texas housing magazine

1www.magazineonline.com 1www.texashousingconference.org

2

The Nation’s Largest Provider of Resident Services

Let us provide what should be your most effective amenity: Q U A L I T Y R E S I D E N T S E R V I C E S

Set your community apart from the competition

Increase your lease closing ratio

Offer residents of all ages regularly scheduled educational and supportive programs

Enhance relationships between Management Staff and your residents

Improve renewal rates

Decrease vandalism

Improve financial performance of a property Meet compliance requirements

VISIT US AT BOOTH #23

For your FREE resident services consultation, contact [email protected]

www.portfolioresidentservices.org

R E A L S E R V I C E S , R E A L R E S U LT S .

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www.doz.net

866.848.5700

@dozcpa

Strength in numbers.

Dauby O’Connor & Zaleski, LLCCertified Public Accountants

3,000 clients

45 states

140 employees tHAnKS to oUR CLIentS, doz IS CeLeBRAtInG oVeR

25 YeARS oF SeRVICe.

and counting.

25YRS

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AFTER 25 YEARS OF FINANCIAL INNOVATION, COLLABORATIVE PARTNERSHIPS AND A CLEAR FOCUS ON COMMUNITY IMPACT, NATIONAL EQUITY FUND, INC. REMAINS A LEADER IN THE TAX CREDIT INDUSTRY WITH A $9.5 BILLION PORTFOLIO--THAT’S 127,000 HOMES ACROSS THE COUNTRY.

CONTACT:Joe Hagan, President & CEO | 312.697.6116 | [email protected]

National Equity Fund, Inc.120 S. Riverside Plaza, 15th floorChicago, IL 60606

WWW.NEFINC.ORG

5

AFTER 25 YEARS OF FINANCIAL INNOVATION, COLLABORATIVE PARTNERSHIPS AND A CLEAR FOCUS ON COMMUNITY IMPACT, NATIONAL EQUITY FUND, INC. REMAINS A LEADER IN THE TAX CREDIT INDUSTRY WITH A $9.5 BILLION PORTFOLIO--THAT’S 127,000 HOMES ACROSS THE COUNTRY.

CONTACT:Joe Hagan, President & CEO | 312.697.6116 | [email protected]

National Equity Fund, Inc.120 S. Riverside Plaza, 15th floorChicago, IL 60606

WWW.NEFINC.ORG

6

Successful Experience. Trusted Partner.

At Stratford Capital Group, we understand affordable rentalhousing represents an entirely unique real estate sector. It’s critical that you work with a partner that is not just a real estatecompany, but a multifamily investment specialist.

To learn more about our 15 years of successful experience andhow we can be your trusted partner, visit us online at:www.stratfordcapitalgroup.com.

Investment with Integrity

Peabody, MA: Benjamin D. Mottola, President / Phone: 978.535.5600McLean, VA: Stephen P. Wilson, President, VA / Phone: 703.918.4888stratfordcapitalgroup.com

7

Successful Experience. Trusted Partner.

At Stratford Capital Group, we understand affordable rentalhousing represents an entirely unique real estate sector. It’s critical that you work with a partner that is not just a real estatecompany, but a multifamily investment specialist.

To learn more about our 15 years of successful experience andhow we can be your trusted partner, visit us online at:www.stratfordcapitalgroup.com.

Investment with Integrity

Peabody, MA: Benjamin D. Mottola, President / Phone: 978.535.5600McLean, VA: Stephen P. Wilson, President, VA / Phone: 703.918.4888stratfordcapitalgroup.com

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS

221 East 11th Street, Austin,TX 78701 512-475-3800 800-525-0657PO Box 13941, Austin, TX 78711 [email protected] www.tdhca.state.tx.us

TDHCA staff will be participating in the following sessions. Please join us.

Tuesday, 24, 2012 Wednesday, July 25, 2012

Compliance Issues -Trouble in Paradise

8:30 a.m. - 9:45 a.m.Little Colony

A Look Inside the2012-2013 QAP

1:45 p.m. - 3:00 p.m.San Jacinto Ballroom - West

One on One with TDHCALeadership Team

8:30 a.m. - 9:30 a.m.Four Seasons Ballroom

Insight. Knowledge. Leadership.

TDHCA is proud to partner with TAAHP andthe Affordable Housing Community

Cevallos LoftsSan Antonio, TX (Photo: The NRP Group)

Corban TownhomesCorpus Christi, TX

Orchard at Garden OaksHouston, TX(Photo: Orchard Communities)

Magnolia Trails Senior LivingMagnolia, TX

M StationAustin, TX

The Huntington in BudaBuda, TX

8

“ Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking af� liates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Equal Housing Lender . Securities, strategic advisory, and other investment banking activities are performed globally by investment banking af� liates of Bank of America Corporation (“Investment Banking Af� liates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Investment products offered by Investment Banking Af� liates: Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed. ©2012 Bank of America Corporation ARN465J3

Helping clients see their projects through,

for three decades, and the many years to come.

