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2013 Apartment Careers Month Update - Winner Announced!

The winner of the National Apartment Association Education Institute (NAAEI) 2013 “Get Reel Career Video Challenge” is Kelly Tabolt, Leasing Manager, WinnResidential, Fort Drum Mountain Community Homes in Watertown, NY. Kelly wins an all expense paid trip to the NAA Education Conference in San Diego, June 20-22. To see what Kelly wants to share about her career in property management, please click on the link below.
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Tax Issues and Tax Reform

"What Will Tax Reform Mean for the LIHTC?"
"New Expectations"
"Study Finds Strong LIHTC Performance"
"Rallying Cry"


"Federal Budget Cuts Threaten Housing Assistance Program"

State and Local Activities

"Tax Credits OK'd for Affordable-Housing Projects in Iowa"
"Missouri Senate OKs Strict Limits on Low-Income, Historic Tax Credits"

HUD-Related Activity

"Housing More Difficult for Low-Income People to Afford, HUD Says"

Management and Compliance

"Advanced Submeters Reveal Savings Opportunities for Multifamily Housing"

Association News

2013 NAAEI Military Career Fair Update
2013 NAA Green Conference Scheduled for April 2013
NAAEI Webinar Wednesdays
NAHMA and NAA to Collocate National Education Conferences in June 2013

Tax Issues and Tax Reform

What Will Tax Reform Mean for the LIHTC?
Affordable Housing Finance (03/13) Kimura, Donna

With talk of tax reform rampant on Capitol Hill, industry members are debating the impact legislation of that variety would have on the low-income housing tax credit (LIHTC). Deborah VanAmerongen, strategic policy adviser at Nixon Peabody, says "there are at least two ways the threat could play out: across-the-board reduction or elimination of all tax expenditures; or a change in the tax code that would greatly diminish the credit's value. The second, in my opinion, is the greater threat. If tax expenditures are targeted, we will hopefully be able to force a conversation about the value of these programs. However, if there is agreement to alter the tax code to lower corporate tax rates, it will be very difficult to overcome that with an argument that the impact would be detrimental to an otherwise worthy program." David Gasson, executive director, Housing Advisory Group, and vice president, Boston Capital, says that what will decide the fate of specific tax expenditures is the ability of their constituencies to convince Congress that their tax preference is vital to the public good, an efficient use of government resources, and the most practical way to meet the policy goal of the expenditure. "Our advocates within the Congress and the broader housing audience believe the LIHTC meets these standards," Gasson states, "but it will be incumbent upon the larger tax credit industry to build a level of support within the Congress that will secure the LIHTC's future in whatever tax structure results from this reform endeavor."
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New Expectations
Affordable Housing Finance (03/13) Kimura, Donna

The majority of syndicators of low-income housing tax credits (LIHTCs) are more hopeful about the coming year, according to an annual Affordable Housing Finance survey. This can be attributed to a more balanced market, continued low interest rates, and the extension of the 9 percent fixed rate. "I think the industry has some good momentum heading into 2013," says Ryan Sfreddo, managing director, investor relations, at Red Stone Equity Partners. "With credit pricing having corrected—or still in the process of correcting—the fixed 9 percent rate will make projects pencil that otherwise would not have had we fallen off of that cliff. Second, with multi-investor fund yields having risen above 7 percent, we are seeing growing interest and demand from economic investors, some of whom are new to the industry." However, five other syndicators said they are less optimistic about the market, while two feel about the same as they did a year earlier, the survey found. Their outlook is dampened by worries that the LIHTC program could be altered or even eliminated as part of a larger tax reform initiative. "Potential sequestration, tax reform, and deficit reduction have all introduced uncertainty into the market," says Raoul Moore, senior vice president of syndication, at Enterprise Community Investment. The poll of national and regional syndicators found that the average price paid to developers in the fourth quarter of 2012 was about $0.90 per dollar of credit, up from $0.87 in the same period in 2011 and significantly higher than the roughly $0.70 average in 2009.
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Study Finds Strong LIHTC Performance
Apartment Finance Today (02/13) Kimura, Donna

A new report by CohnReznick reveals that low-income housing tax credit (LIHTC) properties performed strongly from 2008 to 2010. The report analyzed data for 17,118 housing credit properties comprising more than 1.2 million units. The study attributes LIHTC projects' performance to more sophisticated expense underwriting across the board, according to CohnReznick's Cindy Fang, and recent projects have also benefited from high equity prices and low hard debt. The percentage of properties operating below breakeven has been as high as 35 percent, but fell to 24.7 percent in 2010. The majority of developments placed in an underperforming category remained there for just a year and returned to profitable operation the following year, according to the analysis. "The decrease in properties operating below breakeven from 2008 to 2010 is clearly a favorable trend, all the more so because it was achieved during an economic downturn," according to the study. The research also shows that the foreclosure rate of LIHTC properties continues to remain low, but it may have been understated in the past because syndicators may assist some troubled properties to avoid foreclosure. Fang notes that on average, tax credit properties were foreclosed at year 11 of the 15-year compliance period.
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Rallying Cry
Affordable Housing Finance (03/13) Serlin, Christine

