THC 2008

Texas Housing Conference 2008 Building the Bottom line July 28 -30, 2008 Hosted by:

Cover photo provided by SGI Ventures, Inc. Cover Photo taken by Tom McConnell of Thomas McConnell Photography

Increasing the supply and quality of affordable housing for Texans with limited incomes July 28, 2008

Officers: President

Mike Clark

Dear Conference Participants:

Past President

Welcome to the 2008 Texas Housing Conference sponsored by the Texas Affiliation of Affordable Housing Providers (TAAHP)!

Alpha-Barnes Real Estate Services

G. Granger MacDonald MacDonald & Associates President-Elect

Mike Sugrue

Solutions Plus!

Vice President

Toni Jackson Coats Rose

Vice President

Linda McMahon JPMorganChase Treasurer

George Littlejohn

Novogradac & Company LLP Secretary

Nicole Flores

PNC MultiFamily Capital

Directors: Don Bethel

The Bethel Group

Dennis Hoover

Hamilton Valley Management, Inc.

Barry Kahn Hettig-Kahn

Dan Markson

The NRP Group

Mark Mayfield

Texas Housing Foundation

Diana McIver

DMA Development Company, LLC

As we gather this year, it is not the most stable time in the affordable housing industry. The pricing and marketing issues with tax credits have combined with the escalating costs of operating affordable housing and the stagnation of the maximum incomes and maximum rents to produce a tenuous time for both the development and the operational segments of the business.

At this conference our focus is on “Building the Bottom Line” and experts from Texas and throughout the country will be discussing ways in which all members of the affordable housing community can work to ensure financial and physical health for affordable housing properties so that they can continue to provide quality housing for the low income families of Texas.

I want to thank Nicole Flores, Chair of the Texas Housing Conference Committee, and her committee for their efforts. We also owe a debt of gratitude to the Moderators of each panel as they have worked with the Committee to pull together the best possible presenters. Finally thanks to our Executive Director, Jim Brown and his staff - June Dale and Jesus Azanza. They have been tireless in their efforts to make this a hugely successful and enjoyable meeting for all of you in attendance.

During 2008, TAAHP’s focus has been on the political side of the industry: • We have seen our relationship with the Texas Department of Housing and Community Affairs (TDHCA) continue to grow as we share information and ideas on a regular basis. Many thanks to Kent Conine and the Board of Directors at TDHCA and to TDHCA Executive Director Mike Gerber and his staff for continuing to allow, and even encourage, TAAHP’s input and participation in the process.

• We are announcing at this meeting the formation of TAAHP-PAC. TAAHP-PAC is a political action committee that was incorporated this year and is designed to receive voluntary contributions from members of the affordable housing community and then funnel them to candidates for state and local offices that support the goals of affordable housing. Your support and endorsement of TAAHP-PAC will go a long way toward increasing our visibility and effectiveness in the Legislature.

• We have long since started our preparation for the convening of the 81st Session of the Texas Legislature this winter. Board members, staff members, and members have been attending hearings and working behind the scenes in an attempt to minimize the surprise in 2009.

Ike Monty

With Mike Sugrue as the 2008/2009 President for TAAHP, I have every confidence that we can carry through and continue to provide the best possible product for the families of Texas.

Tom Scott

Finally, thank you all for allowing me to serve as your President for 2007/2008. It has been an honor and a pleasure. Now, let’s go BUILD THE BOTTOM LINE.

Investment Builders, Inc. Coach Realty Services

Ron Williams

Southeast Texas Housing Finance Corporation

Sandi Williams

S. Williams Housing & Community Development Consulting

Mike Clark President, TAAHP

TAAHP: 814 San Jacinto Blvd., Ste. 408, Austin, Texas, 78701-2404

Phone: 512-476-9901 J Fax: 512-476-9903 J E-mail: jdale@taahp.org J Web Site: www.taahp.org

Opportunity ÂŽ Starts Here .

Industry experience.

Banking leadership.

Affordable housing commitment.

When it comes to affordable housing, having the right financial support makes all the difference.

Bank of America offers innovative solutions based on decades of investing in communities. Regardless of scope or scale, we make it a point to understand your unique objectives and deliver customized financing to help your project succeed.

For more information about how our dedicated team of real estate professionals can help you achieve your goals, visit us at bankofamerica.com/community or call 1.214.209.3219.

Bank of America, N.A. Member FDIC. Š2008 Bank of America Corporation.

Welcome

from the

Executive Director

Dear Texas Housing Conferees: I want to take this opportunity to welcome our new sponsors, exhibitors, new conferees, as well as our reliable returning delegates to the Texas Housing Conference 2008 - Building the Bottom Line. TAAHP Board of Directors Secretary and 2008 Conference Chair, Nicole Flores, and her committee of Edwina Carrington, Dennis Hoover, Mark Mayfield, Diana McIver, and Mike Sugrue have spent numerous volunteer hours developing a program and selecting panels of experts. The sessions and panelists are here to deliver a message and engage in a dialogue with you as we Build the Bottom Line. The Committee’s work has been supported by TAAHP Staff Members, June Dale, Director Member Services and Conference Planning, and Jesus Azanza, Member Services and Communications. Of course a Texas Housing Conference would not be complete without the volunteer services of Dolores Gronek, Penny Black, and other friends of TAAHP. I want to express my appreciation to the entire group: without you the Conference would not be a success.

2008 has been a challenging year for the affordable housing industry. Low Income Housing Tax Credit (LIHTC) projects and their communities are confronted with restricted rent rates by the federal government, while utility rates and other operating costs are only restricted by the free market. Central Appraisal Districts in certain areas of the State of Texas refuse to recognize the tax exemption status of the LIHTC properties as set out in Texas’ current statutes, forcing affordable housing providers to seek remedy through the courts, adding additional burden to Building the Bottom Line Texas Housing Conference 2008’s program is designed to create dialogue between experts from numerous disciplines and the more seasoned attendees. We have added educational seminars for the newcomers and legislative staff members to help the affordable housing industry better tell our story in preparation of the 81st legislative session next January. This year we have added Bonds for Beginners, Tax Credits 101 & 102, and, by TAAHP member request, a full seminar on Green/Sustainable Design and Building co-sponsored with the Austin AIA Chapter. Austin AIA will offer continuing education credits to those who attend the Green sessions.

TAAHP’s legislative and policy profile continues to grow as members and staff have been appointed to the Legislature’s Interim Charges workgroups in both the Senate and House of Representatives.

TAAHP continues building our idea exchange and working relationship with the TDHCA Board, Executive Director Mike Gerber, and his staff. As a 501 (c) (6) non-profit corporation, TAAHP’s political activity has been severely restricted. In order to bridge the restrictions, TAAHP has formed a Political Action Committee, TAAHP-PAC, giving the entire affordable housing industry a recognizable position in the selection and support of state and local policy makers interested in providing affordable housing for Texans with limited incomes and special needs.

Lastly our sponsors and exhibitors are significant contributors to our affordable housing goals. We encourage you to visit, exchange ideas, and network with them. They play a key role in our Building the Bottom Line. Be safe and enjoy your conference.

Jim T. Brown Executive Director, TAAHP Texas Housing Conference 2008 - Building the Bottom Line

Page 5

General Conference Information Registration / Information

The Registration / Information desk is located on the Lake Level near the San Jacinto Ballroom Foyer. TAAHP staff and volunteers will be available to register attendees and answer questions.

Registration / Information Desk Hours:

Monday, July 28, 10am - 6pm Tuesday, July 29, 7:30am - 5pm Wednesday, July 30, 7:30 - 11am

Exhibit Hall Hours:

If you lose your name tag, please request a replacement at the information Monday, July 28, 3 - 6:30pm Tuesday, July 29, 7:30am - 6:30pm desk. Anyone without a name tag will not be admitted to any event until they Admission / Sessions show proof of registration and receive a Your name tag allows you admittance new name tag. to all conference sessions, receptions, breaks, and meals.