Bank of America Merrill Lynch has worked closely with affordable housing developers across the

country for more than thirty years, helping them achieve their goals with time-tested expertise and the

full range of � nancial tools.

We are proud to sponsor the 2012 Texas Housing Conference. We salute the Texas Af� liation of

Affordable Housing Providers for creating a dynamic forum where housing professionals can share

knowledge, exchange ideas and shape the future of community development.

bankofamerica.com/CommercialRE

9

“ Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking af� liates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Equal Housing Lender . Securities, strategic advisory, and other investment banking activities are performed globally by investment banking af� liates of Bank of America Corporation (“Investment Banking Af� liates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Investment products offered by Investment Banking Af� liates: Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed. ©2012 Bank of America Corporation ARN465J3

Helping clients see their projects through,

for three decades, and the many years to come.

Bank of America Merrill Lynch has worked closely with affordable housing developers across the

country for more than thirty years, helping them achieve their goals with time-tested expertise and the

full range of � nancial tools.

We are proud to sponsor the 2012 Texas Housing Conference. We salute the Texas Af� liation of

Affordable Housing Providers for creating a dynamic forum where housing professionals can share

knowledge, exchange ideas and shape the future of community development.

bankofamerica.com/CommercialRE

> MULTIFAMILY LEADER

Scan QR code

for our website.

Centerline Capital Group provides real estate financing and asset management services for affordable and conventional multifamily housing. Centerline offers debt and equity financing to developers, owners, and investors. Centerline is structured to originate, underwrite, service, manage, refinance or sell through all phases of an asset’s life cycle. A leading sponsor of Low-

Income Housing Tax Credit (LIHTC) funds, Centerline has raised more than $10 billion in equity across 136 funds, and invested in more than 1,200 assets spanning 47 states. The firm’s multifamily lending platform services more than $11 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 14 locations throughout the US.

affordable housing debt Philip Melton 972 868 [email protected]

affordable housing equity

Michael Riechman 704 887 [email protected]

asset managementMichael J. Curran 212 521 6385 [email protected]

mortgage banking William T. Hyman 212 317 [email protected]

www.centerline.com

10

Networking

Trade show

Speakers

TM

Austin

September 13 - 15, 2012

Call (800) 252-3625 for partnership & exhibitor opportunities.

Opening Session featuring Lance Armstrong

Presenting Partners

Opening Session Partner

Austin Convention Center

www.SunbeltBuildersShow.com

FREE

registration

for a

limited tim

e.

12

Helping you help them is right up our alley.

If you build it they will come.

3333 Lee Parkway, Tenth Floor, Dallas, Texas 75219John Shackelford [email protected] 214.780.1414

Benjamin Halpern [email protected] 214.780.1444Michelle Snedden [email protected] 214.780.1413

A LIMITED LIABILITY PARTNERSHIPATTORNEYS & COUNSELORS

14

Serving the Multi-Family Industry since 1999 972 475 9977 ext 101 [email protected]

It’s easy to understand,

It meets LIHTC compliance guidelines,

It doesn’t cost anything to find out if you can save money, and…

Tax credit properties that choose DPC invest a fraction of what they save to put the program in place.

THE METER’S RUNNING ON YOUR UTILITY ALLOWANCES... There’s a good chance your utility allowances are costing you too much. The DPC Utility Allowance Program gives you an option that could lower these costs and improve your operating income.

DPC has worked with housing finance agencies, local utility provid-ers, and tax credit properties in multiple states across the country. Give us a call and find out if you’re spending more than you should and if our program is right for you.

DIAMONDProperty Consultants, Inc.

DPC









DPC

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DPC

EXPANDS POSSIBILITIES

©2012 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association. Member FDICCIB Program Ad Aug 2011 007

PNC Real Estate recognizes your dedication to the affordable housing industry. By offering a deeper understanding of the challenges you face and a single source for affordable housing capital solutions,we can help you achieve your goals.

For information please contactJanna Cormier, 512-391-9216 [email protected]

16

THE IDEAL LOCATION IN DOWNTOWN AUSTIN

HOTEL & SUITESAUSTIN - DOWNTOWN

WELCOME 2012 TEXAS HOUSING CONFERENCE! • Ideal lakeside location overlooking scenic Lady Bird Lake and the

Congress Avenue Bridge bats.

• Close to Austin’s unique shopping, dining and entertainment including 2nd Street (1 block), Warehouse District (2 blocks) and 6th Street (5 blocks), and just 2 short blocks from the Austin Convention Center.

• Remodeled guest rooms and suites, cozy lobby with live entertainment, outdoor pool, fitness center, hike & bike trails, plus our own T.G.I. Friday's® and Starbucks.

