Texas Affordable Housing Magazine 2017

THE TEXAS AFFILIATION OF AFFORDABLE HOUSING PROVIDERS

CohnReznick is an independent member of Nexia International

TEXAS AFFORDABLE 2 0 1 7 T E X A S

HOUSING

A F F O R D A B L E

MAGAZINE ISSUE 8 - 2017

H O U S I N G M A G A Z I N E

The Nation’s Largest Provider of Resident Services

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 your

community apart from the competition

 Increase your

lease closing ratio

 Offer residents

of all ages regularly scheduled educational and supportive

programs  Enhance

relationships between Management Staff and your residents

 Improve renewal

rates

 Decrease vandalism  Improve financial

performance of a property

 Meet compliance

requirements

STIFEL WAS RANKED THE #1 NATIONAL UNDERWRITER OF MULTIFAMILY HOUSING BONDS FOR 2016* A LEADING INVESTMENT BANK SPECIALIZING IN AFFORDABLE HOUSING FINANCE Stifel, Nicolaus & Company, Incorporated, founded and headquartered in St. Louis, Missouri, in 1890, is a subsidiary of Stifel Financial Corp., a publicly held company traded on the New York Stock Exchange. Stifel has long established itself as a leading underwriter of multifamily housing bonds.

Over the years, Stifel has demonstrated a leadership position in the structuring and marketing of multifamily housing securities. As a national leader in multifamily housing finance, we help our clients achieve strategic objectives through comprehensive investment banking services, in-depth housing sector knowledge, debt structuring, and trading expertise.

EXPERTISE INCLUDES ■ Bonds secured by FHA-insured mortgages

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

Stifel’s National Multifamily Housing Rankings for 2011-2016 Year

Rank

# of Issues

2016

1

53

2015

1

44

2014

1

41

2013

1

27

2012

2

26

2011

1

29

■

Fannie Mae and Freddie Mac credit-enhanced bonds

■

Private Placements

■

Collateralized short-term multifamily housing bonds

MONTGOMERY

Standard & Poor’s and Moody’s project rated multifamily housing bonds

John B. Rucker III Managing Director (334) 834-5100 ruckerj@stifel.com

Fred W. (“Ty”) Tyson Director (334) 834-5100 tysont@stifel.com

ATLANTA

SEATTLE

Cody N. Wilson Managing Director (404) 504-2785 wilsonco@stifel.com

Daniel E. Dill Managing Director (425) 455-8122 dilld@stifel.com

■

VISIT US USAT ATBOOTH BOOTH#28 #33 VISIT

RANKINGS As noted by the chart below, Stifel (including its acquired Merchant Capital Division) was the #1 ranked underwriter of multifamily housing bond issues for five of the past six years, based on the number of issues brought to market. Experience matters, and accordingly, we have underwritten more multifamily housing issues than any other firm in the nation during that time period.

■

Multifamily housing bond securitization transactions

■

501(c)(3) bond financings

■

Rental Assistance Demonstration (RAD) program bonds

■

USDA Rural Development pooled bond financings

■

Section 8 secured multifamily housing bonds

Stifel, Nicolaus & Company, Incorporated | Member SIPC & NYSE | www.stifel.com

The data presented includes transactions effected and matters conducted by Stifel, Merchant Capital LLC (acquired by Stifel Financial Corp. in 2014).

FOR MORE INFORMATION, CONTACT: William (“B.J.”) Biggio Associate (334) 834-5101 biggiow@stifel.com David A. Dill Director (425) 455-8122 daviddill@stifel.com *Source: Thomson Reuters

Legal Counsel for the Development of Affordable Housing

THE COATS ROSE AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT GROUP has extensive experience in affordable housing development. We represent for-profit developers, non-profit developers and public housing authorities utilizing a variety of financing techniques, including low income housing tax credits, CDBG Disaster Recovery Funding, private activity bonds, historic tax credits, HUD programs (including RAD), investment syndications and conventional financing.

Our attorneys routinely structure complex transactions providing comprehensive solutions that utilize all aspects of financing in the affordable housing arena.

We are focused on the development of affordable housing and inner city revitalization.

Your Goals. Our Purpose.

Houston | Austin | Dallas | San Antonio | New Orleans Phone: 713.651.0111 | coatsrose.com TEXAS AFFORDABLE HOUSING MAGAZINE

1

#home CIVIL ENGINEERING CONSULTING

PROUD TO SUPPORT THE TEXAS HOUSING CONFERENCE

LAND DEVELOPMENT MUNICIPAL ENGINEERING CONSTRUCTION PHASE SERVICES

What’s Your Dream?

What’s Your Plan?

The concept of creating a place to call “home” is what drives our practice in the development of multi-family residential communities.

WGA provides civil engineering consulting and design services for multi-family developments. From moderatedensity communities to high-density urban towers, our expertise and understanding of building systems analysis and permitting issues and concerns enables us to assist design teams with integrated site and building

Let’s work together to strengthen our community for a brighter future.

designs.

We understand intimately how to design the project.

We have demonstrated experience successfully working with approving agencies. We’re ready to help you create a home for your clients.

visit us at booth # 44

Rya n G et z, PE | 713. 789. 1900 | rget z@ wga - l l p. co m | wga- ll p.com

Community Development: Lisa Albers | 918.588.6420 Corporate Trust: Pamela Black | 817.348.5797

© 2017 BOK Financial Corporation. Services provided by BOKF, NA. Member FDIC. BOKF, NA is a subsidiary of BOK Financial Corporation. Equal Housing Lender.

2

T EXAS AFFORDABLE HOUSI NG M AGAZI NE

TEXAS AFFO RD ABLE HOUSING MAGAZINE

3

#home CIVIL ENGINEERING CONSULTING

PROUD TO SUPPORT THE TEXAS HOUSING CONFERENCE

LAND DEVELOPMENT MUNICIPAL ENGINEERING CONSTRUCTION PHASE SERVICES

What’s Your Dream?

What’s Your Plan?

The concept of creating a place to call “home” is what drives our practice in the development of multi-family residential communities.

WGA provides civil engineering consulting and design services for multi-family developments. From moderatedensity communities to high-density urban towers, our expertise and understanding of building systems analysis and permitting issues and concerns enables us to assist design teams with integrated site and building

Let’s work together to strengthen our community for a brighter future.

designs.

We understand intimately how to design the project.

We have demonstrated experience successfully working with approving agencies. We’re ready to help you create a home for your clients.

visit us at booth # 44

Rya n G et z, PE | 713. 789. 1900 | rget z@ wga - l l p. co m | wga- ll p.com

Community Development: Lisa Albers | 918.588.6420 Corporate Trust: Pamela Black | 817.348.5797

© 2017 BOK Financial Corporation. Services provided by BOKF, NA. Member FDIC. BOKF, NA is a subsidiary of BOK Financial Corporation. Equal Housing Lender.

2

T EXAS AFFORDABLE HOUSI NG M AGAZI NE

TEXAS AFFO RD ABLE HOUSING MAGAZINE

3

www.agmfinancial.com

AGM congratulates TAAHP on achieving 20 years of providing high quality affordable housing.

AGM finances affordable housing nationwide.

4

T EXAS AFFORDABLE HOUSI NG M AGAZI NE

TEXAS AFFO RD ABLE HOUSING MAGAZINE

5

www.agmfinancial.com

AGM congratulates TAAHP on achieving 20 years of providing high quality affordable housing.

AGM finances affordable housing nationwide.

4

T EXAS AFFORDABLE HOUSI NG M AGAZI NE

TEXAS AFFO RD ABLE HOUSING MAGAZINE

5

D P C

DIAMOND

Property Consultants, Inc.

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

There’s a good chance your utility allowances are costing you too much. The DPC Utility Allowance Program gives you an option that could lower these costs and improve your operating income.

DPC has worked with housing finance agencies, local utility providers, and tax credit properties in multiple states across the country.

Give us a call and find out if you’re spending more than you should and if our program is right for you.

Proud to Support TAAHP 

It’s easy to understand,



It meets LIHTC compliance guidelines,

 

 

RBC Capital Markets raised more than $897 million in tax credit equity and senior managed nearly $3.6 billion in single and multifamily housing bonds in 2016. We continue our strong advocacy for the Housing Credit program and thank our investors, developers and industry associates for

It doesn’t cost anything to find out if you can save money, and…

Tax credit properties that choose DPC invest a fraction of what they save to put the program in place.

their partnership in supporting affordable housing communities across the country.

Mariposa Apartments Burleson, Texas Bonner Carrington LLC

Dan Kierce Tax Credit Equity daniel.kierce@rbccm.com

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

Helen Feinberg Bond Underwriting helen.feinberg@rbccm.com

rbccm.com/tceg | rbccm.com/housingfinancegroup Source: Thomson Reuters. 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 2017. All rights reserved.

6

T EXAS AFFORDABLE HOUSI NG M AGAZI NE

TEXAS AFFO RD ABLE HOUSING MAGAZINE

7

D P C

DIAMOND

Property Consultants, Inc.

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

There’s a good chance your utility allowances are costing you too much. The DPC Utility Allowance Program gives you an option that could lower these costs and improve your operating income.

DPC has worked with housing finance agencies, local utility providers, and tax credit properties in multiple states across the country.

Give us a call and find out if you’re spending more than you should and if our program is right for you.

Proud to Support TAAHP 

It’s easy to understand,



It meets LIHTC compliance guidelines,

 

 

RBC Capital Markets raised more than $897 million in tax credit equity and senior managed nearly $3.6 billion in single and multifamily housing bonds in 2016. We continue our strong advocacy for the Housing Credit program and thank our investors, developers and industry associates for

It doesn’t cost anything to find out if you can save money, and…

Tax credit properties that choose DPC invest a fraction of what they save to put the program in place.

their partnership in supporting affordable housing communities across the country.

Mariposa Apartments Burleson, Texas Bonner Carrington LLC

Dan Kierce Tax Credit Equity daniel.kierce@rbccm.com

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

Helen Feinberg Bond Underwriting helen.feinberg@rbccm.com

rbccm.com/tceg | rbccm.com/housingfinancegroup Source: Thomson Reuters. 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 2017. All rights reserved.

6

T EXAS AFFORDABLE HOUSI NG M AGAZI NE

TEXAS AFFO RD ABLE HOUSING MAGAZINE

7

T A B L E

O F

C O N T E N T S

A D V E R T I S E R S

J W M A R R I O T T H O T E L A U S T I N • J U LY 2 4 - 2 6 , 2 0 1 7 GENERAL

Contributors Articles and Ads

F E AT U R E S

9

Leadership 9 Get to know the dedicated leaders who make it all happen Housing Spotlight 32 Award-winning affordable housing developments

Developers – Have You Tapped Into the Hidden Treasures of HUDInsured Projects?

CONFERENCE

10

Houston’s Revival: 14 How Affordable Housing Brought Our City Back To Life The Valor Club

Live, Play & Thrive

18

Schedule At-A-Glance Take a look at this year’s agenda and TAAHP IN

66

Education Program Engage and expand your housing knowledge

76

Exhibits 100 Network and connect with new business relationships 2017 Partners 102 Special thanks to all who make the conference a reality!

8

T EXAS AFFORDABLE HOUSI NG M AGAZI NE

&

C O N T R I B U T O R S

ADVERTISERS

CONTRIBUTORS

S TA F F

AGM Financial Services, Inc. Alden Capital Partners Alliant Capital LTD Baker Tilly Virchow Krause, LLP Bank of America Merrill Lynch Berkadia Blazer Building Texas, LLC BOK Financial Boston Financial Investment Mgt. Capital One, N.A. Carleton Management Services CBRE Affordable Housing Centerpointe Entergy Citi Community Capital City Real Estate Advisors Coats Rose, P.C. Davis-Penn Mortgage Co. Diamond Property Consultants, Inc. Dominium Dwight Capital Enterprise & Bellwether Enterprise Federal Home Loan Bank of Dallas Goodman Manufacturing Company, L.P. Hudson Housing Capital Hunt Mortgage Group JLL Capital Markets Katopody LLC KeyBank Real Estate Capital Locke Lord LLP Monarch Private Capital National Equity Fund, Inc. Nixon Peabody LLP Northmarq Capital Novogradac & Company LLP Palladium USA PNC Real Estate Portfolio Resident Services & Inter-Faith Group R4 Capital LLC Rainbow Housing Assistance Corp.

Raymond James Tax Credit Funds RBC Capital Markets Red Stone Equity Partners, LLC Regions Bank- Community Investment Capital Shackelford, Bowen, McKinley & Norton, LLP Sonoma Housing Advisors, LLC Southeast Texas HFC Stifel, Nicolaus & Company, Inc. SVN AFFORDABLE | Levental Realty TDHCA The Richman Group Affordable Housing Corporation The NRP Group Tidwell Group Travis County HFC Ward, Getz & Associates LLP Wells Fargo

Joshua D. Northcutt, CPA Tidwell Group Office Managing Partner - Atlanta DEVELOPERS – Have You Tapped Into the Hidden Treasures of HUD-Insured Projects?

Executive Director Frank Jackson fjackson@taahp.org

Neal Rackleff Locke Lord LLP Partner Houston’s Revival – How Affordable Housing Brought our City Back to Life Dan Pedrotti The Valor Club Chairman & Founder The Valor Club – Live, Play & Thrive.

Conference Director & Magazine Editor Kristi Sutterfield ksutterfield@taahp.org Policy Director Tanya Lavelle tlavelle@taahp.org Conference Intern Lillian Stevens intern@taahp.org Creative Design Bill Carson Design bc@bcdtexas.com TAAHP would like to take this opportunity to express our gratitude to Lauren Staton, TAAHP’s previous Membership Director.

Lauren played a key role in the 2017 Texas Housing Conference.

Lauren resigned her position recently for health related reasons and we wish her the very best! The Conference is the success it is today because of key people like Lauren Staton.

THANKS LAUREN!

Questions & Feedback:

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

www.taahp.org TEXAS TEXAS AFFO AFFORD RDABLE ABLE HOUSING HOUSING MAGAZINE MAGAZINE

9

T A B L E

O F

C O N T E N T S

A D V E R T I S E R S

J W M A R R I O T T H O T E L A U S T I N • J U LY 2 4 - 2 6 , 2 0 1 7 GENERAL

Contributors Articles and Ads

F E AT U R E S

9

Leadership 9 Get to know the dedicated leaders who make it all happen Housing Spotlight 32 Award-winning affordable housing developments

Developers – Have You Tapped Into the Hidden Treasures of HUDInsured Projects?

CONFERENCE

10

Houston’s Revival: 14 How Affordable Housing Brought Our City Back To Life The Valor Club

Live, Play & Thrive

18

Schedule At-A-Glance Take a look at this year’s agenda and TAAHP IN

66

Education Program Engage and expand your housing knowledge

76

Exhibits 100 Network and connect with new business relationships 2017 Partners 102 Special thanks to all who make the conference a reality!

8

T EXAS AFFORDABLE HOUSI NG M AGAZI NE

&

C O N T R I B U T O R S

ADVERTISERS

CONTRIBUTORS

S TA F F

AGM Financial Services, Inc. Alden Capital Partners Alliant Capital LTD Baker Tilly Virchow Krause, LLP Bank of America Merrill Lynch Berkadia Blazer Building Texas, LLC BOK Financial Boston Financial Investment Mgt. Capital One, N.A. Carleton Management Services CBRE Affordable Housing Centerpointe Entergy Citi Community Capital City Real Estate Advisors Coats Rose, P.C. Davis-Penn Mortgage Co. Diamond Property Consultants, Inc. Dominium Dwight Capital Enterprise & Bellwether Enterprise Federal Home Loan Bank of Dallas Goodman Manufacturing Company, L.P. Hudson Housing Capital Hunt Mortgage Group JLL Capital Markets Katopody LLC KeyBank Real Estate Capital Locke Lord LLP Monarch Private Capital National Equity Fund, Inc. Nixon Peabody LLP Northmarq Capital Novogradac & Company LLP Palladium USA PNC Real Estate Portfolio Resident Services & Inter-Faith Group R4 Capital LLC Rainbow Housing Assistance Corp.

Raymond James Tax Credit Funds RBC Capital Markets Red Stone Equity Partners, LLC Regions Bank- Community Investment Capital Shackelford, Bowen, McKinley & Norton, LLP Sonoma Housing Advisors, LLC Southeast Texas HFC Stifel, Nicolaus & Company, Inc. SVN AFFORDABLE | Levental Realty TDHCA The Richman Group Affordable Housing Corporation The NRP Group Tidwell Group Travis County HFC Ward, Getz & Associates LLP Wells Fargo

Joshua D. Northcutt, CPA Tidwell Group Office Managing Partner - Atlanta DEVELOPERS – Have You Tapped Into the Hidden Treasures of HUD-Insured Projects?

Executive Director Frank Jackson fjackson@taahp.org

Neal Rackleff Locke Lord LLP Partner Houston’s Revival – How Affordable Housing Brought our City Back to Life Dan Pedrotti The Valor Club Chairman & Founder The Valor Club – Live, Play & Thrive.

Conference Director & Magazine Editor Kristi Sutterfield ksutterfield@taahp.org Policy Director Tanya Lavelle tlavelle@taahp.org Conference Intern Lillian Stevens intern@taahp.org Creative Design Bill Carson Design bc@bcdtexas.com TAAHP would like to take this opportunity to express our gratitude to Lauren Staton, TAAHP’s previous Membership Director.

Lauren played a key role in the 2017 Texas Housing Conference.

Lauren resigned her position recently for health related reasons and we wish her the very best! The Conference is the success it is today because of key people like Lauren Staton.

THANKS LAUREN!

Questions & Feedback:

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

www.taahp.org TEXAS TEXAS AFFO AFFORD RDABLE ABLE HOUSING HOUSING MAGAZINE MAGAZINE

9

DEVELOPERS – Have You Tapped Into the Hidden Treasures of HUD-Insured Projects?

A

re you aware of the potential tax refunds, accelerated tax deductions and low equity requirements that HUD-insured projects may provide developers? If not, you may be missing out on an aspect of the real estate industry that can provide significant rewards.

According to Josh Northcutt, a partner with Tidwell Group, “Taxes due on developer fees can be significant.

As developers grow their LIHTC asset base, they receive substantial developer fees that create taxable income. If a developer isn’t aware of the ways in which to decrease taxes on that income, they may be unnecessarily – and significantly - cutting their profits.”

Most affordable housing developers are comfortable within the subsector of the real estate industry. They understand the complex rules and tricks of the trade related to winning affordable housing projects in the states in which they operate. Developers use internal or third party management companies who spend countless hours ensuring the projects are compliant with the rigorous and complex rules tied to the Low-income Housing Tax Credit (LIHTC) industry. And lastly, developers are generally well-versed in locating the land for affordable housing deals that will gain enough points and support for a tax credit allocation. However, the business of winning deals for the development of affordable housing properties can offer affordable housing developers much more.

The Tax And Non-tax Benefits: “You might ask why a HUD-insured project?” says Northcutt. “There are tax as well as non-tax benefits that may not be readily clear to those who are not aware of the positive impact of HUD-insured development,” he said. The non-tax benefits include the fact that the debt is qualified non-recourse debt. This means that if the financials of the project erode, the keys can be handed back to HUD without recourse to the developer. This offers additional risk protection to developers who may be looking for additional security. Second, HUD will finance a large portion of the project so the equity requirement, depending on a few factors, can be quite low compared to a typical market rate product. This translates in cash flow that is less constrained than it otherwise would be

10

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

and a greater ability on the part of the developer to fund the development. Third, the equity requirement necessary to complete a HUD deal is open to more sources than a typical tax credit deal. Many HUD developers have built a strong “friends and family” base of investors to help fund the gap. In addition, many developers are becoming more savvy and letting the existing land owner contribute the property and receive a percentage of ownership of the entity in order to minimize the upfront cash outlay. Another benefit is that HUD-insured projects can make for great long-term hold assets that can create significant value inside of a larger portfolio should the developer decide to cash out one day.

What about the tax benefits of HUD-insured projects? “Many in the industry know about and understand cost segregation as it has become a hot topic when discussing year 15 strategies surrounding tax credit properties,” said Northcutt. These cost segregations are prime for a HUD or market-rate project as they are performed once the project is built. The benefit is that the cost segregation can move up to 40% of the depreciable basis into 15 and 5 year life assets. The impact of this is the acceleration of depreciation deductions that the developer would have had to otherwise wait much longer than 15 years to offset against taxable income. In addition, currently, there are still bonus depreciation opportunities to increase these tax benefits into the first few years of a project.

How? Bonus depreciation currently allows developers to deduct 50% of the adjusted basis of a project right off the bat. The bonus depreciation percentage decreases to 40% in 2018 and 30% in 2019, so developers will want to move quickly to use this tax benefit. This significant deduction becomes an offset to taxable income thereby lowering taxes of the owners in the early years of the project.

Bonus depreciation can be so significant that it creates excess deductions. Accordingly, if the developer is in a net operating loss position, he/she may qualify to carry these losses back three years and receive tax refunds on previous taxes paid or use the operating losses going forward to offset taxable developer fees to be earned in future years. It is clear to see why growing a real estate portfolio that generates strong cash flow,

creates significant tax savings, and has a lower up-front equity requirement would be undeniably attractive to LIHTC developers.

What About Timing (And The Suggested Three Year Cycle)?

What is so special about timing the building of a HUDinsured project every 3 years? There is no magic bullet around this number although there are a few factors to keep in mind. One downside to the HUD process is the time it takes to go from pre-development through the HUD approval process. HUD has taken steps to make this process more efficient. In the past few years, however, for most affordable housing developers who are accustomed to their particular state application and approval process, this can seem like a much more daunting task. If the process takes 18 months to arrive at the firm commitment stage, then a project is reaching completion about every 3 years from beginning to end. At the same time, the bulk of the tax savings generated from the cost segregation analysis is created in the first few years of the project.

Therefore, a developer aspiring to continue to reap the depreciation benefits of cost segregation would want another project ready to come on-line in order to continue deferring taxes further down the road for as long as possible.

Finally, HUD-insured projects have become very marketable as Real Estate Investment Trusts (REITs) have come back into the market and are interested in purchasing the HUD-insured assets due to their associated low interest rates and stable cash flow. Under circumstances where developers need to liquidate part of their portfolio, it is much more feasible to move one of these projects versus dealing with the exit on a LIHTC deal which typically does not generate much cash on the back end of the deal anyways.

Keys To Making The Deal Work: “Finding a HUD-approved lender that you can successfully work with and that you can develop a long-term relationship with is key,” said Northcutt. There are many highly qualified lenders in the market that will be very interested in meeting and discussing the various stages of the process with a developer. Further, they are generally more than willing to walk the developer through HUD’s sometimes rigorous process. Just as critical to ensuring that the tax and non-tax benefits are achieved is a developer’s decision to engage a CPA that knows and understands not only the upfront HUD rules and regulations but who is also experienced with the long-term rules.

Otherwise, missteps can happen along the way that could preclude or eliminate the tax savings that developers could otherwise benefit from.

IN SUMMARY, the tax and non-tax benefits of HUDinsured projects can make a significant and positive difference for developers. Being aware of the potential tax refunds, accelerated tax deductions and lower equity requirements that HUD-insured projects can provide is a step towards making such benefits a reality.

Joshua D. Northcutt, CPA Tidwell Group, Office Managing Partner - Atlanta joshua.northcutt@tidwellgroup.com o: (470) 273-6611 | m: (404) 285-7248 TEXAS AFFO RD ABL E HOUSING MAGAZINE

11

DEVELOPERS – Have You Tapped Into the Hidden Treasures of HUD-Insured Projects?

A

re you aware of the potential tax refunds, accelerated tax deductions and low equity requirements that HUD-insured projects may provide developers? If not, you may be missing out on an aspect of the real estate industry that can provide significant rewards.

According to Josh Northcutt, a partner with Tidwell Group, “Taxes due on developer fees can be significant.

As developers grow their LIHTC asset base, they receive substantial developer fees that create taxable income. If a developer isn’t aware of the ways in which to decrease taxes on that income, they may be unnecessarily – and significantly - cutting their profits.”

Most affordable housing developers are comfortable within the subsector of the real estate industry. They understand the complex rules and tricks of the trade related to winning affordable housing projects in the states in which they operate. Developers use internal or third party management companies who spend countless hours ensuring the projects are compliant with the rigorous and complex rules tied to the Low-income Housing Tax Credit (LIHTC) industry. And lastly, developers are generally well-versed in locating the land for affordable housing deals that will gain enough points and support for a tax credit allocation. However, the business of winning deals for the development of affordable housing properties can offer affordable housing developers much more.

The Tax And Non-tax Benefits: “You might ask why a HUD-insured project?” says Northcutt. “There are tax as well as non-tax benefits that may not be readily clear to those who are not aware of the positive impact of HUD-insured development,” he said. The non-tax benefits include the fact that the debt is qualified non-recourse debt. This means that if the financials of the project erode, the keys can be handed back to HUD without recourse to the developer. This offers additional risk protection to developers who may be looking for additional security. Second, HUD will finance a large portion of the project so the equity requirement, depending on a few factors, can be quite low compared to a typical market rate product. This translates in cash flow that is less constrained than it otherwise would be

10

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

and a greater ability on the part of the developer to fund the development. Third, the equity requirement necessary to complete a HUD deal is open to more sources than a typical tax credit deal. Many HUD developers have built a strong “friends and family” base of investors to help fund the gap. In addition, many developers are becoming more savvy and letting the existing land owner contribute the property and receive a percentage of ownership of the entity in order to minimize the upfront cash outlay. Another benefit is that HUD-insured projects can make for great long-term hold assets that can create significant value inside of a larger portfolio should the developer decide to cash out one day.

What about the tax benefits of HUD-insured projects? “Many in the industry know about and understand cost segregation as it has become a hot topic when discussing year 15 strategies surrounding tax credit properties,” said Northcutt. These cost segregations are prime for a HUD or market-rate project as they are performed once the project is built. The benefit is that the cost segregation can move up to 40% of the depreciable basis into 15 and 5 year life assets. The impact of this is the acceleration of depreciation deductions that the developer would have had to otherwise wait much longer than 15 years to offset against taxable income. In addition, currently, there are still bonus depreciation opportunities to increase these tax benefits into the first few years of a project.

How? Bonus depreciation currently allows developers to deduct 50% of the adjusted basis of a project right off the bat. The bonus depreciation percentage decreases to 40% in 2018 and 30% in 2019, so developers will want to move quickly to use this tax benefit. This significant deduction becomes an offset to taxable income thereby lowering taxes of the owners in the early years of the project.

Bonus depreciation can be so significant that it creates excess deductions. Accordingly, if the developer is in a net operating loss position, he/she may qualify to carry these losses back three years and receive tax refunds on previous taxes paid or use the operating losses going forward to offset taxable developer fees to be earned in future years. It is clear to see why growing a real estate portfolio that generates strong cash flow,

creates significant tax savings, and has a lower up-front equity requirement would be undeniably attractive to LIHTC developers.

What About Timing (And The Suggested Three Year Cycle)?

What is so special about timing the building of a HUDinsured project every 3 years? There is no magic bullet around this number although there are a few factors to keep in mind. One downside to the HUD process is the time it takes to go from pre-development through the HUD approval process. HUD has taken steps to make this process more efficient. In the past few years, however, for most affordable housing developers who are accustomed to their particular state application and approval process, this can seem like a much more daunting task. If the process takes 18 months to arrive at the firm commitment stage, then a project is reaching completion about every 3 years from beginning to end. At the same time, the bulk of the tax savings generated from the cost segregation analysis is created in the first few years of the project.

Therefore, a developer aspiring to continue to reap the depreciation benefits of cost segregation would want another project ready to come on-line in order to continue deferring taxes further down the road for as long as possible.

Finally, HUD-insured projects have become very marketable as Real Estate Investment Trusts (REITs) have come back into the market and are interested in purchasing the HUD-insured assets due to their associated low interest rates and stable cash flow. Under circumstances where developers need to liquidate part of their portfolio, it is much more feasible to move one of these projects versus dealing with the exit on a LIHTC deal which typically does not generate much cash on the back end of the deal anyways.

Keys To Making The Deal Work: “Finding a HUD-approved lender that you can successfully work with and that you can develop a long-term relationship with is key,” said Northcutt. There are many highly qualified lenders in the market that will be very interested in meeting and discussing the various stages of the process with a developer. Further, they are generally more than willing to walk the developer through HUD’s sometimes rigorous process. Just as critical to ensuring that the tax and non-tax benefits are achieved is a developer’s decision to engage a CPA that knows and understands not only the upfront HUD rules and regulations but who is also experienced with the long-term rules.

Otherwise, missteps can happen along the way that could preclude or eliminate the tax savings that developers could otherwise benefit from.

IN SUMMARY, the tax and non-tax benefits of HUDinsured projects can make a significant and positive difference for developers. Being aware of the potential tax refunds, accelerated tax deductions and lower equity requirements that HUD-insured projects can provide is a step towards making such benefits a reality.

Joshua D. Northcutt, CPA Tidwell Group, Office Managing Partner - Atlanta joshua.northcutt@tidwellgroup.com o: (470) 273-6611 | m: (404) 285-7248 TEXAS AFFO RD ABL E HOUSING MAGAZINE

11

hh_TAAHP_2013_v1a_qxd_Layout 1 6/6/13 3:58 PM Page 1

IT REALLY DOES MATTER WHO YOU CHOOSE AS

Natural Gas Gives

More Benefits Stand out from the competition!

Offer your clients more abundant hot water and lower energy bills and you’ll differentiate your property in the crowded multi-family market. Let CenterPoint Energy’s Natural Gas Advantage Multi-Family Program help your development reach its full potential.

VISIT US AT BOOTH #28 and discover how building with natural gas adds to your bottom line. Learn about: • • • •

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.

CenterPoint Energy’s Natural Gas Advantage Multi-Family Program Cash incentives Favorable utility allowances Energy, cost and environmental savings benefits

CenterPointEnergy.com/Multi-Family CONTACT Chris Lallier at 713-207-4399 John.Lallier@CenterPointEnergy.com

OR Eisen Scherwitz at 713-207-5470 Eisen.Scherwitz@CenterPointEnergy.com

Over a Century of Trusted Service

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

©2017 CenterPoint Energy 174952

12

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

6.6.13 • TAAHP • ad size: 7.25” x 10.25” (full page/non bleed) • issue: June 2013 TEXAS AFFO RD ABL E HOUSING MAGAZINE

13

hh_TAAHP_2013_v1a_qxd_Layout 1 6/6/13 3:58 PM Page 1

IT REALLY DOES MATTER WHO YOU CHOOSE AS

Natural Gas Gives

More Benefits Stand out from the competition!

Offer your clients more abundant hot water and lower energy bills and you’ll differentiate your property in the crowded multi-family market. Let CenterPoint Energy’s Natural Gas Advantage Multi-Family Program help your development reach its full potential.

VISIT US AT BOOTH #28 and discover how building with natural gas adds to your bottom line. Learn about: • • • •

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.

CenterPoint Energy’s Natural Gas Advantage Multi-Family Program Cash incentives Favorable utility allowances Energy, cost and environmental savings benefits

CenterPointEnergy.com/Multi-Family CONTACT Chris Lallier at 713-207-4399 John.Lallier@CenterPointEnergy.com

OR Eisen Scherwitz at 713-207-5470 Eisen.Scherwitz@CenterPointEnergy.com

Over a Century of Trusted Service

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

©2017 CenterPoint Energy 174952

12

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

6.6.13 • TAAHP • ad size: 7.25” x 10.25” (full page/non bleed) • issue: June 2013 TEXAS AFFO RD ABL E HOUSING MAGAZINE

13

Houston’s REVIVAL

Allen Parkway Village before and after

HOW AFFORDABLE HOUSING BROUGHT OUR CITY BACK TO LIFE

T

he Super Bowl highlighted Houston’s health — a downtown ablaze with vitality, new construction and glittering amenities. But she hasn’t always been so strong. And most Houstonians have no idea that affordable housing helped her heal.

In the mid-‘90s, Mayor Bob Lanier led a trauma team huddled around a patient in atrial fibrillation. In AFib, the heart continues to beat but in quivering or irregular patterns that can lead to blood clots, stroke or heart failure.

Houston’s heart — the central city within the 610 loop — was quivering, and, if that vital organ failed, other systems would follow. Downtown property values were in decline, midtown was long lifeless and more people were moving out of the loop than in.

The defibrillator paddles used to shock the heart were the Rice Hotel restoration and revitalization of Allen Parkway Village.

The Rice Hotel (see photos at right) had been the hub of downtown Houston for decades. It has been visited by 6 US Presidents.

The ground it stands on was the site of the Capitol of the Republic of Texas from 18371842. For decades, Houston’s power brokers met there to chart the city’s political and economic trajectory. Yet, it had been vacant for almost 17 years. Numerous private developers tried to resurrect it, but all had failed — the numbers just didn’t work.

14

Over $5 million in asbestos abatement torpedoed pro formas.

Allen Parkway Village (see facing page for before and after pictures) — a 1,000unit public housing complex a stone’s throw west of downtown Houston — had been mired in litigation for over 15 years and only 16 units were occupied. The legendary Lenwood Johnson, a resident of APV, waged an effective legal campaign to ensure the city didn’t sell the prime site to commercial developers.

Both blighted buildings had real and symbolic influence on Houston’s built environment. Lanier used to say: “The Rice Hotel stands as a symbol of urban futility.

Rice Hotel before and after

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

It sends a message to the development community that these old vacant buildings can’t be put back into productive use. We need to save it!” Regarding APV — he often said he wanted it torn down and rebuilt, but he “didn’t want to be bothered with the details until the bulldozers were running.”

The trauma team included some of the brightest legal and real estate minds in the city’s history. It was led by Michael Stevens — a brilliant developer and CEO who volunteered to serve as Lanier’s housing and revitalization czar and included legendary public finance attorney Bob Randolph, Downtown Management District CEO Bob Eury and developer Randall

Davis. I was a junior member of the team. As a young attorney, I had the education of a lifetime serving as Stevens’ right-hand man during this historic time of intensive intervention.

Randall was chosen because his restoration of the old Hogg Palace was the first successful conversion of an empty dilapidated downtown building into cool new loft apartments. His Hogg hypothesis proved true — there was significant demand for downtown Houston living, so he was eager to tackle the Rice.

But Randall couldn’t make the numbers work alone either. Michael and Bob determined that a public/private partnership was needed to save the Rice.

It involved: buying the Rice through the Houston Housing Finance Corporation (HHFC) to get a sales tax break on construction materials; creating a tax increment reinvestment zone to fund a reimbursement agreement in which the HHFC fronted $9

million for the asbestos abatement and other expenditures but could be repaid from the potential future property tax revenues generated from the renovated hotel; utilizing a $4.5 million historic tax credit; a $20 million construction loan from Bank United; and a $7.5 million HUD Section 108 loan.

It took 18 months to conceive — Michael called it the real estate finance equivalent of planning the Gulf War.

And few realize that 62 of the 312 units are affordable. The HHFC affordability restrictions are 100 percent AMI for units with one to two residents and 115 percent of AMI for units with three or more tenants.

I was in virtually every meeting involved. In one, an inch-thick $20 million loan agreement was dropped on the table in front of Randall. I was alarmed to see him grab a pen to execute. “Don’t you think you should have your lawyers look at that before you sign?” I cried. He replied: “What for, the bank’s not gonna change anything.” And sign he did! He is one gutsy Texan.

On another occasion, we met with Mayor Lanier one early Saturday morning in his penthouse high atop the Huntington in River Oaks.

The honorable Mayor was still in his bathrobe. “We need a TIRZ to get this done Mayor,” said Michael. “Ok, then,” the Mayor replied, “but we haven’t had much time to study it, so make it as small as you can and still keep it legal.”

While the Rice turnaround seemed intuitively

necessary to energize downtown, it was harder for me to see the connection to APV. But when we tried to woo high-end multi-family developers to midtown, we learned that many of them were reluctant to be pioneers in the stagnant area between downtown Houston and the Medical Center, because they were uncertain about the disposition of the public housing project. Would it remain 1,000 units of troubled public housing or was there a plan for revitalization? Until they knew the fate of APV, they were not going to risk capital in such close proximity.

We worked with the Housing Authority of the City of Houston to devise a redevelopment plan that cut the density in half, restored many of the original units and committed to replace the lost APV units with scattered site affordable housing. That project involved two HUD HOPE VI grants totaling $57.8 million together with substantial Low-income Housing Tax Credit equity to finance the deal.

I recall watching the sunset the day when federal marshals peacefully escorted

Lenwood Johnson and some punk rocker kids off the premises. They unceremoniously climbed into an old Toyota Corolla and drove off into the sunset — ending years of litigation and marking the beginning of the redevelopment of what is now monikered the “Historic Oaks of Allen Parkway Village.”

The two-pronged shock to Houston’s heart restored her rhythm. Midtown has absolutely boomed. Downtown steadily regained its swagger.

The Rice and APV restorations were followed by the development of the Astros, Texans and Rocket’s stadia and the Hilton America’s Convention Center Hotel.

Discovery Green followed as did another new convention center hotel and the expanded George R. Brown Convention Center.

The near absence of downtown residential has now given way to approximately 4,500 new units of high-end homes either completed, under construction or in the pipeline. And Mayor Parker led the transformation of Buffalo Bayou and other neglected waterways

from eyesores to world-class amenities threading throughout Houston.

Without invasive public/ private surgery involving the city, HUD, the HHFC, the Housing Authority of the City of Houston and a developer with nerves of steel — Houston may have flatlined.

And contrary to TV show medical drama depictions, defibrillators don’t work when the heart completely stops — they can restore an irregular heartbeat not one that is non-existent.

Critics conjecture: “All that would have happened anyway without government involvement.” But those of us who were there know that if we hadn’t hit the paddles and called “clear” the patient would have gone down fast.

Consider Detroit — it’s far better to shock the vital organ while still beating than risk open heart surgery later.

The heart of the Bayou City beats strong today because visionary triage informed action — and affordable housing development tools ignited the recovery.

Neil Rackleff Locke Lord Partner

TEXAS AFFO RD ABL E HOUSING MAGAZINE

15

Houston’s REVIVAL

Allen Parkway Village before and after

HOW AFFORDABLE HOUSING BROUGHT OUR CITY BACK TO LIFE

T

he Super Bowl highlighted Houston’s health — a downtown ablaze with vitality, new construction and glittering amenities. But she hasn’t always been so strong. And most Houstonians have no idea that affordable housing helped her heal.

In the mid-‘90s, Mayor Bob Lanier led a trauma team huddled around a patient in atrial fibrillation. In AFib, the heart continues to beat but in quivering or irregular patterns that can lead to blood clots, stroke or heart failure.

Houston’s heart — the central city within the 610 loop — was quivering, and, if that vital organ failed, other systems would follow. Downtown property values were in decline, midtown was long lifeless and more people were moving out of the loop than in.

The defibrillator paddles used to shock the heart were the Rice Hotel restoration and revitalization of Allen Parkway Village.

The Rice Hotel (see photos at right) had been the hub of downtown Houston for decades. It has been visited by 6 US Presidents.

The ground it stands on was the site of the Capitol of the Republic of Texas from 18371842. For decades, Houston’s power brokers met there to chart the city’s political and economic trajectory. Yet, it had been vacant for almost 17 years. Numerous private developers tried to resurrect it, but all had failed — the numbers just didn’t work.

14

Over $5 million in asbestos abatement torpedoed pro formas.

Allen Parkway Village (see facing page for before and after pictures) — a 1,000unit public housing complex a stone’s throw west of downtown Houston — had been mired in litigation for over 15 years and only 16 units were occupied. The legendary Lenwood Johnson, a resident of APV, waged an effective legal campaign to ensure the city didn’t sell the prime site to commercial developers.

Both blighted buildings had real and symbolic influence on Houston’s built environment. Lanier used to say: “The Rice Hotel stands as a symbol of urban futility.

Rice Hotel before and after

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

It sends a message to the development community that these old vacant buildings can’t be put back into productive use. We need to save it!” Regarding APV — he often said he wanted it torn down and rebuilt, but he “didn’t want to be bothered with the details until the bulldozers were running.”

The trauma team included some of the brightest legal and real estate minds in the city’s history. It was led by Michael Stevens — a brilliant developer and CEO who volunteered to serve as Lanier’s housing and revitalization czar and included legendary public finance attorney Bob Randolph, Downtown Management District CEO Bob Eury and developer Randall

Davis. I was a junior member of the team. As a young attorney, I had the education of a lifetime serving as Stevens’ right-hand man during this historic time of intensive intervention.

Randall was chosen because his restoration of the old Hogg Palace was the first successful conversion of an empty dilapidated downtown building into cool new loft apartments. His Hogg hypothesis proved true — there was significant demand for downtown Houston living, so he was eager to tackle the Rice.

But Randall couldn’t make the numbers work alone either. Michael and Bob determined that a public/private partnership was needed to save the Rice.

It involved: buying the Rice through the Houston Housing Finance Corporation (HHFC) to get a sales tax break on construction materials; creating a tax increment reinvestment zone to fund a reimbursement agreement in which the HHFC fronted $9

million for the asbestos abatement and other expenditures but could be repaid from the potential future property tax revenues generated from the renovated hotel; utilizing a $4.5 million historic tax credit; a $20 million construction loan from Bank United; and a $7.5 million HUD Section 108 loan.

It took 18 months to conceive — Michael called it the real estate finance equivalent of planning the Gulf War.

And few realize that 62 of the 312 units are affordable. The HHFC affordability restrictions are 100 percent AMI for units with one to two residents and 115 percent of AMI for units with three or more tenants.

I was in virtually every meeting involved. In one, an inch-thick $20 million loan agreement was dropped on the table in front of Randall. I was alarmed to see him grab a pen to execute. “Don’t you think you should have your lawyers look at that before you sign?” I cried. He replied: “What for, the bank’s not gonna change anything.” And sign he did! He is one gutsy Texan.

On another occasion, we met with Mayor Lanier one early Saturday morning in his penthouse high atop the Huntington in River Oaks.

The honorable Mayor was still in his bathrobe. “We need a TIRZ to get this done Mayor,” said Michael. “Ok, then,” the Mayor replied, “but we haven’t had much time to study it, so make it as small as you can and still keep it legal.”

While the Rice turnaround seemed intuitively

necessary to energize downtown, it was harder for me to see the connection to APV. But when we tried to woo high-end multi-family developers to midtown, we learned that many of them were reluctant to be pioneers in the stagnant area between downtown Houston and the Medical Center, because they were uncertain about the disposition of the public housing project. Would it remain 1,000 units of troubled public housing or was there a plan for revitalization? Until they knew the fate of APV, they were not going to risk capital in such close proximity.

We worked with the Housing Authority of the City of Houston to devise a redevelopment plan that cut the density in half, restored many of the original units and committed to replace the lost APV units with scattered site affordable housing. That project involved two HUD HOPE VI grants totaling $57.8 million together with substantial Low-income Housing Tax Credit equity to finance the deal.

I recall watching the sunset the day when federal marshals peacefully escorted

Lenwood Johnson and some punk rocker kids off the premises. They unceremoniously climbed into an old Toyota Corolla and drove off into the sunset — ending years of litigation and marking the beginning of the redevelopment of what is now monikered the “Historic Oaks of Allen Parkway Village.”

The two-pronged shock to Houston’s heart restored her rhythm. Midtown has absolutely boomed. Downtown steadily regained its swagger.

The Rice and APV restorations were followed by the development of the Astros, Texans and Rocket’s stadia and the Hilton America’s Convention Center Hotel.

Discovery Green followed as did another new convention center hotel and the expanded George R. Brown Convention Center.

The near absence of downtown residential has now given way to approximately 4,500 new units of high-end homes either completed, under construction or in the pipeline. And Mayor Parker led the transformation of Buffalo Bayou and other neglected waterways

from eyesores to world-class amenities threading throughout Houston.

Without invasive public/ private surgery involving the city, HUD, the HHFC, the Housing Authority of the City of Houston and a developer with nerves of steel — Houston may have flatlined.

And contrary to TV show medical drama depictions, defibrillators don’t work when the heart completely stops — they can restore an irregular heartbeat not one that is non-existent.

Critics conjecture: “All that would have happened anyway without government involvement.” But those of us who were there know that if we hadn’t hit the paddles and called “clear” the patient would have gone down fast.

Consider Detroit — it’s far better to shock the vital organ while still beating than risk open heart surgery later.

The heart of the Bayou City beats strong today because visionary triage informed action — and affordable housing development tools ignited the recovery.

Neil Rackleff Locke Lord Partner

TEXAS AFFO RD ABL E HOUSING MAGAZINE

15

I M PA C T F U L I N V E S T M E N T S I M P R OV I N G CO M M U N I T I E S

16

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

TEXAS AFFO RD ABL E HOUSING MAGAZINE

17

I M PA C T F U L I N V E S T M E N T S I M P R OV I N G CO M M U N I T I E S

16

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

TEXAS AFFO RD ABL E HOUSING MAGAZINE

17

A stable home and a family environment is all the more critical to the physical and emotional healing of those veterans who suffer from combat related injuries, visible and invisible. This is the most fundamental need faced by these deserving men and women and the most critical in their survival in an unfamiliar civilian world. Without a community and a proper place to call home the veteran faces the possibility of what is his/her greatest fear – Isolation

The Valor Club

The Valor Club is the first master planned community specifically designed and dedicated to the life-needs of veterans and their families by providing safe, accessible and affordable housing in a carefully designed environment where they can… LIVE, PLAY & THRIVE. LIVE – Finding high quality, affordable and safe housing suitable for a family in a neighborhood of other veteran families is the first step toward the future. The base of Maslov’s Hierarchy of Basic Human Needs starts here.

PLAY – Competitive sports and fitness create a remarkably therapeutic atmosphere conducive to open and unfiltered communication among veterans and their comrades. The Valor Club community includes an adapted golf course, extensive hike and bike trails connected to dozens of miles of additional trails, a comprehensive fitness center, a community pool with specially designed access for persons with disabilities and The Valordome – an olympic/paralympic style sports facility for training and competition of all manner or sports including adapted sports.

THRIVE – Having checked the “Live Box” and rediscovering your center through the therapeutic benefits of sports and fitness, one can focus on the future – job, olympics, service to others – whatever life offers, it is all within reach again. This is the point and purpose of this entire effort. The community will include educational and job training opportunities to help inspire and prepare. These are resilient, purposeful and driven folks. Helping these remarkable men and women rise above the things that would otherwise hold them back will allow them to thrive.

18

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

and resources in the transitional process that veterans and their families face. Helping them face their new challenges at this level, on this scale, will have a profoundly positive affect for generations to come.

Housing Options The Valor Club will include a variety of high quality, affordably priced housing options to meet the needs of veterans and their families. It will exist as a familyoriented, master-planned community, dedicated to easing and promoting the process of transitioning from military life to a successful and fulfilling life outside the military.

MASTER’S RANCH APARTMENTS High quality, gated apartment homes are available to assist veterans while they find permanent housing.

Master’s Ranch will feature 252 budget-friendly apartments that will range in size from 750 sq. ft. to nearly 1,200 sq. ft., with monthly rents ranging from $650 to $975. Veterans with disabilities will have the choice of 84-ground floor units that feature a complete array of accommodations, including those for vision and hearing impairments.

is the foundation of our mission. This housing has to be of good quality, it has to be safe and it must not be a financial burden. To this end, more than 100 three bedroom, single-family homes will be available in a gated, family-oriented neighborhood, complete with traditional backyards, front yards and two car garages. These newly built homes will be available to veteran families at a price right around $1,500 per month, and they can live here throughout their transition (typically 3-4 years).

RETIREMENT HOUSING Our research shows that the community would not be complete without the influence of our senior veterans.

Those military men and women that separated long ago have perspective and experience that will be essential for the younger generation to learn. They stand as a testament to the simple fact that “you can do this because I did it”. We will invite them into the community with well-built, affordable, age-restricted housing adjacent to the family neighborhood. We look forward to seeing the social dynamic between our retirees and the children of the younger families blossom, as well as the familial interaction between the generations.

SINGLE-FAMILY HOMES Providing high-quality, suitable and affordable housing in which veterans and their families can flourish

Of these, “Live” is the first and most important. The housing dilemma is one of the greatest challenges young veteran families face today. Living with friends, family or in substandard housing are not sustainable scenarios, which create overwhelming pressure and hardships. This fundamental need must be met before veterans can begin their journeys toward selfactualization. The premise of The Valor Club community begins with well built, accessible and affordable neighborhood housing that is safe and secure.

