CPA firm providing accounting, tax and business advisory services to clients nationwide. Well known for our depth of knowledge in real estate and tax credit services, our professionals provide a full range of services to developers, owners, investors, lenders, syndicators, government agencies and nonprofits. These services include audit and assurance, tax credit advisory – including low-income housing, historic rehabilitation, New Markets Tax Credits and renewable energy, due diligence, management consulting, state and local tax and valuation and transaction advisory. For more information visit www.reznickgroup.com.

EXHI BI TOR + PARTNER LISTINGS

Regions Bank Corporate Trust

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The Richman Group Affordable Housing Corporation Booth 25 Kevin Hoffman, Vice President 340 Pemberwick Road, Greenwich, CT 06831 203.869.0900 + HoffmanK@richmancapital.com www.therichmangroup.com

PLATINUM

E XH IB ITOR + PARTNER LI STI NG S

The Richman Group Affordable Housing Corporation, the nation’s preeminent sponsor of LIHTC funds, leads the industry in equity raised over the last 5 years. Capital under management has surpassed $8 billion. Richman is also a leading affordable housing developer, asset and property manager and, more recently, mortgage lender.

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Shackelford, Melton & McKinley, LLP Shackelford Me lto n A LIMITED LIABILITY PARTNERSHIP

ATTORNEYS & COUNSELORS

McKinley

Booth 38 Sonia De Leon, Director of Marketing 3333 Lee Parkway, Tenth Floor, Dallas, TX 75219 214.780.1400 + sdeleon@shacklaw.net www.shacklaw.net

silver

Shackelford, Melton & McKinley specializes in, among other areas of law, all aspects of real estate ownership, leasing, financing, and development of various real estate products, including multifamily, retail, office, mixed-use, golf properties and land, including the acquisition, development, financing and regulatory processes of affordable housing projects.

sONOMA HOUSING ADVISORS

Booth N/A Bill Fisher 5430 LBJ Freeway, Suite 1200, Dallas, TX 75240 972.663.9368 + bill.fisher@sonomaadvisors.com www.sonomaadvisors.com

bronze

Over the past 20 years, our leadership team has developed, financed, and/or constructed over 7,500 living units throughout the Southwest, and managed over 18,500 units in 11 states. Our multi-family financing relationships and 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’s the only thing

.


Southeast Texas Housing Finance Corp.

Booth N/A Ron Williams, Executive Director 11111 S. Sam Houston Parkway East, Houston, TX 77089 281.484.4663 + rwilliams@sethfc.com

conference supporter

www.sethfc.com

The Southeast Texas Housing Finance Corporation (SETH) was organized in October 1981 under the authorization of the Housing Finance Corporation Act in accordance with Chapter 394â&#x20AC;&#x201D;Local Government Code. Its members include the Counties Austin, Brazoria, Chambers, Galveston (excluding the City of Galveston), Liberty, Matagorda, Walker, Waller & Wharton and the Cities of Baytown, Deer Park, Dickinson, La Marque, La Porte, League City, Pasadena, Santa Fe, Shoreacres, Texas City & Tomball.

Stearns Bank

Booth N/A Dave Feriancek 4191 2nd St. S., St. Cloud, MN 56301 800.320.7262 + davidf@stearnsbank.com

conference supporter

www.stearnsbank.com

Stearns Bank is a nationwide commercial lender established in 1912 with $1.4 billion in assets. Since 1986, weâ&#x20AC;&#x2122;ve specialized in LIHTC financing. Work directly with decision makers to get your project approved and closed quickly. We also save you money by using standardized loan documents with most syndicators to avoid usual fees associated with outside legal counsel. Call us to complete your affordable housing project on time & on budget. We get the job done!

Tax Credit Group of Marcus & Millichap

Booth N/A Jeff Kunitz, Senior Director 1918 8th Ave, Suite 3200, Seattle, WA 98101 206.826.5800 + jkunitz@marcusmillichap.com www.tcg-mm.com

conference supporter

EXHI BI TOR + PARTNER LIST IN GS

SETH has issued over $1.6 Billion in tax-exempt and taxable bonds for both Single Family homeownership and Multifamily rental housing. SETH has owned 9 multifamily developments with over 3600 units and currently is in the ownership structure for 2 tax credit developments. SETH administers down payment assistance with HOME funds and administers 6 Mortgage Credit Certificate Programs throughout the State. Through its Bayou Country Housing Trust Fund, SETH has funded almost $5 Million in local housing initiatives.

