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CohnReznick January

NAHMA 2013 Winter Meeting Registration is Open

The NAHMA 2013 Winter Meeting registration is open -- register by Feb. 1, 2013 to take advange of early-bird discount registration fees.

The meeting, which serves as NAHMA’s annual Legislative Issues Forum, is scheduled for March 24-26 at the Fairmont Washington, 2401 M St NW, Washington, DC.

NAHMA’s Communities of Quality Awards Luncheon featuring keynote presenter (HUD Deputy Secretary Maurice Jones is invited) is scheduled for Monday, March 25, at 12:00–1:30 pm. In addition, the annual NAHMA Industry Awards ceremony will be held on Monday, March 25, at 6:30-7:45 pm, and the NAHMA Educational Foundation Poster Auction and Reception (rescheduled from the cancelled Fall meeting) will be held on Sunday, March 24, at 6:00-7:45 pm.

For agenda, registration and hotel information, click on the link below.
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Tax Issues and Tax Reform

"Gap in Housing Tax Subsidies Has Narrowed in Recent Budgets"
"2013 Brought New Tax for Some Real-Estate Investors"


"LIHTC’s 50-50 Outlook"
"Guest Commentary: AHTCC Response to 'LIHTC in Jeopardy'"

State and Local Activities

"Cities Need Investment to Thrive"

HUD-Related Activity

"HUD Rolls Out Program to Preserve Affordable Housing"
"HUD Sets 2013 Rent & Income Limits for Section 8 and Low-Income Housing Tax Credit (LIHTC) Programs"
"HUD Awards $26 Million to Convert Apartments Into Special Seniors Housing"

Green Building

"Affordable Housing Complex Earns LEED Platinum for 'Deep Energy' Retrofit"
"Affordable Housing Briefs: Green Building"

Industry Trends

"Continuing Financial Woes, LIHTC Prices Affect Interest in TEBs"
"Study Shows Federal Housing Program Helps Lowest Income Tenants"
"Apartment Rents Continue to Rise as Vacancies Fall"
"Top 10 Affordable Housing Trends of 2012"
"EPA Study Reveals Shift in Housing Developments Across USA"
"Equity Pricing Correction on Way"

Association News

NAHMA Announces 2013 Affordable Housing Vanguard Award Program Details and Deadline
NAHMA Announces 2012 National Communities of Quality® Award Winners
NAHMA Announces 2012 Industry Award Winners
Honored for Leadership in Affordable Housing

NAHMA and NAA to Collocate National Education Conferences in June 2013
NAHMA Offers Green Housing Management Publication

Tax Issues and Tax Reform

Gap in Housing Tax Subsidies Has Narrowed in Recent Budgets
Novogradac Journal of Tax Credits (01/13) Vol. 4, No. 1 Novogradac, Michael J.

Under the Congressional Budget Act of 1974, the president must release estimates of federal tax-revenue loss attributable to special exclusions, exemptions, or deductions from gross income, or attributable to a special credit, rate, or deferral of liability. Estimates of loss in federal tax revenue for 2013 through 2017 indicate that homeownership subsidies will surpass rental subsidies by more than 19 to one. Rates of U.S. homeownership have fallen from a peak level of nearly 70 percent in 2004. As of 2010, the national homeownership rate is 66.9 percent. For 2013-2017, federal tax expenditures that subsidize rental housing using the cash basis measure include $39.3 billion for low-income housing tax credits (LIHTC), and $7.7 billion in interest exclusion on rental housing bonds, generating $47 billion in rental housing subsidies. A smaller gap between homeowner subsidies and rental housing subsidies is generally due to falling interest rates and lower home prices. The relatively small amount of subsidy for rental housing in the tax code means it is less likely to be eliminated. The LIHTC ranks 27th in projected revenue effect among income tax expenditures in the FY 2013 proposed budget. The LIHTC volume cap could be reduced as part of tax reform, but this would not be necessary for deficit reduction and tax reform, as the tax expenditure cost of the LIHTC could cost less under certain tax reform proposals, even with an unchanged volume cap. The affordable housing community should clarify the philosophical difference between tax expenditures with direct social impacts and those with spillover social impacts.
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2013 Brought New Tax for Some Real-Estate Investors
Wall Street Journal (01/03/13) Pruitt, A.D.

Those who receive rental income from apartment units and other property will be hit with an investment surtax of 3.8 percent that took effect on New Year's Day. The so-called Medicare tax was passed as part of 2010's Affordable Healthcare Act and is not expected to affect real estate firms or those who work full-time managing a property portfolio. Rather, the levy will hit such high-earning professionals as physicians, attorneys, and others who have full-time jobs but invest in real estate for the purpose of side income. The Medicare tax generally applies to income received from rental properties for single individuals whose net income exceeds $200,000, and $250,000 for married couples. A nuance of the code applies the tax to either a person's net investment income or the amount the adjusted gross income exceeds these thresholds, whichever is less.
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LIHTC’s 50-50 Outlook
Apartment Finance Today (01/13) Kimura, Donna

