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Register Now to Attend the Next Specialist in Housing Credit Management (SHCM) Webinar!
The webinar focuses on key issues related to housing credit compliance, and will provide an hour of instruction, followed by about 30 minutes of question and answers.
When: Tuesday, April 8th @ 2pm EST
Cost: Free to current SHCM certified professionals and $75 for non-SHCM professionals.
Featuring Four Experts:
• Grace Robertson, Program Analyst, Examination Specialization & Technical Guidance, Internal Revenue Service, Washington, D.C.
• Stacy Day, SHCM, Vice President, Compliance, Ambling Management, Mason, OH
• Greg Proctor, SHCM, NAHP-e, Vice President, Business Development, Windsor Compliance, a RealPage Company, Wilmington, NC
• Gwen Volk, SHCM, NAHP-e, CPO, Director, Affordable Housing Compliance, LBK Management Services, Irving, TX
To register for this course, please click on the link below.
Tax Issues and Tax Reform
"Hold Harmless Rules Are Not So Harmless"
"LIHTC Survives Tax Reform Draft; Big Changes Proposed"
State and Local Activities
"How Council Plans to Create 1,500 New Affordable Housing Units"
"Legislation Introduced to Create a 9 Percent D.C. Low-Income Housing Tax Credit"
HUD-Related Activity
"HUD Streamlines LIHTC Pilot Program to Stoke Demand"
"Sequestration No More: HUD Budget Restores Funding Above 2013 Levels"
Green Building
"Do Seniors Care If Their Building Is Green?"
Management and Compliance
"Emergency Generator Tips: Business Protection From Power Outages"
"4 Easy Water Conservation Tips for Apartment Communities"
Association News
Extension of LIHTC Physical Inspection Pilot
HUD Issues LIHTC Single-Underwriter Financing Pilot Clarifications
Understanding Senior Housing Preservation Options
NAHMA Announces 2014 Affordable Housing Vanguard Award Program Details and Deadline
NAHMA June Meeting Registration is NOW OPEN!
Become a Specialist in Housing Credit Management® (SHCM®) Company!
Tax Issues and Tax Reform
Hold Harmless Rules Are Not So Harmless
Novogradac Journal of Tax Credits (03/14) Vol. 05, No. 3 Domalewski, Armand
In the wake of the U.S. Department of Housing and Urban Development's (HUD's) issuing its 2014 rent and income limits, low-income housing tax credit (LIHTC) stakeholders need to be aware of a gap between many areas' income limits under the Internal Revenue Service's hold harmless policy and those published in the HUD's Multifamily Tax Subsidy Projects (MTSP) income limits. The IRS' "hold harmless" rules protect LIHTC properties from falling rents, but in areas of declining or slow income growth, the rules do not provide the necessary rent and income limit growth that LIHTC property owners need. In slow recovery areas, many LIHTC properties' rents have been flat for significant periods, which limits the pool of potential residents a property can serve and the revenue it can collect. The passage of the Housing and Economic Recovery Act (HERA) of 2008 provided some relief, but its measures were limited to LIHTC developments placed in service prior to Jan. 1, 2009. The largest disparity occurs in Lenawee County, Mich., where the gap between the hold harmless income limit and the MTSP income limit for 2014 is $8,750. It takes more than nine months on average for MTSP limits to exceed hold harmless limits. But that number may be inaccurate because it hides a significant amount of variation at the county level. In Barnwell County, South Carolina, for example, it will take more than 16 years at the current rate of recovery for the hold harmless income limit to catch up with the MTSP limit. LIHTC developers, investors, and property managers will likely continue to face frozen rent and income limits if no changes are made to the hold harmless policies.