Exhibit Hall White Tags - Full Pass Blue Tags - Special Sessions Only All breaks, receptions, and breakfasts You must wear your name tag at all times. will be held in the Exhibit Hall.

Hotel Map

Z To Shoreline

Z To Shoreline

Several sessions will be held next door at the lower level of the Shoreline Grill. Please follow the directions below.

Leaving from the hotel lobby: Exit the front door and go left. Follow the sidewalk to the end of the building.

Shoreline

Leaving from the lower level conference area: Exit the doors facing the lake and go right. Follow the sidewalk to the end of the building.

Page 6

Texas Housing Conference 2008 - Building the Bottom Line

Welcome

from the

K. N

Conference Chair

Senior

K. Nicole evaluating properties Prior to developm apartmen greater D and acqu packaging successfu exempt b conventio oversight entities a Executive headquar Madhous

July 28, 2008

Dear TAAHP Friends: Thank you for again joining us in beautiful Austin, Texas for the 10th annual Texas Housing Conference. In recent years, Hurricanes Katrina and Rita which ravaged many areas of the Gulf Coast in late 2005, have been a focus of this conference, bringing the housing community together to promulgate important legislation. This legislation was aimed at restoring the lost units to coastal communities in Texas and beyond by focusing intensive funding on both acquisition and new construction activities.

Ms. Flore her previo properties on a solid and mana sector ho obtaining quasigove sensitive a four ye Advisory

The affordable housing industry now faces a potential catastrophe, on the same scale of these natural disasters, due to the ongoing problems in the credit markets that undermine the security and stability of equity and debt products critical to the development of affordable housing. Even on the eve of the approval of an historic piece of Federal housing legislation aimed at “fixing” many problems with the tax credit program, there are still critical issues, like the equitable calculation of utility allowances and median incomes, that have not been addressed by this legislation. The resolution of the balance of these issues is critical to Building the Bottom Line - the theme of this year’s conference.

Ms. Flore at Fullerto Housing organizat

There has never been a more urgent time for the housing community to come together and speak with one voice about the critical changes and legislative support necessary to the future of this industry.

So we again welcome you to Austin and ask that you actively participate in the ongoing dialogue regarding these critical issues that challenge our industry. On behalf of TAAHP, I also thank you for your support and request your continued participation beyond this week’s conference and throughout the upcoming legislative process via e-mail exchanges, the TAAHP blog, TAAHP-PAC, etc. www.pnc.com

K. Nicole Flores Conference Chair, Texas Housing Conference 2008

Texas Housing Conference 2008 - Building the Bottom Line

Page 7

Thank you ! to

All of our Sponsors Platinum:

Gold: Silver:

A TORNEYS & COUNSELORS AT Practical wisdom, trusted advice.

Bronze:

Comprehensive legal services for affordable housing and community development.

100 Congress Avenue, Suite 300 Austin, Texas 78701 512-305-4700 www.lockelord.com Atlanta, Austin, Boston, Chicago, Dallas, Houston, London, Los Angeles, New Orleans, New York, Sacramento, Washington DC

Conference:

Mark-Dana Corporation

C

Texas Housing Conference 2008 - Building the Bottom Line

Page 9

Program-at-a-glance Monday, July 28 3 - 6:30pm

Exhibits Open, Exhibit Hall, Four Seasons Ballroom 3 - 4:15pm Opening Session, San Jacinto Ballroom 4:15-5pm TAAHP Annual members Business Meeting, San Jacinto Ballroom 5 - 6:30pm

Welcome Reception, Exhibit Hall, Four Seasons Ballroom Tuesday, July 29

7:30am - 6:30pm 7:30 - 8:30am 8:30 - 10am

Exhibits Open, Exhibit Hall, Four Seasons Ballroom Breakfast, Exhibit Hall, Four Seasons Ballroom Tax Credits 101

Major Market Updates

New Markets Tax Credits

Solutions for Troubled Properties

Stone’s Crossing

San Jacinto Ballroom East

San Jacinto Ballroom West

Green Building Course 1* Waterloo 10 - 10:30am 10:30am - Noon

Shoreline

Tax Credits 102

Debt Panel

Fair Housing

Property Tax Panel

San Jacinto Ballroom East

San Jacinto Ballroom West

Green Building Course 2* Waterloo 1:30 - 2:45pm

HUD Panel

Refreshment Break, Exhibit Hall, Four Seasons Ballroom Stone’s Crossing

Noon - 1:30pm

Little Colony

Shoreline Grill, Lake Level

Water’s Edge Luncheon, Four Seasons Hotel Bonds 101 A

Energy Tax Credits - Tilting at Windmills?

Stone’s Crossing

San Jacinto Ballroom East

Controlling Operating Expenses

Ask an Expert

San Jacinto Ballroom West

Green Building Course 3 - Q&A*

Shoreline Grill, Lake Level

Waterloo 2:45 - 3:15pm

Refreshment Break, Exhibit Hall, Four Seasons Ballroom

3:15 - 4:45pm

Bonds 101 B

Equity & Filling the Gap

Partnerships

IRS 8823

Stone’s Crossing

San Jacinto Ballroom East

San Jacinto Ballroom West

Shoreline Grill, Lake Level

Rural Markets - What’s on Your Mind? Sale of GP Interest in a Turbulent Market Waterloo 5 - 6:30pm

Shoreline Grill, Lake Level

Cocktails, Conversation, & Networking Reception, Exhibit Hall, Four Seasons Ballroom Wednesday, July 30

7:30 - 8:15am

Coffee & Doughnuts, Exhibit Hall, Four Seasons Ballroom

8:15 - 9:25am

Q AP - Past, Present, & Future, San Jacinto Ballroom

9:30 - 11:30am

Libations with Legislators Brunch, Four Seasons Ballroom A&B

Noon - ??

TAAHP Tenth Annual Benefit Golf Tournament, Falconhead Golf Course, Lakeway

*Continuing Education Credit

TAAHP_ad_v1.qxd

5/8/08

12:30 PM

Page 1

H U D S O N

Board of Directors Officers President

Mike Clark

You

Past President

START

Alpha-Barnes Real Estate Services

G. Granger MacDonald MacDonald & Associates President-Elect

Mike Sugrue

Solutions Plus!

Vice President Them

Vice President

FINISH

Coats Rose

Linda McMahon JPMorganChase Treasurer

George Littlejohn

Novogradac & Company LLP Secretary

You

Us

START

FINISH

Nicole Flores

PNC MultiFamily Capital Directors:

Don’t waste time going all over the map for financing decisions.

Don Bethel

access to principals, quick decisions and capital. To turn your

Dennis Hoover

Hamilton Valley Management, Inc.

project around quickly, on time and with ultimate results,

Barry Kahn

call Sam Ganeshan, Managing Director, Acquisitions of Hudson

Hettig-Kahn

Housing Capital today.

Dan Markson

The NRP Group

Mark Mayfield

Texas Housing Foundation

Diana McIver

630 FIFTH AVE., ROCKEFELLER CENTER, NEW YORK, NY 10111 • TEL: 212.218.4469 20 PARK PLAZA, BOSTON, MA 02116 • TEL: 617.948.2136 2000 AUBURN DRIVE, BEACHWOOD, OH 44122 • TEL: 216.378.7615 11601 WILSHIRE BLVD. SUITE 500, LOS ANGELES, CA 90025 • TEL: 310.575.1872 1750 TYSONS BLVD., MCLEAN, VA 22102 • TEL: 703.744.1443 20283 STATE ROAD #7 SUITE 300 BOCA RATON, FL 33498 • TEL: 561.482.9310

DMA Development Company, LLC

Ike Monty

Investment Builders, Inc. Coach Realty Services

C A P I T A L

From start to finish, Hudson Housing provides the most direct

The Bethel Group

Tom Scott

H O U S I N G

Toni Jackson

WWW.HUDSONHOUSING.COM

Congratulations to

Hudson Housing TAAHP Conference ad June 2008

Ron Williams

Southeast Texas HousingFinance Corporation

Sandi Williams

S. Williams Housing & Community Development Consulting Page 10

for bringing the most attendees -19!