Without an affordable and dignified place to call home, the Veteran and his/her family are subject to overwhelming pressure and the family often pays the toll. Without a safe and secure home, the preoccupation with resolving this most fundamental need prohibits the individual and the family from progressing in their journey toward the positive and fulfilling future they so rightfully deserve. This is the first step, the first challenge and the one for which many veterans are painfully unprepared, especially when they are medically retired. With this in mind, The Valor Club is located near the heart of San Antonio, Texas, just eight miles away from San Antonio Military Medical Center and the Center for the Intrepid, which provide state-of-the-art care and rehabilitation as part of the Department of Defense’s largest medical treatment facility. The Valor Club is built on the idea that we can, and therefore we must, invest our talents

Please visit our website at www.thevalorclub.org or contact: Executive Director -Ricks Wilson, Jr. at rwilson@thevalorclub.org or Chairman & Founder -Dan Pedrotti, Jr. at dan@thevalorclub.org TEXAS AFFO RD ABL E HOUSING MAGAZINE

19

A stable home and a family environment is all the more critical to the physical and emotional healing of those veterans who suffer from combat related injuries, visible and invisible. This is the most fundamental need faced by these deserving men and women and the most critical in their survival in an unfamiliar civilian world. Without a community and a proper place to call home the veteran faces the possibility of what is his/her greatest fear – Isolation

The Valor Club

The Valor Club is the first master planned community specifically designed and dedicated to the life-needs of veterans and their families by providing safe, accessible and affordable housing in a carefully designed environment where they can… LIVE, PLAY & THRIVE. LIVE – Finding high quality, affordable and safe housing suitable for a family in a neighborhood of other veteran families is the first step toward the future. The base of Maslov’s Hierarchy of Basic Human Needs starts here.

PLAY – Competitive sports and fitness create a remarkably therapeutic atmosphere conducive to open and unfiltered communication among veterans and their comrades. The Valor Club community includes an adapted golf course, extensive hike and bike trails connected to dozens of miles of additional trails, a comprehensive fitness center, a community pool with specially designed access for persons with disabilities and The Valordome – an olympic/paralympic style sports facility for training and competition of all manner or sports including adapted sports.

THRIVE – Having checked the “Live Box” and rediscovering your center through the therapeutic benefits of sports and fitness, one can focus on the future – job, olympics, service to others – whatever life offers, it is all within reach again. This is the point and purpose of this entire effort. The community will include educational and job training opportunities to help inspire and prepare. These are resilient, purposeful and driven folks. Helping these remarkable men and women rise above the things that would otherwise hold them back will allow them to thrive.

18

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

and resources in the transitional process that veterans and their families face. Helping them face their new challenges at this level, on this scale, will have a profoundly positive affect for generations to come.

Housing Options The Valor Club will include a variety of high quality, affordably priced housing options to meet the needs of veterans and their families. It will exist as a familyoriented, master-planned community, dedicated to easing and promoting the process of transitioning from military life to a successful and fulfilling life outside the military.

MASTER’S RANCH APARTMENTS High quality, gated apartment homes are available to assist veterans while they find permanent housing.

Master’s Ranch will feature 252 budget-friendly apartments that will range in size from 750 sq. ft. to nearly 1,200 sq. ft., with monthly rents ranging from $650 to $975. Veterans with disabilities will have the choice of 84-ground floor units that feature a complete array of accommodations, including those for vision and hearing impairments.

is the foundation of our mission. This housing has to be of good quality, it has to be safe and it must not be a financial burden. To this end, more than 100 three bedroom, single-family homes will be available in a gated, family-oriented neighborhood, complete with traditional backyards, front yards and two car garages. These newly built homes will be available to veteran families at a price right around $1,500 per month, and they can live here throughout their transition (typically 3-4 years).

RETIREMENT HOUSING Our research shows that the community would not be complete without the influence of our senior veterans.

Those military men and women that separated long ago have perspective and experience that will be essential for the younger generation to learn. They stand as a testament to the simple fact that “you can do this because I did it”. We will invite them into the community with well-built, affordable, age-restricted housing adjacent to the family neighborhood. We look forward to seeing the social dynamic between our retirees and the children of the younger families blossom, as well as the familial interaction between the generations.

SINGLE-FAMILY HOMES Providing high-quality, suitable and affordable housing in which veterans and their families can flourish

Of these, “Live” is the first and most important. The housing dilemma is one of the greatest challenges young veteran families face today. Living with friends, family or in substandard housing are not sustainable scenarios, which create overwhelming pressure and hardships. This fundamental need must be met before veterans can begin their journeys toward selfactualization. The premise of The Valor Club community begins with well built, accessible and affordable neighborhood housing that is safe and secure.

Without an affordable and dignified place to call home, the Veteran and his/her family are subject to overwhelming pressure and the family often pays the toll. Without a safe and secure home, the preoccupation with resolving this most fundamental need prohibits the individual and the family from progressing in their journey toward the positive and fulfilling future they so rightfully deserve. This is the first step, the first challenge and the one for which many veterans are painfully unprepared, especially when they are medically retired. With this in mind, The Valor Club is located near the heart of San Antonio, Texas, just eight miles away from San Antonio Military Medical Center and the Center for the Intrepid, which provide state-of-the-art care and rehabilitation as part of the Department of Defense’s largest medical treatment facility. The Valor Club is built on the idea that we can, and therefore we must, invest our talents

Please visit our website at www.thevalorclub.org or contact: Executive Director -Ricks Wilson, Jr. at rwilson@thevalorclub.org or Chairman & Founder -Dan Pedrotti, Jr. at dan@thevalorclub.org TEXAS AFFO RD ABL E HOUSING MAGAZINE

19

Working Together Affordable homes should be more than a dream.

We believe economic growth requires healthy communities where everyone has a home that he or she can afford. We specialize in low income housing tax credits, forming relationships with investors and developers that cultivate success and improve lives.

CREALLC.COM AUSTIN, TX BOSTON, MA INDIANAPOLIS, IN

NEW YORK, NY PORTLAND, OR SARASOTA, FL SAN DIEGO, CA

moving

affordable housing forward

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

799 9th Street NW | Suite 500 | Washington, DC nixonpeabody.com/affordable_housing | @Nixonpeabodyllp

20

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

When people and organizations work together, we can accomplish more and reach new heights.

Thanks TAAHP for your leadership.

Proudly Supported By:

Southeast Texas Housing Finance Corp

Board of Directors and Staff www.sethfc.com

TEXAS AFFO RD ABL E HOUSING MAGAZINE

21

Working Together Affordable homes should be more than a dream.

We believe economic growth requires healthy communities where everyone has a home that he or she can afford. We specialize in low income housing tax credits, forming relationships with investors and developers that cultivate success and improve lives.

CREALLC.COM AUSTIN, TX BOSTON, MA INDIANAPOLIS, IN

NEW YORK, NY PORTLAND, OR SARASOTA, FL SAN DIEGO, CA

moving

affordable housing forward

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

799 9th Street NW | Suite 500 | Washington, DC nixonpeabody.com/affordable_housing | @Nixonpeabodyllp

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TEXAS AFFORDABLE HOUSI NG M AGAZI NE

When people and organizations work together, we can accomplish more and reach new heights.

Thanks TAAHP for your leadership.

Proudly Supported By:

Southeast Texas Housing Finance Corp

Board of Directors and Staff www.sethfc.com

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Ideas in Action: Vibrant Affordable Housing Communities Complex deals require an experienced, nationwide team with one-stop-shop debt and equity capabilities that bring together balance sheet, equity and permanent loan offerings.

At Key, 50 financing experts offer fresh lending and investment ideas that help local affordable housing and economic development projects succeed.

Seize opportunities to transform neighborhoods.

For fresh ideas, contact: Alexander S. Beaumariage Program Manager – Affordable Housing 214-540-9129 alexander_s_beaumariage@keybank.com

Achieving real value in affordable housing

Jeff Rodman Sr. Mortgage Banker – Affordable Housing 214-540-9153 jeffrey_s_rodman@keybank.com

As one of the nation’s top multifamily lenders(1), we execute comprehensive services for your multifamily property capital needs. And, we maintain extensive relationships with Fannie Mae, Freddie Mac and HUD/GNMA.

key.com/affordable

No. 1 Freddie Mac Top Targeted Affordable Housing Lender in 2016

$1.2 billion in affordable housing financing deals in 2016

Top Fannie Mae DUS® Producer for Multifamily Affordable Housing in 2016

Ideas Are the New Currency

Best Fannie Mae Affordable Housing Underwriting in 2016

Balance Sheet | Equity Investments | Lines of Credit

us.jll.com/affordable-housing

Permanent Loans | Construction | Acquisition | Preservation

© 2017 Jones Lang LaSalle IP, Inc. All rights reserved.

(1) Services performed by Jones Lang LaSalle Multifamily, LLC the wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

Banking products and services are offered by KeyBank National Association.

All credit products subject to credit approval.

Key.com federally registered service markHOUSI of KeyCorp.

22 is aTEXAS AFFORDABLE NG M AGAZI NE ©2017 KeyCorp. KeyBank is Member FDIC. 170601-241825

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Ideas in Action: Vibrant Affordable Housing Communities Complex deals require an experienced, nationwide team with one-stop-shop debt and equity capabilities that bring together balance sheet, equity and permanent loan offerings.

At Key, 50 financing experts offer fresh lending and investment ideas that help local affordable housing and economic development projects succeed.

Seize opportunities to transform neighborhoods.

For fresh ideas, contact: Alexander S. Beaumariage Program Manager – Affordable Housing 214-540-9129 alexander_s_beaumariage@keybank.com

Achieving real value in affordable housing

Jeff Rodman Sr. Mortgage Banker – Affordable Housing 214-540-9153 jeffrey_s_rodman@keybank.com

As one of the nation’s top multifamily lenders(1), we execute comprehensive services for your multifamily property capital needs. And, we maintain extensive relationships with Fannie Mae, Freddie Mac and HUD/GNMA.

key.com/affordable

No. 1 Freddie Mac Top Targeted Affordable Housing Lender in 2016

$1.2 billion in affordable housing financing deals in 2016

Top Fannie Mae DUS® Producer for Multifamily Affordable Housing in 2016

Ideas Are the New Currency

Best Fannie Mae Affordable Housing Underwriting in 2016

Balance Sheet | Equity Investments | Lines of Credit

us.jll.com/affordable-housing

Permanent Loans | Construction | Acquisition | Preservation

© 2017 Jones Lang LaSalle IP, Inc. All rights reserved.

(1) Services performed by Jones Lang LaSalle Multifamily, LLC the wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

Banking products and services are offered by KeyBank National Association.

All credit products subject to credit approval.

Key.com federally registered service markHOUSI of KeyCorp.

22 is aTEXAS AFFORDABLE NG M AGAZI NE ©2017 KeyCorp. KeyBank is Member FDIC. 170601-241825

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HOME. It’s where our heart is.

The Federal Home Loan Bank of Dallas has awarded more than $254 million in Affordable Housing Program (AHP) grants since 1990 across our five-state District. In 2016 alone, $2 million was awarded to assist 4 rental developments in the Lone Star State — with more to come in 2017.

All because “home” is at the heart of what we do.

For more information, call 800.362.2944 or visit fhlb.com.

2018 TDHCA Calendar SCHEDULE Board/Committee Meeting 2017 Dates September 7, 2017 October 12, 2017 November 9, 2017 December 14, 2017 Tenative 2018 Dates January 18, 2018 February 22, 2018 March 22, 2018 April 26, 2018 May 24, 2018 June 7, 2018 June 28, 2018 July 26, 2018 September 6, 2018 October 11, 2018 November 8, 2018 December 6, 2018

Texas Affordable Housing By the Numbers 238,992*

affordable housing units developed or preserved since inception of the Low Income Housing Tax Credit Program (LIHTC) in 1987

In State Fiscal Year 2016: $63.6 million issued in LIHTC

63 properties constructed or rehabilitated offering rents affordable to households earning up to 60 percent of area median household income

5,994 affordable rental units added or preserved

$1 billion** net economic impact 13,034 jobs with total employee compensation of

$455 million

$384 million leveraged in non-TDHCA funds

The Texas Department of Housing and Community Affairs’ (TDHCA) investment in Texas’ affordable multifamily housing landscape not only serves to expand options for low-income individuals and families, but the combined construction payroll salaries, local purchases, and taxes and fees the program generates have a significant impact on the Texas economy.

P.O. Box 13941, Austin, TX 78711 512-475-3800 • 800-525-0657 info@tdhca.state.tx.us • www.tdhca.state.tx.us See what’s happening on our social sites: @TDHCA

TDHCA

*Total number of active rent-restricted units for all LIHTC properties in the TDHCA portfolio as of May 25, 2017. **Total does not include job creation, increased property tax valuations, and economic activity made possible by reduced rents.

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HOME. It’s where our heart is.

The Federal Home Loan Bank of Dallas has awarded more than $254 million in Affordable Housing Program (AHP) grants since 1990 across our five-state District. In 2016 alone, $2 million was awarded to assist 4 rental developments in the Lone Star State — with more to come in 2017.

All because “home” is at the heart of what we do.

For more information, call 800.362.2944 or visit fhlb.com.

2018 TDHCA Calendar SCHEDULE Board/Committee Meeting 2017 Dates September 7, 2017 October 12, 2017 November 9, 2017 December 14, 2017 Tenative 2018 Dates January 18, 2018 February 22, 2018 March 22, 2018 April 26, 2018 May 24, 2018 June 7, 2018 June 28, 2018 July 26, 2018 September 6, 2018 October 11, 2018 November 8, 2018 December 6, 2018

Texas Affordable Housing By the Numbers 238,992*

affordable housing units developed or preserved since inception of the Low Income Housing Tax Credit Program (LIHTC) in 1987

In State Fiscal Year 2016: $63.6 million issued in LIHTC

63 properties constructed or rehabilitated offering rents affordable to households earning up to 60 percent of area median household income

5,994 affordable rental units added or preserved

$1 billion** net economic impact 13,034 jobs with total employee compensation of

$455 million

$384 million leveraged in non-TDHCA funds

The Texas Department of Housing and Community Affairs’ (TDHCA) investment in Texas’ affordable multifamily housing landscape not only serves to expand options for low-income individuals and families, but the combined construction payroll salaries, local purchases, and taxes and fees the program generates have a significant impact on the Texas economy.

P.O. Box 13941, Austin, TX 78711 512-475-3800 • 800-525-0657 info@tdhca.state.tx.us • www.tdhca.state.tx.us See what’s happening on our social sites: @TDHCA

TDHCA

*Total number of active rent-restricted units for all LIHTC properties in the TDHCA portfolio as of May 25, 2017. **Total does not include job creation, increased property tax valuations, and economic activity made possible by reduced rents.

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CBRE AFFORDABLE HOUSING

CER TAINT Y IS

INVESTMENT SALES | LENDING | INVESTMENT BANKING At CBRE Affordable Housing, we provide knowledge and advice that enhances decision making, and a team that provides transaction execution confidence. Insight from three vertically integrated service lines and a transaction track record from the most experienced team in the industry, allow us to leverage real-time buyer, seller, and capital intelligence to provide you with industry-leading advice and results. How can we help transform your real estate into real advantage?

a partner that knows “good enough” never is.

You know there are no easy answers in commercial real estate. At Berkadia, we work relentlessly to identify investment assets, secure financing and service your loan for its duration. That tireless approach is designed to remove doubts every step of the way— so you can execute with certainty.

See how our corporate values deliver value for our clients: www.berkadia.com

At CBRE Affordable Housing, we combine investment sales, debt and structured finance, and

Join us for Tim Flint’s presentation:

investment banking into a Look fully integrated service offering forand our clients in the affordable housing An Inside at Pricing, Negotiating, Rehabbing

BER KADIA.COM

single assets to large portfolios – CBRE Affordable Housing is the go-to resource for buyers and sellers

© 2017 Berkadia Commercial Mortgage LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC. Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Investment sales/real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx.

industry. With our combined and the unique ability to service projects of any size - from Tuesday, Julyexpertise 25, at 1:45PM

timothy.flint@cbre.com looking for a competitive edge. How can we help transform your real estate into real advantage? +1 206 826 5725 www.cbre.us/affordablehousing

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TEXAS AFFORDABLE HOUSI NG M AGAZI NE

a Berkshire Hathaway and Leucadia National company

Berkadia Commercial Mortgage LLC, TX Broker Lic. #9000490 | Berkadia Real Estate Advisors LLC, TX Broker Lic. #9002106

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CBRE AFFORDABLE HOUSING

CER TAINT Y IS

INVESTMENT SALES | LENDING | INVESTMENT BANKING At CBRE Affordable Housing, we provide knowledge and advice that enhances decision making, and a team that provides transaction execution confidence. Insight from three vertically integrated service lines and a transaction track record from the most experienced team in the industry, allow us to leverage real-time buyer, seller, and capital intelligence to provide you with industry-leading advice and results. How can we help transform your real estate into real advantage?

a partner that knows “good enough” never is.

You know there are no easy answers in commercial real estate. At Berkadia, we work relentlessly to identify investment assets, secure financing and service your loan for its duration. That tireless approach is designed to remove doubts every step of the way— so you can execute with certainty.

See how our corporate values deliver value for our clients: www.berkadia.com

At CBRE Affordable Housing, we combine investment sales, debt and structured finance, and

Join us for Tim Flint’s presentation:

investment banking into a Look fully integrated service offering forand our clients in the affordable housing An Inside at Pricing, Negotiating, Rehabbing

BER KADIA.COM

single assets to large portfolios – CBRE Affordable Housing is the go-to resource for buyers and sellers

© 2017 Berkadia Commercial Mortgage LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC. Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Investment sales/real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx.

industry. With our combined and the unique ability to service projects of any size - from Tuesday, Julyexpertise 25, at 1:45PM

timothy.flint@cbre.com looking for a competitive edge. How can we help transform your real estate into real advantage? +1 206 826 5725 www.cbre.us/affordablehousing

26

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

a Berkshire Hathaway and Leucadia National company

Berkadia Commercial Mortgage LLC, TX Broker Lic. #9000490 | Berkadia Real Estate Advisors LLC, TX Broker Lic. #9002106

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NOT CHEAP. HE’S AFFORDABLE. We are a full-service affordable and market-rate housing development consulting firm, specializing in both single and multi-family residential development. We offer our for-profit and non-profit clients the benefit of our comprehensive experience in entitlement, debt and equity financing, and construction expertise. Mention this ad to receive a $10,000 fee reduction on your first project with us.

EXPERTS IN AFFORDABLE HOUSING FINANCE. HUNT MORTGAGE GROUP’s Affordable Multifamily

division

is

flourishing.

An

industry leader in financing affordable multifamily

housing,

we’ve

been

in

business more than 40 years. Recently we hired 15 new loan officers and underwriters nationwide to focus exclusively on affordable housing. We offer extensive financing options to developers through our: Fannie Mae

◆ 5,522 housing units since 2003 ◆ 4,200 affordable units since 2003 ◆ 950 units in conjunction with housing authorities since 2003 ◆ 644 units with Hurricane CDBG-DR money since 2008 ◆ 1,290 mixed finance units with HUD since 2003 ◆ $17.05 million in HOME funds (including Section 108 loan funding) ◆ $39 million in CDBG-Hurricane Recovery Funds, plus GO ZONE HTC; $68 million total (includes Section 108 loan funding) ◆ Total AHP Grant or other funds, including HTF: $8 million ◆ Total HTC Equity 4% and 9%: $240 million allocated from TDHCA, MFA and CHFA ◆ $270 million in tax-exempt bonds issued and sold ◆ 3,090 total Senior Housing units in Texas since 1997

DUSTM license, Freddie Mac TAH license, FHA MAP designation, and our proprietary lending platform.

Learn about our financing solutions: PAUL WEISSMAN Paul.Weissman@huntcompanies.com 303.504.6239

Paul J. Weissman Senior Managing Director Affordable Housing Finance

H U N T M O R T G A G E G R O U P. C O M

DENVER

CERTAINTY OF EXECUTION. CLARITY OF THOUGHT.®

16812 Dallas Parkway, Dallas, TX 75248 ◆ 214.608.7201 ◆ SonomaAdvisors.com

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NOT CHEAP. HE’S AFFORDABLE. We are a full-service affordable and market-rate housing development consulting firm, specializing in both single and multi-family residential development. We offer our for-profit and non-profit clients the benefit of our comprehensive experience in entitlement, debt and equity financing, and construction expertise. Mention this ad to receive a $10,000 fee reduction on your first project with us.

EXPERTS IN AFFORDABLE HOUSING FINANCE. HUNT MORTGAGE GROUP’s Affordable Multifamily

division

is

flourishing.

An

industry leader in financing affordable multifamily

housing,

we’ve

been

in

business more than 40 years. Recently we hired 15 new loan officers and underwriters nationwide to focus exclusively on affordable housing. We offer extensive financing options to developers through our: Fannie Mae

◆ 5,522 housing units since 2003 ◆ 4,200 affordable units since 2003 ◆ 950 units in conjunction with housing authorities since 2003 ◆ 644 units with Hurricane CDBG-DR money since 2008 ◆ 1,290 mixed finance units with HUD since 2003 ◆ $17.05 million in HOME funds (including Section 108 loan funding) ◆ $39 million in CDBG-Hurricane Recovery Funds, plus GO ZONE HTC; $68 million total (includes Section 108 loan funding) ◆ Total AHP Grant or other funds, including HTF: $8 million ◆ Total HTC Equity 4% and 9%: $240 million allocated from TDHCA, MFA and CHFA ◆ $270 million in tax-exempt bonds issued and sold ◆ 3,090 total Senior Housing units in Texas since 1997

DUSTM license, Freddie Mac TAH license, FHA MAP designation, and our proprietary lending platform.

Learn about our financing solutions: PAUL WEISSMAN Paul.Weissman@huntcompanies.com 303.504.6239

Paul J. Weissman Senior Managing Director Affordable Housing Finance

H U N T M O R T G A G E G R O U P. C O M

DENVER

CERTAINTY OF EXECUTION. CLARITY OF THOUGHT.®

16812 Dallas Parkway, Dallas, TX 75248 ◆ 214.608.7201 ◆ SonomaAdvisors.com

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The Carleton Management Services team is dedicated to achieving the financial goals of our owners by efficiently operating and maintaining their assets. We strive to control costs, drive revenue growth, and achieve operating goals while enhancing the lives of the residents we serve and the properties in which we operate.

Our continuing commitment to quality products may mean a change in specifications without notice. © 2016 Goodman Manufacturing Company, L.P. · Houston, Texas · USA

www.goodmanmfg.com

Reaching New Heights.

Enterprise and Bellwether Enterprise, a leading national team, provide a powerful combination of capital solutions.

19 million low-income families are homeless or paying more than half their income on housing. From Low-Income Housing Tax Credit and New Markets Tax Credit equity, to long-term conventional and affordable housing debt products, we put capital to work for our clients and our communities.

That’s Capital on a Mission.

PROGRAMS MANAGED

SCOPE OF SERVICES

• SECTION 42 & BOND HTC

• PROPERTY MANAGEMENT

• CONVENTIONAL MARKET RATE

• COMPLICANCE OVERSIGHT

• PUBLIC HOUSING

• STAFFING & TRAINING

• PROJECT BASED VOUCHER (PBV)

• MARKETING

• PROJECT BASED RAD ASSISTANCE (PBRA)

• LEASE-UP STABILIZATION

• VETERAN’S AFFAIRS SUPPORTIVE HOUSING

• PROPERTY REPOSITIONING • VALUE ADDED OPPORTUNITIES • CONSULTING • PRE-AQUISITION

Aron Weisner

Phil Melton

Vice President, Syndication Enterprise Community Investment, Inc. 410.772.2621 aweisner@enterprisecommunity.com

Executive Vice President Bellwether Enterprise Real Estate Capital, LLC 469.729.7677 pmelton@bwecap.com

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TEXAS AFFORDABLE HOUSI NG M AGAZI NE

• DUE DILIGENCE

www.EnterpriseCommunity.com

www.BellwetherEnterprise.com

A Carleton Residential Company carletonms.com

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The Carleton Management Services team is dedicated to achieving the financial goals of our owners by efficiently operating and maintaining their assets. We strive to control costs, drive revenue growth, and achieve operating goals while enhancing the lives of the residents we serve and the properties in which we operate.

Our continuing commitment to quality products may mean a change in specifications without notice. © 2016 Goodman Manufacturing Company, L.P. · Houston, Texas · USA

www.goodmanmfg.com

Reaching New Heights.

Enterprise and Bellwether Enterprise, a leading national team, provide a powerful combination of capital solutions.

19 million low-income families are homeless or paying more than half their income on housing. From Low-Income Housing Tax Credit and New Markets Tax Credit equity, to long-term conventional and affordable housing debt products, we put capital to work for our clients and our communities.

That’s Capital on a Mission.

PROGRAMS MANAGED

SCOPE OF SERVICES

• SECTION 42 & BOND HTC

• PROPERTY MANAGEMENT

• CONVENTIONAL MARKET RATE

• COMPLICANCE OVERSIGHT

• PUBLIC HOUSING

• STAFFING & TRAINING

• PROJECT BASED VOUCHER (PBV)

• MARKETING

• PROJECT BASED RAD ASSISTANCE (PBRA)

• LEASE-UP STABILIZATION

• VETERAN’S AFFAIRS SUPPORTIVE HOUSING

• PROPERTY REPOSITIONING • VALUE ADDED OPPORTUNITIES • CONSULTING • PRE-AQUISITION

Aron Weisner

Phil Melton

Vice President, Syndication Enterprise Community Investment, Inc. 410.772.2621 aweisner@enterprisecommunity.com

Executive Vice President Bellwether Enterprise Real Estate Capital, LLC 469.729.7677 pmelton@bwecap.com

30

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

• DUE DILIGENCE

www.EnterpriseCommunity.com

www.BellwetherEnterprise.com

A Carleton Residential Company carletonms.com

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SPOTLIGHT S

T E X A S

T

O

R

A F F O R D A B L E

I

E

H O U S I N G

Rose Hill Apartments

S

M A G A Z I N E

The Texas Affiliation of Affordable Housing Providers (TAAHP) is the leading nonprofit association of affordable housing development professionals representing the affordable housing industry in Texas.

We want to share a few of the exc

32

Kristi Sutterfield Editor, Texas Affordable Housing Magazine

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

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SPOTLIGHT S

T E X A S

T

O

R

A F F O R D A B L E

I

E

H O U S I N G

Rose Hill Apartments

S

M A G A Z I N E

The Texas Affiliation of Affordable Housing Providers (TAAHP) is the leading nonprofit association of affordable housing development professionals representing the affordable housing industry in Texas.

We want to share a few of the exc

32

Kristi Sutterfield Editor, Texas Affordable Housing Magazine

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

TEXAS AFFO RD ABL E HOUSING MAGAZINE

33

NRP TEXAS DEVELOPMENT TEAM

Exceeding expectations.

Exemplifying excellence.

DANIEL B. MARKSON Senior Vice-President of Development Past President, TAAHP

JASON ARECHIGA Vice-President of Development

DEBRA A. GUERRERO Vice-President – Governmental Affairs First Vice President - TAAHP

JAY JOHNSON Assistant Developer

TEXAS PROJECT MANAGEMENT TEAM

BETH BARKER, Development Applications Assistant ANNE TYLER, Project Manager Development ANA PADILLA, Project Manager Development

2016 RANKED #1 TOP 50 AFFORDABLE HOUSING DEVELOPER

Esperanza at Palo Alto

CONTRACTORS #6 DEVELOPERS #7

2017 TOP 50

The NRP Group LLC 210.487.7878 I www.NRPGroup.com

Esperanza at Palo Alto 12305 SW Loop 410 San Antonio, TX 78224

venue for the PAC Mariachi program and the Tejano Conjunto studies department to perform for the general community.

Description of Property: Esperanza at Palo Alto Apartments was developed to benefit families that include the nontraditional and the continuing education student. This 322 unit residential development is a fresh new living experience offering the comfort of modern facilities near the campuses of Palo Alto College (PAC) and the Texas A&M University - San Antonio. The unexpected affordability of this three story quality apartment development for working families and individuals makes for an excellent choice with rents starting at $661/month.

The City of San Antonio has an unmet need of 150,000 affordable housing units. Esperanza at Palo Alto not only assists in meeting this need, but provides choice housing for families that want to live, work and study in the Southside of San Antonio.

This residential community includes one, two, three and four-bedroom multi-family units, and a multi-faceted playground area and a business/ community center. Additionally, an amphitheater was placed in the center of the development to encourage outdoor activities. PAC offers studies in the music that reflects the rich cultural history of the City of San Antonio. The Esperanza’s outside stage area will provide a

Type of funding: 4% Tax Credit, San Antonio Housing Trust Finance Corporation Multifamily Housing Revenue Bonds, and HOME and CDBG funds from the City of San Antonio.

Number of units and composition: 322 units; 1, 2, 3, & 4-bedrooms.

Resident profiles: This property was designed with young families with income levels from the high $20,000 to low $30,000 range and part-time students in mind whether they are parents, children or siblings. Palo Alto College is a large commuter school and people need to live nearby.

200 Concord Plaza, Suite 900, San Antonio, Texas 78216

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NRP TEXAS DEVELOPMENT TEAM

Exceeding expectations.

Exemplifying excellence.

DANIEL B. MARKSON Senior Vice-President of Development Past President, TAAHP

JASON ARECHIGA Vice-President of Development

DEBRA A. GUERRERO Vice-President – Governmental Affairs First Vice President - TAAHP

JAY JOHNSON Assistant Developer

TEXAS PROJECT MANAGEMENT TEAM

BETH BARKER, Development Applications Assistant ANNE TYLER, Project Manager Development ANA PADILLA, Project Manager Development

2016 RANKED #1 TOP 50 AFFORDABLE HOUSING DEVELOPER

Esperanza at Palo Alto

CONTRACTORS #6 DEVELOPERS #7

2017 TOP 50

The NRP Group LLC 210.487.7878 I www.NRPGroup.com

Esperanza at Palo Alto 12305 SW Loop 410 San Antonio, TX 78224

venue for the PAC Mariachi program and the Tejano Conjunto studies department to perform for the general community.

Description of Property: Esperanza at Palo Alto Apartments was developed to benefit families that include the nontraditional and the continuing education student. This 322 unit residential development is a fresh new living experience offering the comfort of modern facilities near the campuses of Palo Alto College (PAC) and the Texas A&M University - San Antonio. The unexpected affordability of this three story quality apartment development for working families and individuals makes for an excellent choice with rents starting at $661/month.

The City of San Antonio has an unmet need of 150,000 affordable housing units. Esperanza at Palo Alto not only assists in meeting this need, but provides choice housing for families that want to live, work and study in the Southside of San Antonio.

This residential community includes one, two, three and four-bedroom multi-family units, and a multi-faceted playground area and a business/ community center. Additionally, an amphitheater was placed in the center of the development to encourage outdoor activities. PAC offers studies in the music that reflects the rich cultural history of the City of San Antonio. The Esperanza’s outside stage area will provide a

Type of funding: 4% Tax Credit, San Antonio Housing Trust Finance Corporation Multifamily Housing Revenue Bonds, and HOME and CDBG funds from the City of San Antonio.

Number of units and composition: 322 units; 1, 2, 3, & 4-bedrooms.

Resident profiles: This property was designed with young families with income levels from the high $20,000 to low $30,000 range and part-time students in mind whether they are parents, children or siblings. Palo Alto College is a large commuter school and people need to live nearby.

200 Concord Plaza, Suite 900, San Antonio, Texas 78216

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Esperanza at Palo Alto Developer: The NRP Group Syndicator: Bank of America, N.A. Lender: The construction lender is Bank of America, N.A. and the permanent lender is America First Multifamily Investors, L.P. Architect: Muñoz & Company, 1017 North Main Street, San Antonio, TX 78212 List of on-site Amenities: • Event pavilion • Community room • Children’s activity room • Fitness center • Playground • Swimming pool • Business Center with WIFI • Gated community • Covered patios and porches • Walk-in closets

List of support services: Life skills training, community safety, recreational activities, homebuyer education, health screening services and after school programs/tutoring.

Special design features: The event pavilion was designed to provide an outdoor venue for the PAC Mariachi program and the Tejano Conjunto Studies department to perform for the general community as well as a farmers’ market and health fair.

Name and contact information of individual should additional property information be requested: Diane Richey, Director of Marketing The NRP Group 216-475-8900 ext. 1600 drichey@nrpgroup.com

PHOTOGRAPHS BY WILLIS RICHARDSON

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Esperanza at Palo Alto Developer: The NRP Group Syndicator: Bank of America, N.A. Lender: The construction lender is Bank of America, N.A. and the permanent lender is America First Multifamily Investors, L.P. Architect: Muñoz & Company, 1017 North Main Street, San Antonio, TX 78212 List of on-site Amenities: • Event pavilion • Community room • Children’s activity room • Fitness center • Playground • Swimming pool • Business Center with WIFI • Gated community • Covered patios and porches • Walk-in closets

List of support services: Life skills training, community safety, recreational activities, homebuyer education, health screening services and after school programs/tutoring.

Special design features: The event pavilion was designed to provide an outdoor venue for the PAC Mariachi program and the Tejano Conjunto Studies department to perform for the general community as well as a farmers’ market and health fair.

Name and contact information of individual should additional property information be requested: Diane Richey, Director of Marketing The NRP Group 216-475-8900 ext. 1600 drichey@nrpgroup.com

PHOTOGRAPHS BY WILLIS RICHARDSON

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Prairie Village

Investing in the future of affordable housing

Prairie Village El Campo, TX Description of Property: Prairie Village is a charming senior community of 38 one bedroom and efficiency apartments located in El Campo, Texas. National Church Residences acquired Prairie Village in 1989. The renovation modernized the building systems and brought new life to the community. The modernization targeted resident units and included a substantial expansion of the community building contributing to our “Home for Life” program aimed at keeping seniors aging in place. Prairie Village was initially developed under the HUD 202 Section 8 program and renovated by leveraging low income housing tax credits awarded

by TDHCA. As you drive into the property you first notice the gorgeous mature trees shading the campus. There are seven single story buildings that host four to six units each and a free standing community center for recreation, offices and laundry facilities. The beautiful pink brick and red front doors contrast nicely with the abundant green landscape throughout the property. The paved sidewalks allow residents and guests the opportunity to explore what nature has to offer and the community garden further encourages enjoying the outdoors.

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With this renovation we were able to preserve this valuable affordable housing stock for current and future residents of the El Campo community.

Type of Funding: 38 units, HUD Section 8 and tax credit subsidy Resident Profile: 62+ low income seniors Developer: National Church Residences Syndicator: National Affordable Housing Trust Federal Home Loan Bank Sponsor: Wells Fargo Construction Lender: Bank of America Permanent Lender: CDT

Making an affordable housing project a reality requires a lot of pieces to come together.

We specialize in bringing together debt, equity, construction solutions, and more — all under one roof.

Architect: Foley Design Associates

Proud sponsor of the Texas Affiliation of Affordable Housing Providers

On-site Amenities: Units include 1 bedroom and efficiency apartments, open floor plan, abundant natural light throughout, ceiling fan, walk in shower, pantry, and double sink. Community features include community room with community kitchen, library, business center, laundry facility, onsite parking and community garden.

Community Lending

LIHTC Equity Investment

Misty Ramsey • 682-316-1299 Leslie Houston • 682-316-1327

Neal Deaton • 704-383-9524

Support Services: Service coordination on site allows custom services to each resident including connecting with medical professionals, assistance with managing finances and educational and social activities.

Permanent loans • Taxable and tax-exempt bond underwriting and remarketing • Credit enhancement LIHTC equity investing • Construction/bridge loans • Bank letters of credit • Trustee services Paying agent/registrar • Escrow and custody accounts • Private placement bond program

© 2017 Wells Fargo Bank, N.A. All rights reserved. IHA-4282403

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Prairie Village

Investing in the future of affordable housing

Prairie Village El Campo, TX Description of Property: Prairie Village is a charming senior community of 38 one bedroom and efficiency apartments located in El Campo, Texas. National Church Residences acquired Prairie Village in 1989. The renovation modernized the building systems and brought new life to the community. The modernization targeted resident units and included a substantial expansion of the community building contributing to our “Home for Life” program aimed at keeping seniors aging in place. Prairie Village was initially developed under the HUD 202 Section 8 program and renovated by leveraging low income housing tax credits awarded

by TDHCA. As you drive into the property you first notice the gorgeous mature trees shading the campus. There are seven single story buildings that host four to six units each and a free standing community center for recreation, offices and laundry facilities. The beautiful pink brick and red front doors contrast nicely with the abundant green landscape throughout the property. The paved sidewalks allow residents and guests the opportunity to explore what nature has to offer and the community garden further encourages enjoying the outdoors.

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With this renovation we were able to preserve this valuable affordable housing stock for current and future residents of the El Campo community.

Type of Funding: 38 units, HUD Section 8 and tax credit subsidy Resident Profile: 62+ low income seniors Developer: National Church Residences Syndicator: National Affordable Housing Trust Federal Home Loan Bank Sponsor: Wells Fargo Construction Lender: Bank of America Permanent Lender: CDT

Making an affordable housing project a reality requires a lot of pieces to come together.

We specialize in bringing together debt, equity, construction solutions, and more — all under one roof.

Architect: Foley Design Associates

Proud sponsor of the Texas Affiliation of Affordable Housing Providers

On-site Amenities: Units include 1 bedroom and efficiency apartments, open floor plan, abundant natural light throughout, ceiling fan, walk in shower, pantry, and double sink. Community features include community room with community kitchen, library, business center, laundry facility, onsite parking and community garden.

Community Lending

LIHTC Equity Investment

Misty Ramsey • 682-316-1299 Leslie Houston • 682-316-1327

Neal Deaton • 704-383-9524

Support Services: Service coordination on site allows custom services to each resident including connecting with medical professionals, assistance with managing finances and educational and social activities.

Permanent loans • Taxable and tax-exempt bond underwriting and remarketing • Credit enhancement LIHTC equity investing • Construction/bridge loans • Bank letters of credit • Trustee services Paying agent/registrar • Escrow and custody accounts • Private placement bond program

© 2017 Wells Fargo Bank, N.A. All rights reserved. IHA-4282403

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Prairie Village The Service Coordinator assists in recording data for Care Guide which emphasizes proactive health and wellness practices and provides guidance for more tailored programing to suit resident needs.

ENTREPRENEURIAL CREATIVITY. INSTITUTIONAL EXECUTION. TRUSTED CLIENT PARTNERSHIPS.

Green Initiative: Prairie Village is a LEED Silver certified community.

RECENTLY CLOSED TRANSACTIONS

Special Design Features: Units include adaptability features to prolong independence such as increased turn radius in bathrooms and kitchens, ability to easily remove under sink cabinets, front controlled stove, and e-call pull cords in the bedrooms and bathrooms.

Contact Info: Tracey Fine (800) 388-2151 PHOTOGRAPHS BY LANCE CRANMER, NATIONAL CHURCH RESIDENCES.

$16,471,205 9% LIHTC EQUITY FAMILY / NEW CONSTRUCTION HOUSTON, TX

$6,007,334 9% LIHTC EQUITY FAMILY / NEW CONSTRUCTION MONAHANS, TX

$14,708,354 9% LIHTC EQUITY FAMILY / NEW CONSTRUCTION WOLFFORTH, TX

$4,584,452 9% LIHTC EQUITY FAMILY / NEW CONSTRUCTION PECOS, TX

TAX CREDIT EQUITY

RED STONE IS A NATIONAL MULTIFAMILY

DREW FOSTER 212-225-8294

REAL ESTATE FINANCE COMPANY PROVIDING

DREW.FOSTER@REDSTONEEQUITY.COM

TO THE AFFORDABLE HOUSING INDUSTRY.

BOSTON • CHARLOTTE • CHICAGO • CLEVELAND • LOS ANGELES • NEW YORK

WWW.RSEQUITY.COM

INNOVATIVE FINANCIAL PRODUCTS

Capital One® works every day to give back to the communities where we live and work. Through programs that support financial literacy, education and affordable housing, we provide people the tools they need to succeed.

capitalone.com/investingforgood ©2014 Capital One. All rights reserved.

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General Community / 8” x 5” • Committed to Community - Generic

facebook.com/capitaloneinvestingforgood

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Prairie Village The Service Coordinator assists in recording data for Care Guide which emphasizes proactive health and wellness practices and provides guidance for more tailored programing to suit resident needs.

ENTREPRENEURIAL CREATIVITY. INSTITUTIONAL EXECUTION. TRUSTED CLIENT PARTNERSHIPS.

Green Initiative: Prairie Village is a LEED Silver certified community.

RECENTLY CLOSED TRANSACTIONS

Special Design Features: Units include adaptability features to prolong independence such as increased turn radius in bathrooms and kitchens, ability to easily remove under sink cabinets, front controlled stove, and e-call pull cords in the bedrooms and bathrooms.

Contact Info: Tracey Fine (800) 388-2151 PHOTOGRAPHS BY LANCE CRANMER, NATIONAL CHURCH RESIDENCES.

$16,471,205 9% LIHTC EQUITY FAMILY / NEW CONSTRUCTION HOUSTON, TX

$6,007,334 9% LIHTC EQUITY FAMILY / NEW CONSTRUCTION MONAHANS, TX

$14,708,354 9% LIHTC EQUITY FAMILY / NEW CONSTRUCTION WOLFFORTH, TX

$4,584,452 9% LIHTC EQUITY FAMILY / NEW CONSTRUCTION PECOS, TX

TAX CREDIT EQUITY

RED STONE IS A NATIONAL MULTIFAMILY

DREW FOSTER 212-225-8294

REAL ESTATE FINANCE COMPANY PROVIDING

DREW.FOSTER@REDSTONEEQUITY.COM

TO THE AFFORDABLE HOUSING INDUSTRY.

BOSTON • CHARLOTTE • CHICAGO • CLEVELAND • LOS ANGELES • NEW YORK

WWW.RSEQUITY.COM

INNOVATIVE FINANCIAL PRODUCTS

Capital One® works every day to give back to the communities where we live and work. Through programs that support financial literacy, education and affordable housing, we provide people the tools they need to succeed.

capitalone.com/investingforgood ©2014 Capital One. All rights reserved.

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TEXAS AFFORDABLE HOUSI NG M AGAZI NE

General Community / 8” x 5” • Committed to Community - Generic

facebook.com/capitaloneinvestingforgood

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Rose Hill Apartments

Rose Hill Apartments 1201 Stuckey Street Texarkana, Texas 75501 Description of Property: Located in the city that is nicknamed “Twice As Nice” is a community with quality, affordable housing that is decent, well maintained and free from drugs and violent crime. And in this community, premiers the home of some pretty special, close-knit residents: RoseHill Ridge Apartments, “affordable green” apartments featuring 24 buildings of 122 high quality, affordable mixed-income townhome units that invite you to make yourself at home in Texarkana’s leading urban designed multi-family community which is the perfect urban retreat integrating a “green lifestyle” in a comfortable setting!

Offering spacious one, two, and three bedroom apartments and four bedroom homes, each of Rosehill Ridge’s apartments is beautifully appointed with fully equipped kitchens featuring custom cabinetry and islands, private/covered patios and porches.

“I love the space here!” stated one-year resident Cache Dotson. “This is definitely bigger than my last residence. It’s just beautiful here.”

The family of Delvin Mason added, “Well, we love the quietness here. It is so peaceful and is

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TEXAS AFFORDABLE HOUSI NG M AGAZI NE

much nicer than a lot of the other apartments in Texarkana. The layouts are awesome and the amenities are, too. It is an affordable place that is great to raise our two children.” With less than a half mile from the nearest assigned elementary schools (Theron Jones Early Literacy Center and Paul Lawrence Dunbar Early Education Center) and park and also less than one mile from some of the city’s well-known restaurants and shopping centers, RoseHill Ridge was definitely “Designed with Our Residents in Mind!” This property is not only eye-pleasing, but appealing to the needs of the residents by also offering a clubhouse that features a spacious community activity room, fitness center, business center and library.

Type of Funding: Housing Tax Credit Number of Units and Composition: 31 - One bedroom/one bath apartment homes ranging from 847 sq. ft. - 1007 sq. ft.

30 - Two bedroom/two bath apartment homes ranging from 1156 sq. ft. - 1312 sq. ft.

29 - Three bedroom/two bath apartment homes ranging from 1308 sq. ft. - 1467 sq. ft.

32 - Four bedroom/three bath apartment homes at 1649 sq. ft.

TEXAS AFFO RD ABL E HOUSING MAGAZINE

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Rose Hill Apartments

Rose Hill Apartments 1201 Stuckey Street Texarkana, Texas 75501 Description of Property: Located in the city that is nicknamed “Twice As Nice” is a community with quality, affordable housing that is decent, well maintained and free from drugs and violent crime. And in this community, premiers the home of some pretty special, close-knit residents: RoseHill Ridge Apartments, “affordable green” apartments featuring 24 buildings of 122 high quality, affordable mixed-income townhome units that invite you to make yourself at home in Texarkana’s leading urban designed multi-family community which is the perfect urban retreat integrating a “green lifestyle” in a comfortable setting!

Offering spacious one, two, and three bedroom apartments and four bedroom homes, each of Rosehill Ridge’s apartments is beautifully appointed with fully equipped kitchens featuring custom cabinetry and islands, private/covered patios and porches.

“I love the space here!” stated one-year resident Cache Dotson. “This is definitely bigger than my last residence. It’s just beautiful here.”

The family of Delvin Mason added, “Well, we love the quietness here. It is so peaceful and is

42

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

much nicer than a lot of the other apartments in Texarkana. The layouts are awesome and the amenities are, too. It is an affordable place that is great to raise our two children.” With less than a half mile from the nearest assigned elementary schools (Theron Jones Early Literacy Center and Paul Lawrence Dunbar Early Education Center) and park and also less than one mile from some of the city’s well-known restaurants and shopping centers, RoseHill Ridge was definitely “Designed with Our Residents in Mind!” This property is not only eye-pleasing, but appealing to the needs of the residents by also offering a clubhouse that features a spacious community activity room, fitness center, business center and library.

Type of Funding: Housing Tax Credit Number of Units and Composition: 31 - One bedroom/one bath apartment homes ranging from 847 sq. ft. - 1007 sq. ft.

30 - Two bedroom/two bath apartment homes ranging from 1156 sq. ft. - 1312 sq. ft.

29 - Three bedroom/two bath apartment homes ranging from 1308 sq. ft. - 1467 sq. ft.

32 - Four bedroom/three bath apartment homes at 1649 sq. ft.

TEXAS AFFO RD ABL E HOUSING MAGAZINE

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Rose Hill Apartments RoseHill Ridge serves mixed income units with 10 units at 30%, 62 units at 50%, and 50 units at 60% of the area median income as well as units at market rate.

Resident Profiles: Seniors, families, and individuals Developers: TPFC, JCD Partners, Carleton Construction Syndicator: Investor Limited Partner: USA RoseHill Ridge LLC c/o The Richman Group Affordable Housing Corp.

Special Limited Partner: The Richman Group Capital Corporation (Richman Asset Management Inc.) Lender: Senior Lender: CommunityBank of Texas, N.A. Subordinate Lender: Texarkana Public Facility Corporation

Proud Sponsor of the Texas Housing Conference

air PLUS Qualified Home. Indoor air PLUS is a voluntary partnership and labeling program that helps new home builders improve the quality of indoor air by requiring construction practices and product specifications that minimize exposure to airborne pollutants and contaminants.

The community is also energy star certified with energy efficient appliances, fans, and lighting fixtures.

Special design features: A combination of two story townhomes, easy walk up access with no steps or stairs in order to get into your apartment, private porches/patios, hardwood flooring, spacious floor plans, track lighting, microwave vent-a-hoods, frost-free refrigerator.

Contact Information: Brandon Stenson, Director of Business and Community Relations Housing Authority of Texarkana, Texas 1611 North Robison Road Texarkana Texas 75501 903-838-8548 ext. 115 blstenson@texarkanaha.org

America’s #1 Tax Credit Equity Sponsor

The road to quality housing requires a team effort. Thank you for your continued support.