LIHTC Survives Tax Reform Draft; Big Changes Proposed
Affordable Housing Finance (02/26/14) Kimura, Donna
Tax reform legislation proposed by U.S. Rep. Dave Camp (R-Mich.) would retain the Low-Income Housing Tax Credit (LIHTC) program, but other tax expenditures such as the historic rehabilitation tax credit, energy credit, and New Markets Tax Credit will likely be eliminated. For the LIHTC program, repeal of the 4 percent credit has been proposed, as well as ending the tax exemption for private-activity bonds. Other proposed LIHTC changes include requiring state housing finance agencies to allocate qualified basis rather than credit amounts. The annual amount of allocable basis for each state would be equal to $31.20 multiplied by the state’s population, with a minimum annual amount of $36.3 million. The legislation also proposes that the credit period would be extended from 10 years to 15 years to match the current 15-year compliance period, which means recapture rules also would be repealed as they no longer would be necessary. The general public-use requirement would be revised to eliminate the special-occupancy preference for members of specific groups under certain federal or state programs and the special preference for individuals involved in artistic and literary activities. Rather, occupancy preferences would only be permitted for individuals with special needs and for veterans. The requirement that states include energy efficiency and the historic nature of a project in their low-income housing selection criteria also could be repealed. The next step for the industry is to conduct a detailed assessment of the proposal so affordable housing leaders can work with tax writers to address concerns and ensure the LIHTC remains an effective tool for affordable housing production.
State and Local Activities
How Council Plans to Create 1,500 New Affordable Housing Units
Philadelphia Inquirer (03/19/14) Brey, Jared
On March 17, Philadelphia City Council President Darrell Clarke held a press conference to unveil a multi-year plan called the 1,500 New Affordable Housing Units Initiative. The plan seeks to make available 1,000 new affordable rental units and 500 units for ownership in areas where property values are rising. At present, two low-income housing tax credits (LIHTC) are available from the federal government, a 9 percent tax credit and a 4 percent tax credit that are administered by the Pennsylvania Housing Finance Agency. While there is no limit on the availability of the 4 percent credits, they are less attractive than the 9 percent credits and are available to projects that are financed at least 50 percent by tax-free bonds. The Philadelphia City Council's plan would further subsidize rentals built with the 4 percent tax credit to encourage developers to take advantage of them. The plan assumes a $3,000-per-year rent payment from the new units' tenants and a yearly contribution from the Housing Authority of $9,600 per unit. The Council also assumes that a $100,000-per-unit account could cover the 30-year subsidy, at a total cost of $130,800, at a 2 percent interest rate. The developments would be targeted in "Opportunity Zones" that contain 50 or more publicly owned parcels.
Legislation Introduced to Create a 9 Percent D.C. Low-Income Housing Tax Credit
Lexology (03/17/14) Newman, Megan
Washington, D.C. Councilmember Kenyan McDuffie, Chairman Phil Mendelson, and Councilmembers Jack Evans and David Catania have introduced new legislation to establish a 9 percent D.C. Low-Income Housing Tax Credit (DC LIHTC) that would enable developers to secure a subsidy for the production of housing with restricted rents based on the federal LIHTC rules and regulations, but with the proviso that any percentage of the tax credits may be “transferred, sold or assigned.” “The intent behind the bill is to give the private market an incentive to invest in affordable rental housing” in D.C., according to McDuffie. He points to a drastic decline in affordable rental housing units D.C. in the last 14 years, along with rapidly rising rents. McDuffie cites a report from the housing task force to make recommendations for preserving and creating affordable housing in the district. That study recommended that the mayor explore the potential for a DC LIHTC within 12 months. There may be significant governmental support for D.C. to join the 14 other states that offer state housing tax credits, in view of the emphasis on affordable housing among the D.C. Council, the mayor, and mayoral candidates.