Texas Housing Conference 2008 - Building the Bottom Line

Thank you to the sponsors of the

10th Annual Benefit Golf Tournament Alliant Capital LLC Campbell-Hogue CDHM Group Coats Rose Enterprise Community Investment, Inc. Lankford Interests National Equity Fund, Inc. Property Tax Advocates Regions Corporate Trust Reznick Group, PC The Landmark Group

Texas Housing Conference 2008 - Building the Bottom Line

Page 11

Integrity. Innovation. Service.

You put people on the path to affordable housing.

We simplify the transactions that get them there.

Your business is complicated enough. Whether you’re acquiring land or developing communities, your daily operations are non-stop. Trust Stewart National Title Services to provide the underwriting expertise, financial stability and innovative technology you need to streamline processes and speed transactions.

800-829-9213

www.MMAfin.com

Close with the Commercial Experts. Close with Stewart.

Proud Bronze Sponsor of the 2008 Texas Housing Conference.

Make sure you sign up to be the first to receive information about next year’s conference.

Patrick Shields SVP, Underwriting Counsel, Manager 1980 Post Oak Blvd., Ste. 610 | Houston, TX 77056 (800) 729-1906 | stewart-nts.com

The list is at the registration desk. © 2008 Stewart. All rights reserved.

TAAHP Employees & Contact Information

Jim T. Brown, Executive Director, jbrown@taahp.org June Dale, Director of Membership / Conference Coordinator, jdale@taahp.org Jesus Azanza, Membership Development,jazanza@taahp.org 814 San Jacinto, Ste. 408 Austin, Texas, 78701-2404 Phone: 512-476-9901 J Fax: 512-476-9903 J Web site www.taahp.org Page 12

Texas Housing Conference 2008 - Building the Bottom Line

Green Buildings Are they really possible without demolishing the bottom line?

The focus on “green” building and sustainable development across the housing industry continues to grow, especially given the price of oil in today’s market and with the overshadowing concern of global warming. While energy efficient design can greatly enhance the operations and often the marketability of a development, the costs to implement even the most basic enhancement to the standard multifamily project can be exorbitant. However, there are some shining examples of innovative and cost-effective approaches that are finding there way into projects across the state.

For the first time, this year’s conference includes several sessions focused on green building including discussion on design and the latest materials, implementation of green building programs as well as the larger discussion on how “green” fits into the state’s Qualified Allocation Plan. As we move forward in utilizing these exciting new technologies, it will be important to continue to focus our conversations on the balance between effective use, overall cost and long-term benefit.

Cover photo of City View at the Park taken by Tom McConnell

Project At-A-Glance

Development: CityView at the Park, 70-unit senior complex located at 2000 Woodward Street, Austin, TX Developers: SGI Ventures, Inc., Strategic Housing Finance Corporation of Travis County, Texas LBK, Ltd. General Partner: Strategic Housing Finance Corporation of Travis County, Sole Member General Contractor: White Oak Builders Syndicator: Boston Capital Lenders: Boston Capital Affordable Mortgage, LLC

Austin Housing Finance Corporation

On the following pages are two shining examples of green that worked.

Texas Housing Conference 2008 - Building the Bottom Line

Page 13

CityView at the Park received a tax credit allocation in 2005. It is a 70-unit senior’s development located in the urban core of Austin. The developer’s goal for this development was to make it a national model for energy efficiency in affordable housing. We had the perfect opportunity with the site located in Austin, a national leader in green building programs and incentives.

The Green Building Program is administered by Austin Energy, Austin’s municipal-owned electric provider. Austin Energy’s Green Building staff provided excellent guidance and support throughout the design and construction process. The Green Building Program Multi-Family Rating encompasses many energy efficiency and environmental criteria including various energy efficient building envelope and mechanical system requirements that exceed code, recycled and local species construction materials, water efficiency both within the building and City View at the Park, back view landscaping, health and indoor air quality, building orientation, as well as proximity of the development to existing utilities, public transportation, shopping and recreation.

In addition, the City of Austin’s S.M.A.R.T. Housing Program, administered by the City’s Neighborhood Housing and Community Development Department, offers qualified affordable housing developments many significant advantages ranging from expedited permit processing to reduced/waived permitting and inspection fees. Both the City of Austin and Austin Energy provided CityView at the Park with excellent development permitting and inspection support.

And, last but not least, the successful achievement of the 4 Star Green Building rating was due largely to the commitment and cooperation of the general contractor, White Oak Builders, and the general partner, Strategic Housing Finance Corporation of Travis County. Their commitment to excellence in affordable housing in all aspects, including green building, is unsurpassed.

Gree

Some of the key green building features of CityView at the Park include: J 4 Star Green Building rating by Austin Energy—the first apartment complex in Austin to achieve a 4 Star rating. (5 Star is the highest—only one 16-unit

complex has achieved a 5 Star rating.)

J Bio-filtration water quality pond, first in the City of Austin.

J Small building footprint and less than 50% impervious cover on 2.772 acre site. Four-story complex with one level of parking under building.

Twenty-foot elevation drop from front of site to rear allowed one level of parking below grade at the front of the building, but on grade at the back.

J A/C compressors for residential units are located on the balcony of each unit, significantly reducing length of refrigerant lines and enhancing efficiency. Also allows for more efficient maintenance access.

J Radiant roof barrier.

J R-19 batt insulation.

J Recycled construction materials.

J Site orientation, with stairwell and elevator shaft as heat buffers on west wall.

J Compact Fluorescent Light (CFL) bulbs and fluorescent tubes in all residential and common area fixtures.

J All residential units had direct duct-pressure tests, resulting in 15% or less air leakage.

J Greater than 95% of plants, trees and shrubs from the City of Austin Xeroscape brochure list.

J Compost area and weekly recycling pick-up service.

J Energy Star-rated appliances.

J Conveniently located on Capital Metro Bus lines.

While not one of the attributes eligible for green-building points, the site does offer exceptional quality of life to its residents in an urban location. Located next to Mabel Davis Park, a 50-acre city park, the site has incredible panoramic views of Austin, walking trails and recreational amenities. In addition, the park’s wildlife and wildflowers offer residents enjoyment on a daily basis.

City View at the Park, front view

Skyline Terrace Austin, Texas

Sponsor Foundation Communities Units 100 Description Skyline Terrace is a substantial rehabilitation of a 100-unit former hotel that now provides one-bedroom efficiency apartments. The development is targeted to meet the housing needs of low-income adults and those facing homelessness, and provides supportive services that encourage self-sufficiency among residents.

Skyline Austin, Texas, back view Located Terrace, in South Austin, all units at Skyline Terrace feature kitchenettes and ceramic tile flooring. There is a main laundry room for residents and the former hotel ballroom is now a multipurpose room. The hotel restaurant has been transformed into a dining area and lounge. For those residents who enjoy the outdoors, there is a comfortable sitting area in the lovely courtyard.

Project Financing Texas Dept. of Housing and Community Development (TDHCA) HOME CHDO funds $1,450,000

een Buildings

Austin Housing Finance Corporation (AHFC) $2,000,000

A Green Advantage The rehabilitation of Skyline Terrace meets Green Communities® standards by including the following energy efficient improvements: • Low VOC paints, adhesives, and sealants Skyline Terrace is a substantial rehabilitation of a 100• Formaldehyde-free cabinetry, doors, plywood and insulation unit former hotel thst now provides one-bedroom effi• Low-flow and high-efficiency plumbing fixtures ciency apartments.

The development is targeted to meet • Solar thermal and solar electric roofing systems to reduce gas the housing and needs of low-income adults and those facelectric bills ing homelessness.