Without action from the affordable-housing industry, the low-income housing tax credit (LIHTC) has less than a 50-percent chance of survival, said Terri Ludwig, president and CEO of Enterprise Community Partners Investors, at the AHF Live conference in Chicago. There, developers were asked to show their LIHTC developments to Congress members and to generate support for the LIHTC program and advocate its preservation. In discussing the outlook for the equity market going into 2013, experts noted that several key banks are nearing the end of their regular three-year Community Reinvestment Act exam cycles, after which they may reduce investing. The market has also seen the departure of economic buyers. While 2009 saw rising yields and an influx of insurance firms investing in housing credits, more recent years have seen the price of credits increase and yields decrease, prompting insurance companies to retreat. Development costs are another problem for the industry, as federal and local funding for affordable housing are being cut in many locations. The cost of developments is also generating more scrutiny.
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Guest Commentary: AHTCC Response to 'LIHTC in Jeopardy'
Apartment Finance Today (12/12) Whiting, Jeffrey A.

The Affordable Housing Tax Credit Coalition (AHTCC) has been working with Congress to try to enhance and sustain the low-income housing tax credit (LIHTC). Various other organizations advocate the LIHTC and work to provide data to members and staff through A.C.T.I.O.N. (A Call to Invest in Our Neighborhoods). The data involved provides details on efficiency of the LIHTC and how it embodies federal housing policy implemented with state housing agencies and private-sector capital. A.C.T.I.O.N. members include organizations such as the AHTCC and the National Council of State Housing Agencies, and industry participants such as law firms, accounting firms, and developers. AHTCC believes that a "call to arms" is a call to educate, to gain supporters among lawmakers, and a call to advocate. The author points out that the strategy for affordable housing through the LIHTC is organized and data-driven. Analysis with fact-based conclusions is expected to provide members with the necessary information to continue the policy created 26 years ago.
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State and Local Activities

Cities Need Investment to Thrive (01/23/13) Rossenfeld, Carrie

Speaking during the NMHC Apartment Strategies Outlook Conference on "The Partnership with Municipalities—Finding Common Ground in Apartment Development" panel, City of Riverside Director of Community Development Al Zelinka said municipalities need to facilitate investments that are "consistent with community expectations" in order for their cities to thrive. Some potential areas for partnership between municipalities, owners, and developers include affordable housing and the use of tax credits to encourage development, financing arrangements in which cities pay a part of property taxes to get residential projects built in areas once zoned for industry. Sustainability was considered a positive step in development, with Zelinka saying, "We're trying to reinvent development regulations. It should be the burden of the city to get entitlements underway, and then get out of the way." Riverside is making it easier to invest in sustainability, particularly projects that integrate those features, adapt to green building codes, offer solar energy, and more. Panelists indicated that city level regulators need to be more proactive than reactive to current economic conditions, and while most agreed that parking was still a contentious issue, solutions including car-sharing have been considered.
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HUD-Related Activity

HUD Rolls Out Program to Preserve Affordable Housing
Housing Wire (01/10/13) Hopkins, Megan

The U.S. Department of Housing and Urban Development’s (HUD) new Rental Assistance Demonstration (RAD) program is aimed at preserving and maintaining public and HUD-assisted housing units across the country which do not have sufficient capital support. So far 112 initial commitments have been made to 68 public housing authorities and eleven requests from private owners of assisted housing projects have been approved for 1,100 units. These units will now be able to seek private financing for repairs and renovations, and overall the commitments will to improve over 13,000 units. In the President’s next four years RAD will produce more than $650 million in private capital, which will make a dent in the public housing authorities’ current $26 billion backlog. HUD Secretary Shaun Donovan said the program will “demonstrate that public-private partnership can help preserve our nation's affordable housing and create jobs in the process.”
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HUD Sets 2013 Rent & Income Limits for Section 8 and Low-Income Housing Tax Credit (LIHTC) Programs
RealEstateRama (01/08/2013)

The Housing and Economic Recovery Act (HERA) of 2008 changed the way income limits are calculated for Low-Income Housing Tax Credit (LIHTC) and bond-financed properties. Under HERA, owners were protected from rent decreases in 2009. A Multifamily Tax Subsidy Project (MTSP) is financed through the LIHTC and/or tax exempt bond programs, and issues two sets of income limits: one for HUD hold-harmless impacted projects (Impacted MTSPs), and one for non-Impacted MTSPs. An Impacted MTSP has income limits determined in 2007 or 2008 under HUD’s hold-harmless policy. Going forward, income limits for each non-Impacted project will not decline and will be held harmless at its highest level in a qualifying period. All non-Impacted projects in an area will use the same income limits, provided the income limits for a county or metro area do not decline. If an area experiences a decrease in HUD’s income limits, its LIHTC projects will use various income limits and rent structures. Each owner is encouraged to maintain a file documenting their project’s income limits and rents since placing in service. Eight Connecticut areas were assigned HERA Special Income Limits, in addition to a 2013 Income Limit. HERA Special Income Limits must be used by developments in affected areas that were placed in service before an applicable date.
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HUD Awards $26 Million to Convert Apartments Into Special Seniors Housing
Affordable Housing Finance (12/12)

