Bay State Apartment Owner 1Q 2011

First Quarter 2011

Low-Income Housing Tax Credit Program

BOOMING AGAIN,

How Long?

But For

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COVER First Quarter 2011

Low-Income Housing Tax Credit Program

BOOMING AGAIN,

How Long?

But For

Bay State Apartment Owner is the official publication of the Rental Housing Association. ©2011 The Warren Group Inc. and the Rental Housing Association. All rights reserved. The Warren Group is a trademark of The Warren Group Inc. No part of this publication may be reproduced in any manner without the express written consent of the publisher.

RHA Officers President: President Elect: Secretary: Executive Director:

A division of the Greater Boston Real Estate Board One Center Plaza, Mezzanine Level Boston, MA 02108 Phone: 617-423-8700 Fax: 617-338-2600

Richard Henken Karen Fish-Will Lynn Bora John E. Lafferty

Housing Tax Credit Market Rebounds from Recession

After taking a beating in the recession, low-income housing tax credits are back in big way. Industry experts hope the program, which enjoys widespread support, is back for good, despite concerns over the federal deficit.

08

Cover: Ten Fifty B, an affordable housing development in San Diego, developed with a low-income housing tax credit in partnership with Boston Capital.

Above: The finished exterior of Fulton School Residences, a renovation and re-use project that turned the historic Alice Fulton School in Weymouth into affordable housing for seniors.

Contents

Published By

Chairman CEO & Publisher President Group Publisher & Editor in Chief

Finance & Administration Controller / Director of Operations

Editorial Custom Publications Editor Associate Editor

Advertising & Circulation Publishing Division Sales Manager Advertising Account Manager Advertising, Marketing & Events Coordinator Design & Production Creative Director Senior Graphic Designer Graphic Designer

280 Summer Street, Boston, MA 02210 Phone: 617-428-5100 Fax: 617-428-5118 www.thewarrengroup.com Timothy M. Warren Timothy M. Warren Jr. David B. Lovins Vincent Michael Valvo

Jeffrey E. Lewis

President’s Message

04

Feature

05

Executive Director’s Message

06

Photo Gallery

11

RHA Calendar

13

A Three-Fold Mission: Advocacy, Education and Networking Keeping a Good Thing Going: New Leadership Stands United for RHA, GBREB It is Not Too Late, but it is Never Too Early

Christina P. O’Neill Cassidy Norton Murphy George Chateauneuf Mark Schultz Emily Torres John Bottini Scott Ellison Ellie Aliabadi

RHA President’s Awards Dinner

President’s Message

By Richard J. Henken

A Three-Fold Mission: Advocacy, Education and Networking

T

ime and time again, you will hear us speak of the three primary missions of the Rental Housing Association. As your 2011 president, I wanted to take this opportunity to share my thoughts and perhaps offer a different take on “the big three.”

Advocacy Advocacy is not exclusively about the RHA pleading your case and stating the industry’s demands. Yes, we must testify on Beacon Hill and we must actively protect our interest before regulators and municipal officials.

However, for the RHA, effective advocacy begins by creating opportunities to meet, interact, and agree and disagree; ultimately preserving or advancing the interest of industry in a transparent and collaborative manner.

For many years, the industry had what could only be described as an uneven relationship with one of the Commonwealth’s largest quasi-public housing finance agencies. About two years ago we were invited by the agency to participate in a dialogue to address the basics of how we interact on the day-today business level. Over a two-year period and close to a dozen meetings, our input and our partners’ receptivity resulted in change to a number of operating policies, which made good business sense for the industry and improved operations for the agency.

From that success has emerged a new relationship of more open, less confrontational dialogue. And while we may agree to disagree on some issues, we are now in a much better position to express and to have the agency hear and respond to our side of an issue. We continue to meet, serve as a sounding board, and move our relationship, and advocacy, forward.

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Bay State Apartment Owner • First Quarter 2011

Last year, the RHA put new emphasis on the Greater Boston Real Estate Board’s political action committee, another example of how we are working to begin advocacy early in the game. The PAC allows us to support those officials whose position on housing and related issues tend to be more closely aligned with those of the industry.