Republican lawmakers in the U.S. House of Representatives have announced a goal of reducing the corporate tax rate to 25 percent as part of any tax reform plan. This would entail reviewing, scaling back, or eliminating many tax expenditures, which will put pressure on the LIHTC program, says James Miller with the Affordable Housing Tax Credit Coalition (AHTCC). "I believe that the House Ways and Means is probably where the industry needs to put much of the focus over the next several months," he says. "We really have to make our case in the House first." Miller points out that Sen. Max Baucus (D-Mont.), chairman of the Senate Finance Committee, plans to release a draft paper in the coming months on tax reform. Miller says irrespective of what happens in the House, the Senate will move at its own pace, and it is possible that the LIHTC would be included in a bill produced by the Senate Finance Committee. In 2009, the Affordable Rental Housing A.C.T.I.O.N. (A Call to Invest in Our Neighborhoods) was formed during the economic downturn to lead the advocacy push for LIHTC, comprising 450 national, state, and local stakeholders. "Now that we're at a point that we believe that tax reform is going to enter a more serious phase, we need to step it up a couple of notches and become more formalized as a coalition," says Peter Lawrence, senior director of public policy and government affairs at Enterprise Community Partners. Enterprise and the National Council of State Housing Agencies, along with 15 other key stakeholders, will be part of a steering committee to guide the broader group. The group will focus on collaboration, legislative advocacy, communications, messaging, social media, research, and state and local outreach.
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Federal Budget Cuts Threaten Housing Assistance Program
Salinas Californian (CA) (03/15/13) Perkins, Broderick

The inability of Congress to head off the budget cuts known as the sequester could put a dent in a host of special housing programs designed for those who need them most. U.S. Department of Housing and Urban Affairs (HUD) Secretary Shaun Donovan told the U.S. Senate Committee on Appropriations that the cuts will "be deeply destructive, damage the economy, and harm numerous families, individuals, and communities across the nation that rely on HUD programs." Jean Goebel, executive director of the Housing Authority of the County of Monterey, Calif., said her agency could face a 30 percent reduction in administrative funds and an 8 percent cut in housing assistance payments for public and Indian housing programs. Nationwide, about 125,000 individuals and families, including elderly and disabled individuals, could lose assistance provided through the Housing Choice Voucher (HCV) program (formerly known as Section 8) and be at risk of becoming homeless. The HCV program, which is administered by state and local public housing agencies, provides crucial assistance to families and individuals in renting private apartment units.
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State and Local Activities

Tax Credits OK'd for Affordable-Housing Projects in Iowa
Associated Press (03/15/13)

The Iowa Finance Authority is distributing more than $70 million in federal tax credits to 12 affordable-housing projects statewide. Officials from the agency says the credits will help expand and preserve 635 housing units. Iowa Gov. Terry Branstad says seniors citizens, students, and families need more affordable housing options. The Finance Authority is responsible for giving federal housing tax credits to developers, which in turn sell the credits to investors to raise funds for their projects. The Finance Authority received 38 applications for the credits. The awards total about $7 million in credits per year for 10 years. Locations for the projects include Des Moines, Newton, Waukee, and Storm Lake.
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Missouri Senate OKs Strict Limits on Low-Income, Historic Tax Credits
St. Louis Beacon (02/28/2013) Mannies, Jo

The Missouri Senate has approved legislation to restrict historic-preservation tax credits to $50 million a year and place a $55 million cap on low-income housing tax credits (LIHTCs). Caps are currently set at $140 million for historic tax credits and $190 million for LIHTCs. Jeff Smith, executive director of the Missouri Workforce Housing Association, which consists of 135 groups that seek affordable housing, believes that the measure is based on erroneous assumptions. "Seniors who go to nursing homes cost the state four times as much (via Medicaid) as they do living in a typical LIHTC project," Smith says. He adds that the fees that developers collect for doing low-income housing projects amounts to less than 10 percent of the cost of the project. Meanwhile, Missouri House Speaker Tim Jones has told the Associated Press he will support limits in the $100 million-$150 million range for each program. A special panel set up by the governor is calling for limits in the $90 million range.
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HUD-Related Activity

Housing More Difficult for Low-Income People to Afford, HUD Says
Baltimore Sun (03/04/13) Kilar, Steve