The Department of Housing and Urban Development (HUD) has awarded nearly $26 million in grants to multifamily housing owners in nine states. The grants will be used to convert apartments into assisted-living facilities (ALFs) or service-enriched housing (SEH) for seniors. The funding comes through HUD’s Assisted Living Conversion Program. The 85 and older population could more than triple from 5.8 million in 2010 to 19 million in 2050, according to the Center for Housing Policy. ALFs are licensed and regulated by the state or local community, and are designed to accommodate the elderly and people with disabilities who are able to live independently but require assistance with daily activities such as eating, bathing, and housekeeping. With SEH, residents can live independently but need assistance with activities of daily living comparable to services provided in a licensed ALF, such as health care-related services. States that received the grants include Arizona, California, Colorado, Connecticut, Massachusetts, Minnesota, New York, Ohio, and Texas.
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Green Building

Affordable Housing Complex Earns LEED Platinum for 'Deep Energy' Retrofit (12/28/12)

A two-year, deep energy retrofit of a 1960s apartment complex in Boston earned LEED platinum certification and cut its energy consumption by 72 percent. WinnDevelopment renovated the building by wrapping the low-income Castle Square Apartments' exterior in five inches of super insulation; insulating the roof; sealing the air systems; installing high-efficiency windows, cooling, and heating equipment; and installing LED and CFL lighting, Energy Star appliances, and solar hot water systems. Heating costs fell by nearly 75 percent and electric bills were cut in half after the retrofit. The main difference between deep energy retrofits and standard retrofits is the installation of super insulation. Incentive programs by the Department of Housing and Urban and Development and the Massachusetts Department of Energy Resources helped fund the project. The Castle Square Tenants Organization hopes to see incentivizing deep energy retrofits become a part of public policy, with programs such as federal renewable energy tax credits. The Department of Energy recently announced funding to develop advanced building envelope materials and HVAC systems.
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Affordable Housing Briefs: Green Building
Novogradac Journal of Tax Credits (01/13)

The adoption of green building measures in state qualified allocation plans (QAPs) has grown steadily each year, according to a recent study by Global Green USA. The annual report grades each state on a 50-point scale comprised of subtopics related to smart growth, energy efficiency, resource conservation, and health protection. The average score for 2012 was 31, a 20 percent increase from 2010's average of 26. The report found that 47 percent of housing credit funds nationwide went to states that achieved an A minus score or better in Global Green's 2012 ranking, and 72 percent of states that received a B minus score or better. The report recommended updating Internal Revenue Service Section 42 to require the inclusion of health criteria and water conservation in QAPs; standardizing the assessment process and energy performance expectations for property rehabilitations; requiring energy monitoring and reporting; establishing standards for quantifying green building health benefits; and requiring independent verification of green building measures.
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Industry Trends

Continuing Financial Woes, LIHTC Prices Affect Interest in TEBs
Novogradac Journal of Tax Credits (01/13) Vol. 4, No. 1 Dockery, Jennifer

The tax-exempt bond (TEB) market is seeing more interest, due to economic uncertainty and competition among Community Reinvestment Act (CRA)-motivated investors. More affordable-housing deals are being financed by private activity housing bonds. Investors are most attracted to substantial rehabilitation projects in major markets, while secondary and tertiary markets and smaller rehabilitation projects are still struggling. Richard Gerwitz, managing director and west and northeast regional director at Citi Community Capital, said that investors are attracted to the tax-exempt municipal market, including multifamily housing bonds, as they search for yield. He pointed out that TEB volume is up significantly, with the real market driver being lower interest rates. Competition is reportedly aggressive in CRA markets, as well. Interest rates for investors varied a little, with some interest rates reported at 3 percent to 4 percent, and between 4 to 5 percent for affordable multifamily projects. In affordable housing development, aside from TEBs, another major funding source is the 4 percent low-income housing tax credit (LIHTC), which has stabilized and helped increase interest in bond deals. CRA-motivated investors have increased LIHTC prices, pushing economic investors to the sidelines. While most CRA investors prefer 9 percent credits, developers can attract more investor interest by making 4-percent projects more like 9-percent deals, using less hard debt and more soft funding sources. The future of the market ultimately depends on Congress, including the result of fiscal cliff negotiations.
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Study Shows Federal Housing Program Helps Lowest Income Tenants
Phys.Org (01/04/13) Reres, Jennifer

The Low-Income Housing Tax Credit (LIHTC) program has created 2.2 million units, making it the largest federal program for affordable housing. This program serves a wider range of low-income households compared to other housing programs, but more than 40 percent of LIHTC rental units are for "extremely low-income" tenants, according to researchers with NYU's Furman Center for Real Estate and Urban Policy and its Moelis Institute for Affordable Housing Policy. "This estimate is much more than many affordable housing experts anticipated," says study co-author Katherine O'Regan, associate professor of public policy and director of the Public and Nonprofit Management program at the Robert F. Wagner Graduate School of Public Service. The report also found that subsidies such as rental assistance are helpful for the lowest income households in LIHTC properties. Among the lowest income households, 70 percent receive additional rental subsidies.
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Apartment Rents Continue to Rise as Vacancies Fall
Wall Street Journal (01/08/13) P. A2 Wotapka, Dawn

