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NAHMA Announces Winners of Its 28th Annual Poster/Calendar Contest


The National Affordable Housing Management Association (NAHMA) recently judged its 28th annual “AHMA Drug-Free Kid” poster art and calendar contest. Nearly 5,000 children, elderly/disabled and special needs residents of NAHMA- and AHMA-member affordable housing communities nationwide participated in the contest. Winning artwork will be featured in a 2015 calendar available for sale through NAHMA and the AHMAs (Affordable Housing Management Associations).

This year’s contest theme was one of celebration: “Join the Dance of Life: Celebrate Music, Arts and Crafts.”

The contest’s grand-prize winner is Jennifer Lauzon, an eighth grader from Fall River, MA. Her artwork will appear on the cover of NAHMA’s 2015 calendar. She will also receive an all-expenses-paid trip to Washington, D.C., for NAHMA’s annual Fall meeting in October, as well as a scholarship of $2,500 from the NAHMA Educational Foundation. Other national winners whose artwork will appear in the 2015 calendar receive scholarships of $1,000 from the NAHMA Foundation, which also awards Honorable Mentions $100 scholarships.

The original winning artwork will also be auctioned for sale at the NAHMA Fall meeting, and proceeds from the auction will support the NAHMA Educational Foundation’s scholarship program. Through its program, the NAHMA Educational Foundation awards scholarships and encourages children, teens and adults to set goals, emulate good role models, and live a drug-free lifestyle.

To view the list of winners, click on the link below.

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Tax Issues and Tax Reform


"Section 8 PBV Rule Mixed Results for LIHTC"

Congress


"Senate Confirms Julian Castro as HUD Secretary"

State and Local Activities


"Colorado Revives LIHTC Program, Plans to Direct Funds to Flood-Affected Areas"
"Chicago Sets Up Affordable Housing Task Force"

Green Building


"Phasing in Neighborhood Developments"
"Sustainable Low-Income Housing Built in Tennessee"

Market and Program Trends


"Investor Demand Fuels LIHTC Market"

Industry Trends


"9 Ways the Lack of Affordable Housing Is Hurting America"

Association News


NAHMA Announces 2014 Affordable 100 List
NAHMA Announces 2014 Vanguard Award Winners
NAHMA Announces Entry Deadlines for 2014 Communities of Quality Awards Submissions
Record Year for NAHMA Scholarship Program
SHCM Blended Learning Series Coming this Fall!
Become a Specialist in Housing Credit Management® (SHCM®) Company!


Tax Issues and Tax Reform


Section 8 PBV Rule Mixed Results for LIHTC
Lexology (07/03/14) Steelman, Danwa

The June 25 publication by the U.S. Department of Housing and Urban Development (HUD) of its rule for the Housing and Economic Recovery Act of 2008's (HERA) revisions to the Section 8 tenant-based voucher and Section 8 project-based voucher (PBV) programs is a mixed blessing for the low-income housing tax credit (LIHTC) sector. On the one hand, the rule implements the HERA provision allowing the PBV contract initial rent to be considered a floor rent, which many LIHTC investors require. On the other hand, the rule may extend the Davis-Bacon wage rates to projects that previously satisfied the definition of “existing housing” under the PBV program. Davis-Bacon wage rate requirements have previously been applicable only to projects that require prior to closing an agreement to enter into a Housing Assistance Payments (HAP) contract. Examples include projects that constitute either new construction or substantial rehabilitation of a project that is non-compliant with the Section 8 Housing Quality Standards. The new rule suggests Davis-Bacon wage rates are applicable to existing housing. “However, construction, including rehabilitation work, performed in connection with the initial placement of a project under a PBV HAP contract constitutes development of the project and is subject to Davis-Bacon wage rates where the project contains nine or more assisted unit,” the preamble notes. Moreover, the owner certification requirements say “repair work performed after HAP execution within such post-execution period as specified by” HUD may be deemed development activity, which revises the previous owner certification language. If HUD determines repair work to be development activity, then Davis-Bacon wage requirements are applicable. Although the rule permits the PBV contract initial rent to be considered a floor rent, which is positive for the LIHTC industry, the changes to Davis-Bacon wage requirements and existing housing may impose an extra financial burden on LIHTC projects that cannot afford those costs.
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Congress


Senate Confirms Julian Castro as HUD Secretary
Wall Street Journal (07/10/14) P. A4 Light, Joe