Architect: Carleton Construction PHOTOGRAPHS BY STAN SHAVERS OF STARLIGHT PHOTOGRAPHY

List of on-site amenities: Clubhouse and business center, on site laundry center, fitness center, private covered patios and porches, full-size washer/dryer connections, pet-friendly, on-site leasing office & management, picnic & grill area, outdoor playgrounds, on-site evening security List of support services offered: Financial literacy classes, home buyer education, annual social community activities such as National Night Out and holiday dinners, basic computer class, health screening services, character building programs Green initiative: RoseHill Ridge Apartments is a premier “affordable green” community, integrating LEED Platinum green building standards which reduce environmental impacts.

The property is also certified as an EPA indoor

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Peter McHugh 203-869-0900 ext. 335 mchughp@richmancapital.com

Michael Ramires 703-527-1447 ramiresm@richmancapital.com

Colin Gilbert 203-869-0900 ext. 363 gilbertc@richmancapital.com

James Aberg 919-230-2584 abergj@richmancapital.com

Aaron Wolfe 857-239-9930 wolfea@richmancapital.com

340 Pemberwick Rd Greenwich, CT 06831 203-869-0900

therichmangroup.com

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Rose Hill Apartments RoseHill Ridge serves mixed income units with 10 units at 30%, 62 units at 50%, and 50 units at 60% of the area median income as well as units at market rate.

Resident Profiles: Seniors, families, and individuals Developers: TPFC, JCD Partners, Carleton Construction Syndicator: Investor Limited Partner: USA RoseHill Ridge LLC c/o The Richman Group Affordable Housing Corp.

Special Limited Partner: The Richman Group Capital Corporation (Richman Asset Management Inc.) Lender: Senior Lender: CommunityBank of Texas, N.A. Subordinate Lender: Texarkana Public Facility Corporation

Proud Sponsor of the Texas Housing Conference

air PLUS Qualified Home. Indoor air PLUS is a voluntary partnership and labeling program that helps new home builders improve the quality of indoor air by requiring construction practices and product specifications that minimize exposure to airborne pollutants and contaminants.

The community is also energy star certified with energy efficient appliances, fans, and lighting fixtures.

Special design features: A combination of two story townhomes, easy walk up access with no steps or stairs in order to get into your apartment, private porches/patios, hardwood flooring, spacious floor plans, track lighting, microwave vent-a-hoods, frost-free refrigerator.

Contact Information: Brandon Stenson, Director of Business and Community Relations Housing Authority of Texarkana, Texas 1611 North Robison Road Texarkana Texas 75501 903-838-8548 ext. 115 blstenson@texarkanaha.org

America’s #1 Tax Credit Equity Sponsor

The road to quality housing requires a team effort. Thank you for your continued support.

Architect: Carleton Construction PHOTOGRAPHS BY STAN SHAVERS OF STARLIGHT PHOTOGRAPHY

List of on-site amenities: Clubhouse and business center, on site laundry center, fitness center, private covered patios and porches, full-size washer/dryer connections, pet-friendly, on-site leasing office & management, picnic & grill area, outdoor playgrounds, on-site evening security List of support services offered: Financial literacy classes, home buyer education, annual social community activities such as National Night Out and holiday dinners, basic computer class, health screening services, character building programs Green initiative: RoseHill Ridge Apartments is a premier “affordable green” community, integrating LEED Platinum green building standards which reduce environmental impacts.

The property is also certified as an EPA indoor

44

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

Peter McHugh 203-869-0900 ext. 335 mchughp@richmancapital.com

Michael Ramires 703-527-1447 ramiresm@richmancapital.com

Colin Gilbert 203-869-0900 ext. 363 gilbertc@richmancapital.com

James Aberg 919-230-2584 abergj@richmancapital.com

Aaron Wolfe 857-239-9930 wolfea@richmancapital.com

340 Pemberwick Rd Greenwich, CT 06831 203-869-0900

therichmangroup.com

TEXAS AFFO RD ABL E HOUSING MAGAZINE

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Tays South Community The apartments offer one, two and three bedroom options for families. High ceilings, in-unit washers/dryers, central heating and air conditioning, patios, outside storage and perimeter fencing are just some of the notable unit features. Residents also enjoy community amenities such as a basketball court, children’s playscape, barbeque grills, picnic tables, clubhouse, and activity rooms for both seniors and children.

BGO Architects ensured green standards were incorporated into the building design for Tays South. The units all have Energy Star appliances, including refrigerators, dishwashers, oven ranges and microwaves. Xeriscaping, which reduces landscape water use by 50-70 percent, was also implemented in some common areas.

Tays South Community 2114 Magoffin Ave El Paso, TX 79901 Tays South Community features 198 newly constructed garden-style homes for low-income families in the City of El Paso. The development replaces 81 units of the original Tays apartments, one of El Paso’s historic public housing complexes originally built in 1941, and adds 117 units of new affordable housing.

Tays South is located in the Chamizal neighborhood in which more than 50 percent of residents live below the poverty line. These new apartments bring quality housing to the El Paso residents who need it most. The development is a significant milestone in realizing the Chamizal Neighborhood Revitalization Strategy, adopted by El Paso City Council, to increase the supply of affordable rental housing in the area. Tays South also moves the Housing Authority of the City of El Paso closer to achieving its goal of rehabilitating or replacing its entire portfolio of 6,100 public housing units.

All Tays South units are subsidized; 148 units are covered under a project-based Section 8 contract and the other 50 are public housing units covered under an Annual Contributions Contract. Additionally, 150 units are designated as low-income house tax credit (LIHTC) units. The LIHTC units are set aside at 30, 50 and 60 percent of the area median income (AMI).

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TEXAS AFFORDABLE HOUSI NG M AGAZI NE

In addition to providing sustainable, affordable housing, Tays South also offers programs to enrich the overall quality of life for its residents.

Property management staff provide social services including quarterly health and nutritional courses, GED prep and ESL classes, weekly exercise classes, and organized youth programs.

Social events, such as game nights and potluck dinners, occur bi-weekly. Residents can also use the community center, which is equipped with a kitchen and recreation room, for their own entertainment or private event.

The partners who played an instrumental role in getting Tays South, a $30 million development, off the ground were Carleton Development, Ltd., Jordan Foster Construction, Paisano Housing Redevelopment Corporation (PRHC), The Housing Authority of the City of El Paso (HACEP), Alden Capital Partners and Citi Community Capital.

PHRC, a wholly owned subsidiary of HACEP and a 501(c)3 non-profit entity, specializes in managing units that are financed through HOME and tax credit sources. PRHC, the general partner for Tays South, specifically spearheaded the relocation of tenants from the original 81 units that were demolished. They used their industry-leading relocation software and tenant database system to coordinate relocation efforts and ensure minimal disturbance to residents. All tenants retained the right to return to the community upon completion.

Carleton has over 25 years of experience in multifamily development and has developed over 20,000 units in the South and Southwest of the United States. Upon being awarded 2014 tax credits for Tays South, HACEP selected Carleton as co-developer. Carleton worked with Jordan Foster Construction to manage an aggressive construction schedule. Construction for Tays South broke ground in January 2016, and construction on the LIHTC buildings was completed by December 2016 in order to preserve the tax credit award.

Alden Capital Partners has raised over $1.35 billion in tax credit equity since 2011. The company was selected as the equity partner for Tays South and facilitated the investment of $13.55 million in 9% tax credits. Over the last 3 1/2 years, HACEP and Alden Capital Partners have worked together to close five LIHTC transactions and are working to close a sixth transaction, Gonzalez Apartments, in the fall. Altogether, these developments comprise 2,355 units, including the 1,590-unit El Paso RAD I rehabilitation that closed in April 2015.

Citi Community Capital provided construction and permanent financing for the development. Given the aggressive construction timeline, both Citi and the other partners agreed to process two draw fundings per month. Providing more frequent cash flow made Tays South a more attractive project for sub-contractors and helped ensure the project would be completed on time.

Description of Property: Tays South Community features 198 newly constructed garden-style homes for low-income families in El Paso. The development replaces 81 residences from the Tays public housing complex, whose units, originally built in 1941, were in poor condition.

Type of Funding: 9% low-income tax credits Number of units and Composition: 198 units (mixed) 150 units are LIHTC. Specifically, 66 units at 30% AMI, 29 units at 50% AMI and 65 units at 60% AMI.

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Tays South Community The apartments offer one, two and three bedroom options for families. High ceilings, in-unit washers/dryers, central heating and air conditioning, patios, outside storage and perimeter fencing are just some of the notable unit features. Residents also enjoy community amenities such as a basketball court, children’s playscape, barbeque grills, picnic tables, clubhouse, and activity rooms for both seniors and children.

BGO Architects ensured green standards were incorporated into the building design for Tays South. The units all have Energy Star appliances, including refrigerators, dishwashers, oven ranges and microwaves. Xeriscaping, which reduces landscape water use by 50-70 percent, was also implemented in some common areas.

Tays South Community 2114 Magoffin Ave El Paso, TX 79901 Tays South Community features 198 newly constructed garden-style homes for low-income families in the City of El Paso. The development replaces 81 units of the original Tays apartments, one of El Paso’s historic public housing complexes originally built in 1941, and adds 117 units of new affordable housing.

Tays South is located in the Chamizal neighborhood in which more than 50 percent of residents live below the poverty line. These new apartments bring quality housing to the El Paso residents who need it most. The development is a significant milestone in realizing the Chamizal Neighborhood Revitalization Strategy, adopted by El Paso City Council, to increase the supply of affordable rental housing in the area. Tays South also moves the Housing Authority of the City of El Paso closer to achieving its goal of rehabilitating or replacing its entire portfolio of 6,100 public housing units.

All Tays South units are subsidized; 148 units are covered under a project-based Section 8 contract and the other 50 are public housing units covered under an Annual Contributions Contract. Additionally, 150 units are designated as low-income house tax credit (LIHTC) units. The LIHTC units are set aside at 30, 50 and 60 percent of the area median income (AMI).

46

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

In addition to providing sustainable, affordable housing, Tays South also offers programs to enrich the overall quality of life for its residents.

Property management staff provide social services including quarterly health and nutritional courses, GED prep and ESL classes, weekly exercise classes, and organized youth programs.

Social events, such as game nights and potluck dinners, occur bi-weekly. Residents can also use the community center, which is equipped with a kitchen and recreation room, for their own entertainment or private event.

The partners who played an instrumental role in getting Tays South, a $30 million development, off the ground were Carleton Development, Ltd., Jordan Foster Construction, Paisano Housing Redevelopment Corporation (PRHC), The Housing Authority of the City of El Paso (HACEP), Alden Capital Partners and Citi Community Capital.

PHRC, a wholly owned subsidiary of HACEP and a 501(c)3 non-profit entity, specializes in managing units that are financed through HOME and tax credit sources. PRHC, the general partner for Tays South, specifically spearheaded the relocation of tenants from the original 81 units that were demolished. They used their industry-leading relocation software and tenant database system to coordinate relocation efforts and ensure minimal disturbance to residents. All tenants retained the right to return to the community upon completion.

Carleton has over 25 years of experience in multifamily development and has developed over 20,000 units in the South and Southwest of the United States. Upon being awarded 2014 tax credits for Tays South, HACEP selected Carleton as co-developer. Carleton worked with Jordan Foster Construction to manage an aggressive construction schedule. Construction for Tays South broke ground in January 2016, and construction on the LIHTC buildings was completed by December 2016 in order to preserve the tax credit award.

Alden Capital Partners has raised over $1.35 billion in tax credit equity since 2011. The company was selected as the equity partner for Tays South and facilitated the investment of $13.55 million in 9% tax credits. Over the last 3 1/2 years, HACEP and Alden Capital Partners have worked together to close five LIHTC transactions and are working to close a sixth transaction, Gonzalez Apartments, in the fall. Altogether, these developments comprise 2,355 units, including the 1,590-unit El Paso RAD I rehabilitation that closed in April 2015.

Citi Community Capital provided construction and permanent financing for the development. Given the aggressive construction timeline, both Citi and the other partners agreed to process two draw fundings per month. Providing more frequent cash flow made Tays South a more attractive project for sub-contractors and helped ensure the project would be completed on time.

Description of Property: Tays South Community features 198 newly constructed garden-style homes for low-income families in El Paso. The development replaces 81 residences from the Tays public housing complex, whose units, originally built in 1941, were in poor condition.

Type of Funding: 9% low-income tax credits Number of units and Composition: 198 units (mixed) 150 units are LIHTC. Specifically, 66 units at 30% AMI, 29 units at 50% AMI and 65 units at 60% AMI.

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Tays South Community Resident Profiles: (seniors, assisted living, families, single, etc.) Family

Citi Community Capital Multifamily Housing >> 200 Units Construction Loan >> $25,000,000

The project has a supportive service agreement in place with HACEP whereby a service coordinator will work closely with property management staff to set up resident service programs and events. Services will generally include quarterly health and nutritional courses, GED prep and ESL classes, weekly exercise classes, organized youth programs, and bi-weekly social events (such as potluck dinners and game nights).

Further, the community centers at many of the sites are equipped with community kitchens and recreation rooms that are available to residents for events.

Developer(s): Carleton Development, Ltd. Paisano Housing Redevelopment Corporation (a subsidiary of HACEP) Syndicator(s): Alden Capital Partners, LLC Lenders: Citi Community Capital, City of El Paso and Housing Authority of the City of El Paso (HACEP) Architect: BGO Architects

Commitment. Innovation. Solutions.

Growth and revitalization, ignited by development and preservation of affordable housing plays a critical role in the transformation of communities across America.

Fenix Estates Harris County Housing Authority Houston, TX

That’s why we are proud to support TAAHP and their dedication to increase the supply and quality of affordable housing for Texans with limited incomes and special needs.

Mahesh Aiyer (713) 752-5046 mahesh.aiyer@citi.com Citi. Your Community Development Financing Partner.

Green initiative: Energy Star Appliances, Energy Efficient Systems, Xeriscape Yards

List of on-site amenities: Community Clubhouse Senior’s Activity Room Children’s Activity Room Computer Room Basketball Court Barbeque Grills Patios/Balconies Outside Storage Perimeter Fencing Carport

citicommunitycapital.com

Contact: Dana Mayo, Executive Vice President 15260 Ventura Boulevard, Suite 600, Los Angeles, CA 91403 818-380-6100 dana.mayo@aldentorch.com

7.75 x 5 ACP FINAL.pdf

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© 2017 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup, Inc.

Alden Capital Partners (“ACP”) is the syndication division of Alden Torch Financial, LLC (“Alden Torch”). ACP specializes in the syndication of Federal and State Low-Income Housing, Historic and Solar Tax Credits. Since the successful launch of it's first fund in the fall of 2011, Alden Capital Partners has raised over $1.35 billion in low-income tax credit (LIHTC) equity.

List of support services offered:

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M

Y

CM

MY

CY

CMY

K

For Developer Inquiries: DANA MAYO Executive Vice President 818-380-6130 dana.mayo@aldentorch.com RICHARD COOMBER 857-305‐4108 richard.coomber@aldentorch.com

Alden Torch Financial has grown to over 150 employees, managing $12.5 billion in assets representing over 1,400 project partnerships encompassing over 180,000 units. Alden Torch Financial and Alden Capital Partners were ranked number one on the National Multifamily Housing Council’s authoritative report of the top 10 syndicators in the United States for 2017.

STEVE BIEN 813-731‐1244 steve.bien@aldentorch.com

OMAR CHAUDHRY 972-803-3416 omar.chaudhry@aldentorch.com

PHOTOGRAPHS COURTESY OF ALDEN CAPITAL PARTNERS AND HOUSING AUTHORITY OF THE CITY OF EL PASO

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Tays South Community Resident Profiles: (seniors, assisted living, families, single, etc.) Family

Citi Community Capital Multifamily Housing >> 200 Units Construction Loan >> $25,000,000

The project has a supportive service agreement in place with HACEP whereby a service coordinator will work closely with property management staff to set up resident service programs and events. Services will generally include quarterly health and nutritional courses, GED prep and ESL classes, weekly exercise classes, organized youth programs, and bi-weekly social events (such as potluck dinners and game nights).

Further, the community centers at many of the sites are equipped with community kitchens and recreation rooms that are available to residents for events.

Developer(s): Carleton Development, Ltd. Paisano Housing Redevelopment Corporation (a subsidiary of HACEP) Syndicator(s): Alden Capital Partners, LLC Lenders: Citi Community Capital, City of El Paso and Housing Authority of the City of El Paso (HACEP) Architect: BGO Architects

Commitment. Innovation. Solutions.

Growth and revitalization, ignited by development and preservation of affordable housing plays a critical role in the transformation of communities across America.

Fenix Estates Harris County Housing Authority Houston, TX

That’s why we are proud to support TAAHP and their dedication to increase the supply and quality of affordable housing for Texans with limited incomes and special needs.

Mahesh Aiyer (713) 752-5046 mahesh.aiyer@citi.com Citi. Your Community Development Financing Partner.

Green initiative: Energy Star Appliances, Energy Efficient Systems, Xeriscape Yards

List of on-site amenities: Community Clubhouse Senior’s Activity Room Children’s Activity Room Computer Room Basketball Court Barbeque Grills Patios/Balconies Outside Storage Perimeter Fencing Carport

citicommunitycapital.com

Contact: Dana Mayo, Executive Vice President 15260 Ventura Boulevard, Suite 600, Los Angeles, CA 91403 818-380-6100 dana.mayo@aldentorch.com

7.75 x 5 ACP FINAL.pdf

1

6/2/17

12:22 PM

© 2017 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup, Inc.

Alden Capital Partners (“ACP”) is the syndication division of Alden Torch Financial, LLC (“Alden Torch”). ACP specializes in the syndication of Federal and State Low-Income Housing, Historic and Solar Tax Credits. Since the successful launch of it's first fund in the fall of 2011, Alden Capital Partners has raised over $1.35 billion in low-income tax credit (LIHTC) equity.

List of support services offered:

C

M

Y

CM

MY

CY

CMY

K

For Developer Inquiries: DANA MAYO Executive Vice President 818-380-6130 dana.mayo@aldentorch.com RICHARD COOMBER 857-305‐4108 richard.coomber@aldentorch.com

Alden Torch Financial has grown to over 150 employees, managing $12.5 billion in assets representing over 1,400 project partnerships encompassing over 180,000 units. Alden Torch Financial and Alden Capital Partners were ranked number one on the National Multifamily Housing Council’s authoritative report of the top 10 syndicators in the United States for 2017.

STEVE BIEN 813-731‐1244 steve.bien@aldentorch.com

OMAR CHAUDHRY 972-803-3416 omar.chaudhry@aldentorch.com

PHOTOGRAPHS COURTESY OF ALDEN CAPITAL PARTNERS AND HOUSING AUTHORITY OF THE CITY OF EL PASO

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Georgetown Square

Georgetown Square 206 Royal Dr. Georgetown, TX 78626 STEELE PROPERTIES LLC SUCCESSFULLY COMPLETES $8.8M ACQUISITION AND REHABILITATON OF GEORGETOWN SQUARE, GEORGETOWN TEXAS Steele Properties LLC is a Denver-based national real estate investment company specializing in the acquisition, rehabilitation and new construction of affordable multifamily rental properties. Steele has successfully completed over $700 million in acquisitions, sales and development activity involving over 50 properties and more than 5,000 units, including over 40 tax credit projects. The company has substantial experience in acquiring underperforming properties in poor condition and renovating them into quality and attractive housing that residents are proud to call home.

Steele’s renovation of the Georgetown Square community was just completed in March, 2017. The completion improves the property condition and fulfills Steele’s mission to provide its residents with a safe, clean and comfortable place to live no matter their age, income or ability.

Georgetown Square Apartments is a Project Based Section 8 multifamily property comprised of

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eight two-story apartment buildings with 55 units located in Georgetown, TX, approximately 30 miles north of Austin. Georgetown is a quiet city, rich in history, surrounded by open space and was recently voted the city with the Most Beautiful Town Square in Texas. Georgetown, like many cities across the country, continues to be in need of decent, safe, and affordable housing for its low-income citizens.

The property was acquired by Steele Properties in 2014 to make much needed upgrades to a housing community in disrepair. Steele was awarded Low Income Housing Tax Credits (LIHTC) from the Texas Department of Housing and Community Affairs (TDHCA), resulting in approximately $4.7M of invested tax credit equity from PNC Bank to support the project. The rehabilitation also received support from the City of Georgetown with a $450,000 loan.

The renovation featured both exterior upgrades to the property and interior renovations to the units. Steele Properties applied ecofriendly construction practices and sustainable development throughout this project including working with local waste disposal and recycling companies to recycle materials being disposed of during construction.

A recycling program was also introduced for the residents. Steele installed energy efficient appliances and fixtures to conserve water in all apartments, as well as Energy Star rated HVAC systems and ceiling fans.

Exteriors to the buildings received colorful new siding, an upgraded parking lot, as well as LED lighting for improved safety and security.

New amenities include an updated playground, covered pavilion with grills and picnic tables on newly landscaped grounds. There is a new community center with kitchen, upgraded laundry facility and a computer lab with Wi-Fi access.

Handicap accessible ramps and sidewalks were installed and three units were converted to meet ADA compliance standards. Apartments were completely upgraded with new kitchens and bathrooms, new doors, new windows with blinds, and new paint.

Arleen Brosch, Community Manager, commented: “The renovations have made a huge impact on our Georgetown Square community.

Residents are grateful for their renovated units and appreciate the updated amenities. We have a program for our children on Thursdays, sponsored by the First Baptist Church, and they love the new pavilion, as well as the new playground.”

Georgetown Square residents are thrilled with the renovation, giving positive feedback:

Douglas Powell told us, “I really appreciate everything that was done for us. I have lived here for a long time and this place looks great now.

I love the new colors and all the renovations.”

Sharon Flemmons commented: “We here are all excited about the new appearance and our new apartments. You have made our homes beautiful.”

Mattie Thomas stated, “It is so nice to have a laundry room that is taken care of and I, for one, intend on making sure it stays that way for all of us.” Annette Cooley said, “The place is so nice and I feel privileged to be here and call this my home. I also enjoy the fellowship that new activities bring, especially over the last few weeks.”

Steele Properties is thrilled that its residents are now proud to call Georgetown Square Apartment home.

Paul Moore Development Director Monroe Group, Ltd. Steele Properties LLC 6875 E. Evans Avenue, Denver, Colorado 80224 Phone: 303.226.9111 or pmoore@steelllc.com

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Georgetown Square

Georgetown Square 206 Royal Dr. Georgetown, TX 78626 STEELE PROPERTIES LLC SUCCESSFULLY COMPLETES $8.8M ACQUISITION AND REHABILITATON OF GEORGETOWN SQUARE, GEORGETOWN TEXAS Steele Properties LLC is a Denver-based national real estate investment company specializing in the acquisition, rehabilitation and new construction of affordable multifamily rental properties. Steele has successfully completed over $700 million in acquisitions, sales and development activity involving over 50 properties and more than 5,000 units, including over 40 tax credit projects. The company has substantial experience in acquiring underperforming properties in poor condition and renovating them into quality and attractive housing that residents are proud to call home.

Steele’s renovation of the Georgetown Square community was just completed in March, 2017. The completion improves the property condition and fulfills Steele’s mission to provide its residents with a safe, clean and comfortable place to live no matter their age, income or ability.

Georgetown Square Apartments is a Project Based Section 8 multifamily property comprised of

50

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

eight two-story apartment buildings with 55 units located in Georgetown, TX, approximately 30 miles north of Austin. Georgetown is a quiet city, rich in history, surrounded by open space and was recently voted the city with the Most Beautiful Town Square in Texas. Georgetown, like many cities across the country, continues to be in need of decent, safe, and affordable housing for its low-income citizens.

The property was acquired by Steele Properties in 2014 to make much needed upgrades to a housing community in disrepair. Steele was awarded Low Income Housing Tax Credits (LIHTC) from the Texas Department of Housing and Community Affairs (TDHCA), resulting in approximately $4.7M of invested tax credit equity from PNC Bank to support the project. The rehabilitation also received support from the City of Georgetown with a $450,000 loan.

The renovation featured both exterior upgrades to the property and interior renovations to the units. Steele Properties applied ecofriendly construction practices and sustainable development throughout this project including working with local waste disposal and recycling companies to recycle materials being disposed of during construction.

A recycling program was also introduced for the residents. Steele installed energy efficient appliances and fixtures to conserve water in all apartments, as well as Energy Star rated HVAC systems and ceiling fans.

Exteriors to the buildings received colorful new siding, an upgraded parking lot, as well as LED lighting for improved safety and security.

New amenities include an updated playground, covered pavilion with grills and picnic tables on newly landscaped grounds. There is a new community center with kitchen, upgraded laundry facility and a computer lab with Wi-Fi access.

Handicap accessible ramps and sidewalks were installed and three units were converted to meet ADA compliance standards. Apartments were completely upgraded with new kitchens and bathrooms, new doors, new windows with blinds, and new paint.

Arleen Brosch, Community Manager, commented: “The renovations have made a huge impact on our Georgetown Square community.

Residents are grateful for their renovated units and appreciate the updated amenities. We have a program for our children on Thursdays, sponsored by the First Baptist Church, and they love the new pavilion, as well as the new playground.”

Georgetown Square residents are thrilled with the renovation, giving positive feedback:

Douglas Powell told us, “I really appreciate everything that was done for us. I have lived here for a long time and this place looks great now.

I love the new colors and all the renovations.”

Sharon Flemmons commented: “We here are all excited about the new appearance and our new apartments. You have made our homes beautiful.”

Mattie Thomas stated, “It is so nice to have a laundry room that is taken care of and I, for one, intend on making sure it stays that way for all of us.” Annette Cooley said, “The place is so nice and I feel privileged to be here and call this my home. I also enjoy the fellowship that new activities bring, especially over the last few weeks.”

Steele Properties is thrilled that its residents are now proud to call Georgetown Square Apartment home.

Paul Moore Development Director Monroe Group, Ltd. Steele Properties LLC 6875 E. Evans Avenue, Denver, Colorado 80224 Phone: 303.226.9111 or pmoore@steelllc.com

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Premier Developers of Tax-Credit and Market Rate Apartment Homes palladiumusa.com

WE HELP YOU DEVELOP Congratulations TAAHP 2017 Texas Housing Conference

Katopody, LLC AUDIT | TAX | CONSULTING

Palladium USA, “Changing lives; one apartment home at a time.”

Dallas area office:

230 N. Park Blvd., Suite 106 Grapevine, TX 76051 214-624-9890 tkatopody@katopodyllc.com

13455 Noel Road, Suite 400, Dallas, Texas 75240 | 972-774-4455

One step ahead.

Within our full-service accounting and advisory firm, Baker Tilly’s nationally recognized affordable housing specialists can help you analyze options, overcome barriers and uncover resources to make your project successful.

Our strategic solutions go beyond the basics to help public and private development entities, managers, lenders and investors make the right decisions with candid advice and clear industry insight.

Connect with us: bakertilly.com Don Bernards, CPA, Partner 608 240 2643 | Donald.Bernards@bakertilly.com

Investor: Greg Voyentzie 617.488.3203 | Sarah Laubinger 617.488.3230 Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently owned and managed member of Baker Tilly International. © 2017 Baker Tilly Virchow Krause, LLP

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Developer: Thomas Paramore 502.212.3822 | Boston | Dallas | Los Angeles

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Premier Developers of Tax-Credit and Market Rate Apartment Homes palladiumusa.com

WE HELP YOU DEVELOP Congratulations TAAHP 2017 Texas Housing Conference

Katopody, LLC AUDIT | TAX | CONSULTING

Palladium USA, “Changing lives; one apartment home at a time.”

Dallas area office:

230 N. Park Blvd., Suite 106 Grapevine, TX 76051 214-624-9890 tkatopody@katopodyllc.com

13455 Noel Road, Suite 400, Dallas, Texas 75240 | 972-774-4455

One step ahead.

Within our full-service accounting and advisory firm, Baker Tilly’s nationally recognized affordable housing specialists can help you analyze options, overcome barriers and uncover resources to make your project successful.

Our strategic solutions go beyond the basics to help public and private development entities, managers, lenders and investors make the right decisions with candid advice and clear industry insight.

Connect with us: bakertilly.com Don Bernards, CPA, Partner 608 240 2643 | Donald.Bernards@bakertilly.com

Investor: Greg Voyentzie 617.488.3203 | Sarah Laubinger 617.488.3230 Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently owned and managed member of Baker Tilly International. © 2017 Baker Tilly Virchow Krause, LLP

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Developer: Thomas Paramore 502.212.3822 | Boston | Dallas | Los Angeles

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Palladium Aubrey

Palladium Aubrey 500 E. Highmeadow Road Aubrey, Texas 76227 Palladium Aubrey provides Denton County residents with high-quality, affordable living options with amenities unlike any others currently available in Aubrey, Texas. Situated on 8.5 acres just north of the fast-growing Highway 380 corridor, the garden-style, mixed-income community is designed to meet the housing needs of residents at every life stage.

Composed of five three-story buildings, the 150unit development can accommodate individuals and families with one-bedroom, two-bedroom and three-bedroom options ranging from 741 – 1,189 square feet. The community primarily appeals to families with various income levels who are seeking exceptional housing options at an affordable rate. Palladium Aubrey offers residential options priced at 30 percent, 50 percent and 60 percent of the area median income (AMI), as well as market rate units which comprise 33 percent of the unit mix.

In recent years, the Highway 380 corridor has secured a large volume of new business opportunities, and this unprecedented growth has

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attracted individuals from across the nation who are eager to fill the region’s labor needs. As the number of residents increases, so has the need for affordable housing options. By investing $17.7 million into creating a balanced community with amenities appealing to all ages, Palladium Aubrey received a great deal of support from City leaders and residents.

The property was also well-received by potential residents. Applicants eagerly awaited Palladium Aubrey’s opening, and early leasing was an immediate success. There was a waiting list of 126 applicants when the first 30-unit building opened in March 2015, with 94 units already assigned.

By the end of August 2015, the property was fully occupied.

With its roots in the high-end, market-rate sector, developer Palladium USA brought the same level of superior design, high-quality material selection and eye for detail that is used in the company’s high-rise assets. Premium interior amenities at Palladium Aubrey include nine-foot ceilings, spacious walk-in closets with two-tiered hanging and built-in shelving, comfortable garden tubs with built-in arm rests, wood-style vinyl plank flooring, ceiling fans in every bedroom and living room, full-size washer-dryer connections and

energy-efficient central air conditioning. Each residence also features a gourmet kitchen with granite-style counter tops, designer cabinets, large pantries, stainless-on-black appliances, multi-cycle dishwashers, microwave ovens, double stainless steel kitchen sinks with garbage disposals, frost-free refrigerators with ice makers, and full-size, self-cleaning ovens. Each unit is designed with a bathroom easily accessible from a common hallway, and guest bathrooms are upgraded with stand-up shower stalls.

erty hosts health fairs, nutritional seminars and quarterly health and nutritional courses.

Another factor that elevates the quality of life at Palladium Aubrey is its strong sense of community. Features such as a clover-shaped, resortstyle pool with a hot tub, barbecue pits, cabanas, an outdoor playground, an indoor playroom, a pet park and a clubhouse help to foster engagement among residents. Two social events are also hosted each month to encourage neighborly interaction.

In an effort to recognize the hard work of students residing at Palladium Aubrey, and to support their pursuit of a higher education, the property awards an annual $2,500 scholarship to a deserving Aubrey High School senior through the Aubrey Education Foundation.

The property was also designed with health and wellness top of mind. In addition to resident accessibility to a 24-hour fitness center, the prop-

Palladium USA is committed to not only serving its residents, but also to giving something back to the entire community. Not only has Palladium Aubrey revitalized the area, but the developer and property management team generously sponsor city events such as the annual Aubrey Peanut Festival and the annual Chamber of Commerce Casino Night.

Palladium Aubrey is managed by Omnium Management Company, a subsidiary of Palladium USA.

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Palladium Aubrey

Palladium Aubrey 500 E. Highmeadow Road Aubrey, Texas 76227 Palladium Aubrey provides Denton County residents with high-quality, affordable living options with amenities unlike any others currently available in Aubrey, Texas. Situated on 8.5 acres just north of the fast-growing Highway 380 corridor, the garden-style, mixed-income community is designed to meet the housing needs of residents at every life stage.

Composed of five three-story buildings, the 150unit development can accommodate individuals and families with one-bedroom, two-bedroom and three-bedroom options ranging from 741 – 1,189 square feet. The community primarily appeals to families with various income levels who are seeking exceptional housing options at an affordable rate. Palladium Aubrey offers residential options priced at 30 percent, 50 percent and 60 percent of the area median income (AMI), as well as market rate units which comprise 33 percent of the unit mix.

In recent years, the Highway 380 corridor has secured a large volume of new business opportunities, and this unprecedented growth has

54

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

attracted individuals from across the nation who are eager to fill the region’s labor needs. As the number of residents increases, so has the need for affordable housing options. By investing $17.7 million into creating a balanced community with amenities appealing to all ages, Palladium Aubrey received a great deal of support from City leaders and residents.

The property was also well-received by potential residents. Applicants eagerly awaited Palladium Aubrey’s opening, and early leasing was an immediate success. There was a waiting list of 126 applicants when the first 30-unit building opened in March 2015, with 94 units already assigned.

By the end of August 2015, the property was fully occupied.

With its roots in the high-end, market-rate sector, developer Palladium USA brought the same level of superior design, high-quality material selection and eye for detail that is used in the company’s high-rise assets. Premium interior amenities at Palladium Aubrey include nine-foot ceilings, spacious walk-in closets with two-tiered hanging and built-in shelving, comfortable garden tubs with built-in arm rests, wood-style vinyl plank flooring, ceiling fans in every bedroom and living room, full-size washer-dryer connections and

energy-efficient central air conditioning. Each residence also features a gourmet kitchen with granite-style counter tops, designer cabinets, large pantries, stainless-on-black appliances, multi-cycle dishwashers, microwave ovens, double stainless steel kitchen sinks with garbage disposals, frost-free refrigerators with ice makers, and full-size, self-cleaning ovens. Each unit is designed with a bathroom easily accessible from a common hallway, and guest bathrooms are upgraded with stand-up shower stalls.

erty hosts health fairs, nutritional seminars and quarterly health and nutritional courses.

Another factor that elevates the quality of life at Palladium Aubrey is its strong sense of community. Features such as a clover-shaped, resortstyle pool with a hot tub, barbecue pits, cabanas, an outdoor playground, an indoor playroom, a pet park and a clubhouse help to foster engagement among residents. Two social events are also hosted each month to encourage neighborly interaction.

In an effort to recognize the hard work of students residing at Palladium Aubrey, and to support their pursuit of a higher education, the property awards an annual $2,500 scholarship to a deserving Aubrey High School senior through the Aubrey Education Foundation.

The property was also designed with health and wellness top of mind. In addition to resident accessibility to a 24-hour fitness center, the prop-

Palladium USA is committed to not only serving its residents, but also to giving something back to the entire community. Not only has Palladium Aubrey revitalized the area, but the developer and property management team generously sponsor city events such as the annual Aubrey Peanut Festival and the annual Chamber of Commerce Casino Night.

Palladium Aubrey is managed by Omnium Management Company, a subsidiary of Palladium USA.

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Palladium Aubrey

we share your passion for bringing families home.

PNC REAL ESTATE | Bringing safe, attractive, affordable rental housing to underserved communities takes a partner well-versed in all facets of affordable housing finance. What we do together can make all the difference. As the #2 apartment syndicator in the country,* we offer expertise in LIHTC equity, balance sheet construction and permanent lending, as well as Fannie Mae, Freddie Mac and FHA solutions. Whether you are buying, building, preserving or refinancing, we can help you build a strong foundation, so you can overcome the challenges of creating great communities.

REAL ESTATE BANKING

|

AGENCY FINANCE

|

TAX CREDIT CAPITAL

|

MIDLAND LOAN SERVICES

To learn more, visit pnc.com/realestate.

◊

*National Multifamily Housing Council, 2017 PNC, PNC Bank and Midland Loan Services are registered marks of The PNC Financial Services Group, Inc. (“PNC”).

Lending products and services are provided by PNC Bank, National Association (“PNC Bank”), a wholly owned subsidiary of PNC and Member FDIC. PNC Bank and certain of its affiliates, including PNC TC, LLC, an SEC registered investment advisor wholly-owned by PNC Bank, do business as PNC Real Estate. PNC Real Estate provides commercial real estate financing and related services. Through its Tax Credit Capital segment, PNC Real Estate provides lending services, equity investments and equity investment services relating to low income housing tax credit (“LIHTC”) and preservation investments. PNC TC, LLC, provides investment advisory services to funds sponsored by PNC Real Estate for LIHTC and preservation investments. Registration with the SEC does not imply a certain level of skill or training. This material does not constitute an offer to sell or a solicitation of an offer to buy any investment product.

Lending products and services may require credit approval. ©2017 The PNC Financial Services Group, Inc. All rights reserved.

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CIB RE REB PDF 0517-091-535001

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Palladium Aubrey

we share your passion for bringing families home.

PNC REAL ESTATE | Bringing safe, attractive, affordable rental housing to underserved communities takes a partner well-versed in all facets of affordable housing finance. What we do together can make all the difference. As the #2 apartment syndicator in the country,* we offer expertise in LIHTC equity, balance sheet construction and permanent lending, as well as Fannie Mae, Freddie Mac and FHA solutions. Whether you are buying, building, preserving or refinancing, we can help you build a strong foundation, so you can overcome the challenges of creating great communities.

REAL ESTATE BANKING

|

AGENCY FINANCE

|

TAX CREDIT CAPITAL

|

MIDLAND LOAN SERVICES

To learn more, visit pnc.com/realestate.

◊

*National Multifamily Housing Council, 2017 PNC, PNC Bank and Midland Loan Services are registered marks of The PNC Financial Services Group, Inc. (“PNC”).

Lending products and services are provided by PNC Bank, National Association (“PNC Bank”), a wholly owned subsidiary of PNC and Member FDIC. PNC Bank and certain of its affiliates, including PNC TC, LLC, an SEC registered investment advisor wholly-owned by PNC Bank, do business as PNC Real Estate. PNC Real Estate provides commercial real estate financing and related services. Through its Tax Credit Capital segment, PNC Real Estate provides lending services, equity investments and equity investment services relating to low income housing tax credit (“LIHTC”) and preservation investments. PNC TC, LLC, provides investment advisory services to funds sponsored by PNC Real Estate for LIHTC and preservation investments. Registration with the SEC does not imply a certain level of skill or training. This material does not constitute an offer to sell or a solicitation of an offer to buy any investment product.

Lending products and services may require credit approval. ©2017 The PNC Financial Services Group, Inc. All rights reserved.

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TEXAS AFFORDABLE HOUSI NG M AGAZI NE

CIB RE REB PDF 0517-091-535001

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Palladium Aubrey Number of Units: 150 (100 tax credit, 50 market)

Architect: Humphreys & Partners Architects

Unit Composition: 45 one-bedroom units at 741-767 square feet 75 two-bedroom units at 975 square feet 30 three-bedroom units at 1,189 square feet

General Contractor: Carleton Construction

Type of Funding: 9% Housing Tax Credits through the Texas Department of Housing & Community Affairs Developer: Palladium USA Lender: Dougherty Mortgage Syndicator: PNC Bank National Association

Amenities: Controlled access, resort-style pool with hot tub, barbecue grills, cabanas, community fire pit, fenced pet park, resident computer center, clubhouse with WiFi access, playroom with lava tiles, playground, fitness center with 24-hour access, covered parking, 24-hour maintenance, laundry facility, on-site management

Blazer Building Building Excellence since 1978.

Blazer has been a trusted builder in 12 different states and has completed over 30,000 multi-family apartment and town home units. blazerbuilding.com

Support Services: Financial planning services, health fairs, nutritional seminars, quarterly health and nutrition courses, notary public services, professional income tax preparation, semi-monthly social events, organized activities, $2,500 annual college scholarship to a local high school senior

4001 West Sam Houston Pkwy N #100 | Houston, Texas 77043 | 713.914.9200

Affordable Debt for Affordable Housing DAVIS-PENN MORTGAGE CO. understands the value low interest rate financing adds to our client’s communities.

As an independent lender, we have successfully structured, closed and serviced 9% LIHTC, 4% LIHTC, Year-15 re-syndications, 236 Decouplings, RAD and HAP transactions.

Contact us today for an FHA insured loan.

Ray Landry │ rayl@davispenn.com Kristin Welch │ kristinw@davispenn.com 12650 N. Featherwood Dr., Suite 120, Houston, TX 77034 │ 281.481.2400

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Palladium Aubrey Number of Units: 150 (100 tax credit, 50 market)

Architect: Humphreys & Partners Architects

Unit Composition: 45 one-bedroom units at 741-767 square feet 75 two-bedroom units at 975 square feet 30 three-bedroom units at 1,189 square feet

General Contractor: Carleton Construction

Type of Funding: 9% Housing Tax Credits through the Texas Department of Housing & Community Affairs Developer: Palladium USA Lender: Dougherty Mortgage Syndicator: PNC Bank National Association

Amenities: Controlled access, resort-style pool with hot tub, barbecue grills, cabanas, community fire pit, fenced pet park, resident computer center, clubhouse with WiFi access, playroom with lava tiles, playground, fitness center with 24-hour access, covered parking, 24-hour maintenance, laundry facility, on-site management

Blazer Building Building Excellence since 1978.

Blazer has been a trusted builder in 12 different states and has completed over 30,000 multi-family apartment and town home units. blazerbuilding.com

Support Services: Financial planning services, health fairs, nutritional seminars, quarterly health and nutrition courses, notary public services, professional income tax preparation, semi-monthly social events, organized activities, $2,500 annual college scholarship to a local high school senior

4001 West Sam Houston Pkwy N #100 | Houston, Texas 77043 | 713.914.9200

Affordable Debt for Affordable Housing DAVIS-PENN MORTGAGE CO. understands the value low interest rate financing adds to our client’s communities.

As an independent lender, we have successfully structured, closed and serviced 9% LIHTC, 4% LIHTC, Year-15 re-syndications, 236 Decouplings, RAD and HAP transactions.

Contact us today for an FHA insured loan.

Ray Landry │ rayl@davispenn.com Kristin Welch │ kristinw@davispenn.com 12650 N. Featherwood Dr., Suite 120, Houston, TX 77034 │ 281.481.2400

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Glenwood Trails II

Glenwood Trails II 4309 Glenwood Ave. Deer Park, Texas 77536 Glenwood Trails II gives low- to moderateincome families in Deer Park, Texas, a new, amenities-packed place to call home. The 114-unit development located around 20 miles southeast of downtown Houston was financed

by BBVA Compass. There are 24 1BR/1BA units, 56 2BR/2BA units and 34 3BR/2BA units. While 12 of the units are offered at market rate, 102 are restricted to residents who earn between 30 percent and 60 percent of the area median income or less. In addition, six of the units are set aside for Special Needs residents. The rents for the 102 restricted units will range from $353 to $1031, which is significantly below market value for the units.

BBVA Compass provided more than $28 million of financing for Glenwood Trails II, including a $14 million construction loan and $14 million of equity investment through NEF utilizing the federal Low-Income Housing Tax Credits program, which gives investors a dollar-for-dollar tax credit for investing in the construction, rehabilitation, and preservation of affordable rental housing for low and moderate-income households. The tax credit was created by Congress in 1986 to encourage private investment in affordable housing projects, and those investors are held accountable for

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maintaining the project’s compliance for 15 years.

Supporters say the LIHTC program has brought much-needed oversight and private market discipline, with an end result being that lower-income individuals have better choices for higher-quality housing.

Glenwood Trails II is emblematic of that. Some of the special design features include nine-foot ceilings, a full-size washer and dryer in each unit, Energy Star-rated appliances, walk-in closets with built-in shelving, built-in desks, crown molding and intrusion alarms. On-site amenities include a pool, grill house, fitness center, business center, children’s activity center, playground, dog park and furnished community room. There are also controlled access gates. Additionally, the property is located less than one mile from necessities such as a major grocery store, pharmacy and bank.

The developer of Glenwood Trails II was Kilday Partners LLC and the general contractor and property manager are affiliates of Blazer Building Texas LLC, which has developed more than 30,000 units and currently manages more than 3,000.

Glenwood Trails II comes online as attention focuses on the need for more affordable housing options across the Houston area. The Kinder Institute for Urban Research at Rice University

estimates there are 215,000 to 435,000 households seeking affordable housing in Harris County, yet there are only 90,000 units in Harris County that involve some sort of subsidy.

Community Development Capital team The BBVA Compass Community Development Capital team was involved in hammering out the details on the Glenwood Trails II deal. The team has closed more than $350 million in loans and another $400 million in equity investments in the past two years, accounting for more than 3,000 units of affordable housing being developed or preserved across the bank’s footprint.

The team’s work supports the bank’s five-year, $11 billion commitment to create opportunities by lending, investing, and providing services to lowand moderate-income people and neighborhoods.

BBVA Compass has already put more than 10,000 LMI families into new homes over the first two full years of the commitment. One of its standout efforts in 2016 was in its community development lending and investments that were designed to boost the stock of affordable housing across the bank’s footprint. It dedicated nearly $600 million to affordable-housing projects in 2016 alone, making an array of investments and loans that eventually will put more than 5,000 units of affordable housing across 34 communities.

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Glenwood Trails II

Glenwood Trails II 4309 Glenwood Ave. Deer Park, Texas 77536 Glenwood Trails II gives low- to moderateincome families in Deer Park, Texas, a new, amenities-packed place to call home. The 114-unit development located around 20 miles southeast of downtown Houston was financed

by BBVA Compass. There are 24 1BR/1BA units, 56 2BR/2BA units and 34 3BR/2BA units. While 12 of the units are offered at market rate, 102 are restricted to residents who earn between 30 percent and 60 percent of the area median income or less. In addition, six of the units are set aside for Special Needs residents. The rents for the 102 restricted units will range from $353 to $1031, which is significantly below market value for the units.

BBVA Compass provided more than $28 million of financing for Glenwood Trails II, including a $14 million construction loan and $14 million of equity investment through NEF utilizing the federal Low-Income Housing Tax Credits program, which gives investors a dollar-for-dollar tax credit for investing in the construction, rehabilitation, and preservation of affordable rental housing for low and moderate-income households. The tax credit was created by Congress in 1986 to encourage private investment in affordable housing projects, and those investors are held accountable for

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maintaining the project’s compliance for 15 years.

Supporters say the LIHTC program has brought much-needed oversight and private market discipline, with an end result being that lower-income individuals have better choices for higher-quality housing.

Glenwood Trails II is emblematic of that. Some of the special design features include nine-foot ceilings, a full-size washer and dryer in each unit, Energy Star-rated appliances, walk-in closets with built-in shelving, built-in desks, crown molding and intrusion alarms. On-site amenities include a pool, grill house, fitness center, business center, children’s activity center, playground, dog park and furnished community room. There are also controlled access gates. Additionally, the property is located less than one mile from necessities such as a major grocery store, pharmacy and bank.

The developer of Glenwood Trails II was Kilday Partners LLC and the general contractor and property manager are affiliates of Blazer Building Texas LLC, which has developed more than 30,000 units and currently manages more than 3,000.

Glenwood Trails II comes online as attention focuses on the need for more affordable housing options across the Houston area. The Kinder Institute for Urban Research at Rice University

estimates there are 215,000 to 435,000 households seeking affordable housing in Harris County, yet there are only 90,000 units in Harris County that involve some sort of subsidy.

Community Development Capital team The BBVA Compass Community Development Capital team was involved in hammering out the details on the Glenwood Trails II deal. The team has closed more than $350 million in loans and another $400 million in equity investments in the past two years, accounting for more than 3,000 units of affordable housing being developed or preserved across the bank’s footprint.

The team’s work supports the bank’s five-year, $11 billion commitment to create opportunities by lending, investing, and providing services to lowand moderate-income people and neighborhoods.

BBVA Compass has already put more than 10,000 LMI families into new homes over the first two full years of the commitment. One of its standout efforts in 2016 was in its community development lending and investments that were designed to boost the stock of affordable housing across the bank’s footprint. It dedicated nearly $600 million to affordable-housing projects in 2016 alone, making an array of investments and loans that eventually will put more than 5,000 units of affordable housing across 34 communities.

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2017-2018 CALENDAR

Travis County HFC Proudly serving the entirety of Travis County, including the City of Austin

Congratulations TAAHP on another outstanding conference!