HUD-Related Activity
HUD Streamlines LIHTC Pilot Program to Stoke Demand
Affordable Housing Finance (03/10/14) Camps, Jonathan
Multifamily projects financed with low-income housing tax credits (LIHTCs) stand to benefit from changes to the Department of Housing and Urban Development's (HUD's) LIHTC Pilot Program. Over the past 18 months, the HUD has heard from developers, owners, and lenders that some of the agency’s regulations over the 223(f) LIHTC Pilot Program added unnecessary costs and other burdens to the process. HUD recently announced it would streamline the LIHTC Pilot Program by allowing applicants to propose a disbursement schedule in line with the tax credit investor. This would be accepted as long as the schedule is rational and at least 20 percent of the tax credit equity is funded at the closing of the FHA-insured loan. Additionally, in the 223(f) program, HUD will allow deferred developer fees and seller take-back notes without limitation. Another requirement governing the 223(f) program mandates an assurance of completion escrow equal to 20 percent of the financed repairs. The HUD has dropped the standard to 10 percent of the cost of repairs, and the industry expects that waivers down to 0 percent will be permitted if properly supported. Smaller revisions by the HUD involve the treatment of tax abatements, the timing of tax credit and bond allocations, and the treatment of identity of interest buyers. HUD also announced significant grandfathering for LIHTC deals requiring three-year waivers. Overall, these modifications are expected to spur renewed interest in the LIHTC Pilot Program, which boasts industry low interest rates, fully amortizing terms up to 35 years, and up to 85 percent leverage on a straight affordable housing project (87 percent for Sec. 8 HAP contracts).
Sequestration No More: HUD Budget Restores Funding Above 2013 Levels
Housing Wire (03/04/14) Garrison, Trey
HUD's budget proposal for fiscal year 2015 seeks to boost funding above its 2013 level. The $46.6 billion budget request represents a 2.6 percent increase over 2013 levels and a 10 percent hike over HUD's sequestration funding level. "This funding will continue to help strengthen and stabilize our nation's housing market while putting our economy back on the right track and helping those in most need," HUD Secretary Shaun Donovan said on a conference call with reporters. The budget would help to propel economic growth by improving access to credit and shoring up the Federal Housing Administration, said FHA Commissioner Carol Galante. Funding for housing counseling would increase to $60 million, or 33 percent more than last year's level.
Green Building
Do Seniors Care If Their Building Is Green?
Multifamily Executive (02/01/14) Machak, Lindsay
Green certification is not as valuable a marketing tool for seniors as it is for young professionals, according to Harkins Builders' Larry Kraemer. Although Harkins Builders build eco-friendly senior developments, they do not invest in the certification, since most seniors are more concerned with pricing and availability than green features. SK Collaborative's Carl Seville says although green buildings provide healthier indoor environments that are more affordable to live in, seniors with fixed-incomes are more concerned with rental rates. Seville and Kraemer cite affordable housing programs that offer funds and incentives for eco-friendly building projects as the main reason for the recent boom in green senior developments. For example, Chicago's senior living Ralph J. Pomery Apartments were renovated in 2010 and 2011 to LEED Platinum standards. The U.S. Department of Housing and Urban Development provided $18 million of the $21 million renovation budget. Although some green features such as green roofs or inset courtyards are expensive to build, they are important amenities for senior developments. They give seniors access to green space, provide opportunities to garden, make living spaces more comfortable, and save residents money.
Management and Compliance
Emergency Generator Tips: Business Protection From Power Outages
Buildings (03/05/14)
To help building owners protect critical facilities in the event of an electricity outage, the Diesel Technology Forum outlined a number of ways to ensure backup power in a crisis. Step one is to assess the risk. This entails identifying your facility's critical loads and assigning a cost to the risks associated with utility power interruptions, production losses, and downtime. Tip two is to install a standby generator. Diesel-powered generators are uniquely qualified to provide power quickly during an outage and offer the most cost-effective source of reliable backup power available. Three, owners and managers need to ensure they have sufficient fuel storage.