San Antonio Mayor Julian Castro will succeed Shaun Donovan as HUD secretary. The Senate confirmed Castro on a 71-26 vote. His confirmation was widely expected, and some GOP senators even backed Castro. He faces the challenge of providing support to a housing market that is recovering but still has pockets of weakness. Castro also must tackle the issue of overhauling or replacing Fannie Mae and Freddie Mac. President Barack Obama called Castro "a proven leader, a champion for safe, affordable housing and strong, sustainable neighborhoods."
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State and Local Activities


Colorado Revives LIHTC Program, Plans to Direct Funds to Flood-Affected Areas
Novogradac Journal of Tax Credits (07/14) Vol. 05, No. 7 Dockery, Jennifer

After a lapse of more than 10 years, the state of Colorado again has a low-income housing tax credit (LIHTC) program. Affordable housing stakeholders in the state hope to develop more than 800 affordable housing units and use the credit as a tool for recovery in flood-ravaged areas. Colorado state Rep. Crisanta Duran, along with state Sen. Jessie Ulibarri, introduced the LIHTC program as part of House Bill 1017, which includes changes to a housing investment trust fund and housing development grant fund along with the LIHTC program. The legislation authorizes a LIHTC program for two years: 2015 and 2016, and provides a credit equal to 30 percent of a property’s qualified basis. The credit is claimed over six years but can be carried forward for 11 years. The program will make available $5 million each year. The state credit has been bifurcated from the federal credit, which allows developers who receive both credits to find different investors for the state and federal credits. Properties do not need to receive federal LIHTCs to qualify for the credits
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Chicago Sets Up Affordable Housing Task Force
Associated Press (07/21/14)

Chicago Mayor Rahm Emanuel's administration has created a task force to increase the number of affordable housing units citywide. This task force will be comprised of community leaders, City Council members, developers, and others. They will be tasked with making recommendations for changes in Chicago's Affordable Requirements Ordinance that will lead to the addition of at least 1,000 new affordable housing units over the next five years. The task force is part of Emanuel's five-year plan to commit $1.3 billion in public and private funds to construct, rehabilitate, or preserve 40,000 units of affordable housing. Task force members will issue their recommendations by the end of this year.
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Green Building


Phasing in Neighborhood Developments
EDC Magazine (07/01/14) Vol. 17, No. 7, P. 34 Teal, Derrick

When the Housing Authority of the City of Milwaukee (HACM) came to the conclusion that its Westlake housing development was nearing the end of its useful life, the city decided that three elements needed to be at the core of its replacement: community, sustainability, and healthy living. To achieve this end the project team of Torti Gallas and Partners, Kindness Architecture + Planning, and Hunzinger Construction Company, aided by Sustainable Building Solutions, settled on LEED for Neighborhood Development (LEED-ND) to guide construction. The new development, Westlake Gardens, is now home to 250 affordable housing units in a mix of individual homes and apartments. The LEED-ND Silver certified development is also home to the first LEED for Homes Platinum certified residence in Milwaukee and 14 "Healthy Homes" units that are specially designed for residents with asthma and respiratory illness. This last is important in a community with among the highest asthma rates in Wisconsin. HACM's Warren Jones says the difference between Westlake Gardens and the remaining portions of the older development is, "comparable to the black and white portion and the color portion of the Wizard of Oz. It is a stark contrast of color, design, and functionality."
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Sustainable Low-Income Housing Built in Tennessee
Jetson Green (06/28/14) Walsh, Christine

Fairmont Avenue Townhomes are sustainable, low-income housing built for the Chattanooga, Tenn., housing authority by Hefferlin + Kronenberg Architects. The LEED Platinum-certified homes were funded by the U.S. Department of Housing and Urban Development after winning a nationwide competition between housing authorities. The project has 18 two-story homes ranging from 1,103 to 1,383 square feet that are well connected to local amenities and three all-weather pedestrian paths. Although a large hill to the south of the site meant some units could not support solar panels, there are 189 photovoltaic solar panels that provide 10 percent of the power needed for the units. The units were sited for maximum passive solar heating and cooling, and open space. The roofs are high albedo, or standing seam metal made with 25-percent recycled materials for durability and heat deflection. A cistern collects rainwater from the roofs for use in the sprinkler system, which waters native plantings in the landscaping.
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Market and Program Trends


Investor Demand Fuels LIHTC Market
Affordable Housing Finance (07/01/14) Kimura, Donna