An upcoming report from the U.S. Department of Housing and Urban Development (HUD) reveals that the number of renters with “worst case” housing needs increased by nearly half since the beginning of the Great Recession (2007-2009). In 2007, there were 5.9 million very low-income households that had worst-case needs, which increased to 8.5 million households by 2011. Worst-case scenarios include households where more than half of their income went to rent, HUD said. Certain other households also qualify as worst case situations because their living conditions are “severely inadequate,” according to the HUD's summary of the report, which is slated to be submitted to Congress. The increase of 43.5 percent “is due to substantial increases in rental housing demand and weakening incomes that increase competition for already-scarce affordable units,” said HUD’s summary. An increase in foreclosures and unemployment led to higher costs for the few rental homes available. “The entrance of former homeowners into the rental market is driving up costs for what little rental housing there was that low-income people could afford,” said Sheila Crowley of the National Low Income Housing Coalition. HUD estimates there are 19.3 million “very low-income renters” nationwide, defined as households with incomes below 50 percent of the area median income. "The data show that while the economy has been slowly recovering from the 2007–2009 recession, the economic benefits of recovery had not yet reached millions of very low-income renters in 2011,” HUD said.
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Management and Compliance

Advanced Submeters Reveal Savings Opportunities for Multifamily Housing
Multi-Housing News (03/13) Millstein, Don

Building operators need to use advanced submeters to optimize today’s facility operations and to curb energy use. Submeters serve as tools for energy data acquisition, and consist of metering devices with monitoring capabilities. Submeters can track usage analysis in kW, identify peak demand (kW), and furnish time-of-use metering of electricity, gas, water, steam, BTUs and other energy sources. Lighting, HVAC, security, and other systems can also be integrated into the building automation system (BAS) to obtain a complete facility energy profile. Multi-site load aggregation and real-time historical monitoring of energy consumption also help develop patterns that can be used in negotiations for reduced energy rates. Tenants living in high-rises, garden-style apartments, condominiums, co-ops, and mixed-use buildings have been shown to use much less energy when held accountable for the electricity they actually use. The results of a 2009 study on multifamily residential buildings conducted by the New York State Energy Research and Development Authority (NYSERDA) verified savings of 18 percent to 26 percent. Submeters in high-rises featuring interval data collection are useful for supporting time-of-use rate structures and reducing loads during peak demand periods. Individual condominium owners can similarly use submeters to track and unbundle utility costs from their association fees.
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Association News

2013 NAAEI Military Career Fair Update

The NAA Education Institute will host a Military Career Fair at the NAA Education Conference and Expo in San Diego, CA. NAAEI anticipates up to 1,000 veterans, military spouses and transitioning military members will attend, looking to start a property management career in cities across the United States. In many cases, transitioning military members are looking for a career that will return them to their hometown and to their families.

The Career Fair will be held on June 19, 2013, from 9:00 AM to 3:00 PM at the San Diego Convention Center. Participation is limited to 50 companies. 100% of the $1,000 registration fee will be donated to The Armed Services YMCA (San Diego), the oldest and largest non-profit focusing on the needs of the military family and REBOOT, a San Diego non-profit that provides training to successfully transition veterans from the “battlefront” to the “homefront.” If your company is interested in participating in the Military Career Fair, contact Vicki Sharp and tell her you learned about the career fair through the SHCM News Brief; email For more details, click on the link below.
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2013 NAA Green Conference Scheduled for April 2013

The 2013 NAA Green Conference has something for everybody! For multifamily onsite professionals, this conference will provide best practices derived from real-life case studies from communities that have discovered powerful ROI by working toward saving money, energy and satisfying their environmental-conscious resident base.
Education Sessions will cover pressing trends and topics:
• Utilities
• New Construction
• Green Amenities
• Maintenance
• Operations
• Marketing & Leasing Operations
• Retrofits
• Building Certification
The conference is scheduled for April 15-17, 2013, and will be held at the Baltimore Marriott Waterfront Hotel in Baltimore, MD. For more details or to register, click on the link below.
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NAAEI Webinar Wednesdays

Join NAAEI, Apartment All Stars and Multifamily Insiders for Webinar Wednesdays, the largest premium webinar series in the industry with access to industry thought leaders to discuss innovative ideas, best practices and emerging industry trends. Registration is $29.99 per webinar or $39.99 for a monthly subscription.
3/27/13 - Talk Isn't Cheap... It's Priceless! Bridging the Communication Gap Between On Site & Corporate
4/10/13 - Create An Effective Visual Social Media Strategy In 12 Easy-to-Understand Steps!
4/24/13 - What's Hot In 2013? Taking On The Biggest Challenges and Opportunities Arising In 2013 - Part 1
5/08/13 - Becoming a Great Interviewer - 15 Questions and Techniques to Generate Insight
For more details, click on the link below.
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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.

NAA 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.

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.

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.

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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March 2013