• Solar window films to reduce solar gain Rents AllSkyline units atTerrace Skyline Terrace are affordable to low-income All units at are affordable to low-inindividuals.

Eighteen units restricted individuals with come individuals.

Eighteen inuts areare restricted to to indidisabilities.

Ten units are restricted to occupants viduals with disabilities.Ten units are restricted to occu- with incomes or below 30 percent of area median income (AMI) and the pants withatincomes at or below 30 percent of median remaining units are restricted to occupants with incomes at income (AMI) and the remaining units are restricted to 50 percent AMI. occupants with incomes at 50 percent AMI.

Federal Home Loan Bank Affordable Housing Program (FHLB AHP) $750,000 LIHTC Equity through Enterprise Enterprise Green Communities Grant Enterprise Communitiy Trees Grant (with funding from the Home Depot Foundation)

$4,040,000 $40,000

$25,000

Other sources

$810,000

City of Austin

$1,520,000

Total Development Costs $11,220,000 Closing date

March, 2007

Rents range from $375 - $495 per month, depending on unit size and views.

This property has been nominated for

The rehabilitation of Skyline Terrace meets Green an Affordable Housing Finance Readers’ Amenities A bus stop is conveniently in front of Skyline Terrace, which provides access to shopping and Choice Award Communities standards by includinglocated the following services in the vicinity. The project also is located in walking distance to a hospital, pharmacy, grocery energy efficient improvements: store, restaurant, retail shops and South Austin public park.

J Low VOC paints, adhesives, and sealants J Formaldehyde-free cabinetry, doors, plywood, and insulation J Low-flow and high-efficiency plumbing fixtures J Solar thermal and solar electric roofing systems to reduce gas and electric bills J Solar window films to reduce solar gain Developer: Foundation Communtiies Architect: Pi Architects

www.greencommunitiesonline.org A partnership between Enterprise and the Natural Resources Defense Council

Skyline Terrace, fornt view

Exhibitors Alphabetically 12 35 46 18 10 38 15 4 16 2 48 5 19 43 40 41 26 49 37 39 25 42 27 36 23 24 6 11 33 47 22 9 17 32 1 20 34 28 29 13 30 31 21 Page 16

Alliant Capital (bronze) AmeriNational Community Services, Inc. Bank New York Mellon Bank of America (silver) Business Insurance Group (bronze) Capital One, N.A. (silver) Capstone Real Estate Services Centerline Capital Group LLC (platinum) CenterPoint Energy Chase (platinum) CIBA & Higginbotham Citi (platinum) Coats Rose (silver) Dominion Due Diligence Group Enterprise (bronze) Greystone Financial Group ICI Construction Inc (bronze) Lancaster Pollard Mortgage Co. Law Office of Mark Foster Locke Lord Bissell & Liddell LLP (silver) Love Funding LP Building Products MMA (bronze) Novogradac & Company LLP (bronze) O'Connor & Assoc Orion Real Estate Services PNC Multifamily Capital (platinum) Property Tax Advocates RBC Capital Markets (bronze) R.G. Miller Engineers. Inc. Raymond James Tax Credit Funds, Inc. (bronze) Red Capital Markets (bronze) Redstone Partners Regions Corporate Trust (bronze) Reznick Group, PC (platinum) Shackelford, Melton & McKinley, LLP (silver) StoveTop FireStop SunAmerica Affordable Housing Partners (gold) Texas Inter-Faith (gold) Texas State Affordable Housing Corp.

U.S. Bank / Corporate Trust Services (silver) Wachovia Bank (silver) Wells Fargo (bronze)

By Booth Number 1 4 5 6 2 9 10 11 12 13 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 46 47 48 49

Reznick Group, PC (platinum) Centerline Capital Group LLC (platinum) Citi (platinum) PNC Multifamily Capital (platinum) Chase (platinum) Red Capital Markets (bronze) Business Insurance Group (bronze) Property Tax Advocates Alliant Capital (bronze) Texas State Affordable Housing Corp.

Capstone Real Estate Services CenterPoint Energy Redstone Partners (bronze) Bank of America (silver) Coats Rose (silver) Shackelford, Melton & McKinley, LLP (gold) Wells Fargo (bronze) Raymond James Tax Credit Funds, Inc. (bronze) O'Connor & Assoc Orion Real Estate Services Love Funding ICI Construction Inc (bronze) MMA (bronze) SunAmerica Affordable Housing Partners (gold) Texas Inter-Faith (gold) U.S. Bank / Corporate Trust Services (silver) Wachovia Bank (silver) Regions Corporate Trust (bronze) RBC Capital Markets (bronze) StoveTop FireStop AmeriNational Community Services, Inc. Novogradac & Company LLP (bronze) Law Office of Mark Foster Capital One, N.A. (silver) Locke Lord Bissell & Liddell LLP (silver) Enterprise (bronze) Greystone Financial Group LP Building Products Dominion Due Diligence Group Bank New York Mellon R.G. Miller Engineers. Inc. CIBA & Higginbotham Lancaster Pollard Mortgage Co. Texas Housing Conference 2008 - Building the Bottom Line

SAN JACINTO BALLROOM

Texas Housing Conference 2008 - Building the Bottom Line

10

20

30

Exhibitor

42 - 8' x 10' BOOTHS 9 - 8' x 8' BOOTHS

35, 44, 45 Are 8' Wide x 8' Deep All others are 10' Wide x 8' Deep

Z To Booths Shoreline Grill Note: 13, 14, 23, 24, 25, 34,

40

Red Capital

1

1

2

Bank of America

8

Redstone Partners

19

3

Chase

2

4

Centerline

4

30

31

5

Citi

5

30

FOYER

7

29

US Bank

18

29

31

Wachovia

9

19

Sun Texas America Inter-Faith

28

32

32

36

6

40

41

42

43

6

Internet Cafe

39

38

37

PNC

39

38

37

36

Locke Lord

SCALE IN FEET Bronze

Business Insurance 18

Coats Rose

20

Shackelford Melton

17

27

33

33

35

LP Build Graystone Enterprise Products

Silver

Property Tax 9

CenterPoint

Capital One

10

Wells Fargo 20 28

21 27

26 MMA

21

34

Amerinational 35 44

40

41

42

43

45

FOUR SEASONS BALLROOM

48

49

BAR

STORAGE

51

50

49

48

47

47

46

46

45

FIRE EXIT

Lancaster Pollard

Gold

Alliant Regions

16

25

ICI Construction

Mark Foster

10 17

Capstone

22

22 26

24

8'

Novogradac

11

23

Raymond James

15

23

Apollo Housing

11 16

14

Love StoveTop 8' FireStop 34 Funding 24 25

FIRE EXIT

Dominion

12

12 15

13

13

TSAHC O’Connor Orion

FIRE EXIT

CIBA Higgin

FOUR SEASONS HOTEL Patinum Austin, Texas

FIRE EXIT

RG Miller

FOYER

San Jacinto Ballroom East

FIRE EXIT

NY Mellon

Registration

San Jacinto Ballroom West

FIRE EXIT

July 28-30, 2008

Texas Housing Conference 2008 Exhibit Booth Layout

Exhibit Hall & Booth Layout

Reznick

Page 17

Conference Program Monday, July 28, 2008 11am - 3pm Exhibitor Move In,

Four Seasons Ballroom

10am - 6pm Registration / Information Desk Open

Policy for two years and 16 years in Washington D.C. working for various agencies including the US Department of Housing and Urban Development. He also served as Legislative Assistant in the office of Senator Kay Bailey Hutchison and in the same capacity for Senator Phil Gramm. He received his undergraduate degree from George Washington University and an MBA from Marymount University.