TEXAS HOUSING CONFERENCE JULY 24-26, 2017 JW MARRIOTT 110 EAST 2ND STREET AUSTIN, TX 78701

BOARD OF DIRECTORS

DWIGHT CAPITAL INSTITUTIONAL- QUALITY FINANCE WITHOUT THE BUREAUCRATIC NONSENSE

MEETINGS

HUD USDA

BRIDGE MEZZANINE

TRAVIS C OUNTYC OR POR ATIO N S .O RG

SAVE THE DATE! 2 0 1 8 Te x a s H o u s i n g C o n f e r e n c e New Location: Fairmont Hotel in Austin, TX

July 23rd - 25th

DO WE HAVE NEW DATES ?

Wright Senior Living $7,774,900 Grand Prairie, TX 154 units Seniors LIHTC

City Market at O Street $128,000,000 Washington, DC 400 units Mixed Use

Ashburn Meadows $45,396,600 Ashburn, VA 336 units LIHTC

Contact: Adam Sasouness, CEO as@dwightcap.com - 347.846.0771 250 W 55th, 30th Floor, New York, NY 10019 www.dwightcapital.com 62

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2017-2018 CALENDAR

Travis County HFC Proudly serving the entirety of Travis County, including the City of Austin

Congratulations TAAHP on another outstanding conference!

TEXAS HOUSING CONFERENCE JULY 24-26, 2017 JW MARRIOTT 110 EAST 2ND STREET AUSTIN, TX 78701

BOARD OF DIRECTORS

DWIGHT CAPITAL INSTITUTIONAL- QUALITY FINANCE WITHOUT THE BUREAUCRATIC NONSENSE

MEETINGS

HUD USDA

BRIDGE MEZZANINE

TRAVIS C OUNTYC OR POR ATIO N S .O RG

SAVE THE DATE! 2 0 1 8 Te x a s H o u s i n g C o n f e r e n c e New Location: Fairmont Hotel in Austin, TX

July 23rd - 25th

DO WE HAVE NEW DATES ?

Wright Senior Living $7,774,900 Grand Prairie, TX 154 units Seniors LIHTC

City Market at O Street $128,000,000 Washington, DC 400 units Mixed Use

Ashburn Meadows $45,396,600 Ashburn, VA 336 units LIHTC

Contact: Adam Sasouness, CEO as@dwightcap.com - 347.846.0771 250 W 55th, 30th Floor, New York, NY 10019 www.dwightcapital.com 62

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HighPoint Family Living

HighPoint Family Living 414 W. Louisiana Avenue Dallas, Texas 75224 With attractive urban design elements, familyfriendly amenities and proximity to shopping and public transportation, HighPoint Family Living in the Oak Cliff neighborhood of Dallas is a model for high-quality, affordable housing that has become synonymous with the redevelopment of the sprawling 48-acre Parks at Wynnewood.

Situated on four acres, HighPoint Family Housing is a $26 million, 160-unit development that provides much needed workforce housing for families making 60 percent or less of adjusted median income.

When Bank of America Merrill Lynch and City Square Housing made the decision to redevelop the Parks at Wynnewood, they first focused on creating HighPoint Senior Living: 140 new affordable housing units for residents aged 55 or older which was completed in 2014.

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Phase II, HighPoint Family Living, was completed in the spring of 2016 and the residents now enjoy high quality, convenient living with brand new 1-, 2- and 3- bedroom units, a state-of-the-art exercise facility, a business center, a pool, a private parking garage, a children’s play area and a community services room staffed and operated by Buckner Children and Family Services of North Texas.

HighPoint Family Living was developed through a public/private partnership, to include the City of Dallas, the Texas Department of Housing & Community Affairs, the U.S. Department of Housing and Urban Development, surrounding neighborhoods, City Square Housing, and Banc of America Community Development Corporation (BACDC).

Bank of America Merrill Lynch provided the construction loan and arranged for the permanent loan, and Bank of America Merrill Lynch was also the tax credit investor on the development.

“We’re proud to be part of a multi-year publicprivate collaboration that with the neighborhood stakeholders, city, county and state governments – all of which believe in a vision of sustainable growth and expanded economic mobility,” said Darren Smith, SVP for Banc of America Community Development Corporation. “To create a truly successful project, we started by looking through the lens of making peoples’ lives better. Every detail, amenity, support service is here to create positive outcomes that we want to help create for the residents and an economically thriving Oak Cliff community.”

A key differentiator that makes HighPoint Family standout is that City Square Housing and Banc of America Community Development Corporation served as co-developers, which required a high level of commitment from both entities. From conceptual design, through the construction process, lease-up and stabilization, both partners worked diligently to create a development that the families living there could be proud to call home.

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HighPoint Family Living

HighPoint Family Living 414 W. Louisiana Avenue Dallas, Texas 75224 With attractive urban design elements, familyfriendly amenities and proximity to shopping and public transportation, HighPoint Family Living in the Oak Cliff neighborhood of Dallas is a model for high-quality, affordable housing that has become synonymous with the redevelopment of the sprawling 48-acre Parks at Wynnewood.

Situated on four acres, HighPoint Family Housing is a $26 million, 160-unit development that provides much needed workforce housing for families making 60 percent or less of adjusted median income.

When Bank of America Merrill Lynch and City Square Housing made the decision to redevelop the Parks at Wynnewood, they first focused on creating HighPoint Senior Living: 140 new affordable housing units for residents aged 55 or older which was completed in 2014.

64

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Phase II, HighPoint Family Living, was completed in the spring of 2016 and the residents now enjoy high quality, convenient living with brand new 1-, 2- and 3- bedroom units, a state-of-the-art exercise facility, a business center, a pool, a private parking garage, a children’s play area and a community services room staffed and operated by Buckner Children and Family Services of North Texas.

HighPoint Family Living was developed through a public/private partnership, to include the City of Dallas, the Texas Department of Housing & Community Affairs, the U.S. Department of Housing and Urban Development, surrounding neighborhoods, City Square Housing, and Banc of America Community Development Corporation (BACDC).

Bank of America Merrill Lynch provided the construction loan and arranged for the permanent loan, and Bank of America Merrill Lynch was also the tax credit investor on the development.

“We’re proud to be part of a multi-year publicprivate collaboration that with the neighborhood stakeholders, city, county and state governments – all of which believe in a vision of sustainable growth and expanded economic mobility,” said Darren Smith, SVP for Banc of America Community Development Corporation. “To create a truly successful project, we started by looking through the lens of making peoples’ lives better. Every detail, amenity, support service is here to create positive outcomes that we want to help create for the residents and an economically thriving Oak Cliff community.”

A key differentiator that makes HighPoint Family standout is that City Square Housing and Banc of America Community Development Corporation served as co-developers, which required a high level of commitment from both entities. From conceptual design, through the construction process, lease-up and stabilization, both partners worked diligently to create a development that the families living there could be proud to call home.

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Providing financial capabilities and commitment to help see your plans through.

Valerie Williams, Senior Vice President valerie.a.williams@baml.com bofaml.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 l. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. ©2017 BankNG of America Corporation.

TEXAS AFFORDABLE HOUSI M AGAZI NE CREB-123-AD ARNY5XJK

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Providing financial capabilities and commitment to help see your plans through.

Valerie Williams, Senior Vice President valerie.a.williams@baml.com bofaml.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 l. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. ©2017 BankNG of America Corporation.

TEXAS AFFORDABLE HOUSI M AGAZI NE CREB-123-AD ARNY5XJK

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Schedule At-A-Glance

E X E C U T I V E

D I R E C T O R

Monday, July 24, 2017 7:30 am – 5:30 pm 8:00 am – 1:00 pm 9:30 am – 11:30 am 9:30 am – 11:30 am 11:30 am – 1:00 pm 1:00 pm – 3:00 pm 1:00 pm – 3:00 pm 3:00 pm – 7:00 pm 3:30 pm – 4:00 pm 4:05 pm – 4:15 pm 4:15 pm – 5:00 pm

5:00 pm – 7:00 pm

Conference Registration Opens Mike Lankford Golf Tournament* An Introduction to the Low-Income Housing Tax Credit Program (Part One) Leveraging Green Incentives to Increase NOI Lunch on your own Housing Tax Credits Case Studies (Part Two) Marrying Tax Credits with HUD Financing Exhibit Hall Opens TAAHP Membership Meeting Remarks from Beth Van Duyne, HUD SW Regional Administrator Conference Opening Keynote Speaker Dr. Jim Gaines, Chief Economist, Texas A&M Real Estate Center Opening Reception and Wine Trail

Tuesday, July 25, 2017 7:00 am - 5:00 pm 7:30 am - 8:30 am 8:30 am - 9:45 am

9:30 am - 6:30 pm 9:45 am - 10:15 am 10:30 am - 11:45 am 12:00 pm - 1:30 pm 1:45 pm - 3:00 pm 3:00 pm - 3:30 pm 3:30 pm - 4:45 pm 5:00 pm - 6:00 pm

Registration Desk Opens Networking Breakfast Breakout Sessions (Money, Future Markets, HUD, Emerging Issues, Legislative) Exhibits Open Refreshments and Break Breakout Sessions Luncheon Keynote Speaker Charlie Cook, Cook Political Report Breakout Sessions Refreshments and Break Breakout Sessions Conference Closing Reception

Wednesday, July 26, 2017 7:30 am 8:30 am 9:00 am 10:00 am 11:00 am 12:30 pm – 5:00 pm

Registration Desk Opens Breakfast Washington Wire Panel An Overview of the 85th Legislative Session TDHCA Executive Leadership AWAY SPA at the W Hotel *

* Not included with Conference, Sold Separately

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The Texas Affiliation of Affordable Housing Providers (TAAHP) would like to take this opportunity to thank our Executive Director Frank Jackson

Frank is retiring at the end of August and the TAAHP Board of Directors would like to take this opportunity to thank him for his four years of service to the Association.

Join us for a Retirement Reception that will be held on Tuesday, August 22nd at the Four Seasons Hotel in Austin, details below.

t y Save the Date When: Tuesday, August 22, 2017 Where: Four Seasons Hotel Austin 98 San Jacinto Blvd., Austin, Texas 78701 Time: 5:30 PM – 7:00 PM Dress: Business Casual

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Schedule At-A-Glance

E X E C U T I V E

D I R E C T O R

Monday, July 24, 2017 7:30 am – 5:30 pm 8:00 am – 1:00 pm 9:30 am – 11:30 am 9:30 am – 11:30 am 11:30 am – 1:00 pm 1:00 pm – 3:00 pm 1:00 pm – 3:00 pm 3:00 pm – 7:00 pm 3:30 pm – 4:00 pm 4:05 pm – 4:15 pm 4:15 pm – 5:00 pm

5:00 pm – 7:00 pm

Conference Registration Opens Mike Lankford Golf Tournament* An Introduction to the Low-Income Housing Tax Credit Program (Part One) Leveraging Green Incentives to Increase NOI Lunch on your own Housing Tax Credits Case Studies (Part Two) Marrying Tax Credits with HUD Financing Exhibit Hall Opens TAAHP Membership Meeting Remarks from Beth Van Duyne, HUD SW Regional Administrator Conference Opening Keynote Speaker Dr. Jim Gaines, Chief Economist, Texas A&M Real Estate Center Opening Reception and Wine Trail

Tuesday, July 25, 2017 7:00 am - 5:00 pm 7:30 am - 8:30 am 8:30 am - 9:45 am

9:30 am - 6:30 pm 9:45 am - 10:15 am 10:30 am - 11:45 am 12:00 pm - 1:30 pm 1:45 pm - 3:00 pm 3:00 pm - 3:30 pm 3:30 pm - 4:45 pm 5:00 pm - 6:00 pm

Registration Desk Opens Networking Breakfast Breakout Sessions (Money, Future Markets, HUD, Emerging Issues, Legislative) Exhibits Open Refreshments and Break Breakout Sessions Luncheon Keynote Speaker Charlie Cook, Cook Political Report Breakout Sessions Refreshments and Break Breakout Sessions Conference Closing Reception

Wednesday, July 26, 2017 7:30 am 8:30 am 9:00 am 10:00 am 11:00 am 12:30 pm – 5:00 pm

Registration Desk Opens Breakfast Washington Wire Panel An Overview of the 85th Legislative Session TDHCA Executive Leadership AWAY SPA at the W Hotel *

* Not included with Conference, Sold Separately

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The Texas Affiliation of Affordable Housing Providers (TAAHP) would like to take this opportunity to thank our Executive Director Frank Jackson

Frank is retiring at the end of August and the TAAHP Board of Directors would like to take this opportunity to thank him for his four years of service to the Association.

Join us for a Retirement Reception that will be held on Tuesday, August 22nd at the Four Seasons Hotel in Austin, details below.

t y Save the Date When: Tuesday, August 22, 2017 Where: Four Seasons Hotel Austin 98 San Jacinto Blvd., Austin, Texas 78701 Time: 5:30 PM – 7:00 PM Dress: Business Casual

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B O A R D

O F

D I R E C T O R S

W E L C O M E

A MESSAGE FROM THE PRESIDENT

W

Top Row, Left to Right: Bobby Bowling, President Mahesh Aiyer, Immediate Past President K. Nicole Flores, President Elect Second Row, Left to Right: Debra Guerrero, First Vice President Joy Horak-Brown, Second Vice President Valerie Williams, Treasurer Janine Sisak, Secretary

Third Row, Left to Right: Christopher Akbari Dan Allgeier Jan Brewerton Tom Dixon Darrell G. Jack Fourth Row, Left to Right: Dan Kierce David Mark Koogler Justin MacDonald Scott Marks Mark Mayfield

Ex-Officio Not Pictured Antoinette M. Jackson Edwina Carrington Mike Clark JOT Couch Barry Kahn Granger MacDonald Dan Markson Diana McIver Mike Sugrue Jerry Wright

hew, what a year! First off, let me say that I am proud to have fought the good fight in trying to remove the politics (in the form of letters and resolutions from politicians) from the tax credit application scoring process, as well as trying to provide consistent property tax appraisal methodology for our industry — but it just wasn’t in the cards for us this Legislative Session. What did us in? Ironically, politics.

This session, personalities and extreme positions took center stage as good legislation like the bills we supported fell by the wayside. I personally think TAAHP should try to get these issues passed again in the next session for 2019, but those following me on the leadership ladder will have that decision to make. I stand ready to be a foot soldier in whatever capacity I can assist in, when the time comes to try and charge up that hill again.

On the positive side, we did get HB 3574 (Collier-D, Ft. Worth) passed! This bill eliminated the school rating system from scoring, freeing up thousands of parcels of land to be submitted competitively going forward, starting in the 2018 cycle. Without that very subjective scoring system from TEA in the mix, our industry can bring housing to some of the areas of the state that need affordable housing the most! Working with house sponsor Representative Nicole Collier on this effort was a true pleasure. Rep. Collier is well-informed and very knowledgeable and educated on the issue. She “gets it” that providing new, high-quality affordable housing actually HELPS low-income students perform BETTER in school. She understands that allowing us to build tax credit communities in those lower performing school attendance zones is part of the SOLUTION for those under-performing schools, NOT part of the problem. Of course a thank you also goes out to Chairwoman Carol Alvarado for giving the bill a hearing on short notice and helping to lead the discussion to get the bill through her committee. On the senate side, our long-standing friend to the tax credit program Senator Jose Menendez was once again our champion on this issue. He respectfully and relentlessly got a hearing for the bill, spoke eloquently at the committee hearing and then educated his colleagues on the need for this bill.

Thank you Representative Collier and Senator Menendez for you efforts in helping provide much needed new, highquality affordable housing for some of the lowest income children in the state of Texas!

I’d also like to commend and thank our staff and outside lobbyists, especially Todd Kercheval and Crystal Ford, for their valiant efforts in trying to get our identified legislation passed. I came up several times to testify and/ or meet with legislators this session and Todd and Crystal made sure my time was spent valuably. Throughout this process we made some new friends in the legislature and helped shed some light on our program for many in office that were not as familiar with the tax credit program before the session started. You might be surprised at some of the stories they could share about the machinations of the House and how some Representatives who in the past did not maybe quite understand how important what we do is for the state of Texas, worked behind the scenes to try and help promote and push for affordable housing!

Also, I’d like to thank everyone who participated in Rally Day for coming to Austin en masse and making it our most well-attended, and I think, most productive Rally Day we’ve ever had. It really made a difference in visiting with some of the Reps and the Senators to see that a strong constituent or two from their own district showed up to weigh-in on affordable housing issues. I cannot emphasize enough how important it is to let our own elected officials from back home know about affordable housing initiatives and where we stand on them.

Finally, I’d like to say a word or two about our Government Affairs Director and President-elect Nicole Flores. I am so happy to hand this office off to her. She has spent her entire adult life in the affordable housing industry and she has been involved and on the board at TAAHP as long as anyone in the history of our association.

She is educated and articulate and I was so glad to have her by my side in many office visits this past session. We are lucky to have Nicole take this on as almost a full-time job over the next year... thank you Nicole and thank you TAAHP for a wonderful time and great ride as your president this past year!

Fifth Row Chris Thomas

Bobby Bowling President, TAAHP

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B O A R D

O F

D I R E C T O R S

W E L C O M E

A MESSAGE FROM THE PRESIDENT

W

Top Row, Left to Right: Bobby Bowling, President Mahesh Aiyer, Immediate Past President K. Nicole Flores, President Elect Second Row, Left to Right: Debra Guerrero, First Vice President Joy Horak-Brown, Second Vice President Valerie Williams, Treasurer Janine Sisak, Secretary

Third Row, Left to Right: Christopher Akbari Dan Allgeier Jan Brewerton Tom Dixon Darrell G. Jack Fourth Row, Left to Right: Dan Kierce David Mark Koogler Justin MacDonald Scott Marks Mark Mayfield

Ex-Officio Not Pictured Antoinette M. Jackson Edwina Carrington Mike Clark JOT Couch Barry Kahn Granger MacDonald Dan Markson Diana McIver Mike Sugrue Jerry Wright

hew, what a year! First off, let me say that I am proud to have fought the good fight in trying to remove the politics (in the form of letters and resolutions from politicians) from the tax credit application scoring process, as well as trying to provide consistent property tax appraisal methodology for our industry — but it just wasn’t in the cards for us this Legislative Session. What did us in? Ironically, politics.

This session, personalities and extreme positions took center stage as good legislation like the bills we supported fell by the wayside. I personally think TAAHP should try to get these issues passed again in the next session for 2019, but those following me on the leadership ladder will have that decision to make. I stand ready to be a foot soldier in whatever capacity I can assist in, when the time comes to try and charge up that hill again.

On the positive side, we did get HB 3574 (Collier-D, Ft. Worth) passed! This bill eliminated the school rating system from scoring, freeing up thousands of parcels of land to be submitted competitively going forward, starting in the 2018 cycle. Without that very subjective scoring system from TEA in the mix, our industry can bring housing to some of the areas of the state that need affordable housing the most! Working with house sponsor Representative Nicole Collier on this effort was a true pleasure. Rep. Collier is well-informed and very knowledgeable and educated on the issue. She “gets it” that providing new, high-quality affordable housing actually HELPS low-income students perform BETTER in school. She understands that allowing us to build tax credit communities in those lower performing school attendance zones is part of the SOLUTION for those under-performing schools, NOT part of the problem. Of course a thank you also goes out to Chairwoman Carol Alvarado for giving the bill a hearing on short notice and helping to lead the discussion to get the bill through her committee. On the senate side, our long-standing friend to the tax credit program Senator Jose Menendez was once again our champion on this issue. He respectfully and relentlessly got a hearing for the bill, spoke eloquently at the committee hearing and then educated his colleagues on the need for this bill.

Thank you Representative Collier and Senator Menendez for you efforts in helping provide much needed new, highquality affordable housing for some of the lowest income children in the state of Texas!

I’d also like to commend and thank our staff and outside lobbyists, especially Todd Kercheval and Crystal Ford, for their valiant efforts in trying to get our identified legislation passed. I came up several times to testify and/ or meet with legislators this session and Todd and Crystal made sure my time was spent valuably. Throughout this process we made some new friends in the legislature and helped shed some light on our program for many in office that were not as familiar with the tax credit program before the session started. You might be surprised at some of the stories they could share about the machinations of the House and how some Representatives who in the past did not maybe quite understand how important what we do is for the state of Texas, worked behind the scenes to try and help promote and push for affordable housing!

Also, I’d like to thank everyone who participated in Rally Day for coming to Austin en masse and making it our most well-attended, and I think, most productive Rally Day we’ve ever had. It really made a difference in visiting with some of the Reps and the Senators to see that a strong constituent or two from their own district showed up to weigh-in on affordable housing issues. I cannot emphasize enough how important it is to let our own elected officials from back home know about affordable housing initiatives and where we stand on them.

Finally, I’d like to say a word or two about our Government Affairs Director and President-elect Nicole Flores. I am so happy to hand this office off to her. She has spent her entire adult life in the affordable housing industry and she has been involved and on the board at TAAHP as long as anyone in the history of our association.

She is educated and articulate and I was so glad to have her by my side in many office visits this past session. We are lucky to have Nicole take this on as almost a full-time job over the next year... thank you Nicole and thank you TAAHP for a wonderful time and great ride as your president this past year!

Fifth Row Chris Thomas

Bobby Bowling President, TAAHP

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W E L C O M E

LIHTC INVESTMENT | ASSET MANAGEMENT | TAX-EXEMPT LENDING

A MESSAGE FROM THE CONFERENCE CHAIRWOMAN

O

R4 CAPITAL CONGRATULATES OUR FRIEND

K. NICOLE FLORES 2017-2018 TAAHP BOARD PRESIDENT COMMITTED TO PROVIDING QUALITY AFFORDABLE HOUSING FOR TEXANS WITH LIMITED INCOMES AND SPECIAL NEEDS.

CAPITAL SOLUTIONS FOR AFFORDABLE HOUSING

R4 CAPIT AL W W W .R4C A P .COM

72

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

ver the last 25 years of my career, we have witnessed extraordinary change in the affordable housing industry. I have seen the Low Income Tax Credit Program in Texas grow from a virtually unknown and vastly underutilized program in the early ‘90s to becoming an economic powerhouse creating 773,726 jobs and 262,510 affordable rental homes across the state since the inception of the Program. There have certainly been industry ups and downs during that time, and pricing for tax credits along with interest rates have fluctuated wildly over that past quarter century before reaching historic levels in 2016. And yet even with all this progress, we now find ourselves again under the assault of uncertainty in the underlying investment market and the future of proposed cuts to many federal housing programs. These very pressures all come at a time when the affordable housing crisis is at its peak in most areas of the country. Yes, we have an affordable housing crisis in our country of epic proportions.

However, in one way or another, all of the programs we rely on to continue to provide quality affordable housing development across the state are threatened with reduction, elimination or in the case of the tax credit — which is so dependent on the rhetoric and final outcome of tax reform — just general uncertainty in structuring and pricing new developments. In addition, increases in development and construction costs, in some cases driven by recent, proposed changes to immigration policy which has a disproportionate impact on markets in Texas due to the subcontractor base consisting of a large percentage of undocumented workers, have added to the challenge of creating quality affordable housing. In fact, demand still outpaces the production of affordable housing supply across Texas by thousands of units as rent growth for market rate units in the major Texas cities has averaged 10% per year for the last six years. We are facing a crisis in affordable housing like never before.

The good news is that the visibility of the affordable housing issue is higher than ever, and our message is being heard. I recently had the opportunity to visit with Senator Maria Cantwell and listen to her deliver a speech to a small group from the National Association of Homebuilders over dinner. Senator Cantwell is the original sponsor of the Cantwell Hatch bill and the leading force to convince Senate Finance Committee Chair Orrin Hatch to co-sponsor the largest potential increase to the tax credit allocation formula since the program’s inception, along with other critical enhancements. Listening to the Senator and her passion and strong knowledge of the housing crisis facing our nation, reminded me how important it is that we never cease the process of educating our political leaders, that we look for champions to spread the affordable housing message at every juncture, and that we continue to invite

politicians and other local officials to our grand openings so they can see the difference that quality affordable housing can make to their home communities and constituents.

As the incoming President of the TAAHP Board, I am excited by the opportunity to work with my fellow Board members in the search for a new Executive Director in the wake of Frank Jackson’s retirement. I am also honored to help chart our strategic course in moving forward as the leading advocacy body for affordable housing in Texas along with continuing the important national presence we have enjoyed through the political activism of many of our members in Washington, DC and in other states.

TAAHP has always been a “big tent” organization, and I feel it is more important than ever that we join together with all of the constituent groups focused on the creation of affordable housing options in both rural and urban areas of Texas. As we all see daily in our cities and towns, Texas is booming. Many sectors of the market beyond the traditional energy corridors are expanding and demanding workers and roads and restaurants and most importantly, a place to call home at the end of the day that doesn’t consume more than 50% of their pay. As costs rise, and the political climate can sometimes make planning a challenge, we must look for ways to ensure that new units continue to be built as quickly and as cost effectively as possible to meet the growing need.

I ask all of you to renew your commitment to affordable housing advocacy as you meet with peers and old friends at this year’s Texas Housing Conference.

The need for affordable housing in Texas and across the country far outweighs the voices of the critics and the NIMBYs, the tireless regulation, the competition and the long nights. Our industry does good work, affordable housing is a cause worth fighting for, and our voices will be heard if we remain active and vigilant in working to enhance and sustain the federal low income housing tax credit and government funding for affordable housing programs.

Thank you for the hard work and fighting the good fight.

K. Nicole Flores Chairwoman Texas Housing Conference TEXAS AFFO RD ABL E HOUSING MAGAZINE

73

W E L C O M E

LIHTC INVESTMENT | ASSET MANAGEMENT | TAX-EXEMPT LENDING

A MESSAGE FROM THE CONFERENCE CHAIRWOMAN

O

R4 CAPITAL CONGRATULATES OUR FRIEND

K. NICOLE FLORES 2017-2018 TAAHP BOARD PRESIDENT COMMITTED TO PROVIDING QUALITY AFFORDABLE HOUSING FOR TEXANS WITH LIMITED INCOMES AND SPECIAL NEEDS.

CAPITAL SOLUTIONS FOR AFFORDABLE HOUSING

R4 CAPIT AL W W W .R4C A P .COM

72

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

ver the last 25 years of my career, we have witnessed extraordinary change in the affordable housing industry. I have seen the Low Income Tax Credit Program in Texas grow from a virtually unknown and vastly underutilized program in the early ‘90s to becoming an economic powerhouse creating 773,726 jobs and 262,510 affordable rental homes across the state since the inception of the Program. There have certainly been industry ups and downs during that time, and pricing for tax credits along with interest rates have fluctuated wildly over that past quarter century before reaching historic levels in 2016. And yet even with all this progress, we now find ourselves again under the assault of uncertainty in the underlying investment market and the future of proposed cuts to many federal housing programs. These very pressures all come at a time when the affordable housing crisis is at its peak in most areas of the country. Yes, we have an affordable housing crisis in our country of epic proportions.

However, in one way or another, all of the programs we rely on to continue to provide quality affordable housing development across the state are threatened with reduction, elimination or in the case of the tax credit — which is so dependent on the rhetoric and final outcome of tax reform — just general uncertainty in structuring and pricing new developments. In addition, increases in development and construction costs, in some cases driven by recent, proposed changes to immigration policy which has a disproportionate impact on markets in Texas due to the subcontractor base consisting of a large percentage of undocumented workers, have added to the challenge of creating quality affordable housing. In fact, demand still outpaces the production of affordable housing supply across Texas by thousands of units as rent growth for market rate units in the major Texas cities has averaged 10% per year for the last six years. We are facing a crisis in affordable housing like never before.

The good news is that the visibility of the affordable housing issue is higher than ever, and our message is being heard. I recently had the opportunity to visit with Senator Maria Cantwell and listen to her deliver a speech to a small group from the National Association of Homebuilders over dinner. Senator Cantwell is the original sponsor of the Cantwell Hatch bill and the leading force to convince Senate Finance Committee Chair Orrin Hatch to co-sponsor the largest potential increase to the tax credit allocation formula since the program’s inception, along with other critical enhancements. Listening to the Senator and her passion and strong knowledge of the housing crisis facing our nation, reminded me how important it is that we never cease the process of educating our political leaders, that we look for champions to spread the affordable housing message at every juncture, and that we continue to invite

politicians and other local officials to our grand openings so they can see the difference that quality affordable housing can make to their home communities and constituents.

As the incoming President of the TAAHP Board, I am excited by the opportunity to work with my fellow Board members in the search for a new Executive Director in the wake of Frank Jackson’s retirement. I am also honored to help chart our strategic course in moving forward as the leading advocacy body for affordable housing in Texas along with continuing the important national presence we have enjoyed through the political activism of many of our members in Washington, DC and in other states.

TAAHP has always been a “big tent” organization, and I feel it is more important than ever that we join together with all of the constituent groups focused on the creation of affordable housing options in both rural and urban areas of Texas. As we all see daily in our cities and towns, Texas is booming. Many sectors of the market beyond the traditional energy corridors are expanding and demanding workers and roads and restaurants and most importantly, a place to call home at the end of the day that doesn’t consume more than 50% of their pay. As costs rise, and the political climate can sometimes make planning a challenge, we must look for ways to ensure that new units continue to be built as quickly and as cost effectively as possible to meet the growing need.

I ask all of you to renew your commitment to affordable housing advocacy as you meet with peers and old friends at this year’s Texas Housing Conference.

The need for affordable housing in Texas and across the country far outweighs the voices of the critics and the NIMBYs, the tireless regulation, the competition and the long nights. Our industry does good work, affordable housing is a cause worth fighting for, and our voices will be heard if we remain active and vigilant in working to enhance and sustain the federal low income housing tax credit and government funding for affordable housing programs.

Thank you for the hard work and fighting the good fight.

K. Nicole Flores Chairwoman Texas Housing Conference TEXAS AFFO RD ABL E HOUSING MAGAZINE

73

W E L C O M E

M IKE

L A NKF O RD

M EM O RIA L

G O L F

TO URN AMEN T

W

elcome to the annual Texas Housing

Wednesday will address the results of the 2017 Texas

Conference! We are thrilled to have you join us

Legislative Session, as well as current events affecting our

at the JW Marriott Hotel here in Austin, TX for

industry at the national level. Hear the latest on tax reform

another exciting housing forum. We have a robust agenda

and changes at HUD, in addition to statewide initiatives.

packed with education sessions, keynote speakers and

networking events. For fun and relaxation, we have the

continued support of TAAHP and the Texas Housing

annual Mike Lankford golf outing on Monday as well as

Conference! They are crucial to contributing to the quality

a Spa day on Wednesday. We expect record attendance

of our conference by sponsoring all the various events

again this year which will provide plenty of networking

during the breaks and the receptions. Please stop by the

opportunities. We took care to schedule ample time during

booth and event areas and thank them for their support.

the breaks to allow you time to connect with friends and

colleagues.

and all their hard work. Our Conference Director, Kristi

Sutterfield, has done an outstanding job bringing it all

The 2016 Presidential election upended the

Monday, July 24

A M E S S A G E F R O M T H E E D U C AT I O N C O - C H A I R

We would like to thank our sponsors for their

We would also like to thank the TAAHP staff

affordable housing industry and ushered in a very

together and is truly an amazing host. Please let us know

dynamic environment. Come hear what our keynote note

if there is anything we can do to make your conference

speakers have to say on the state of the market and what

experience better.

is happening in Washington, D.C. The Policy Brunch on

Onion Creek Club The Mike Lankford Memorial Golf Tournament at the Hyatt Regency Lost Pines Resort & Spa

Dan Kierce Conference Education Co-Chair TAAHP Board of Directors

Onion Creek Club 2510 Onion Creek Parkway, Austin, TX 78747 512-282-2150 7:30am 8:00am

Registration and Breakfast Shotgun Start

19th Hole & Awards will be held during the Policy Brunch on Wednesday, July 26th at the JW Marriott Hotel $225 per player

Benefiting the TAAHP Scholarship Fund

74

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

TEXAS AFFO RD ABL E HOUSING MAGAZINE

75

W E L C O M E

M IKE

L A NKF O RD

M EM O RIA L

G O L F

TO URN AMEN T

W

elcome to the annual Texas Housing

Wednesday will address the results of the 2017 Texas

Conference! We are thrilled to have you join us

Legislative Session, as well as current events affecting our

at the JW Marriott Hotel here in Austin, TX for

industry at the national level. Hear the latest on tax reform

another exciting housing forum. We have a robust agenda

and changes at HUD, in addition to statewide initiatives.

packed with education sessions, keynote speakers and

networking events. For fun and relaxation, we have the

continued support of TAAHP and the Texas Housing

annual Mike Lankford golf outing on Monday as well as

Conference! They are crucial to contributing to the quality

a Spa day on Wednesday. We expect record attendance

of our conference by sponsoring all the various events

again this year which will provide plenty of networking

during the breaks and the receptions. Please stop by the

opportunities. We took care to schedule ample time during

booth and event areas and thank them for their support.

the breaks to allow you time to connect with friends and

colleagues.

and all their hard work. Our Conference Director, Kristi

Sutterfield, has done an outstanding job bringing it all

The 2016 Presidential election upended the

Monday, July 24

A M E S S A G E F R O M T H E E D U C AT I O N C O - C H A I R

We would like to thank our sponsors for their

We would also like to thank the TAAHP staff

affordable housing industry and ushered in a very

together and is truly an amazing host. Please let us know

dynamic environment. Come hear what our keynote note

if there is anything we can do to make your conference

speakers have to say on the state of the market and what

experience better.

is happening in Washington, D.C. The Policy Brunch on

Onion Creek Club The Mike Lankford Memorial Golf Tournament at the Hyatt Regency Lost Pines Resort & Spa

Dan Kierce Conference Education Co-Chair TAAHP Board of Directors

Onion Creek Club 2510 Onion Creek Parkway, Austin, TX 78747 512-282-2150 7:30am 8:00am

Registration and Breakfast Shotgun Start

19th Hole & Awards will be held during the Policy Brunch on Wednesday, July 26th at the JW Marriott Hotel $225 per player

Benefiting the TAAHP Scholarship Fund

74

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

TEXAS AFFO RD ABL E HOUSING MAGAZINE

75

W O R K S H O P S

An Introduction to the Housing Tax Credit Program- Part 1 9:30 - 11:30

Housing Tax Credit Case Studies – Part 2: The Art of the Deal 1:00 - 3:00

Moderator: Diana McIver, DMA Development Co., LLC Panelists: Michael Celkis, CohnReznick, LLP; Christine Richardson, Locke Lord LLP

Moderator: Diana McIver, DMA Development Co., LLC Panelists: Drew Foster, Redstone Equity Partners, LLC; Nathan Kelley, Nantucket Housing, LLC; Dan Kierce, RBC Capital Markets; David Knoll, Ryan Companies US, Inc.

Come learn the basics of the Housing Tax Credit Program from the experts! Participants will learn the history of the program and its evolution over the past 30 years. Our panelists will walk you step by step through the program requirements including resident eligibility, what can be built, how rents are determined and how the program operates in the State of Texas. Our experts will discuss partnership structures, development agreements, joint ventures, legal requirements, and accounting regulations – all in layman’s terms.

Diana McIver

Michael Celkis

Two developers, two deals, two investors. Participants will get an insider’s perspective from two experienced developers on how they select sites, involved the community, and put together deals worthy of tax credits. Two investors, active in Texas, will analyze the deals and provide feedback, allowing the audience to see a tax credit transaction from an investor viewpoint. Join us for this interactive session and learn how to structure your own tax credit deal to merit higher tax credit pricing.

Christine Richardson Diana McIver

Leveraging Green Incentives to Increase NOI 9:30 - 11:30 Moderator: Ravi Malhotra, ICAST Panelists: Scott Hays, ICAST; Aniko Chu, Churchill Stateside Group Multifamily housing owners looking to increase their profitability and implement capital improvements have access to several lending and financing incentives. Options include MIP reduction from FHA, and green lending incentives from Fannie Mae and Freddie Mac. Property owners can leverage these programs with off-balance-sheet financing (e.g. EPC, PACE, PPA) to reduce upfront investment and complete building retrofits at the lowest possible cost. In this session, attendees will learn how to take advantage of all available incentives for multifamily housing, and how to determine which options are cost-effective for specific projects.

Ravi Malhotra

76

Scott Hays

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

Monday, July 24

Monday, July 24

W O R K S H O P S

Aniko Chu

Drew Foster

Nathan Kelley

Dan Kierce

David Knoll

Marrying Tax Credits with HUD Financing 1:00 - 3:00 Moderator: Mike Backman, Mason Joseph Company Inc. Panelists: Elizabeth Arteaga, HUD; Courtney Mauldin, CapitalOne; Robbye Meyer, ARX Advantage; Jen Quigley, Wells Fargo; Adam Sasouness, Dwight Capital LLC; Ted Toon, HUD The number of LIHTC projects financed with FHA-insured loans has exploded in the last five years. The panel will use case studies of successful LIHTC/FHA transactions to discuss why FHA is winning this business, why developers should strongly consider FHA-insured debt for their next transaction, and how to minimize the FHA review period.

Mike Backman

Elizabeth Arteaga

Adam Sasouness

Ted Toon

Courtney Mauldin

Robbye Meyer

Jen Quigley

TEXAS AFFO RD ABL E HOUSING MAGAZINE

77

W O R K S H O P S

An Introduction to the Housing Tax Credit Program- Part 1 9:30 - 11:30

Housing Tax Credit Case Studies – Part 2: The Art of the Deal 1:00 - 3:00

Moderator: Diana McIver, DMA Development Co., LLC Panelists: Michael Celkis, CohnReznick, LLP; Christine Richardson, Locke Lord LLP

Moderator: Diana McIver, DMA Development Co., LLC Panelists: Drew Foster, Redstone Equity Partners, LLC; Nathan Kelley, Nantucket Housing, LLC; Dan Kierce, RBC Capital Markets; David Knoll, Ryan Companies US, Inc.

Come learn the basics of the Housing Tax Credit Program from the experts! Participants will learn the history of the program and its evolution over the past 30 years. Our panelists will walk you step by step through the program requirements including resident eligibility, what can be built, how rents are determined and how the program operates in the State of Texas. Our experts will discuss partnership structures, development agreements, joint ventures, legal requirements, and accounting regulations – all in layman’s terms.

Diana McIver

Michael Celkis

Two developers, two deals, two investors. Participants will get an insider’s perspective from two experienced developers on how they select sites, involved the community, and put together deals worthy of tax credits. Two investors, active in Texas, will analyze the deals and provide feedback, allowing the audience to see a tax credit transaction from an investor viewpoint. Join us for this interactive session and learn how to structure your own tax credit deal to merit higher tax credit pricing.

Christine Richardson Diana McIver

Leveraging Green Incentives to Increase NOI 9:30 - 11:30 Moderator: Ravi Malhotra, ICAST Panelists: Scott Hays, ICAST; Aniko Chu, Churchill Stateside Group Multifamily housing owners looking to increase their profitability and implement capital improvements have access to several lending and financing incentives. Options include MIP reduction from FHA, and green lending incentives from Fannie Mae and Freddie Mac. Property owners can leverage these programs with off-balance-sheet financing (e.g. EPC, PACE, PPA) to reduce upfront investment and complete building retrofits at the lowest possible cost. In this session, attendees will learn how to take advantage of all available incentives for multifamily housing, and how to determine which options are cost-effective for specific projects.

Ravi Malhotra

76

Scott Hays

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

Monday, July 24

Monday, July 24

W O R K S H O P S

Aniko Chu

Drew Foster

Nathan Kelley

Dan Kierce

David Knoll

Marrying Tax Credits with HUD Financing 1:00 - 3:00 Moderator: Mike Backman, Mason Joseph Company Inc. Panelists: Elizabeth Arteaga, HUD; Courtney Mauldin, CapitalOne; Robbye Meyer, ARX Advantage; Jen Quigley, Wells Fargo; Adam Sasouness, Dwight Capital LLC; Ted Toon, HUD The number of LIHTC projects financed with FHA-insured loans has exploded in the last five years. The panel will use case studies of successful LIHTC/FHA transactions to discuss why FHA is winning this business, why developers should strongly consider FHA-insured debt for their next transaction, and how to minimize the FHA review period.

Mike Backman

Elizabeth Arteaga

Adam Sasouness

Ted Toon

Courtney Mauldin

Robbye Meyer

Jen Quigley

TEXAS AFFO RD ABL E HOUSING MAGAZINE

77

Tuesday, July 25

E D U C A T I O N SESSION

S E S S I O N S

MONEY

7:30 - 8:15 AM

FUTURE MARKETS

Moderator Valerie Williams, Bank of America Merrill Lynch Panelist Chris Akbari, ITEX Group LLC Jeff Fulenchek, Carleton Development Justin Hartz, LDG Development

9:45 - 10:15 AM

10:30 - 11:45 AM

Moderator Mike Backman, Mason Joseph Co, Inc.

Moderator John Shackelford, Shackelford, Bowen, McKinnley & Norton LLP

Moderator David Koogler, Mark-Dana Corporation

Panelists Elizabeth Arteaga, HUD Mark Heap, HUD Leslie Meyers, Bank of America Merrill Lynch Kent Neumann, Eichner Norris & Neumann PLLC

Panelists Jim Beats, Diamond Property Consultants, Inc. Jen Brewerton, Dominium Inc. Patricia Murphy, TDHCA Stephanie Naquin, Novogradac & Company, Inc.

Moderator Dan Kierce, RBC Capital Markets

Moderator Scott Marks, Coats Rose, P.C.

Moderator Susan Wilson, Novogradac & Company LLP Panelists Margaret Allen, AGM Financial Services Inc. Kenneth Cooper, HUD Ray Landry, Davis-Penn Mortgage Company Monica Sussman, Nixon Peabody LLP

LUNCHEON

Panelists Mahesh Aiyer, CITI Bank Ray Miller, Capital One Bank David Saling, JP Morgan Chase Sindy Spivak, Bank of America Merrill Lynch

3:00 - 3:30 PM

Acquisitions Opportunities in Today’s Environment. An Inside Look at Pricing, Negotiating and Rehabbing

Getting your HUD Deal Closed (on time!)

Moderator Quinn Gormley, CohnReznick LLP

Moderator Mary Walsh, HUD

Panelists Derek DeHay, ARA Newmark, Affordable Housing Tim Flint, CBRE Affordable Housing Michael Moses, Global X Thomas Paramore, Boston Financial Investment Mgmt.

Aron Weisner, Enterprise Community

Panelists Christie Newhouse, HUD Michelle Snedden, Shackelford, Bowen, McKinnley & Norton LLP Brian Surratt, HUD Leslie Winston, HUD Dan Worrall, CohnReznick LLP

Moderator Barry Krinsky, Citi Community Capital Panelists David Danenfelzer, TSAHC Helen Feinberg, RBC Capital Markets Jim Spound, R4 Capital Inc. Cody Wilson, Stifel, Nicolaus & Compan

5:00 - 7:00 PM TEXAS AFFORDABLE HOUSI NG M AGAZI NE

Opportunities in Rural Housing Strategies to Make your Next Rural Deal Work and Tips on Preserving Rural Properties in Today’s Environment Moderator Drew Foster, Redstone Equity Partners LLC Panelists Dennis Hoover, Hamilton Valley Management Group Steven LeClere, Tidwell Group Mark Mayfield, Texas Housing Foundation Mike Sugrue, Stoneleaf Companies

RECEPTION ON THE EXHIBIT FLOOR

Expanding Public & Private Partnerships Critical Information on Resources available to PHA’s, PFC’s, HFC’s and Developers Moderator Barry Palmer, Coats Rose, PC Panelists Jorge Aguirre, The Michaels Development Company Mark Mayfield, Texas Housing Foundation Jim Shaw, Capital Area Housing Finance Corp.

Aron Weisner, Enterprise & Bellwether Enterprise

Legislative Changes to the QAP Moderator Janine Sisak, DMA Development Co., LLC Panelists Sarah Anderson, S. Anderson Consulting Charlie Duncan, TXLIHIS Marnie Holloway, TDHCA Tanya Lavelle, TAAHP

LUNCHEON Innovative Resident Services How to Reach More Residents Cost Effectively with Greater Results

NIMBY/Crisis Management

Moderator Michael Clark, Alpha-Barnes Real Estate Services, LLC Panelists Flynann Janisse, Rainbow Housing Assistance Corp.

Ellie Miles, Portfolio Resident Services Blanca Ramirez, Hudson Housing Capital

Moderator Debra Guerrero, The NRP Group Panelists Ron Hinkle, Ron Hinkle Consulting Joy Horak-Brown, New Hope Housing, Inc. Toni Jackson, Jones Walker LLP Mark Shelburne, Novogradac & Company LLP

REFRESHMENTS BREAK

REFRESHMENTS BREAK Tapping into Bond Financing

Panelists Tim Irvine, TDHCA Lowell Keig, Texas Workforce Commission Scott Marks, Coats Rose, P.C. Garry Sweeney, HUD

REFRESHMENTS BREAK An Advanced View of HUD Multifamily Programs (HUD 201)

Panelists Chris Akbari, ITEX Group LLC Cynthia Bast, Locke Lord LLP Dr. Paul Cruz, Superintendent, Austin ISD Ryan Lunderby, Dominium, Inc. Pedro Martinez, Superintendent, San Antonio ISD

L E G I S L AT I V E T R A C K

Fair Housing

Partnering with School Districts to Build Affordable Housing

Panelists Josh Lappen, Hudson Housing Capital Ken Overshiner, BBVA Michael Ramires, The Richman Group Gary Robinson, Raymond James & Assoc.

EMERGING ISSUES

It’s All About Compliance!

Keys to Successful FHA Loan Applications

Equity Outlook Maximizing Equity in an Uncertain Market

Moderator Michael Gardner, Gardner Capital

78

Moderator Garrick Gibson, Tidwell Group Panelists Ron Kowal, Austin Affordable Housing Corp.

Choosing the Best Debt Platform

3:30 - 4:45 PM

Filling the Funding Gap Where to Get Soft Dollars through TIER’s, TIFF’s Historic Tax Credits & Property Tax Exemptions

S E S S I O N S

REFRESHMENTS BREAK

REFRESHMENTS BREAK

12:00 - 1:30 PM

1:45 - 3:00 PM

HUD

REFRESHMENTS BREAK Market Rate Multi-Family Developing for Mixed Incomes & Mixed Populations

8:30 - 9:45 AM

E D U C A T I O N

Utilizing HUD’s FHA Programs for your RAD Transactions Moderator Terri Anderson, Anderson Development & Construction, LLC Panelists Don Bernards, Baker Tilly Virchow Krause, LLP William Lavy, HUD Catalina Vielma, National Equity Fund, Inc. Mark Ragsdale, PNC Real Estate Jeff Weiss, Alden Torch Financial LLC

Year 15 Exit Strategies Practical Guidance and Expert Advice on your Strategies, Workouts & Refinancing Moderator Katie Alitz, Boston Capital Panelists Nicole Baldon, Bank of America Merrill Lynch Cynthia Bast, Locke Lord LLP Katy Breazeale, CohnReznick LLP Lloyd Griffin, Berkadia

An Analysis of Legislation Passed to Date on the State & Federal Level Moderator George Littlejohn, Novogradac & Company Inc. Panelists JP Delmore, NAHB Crystal Ford, Locke Lord, LLP Todd Kercheval, Government Affairs Consultant Michelle Norris, National Church Residences

RECEPTION ON THE EXHIBIT FLOOR TEXAS AFFO RD ABL E HOUSING MAGAZINE

79

Tuesday, July 25

E D U C A T I O N SESSION

S E S S I O N S

MONEY

7:30 - 8:15 AM

FUTURE MARKETS

Moderator Valerie Williams, Bank of America Merrill Lynch Panelist Chris Akbari, ITEX Group LLC Jeff Fulenchek, Carleton Development Justin Hartz, LDG Development

9:45 - 10:15 AM

10:30 - 11:45 AM

Moderator Mike Backman, Mason Joseph Co, Inc.

Moderator John Shackelford, Shackelford, Bowen, McKinnley & Norton LLP

Moderator David Koogler, Mark-Dana Corporation

Panelists Elizabeth Arteaga, HUD Mark Heap, HUD Leslie Meyers, Bank of America Merrill Lynch Kent Neumann, Eichner Norris & Neumann PLLC

Panelists Jim Beats, Diamond Property Consultants, Inc. Jen Brewerton, Dominium Inc. Patricia Murphy, TDHCA Stephanie Naquin, Novogradac & Company, Inc.

