Texas Housing Magazine

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

Let us provide what should be your most effective amenity: QUALITY RESIDENT SERVICES  Set

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VISIT US AT BOOTH #28 For your FREE resident services consultation, contact info@portfolioresidentservices.org www.portfolioresidentservices.org

Affordable Housing Group

Your Goals. Our Purpose.

Houston | Clear Lake | Dallas | Austin | San Antonio | New Orleans Phone: 713.651.0111 | Toll Free: 855.291.0282 www.coatsrose.com

Laying The Foundation For A Brighter Future.

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

Proud To Support The Texas Housing Conference.

Construction and Permanent Lending | Corporate Trust Services Community Development | Lisa Albers | 918.588.6420 | Corporate Trust | Pamela Black | 817.348.5797 www.bankoftexas.com

Š 2013 Bank of Texas, a division of BOKF, NA. Member FDIC. Equal Housing Lender

OUR VETERANS

need the means to restore their health, find decent jobs and rebuild their lives.

National Equity Fund and its

parent organization LISC believe we owe them that opportunity.

Our Bring Them HOMES

initiative will create 40 projects providing an additional 2,500

units of supportive housing over the next three years.

Let’s work together to provide the necessary resources for struggling military men, women and their families. Please call (312) 360-0400 or visit nefinc.org

Advisory Services

Capital Markets

Investment Sales

Research

LIHTC Property Transactions Since 2012 Transactions: 126 | Volume: $1.2 Billion | Units: 20,242 | States: 37

The Leading Provider of LIHTC Transaction Services Robert Sheppard

Armand Tiberio

Spencer Hurst

robert.sheppard@tcg-mm.com

armand.tiberio@tcg-mm.com

spencer.hurst@tcg-mm.com

Jeff Kunitz

Tim Flint

Brandon Grisham

jeff.kunitz@tcg-mm.com

timothy.flint@tcg-mm.com

brandon.grisham@tcg-mm.com

Dmitry Gourkine

Johnathan Smith

Ben Barker

dmitry.gourkine@tcg-mm.com

johnathan.smith@tcg-mm.com

ben.barker@tcg-mm.com

www.tcg-mm.com | 206.826.5800

For over 30 years, we have created opportunity for low- and moderate-income communities. And it all starts at home. Never before has our work been as urgent. Together with our partners, we will continue to create vibrant communities, filled with promise and the opportunity for a good life. Join us.

Aron Weisner, Senior Director, Syndication-Originator

Kevin Bowen, Senior Vice President

Enterprise Community Investment, Inc. 410.772.2621 | aweisner@enterprisecommunity.com

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

LIHTC & New Markets Tax Credit Equity | Multifamily & Commercial Financing Predevelopment & Acquisition Loans | Public Policy | Technical Assistance Asset Management | Housing Development | Capital Markets | Green Initiatives

www.EnterpriseCommunity.com

GreG HASTY ghasty@wilmingtontrust.com 972.383.3153

CHUCK HICKS chicks@wilmingtontrust.com 972.383.3152

CAM LINDSeY clindsey@wilmingtontrust.com 972.383.3151

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

Call one of us or email experience@wilmingtontrust.com.

MUNICIPAL BOND TRUSTEE | ESCROW AGENT | SUCCESSOR TRUSTEE | CUSTODY INSTITUTIONAL INVESTMENT MANAGEMENT | DEFAULT TRUSTEE ADMINISTRATION ©2013 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.

© 2013 Enterprise Community Investment, Inc. All rights reserved.

Enterprise is a proud sponsor of the 2013 TAAHP Conference.

GIVING

Y U MORE FOR YOUR BOTTOM LINE

INCREASE SALES WITH THE NATURAL GAS ADVANTAGE

Whether you are seeking to differentiate your property in the crowded multi-family market or to gain financial benefits, CenterPoint Energy’s Natural Gas Advantage Multi-Family Program can help your development reach its full potential.

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At Capital One Bank®, we know the ropes of affordable ® At Capital One the Bankpast , we thewe’ve ropesworked of affordable housing.

And over fewknow years hard housing.

And over theresults past few years we’ve worked to round up some great in the communities we hard round up some great results in the communities we calltohome: call home: • Our capital investments have steadily increased even Our capital investments have in• tough economic times, and we steadily continueincreased to see even in tough economic times, and we continue to see growth opportunities growth opportunities • Committed to building our market share; forging • Committed building our market share; forging lasting businesstoand community partnerships lasting business and community partnerships • Named one of the Top 10 Affordable Housing Lenders Named of the Top 10 Affordable of• 2013 by one Affordable Housing Finance*Housing Lenders of 2013 by Affordable Housing Finance* To discuss your plans, please contact John Yochum To discuss your plans, please contact John Yochum 713-435-5324 | john.yochum@capitalone.com 713-435-5324 | john.yochum@capitalone.com

VISIT US AT BOOTH #26 and discover how to add to your bottom line by building with natural gas.

You’ll learn about: • CenterPoint Energy’s Natural Gas Advantage Multi-Family Program • Cash incentives offered through our program • Favorable utility allowances • The energy, cost and environmental savings benefits of building with natural gas

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

*March 2013 Issue, Affordable Housing Finance.

Products services

by Capital N.A. *Marchand 2013 Issue, offered Affordable HousingOne, Finance. and Products Capital One LIHTC, offered Inc., Member FDIC.One, N.A. andNA services

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Inc., Member FDIC. ©2013 Capital One. All rights reserved. ©2013 CenterPoint Energy 130969

Wildflower Terrace Austin, TX DMA Development Company, LLC

Commitment to Affordable Housing.

RBC Capital Markets’ Tax Credit Equity Group syndicated over $14 million in LIHTC equity for Wildflower Terrace, a 201-unit mixed-income senior community located in Austin. The property opened in mid-2012 and is estimated to have created 227 jobs during construction and 64 ongoing jobs in the Austin community. We’re excited to be part of the 700-acre master redevelopment of the former Austin Mueller Airport with a fully-leased property that is among the 5,000 planned units of residential homes and rental housing at Mueller.

Take Confidence in Our Approach

Dan Kierce Director Central Region daniel.kierce@rbccm.com

Anthony J. Alfieri Managing Director Tax Credit Investments tony.alfieri@rbccm.com

Craig Wagner Managing Director Tax Credit Investments craig.wagner@rbccm.com

Contact us at 1.888.875.9223 | rbccm.com/tceg Source: NAHB Housing Policy Dept: The Local Economic Impact of Typical Housing Tax Credit Developments, 03/2010. Photo: © 2012 Patrick Y Wong/AtelierWong.com. This advertisement is for informational purposes only. RBC Capital Markets is a registered trademark of Royal Bank of Canada. RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its affiliates, including RBC Capital Markets, LLC (member FINRA, NYSE and SIPC). ® Registered trademark of Royal Bank of Canada. Used under license. © Copyright 2013. All rights reserved.

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

Nixon Peabody LLP · 401 Ninth Street NW, Washington, DC Visit our blog at: housingblog.nixonpeabody.com

A TRUSTED PARTNER IN AFFORDABLE HOUSING. Raymond James’ affordable housing experience dates back to 1969 and covers nearly all 50 states. We deliver innovative and comprehensive financing solutions through Raymond James Tax Credit Funds, one of the nation’s most active low-income housing tax credit syndicators. Since the tax credit program began in 1986, we’ve provided equity for more than 1,300 projects throughout the United States. And through a combination of quality partners and excellent execution, we’ve posted a long-term track record of more than 75 successful funds. Consider us your partner, helping you fulfill your mission of providing sustainable and affordable housing in your communities. Let us put our proven performance to work for you.

A PROUD SPONSOR OF THE 2013 TEXAS HOUSING CONFERENCE

GARY ROBINSON // Vice President, Managing Director of Acquisitions // 727.567.5014 RJTCF.COM Past performance is not indicative of future results. ©2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC 13-TCF-0129 CW 5/13

D P D C P C

DIAMOND Property Consultants, Inc. DIAMOND Property Consultants, Inc.

THE METER’S RUNNING ON YOUR UTILITY ALLOWANCES...

THE METER’S RUNNING ON YOUR There’s a good chance your utility allowances are costing you too UTILITY much. The DPCALLOWANCES...

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Theworked DPC Utility Allowance Program giveslocal you an option that DPC has with housing finance agencies, utility providcould lower these costs and improve your operating ers, and tax credit properties in multiple states acrossincome. the country.

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

Proud Sponsor of the Texas Housing Conference

America’s #1Tax Credit Equity Sponsor.

The Road To Quality Housing Requires A Team Effort. Thank You For Your Continuted Support.

Turning potential into progress, helping communities move ahead.

You see each day for what it is: a new opportunity to work harder, grow stronger and reach higher. In that same spirit, Bank of America Merrill Lynch is proud to be the Diamond Sponsor for the 2013 Texas Housing Conference and wholeheartedly support the Texas Affiliation of Affordable Housing Providers.

Visit us at 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. ©2013 Bank of America Corporation ARH5L1H5

Expert Advic ce. Innov vative Solutions S s. Outsta anding E Executio on.

Merchan nt Capital, LLLC has long established itself as a le eading unde erwriter of multifamily ho ousing bonds. Over O the yea ars, Merchan nt Capital ha as demonstra ated an unssurpassed leadership po osition in the strructuring and marketing g of multifam mily securitie es. We believ erateve that low-- and mode income housing h is an essential function f in American A so ociety, and tthat state and local ho ousing agenciess and for-pro ofit and nott-for-profit de evelopers a re key to fin nancing the ese projects. As a national leader in multifamily m ho ousing financ ce, we help our clients achieve stra ategic objec ctives c sive investment banking g services, in n-depth houssing sector kknowledge, debt through comprehens structurin ng, trading expertise and d strong distribution chan nnels. m about Merchant Capital, C LLC and our serv rvices for the e affordable housing ind dustry, To learn more visit: www w.merchantc capital.com One Lakeview Center chase Lane 2660 Eastc Suite 400 mery, Alabama a 36117 Montgom

1050 00 NE 8th Stree et Suite e 1410 Belle evue, Washing gton 98004

ucker, III John B. Ru john.rucke er@merchantc capital.com

Daniiel E. Dill dan..dill@merchan ntcapital.com m

W Cody N. Wilson cody.wilso on@merchanttcapital.com

Daviid A. Dill antcapital.co om davi d.dill@mercha

A Susan M. Alley sue.alley@ @merchantca apital.com

Committed to building affordable housing?

Financing from Amegy is a strong foundation.

Alexander Place Baytown

Villas on Independence Port Lavaca

Magnolia Trails Magnolia

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Commercial Real Estate As a Texas-born bank, Amegy is committed to financing affordable housing programs in our communities. We offer a broad range of commercial real estate loans structured around you.

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amegybank.com Loans are subject to credit approval in accordance with Bank eligibility and lending guidelines. Restrictions may apply; see banker for details. Š2013 Amegy Bank N.A. Member FDIC. Equal Housing Lender

kings terrace spread 2013:Layout 1

3/22/13

9:32 AM

Page 1

Enabling Progress

Family >> 300 units $24 Million Freddie Mac Kings Terrace Miami, Florida

At Citi Community Capital we use responsible lending practices to help developers and communities build vibrant neighborhoods.

That’s why we are proud to invest our financial resources with Pinnacle Housing Group who recently completed Kings Terrace, a community redevelopment in Miami, Florida.

“This was an area full of crime and in dire need of redevelopment.

Now, with help from Citi, 1,000 residents have access to a brand new community and state of the art amenities. Kings Terrace is truly a model for urban renewal in Miami and other large metropolitan areas throughout the country.”

— David O. Deutch, Partner, Pinnacle Housing Group And because Citi is the # 1 affordable housing lender as ranked by

Affordable Housing Finance, we have the talent and nationwide platform to support your goals.

Citi. Your Community Development Partner. citicommunitycapital.com

© 2013 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup, Inc.

Insight. Knowledge. Leadership.

Sunflower Estates La Feria, TX

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, July 23, 2013

Wednesday, July 24, 2013

Underwriting at Final Critical Issues in the Resident Services & Cost Certification Compliance Arena Amenities - The New Necessity 8:30 a.m. – 9:45 a.m. 10:30 a.m. – 11:45 a.m.

1:45 p.m. – 3:30 p.m.

Stones Crossing Little Colony Little Colony

Two Rivers Legislative Update: From the Colorado to the Potomac 8:30 a.m. – 10:30 a.m.

Four Seasons Ballroom

Villa del Prado - Bamboo Village III Houston, TX

Oak Creek Townhomes Marble Falls, TX

Wildflower Terrace Austin, TX (Photo: Patrick Y. Wong)

Amber Stone Beeville, TX

Britain Way Irving, TX (Photo: Britain Way Team)

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

21 texas housing magazine

22 texas housing magazine

40 32 General 23 40

76

Constributors Articles & ads Housing Connection Award-winning affordale housing developments Leadership Get to know the dedicated leaders who make it happen

97

Features 24

Success Stories Support services and affordable housing

28

Totally “RAD” A commitment to protect and preserve

34

Financing Available Closing mixed-use projects using New Market Tax Credits

Conference 73

Schedule At-A-Glance Take a look at this year’s jam-packed agenda

81

Educational Program Engage and expand your housing knowledge

98

Exhibits Network and secure new business relationships

128

2013 Partners Special ‘thanks’ to all who make the conference come to life!

23 texas housing magazine

Advertisers

Contributors

Amegy Bank (p. 18) Bank of America Merrill Lynch (p. 15) BETCO Consulting, LLC (p. 16) BOKF, N.A. (p. 4) Capital One, N.A. (p. 8) CenterPoint Energy (p. 8) Citi (p. 19) City Real Estate Advisors, Inc. (p. 78) Coats | Rose (p. 3) CohnReznick LLP (back cover) Diamond Property Consultants, Inc. (p. 13) Enterprise Community Investment (p. 7) Hudson Housing Capital (p. 130) Insgroup (p. 74) Inter-Faith Group (PRS) (p. 2) Locke Lord LLP (p. 39) Marcus & Millichap (p. 6) Merchant Capital, LLC (p. 17) National Equity Fund, Inc. (p. 5) Nixon Peabody (p. 10) Raymond James Tax Credit Funds (p. 12) RBC Capital Markets, LLC (p. 9) Richman Group Affordable Hsg. Corp. (p. 14) Sabrina Nicole Photography (p. 16) Shackelford, Melton & McKinley, LLP (p. 131) Texas Ass. of Local Housing Fin. Agencies (p. 12) Texas Dept. of Hsg. and Comm. Affairs (p. 20) Wilmington Trust, N.A. (p. 7) Orion Real Estate Services (p. 11)

Sarah Bowling (Tax Credit Success Stories: Providing Even More Than a Home, p.24) is Communications Director at Tropicana Properties, Inc.

Questions Feedback: 221 E. 9th Street, Ste. 408 Austin, TX 78701 Phone: 512.476.9901 Email: info@taahp.org

www.taahp.org

Brian Coate, Managing Director, and David Lacki, Vice President ( A RAD Plan to Preserve Affordable Housing, p.28) are staff members at Lancaster Pollard in Columbus, OH. Alan Kennard (Using New Market Tax Credits to Finance Mixed-Use Projects, p.34) is Of Counsel for Locke Lord, LLP. Brenda Young (Townhomes Open Door to Affordable Housing, p.32) is a writer for the Highland Lakes Newspapers

Staff Executive Director Jim Brown jbrown@taahp.org Director of Member Services Jesus Azanza jazanza@taahp.org Administrative Assistant Nancy Hardin nhardin@taahp.org Conference & Marketing Consultant Kristi Sutterfield ksutterfield@taahp.org

24 texas housing magazine

Tax Credit Success Stories

Providing Even More Than A Home Written by Sarah Bowling, Tropicana Properties “It’s heartwarming to see that not only do we provide quality affordable housing but that these families are actually bettering their lives as a direct result of what we have done.” Demetrio Jimenez Providing supportive services has been an integral part of the Housing Tax Credit Program since its creation 1986. Reference language from the program’s enabling legislation states: “’supportive service’ means any service provided under a planned program of services designed to enable residents of a residential rental property to remain independent………..”

Tropicana Building Corpo-

ration takes very seriously the intent of the program and views the process of low-income tenancy as an “incubation” for families to grow into true financial independence, which in Tropicana’s vision, includes home ownership. Tropicana offers a plethora of supportive services such as: Homebuyer Counseling, Credit Counseling, Financial Literacy—all designed to specifically meet their “incubation” vision, but Tropicana also offers even more basic life-changing supportive services such as teaching predominantly Spanishspeaking families along

the El Paso border English through ESL classes, or helping them obtain a High School Equivalence Degree through GED classes. All of these classes, as well as health-care and other supportive social services, are offered in the community centers of Tropicana’s various 20+ tax credit communities in the El Paso area—free of charge to any of Tropicana’s tenants. continued on page 26

25 texas housing magazine

26 texas housing magazine

continued from page 24

To help with these goals and realize this vision, Tropicana hired a full-time supportive services person named Tammy Harvey in 2008. As Tropicana’s tax credit portfolio began to grow towards 1,000 units in 2008, (today it is over 2,000 units) Ms. Harvey was the perfect candidate for the new full-time position—she has a Bachelor’s of Science degree in Psychology and a Masters in Education with a focus in Counseling. Tammy also served as a school teacher for 7 years just prior to taking the Social Services Director position with Tropicana. “Tammy truly has the residents’ needs at the forefront and is passionate about her job” says Bobby Bowling IV, President of Tropicana Building Corporation. “When we enlisted her help she was full of ideas, but the first program she felt passionate about was the GED courses, which she said would give people the confidence to accomplish more in life and enable them to stop feeling ‘less than’ other people with a diploma.”