A fourth suggestion is to maintain all equipment. As required by electrical and safety codes, standby generators must be "exercised" periodically in order to ensure they will operate as designed in the event of a crisis. Tip five for some owners and managers to contract rental power. Six, recheck your system and set up. In this regard, an important step is to check the connections and assure you have the proper gauge extension cord for the electrical load and distance. In addition, be sure to check your load. If new computers or other power-hungry devices have been added, updating switchgear is a must. Finally, owners and managers should renew their commitment to maintenance.
4 Easy Water Conservation Tips for Apartment Communities
Property Management Insider (02/17/14) Thompson, Kelly
Water conservation in apartment settings is becoming increasingly important every day due to such factors as rising water rates and persistent drought conditions in some areas. In fact, studies show that water and sewerage costs have doubled in one of every four municipalities over the past 12 years. Other utility costs have increased faster than inflation, creating a need for improving efficiencies. Manay owners and managers feel the time is right for apartment communities to launch -- or improve on their existing -- water conservation plans. In most cases, a few modifications with existing fixtures and systems will yield substantial savings.
The article's author lists four easy water conservation tips to help managers get started. The first is "go low-flow to save water." There are a myriad of plumbing products on the market now that use less water, but still get the job of rinsing, cleansing, and flushing done. For instance, installing low-flow showerheads and low-flush toilets can save as much as 50 percent in water consumption, and most apartment residents will not notice any difference. The second tip is "adjust water volume in older toilets." Maintenance personnel can retrofit older toilets with a dual flush system that reduces the amount of water used for liquids. Doing so is less expensive than replacing the whole toilet. Tip 3 entails "smart landscaping [that] conserves water." Smart controllers that detect moisture and track local weather -- then alter watering patterns -- will keep landscapes looking good while reducing consumption. Finally, invest in WaterSense products, which are certified to use less water while not affecting efficacy.
Association News
Extension of LIHTC Physical Inspection Pilot
A recent IRS Notice details the origins and status of the Physical Inspections Pilot Program instituted by the White House Rental Policy Working Group, and extends the time period for the alternative method states may use of meeting IRS physical inspection protocols in monitoring for compliance with the provisions of § 42.
Specifically, IRS Notice 2014-15 extends the provisions of Notice 2012-18 through December 31, 2014. Thus, if a state housing finance agency participated and/or participates in the Physical Inspections Pilot Program in 2013 and/or 2014, then the provisions of Notice 2012-18 that are described above apply to the agency’s satisfaction of the physical inspection and certification review requirements of § 1.42-5(c)(2)(ii) for the year or years in which the agency participated and/or participates in the program.
Notice 2012-18, published in the Internal Revenue Bulletin on March 5, 2012, provided state housing finance agencies that participated in the Physical Inspections Pilot Program a temporary alternative method to satisfy the physical inspection and certification review requirements of § 1.42-5(c)(2) of the Income Tax Regulations. The availability of this alternative method ended on December 31, 2012. IRS Notice 2014-15 extends the provisions of Notice 2012-18 through December 31, 2014. Notice 2014-15 was to be published in Internal Revenue Bulletin 2014-12 on March 17, 2014.
By way of background, Notice 2012-18 provided that if a state housing finance agency participated in the Physical Inspections Pilot Program, then for the year of participation:
(1) The inspections under the program were deemed to satisfy the requirements of § 1.42-5(c)(2)(ii) regarding on-site physical inspections of at least 20 percent of the low-income units and of all buildings in a project; and
(2) The state housing finance agency was able to satisfy the certification review requirements of § 1.42-5(c)(2)(ii) by reviewing the appropriate records for 20 percent of the low-income units in the project regardless of whether any of the units whose files were reviewed were among the units that were physically inspected.
HUD Issues LIHTC Single-Underwriter Financing Pilot Clarifications
On February 28, HUD issued a memorandum regarding the FHA Low Income Housing Tax Credit Pilot, and the Single Underwriter Operating model test currently underway.
Specifically, the pilot program revisions memo outlines six policy changes that HUD intends to address through revisions to the MAP Guide later this year but that HUD can implement through the use of waivers effective today. The intent is to make the pilot available to a wider array of projects.