The Tax Credit Group of Marcus & Millichap (TCG) is the leading real estate investment services group focused exclusively on Section 42 (LIHTC) clients. They recognize that the complexities of the LIHTC program and divergent interests of asset owners require specialization. Through this focus, TCG has developed an industry-leading team, service approach and knowledge base, translating into greater value for their clients. Since starting in 2001, they have closed over $3 Billion in LIHTC transactions.

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Wells Fargo Booth 31

Leslie Houston 420 Montgomery Street , San Francisco, CA 94163 817.334.7164 + Leslie.houston@wellsfargo.com

silver

www.wellsfargo.com/affordablehousing

E XH IB ITOR + PARTNER LI STI NG S

At Wells Fargo, we are a bank that works 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 the 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.

Whirlpool Booth 41

Ben Meekma 3806 Haleys Way, Round Rock, TX 78665 414.807.7317 + benjamin_meekma@whirlpool.com

silver

or Nic Miller 20614 South Blue Hyacinth Dr., Cypress, TX 77433 832.776.0526 + nicolas_miller@whirlpool.com

www.insideadvantage.com

Whirlpool Corporation is the world’s leading manufacturer and marketer of major home appliances. The company markets Whirlpool, Maytag, Kitchen Aid, Jenn-Air, Amana, Gladiator and other major brand names to consumers in more than 130 countries worldwide, all while they continue to invest significantly in their US operating footprint. Whirlpool has a presence in approximately 20 U.S. communities and works with more than 10,000 suppliers in the United States . These suppliers also contribute to the health of the U.S. economy.

Wilmington Trust N.A Table Top F

Gregory M. Hasty 15950 North Dallas Parkway, Suite 550, Dallas TX 75248 972.383.3153 + ghasty@wilmingtontrust.com

www.wilmingtontrust.com

Wilmington Trust, an affiliate of M&T Bank, has been serving clients for more than a century, providing the strength, resources, and expertise to meet the needs of sophisticated enterprises. We continuously strive to be a leading provider of specialized services to municipal, corporate and institutional enterprises, and help our clients succeed, by efficiently delivering trust, agency and fiduciary solutions, and thereby helping to 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.

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Join us next spring in Austin, TX as we tackle critical housing issues during the 83rd Texas Legislative Session. www.taahp.org


Accessibility

Meals & Receptions

The Four Seasons Hotel is in full compliance with the American With Disabilities Act and offers complete ADA accessibility.

All Breakfast, Breaks, and Receptions are held inside the Exhibit Hall located in the San Jacinto & Four Seasons Ballrooms. You must wear your name badge for access.

Admission & Pricing

Non-Exhibiting Policy

Full Conference Registration TAAHP Member $495 General $595 l l l l l l l

Opening Session Ticket Access to All Educational Sessions Exhibit Hall Pass 2 Breakfast Tickets Refreshments & Snacks 1 Luncheon Ticket 2 Reception Tickets

information

Badges The official registration badge should be prominently worn and displayed at all times for prompt admission to the exhibit area, education sessions, meals and receptions. Badges are not transferable and may not be loaned to anyone for any purpose during the event. If you lose your badge, inquire at the registration booth.

Exhibit Hall Hours of Operation The Exhibit Hall is located in the Four Seasons Ballroom. Hours of operation include: Monday, July 23 Tuesday, July 24

3:00 pm – 7:00 pm 9:30 am – 7:00 pm

On-site Registration Attendees may register on-site; however, space is limited for some events. The Registration Booth is located on the Lake Level in the Four Seasons Ballroom foyer area and is open: Monday, July 23 Tuesday, July 24 Wednesday, July 25

1:00 pm - 6:00 pm 7:00 am - 6:00 pm 8:00 am - 10:00 am

You may pay by check or credit card (American Express, Discover, MasterCard, or VISA) Credit card transactions will include a 3% processing fee. If paying by check, make payable to TAAHP.

Parking Four Seasons Hotel parking rates for the 2012 Texas Housing Conference are: l l

Valet Parking: $12.00 per automobile/day Valet Parking Overnight: $28.50/day

To report a lost item, call the hotel’s front desk from any phone inside the hotel at 512.478.4500.