“Tammy is a fire ball when it comes to social services, she is a true advocate of education” says Demetrio Jimenez, President and owner of Tropicana Properties, the managing arm of

Tropicana’s communities. “If she can’t provide the support service herself, she’ll find the right organization or individual to provide the best service possible.” And that’s exactly what Tammy did as she enlisted the help of Jaime Perez, a local social-rights activist and former professor at the El Paso Community College.

Jaime is the instructor for both the ESL and GED courses offered free to all of Tropicana’s tenants almost every day of the week at

Tammy is a fire ball when it comes to social services, she is a true advocate of education. Demetrio Jimenez this point, at one Tropicana community or another. He is a Brandeis University graduate with a Masters of Arts in Government. As a part of his lifelong trek as an activist for the poor, he recently established La Escuelita Tutorials (Tiny School Tutorials) in 2011, which is especially designed for low income residents seeking educational opportunities to better themselves. Many of Tropicana’s tenants have taken full advantage of this opportunity and over the

last year, five Tropicana Properties’ residents have received their General Educational Development (GED) diplomas and as a result, are able to further improve their lives. Their testimonials are evidence of both Tropicana’s and the tax credit program’s success in creating financially independent and confident human beings—an often overlooked and underestimated benefit of being a tenant in one of Tropicana’s tax credit communities.

Jessica Navarro, who was a resident at Tropicana’s Patriot Palms community in El Paso from 2009 until just recently, is one example of that success. Jessica left high school during her senior year and had to enter the workforce because of an unplanned pregnancy. A year after the birth of her second child she moved into Patriot Palms. “Getting my GED was something I had wanted to do for a long time. I felt like something was missing in my life, but events and circumstances kept getting in the way.” She started attending the GED classes in late 2011 every Monday and in a few months was able to successfully pass the GED test. As of today, Jessica has moved out of her tax credit apartment and into a home she owns with her new husband and 2 children. She is a substitute teacher for the El Paso Independent School

27 texas housing magazine

District, and plans to seek a college degree. “Without this opportunity of learning on-site afterhours, I would not have been able to get my GED, work and take care of my family at the same time.”

Matthew Verax, moved to El Paso from California with his parents and two siblings, into Tropicana’s Mission Palms tax credit community in San Elizario (a small, rural community just outside of El Paso). While in California, Matthew attended a type of independent studies program where he would attend classes twice a week, receive his assignments, go home and do the work on his own. Back then, he neither had the discipline nor the desire to pursue his high school degree, and when his family moved to El Paso he was having a difficult time finding a job, especially without a GED. At Mission Palms, he learned about the GED programs through the property manager Roman Centeno. Roman listened to Matthew talk about his problems, and knew exactly what would help him and signed him up for Tropicana’s GED classes. Matthew stated that he really appreciated his instructor at Mission Palms, Jaime Perez, because Jaime was able to thoroughly re-teach him everything he forgot or did not understand to begin with, especially in Math.

When Matthew was asked

about how he feels now, after receiving his GED, he stated, “I feel like a better person. My confidence in myself is much better than before. I like the fact that I can tell other people my story of how I dropped out of high school and didn’t think I could do it. But here I am, with my GED, and now I have the chance to go to Western Technical College here in El Paso and become a certified mechanic like I have always wanted to be.

Without my GED I could not have done it. Without Tropicana offering the classes here, and Mr. Perez, I could not have accomplished this.” Matthew is currently helping his parents at home and will be attending Western Technical College in the fall in the pursuit of his mechanic certification.

As Jessica Navarro wrote in her recent letter to Tropicana, the supportive services she received made a huge difference in her life: “I would like to thank Tropicana for making one of my goals possible—which was to get my GED. It was something that I wanted to do but there was always something else getting in the way.

So when I got the Tropicana Properties monthly newsletter that said they were going to start having tutoring classes for GED attainment, I told myself ‘this is it, I have to take advantage of

this opportunity’. So I started attending every Monday for a period of about 3 or 4 months until I was ready.

Tropicana paid for my GED tests so it was just up to me to pass them. I would like to thank Mr. Perez for his patience and for always making himself available to help. He was always with me during my tests, not physically but in my head, telling me to believe in myself and just remember what he had taught me. I would like to say thank you Mr. Perez from the bottom of my heart. Many thanks also to Tropicana, my family, along with Mr. Perez for making this possible. I would like to encourage others to take advantage of all the Tropicana programs, they are free and for us to benefit.”

It is easy to see the concrete, “bricks and sticks” and the physical improvements tax credit developments and developers such as Tropicana make in their communities, however, the supportive services they provide actually make a longer-lasting and more “concrete” benefit for the communities, the families, and the confident, INDEPENDENT human beings they serve and help.

28 texas housing magazine

T

he preservation and improvement of the nation’s affordable rental housing stock is a goal perennially at the forefront of the affordable housing industry. According to recent HUD estimates, the public housing supply has a backlog of at least $25.6 billion in unmet capital needs. In this era of sequesters, budget cuts and austerity, it can

be extremely difficult to find the funding necessary to meet those needs. Enter the U.S. Department of Housing and Urban Development’s (HUD) budget-neutral Rental Assistance Demonstration (RAD) program.

The RAD program was introduced in 2012 as part of HUD’s efforts to improve the quality of the nation’s af-

fordable housing. The program is designed to allow public housing authorities (PHAs) and private owners of federally assisted properties to replace the current income stream of the properties with long-term, project-based Sec. 8 contracts.

The project-based subsidies associated with Sec. 8 contracts are compatible with low income housing tax

29 texas housing magazine

credits (LIHTCs) and HUD/ Federal Housing Administration (FHA) funding, the preferred method of financing in today’s fiscal environment.

The conversion of at-risk public housing to projectbased vouchers or rental assistance contracts under the Sec. 8 program gives PHAs and owners more flexibility to leverage private and public financing sources to renovate and preserve their affordable units.

The longterm Sec. 8 contract provides the financial security that investors like to see. With a longterm Sec. 8 contract in place that sets rent levels, developers and PHAs can focus on obtaining capital funding through a mix of LIHTCs and private and public funding.

The result is affordable units receiving a much needed upgrade. From a modern kitchen to energyefficient windows, these are basic renovations that were difficult to make with the old public housing funding options, but greatly improve the quality of life for residents. Without this new

source of capital, these upgrades simply wouldn’t happen.

TWO-PART PROGRAM RAD is comprised of two components: •The first component is limited to public hous-

supp) and rental assistance payment (RAP) properties.

Under the second component, owners can convert tenant protection vouchers (TPVs) to PBVs. There is no cap but it is subject to the availability of TPVs. Due to many owners receiving RAP and rent supp contracts in the mid-1980s, there is currently a swell of properties with RAP and rent supp contracts that have expired or are about to expire. These are ideal opportunities for a RAD conversion.

Any RAP or rent supp that expired or was terminated on or after Oct. 1, 2006, is eligible.

INITIAL COMMITMENTS

ing and Sec. 8 moderate rehabilitation (mod rehab) properties. This component is competitive and is limited to 60,000 units. Under this component, owners can convert their current assistance to project-based rental assistance (PBRA) or project-based vouchers (PBV).

In January of this year, HUD announced that 68 PHAs and two mod rehab projects were chosen to receive new long-term Section 8 contracts. According to HUD, these initial commitments are expected to preserve about 12,000 units, create nearly 10,000 jobs and generate more than $650

The second component is open to owners of mod rehab, rent supplement (rent

continued on page 30

30 texas housing magazine

continued from page 29

million in private capital, including about $400 million in LIHTCs. With the initial window for RAD’s first component now closed, HUD will be accepting applications on a first-come, first-served basis until the 60,000unit cap is reached.

The first r o u n d awarded contracts to nearly 1 2 , 0 0 0 apartments, meaning approximately 20% of the 6 0,0 0 0 maximum is already spoken for, leaving 80% still available. HUD awarded contracts to nearly all those that applied; a good sign for prospective applicants.

suing a RAD conversion without other funding deadlines: • Within the first 30 days of issuance, the applicant must submit to HUD an accepted lender engagement or commitment letter. This letter should mention the proposed loan amount and the

• Within 90 days, the applicant must submit a certification from the PHA that all industry-standard due diligence has been completed by the lender and any other financing sources. This typically will include a physical conditions assessment (PCA), an appraisal and a current survey report.

• Within 150 days, the applicant must submit certification that it has applied for firm commitments for all financing.

THE APPLICATION PROCESS

sources and uses. During this 30-day period, a statement of development team capacity is also required to reflect the team’s relevant successful financing and operating experience.

Timing is an integral part of the RAD application process. The following describes what a PHA or developer can expect if pur-

• Within 60 days of issuance, the applicant must submit its decision as to whether the project will convert its assistance to PBV or PBRA.

• Within 180 days, a financing plan must be submitted. HUD will have 60 calendar days from the submission of the financing plan to approve, reject or request additional information.

• Within 320 days, evidence of firm commitments for all financing must be in hand.

• Within 360 days, the deal must reach closing, at which time the RAD conversion is completed.

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If other funding sources are being used, HUD will address those individually on a deal-by-deal basis. For example, if a project is applying for 4% LIHTC, HUD can change the calendar to coincide with the LIHTC application and allocation timelines.

LOCATION, LOCATION, LOCATION The repetition of the single word above has become a cliché for a reason. For a project to be a good fit for RAD and to attract investors, it is essential that the property be in an acceptable market with strong demand. The property should fit the housing needs of the area and have close proximity to local amenities such as public transportation, grocery stores, hospitals and pharmacies. Applicants should have a high “Walk Score,” which is a number between 0 and 100 that measures the walkability of any address. A number above 50 is required; a number over 80 is ideal.

INCORPORATING FHA FINANCING The RAD program allows for PHAs and developers to access LIHTCs, an important form of equity for affordable projects. Often, HUD/ FHA financing can be used in conjunction with LIHTCs to complete the funding pic-

ture. For developers looking to use RAD for refinancing or acquisition, the FHA Sec. 223(f) program can be a good fit. This can include minor repairs, up to $6,500 per unit times the applicable high cost factor, and offers a term up to 35 years.

For developers seeking to use RAD for a substantial rehabilitation, the FHA Sec. 221(d)(4) program can complete the financing plan.

The Sec. 221(d)(4) program allows for a 40-year term.

Another option is the FHA 223(f) LIHTC pilot program.

The pilot, which started in 2012, allows for rehabilitation expenditures of up to $40,000 per unit and requires that LIHTCs already be in hand.

RAD FULL STEAM AHEAD According to HUD estimates, nearly 10,000 public housing units are lost annually to deterioration. With the voracious appetite for budget cuts on Capitol Hill, coupled with the decaying stock of existing affordable units, solving this dilemma requires a creative and budget-neutral financial solution. The RAD program is a product of this realization.

By leveraging private and public sources of funding, PHAs and developers can get proactive in addressing the immediate and longterm needs of their project.

This improves and extends

the life of the affordable property, which in turn improves the lives of its residents and the community in which it resides.

David Lacki David Lacki is the managing director of Lancaster Pollard’s housing group in Columbus. He may be reached at dlacki@ lancasterpollard.com.

Brian Coate Brian Coate is a vice president with Lancaster Pollard in Columbus. He may be reached at bcoate@ lancasterpollard.com.

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Townhomes Open Door to

Affordable Housing Written by Brenda Young, Highland Lakes Newspapers Reprinted with permission from The Highlander

Project developers and city officials helped celebrate the opening of Marble Falls’ newest affordable housing complex Friday at Oak Creek Townhomes. Joining the ribbon cutting ceremony, left to right, are, Christian Fletcher, Dennis Hoover, Mark Mayfield, Ben Farmer, George Russell, Ryan Nash, Reed Norman, Gordon Anderson, Susan Hamm, Cameron Alread and Johnny White.

M

entities based on an idea by the Texas Housing Foundation. The complex is located at 1101 Sixth Street.

The 80-unit complex represents years of hard work between numerous public

“This development, itself, was about a two-year process as far as the sticks and bricks you see here,” said Texas Housing Foundation co-developer and owner Mark Mayfield. “Architecturally, this property is very

arking the end of nearly five years from planning to design to construction, a crowd gathered Friday to celebrate the ribbon cutting and grand opening of Oak Creek Townhomes in Marble Falls.

modern and unique, and we feel it’s a great addition to our community and a tremendous asset right here in the heart of town.”

When the Texas Housing Foundation planned the redevelopment of the area between Sixth and Seventh streets, the complex was built for the basic work force community for resi-

33 texas housing magazine

dents with low to moderate incomes in the $18,000 to $48,000 range.

During the course of construction, project officials have been adamant the complex represents the need to provide a hands-up, not a handout, to residents.

Oak Creek was designed to appeal to seniors, young adults and professionals who seek affordable housing with amenities such as granite countertops, highquality appliances, washer/ dryer hookups, a playground, community room, fitness and business centers.

The native rock and land-

scaping provides an appealing architecture that is an attractive addition to the downtown area of Marble Falls.

“I think the Texas Housing Foundation has really been an asset because it provides affordable housing, which is the backbone of this community. We need more housing within the city limits for all service providers and the general community,” Marble Falls Chamber of Commerce Executive Director Bill Rives said.

Affordable housing programs in Texas began in

1986, and Jim Brown, who serves as the executive director of the Texas Affiliation of Affordable Housing, told the crowd only one out of 16 tax credit applications are funded or approved in today’s market, so a lot of people have invested their own money in these projects before applying to the state without knowing there is any chance of approval or funding.

“It takes pioneers, like these people and their organizations here today, to make a project like this happen; it takes guts, and there’s not a lot of glory,” Brown said.

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using new market tax credits to

financemixed-useprojects

Written by Alan Kennard, Locke Lord, LLP

N

ew markets tax credit (“NMTC”) financing is often used to finance mixed-use projects.

These projects qualify for NMTC financing if:

financed with NMTCs is also financed with lowincome housing tax credits (“LIHTCs”).

1. the project is located in a “low-income community;”

1. below-market interest rate on payments during the seven-year compliance period, and

2. the borrower cannot otherwise obtain traditional financing; 3. the borrower is a qualified active low-income community business (“QALICB”); 4. at least 20% of the gross rental income of the portion of the project financed with NMTCs is from commercial tenants that are “qualified businesses;” 5. there are “substantial improvements” located on the real property; and 6. no single square foot of the portion of the project

Generally, the two major economic benefits to the borrower are:

2. forgiveness of approximately 20% of the NMTC financing after such sevenyear compliance period (which is facilitated through a put/call agreement).

Additionally, NMTC financing may include: (a) equity (not to exceed 50% of total borrower equity); (b) lower than standard origination fees; (c) longer than standard period of interest-only loan payments; (d) higher than standard loan to value ratio; (e) longer than standard amortization period;

(f) more flexible borrower credit standards; (g) nontraditional forms of collateral; (h) lower than standard debt service coverage ratio; and (i) loan loss reserve requirements that are less than standard.

The NMTC program is administered by the Community Development Financial Institutions Fund (the “CDFI Fund”) and the IRS, which is administered by the US Treasury Department. The NMTC program offers substantial flexibility by being part of a sophisticated “capital stack” that can consist of bond financing, grants, SBA programs, HUD programs, historic tax credits, renewable energy tax credits and a plethora of other types of financing and subsidies.

Since 2000, approximately $40 billion of NMTC allocation has been awarded. Ad-

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ditionally, many states have their own new markets tax credit financing programs.

NMTC financing is facilitated by “community development entities” (“CDEs”), which are entities that have a primary mission of serving, or providing investment capital for low-income communities and low-income persons and are accountable to those communities.

CDEs are affiliated with cities, counties, banks, large corporations and nonprofits, and even large developers. CDEs apply to the CDFI Fund for NMTC allocations.

NMTCs are equal to 39% of an investor’s investment in the CDE to the extent the CDE has NMTC allocation (for example, a $10 million allocation generates $3.9 million of NMTCs). This is in contrast to LIHTCs which are based on “eligible basis” (which is a use of the proceeds of an investor’s investment rather than the investment itself). Typically, the NMTC financing is disbursed to the borrower similar to a construction draw process.

REQUIREMENTS. Low-income community designation is determined by the 2010 census data.

Applying for NMTC financing is competitive. A borrower is more competitive if the census tract is par-

ticularly distressed (such as high poverty rates, high unemployment rates, high migration rural communities, and Colonias designation, etc.).

NMTC financing is intended to be the financing of last resort. Specifically, “but for” the NMTC financing, the project otherwise cannot obtain traditional financing.