The memo also clarifies six areas of policy that have been unclear and/or inconsistently implemented. To view the memo, click on the link below. Additional background on the Tax Credit Pilot is available at http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/mfh/map/maphome/taxcredit.
Understanding Senior Housing Preservation Options
In this article, preservation expert Gates Dunaway tries to simplify the paths to preservation and give some perspective by interviewing two LeadingAge members to help illustrate the process of choosing the right preservation options.
Interviewed are:
1) David Sprowl, executive director of Lutheran Towers in Atlanta, GA, who discusses why he refinanced Lutheran Towers (former 236 property) with a new FHA 223(f) loan; and speaks to the reasons why they chose to go with debt-only, and to not try to use Low Income Housing Tax Credits; lessons learned; and what they accomplished; and
2) Cliff Pepper, executive director of Campbell Stone Senior Living, who reviews decisions made to refinance Campbell Stone Buckhead (former 3-phase deal with 2 phases of 202) with LIHTCs and a 221(d)4 Loan.
Introduction to Preservation
Owners of U.S. Department of Housing and Urban Development (HUD) financed affordable senior housing built over 30 years ago are now faced with questions about how best to preserve and improve their valuable assets. It can be a confusing world when it comes to understanding your best refinancing options.
In this article we try to simplify the paths to preservation and provide perspective on how to help not-for-profit senior housing providers preserve their properties. "Understanding your preservation options" is a primer on when debt-for-debt is an appropriate solution, and when tax credits might be the solution for refinancing and preserving your affordable property.
Preservation: The Most Popular Options
For owners of properties originally financed with a HUD 202 Direct loan, or a HUD or state-financed 236 loan, and with a Section 8 contract, the common strategies for preservation are one or a combination of the following:
• Debt only, typically FHA financing. Considered "debt-for-debt", the new loan is used to pay-off the existing loan and to complete a variety repairs.
• Low Income Housing Tax Credits (LIHTC). This equity program can be used in combination with FHA financing, grants, or conventional debt and results in a high level of rehabilitation.
• AHP Grants. These can be used alone, but are often added to either a debt-for-debt or a LIHTC transaction.
Properties preserved with debt-only generally are able to do less rehabilitation than is possible with a LIHTC transaction. Popular debt programs are the FHA 223(f) Loan and the FHA 221(d)4 Loan.
The (f) loan achieves what is considered "repair" work, and a very general rule of thumb is that it will pay for less than about $15,000 per unit in repairs (the actual limit varies depending on location). The (d)4 loan achieves "substantial rehabilitation", and it is required that the borrower to do more than this $15,000/unit amount.
The size of the loan and the amount of repairs possible in a debt-only transaction is driven by the amount of net operating income ("NOI") your property generates.
Key to this calculation is your Section 8 rental income, which has the potential to be increased if you are not maximizing your rents currently. This can be accomplished through the "Mark-up-to-Market" or "Mark-up-to-Budget" processes outlined in the Section 8 Renewal Guide.
When the repair budget exceeds the amount that can be afforded with debt-only, it is often necessary to look at LIHTC's as a source. The 4% and the 9% LIHTC programs are administered through each state's housing financing agency. The 9% LIHTC program produces more equity than the 4% program, but it is a competitively awarded allotment of tax credits.
The 4% program, which works with the Tax Exempt Bond program within each state, produces less equity but is non-competitive. Depending on your state there are a variety of priorities in the LIHTC program for preservation, for senior housing, and for the provision of services.
Note that if you were to proceed with a LIHTC transaction, unless you have the requisite experience you would be expected to partner with a more experienced owner/developer, and you would also be "selling" your property into a new entity created specifically for the transaction.
Which Option Do You Use?
When I work with owners I start by helping them to determine their goals for a preservation strategy:
• Are they interested in a large scale rehabilitation, or do they just have basic repairs or modernization needs?