Moderator Dan Kierce, RBC Capital Markets

Moderator Scott Marks, Coats Rose, P.C.

Moderator Susan Wilson, Novogradac & Company LLP Panelists Margaret Allen, AGM Financial Services Inc. Kenneth Cooper, HUD Ray Landry, Davis-Penn Mortgage Company Monica Sussman, Nixon Peabody LLP

LUNCHEON

Panelists Mahesh Aiyer, CITI Bank Ray Miller, Capital One Bank David Saling, JP Morgan Chase Sindy Spivak, Bank of America Merrill Lynch

3:00 - 3:30 PM

Acquisitions Opportunities in Today’s Environment. An Inside Look at Pricing, Negotiating and Rehabbing

Getting your HUD Deal Closed (on time!)

Moderator Quinn Gormley, CohnReznick LLP

Moderator Mary Walsh, HUD

Panelists Derek DeHay, ARA Newmark, Affordable Housing Tim Flint, CBRE Affordable Housing Michael Moses, Global X Thomas Paramore, Boston Financial Investment Mgmt.

Aron Weisner, Enterprise Community

Panelists Christie Newhouse, HUD Michelle Snedden, Shackelford, Bowen, McKinnley & Norton LLP Brian Surratt, HUD Leslie Winston, HUD Dan Worrall, CohnReznick LLP

Moderator Barry Krinsky, Citi Community Capital Panelists David Danenfelzer, TSAHC Helen Feinberg, RBC Capital Markets Jim Spound, R4 Capital Inc. Cody Wilson, Stifel, Nicolaus & Compan

5:00 - 7:00 PM TEXAS AFFORDABLE HOUSI NG M AGAZI NE

Opportunities in Rural Housing Strategies to Make your Next Rural Deal Work and Tips on Preserving Rural Properties in Today’s Environment Moderator Drew Foster, Redstone Equity Partners LLC Panelists Dennis Hoover, Hamilton Valley Management Group Steven LeClere, Tidwell Group Mark Mayfield, Texas Housing Foundation Mike Sugrue, Stoneleaf Companies

RECEPTION ON THE EXHIBIT FLOOR

Expanding Public & Private Partnerships Critical Information on Resources available to PHA’s, PFC’s, HFC’s and Developers Moderator Barry Palmer, Coats Rose, PC Panelists Jorge Aguirre, The Michaels Development Company Mark Mayfield, Texas Housing Foundation Jim Shaw, Capital Area Housing Finance Corp.

Aron Weisner, Enterprise & Bellwether Enterprise

Legislative Changes to the QAP Moderator Janine Sisak, DMA Development Co., LLC Panelists Sarah Anderson, S. Anderson Consulting Charlie Duncan, TXLIHIS Marnie Holloway, TDHCA Tanya Lavelle, TAAHP

LUNCHEON Innovative Resident Services How to Reach More Residents Cost Effectively with Greater Results

NIMBY/Crisis Management

Moderator Michael Clark, Alpha-Barnes Real Estate Services, LLC Panelists Flynann Janisse, Rainbow Housing Assistance Corp.

Ellie Miles, Portfolio Resident Services Blanca Ramirez, Hudson Housing Capital

Moderator Debra Guerrero, The NRP Group Panelists Ron Hinkle, Ron Hinkle Consulting Joy Horak-Brown, New Hope Housing, Inc. Toni Jackson, Jones Walker LLP Mark Shelburne, Novogradac & Company LLP

REFRESHMENTS BREAK

REFRESHMENTS BREAK Tapping into Bond Financing

Panelists Tim Irvine, TDHCA Lowell Keig, Texas Workforce Commission Scott Marks, Coats Rose, P.C. Garry Sweeney, HUD

REFRESHMENTS BREAK An Advanced View of HUD Multifamily Programs (HUD 201)

Panelists Chris Akbari, ITEX Group LLC Cynthia Bast, Locke Lord LLP Dr. Paul Cruz, Superintendent, Austin ISD Ryan Lunderby, Dominium, Inc. Pedro Martinez, Superintendent, San Antonio ISD

L E G I S L AT I V E T R A C K

Fair Housing

Partnering with School Districts to Build Affordable Housing

Panelists Josh Lappen, Hudson Housing Capital Ken Overshiner, BBVA Michael Ramires, The Richman Group Gary Robinson, Raymond James & Assoc.

EMERGING ISSUES

It’s All About Compliance!

Keys to Successful FHA Loan Applications

Equity Outlook Maximizing Equity in an Uncertain Market

Moderator Michael Gardner, Gardner Capital

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Moderator Garrick Gibson, Tidwell Group Panelists Ron Kowal, Austin Affordable Housing Corp.

Choosing the Best Debt Platform

3:30 - 4:45 PM

Filling the Funding Gap Where to Get Soft Dollars through TIER’s, TIFF’s Historic Tax Credits & Property Tax Exemptions

S E S S I O N S

REFRESHMENTS BREAK

REFRESHMENTS BREAK

12:00 - 1:30 PM

1:45 - 3:00 PM

HUD

REFRESHMENTS BREAK Market Rate Multi-Family Developing for Mixed Incomes & Mixed Populations

8:30 - 9:45 AM

E D U C A T I O N

Utilizing HUD’s FHA Programs for your RAD Transactions Moderator Terri Anderson, Anderson Development & Construction, LLC Panelists Don Bernards, Baker Tilly Virchow Krause, LLP William Lavy, HUD Catalina Vielma, National Equity Fund, Inc. Mark Ragsdale, PNC Real Estate Jeff Weiss, Alden Torch Financial LLC

Year 15 Exit Strategies Practical Guidance and Expert Advice on your Strategies, Workouts & Refinancing Moderator Katie Alitz, Boston Capital Panelists Nicole Baldon, Bank of America Merrill Lynch Cynthia Bast, Locke Lord LLP Katy Breazeale, CohnReznick LLP Lloyd Griffin, Berkadia

An Analysis of Legislation Passed to Date on the State & Federal Level Moderator George Littlejohn, Novogradac & Company Inc. Panelists JP Delmore, NAHB Crystal Ford, Locke Lord, LLP Todd Kercheval, Government Affairs Consultant Michelle Norris, National Church Residences

RECEPTION ON THE EXHIBIT FLOOR TEXAS AFFO RD ABL E HOUSING MAGAZINE

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M O N E Y

E D U C A T I O N

S E S S I O N S

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M O N E Y

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Market Rate Multi-Family Developing for Mixed Incomes & Mixed Populations

Equity Outlook Maximizing Equity in an Uncertain Market

Choosing the Best Debt Platform

Tax-Exempt Financing – Guess Who’s Back?

Market Rate MF Housing – Community Diversification

For the first time since the great recession, the LIHTC equity market experienced a dramatic upheaval leaving many deals stranded in early 2017. Come hear what our industry experts have to say as they discuss the current state of the LIHTC market and how the prospect of tax reform has impacted demand. Our panelists will discuss current trends in equity pricing, terms, structure and overall investor appetite. Learn how deals are being structured to move forward in this uncertain market. Find out if you need a life preserver or the whole Coast Guard to rescue your deal from the choppy waters!

Following unprecedented LIHTC lending volume in 2016, lenders face new tax reform and interest rate uncertainties in 2017, affecting all levels of project financing. Panelists from some of the LIHTC industry’s largest debt providers discuss their strategies for managing uncertainty in 2017 and beyond with attention to the Texas market.

Attendees will gain valuable insight into the current trends in tax-exempt financing. Learn about the latest product offerings from direct lenders, Fannie Mae, Freddie Mac, underwriters and placement agents. Discover which products offer the lowest interest rates, the best terms, the most flexibility, and the highest proceeds.

Attendees will leave this session with the knowledge they need when choosing a financing structure for their 4% tax credit transaction.

Leading experts will share the latest trends in tax-exempt financing.

8:30 - 9:45 am; 4th Floor, Grand Salon 1

Residential housing is inclusive of various types of housing. Many affordable housing developers are diversifying their portfolios by including market rate multi-family housing. As an affordable housing developer, if you are exploring your options in developing market rate housing, this panel will reveal strategies for you to consider. This session will include information from actual developers that develop both affordable and market rate housing. Discussions will include debt financing, equity sources, and market and sub-market intelligence so that you can evaluate your opportunities. Presentations will include actual case studies of newly developed market rate developments.

10:30 - 11:45 am; 4th Floor, Grand Salon 1

Moderator Dan Kierce, RBC Capital Markets Panelists Josh Lappen, Hudson Housing Capital Ken Overshiner, BBVA Michael Ramires, The Richman Group Gary Robinson, Raymond James & Assoc.

1:45 - 3:00 pm; 4th Floor, Grand Salon 1

3:30 - 4:45 pm; 4th Floor, Grand Salon 1

Moderator Michael Gardner, Gardner Capital

Moderator Barry Krinsky, Citi Community Capital

Panelists Mahesh Aiyer, CITI Bank Ray Miller, Capital One Bank David Saling, JP Morgan Chase Sindy Spivak, Bank of America Merrill Lynch

Panelists David Danenfelzer, TSAHC Helen Feinberg, RBC Capital Markets Jim Spound, R4 Capital Inc. Cody Wilson, Stifel, Nicolaus & Company

Tuesday, July 25

Tuesday, July 25

E D U C A T I O N

Moderator Valerie Williams, Bank of America Merrill Lynch Panelists Chris Akbari, ITEX Group LLC Justin Hartz, LDG Development Jeff Fulencheck, Carleton Development

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S E S S I O N S

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M O N E Y

E D U C A T I O N

S E S S I O N S

-

M O N E Y

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Market Rate Multi-Family Developing for Mixed Incomes & Mixed Populations

Equity Outlook Maximizing Equity in an Uncertain Market

Choosing the Best Debt Platform

Tax-Exempt Financing – Guess Who’s Back?

Market Rate MF Housing – Community Diversification

For the first time since the great recession, the LIHTC equity market experienced a dramatic upheaval leaving many deals stranded in early 2017. Come hear what our industry experts have to say as they discuss the current state of the LIHTC market and how the prospect of tax reform has impacted demand. Our panelists will discuss current trends in equity pricing, terms, structure and overall investor appetite. Learn how deals are being structured to move forward in this uncertain market. Find out if you need a life preserver or the whole Coast Guard to rescue your deal from the choppy waters!

Following unprecedented LIHTC lending volume in 2016, lenders face new tax reform and interest rate uncertainties in 2017, affecting all levels of project financing. Panelists from some of the LIHTC industry’s largest debt providers discuss their strategies for managing uncertainty in 2017 and beyond with attention to the Texas market.

Attendees will gain valuable insight into the current trends in tax-exempt financing. Learn about the latest product offerings from direct lenders, Fannie Mae, Freddie Mac, underwriters and placement agents. Discover which products offer the lowest interest rates, the best terms, the most flexibility, and the highest proceeds.

Attendees will leave this session with the knowledge they need when choosing a financing structure for their 4% tax credit transaction.

Leading experts will share the latest trends in tax-exempt financing.

8:30 - 9:45 am; 4th Floor, Grand Salon 1

Residential housing is inclusive of various types of housing. Many affordable housing developers are diversifying their portfolios by including market rate multi-family housing. As an affordable housing developer, if you are exploring your options in developing market rate housing, this panel will reveal strategies for you to consider. This session will include information from actual developers that develop both affordable and market rate housing. Discussions will include debt financing, equity sources, and market and sub-market intelligence so that you can evaluate your opportunities. Presentations will include actual case studies of newly developed market rate developments.

10:30 - 11:45 am; 4th Floor, Grand Salon 1

Moderator Dan Kierce, RBC Capital Markets Panelists Josh Lappen, Hudson Housing Capital Ken Overshiner, BBVA Michael Ramires, The Richman Group Gary Robinson, Raymond James & Assoc.

1:45 - 3:00 pm; 4th Floor, Grand Salon 1

3:30 - 4:45 pm; 4th Floor, Grand Salon 1

Moderator Michael Gardner, Gardner Capital

Moderator Barry Krinsky, Citi Community Capital

Panelists Mahesh Aiyer, CITI Bank Ray Miller, Capital One Bank David Saling, JP Morgan Chase Sindy Spivak, Bank of America Merrill Lynch

Panelists David Danenfelzer, TSAHC Helen Feinberg, RBC Capital Markets Jim Spound, R4 Capital Inc. Cody Wilson, Stifel, Nicolaus & Company

Tuesday, July 25

Tuesday, July 25

E D U C A T I O N

Moderator Valerie Williams, Bank of America Merrill Lynch Panelists Chris Akbari, ITEX Group LLC Justin Hartz, LDG Development Jeff Fulencheck, Carleton Development

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M A R K E T S

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Filling the Funding Gap Where to Get Soft Dollars through TIER’s, TIFF’s Historic Tax Credits & Property Tax Exemptions

Partnering with School Districts to Build Affordable Housing

Text to come???

The superintendents of the Austin and San Antonio Independent School Districts will discuss affordable housing opportunities with leaders of our industry.

Learn more about surplus properties, state laws governing school district property disposition, housing tax credit program constraints and creative financing opportunities, and innovative ways to work with local school districts.

Planning Affordable Housing Opportunities in Rural Housing Acquisition and Renovation? How to Strategies to Make your Next Rural gain control of what was your free time. Deal Work and Tips on Preserving Rural Properties in Today’s Environment According to TDHCA’s inventory, in the coming year

8:30 - 9:45 am; 4th Floor, Grand Salon 2

10:30 - 11:45 am; 4th Floor, Grand Salon 2

Moderator Garrick Gibson, Tidwell Group

Moderator Scott Marks, Coats Rose, P.C.

Panelists Ron Kowal, Austin Affordable Housing Corp.

Panelists Chris Akbari, ITEX Group LLC Cynthia Bast, Locke Lord LLP Dr. Paul Cruz, Superintendent, Austin ISD Ryan Lunderby, Dominium, Inc. Pedro Martinez, Superintendent, San Antonio ISD

1:45 - 3:00 pm; 4th Floor, Grand Salon 2

there will be 1,036 affordable housing properties representing 120,000 units that have reached or exceeded the 15 year compliance period. As these units start to show their age, there is a greater need to devote resources to recapitalize these properties.

While preservation provisions are in place which requires the identification, prioritization and preservation of these properties; there are strategies that must be utilized to determine the valuation and renovation essentials. During this education session industry experts will highlight some of the main concerns and issues for developers to consider when acquiring and rehabilitating an existing property.

Moderator Quinn Gormley, CohnReznick LLP

Tuesday, July 25, 2016

3:30 - 4:45 pm; 4th Floor, Grand Salon 2

Rising costs and uncertainty surrounding potential tax reform have taken center stage since the 2016 election, while “High Opportunity” seems to be in high focus. What about rural markets and how do non major-metro developments fit into the mix?

Learn firsthand how deals are being structured in a post-election world.

Tuesday, July 25

Tuesday, July 25

F U T U R E

Moderator Drew Foster, Redstone Equity Partners LLC Panelists Dennis Hoover, Hamilton Valley Management Group Steven LeClere, Tidwell Group Mark Mayfield, Texas Housing Foundation Mike Sugrue, Stoneleaf Companies

Panelists Derek DeHay, ARA Newmark, Affordable Housing Tim Flint, CBRE Affordable Housing Michael Moses, GlobalX Thomas Paramore, Boston Financial Investment Mgmt.

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M A R K E T S

F U T U R E

M A R K E T S

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Filling the Funding Gap Where to Get Soft Dollars through TIER’s, TIFF’s Historic Tax Credits & Property Tax Exemptions

Partnering with School Districts to Build Affordable Housing

Text to come???

The superintendents of the Austin and San Antonio Independent School Districts will discuss affordable housing opportunities with leaders of our industry.

Learn more about surplus properties, state laws governing school district property disposition, housing tax credit program constraints and creative financing opportunities, and innovative ways to work with local school districts.

Planning Affordable Housing Opportunities in Rural Housing Acquisition and Renovation? How to Strategies to Make your Next Rural gain control of what was your free time. Deal Work and Tips on Preserving Rural Properties in Today’s Environment According to TDHCA’s inventory, in the coming year

8:30 - 9:45 am; 4th Floor, Grand Salon 2

10:30 - 11:45 am; 4th Floor, Grand Salon 2

Moderator Garrick Gibson, Tidwell Group

Moderator Scott Marks, Coats Rose, P.C.

Panelists Ron Kowal, Austin Affordable Housing Corp.

Panelists Chris Akbari, ITEX Group LLC Cynthia Bast, Locke Lord LLP Dr. Paul Cruz, Superintendent, Austin ISD Ryan Lunderby, Dominium, Inc. Pedro Martinez, Superintendent, San Antonio ISD

1:45 - 3:00 pm; 4th Floor, Grand Salon 2

there will be 1,036 affordable housing properties representing 120,000 units that have reached or exceeded the 15 year compliance period. As these units start to show their age, there is a greater need to devote resources to recapitalize these properties.

While preservation provisions are in place which requires the identification, prioritization and preservation of these properties; there are strategies that must be utilized to determine the valuation and renovation essentials. During this education session industry experts will highlight some of the main concerns and issues for developers to consider when acquiring and rehabilitating an existing property.

Moderator Quinn Gormley, CohnReznick LLP

Tuesday, July 25, 2016

3:30 - 4:45 pm; 4th Floor, Grand Salon 2

Rising costs and uncertainty surrounding potential tax reform have taken center stage since the 2016 election, while “High Opportunity” seems to be in high focus. What about rural markets and how do non major-metro developments fit into the mix?

Learn firsthand how deals are being structured in a post-election world.

Tuesday, July 25

Tuesday, July 25

F U T U R E

Moderator Drew Foster, Redstone Equity Partners LLC Panelists Dennis Hoover, Hamilton Valley Management Group Steven LeClere, Tidwell Group Mark Mayfield, Texas Housing Foundation Mike Sugrue, Stoneleaf Companies

Panelists Derek DeHay, ARA Newmark, Affordable Housing Tim Flint, CBRE Affordable Housing Michael Moses, GlobalX Thomas Paramore, Boston Financial Investment Mgmt.

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H U D

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Keys to Successful FHA Loan Applications

An Advanced View of HUD Multifamily Programs (HUD 201)

Getting your HUD Deal Closed (on time!)

Utilizing HUD’s FHA Programs for your RAD Transactions

A nuts & bolts session on FHA underwriting of LIHTC transactions. The panel, made up of local FHA officials and lenders, will discuss specific items that make underwriting LIHTC projects unique. By understanding these details, developers can increase the likelihood FHA will approve their loan application.

Join us for an in depth discussion for experienced owners and borrowers of HUD multifamily developments. Hear from the experts about new developments, emerging trends, and the most upto-date legislative news from Washington. Topics discussed include the HUD budget, MIP, the status of the Section 8 program, Green initiatives, ground leases, PILOTs and local subsidies.

Join this session for a primer on cost control: where has it come from and why, is now the best it will get, what do IRS, HUD and TDHCA plan for the future?

Experienced and expert panel members will help you navigate the complex rules you encounter, from pre-development planning through long term asset management. After exploring what constitutes costs to the developer versus to the regulator, the panelists will discuss overall operating costs and place special emphasis on utility costs and allowances.

HUD, RAD, and LIHTC! Learn to strategically navigate the challenges and successfully capture the opportunities necessary for assisting public housing authorities in preservation and redevelopment of their aging properties using the RAD program.

Hear directly from HUD, the lenders and the equity providers what is required to create the unique balance to close in today’s debt and equity markets.

Moderator Mike Backman, Mason Joseph Co, Inc.

Moderator Susan Wilson, Novogradac & Company LLP

Panelists Elizabeth Arteaga, HUD Mark Heap, HUD Leslie Meyers, Bank of America Merrill Lynch Kent Neumann, Eichner Norris & Neumann PLLC

Panelists Margaret Allen, AGM Financial Services Inc. Kenneth Cooper, HUD Ray Landry, Davis-Penn Mortgage Company Monica Sussman, Nixon Peabody LLP

8:30 - 9:45 am; 4th Floor, Grand Salon 3

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

10:30 - 11:45 am; 4th Floor, Grand Salon 3

1:45 - 3:00 pm; 4th Floor, Grand Salon 3

Moderator Mary Walsh, HUD Panelists Christie Newhouse, HUD Michelle Snedden, Shackelford, Bowen, McKinnley & Norton LLP Brian Surratt, HUD Leslie Winston, HUD Dan Worrall, CohnReznick LLP

3:30 - 4:45 pm; 4th Floor, Grand Salon 3

Tuesday, July 25

Tuesday, July 25

H U D

Moderator Terri Anderson, Anderson Development & Construction, LLC Panelists Don Bernards, Baker Tilly Virchow Krause, LLP William Lavy, HUD Catalina Vielma, National Equity Fund, Inc. Mark Ragsdale, PNC Real Estate Jeff Weiss, Alden Torch Financial LLC

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H U D

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Keys to Successful FHA Loan Applications

An Advanced View of HUD Multifamily Programs (HUD 201)

Getting your HUD Deal Closed (on time!)

Utilizing HUD’s FHA Programs for your RAD Transactions

A nuts & bolts session on FHA underwriting of LIHTC transactions. The panel, made up of local FHA officials and lenders, will discuss specific items that make underwriting LIHTC projects unique. By understanding these details, developers can increase the likelihood FHA will approve their loan application.

Join us for an in depth discussion for experienced owners and borrowers of HUD multifamily developments. Hear from the experts about new developments, emerging trends, and the most upto-date legislative news from Washington. Topics discussed include the HUD budget, MIP, the status of the Section 8 program, Green initiatives, ground leases, PILOTs and local subsidies.

Join this session for a primer on cost control: where has it come from and why, is now the best it will get, what do IRS, HUD and TDHCA plan for the future?

Experienced and expert panel members will help you navigate the complex rules you encounter, from pre-development planning through long term asset management. After exploring what constitutes costs to the developer versus to the regulator, the panelists will discuss overall operating costs and place special emphasis on utility costs and allowances.

HUD, RAD, and LIHTC! Learn to strategically navigate the challenges and successfully capture the opportunities necessary for assisting public housing authorities in preservation and redevelopment of their aging properties using the RAD program.

Hear directly from HUD, the lenders and the equity providers what is required to create the unique balance to close in today’s debt and equity markets.

Moderator Mike Backman, Mason Joseph Co, Inc.

Moderator Susan Wilson, Novogradac & Company LLP

Panelists Elizabeth Arteaga, HUD Mark Heap, HUD Leslie Meyers, Bank of America Merrill Lynch Kent Neumann, Eichner Norris & Neumann PLLC

Panelists Margaret Allen, AGM Financial Services Inc. Kenneth Cooper, HUD Ray Landry, Davis-Penn Mortgage Company Monica Sussman, Nixon Peabody LLP

8:30 - 9:45 am; 4th Floor, Grand Salon 3

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

10:30 - 11:45 am; 4th Floor, Grand Salon 3

1:45 - 3:00 pm; 4th Floor, Grand Salon 3

Moderator Mary Walsh, HUD Panelists Christie Newhouse, HUD Michelle Snedden, Shackelford, Bowen, McKinnley & Norton LLP Brian Surratt, HUD Leslie Winston, HUD Dan Worrall, CohnReznick LLP

3:30 - 4:45 pm; 4th Floor, Grand Salon 3

Tuesday, July 25

Tuesday, July 25

H U D

Moderator Terri Anderson, Anderson Development & Construction, LLC Panelists Don Bernards, Baker Tilly Virchow Krause, LLP William Lavy, HUD Catalina Vielma, National Equity Fund, Inc. Mark Ragsdale, PNC Real Estate Jeff Weiss, Alden Torch Financial LLC

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E M E R G I N G

I S S U E S

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Compliance: Stumble, Fall or Hit the Wall?

Expanding Public & Private Partnerships. Critical Information on Resources available to PHA’s, PFC’s, HFC’s and Developers

Innovative Resident Services How to Reach More Residents Cost Effectively with Greater Results

The latest news in structuring public/private partnerships presented from the perspectives of developers, governmental entities and investors.

The panel will talk about recent trends in partnering for 4% and 9% transactions. The panel will also talk about workforce housing and the recent trend by developers and governmental entities to partner on projects without tax credits aimed at 80% AMI households. The panelists will discuss the challenges faced by developers and public entities in putting together transactions that work for everyone, while navigating the minefield of fair housing advocates and NIMBY opponents.

In the daily operation of affordable housing in Texas the provision of supportive services to residents is a valuable part of success and stability. This panel will discuss successful and cost efficient methods of providing those services and the resulting positive financial benefits of doing so. The format will be question and answer and will allow for audience questions.

Year 15 Exit Strategies Practical Guidance and Expert Advice on your Strategies, Workouts & Refinancing

8:30 - 9:45 am; 4th Floor, Grand Salon 4

Although compliance is probably not on your mind, if you ask someone who has stumbled, fallen or hit the wall over a compliance issue, the person will tell you it better be on your mind or else the consequences can be severe. This panel will discuss a variety of compliance issues from utility allowances traps, previous participation pitfalls, TDHCA’s perspective on compliance and consequences for non-compliance, new Violence Against Women Act Rules – an overview and their impact on your property, to tips for meeting with EARAC over a compliance issue.

Moderator John Shackelford, Shackelford, Bowen, McKinnley & Norton LLP Panelists Jim Beats, Diamond Property Consultants, Inc. Jen Brewerton, Dominium Inc. Patricia Murphy, TDHCA Stephanie Naquin, Novogradac & Company, Inc.

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8:30 - 9:45 am; 4th Floor, Grand Salon 4

Moderator Barry Palmer, Coats Rose, PC Panelists Jorge Aguirre, The Michaels Development Company Mark Mayfield, Texas Housing Foundation Jim Shaw, Capital Area Housing Finance Corp.

Aron Weisner, Enterprise & Bellwether Enterprise

1:45 - 3:00 pm; 4th Floor, Grand Salon 4

Moderator Michael Clark, Alpha-Barnes Real Estate Services, LLC Panelists Flynann Janisse, Rainbow Housing Assistance Corp.

Ellie Miles, Portfolio Resident Services Blanca Ramirez, Hudson Housing Capital

3:30 - 4:45 pm; 4th Floor, Grand Salon 4

A comprehensive review of Year 15 strategies past, present and future. Learn how successful Year 15 transactions comply with TDHCA rules, address capital account issues and adopt innovative recapitalization strategies. Identify trends and receive practical planning guidance to ensure orderly transitions at Year 15 through fee simple sales, partnership interest transfers and resyndications.

Tuesday, July 25

Tuesday, July 25

E M E R G I N G

Moderator Katie Alitz, Boston Capital Panelists Nicole Baldon, Bank of America Merrill Lynch Cynthia Bast, Locke Lord LLP Katy Breazeale, CohnReznick LLP Lloyd Griffin, Berkadia

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E M E R G I N G

I S S U E S

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Compliance: Stumble, Fall or Hit the Wall?

Expanding Public & Private Partnerships. Critical Information on Resources available to PHA’s, PFC’s, HFC’s and Developers

Innovative Resident Services How to Reach More Residents Cost Effectively with Greater Results

The latest news in structuring public/private partnerships presented from the perspectives of developers, governmental entities and investors.

The panel will talk about recent trends in partnering for 4% and 9% transactions. The panel will also talk about workforce housing and the recent trend by developers and governmental entities to partner on projects without tax credits aimed at 80% AMI households. The panelists will discuss the challenges faced by developers and public entities in putting together transactions that work for everyone, while navigating the minefield of fair housing advocates and NIMBY opponents.

In the daily operation of affordable housing in Texas the provision of supportive services to residents is a valuable part of success and stability. This panel will discuss successful and cost efficient methods of providing those services and the resulting positive financial benefits of doing so. The format will be question and answer and will allow for audience questions.

Year 15 Exit Strategies Practical Guidance and Expert Advice on your Strategies, Workouts & Refinancing

8:30 - 9:45 am; 4th Floor, Grand Salon 4

Although compliance is probably not on your mind, if you ask someone who has stumbled, fallen or hit the wall over a compliance issue, the person will tell you it better be on your mind or else the consequences can be severe. This panel will discuss a variety of compliance issues from utility allowances traps, previous participation pitfalls, TDHCA’s perspective on compliance and consequences for non-compliance, new Violence Against Women Act Rules – an overview and their impact on your property, to tips for meeting with EARAC over a compliance issue.

Moderator John Shackelford, Shackelford, Bowen, McKinnley & Norton LLP Panelists Jim Beats, Diamond Property Consultants, Inc. Jen Brewerton, Dominium Inc. Patricia Murphy, TDHCA Stephanie Naquin, Novogradac & Company, Inc.

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8:30 - 9:45 am; 4th Floor, Grand Salon 4

Moderator Barry Palmer, Coats Rose, PC Panelists Jorge Aguirre, The Michaels Development Company Mark Mayfield, Texas Housing Foundation Jim Shaw, Capital Area Housing Finance Corp.

Aron Weisner, Enterprise & Bellwether Enterprise

1:45 - 3:00 pm; 4th Floor, Grand Salon 4

Moderator Michael Clark, Alpha-Barnes Real Estate Services, LLC Panelists Flynann Janisse, Rainbow Housing Assistance Corp.

Ellie Miles, Portfolio Resident Services Blanca Ramirez, Hudson Housing Capital

3:30 - 4:45 pm; 4th Floor, Grand Salon 4

A comprehensive review of Year 15 strategies past, present and future. Learn how successful Year 15 transactions comply with TDHCA rules, address capital account issues and adopt innovative recapitalization strategies. Identify trends and receive practical planning guidance to ensure orderly transitions at Year 15 through fee simple sales, partnership interest transfers and resyndications.

Tuesday, July 25

Tuesday, July 25

E M E R G I N G

Moderator Katie Alitz, Boston Capital Panelists Nicole Baldon, Bank of America Merrill Lynch Cynthia Bast, Locke Lord LLP Katy Breazeale, CohnReznick LLP Lloyd Griffin, Berkadia

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T R A C K

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Designing, Constructing and Locating Affordable Housing with Fair Housing Act Compliance

Legislative Changes to the QAP

NIMBY/Crisis Management

An Analysis of Legislation Passed to Date on the State & Federal Level

In this workshop, fair housing experts from governmental and private entities will provide their perspectives and observations on Fair Housing Act policies affecting affordable housing. The interactive discussions will focus on such hot topics as design and construction compliance for accessibility by persons with disabilities, and issues involving location of units, including building in high opportunity areas.

This panel offers various perspectives from the leaders in the advocacy and the development communities on the recent legislative session in terms of housing policy.

The discussion will review efforts made to introduce new legislation, to soften prior legislation, and to prevent legislation that all on panel view as harmful to promoting housing choice. Panelists will dissect the current drafts of the QAP and multifamily rules and will predict what the competitive landscape will look like in 2018. A preview of TAAHP’s agenda for the 2019 legislative session is also targeted for discussion.

Meeting the local housing needs of our Texas families can often be challenging. The panel participants will share best practices including knowing the law, garnering allies from a broad range of interests, addressing legitimate community concerns and educating elected officials in an effort to avoid lengthy, hostile, and unpleasant public proceedings.

Politics and Affordable Housing. Hear what’s happened and more importantly, what’s to come in Texas and Washington, DC. We will recap the 85th Texas legislative session and discuss the upcoming special session. Find out what we can expect from our Texas legislators in the next few years. Our Washington update will cover tax reform and other issues affecting affordable housing. Finally, we will talk about how EACH of us can work with our state and federal legislators - to inform, to educate and to encourage good legislation for affordable housing.

Moderator David Koogler, Mark-Dana Corporation

Moderator Janine Sisak, DMA Development Co., LLC

Moderator Debra Guerrero, The NRP Group

Moderator George Littlejohn, Novogradac & Company Inc.

Panelists Tim Irvine, TDHCA Lowell Keig, Texas Workforce Commission Scott Marks, Coats Rose, P.C. Garry Sweeney, HUD

Panelists Sarah Anderson, S. Anderson Consulting Charlie Duncan, TXLIHIS Marnie Holloway, TDHCA Tanya Lavelle, TAAHP

Panelists Ron Hinkle, Ron Hinkle Consulting Joy Horak-Brown, New Hope Housing, Inc. Toni Jackson, Jones Walker LLP Mark Shelburne, Novogradac & Company LLP

Panelists JP Delmore, NAHB Crystal Ford, Locke Lord, LLP Todd Kercheval, Government Affairs Consultant Michelle Norris, National Church Residences

8:30 - 9:45 am; 4th Floor, Rooms 402-403

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

10:30 - 11:45 am; 4th Floor, Rooms 402-403

1:45 - 3:00 pm; 4th Floor, Rooms 402-403

3:30 - 4:45 pm; 4th Floor, Rooms 402-403

TEXAS AFFO RD ABL E HOUSING MAGAZINE

Tuesday, July 25

Tuesday, July 25

L E G I S L A T I V E

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88

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L E G I S L A T I V E

T R A C K

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Tuesday, July 25, 2016

Designing, Constructing and Locating Affordable Housing with Fair Housing Act Compliance

Legislative Changes to the QAP

NIMBY/Crisis Management

An Analysis of Legislation Passed to Date on the State & Federal Level

In this workshop, fair housing experts from governmental and private entities will provide their perspectives and observations on Fair Housing Act policies affecting affordable housing. The interactive discussions will focus on such hot topics as design and construction compliance for accessibility by persons with disabilities, and issues involving location of units, including building in high opportunity areas.

This panel offers various perspectives from the leaders in the advocacy and the development communities on the recent legislative session in terms of housing policy.

The discussion will review efforts made to introduce new legislation, to soften prior legislation, and to prevent legislation that all on panel view as harmful to promoting housing choice. Panelists will dissect the current drafts of the QAP and multifamily rules and will predict what the competitive landscape will look like in 2018. A preview of TAAHP’s agenda for the 2019 legislative session is also targeted for discussion.

Meeting the local housing needs of our Texas families can often be challenging. The panel participants will share best practices including knowing the law, garnering allies from a broad range of interests, addressing legitimate community concerns and educating elected officials in an effort to avoid lengthy, hostile, and unpleasant public proceedings.

Politics and Affordable Housing. Hear what’s happened and more importantly, what’s to come in Texas and Washington, DC. We will recap the 85th Texas legislative session and discuss the upcoming special session. Find out what we can expect from our Texas legislators in the next few years. Our Washington update will cover tax reform and other issues affecting affordable housing. Finally, we will talk about how EACH of us can work with our state and federal legislators - to inform, to educate and to encourage good legislation for affordable housing.

Moderator David Koogler, Mark-Dana Corporation

Moderator Janine Sisak, DMA Development Co., LLC

Moderator Debra Guerrero, The NRP Group

Moderator George Littlejohn, Novogradac & Company Inc.

Panelists Tim Irvine, TDHCA Lowell Keig, Texas Workforce Commission Scott Marks, Coats Rose, P.C. Garry Sweeney, HUD

Panelists Sarah Anderson, S. Anderson Consulting Charlie Duncan, TXLIHIS Marnie Holloway, TDHCA Tanya Lavelle, TAAHP

Panelists Ron Hinkle, Ron Hinkle Consulting Joy Horak-Brown, New Hope Housing, Inc. Toni Jackson, Jones Walker LLP Mark Shelburne, Novogradac & Company LLP

Panelists JP Delmore, NAHB Crystal Ford, Locke Lord, LLP Todd Kercheval, Government Affairs Consultant Michelle Norris, National Church Residences

8:30 - 9:45 am; 4th Floor, Rooms 402-403

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

10:30 - 11:45 am; 4th Floor, Rooms 402-403

1:45 - 3:00 pm; 4th Floor, Rooms 402-403

3:30 - 4:45 pm; 4th Floor, Rooms 402-403

TEXAS AFFO RD ABL E HOUSING MAGAZINE

Tuesday, July 25

Tuesday, July 25

L E G I S L A T I V E

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H O U S I N G

P O L I C Y

C O N F E R E N C E

Monday, July 24, 2017 Opening Keynote Speaker Dr. James Gaines

9:00 - 10:00 AM 4th Floor Grand Salon 5

Get valuable information on Texas’s economic and housing outlook and find out what is in store for the future of home ownership and housing affordability. Don’t miss great information on several of Texas’ housing markets.

Dr. Gaines has a B.B.A and a M.A. in Real Estate from the University of Georgia as well as a Ph.D. in Real Estate and Finance from the University of Georgia. He has been active real estate educator for several years and authored numerus papers and articles covering a wide array of real estate topics.

10:00 - 11:00 AM 4th Floor Grand Salon 5

Keynote Luncheon Speaker Charile Cook Editor & Publisher of The Cook Political Report

Charlie Cook is Editor and Publisher of the Cook Political Report, a columnist for the National Journal Group, and a Political Analyst for NBC News. Charlie is considered one of the nation’s leading independent, non-partisan authorities on American politics and U.S. elections. In 2010, Charlie was a co-recipient of the American Political Science Association’s prestigious Carey McWilliams award to honor “a major journalistic contribution to our understanding of politics.” For the Spring semester of 2013, Charlie served as a Resident Fellow at the Institute of Politics at the Kennedy School of Government at Harvard.

Moderator: Bobby Bowling, Tropicana Building Corp.

Panelists: Tony Alfieri, RBC Capital Markets; JP Delmore, NAHB; David Gasson, Housing Advisory Group; Beth Mullen, CohnReznick LLP

An Overview of the 85th Legislative Session

Moderator: K. Nicole Asarch, R4 Capital Inc. Panelists: Todd Kercheval, Government Affairs Consultant; David Mintz, Texas Apartment Association; Scott Norman, Texas Association of Builders; Jeanne Talerico, TALHFA Our friends join us for a breakdown of the recently completed 85th Legislature and maybe news of progress in the special session that is currently taking place. TAAHP Legislative Chair K. Nicole Flores leads lobbyists from TAAHP, TAB, the Texas Apartment Association, and the Texas Association of Local Housing Finance Agencies as they recount their own association’s legislative experiences and comment on ours. What does 20 items on a special session call tell us? Where does the interplay between House and Senate leaders lead? Were there any real winners this session? Come find out.

Tuesday, July 25, 2017

Following the most unconventional Presidential election in American history, then the most unorthodox transition, the shortest honeymoon, Charlie Cook takes a look at President Trump’s first six months in office and a look forward to the 2018 midterm elections.

Washington Wire

Tax reform and the value of tax credits, federal appropriations to housing and community development, rising costs of materials and labor are just some of the issues being discussed in Washington. TAAHP President Bobby Bowling moderates a panel of Washington professionals who have the most recent rumors and facts on items crucial to affordable housing. Joining Bobby for this panel are Tony Alfieri, Managing Director for RBC Capital Markets, JP Delmore, Vice President of Government Affairs with NAHB, David Gasson, Executive Director of the Housing Advisory Group and with Boston Capital, and Beth Mullen, National Director of Affordable Housing with CohnReznick.

This is a terrible year to try to make predictions but our veteran speakers have as good an idea as anyone of what is happening now and what will the ramifications be later.

Chief Economist, Real Estate Center at Texas A&M University

Dr. Gaines focuses on housing and land development issues and has 35 years’ experience in a broad array of professional activities, primarily in real estate research and education, urban economics, land use analysis and development and project risk assessment. He has worked extensively with major corporations, developers, investors, financial institutions, and government agencies across the country.

His assignments have involved all aspects of real estate analysis, including modeling market potential and economic capabilities, investment and/or development project risk assessments, identifying alternative land uses, financial and valuations issues, site development and construction risks and opportunities and strategic corporate real estate planning.

B R U N C H

Wednesday, July 26

Keynote Speakers

T E X A S

11:00 - 12:00 PM 4th Floor Grand Salon 5

TDHCA Executive Leadership

Moderator: Bobby Bowling, Tropicana Building Corp.

Panelists: Tim Irvine, TDHCA Tim Irvine, Executive Director of the Texas Department of Housing and Community Development, returns to talk with TAAHP members about the agency’s current initiatives, it’s plans for the future and what several new board members mean. Tim is gracious enough to answer all the questions put to him. He usually brings his top executives with him, so if you have a questions about TDHCA, this is the place to bring them.

Charlie founded The Cook Political Report in 1984 and it has become one Washington’s most trusted sources for analysis of U.S. elections and political trends. Over the years Charlie has served as a political analyst and Election Night analyst for NBC News and has appeared on NBC’s Meet the Press and ABC’s This Week, among many other prominent national programs.

90

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H O U S I N G

P O L I C Y

C O N F E R E N C E

Monday, July 24, 2017 Opening Keynote Speaker Dr. James Gaines

9:00 - 10:00 AM 4th Floor Grand Salon 5

Get valuable information on Texas’s economic and housing outlook and find out what is in store for the future of home ownership and housing affordability. Don’t miss great information on several of Texas’ housing markets.

Dr. Gaines has a B.B.A and a M.A. in Real Estate from the University of Georgia as well as a Ph.D. in Real Estate and Finance from the University of Georgia. He has been active real estate educator for several years and authored numerus papers and articles covering a wide array of real estate topics.

10:00 - 11:00 AM 4th Floor Grand Salon 5

Keynote Luncheon Speaker Charile Cook Editor & Publisher of The Cook Political Report

Charlie Cook is Editor and Publisher of the Cook Political Report, a columnist for the National Journal Group, and a Political Analyst for NBC News. Charlie is considered one of the nation’s leading independent, non-partisan authorities on American politics and U.S. elections. In 2010, Charlie was a co-recipient of the American Political Science Association’s prestigious Carey McWilliams award to honor “a major journalistic contribution to our understanding of politics.” For the Spring semester of 2013, Charlie served as a Resident Fellow at the Institute of Politics at the Kennedy School of Government at Harvard.

Moderator: Bobby Bowling, Tropicana Building Corp.

Panelists: Tony Alfieri, RBC Capital Markets; JP Delmore, NAHB; David Gasson, Housing Advisory Group; Beth Mullen, CohnReznick LLP

An Overview of the 85th Legislative Session

Moderator: K. Nicole Asarch, R4 Capital Inc. Panelists: Todd Kercheval, Government Affairs Consultant; David Mintz, Texas Apartment Association; Scott Norman, Texas Association of Builders; Jeanne Talerico, TALHFA Our friends join us for a breakdown of the recently completed 85th Legislature and maybe news of progress in the special session that is currently taking place. TAAHP Legislative Chair K. Nicole Flores leads lobbyists from TAAHP, TAB, the Texas Apartment Association, and the Texas Association of Local Housing Finance Agencies as they recount their own association’s legislative experiences and comment on ours. What does 20 items on a special session call tell us? Where does the interplay between House and Senate leaders lead? Were there any real winners this session? Come find out.

Tuesday, July 25, 2017

Following the most unconventional Presidential election in American history, then the most unorthodox transition, the shortest honeymoon, Charlie Cook takes a look at President Trump’s first six months in office and a look forward to the 2018 midterm elections.

Washington Wire

Tax reform and the value of tax credits, federal appropriations to housing and community development, rising costs of materials and labor are just some of the issues being discussed in Washington. TAAHP President Bobby Bowling moderates a panel of Washington professionals who have the most recent rumors and facts on items crucial to affordable housing. Joining Bobby for this panel are Tony Alfieri, Managing Director for RBC Capital Markets, JP Delmore, Vice President of Government Affairs with NAHB, David Gasson, Executive Director of the Housing Advisory Group and with Boston Capital, and Beth Mullen, National Director of Affordable Housing with CohnReznick.

This is a terrible year to try to make predictions but our veteran speakers have as good an idea as anyone of what is happening now and what will the ramifications be later.

Chief Economist, Real Estate Center at Texas A&M University

Dr. Gaines focuses on housing and land development issues and has 35 years’ experience in a broad array of professional activities, primarily in real estate research and education, urban economics, land use analysis and development and project risk assessment. He has worked extensively with major corporations, developers, investors, financial institutions, and government agencies across the country.

His assignments have involved all aspects of real estate analysis, including modeling market potential and economic capabilities, investment and/or development project risk assessments, identifying alternative land uses, financial and valuations issues, site development and construction risks and opportunities and strategic corporate real estate planning.

B R U N C H

Wednesday, July 26

Keynote Speakers

T E X A S

11:00 - 12:00 PM 4th Floor Grand Salon 5

TDHCA Executive Leadership

Moderator: Bobby Bowling, Tropicana Building Corp.

Panelists: Tim Irvine, TDHCA Tim Irvine, Executive Director of the Texas Department of Housing and Community Development, returns to talk with TAAHP members about the agency’s current initiatives, it’s plans for the future and what several new board members mean. Tim is gracious enough to answer all the questions put to him. He usually brings his top executives with him, so if you have a questions about TDHCA, this is the place to bring them.

Charlie founded The Cook Political Report in 1984 and it has become one Washington’s most trusted sources for analysis of U.S. elections and political trends. Over the years Charlie has served as a political analyst and Election Night analyst for NBC News and has appeared on NBC’s Meet the Press and ABC’s This Week, among many other prominent national programs.

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Special Events

T E X A S

H O U S I N G

C O N F E R E N C E

Monday, July 24, 2017

Tuesday, July 25, 2017

Morning and Afternoon Coffee Break 4th Floor, Grand Ballroom 1 Foyer 9:00 AM and 1:00 PM

Morning Refreshments 4th Floor, Exhibit Hall, Booth 35 9:45 AM – 10:15 AM

JW Marriott Hotel – Austin

TAAHP Membership Meeting 4th Floor, Grand Ballroom 5 3:30 PM – 4:15 PM Opening Keynote Dr. Jim Gaines Chief Economist, Real Estate Center at Texas A & M 4th Floor, Grand Ballroom 5

JW Marriott Hotel – Austin

Luncheon Keynote – Charlie Cook 4th Floor, Grand Ballroom 5 12:00 Noon – 1:30 PM

Afternoon Refreshments 4th Floor, Exhibit Hall, Booth 49 3:00 PM – 3:30 PM

Opening Reception 4th Floor, Exhibit Hall 5:00 PM – 7:00 PM Conference Reception 4th Floor, Exhibit Hall 5:00 PM – 6:30 PM

Wine Trail 4th Floor, Exhibit Hall 5:00 PM – 7:00 PM

Wednesday, July 26, 2017 JW Marriott Hotel – Austin

Policy Brunch 4th Floor, Grand Ballroom 5 8:30 AM – 12:30 PM

92

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Special Events

T E X A S

H O U S I N G

C O N F E R E N C E

Monday, July 24, 2017

Tuesday, July 25, 2017

Morning and Afternoon Coffee Break 4th Floor, Grand Ballroom 1 Foyer 9:00 AM and 1:00 PM

Morning Refreshments 4th Floor, Exhibit Hall, Booth 35 9:45 AM – 10:15 AM

JW Marriott Hotel – Austin

TAAHP Membership Meeting 4th Floor, Grand Ballroom 5 3:30 PM – 4:15 PM Opening Keynote Dr. Jim Gaines Chief Economist, Real Estate Center at Texas A & M 4th Floor, Grand Ballroom 5

JW Marriott Hotel – Austin

Luncheon Keynote – Charlie Cook 4th Floor, Grand Ballroom 5 12:00 Noon – 1:30 PM

Afternoon Refreshments 4th Floor, Exhibit Hall, Booth 49 3:00 PM – 3:30 PM

Opening Reception 4th Floor, Exhibit Hall 5:00 PM – 7:00 PM Conference Reception 4th Floor, Exhibit Hall 5:00 PM – 6:30 PM

Wine Trail 4th Floor, Exhibit Hall 5:00 PM – 7:00 PM

Wednesday, July 26, 2017 JW Marriott Hotel – Austin

Policy Brunch 4th Floor, Grand Ballroom 5 8:30 AM – 12:30 PM

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J e a n W. M a c D o n a l d L i f e t i m e A c h i e v e m e n t A wa r d

Congratulations to our previous recipients: 2011 Jean W. MacDonald 2012 Edwina Carrington 2013 Diana McIver 2014 Cynthia Bast 2015 Jeanne Talerico 2016 Joy Horak-Brown

Award presentation will be held during the annual Texas Housing Conference Luncheon on July 26, 2017.

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A Big Salute

To Our Past Presidents 2015-2016

2014-2015

2013-2014

2012-2013

2011-2012

Antoinette M. “Toni” Jackson Jones Walker LLP

2010-2011

Barry Kahn Hettig-Kahn Develpment Co.

2009-2010

2008-2009

2007-2008

2006-2007

2005-2006

2004-2005

2003-2004

2002-2003

Chris Bergman TCR Affordable Housing, Inc.