Typically, a borrower is an affiliate of the sponsor or division thereof in order for the borrower to be a QALICB. A QALICB must be a “Qualified Business,” which generally means any trade or business or charitable activity other than certain “sin businesses,” which include, for example, a massage parlor, hot tub facility, suntan facility or sale of alcohol for consumption off premises.

Additionally, a QALICB must have: 1. at least 50% of its total gross income derived from the active conduct of a qualified business within a low-income community; 2. at least 40% of the use of its tangible property is within a low-income community; 3. at least 40% of the services performed by its employees must be performed in a low-income community; 4. less than 5% of its assets cannot consist of collectibles other than held as inventory; and

5. less than 5% of its assets consist of debt, stock, partnership interests etc. or cash or cash equivalents (except reasonable working capital reserves.

The requirement in (a) is deemed satisfied if either (b) or (c) is satisfied using 50% instead of 40%. For purposes of (c), if there are no employees, then 85% is used rather than 40% in (b).

Such requirements are easy to satisfy because a special purpose entity or division of the sponsor is organized to own the project as its most significant, if not only, asset.

With respect to rental housing, NMTC financing is available as long as (a) it is not “residential rental property,” and (b) there are substantial improvements located on the real property. For this purpose, “residential rental property” means any building or structure if 80% or more of the gross rental income from such building or structure for the taxable year is rental income from “dwelling units” (the “80% Test”). For such purpose, a “dwelling unit” means a house or apartment used to provide living accommodations in a building or structure, but does not include a unit in a hotel, motel, or other establishment, more than half of the units of continued on page 36

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continued from page 35

which are used on a transient basis.

Thus, as long at least 20% of the gross rental income of a mixed-use project is from commercial tenants that are Qualified Businesses, the entire project qualifies for NMTC financing. To the extent a project does not satisfy this 80% Test, the project can be bifurcated so that a portion of the project satisfies this test.

Although there is little guidance as to what constitutes “substantial improvements,” as a practical matter, NMTC financing is used for construction or significant renovations or improvements.

Nevertheless, many tax attorneys believe that there are substantial improvements if at least a certain percent (i.e., 25% to 50%) of such costs are added to the depreciable basis of the project within a 24-month period.

NMTCs, however, cannot be used to finance any square foot that is also financed with LIHTCs. However, if the project is bifurcated, residential units can be financed with LIHTCs while the other portion is financed with NMTCs. Residential units do not have to be “affordable” per se.

The rules permit financing

of market rate residential units. However, as a matter of underwriting to ensure that there is substantial community impact, CDEs generally require that a portion (typically 50% to 60%) of the residential units offer below-market rent in some form or another.

Finally, a borrower is more likely to receive NMTC financing if there is substantial direct and indirect community impact. Such community impact includes: (a) creating or maintaining jobs (permanent as well as construction); (b) increasing wages or incomes; (c) financing or assisting businesses owned by residents of, or otherwise committed to remain in, low-income communities; (d) financing or assisting minority- or woman-owned businesses; (e) financing or assisting businesses (including nonprofit organizations) or real estate projects that provide childcare, health care, educational or other community-needed benefits; (f) providing goods and services not otherwise available; (g) creating environmentally sustainable outcomes; and (h) facilitating or assisting commercial and residential tenants with rent reductions, more flexible credit standards or lease provisions etc.

LEVERAGE STRUCTURE EXAMPLE. The vast majority of NMTC financings involve the “leverage structure” that is approved by the IRS. In the leverage structure, the investor creates a whollyowned investment fund and such investment fund invests in the CDE. For example, assume a $10 million NMTC financing. The NMTCs are $3.9 million (i.e., $10 million x 39%). Based on current pricing of $0.78 per NMTC, an investor would contribute approximately $3 million to the investment fund. The remaining $7 million would be in the form of a “leverage loan” provided by an affiliate of the investor or a third party.

The investment fund would then contribute $10 million ($3 million investor capital contribution proceeds plus $7 million leverage loan proceeds) to the CDE. This $10 million contribution entitles the investment fund to $3.9 million of NMTCs, which are all passed through to the investor as the sole owner.

The CDE then provides the borrower with two loans: (a) a $7 million senior loan the terms of which generally match the $7 million leverage loan, and (b) a $3 million junior loan with a belowmarket interest rate, which is generally forgiven at the end of seven years (which is facilitated through a put/call

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agreement). Generally, closing costs and ongoing CDE fees and expenses reduce the benefit of the forgivable amount by approximately $1 million. Nevertheless, the economic benefit to the borrower remains substantial.

A flowchart example of this transaction with footnote discussion for each portion of the financing can be found at lockelord.com using search terms “kennard” and “leverage transaction.”

MIXED-USE PROJECT EXAMPLE. Assume that a borrower needs $12 million to construct a mixed-use project that is located in a low-income community. However, the project does not underwrite to support financing over $9 million. Thus, “but for” receiving an additional $3 million, the project otherwise cannot obtain financing in the traditional market place. Also, given that the project will be constructed, there will be substantial improvements on the real property.

Additionally, assume the project consists of a five-story building, the first floor of which consists of five commercial tenants: a medical clinic, book store, hair salon, an ice cream store, and a sun tanning facility, each of which will pay annual gross rent of $50,000.

The remaining floors consist of residential rental units which will generate residential rental income of $1 million The borrower will not be able to use NMTC financing for the space leased by the sun tanning facility because it is not a Qualified Business. However, the remaining two commercial tenants are Qualified Businesses which can be financed with NMTCs. In order to satisfy the 80% Test, residential rental income cannot be more than $800,000 (i.e., $200,000 aggregate rent from the four qualifying commercial tenants is 20% of $1 million).

The residential rental units associated with the remaining $200,000 residential rental income cannot be financed with NMTCs. Assume the borrower has determined that the costs associated with constructing the spaces for the medical facility and ice cream store and the square footage of residential rental property to support at least $800,000 in residential rental income is $10 million.

Thus, using the $10 million example provided in the description of the leverage structure, a CDE can provide $10 million of NMTC financing, which will be in the form of (a) a $7 million senior loan the terms of

which generally match the $7 million leverage loan, and (b) a $3 million junior loan with a below-market interest rate and generally forgiven at the end of seven years (which is facilitated by a put/call agreement).

The remaining portion of the project (i.e., the sun tanning facility and the other residential units associated with the excess $200,000 of residential rental income ) can be financed with $2 million in debt financing because only $7 million of the $9 million available debt financing is needed for the leverage loan in the NMTC financing. Additionally, the remaining residential units can be financed with LIHTCs. If the borrower had originally been able to support only $7 million of debt financing, the $3 million forgivable loan is often viewed as equity by lenders and the NMTC financing can then be used as part of the underwriting process for the remaining portion of financing that is needed for the other portion of the project (i.e., the sun tanning facility and the residential units associated with the excess $200,000 of residential rental income).

Thus, an additional $2 million in debt financing may be available as a result of continued on page 38

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continued from page 37

the NMTC financing boosting the financial viability of the project. Sometimes what would otherwise be the $3 million forgivable loan may be in the form of an equity contribution by the CDE to the borrower.

This is permitted as long as it does not constitute more than 50% based on value or control. At the end of seven years, a put/call agreement would also effectively grant the contributed equity to the borrower.

DIFFERENCES BETWEEN NMTCS AND LIHTCS. Unlike LIHTC financing, the majority of NMTC financing becomes available at closing rather than completion of the project. This is because the NMTC is based on the investor’s investment itself rather than the use of proceeds of for “eligible” basis as is the case for LIHTC financing. Typically, the CDE holds back the investor’s investment and disburses the NMTC financing proceeds similar to a construction draw process.

Additionally, the NMTC compliance period is seven years compared to the up to 30-plus year compliance periods of LIHTC financings taking into account extended use periods.

If there is a recapture event, 100% of the NMTCs are recaptured and disallowed, which is in sharp contrast to the pro rata recapture requirements in LIHTC financings. A borrower can cause a recapture/disallowance of NMTCs if (a) the borrower ceases to be a QALICB; (b) any commercial tenant ceases to be a Qualified Business; (c) the 80% Test is not satisfied; (d) there is any prepayment of principal; or (e) the antiabuse rule is violated (i.e., any transaction had a principal purpose contrary to the intent of the NTMC program). Since the 2000 enactment of the NMTC program, there has never been a recapture of NMTCs. The flexibility of the NMTC program permits many other sources and uses of capital than described above.

For example, other sources of capital can be used as a source of leverage by the borrower including multiple leverage lenders, tax incremental financing and grants.

The borrower may also be able to self-leverage all or a portion of its financing using prior incurred expenditures. Additionally, often other governmental subsidies such as the USDA guaranty and SBA programs can be incorporated into the NMTC financing. Moreover, often more than one CDE will participate in a single NMTC financing.

Many

NMTC transactions also involve historic tax credits and renewable energy tax credits (and even LIHTCs in a bifurcated transaction).

The NMTC program has been very popular and has received strong bipartisan support. A coalition of community development organizations and financial institutions recently issued a report that discusses the details of how the NMTC program has spurred private investment in low-income communities to create over 500,000 jobs, generate over $5.3 billion in federal income tax revenue and over $3 billion in state and local taxes (which more than offsets the cost of the NMTC program as measured in terms of revenue lost by the federal government from the tax credits themselves while still revitalizing lowincome communities and providing the residents with tangible benefits).

Locke Lord LLP represents investors, lenders, CDEs and borrowers in NMTC transactions. If you have any questions regarding this article or the use of NMTC financing, please contact Alan Kennard at (312) 443-1774 or akennard@lockelord.com.

Our Affordable Housing Group Puts All the Pieces Together Locke Lord’s Affordable Housing Legal Team 39 texas housing magazine

Locke Lord provides comprehensive legalRoof Everything you Need Under One services for the affordable housing industry.

We understand your business and tailorTeam our Our Affordable Housing legal work to meet each client’s unique needs.

is committed to going above

Let us help you put all the pieces together for

and beyond forhousing our clients. success in your affordable endeavors.

Together, we are not just

100 Congress Avenue, Suite 300

creating Austin, Texas 78701quality housing, we are creating homes.

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

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

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

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

Practical Wisdom, Wisdom, Trusted Practical Trusted Advice.

Advice. www.lockelord.com www.lockelord.com Atlanta, Austin, Austin, Chicago, Chicago, Dallas, Dallas, Hong Hong Kong, Kong, Houston, Houston, London, London, Atlanta,

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

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

Los Angeles, Angeles, New New Orleans, Orleans, New New York, York, Sacramento, San Francisco, Washington DC Los

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Since the inception of the Low Income Housing Tax Credit (LIHTC) Program, the affordable housing industry in Texas has generated over $51,397,651,000 into the State’s economy and an additional $6,279,225,670 into local taxes and fees, creating 767,044 jobs and 257,025 affordable homes throughout Texas.

In the following pages you will see how members of the Texas Affiliation of Affordable Housing Providers (TAAHP), a non-profit trade association representing statewide housing professionals, are developing safe, affordable, and quality housing for Texans with limited incomes and special needs.

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Pinnacle at North Chase 3651 North Broadway Avenue

l

Tyler, Texas

W

ith an abundance of indoor and outdoor amenities, Pinnacle at North Chase offers the best of modern conveniences all in a natural setting. The 120-unit development is part of a larger project to redevelop the Northside of the City of Tyler, the Tyler 21 Comprehensive Plan. Officials with the City of Tyler created the strategy for revitalizing various areas of the City through significant planning, renewal efforts and community investment. Pinnacle at North Chase is located within the North End Revitalization Area of the plan, which contains approximately 30% of the city’s population and over one quarter of the city’s households.

Completed in the summer of 2012, the multi family, garden style, gated community offers a holistic approach to housing. The 1, 2, 3 and 4 bedroom apartment homes feature long life-cycle materials including all tile flooring, granite countertops, marble vanities and ceramic tubs. Using these types of material require fewer replacement and repair, which in turn lowers the annual maintenance and operational cost for the complex. Also, utilizing all Energy Star rated appliances, compact fluorescent lighting

and low-flowing plumbing fixtures lowers the overall housing cost burden for residents. With its fitness center, playground, vita course, sand volleyball court, park and picnic area complete with an outdoor fire pit, the community promotes a healthy and interactive lifestyle for residents.

Consisting of six residential buildings and one clubhouse with a cyber café, the housing-tax-credit community is within walking distance of school’s and medical facilities.

The community is also part of the larger North Chase master-planned, mixed-use development that includes dedicated green spaces, retail, commercial and office spaces.

The nearly 400 wooded acres has sat undeveloped for the last 45 years with the area challenged by population decline and disinvestment. Forbes Magazine recently placed Tyler on its list of Best Small Places for Business and Careers with the city poised for even more growth as it experiences an economic boom. Pinnacle at North Chase provides affordable housing options for continued on page 45

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working families wishing to live within the city limits while contributing to the growth and vitality of the community they call home.

Art in Public Places – The principals of Pinnacle Housing Group recognize the importance of art education. In each one of our communities, we commission a local artist to create an original sculpture, mosaic, or other form of art work. Their continued commitment to Art in Public Places aims to provide a sense of community to each property. Quite often local children are provided the opportunity to participate in the artist’s creation, thereby creating a sense of pride and achievement within their neighborhood.

Pinnacle at North Chase has two Art pieces “Outside the Circle” by George Tobolowsky and “Rise” by Clayton Swartz.

Type of funding: 9% Low Income Housing Tax Credits NUMBER OF UNITS 120 Affordable Units 32 –one bedroom units at 883 sq. ft.

64 – two bedroom at 1,188 sq. ft.

20 – three bedroom at 1,314 sq. ft.

4 – four bedroom at 1,552 sq. ft.

RESIDENT PROFILES Pinnacle at North Chase serves families with 30%, 50% and 60% of AMI and includes 1, 2, 3 and 4 bedroom units DEVELOPERS PHG Lone Star, LLC, an affiliate of Pinnacle Housing Group SYNDICATOR(S) Wells Fargo LENDER NAME(S) Citibank ARCHITECT(S) Miller Slayton Architects TAX CREDIT CONSULTANT S2A Development

ON-SITE AMENITIES Swimming pool, Playground, Covered picnic area with grilling stations, Walking and jogging trails with outdoor fitness stations along the trail, Sand volleyball court, Clubhouse with fully furnished serving kitchen and Wi-Fi, Fitness center, Computer lab, and Game room SUPPORT SERVICES: • Counseling services • Language Classes • Homebuyer education • Credit counseling • Financial planning courses • Health screening services • Health and nutritional courses Pinnacle Housing: Established in 1997, Pinnacle Housing Group, LLC is a full-service real estate development company committed to solving the critical need for affordable and workforce housing in the Southeastern United States’ urban centers, suburban areas and rural communities.

Pinnacle develops, builds, leases and owns affordably priced, luxury-styled apartment homes. With a development portfolio in excess of 6,000 units, Pinnacle has grown responsibly and is consistently ranked among the Top 50 Affordable Housing Finance Magazine’s list published every spring. Pinnacle has completed 50 developments since 2001 and currently has ten projects in pre-development or construction in Texas and Florida.

Pinnacle Housing Group’s efforts in the Lone Star State have been spear headed by Regional VP Lisa Stephens. Since 2009, Ms. Stephens has assembled a successful team, opened an office in Austin with full time staff located in both Dallas and Austin. The collective principals of Pinnacle and Lisa Stephens have developed over 10,000 units throughout the southeast.

For more information visit www. pinnaclehousing.com

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Northline Apartment Homes 7211 Northline Drive

l

Houston, Texas

N

orthline Apartment Homes is a 172 unit multifamily community that participates in the LIHTC Program with the State of Texas and is 100% tax credit.

StoneArch Builders developed Northline Apartment Homes in 2010.

Northline is a special place that meets affordable and luxury living for the first time in a master planned community located in Houston’s Northside.

It is conveniently located to fine dining, fashion apparel shops and recreation centers. A convenient Northside location that offers quick access to all major thorough fares such as Interstate 45, the Sam Houston Tollway and the 610 Loop. Northline is also located within walking distance of the Houston Metro Bus Line.

In addition, our professionally trained staff is prepared to meet your expectations with extraordinary service and care.

Northline Apartment Homes offers one, two and three bedroom apartment homes with energy efficient appliances, faux wood flooring in the living room, kitchen, dining room and bathroom(s). The kitchens feature granite countertops, tiled backsplashes, mahogany cabinets with silver hardware and a food pantry. There are ceiling fans in the bedrooms and living room, a french door that leads to the patio where there is outside storage. Carports and garages are also available for an additional fee.

Northline Apartment Homes offers many supportive services to their residents such as health and nutritional classes, health screening services, notary public services, recreational activities, credit counseling, continued on page 48

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continued from page 46

basic adult education, library, computer training and after school tutoring.

Our Green Initiative includes water conserving features such as high efficiency toilet; bathroom lavatory faucets and showerheads that do not exceed 2.0 gallons per minute; kitchen faucets that do not exceed 1.5 gallons per minute; recycling service and EPA’s Best Management Practices for erosion and sedimentation control during construction

For additional information, please contact Sandra Kainer with Orion Real Estate Services, Inc.

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Northline’s amenities include a community center, exercise facility, learning center, pool, barbeque grills with picnic tables, recycling, 3 playgrounds and limited access gates.