By building that relationship early, before polarizing positions are taken on important issues, we are able to begin and then maintain an open dialogue that allows each side to state its case, and respond to the concerns of the other.

Advocacy at RHA is about building the relationships that not only allow our position to be heard, but also ensures that those hearing our position give it due consideration.

It is based on establishing long term, transparent and mutually respectful relationships with not only our allies, but also those who yet may be.

Education Education is another basic.

Classroom and on-line learning covering both National Apartment Association Education Institute, as well as a locally developed curriculum, provide us with the opportunity to invest in our staff.

We are all familiar with the association’s proven and effective program of delivering relevant education programs.

There are several other ways in which the RHA provides its members with an education.

Through the monthly newsletter and quarterly magazine, the RHA educates its members with alerts on regulatory issues, profiles of industry leaders, stories on trends in development, sales and financing, and timely reminders of upcoming events and programs.

Through our committee work, at board meetings – in fact, whenever two or more RHA members get together – there is always an

exchange of information. This exchange occurs because we are affiliated through our membership in the RHA, with common goals of improving the industry and enhancing our ability to deliver quality rental housing to all sectors of the economy.

Networking The third part of our mission is delivering meaningful networking opportunities. These opportunities must occur at many levels: between our vendors and industry members, between peers, and vertically within membership groups. Examples abound, including our Red Sox and Celtics outings, golf events, and receptions prior to the awards dinner and following the fall conference.

Networking occurs every time we meet. Very often the students, our next generation of leaders, make career-long acquaintances with their peers from other companies during RHA education programs.

The same can be said for our fall conference, where networking between peers and vertically through companies is abundant.

Networking is also an important part of our advocacy efforts. We are constantly reaching out beyond the RHA in search of experts, allies and those with similar interests to help leverage the effectiveness of our advocacy efforts. New relationships become new resources.

By taking a slightly different perspective on the way the RHA delivers its core services, it is amazing to see how they overlap, complement and reinforce on another. The mission of the RHA is advocacy, education and networking. The strength of the RHA is in the many ways we deliver on that mission. n Richard J. Henken is president of Schochet Associates/Federal Management Co., Inc. and 2011 president of the Rental Housing Association.

By Cassidy Norton Murphy

Keeping a Good Thing Going:

New Leadership Stands United for RHA, GBREB

T

his year will no doubt bring new challenges and improvements to the housing and financial landscapes of Boston and beyond, and two new leaders are ready to help usher in those changes at the Rental Housing Association and the Greater Boston Real Estate Board.

James Canfield, the 2011 chairman of GBREB, has been with McCall & Almy, a leading independent commercial real estate brokerage firm in Boston, since it was founded in 1990. He began as a real estate advisory representative with the commercial real estate branch of the firm, and is now the executive vice president and principal. He joined GBREB in 1992, and was the president of the Real Estate Finance Association in 2004. He currently resides in Scituate with his wife, three children and two dogs.

Canfield sees many benefits to membership in GBREB and its five divisions. “It’s a great way to network,” he said. “Each division does a great job educating its membership on industry trends, and as an educated membership, we have the ability to influence public policy through our political action committees.”

It’s his goal as this year’s chairman of GBREB to continue the mission of education, networking and advocacy, he said, including expanding the association’s government affairs activity and hosting a major new association event. The event will provide opportunities for socializing and networking, as well as opening GBREB to a new form of community interaction: philanthropy.

“We hope to raise some significant donations to a charitable organization,” he said, which will most likely take the form of a GBREB scholarship fund to help underprivileged children in Boston and suburban communities.

While advancing with those efforts, he also hopes to increase the interaction within and across the five divisions. With 8,000 members, the divisions combined can do more

together than they can separately.

Canfield hopes to develop a new database of all of the members of each division, and to “improve membership and better serve the members we have through technology.” The database has been in the works for some time, but GBREB is now in a financial position to accomplish it, he said.