San Jacinto Ballroom Foyer

Keynote Address: Lieutenant Governor D David Dewhurst, Lt. Governor, Texas veteran, successful bu President of the Texas Lieutenant Governor David Dewhurst he has earned during h is a native Texan, proud veteran, sucThrough three Regula cessful businessman, and rancher. He the Legislature, Lt. Go serves as President of the Texas Sentogether Republicans a ate and is proud of the broad support new jobs and economi he has earned during his tenure. protect public safety. T one of the toughest Jes Through three Regular Sessions and Dewhurst's Texas Chi seven Special Sessions of the Legislature, Lt. against Governor Depenalties child predators. whurst has worked to bring together Republicans and DemoA fiscal Dewhurst has worked to crats to pass legislation to create new jobsconservative, and economic the tax burden on Texans. These conservative b opportunity, improve schools, and protect safety. growpublic faster than the national economy and crea over the last four years.

A fiscal conservative, Dewhurst has worked to balance three Welcome to Austin and the City’s budgets without increasing the tax burden on Texans.

These Commitment to Affordable Housing Lt. Governor Dewhurst believes every child in conservative budgets have helped the2006, state'ass economy Dewhurst ledgrow the Senate to approve $1 Brewster McCracken, Mayor Pro-Tem, Austin he fought successfully to raise teacher salaries faster than the national economy and create more than accountability, and reduce drop-out rates. To m Brewster has focused his work on theon Council on promoting McCracken has focused his work the 900,000 newemerging jobs in Texas over the last four years. worked to pass the "B-on-Time Loan Program, technologies, particularly film, wireless, clean energy and digital media, Austin CityCouncil on promoting emergzero-interest, forgivable loans if they graduate and leading broad-based community reforms to establish mixed use ing ontechnologies, particularly film, wireThe Dallas Morning News called Dewhurst's first term leaddensity zonesenergy along Austin’s major corridors. less, clean and digital media, and ing the Senate "a demonstration of steadiness, The Dallas Morning resolve,News andcalled Dewhurst's fi demonstration of steadiness, on leading broad-based community re- consensus building." The Houston Chronicle has called De- resolve and consen called Dewhurst "an exceptional leader."

Council the successful effort "an to make Austin a forms toMember establishMcCracken mixed use led density zones whurst exceptional leader." founding partnermajor with corridors. the University of Texas in the Austin Wireless along Austin’s As Land Commissioner the Texas General Land O Commissioner Office,ofwhere Initiative, and his initiatives in film and digital As media have led to of thethe Texas General Dewhurst reduced the workforce and budget, an frompremier 1999-2002, Dewhurst tocertified almost He $1 bilCouncilproposal Member McCracken chairs theintohetheserved current to upgrade Austin Studios nation’s Texas' taxpayers. certified almost $1 billi lion in below-market interest rate loans to veterans to honor Council’s Emerging Technologies Committee and the Land veterans to honor their service and to stimulate digital filmmaking studio for independent filmmakers. environmentHe andhelped increase tourism by restor Use-Transportation Committee. He is the lead author of Aus- their service and to stimulate the Texastheeconomy, protect the environment and increase tourism by restoring tin’s Commercial Design Standards, which are the region’s Council Member McCracken chairs the Council’s Emerging Technologies Committee In the aftermath of the September 11th terroris Texas' beaches and bays. first comprehensive enactment ofCommittee.

Envision He Central and the Land Use-Transportation is the Texas lead author of Austin’s Governor Rick Perry as Chairman of the Gover land use policies.

HeStandards, was named a national for the Commercial Design which are the nominee region’s first comprehensive enactment Dewhurst began his of business career Dewhurst in the mid-1970s after began his business career in the midAmerican Planning Association’s Distinguished Leadership Envision Central Texas land use policies. He was named a national nominee the in the U.S. Air Force, serving as anforofficer the Central IntelU.S. Air Force, the Central Intelligence Agency Award for Planning an Elected Official for his efforts in thisLeadership area.

American Association’s Distinguished Award for an Electedand the U.S. State Department. ligence Agency, HeSeaboard, foundeda Texas-based divers founded Falcon Official for his efforts in this An early developer in the mid-1980s in the elec McCracken graduated fromarea.

Ray High School in Corpus Falcon Seaboard, a Texas-based diversified energy and a reputation as an innovative and successful bu Christi, then paid his way through college at Princeton on an investments company.

Brewster graduatedHe from Ray a High School in Corpus Christi, Army scholarship. earned Masters in Public Affairs from then paid his way through Closing and Announcements: college at Princeton on an Army scholarship.

He earned a Masters in PublicRemarks Affairs from the LBJ School and a law degree from the University of Texas J im T. B rown , Executive Director, TAAHP the LBJ School and a law degree from the University of Texas School of Law. School of Law. After graduating from law school, he worked as a prosecutor in the Harris County District Attorney’s Of4:30 5pm After graduating from law school, Brewster worked as a prosecutor in -the Harris County fice.

District Attorney’s Office. He tried his first jury trial on his sixthTAAHP day of work, and he had Members Annual Business Meeting, risen to the level of prosecutor when he returned to Austin.

Introduction tofelony Keynote Speaker: San Jacinto Ballroom Mike Gerber, Executive Director, TDHCA Even more than his experience as a prosecutor and a lawyer, Brewster’s commitment to 5 - 6:30pm Michael the Executive of the fairness Gerber, and responsibility has Director grown out of his extensive volunteerism, first a school Welcome as Reception, Exhibit Hall, Four Seasons Ballroom Texas of Housing and organizations Commumentor,Department then through working with focused on child abuse and the security by: nity Affairs, his young employment May 17, women and isolatedSponsored needs of lowbegan income people,onbattered seniors as a member of 2006.

Gerber previously served in Governor the United Way’s Safety and Security Committee.

Rick Perry’s Office of Budget, Planning, and 3 - 4:30pm Opening Session, San Jacinto Ballroom The Opening Session sets the theme for the Texas Housing Conference 2008 - Building the Bottom Line with opening remarks by several key members of the affordable housing industry as well as our Lt. Governor and the Austin Mayor Pro-Tem. Moderator & Opening Remarks: Jim T. Brown, Executive Director, TAAHP Welcome Remarks & Introduction to Mayor Pro-Tem McCracken : Mike Clark, President, TAAHP

Brewster has also been active in the community as a member of the Austin Writers’ Page 18 Texas Housing Conference 2008 - Building the Bottom Line League (which selected his novel as a finalist in its manuscript competition), as a board member of the Austin Public Library Foundation, as a graduate of Leadership Austin and as a deacon in his church.

Conference Program Tuesday, July 29, 2008

New Markets Tax Credits

7:30am - 6pm Registration / Information Desk Open

Join our panelists as we discuss how the New Markets Tax Credit (NMTC) is being used to encourage economic and community development. We will be exploring actual projects, the difficulties they faced, how they were overcome, and how the NMTC was the key to financing these developments. These real-world examples will show you how you can use the NMTC in your communities.

San Jacinto Ballroom Foyer

7:30-8:30am Continental Breakfast,

Four Seasons Ballroom

Sponsored by:

San Jacinto Ballroom West

Moderator:

Break Out Sessions 8:30-10am

Tax Credits 101

Stone’s Crossing, First Floor

George Littlejohn, Partner, Novogradac & Co. LLP

Panelists:

Cathy Dolan, Director, Community Development Finance, Wachovia Matt Reilein, Vice President, New Markets Program, JPMorgan Chase Mark Foster, Attorney, Law Offices of Mark Foster

The Housing Tax Credit program is the nation’s largest producer of affordable Housing, but one of the most complicated financing programs ever created. If you are new to the Housing Tax Credit program, this lesson will take you through the basics. What is a tax credit? Who buys them? What can you build? Who can live there? These and many more questions will be answered during this session. Truly a session for beginners.

The HUD panel has been assembled to announce and describe recent initiatives in Washington that will affect multi-family property development. In addition, the Texas Regional HUD Office will be represented to respond to all questions and challenges that affect our affordable housing efforts.