2001-2002

Mike Lankford Mike Lankford Interests, LLC

2000-2001

1999-2000

1998-1999

Mahesh Aiyer Citi Community Capital

Linda McMahon Neighborhood Strategies LLC

Granger MacDonald MacDonald Companies

Sally Gaskin SGI Ventures, Inc.

Justin MacDonald MacDonald Companies

Mike Sugrue Stoneleaf Companies

Diana McIver DMA Develoment Co., LLC

Dick Kilday Kilday Realty Corp

George Littlejohn Novogradac & Company LLP

Dan Markson The NRP Group

Mike Clark Alpha-Barnes Real Estate Services

Jerry Wright Dougherty & Company LLC

JOT Couch Texas Inter-Faith Supportive Services

Edwina Carrington CHK Enterprise LLC

TEXAS AFFO RD ABL E HOUSING MAGAZINE

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J e a n W. M a c D o n a l d L i f e t i m e A c h i e v e m e n t A wa r d

Congratulations to our previous recipients: 2011 Jean W. MacDonald 2012 Edwina Carrington 2013 Diana McIver 2014 Cynthia Bast 2015 Jeanne Talerico 2016 Joy Horak-Brown

Award presentation will be held during the annual Texas Housing Conference Luncheon on July 26, 2017.

94

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

A Big Salute

To Our Past Presidents 2015-2016

2014-2015

2013-2014

2012-2013

2011-2012

Antoinette M. “Toni” Jackson Jones Walker LLP

2010-2011

Barry Kahn Hettig-Kahn Develpment Co.

2009-2010

2008-2009

2007-2008

2006-2007

2005-2006

2004-2005

2003-2004

2002-2003

Chris Bergman TCR Affordable Housing, Inc.

2001-2002

Mike Lankford Mike Lankford Interests, LLC

2000-2001

1999-2000

1998-1999

Mahesh Aiyer Citi Community Capital

Linda McMahon Neighborhood Strategies LLC

Granger MacDonald MacDonald Companies

Sally Gaskin SGI Ventures, Inc.

Justin MacDonald MacDonald Companies

Mike Sugrue Stoneleaf Companies

Diana McIver DMA Develoment Co., LLC

Dick Kilday Kilday Realty Corp

George Littlejohn Novogradac & Company LLP

Dan Markson The NRP Group

Mike Clark Alpha-Barnes Real Estate Services

Jerry Wright Dougherty & Company LLC

JOT Couch Texas Inter-Faith Supportive Services

Edwina Carrington CHK Enterprise LLC

TEXAS AFFO RD ABL E HOUSING MAGAZINE

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TAAHP_MagazineAd.pdf

1

6/20/17

10:00 AM

RECEN T A F F ORDA BL E RE SULT S W E ’ V E DEL I V ERED F OR OUR CL IEN T S

$80,000,000

$7,400,000

$7,000,000

APARTMENT PORTFOLIO

HARMON VILLAS

PARK PACIFIC TOWER

HOBOKEN, NJ | 519 UNITS

FORT WORTH, TX | 150 UNITS

LONG BEACH, CA | 184 UNITS

LIFE COMPANY

FREDDIE MAC

FREDDIE MAC

C

M

CM

Visit northmarq.com for daily rates, expert views, recent transactions and more!

MY

K

DALLAS

9 7 2 . 3 9 2 . 3 3 6 6 | HOUS T ON 7 13 . 6 2 2 . 6 3 0 0 | SA N A N T ONIO 2 10 .7 3 4 .18 4 4

Stabilizing Communities

CY

CMY

COMMERCI A L RE A L E S TAT E D E B T, E Q U I T Y & S E R V I C I N G

Award-Winning Programs

Y

Empowering Residents Creating Value Based Living rainbowhousing.org

(888) 299-8915

Monarch Private Capital invests in projects which generate transferable state and federal tax credits. We welcome the opportunity to discuss your tax credit projects and capital funding needs.

We are proud to be a Silver sponsor and exhibitor at this year’s Texas Housing Conference. Please stop by and visit us at booth 16.

404.702.1219 | monarchprivate.com

Robin Delmer Co-CEO & Managing Director of Acquisitions 404-596-8035 rdelmer@monarchprivate.com

96

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

Kady DeWees Associate Director of Acquisitions 210-630-8669 kdewees@monarchprivate.com

Brent Hannah Director of Acquisitions 314-329-0400 bhannah@monarchprivate.com

Eric Speichinger Director of Acquisitions 847-772-5254 espeichinger@monarchprivate.com

TEXAS AFFO RD ABL E HOUSING MAGAZINE

97

TAAHP_MagazineAd.pdf

1

6/20/17

10:00 AM

RECEN T A F F ORDA BL E RE SULT S W E ’ V E DEL I V ERED F OR OUR CL IEN T S

$80,000,000

$7,400,000

$7,000,000

APARTMENT PORTFOLIO

HARMON VILLAS

PARK PACIFIC TOWER

HOBOKEN, NJ | 519 UNITS

FORT WORTH, TX | 150 UNITS

LONG BEACH, CA | 184 UNITS

LIFE COMPANY

FREDDIE MAC

FREDDIE MAC

C

M

CM

Visit northmarq.com for daily rates, expert views, recent transactions and more!

MY

K

DALLAS

9 7 2 . 3 9 2 . 3 3 6 6 | HOUS T ON 7 13 . 6 2 2 . 6 3 0 0 | SA N A N T ONIO 2 10 .7 3 4 .18 4 4

Stabilizing Communities

CY

CMY

COMMERCI A L RE A L E S TAT E D E B T, E Q U I T Y & S E R V I C I N G

Award-Winning Programs

Y

Empowering Residents Creating Value Based Living rainbowhousing.org

(888) 299-8915

Monarch Private Capital invests in projects which generate transferable state and federal tax credits. We welcome the opportunity to discuss your tax credit projects and capital funding needs.

We are proud to be a Silver sponsor and exhibitor at this year’s Texas Housing Conference. Please stop by and visit us at booth 16.

404.702.1219 | monarchprivate.com

Robin Delmer Co-CEO & Managing Director of Acquisitions 404-596-8035 rdelmer@monarchprivate.com

96

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

Kady DeWees Associate Director of Acquisitions 210-630-8669 kdewees@monarchprivate.com

Brent Hannah Director of Acquisitions 314-329-0400 bhannah@monarchprivate.com

Eric Speichinger Director of Acquisitions 847-772-5254 espeichinger@monarchprivate.com

TEXAS AFFO RD ABL E HOUSING MAGAZINE

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Exhibit Layout

E X H I B I T O R

&

P A R T N E R

D I R E C T O R Y

E X H I B I T O R

P A R T N E R

D I R E C T O R Y

FREIGHT FREIGHT SERVICE SERVICE ELEVATORS ELEVATORS ELEVATORS ELEVATORS

CenterPoint of City of Red CenterPoint WNC & Fox Energy WNC & BowenFox Energy Brown,BowenHighland Brown, CityHighland CommercialEnergy Dallas CapitalEnergy Associates Specailist Associates GrahamNational & Commercial Graham & Dallas National Specailist Group Housing Mortgage Mortgage Company Housing Research Company Research Finance Finance LLC P.C. LLC P.C. Corp.

Corp.

Bonneville Multifamily Capital

Bonneville Multifamily Capital

Capstone Real Estate Services

Capstone Dwight Real Estate Capital Services

CBRE Capital Markets

CBRE TAAHP Capital Markets

10 9 8

11

12 11 26 12 27 26 41 27

4241

10 9 13

58

Wilmington TAAHP Trust

24 14

7 15

23 15

25 28

24 29

40 28

Barings Galaxy Multifamily Builders, CapitalLtd. LLC

39 29

40 44

Barings ARA A Newmark Multifamily CapitalCompany LLC

39 45

Johnson Monarch PetrovPrivate LLP Capital BOK Financial

5

5

58

Galaxy Wilmington Trust Builders, Ltd.

Johnson Petrov LLP BOK Financial

Phase Engineering

KeyBank Real Estate Capital

25 13

AldenMonarch CapitalPrivate Partners Capital

22 16

23 30

38 30

38 46

Novogradac Goodman National Alden Novogradac Goodman & Company Manufacturing Equity Capital& Company Manufacturing Company, Company, LLP LLP Fund, Inc. Partners

22 31

L.P.

37 31

37 47

L.P.

56 44

5956

59

Churchill ARA A Newmark Stateside GroupCompany LLC

Pavillion Churchill ConstrucStateside Grouption LLC LLC

Pavillion Construction LLC

Auto-Out Alliant Cooktop Fire Capital Protection Ltd.

National Auto-Out Church Cooktop Fire Residences Protection

National Church Residences

CREA,National LLC Equity Fund, Inc.

Dauby CREA,O’Connor LLC & Zaleski LLC

Dauby O’Connor & Zaleski LLC

55 45 54 46

53 47

55 60

61 54

6253

60 ELEVATORS

62

Amegy Bank

Amegy Bank

63

63 ELEVATORS

LockeHudson Lord Housing LLP Captial

Locke Carlton Lord Mgmt LLP Services

Raymond Carlton JamesMgmt Tax CreditServices Funds

Raymond Rinnai James Tax America CreditCorp Funds

Rinnai America Corp

Enterprise & Bellwether Enterprise

Enterprise & Wells Bellwether Fargo Enterprise

CapitalPortfolio Resident One Bank Services & Interfaith Group

The Richman Portfolio Group Resident Services & Affordable Interfaith Housing Corp. Group

The Richman Group Citi Affordable Housing Corp.

RBC Citi Captial Markets

RBC The CaptialMichaels Markets Organization

The Michaels

Gardner Capital, Inc.

JPMorgan Chase JPMorgan ChaseR4 Capital Gardner Capital, Inc.

R4 Capital

AEGON USA Realty Advisors, LLC

4 3

4 17 3 18

CoatsShackelford, Rose,Bowen, P.C. McKinley & Norton, LLP

21 17

CapitalWells One Bank Fargo

20 18

19

2

21 32 20 33

19

36 32 35 33

36 48 35 49

51 49

6452 6551

CohnReznick LLP CohnReznick LLP BBVA Compass

34

34

50

2

50

66 Bank of America Bank of America Merrill Lynch Merrill Lynch

1

ENTRANCE ENTRANCE

52 48

ENTRANCE ENTRANCE

ELEVATORS

61

CoatsHudson Rose,Housing P.C. Captial

Shackelford, AEGON USA Bowen, RealtyMcKinley & Norton, Advisors, LLC LLP

WOMEN

57

CenterPoint Tidwell CenterPoint Tidwell KeyBank Red Stone Ward, Getz Berkadia Ward, Getz Berkadia GroupEnergy Group& Associates Real Estate EquityEnergy & Associates Capital Partners, LLP LLP LLC

8 14

6 16

WOMEN

Red Stone Dwight EquityCapital Partners, LLC

Wallace ICI Federal ICI Alliant FDI Property JonesFDI Property Jones Federal Architects, Home Loan Construction Capital Management Walker Management WalkerHome Loan Construction LLC Serives, Inc. Bank of Inc. Ltd. LLP Serives, LLP Bank of Dallas Dallas Inc. Inc.

6

43 42 57 43

Red Capital Group

Phase Engineering

Wallace Architects, LLC

7

98

&

ELEVATORS

64

Organization

65

BBVA Compass

JW Marriott Austin Grand Ballrooms 6-8

66

1

ENTRANCE ENTRANCE ENTRANCE ENTRANCE

TEXAS AFFORDABLE HOUSI NG M AGAZI NE

JW MARRIOTT JWAUSTIN MARRIOTT - GRAND AUSTIN BALLROOMS - GRAND BALLROOMS 6-8 6-8

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Exhibit Layout

E X H I B I T O R

&

P A R T N E R

D I R E C T O R Y

E X H I B I T O R

P A R T N E R

D I R E C T O R Y

FREIGHT FREIGHT SERVICE SERVICE ELEVATORS ELEVATORS ELEVATORS ELEVATORS

CenterPoint of City of Red CenterPoint WNC & Fox Energy WNC & BowenFox Energy Brown,BowenHighland Brown, CityHighland CommercialEnergy Dallas CapitalEnergy Associates Specailist Associates GrahamNational & Commercial Graham & Dallas National Specailist Group Housing Mortgage Mortgage Company Housing Research Company Research Finance Finance LLC P.C. LLC P.C. Corp.

Corp.

Bonneville Multifamily Capital

Bonneville Multifamily Capital

Capstone Real Estate Services

Capstone Dwight Real Estate Capital Services

CBRE Capital Markets

CBRE TAAHP Capital Markets

10 9 8

11

12 11 26 12 27 26 41 27

4241

10 9 13

58

Wilmington TAAHP Trust

24 14

7 15

23 15

25 28

24 29

40 28

Barings Galaxy Multifamily Builders, CapitalLtd. LLC

39 29

40 44

Barings ARA A Newmark Multifamily CapitalCompany LLC

39 45

Johnson Monarch PetrovPrivate LLP Capital BOK Financial

5

5

58

Galaxy Wilmington Trust Builders, Ltd.

Johnson Petrov LLP BOK Financial

Phase Engineering

KeyBank Real Estate Capital

25 13

AldenMonarch CapitalPrivate Partners Capital

22 16

23 30

38 30

38 46

Novogradac Goodman National Alden Novogradac Goodman & Company Manufacturing Equity Capital& Company Manufacturing Company, Company, LLP LLP Fund, Inc. Partners

22 31

L.P.

37 31

37 47

L.P.

56 44

5956

59

Churchill ARA A Newmark Stateside GroupCompany LLC

Pavillion Churchill ConstrucStateside Grouption LLC LLC

Pavillion Construction LLC

Auto-Out Alliant Cooktop Fire Capital Protection Ltd.

National Auto-Out Church Cooktop Fire Residences Protection

National Church Residences

CREA,National LLC Equity Fund, Inc.

Dauby CREA,O’Connor LLC & Zaleski LLC

Dauby O’Connor & Zaleski LLC

55 45 54 46

53 47

55 60

61 54

6253

60 ELEVATORS

62

Amegy Bank

Amegy Bank

63

63 ELEVATORS

LockeHudson Lord Housing LLP Captial

Locke Carlton Lord Mgmt LLP Services

Raymond Carlton JamesMgmt Tax CreditServices Funds

Raymond Rinnai James Tax America CreditCorp Funds

Rinnai America Corp

Enterprise & Bellwether Enterprise

Enterprise & Wells Bellwether Fargo Enterprise

CapitalPortfolio Resident One Bank Services & Interfaith Group

The Richman Portfolio Group Resident Services & Affordable Interfaith Housing Corp. Group

The Richman Group Citi Affordable Housing Corp.

RBC Citi Captial Markets

RBC The CaptialMichaels Markets Organization

The Michaels

Gardner Capital, Inc.

JPMorgan Chase JPMorgan ChaseR4 Capital Gardner Capital, Inc.

R4 Capital

AEGON USA Realty Advisors, LLC

4 3

4 17 3 18

CoatsShackelford, Rose,Bowen, P.C. McKinley & Norton, LLP

21 17

CapitalWells One Bank Fargo

20 18

19

2

21 32 20 33

19

36 32 35 33

36 48 35 49

51 49

6452 6551

CohnReznick LLP CohnReznick LLP BBVA Compass

34

34

50

2

50

66 Bank of America Bank of America Merrill Lynch Merrill Lynch

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ENTRANCE ENTRANCE

52 48

ENTRANCE ENTRANCE

ELEVATORS

61

CoatsHudson Rose,Housing P.C. Captial

Shackelford, AEGON USA Bowen, RealtyMcKinley & Norton, Advisors, LLC LLP

WOMEN

57

CenterPoint Tidwell CenterPoint Tidwell KeyBank Red Stone Ward, Getz Berkadia Ward, Getz Berkadia GroupEnergy Group& Associates Real Estate EquityEnergy & Associates Capital Partners, LLP LLP LLC

8 14

6 16

WOMEN

Red Stone Dwight EquityCapital Partners, LLC

Wallace ICI Federal ICI Alliant FDI Property JonesFDI Property Jones Federal Architects, Home Loan Construction Capital Management Walker Management WalkerHome Loan Construction LLC Serives, Inc. Bank of Inc. Ltd. LLP Serives, LLP Bank of Dallas Dallas Inc. Inc.

6

43 42 57 43

Red Capital Group

Phase Engineering

Wallace Architects, LLC

7

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64

Organization

65

BBVA Compass

JW Marriott Austin Grand Ballrooms 6-8

66

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ENTRANCE ENTRANCE ENTRANCE ENTRANCE

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JW MARRIOTT JWAUSTIN MARRIOTT - GRAND AUSTIN BALLROOMS - GRAND BALLROOMS 6-8 6-8

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Bank of America Merrill Lynch Booth 1

Gardner Capital Development Booth 2

Bank of America Merrill Lynch Valerie A. Williams, SVP, Relationship Manager 901 Main Street, 20th Floor, Dallas, TX 75202-3714 214.209.3219 valerie.a.williams@baml.com www.bankofamerica.com/community

Gardner Capital, Inc. Michael C. Gardner, Principal 2501 N. Harwood Rd., Suite #1501 Dallas, TX 75201 Direct: 314.561.5901; Cell: 214.842.0215; Fax: 314.963.9995 Email: michael@gardnercapital.com Gardner Capital Development: Developing Partnerships, Building Communities, Changing Lives

BBVA Compass Booth 66

As you work to transform lives and communities, connect with more than 30 years of community development experience, expertise and commitment at Bank of America Merrill Lynch. Whether you need tax-credit investments, flexible lending or other financial services, we can help you move projects to completion. We’ve committed $1.5 trillion to community development over the last 10 years, and our unique business model includes the nation’s first, largest and most active bank-owned Community Development Corporation.

BBVA Compass Ken L. Overshiner Senior Vice President - Community Development Capital 713-966-2303; Cell 346-228-2394 Ken.Overshiner@bbva.com BBVA Compass is a Sunbelt-based financial institution that operates 657 branches. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 5th nationally in the total number of SBA loans originated in fiscal year 2016. Additional information about BBVA Compass can be found at www.bbvacompass.com. For more BBVA Compass news, follow @BBVACompassNews on Twitter or visit newsroom.bbvacompass.com.

CohnReznick LLP Booth 50 CohnReznick LLP Matt Stille, Partner 816 Congress Avenue, Suite 200, Austin, TX 78701 512-494-9100; matt.stille@cohnreznick.com www.cohnreznick.com CohnReznick is one of the largest (27 offices, 2700+ professionals) accounting, tax, and advisory firm in the U.S. Our affordable housing practice continues to shape the policy of the industry, connect its people, and implement best practice solutions to help improve developer and investor outcomes. We provide pre-application services to Year 15 to the post-tax credit period utilizing our tax credit advisory, real estate development, construction, renewable energy, valuations, and transactions experts.

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Sapphire

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Gardner Capital owns and operates several businesses throughout the United States, specifically focusing on housing and renewable energy development, investment and syndication of tax credits.

Gardner has invested more than $1 billion of equity to provide affordable housing in over 50 communities.

The principals, Mark Gardner and Michael Gardner, continue to expand the national footprint of renewable energy, market rate housing, affordable housing, private equity and construction management services with nine offices and staff across the United States.

Chase Booth 19 Chase David H. Saling, Executive Director/Senior Commercial Banker 221 West Sixth Street, Floor 2, 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.

R4 Capital LLC Booth 34 R4 Capital LLC K. Nicole Flores, Executive Vice President 5113 Southwest Parkway, Suite 110, Austin, Texas 78735 O 512-575-4751; M 512 826 1596 Nflores@r4cap.com | www.r4cap.com R4 Capital is a nationwide affordable housing tax-credit syndicator, lender, and asset manager.

Since 2012, R4 Capital has raised approximately $1.6 billion of LIHTC equity from nearly 60 institutional investors in ten multi-investor funds and five proprietary funds. In 2016, R4 Capital launched R4 Capital Funding, a tax-exempt lending business that provides mortgage capital for affordable multifamily housing properties. Since inception, R4 Capital Funding has closed over $150 million of tax-exempt bonds.

Learn more: R4cap.com.

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Bank of America Merrill Lynch Booth 1

Gardner Capital Development Booth 2

Bank of America Merrill Lynch Valerie A. Williams, SVP, Relationship Manager 901 Main Street, 20th Floor, Dallas, TX 75202-3714 214.209.3219 valerie.a.williams@baml.com www.bankofamerica.com/community

Gardner Capital, Inc. Michael C. Gardner, Principal 2501 N. Harwood Rd., Suite #1501 Dallas, TX 75201 Direct: 314.561.5901; Cell: 214.842.0215; Fax: 314.963.9995 Email: michael@gardnercapital.com Gardner Capital Development: Developing Partnerships, Building Communities, Changing Lives

BBVA Compass Booth 66

As you work to transform lives and communities, connect with more than 30 years of community development experience, expertise and commitment at Bank of America Merrill Lynch. Whether you need tax-credit investments, flexible lending or other financial services, we can help you move projects to completion. We’ve committed $1.5 trillion to community development over the last 10 years, and our unique business model includes the nation’s first, largest and most active bank-owned Community Development Corporation.

BBVA Compass Ken L. Overshiner Senior Vice President - Community Development Capital 713-966-2303; Cell 346-228-2394 Ken.Overshiner@bbva.com BBVA Compass is a Sunbelt-based financial institution that operates 657 branches. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 5th nationally in the total number of SBA loans originated in fiscal year 2016. Additional information about BBVA Compass can be found at www.bbvacompass.com. For more BBVA Compass news, follow @BBVACompassNews on Twitter or visit newsroom.bbvacompass.com.

CohnReznick LLP Booth 50 CohnReznick LLP Matt Stille, Partner 816 Congress Avenue, Suite 200, Austin, TX 78701 512-494-9100; matt.stille@cohnreznick.com www.cohnreznick.com CohnReznick is one of the largest (27 offices, 2700+ professionals) accounting, tax, and advisory firm in the U.S. Our affordable housing practice continues to shape the policy of the industry, connect its people, and implement best practice solutions to help improve developer and investor outcomes. We provide pre-application services to Year 15 to the post-tax credit period utilizing our tax credit advisory, real estate development, construction, renewable energy, valuations, and transactions experts.

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Sapphire

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E X H I B I T O R

Gardner Capital owns and operates several businesses throughout the United States, specifically focusing on housing and renewable energy development, investment and syndication of tax credits.

Gardner has invested more than $1 billion of equity to provide affordable housing in over 50 communities.

The principals, Mark Gardner and Michael Gardner, continue to expand the national footprint of renewable energy, market rate housing, affordable housing, private equity and construction management services with nine offices and staff across the United States.

Chase Booth 19 Chase David H. Saling, Executive Director/Senior Commercial Banker 221 West Sixth Street, Floor 2, 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.

R4 Capital LLC Booth 34 R4 Capital LLC K. Nicole Flores, Executive Vice President 5113 Southwest Parkway, Suite 110, Austin, Texas 78735 O 512-575-4751; M 512 826 1596 Nflores@r4cap.com | www.r4cap.com R4 Capital is a nationwide affordable housing tax-credit syndicator, lender, and asset manager.

Since 2012, R4 Capital has raised approximately $1.6 billion of LIHTC equity from nearly 60 institutional investors in ten multi-investor funds and five proprietary funds. In 2016, R4 Capital launched R4 Capital Funding, a tax-exempt lending business that provides mortgage capital for affordable multifamily housing properties. Since inception, R4 Capital Funding has closed over $150 million of tax-exempt bonds.

Learn more: R4cap.com.

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Capital One Bank Booth 20

Portfolio Resident Services & Inter-Faith Group Booth 33

Capital One, N.A. Ray Miller 5444 Westheimer Road, 6th Floor, Houston, TX 77056, 713.212.5240; ray.miller@capitalone.com

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

Capital One Bank services banking customer accounts through the internet and mobile banking, as well as through cafés, ATMs and branch locations in multiple locations in Texas. Capital One recognizes that housing plays a crucial part in neighborhood revitalization and in 2016, provided more than $1.1 billion in loans and investments last year, helping to create more than 12,000 affordable places to live. To learn more, visit http://www.capitaloneinvestingforgood.com/.

Portfolio Resident Services Booth 31

Citi Community Capital Booth 49 Citi Community Capital Mahesh Aiyer 2700 Post Oak Blvd.

Houston, TX 77056 713-752-5046 mahesh.aiyer@citi.com www.citicommunitycapital.com Committed to the communities we serve, Citi Community Capital finances both straightforward and highly structured transactions for non-profit and for-profit developers, CDFIs, and state and local government agencies. We are generally recognized to be among the most creative and innovative firms in the industry and with Citi’s capital committing capability and team of experienced professionals, we are able to provide financing solutions that are specifically designed to meet each client’s needs.

D I R E C T O R Y

Platinum

Platinum

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Portfolio Resident Services 3701 Kirby Drive, Suite 860, Houston, TX 77098 713.526.6634; frontdesk@ti-f.org portfolioresidentservices.org IInter-Faith GROUP represents companies dedicated to positively improving communities. The first entity, Texas Inter-Faith Housing Corp. established in 1966, pioneered additional GROUP organizations to include affordable housing communities, development, ownership, management, and resident services.

Our advanced operations and visionary Boards of Directors continue to enhance GROUP as leaders in affordable housing.

Portfolio Resident Services is a nonprofit organization dedicated to establishing resident services programs within affordable and conventional housing communities. PRS’ goal is to produce community of high quality. It designs, staffs, implements and tracks programs that proactively assist residents in both the short term and long and this results in “community” which improves asset performance. After modeling and refining resident services for over 20 years, PRS is one of the largest third party providers in the nation. PRS’s signature and improving Good Neighbor Program makes the difference.

RBC Capital Markets Booth 51 RBCCM Tax Credit Equity Group Dan Kierce, Director 216.875.6043; Daniel.Kierce@rbccm.com www.rbccm.com/tceg

SAVE THE DATE! 2018 Texas Housing Conference New Location: Fairmont Hotel in Austin, TX

July 23rd – 25th, 2018

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RBCCM Housing Finance Group Helen Feinberg, Managing Director 727.502.3631 RBC Capital Markets Tax Credit Equity and Housing Finance Groups provide equity capital by utilizing federal and state LIHTC and HTC programs, and offer a complete range of multifamily solutions to meet the needs of developers, investors, PHAs and HFAs. Our team of over 100 professionals has raised more than $7.3 billion of equity through year-end 2016 for 960 affordable housing developments nationwide, and has senior managed 174 negotiated multifamily bond series totaling $2.27 billion from 2008 through 2016.

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Capital One Bank Booth 20

Portfolio Resident Services & Inter-Faith Group Booth 33

Capital One, N.A. Ray Miller 5444 Westheimer Road, 6th Floor, Houston, TX 77056, 713.212.5240; ray.miller@capitalone.com

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

Capital One Bank services banking customer accounts through the internet and mobile banking, as well as through cafés, ATMs and branch locations in multiple locations in Texas. Capital One recognizes that housing plays a crucial part in neighborhood revitalization and in 2016, provided more than $1.1 billion in loans and investments last year, helping to create more than 12,000 affordable places to live. To learn more, visit http://www.capitaloneinvestingforgood.com/.

Portfolio Resident Services Booth 31

Citi Community Capital Booth 49 Citi Community Capital Mahesh Aiyer 2700 Post Oak Blvd.

Houston, TX 77056 713-752-5046 mahesh.aiyer@citi.com www.citicommunitycapital.com Committed to the communities we serve, Citi Community Capital finances both straightforward and highly structured transactions for non-profit and for-profit developers, CDFIs, and state and local government agencies. We are generally recognized to be among the most creative and innovative firms in the industry and with Citi’s capital committing capability and team of experienced professionals, we are able to provide financing solutions that are specifically designed to meet each client’s needs.

D I R E C T O R Y

Platinum

Platinum

E X H I B I T O R

Portfolio Resident Services 3701 Kirby Drive, Suite 860, Houston, TX 77098 713.526.6634; frontdesk@ti-f.org portfolioresidentservices.org IInter-Faith GROUP represents companies dedicated to positively improving communities. The first entity, Texas Inter-Faith Housing Corp. established in 1966, pioneered additional GROUP organizations to include affordable housing communities, development, ownership, management, and resident services.

Our advanced operations and visionary Boards of Directors continue to enhance GROUP as leaders in affordable housing.

Portfolio Resident Services is a nonprofit organization dedicated to establishing resident services programs within affordable and conventional housing communities. PRS’ goal is to produce community of high quality. It designs, staffs, implements and tracks programs that proactively assist residents in both the short term and long and this results in “community” which improves asset performance. After modeling and refining resident services for over 20 years, PRS is one of the largest third party providers in the nation. PRS’s signature and improving Good Neighbor Program makes the difference.

RBC Capital Markets Booth 51 RBCCM Tax Credit Equity Group Dan Kierce, Director 216.875.6043; Daniel.Kierce@rbccm.com www.rbccm.com/tceg

SAVE THE DATE! 2018 Texas Housing Conference New Location: Fairmont Hotel in Austin, TX

July 23rd – 25th, 2018

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RBCCM Housing Finance Group Helen Feinberg, Managing Director 727.502.3631 RBC Capital Markets Tax Credit Equity and Housing Finance Groups provide equity capital by utilizing federal and state LIHTC and HTC programs, and offer a complete range of multifamily solutions to meet the needs of developers, investors, PHAs and HFAs. Our team of over 100 professionals has raised more than $7.3 billion of equity through year-end 2016 for 960 affordable housing developments nationwide, and has senior managed 174 negotiated multifamily bond series totaling $2.27 billion from 2008 through 2016.

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Coats Rose, P.C. Booth 21

The Richman Group Affordable Housing Corporation Peter McHugh, Executive Vice President 340 Pemberwick Road, Greenwich, CT 06831 203.869.0900; McHughP@richmancapital.com www.therichmangroup.com

Coats Rose, P.C. Barry J. Palmer, Director 9 Greenway Plaza, Suite 1100, Houston, Texas 77046 713.653.7395; bpalmer@coatsrose.com www.coatsrose.com

The Richman Group and its affiliates has raised approximately $11 billion in equity and debt for investment in over 1,400 apartment projects located in 49 states, Puerto Rico, Guam and the U.S. Virgin Islands and includes a variety of locations: rural, suburban and urban. The properties include garden-style complexes, high-rise apartment houses, adaptive reuse of historic properties, and senior developments.

Richman’s syndicated corporate tax credit funds are comprised of over 100 institutional investors.

The Coats Rose Affordable Housing Group has extensive experience and is focused on the development of affordable housing and inner city revitalization. We represent for-profit developers, non-profit developers and public housing authorities providing comprehensive solutions that utilize a variety of financing techniques, including low income housing tax credits, CDBG Disaster Recovery Funding, private activity bonds, historic tax credits, HUD programs, investment syndication and conventional financing. We have a particular expertise in closing Public Housing RAD transactions.

Wells Fargo Leslie Houston 201 Main Street, Suite 301, Fort Worth, TX 76102 682-316-1327; Leslie.houston@wellsfargo.com www.wellsfargo.com/affordablehousing At Wells Fargo, we work hard to help our customers and communities succeed. As one of the nation’s largest affordable housing lenders and investors, we have a deep understanding of the industry and use that knowledge to develop competitive financial solutions for your project. Whether you need access to capital markets, construction or permanent financing, credit enhancements, or equity through the sale of tax credits, Wells Fargo can help you reach your financing goals.

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The Richman Group Affordable Housing Corporation Booth 35

Wells Fargo Booth 18

Carleton Management Services Booth 48 Carleton Management Services LLC. 3301 Airport Freeway Ste. 210, Bedford TX, 76021 817-532-3155 Carletonms.com The Carleton Management Services team is dedicated to achieving the financial goals of our owners by efficiently operating and maintaining their assets. We strive to control costs, drive revenue growth, and achieve operating goals while enhancing the lives of the resident we serve and the properties in which we operate. Our team is focused on providing expert property management with integrity and a commitment to service.

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Hudson Housing Capital Booth 32 Hudson Housing Capital Sam Ganeshan / Joshua Lappen 630 Fifth Avenue 28th Floor, New York, NY 10111 212.218.4469 / 212.218.4446 sam.ganeshan@hudsonhousing.com / josh.lappen@hudsonhousing.com www.hudsonhousing.com Hudson Housing Capital provides customized financial services to residential real estate developers and investors. Owned and managed by professionals with decades of experience in the industry, Hudson builds its business on long-term relationships, extensive expertise, and the ability to craft transactions uniquely tailored to each customer’s needs. Founded in 1998, Hudson has syndicated over 450 low-income housing tax credit investments preserving or creating over 46,000 multi-family rental units. The firm has placed more than $4.4 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.

Locke Lord LLP Booth 36 Locke Lord LLP Cynthia L. Bast, Partner 600 Congress Avenue, Suite 2200, Austin, TX 78701 512.305.4700; cbast@lockelord.com www.lockelord.com 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 nationwide, addressed compliance and regulatory matters, advocated for change in legislation and rules, and helped to reposition troubled properties. Our team has the key to success in your affordable housing endeavors.

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Coats Rose, P.C. Booth 21

The Richman Group Affordable Housing Corporation Peter McHugh, Executive Vice President 340 Pemberwick Road, Greenwich, CT 06831 203.869.0900; McHughP@richmancapital.com www.therichmangroup.com

Coats Rose, P.C. Barry J. Palmer, Director 9 Greenway Plaza, Suite 1100, Houston, Texas 77046 713.653.7395; bpalmer@coatsrose.com www.coatsrose.com

The Richman Group and its affiliates has raised approximately $11 billion in equity and debt for investment in over 1,400 apartment projects located in 49 states, Puerto Rico, Guam and the U.S. Virgin Islands and includes a variety of locations: rural, suburban and urban. The properties include garden-style complexes, high-rise apartment houses, adaptive reuse of historic properties, and senior developments.

Richman’s syndicated corporate tax credit funds are comprised of over 100 institutional investors.

The Coats Rose Affordable Housing Group has extensive experience and is focused on the development of affordable housing and inner city revitalization. We represent for-profit developers, non-profit developers and public housing authorities providing comprehensive solutions that utilize a variety of financing techniques, including low income housing tax credits, CDBG Disaster Recovery Funding, private activity bonds, historic tax credits, HUD programs, investment syndication and conventional financing. We have a particular expertise in closing Public Housing RAD transactions.

Wells Fargo Leslie Houston 201 Main Street, Suite 301, Fort Worth, TX 76102 682-316-1327; Leslie.houston@wellsfargo.com www.wellsfargo.com/affordablehousing At Wells Fargo, we work hard to help our customers and communities succeed. As one of the nation’s largest affordable housing lenders and investors, we have a deep understanding of the industry and use that knowledge to develop competitive financial solutions for your project. Whether you need access to capital markets, construction or permanent financing, credit enhancements, or equity through the sale of tax credits, Wells Fargo can help you reach your financing goals.

Gold

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The Richman Group Affordable Housing Corporation Booth 35

Wells Fargo Booth 18

Carleton Management Services Booth 48 Carleton Management Services LLC. 3301 Airport Freeway Ste. 210, Bedford TX, 76021 817-532-3155 Carletonms.com The Carleton Management Services team is dedicated to achieving the financial goals of our owners by efficiently operating and maintaining their assets. We strive to control costs, drive revenue growth, and achieve operating goals while enhancing the lives of the resident we serve and the properties in which we operate. Our team is focused on providing expert property management with integrity and a commitment to service.

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Hudson Housing Capital Booth 32 Hudson Housing Capital Sam Ganeshan / Joshua Lappen 630 Fifth Avenue 28th Floor, New York, NY 10111 212.218.4469 / 212.218.4446 sam.ganeshan@hudsonhousing.com / josh.lappen@hudsonhousing.com www.hudsonhousing.com Hudson Housing Capital provides customized financial services to residential real estate developers and investors. Owned and managed by professionals with decades of experience in the industry, Hudson builds its business on long-term relationships, extensive expertise, and the ability to craft transactions uniquely tailored to each customer’s needs. Founded in 1998, Hudson has syndicated over 450 low-income housing tax credit investments preserving or creating over 46,000 multi-family rental units. The firm has placed more than $4.4 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.

Locke Lord LLP Booth 36 Locke Lord LLP Cynthia L. Bast, Partner 600 Congress Avenue, Suite 2200, Austin, TX 78701 512.305.4700; cbast@lockelord.com www.lockelord.com 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 nationwide, addressed compliance and regulatory matters, advocated for change in legislation and rules, and helped to reposition troubled properties. Our team has the key to success in your affordable housing endeavors.

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Berkadia Booth 59

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

Berkadia Lloyd Griffin, Managing Director, Affordable Housing 901 S MoPac Expressway, Building Two, Suite 430 Austin TX 78746 Office: (512) 226-8704; Mobile: (512) 554-2134 lloyd.griffin@berkadia.com

D I R E C T O R Y

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.

Shackelford, Bowen, McKinley & Norton, LLP Booth 17

CBRE Affordable Housing

Shackelford, Bowen, McKinley & Norton, LLP Kim Meredith 9201 N. Central Expressway, Fourth Floor, Dallas, Texas 75231 Phone: 214.780.1400; kmeredith@shackelfordlaw.net www.shackelfordlaw.net

CBRE Affordable Housing Robert Sheppard, Managing Director, Vice Chairman 1420 Fifth Ave, Suite 1700, Seattle, WA, 98101 +1 206 830 6464; affordablehousing@cbre.com www.cbre.com/affordablehousing @CBREAffordable

Shackelford, Bowen, McKinley & Norton, LLP is a Dallas based law firm with expertise in the following areas: corporate, aviation, tax, banking, securities, mergers and acquisitions, private equity, real estate, estate planning, wealth protection, family law, 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.

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Raymond James Tax Credit Funds Booth 52

Raymond James Tax Credit Funds is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE-RJF). Raymond James and its subsidiaries have been among the leading syndicators of affordable housing for more than four decades. To date, Raymond James Tax Credit Funds has raised more than $7 billion in equity for more than 1,900 tax credit projects in 46 states.

At CBRE Affordable Housing, we provide the market intelligence and expertise that enhances decision making, and a team that provides transaction execution confidence. Insight achieved from three vertically integrated affordable housing services—investment sales, debt and structured finance, and investment banking—and a transaction track record created from the most experienced team in the industry, allow us to leverage real-time buyer, seller, and capital knowledge in order to provide industry-leading advice and results.

Alden Capital Partners Booth 22

CenterPoint Energy Booth 28

Alden Capital Partners For Developer Inquiries, please contact: Dana Mayo, Executive Vice President, Alden Capital Partners (818) 380-6130 dana.mayo@aldentorch.com

CenterPoint Energy Chris Lallier, Senior Sales Representative 1111 Louisiana #924B, Houston, TX 77002 713.207.4399; John.Lallier@CenterPointEnergy.com www.centerpointenergy.com/Multi-Family

For Investor Inquiries, please contact: Jeff Weiss, President, Alden Capital Partners (818) 380-6131 jeff.weiss@aldentorch.com

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.

Alden Capital Partners (“ACP”) is the syndication division of Alden Torch Financial, LLC (“Alden Torch”).

ACP specializes in the syndication of Federal and State Low-Income Housing, Historic and Solar Tax Credits. Since the successful launch of its first fund in the fall of 2011, ACP has successfully raised over $1.35 billion in tax credit equity. Alden Torch has grown to over 150 employees, managing $12.5 billion in assets representing over 1,400 project partnerships encompassing over 180,000 units.

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Berkadia Booth 59

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

Berkadia Lloyd Griffin, Managing Director, Affordable Housing 901 S MoPac Expressway, Building Two, Suite 430 Austin TX 78746 Office: (512) 226-8704; Mobile: (512) 554-2134 lloyd.griffin@berkadia.com

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Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.

Shackelford, Bowen, McKinley & Norton, LLP Booth 17

CBRE Affordable Housing

Shackelford, Bowen, McKinley & Norton, LLP Kim Meredith 9201 N. Central Expressway, Fourth Floor, Dallas, Texas 75231 Phone: 214.780.1400; kmeredith@shackelfordlaw.net www.shackelfordlaw.net

CBRE Affordable Housing Robert Sheppard, Managing Director, Vice Chairman 1420 Fifth Ave, Suite 1700, Seattle, WA, 98101 +1 206 830 6464; affordablehousing@cbre.com www.cbre.com/affordablehousing @CBREAffordable

Shackelford, Bowen, McKinley & Norton, LLP is a Dallas based law firm with expertise in the following areas: corporate, aviation, tax, banking, securities, mergers and acquisitions, private equity, real estate, estate planning, wealth protection, family law, 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.

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Raymond James Tax Credit Funds Booth 52

Raymond James Tax Credit Funds is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE-RJF). Raymond James and its subsidiaries have been among the leading syndicators of affordable housing for more than four decades. To date, Raymond James Tax Credit Funds has raised more than $7 billion in equity for more than 1,900 tax credit projects in 46 states.

At CBRE Affordable Housing, we provide the market intelligence and expertise that enhances decision making, and a team that provides transaction execution confidence. Insight achieved from three vertically integrated affordable housing services—investment sales, debt and structured finance, and investment banking—and a transaction track record created from the most experienced team in the industry, allow us to leverage real-time buyer, seller, and capital knowledge in order to provide industry-leading advice and results.

Alden Capital Partners Booth 22

CenterPoint Energy Booth 28

Alden Capital Partners For Developer Inquiries, please contact: Dana Mayo, Executive Vice President, Alden Capital Partners (818) 380-6130 dana.mayo@aldentorch.com

CenterPoint Energy Chris Lallier, Senior Sales Representative 1111 Louisiana #924B, Houston, TX 77002 713.207.4399; John.Lallier@CenterPointEnergy.com www.centerpointenergy.com/Multi-Family

For Investor Inquiries, please contact: Jeff Weiss, President, Alden Capital Partners (818) 380-6131 jeff.weiss@aldentorch.com

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.

Alden Capital Partners (“ACP”) is the syndication division of Alden Torch Financial, LLC (“Alden Torch”).

ACP specializes in the syndication of Federal and State Low-Income Housing, Historic and Solar Tax Credits. Since the successful launch of its first fund in the fall of 2011, ACP has successfully raised over $1.35 billion in tax credit equity. Alden Torch has grown to over 150 employees, managing $12.5 billion in assets representing over 1,400 project partnerships encompassing over 180,000 units.

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CREA, LLC Booth 53

Goodman Manufacturing Company, L.P. Booth 37

CREA, LLC Rachel Thomas, Vice President-Acquisitions 1515 S. Capital of Texas Highway, Suite 306 Austin, TX 78746 512.861.4081; rthomas@creallc.com www.creallc.com

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

At CREA, LLC we are more than capital providers. We are partners. We specialize in low income housing tax credits, forming long-term relationships with investors and developers that cultivate success and improve lives. CREA is headquartered in downtown Indianapolis and has offices in Austin, Boston, New York, Portland, San Diego and Sarasota. More information can be found online at www.creallc.com.

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We’ve been building Goodman® brand air conditioning and heating equipment since 1982. Given our more than 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.

Diamond Property Consultants Inc Diamond Property Consultants, Inc. 2113 Kings Pass, Heath, TX 75032 PH: (972) 475-9977 ext. 101; FX: (972) 771-8288 Mobile: (972) 672-7681 jbeats@dpcservices.net Diamond Property Consultants, Inc. (DPC) has been serving the multi-family housing industry since 1999, creating positive business results for property owners, managers, developers and lenders. The DPC team of experienced professionals use their knowledge and expertise to benefit clients across the country through a portfolio of services including utility allowance studies, energy audits and Comprehensive Needs Assessments.

Dwight Capital LLC Booth 13 Dwight Capital LLC Tyler Griffin, Dwight Capital, COO 250 W 55th St., 30th Floor, New York, NY 10019 Direct: 347.846.0773; Main: 212.960.3750 info@dwightcap.com www.dwightcapital.com Dwight Capital is a national FHA/HUD, USDA, & CMBS lender that originates and services loans for market rate & affordable housing as well as healthcare facilities. To compliment those business lines, Dwight Capital also offers bridge loans, preferred equity, & mezzanine loans. We pride ourselves on providing innovative and creative financial solutions for our clients.

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Monarch Private Capital Booth 16 Monarch Private Capital Robin Delmer, Kady DeWees, Eric Speichinger 3414 Peachtree Rd., Suite 825, Atlanta, GA 30326 404.596.8019 rdelmer@monarchprivate.com, kdewees@monarchprivate.com, espeichinger@monarchprivate.com www.monarchprivate.com Monarch Private Capital is an investor and syndicator of state and federal tax credits operating in several states and transacting in multiple types of tax credits. The Monarch Private Capital team is committed to both developer and client success. Our team is happy to assist taxpayers with any questions and developers with unique capital structures. Monarch Private Capital is headquartered in Atlanta and has several offices throughout the U.S. Please visit MonarchPrivate.com to learn more.

National Equity Fund Booth 47 National Equity Fund, Inc. Jason Aldridge, Vice President Dallas, Texas 972.741.5150; jaldridge@nefinc.org www.nefinc.org National Equity Fund, Inc. is a non-profit Chicago-based affiliate of the Local Initiatives Support Corporation and one of the nation’s leading Low Income Housing Tax Credits syndicators. We have played an integral role in creating affordable housing options, revitalizing communities and strengthening local economies for three decades. Our investments total more than $13.3 billion in 2,494 LIHTC developments, which created 158,907 affordable homes for low-income families and individuals.

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CREA, LLC Booth 53

Goodman Manufacturing Company, L.P. Booth 37

CREA, LLC Rachel Thomas, Vice President-Acquisitions 1515 S. Capital of Texas Highway, Suite 306 Austin, TX 78746 512.861.4081; rthomas@creallc.com www.creallc.com

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

At CREA, LLC we are more than capital providers. We are partners. We specialize in low income housing tax credits, forming long-term relationships with investors and developers that cultivate success and improve lives. CREA is headquartered in downtown Indianapolis and has offices in Austin, Boston, New York, Portland, San Diego and Sarasota. More information can be found online at www.creallc.com.

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We’ve been building Goodman® brand air conditioning and heating equipment since 1982. Given our more than 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.

Diamond Property Consultants Inc Diamond Property Consultants, Inc. 2113 Kings Pass, Heath, TX 75032 PH: (972) 475-9977 ext. 101; FX: (972) 771-8288 Mobile: (972) 672-7681 jbeats@dpcservices.net Diamond Property Consultants, Inc. (DPC) has been serving the multi-family housing industry since 1999, creating positive business results for property owners, managers, developers and lenders. The DPC team of experienced professionals use their knowledge and expertise to benefit clients across the country through a portfolio of services including utility allowance studies, energy audits and Comprehensive Needs Assessments.

Dwight Capital LLC Booth 13 Dwight Capital LLC Tyler Griffin, Dwight Capital, COO 250 W 55th St., 30th Floor, New York, NY 10019 Direct: 347.846.0773; Main: 212.960.3750 info@dwightcap.com www.dwightcapital.com Dwight Capital is a national FHA/HUD, USDA, & CMBS lender that originates and services loans for market rate & affordable housing as well as healthcare facilities. To compliment those business lines, Dwight Capital also offers bridge loans, preferred equity, & mezzanine loans. We pride ourselves on providing innovative and creative financial solutions for our clients.

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Monarch Private Capital Booth 16 Monarch Private Capital Robin Delmer, Kady DeWees, Eric Speichinger 3414 Peachtree Rd., Suite 825, Atlanta, GA 30326 404.596.8019 rdelmer@monarchprivate.com, kdewees@monarchprivate.com, espeichinger@monarchprivate.com www.monarchprivate.com Monarch Private Capital is an investor and syndicator of state and federal tax credits operating in several states and transacting in multiple types of tax credits. The Monarch Private Capital team is committed to both developer and client success. Our team is happy to assist taxpayers with any questions and developers with unique capital structures. Monarch Private Capital is headquartered in Atlanta and has several offices throughout the U.S. Please visit MonarchPrivate.com to learn more.

National Equity Fund Booth 47 National Equity Fund, Inc. Jason Aldridge, Vice President Dallas, Texas 972.741.5150; jaldridge@nefinc.org www.nefinc.org National Equity Fund, Inc. is a non-profit Chicago-based affiliate of the Local Initiatives Support Corporation and one of the nation’s leading Low Income Housing Tax Credits syndicators. We have played an integral role in creating affordable housing options, revitalizing communities and strengthening local economies for three decades. Our investments total more than $13.3 billion in 2,494 LIHTC developments, which created 158,907 affordable homes for low-income families and individuals.