NORTHLINE APARTMENT HOMES 7211 Northline Drive Houston, Texas 77076 713-692-1832 Telephone 713-692-1833 Facsimile northline@ores.com www.northlineapartments.com

OWNER/DEVELOPER Houston North Apartments, LP Kenneth G. Cash - StoneArch Development, Inc. 16000 Barkers Point Lane, Suite 225 Houston, TX 77079 281-493-0700 Telephone 281-493-0702 Facsimile ken@stonearchdev.com www.stonearchdev.com MANAGEMENT COMPANY Orion Real Estate Services, Inc. Sandra Kianer - Regional Supervisor 1455 West Loop South, Suite 800 Houston, Texas 77027 713-622-5844 Telephone 713-622-4762 Facsimile skainer@ores.com www.ores.com LENDER Capital One Mr. John Yochum www.capitalone.com SYNDICATOR Raymond James Tax Credit Funds Kent Gordon – Asset Manager 880 Carillon Parkway St. Petersburg, Fl., 33716 727-567-1752 Telephone kent.gordon@raymondjames.com www.raymondjames.com PHOTOGRAPHER The Photo Shop VJ Arizpe 1325 W 24th St, Unit A Houston, TX 77008 (281) 738-1222 vjarizpe@mac.com www.thephotoshop.com

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4415 Perry Street

by Filo Castore, AIA Project: 4415 Perry Street, SRO Apartments, Houston Client: New Hope Housing Architect: The Architecture Studio of Val Glitsch Design team: Val Glitsch, FAIA; Danny Rigg, Associate AIA; Ethan Dehaini Photographer: Hiebert Photography & Professional Imaging

T

he new housing development at 4415 Perry Street in Houston is an unequivocal reminder that great architecture improves people’s lives. Designed by Val Glitsch, FAIA, for New Hope Housing — an independent nonprofit organization founded in 1993 that offers quality, affordable single-room occupancy (SRO) housing to low-income-earning adults — the project is a sustainable solution for an underserved population.

Since New Hope Housing’s first project on Canal Street opened in 2005, Glitsch, working alongside the client, has been able to redefine the meaning of the word “conservation” as a delicate balance between conserving energy and resources and conserving the quality of life for people in the community. “A safe and beautiful living environment is important to the stabilization of any community, regardless of income level. For many residents here, this is the first time they have been able to enjoy that,” notes Glitsch. She explains that New Hope

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Housing has been able to provide rental options as low as $440 per month with all bills paid, including basic cable and on-site support services.

Situated a few miles southeast of downtown, in Foster Place, and just a block south of a large industrial facility, 4415 Perry Street emerges among vacant lots and shotgun homes. The new development maximizes the site capacity, creating a much-needed dense addition to the city’s urban fabric.

The property had remained undeveloped for years, and the formerly empty two-acre lot had only a few mature trees, which were incorporated into the project as reclaimed furniture. The project was achieved with contextual acumen, and without compromising access, scale, or environmental benefits.

The building’s 160 units (arranged at a ratio of 90 units per acre) are articulated around a central courtyard in an ascending counterclockwise spiral. A low profile defines the southern perimeter, and the height increases as the building completes the circle along the northern edge. At each corner, circulation breezeways imperceptibly separate the building masses, while a network of openair corridors connects all units. This strategy achieves multiple goals. It helps direct beneficial summer breezes throughout the complex, ultimately pulling them into the central courtyard garden. It also blocks the nippy winter gusts — a result of positioning the taller three-story structure to the north.

And finally, it creates a pleasant destination

at the heart of the project for all residents to enjoy throughout the year. On-site water retention was achieved by an underground crate system, which, coupled with an extensive amount of pervious ground surfaces, captures storm-water runoff.

New Hope Housing provides each resident with an efficient open living space. All apartments have a private bath, microwave, and small refrigerator — but no open-fire kitchen. Each unit has been specifically designed and furnished with the goal of reducing maintenance and operations costs.

The simple decision of minimizing the use of easily breakable “moving parts,” such as cabinet doors, will pay off in the long run. Light/motion sensors and individually controlled HVAC units contribute to overall energy savings. Additional strategies that ultimately helped 4415 Perry Street achieve LEED Platinum certification include drought-tolerant native landscaping, water-conserving fixtures, energy-efficient appliances, high-recycled-content materials, and high-performance building envelope insulation.

The exterior shading system is indicative of the architect’s ingenuity; Glitsch clearly understands Houston’s climate. To minimize heat gain and maximize cooling in the building, her team made the decision to protect all windows (except the north-facing ones) with external shading devices. The material of choice needed to be a standard and affordable off-the-shelf product that would block the sun’s rays before they hit the glass and at the same time maintain a high level of daylight penetration to curtail the use of artificial lighting. After much research, fi-

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berglass grating — typically used as a walking surface in industrial applications — was cut and installed as light filters outside each sun-vulnerable window. The simplicity of its design and the straightforward bolted installation integrates seamlessly into the composition of the facade. The purposeful use of a simple palette of materials such as fiber cement boards, stucco, and brick on the exterior elevations seems to echo the scale of the residential units’ layout and program functions throughout the project.

To support the needs of the residents and the mission of the organization, a series of community functions were incorporated on the ground floor beyond the 24/7-staffed re-

ception area. These essential amenities include community rooms, a shared kitchen, a business center, washer/dryer facilities, and the central courtyard with its water feature, covered patios, outdoor seating, and barbecue grill. These are areas where residents gather regularly to take advantage of lifeskills training and focused events, ranging from the Healthcare for the Homeless Fair to Thanksgiving dinner. These on-site services and activities bring tenants together and build community while minimizing the need for off-site appointments and travel.

The end result is an extremely effective design, providing simple and elegant solutions that support New Hope’s goal to keep rental rates below market prices. 4415 Perry Street was financed without carrying any debt, through Federal Housing Tax Credits; contributions from private foundations, corporations, churches, and individual donors; and a vital public-private partnership with the City of Houston. The integrated sustainable design reduces maintenance and operations costs, ensuring the project’s continued economic viability. Executive Director Joy Horak-Brown says, “We have to make smart choices to deliver lasting, high design without a high-design budget.”

As New Hope Housing celebrates its 20th anniversary by achieving 1,000 units, Horak-Brown looks forward to the future and notes that, while the organization will continue to develop SRO projects, it will extend its focus to helping families and seniors to support the needs of the community. The project is leading the way to a new normal, not just for its residents, but as an example of how good design is transformative and improves lives. As one of the residents, Danatte, says, “This place gives people hope to become more self-sufficient, more confident in their potential.” She adds that New Hope’s projects “support people as they struggle to change their lives. Perry Street is a wonderful project. I hope there will be many more.”

Filo Castore, AIA, is an associate principal at Perkins+Will Houston, where he leads the Corporate, Commercial, and Civic Sectors.

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4415 Perry Street 4415 Perry Street

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Houston, Texas

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ew Hope Housing’s near term strategic goal is to help meet the need for single room occupancy (SRO) housing in a supportive environment through a continuous development cycle. To that end, New Hope has opened its sixth SRO project – 4415 Perry. Perry includes important art components and also incorporates additional office space for collaborative partners to provide enhanced support services.

Following their recently established ‘green’ housing model, 4415 Perry is their second LEED platinum certified property. Bubble Description: New Hope has received numerous accolades, both national and international, in honor of its high-quality affordable housing program.

TYPE OF FUNDING Housing Tax Credits, City of Houston HOME funds, FHLB-Chicago AHP grant, and private grants from foundations an d corporations.

NUMBER OF UNITS AND COMPOSITION: 160 fully-furnished efficiency units including a microwave and refrigerator, and a private tiled bath; tax credit and HOME units RESIDENT PROFILES: New Hope’s Perry property serves individuals living alone on limited incomes. Residents include veterans, the elderly, the chronically ill, people with cognitive and physical impairments, those overcoming substance abuse, the working poor, and the formerly homeless.

DEVELOPER: New Hope Housing, Inc. Syndicator: National Equity Fund, Inc. INTERIM LENDER JPMorgan Chase Bank, N.A. ARCHITECT Val Glitsch, FAIA, LEED AP

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ON-SITE AMENITIES Shared community spaces include reception area with 24/7 front desk coverage; fully-furnished community rooms (living/television/dining/library); community kitchen; fully-equipped business center; coin-operated washer/dryer facilities; service coordinator offices for on-site case management; and, central courtyard with a fountain, barbecue grills, and outdoor seating.

SUPPORT SERVICES Case management; information & referral services; emergency financial support; lifeskills training, including financial management, legal assistance, and health and nutrition classes; and, recreational and social activities.

SPECIAL DESIGN FEATURES Open door corridors; glazed brick incorporated as accent walls that frame the main entry, courtyard fountain and porch - adding permanent touches of color; original art including trees from the property site repurposed as community furniture; and, the incorporation of social service offices.

For additional information please contact Joy Horak-Brown, Executive Director at joy@newhopehousing.com

GREEN INITIATIVE LEED Platinum certification

Photos courtesy of Mark Hiebert, HiebertPhotography.com

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Mason Apartment Homes 2243 North Mason Road

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Katy, Texas

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ason Apartment Homes, located in Katy, Texas, is an active adult community ages fifty-five (55) and up and was built in 2011-2012 by Stonearch Development. Mason Apartment Homes is professionally managed by Orion Real Estate Services, Inc. Mason Apartment Homes participates in the LIHTC Program with the State of Texas and is comprised of 120 units. 100% of the community is income and rent restricted.

Mason Apartment Homes offers one and two bedroom apartment homes with energy efficient appliances, faux wood flooring in the living room, kitchen, dining room and bathroom(s). The kitchens feature granite countertops, tiled backsplashes, mahogany cabinets with silver hardware and a food pantry. There are ceiling fans in the bedrooms and living room, a french door that leads to the patio where there is outside storage. Community also offers Bungalo

style two bedrooms with attached garages.

Carports and garages are also available for an additional fee.

Mason Apartment Homes offers many supportive services to their residents such as health and nutritional classes, health screening services, notary public services, recreational activities, credit counseling, basic adult education, library, computer training and monthly day trips throughout Texas.

Our Green Initiative includes water conserving features such as high efficiency toilet; bathroom lavatory faucets and showerheads that do not exceed 2.0 gallons per minute; kitchen faucets that do not exceed 1.5 gallons per minute; thermally and draft efficient doors; recycling service, a solar panel and EPA’s Best Management Practices for erosion and sedimentation control during construction continued on page 58

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Mason amenities inludes a community center, exercise facility, pool, walking trail, gazebo, barbeque grills with picnic tables, valet trash service, recycling, dog park, gardening and limited access gates.

MASON APARTMENT HOMES 2243 North Mason Road Katy, Texas 77449 281-578-3390 Telephone 281-578-3850 Facsimile mason@ores.com www.masonseniorapts.com

For additional information, please contact Sandra Kainer with Orion Real Estate Services, Inc.

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OWNER/DEVELOPER Mason Senior Apartments, LP Kenneth G. Cash StoneArch Development, Inc. 16000 Barkers Point Lane, Suite 225 Houston, TX 77079 281-493-0700 Telephone 281-493-0702 Facsimile ken@stonearchdev.com www.stonearchdev.com MANAGEMENT COMPANY Orion Real Estate Services, Inc. Sandra Kianer - Regional Supervisor 1455 West Loop South, Suite 800 Houston, Texas 77027 713-622-5844 Telephone 713-622-4762 Facsimile skainer@ores.com www.ores.com LENDER Comerica Bank Matt Maberry National Real Estate Services, MC 6504 1717 Main St 4th Floor Dallas, TX 75201 214-462-4278 Telephone 214-462-4280 Facsimile mgmaberry@comerica.com www.comerica.com SYNDICATOR Raymond James Tax Credit Funds Kent Gordon – Asset Manager 880 Carillon Parkway St. Petersburg, Fl., 33716 727-567-1752 Telephone kent.gordon@raymondjames.com www.raymondjames.com ARCHITECT Hill and Frank Architects George Frank 1800 St. James Place, Suite 205 Houston, Texas 77056 713-877-1274 george.frank@tngarchitects.com PHOTOGRAPHER The Photo Shop VJ Arizpe 1325 W 24th St, Unit A Houston, TX 77008 (281) 738-1222 vjarizpe@mac.com www.thephotoshop.com

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Parkway Ranch 10000 West Montgomery

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Houston, Texas

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DEVELOPER Hettig/Kahn Development Corp.

EQUITY Hudson Housing Capital, LLC LENDERS Amegy Mortgage Phase I Capital One Bank of Texas Phase II Harris County Housing Finance Corp.

CONTRACTOR Hettig Construction Corp.

MANAGEMENT Hettig Management Corp.

NUMBER OF UNITS Phase I/ 112 units Phase II/ 45 units SPECIAL THANKS Child and Adult Development Center of Houston, Inc. God’s Grace Church JRM Architects, Inc., Architects Locke Lord, Law Firm Novogradac & Co, Accounting SPECIAL FEATURES Detached 4-bedroom single family homes with attached garages to house larger families

GREEN FEATURES EnergyStar appliances and fixtures including appliances, water conserving fixtures, thermal and draft efficient doors, ceramic flooring, and solar power for the social service facility.

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.

Other services available on premises are notary 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 bank’s financial literacy program.

SUPPORT SERVICES GED preparation, scholastic tutoring, health screening, health nutritional classes, financial planning assistance, legal assistance, and after school and summer programs for the youth

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Amber Stone Apartment Homes 210 E. Crockett Street

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Beeville, Texas

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s a contribution to the revitalization plan initiative for the City of Beeville, a 54 unit new construction apartment community for individuals and families has been developed. The previous Windsong Apartments were demolished, and replaced with a newly designed master planned multifamily community, known as Amber Stone Apartments.

Originally developed in 1940 for the United States Navy, the former Windsong Apartments was a highly distressed property in dire need of replacement after 71 years of deterioration and mismanagement. The Windsong Apartments consisted of eleven, one-story apartment buildings totaling 54 rental apartment units. The only onsite amenity was an eroded laundry facility.

The newly constructed 54 unit development consist of three residential buildings that are two-story with stone & stucco veneer and fiber cement siding with pitched composition shingle roofs. The spacious 1, 2 and 3 bedroom residential units range from 725 to 1250 sqft. The Mission-style architecture was selected for the property to compliment the rich history of South Texas and the City of Beeville.

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PHOTOGRAPHER Adrian Iglesias, President Generation Housing Development TYPE OF FUNDING Housing Tax Credits – Texas Department of Housing and Community Affairs Home Partnership Program – Texas Department of Housing and Community Affairs Conventional Financing – Comerica Bank Tax Credit Equity – City Real Estate Advisors, Inc.

Rick J. Deyoe, President Realtex Development Corporation 1101 S. Capital of Texas Hwy, Suite F-200 Austin, Texas 78746 SYNDICATOR: City Real Estate Advisors, Inc Nicole Flores LENDER NAME(S) Comerica Bank Matt G. Maberry Texas Department of Housing and Community Affairs, HOME Partnership Program Cameron Dorsey

NUMBER OF UNITS AND COMPOSITION 54 Total Units

ARCHITECT BGO Architects, Dallas Texas

6 Units set-aside at 30% AMI 19 Units set-aside at 50% AMI 29 Units set-aside at 60% AMI

LIST OF ON-SITE AMENITIES: Perimeter Fencing with 24/7 Controlled Access Gates with Intercom System Clubhouse and Community Center Fully Equipped Fitness Facility Business Center with Free Wi-Fi Media Room Classroom Laundry Facility Resort Style Swimming Pool Two Children’s Playscapes Barbecue Grills and Picnic Tables

11 HOME Units RESIDENT PROFILES Individuals & Families DEVELOPER(S) Adrian Iglesias, President Generation Housing Development 9600 Escarpment Blvd. Suite 745-101 Austin, Texas 78749

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LIST OF SUPPORT SERVICES OFFERED Scholastic Tutoring Arts and Crafts Financial Literacy Courses Health Fair Health and Nutritional Courses GED Preparation Planned Social Activities Complimentary Public Notary Services GREEN INITIATIVES This was a reconstruction property and the land was repurposed.

Sustainable landscaping was utilized. Native trees and plants were installed to allow for shading in the summer and heat gain in the winter.

High efficiency toilets that exceed State requirements were installed in all the units.

All plumbing fixtures that were installed throughout the development exceed the State requirements for flow rates.

A 14-SEER HVAC system was installed throughout the property.

Healthy finish materials were selected which have a rating that meets the Green Seal standards.

Energy-Star appliances were throughout the development.

installed

SPECIAL DESIGN FEATURES In an effort to celebrate the region, special details in the design phase were accomplished by the development team to implement the South Texas heritage of mission style architecture.

SPECIAL THANKS We would like to recognize Realtex Housing Management, LLC for their professionalism in reaching out to the local rental market and successfully leasing up Amber Stone Apartments within a thirty day period.

