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Plan to attend the 2014 NAA Education Conference & Exposition for Great Educational Sessions
The 2014 NAA Education Conference & Exposition at the Colorado Convention Center in Denver, June 18-21, is a meeting of more than 6,600 multifamily housing professionals—the biggest and best event in the industry—and reaches record-breaking attendance numbers year after year. Attendees and suppliers in the rental apartment industry come together to:
* Share new ideas in an interactive and exciting NAA Exposition
* Learn new skills in the education sessions
* Get inspired by world-renowned leaders
* Make lasting connections that help enhance their businesses and their careers
Click on the link below to review the entire list of keynote sessions, thought leaders and breakout sessions. Please note that NAHMA will present four informative affordable housing sessions:
* Scenarios for Housing Credit Reform — Is There Life Afterward?
* Energy-Saving Solutions Designed to Pay for Themselves
* The Clipboard Is Dead—Long Live the Tablet!
* Legislative and Regulatory Issues Affecting Affordable Multifamily Housing
For more information about the NAHMA Summer Meeting and the sessions listed above, please go to: http://www.nahma.org/meetings/MeetingInfo.html
Tax Issues and Tax Reform
"Wider Appeal Sought for LIHTCs"
"Tax Credit Trends in Previous Budget Proposals"
State and Local Activities
"Report: Rising Rents Hurting California's Affordability"
"Augusta Housing Authority Leader Wants to Help Renters"
HUD-Related Activity
"HUD Secretary Wants Larger Housing Trust Fund"
Green Building
"EPA and Freddie Mac to Cut Carbon Pollution and Increase Affordability of Multifamily Buildings"
"Do Green Ratings Impact Affordable Housing?"
Market and Program Trends
"Community Bankers Take Plunge Into Affordable Housing"
Association News
NAAEI Presents Webinar Wednesdays
NAAEI Leadership Experience Powered by: Dale Carnegie
NAHMA Announces 2014 Affordable Housing Vanguard Award Program Details and Deadline
Are you looking for CEUs for your SHCM designation?
Become a Specialist in Housing Credit Management® (SHCM®) Company!
Tax Issues and Tax Reform
Wider Appeal Sought for LIHTCs
Affordable Housing Finance (02/01/14) Vol. 22, No. 1, P. 22 Kimura, Donna
In the wake of the Dec. 11 meeting of the Financial Accounting Standards Board (FASB), it appears the low-income housing tax credit (LIHTC) will be more attractive to a new set of investors, as the FASB supports allowing qualifying LIHTC investments to use the proportional amortization method. Additionally, the FASB indicated that LIHTCs should be classified as investments, not deferred tax assets --a move promoted by the affordable housing industry to clarify the accounting of LIHTC investments. The LIHTC market is comprised mainly of big-bank investors, but the market would be better able to withstand different economic and industry conditions if new investors add new capital and diversity. However, experts stress that this change alone will not sway potential investors. R4 Capital President Marc Schnitzer says, "No investor is going to invest at an unacceptable rate of return just because the accounting treatment is favorable." He adds that yields could decline if more investors are in the market, and if yields are too low, first-time investors will not be as interested.
Tax Credit Trends in Previous Budget Proposals
Novogradac Journal of Tax Credits (02/14) Vol. 5, No. 2 Novogradac, Michael J.
As the Obama administration prepares to publish is fiscal year 2015 proposed budget, the affordable housing industry should consider past proposals to anticipate what could happen this year. The last 10 budget proposals have included extensions and modifications related to LIHTC, NMTC, ITC, and PTC, and during the past three years, LIHTC changes have been proposed to spur mixed-income occupancy. In its proposal for fiscal year 2014, the Obama administration called for extending and modifying the ITC and PTC at a 10-year cost of $17.4 billion, extending and modifying the NMTC at a 10-year cost of $7.4 billion, and modifying the LIHTC at a 10-year cost of $1.4 billion. The cumulative sizes of these programs rose dramatically in the last budget proposal, which suggests confidence in them. Over the past 10 years, eight distinct policy changes have been proposed for the LIHTC program. This year, observers expect the Obama administration to propose the same provision to modify the LIHTC to encourage mixed-income occupancy, as well as call for a permanent NMTC extension at $5 billion per year and phase out the PTC after a short-term extension.