• Book your next meeting or social event in our beautiful ballroom or meeting rooms

111 Cesar Chavez @ Congress Austin, TX 78701 (512) 478-9611 www.radisson.com/austintx1-800-333-3333

18

Who says all habits

are bad? Since we

began supporting af-

fordable housing in

1969, our partners

have enjoyed consis-

tent success. And since the tax

credit program began in 1986,

we’ve provided equity

for more than 1,300 proj-

ects in 46 states. Through

a combination of quality

partners and excel-

lent execution, we’ve

posted a long-term

track record of cre-

atively financing suc-

cessful developments.

We’d welcome the opportunity

to tell you more about Raymond

James, because like our current

partners, we think you’ll find

success to be habit-forming.

LIFE WELL PLANNED.

We find sound partnerships to be quite

rewarding.

©2012 Raymond James Financial, Inc.

40 YEARS HELPING DEVELOPERS AND INVESTORS SUCCEED.

OVER AND OVER AGAIN.

R J TA XC R E D I T F U N D S . C O M / / 7 2 7 . 5 6 7 . 5 0 1 4



ST. PETERSBURG, FL // NEW YORK, NY // CLEVELAND, OH // BIRMINGHAM, AL

BALTIMORE, MD // LOS ANGELES, CA

Who says all habits

are bad? Since we

began supporting af-

fordable housing in

1969, our partners

have enjoyed consis-

tent success. And since the tax

credit program began in 1986,

we’ve provided equity

for more than 1,300 proj-

ects in 46 states. Through

a combination of quality

partners and excel-

lent execution, we’ve

posted a long-term

track record of cre-

atively financing suc-

cessful developments.

We’d welcome the opportunity

to tell you more about Raymond

James, because like our current

partners, we think you’ll find

success to be habit-forming.

LIFE WELL PLANNED.

We find sound partnerships to be quite

rewarding.

©2012 Raymond James Financial, Inc.



R J TA XC R E D I T F U N D S . C O M / / 7 2 7 . 5 6 7 . 5 0 1 4



ST. PETERSBURG, FL // NEW YORK, NY // CLEVELAND, OH // BIRMINGHAM, AL

BALTIMORE, MD // LOS ANGELES, CA

19

MUNICIPAL BOND TRUSTEE

ESCROW AGENT

SUCCESSOR TRUSTEE

CUSTODY

INSTITUTIONAL INVESTMENT MANAGEMENT

DEFAULT TRUSTEE ADMINISTRATION

Camilla LindseyGreg Hasty

©2012 Wilmington Trust Corporation. Affiliates in Arizona, California, Connecticut, Delaware, Maryland, Michigan, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Texas, Vermont, Cayman Islands, Channel Islands, Dublin, Frankfurt, London, and Luxembourg. All rights reserved.

The business world is an increasingly volatile place. Managing through change demands the expertise that Wilmington Trust clients have come to expect. We bring a world of experience to the table.

We’ve been there, we’re ready, and we’re capable of things you haven’t even imagined yet.

Municipal Bond Experience Lives Here

GET IN TOUCH WITH EXPERIENCE TODAY BY CALLING 972.383.3153OR EMAIL [email protected].

Chuck Hicks

AD1627 Texas Housing ad.indd 1 6/29/12 2:31 PM

Innovative partnership. Environmentally focused.

From single-project transactions to portfolio-wide solutions, Citi Community Capital combines unparalleled community development expertise with industry-leadingcapital markets capabilities to offer financial solutions to preserve and build stronger communities.

Citi. Your Community Development Partner.

citicommunitycapital.com

2012 Citibank, N.A. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup Inc.

Cevallos LoftsSan Antonio, TX

Innovative partnership. Environmentally focused.

From single-project transactions to portfolio-wide solutions, Citi Community Capital combines unparalleled community development expertise with industry-leadingcapital markets capabilities to offer financial solutions to preserve and build stronger communities.

Citi. Your Community Development Partner.

citicommunitycapital.com

2012 Citibank, N.A. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup Inc.

Cevallos LoftsSan Antonio, TX

20

Visit us at Booth 21 and attend our session “The Bridge Fuel” on

July 26 at 10:15 a.m. to learn more.

Affordability goes beyond a lease rate.

Utility costs matter, too.

Help make your affordable

development more appealing

by lowering monthly energy

bills with efficient natural gas

appliances and amenities.

NATURAL GASUTILITIES of TEXAS

Silver Conference Partner

www.nixonpeabody.com

As leaders in the field for more

than 40 years, we proudly support

TAAHP’s continuing commitment to

affordable housing development and

preservation.