For additional property information, please contact: Generation Housing Development 9600 Escarpment Blvd. Suite 745-101 Austin, Texas 78749 (512) 971-9127 Adrian Iglesias, President AIglesias@qctproperties.com

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Taylor Farms 1150 Pinnacle Point Blvd

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Dallas, Texas

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eautiful new Contemporary Designed Urban Infill construction apartment for Family Markets in South Dallas, Tx. Construction was completed in 2011. Close to many public amenities and access to Downtown Dallas. Units have full kitchens with microwave ovens and energy star appliances. Taylor Farms is a modernist, contemporary and visually striking addition to Dallas skyline.

Photographer Frank Pollacia, Craig Blackmon Type of funding Tax Credits (HTC) Number of units 160 units Resident profiles Family Developer(s) Ground Floor Development LLC Syndicator(s). Boston Capitol Lender name(s). Dougherty Mortgage Architect(s) Architettura Inc.

on-site amenities Swimming Pool, furnished Fitness center, furnished Business center, self-cleaning ovens, Business Center Community room, Laundry, employee Shower (for LEED) and an enclosed sun porch. support services Basic adult education, financial planning assistance, health screening services, transportation, health and nutritional courses, organized activities and outings, instructor led fitness/exercise classes.

Green initiative Designed to LEED Silver, Post Construction LEED Application in Progress.

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For more information about Taylor Farms contact Brandon Bolin at 214-991-8331.

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Schedule At-A-Glance

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WELCOME

President O

n behalf of the board of directors and members of the Texas Affiliation of Affordable Housing Providers, it is my pleasure to welcome you to the 2013 Texas Housing Conference.

We all should be proud of the affordable housing achievements in Texas.

With well over 200,000 LIHTC units offering safe, decent and affordable housing for Texans of lesser means and the addition of almost $60,000,000,000 of economic impact to our state since inception of the program, it is no wonder that out-of-state developers are impressed with our passion for affordable housing and try to apply in Texas.

And we continue to add a billion dollars of economic benefit to the state annually. We have all had the joy of seeing the excitement of families and seniors moving into one of our high quality developments.

The 2013 legislative session has been challenging and the new legislation has

Our diverse member base continues to work with Texas Department of Housing and Community Affairs (TDHCA), federal agencies, and other advocacy groups to preserve and advance the affordable housing programs. The regulatory process is becoming more bureaucratic and burdensome, and the ICP lawsuit added new impediments to the program. In some cases, old policy is out-of-date with current demographics. At the federal level, we are facing challenges with retaining the program as some proposals for tax reform include abolishing the program.

TAAHP’s member services, with guidance from its Educational Committee, has seen the executive management series and the quarterly luncheons grow and deliver additional benefits to our members. Our Compliance Committee is currently working to amend the TDHCA

compliance rules and inspection process. Much more work is needed and we all need to work with both state and federal legislators to better understand the importance of the LIHTC program.

Please invite them to your grand openings so they grasp the importance of providing housing to those in need.

TAAHP has grown extensively under Jim Brown’s guidance and leadership the past 7 years. He has announced his retirement as of year-end and the Search Committee of the Board, notwithstanding the challenge of filling his position, hopes to announce a new executive director shortly. We will miss him, not only for his fork lore, but his wisdom and experience with the Legislature and guidance as an outstanding executive director.

WELCOME

TAAHP’s membership has continued to grow expediently and it has been a pleasure to watch the Conference become the largest state housing conference nationwide.

We have welcomed over 650 participants and offer over 20 meaningful education sessions covering construction, legislative and financial issues with some of the best panelists in affordable housing.

some positive benefits including margin tax breaks for properties with over $1M in gross revenue. Our members, including our Government Affairs Committee, were engaged under Executive Director Jim Brown’s guidance to represent the best interests of the organization. And if one cures all their inspection deficiencies timely, one will not face material noncompliance. Additional burdens have been added by the Legislature for those applying for future credits. New applicants will have to reach out and be more involved with the municipal agencies for approval of applications.

We greatly thank our partners for their continued support of the Conference and TAAHP’s other events. I personally thank the members of our Board and the TAAHP staff for their hard work and efforts this past year. We hope all who attend this 2013 Texas Housing Conference will have an informative and successful week and thank you for your continued participation in TAAHP activities.

Sincerely,

W. Barry Kahn, President TAAHP

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WELCOME

Board of Directors

1st Row (left to right)

President Barry Kahn, Imm. Past President Antoinette M. “Toni” Jackson, President Elect George Littlejohn

2nd Row (left to right) Vice President Justin MacDonald, Vice President Mahesh Aiyer, Treasurer Bobby Bowling, Secretary Mark Mayfield

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3rd Row (left to right) Dan Allgeier Terrri Anderson Rick Deyoe Debra Guerrero Joy Horak-Brown

4th Row (left to right) Darrell G. Jack David Mark Koogler John Shackelford Valerie Williams Jerry Wright

Ex-Officio

(not pictured)

Edwina Carrington Mike Clark JOT Couch Nicole Flores Granger MacDonald Dan Markson Diana McIver Linda McMahon Mike Sugrue

Texas Affiliation of Affordable Housing Providers

Executive Director with you and our ability to respond to your needs.

nother year has passed and once again we are gathered here in the Four Seasons Hotel Austin for another exciting Texas Housing Conference. The Board of directors and staff want to extend a larger than huge welcome to the 2013 Conferees. You spoke, we listened and we have made your conference this year better than historically in the past. The five educational tracks include topics ranging from The Money Track, Future Markets, Compliance Issues, Current Issues and Energy.

This year TAAHP will recognize its second Legislator of the Year; our first was Representative Jose Menendez in 2009. We continue to introduce speakers, panelists, and moderators who are recognized in their professions as outstanding and knowledgeable on the subjects. The generous support and underwriting from our Conference Partners allows us to attract participants otherwise unavailable to the Conferences of the past. Just say thanks as you encounter them throughout the conference.

The growth is not all sweet.

We have outgrown the Four Seasons Hotel causing the relocation of some of our events to other properties in downtown Austin. Our awards luncheon on Tuesday and our two largest attended educational sessions will be held at the newly renovated Hyatt Hotel. Air conditioned shuttles/buses will run every 3 to 5 minutes starting at 10:15am through 3:15pm between the Four Seasons and the Hyatt.

The Four Seasons Hotel was completely booked by the end of the first week of March or within 10 days; requiring forty eight percent of our delegates to lodge in other hotel properties in the neighborhood. TAAHP became aware of this growing problem in 2011; following several lengthy meetings and discussions a tough decision was made.

A

Texas Housing Conference continues to grow annually while other conferences have experienced difficult challenges in maintaining their attendance. We believe our success is dependent on our communication

Texas Housing Conference is moving into its second transition period and into the Hilton Austin Convention Hotel. For the past two years we have been working frequently with the Hilton staff on sleeping, meeting and party rooms, and food and beverage menus, conference and exhibit hall decorating, audio/visual even a new greeting arch.

The 2014 conference preparation is complete and in the can ready for the opening of

the July 2014 Texas Housing Conference. TAAHP is prepared and will be ready to greet you at the Hilton in July 2014. Little will have changed since the past conferences at the Four Seasons; just a different view from your window.

WELCOME

Dear Conference Partners and Attendees,

The second transition and change is a new name and face on this page. After 64 years of working daily it is time for me to retire. In the latter part of this year the Board will select its 3rd executive director and I will begin planning my 80th birthday party. It’s been fun and you have made it possible. Good luck personally and professionally; you and the conference will be missed.

Jim T. Brown Executive Director, TAAHP

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WELCOME

City Real Estate Advisors proudly recognizes K. Nicole Flores, our Senior Vice President of Acquisitions and this year’s Co-Chair of the Texas Housing Conference.

City Real Estate Advisors (CREA) is a full-service tax syndicator specializing in low income housing tax credits (LIHTC). We bring more than a century of combined affordable housing industry experience and a staff of over 55 employees that is committed to providing innovative ways to maximize the long-term mutual economic benefit to developers and investors.

Operating with the philosophy that fundamentally sound real estate is the common denominator in every successful LIHTC investment, our goal at CREA is to provide developers with the best possible service, capital, and resources, while simultaneously creating high-quality low income housing tax credits for our investor clients. Since its inception, CREA has originated over 250 properties and closed over $1.5 billion in LIHTC equity in national and proprietary funds as well as direct placements.

City Real Estate Advisors is based in Indianapolis with offices across the country.

Indianapolis | Boston | Austin | Portland

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@CityREAdvisors CityRealEstateAdvisors.com

Conference Co-Chairs I

Of course, one of the comments I hear most often about the annual TAAHP conference is that “the networking is amazing!” And it’s true. Again this year, in addition to an education grid designed to appeal to a large spectrum of disciplines across the affordable housing industry, the schedule is designed to ensure that there is adequate time to visit with your old friends across the industry in addition to making that vital new contact you were searching for. Also, beyond the core business issues, the conference 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 3rd annual Mike Lankford Memorial Golf Tournament or join the spa crowd for some cooler and relaxing indoor down time.

This year, 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 developments at hand, 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. Taking the opportunity to hold groundbreakings and grand openings including all your elected officials to highlight the economic benefit to our developments is critical as is participating in the political debate at both the local and national level.

On behalf of TAAHP, thank you for all you do. We have endeavored to provide a comprehensive look at all of the issues facing our agenda. 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

WELCOME

t’s that time again – time to beat the heat and get educated at the beautiful Four Seasons in Austin.

Thank you for joining us for the 15th annual Texas Housing Conference. For the fifth consecutive year, the attendance and sponsorship has continued to set records for participation across the industry, making this conference the premiere housing event in the Southwest each year. Again in 2013, we hope to afford you the opportunity to get the very latest operational news on your workforce housing development, update your accounting and compliance knowledge, get real time market updates, shop all types of service providers, lenders, contractors, managers and materials providers – just to name a few of the types of vendor booths you will find in the Marketplace again this year.

how we can help to improve your networking and learning at this and future events.

Kind Regards,

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

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EDUCATION

special events Monday, July 22, 2013

Tuesday, July 23, 2013

Opening Session: 4:00 - 5:00 pm

Fruit + Donuts: 7:30 - 8:30 pm

Opening Reception: 5:00 - 7:00 pm

Morning Refreshments: 9:45 - 10:15 pm

Wine Trail: 5:00 - 7:00 pm

Luncheon (Hyatt Hotel): 12:00 - 1:30 pm

[ Booth 3 ]

Afternoon refreshments: 3:00 - 3:30 pm

[ Booth 22 ]

Closing Reception: 5:00 - 7:00 pm

Wine Trail: 5:00 - 7:00 pm

[ Booth 3 ]

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monday, july 22, 2013 Monday 9:00 am - 12:30 pm

TAX CREDIT WORKSHOP

Room: San Jacinto West

Monday 9:30 am - 12:30 pm

NEW MARKET TAX CREDITS 101

Room: Stones Crossing

Room: San Jacinto Ballroom East

Room: Stones Crossing

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

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.

Speakers Marshall Phillips, CohnReznick LLP Alan Kennard, Locke Lord, LLP Kevin Goldsmith, JPMorgan Chase

The New Market Tax Credit (NMTC) program was created as part of the Community Renewal Tax Relief Act of 2000 to offer investors a federal tax credit for making qualified investments 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 that is distributed over seven years. Join three NMTC experts for an in-depth look at these special credits as they share information on the programs history and its evolution. Find out who the players are and what their roles are. Wanda, Alan and Marshall will take you through the tax credit pool, the application process and the award process.

EDUCATION

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.

They will present a working example and take a look at the timing and funding commitments necessary to get the deal done and share their insight from a legal, accounting and lending perspective. If you have ever wanted to use NMTC’s, don’t miss this invaluable session on how to find allocations, the average size of the awards and who you need on your team to make it happen.

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tuesday, july 23, 2013 SESSION TRACK

MONEY

FUTURE MARKETS

sponsored by

sponsored by

Bank of America Merrill Lynch

JPMorgan Chase Bank

7:30 - 8:30 am

Fruit & Donuts Breakfast sponsored by

8:30 - 9:45 am

Bonds (p. 84) Location: Four Seasons Hotel Room: San Jacinto West

Public/Private Partnerships - PHA’s, PFC’s and HFC’s (p. 84) Location: Four Seasons Hotel Room: Little Colony

9:45 - 10:15 am

Refreshment Break sponsored by

10:30 - 11:45 am

Debt & Market Rate Workforce Housing Strategies (p. 88)

EDUCATION

Location: Hyatt Hotel Room: Foothills Ballroom

12:00 - 1:30 pm

Luncheon (hyatt hotel) sponsored by

1:45 - 3:00 pm

Equity - Proprietary Placement vs.

Multi-Fund: An Inside Look at what Investors Really Want (p. 92) Location: Hyatt Hotel Room: Foothills Ballroom

3:00 - 3:30 pm

Refreshment Break sponsored by

3:30 - 4:45 pm

The Current State of HUD: HAP Funding, NSP Funds, FHA-insured loans and the HUD Pilot program (p. 95) Location: Four Seasons Hotel Room: San Jacinto East

5:00 - 7:00 pm

RAD (p. 86) Location: Four Seasons Hotel Room: San Jacinto West

A Candid Look at High Opportunity Areas (p. 91) Location: Four Seasons Hotel Room: San Jacinto East

50+ and Seniors HousingMeeting the Demand (p. 94) Location: Four Seasons Hotel Room: Little Colony

Closing Reception sponsored by

wednesday, july 24, 2013

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8:30 - 10:00 am

Legislative Breakfast (all events held inside the Four Seasons Ballroom)

8:30 - 10:30 am

Two Rivers Legislative Update: From the Colorado to the Potomac (p. 96)

10:30 - 11:30 am

Washington Wire (p. 96)

COMPLIANCE

CURRENT ISSUES

ENERGY & SOCIAL MEDIA

sponsored by

sponsored by

sponsored by

CohnReznick, LLP

City Real Estate Advisors

PNC Real Estate

Underwriting at Final Cost Certification (p. 85) Location: Four Seasons Hotel Room: Stones Crossing

Years 10 to 15 -Preserving the Past and Preparing for the Future (p. 85) Location: Four Seasons Hotel Room: San Jacinto East

Legal Issues affecting the Affordable Housing Industry (p. 87)

Fifty Shades of Green (p. 87)

Location: Four Seasons Hotel Room: Little Colony

Location: Four Seasons Hotel Room: San Jacinto East

Location: Four Seasons Hotel Room: Stones Crossing

Effective Asset Management from an Owner’s Point of View (p. 90)

Resident Services & Amenities The New Necessity (p. 90)

Latest Trends and Affordable Designs for Multifamily Housing (p. 91)

Location: Four Seasons Hotel Room: San Jacinto West

New Capitalization Rules (p. 95) Location: Four Seasons Hotel Room: Stones Crossing

Location: Four Seasons Hotel Room: Little Colony

Location: Four Seasons Hotel Room: Stones Crossing

EDUCATION

Critical Issues in the Compliance Arena (p. 86)

Multifamily Market Forecast with Dr. Steve Murdock (p. 94) Location: Four Seasons Hotel Room: San Jacinto West

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Tuesday 8:30 - 9:45 am

Tuesday 8:30 - 9:45 am

BONDS

PUBLIC/PRIVATE PARTNERSHIPS - PHA’S, PFC’S AND HFC’S

EDUCATION

Room: San Jacinto West

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Room: Little Colony

Moderator Jerry Wright, Dougherty & Company LLC

Moderator Mark Mayfield, Texas Housing Foundation

Panelists Laura Bailey, Capital One, N.A. Cody Wilson, Merchant Capital, LLC David Danenfelzer, Texas State Affordable Housing Corporation Sean O’Conner, Dauby O’Connor & Zaleski, LLC

Panelists Macy Kilinsky, National Equity Fund, Inc. Barry Palmer, Coats Rose Sylvia Blanco, Housing Authority of the City of Austin Ron Williams, Southeast Texas Housing Finance Corp.

This all-star panel will discuss the bond market’s current status and gain valuable insight into why developers and Housing Finance Authorities (HFA’s) are increasing their use of taxexempt bonds. Not only will you receive the latest news from the municipal bond market – our speakers will examine the increasing use of tax-exempt bonds and the credit to revitalize Year 15, Housing and Urban Development (HUD) and market-rate conversion properties.

Hear firsthand what investor demand is for tax exempt bonds. Our panel members will also discuss the current political climate and share recommendations on how you can secure bond financing in a tough market.

This panel will discuss legal and financial strategies for private developers partnering with Public Housing Authorities (PHA’s) and their affiliate Public Finance Corporations (PFC’s) as well as partnering with the Housing Finance Corporations (HFC’s). This session will examine the potential opportunities that private/ public partners have to utilize the existing Public Housing Mixed-Financed strategies, RAD conversions of existing public housing and the leveraging of other public housing resources such as capital funds and Section 8 project- based assistance for the development of mixed-use and revitalized housing stock.

Get a comprehensive overview from active leaders in the Public Housing and Housing Finance arena today!