Curbside Metered Parking: Metered parking costs $1 per hour and is limited to 2 hours. Parking after 5:30 p.m. and on weekends is free. Visit www. downtownaustin.com/transportation/parking/lots/ for area parking garage information.

Management Information

Program Changes

The Texas Housing Conference is operated and managed by the Texas Affiliation of Affordable Housing Providers. Offices are located at 221 E. 9th Street, Ste. 408, Austin, Texas 78701 Phone: 512.476.9901, Fax 512.476.9903, www.taahp.org.

Due to unforeseen circumstances, program changes may be required at the last minute. Any changes will be posted outside session rooms and at the registration desk. Attendees will be notified.

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Non-exhibiting suppliers and service providers are not permitted to distribute sales materials or solicit business from attendees in the Exhibit Hall without securing a booth.


Refund/Cancellation Policy

luncheon map

All cancellations must be received two weeks prior to the conference. No refunds will be made after the conference begins. A cancellation must be made in writing and submitted to TAAHP via mail, fax or E-mail. Cancellation requests received two weeks prior to the first day of the conference will receive a full refund minus a 3% credit card processing fee. Name changes are permitted at any time.

Sessions/Workshop Content The Texas Housing Conference and its management assumes no responsibility for the comments or information expressed by session and workshop speakers, nor do they accept responsibility for the content or reprinting of any materials used or distributed during any session or workshop.

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July 22 - 24, 2013 Fou r s easo n s h o t el

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or decades the Federal Home Loan Bank of Dallas has supported its members in or decades the Federal Home Loan Bank of Dallas has supported its members in serving the needs of their communities. Our grant programs have opened the door serving the needs of their communities. Our grant programs have opened the door for homeownership for first-time homebuyers, met critical repairs for elderly and for homeownership for first-time homebuyers, met critical repairs for elderly and disabled homeowners, and have initiated construction and rehabilitation for both singledisabled homeowners, and have initiated construction and rehabilitation for both singlefamily and multifamily affordable housing projects within the Bankâ&#x20AC;&#x2122;s five-state District. family and multifamily affordable housing projects within the Bankâ&#x20AC;&#x2122;s five-state District. Through our expansive grant programs, families across Arkansas, Louisiana, Mississippi, Through our expansive grant programs, families across Arkansas, Louisiana, Mississippi, New Mexico, and Texas have obtained a better quality of life. New Mexico, and Texas have obtained a better quality of life. Our grant programs provide the resources to make lasting changes in our communities. Our grant programs provide the resources to make lasting changes in our communities. We appreciate the support of our members and community partners, and look forward We appreciate the support of our members and community partners, and look forward to a future where the possibility for greater change is endless. to a future where the possibility for greater change is endless. Community Investment Department: 800.362.2944, fhlb.com Community Investment Department: 800.362.2944, fhlb.com


WE’RE PROS IN THE WE’RE PROS IN THE AFFORDABLE HOUSING ARENA AFFORDABLE HOUSING ARENA Capital One Community Development Finance has a proven track record of successDevelopment in bringing affordable housing to the Capital One Community Finance has a proven communities where we do track record of success in business. bringing affordable housing to the communities where we do business. WHAT SETS US APART: WHAT SETS US • Lending andAPART: investing are done in one place •• Lending arecloses done in place A single and pointinvesting of approval theone deal smoothly on time • Aand single point of approval closes the deal smoothly on time • and Named one of the Top 10 Affordable Housing Lenders of 2011 by Multifamily Executive • Named one of the Top 10 Magazine* Affordable Housing Lenders of 2011 by Multifamily Executive Magazine* Give Capital One a call when you have a development to discuss. We know theOne ropes! Give Capital a call when you have a development to discuss. We know the ropes!

John Yochum John Yochum| 713-435-5324

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*March 2012 Issue, Multifamily Executive Magazine © 2012 Hanley Wood, LLC. All rights reserved. Products2012 and Issue, services offered byExecutive Capital One, N.A. and Capital One NA LIHTC, Inc., FDIC. *March Multifamily Magazine © 2012 Hanley Wood, LLC. All Member rights reserved. ©2012 Capital One. Capital One is a federally registered service mark. All rights reserved. Products and services offered by Capital One, N.A. and Capital One NA LIHTC, Inc., Member FDIC. ©2012 Capital One. Capital One is a federally registered service mark. All rights reserved.


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Texas Housing Magazine