• Do they have unmarketable units that need to be reconfigured to make them more marketable?
• Are they trying to lower their monthly principal and interest payments and use their debt service savings for projects and services on-site?
• Are they comfortable with partnering up with an experienced developer/owner, or do they prioritize being the sole owner of their property?
The questions to these answers set the stage for determining your preservation strategy. A good way to move through this process is with a board of director's planning committee, charged with mapping out a prioritized set of owner goals. This will allow the room to think through the options, receive input, and cultivate board buy-in.
Lutheran Towers: The Debt-for-Debt Strategy
I talked with David Sprowl, executive director of Lutheran Towers in Atlanta, GA, about how he and his board tackled the preservation of their property. Lutheran Towers was originally financed with a HUD 236 Loan with a HAP contract for almost all of the units. Its prime location in midtown Atlanta and their strong commitment to services and creating relationships with residents results in the popular property staying full with a waiting list.
David's board went through a strategic planning process, asking first "are we in the right business?" They brought in experts to explain the demographic trends in the area, they talked to their stakeholders, and they had facilitated planning discussions. Through this process they determined that they are in the right business, and that the housing Lutheran Towers provides is very much needed and will continue to be needed into the future.
With that decision, they commissioned a financial feasibility study to focus their attention on developing their priorities and understanding their options. This study outlined the options that this article highlights, and as could be expected they varied by the amount of repairs that could be accomplished with each path.
Since Lutheran Towers had been able to keep up very well with their capital upgrades, and because they also had sizable reserves, they decided to pursue the debt-for-debt path. This allowed them to avoid a dramatic change in ownership required with tax credits, allowing them to retain full control of their property into the future.
When asked what the biggest factor was in deciding to do less repair work and to use a debt-for-debt strategy, David said that the board was not willing to lose control of ownership that would be required in a tax-credit strategy.
In the end they were able to achieve a high level of modernization, which included replacing all of their kitchen cabinets, countertops and appliances, and bathroom fixtures, and upgrading to ceramic tile in the kitchens and bathrooms.
This work also included replacement of light fixtures throughout and accessibility upgrades.
Campbell-Stone Buckhead: The 9% LIHTC Strategy
To contrast with Lutheran Towers, I also spoke with Cliff Pepper, executive director of Campbell Stone Senior Living based in Atlanta, GA. In 2007, Cliff and his board completed the substantial rehabilitation of their property in Buckhead (1 of 2 properties they own).
Campbell-Stone Buckhead started out as a 384 unit property, built in three connected phases. Phases 1 and 2 were built at different times using the HUD 202 Direct Loan Program. Through a strategic planning initiative that started in 1999, Cliff's board identified the need to reposition -- not just refinance -- the struggling property.
While applicants were drawn to Campbell-Stone Buckhead's reputation, location, services and amenities, the apartments were not as marketable as desired. At the time, only 25% of the apartments were subsidized, and due to their commitment to serve low-income seniors, Campbell-Stone had decided to keep the non-Section 8 rents extremely low.
As a result, the community was not generating the revenues and therefore reserves to meet the capital needs of the property. They decided to pursue the 9% Tax Credits due to the need to generate the most equity for renovations. The strategy also involved increasing the rental subsidy to cover 90% of the units, and increasing the Section 8 rents by almost 70% through the Mark-up-to-Budget process.
This was necessary to leverage the debt that, coupled with the LIHTC, could achieve their goals.
When asked how the change in ownership and need to work with an experienced development partner was handled by the Board, Cliff reported that the change in ownership structure was not a significant concern. The desire was to continue to serve low income older adults, and that was best accomplished through LIHTCs.
The use of LIHTCs forced the creation of a new for-profit ownership entity, but at the end of the day the community is managed by Campbell-Stone Apartments, Inc. (a not-for-profit 501(c)3 sponsor entity), and remains a mission- and ministry-based organization. Pepper does point out that from an operational standpoint, the different structure adds an additional layer of regulatory compliance, which is not insignificant.