Tuesday 8:30 - 9:45 am

Tuesday 8:30 - 9:45 am

UNDERWRITING AT FINAL COST CERTIFICATION

YEARS 10 TO 15 - PRESERVING THE PAST AND PREPARING FOR THE FUTURE

Room: San Jacinto East

Moderator Rick Deyoe, Realtex Development Corporation

Moderator Mike Sugrue, StoneLeaf Companies

Panelists George Littlejohn, Novogradac & Company, LLP Tom Gouris, Texas Department of Housing & Community Affairs Robbye Meyer, Arx Advantage

Panelists Frank Brown, CITI Community Capital Chris Thomas, CohnReznick LLP Cynthia Bast, Locke Lord LLP Valerie Williams, Bank of America Merrill Lynch

What happens if a developer is over-sourced?

With low-interest rates and high equity pricing, many projects are finding out the equity gap method is limiting their credit allocation, rather than the eligible basis method. Should a Developer or Owner spend more money?

Hear from industry experts on the options available to complete your project when you are faced with this scenario.

All of the deals that were done in the first five years of the LIHTC program are up for renewal or disposition and we all know that disposition is a hot topic these days. This session will cover a variety of topics to include what long term owners can do to realize the asset’s full potential and still remain competitive. Many things may have changed since your project was placed in service.

This panel will take a look at your partnership documents including the partnership agreement and purchase option/right of first refusal agreements, the loan documents and the governing documents required by HUD as well as the LIHTC documents to include the extended use agreement required under Section 42(h)(6) of the Internal Revenue Code (IRC). Exit strategies will be discussed and each of those strategies has tax consequences. Find out what your potential tax consequences at Year 15 could be to include exit taxes and transfer taxes. If you have a LIHTC community that is 10+ years old, you will not want to miss this presentation as our speakers look at preservation priorities for aging portfolios.

EDUCATION

Room: Stones Crossing

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Tuesday 10:30 - 11:45 am

Tuesday 10:30 - 11:45 am

RAD

CRITICAL ISSUES IN THE COMPLIANCE ARENA

EDUCATION

Room: San Jacinto West

Moderator Terri Anderson, Anderson Consulting LLC Panelists Mark Ragsdale, PNC Real Estate Bernard Husser, The Richman Group Affordable Housing Corporation Deborah VanAmerongen, Nixon Peabody LLP Will Henderson, Carleton Residential Prop.

The U.S. Housing and Urban Development’s (HUD) Rental Assistance Demonstration (RAD) Program presents a unique opportunity for Public Housing Authorities to convert public housing to developments utilizing Section 8 project-based assistance and creating opportunities for mixed use and revitalized housing stock. This long-term project-based Section 8 assistance can in turn be utilized to secure financing for an acquisition/rehabilitation of these properties. The panel will discuss the legal process for utilizing the program along with the financial criteria for RAD. Hear from practitioners who have successfully converted properties and closed on refinancings under this exciting new program.

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Room: Little Colony

Moderator George Littlejohn, Novogradac & Company, LLP Panelists Patricia Murphy, Texas Department of Housing & Community Affairs Barry Kahn, Hettig-Kahn Development Co. Mike Clark, Alpha-Barnes Real Estate Services Lora Myrick, BETCO Consulting, LLC Are you planning to take credits in the first year? Do you or have you ever had capital account problems? Have you considered disposing of a building prior to the end of the compliance period? Do you currently have out of service units? Have you considered an acquisition/rehab? Common issues with common areas will also be discussed along with the challenges an owner/manager might face from a compliance point of view. Join the conversation as housing credit practitioners delve into these tough topics and give you straight answers!

Tuesday 10:30 - 11:45 am

Tuesday 10:30 - 11:45 am

FIFTY SHADES OF GREEN

LEGAL ISSUES AFFECTING THE AFFORDABLE HOUSING INDUSTRY

Room: Stones Crossing

Panelists Scott Martin, CohnReznick LLP Matt Belcher, Midwest Energy Efficiency Research Consortium Chip Henderson, Contects Consultants & Architects The latest advances in affordable green building and sustainable development will be discussed during this session with an introductory look at energy efficiency practices to include renewable energy, solar energy, water quality and wind. Our panel will briefly review the Leadership in Energy and Environmental Design (LEED) program that was established by the U.S. Green Building Council. The National Association of Home Builders (NAHB)and the International Code Council (ICC) partnered together to establish a nationally recognizable standard definition of green building as well which resulted in the ICC National Green Building Standard also known as International Code 700. Join us to learn how you can implement practical and measurable green building designs during construction, operations and maintenance of your buildings. Find out how you can increase your return on investment (ROI), decrease your operation costs and increase the value of your buildings.

Moderator John Shackelford, Shackelford, Melton & McKinley, LLP

EDUCATION

Moderator Joy Horak-Brown, New Hope Housing, Inc.

Room: San Jacinto East

Panelists Cynthia Bast, Locke Lord LLP Antoinette M. “Toni” Jackson, Coats Rose Wayne Yaffee, Gardere Wynn Sewell LLP Now that the remedial plan for the ICP case has been implemented in the Qualified Application Process (QAP) for competitive application round, what are the next steps in the case? Will the Historic Boardwalk case ultimately impact low income housing tax credits (LIHTC)? Will Congress continue to support the LIHTC program or is it at risk? What other national or local case law might affect the housing industry? This panel will include some of the best legal minds in our industry to share their opinions and observations about the legal climate and the state of the affordable housing industry you will not want to miss this session as our panel member’s converse on this delicate but critical topic.

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Tuesday 10:30 - 11:45 am

DEBT & MARKET RATE WORKFORCE HOUSING STRATEGIES

EDUCATION

Room: Foothills Ballroom (Hyatt Hotel)

Moderator Ben Glispie, JP Morgan Chase Panelists Dakar Gibbs, Bank of America Merrill Lynch John Yochum, Capital One, N.A. Jason Aldridge, Wells Fargo Bank, N.A. Jim Spound, Red Stone Tax Exempt Funding Adequate housing is a challenge in a lot of communities due to pent up demand. Given this demand, communities are welcoming workforce housing. Without the use of tax credits, what are the other options for financing in the market today? With the housing economies becoming more favorable, financing is available, but under what criteria? This panel brings together some of the most influential players in the Debt arena to look at the big deals and little deals being closed today.

We invite you to join the discussion on sources of funding, pricing, underwriting requirements, guarantees and equity at 10:30am at the Hyatt Hotel. *Buses will leave every five minutes from the Four Seasons Hotel to transport you to this session.

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EDUCATION

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EDUCATION

Tuesday 1:45 - 3:00 pm

Tuesday 1:45 - 3:00 pm

EFFECTIVE ASSET MANAGEMENT FROM AN OWNER’S POINT OF VIEW

RESIDENT SERVICES & AMENITIES - THE NEW NECESSITY

Room: San Jacinto West

Room: Little Colony

Moderator Justin MacDonald, MacDonald & Associates, Inc.

Moderator JOT Couch, Texas Inter-Faith

Panelists Janine Sisak, DMA Development Company, LLC Amy Hoffman, Hunt Companies Rob Hoskins, NuRock Development Group This interactive session will explore new and time-tested strategies for effective asset management of your Low Income Housing Tax Credit (LIHTC) properties. Join these industry leaders as they discuss new approaches to management and compliance to include several key asset management functions. Topics will include the compliance period, monitoring of lease-up, performing site inspections, tenant file reviews, tracking cash flow trends, correcting non-compliance and evaluating your property management company and their key managers. Panel members will cover the best practices for data collection and reporting.

Some seasoned developers say that the only way to make money from a credit deal after you walk away from the closing table is effective ‘owner’ asset management!

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Panelists Sergio Amaya, DMA Properties LLC Ellie Miles, Portfolio Resident Services Stephanie Naquin, Texas Department of Housing and Community Affairs Resident services and amenities are an important part of tax credit developments.

Competition has been fierce the past few years, especially in the urban areas. Join the conversation as panel members discuss a wide array of resident services available today along with the technical rules related to their service provisions. Topics will include the cost/benefit analysis, funding sources and innovative service provision models. Enhanced resident services will not only garner you points on your application but they can also help you compete effectively in the rental market. The panel will also discuss common issues with common areas and the challenges that Developer and Managers are faced with on a daily basis from a compliance point of view. You will not want to miss this information packed session on ways to help your community thrive!

Tuesday 1:45 - 3:00 pm

LATEST TRENDS AND AFFORDABLE HOUSING DESIGN FOR MULTI-FAMILY HOUSING Room: Stones Crossing

A CANDID LOOK AT HIGH OPPORTUNITY AREAS

Room: San Jacinto East

Moderator David Mark Koogler, Mark-Dana Corporation

Moderator Debra Guerrero, The NRP Group

Panelists Matthew Peterson, Humphreys & Partners Architects, L.P. Peter Pfiefer, Barley & Pfeiffer Architects Larry Speck, Page, Southerland, Page Architects

Panelists Dan Allgeier, NuRock Development Group Darrell Jack, Apartment Market Data, LLC Ann Lott, Inclusive Communities Project Scott Marks, Coats Rose

Hear from three prominent architects as they discuss cost effective ways to design and build energy efficient multifamily communities. Our panel will take a candid look at the Texas Department of Housing and Community Affairs (TDHCA) green building guidelines and outline what works and what doesn’t work in today’s environment. They will share sustainable design tips for Texas and the region and give you insight into how you can achieve energy savings in high thermal mass buildings and build a more affordable unit through efficiency and reduced unit size. Panel members will look at sustainability inherent in higher density, address the orientation of your buildings, air infiltration, shaded windows, roofing materials and color, water issues, awnings, landscaping, insulation requirements, properly sizing your mechanical equipment, stacking plumbing walls and much more. Our speakers will share their experience with attendees on site challenges that many Developers face today and will discuss infill developments as well as suburban and rural sites.

EDUCATION

Tuesday 1:45 - 3:00 pm

The 2013 Qualified Allocation Plan (QAP) included a number of changes that were largely influenced by the recent decision in the Inclusive Communities Project (ICP) vs. Texas Department of Housing and Community Affairs (TDHCA) case. These changes have impacted the entire state encouraging the location of tax credit developments in high opportunity areas. Some argue that deconcentrating poverty and encouraging development in higher income areas is in the best interest of working families. Others argue that these rules redirect limited resources away from areas that are in need of revitalization and actually displace families. This panel will discuss the real estate logistics and legal consequences of locating developments in the high opportunity area. It will also discuss Fair Housing issues and challenges that Developers should consider when identifying property. Additionally, the session will cover the pros and cons of these new policies and how they will affect where housing is built in the future.

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Tuesday 1:45 - 3:00 pm

EQUITY-PROPRIETARY PLACEMENT VS. MULTI-FUND: AN INSIDE LOOK AT WHAT INVESTORS REALLY WANT

EDUCATION

Room: Foothills Ballroom (Hyatt Hotel)

Moderator K. Nicole Flores, City Real Estate Advisors, Inc. Panelists Sam Ganeshan, Hudson Housing Capital Daniel Kierce, RBC Capital Markets Gary Robinson, Raymond James Tax Credit Funds, Inc. Joe Hagan, National Equity Fund, Inc. Bob Courtney, PNC Real Estate Of late, equity syndicators have been using Community Reinvestment Act (CRA) motivated single investor funds to provide competitive pricing. This has impacted the development community in many ways. Draw upon the extensive knowledge and experience of our panel members as they discuss proprietary placement vs. multi-fund placement and the impact that both scenarios have on underwriting and ultimately closing your transaction.

Credit pricing and yield trends, market conditions, financial underwriting, new sources of investment and deal terms will also be discussed. We have brought together some of the top equity providers in the nation so you will not want to miss this session on Tuesday, July 23rd at 1:45pm at the Hyatt Hotel.

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EDUCATION

Providing housing for

Texans for over 15 years.

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EDUCATION

Tuesday 3:30 - 4:45 pm

Tuesday 3:30 - 4:45 pm

MULTIFAMILY MARKET FORECAST WITH DR. STEVE MURDOCK

50+ AND SENIORS HOUSING MEETING THE DEMAND

Room: San Jacinto West

Room: Little Colony

Speaker Dr. Steve Murdock, Rice University

Speaker Sharon Dworkin Bell, National Association of Home Builders

The Texas population is increasing at a dramatic rate and the characteristics of renters and owners are changing dramatically as well. More than one-third of all Americans are minorities and those numbers are growing at an exponential rate. In Texas, the minority numbers are even higher and the population change is altering the market for owner and rental housing. Join Dr. Steve Murdock as he explores the emerging markets in Texas and gives attendees insight into these markets while sharing the declining markets in the State due to the decrease in their population base. Get an inside look at the unique needs of the Hispanic, African American, Asian and other markets as Dr. Murdock explores the characteristics of renters ad owners in the future. Get information on how the change in the Texas population could affect the income level and price sensitivity of the Texas homebuyer and renter.

sponsored by

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The nation’s aging baby boomers will create a rising demand for 55+ homes and communities for many years to come. Join Sharon Dworkin Bell, Senior Vice President of Multifamily and the 50+ Housing Council for the National Association of Home Builders (NAHB) as she shares valuable insight into the demographic breakdown of this growing market. This age group and their families want amenities that will enhance their quality of life. Gain insight into the number of people and households that are aged 55+ along with their gender and racial mix. Sharon will share their preferences in home layout, features and amenities desired as well as the locations where they prefer to live. You will receive the NAHB forecast for 55+ rental and for-sale production and homeownership/rental rates for this age cohort along with other key statistics. There are challenges in meeting the needs of this rapidly growing market, join the discussion and learn what solutions are available today from one of the most knowledgeable professionals in the industry.

Tuesday 3:30 - 4:45 pm

Tuesday 3:30 - 4:45 pm

NEW CAPITALIZATION RULES

THE CURRENT STATE OF HUD: HAP FUNDING, NSP FUNDS, FHA-INSURED LOANS AND THE HUD PILOT PROGRAM

Room: Stones Crossing

Room: San Jacinto East

Panelists Nancy Morton, Dauby O’Connor & Zaleski, LLC Mike Celkis, CohnReznick LLP Drew Foster, Red Stone Equity Partners Get the facts on how the new capitalization rules affect your projections and learn what the audit complexities are when you apply these new rules. The million dollar question is if these rules be extended again? This session will cover the use of cost segregation studies and the capitalization of the acquisition. Draw upon the extensive knowledge of these participants in a forum that will give you a comprehensive overview of the new rules and possible extensions. Bring your toughest questions to this session and confer with our experts to get help with your most taxing problems.

Moderator Antoinette M. “Toni “Jackson, Coats Rose

EDUCATION

Moderator Mahesh Aiyer, Community Bank of Texas

Panelists Susan Wilson, Novogradac & Company, LLP Monica Sussman, Nixon Peabody LLP Ray Landry, Davis-Penn Mortgage Co. On April 24th, the U.S. Department of Housing and Urban Development (HUD) announced a major restructuring of the multifamily division.

In addition, there are massive changes to the structure of HUD and a mandatory furlough due to the sequester. The Development community is looking at the continued tapping of replacement reserves to cover housing assistance payments (HAP) and other program reductions.

Major changes and reductions continue to be discussed by Congress and our panel will provide legal and financial insight and up to date information of those changes. Additionally, our team of HUD experts will review the legal and technical issues impacting HUD, FHA and specialized programs and the effects of sequester on these programs. Don’t miss this information packed session that will provide a wealth of information on what is happening on the HUD front.

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wednesday, july 24, 2013 Wednesday 8:30 - 10:30 am

Wednesday 10:30 - 11:30 am

TWO RIVERS LEGISLATIVE UPDATE: FROM THE COLORADO TO THE POTOMAC

Room: Four Seasons Ballroom

WASHINGTON WIRE

Room: Four Seasons Ballroom

EDUCATION

Room: Stones Crossing

Moderator Jeff Whiting, City Real Estate Advisors Panelists Rick Goldstein, Nixon Peabody LLP James Miller, Tax Legislative Solutions, LLC

Moderator Jim T. Brown, TAAHP Panelists Bobby Bowling, TAAHP Sharon Dworkin Bell, National Association of Home Builders Tim Irvine, Texas Department of Housing and Community Affairs Granger MacDonald, TAAHP David Mintz, Texas Apartment Association Scott Norman, Texas Association of Builders Jeanne Talerico, Texas Association of Local Housing Finance Agencies The Two Rivers Legislative Panel will discuss the impact of the 83rd Session of the Texas Legislature on the affordable housing industry ranging from construction, tenant relations, to tax credit and bond financing to the 2014 QAP as well as the latest on congressional activities and the tax reform discussion in Washington.

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Tax reform is progressing with the probability of separate bills moving through the Senate Finance Committee and the House Ways and Means Committee this year. Both bills may have an impact on the Low Income Housing Tax Credit (LIHTC). The panel members will discuss the Congressional agenda for the rest of the year with particular focus on the respective approaches to tax reform taken in the Senate and the House. They will address the impact that the upcoming debates on the extension of the debt ceiling and legislation to fund the Federal Government will have on tax reform, and whether the President, the Senate and the House can find a path to enacting a tax reform bill. The panel will address efforts to include the 9 and 4 percent LIHTC’s in a tax reform bill, as well as other improvements to the LIHTC including proposals made by the Administration. You will not want to miss the discussion about efforts to extend the current 9 percent floor in the event tax reform is not enacted this year or next. End the Texas Housing Conference by attending this dynamic session with three

Senator Brian Birdwell TAAHP 2013 Legislator of the Year

TAAHP and TALHFA were joined by the Texas Apartment Association and the Texas Association of Builders in an attempt to remove the amendments in the Senate. We were introduced to Ms. Anna Paulson, Senator Birdwell’s Policy Director, and explained our problems with the amendments. Subsequently Ms. Paulson advised that Senator Birdwell was in agreement with us and promised to “scrub” the bill before it left the Senate. A clean bill was reported out of the Senate and sent back to the House where Representative Riddle prevailed in her attempt to send the bill to the Conference Committee.