State and Local Activities
Report: Rising Rents Hurting California's Affordability
Los Angeles Times (02/11/14) Khouri, Andrew
Elevation of rents and a decline in government aid for affordable housing have combined to put California's lower-income residents at a disadvantage, according to a new study from the California Housing Partnership Corp. The report found that some 1 million extremely-low-income California households do not have affordable, habitable residences, and this need is most profound in Southern California. The state's median rent climbed more than 20 percent from 2000 to 2012 while median incomes fell 8 percent. There also was a 79 percent dive in state and federal funding for below-market housing in the last five years, and California Housing Partnership president Matt Schwartz says this has triggered a rapid shift “away from providing affordable, low-income housing toward housing the rich.” He also points out that the reduction in government funding “has dramatically lowered the number of developments that can proceed." The study identified the erosion of redevelopment funds following the closure of local redevelopment agencies two years ago as particularly damaging, as they generated approximately $1 billion yearly for affordable housing across the state. The California Housing Partnership has proposed policy recommendations to soften housing burdens for Californians, including an immediate infusion of money from the general fund to focus on housing those at-risk of homelessness due to rising rents. The report also called for passage of legislation to set up a permanent state source for affordable housing funding by imposing additional fees on recorded real estate documents, except for those involved in a sale.
Augusta Housing Authority Leader Wants to Help Renters
Kennebec Journal (02/16/2014) Edwards, Keith
Amanda Bartlett is the newly appointed executive director of the Augusta Housing Authority in Augusta, Maine. The quasi-governmental agency largely focuses on distributing Section 8 vouchers in the area, but Bartlett hopes it will soon expand into developing, rehabilitating, building, and owning housing units. She says the city has an acute shortage of affordable, safe housing, with more than 65 housing units lost in the past year. Some were affected by fires, but the majority were closed by the city for safety code violations. There is currently a waiting list of 675 people seeking Section 8 housing vouchers from the Augusta Housing Authority. However, 11 families gave up their vouchers last year because they were unable to find a rental unit in the city, according to Bartlett. The housing authority and city have jointly scheduled a March 4 forum to examine how the authority might play a larger role. City Manager William Bridgeo notes that the agency acts independently of the city, as stipulated by state law. He says grant programs and other funding sources exist that could be accessed to help expand housing. Bartlett notes that income-based housing or historic preservation tax credits also could potentially be used to help provide funding for housing projects.
HUD-Related Activity
HUD Secretary Wants Larger Housing Trust Fund
American Banker (02/04/14) Collins, Brian
Any new residential-finance system must explicitly support more affordable housing initiatives, according to HUD Secretary Shaun Donovan. During a Feb. 3 speech, he called for a housing trust fund that can support up to $5 billion a year in affordable housing production. However, such a fund must be included in reform legislation that would wind down Fannie Mae and Freddie Mac, he stressed at a National Association of Hispanic Real Estate Professionals meeting in Washington. Donovan said the housing trust fund and the capital magnet fund should be expanded. Democrats have pressured Federal Housing Finance Agency director Mel Watt to start funding the National Housing Trust Fund, which never received any money because Fannie and Freddie were in conservatorship when it was formed. Although the mortgage financiers have returned to profitability, on their own they still could not support $5 billion in affordable housing initiatives.
Green Building
EPA and Freddie Mac to Cut Carbon Pollution and Increase Affordability of Multifamily Buildings
U.S. Environmental Protection Agency (01/30/14)
The EPA’s Energy Star program and Freddie Mac have signed an agreement that will help to cut carbon pollution while increasing the affordability of multifamily housing properties. The agreement outlines strategies to save water, energy and money for multifamily property owners and residents. Roughly one-third of Americans live in apartments within multifamily buildings, spending approximately $22 billion on energy every year. Rising energy costs are contributing to the decline in affordability for many of these Americans. Housing industry studies have projected that multifamily properties can become 30 percent more efficient by 2020, unlocking $9 billion in energy savings and preventing more than 35 million metric tons of greenhouse gas emissions per year. In support of the President’s Climate Action Plan, this memorandum of understanding outlines key strategies to make multifamily housing more affordable by encouraging building owners and tenants to benchmark their energy and water performance and take steps to improve efficiency.
Do Green Ratings Impact Affordable Housing?
Sourceable (02/13/14) Hansen, Steve
Although the number of LEED-certified homes is surging with more than 15,000 certified in 2012 and 17,000 certified in 2013, LEED adoption in the residential market is still very low. In addition, while 44 percent of LEED certified homes are classified as affordable homes, 74 percent are multifamily units. In the United States, housing starts for December were close to 1 million, and only 26 percent of LEED-certified homes were single-family homes. Cost is often cited as the major roadblock to adopting LEED standards, adding an estimated $5,000 and up to the cost of the home. Habitat for Humanity develops the most single-family LEED Platinum homes, with 51 completed in St. Louis alone, but this has not had a significant impact on LEED representation in the housing market. Energy Star is a less expensive and popular alternative to LEED in the United States. Likewise, Australia's Green Star program is growing rapidly. Although Energy Star does not address sustainability or resource conservation, it does address energy and water conservation. There are more than 1.5 million Energy Star-certified homes in the United States. LEED is more useful to production builders who benefit from economies of scale by building many similar homes at once. Still, LEED is gaining momentum and it has helped upgrade building codes, improving standards for all new homes.