Reis Inc. reports that the average nationwide monthly apartment rent was $1,048 in the fourth quarter of 2012, up 0.6 percent from the third quarter and 3.8 percent from a year earlier. The year-over-year increase was the largest since 2007. Meanwhile, the nation's average vacancy rate fell to 4.5 percent from 4.7 percent in the third quarter, which is the lowest rate since the third quarter of 2001. Vacancy rates have fallen in some of the markets hit hardest by the housing bust, including Phoenix, where vacancies declined to 5.8 percent; the lowest vacancy rate tracked by Reis was 2.1 percent in New York City. While analysts say rents cannot keep rising indefinitely, the higher rates are not deterring renters as rents continue to rise in other cities, like Seattle and San Francisco. Observers say fundamentals are expected to remain sound for apartment owners in 2013, as mortgage standards remain tight and gathering a down payment for a house is still tough. Jeff Donnelly, a real-estate analyst with Wells Fargo Securities LLC, says, "We are heading to being more of a renter nation. Young people today, they put much higher value on flexibility. ... It doesn't seem like that's going to change."

Related stories: Bloomberg (1/8/13)

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Top 10 Affordable Housing Trends of 2012
Apartment Finance Today (12/12) Serlin, Christine

Members of the Affordable Housing Finance Editorial Advisory Board have identified 10 industry trends that either emerged or continued in 2012. The board reports that the increased demand for low-income housing tax credits (LIHTCs) by investors pushed yields to unsustainable lows; economic investors have been leaving the market. The fourth quarter, however, saw a fiscal year rise in yields. Another trend is two-tiered pricing in the LIHTC equity market: the coasts, and everywhere else. Other trends include greater focus on cost containment, ongoing strong economics and funding for affordable housing, and more emphasis on supportive housing and housing for veterans. Another trend includes state agency underwriting for 2013 with loss of the fixed rate. This past year also saw an overall improvement in home sales and construction, although there was still strong demand for rental housing. 2012 also saw the return of long-term bank financing, though at lower levels, in place of government-sponsored enterprises. Finally, the board pointed out expanding public housing authority redevelopments that used LIHTCs.
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EPA Study Reveals Shift in Housing Developments Across USA
ThomasNet (12/24/12)

A new U.S. Environmental Protection Agency (EPA) study shows almost three out of every four large metro areas in the country saw an increased share of new housing development in previously developed areas during 2005-2009 versus the previous five years. Known as infill, this type of construction takes advantage of such existing infrastructure as water and sewer and helps to preserve existing open space. In addition, such development can reduce transportation emissions, along with the amount of polluted stormwater washing off new roadways. Infill housing has been shown to help raise property values as well as increase a community's tax base. Among all 209 metropolitan regions examined by EPA researchers, 21 percent of new houses were found to be infill. Meanwhile, 71 percent of large metro markets witnessed an increased share of infill housing development. Of 51 large metropolitan regions examined in this study, three dozen reported growth in the share of infill housing development during 2005-2009 compared to 2000-2004.
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Equity Pricing Correction on Way
Affordable Housing Finance (12/12) Kimura, Donna

Industry veterans say that it is important to broaden the investor base for the low-income housing tax credit (LIHTC) industry to keep a healthy equity market in 2013. Investor interest has been waning because of low yields in recent months. Fred Copeman, head of the tax credit investment services practice at CohnReznick, an accounting and advisory firm, says, “Our best estimate is that we will close 2012 with roughly $9 billion in new investments. That will effectively put the market close to where it was in 2006 in terms of volume.” Many insurance companies started to exit the market by late 2011, a trend that continued into 2012. Many insurance companies and other investors say that they will not invest in multi-investor funds without an after-tax internal rate of return of at least 7 percent. Recent deals have yields below 5 percent. In 2013, the market must find a good equilibrium with more attractive yields. Factors that include a new Congress, tax reform efforts, and economic recovery could all influence the LIHTC industry. This includes the Basel rules, an international agreement among Western nations to set uniform standards for capital adequacy in the banking industry. There is also an increase in deals involving the resyndication of older tax credit properties. This trend could continue with the aging of early LIHTC properties. A U.S. Court of Appeals ruling in the Historic Boardwalk Hall case said that an investor was not entitled to historic tax credits because of a lack of a meaningful stake in the deal. This decision may or may not have consequences for the larger tax credit industry.
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Association News

NAHMA Announces 2013 Affordable Housing Vanguard Award Program Details and Deadline

The deadline for submissions for the NAHMA 2013 Affordable Housing Vanguard Award will be April 1, 2013.

The Vanguard Award celebrates success in the multifamily affordable housing industry by recognizing and benchmarking new, quality multifamily affordable housing development and major rehab. The award –
* Pays tribute to developers of high-quality affordable housing;
* Demonstrates that exceptional new affordable housing is available across the country, and that it is a positive addition to any neighborhood;
* Demonstrates that the affordable multifamily industry must be creative and innovative to create exceptional properties given the financing and other challenges to development;
* Highlights results of private-public partnerships required to develop today’s affordable housing;
* Shares ideas for unique design and financing mechanisms with industry practitioners to further stimulate creative development in the affordable multifamily industry.