Senator Birdwell remained committed to his promise and when the bill went to the Governor, the Riddle amendment was reduced in scope from the second scoring position down to the eleventh in the allocation program. Governor Perry has signed HB-3361.

EDUCATION

M

aneuvering a clean TDHCA Sunset Recommendations Bill through the 83rd Regular Session of the Texas Legislature became a larger challenge than originally anticipated. There were two bills filed to move the Sunset Commission’s recommendations through the Legislature. Urban Affairs Chair, Harold Dutton, filed HB-3361 and Senators Brian Birdwell and Robert Nichols filed SB-214. HB-3361 was reported out of Urban Affairs Committee to the House. During the second reading, Representative Jason Isaac attached an amendment that would have virtually killed the private activity bond program for the housing industry and Representative Debbie Riddle attached an amendment that put “letters from legislators” into the second highest scoring position in the tax credit allocation system. The amendments remained attached to HB-3361 as the bill was delivered to the Senate.

The affordable housing industry found a new friend in the Senate. Senator Birdwell is a retired Lt. Col. In the United States Army and resides in Granbury with his wife Mel and Texas Tech Red Raider son Matt. He graduated from Lamar University, Beaumont, Texas, Command and General College and received his Masters of Public Administration from University of Missouri-Kansas City. His military service included Desert Shield/ Desert Storm (where he received the Bronze Star), Central America and other posts.

Senator Birdwell was injured on September11, 2001 when American Airlines Flight 77 crashed into the Pentagon just yards away from his office. He received burns over 60% of his body.

After undergoing 36 operations, months of hospitalization and receiving the Purple Heart, he and Mel launched Face the Fire Ministries, a non-profit that supports critical burn survivors, wounded military personnel and their families.

Today we present TAAHP’s second only Legislator of the Year Award to Senator Brian Birdwell.

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EXHIBITOR & PARTNER DIRECTORY

EXHIBITOR & PARTNER DIRECTORY

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Anderson Capital, LLC Booth N/A Terri Anderson 347 Walnut Grove Lane, Coppell, TX 75019 972.567.4630 + Terri_L_Anderson@msn.com Anderson Capital, LLC is a full service commercial real estate development consulting firm, which has successfully secured over $122,800,000 in 9% housing tax credits for its clients to development over 1,450 affordable housing units. Anderson Capital’s management of the tax credit application submission, financial modeling, and development processes has resulted in a 78% competitive tax credit award success ratio.

EXHIBITOR & PARTNER DIRECTORY

Additionally, Anderson Capital, LLC provides Fannie Mae, Freddie Mac, and FHA loans through its correspondent lending relationship and financial advisory services for non-profit organizations and HOPE VI grant recipients.

Alliant Asset Management Company, LLC Booth 31 Dan Winters, Vice President of Acquisitions 205 South Hoover, Suite 208, Tampa, FL 33609 727.244.2440 + dan.winters@alliantcapital.com www.alliantcapital.com 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, Vice President & Manager 1801 Main Street, 8th Floor, Houston, TX 77002 713.232.6036 + Maryjane.henson@amegybank.com www.amegybank.com Amegy Bank, along with other Zions Bancorporation affiliates, has provided local and personalized Corporate Trust and Escrow services to municipalities and corporations for over 100 years.

Our unique, personalized “One-Point-Of-Contact” servicing model and our flexibility to administer simple to very complex financings allows us to consistently provide exceptional customer service to our clients. Our qualified and knowledgeable professionals, based in Texas, have an average of 25 years direct Corporate Trust experience and are truly dedicated to the Texas marketplace. Texans serving Texans! Contact Amanda Lavin, Business Development Officer at 512-961-1981; 111 Congress, Austin, Texas or Mary Jane Henson.

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AmeriSphere Booth N/A Mike Backman, FHA Managing Director 2805 No. Dallas Parkway, Suite 510, Plano, TX 75093 972.941.3403 + mbackman@amerisphere.net www.amerisphere.net 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.

AmeriSphere’s headquarters are located in Nebraska with offices in Colorado, Texas and Maryland and has been approved to participate in HUD’s LIHTC Pilot Program.

AMERISTAR is the world’s largest manufacturer of high quality, maintenance free, ornamental fencing & gates. Used as a perimeter fence, security fence, for controlled access, or simply to enhance the property’s appearance. We manufacture a specific grade and style for each application need and offer a wide range of options designed to do the job required and keep costs to a minimum. Let us help you to choose the product most appropriate for your application.

Austin Affordable Housing Corporation Booth: n/a Mike Gerber, President & CEO 1124 South IH 35, Austin, TX, 78704-2614 512.477.4488 + michaelgerber@hacanet.org www.hacanet.org

EXHIBITOR & PARTNER DIRECTORY

Ameristar Fence Products Booth 14 Jeff Grattopp P.O. Box 581000, Tulsa, OK 74158 918.879.6065 + jgrattopp@ameristarfence.com www.ameristarfence.com

Austin Affordable Housing Corporation (AAHC) was established in 2000 as a non-profit subsidiary of the Housing Authority of the City of Austin (HACA). AAHC works to preserve and increase the stock of affordable housing for low to moderate families in Austin as well as provide financial literacy and homeownership opportunities to HACA’s Pubic Housing and Housing Choice Voucher residents.

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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

EXHIBITOR & PARTNER DIRECTORY

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

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Bank of America Merrill Lynch is one of the world’s largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services.

BOKF, NA dba 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 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.

Blazer Building, Inc. Booth N/A Jim Wanja 9219 Katy Freeway, Suite 264, Houston, TX 77024 713.914.9200 + jwanja@blazerbuilding.com www.blazerbuliding.com Blazer was founded in 1978 as a multifamily focused general contractor. Under the leadership of Chris Richardson, the Blazer family of companies has grown into a fully-integrated real estate services company handling all facets of the project lifecycle.

Over the years, Blazer has adapted its offerings to include a mix of traditional family-oriented properties and communities focused on the expanding active senior population.

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

Burgess Construction Consultants, Inc. Table Top A Ken Harward, President, Multifamily & Commercial Division 101 West Renner Road, Suite 400, Richardson, TX 75082 214.888.7280 + kharward@burgess-inc.com www.burgess-inc.com

EXHIBITOR & PARTNER DIRECTORY

Blazer Building has built over 30,000 apartment homes across twelve states. Blazer’s leadership team is highly capable with decades of construction industry experience. Our high-quality communities are tailored to their respective neighborhoods and include an array of low-rise garden-style and urban, mid-rise designs.

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 Chris Davis at 214.888.7255 or email cdavis@burgess-inc.com for more information.

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

EXHIBITOR & PARTNER DIRECTORY

Capital Area Housing Finance Corporation was established in 1981 to address workforce housing needs in Central Texas. We provide financing opportunities for single family home ownership and multi-family rental properties.

In addition to providing financing for multi-family developments, CAHFC also co-develops and assumes an ownership role when appropriate. To date we have financed approximately 2900 units and have an ownership interest in over 850 units. We work with developers, finance team members, and local leaders to build relationships that benefit area residents and their communities while creating quality, sustainable workforce housing throughout our region.

Capital One, N.A. Booth 37 John Yochum 5718 Westheimer Road, 10th Floor, Houston, TX 77057, 713.435.5324 + john.yochum@capitalonebank.com www.capitalone.com Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries collectively have $212 billion in deposits and $191 billion in managed loans outstanding as of March 31, 2013. Well known for credit card products, Capital One also operates full service banks in Texas, Louisiana, Delaware, New York, New Jersey, Virginia, Maryland, and the District of Columbia. Capital One’s community development program invests and lends over $1.3 billion annually to serve the needs of our communities.

Capstone Real Estate Services, Inc. Booth 11 Jen Joyce, HCCP, COS, Director of Affordable Housing Compliance 210 Barton Springs Road, Suite 300, Austin, TX 78704 512.646-6785 + jen.joyce@capstonemanagement.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 relevant to HTC, Bond, HOME, HTF, and HUD programs.

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Carleton Construction, Ltd. Booth 17 Tiffany Carroll 5485 Belt Line Road, Suite 300, Dallas, TX 75254 972.980.9810 ext. 115 + tcarroll@carletonrp.com www.carletonconstruction.com Since 1991, Carleton Construction has provided general contracting and related construction services for new and rehab construction of multi-family housing. Carleton Construction has completed more than 15,000 units of new and rehab multi-family construction with a dollar value averaging between $60-90 million annually, including more than 50 tax credit jobs throughout the Southwest with numerous sponsors, delivering buildings on time and at budgeted costs. Carleton Construction’s bonding capacity exceeds $150 million.

Whether you are seeking to differentiate your property in the crowded multi-family market or to gain financial benefits from utility allowances, the Gas Advantage Multi-family Program can help your development reach its full potential. Natural gas appliances offer customer benefits such as long term cost savings, comfort, and reliability. Moreover, natural gas appliances can increase the marketability and value of any development.

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

EXHIBITOR & PARTNER DIRECTORY

CenterPoint Energy Booth 26 Wendy Lamb, Sr. Marketing Director 290 S Castell Avenue, New Braunfels, TX 78130 830.643.6938 + wendy.lamb@centerpointenergy.com www.centerpointenergy.com/Multi-Family

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Churchill Stateside Group Booth 44 Keith J. Gloeckl / Brent Watts 601 Cleveland Street, Suite 850, Clearwater, FL 33755 727.461.2200 kgloeckl@CSGfirst.com / bwatts@CSGfirst.com www.CSGfirst.com

EXHIBITOR & PARTNER DIRECTORY

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 25 Frank Brown 5500 Maryland Way, Brentwood, TN 37027 615.372.6143 + franklin.d.brown@citi.com www.citicommunitycapital.com Citi Community Capital is a premier financial partner with nationally recognized expertise in financing all types of affordable housing and community reinvestment projects. Citi Community Capital’s origination, structuring, asset and risk management staff across the country provides creative financing solutions designed to meet their clients’ needs. Citi Community Capital helps community development financial institutions, real estate developers, national intermediaries and nonprofit organizations achieve their goals through a broad, integrated platform of debt and equity offerings.

City Real Estate Advisors 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 City Real Estate Advisors (CREA) is a full-service tax syndicator specializing in low income housing tax credits (LIHTC). We bring more than a century of combined affordable housing industry experience operating with the philosophy that fundamentally sound real estate is the common denominator in every successful LIHTC investment. Since its inception, CREA has raised and closed over $1 billion in LIHTC equity in national and proprietary funds as well as direct placements.

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Coats | Rose Booth 6 Barry J. Palmer, Director 3 Greenway Plaza, Suite 2000, Houston, TX 77046 713.653.7395 + bpalmer@coatsrose.com www.coatsrose.com The Coats Rose Affordable Housing Group has extensive experience in affordable housing development. We have represented for-profit developers, non-profit developers and public housing authorities utilizing a variety of financing techniques, including HOPE VI financing, Choice Neighborhood grants, CDBG Disaster Recovery Funding, 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.

CohnReznick LLP is currently the 11th largest accounting, tax, and advisory firm in the United States, combining the resources and technical expertise of a national firm with the hands-on, entrepreneurial approach that today’s dynamic business environment demands. 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 lowincome 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.cohnreznick.com.

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

EXHIBITOR & PARTNER DIRECTORY

CohnReznick LLP Booth 1 Chris Thomas, Partner 816 Congress Avenue, Suite 200, Austin, TX 78701 512-499-1408 + chris.thomas@cohnreznick.com www.cohnreznick.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!

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CommunityBank of Texas Booth N/A Mahesh Aiyer 6226 Washington Avenue, Houston, TX 77007 832.214.3129 + maiyer@communitybankoftx.com www.communitybankoftx.com

EXHIBITOR & PARTNER DIRECTORY

CommunityBank of Texas NA is a $1.7 billion local community bank serving the needs of Texans everywhere. The Bank is headquartered in Beaumont, Texas with a large presence in Houston.

Our affordable housing banking platform is Statewide from our largest cities to our smallest towns. We provide sophisticated financing with the nimbleness of your home town bank.

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City of Dallas Housing Finance Corporation

City of Dallas Housing Finance Corporation Table Top D Karen Schaffner, DHFC Manager 1500 Marilla, 5CS, Dallas, TX 75244 213.670.5390 + Karen.schaffner@dallascityhall.com The Dallas Housing Finance Corporation (DHFC) supports the citywide efforts for the public purpose of providing affordable housing for low-to-moderate income persons through ownership opportunities and by facilitating financing for development/redevelopment of multifamily rental housing including single family design, duplex design, garden style and high rise housing. DHFC financing includes tax-exempt bonds with 4% tax credits used to develop new rental units and adaptive/reuse or rehabilitation of existing units. The DHFC uses the Single Family Private Activity Bond allocation to provide the Mortgage Credit Certificate Program for first time homebuyers in the City of Dallas.

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

Dauby O’Connor & Zaleski, LLC Booth 38 Gemi Ozdemir, Principal 501 Congressional Blvd, Suite 300, Carmel, IN 46032 317.848.5700 + cozdemir@doz.net www.doz.net Dauby O’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.

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 Low-Income 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.

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 DMA Development Company, LLC has developed 25 apartment communities, primarily financed through the Housing Tax Credit Program. While most of the company’s portfolio is in the State of Texas, DMA Development has also developed apartment communities in Georgia and the District of Columbia. Through affiliated entities, DMA also provides property management services and development consulting services.

D P C

DIAMOND

Property Consultants, Inc.

EXHIBITOR & PARTNER DIRECTORY

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

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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

EXHIBITOR & PARTNER DIRECTORY

Empire Construction is recognized as the industry leader in LIHTC renovations by tax credit industry professionals from all associated lines of business. With over 30 years of business experience and unlimited business licenses in 19 states, Empire is the regional General Contractor of choice with a proven track record of over 13,000 units renovated since 2003. Empire’s long list of repeat customers combined with continually adding new customers speaks loudly of our integrity, professionalism and successful projects. Call Dan Johnson 865.755.7100.

Enterprise Booth 40 Aron Weisner / Kevin Bowen 511 N. Akard Street, Suite 201, Dallas, TX 75201 214.651.7789 aweisner@enterprisecommunity.com / kbowen@enterprisecommunity.com www.EnterpriseCommunity.com Enterprise is a leading provider of the development capital and expertise it takes to create quality, affordable homes in strong communities. Since 1982, Enterprise has invested nearly $14 billion in equity, grants and loans to help build or preserve 300,000 affordable homes – including nearly 20,000 homes in Texas.

Bellwether Enterprise Real Estate Capital, LLC offers a wide range of lending products and services for a variety of property types to provide clients with the most competitive, creative solutions for their financing needs. Visit www.EnterpriseCommunity. com and www.BellwetherEnterprise.com to learn more.

(Several packages available)

20% off spa day services (Offer valid 7/21 - 7/27, 2013)

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

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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.

Federal Home Loan Bank of Dallas Booth 24 Greg Hettrick, VP, Director Community Investment Bruce Hatton, VP, AHP Manager 8500 Freeport Pkwy South, Irving, TX 75063 800.362.2944 + ahp@fhlb.com www.fhlb.com

First Sterling Financial, Inc. Booth 23 Martin Soja, Chairman & CEO 111 Great Neck Road, Suite 500, Great Neck, NY 11021 516.869.7410 + msoja@firststerling.com www.firststerling.com First Sterling, a national LIHTC syndicator, covers a broad spectrum of real estate investment capabilities and asset management services. A nationally recognized leader in affordable housing with a strong footprint in the state of Texas, 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.

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

EXHIBITOR & PARTNER DIRECTORY

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. The Bank also provides favorably priced advances to assist members in providing permanent financing for affordable housing in their communities. Call 1.800.362.2944 or visit www.fhlb.com for more information.

For over two decades, Galaxy Builders, Ltd., has built its reputation on its pursuit of excellence, commitment, and trust. Based in San Antonio, Texas, Galaxy is a leading general contracting firm specializing in multifamily construction throughout the Southwest. Galaxy Builders’ award-winning management teams have built more than 20,000 units representing more than $1 billion worth of projects throughout the region with a wide range of finish levels. From large-scale senior living to rehabilitating affordable housing, the company dedicates itself to timely, budgetaware delivery.

Follow us on Twitter @GalaxyBuildersL Like us on Facebook at Galaxy Builders Ltd.

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Gill Group, Inc. Booth 39 Jana Santos 512 No. One Mile Road, Dexter, MO 63841 573.624.6614 + jana.santos@gillgroup.com www.gillgroup.com

EXHIBITOR & PARTNER DIRECTORY

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.