Red Stone is a national multifamily real estate finance company providing

innovative financial products to the affordable housing industry.

www.redstoneco.com

Tax Credit Equity

Drew Foster

212-225-8294

[email protected]

Red Stone Equity Partners would like to thank our investor and developer partners, along with other industry experts, on raising

$1 billion of tax credit equityin our first 5 years.

Tax Exempt Bonds

James Spound

212-297-1800

[email protected]

HUD/FHA Lending

Steve Wessler

303-221-2160

[email protected]

TaxCreditAdvisorAd_7-3-12.indd 1 7/3/12 11:41 AM

Visit us at Booth 21 and attend our session “Innovative and Energy Efficient Natural Gas

Technologies Add to Your Bottom Line” on July 24 at 1:45 p.m. to learn more.

21

Red Stone is a national multifamily real estate finance company providing

innovative financial products to the affordable housing industry.

www.redstoneco.com

Tax Credit Equity

Drew Foster

212-225-8294

[email protected]

Red Stone Equity Partners would like to thank our investor and developer partners, along with other industry experts, on raising

$1 billion of tax credit equityin our first 5 years.

Tax Exempt Bonds

James Spound

212-297-1800

[email protected]

HUD/FHA Lending

Steve Wessler

303-221-2160

[email protected]

TaxCreditAdvisorAd_7-3-12.indd 1 7/3/12 11:41 AM

22

Cynthia Bast (Housing Tax Credits: Looking Back & Looking Forward, p. 38) is Partner at Locke Lord, LLP.

R.L. “Bobby” Bowling IV (Tax Credit Apartments: Incubating Future Homeowners, p. 42) is President of Tropicana Building Corp.

Stephanie Darden (Crowdsourcing: Create Community, Before Building a Community, p. 26) is President + Creative Director of FDG {creative}.

Scott Harold (Smart Economic Growth, p. 34) is an Associate with Lancaster Pollard.

Ray Landry (HUD Announces New LIHTC Expedited Processing Pilot Program, p. 32) is Vice President of Commercial Lender for Davis-Penn Mortgage Co.

Jennifer McDermitt (The Trickle Down Effect, p. 46) is a Staff Writer for the Texas Association of Builders.

Betty Waters (SilverLeaf Complex Adding More Units, p. 30) is a Staff Writer for the Tyler Morning Telegraph.

Anderson Capital, LLC (p. 11)Bank of America Merrill Lynch (p. 8)Capital One (p. 143)Centerline Capital Group (p. 9)Chase (p. 22)Citi (p. 19)Dauby O’Connor & Zaleski LLC (p. 3)Diamond Property Consultants (p. 14)Federal home Loan Bank (p. 142)Hudson Housing Capital (p. 23)Locke Lord, LLP (p. 41)National Equity Fund (p. 5)Natural Gas Utilities of Texas (p. 20)Nixon Peabody (p. 20)Oryx Compliance, LLC (p. 4)PNC Real Estate (p. 15)Portfolio Resident Services (p. 2)Radisson Hotel & Suites (p. 16)Raymond James (p. 18)Redstone Equity Partners (p. 21)Reznick Group, P.C. (back cover)The Richman Capital Group (p. 17)Sabrina Nicole Photography (p. 10)Shackelford Melton & McKinley, LLP (p. 12)Stratford Capital Group (p. 6)Tax Credit Group of Marcus & Millichap (p. 13) Texas Aff. of Afford. Hsg. Providers (p. 9, 88, 90, 101, 133)Texas Assoc. of Builders (p. 10)Texas Assoc. of Local Housing Finance Agencies (p. 12)Texas Dept. of Housing and Community Affairs (p. 7)Wilmington Trust (p. 19)

ADVERTISERS CONTRIBUTORS

PATRONS

Improving communities. Improving lives.

As a national leader in community development finance for affordable housing and economic development projects nationwide, Chase is leading the way to help strengthen communities across America by providing loans and investments in low- and moderate-income communities.

For more information on Chase Community Development Banking, visit chase.com/cdb or contact:

Benjamin GlispieSouthwest Region Manager(214) 965-2113

© 2012 JPMorgan Chase & Co. All rights reserved. Chase is a marketing name for certain businesses of JPMorgan Chase & Co. and its subsidiaries worldwide.

23

10.25.11 • Common Ground • ad size: 7.5” x 10” • issue: November 2011

IT REALLY DOES

MATTER WHO

YOU CHOOSE AS

A PARTNER.

Hudson Housing Capital LLC630 Fifth Avenue, Rockefeller Center, 28th Floor, New York, NY 10111

Tel: 212.218.4488 | Fax: 212.218.4467

7545 Irvine Center Drive, Suite 200 Irvine, CA 92618 | Tel: 949.623.8563525 B Street, Suite 1500, San Diego CA 92101 | Tel: 619.297.6500

7535 Little River Turnpike, Suite 204, Annandale, VA 22003 | Tel: 703.639.0880100 Cummings Center, Suite 433A, Beverly, MA 01915 | Tel: 978.236.4252

251 Recinto Sur, 2nd Floor, San Juan, PR 00901 | Tel: 787.721.7929

Hudson Housing Capital has long served as a trustedfinancial partner to tax credit investors and developersalike. Our track record of delivering results continuesto attract a growing stream of investor capital. Hudsonhas consistently provided capital to its partners throughthese challenging financial times.