Summary Approach
Both Lutheran Towers and Campbell-Stone Buckhead were able to achieve substantial improvements and changes to their property through preservation and refinancing strategies. Their different approaches resulted in very different amounts of funds available for renovation.
Lutheran Towers decided to opt for a simpler process that resulted in less repair funds, but was accomplished relatively quickly with no change in ownership.
Campbell-Stone Buckhead had much higher capital improvement needs and was willing to endure a more complicated and stretched-out timeline to achieve their goals, and therefore the LIHTC program worked very well for them.
For more information on senior housing preservation, 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 is 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.
NAHMA June Meeting Registration is NOW OPEN!
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 17-21, in Denver, CO.
The 2014 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 April 18, 2014. Register on or before this date and save on registration fees for the 2014 NAA Education Conference & Exposition. Headline speakers include Michael J Fox actor and activist as the Thursday Keynote speaker; Barbara Corcoran and Draymond John of ABC’s hit show “Shark Tank” as the Friday General Session speakers; and Alex Sheen, Founder of ‘because I said I would’ 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 18, 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 18, NAHMA will be providing affordable housing-specific sessions as part of the NAA conference – for details, see below.
On Tuesday, June 17, NAHMA will host a "mini convocation" for AHMA Executive Directors and Presidents from 10 am to 2 pm to share insights and experiences in developing and providing member programs and services.
ALSO, MORE DETAILS COMING SOON on two exciting events that will be held in conjunction with the NAHMA meeting: (separate registrations for both events apply)
• NAHMA Educational Foundation Fundraiser - on Wednesday evening June 18, @ 6pm Kevin Taylors @ The Opera House, reception style event with exciting entertainment
• NAHMA Party @ Suite 200 Nightclub & Bar will be open from 9 pm to 1 am
For registration details, click on the link below.
NAHMA Sessions to be Held During the NAA Conference:
Thurs., June 19, 9 am – 10:30 am
NAHMA Presents: Scenarios for Housing Credit Reform -- Is there Life Afterwards?
The Low Income Housing Tax Credit (LIHTC or Housing Credit) program is the primary and virtually sole source of major funding for development of new and major rehab of existing affordable multifamily housing across the country. As Congress considers substantive reform of the federal tax code in an effort to solve the nation’s fiscal woes, all programs are on the table for possible major change or even elimination. In this session, industry experts will discuss likely scenarios of reform to the Housing Credit program, as well as what forward thinkers may already be contemplating as “Plan B” if the Housing Credit program undergoes major change. Attendees will learn about:
* Possible changes to the Housing Credit program as a result of federal tax reform;
* Possible impacts these changes might have on affordable multifamily housing development and preservation; and
* What steps, if any, affordable housing developers should be considering now for better positioning of their portfolio should the program undergo major reform.
Moderator: Kris Cook, CAE, Executive Director, NAHMA
Speakers: Nicolo Pinoli, Partner, Novogradac & Company LLP; Larry Curtis, President and Managing Partner, WinnDevelopment; Michelle Norris, Senior Vice President Acquisitions & Development and Public Policy, National Church Residences
Thurs., June 19, 10:45 am – Noon
NAHMA Presents: Cutting-Edge Energy-Saving Solutions Designed to Pay for Themselves
In mid-2013, the Department of Housing and Urban Development awarded nearly $23 million from its Energy Innovation Fund to organizations leading the way in bringing energy-saving solutions to affordable multifamily housing. A year later, attendees will learn from grant recipients about the programs they launched and the successes they achieved, including:
* A pilot program to finance energy-efficient retrofits designed to pay for themselves through reduced energy costs;
* Development of innovative and replicable strategies designed to set new industry standards for energy efficiency; and
* Creation of new financing tools designed to facilitate significant reductions in energy consumption, operating costs, and the carbon footprint of affordable multifamily housing.