Presenters:

Moderator:

Diana McIver, President, DMA Development Company, LLC Edwina Carrington, Managing Partner-Austin, Reznick Group, PC

Major Market Updates San Jacinto Ballroom East

HUD Panel

Little Colony, First Floor

JOT Couch, Executive Director, Texas Inter-Faith

Panelists:

Monica Sussman, Attorney, Nixon Peabody LLP Mike Backman, Multifamily Hub Director, U.S. Dept. of HUD Toni Jackson, Attorney, Coats Rose

If you need information regarding the state of the affordable housSolutions for Troubled Properties ing markets, this is where you need to be. The panelists will disShoreline Grill cuss where properties are performing, what areas are reaching saturation point, or worse, an overbuilt situation, and the general This group has seen it all and been through it all. While restrucconditions of various markets. Attendees will be encouraged to turing a troubled property is very complex, it is not impossible.

Come dig into these complexities and learn the necessities and participate and ask questions. the nuances of restructuring from this very experienced group.

Moderator: Learn what you can expect from the owner, lender, or syndicator, Mike Sugrue, President, Solutions Plus! what they will expect from you, and how to save some of your hide in the process.

Panelists: Brad Weinberg, MAI, CCIM, Novogradac & Co., LLP Moderator: Steve Ford, Vice President, Resolution Inc. Jerry Wright, Managing Director, Citigroup Global Markets Inc. Tom Dixon, Vice President, Boston Capital Kathryn Koepke, Department Director, O’Connor & Assoc. Panelists: Cynthia Bast, Partner, Locke Lord Bissell & Liddell, LLP Darrell Jack, President, Apartment Market Data Robbye Meyer, Director of Multifamily, TDHCA Barry Kahn, President, Hettig-Kahn Texas Housing Conference 2008 - Building the Bottom Line

Page 19

Conference Program Fair Housing

Tuesday, July 29, 2008 cont.

San Jacinto Ballroom West

Green Building, Course 1

We’ll address fair-housing issues from many different perspectives with experts on fair-housing law, compliance, and inspections among others.

This course is designed to provide an introduction to the major com- This session is a must for developers, financers, owners, and marketers. ponents of green building, with an emphasis on sustainable design and materials for multi-family projects. Participants will learn about Moderator: the sustainable design movement, its major tipping points and future Dennis Hoover, President, Hamilton Valley Management, Inc. application, cost-benefit analysis and time-saving strategies, and Panelists: role of the independent inspection contractor in achieving the archi- Mark English, Managing Partner Fair Housing Solutions, LLC tect’s vision while assuring the project owner maintains affordability. Scott Moore, Attorney, Fair Housing Solutions, LLC Moderator: Patricia Murphy, Director of Portfoilo Management & Compliance, TDHCA Kimbal Thompson, Inspection Specialist-Plan Review, TDHCA Sandi Williams, President, S. Williams Housing and Community Development Consultants Justin MacDonald, Executive Vice President, MacDonald Companies Waterloo, First Floor

Panelists:

Aide Fitch, AIA, Balance Wheel David Webber, AIA, Webber Studio Gerald Elrod, Owner, Advanced Energy Services

10 - 10:30am Refreshment Break,

Four Seasons Ballroom

Sponsored by: A TORNEYS & COUNSELORS AT

Break Out Sessions 10:30am - noon

Tax Credits 102

Stone’s Crossing, First Floor

This session is a continuation of the Tax Credits 101 session. Both experts have been involved in the complexities of the tax-credit program for more than 20 years, one as executive director of both a tax-credit equity fund and state housing agency and the other as a developer and consultant who has developed hundreds of units under the tax-credit program.

Presenters: Edwina Carrington, Managing Partner-Austin, Reznick Group, PC Diana Mc Iver, President, DMA Development Company, LLC

Property Tax Panel Shoreline Grill

This high-powered panel includes State Rep. John Otto, chairman of the Legislature’s Select Committee on Property Tax Relief. Chairman Otto will share insights he’s gleaned from a series of statewide public hearings this summer. He’s joined on the panel by a colleague in the Texas House of Representatives, State Rep. Mike Villareal; Nissa Dunn, appellate attorney involved in the Cameron Village case now before the Texas Supreme Court; Gilbert Davila, property owners’ attorney in appraisal-district disputes; and Faheem Hameed, Executive Director, CDC Association of Greater Houston.

Moderator:

Dan Markson, Senior Vice President of Development, The NRP Group

Panelists:

Rep. John Otto, Chairman, Select Committee on PropertyTax Relief Rep. Mike Villarreal, Member, Local Ways & Means Committee Nissa Dunn, Appellate Attorney, Law Offices of Nissa Dunn, P.C. Gilbert Davila, Attorney, Popp Gray & Hutchesen, LLP Faheem Hameed, Executive Director, CDC Assoc. of Greater Houston

Green Building, Course 2 Waterloo, First Floor

This second course in green building focuses on green/sustainable design implementation. regulations, and financing. Panelists San Jacinto Ballroom East will discuss Energy Star-rated appliances and equipment, green/ Reduced equity pricing, debt market changes, and scarce or no sustainable design financing through the State of Texas and IRS gap financing have created a difficult environment in financing af- tax credits, and five specific strategies for implementing green/ fordable housing developments. Learn from the experts what the sustainable design into the multi-family housing market. debt market is doing to ensure financial feasibility.

Debt Panel

Moderator:

Linda McMahon, Vice President, JPMorgan Chase Bank

Panelists:

Mark Ragsdale, Senior Vice President, PNC MultiFamily Capital Jay Helfrich, Executive Vice President, Alliant Capital, LLC John Yochum, Senior Vice President, JPMorgan Chase Bank Page 20

Moderator:

Sally Gaskin, President, SGI Ventures, Inc.

Panelists:

Michael Meyers, Program Manager, Lockheed Martin C.T. Loyd, Director, The Nelrod Company Mary Luevano, Policy & Legislative Director, Global Green Robert Greer, President, Michaels Development Company Texas Housing Conference 2008 - Building the Bottom Line

Conference Program Tuesday, July 29, 2008 cont. noon - 1:30pm Water’s Edge Luncheon,

Tent on Lawn, Lake Level

Sponsored by:

Speaker:

Orlando Cabrera, CEO, National Community Renaissance Orlando J. Cabrera, the former assistant secretary of the U.S. Department of HUD, was recently named the new chief executive officer of National Community Renaissance, one of the nation's largest and fastest-growing non-profit developers of affordable housing. Cabrera was nominated by President Bush to serve as HUD's Assistant Secretary for Public and Indian Housing, a position he held from November 2005 until January 2008. Cabrera also has considerable background in real estate, public finance, and tax credit transactions at the federal, state, and county levels. As Assistant Secretary for Public and Indian Housing, Cabrera was responsible for the management, operation, and oversight of HUD's $24 billion public housing, Section 8, and Native American programs.

Before joining HUD, he served as Executive Director of the Florida Housing Finance Corporation for nearly three years, and was intensely involved in Florida's hurricane recovery efforts serving on former Governor Jeb Bush's Hurricane Housing Work Group. He also served as Executice Director of Florida’s Housing Board of Directors.

Prior to entering the housing industry, Cabrera was a partner with an international law firm where he practiced real estate law in its Miami office. He earned his Bachelor of Arts degree in 1984 from the University of Michigan and his law degree in 1989 from the University of Wisconsin Law School.

Break Out Sessions 1:30 - 2:45pm

Bonds 101 A

Stone’s Crossing, First Floor

The Bonds 101 A & B sessions are focused on providing a comprehensive overview of the tax exempt bond program with an emphasis on the firsttime developer. A nationally recognized speaker, Mtumishi St. Julien, author of the book, “Bonds for Beginners” will lead a lively discussion of the Federal policies and processes affecting this important housing program. In addition, this initial session will also include the senior representative of a bond underwriter who will further detail the players in a typical bond transaction along with the critical role of the underwriter.