While Hudson Housing Capital has the experience anddepth of management to understand the most complicated opportunities, it is the simple things thatset us apart: care in dealing with our partners, thoroughunderwriting and meticulous asset management. And private ownership that understands the value ofbuilding relationships for the long term.

Talk to those who have worked with us. It really doesmatter who you choose as a partner.

www.hudsonhousing.com

hh_CG_2011_full_page_v1_qxd_Layout 1 10/25/11 6:19 PM Page 1

24

CROWDSOURCING: CREATE COMMUNITY, BEFORE BUILDING A COMMUNITY

GENERALPatrons Article contributors and advertisor listings

Housing ConnectionAward-winning affordable housing developments take center stage

LeadershipGet to know the dedicated leaders who make it happen

Need to KnowGet the scoop on registration, exhibit hall hours, & more!

FEATURESSmart Economic GrowthBenefits of creating affordable housing in the U.S.

Housing by ChoiceA self reflection of the Housing Tax Credit Program

Future HomeownersTax Credit Apartments help El Paso family become homeowners

conference

Special EventsCocktails, granola bars, wine & cheese, popcorn, and more!

Exhibits Your chance to network & secure new business relationships

Educational ProgramExpand & share your housing knowledge

2012 PartnersCheers to all who make the Texas Housing Conference come to life!

Schedule At-A-GlanceCheck out this year’s jam packed agenda

2650

101

22

48

86

134

34

38

42

85

92

94

108

136

contents

25

It’s safe to say that it’s going to be another hot Texas summer. As the heat index rises and the sun wraps its sweltering arms around the Lone Star State, I en-courage you to beat the heat and kick back, put your favorite beverage on ice, and drink-in another edition of the Texas Housing Magazine.

Rewind three years ago…the economy was in the mist of one of the most devastating downturns since the Great Depression, Octomon gives birth to octuplets, the swine flu pandemic rattles the Nation, and the Texas Housing Magazine is born. While most would take a step back we lunged forward and created the only major magazine focused on highlighting afford-able housing communities in Texas and the people behind the scenes who make it all happen.

The goal was to produce a magazine that informs, engages, and encourages its readers to share ideas and work together to produce award-winning hous-ing communities with state-of-the-art designs, ameni-ties, and resident services.

Fast forward three years… the National economy be-gins to gain traction as it rallies to recover, Lebron James finally wins his first NBA Championship, and this publication expands from a 28 page program to a 140+ page magazine. Interest to advertise, contrib-ute peer reviewed articles, and showcase affordable housing communities across the State of Texas con-tinues to grow.

intro

EditorJesus Azanza

General ManagerJim Brown

SalesKristi Sutterfield

Design + ProductionJesus Azanza

Jesus Azanzaeditor + creative director

conference

101

Staff

contents

In this edition you will read about an El Paso family who have become first time home buyers, the positive economic impact affordable housing communities have on local economies, and how to maximize your business exposure through social media.

I hope you use this publication as a tool to tell your story and grow your business. As the summer heat continues to bake the Earth, don’t forget to stay cool and enjoy the sanctity of an air conditioned room with a copy of the Texas Housing Magazine neatly placed on a coffee table next to your favorite iced beverage.

Executive DirectorJim Brown

Director of Member ServicesJesus Azanza

Administrative AssistantNancy Hardin

Conference & Marketing ConsultantKristi Sutterfield

Questions and feedback:

221 E. 9th Street, Ste. 408 Austin, TX 78701Phone: 512.476.9901Email: [email protected]

w w w.ta a h p. o r g

26


BY: STEPHANIE DARDEN, PRESIDENT + CREATIVE DIRECTOR, FDG {CREATIVE}

continued on page 28

27


28

9continued from page 26

99.9% of developers will agree with passionate zeal: their projects’ planning and approval process is tedious on a good day and hel-lacious on most other days, with outcomes that are anything but certain.

I am not a developer, but I’ve worked as a partner long enough to know that the projects, places, and people may change, yet one thing remains constant: real estate development is not a simple, linear process. Getting from the vision at point A to a full occupancy at point Z, will include a trajectory that often resembles a connect the dots version of the galaxy’s constellations.

But what if I told you there is a new movement strengthening develop-er and project brands, creating a robust leads generation pipeline, and actively transforming the vi-sion to reality trajectory along the way?

This movement is a shift in thinking that can aptly be described as a concerted effort to create com-munity, before building commu-nity. The name of this movement is crowdsourcing.