The Vanguard Award complements NAHMA’s Communities of Quality (COQ) National Recognition Program (, through which multifamily properties are certified as having achieved a high standard of excellence in the way they are managed, the services they provide residents, the experience and training of personnel, and other criteria. However, newly developed properties are too new to meet criteria of NAHMA’s COQ National Recognition Program (particularly in the inspection and financial audit categories), hence the creation of the Vanguard Award to recognize these properties. As the properties mature, they will become eligible – and will be encouraged – to enter NAHMA’s COQ National Recognition Program.

Vanguard Award Categories:
A. New Construction (two subcategories: over 100 units and under 100 units)
B. Major Rehabilitation of an Existing Rental Housing Community
C. Major Rehabilitation of a Non-Housing Structure into Affordable Rental Housing
D. Major Rehabilitation of a Historic Structure into Affordable Rental Housing
(Please note: A management company may submit only one entry for each category.)

Who May Apply:
Affordable multifamily housing communities that are less than three years old (as of April 1, 2013) may apply (based on date of completion of new construction or completion of major rehab). Please note: A management company may submit only one entry for each category. Affordable is defined as a property participating in a government funded, insured or otherwise sponsored program that results in rents that are below market-rate housing.

Where and When to Apply:
Applications should be submitted to the National Affordable Housing Management Association by April 1, 2013. Please email your PDF application to NAHMA at, or mail a CD containing your PDF application to NAHMA Vanguard Award, 400 N. Columbus St., Suite 203, Alexandria, VA 22314.

Entry Fees:
The entry fee is $150 per property for members of NAHMA or an AHMA, and $325 per property for non-members. Please reference the name of the applicant property when submitting payment, via either credit card at the NAHMA Webstore at, or via check payable to NAHMA and mailed with a completed application to NAHMA Vanguard Award, 400 N. Columbus St., Suite 203, Alexandria, VA 22314.

The Judging Process:
NAHMA will convene a distinguished panel of multifamily affordable housing practitioners in early April 2013 to conduct the judging process.

The Awards Ceremony:
Winners of the Affordable Housing Vanguard Awards will be recognized at an awards ceremony at the NAHMA Summer Meeting in June 2013 in San Diego.

Beyond the Recognition – Other Benefits of Participation:
- A congratulations letter and certificate
- A draft press release for use with local media
- A draft letter for sending to Congressional representatives
- A free subscription to NAHMA News ($100 value)
- A crystal award
- Inclusion in a press release distributed by NAHMA to national media and trade press
- Inclusion in a detailed article on award winners in NAHMA News and on the NAHMA website

How to Apply:
Applications must be submitted in PDF format. For full details on how to apply, click on the link below.
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NAHMA Announces 2012 National Communities of Quality® Award Winners

For the 20th consecutive year, NAHMA has recognized the best multifamily affordable housing communities across the country for excellence in the way they manage the physical, financial and social conditions of the properties. Winning member sites also are honored for the quality of life they offer residents, the level of resident involvement in community life, their financial stability, the certified quality of their staff, and the nature of collaborations with other organizations and agencies.

This year, there are four Communities of Quality® (COQ) award categories and winners.

Also, for the tenth straight year, the COQ awards are co-sponsored, with NAHMA, by HD Supply™ Multifamily Solutions, a leading supplier of maintenance and renovation products to the multi housing industry.

The 2012 COQ awards will be presented at NAHMA’s annual winter meeting, March 24-26, 2013, in Washington, D.C.

“The COQ award submissions are meant to draw attention to the high quality for which much affordable housing should be known,” said Gianna Solari, NAHP-e, SHCM, President of NAHMA. “From the buildings and grounds to the individual apartments to the programs and services aimed at bettering the lives of residents, these winners exemplify the asset that affordable housing is for thousands of communities across the country.”

“It’s quite an accomplishment to be named a National Community of Quality® Award winner,” said NAHMA Executive Director Kris Cook. “The process is competitive and takes into account not just a property’s structure and appearance, but the quality of its management and staff, finances, compliance scores, and other factors.”

“These award winners are certainly great assets to their surrounding communities,” Solari said.

The 2012 COQ categories and winners are:


Restoration Towers
Detroit, MI
Owner: Community Outreach Services Corp.
Management: Paragon Management, Inc.

Restoration Towers is a 147-unit, high-rise apartment complex built in 1981 that utilizes both Section 202 and Section 8 subsidies for its elderly and/or physically challenged residents. Situated in the Brightmoor neighborhood, one of Detroit’s most economically challenged regions, Restoration Towers is a pillar of the community, with its beautifully manicured landscape and its critical outreach to the elderly in the neighborhood. Since 1994 Restoration Towers has benefited from HUD’s Congregate Housing Services Program (CHSP), which includes access to transportation, housekeeping and weekend meals, allowing its frail elderly residents to maintain their independence. An onsite service coordinator helps residents secure other needed services (such as home health aides, financial management and general counseling).

Restoration Towers has a Neighborhood Network Center, which was upgraded in 2011 thanks to a $304,000 Broadband Technology Opportunities Program (BTOP) grant secured by the owner in partnership with the state of Michigan and others. Residents also have access to numerous social activities and health-care services. Outreach to the community is extensive: Restoration Towers provides an additional 300,000 meals for seniors in housing facilities without adequate kitchens and to the Meals on Wheels Programs in several counties for homebound seniors and senior centers. Its Neighborhood Network Center has an extension program that serves entire communities and offers after-school tutoring for youth, as well as inter-generational programs. Restoration Towers is a beacon of hope in an otherwise blighted Detroit neighborhood.