Moderator:

Mike Lankford, Principal, Lankford Interests

Panelists:

Mtumishi St. Julien, Executive Director, The Finance Authority of New Orleans John Rucker, Executive Vice President, Merchant Capital Texas Housing Conference 2008 - Building the Bottom Line

Controlling Operating Expenses San Jacinto Ballroom West

In today’s operating environment of stagnant income limits, escalating utility allowances and increasing expenses, it is becoming more and more difficult to bring an affordable housing property to stabilization and then to maintain that profitability through the life of the asset. This group of managers and representatives of the various expense sectors (insurance, utilities, taxes, etc.) will discuss these issues and present comments and suggestions aimed at helping control or improving the operating environment on affordable properties throughout the state.

Moderator:

Barry Kahn, President, Hettig/Kahn Holdings, Inc.

Panelists:

Brian Kapiloff, President, Insgroup, Inc. Jim Beats, President, Diamond Property Consultants, Inc. Jeff Condit, Regional Vice President, Western Region NRP Mgmt. LLC

Ask an Expert Shoreline Grill

This panel is made up of experts representing lenders, investors, attorneys, and TDHCA. This is your opportunity to get the answers you have been looking for. So, come on....Ask the experts!

Moderator:

Antoinette M. Jackson, Attorney, Coats Rose

Panelists:

Laura Bailey, Managing Vice President, Capital One, N.A. Mike Fowler, Vice President, SunAmerica Ike Monty, President, Investment Builders, Inc. Brooke Boston, Deputy Executive Director, TDHCA

Green Building, Course 3, Q&A San Jacinto Ballroom East

This session will be an idea exchange between the panelists and the attendees of the earlier green courses, allowing for discussion and promotion of concepts and methodologies for future green design. All the moderators and panelists from Green Building Courses 1 and 2 will be available to share ideas and answer questions.

Moderator:

Jim Brown, Executive Director, TAAHP

Energy Tax Credits - Tilting at Windmills?

San Jacinto Ballroom East

Today's deals are tighter than ever! Find out how Energy Tax Credits may help with the short and long-term financial viability of your deal, what you need to do to qualify, and how to determine if they are a good fit for your development.

Moderator:

Tom Scott, CEO, Coach Realty Services

Panelists:

Valerie Williams, Client Manager, Bank of America Tim Kemper, Managing Partner-Atlanta, Reznick Group, PC Walter Moreau, Executive Director, Foundation Communities Page 21

Conference Program Tuesday, July 29, 2008 con’t 2:45 - 3:15pm Refreshment Break,

Four Seasons Ballroom

Sponsored by:

Break Out Sessions 3:15 - 4:45pm

Equity & Filling the Gap San Jacinto Ballroom East

Several of the key originators in the tax credit investment world including representatives of major tax credit syndicators will discuss the status of the credit markets. A core focus of this discussion will be a review of the tax credit modernization provisions in the Federal housing bill including how these provisions will impact the project, the General Partner and the investor. In addition, this session will provide an overview on the leading critical economic factors impacting the price of credits in today’s market including insights on both national and regional trends in pricing and investor demand. Finally, each panelist will provide a summary of their individual operations and appetite for new investments. The latest trends in deals terms and underwriting standards will round out the presentations.

Moderator:

K. Nicole Flores, Senior Vice President, PNC MultiFamily Capital

Panelists:

Lee Stevens, Vice President, SunAmerica Affordable Housing Partners, Inc. Robert Johnston, Senior Vice President, National Equity Fund, Inc. Korbin Heiss, Senior Vice President, Centerline Capital Group LLC

Partnerships

Rural Markets - What’s on Your Mind?

Waterloo, First Floor

This will be a true roundtable discussion addressing rural markets.

Come participate in this exchange and learn what can be successful and how to overcome challenges. Or just come share your experiences.

Moderator:

Don Bethel, CEO, Texas Housing Foundation

Panelists:

Mike Sugrue, President, Solutions Plus!

Jeff Crozier, Executive Director, RRHA Jim Fieser, President, FDI Development, Inc. Ed Ipser, President, Ipser & Assoc., Inc. Gary Robinson, Vice President, Raymond James Tax Credit Funds, Inc.

Sale of GP Interest in a Turbulent Market Little Colony, First Floor

Discussion on the market for sale of GP interests - is the market there? If so, who are the buyers? Why are they buying? What are the metrics? Why are GPs selling? Can they really be relieved of their guarantees? Is the price worth the effort? Will the LP and lenders give consent? What does the process and timeline look like?

Moderator:

Tim Kemper, Managing Principal-Atlanta, Reznick Group, PC

Panelists:

Cynthia Bast, Partner, Locke Lord Bissell & Liddell, LLP Partnerships in developing affordable housing - what works and To be announced what doesn’t?These experts will discuss the pros and cons of part- . nering with PHAs & non-profits, and will offer insight into what can 5 - 6:30pm strain a relationship and what makes relationships work.

Conference Reception, Exhibit Hall, Four Seasons Ballroom San Jacinto Ballroom West

Moderator:

Mark Mayfield, CEO, Texas Housing Foundation

Sponsored by:

Panelists:

Nono Flores, PrincipalFlores Residential, L.C. Barry Palmer, Attorney, Coats Rose Susan Shallenburger, Partner, Chapman & Cutler LLP

IRS 8823 Shoreline Grill

Wednesday, July 30, 2008 No Exhibits 7:30 - 8:15am

We will review the current state of compliance both nationally and in Coffee & Doughnuts, San Jacinto Ballroom Foyer Texas from the perspective of the senior compliance staff at TDHCA, and from a VP of compliance for a major national syndicator/lender. Topics Sponsored by: will include the 8823 Guide, TDHCA physical inspections, utility allowances, supportive housing/general use, application fees, other fees, and other topics that are currently of interest in the LIHTC compliance world.

Moderator:

Mike Clark, Principal, Alpha-Barnes Real Estate Services

Panelists:

Patricia Murphy, Director of Portfolio Management & Compliance, TDHCA Wendy Quackenbush, Compliance Manager, TDHCA Bonnie Percy-Hill, Vice President, JPMorgan Capital Corp.

Page 22

Practical wisdom, trusted advice.

Comprehensive legal services for affordable housing and community development.

100 Congress Avenue, Suite 300 Austin, Texas 78701 512-305-4700 www.lockelord.com Atlanta, Austin, Boston, Chicago, Dallas, Houston, London, Los Angeles, New Orleans, New York, Sacramento, Washington DC

Texas Housing Conference 2008 - Building the Bottom Line

Conference Program Wednesday, July 30, 2008

Sessions 8:15 - 9:25am

The 2009 QAP: What's in Store?

San Jacinto Ballroom

In a year that has seen a rise in construction costs and a decline in investor pricing, how can we structure our Housing Tax Credit program to ensure that the Texas program continues to produce high quality affordable housing for Texans in need? Come hear how the TDHCA Board and staff propose to establish the 2009 QAP playing field in the face of these major economic concerns.

Facilitator:

Diana McIver, President, DMA Development Company, LLC

Panelists:

Gloria Ray, Board , Vice Chair, TDHCA Board of Directors Jim Brown, Executive Director, TAAHP Brooke Boston, Deputy Executive Director, TDHCA Tom Gouris, Director of Real Estate Analysis, TDHCA

9:30 - 11:30am Libations with Legislators Brunch Four Seasond Ballroom A&B

Sponsored by:

During the 2007 THC we were still rejoicing over the successful housing legislation at the 80th Lege. In 2008 TAAHP was successful in getting most of its unsettled issues into the Lt. Governor’s and Speaker’s Interim Charges for study. The majority of the issues were charged to the Intergovernmental Relations Committee in the Senate and the Urban Affairs Committee in the House. TAAHP has some interest in the charges sent to the Senate’s International Relations and Trade Committee as well as to the House’s Local Government Ways and Means Committee. Senators West and Lucio have conducted several hearings over the summer and Senator Gallegos’ staff has become interested in the current charges.