Strong investor activity continues to steer the low-income housing tax credit (LIHTC) market this year. In San Francisco, a key Community Reinvestment Act (CRA) market, LIHTCs have commanded as much as $1.18 per dollar of credit, according to reports. Deals in other CRA regions are also seeing prices well above a dollar. At the multi-investor level, the median tax credit price increased four cents, from 89 cents to 93 cents between April 2013 and April 2014. During that same period, yields should have declined about 30 basis points based on the increase in pricing, but yields went down only by about 10 basis points, notes Fred Copeman at CohnReznick’s Tax Credit Investment Services Group. He adds that syndicators have strived to keep yields above 7 percent, but a few syndicators have said they plan to offer 6.75 percent deals. Joe Hagan at National Equity Fund says he has seen prices average between 91 cents and 94 cents. For developers, the strong prices are helping make up for the loss of other important housing funds, such as HOME dollars, says Hagan.
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Industry Trends


9 Ways the Lack of Affordable Housing Is Hurting America
Housing Wire (07/17/14) Garrison, Trey

A new study from Enterprise Community Partners offers a broad overview of what is known about the impact of stable and affordable housing on factors ranging from household stability to economic security, education, and healthcare. “The research is increasingly clear that a place to call home is vital to national progress across sectors, from health and education to our economy and neighborhoods,” says Enterprise's Tiffany Manuel. “It's essential to increase investment in innovations, products, and programs that tackle critical housing issues.” The study taps research from about 100 industry reports and academic studies, contributing to an expanding body of evidence showing the beneficial effects of affordable housing on individuals, families, and communities. Among the study's observations is that access to affordable housing would provide critical stability for some 19 million low-income U.S. households paying more than half of their income on housing, and reduce the risk that vulnerable families become homeless. In addition, Enterprise warns that housing instability can imperil children's educational success as well as the health of children and adults Moreover, high housing costs leave low-income families with few funds for other important expenses, leading to difficult budget tradeoffs. The report stresses that greater investment in innovations, products, and programs that address critical housing issues is imperative. Enterprise is convinced the study's findings demonstrate the need to grow the existing affordable rental housing stock and to safeguard housing incentive programs such as the Low Income Housing Tax Credit.
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Association News


NAHMA Announces 2014 Affordable 100 List

NAHMA recently announced its 2014 Affordable 100, a list of the 100 largest affordable multifamily property managers, ranked by affordable unit counts. The list is available at NAHMA’s website via the link below, as well as in the June issues of Affordable Housing Finance magazine and Units magazine.

The NAHMA website version of the list also includes the next 20 largest multifamily property management companies, for a total list presenting the top 120. In addition, the NAHMA website version presents two specialty lists -- the 25 largest housing credit (LIHTC) property management companies, and the 25 largest Rural Development program property management companies. The NAHMA website also provides the listed management companies with the option to include hyperlinks to their own corporate websites, so web visitors can quickly and easily find out more information on a particular company.

The Affordable 100 was created in an effort to accurately determine the size of the portfolio of affordable multifamily units receiving federal subsidy in the United States. It lists affordable units containing at least one of following federal subsidies: HUD Project-based Section 8, Section 42 LIHTC, HOME funds, bonds and USDA Section 515.
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NAHMA Announces 2014 Vanguard Award Winners

For the fifth year, the NAHMA is pleased to announce the winners of its annual Affordable Housing Vanguard Awards. These awards recognize newly developed or significantly rehabbed affordable multifamily housing communities that showcase high quality design and resourceful financing. The excellence exhibited throughout these multifamily developments belies the notion that affordable housing cannot be assets to their communities. Vanguard Award winners deliver powerful proof that affordable housing done well can transform neighborhoods as well as the lives of individual residents.

The award:
* Demonstrates that exceptional new affordable housing is available across the country;
* Demonstrates that the affordable multifamily industry is and must be creative and innovative if such exceptional properties are to be built given the financial and other challenges to development;
* Highlights results of the private-public partnerships required to develop today’s affordable housing; and
* Shares ideas for unique design and financing mechanisms with industry practitioners to further stimulate creative development in the affordable multifamily industry.