Richard Henken, the 2011 president of the Rental Housing Association, is more than willing to help Canfield accomplish those goals.

Henken was asked to get involved in the RHA because of his affordable housing experience. He joined Schochet Associates/Federal Management Co., Inc., in the mid-1980s, left for a few years and rejoined the company in 1997. He is now the companies’ president, and resides

Richard Henken 2011 President of the Rental Housing Association

James Canfield 2011 Chairman of the Greater Boston Real Estate Board

in Dover with his wife, Sarah, and two children. Sarah’s father was the founder of Schochet Associates, which focuses on real estate development and acquisition, while Federal Management is a wholly-owned property management firm. The companies have “a long, proud history of creating really good development in New England,” Henken said, including some of the very early HUD and Section 8 projects.

A small but significant portion of RHA’s membership is involved in continued on page 13

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Executive Director’s Message

by John E. Lafferty

It is Not Too Late, But it is Never Too Early

I

t’s hard to believe we are already into the second quarter of 2011. As I wrote this article almost two months ago, we were hoping for a February that would be more gentle to our snow removal budgets (or deficits) after the incredible series of January storms. Unfortunately, February started with a combina-

tion of snow and ice. We gazed longingly at the skies, searching for some sun, hoping to get some relief. Well, we got some sun and warmth, which melted the earlier snows, only to have it refreeze in a seemingly permanent mantle reminiscent of Siberia. Looking ahead meant finding a dry spot to place your foot when stepping off the curb.

Despite the weather and its attendant malaise, RHA members were looking ahead to insure they

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Bay State Apartment Owner • First Quarter 2011

did not miss out on some great opportunities. The booth selection process for the 2011 RHA Fall Conference and Expo, Sept. 27, 2011, at the Hynes Convention Center in Boston, began in earnest in February. Of the 65 booths then available, over 45 had been committed. If you are a vendor member of the RHA who would like to get in front of local, regional and national owners and mangers, the Fall Conference is the place to be. And while it is not too late to get your name on the prospective exhibitor list, it is never too early to get your booth request and deposit in before we post the “sold out” sign.

It is not too late to be registering your staff for the May 2011 RHA Spring Marketing Event, either. This perennial favorite attracts hundreds of marketing and management staff for a fast-paced, action-packed series of brainstorming sessions. The program, facilitated by a nationally-recognized marketing expert along with senior marketing and management executives from RHA member companies, offers solutions to the problems our site staff face every day, energizing them and giving them new tools to bring their site to a higher level of excellence. Another big draw to the Marketing Event is the opportunity to network with peers throughout the industry, and to learn how others are facing and mastering the same challenges we face.

From June 23 to 25, RHA members will be attending the National Apartment Associa-

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tion’s Education Conference and Exposition at the Mandalay Bay Resort and Convention Center in Las Vegas. The sooner you register, the more you will save. Over 5,500 multifamily professionals come together for three days of the best professional development training in the industry. This year’s event boasts world-class session speakers, more than 30 education sessions and 300 suppliers demonstrating the latest products and services for the industry.

It is never too early to be thinking about the RHA social events.

The Red Sox versus Detroit game in May, the spring golf event at LeBaron Hills in Lakeville in June, and fall golf at Meadow Creek Golf Club in Dracut, all offer great networking opportunities. For vendors members wishing to sponsor one or more of the events, do not wait until it is too late to secure a sponsorship opportunity.

So, as your thoughts turn from snow blowers to lawn mowers and from ice melt to Miracle-Gro®, remember, it is not too early to be thinking about next fall and winter. Maintenance Mania® will be upon us in late October. The 2011 RHA President’s Awards Dinner is slated for Dec. 1. If you are planning to attend, don’t wait to put these events in your calendar. And if you are planning to support the RHA with a sponsorship, please don’t delay and run the risk of missing a great opportunity. n

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Ten Fifty B, an affordable housing development in San Diego, developed with a low-income housing tax credit in partnership with Boston Capital.