Representative Jose Menéndez, Chair of the Urban Affairs Housing Subcommittee, has taken the lead in the House on housing issues and recently we have met Representative John Otto and his Ways and Means traveling tax inquiry.

The interest in both Chambers is good for the affordable housing industry as well as the great working relationship we have enjoyed with TDHCA during the 80th Session and over the summer of 2008. The Department’s Chair, Kent Conine, and Executive Director Mike Gerber will also participate as part of the “Brunch Bunch” and share with us the latest at TDCHA, or almost the latest,.

The biggie comes tomorrow at the allocations hearings.

However, the housing scene in Texas is somewhat driven by the Texas Housing Conference 2008 - Building the Bottom Line

happenings on the Potomac. The National Association of Housing Builder’s Governmental Affairs Greg Brown will provide insight into the status of the congressional effort to pass a housing bill designed to cure a lot of our current problems.

The Libations with the Lege promises to be lively as alway...all over a good breakfast and the Four Season’s eye-opening Bloody Marys.

Facilitator:

John Pitts, Attorney, John R. Pitts

Panelists:

Jim Brown, Executive Director, TAAHP State Rep. Jose Menéndez, District 124 A native of San Antonio, Rep. Menéndez graduated from Central Catholic High School in 1987 and went on to receive degrees in Business Administration and Latin American Studies from Southern Methodist University (SMU) in Dallas. Rep. Menéndez currently serves as the Vice President for emerging real estate markets for Stewart Title Company.

In November 2000, Rep. Menéndez was elected to the Texas House of Representatives to serve District 124. In 2007 he was appointed chair of the first Housing subcommittee. Rep. Menéndez works diligently on public education, housing, and economic development issues, and the state’s operating budget.

Rep. Menéndez has been married to Cehlia Newman-Menéndez since September of 1995. In his spare time, Rep. Menéndez enjoys spending time with his three young children, Dominic Michael, Victoria Elise, and Austin Alexander.

Kent Conine, President Conine Residential Group Kent Conine is Past President of the National Association of Home Builders. Texas Governor Rick Perry re-appointed Conine to a six-year term as a board member of Texas Department of Housing and Community Affairs where Conine serves as the Vice Chairman of the Board. He also sits on the board of the National Council of State Housing Boards where he served as President in 2006. Conine is a licensed real estate broker in Texas and has a degree in Finance from Texas Tech University. Conine and his wife, Meg, have three children. He will address issues facing the affordable housing industry on the state and national levels.

Greg Brown, Executive Director, NAHB Mike Gerber, Executive Dorector, TDHCA

11:30am Conference Adjourns

See you next year!

Page 23

Experience, Creativity, Success Helping Developers build successful Affordable Housing Communities.

Phone: (972) 567-4630; Fax: (972) 462-8715 e-mail: Terri_L_Anderson@msn.com

Stop any TAAHP board member and ask them about TAAHP-PAC

N E F, I N C. I S P R O U D T O H E L P T A A H P “B U I L D T H E B O T T O M L I N E”!

Thank you for your hard work and dedication to affordable housing in Texas.

NEF’s Texas portfolio is growing, with more than $61 million already invested in projects across the state.

Contact us today to learn how we are working hard to expand affordable housing opportunities for the future.

After 20 years of financial innovation, collaborative partnerships and a clear focus on community impact, NEF embarked on its third decade in the tax credit business with a $6.4 billion portfolio in 45 states--that’s 94,000 afforable homes built by 693 different development partners. In a time of uncertainty in the equity market, we remain focused, stable and committed to the business we have been leading for more than two decades.

For more information, please visit our website at www.nefinc.org or contact Hunter Botts, Regional VP: 225-924-3334 or hbotts@nefinc.org Ed Barnett, Acquisitions Manager: 312-543-5128 or ebarnett@nefinc.org Stewart Jester, Acquisitions Manager: 312-697-6471 or sjester@nefinc.org

Picture: S A G E W O O D A P A R T M E N T S Sponsor: San Antonio Alternative Housing Corporation

www.stearns-bank.com Member FDIC. Equal Housing Lender

All New For 2008: Construction to Perm ~ One Call!

Stearns Bank’s commitment to the affordable housing industry includes new resources, new partnerships, along with an expanded and experienced lending team. We are fast, flexible and get the job done for you! Find out more, call Dave Feriancek or Jeff Bruns.

We Get The Job Done!

1-800-320-7262 Serving Housing and Redevelopment Agencies since 1975

Utility Allowance

DPC works with your property to help secure the provider letters that will be acceptable to TDHCA.

UPCS Inspections

TDHCA is now inspecting the properties using the Uniform Physical Condition Standards (UPCS). DPC works with properties to prepare for the inspection and after the inspection to help ensure correction of the identified deficiencies.

Please contact Jim Beats or Beverly Fithian (972) 475-9977 ŷŷŷŷŷŷŷŷŷŷŷŷŷŷŷŷŷŷŷŷ

TM

Loan Servicing Tax Monitoring HUD Compliance Monitoring Davis-Bacon Wage Compliance Monitoring Multi-Family Credit Underwriting Financial Monitoring Contact: HQS Inspections Michelle “Micki” Gylten Loan Underwriting Regional Sales Manager mgylten@amerinational.net Funds Disbursement (866) 626-6114

AmeriNational is proud to be an approved Servicer in all 50 states for: Freddie Mac Fannie Mae FHA Title I and Title II Veterans Administration www.amerinational.net

Special thanks to Nicole Flores, THC 2008 Conference Chair, and

all the members of the Conference Committee

for helping to make this year’s conference another record breaker!

TAAHP IN - WHY MEMBERSHIP PAYS! TAAHP is committed to increasing the supply and quality of affordable housing for Texans with limited incomes. If you are not a member of TAAHP, we invite you to join today. Here are a few reasons why membership pays!

H Leadership and strength in the Government Affairs Arena, protecting your business interests and your bottom line H Representation with state agencies that regulate our industry along with updates on how to comply with new and existing laws and government rules and regulations.

H Legislative and Lobby advocacy programs, working closely with State Officials and their staffs.

H The annual Texas Housing Conference, bringing you first class educational programs taught by the nation’s leading housing experts with exceptional networking opportunities. This conference provides you to up to date information on critical issues, new ideas for your business and information that will help you further your affordable housing goals.

Give us the name of a potential new TAAHP member and

you could win a free half page ad in next year’s program!

One more way membership pays.

Drop your business card, with the name of a potential member, in the bowl at the registration desk for a chance for the free ad. Each new name adds one more chance to win.

The Foundation for Building Relationships Vision. Integrity. Dependability. Flexibility.

Lee Stevens Vice President, Acquisitions

3400 Waterview Parkway, Suite 220 Richardson, TX 75080 Phone: 972.238.7645 ext. 10 Cell: 972.679.1624

Diana Helms - Morreale Vice President, Acquisitions

3400 Waterview Parkway, Suite 220 Richardson, TX 75080 Phone: 972.238.7645 ext. 11 Cell: 281-686-8432

See you in 2009!

LET US ORCHESTRATE YOUR NEXT DEAL

Like a symphony, successful affordable housing deals require precise timing, the right players, and an accomplished leader who can bring everything together.

Reznick Group has the people and experience to get even the most complex deals completed quickly and successfully. We approach each affordable housing transaction balancing both the economic and the tax considerations. And since we typically represent a sizeable portion of the equity entering the marketplace, we fully understand the equity community’s needs when structuring the deal.

With offices across the country, Reznick Group is positioned to serve our clients better than ever by being closer to the developers and to the deal. To learn how we can successfully orchestrate your next affordable housing deal, call your local Reznick Group office or visit us online at www.reznickgroup.com.

Atlanta

g

Austin

g

Baltimore

g

Bethesda

g

Birmingham

g

Charlotte

g

Chicago

g

Los Angeles

g

Sacramento

g

Tysons Corner