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Goodman Manufacturing Company, L.P. Booth 22 Dick Rydzeski, Director National Accounts 5151 San Felipe, Suite 500, Houston, TX 77056 713.263.5249 + dick.rydzeski@goodmanmfg.com www.goodmanmfg.com We’ve been building Goodman® brand air conditioning and heating equipment since 1982. Given our nearly three decades of experience in the heating and cooling business, home builders and home owners can be assured that Goodman brand air conditioning and heating systems meet the highest industry standards and are installed by some of the best and most experienced professionals in the industry.

When you choose the Goodman brand, you can rest assured that you’ll receive a refreshingly affordable product that’s covered by what we believe to be the best product warranties in the heating and cooling industry.

Home Team Pest Defense Booth 15 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.

Hudson Housing Capital Booth 21 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

ICF International CenterPoint Energy ENERGY STAR® Low-Rise Multifamily Program Table Top G Michael Flatt 7160 Dallas Parkway, Suite 340, Plano, TX 75024 469.467.4404 + michael.flatt@icfi.com www.centerpointefficiency.com The CenterPoint Energy ENERGY STAR® Low-Rise Multifamily Program promotes the construction of new ENERGY STAR certified low-rise multifamily complexes. This voluntary program provides financial incentives to developers that commit to construct qualifying multifamily complexes within the CenterPoint Energy service territory. In addition to incentives, developers can take advantage of training and marketing resources that can also help them leverage their affiliation with ENERGY STAR, a nationally recognized, government-backed brand that is the national symbol of energy efficiency.

EXHIBITOR & PARTNER DIRECTORY

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.

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ICI Construction, Inc. Booth 32 Steve Williams, Vice President 5057 Keller Springs Road, Suite 200, Addison, TX 75001 972.387.8000 + swilliams@icidallas.com www.icidallas.com

EXHIBITOR & PARTNER DIRECTORY

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.

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Inter-Faith GROUP Booth 29 3701 Kirby Drive, Suite 860, Houston, TX 77098 713.526.6634 + frontdesk@ti-f.org www.TheInterFaithGroup.org 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.

James Hardie Building Products Booth 16 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.

Johnson Radcliffe Petrov & Bobbitt PLLC Booth n/a Andrew P. Johnson III 1001 McKinney Street, Suite 1000, Houston, TX 77002-6424 713.237.1221 + ajohnson@jrpblaw.com www.jrpblaw.com Johnson Radcliffe Petrov & Bobbitt PLLC (JRPB) provides legal services that effectively address the unique challenges found in the management, development and growth of each community and industry we serve, and which contribute to the success of our clients. Our clients – whether municipal utility districts, special districts, cities, emergency services districts, developers or nonprofit corporations – know they can count on us to offer sound advice. To accomplish goals. To avoid problem areas. To respond quickly and efficiently.

Headquartered in Austin, Journeyman Construction covers the state of Texas with regional offices in San Antonio, Dallas, Corpus Christi, and McAllen as a General Contractor with consulting and managing capabilities.

Our project portfolio includes Multi-Family, K-12 & Higher Education facilities, Retail/Office Buildings, Medical Office Buildings, Civil/Municipal work, as well as Parks & Recreation facilities.

Journeyman Construction was named by Entrepreneur magazine as one of the 100 fastest growing construction firms in the U.S., generating approximately $120 million in revenue annually.

Law Office of Mark D. Foster Booth 43 Mark Foster, Attorney 4835 LBJ Freeway, Suite 424, Dallas, TX 75244 214.363.9599 + mark@mdfoster.com www.mdfoster.com

EXHIBITOR & PARTNER DIRECTORY

Journeyman Construction Booth 13 Casey Gandy 7701 N. Lamar Blvd., Suite 100, Austin, TX 78752 512.247.7000 + info@journeymanco.com www.journeymanco.com

The Law Office of Mark D. Foster is a boutique law firm specializing in Solar Tax Credits, New Markets Tax Credits, LIHTCs and Historic Credits.

Mark has an accounting degree from UT Austin and a Masters in Tax Law from SMU which makes him uniquely qualified to represent developers, lenders and investors in all aspects of a transaction. During the past 28 years, Mark has facilitated the development of 500 tax credit projects in 40 states.

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Locke Lord LLP Booth 45 Cynthia L. Bast, Partner 600 Congress Avenue, Suite 2200, Austin, TX 78701 512.305.4700 + cbast@lockelord.com www.lockelord.com

EXHIBITOR & PARTNER DIRECTORY

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

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 The Tax Credit Group of Marcus & Millichap (TCG) is the leading real estate investment services group focused exclusively on Section 42 (LIHTC) clients. The group recognizes that the complexities of the LIHTC program and the divergent interests of asset owners require specialization. Through its sole focus on LIHTC clients, TCG has established an industry-leading team with a service-oriented approach and an extensive knowledge base that translates into greater value for clients. Since its inception in 2001, TCG has closed more than $4 billion in LIHTC transactions nationwide.

For more information about the Tax Credit Group of Marcus & Millichap, please visit www.tcg-mm.com.

Merchant Capital, LLC Booth: N/A Cody Wilson 2660 Eastchase Lane, Montgomery, AL 36117 334.834.5100 + cody.wilson@merchantcapitalcom http://www.merchantcapital.com Merchant Capital is an established leader in the underwriting of housing bonds. The Firm has an unsurpassed leadership position in the structuring and marketing of bonds for state and local housing finance agencies. We have ranked consistently as one of the top five firms nationally in negotiated multi-family housing bond issues. The Firm has closed bond issues in 39 states and Guam. Since 2008, Merchant Capital has underwritten, or advised on, over 250 transactions totaling approximately $8.0 billion.

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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 M Group, LLP is a full service public accounting firm specializing in real estate and the affordable housing industry. For over 13 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.

The National Development Council (NDC), one of the nation’s oldest non-profits dedicated to housing and economic development finance, provides technical assistance and community development services; professional certification training in economic and housing development; and direct investment and loans into projects through the NDC Corporate Equity Fund, HEDC New Markets, and the Grow America Fund. NDC CEF has invested in 170 projects in 29 states and Puerto Rico and created over 7,900 units of housing.

National Equity Fund, Inc. Booth 18 Rachel Rhodes, Regional Vice President 120 S. Riverside Plaza, 15th floor, Chicago, IL 60606 312.697.8255 + rrhodes@nefinc.org www.nefinc.org

EXHIBITOR & PARTNER DIRECTORY

National Development Council Booth 43 Karen Garritson, Acquisitions Manager 708 Third Avenue, Suite 710, New York, NY 10017 212.682.1106 + kgarritson@nationaldevelopmentcouncil.org www.nationaldevelopmentcouncil.org

National Equity Fund, Inc. is a non-profit Chicago-based affiliate of the Local Initiatives Support Corporation and one of the nation’s leading Low Income Housing Tax Credits syndicators. Since inception, we have played an integral role in creating affordable housing options, revitalizing communities and strengthening local economies. Our investments total more than $10.2 billion in 2,170 LIHTC developments, which created 131,500 affordable homes for low-income families and individuals.

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

EXHIBITOR & PARTNER DIRECTORY

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.

Novogradac & Company LLP Booth 35 George Littlejohn, Partner/Susan Wilson, Partner/Phong Tran, Partner 11044 Research Boulevard, Bldg. C, Suite 400, Austin, TX 78759 512.340.0420 george.littlejohn@novoco.com/susan.wilson@novoco.com/ phong.tran@novoco.com www.novoco.com Novogradac & Company, LLP is a national certified public accounting and consulting firm with 15 offices nationwide. Our clients represent a broad range of industries, with a major emphasis in the real estate sector. We provide publicly and privately held national enterprises with a full spectrum of audit, tax, valuation, expert witness and litigation support, property compliance and general consulting services and we work extensively in the affordable housing, community development and renewable energy fields.

Orion Real Estate Services Booth 9 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.

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Phase Engineering, Inc. Booth 19 Melanie Edmundson, P.G., Principal 335 West 21st Street, Houston, TX 77008 713.476.9844 + Melanie@PhaseEngineering.com www.PhaseEngineering.com 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, property condition reports, storm water plans and related environmental services. Phase Engineering successfully works with many TDHCA tax credit and HOME funds applicants on their environmental submittals.

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

Portfolio Resident Services Booth 28 3701 Kirby Drive, Suite 860, Houston, TX 77098 713.526.6634 + frontdesk@ti-f.org 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.

EXHIBITOR & PARTNER DIRECTORY

PNC Real Estate Booth 4 Janna Cormier, Vice President 1717 W. 6th Street, Suite 262, Austin, TX 78703 512.391.9216 + janna.cormier@pnc.com www.pnc.com/realestate

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

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Property Tax Advocates Inc. Booth 12 Jeff Burgher, CPA, President 1303 W. Walnut Hill Lane, Suite 260, Irving, TX 75038t 972.550.8877x11 + jburgher@proptaxadv.com www.proptaxadv.com

EXHIBITOR & PARTNER DIRECTORY

Property Tax Advocates began representing owners of LIHTC properties in 1998 and currently represents over 10% of such properties located 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 to 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.

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R4 Capital LLC Booth 36 Jay R. Segel, Executive Vice President 38 Chauncy Street, Suite 600, Boston, MA 02111 617.502.5946 + jsegel@r4cap.com 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

Raymond James Tax Credit Funds Booth 10 Gary Robinson, VP, Director of Acquisitions 880 Carillon Pkwy, St. Petersburg, FL 33716 727.567.5014 + gary.k.robinson@raymondjames.com www.rjtcf.com Raymond James Tax Credit Funds (RJTCF) is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE-RJF). RJF subsidiaries have been among the leading syndicators of affordable housing for more than four decades. To date, RJTCF has raised $4 billion in equity for more than 1,300 tax credit projects in 46 states.

RBC Capital Markets Tax Credit Equity Group Booth 30 Dan Kierce, Regional Director 600 Superior Avenue, Suite 2300, Cleveland, OH 44114 216.875.6043 + daniel.kierce@rbc.com www.rbccm.com/tceg 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 .6 billion of equity in over 6 75 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 (“Realtex”) offers a broad range of professional real estate development, construction and management services having over 15 years of hands-on knowledge and experience, that when applied, creates a unique and successful approach to the real estate development of multifamily properties. Realtex is proud to provide its residents with consistent, high quality and attractive living communities with superior quality construction, energy-star amenities and professional and courteous on-site management throughout Texas, Florida, Mississippi, Louisiana and other US States.

Our Development, Construction and Management business services include: • Market Rate Class-A Multifamily Apartment Homes • Multifamily Apartment Homes (LIHTC and HUD) • Senior Living Housing • Student & University Housing • Third-Party Management and Construction Services • Rehab

EXHIBITOR & PARTNER DIRECTORY

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

For more information on Realtex and how our professional staff and services can benefit your organization, please contact us today.

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Red Stone Equity Partners LLC Booth 42 200 Public Square, Suite 1550, Cleveland, OH 44114 216-820-4750 + info@redstoneequity.com Red Stone Tax Exempt Funding LLC 2 Grand Central Tower, 140 East 45th Street 15th Floor New York, NY 10017 212 297 1800 + info@redstoneco.com www.redstoneco.com

EXHIBITOR & PARTNER DIRECTORY

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 long-term asset management services to its institutional clients.

Regions Bank Booth 20 Cary Gilliam - State Manager 1111 W Mockingbird Lane, Suite 1200, Dallas, TX 75247 1717 St. James Place Suite 500, Houston, TX 77056 713.693.5303 + cary.gilliam@regions.com www.regions.com 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 multi-family bond issues.

Richman Group Affordable Housing Corporation Booth 33 Kevin Hoffman, Vice President 340 Pemberwick Road, Greenwich, CT 06831 203.869.0900 + HoffmanK@richmancapital.com www.therichmangroup.com 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 Booth 41 Sonia DeLeon, Director of Marketing 3333 Lee Parkway, Tenth Floor, Dallas, TX 75219 214.780.1400 + sdeleon@shacklaw.net www.shacklaw.net Shackelford, Melton & McKinley is a Dallas based law firm with expertise in the following areas: corporate, aviation, tax, banking, securities, mergers and acquisitions, private equity, real estate, estate planning, wealth protection, entertainment and multifaceted litigation. The real estate practice group focuses on all aspects of real estate ownership, leasing, financing, and development of various real estate products, including affordable housing, multifamily, retail, office, mixed-use and golf resort properties.

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 multifamily financing contacts 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 Corporation Booth N/A Ron Williams, Executive Director 11111 S. Sam Houston Parkway East, Houston, TX 77089 281.484.4663 + rwilliams@sethfc.com www.sethfc.com The Southeast Texas Housing Finance Corporation (SETH) was organized in October 1981 under the Texas Housing Finance Corporations’ Act. Its members include 9 Counties and 11 Cities in Southeast Texas. SETH as 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.

EXHIBITOR & PARTNER DIRECTORY

Sonoma Housing Advisors, LLC Table Top F Bill Fisher 5430 LBJ Freeway, Dallas, Texas 75240 972.663.9368 + bill.fisher@sonomaadvisors.com www.sonomaadvisors.com

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Stearns Bank Booth N/A Dave Feriancek (davidf@stearnsbank.com) Steve Domine (steved@stearnsbank.com) 4191 2nd St. S., St. Cloud, MN 56301 800.320.7262 www.stearnsbank.com

EXHIBITOR & PARTNER DIRECTORY

Stearns Bank is a nationwide commercial lender established in 1912 with $1.4 billion in assets. Since 1986, we’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!

Volunteers of America Table Top E Patrick Sheridan 1660 Duke Street Alexandria, VA 22314 703.341.5095 + psheridan@voa.org www.VolunteersofAmerica.org Volunteers of America is a 116 year old national nonprofit organization providing human services to over 2 million clients a year.

As the largest nonprofit provider of affordable housing in the United States, VOA has approximately 24,000 units of transitional and permanent housing in more than 500 housing communities located in 48 states and Puerto Rico. VOA local affiliates in all regions of the country provide a variety of human services for clients which encompass low-income children and families, veterans, those in need of affordable housing or who are currently homeless, those with substance abuse problems, the physically or intellectually disabled, and those previously incarcerated.

Wells Fargo Booth 34 Leslie Houston 201 Main Street, Suite 301, Fort Worth, TX 76102 817.334.7164 + Leslie.houston@wellsfargo.com www.wellsfargo.com/affordablehousing At Wells Fargo, we 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.

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Wilmington Trust N.A Table Top H Gregory M. Hasty 15950 North Dallas Parkway, Suite 550, Dallas TX 75248 972.383.3153 + ghasty@wilmingtontrust.com www.wilmingtontrust.com Wilmington Trust has been serving Corporate Trust clients for more than a century, providing the strength, resources, and credibility to meet the needs of sophisticated enterprises. We continuously strive to be a leading provider of specialized services to corporate and institutional customers and help our clients succeed, by efficiently delivering trust, agency and fiduciary solutions, as well as by helping mitigate risk.

EXHIBITOR & PARTNER DIRECTORY

Clients rely on our services in the world’s most attractive jurisdictions, where we develop customized solutions, pairing technology and staff with world-class, local expertise. We’re the partner that corporate clients seek to execute complex transactions and provide solutions to help drive their success.

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The Texas Affiliation of Affordable Housing Providers (TAAHP) is the

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

MEALS & RECEPTIONS 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.

NON-EXHIBITING POLICY

ADMISSION & PRICING Full Conference Registration TAAHP Member $495 l 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.

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 22

Tuesday, July 23 Wednesday, July 24

The Exhibit Hall is located in the Four Seasons Ballroom. Hours of operation include:

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

MANAGEMENT INFORMATION 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.

1:00 pm - 6:00 pm 7:30 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

EXHIBIT HOURS OF OPERATION

Monday, July 22 3:00 pm – 7:00 pm Tuesday, July 23 9:30 am – 7:00 pm

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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.

Four Seasons Hotel parking rates for the 2013 Texas Housing Conference are: l l

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

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.

PROGRAM CHANGES 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.

REFUND/CANCELLATION POLICY 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.

INFORMATION

Four Seasons Hotel MapFour Seasons Hotel Map

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DIAMOND

SAPPHIRE

PARTNERS

PLATINUM

GOLD

Shackelford Melton A LIMITED LIABILITY PARTNERSHIP

McKinley

ATTORNEYS & COUNSELORS

SILVER D P C

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DIAMOND

Property Consultants, Inc.

BRONZE

Churchill Stateside Group Experience & Integrity. Since 1984.

CONFERENCE SUPPORTER

PARTNERS

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hh_TAAHP_2013_v1a_qxd_Layout 1 6/6/13 3:58 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

6.6.13 • TAAHP • ad size: 7.25” x 10.25” (full page/non bleed) • issue: June 2013

If you build it they will come.

Helping you help them is right up our alley.

A LIMITED LIABILITY PARTNERSHIP

ATTORNEYS & COUNSELORS

3333 Lee Parkway, Tenth Floor, Dallas, Texas 75219 John Shackelford jshack@shacklaw.net 214.780.1414 Scott Conrad sconrad@shacklaw.net 214.780.1313 Michelle Snedden msnedden@shacklaw.net 214.780.1413

CohnReznick is an independent member of Nexia International