So what exactly is crowdsourcing? Consider it the modern, interac-tive, multidimensional version of polling. It involves taking a deci-sion or task to the general public that is ordinarily completed or de-cided by your team or related proj-ect partners.

But how can crowdsourcing be specifically utilized to advance the interests of real estate developers and their projects? Look no further than a role model example I con-tinue to admire from afar: Renais-

sance Downtowns, a real estate development firm that won an RFP to develop 17 acres of failed shopping mall into a vibrant, thriv-ing downtown destination. Their crowdsourcing placemaking cam-paign and participants are known as Bristol Rising. Launched in No-vember of 2010 via a seemingly simple happy hour with 14 people, it has since led a planning and ap-proval process that has been com-pleted in a fraction of the time of similar projects in other markets. Consider that most master plans can easily take 2-3 years to com-plete. In this case, for Renaissance Downtowns, their Concept Master Plan was submitted in April 2011 with municipal approval gained in October 2011. But the project’s velocity did not end there. Zon-ing amendments were approved in February 2012. The first official land use plan was submitted at the

end of April 2012, and approved in June 2012. All along the way, for every review, every vote, members of Bristol Rising were in atten-dance at the municipality to help usher along project progress.

Think about that for a moment. Normally, community involvement is seen when those who are ve-hemently opposed to a project show up, speak loudly, and urge municipality decision makers to reconsider or reject plans. Bristol Rising had the opposite impact. There was a crowd of fans and supporters attending the reviews. Renaissance Downtowns had its very own pep squad cheering and helping to show that a large por-tion of the local population agreed with and supported the plan.

So how did they do it? How did they create community before building community?

Renaissance Downtowns created an all-call of sorts, asking for all interested members of the com-munity to submit ideas for the plan and provide feedback along the way. You can see it live and in action at BristolRising.com. In addition to the obvious benefit of project velocity, the launch of Bristol Rising also succeeded in strengthening their own brand as a developer who cares about community development through community engagement. I fell in love with their ingenious Crowd-sourced Placemaking Agreement and Triple-Bottom-Line Statement, both available for reading on the website.

Bristol Rising also made the munic-ipality’s decisions easier because Renaissance Downtowns was able to show community consensus and support of the plan. This was a game changer. Project opponents

feature

28

29

did not stand a chance against a tidal wave of project supporters, the Bristol Rising crowdsourcing community, who continually filled the room and afforded the devel-oper verifiable proof of support both online and in-person.

Crowdsourcing has provided an-other magical gift to the develop-ers of this mixed-use development. It has also created a powerful pipeline for lead generation. What started as a mini movement of 14 people at happy hour has become a mighty movement of 2,300 mem-bers today. In November 2011, Bris-tol Rising launched their Down-town Living Campaign, which focused on identifying 400 peo-ple who were interested in living downtown, and this past March, they reached their goal.

Renaissance Downtowns’ crowd-sourced placemaking campaign is a success on all fronts. But make no mistake about it, it took energy and investment upfront–an atypi-cal time for most developers to spend money on public communi-cation initiatives, a.k.a. marketing. But that’s perhaps the most im-portant part of all crowdsourcing. You are effectively engaging in marketing and branding from the earliest possible stage–point A–of a project’s trajectory. You are able to officially move away from push marketing (outbound “push”-style messages about your project) and fully realize pull marketing where individuals are drawn inward, into the heart of your project. Crowd-sourcing empowers them to affect a development’s outcome, not sim-

feature

ply occupy it once it’s constructed.Renaissance Downtowns is not alone in their adoption of crowd-sourced placemaking. Other ex-amples include:

NewPauldoe.com, a site created for the redevelopment initiative of the Jack R. Wells public housing development in Athens, GA by Co-lumbia Residential and the Athens Housing Authority. Their crowd-sourcing initiatives have played a major role in the pursuit of tax credits in Georgia, by helping them showcase tremendous com-munity support for the project and a vital need for affordable hous-ing in Athens-Clarke County, an area plagued with one of the high-est rates of poverty in the United States.

Popularise.com, a site that solic-its the community via large-scale architectural building wraps to volunteer their ideas for the best fits for available retail spaces throughout the Washington, D.C. area.

29

For more examples of ways crowdsourcing is playing a vital part in community development, visit fdgcreative.com/communitycrowdsourcing.

30

SILVERLEAF COMPLEX ADDING MORE UNITS

feature

CHANDLER — SilverLeaf, a new complex here providing senior citi-zens who are able to live indepen-dently with high-quality housing at affordable rental rates, is adding 44 apartments in four-plexes and six-plexes in nine buildings less than a year after it opened.

The additions will increase capac-ity of SilverLeaf at Chandler Se-nior Apartment Community at 801 Farm-to-Market Road 2010 from 30 apartment units in six buildings to a total of 74 apartments, all built in the Texas traditional style of ar-chitecture.