Riverwood Tower Apartments
Madison, TN
Owner: ALCO Management
Management: ALCO Management

“Little else can be done to a property to steer it into the right path that has not been done to Riverwood in the past few years.” This sentence in Riverwood Tower’s COQ award essay sums up what has happened to this 33-year-old, once-derelict building since ALCO Management purchased it in 2005. The scope of work for upgrading the 117-unit, mid-rise building included infrastructure improvements, such as new windows, HVAC units, fire-alarm system and security system; cosmetic improvements, to both individual apartments (new carpeting, designer paint colors, wood baseboards) and to the interior and exterior of the building and financial improvements, which saw the vacancy rate rise from 76 percent in 2005 to 100 percent In 2008. To acknowledge the great leaps Riverwood Tower made, ALCO Management honored the property with its 2009 Assisted Property of the Year Award.

On the management side, the company added an assistant to the manager, and both individuals have earned CPO and SHCM certifications from NAHMA. They are also active with SAHMA and the Greater Nashville Apartment Association. The many services Riverwood offers to residents are aided by a service coordinator who was acquired through a grant from HUD in 2010. Riverwood Towers is continuing to improve, with new and inventive services and benefits for the residents, the community and its investors.


Liberty Place
South Sioux City, NE
Owner: Seldin Company
Management: Seldin Company
AHMA: Nebraska & Iowa AHMA

Liberty Place Townhomes boasts a unique design targeted toward several different types of individuals who require psychological and/or emotional assistance, and brings them together as a community. Of its 42 units, 21 are targeted for persons with serious mental illness and/or who have a substance abuse problem. These residents receive medical and psychiatric treatment and benefit from recovery services that aid in their rehabilitation. Liberty Place partners with Heartland Counseling, which offers in-home support services as well as access to other local service providers. The townhomes are built in seven tri-plex units, all accessible and on the main floor, with seven units designed for individuals who may be mobility impaired. Each triplex has three modern apartments and a specious laundry room. There is well-manicured landscaping, a bike path, a community room equipped with a computer and free wi-fi service—all designed to create a safe and welcoming setting for residents with special needs so that they can build community with neighbors, friends and families.


Newberry Estates
Williamsport, PA
Owner: Williamsport Village Associates, LLC
Management: Community Realty Management, Inc.

Newberry Estates is a 200-unit, garden-style apartment complex whose unofficial motto is “We Build Community.” To do this, residents benefit from superb property maintenance; exceptional and professional management; expanded resident services; community outreach; and an appreciation of every family who lives there. Its community center and Neighborhood Networks Center provide a hub for a number of programs, including financial literacy classes, tutoring, book clubs, scouting, social events, parenting instruction, family nights and more. Especially positive and impactful is Newberry Estates’ 1-2-3 Playgroup, which teaches young parents how to play and interact with their young children. Newberry Estates’ staff is especially proud to have regularly had a NAHMA scholarship recipient among its residents. Among its unique programs is its annual Hometown Hero Luncheon, which honors local law enforcement and emergency services personnel. They give Newberry Estates the opportunity to showcase both the site and its residents and break down often-negative stereotypes about affordable housing. Local businesses support Newberry Estates by way of monetary donations as well as goods and services. In cooperation with management, Newberry Estates’ residents volunteer to help organize programs and events, staff the library and provide tutoring to children. Such interaction leads to long-term retention rates as well as positive outcomes for residents.

For more information on the Communities of Quality® program, click on the link below.
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NAHMA Announces 2012 Industry Award Winners
Honored for Leadership in Affordable Housing

NAHMA has named the winners of its annual NAHMA Industry Awards, to be presented at its meeting in Washington, D.C., March 24-26, 2013. The list includes both individuals and organizations that have worked in innovative ways to improve affordable housing in their communities. More details on the NAHMA meeting are available by clicking the link below.

The 2012 NAHMA Industry Award winners are:

NAHMA Industry Statesman
This award is presented annually to recognize a NAHMA member for many years of outstanding leadership and service to the affordable housing industry.
Recipient: Conrad Egan
The career of Conrad Egan marks an unparalleled commitment to advancing quality affordable housing for Americans in need, and service that has been instrumental to the success of NAHMA. He has served as president and CEO of the National Housing Conference and as executive director of the Millennial Housing Commission.

NAHMA President’s Award
This elite award is given each year to an individual selected by NAHMA’s President in recognition of a career of significant contribution to the affordable housing industry.
Recipient: Fred Tombar
Fred Tombar is a senior advisor to the Secretary of HUD and also president of Tombar Consulting Group, a management consulting firm dedicated to helping organizations transform their business processes and improve their performance. He is a national expert in housing and community development policy.

NAHMA Industry Achievement
The following awardee is recognized for its commitment and innovative approach to identifying and addressing the affordable housing needs of its community.
Recipient: H.A.N.D.S.
Over its 46 years, Erie, Pennsylvania’s, nonprofit Housing and Neighborhood Development Services, or H.A.N.D.S., has proudly provided affordable housing to 1,400 individuals in northwestern Pennsylvania. Its new plan to transform a 20-unit apartment complex to assist homeless veterans and their families is a creative and committed approach to meeting a serious local and national need.