The Fulton School Residences, a renovation and re-use of the historical Alice Fulton School in Weymouth, was completed in 2009 by the Stratford Capital Group. The project yielded 63 apartments units, all of which are affordable housing for seniors. It was partially financed though a low-income tax credit from the Massachusetts Department of Housing and Community Development.

The exterior of Capen Court Apartments in Somerville, a 95-unit development for seniors, developed with a low income housing tax credit deal in partnership with Boston Capital.

The Brown School Residences in Peabody, an adaptive re-use and renovation of the historic Old Brown School, by the Stratford Capital Group. The project, which also included the construction of a new, four-story building, created 61 apartments for seniors, all of which are affordable. The residences were partially financed by a low-income housing tax credit.

8

Bay State Apartment Owner • First Quarter 2011

housing tax credit market FROM

RECESSION

By Linda Goodspeed

A

fter a dramatic falloff in 2008 and 2009, the low-income housing tax credit (LIHTC), the nation’s most important housing production program, is roaring back.

But is the comeback too soon, too quick and too strong? And with all the talk in Washington about deficit reduction, is anything – even a job-creator like LIHTC – sacred?

The low-income housing tax credit began in 1986 as a way to encourage private development of lowincome housing. Despite its complexity, the program thrived, and Congress made the credits permanent in 1993. Each year, individual state financing agencies receive an allotment of credits based on population. They then award those credits to developers through a competitive process.

“There tend to be three to four applications for every deal that is awarded credits,” said Bob Moss, senior vice president and director of originations at Boston Capital, a large institutional investor in LIHTCs. “It’s a very oversubscribed and competitive process.”

Developers can use the credits to build singlefamily, multi-family, new or rehabbed affordable rental housing. They can use the credits in combination with other federal tax incentives, such as historic preservation credits. Since 1986, LIHTCs have been used to build some 2.5 million units of housing for low-income, disabled and elderly people.

“On an annual basis, the credits create or preserve about 100,000 apartments each year,” said Jay Segel, senior vice president at Stratford Capital Group in Peabody, an investor and developer of multifamily housing. “It is a proven program.”

Not only is it the most successful housing production program in history, it is also one of the safest investments out there.

“Less than one-tenth of 1

percent of those units have defaulted,” Moss said.

“They outrank every other category of real estate in the country in terms of performance.”

“The properties developed with the low-income tax credit are as close to risk-free investments as you get,” Segel agreed. “They are well-underwritten projects with generally low levels of debt. It’s a good way for investors to deploy equity.”

Perfect Storm Despite their low risk, LIHTCs got caught up in the housing collapse and subsequent economic meltdown. One major reason was the lack of diversity in the investor market for the credits. By the fall of 2007, Fannie Mae and Freddie Mac, the two large quasi-governmental agencies, were buying nearly 40 percent of LIHTCs. Large banks that got an additional Community Reinvestment Act (CRA) benefit from the credits were buying most of the rest. By now, we know what happened to those two investors: Fannie and Freddie collapsed, the banks caught the “toxic paper” virus, and stopped lending and investing. With yields on the credits plummeting, other investors stayed away, as well.

“It’s a supply and demand issue,” Segel said. “Investors look at this business like any line of business: ‘Where can I best allocate my funds?’ When yields became depressed in 2008 and 2009 to very low, single-digit levels, a lot of investors stepped back.”

In an effort to spur continued development of affordable housing, Congress used the stimulus act of

The properties developed with the lowincome tax credit are as close to risk-free investments as you get.

First Quarter 2011

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Bay State Apartment Owner

9

2009 to create a tax exchange program that allowed states to exchange some of their credits for cash that could be awarded directly to developers, avoiding the syndication process. The strategy was only partially successful.

“What was left for equity capital for tax credits was driven largely by CRA, mainly those areas on the East and West Coasts,” Moss said. “Without a lot of CRA areas in the middle, vast parts of the country became known as ‘flyover’ states.”

Recovery

By January 2010, as the economic recovery began to take hold and companies started making money again, investment interest in LIHTCs perked up.