“We hope to bring the first build-ings (of Phase 2) on line at the end of the year,” said Mike Sugre, prin-cipal of StoneLeaf Companies, a Mabank-based development company specializing in senior liv-ing communities. “We would not ever build a place we would not live in ourself,” Sugre said.

Phase 1 on the approximately 13-acre site formally opened in December 2010, although leasing started earlier, and it is fully occupied.

Residing in the new senior apart-ment community is “wonderful and peaceful and the people are kind,” Benni Brown said. She was drawn to move in by the convenience, ac-cess to things and realization that she is older.

She also liked knowing that her newly constructed apartment had never been lived in until she moved in.

There's a waiting list of approxi-mately 50 applicants for apart-ments under construction in Phase 2.

“I don't foresee any problems filling up those 44 (new) units. Everyday people come by or call about an apartment,” said Laura Dickson, on-site property manager for Al-pha-Barnes Real Estate Services, a management company hired by Sugre to oversee the senior living complex.

Most residents are widows or wid-owers, although there are a few couples.

The development represents an investment of about $7.5 million, in-cluding $3 million for the costs of Phase 1 and $4.5 million for Phase 2, Sugre said.

Sugre undertook building the com-plex through the low-income hous-ing tax credit program, based on Section 42 of the Internal Revenue Code, a federal program admin-istered in Texas by the Texas De-partment of Community Affairs that provides the private market with tax incentives to invest in af-fordable rental housing.

His company picked Chandler as the site of the project after a mar-ket study showed a need for this

The development rep-resents an investment of about $7.5 million, including $3 million for the costs of Phase 1 and $4.5 million for Phase 2, Sugre said.

by betty waters, staff writer, tyler morning telegraph

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type of housing, partly because Chandler is a bedroom community to Tyler.

“We looked at a lot of different places to see where there is a need. I talked to a number of towns in East Texas. The people in Chan-dler were very, very accommodat-ing and really wanted housing and knew they needed housing,” Sugre said.

To show the state and federal gov-ernments that the city of Chandler wanted the development and was willing to participate, the Chan-dler Economic Development Corp. loaned the developer $100,000 for Phase 1 and $140,000 for Phase 2 from half-cent sales tax revenue, city Administrator Jim Moffeit said.

Sugre paid back the Phase 1 loan upon completion of construction and Moffeit expects he will pay off the Phase 2 loan when Phase 2 is completed, probably next summer.

The new senior living complex al-lows a person with limited income to have a place to go and still be independent, Moffeit said.

“There's a big need in Chandler,” Sugre said, “because of its proxim-ity to Tyler. It's an area that had a need and we could fill that need.”

Many of the Phase 1 residents have family members who live in Tyler and wanted to be close by. Several Tylerites with aging par-ents moved them into StoneLeaf from all over Texas, Louisiana and Oklahoma City, Ms. Dickson said.

“It's a quiet, safe community,” she added. “The biggest (benefit) is the community aspect. I can truth-fully say that you see the best in people when you live in a commu-nity like this. They (tenants) get to know each other, share rides to the grocery store and doctor, check on each other.”

There are two restrictions that ten-ants must meet — age and income.

Phase 1 is restricted to persons aged 62 years and older, while Phase 2 will be restricted to per-

sons aged 55 years and older.

Depending on tenants' income, monthly rent for a one-bedroom apartment ranges from $229 to $526 and for a two-bedroom apartment the range is $278 to $634. The rent includes garbage pickup, water and sewer service. Size of the apartments varies from 750 square feet for a one-bedroom apartment to 900 square feet for two-bedroom units.

Most tenants sign a 12-month lease, although the minimum lease is for six months.

There are eight handicapped-ac-cessible units. Some are designed for the mobility impaired and the hearing and sight impaired as well. Units for the handicapped have roll-in showers for anyone who is wheel-chair bound.

All of the units have granite coun-ter tops in kitchens and bath rooms. Counters are chair height and easy to reach over. To facili-tate movement, especially by any-one on a walker, they have plank vinyl flooring and no carpeting, which makes them easier to clean and less offensive to anyone with allergies.

Living rooms have 9-foot, tray ceil-ings, creating the illusion that the apartments are bigger than they actually are. Insulation is heavier than in a typical home to make the units energy efficient, and every room has a ceiling fan. Most have showers, but some also have bath tubs.

All of the units have washer and dryer hookups, dish washer, dis-posal, self-cleaning ovens, a 17-cu-bic-foot refrigerator with ice mak-er, built-in microwave oven, walk-in closets, an outside storage area and patio. All of the light fixtures have an energy star rating to keep electric bills down, Sugre said.