Market and Program Trends
Community Bankers Take Plunge Into Affordable Housing
American Banker (02/07/14) Peters, Andy
Community banks are experimenting with affordable housing deals, with the $504 million-asset Magna Bank in Memphis, Tenn., partnering with the $774 million-asset Metropolitan Bancgroup in Ridgeland, Miss., to provide $14 million in financing for the 172-unit Crescent Bluff apartment project, which is eligible for federal low-income housing tax credits. Ted Simpson, chief lending officer at Magna, which is one of 26 banks across the country on Freddie Mac's Program Plus list of institutions that can act as sellers/servicers, says the deal will enable the bank to meet Community Reinvestment Act requirements and participate in hometown projects. Frazer Gieselmann, Magna's senior vice president of construction lending, adds that acting as both lender and investor increases its investment, "but there is more control on what you are doing, and that offsets some of the risk."
Association News
NAAEI Presents Webinar Wednesdays
Join NAAEI, Apartment All Stars and Multifamily Insiders for Webinar Wednesdays, the largest premium webinar series in the industry to provide SHCM designates with access to industry thought leaders to discuss innovative ideas, best practices and emerging industry trends. These webinars will give participants the tools they need to become industry superstars in their own right. To review upcoming webinars, click on the link below and scroll down to the 2014 Webinar Wednesday schedule.
NAAEI Leadership Experience Powered by: Dale Carnegie
Responding to the need for leadership training within the apartment industry, NAAEI has partnered with Dale Carnegie Training to deliver a world-class leadership training program. This program targets regional employees and corporate department heads, helping them make the transition from being a great manager to an effective leader. For more information about this 2-day program, click on the link below.
NAHMA Announces 2014 Affordable Housing Vanguard Award Program Details and Deadline
The deadline for submissions for the National Affordable Housing Management Association (NAHMA) 2014 Affordable Housing Vanguard Award will be April 4, 2014.
The Vanguard Award celebrates success in the multifamily affordable housing industry by recognizing and benchmarking new, quality multifamily affordable housing development; substantial rehab of existing multifamily housing; and redevelopment of historic or non-housing structures into affordable housing.
Affordable multifamily housing communities that are less than three years old, or that have undergone substantial rehab within the last three years (as of April 4, 2014) may apply (based on date of completion of new construction or completion of major rehab).
For more details and an application, click below.
Are you looking for CEUs for your SHCM designation?
If you did not attend the co-located NAHMA Summer Meeting - Public Policy Issues Forum, held in conjunction with the NAA Education Conference and Expo, you don’t have to miss the excellent education sessions that were presented in San Diego.
You can now purchase 21 video recorded and 20 Audio-synched PowerPoint sessions and view them online for only $199.99, a $100 savings for SHCM Designates only. Please enter the coupon code NAAEI199 at checkout to receive your SHCM discount.
If you’d like to purchase all 4 affordable housing sessions presented by NAHMA, they can be purchased for $89.99. Or, you can purchase each of the following sessions for $29.99.
Session 1: NAHMA Presents Connecting the Trends: Impacts of the New Fiscal Reality on Affordable Housing
Industry experts analyze driving trends in the economics of providing affordable multifamily housing, and help attendees understand and prepare for this new reality. Key discussion areas 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.
Speakers: Greg Brown, National Apartment Association; Nicolo Pinoli, Novogradac & Company LLP; Jerry Lohla, San Diego Housing Commission; Ann Kern, San Diego Housing Commission
Session 2: NAHMA Presents Innovative Technology and Green Solutions in Affordable Housing
Industry experts 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.
Speakers: David Durik, Indatus; Michael Miller, American Utility Management; Mark Morgan, Interstate Realty Management; and Robert Robinson, LEED AP BD+C; Federal Practice Group, LLC
Session 3: NAHMA Presents Inspiring New Directions in Providing
Niche Affordable Housing
Industry experts 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.
Speakers: Nancy Bills, Biltmore Properties, Inc.; Kelly Boyer, Preservation Partners Development, LLC; Emily Cadik, Enterprise Community Partners; and Gianna Solari, Solari Enterprises, Inc.
Session 4: NAHMA Presents Connecting the Trends: Case Studies in Innovations in Affordable Housing
Industry experts 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 across the country.
Speakers: David A. Smith, Recap Real Estate Advisors; Joel John Roberts, Path Partners; and Michael Martinez, McCormack Baron Ragan Management Services
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.
Abstract News © Copyright 2014 INFORMATION, INC.
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