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Novogradac & Company LLP Booth 31

Tidwell Group Booth 40

Novogradac & Company LLP George Littlejohn, Susan Wilson, Phong Tran, Nick Hoehn, John Cole 11044 Research Blvd, Ste C-400, Austin, TX 78759 512.340.0420; www.novoco.com george.littlejohn@novoco.com susan.wilson@novoco.com, phong.tran@novoco.com, nick.hoehn@novoco.com, john.cole@novoco.com

Tidwell Group, LLC Christopher N. Thomas, CPA Office Managing Partner – Austin Office 3102 Bee Cave Road, Suite 102, Austin, TX 78746 (512) 693-2181; Chris.Thomas@TidwellGroup.com

Novogradac & Company, LLP is a national certified public accounting and consulting firm with 25 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.

Red Stone Equity Partners Booth 25 Red Stone Equity Partners Drew Foster, Director, Acquisitions 805 Third Avenue, 15th Floor, New York, NY 10022 (646) 690-6110 (Main); www.rsequity.com Red Stone Equity Partners, LLC (“Red Stone Equity”) is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits and Renewable Energy Tax Credits to facilitate the development of affordable multifamily rental housing and renewable energy projects, respectively.

Red Stone Equity builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients.

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Tidwell Group, LLC is a full-service accounting and consulting firm with expertise serving clients in all aspects of the real estate industry throughout the United States. Our experienced professionals serve all asset classes within the affordable housing, conventional real estate, and not-for-profit industries. Within the affordable housing industry our expertise ranges from low income housing tax credits, bond and conventional financing, HUD compliance and reporting and USDA-Rural Development compliance and reporting.

Ward, Getz & Associates, LLP Booth 44 Ward, Getz & Associates, LLP Ryan Getz 2500 Tanglewilde, Suite 120 Houston, TX 77063 713.789.1900; rgetz@wga-llp.com www.wga-llp.com Ward, Getz & Associates, LLP (WGA) provides civil engineering consulting and design services for singleand multi-family developments. From moderate-density communities to high-density urban towers, our expertise and understanding of building systems analysis and permitting issues and concerns enables us to assist design teams with integrated site and building designs. Our team understands intimately how to design the project and we have demonstrated experience successfully working with approving agencies.

Southeast Texas Housing Finance Corporation Southeast Texas Housing Finance Corporation Ron Williams, Executive Director 11111 S. Sam Houston Parkway East, Houston, TX 77089 281.484.4663; rwilliams@sethfc.com www.sethfc.com The Southeast Texas Housing Finance Corporation (SETH) was organized in October 1981 under the Housing Finance Corporation’s Act. Its members include 9 counties and 11 cities within region 6. SETH has issued over $1.6 billion in tax-exempt/taxable bonds for both single family homeownership and multifamily rental housing. SETH has owned 10 multifamily developments with over 3600 units and currently is in the ownership structure for 3 tax credit developments.

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Novogradac & Company LLP Booth 31

Tidwell Group Booth 40

Novogradac & Company LLP George Littlejohn, Susan Wilson, Phong Tran, Nick Hoehn, John Cole 11044 Research Blvd, Ste C-400, Austin, TX 78759 512.340.0420; www.novoco.com george.littlejohn@novoco.com susan.wilson@novoco.com, phong.tran@novoco.com, nick.hoehn@novoco.com, john.cole@novoco.com

Tidwell Group, LLC Christopher N. Thomas, CPA Office Managing Partner – Austin Office 3102 Bee Cave Road, Suite 102, Austin, TX 78746 (512) 693-2181; Chris.Thomas@TidwellGroup.com

Novogradac & Company, LLP is a national certified public accounting and consulting firm with 25 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.

Red Stone Equity Partners Booth 25 Red Stone Equity Partners Drew Foster, Director, Acquisitions 805 Third Avenue, 15th Floor, New York, NY 10022 (646) 690-6110 (Main); www.rsequity.com Red Stone Equity Partners, LLC (“Red Stone Equity”) is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits and Renewable Energy Tax Credits to facilitate the development of affordable multifamily rental housing and renewable energy projects, respectively.

Red Stone Equity builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients.

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Tidwell Group, LLC is a full-service accounting and consulting firm with expertise serving clients in all aspects of the real estate industry throughout the United States. Our experienced professionals serve all asset classes within the affordable housing, conventional real estate, and not-for-profit industries. Within the affordable housing industry our expertise ranges from low income housing tax credits, bond and conventional financing, HUD compliance and reporting and USDA-Rural Development compliance and reporting.

Ward, Getz & Associates, LLP Booth 44 Ward, Getz & Associates, LLP Ryan Getz 2500 Tanglewilde, Suite 120 Houston, TX 77063 713.789.1900; rgetz@wga-llp.com www.wga-llp.com Ward, Getz & Associates, LLP (WGA) provides civil engineering consulting and design services for singleand multi-family developments. From moderate-density communities to high-density urban towers, our expertise and understanding of building systems analysis and permitting issues and concerns enables us to assist design teams with integrated site and building designs. Our team understands intimately how to design the project and we have demonstrated experience successfully working with approving agencies.

Southeast Texas Housing Finance Corporation Southeast Texas Housing Finance Corporation Ron Williams, Executive Director 11111 S. Sam Houston Parkway East, Houston, TX 77089 281.484.4663; rwilliams@sethfc.com www.sethfc.com The Southeast Texas Housing Finance Corporation (SETH) was organized in October 1981 under the Housing Finance Corporation’s Act. Its members include 9 counties and 11 cities within region 6. SETH has issued over $1.6 billion in tax-exempt/taxable bonds for both single family homeownership and multifamily rental housing. SETH has owned 10 multifamily developments with over 3600 units and currently is in the ownership structure for 3 tax credit developments.

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AEGON USA Realty Advisors, LLC Booth 4

ARA, A Newmark Company Booth 45

AEGON USA Realty Advisors, LLC Earl Chase, Senior Director 505 Sansome Street, Suite 1700, San Francisco, CA 94111 312-596-3924; echase@aegonusa.com www.aegonrealty.com

ARA, A Newmark Company 1700 Post Oak Blvd, 2 BLVD Place, Suite 400, Houston, TX 77056 T 713.425.5404; M 713.249.4509 mcdaniel@aranewmark.com; http://aranewmark.com

Aegon USA Realty Advisors, LLC, (AURA) is a U.S.-based real estate asset manager and member company of Aegon Asset Management, the global investment management division of the Aegon Group.

Since 1987, AURA has invested in more than 300 tax-credit partnerships and helped create 110,000+ housing units.

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ARA Newmark’s Affordable Housing Group delivers advisory and brokerage services for multifamily properties financed using Low Income Housing Tax Credits, Tax Exempt Bonds, RD Debt and HUD rental/ financing subsidies. We understand that a successful exit strategy requires diligence and experience navigating through various partnership, regulatory, and subsidy agreements. With 75 years of experience in Affordable Housing, ARA Newmark has the tools necessary to execute efficient transactions while maximizing seller proceeds, for properties big and small.

Alliant Capital, Ltd. Booth 46

Austin Affordable Housing Corporation

Alliant Capital, Ltd. Brian Blanchard 21600 Oxnard St., Suite 1200, Woodland Hills, CA 91367 949.245.5738; Brian.Blanchard@alliantcapital.com www.thealliantcompany.com

Austin Affordable Housing Corporation Michael Gerber, President & CEO 1124 South IH 35, Austin, TX, 78704-2614 512.477.4488; michaelgerber@hacanet.org http://www.hacanet.org

Alliant Capital is a leading provider of affordable housing equity solutions with assets under management in excess of $6.8 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 can service and maintain strong relationships with our borrowers, investors and developers. For more information, please visit www.thealliantcompany.com.

Austin Affordable Housing Corporation (AAHC) was established in 2003 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.

Amegy Bank Booth 63 Mary Jane Henson, SVP, 713-232-6036 maryjane.henson@amegybank.com Deirdre (Deri) McLendon, VP, 713-232-6017 deirdre.mclendon@amegybank.com Erin Fitzpatrick, VP, 214-754-6237 erin.fitzpatrick@amegybank.com Tony Hongnoi, VP, 214-754-6231 tony.hongnoi@amegybank.com www.amegybank.com As one of the most stable corporate trust providers in the country, we have earned the reputation for integrity and responsiveness to customer needs. Our success is closely aligned with the way we do business, particularly in our commitment to our customers. We have the resources and flexibility to execute even the most difficult of transactions and a staff of qualified trust professionals to lend invaluable experience and expertise. Visit www.amegybank.com for more information.

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Auto-Out® Cooktop Fire Protection Booth 54 Auto-Out® Cooktop Fire Protection Robin Williams, VP 1911 Windsor Place, Fort Worth, Texas 76110 817.924.1370; r.williams@auto-out.com www.auto-out.com Auto-Out® is product specifically engineered to address the #1 cause of residential fires. Affordable, effective protection that will mitigate loss of real estate assets by automatically suppressing cooking fires. We manufacture and ship directly to your location – no middle man – no mark up. This protection will protect your bottom line and keep your units in service, producing income and simultaneously limiting your loss history for insurance purposes. Contact us for quotes and information.

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AEGON USA Realty Advisors, LLC Booth 4

ARA, A Newmark Company Booth 45

AEGON USA Realty Advisors, LLC Earl Chase, Senior Director 505 Sansome Street, Suite 1700, San Francisco, CA 94111 312-596-3924; echase@aegonusa.com www.aegonrealty.com

ARA, A Newmark Company 1700 Post Oak Blvd, 2 BLVD Place, Suite 400, Houston, TX 77056 T 713.425.5404; M 713.249.4509 mcdaniel@aranewmark.com; http://aranewmark.com

Aegon USA Realty Advisors, LLC, (AURA) is a U.S.-based real estate asset manager and member company of Aegon Asset Management, the global investment management division of the Aegon Group.

Since 1987, AURA has invested in more than 300 tax-credit partnerships and helped create 110,000+ housing units.

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ARA Newmark’s Affordable Housing Group delivers advisory and brokerage services for multifamily properties financed using Low Income Housing Tax Credits, Tax Exempt Bonds, RD Debt and HUD rental/ financing subsidies. We understand that a successful exit strategy requires diligence and experience navigating through various partnership, regulatory, and subsidy agreements. With 75 years of experience in Affordable Housing, ARA Newmark has the tools necessary to execute efficient transactions while maximizing seller proceeds, for properties big and small.

Alliant Capital, Ltd. Booth 46

Austin Affordable Housing Corporation

Alliant Capital, Ltd. Brian Blanchard 21600 Oxnard St., Suite 1200, Woodland Hills, CA 91367 949.245.5738; Brian.Blanchard@alliantcapital.com www.thealliantcompany.com

Austin Affordable Housing Corporation Michael Gerber, President & CEO 1124 South IH 35, Austin, TX, 78704-2614 512.477.4488; michaelgerber@hacanet.org http://www.hacanet.org

Alliant Capital is a leading provider of affordable housing equity solutions with assets under management in excess of $6.8 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 can service and maintain strong relationships with our borrowers, investors and developers. For more information, please visit www.thealliantcompany.com.

Austin Affordable Housing Corporation (AAHC) was established in 2003 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.

Amegy Bank Booth 63 Mary Jane Henson, SVP, 713-232-6036 maryjane.henson@amegybank.com Deirdre (Deri) McLendon, VP, 713-232-6017 deirdre.mclendon@amegybank.com Erin Fitzpatrick, VP, 214-754-6237 erin.fitzpatrick@amegybank.com Tony Hongnoi, VP, 214-754-6231 tony.hongnoi@amegybank.com www.amegybank.com As one of the most stable corporate trust providers in the country, we have earned the reputation for integrity and responsiveness to customer needs. Our success is closely aligned with the way we do business, particularly in our commitment to our customers. We have the resources and flexibility to execute even the most difficult of transactions and a staff of qualified trust professionals to lend invaluable experience and expertise. Visit www.amegybank.com for more information.

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Auto-Out® Cooktop Fire Protection Booth 54 Auto-Out® Cooktop Fire Protection Robin Williams, VP 1911 Windsor Place, Fort Worth, Texas 76110 817.924.1370; r.williams@auto-out.com www.auto-out.com Auto-Out® is product specifically engineered to address the #1 cause of residential fires. Affordable, effective protection that will mitigate loss of real estate assets by automatically suppressing cooking fires. We manufacture and ship directly to your location – no middle man – no mark up. This protection will protect your bottom line and keep your units in service, producing income and simultaneously limiting your loss history for insurance purposes. Contact us for quotes and information.

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Baker Tilly

Blazer Building Texas LLC

Baker Tilly Don Bernards, Partner Ten Terrace Court, Madison, WI 53718 608 240 2643; donald.bernards@bakertilly.com www.bakertilly.com

Blazer Building Texas LLC Jim Wanja Voice: 713.914.9200; Fax: 713.914.9292; Direct: 281.833.1083 jwanja@blazerbuilding.com; www.blazerbuilding.com

Baker Tilly Virchow Krause, LLP (Baker Tilly) is a full-service accounting and advisory firm whose specialized professionals connect with you through refreshing candor and clear industry insight. We speak your language and identify with your goals to consistently deliver solutions that are just right for you. As an independent member of Baker Tilly International, the world’s eighth largest network of accounting firms, we bring you access to market-specific knowledge in more than 141 countries.

BOK Financial Booth 5 BOK Financial Pamela M Black, CCTS/SVP Regional Corporate Trust Manager Phone: 817-348-5797; Cell: 817-889-2889; pblack@bokf.com Lisa E Albers, SVP Community Development Phone: 918-588-6420; lalbers@bokf.com BOK Financial is one of the top 25 U.S. based banks. It offers a wide range of services to the affordable housing industry, including successor trustee, bond trustee, custody, paying agent and escrow agent from our Corporate Trust group and an array of debt (construction and permanent) and equity solutions from our Community Development group. BOK Financial offers strength and stability with a personal approach to develop customized client solutions.

Barings Multifamily Capital LLC Booth 39 Barings Multifamily Capital LLC Sean Cullen, Senior Managing Director 340 Madison Avenue, 18th Floor New York, NY 10173 Office: 212-973-5149; Mobile: 631-487-3935 sean.cullen@barings.com; www.baringsmultifamily.com www.barings.com Barings LLC is a $284+ billion global asset management firm dedicated to meeting the evolving investment and capital needs of our clients and is a member of the MassMutual Financial Group. Barings has a seasoned affordable housing team with years of experience and deep contacts within the industry. The combined affordable housing operations of Barings LLC and Barings Multifamily Capital has a full range of affordable housing finance capabilities, particularly with respect to permanent debt.

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Blazer Building founded in 1978 as a general construction company focused on delivering highquality product on an expedited schedule at the best possible value. Blazer is dedicated to providing personalized attention to our clients, believing strongly in a relationship-based approach to business.

Blazer provides construction services through a number of platforms including General Contracting; Self-Performed Work; Construction Management; and Design-Build. Over our 39 year history, Blazer Building has overseen the construction of more than 35,000 apartment homes totaling over $2 billion in contract value.

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Bonneville Multifamily Capital Booth 10 Bonneville Multifamily Capital Chris Mullen 111 Main St., Suite 1600, Salt Lake City, UT 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 300 closings. These federally backed loans are an excellent source of low-interest rate, high LTV, long amortization, for rural multifamily housing projects.

Boston Capital Boston Capital Mr. Tom Dixon, Vice President One Boston Place, Suite 2100, Boston, MA 02108 Phone: 310-339-4376; Email: tdixon@bostoncapital.com Boston Capital is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and equity investment in market rate apartment communities. Boston Capital’s holdings include 1,855 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 130,000 apartment units with a portfolio development cost in excess of $17.5 billion.

Boston Capital is one of the largest owners/investors of apartment properties in the United States. Visit www.bostoncapital.com

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Blazer Building Texas LLC

Baker Tilly Don Bernards, Partner Ten Terrace Court, Madison, WI 53718 608 240 2643; donald.bernards@bakertilly.com www.bakertilly.com

Blazer Building Texas LLC Jim Wanja Voice: 713.914.9200; Fax: 713.914.9292; Direct: 281.833.1083 jwanja@blazerbuilding.com; www.blazerbuilding.com

Baker Tilly Virchow Krause, LLP (Baker Tilly) is a full-service accounting and advisory firm whose specialized professionals connect with you through refreshing candor and clear industry insight. We speak your language and identify with your goals to consistently deliver solutions that are just right for you. As an independent member of Baker Tilly International, the world’s eighth largest network of accounting firms, we bring you access to market-specific knowledge in more than 141 countries.

BOK Financial Booth 5 BOK Financial Pamela M Black, CCTS/SVP Regional Corporate Trust Manager Phone: 817-348-5797; Cell: 817-889-2889; pblack@bokf.com Lisa E Albers, SVP Community Development Phone: 918-588-6420; lalbers@bokf.com BOK Financial is one of the top 25 U.S. based banks. It offers a wide range of services to the affordable housing industry, including successor trustee, bond trustee, custody, paying agent and escrow agent from our Corporate Trust group and an array of debt (construction and permanent) and equity solutions from our Community Development group. BOK Financial offers strength and stability with a personal approach to develop customized client solutions.

Barings Multifamily Capital LLC Booth 39 Barings Multifamily Capital LLC Sean Cullen, Senior Managing Director 340 Madison Avenue, 18th Floor New York, NY 10173 Office: 212-973-5149; Mobile: 631-487-3935 sean.cullen@barings.com; www.baringsmultifamily.com www.barings.com Barings LLC is a $284+ billion global asset management firm dedicated to meeting the evolving investment and capital needs of our clients and is a member of the MassMutual Financial Group. Barings has a seasoned affordable housing team with years of experience and deep contacts within the industry. The combined affordable housing operations of Barings LLC and Barings Multifamily Capital has a full range of affordable housing finance capabilities, particularly with respect to permanent debt.

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Blazer Building founded in 1978 as a general construction company focused on delivering highquality product on an expedited schedule at the best possible value. Blazer is dedicated to providing personalized attention to our clients, believing strongly in a relationship-based approach to business.

Blazer provides construction services through a number of platforms including General Contracting; Self-Performed Work; Construction Management; and Design-Build. Over our 39 year history, Blazer Building has overseen the construction of more than 35,000 apartment homes totaling over $2 billion in contract value.

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Bonneville Multifamily Capital Booth 10 Bonneville Multifamily Capital Chris Mullen 111 Main St., Suite 1600, Salt Lake City, UT 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 300 closings. These federally backed loans are an excellent source of low-interest rate, high LTV, long amortization, for rural multifamily housing projects.

Boston Capital Boston Capital Mr. Tom Dixon, Vice President One Boston Place, Suite 2100, Boston, MA 02108 Phone: 310-339-4376; Email: tdixon@bostoncapital.com Boston Capital is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and equity investment in market rate apartment communities. Boston Capital’s holdings include 1,855 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 130,000 apartment units with a portfolio development cost in excess of $17.5 billion.

Boston Capital is one of the largest owners/investors of apartment properties in the United States. Visit www.bostoncapital.com

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Boston Financial Investment Management Boston Financial Investment Management Thomas Paramore, Senior Vice President, Equity Production 312 S. Fourth Street, Suite 700 Louisville, KY 40202 502-212-3822 Thomas.Paramore@bfim.com www.bfim.com Boston Financial has raised and managed over $11.6 billion of low-income housing and historic tax credit equity investments in over 1,287 properties, making Boston Financial one of the largest firms in the tax credit industry. Boston Financial is a wholly owned subsidiary of ORIX USA Corporation, a Dallas-based financial services firm known for providing innovative capital solutions that clients need to propel their business to the next level.

Capstone Consulting & Compliance Services Booth 8 Capstone Consulting & Compliance Services D. Michael Boone, Jr., CPM 210 Barton Springs Road, Ste 300 | Austin, TX 78704 512-646-6700 office | 512-492-7022 direct | 512-646-6798 fax mike.boone@capstonemanagement.com | www.capstonemanagement.com Serving our peers in the affordable housing industry, Capstone provides both remote and onsite compliance services customized to our clients’ needs. Our proprietary processes have proven to establish solid on-site compliance systems, reduce risk of lost credits and improve the industry reputation of our clients.

CBRE | Capital Markets Booth 8 CBRE | Capital Markets Chad Ricks, Senior Vice President Debt & Structured Finance 2100 McKinney Ave, STE 700, Dallas, TX 75201 Phone: 214.979.6551; Fax: 214.979.6396; Cell: 214.862.1237 chad.ricks@cbre.com; www.cbre.com/chad.ricks CBRE is the world’s premier, full-service real estate services company. Operating globally, the firm holds a leadership position in virtually all of the world’s key business centers.

CBRE Capital Markets combines the top property sales, finance and investment banking businesses into a single, fully integrated global service offering. CBRE is the recognized worldwide leader in advising clients on the purchase and sale of income-producing properties, debt and structured finance, and entitylevel consultancy and execution alone.

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Churchill Stateside Group, LLC Booth 55 Churchill Stateside Group, LLC Churchill Stateside Group is a Q10 Capital Partner Clearwater | Atlanta | Chicago | Dallas | New Orleans Visit us at CSGfirst.com; Follow CSG on Linked In Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and renewable energy industries. The company’s investor and developer clients benefit from our experienced staff and proactive senior leadership. CSG sponsors tax credit equity investment funds and provides construction and permanent financing solutions. CSG has investment relationships with numerous corporate investors, pension funds, insurance companies. CSG is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer.

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Dauby O’Connor & Zaleski, LLC Booth 62 Dauby O’Connor & Zaleski, LLC Blake Schrader 501 Congressional Blvd, Suite 300, Carmel, IN 46032 317.848.5700; bschrader@doz.net www.doz.net Dauby O’Connor & Zaleski, LLC (DOZ) provides accounting, consulting, and tax services to participants in multi-family housing communities. DOZ is well versed in projects financed through HUD, RD, Tax-Exempt Bonds, and Low Income Housing Tax Credits with a client base that spans the United States. Our intense focus in the multi-family housing arena, coupled with operating from one central location, differentiates DOZ from other national firms. The result is a client experience that stands alone.

Davis-Penn Mortgage Co. Davis-Penn Mortgage Co. Ray Landry 12650 N. Featherwood Dr. Suite 120, Houston, TX 77034 Phone: 281.481.2400 RayL@davispenn.com www.davispenn.com For 40+ years, DPMC has dedicated its resources to providing developers the expertise to obtain construction, substantial rehabilitation, acquisition and refinancing loans through FHA programs. As a privately held, approved MAP Lender, issuer of GNMA securities and seller-servicer for HUD, DPMC has a proven track record in financing affordable communities across the country. DPMC has successfully closed and services 9% & 4% LIHTC Transactions, Year-15 Re-syndications, Section 236 Decoupling’s, RAD and LIHTC Pilot transactions.

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Boston Financial Investment Management Boston Financial Investment Management Thomas Paramore, Senior Vice President, Equity Production 312 S. Fourth Street, Suite 700 Louisville, KY 40202 502-212-3822 Thomas.Paramore@bfim.com www.bfim.com Boston Financial has raised and managed over $11.6 billion of low-income housing and historic tax credit equity investments in over 1,287 properties, making Boston Financial one of the largest firms in the tax credit industry. Boston Financial is a wholly owned subsidiary of ORIX USA Corporation, a Dallas-based financial services firm known for providing innovative capital solutions that clients need to propel their business to the next level.

Capstone Consulting & Compliance Services Booth 8 Capstone Consulting & Compliance Services D. Michael Boone, Jr., CPM 210 Barton Springs Road, Ste 300 | Austin, TX 78704 512-646-6700 office | 512-492-7022 direct | 512-646-6798 fax mike.boone@capstonemanagement.com | www.capstonemanagement.com Serving our peers in the affordable housing industry, Capstone provides both remote and onsite compliance services customized to our clients’ needs. Our proprietary processes have proven to establish solid on-site compliance systems, reduce risk of lost credits and improve the industry reputation of our clients.

CBRE | Capital Markets Booth 8 CBRE | Capital Markets Chad Ricks, Senior Vice President Debt & Structured Finance 2100 McKinney Ave, STE 700, Dallas, TX 75201 Phone: 214.979.6551; Fax: 214.979.6396; Cell: 214.862.1237 chad.ricks@cbre.com; www.cbre.com/chad.ricks CBRE is the world’s premier, full-service real estate services company. Operating globally, the firm holds a leadership position in virtually all of the world’s key business centers.

CBRE Capital Markets combines the top property sales, finance and investment banking businesses into a single, fully integrated global service offering. CBRE is the recognized worldwide leader in advising clients on the purchase and sale of income-producing properties, debt and structured finance, and entitylevel consultancy and execution alone.

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Churchill Stateside Group, LLC Booth 55 Churchill Stateside Group, LLC Churchill Stateside Group is a Q10 Capital Partner Clearwater | Atlanta | Chicago | Dallas | New Orleans Visit us at CSGfirst.com; Follow CSG on Linked In Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and renewable energy industries. The company’s investor and developer clients benefit from our experienced staff and proactive senior leadership. CSG sponsors tax credit equity investment funds and provides construction and permanent financing solutions. CSG has investment relationships with numerous corporate investors, pension funds, insurance companies. CSG is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer.

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Dauby O’Connor & Zaleski, LLC Booth 62 Dauby O’Connor & Zaleski, LLC Blake Schrader 501 Congressional Blvd, Suite 300, Carmel, IN 46032 317.848.5700; bschrader@doz.net www.doz.net Dauby O’Connor & Zaleski, LLC (DOZ) provides accounting, consulting, and tax services to participants in multi-family housing communities. DOZ is well versed in projects financed through HUD, RD, Tax-Exempt Bonds, and Low Income Housing Tax Credits with a client base that spans the United States. Our intense focus in the multi-family housing arena, coupled with operating from one central location, differentiates DOZ from other national firms. The result is a client experience that stands alone.

Davis-Penn Mortgage Co. Davis-Penn Mortgage Co. Ray Landry 12650 N. Featherwood Dr. Suite 120, Houston, TX 77034 Phone: 281.481.2400 RayL@davispenn.com www.davispenn.com For 40+ years, DPMC has dedicated its resources to providing developers the expertise to obtain construction, substantial rehabilitation, acquisition and refinancing loans through FHA programs. As a privately held, approved MAP Lender, issuer of GNMA securities and seller-servicer for HUD, DPMC has a proven track record in financing affordable communities across the country. DPMC has successfully closed and services 9% & 4% LIHTC Transactions, Year-15 Re-syndications, Section 236 Decoupling’s, RAD and LIHTC Pilot transactions.

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Dominium Inc. Dominium Inc. Mark Moorhouse Partner and Senior Vice President of Development 2905 Northwest Boulevard, Suite 150, Plymouth, MN 55441 Phone: 763-354-5613 mmoorhouse@dominiuminc.com www.dominiumapartments.com Founded in 1972, Dominium is a Minneapolis-based owner, developer, and manager of apartment communities nationwide. Dominium is #2 on Affordable Housing Finance’s “AHF 50” list of the nation’s largest affordable housing owners. With more than 25,000 owned and/or managed units at over 200 sites in 23 states, Dominium is known for creative solutions to unique and challenging development projects, and management expertise. We are proud to say we own and manage 27 wonderful properties in the great state of Texas, all of which have TDHCA affordable programs, representing over 3,500 units and employing over 100 people. For more information visit www.dominiumapartments.com.

Bellwether & Bellwether Enterprise Booth 3 Enterprise & Bellwether Enterprise Aron Weisner / Phil Melton 15660 N. Dallas Parkway, Suite 850, Dallas, TX 75248 Phone: 469.729.7677 aweisner@enterprisecommunity.com; pmelton@bwecap.com www.EnterpriseCommunity.com; www.BellwetherEnterprise.com Enterprise and Bellwether Enterprise: the leading national team putting capital to work for communities across the country. From Low-Income Housing Tax Credit and New Markets Tax Credit equity, to longterm conventional and affordable housing products, we are the industry’s most competitive and creative capital provider and servicer. That’s capital on a mission.

FDI Property Management Services Inc. Booth 15 FDI PROPERTY MANAGEMENT SERVICES, INC Diane Kinney, Principal and CEO 26303 Oakridge Drive, Spring, TX 77380 dkinney@fdimgt.com www.fdimgt.com Founded in 2005, FDI Property Management Services, Inc. is a full service, multifamily real estate company specializing in affordable housing. FDI delivers a broad scope of complex services focused on the individual needs of each asset and client. Our team of experts provide decades of experience in Acquisition Rehab, New Construction, Marketing and Leasing, Compliance Services, and Stabilization.

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Federal Home Loan Bank of Dallas Steve Matkovich, Senior Affordable Housing Analyst; Bruce Hatton, VP, AHP Manager 8500 Freeport Pkwy. South, Irving, TX 75063 800.362.2944; ahp@fhlb.com www.fhlb.com The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $57.5 billion as of March 31, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.

Galaxy Builders, Ltd. Booth 29 Galaxy Builders, Ltd. Neilesh Verma, President 4729 College Park, San Antonio, TX 78249 210.493.0550; neileshv@galaxybuilders.com www.galaxybuilders.com For over two decades, Galaxy Builders, Ltd., has built a reputation of excellence, commitment, and trust. Based in San Antonio, Texas, Galaxy is a leading general contractor, specializing in multifamily construction throughout the Southwest. Galaxy’s award-winning management teams have built over 20,000 units representing more than $1 billion worth of projects. From large-scale senior living to affordable housing, Galaxy delivers timely, budget-aware projects.

Follow our Twitter @GalaxyBuildersL Like our Facebook at Galaxy Builders Ltd.

ICI Constrction, Inc. Booth 38 ICI Construction, Inc. Leia Sidwa; Director of Business Development 5057 Keller Springs Road, Suite 200, Addison, TX 75001 Cell: 214.797.2663 lsidwa@icidallas.com www.iciconstructioninc.com ICI Construction is a 35 year old general construction firm with revenues in the $150 million range. Our Multi-Family Division is accustomed to working with all types of financing programs, including: tax credit, housing bonds, conventional and HUD. We provide a complete range of services to the developer from preliminary budgeting to value-engineering that ensure your project stays within budget. Our company has been built on our ability to exceed our customer’s expectations.

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Dominium Inc. Dominium Inc. Mark Moorhouse Partner and Senior Vice President of Development 2905 Northwest Boulevard, Suite 150, Plymouth, MN 55441 Phone: 763-354-5613 mmoorhouse@dominiuminc.com www.dominiumapartments.com Founded in 1972, Dominium is a Minneapolis-based owner, developer, and manager of apartment communities nationwide. Dominium is #2 on Affordable Housing Finance’s “AHF 50” list of the nation’s largest affordable housing owners. With more than 25,000 owned and/or managed units at over 200 sites in 23 states, Dominium is known for creative solutions to unique and challenging development projects, and management expertise. We are proud to say we own and manage 27 wonderful properties in the great state of Texas, all of which have TDHCA affordable programs, representing over 3,500 units and employing over 100 people. For more information visit www.dominiumapartments.com.

Bellwether & Bellwether Enterprise Booth 3 Enterprise & Bellwether Enterprise Aron Weisner / Phil Melton 15660 N. Dallas Parkway, Suite 850, Dallas, TX 75248 Phone: 469.729.7677 aweisner@enterprisecommunity.com; pmelton@bwecap.com www.EnterpriseCommunity.com; www.BellwetherEnterprise.com Enterprise and Bellwether Enterprise: the leading national team putting capital to work for communities across the country. From Low-Income Housing Tax Credit and New Markets Tax Credit equity, to longterm conventional and affordable housing products, we are the industry’s most competitive and creative capital provider and servicer. That’s capital on a mission.

FDI Property Management Services Inc. Booth 15 FDI PROPERTY MANAGEMENT SERVICES, INC Diane Kinney, Principal and CEO 26303 Oakridge Drive, Spring, TX 77380 dkinney@fdimgt.com www.fdimgt.com Founded in 2005, FDI Property Management Services, Inc. is a full service, multifamily real estate company specializing in affordable housing. FDI delivers a broad scope of complex services focused on the individual needs of each asset and client. Our team of experts provide decades of experience in Acquisition Rehab, New Construction, Marketing and Leasing, Compliance Services, and Stabilization.

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Federal Home Loan Bank of Dallas Steve Matkovich, Senior Affordable Housing Analyst; Bruce Hatton, VP, AHP Manager 8500 Freeport Pkwy. South, Irving, TX 75063 800.362.2944; ahp@fhlb.com www.fhlb.com The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $57.5 billion as of March 31, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.

Galaxy Builders, Ltd. Booth 29 Galaxy Builders, Ltd. Neilesh Verma, President 4729 College Park, San Antonio, TX 78249 210.493.0550; neileshv@galaxybuilders.com www.galaxybuilders.com For over two decades, Galaxy Builders, Ltd., has built a reputation of excellence, commitment, and trust. Based in San Antonio, Texas, Galaxy is a leading general contractor, specializing in multifamily construction throughout the Southwest. Galaxy’s award-winning management teams have built over 20,000 units representing more than $1 billion worth of projects. From large-scale senior living to affordable housing, Galaxy delivers timely, budget-aware projects.

Follow our Twitter @GalaxyBuildersL Like our Facebook at Galaxy Builders Ltd.

ICI Constrction, Inc. Booth 38 ICI Construction, Inc. Leia Sidwa; Director of Business Development 5057 Keller Springs Road, Suite 200, Addison, TX 75001 Cell: 214.797.2663 lsidwa@icidallas.com www.iciconstructioninc.com ICI Construction is a 35 year old general construction firm with revenues in the $150 million range. Our Multi-Family Division is accustomed to working with all types of financing programs, including: tax credit, housing bonds, conventional and HUD. We provide a complete range of services to the developer from preliminary budgeting to value-engineering that ensure your project stays within budget. Our company has been built on our ability to exceed our customer’s expectations.

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National Church Residences Booth 61

Johnson Petrov, LLP Andrew P. Johnson, III 2929 Allen Parkway, Suite 3150, Houston, Texas 77019 Phone: 713-489-8977 AJohnson@JohnsonPetrov.com

National Church Residences Christina G. Sanchez, Vice President, Business and Leadership Development 18838 Stone Oak Parkway, Suite 206, San Antonio, Texas 78258 Phone: 210.680.9199 Email: csanchez@nationalchurchresidences.org www.nationalchurchresidences.org

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

Jones Walker LLP Booth 23 Jones Walker LLP Antoinette M. Jackson, Partner 1001 Fannin, Suite 2450, Houston, TX 77002 713.437.1888; tjackson@joneswalker.com www.joneswalker.com For more than four decades, Jones Walker LLP has helped organizations and individuals acquire, develop, finance, and build a broad range of affordable housing; workforce, senior, student, and military housing; and mixed use projects across the country. In this complex environment, our Affordable Housing team is able to offer clients the deep industry knowledge, full-spectrum legal counsel, and firsthand government experience required to provide creative, practical solutions.

KeyBank Booth 59 KeyBank Real Estate Capital Irena Edwards 36 S. State Street, Suite 2506, Salt Lake City, Utah 84111 Phone: 801.297.5802 Irena_R_Edwards@keybank.com KeyBank Community Development Lending and Investment provides capital solutions for affordable housing and community development projects in urban and rural communities across all 50 states. As one of the nation’s premier affordable housing capital providers, we offer one-stop-shop debt and equity capabilities that bring together balance sheet, equity and a variety of permanent loan offerings. KeyBank is a Fannie Mae DUS Lender, a Freddie Mac Seller/Servicer and TAH Lender, and an FHA MAP and 223(f) LIHTC Pilot Lender.

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National Church Residences is the nation’s largest not-for-profit provider of affordable senior housing, with 340 communities in 28 states and Puerto Rico. Operating 28 properties in Texas, the organization is a leading provider of third-party property management. Our proven management protocol results in costeffective marketing, superior resident retention and timely financial reporting. We also are interested in acquiring senior properties for preservation through our $50 million Affordable Housing Investment Fund.

For more information, visit www.nationalchurchresidences.org.

Nixon Peabody LLP Nixon Peabody LLP Monica Hilton Sussman, Partner 799 9th Street, NW, Suite 500, Washington, DC 20001 Phone: 202-585-8833 Email: msussman@nixonpeabody.com www.nixonpeabody.com We understand the business of affordable housing and the challenges it can present our clients. After all, our attorneys, many of whom formerly worked at HUD in legal and policy positions, have helped shape housing industry policy for more than 40 years. With this deep experience and our robust industry network, we work with clients to anticipate issues, cut through complex regulations and creatively leverage public financing opportunities to keep their affordable housing investments moving forward.

NorthMarq Capital NorthMarq Capital Offices in Dallas, Houston and San Antonio 972.392.3366; 713.622.6300; 210.281.5276 www.northmarq.com NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its offices nationwide. As a Freddie Mac seller/servicer and a Fannie Mae DUS lender, we can offer the newest and most unique programs in the market ensuring that our clients are connected with the best solution for their needs. Contact our nearest Texas office or visit www.northmarq.com for more information.

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National Church Residences Booth 61

Johnson Petrov, LLP Andrew P. Johnson, III 2929 Allen Parkway, Suite 3150, Houston, Texas 77019 Phone: 713-489-8977 AJohnson@JohnsonPetrov.com

National Church Residences Christina G. Sanchez, Vice President, Business and Leadership Development 18838 Stone Oak Parkway, Suite 206, San Antonio, Texas 78258 Phone: 210.680.9199 Email: csanchez@nationalchurchresidences.org www.nationalchurchresidences.org

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

Jones Walker LLP Booth 23 Jones Walker LLP Antoinette M. Jackson, Partner 1001 Fannin, Suite 2450, Houston, TX 77002 713.437.1888; tjackson@joneswalker.com www.joneswalker.com For more than four decades, Jones Walker LLP has helped organizations and individuals acquire, develop, finance, and build a broad range of affordable housing; workforce, senior, student, and military housing; and mixed use projects across the country. In this complex environment, our Affordable Housing team is able to offer clients the deep industry knowledge, full-spectrum legal counsel, and firsthand government experience required to provide creative, practical solutions.

KeyBank Booth 59 KeyBank Real Estate Capital Irena Edwards 36 S. State Street, Suite 2506, Salt Lake City, Utah 84111 Phone: 801.297.5802 Irena_R_Edwards@keybank.com KeyBank Community Development Lending and Investment provides capital solutions for affordable housing and community development projects in urban and rural communities across all 50 states. As one of the nation’s premier affordable housing capital providers, we offer one-stop-shop debt and equity capabilities that bring together balance sheet, equity and a variety of permanent loan offerings. KeyBank is a Fannie Mae DUS Lender, a Freddie Mac Seller/Servicer and TAH Lender, and an FHA MAP and 223(f) LIHTC Pilot Lender.

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National Church Residences is the nation’s largest not-for-profit provider of affordable senior housing, with 340 communities in 28 states and Puerto Rico. Operating 28 properties in Texas, the organization is a leading provider of third-party property management. Our proven management protocol results in costeffective marketing, superior resident retention and timely financial reporting. We also are interested in acquiring senior properties for preservation through our $50 million Affordable Housing Investment Fund.

For more information, visit www.nationalchurchresidences.org.

Nixon Peabody LLP Nixon Peabody LLP Monica Hilton Sussman, Partner 799 9th Street, NW, Suite 500, Washington, DC 20001 Phone: 202-585-8833 Email: msussman@nixonpeabody.com www.nixonpeabody.com We understand the business of affordable housing and the challenges it can present our clients. After all, our attorneys, many of whom formerly worked at HUD in legal and policy positions, have helped shape housing industry policy for more than 40 years. With this deep experience and our robust industry network, we work with clients to anticipate issues, cut through complex regulations and creatively leverage public financing opportunities to keep their affordable housing investments moving forward.

NorthMarq Capital NorthMarq Capital Offices in Dallas, Houston and San Antonio 972.392.3366; 713.622.6300; 210.281.5276 www.northmarq.com NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its offices nationwide. As a Freddie Mac seller/servicer and a Fannie Mae DUS lender, we can offer the newest and most unique programs in the market ensuring that our clients are connected with the best solution for their needs. Contact our nearest Texas office or visit www.northmarq.com for more information.

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Pavilion Construction, LLC Booth 60 Pavilion Construction, LLC Brian Gerritz, President 2511 Broadbent Pkwy NE, Suite A, Albuquerque, NM 87107 Office: (505) 346-0085; Mobile: (503) 704-4314 bgerritz@pavilionconstruction.com www.pavilionconstruction.com At Pavilion Construction, we understand our growth has been fueled by repeat business with satisfied clients. We have emerged as an industry leader through our focus on the client, establishing reputable contracting services at unparalleled standards. Pavilion Construction’s staff is made up of industry leading individuals who love to build. We are unified and passionate about achieving project goals and exceeding our client’s expectation.

Phase Engineering Booth 58 Phase Engineering, Inc. Tracy Watson, EP 5524 Cornish Street, Houston, TX 77007 (210) 997-4056 Tracy@PhaseEngineering.com; www.PhaseEngineering.com Phase Engineering, Inc. successfully partners with many TDHCA tax credit and HOME applicants on their submissions to receive the required NEPA Environmental Clearance. Phase Engineering, Inc. is an environmental consulting firm that was founded in 1993. Their licensed staff of environmental professionals annually perform over 1,000 Phase I Environmental Site Assessments (ESA), Phase II ESAs, asbestos and lead inspections, property condition assessments, storm water plans, wetland delineations and related environmental services nationwide.

PNC Real Estate PNC Real Estate Nora Keane, Assistant Vice President 2107 New York Avenue, Austin, Texas 78702 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 affordable and conventional multifamily properties. 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.

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Rainbow Housing Assistance Corporation Rainbow Housing Assistance Corporation Flynann Janisse, Executive Director 3120 W Carefree Hwy, Ste 1-246, Phoenix, AZ 85086 (602) 903-1843; fjanisse@rainbowhousing.org www.rainbowhousing.org Rainbow Housing Assistance Corporation is a nonprofit organization which provides service-enriched housing programs for residents of rental housing communities throughout the country. Offering services, which focus on community and promote the self-sufficiency of the residents, have been proven to increase the financial viability of multifamily assets. Rainbow’s award-winning services are structured in such a way to perform for any population or demographic, preserving quality, affordable housing for those who need it most.

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Regions Bank David Payne Community Investment Capital (601) 605-5594; Davidn.payne@regions.com Graham Dozier Real Estate Capital Markets (404) 279-7462; Graham.dozier@regions.com Regions Bank is committed to strengthening our communities by providing financial solutions to developers of affordable housing properties. Our Community Investment Capital and Real Estate Capital Markets groups provide a comprehensive range of products to meet the needs of the affordable housing industry, from direct LIHTC equity investments to construction and bridge financing, as well as a full array of permanent financing options through Fannie Mae and HUD. Let us show you how Regions can help you move your business forward.

Rinnai America Corporation Booth 64 Rinnai America Corporation 103 International Drive Peachtree City, GA 30269 Shawn Curran, Territory Sales Representative 214.202.8327; scurran@rinnai.us; www.rinnai.us At Rinnai, we are fiercely committed to delivering nothing less than our absolute best. Our passion for constant improvement drives us to create incredibly innovative water heating and home heating gas appliances for both residential and commercial applications. As a result, our products have continued to lead the industry. In fact, sophisticated, efficient performance makes Rinnai Tankless Water Heaters some of the best tankless water heaters on the market.

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Pavilion Construction, LLC Booth 60 Pavilion Construction, LLC Brian Gerritz, President 2511 Broadbent Pkwy NE, Suite A, Albuquerque, NM 87107 Office: (505) 346-0085; Mobile: (503) 704-4314 bgerritz@pavilionconstruction.com www.pavilionconstruction.com At Pavilion Construction, we understand our growth has been fueled by repeat business with satisfied clients. We have emerged as an industry leader through our focus on the client, establishing reputable contracting services at unparalleled standards. Pavilion Construction’s staff is made up of industry leading individuals who love to build. We are unified and passionate about achieving project goals and exceeding our client’s expectation.

Phase Engineering Booth 58 Phase Engineering, Inc. Tracy Watson, EP 5524 Cornish Street, Houston, TX 77007 (210) 997-4056 Tracy@PhaseEngineering.com; www.PhaseEngineering.com Phase Engineering, Inc. successfully partners with many TDHCA tax credit and HOME applicants on their submissions to receive the required NEPA Environmental Clearance. Phase Engineering, Inc. is an environmental consulting firm that was founded in 1993. Their licensed staff of environmental professionals annually perform over 1,000 Phase I Environmental Site Assessments (ESA), Phase II ESAs, asbestos and lead inspections, property condition assessments, storm water plans, wetland delineations and related environmental services nationwide.

PNC Real Estate PNC Real Estate Nora Keane, Assistant Vice President 2107 New York Avenue, Austin, Texas 78702 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 affordable and conventional multifamily properties. 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.

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Rainbow Housing Assistance Corporation Rainbow Housing Assistance Corporation Flynann Janisse, Executive Director 3120 W Carefree Hwy, Ste 1-246, Phoenix, AZ 85086 (602) 903-1843; fjanisse@rainbowhousing.org www.rainbowhousing.org Rainbow Housing Assistance Corporation is a nonprofit organization which provides service-enriched housing programs for residents of rental housing communities throughout the country. Offering services, which focus on community and promote the self-sufficiency of the residents, have been proven to increase the financial viability of multifamily assets. Rainbow’s award-winning services are structured in such a way to perform for any population or demographic, preserving quality, affordable housing for those who need it most.

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Regions Bank David Payne Community Investment Capital (601) 605-5594; Davidn.payne@regions.com Graham Dozier Real Estate Capital Markets (404) 279-7462; Graham.dozier@regions.com Regions Bank is committed to strengthening our communities by providing financial solutions to developers of affordable housing properties. Our Community Investment Capital and Real Estate Capital Markets groups provide a comprehensive range of products to meet the needs of the affordable housing industry, from direct LIHTC equity investments to construction and bridge financing, as well as a full array of permanent financing options through Fannie Mae and HUD. Let us show you how Regions can help you move your business forward.

Rinnai America Corporation Booth 64 Rinnai America Corporation 103 International Drive Peachtree City, GA 30269 Shawn Curran, Territory Sales Representative 214.202.8327; scurran@rinnai.us; www.rinnai.us At Rinnai, we are fiercely committed to delivering nothing less than our absolute best. Our passion for constant improvement drives us to create incredibly innovative water heating and home heating gas appliances for both residential and commercial applications. As a result, our products have continued to lead the industry. In fact, sophisticated, efficient performance makes Rinnai Tankless Water Heaters some of the best tankless water heaters on the market.

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Sonoma Housing Advisors, LLC Sonoma Housing Advisors, LLC Bill and Lisa Fisher 16812 Dallas Parkway, Dallas, Texas 75248 214.608.7201; Bill.Fisher@SonomaAdvisors.com; Lisa.Fisher@SonomaAdvisors.com SonomaAdvisors.com

Wallace Architects, LLC Mike Kleffner, Randy Porter 302 Campusview Dr., Suite 208, Columbia, MO 65201 573.256.7200 www.wallacearchitects.com

Sonoma Housing Advisors’ leadership has more than 20 years of experience in the development and financing of quality apartments and townhomes. Our team members have been directly involved in the application process, development, financing and/or construction of over 10,000 living units since 1996. We have received HOME, CDBG, 9% or 4% housing tax credit awards every year since 1996. Partner with Sonoma Housing Advisors for winning results. SonomaAdvisors.com 214.608.7201

Wallace Architects, LLC is one of the largest and most active Architectural firms in the Midwest specializing in senior and multi-family affordable housing developments. Wallace Architects has extensive experience in new construction and the renovation/rehabilitation of existing and historic properties throughout the South and Midwest parts of the United States, having active LIHTC projects in nearly twenty states. Please visit www.wallacearchitects.com to learn more about our work, our process and our team.

SVN AFFORDABLE | Levental Realty

Wilmington Trust N.A. Booth 24

SVN AFFORDABLE | Levental Realty Gene Levental, Managing Director 4755 Lake Forest Drive, Suite 220, Cincinnati, Ohio 45242 (513) 321-7589; gene.levental@svn.com www.svn-ahg.com SVN Affordable | Levental Realty is a nationally recognized leader in the niche market of Affordable Housing brokerage focusing solely on valuing, marketing and selling Project-Based Section 8 and Section 42 housing through our national platform and proprietary database. Our financial, regulatory and statutory expertise, paired with our strategic alliance of industry professionals, allows us to successfully identify a customized disposition strategy and transaction structure that ensures maximum value and minimal risk for our clients.