“Companies started to look at their projected profits and the need for tax offsets,” Moss said. “And the yields the syndication community was providing to those investors were superior to any other form of investment.”

But is there too much demand? Is the LIHTC comeback too quick, too strong?

“There’s been a very fast uptick in pricing that is being paid for this tax credit,” Segel said. “It means yields come down very fast. We’re not at the point where investors are leaving the market, but there is concern that if there is much more compression on yields, we might see some of those investors who were enticed a year ago to come into the market by double digit returns leave.”

Moss admits the market has heated up very quickly, but remains optimistic.

“We are dependent on alternatives,” he said. “If alternatives like 10-year Treasuries become more appetizing, we’ll see more capital flow there. But 10year Treasuries have been down for some time. The yields we are providing on tax credits are between 8 and 9 percent.”

Even “flyover” states are sharing in the boom,

attention to this business,” Segel said. “Everybody’s thrilled this market has opened up to new investors.”

Gregory Brown, vice president of government affairs at the National Apartment Association, says there are proposals to open up the investor pool even further.

“There are some proposals on the table that would make LIHTCs more attractive to individual investors,” Brown said. “Currently, the investors are almost entirely dominated by corporate investors.

That is almost a 180-degree turn from when the credits started. In 1986, individual investors made up the bulk of the investor pool. They evolved to be dominated by corporations. One proposal would change the law to make the credits more attractive to individual investors.”

Future There are a lot questions left unanswered: Will yields hold? Will demand outstrip supply? Will Congress reduce the credits in the interest of budget reduction?

Brown says the fiscal environment in Congress is very challenging and uncertain. But he also noted that the LIHTC program has widespread support.

“There is still a need for affordable housing, and the LIHTC is the only production program for affordable housing,” he said. “There’s really nothing else out there.”

Supporters also point to the broader economic impact of the LIHTC program. According to the National Homebuilders Association, for every 100 units of housing built with LIHTCs, 120 to 130 jobs are created.

“It’s been the best stimulus program for 25 years,” Moss said. “It’s a steady job producer for the trades, suppliers. Many of the properties have to meet green building standards. It has wide economic impact.”

He said the annual cost to the federal government of the LIHTC is $6 billion, “but when you subtract job production, taxes and other economic benefits, the net cost of the program is only $600 million.”

“We are a tax expenditure that has stimulus to it,” he said.

Despite the uncertainty, most expect the LIHTC market to remain attractive.

“It’s certainly becoming a much more competitive environment,” Segel said.

“But there is a lot of opportunity for those willing to spend time underwriting the deal, getting to know markets, and working with sponsors and developers with a solid track record and capacity to bring deals to completion.” n

There is still a need for affordable housing, and the LIHTC is the only production program for affordable housing. There’s really nothing else out there.

Moss said: “We just put an equity offer on a property in Montana, and the developer has four other companies bidding on the same deal.”

The boom is also attracting a more diverse pool of investors. With the exception of Fannie and Freddie, most of the pre-2008 investors are back in, plus some new ones, including supermarket chains and consumer goods manufacturers.

“Historically, those folks have not paid much

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Bay State Apartment Owner • First Quarter 2011

Linda Goodspeed is a freelance writer. She can be reached at lrgoodspeed@comcast.net.

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continued from page 5

affordable housing. Henken chaired RHA’s Affordable Housing Committee and assisted in MassHousing’s business re-engineering exercise, the “Chairman’s Challenge.”

“We had a very frank and candid discussion, and, working together, were able to effect all kinds of positive changes,” he said. “Those efforts continue today.”

Henken was the 2010 secretary of the Rental Housing Association, and as such he would have followed the president-elect and vice president in the succession to leadership of the organization. However, unexpected business conditions resulted in a significant out-of-state travel burden being imposed upon the presidentelect and the unexpected relocation of the vice-president. Henken, without hesitation, expressed his willingness to step into the void and provide a smooth transition for the association, becoming the 2011 president of RHA. He is fully engaged in the leadership of RHA and has plenty of goals he would like to accomplish this year.