There were four winners in four categories of the 2014 Vanguard Awards. They are:

Vanguard Award for New Construction:
Large Property (over 100 units):
Hunters View, San Francisco, CA. Management Company: The John Stewart Company; Owner: San Francisco Housing Authority, San Francisco, CA

Small Property (under 100 units):
Village at Westerly Creek (Building 1), Aurora, CO. Management Company: The Housing Authority of the City of Aurora; Owner: VWC1, LLLP, Aurora, CO

Vanguard Award for Major Rehab of an Existing Rental Housing Community:
Hudson Oaks, Pasadena, CA. Management Company and Owner: Abode Communities, Los Angeles, CA

Vanguard Award for Major Rehab of Historic Structure:
Loft Five50, Lawrence, MA. Management Company: Winn Managed Properties, LLC; Owner: MM Lawrence Limited Partnership, Boston, MA

For more details, click on the link below.
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NAHMA Announces Entry Deadlines for 2014 Communities of Quality Awards Submissions

The submission deadline for entries to the National Affordable Housing Management Association’s (NAHMA) 2014 Communities of Quality Awards program is Nov. 7, 2014. The Communities of Quality Awards recognize outstanding property management companies providing the highest quality of safe, affordable multifamily rental housing in communities across the country.

To enter the 2014 Communities of Quality (COQ) Awards competition, a property must first apply for and achieve National Recognition as a NAHMA Community of Quality with a minimum score of 325 points on its National Recognition Application. The deadline for submitting an application to a local AHMA to become a Nationally Recognized Community of Quality in time to also submit an awards entry is Sept. 8, 2014.

NAHMA is also pleased to announce that this year’s COQ Awards program will be jointly sponsored by HD Supply Multifamily Solutions, a leading supplier of maintenance and renovation products to the multi-housing industry, and Navigate Affordable Housing Partners, a leading provider of consulting and development services to public housing authorities and HUD’s Section 8 PBCA for Alabama, Mississippi, Virginia and Connecticut.

For more details, click on the link below.
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Record Year for NAHMA Scholarship Program

After receiving a record number of scholarship applications, the NAHMA Educational Foundation announced the names of the 2014 NAHMA Scholars on June 18th during the annual Summer Meeting, held in Denver, Colorado.

Sixty-seven highly successful student residents were selected from a rigorous field of worthy applicants. This is the largest number of scholarship recipients ever selected in a single year. Each of the 67 scholars will receive a $2,500 award for a total of $167,500 to be awarded by the NAHMA foundation for the upcoming school year. The monetary total is also a single-year record for the foundation. In the program’s eight-year history, the foundation has now awarded 338 scholarships worth more than $519,000.

"The foundation is extremely proud to be able to offer this much assistance to so many outstanding students living in AHMA member apartment communities across the country,” said NAHMA Educational Foundation Chairperson Wayne Fox at the meeting. “We set records this year with the number of scholarships granted and the total amount of money to be disbursed. We were also able to pass the half-million-dollar milestone for money awarded over the history of the program in 2014. The foundation is sincerely appreciative of all the donors who continue to support this wonderful program."

Students from 10 different AHMAs living in 20 different states, the District of Columbia and the U.S. Virgin Islands received scholarships. For more details, click on the link below.
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SHCM Blended Learning Series Coming this Fall!

Take advantage of this convenient, affordable way to prepare to earn the Specialist in Housing Credit Management (SHCM) certification. Each webinar will last for approximately two hours, followed by a question-and-answer period for attendees.
• The cost for the course, including the SHCM exam, is $549 for members and $599 for non members.
• Individual Webinars can be purchased at $99 each.

Webinar dates are:
September 4
September 11
September 18
September 24
Each webinar will begin at 12:00 eastern.

To register, click on the link below.
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Become a Specialist in Housing Credit Management® (SHCM®) Company!

The three national associations sponsoring the Specialist in Housing Credit Management® certification program invite your company to become a Specialist in Housing Credit Management® (SHCM®) Company, a corporate designation created specifically to honor management companies that successfully maintain a significant portion of their properties and staff to the high standards of the SHCM certification program. The SHCM program, developed especially for management companies involved with properties developed and operated under the Low Income Tax Credit (LIHTC) program, is sponsored by the National Affordable Housing Management Association (NAHMA), the National Apartment Association Education Institute (NAAEI), and LeadingAge (formerly AAHSA, the American Association of Housing and Services for the Aging).

Earning the SHCM Company® designation publicly demonstrates that a company is among the finest managers of LIHTC housing in the industry.

For more details on how to become a SHCM Company, click on the link below.
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July 2014