NAHMA Industry Partner
This awardee is recognized for furthering excellence in affordable housing and maintaining high industry standards.
Recipient: Walter Kreher
Walter Kreher directs the Newark Multifamily Program Center for the U.S. Department of Housing and Urban Development and its portfolio of 725 multifamily properties. He is known for his compassion for tenants, owners and managers. Instrumental in establishing JAHMA, he also assisted in the formation of both Penndel AHMA and NYAHMA.

AHMA of the Year
Regardless of size, these organizations go all out for their members and serve as role models for other AHMAs around the country:
* Large: SAHMA (Southeastern AHMA)
The effective delivery of popular education programs and services is an important reason that SAHMA continues to be successful serving a region that includes eight states, Puerto Rico and the Virgin Islands.
* Medium: AHMA PSW
AHMA PSW’s commitment to outreach, training and its foundation has resulted in high rates of membership recruitment and retention for this network located in the Pacific Southwest.
* Small: JAHMA
JAHMA continues its success in membership recruitment, education and training course attendance, Communities of Quality® properties, financial stability and growth, and with its Spring Management Event, a key to effective communications with regulators.

AHMA Membership Recruitment Award
This award is presented to those organizations who achieve outstanding recruitment of members in relation to their size and history.
Recipient: SAHMA
SAHMA recruited 43 new management-company members during the year. The renewal of 419 members meant it achieved an 89.3 percent retention rate. The education and networking opportunities it provides are important reasons for this continuing strong rate of support.

AHMA Innovation Award
* Large: SAHMA
For its 30th year, SAHMA conducted a series of coordinated and collaborative fundraising activities at each of its state meetings that raised $30,000 for the NAHMA Educational Foundation.
* Medium (TIE): NEAHMA and PAHMA
When challenged to raise $15,000 for the NAHMA Educational Foundation, NEAHMA members developed and organized an extraordinary boat cruise with live and silent auctions resulting in an astounding $75,000 net contribution raised.
PAHMA successfully piloted a program to provide staff holding realtor licenses with training for multifamily properties where previous accredited training focused on single-family home sales.
* Small: PennDel AHMA
PennDel dramatically increased the amount of funds raised for the NAHMA Educational Foundation from $15,000 to $25,000 in one year after promoting scholarship applications that resulted in 11 residents receiving $12,500 in scholarships.

AHMA Communities of Quality® Awards
NAHMA is pleased to acknowledge those organizations with the highest number of COQ properties based on AHMA size.
* Large: SAHMA
* Medium: NEAHMA
* Small: PennDel AHMA

NAHMA Communities of Quality® Awards
These annual awards are given to the NAHMA members who have the most new, or most overall, properties listed on the NAHMA National Recognition Program COQ Registry (based on data maintained by NAHMA staff).
* Most New in 2012: Peabody Properties, Boston, MA
* Most Overall at 12-1-12: WinnResidential, Boston, MA
* 100% of itsaffordable portfolio: PRD Management, Pennsauken, NJ
These awards are a testament to the exceptionally high standards maintained by these properties, and their commitment and support in furthering NAHMA’s mission.
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NAHMA and NAA to Collocate National Education Conferences in June 2013

Registration and Housing Information Now Available!!!

The National Affordable Housing Management Association (NAHMA) will again hold its annual summer meeting in conjunction with the National Apartment Association (NAA) Education Conference & Exposition on June 19-22, 2012 in sunny San Diego, CA.

The 2013 NAA Education Conference & Exposition is the largest event in the multifamily housing industry and includes world-class educators and a star-studded lineup of speakers.

Through this partnership, both conferences will address the critical needs of affordable housing communities and the apartment industry as a whole. Discounts will be available to attendees who register for both conferences. These discounts will provide a cost neutral solution to your training and development needs.

Special note: The Early Bird Registration Deadline for the NAA Education Conference & Exposition is February 1! Register by Friday, February 1 and save on registration fees for the 2013 NAA Education Conference & Exposition. Headline speakers include founder of The Virgin Group, Sir Richard Branson as the Thursday Keynote speaker and graffiti artist, author and entrepreneur Erik Wahl as the Friday General Session speaker and Bert Jacobs, Co-founder & Chief Executive Optimist of Life is good® as a speaker for the Special Saturday session.

NAHMA members who register for the NAA conference may use the NAHMA member discount code provided below for a $200 discount off the NAA full conference registration rate based on the rate at the time registration is made. Register by Feb. 1 for the lowest rate possible, using your NAHMA member discount code.

At the NAHMA Public Policy Issues Forum, to be held as a full-day meeting on Wednesday, June 19, discussions will focus on public policy related to federal legislative and regulatory initiatives that impact all of the affordable housing programs, from HUD programs (project-based Section, Section 8 tenant vouchers, Section 202 senior housing, and Section 811 special needs housing); to the Low Income Housing Tax Credit program; to Rural Housing Service programs (Sections 515, 538 and the revitalization program). In addition to its full day of meetings on June 19, NAHMA will be providing affordable housing-specific sessions as part of the NAA conference – for details, see below.