The Michaels Organization Amay Inamdar, Vice President 2245 Texas Drive, Ste. 300, Sugar Land, Texas 77479 ainamdar@themichaelsorg.com The Michaels Organization is a privately-held family of companies dedicated to excellence in affordable, mixed-income, military housing and student housing. Serving over 135,000 residents in 380 communities across 35 states, D.C, and USVI. Our development portfolio valued in excess of $4.5 billion, The Michaels Organization is a national leader in the residential real estate industry, with full service capabilities in development, property/asset management, construction, and mortgage finance and tax credit syndication.

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Wilmington Trust N.A. Stephen McPherson 15950 North Dallas Parkway, Suite 550, Dallas TX 75248 972.383.3161 smcpherson@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 clients and helping them succeed by efficiently delivering trust, agency, and fiduciary solutions, as well as by helping mitigate risk

City of Dallas Housing Finance Corp Booth 42 City of Dallas Housing Finance Karen Schaffner, Manager – City of Dallas Housing Finance Corporation Office of Economic Development, 1500 Marilla 5CS, Dallas, TX 75244 214.670.5390; Karen.schaffner@dallascityhall.com The Dallas Housing Finance Corporation (DHFC) supports the citywide efforts for the public purpose of providing affordable housing for low-to-moderate income persons through ownership opportunities and by facilitating financing for development/re-development of all types of rental housing. DHFC financing includes tax-exempt bonds with 4% tax credits. The DHFC can provide loans as a conduit lender for 9% tax credit applicants.

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Sonoma Housing Advisors, LLC Sonoma Housing Advisors, LLC Bill and Lisa Fisher 16812 Dallas Parkway, Dallas, Texas 75248 214.608.7201; Bill.Fisher@SonomaAdvisors.com; Lisa.Fisher@SonomaAdvisors.com SonomaAdvisors.com

Wallace Architects, LLC Mike Kleffner, Randy Porter 302 Campusview Dr., Suite 208, Columbia, MO 65201 573.256.7200 www.wallacearchitects.com

Sonoma Housing Advisors’ leadership has more than 20 years of experience in the development and financing of quality apartments and townhomes. Our team members have been directly involved in the application process, development, financing and/or construction of over 10,000 living units since 1996. We have received HOME, CDBG, 9% or 4% housing tax credit awards every year since 1996. Partner with Sonoma Housing Advisors for winning results. SonomaAdvisors.com 214.608.7201

Wallace Architects, LLC is one of the largest and most active Architectural firms in the Midwest specializing in senior and multi-family affordable housing developments. Wallace Architects has extensive experience in new construction and the renovation/rehabilitation of existing and historic properties throughout the South and Midwest parts of the United States, having active LIHTC projects in nearly twenty states. Please visit www.wallacearchitects.com to learn more about our work, our process and our team.

SVN AFFORDABLE | Levental Realty

Wilmington Trust N.A. Booth 24

SVN AFFORDABLE | Levental Realty Gene Levental, Managing Director 4755 Lake Forest Drive, Suite 220, Cincinnati, Ohio 45242 (513) 321-7589; gene.levental@svn.com www.svn-ahg.com SVN Affordable | Levental Realty is a nationally recognized leader in the niche market of Affordable Housing brokerage focusing solely on valuing, marketing and selling Project-Based Section 8 and Section 42 housing through our national platform and proprietary database. Our financial, regulatory and statutory expertise, paired with our strategic alliance of industry professionals, allows us to successfully identify a customized disposition strategy and transaction structure that ensures maximum value and minimal risk for our clients.

The Michaels Organization Amay Inamdar, Vice President 2245 Texas Drive, Ste. 300, Sugar Land, Texas 77479 ainamdar@themichaelsorg.com The Michaels Organization is a privately-held family of companies dedicated to excellence in affordable, mixed-income, military housing and student housing. Serving over 135,000 residents in 380 communities across 35 states, D.C, and USVI. Our development portfolio valued in excess of $4.5 billion, The Michaels Organization is a national leader in the residential real estate industry, with full service capabilities in development, property/asset management, construction, and mortgage finance and tax credit syndication.

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Wilmington Trust N.A. Stephen McPherson 15950 North Dallas Parkway, Suite 550, Dallas TX 75248 972.383.3161 smcpherson@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 clients and helping them succeed by efficiently delivering trust, agency, and fiduciary solutions, as well as by helping mitigate risk

City of Dallas Housing Finance Corp Booth 42 City of Dallas Housing Finance Karen Schaffner, Manager – City of Dallas Housing Finance Corporation Office of Economic Development, 1500 Marilla 5CS, Dallas, TX 75244 214.670.5390; Karen.schaffner@dallascityhall.com The Dallas Housing Finance Corporation (DHFC) supports the citywide efforts for the public purpose of providing affordable housing for low-to-moderate income persons through ownership opportunities and by facilitating financing for development/re-development of all types of rental housing. DHFC financing includes tax-exempt bonds with 4% tax credits. The DHFC can provide loans as a conduit lender for 9% tax credit applicants.

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Bowen National Research Booth 26

Highland Commercial Mortgage Booth 41

Bowen National Research Patrick M. Bowen, President 155 E. Columbus St., Ste. 220, Pickerington, OH 43147 614-833-9300; patrickb@bowennational.com; www.bowennational.com

Highland Commercial Mortgage Leigh Anne Rula, Marketing Director 242 Inverness Center Drive Birmingham, Alabama 35242 205-250-9010; leighanne@hcmd4.com; www.hcmd4.com

Bowen National Research provides market feasibility studies for a wide range of clients such as developers, syndicators, state agencies, housing authorities and city and county governments.

Our services include residential market analysis for many types of housing (Tax Credit, subsidized, market-rate, for-sale, student, etc.), senior living studies (independent living, congregate care, assisted living, nursing care and HUD 232 LEAN), GIS services with demographic data customized to your needs, and other types of analysis (retail, commercial, housing needs assessments and more).

Highland Commercial Mortgage, is an FHA MAP-Approved Lender & Ginnie Mae Issuer providing loan origination, underwriting, and servicing for multifamily mortgages, affordable housing developments and senior living facilities across the country. We have 35+ years of making your vision a reality.

Brown, Graham & Company, P.C. Booth 27 Brown, Graham & Company, P.C. Jessica Chen, Shareholder/Vice President 13809 Research Blvd, Suite 305, Austin, TX 78750 512-257-8091; jchen@bgc-cpa.com; www.bgc-cpa.com Brown, Graham & Company, P.C. is a Texas based Certified Public Accounting and consulting firm that serves the best interest of our clients and communities. The Austin office has served Public Housing Authorities and Low-income Tax Credit industry for over 22 years. Our professionals are well aware of the specialized needs of the Low-income tax credit, and HUD assisted and insured programs and are thoroughly versed in what it takes to keep you project running smoothly.

Fox Energy Specialists Booth 12 Fox Energy Specialists Jerry Fenchel, Vice President Business Development 3109 Lubbock Avenue, Fort Worth, TX 76109 817-546-0160 x153; jfenchel@foxenergyspecialists.com; www.foxnergyspecialists.com

CenterPoint Energy Mulitfamily Market Transformation Program Booth 43 CenterPoint Energy’s Multifamily Market Transformation Program administered by Frontier Associates Steve Wiese, Director of Implementation Services, Frontier Associates 1515 S Capital of Texas Hwy, Suite 110, Austin TX 78746 512-372-8778 ext. 118; swiese@frontierassoc.com; http://www.centerpointenergy.com CenterPoint Energy offers incentives for energy efficient new and existing, as well as low income and market value, multifamily homes. CenterPoint’s multifamily incentive programs are administered by Frontier Associates, which offers turnkey design, evaluation, implementation and support of a wide variety of innovative energy and water efficiency and renewable energy programs for electric and gas utilities.

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Red Capital Group Booth 57 RED Capital Group Edward J. Meylor - Chairman & CEO 10 West Broad Street, 8th Floor, Columbus, OH 43215 Phone: 614.857.1413; tmeylor@redcapitalgroup.com; redcapitalgroup.com

RED Capital Group, LLC (RED) provides integrated debt and equity capital to the seniors housing and health care, multifamily, affordable, and student housing industries. RED Mortgage Capital, LLC is the nation’s #1 FHA/ HUD MAP and Lean Lender by loan count in HUD FY2016, a leading Fannie Mae DUS® lender and a Freddie Mac small balance lender. RED is a wholly-owned subsidiary of ORIX USA Corporation.

WNC Booth 11 WNC Michael Byrd, Vice President 2340 Lexington Avenue North, St. Paul, Minnesota 55113 651-634-0020; mbyrd@wncinc.com WNC is a leading provider of tax credit investment, asset management, and development services to the nation’s largest corporations and financial institutions, developers, property owners and communities.

Headquartered in Irvine, California, the company maintains offices in 11 states and has partnered with developers in 45 states, the District of Columbia and the U.S. Virgin Islands representing more than 1,300 properties nationwide.

Affordable Housing Partners, Inc. Affordable Housing Partners, Inc. Hunter Botts Vice President, Acquisitions 13241 Whippoorwill Avenue, Baton Rouge, LA 70817 (225)751-6945; hbotts@berkahp.com Berkshire Hathaway Group of Companies Affordable Housing Partners, Inc. (“AHP”) is 100% owned by Berkshire Hathaway, Inc. and acquires low-income housing and historic tax credits for Berkshire Hathaway as a direct investor. AHP is not a syndicator. Therefore, the closing and funding of investment opportunities are not conditioned upon closing with a third party investor. AHP is known for its parent company’s large tax credit investment capacity and for providing flexible investment solutions for its development partners.

Conference Supporter

Fox Energy Specialists, a division of The Nelrod Company, provides energy code and green energy efficiency program consulting, performance testing and field verifications for single family and multi-family projects.

Certified team members are support your needs energy efficient plan review and compliance modeling, IECC inspections, testing, or green programs such as National Green Building Standard (NGBS), ENERGY STAR for Homes, Enterprise Green, and the EPA ENERGY STAR Portfolio Manager program for the HUD MIP program.

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Bowen National Research Booth 26

Highland Commercial Mortgage Booth 41

Bowen National Research Patrick M. Bowen, President 155 E. Columbus St., Ste. 220, Pickerington, OH 43147 614-833-9300; patrickb@bowennational.com; www.bowennational.com

Highland Commercial Mortgage Leigh Anne Rula, Marketing Director 242 Inverness Center Drive Birmingham, Alabama 35242 205-250-9010; leighanne@hcmd4.com; www.hcmd4.com

Bowen National Research provides market feasibility studies for a wide range of clients such as developers, syndicators, state agencies, housing authorities and city and county governments.

Our services include residential market analysis for many types of housing (Tax Credit, subsidized, market-rate, for-sale, student, etc.), senior living studies (independent living, congregate care, assisted living, nursing care and HUD 232 LEAN), GIS services with demographic data customized to your needs, and other types of analysis (retail, commercial, housing needs assessments and more).

Highland Commercial Mortgage, is an FHA MAP-Approved Lender & Ginnie Mae Issuer providing loan origination, underwriting, and servicing for multifamily mortgages, affordable housing developments and senior living facilities across the country. We have 35+ years of making your vision a reality.

Brown, Graham & Company, P.C. Booth 27 Brown, Graham & Company, P.C. Jessica Chen, Shareholder/Vice President 13809 Research Blvd, Suite 305, Austin, TX 78750 512-257-8091; jchen@bgc-cpa.com; www.bgc-cpa.com Brown, Graham & Company, P.C. is a Texas based Certified Public Accounting and consulting firm that serves the best interest of our clients and communities. The Austin office has served Public Housing Authorities and Low-income Tax Credit industry for over 22 years. Our professionals are well aware of the specialized needs of the Low-income tax credit, and HUD assisted and insured programs and are thoroughly versed in what it takes to keep you project running smoothly.

Fox Energy Specialists Booth 12 Fox Energy Specialists Jerry Fenchel, Vice President Business Development 3109 Lubbock Avenue, Fort Worth, TX 76109 817-546-0160 x153; jfenchel@foxenergyspecialists.com; www.foxnergyspecialists.com

CenterPoint Energy Mulitfamily Market Transformation Program Booth 43 CenterPoint Energy’s Multifamily Market Transformation Program administered by Frontier Associates Steve Wiese, Director of Implementation Services, Frontier Associates 1515 S Capital of Texas Hwy, Suite 110, Austin TX 78746 512-372-8778 ext. 118; swiese@frontierassoc.com; http://www.centerpointenergy.com CenterPoint Energy offers incentives for energy efficient new and existing, as well as low income and market value, multifamily homes. CenterPoint’s multifamily incentive programs are administered by Frontier Associates, which offers turnkey design, evaluation, implementation and support of a wide variety of innovative energy and water efficiency and renewable energy programs for electric and gas utilities.

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Red Capital Group Booth 57 RED Capital Group Edward J. Meylor - Chairman & CEO 10 West Broad Street, 8th Floor, Columbus, OH 43215 Phone: 614.857.1413; tmeylor@redcapitalgroup.com; redcapitalgroup.com

RED Capital Group, LLC (RED) provides integrated debt and equity capital to the seniors housing and health care, multifamily, affordable, and student housing industries. RED Mortgage Capital, LLC is the nation’s #1 FHA/ HUD MAP and Lean Lender by loan count in HUD FY2016, a leading Fannie Mae DUS® lender and a Freddie Mac small balance lender. RED is a wholly-owned subsidiary of ORIX USA Corporation.

WNC Booth 11 WNC Michael Byrd, Vice President 2340 Lexington Avenue North, St. Paul, Minnesota 55113 651-634-0020; mbyrd@wncinc.com WNC is a leading provider of tax credit investment, asset management, and development services to the nation’s largest corporations and financial institutions, developers, property owners and communities.

Headquartered in Irvine, California, the company maintains offices in 11 states and has partnered with developers in 45 states, the District of Columbia and the U.S. Virgin Islands representing more than 1,300 properties nationwide.

Affordable Housing Partners, Inc. Affordable Housing Partners, Inc. Hunter Botts Vice President, Acquisitions 13241 Whippoorwill Avenue, Baton Rouge, LA 70817 (225)751-6945; hbotts@berkahp.com Berkshire Hathaway Group of Companies Affordable Housing Partners, Inc. (“AHP”) is 100% owned by Berkshire Hathaway, Inc. and acquires low-income housing and historic tax credits for Berkshire Hathaway as a direct investor. AHP is not a syndicator. Therefore, the closing and funding of investment opportunities are not conditioned upon closing with a third party investor. AHP is known for its parent company’s large tax credit investment capacity and for providing flexible investment solutions for its development partners.

Conference Supporter

Fox Energy Specialists, a division of The Nelrod Company, provides energy code and green energy efficiency program consulting, performance testing and field verifications for single family and multi-family projects.

Certified team members are support your needs energy efficient plan review and compliance modeling, IECC inspections, testing, or green programs such as National Green Building Standard (NGBS), ENERGY STAR for Homes, Enterprise Green, and the EPA ENERGY STAR Portfolio Manager program for the HUD MIP program.

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AGM Financial Services, Inc.

Capital Area Housing Finance Corp.

AGM Financial Services, Inc. Margaret Allen 20 South Charles Street, Suite 1000, Baltimore, MD 21201 mallen@agmfinancial.com Phone: 443.573.2045; www.agmfinancial.com

Capital Area Housing Finance Corporation Jim Shaw 4101 Parkstone Heights Drive, Suite 280, Austin, TX 78746 512.347.9953; jeshaw@cahfc.org www.cahfc.org

The FHA Expert - It’s All We Do! Financing Multi-family Communities with FHA AGM arranges federally insured mortgages for apartment projects under FHA’s MAP (Multifamily Accelerated Processing) program. AGM is also an approved Lender for FHA’s Low Income Housing Tax Credit Pilot Program and is very active in the Rental Assistance Demonstration (RAD) Program firms.

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

We also fill the co-developer/owner role where appropriate. We work with developers, finance team members, and local leaders to create quality, sustainable workforce housing throughout our region.

Alpha-Barnes Real Estate Services, LLC

CMR Risk & Insurance Services, Inc.

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

CMR Risk & Insurance Services, Inc. - Erik Wenstone, ARM 8880 Rio San Diego Drive, Suite 725, San Diego, CA 92108 619.297.3160 x27; ewenstone@cmrris.com www.cmrris.com

Since 2000, Alpha-Barnes Real Estate Services, LLC, has specialized in leasing, managing and ensuring program compliance for affordable apartment properties of all types throughout Texas and Oklahoma.

Presently A-BRES manages over 8,000 HUD-financed and over 18,000 LIHTC units in Texas for over forty clients. The company is headquartered in Dallas with regional offices and staff in Austin and San Antonio.

CMR Risk & Insurance Services, Inc.’s Real Estate Division provides risk management support and insurance program design exclusively for firms in the Real Estate Industry with a unique LIHTC niche.

CMR has developed exclusive LIHTC products including our surety product to protect against credit recapture due to non-compliance after disposition as well as a builder’s risk product that can insure up to one year of the tax credits following a covered loss.

Anderson Development & Construction, LLC

DMA Development Company, LLC

Anderson Development & Construction, LLC Terri Anderson 347 Walnut Grove Lane, Coppell, TX 75019 Phone: (972) 567-4630; Fax: (972) 462-8715

DMA Development Company, LLC Diana McIver, President 4101 Parkstone Heights Drive, Suite 310, Austin, TX 78746 512.328.3232; dianam@dmacompanies.com www.dmacompanies.com

Anderson Development & Construction, LLC is an affiliate of Anderson Capital, LLC and was established in 2011 to facilitate development and construction related activities. For the past 12 years, Anderson Capital has secured over $137,860,000 in 9% housing tax credits as a full service consulting firm assisting clients with the development of over 1,670 affordable housing units with an 80.51 % success ratio. The professionals of Anderson have over 20 years’ experience in the affordable housing industry.

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

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DMA Development Company, LLC has developed 28 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 third party property management services and development consulting services.

Hilltop Securities Inc. Hilltop Securities Inc. Timothy Nelson, Managing Director, Housing Manager 300 West 6th Street, Suite 1940, Austin, TX 78701 512.481.2022; tim.nelson@hilltopsecurities.com www.hilltopsecurities.com Hilltop Securities Inc. is a full service investment banking firm which specializes in providing financial advisory and other services to governmental entities nationwide. For over 70 years, Hilltop Securities Inc. housing professionals have earned a national reputation as trustworthy professionals who are dedicated to unparalleled excellence. In the affordable housing arena, Hilltop Securities Inc. is committed to one mission: provide superior service to housing finance agencies across the State of Texas and across the nation.

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AGM Financial Services, Inc.

Capital Area Housing Finance Corp.

AGM Financial Services, Inc. Margaret Allen 20 South Charles Street, Suite 1000, Baltimore, MD 21201 mallen@agmfinancial.com Phone: 443.573.2045; www.agmfinancial.com

Capital Area Housing Finance Corporation Jim Shaw 4101 Parkstone Heights Drive, Suite 280, Austin, TX 78746 512.347.9953; jeshaw@cahfc.org www.cahfc.org

The FHA Expert - It’s All We Do! Financing Multi-family Communities with FHA AGM arranges federally insured mortgages for apartment projects under FHA’s MAP (Multifamily Accelerated Processing) program. AGM is also an approved Lender for FHA’s Low Income Housing Tax Credit Pilot Program and is very active in the Rental Assistance Demonstration (RAD) Program firms.

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

We also fill the co-developer/owner role where appropriate. We work with developers, finance team members, and local leaders to create quality, sustainable workforce housing throughout our region.

Alpha-Barnes Real Estate Services, LLC

CMR Risk & Insurance Services, Inc.

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

CMR Risk & Insurance Services, Inc. - Erik Wenstone, ARM 8880 Rio San Diego Drive, Suite 725, San Diego, CA 92108 619.297.3160 x27; ewenstone@cmrris.com www.cmrris.com

Since 2000, Alpha-Barnes Real Estate Services, LLC, has specialized in leasing, managing and ensuring program compliance for affordable apartment properties of all types throughout Texas and Oklahoma.

Presently A-BRES manages over 8,000 HUD-financed and over 18,000 LIHTC units in Texas for over forty clients. The company is headquartered in Dallas with regional offices and staff in Austin and San Antonio.

CMR Risk & Insurance Services, Inc.’s Real Estate Division provides risk management support and insurance program design exclusively for firms in the Real Estate Industry with a unique LIHTC niche.

CMR has developed exclusive LIHTC products including our surety product to protect against credit recapture due to non-compliance after disposition as well as a builder’s risk product that can insure up to one year of the tax credits following a covered loss.

Anderson Development & Construction, LLC

DMA Development Company, LLC

Anderson Development & Construction, LLC Terri Anderson 347 Walnut Grove Lane, Coppell, TX 75019 Phone: (972) 567-4630; Fax: (972) 462-8715

DMA Development Company, LLC Diana McIver, President 4101 Parkstone Heights Drive, Suite 310, Austin, TX 78746 512.328.3232; dianam@dmacompanies.com www.dmacompanies.com

Anderson Development & Construction, LLC is an affiliate of Anderson Capital, LLC and was established in 2011 to facilitate development and construction related activities. For the past 12 years, Anderson Capital has secured over $137,860,000 in 9% housing tax credits as a full service consulting firm assisting clients with the development of over 1,670 affordable housing units with an 80.51 % success ratio. The professionals of Anderson have over 20 years’ experience in the affordable housing industry.

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

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DMA Development Company, LLC has developed 28 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 third party property management services and development consulting services.

Hilltop Securities Inc. Hilltop Securities Inc. Timothy Nelson, Managing Director, Housing Manager 300 West 6th Street, Suite 1940, Austin, TX 78701 512.481.2022; tim.nelson@hilltopsecurities.com www.hilltopsecurities.com Hilltop Securities Inc. is a full service investment banking firm which specializes in providing financial advisory and other services to governmental entities nationwide. For over 70 years, Hilltop Securities Inc. housing professionals have earned a national reputation as trustworthy professionals who are dedicated to unparalleled excellence. In the affordable housing arena, Hilltop Securities Inc. is committed to one mission: provide superior service to housing finance agencies across the State of Texas and across the nation.

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J. Allen Management Company, Inc.

Pedcor Investments, LLC

J. Allen Management Company, Inc. Joshua W. Allen Sr., President 1390 Broadway Street, Beaumont, TX 77701 409.833.8947; josh@jallenmgmt.com www.jallenmanagement.com

Pedcor Investments, A Limited Liability Company Phillip J. Stoffregen, COO/Executive Vice President PH: (317) 587-0343 pjstoffy@pedcor.net; www.pedcorcompanies.com

JAMC is a fully integrated management firm in business since 1981, specializing in managing troubled multi-family properties. JAMC also provides consulting service to real estate investment owners. JAMC has expertise in making initial assessments and developing comprehensive plans to bring properties in compliance with all housing, building codes, and compliance with all governmental regulations. The staff’s experience includes management of conventional, Section 8, Public Housing, Tax Credit, and commercial properties.

KWA Construction, LP KWA Construction, LP 16800 Westgrove Drive, Suite 300, Addison, TX 75001 (214) 978-0177; info@kwaconstruction.com www.kwaconstruction.com KWA Construction is a Dallas based construction firm specializing in multifamily developments. As general contractors, our team of experts has developed a reputation for being among the best in our industry. Founded in 2004, KWA Construction serves from a foundation of values created and realized by each individual who works in our organization. We strive for excellence throughout every process to ensure clients receive the greatest value at the right cost, every time. kwaconstruction.com

M Group, LLP M Group, LLP Michael Martin, Managing Partner 515 W. Southlake Blvd., Suite 150, Southlake, TX 76092 817.865.1360; mmartin@mgrouptx.com www.mgrouptx.com M Group, LLP is a full service public accounting firm specializing in real estate and the affordable housing industry. For over 15 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.

Mason Joseph Company, Inc. Mason Joseph Company, Inc. David Joseph, Executive Vice President 211 N. Loop 1604 E. Suite 140 San Antonio, TX 78232 210.402.6161; david@masonjosephco.com www.masonjosephco.com Mason Joseph Company, Inc. is an FHA MAP lender providing financing for the market rate and affordable housing industries. Based in San Antonio with an additional production and underwriting office in Fort Worth, MJC offers construction, rehabilitation, refinance and acquisition financing for multifamily properties throughout the southwest. In fiscal year 2016, MJC was the top originator of FHA insured loans as well as 221(d)(4) new construction loans in Texas.

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Founded in 1987, Pedcor has become one of the nation’s largest developers of Section 42 LIHTC rental housing, vertically integrated with in-house development, financing, management, construction, architectural, engineering, accounting, IT and legal capabilities. Pedcor has developed/redeveloped 21,123 units and currently manages 17,515 units including 14,019 LIHTC units. Active in 18 states, Pedcor specializes in large scale 4% tax-exempt bond financing having raised over $1.1 billion in debt and $714 million in LIHTC equity.

Ryan Companies US, Inc. Ryan Companies US, Inc. David Knoll, Director of Development 111 Congress Avenue, Suite 1850, Austin, TX 78701 512.493.5908; david.knoll@ryancompanies.com www.ryancompanies.com Ryan Companies is a leading national commercial real estate firm offering integrated design-build, development and real estate management services to customers. Over the past 80 years, Ryan has been involved in a variety of projects across the United States. Our experience spans the full range of commercial product types and includes a significant portfolio of market rate and affordable apartment developments.

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Stifel, Nicolaus & Company, Incorporated Stifel, Nicolaus & Company, Incorporated Cody N. Wilson, Managing Director 3630 Peachtree Road NE, Suite 400, Atlanta, GA 30326 wilsonco@stifel.com Stifel, Nicolaus & Company, Incorporated (“Stifel”) is a publicly held financial services company that provides a leading platform of investment banking and securities services. Founded in 1890, the firm is headquartered in St. Louis, Missouri and has offices in over 45 states and nearly 7,100 employees.

Stifel was the #1 ranked underwriter of affordable housing bonds in 2016, based on the number of issues brought to market. Our leadership position and constant market involvement give us the greatest level of insight and allow us to provide the most innovative ideas to our clients.

Stonehenge Capital Company LLC Stonehenge Capital Company LLC Whitney Little LaNasa, Director 236 Third Street, Baton Rouge, Louisiana, 70801 Phone: (225)408-3265 (direct) Email: wllanasa@stonehengecapital.com; Website: www.stonehendgecapital.com Stonehenge is a national specialty finance company with expertise in structured tax credit finance in the areas of affordable housing/low-income housing tax credits, brownfield remediation, community development (federal and state new markets tax credits), digital animation, historic rehabilitations, motion picture/film productions, and renewable energy. For projects generating tax credits, Stonehenge provides unique financing and monetization solutions for almost any type of tax credit incentive, from the simplest of projects to the most complex, highly technical tax credit transactions.

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J. Allen Management Company, Inc.

Pedcor Investments, LLC

J. Allen Management Company, Inc. Joshua W. Allen Sr., President 1390 Broadway Street, Beaumont, TX 77701 409.833.8947; josh@jallenmgmt.com www.jallenmanagement.com

Pedcor Investments, A Limited Liability Company Phillip J. Stoffregen, COO/Executive Vice President PH: (317) 587-0343 pjstoffy@pedcor.net; www.pedcorcompanies.com

JAMC is a fully integrated management firm in business since 1981, specializing in managing troubled multi-family properties. JAMC also provides consulting service to real estate investment owners. JAMC has expertise in making initial assessments and developing comprehensive plans to bring properties in compliance with all housing, building codes, and compliance with all governmental regulations. The staff’s experience includes management of conventional, Section 8, Public Housing, Tax Credit, and commercial properties.

KWA Construction, LP KWA Construction, LP 16800 Westgrove Drive, Suite 300, Addison, TX 75001 (214) 978-0177; info@kwaconstruction.com www.kwaconstruction.com KWA Construction is a Dallas based construction firm specializing in multifamily developments. As general contractors, our team of experts has developed a reputation for being among the best in our industry. Founded in 2004, KWA Construction serves from a foundation of values created and realized by each individual who works in our organization. We strive for excellence throughout every process to ensure clients receive the greatest value at the right cost, every time. kwaconstruction.com

M Group, LLP M Group, LLP Michael Martin, Managing Partner 515 W. Southlake Blvd., Suite 150, Southlake, TX 76092 817.865.1360; mmartin@mgrouptx.com www.mgrouptx.com M Group, LLP is a full service public accounting firm specializing in real estate and the affordable housing industry. For over 15 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.

Mason Joseph Company, Inc. Mason Joseph Company, Inc. David Joseph, Executive Vice President 211 N. Loop 1604 E. Suite 140 San Antonio, TX 78232 210.402.6161; david@masonjosephco.com www.masonjosephco.com Mason Joseph Company, Inc. is an FHA MAP lender providing financing for the market rate and affordable housing industries. Based in San Antonio with an additional production and underwriting office in Fort Worth, MJC offers construction, rehabilitation, refinance and acquisition financing for multifamily properties throughout the southwest. In fiscal year 2016, MJC was the top originator of FHA insured loans as well as 221(d)(4) new construction loans in Texas.

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Founded in 1987, Pedcor has become one of the nation’s largest developers of Section 42 LIHTC rental housing, vertically integrated with in-house development, financing, management, construction, architectural, engineering, accounting, IT and legal capabilities. Pedcor has developed/redeveloped 21,123 units and currently manages 17,515 units including 14,019 LIHTC units. Active in 18 states, Pedcor specializes in large scale 4% tax-exempt bond financing having raised over $1.1 billion in debt and $714 million in LIHTC equity.

Ryan Companies US, Inc. Ryan Companies US, Inc. David Knoll, Director of Development 111 Congress Avenue, Suite 1850, Austin, TX 78701 512.493.5908; david.knoll@ryancompanies.com www.ryancompanies.com Ryan Companies is a leading national commercial real estate firm offering integrated design-build, development and real estate management services to customers. Over the past 80 years, Ryan has been involved in a variety of projects across the United States. Our experience spans the full range of commercial product types and includes a significant portfolio of market rate and affordable apartment developments.

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Stifel, Nicolaus & Company, Incorporated Stifel, Nicolaus & Company, Incorporated Cody N. Wilson, Managing Director 3630 Peachtree Road NE, Suite 400, Atlanta, GA 30326 wilsonco@stifel.com Stifel, Nicolaus & Company, Incorporated (“Stifel”) is a publicly held financial services company that provides a leading platform of investment banking and securities services. Founded in 1890, the firm is headquartered in St. Louis, Missouri and has offices in over 45 states and nearly 7,100 employees.

Stifel was the #1 ranked underwriter of affordable housing bonds in 2016, based on the number of issues brought to market. Our leadership position and constant market involvement give us the greatest level of insight and allow us to provide the most innovative ideas to our clients.

Stonehenge Capital Company LLC Stonehenge Capital Company LLC Whitney Little LaNasa, Director 236 Third Street, Baton Rouge, Louisiana, 70801 Phone: (225)408-3265 (direct) Email: wllanasa@stonehengecapital.com; Website: www.stonehendgecapital.com Stonehenge is a national specialty finance company with expertise in structured tax credit finance in the areas of affordable housing/low-income housing tax credits, brownfield remediation, community development (federal and state new markets tax credits), digital animation, historic rehabilitations, motion picture/film productions, and renewable energy. For projects generating tax credits, Stonehenge provides unique financing and monetization solutions for almost any type of tax credit incentive, from the simplest of projects to the most complex, highly technical tax credit transactions.

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Texas State Affordable Housing Corporation (TSAHC) Texas State Affordable Housing Corporation 2200 E. Martin Luther King Jr. Boulevard, Austin, TX 78702 Phone: 512-477-3555; Email: ddanenfelzer@tsahc.org www.tsahc.org The Texas State Affordable Housing Corporation is a statewide nonprofit created at the direction of the Texas Legislature. We help build and preserve affordable housing through financing programs such taxexempt bonds, lines of credit and land banking and land trusts services. TSAHC also offers owners and property management companies with services such as multifamily compliance reviews, property staff training, and file reviews. Visit www.tsahc.org to learn more.

Volunteers of America Volunteers of America Patrick Sheridan, Executive Vice President, Housing 1660 Duke Street, Alexandria, VA 22314 Phone: 703-341-5095 Email: psheridan@voa.org; www.voa.org Since 1896, Volunteers of America has supported and empowered America’s most vulnerable groups, dedicated to helping those in need rebuild their lives and reach their full potential. Through our hundreds of human service programs, including housing and healthcare, Volunteers of America touches the lives of more than 2 million people in over 400 communities in 46 states as well as the District of Columbia and Puerto Rico each year.

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Hotel Key Card BOK Financial Booth 5 Pamela M Black, CCTS/SVP Regional Corporate Trust Manager Phone: 817-348-5797; Cell: 817-889-2889; pblack@bokf.com Lisa E Albers, SVP Community Development Phone: 918-588-6420; lalbers@bokf.com BOK Financial is one of the top 25 U.S. based banks. It offers a wide range of services to the affordable housing industry, including successor trustee, bond trustee, custody, paying agent and escrow agent from our Corporate Trust group and an array of debt (construction and permanent) and equity solutions from our Community Development group. BOK Financial offers strength and stability with a personal approach to develop customized client solutions.

Conference Bag Sponsor JLL Capital Markets John Sabatier, Executive Vice President 28050 US Hwy 19 N., Suite 500, Clearwater, FL 33761 +1 (727) 437-4913; John.sabatier@am.jll.com www.us.jll.com/multifamily

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JLL is a full-service global provider of capital solutions for real estate investors and occupiers. Our U.S. Capital Markets specialists completed $56 billion in sales and finance transactions in 2016. As one of the nation’s largest multifamily agency lenders(1), we execute comprehensive multifamily services for your property’s capital needs. We maintain strong relationships with Fannie Mae, Freddie Mac and HUD/ GNMA. Our dedicated affordable housing team completed over $1.2 billion in deals in 2016.

(1)Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.​

Charging Stations Sponsor BBVA Compass Booth 66 Ken L. Overshiner Senior Vice President - Community Development Capital 713-966-2303; Cell 346-228-2394 Ken.Overshiner@bbva.com BBVA Compass is a Sunbelt-based financial institution that operates 657 branches. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 5th nationally in the total number of SBA loans originated in fiscal year 2016. Additional information about BBVA Compass can be found at www.bbvacompass.com. For more BBVA Compass news, follow @BBVACompassNews on Twitter or visit newsroom.bbvacompass.com.

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Texas State Affordable Housing Corporation (TSAHC) Texas State Affordable Housing Corporation 2200 E. Martin Luther King Jr. Boulevard, Austin, TX 78702 Phone: 512-477-3555; Email: ddanenfelzer@tsahc.org www.tsahc.org The Texas State Affordable Housing Corporation is a statewide nonprofit created at the direction of the Texas Legislature. We help build and preserve affordable housing through financing programs such taxexempt bonds, lines of credit and land banking and land trusts services. TSAHC also offers owners and property management companies with services such as multifamily compliance reviews, property staff training, and file reviews. Visit www.tsahc.org to learn more.

Volunteers of America Volunteers of America Patrick Sheridan, Executive Vice President, Housing 1660 Duke Street, Alexandria, VA 22314 Phone: 703-341-5095 Email: psheridan@voa.org; www.voa.org Since 1896, Volunteers of America has supported and empowered America’s most vulnerable groups, dedicated to helping those in need rebuild their lives and reach their full potential. Through our hundreds of human service programs, including housing and healthcare, Volunteers of America touches the lives of more than 2 million people in over 400 communities in 46 states as well as the District of Columbia and Puerto Rico each year.

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Hotel Key Card BOK Financial Booth 5 Pamela M Black, CCTS/SVP Regional Corporate Trust Manager Phone: 817-348-5797; Cell: 817-889-2889; pblack@bokf.com Lisa E Albers, SVP Community Development Phone: 918-588-6420; lalbers@bokf.com BOK Financial is one of the top 25 U.S. based banks. It offers a wide range of services to the affordable housing industry, including successor trustee, bond trustee, custody, paying agent and escrow agent from our Corporate Trust group and an array of debt (construction and permanent) and equity solutions from our Community Development group. BOK Financial offers strength and stability with a personal approach to develop customized client solutions.

Conference Bag Sponsor JLL Capital Markets John Sabatier, Executive Vice President 28050 US Hwy 19 N., Suite 500, Clearwater, FL 33761 +1 (727) 437-4913; John.sabatier@am.jll.com www.us.jll.com/multifamily

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JLL is a full-service global provider of capital solutions for real estate investors and occupiers. Our U.S. Capital Markets specialists completed $56 billion in sales and finance transactions in 2016. As one of the nation’s largest multifamily agency lenders(1), we execute comprehensive multifamily services for your property’s capital needs. We maintain strong relationships with Fannie Mae, Freddie Mac and HUD/ GNMA. Our dedicated affordable housing team completed over $1.2 billion in deals in 2016.

(1)Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.​

Charging Stations Sponsor BBVA Compass Booth 66 Ken L. Overshiner Senior Vice President - Community Development Capital 713-966-2303; Cell 346-228-2394 Ken.Overshiner@bbva.com BBVA Compass is a Sunbelt-based financial institution that operates 657 branches. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 5th nationally in the total number of SBA loans originated in fiscal year 2016. Additional information about BBVA Compass can be found at www.bbvacompass.com. For more BBVA Compass news, follow @BBVACompassNews on Twitter or visit newsroom.bbvacompass.com.

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Monday AM & PM Refreshment Break Sponsor

Bank of America Merrill Lynch Booth 1 Valerie A. Williams, SVP,Relationship Manager 901 Main Street, 20th Floor, Dallas, TX 75202-3714 214.209.3219; valerie.a.williams@baml.com; www.bankofamerica.com/community

Rainbow Housing Assistance Corporation Flynann Janisse, Executive Director 3120 W Carefree Hwy, Ste 1-246, Phoenix, AZ 85086 (602) 903-1843; fjanisse@rainbowhousing.org; www.rainbowhousing.org

As you work to transform lives and communities, connect with more than 30 years of community development experience, expertise and commitment at Bank of America Merrill Lynch. Whether you need tax-credit investments, flexible lending or other financial services, we can help you move projects to completion. We’ve committed $1.5 trillion to community development over the last 10 years, and our unique business model includes the nation’s first, largest and most active bank-owned Community Development Corporation Goodman Manufacturing Company, L.P. Booth 37 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 more than 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.

Wilmington Trust N.A. Booth 22 Stephen McPherson 15950 North Dallas Parkway, Suite 550, Dallas TX 75248 972.383.3161; smcpherson@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 clients and helping them succeed by efficiently delivering trust, agency, and fiduciary solutions, as well as by helping mitigate risk.

Big Bag Giveaway Lancaster Pollard & Co. David Lacki 65 East State St., 16th Floor, Columbus, OH 43215 (614) 224-8800; dlacki@lancasterpollard.com http://www.lancasterpollard.com

Rainbow Housing Assistance Corporation is a nonprofit organization which provides service-enriched housing programs for residents of rental housing communities throughout the country. Offering services, which focus on community and promote the self-sufficiency of the residents, have been proven to increase the financial viability of multifamily assets. Rainbow’s award-winning services are structured in such a way to perform for any population or demographic, preserving quality, affordable housing for those who need it most.

Tuesday Keynote Luncheon Sponsor Chase Booth 19 David H. Saling, Executive Director/Senior Commercial Banker 221 West Sixth Street, Floor 2, Austin, TX 78701 512.479.2218; david.h.saling@chase.com; www.chase.com/cdb

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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

Wednesday Brunch Sponsor Gardner Capital Development Booth 2 Michael C. Gardner, Principal 2501 N. Harwood Rd., Suite #1501 Dallas, TX 75201 Direct: 314.561.5901; Cell: 214.842.0215; Fax: 314.963.9995 Email: michael@gardnercapital.com Gardner Capital Development: Developing Partnerships, Building Communities, Changing Lives Gardner Capital owns and operates several businesses throughout the United States, specifically focusing on housing and renewable energy development, investment and syndication of tax credits.

Gardner has invested more than $1 billion of equity to provide affordable housing in over 50 communities.

The principals, Mark Gardner and Michael Gardner, continue to expand the national footprint of renewable energy, market rate housing, affordable housing, private equity and construction management services with nine offices and staff across the United States.

Lancaster Pollard provides creative financing options for affordable housing developers to fund new construction, moderate to substantial capital improvements, acquisition or refinance. Our finance options include FHA mortgage insurance, Fannie Mae multi-family special affordable housing programs, taxable and tax-exempt bonds, with or without enhancement, and USDA guaranteed loans. We serve both nonprofit and for-profit developers/owners and are able to integrate multiple sources of funding.

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Bank of America Merrill Lynch Booth 1 Valerie A. Williams, SVP,Relationship Manager 901 Main Street, 20th Floor, Dallas, TX 75202-3714 214.209.3219; valerie.a.williams@baml.com; www.bankofamerica.com/community

Rainbow Housing Assistance Corporation Flynann Janisse, Executive Director 3120 W Carefree Hwy, Ste 1-246, Phoenix, AZ 85086 (602) 903-1843; fjanisse@rainbowhousing.org; www.rainbowhousing.org

As you work to transform lives and communities, connect with more than 30 years of community development experience, expertise and commitment at Bank of America Merrill Lynch. Whether you need tax-credit investments, flexible lending or other financial services, we can help you move projects to completion. We’ve committed $1.5 trillion to community development over the last 10 years, and our unique business model includes the nation’s first, largest and most active bank-owned Community Development Corporation Goodman Manufacturing Company, L.P. Booth 37 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 more than 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.

Wilmington Trust N.A. Booth 22 Stephen McPherson 15950 North Dallas Parkway, Suite 550, Dallas TX 75248 972.383.3161; smcpherson@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 clients and helping them succeed by efficiently delivering trust, agency, and fiduciary solutions, as well as by helping mitigate risk.

Big Bag Giveaway Lancaster Pollard & Co. David Lacki 65 East State St., 16th Floor, Columbus, OH 43215 (614) 224-8800; dlacki@lancasterpollard.com http://www.lancasterpollard.com

Rainbow Housing Assistance Corporation is a nonprofit organization which provides service-enriched housing programs for residents of rental housing communities throughout the country. Offering services, which focus on community and promote the self-sufficiency of the residents, have been proven to increase the financial viability of multifamily assets. Rainbow’s award-winning services are structured in such a way to perform for any population or demographic, preserving quality, affordable housing for those who need it most.

Tuesday Keynote Luncheon Sponsor Chase Booth 19 David H. Saling, Executive Director/Senior Commercial Banker 221 West Sixth Street, Floor 2, Austin, TX 78701 512.479.2218; david.h.saling@chase.com; www.chase.com/cdb

Specialty Sponsor

Specialty Sponsor

E X H I B I T O R

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

Wednesday Brunch Sponsor Gardner Capital Development Booth 2 Michael C. Gardner, Principal 2501 N. Harwood Rd., Suite #1501 Dallas, TX 75201 Direct: 314.561.5901; Cell: 214.842.0215; Fax: 314.963.9995 Email: michael@gardnercapital.com Gardner Capital Development: Developing Partnerships, Building Communities, Changing Lives Gardner Capital owns and operates several businesses throughout the United States, specifically focusing on housing and renewable energy development, investment and syndication of tax credits.

Gardner has invested more than $1 billion of equity to provide affordable housing in over 50 communities.

The principals, Mark Gardner and Michael Gardner, continue to expand the national footprint of renewable energy, market rate housing, affordable housing, private equity and construction management services with nine offices and staff across the United States.

Lancaster Pollard provides creative financing options for affordable housing developers to fund new construction, moderate to substantial capital improvements, acquisition or refinance. Our finance options include FHA mortgage insurance, Fannie Mae multi-family special affordable housing programs, taxable and tax-exempt bonds, with or without enhancement, and USDA guaranteed loans. We serve both nonprofit and for-profit developers/owners and are able to integrate multiple sources of funding.

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SPECIAL THANKS TO THIS YEAR’S GOLF SPONSORS Mike Lankford Memorial Golf Tournament 2017 Bank of America Merrill Lynch Galaxy Builders LTD Tropicana Building Corp.

CohnReznick Affordable Housing Partners, Inc. Pedcor Companies Monarch Private Capital Novogradac & Company LLP Arnall Golden Gregory LLP Boston Financial Investment Management, LP Commercial Insurance Solutions Highland Commercial Mortgage LDG Development Alliant City Real Estate Advisors (CREA) GrindAll Hettig Kahn Development Stoneleaf Companies Todd Kercheval Texas Ranch Brokers

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Award Sponsor Sign Sponsor Breakfast Sponsor Refreshment Cart Hole In One Sponsor Closest to Pin Eagle Sponsor Flag Sponsor Birdie Sponsor Birdie Sponsor Golf Cart Sponsor Birdie Sponsor Birdie Sponsor Hole Sponsor Hole Sponsor Hole Sponsor Hole Sponsor Hole Sponsor Hole Sponsor Hole Sponsor

The Nation’s Largest Provider of Resident Services

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 your

community apart from the competition

 Increase your

lease closing ratio

 Offer residents

of all ages regularly scheduled educational and supportive

programs  Enhance

relationships between Management Staff and your residents

 Improve renewal

rates

 Decrease vandalism  Improve financial

performance of a property

 Meet compliance

requirements

STIFEL WAS RANKED THE #1 NATIONAL UNDERWRITER OF MULTIFAMILY HOUSING BONDS FOR 2016* A LEADING INVESTMENT BANK SPECIALIZING IN AFFORDABLE HOUSING FINANCE Stifel, Nicolaus & Company, Incorporated, founded and headquartered in St. Louis, Missouri, in 1890, is a subsidiary of Stifel Financial Corp., a publicly held company traded on the New York Stock Exchange. Stifel has long established itself as a leading underwriter of multifamily housing bonds.

Over the years, Stifel has demonstrated a leadership position in the structuring and marketing of multifamily housing securities. As a national leader in multifamily housing finance, we help our clients achieve strategic objectives through comprehensive investment banking services, in-depth housing sector knowledge, debt structuring, and trading expertise.

EXPERTISE INCLUDES ■ Bonds secured by FHA-insured mortgages

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

Stifel’s National Multifamily Housing Rankings for 2011-2016 Year

Rank

# of Issues

2016

1

53

2015

1

44

2014

1

41

2013

1

27

2012

2

26

2011

1

29

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Fannie Mae and Freddie Mac credit-enhanced bonds

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Private Placements

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Collateralized short-term multifamily housing bonds

MONTGOMERY

Standard & Poor’s and Moody’s project rated multifamily housing bonds

John B. Rucker III Managing Director (334) 834-5100 ruckerj@stifel.com

Fred W. (“Ty”) Tyson Director (334) 834-5100 tysont@stifel.com

ATLANTA

SEATTLE

Cody N. Wilson Managing Director (404) 504-2785 wilsonco@stifel.com

Daniel E. Dill Managing Director (425) 455-8122 dilld@stifel.com

■

VISIT US USAT ATBOOTH BOOTH#28 #33 VISIT

RANKINGS As noted by the chart below, Stifel (including its acquired Merchant Capital Division) was the #1 ranked underwriter of multifamily housing bond issues for five of the past six years, based on the number of issues brought to market. Experience matters, and accordingly, we have underwritten more multifamily housing issues than any other firm in the nation during that time period.

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Multifamily housing bond securitization transactions

■

501(c)(3) bond financings

■

Rental Assistance Demonstration (RAD) program bonds

■

USDA Rural Development pooled bond financings

■

Section 8 secured multifamily housing bonds

Stifel, Nicolaus & Company, Incorporated | Member SIPC & NYSE | www.stifel.com

The data presented includes transactions effected and matters conducted by Stifel, Merchant Capital LLC (acquired by Stifel Financial Corp. in 2014).

FOR MORE INFORMATION, CONTACT: William (“B.J.”) Biggio Associate (334) 834-5101 biggiow@stifel.com David A. Dill Director (425) 455-8122 daviddill@stifel.com *Source: Thomson Reuters

THE TEXAS AFFILIATION OF AFFORDABLE HOUSING PROVIDERS

CohnReznick is an independent member of Nexia International

TEXAS AFFORDABLE 2 0 1 7 T E X A S

HOUSING

A F F O R D A B L E

MAGAZINE ISSUE 8 - 2017

H O U S I N G M A G A Z I N E