Moderator: Kris Cook, CAE, Executive Director, NAHMA
Speakers: Darien Crimmin, Vice President of Energy and Sustainability, WinnDevelopment; Jeffrey Greenberger, Chief Operating Officer, Affordable Community Energy; Richard Samson, President, SAHF Energy, a Division of Stewards of Affordable Housing for the Future
Fri., June 20, 8 am – 9:30 am
NAHMA Presents: The Clipboard is Dead Even in Affordable Housing –
Long Live the Tablet!
Most of existing daily and weekly maintenance processes are confined to the flat and lifeless world of a clipboard, pencil and paper. The information gathered and recorded on daily system checks is static, never shared, does not have comparative performance measurement, and little, if any, oversight or accountability. Paper-based work order systems are labor intensive – valuable time is consumed in constant movement to and from the office to pick-up and drop off work orders. Technician’s notes are absent, or unreadable, and important information on troubleshooting and solutions is lost. Without real system knowledge, troubleshooting our increasingly sophisticated building systems is difficult at best. The best-intentioned staff may upset controls that have impact on our residents or system components. In this session, attendees learn how to say goodbye to the clipboard, and welcome new maintenance tools – bring on the tablets to optimize site staff time and efficiency, lower utility and operations costs, be persistent with performance checks and realize all the savings promised by sophisticated systems. Specifically, attendees will be guided through the process of evaluating and implementing affordable mobile maintenance technology that will:
* Bring daily/weekly logs and checks to life;
* Provide accountability and global oversight to maintenance activities;
* Save energy through proper system operation;
* Allow for accurate on-the-spot trouble shooting;
* Save labor time and cost through mobile work order systems;
* Empower site staff to run buildings more effectively; and
* Capture institutional knowledge required to operate a comfortable, efficient, and healthy building.
Moderator: Michelle Kitchen, Director of Government Affairs, NAHMA
Speakers: Michael Ferguson, VP Facilities Management, Peabody Properties; Matthew Holden, President, Sparhawk Group
Fri., June 20, 2:15 pm – 3:45 pm
NAHMA Presents: Key Federal Legislative and Regulatory Issues Impacting Affordable Multifamily Housing
The world of affordable multifamily housing is not only highly regulated by three federal agencies, but also highly dependent on the ability of Congress to pass timely and sufficient annual funding bills. This session will focus on key current federal legislative and regulatory issues facing providers of multifamily affordable housing participating in HUD, rural housing and Housing Credit programs. Attendees will learn about -
* The impact of federal budget appropriations, sequestration and the deficit on funding for affordable multifamily programs now and into the future;
* The latest regulatory initiatives impacting the Housing Credit, HUD and rural housing programs; and
* Real-world impacts on communities, management companies and owners.
Moderator: Michelle Kitchen, Director of Government Affairs, NAHMA
Speakers: Gianna Solari, President, NAHMA, Vice President/COO, Solari Enterprises; Kris Cook, Executive Director, NAHMA; Greg Brown, Senior Vice President of Government Affairs, NAA
Become a Specialist in Housing Credit Management® (SHCM®) Company!
The three national associations sponsoring the Specialist in Housing Credit Management® certification program invite your company to become a Specialist in Housing Credit Management® (SHCM®) Company, a corporate designation created specifically to honor management companies that successfully maintain a significant portion of their properties and staff to the high standards of the SHCM certification program. The SHCM program, developed especially for management companies involved with properties developed and operated under the Low Income Tax Credit (LIHTC) program, is sponsored by the National Affordable Housing Management Association (NAHMA), the National Apartment Association Education Institute (NAAEI), and LeadingAge (formerly AAHSA, the American Association of Housing and Services for the Aging).
Earning the SHCM Company® designation publicly demonstrates that a company is among the finest managers of LIHTC housing in the industry.
For more details on how to become a SHCM Company, click on the link below.
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