MORE DETAILS COMING SOON on two exciting events that will be held in conjunction with the NAHMA meeting: (separate registrations for both events apply):

The free NAHMA-hosted party will be held, Wed. evening, June 19 at Fluxx.

The NAHMA Educational Foundation will be hosting a fundraising event on Tues. evening, June 18.

How to Register:

Meeting Registrations for the NAHMA and NAA events are separate - please register separately for each of the events you would like to attend:
1) Registration for the NAHMA Public Policy Issues Forum on Wed. June 19, will be available online at the NAHMA meeting webpage by early April 2013; click on the link below. A preliminary agenda for the NAHMA Policy Forum is posted at this webpage.
2) Registration for the NAA Conference June 19-22 2013, is now open. Click on and use promo code NAHMA13 for the NAHMA member discount ($200 off NAA full conference registration rate based on the rate at the time registration is made)
(NAA registration rates increase on Feb. 1, April 19 and again after June 6, 2013)

For Hotel Reservations:
If you are attending both the NAHMA and NAA meetings, you can make reservations one of two ways:
1) follow the prompts for reserving your hotel accommodations after you register online for the NAA conference; or
2) use the NAHMA print hotel reservation form linked at the NAHMA meeting webpage, linked below
If you are attending only the NAHMA meeting, please click on the link below and download and print the hotel reservation form, and return as noted on the form's instructions
(Hotel reservation deadline for either online or via NAHMA form is May 29, 2013, or earlier if room blocks fill up.)

NAHMA Sessions to be Held During the NAA Conference:

Session 1, Thurs. morning, 9 am – 10:30 am, June 20, 2013: NAHMA Presents Connecting the Trends: Impacts of the New Fiscal Reality on Affordable Housing
Industry experts will analyze driving trends in the economics of providing affordable multifamily housing, and will help attendees understand and prepare for this new reality. Key discussion areas will include:
a) Federal budget cuts will be on the horizon for a while, and will impact all programs;
b) As a result of reduced Federal spending, there will be changes in State and local government approaches to affordable housing;
c) To survive, property management companies will need to find operational changes and solutions to save money; and,
d) There will be changes in preservation and production strategies as a result of across-the-board reduced resources.

Session 2, Thurs. morning, 10:45 am – 12:15 pm, June 20, 2013: NAHMA Presents Innovative Technology and Green Solutions in Affordable Housing
Industry experts will present and analyze innovative technology and green solutions for improved operations and cost-savings in affordable multifamily housing. Attendees will learn tried-and-true approaches to maximize innovative, cost-effective and efficient solutions. Key discussion areas will include:
a) The Top 10 easiest, cheapest and most effective technology solutions for affordable multifamily housing;
b) The Top 10 easiest, cheapest and most effective green solutions for affordable multifamily housing;
c) Cutting-edge technology and green solutions – is it hype or real savings for some of these trendy solutions?
d) Tracking and measuring your ROI.

Session 3, Friday morning, 9:45 am – 11:15 am, June 21, 2013: NAHMA Presents Inspiring New Directions in Providing Niche Affordable Housing
Industry experts will present and analyze new trends in affordable housing, specifically finding niche programs and serving vulnerable populations. Attendees will learn about new funding and programs for specialized programs and populations. Key discussion areas will include:
a) Veterans – an overview of programs and key factors in serving returning and homeless veterans;
b) Vulnerable populations – a look at programs focusing on transitional age use (persons aging out of foster programs) and supportive housing for homeless and special needs residents;
c) Senior housing – a discussion of emerging trends and programs, factors to consider for frail elderly, aging baby boomers, and other senior housing issues; and
d) Workforce housing – a look at the housing and transportation affordability index, mixed-income housing, and other key current issues.

Session 4, Friday afternoon, 2:15 pm – 3:45 pm, June 21, 2013: NAHMA Presents Connecting the Trends: Case Studies in Innovations in Affordable Housing
Industry experts will present case studies showcasing the key concepts from NAHMA’s earlier sessions during the conference, including new trends resulting from today’s fiscal realities, innovative technology and green solutions, and inspiring new directions in providing niche affordable housing. Attendees will learn real and practical applications of all of the latest emerging trends impacting affordable multifamily housing.
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NAHMA Offers Green Housing Management Publication

A new publication, Green Housing: A Practical Guide to Green Real Estate Management, is now available from the National Affordable Housing Management Association (NAHMA). The 82-page spiral-bound book is an informative yet easy-to-read primer on green real estate management, and covers all of the basic concepts, such as energy efficiency, indoor environmental quality, resource efficiency, site sustainability, water efficiency, integrated pest management, tenant green education, and creating a green operation and maintenance plan.

According to a recent report by the U.S. General Services Administration, green buildings have 13% lower maintenance costs and consume 26% less energy. Though there is a common perception that “going green” can be cost-prohibitive, property management professionals and building owners and developers are discovering that greening their properties is not only cost-effective but can be truly profitable. Green Housing, by real estate professional and certified green-building expert Barry P. Weaver, is a timely manual for those who have the desire but not a great deal of capital to accomplish green upgrades.

The book may be purchased for $35 per copy, plus $5 shipping and handling, via NAHMA’s webstore via the link below.
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January 2013