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“We started talking several years ago about how to market membership [in the RHA] to younger folks coming up in the industry, ways to get them more involved,” he said.

“The trade shows are very well attended: we would like to take some more concrete steps to bring the next generation of industry leaders into the fold.”

As for the RHA’s partnership with GBREB, Henken wants to see more “cross-pollination and fraternization across the divisions,” he said. “When people think of GBREB, they think of it as a division of parts instead a whole. Each organization is very strong individually, and I’d like to see GBREB be just as strong.”

“It’s a question of making small changes to continue to improve on a good thing, and making a good thing even better,” he said. n Cassidy Norton Murphy is associate editor of custom publications for The Warren Group, publisher of Bay State Apartment Owner.

June 8 Spring Golf Outing LeBaron Hills, Lakeville, Mass.

June 23 – 25 2011 National Apartment Association Education Conference and Exposition Mandalay Bay Hotel and Casino, Las Vegas September 27 Rental Housing Association Fall Conference and Expo Hynes Convention Center, Boston October 3 Rental Housing Association Fall Golf Outing Meadow Creek Golf Club, Dracut October 20 National Apartment Association Maintenance Mania® The Lantana, Randolph, Mass.

For more information regarding upcoming RHA programs and events, please visit www.gbreb.com/rha.

First Quarter 2011

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Bay State Apartment Owner

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Bay State Apartment Owner • First Quarter 2011

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P Reception Sponsor P Silver Sponsor P Bronze Sponsor P Pref. Par 3 Tent Sponsor P Par 3 Tent Sponsor

City, State, Zip: _____________________________________________________________________________________

(2 available) Includes 10 x 10 tent with a 6 foot table for promotional items on ‘closest to the hole’ par 3 hole, hole sign and ‘closest to the hole’ signage at reception (Five employees per tent)

Par 3 Tent Sponsor

P Gold Sponsor P Putting Green Sponsor P Registration Sponsor P Driving Range Sponsor P Lunch Sponsor

$1,550*

NON PLAYER SPONSORSHIP OPPORTUNITIES Preferred Par 3 Tent Sponsor

REGISTRATION

Company: _________________________________________________________________________________________

Includes one foursome, hole sign and company name displayed at event

Bronze Sponsor (unlimited)

SCRAMBLE FORMAT 11:30 a.m. – 12:45 p.m. Registration & Cook-Out Lunch 1:00 p.m.

Shotgun Start 5:30 – 8:00 p.m.

Cocktail Reception & Prizes

$350*

GOLF ONLY

Single Golfer (Includes Dinner)

$375*

Reception/Dinner Only

$100*

* indicates RHA member price. Non-members call for pricing (617 399 7860.)

Address: __________________________________________________________________________________________

Phone: ___________________________________Email: __________________________________________________ Golfers’ Names and Company (Attach a separate sheet if necessary):

___________________________________________________________________________________________________ ____________________________________________________________________________________________________ ____________________________________________________________________________________________________ PAYMENT METHOD

P Check Enclosed (Payable to RHA)

P AmEx P MasterCard P VISA P Discover Total Enclosed:____________________________________________________________________________________

Name on Card: _____________________________________________________________________________________ Card #: _________________________________________________________________________ Exp. Date: _________ Return completed form with payment to RHA Golf Outing, One Center Plaza, Mezzanine Suite, Boston, MA 02108; or fax to 617-338-2600. Please use this form as your invoice.

Questions: jcooke@gbreb.com. _____ Check here if you require special accommodations to fully participate. Please attach a written description of your needs.

$500 CASH PRIZE Courtesy of GOLD Sponsors

Each golfer at outing will be entered into the cash prize drawing.

You must be present at the reception to win!

Managing to the way Success Bay State Apartment Owner follows the news and trends affecting the booming rental industry in Massachusetts.

With innovative and informative articles focused on owners, property managers and vendors in the rental profession, this publication is a must-read within the industry.

To reserve adverTising space call 617.896.5344 or e-mail cusTompubs@Thewarrengroup.com

PuBliSher Of BAnker & TrAdeSMAn