A community building in the com-plex serves as a gathering place for residents. It has a large room with a flat screen TV where they watch football games, play games, and have parties. There are bil-

liard tables and card playing ta-bles. Another room hosts crafts, Bible study, health fairs and other activities.

A business center in the community building is equipped with comput-ers for residents, a copy machine and a fax machine.

The community building also has an office, a kitchen and a laundry room for residents who do not in-stall a washer and dryer in their apartment.

Walking trails weave through the property and there is a place for a community garden.

fact

According to the U.S. Census, Chandler has grown 38.7 percent since the 2000 census. The 2010 Census cites a Chandler population of 2,734 compared to 1,971 for the year 2000. According to the Cen-sus, Chandler grew at a faster rate than the state and Henderson County. Texas grew from 20,851,820 people in 2000 to 25,145,561 in 2010; reflecting a 20.6 percent increase. During this same time pe-riod, Henderson County had a 7.2 percent increase from 73,277 persons to 78,532 persons.

Chandler, TX Population Growth (by decade)

Year Population % change

1940 624 ---1950 675 8.21960 715 5.91970 765 7.01980 1,308 71.01990 1,630 24.62000 1,971 20.92010 2,734 38.7

Resource: City of Chandlerhttp://www.chandlertx.com/DocumentCenter/Home/View/5

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HUD Announces New LIHTC Expedited Processing

Pilot Program

Here’s a shout out to all low-in-come housing tax credit (LIHTC) developers. Knowing that interest rates today are at an all-time low, are you sick and tired of convert-ing your developments into the 7 percent or more permanent debt that you had to commit to two years ago? Have you had enough of hearing your competitor brag about the low FHA rate he just locked, but you didn’t have the time to process a 221(d)(4) transac-tion? Your agony is now over.

Some of my colder-hearted com-rades had a saying they liked to use back in my Resolution Trust Corporation days as we entered a savings and loan institution to ultimately eliminate employees’

jobs: “We’re with the Government, and we’re here to help you.” Flash forward 20 years, and once again the phrase comes to mind, but this time in a much more positive light.

At the Mortgage Bankers As-sociation’s annual Commercial Real Estate Finance Conference in February, U.S. Department of Housing and Urban Development (HUD) Deputy Assistant Secretary for Multifamily Housing Programs Marie Head presented the high-lights of the new HUD LIHTC pi-lot program. Chief is the revival of the recently expired three-year rule, making it available again for LIHTC transactions processed through the program.

As you may recall, HUD in July 2009 instituted its three-year rule waiver in an effort to clear bank portfolios of construction loans that had no permanent financing; it was meant to be an incentive to get banks lending again. Histori-cally, HUD could not insure a loan until the property was three years old. One requirement of the ex-pired waiver was proof that alter-native permanent financing wasn’t available, a requirement that the new waiver removes. As of this printing, the new three-year rule waiver was still in clearance and had not been issued. In the interim, the LIHTC pilot mortgagee letter (ML 2012-1) extends the existing waiver until February 2013 for tax credit pilot transactions only.

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This article first appeared in the April 2012 issue of the Novogradac Journal of Tax Credits and is re-produced here with the permission of Novogradac

& Company LLP. For further information visit www.novoco.com.

by ray landry, davis-penn mortgage company

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Ray Landry is vice-president of commercial lend-ing with Davis-Penn Mortgage Co. Davis-Penn provides new construction, refinancing, acquisi-tions and substantial rehab financing through the FHA and HUD insured loan programs.

This article first appeared in the April 2012 issue of the Novogradac Journal of Tax Credits.

© Novogradac & Company LLP 2012 - All Rights Reserved

Notice pursuant to IRS regulations: Any U.S. federal tax advice contained in this article is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties under the Internal Revenue Code; nor is any such advice intended to be used to support the promotion or marketing of a transaction. Any advice expressed in this article is limited to the federal tax issues addressed in it. Additional issues may exist outside the limited scope of any advice provided – any such advice does not consider or provide a conclusion with respect to any additional issues. Taxpayers contemplating undertaking a transaction should seek advice based on their particular circumstances.

This editorial material is for informational purposes only and should not be construed otherwise. Advice and interpretation regarding property compliance or any other material covered in this article can only be obtained from your tax advisor. For further information visit www.novoco.com.

The two other pilot program initia-tives are preservation related. The first involves rehabilitations of up to $40,000 per unit on properties processed through the program. These properties can now be processed as 223(f) transactions instead of a 221(d)(4) construction loan. Some of the 221(d)(4) proto-cols, especially those pertaining to property capital needs assess-ments (PCNAs), use of architects, plans and specifications, and gen-eral contractors are applicable, except Davis-Bacon wage rules do not apply provided all rehab costs in excess of normal 223(f) rehab limits are paid from LIHTC equity. The assurance of comple-tion escrow required by the Sec-tion 223(f) program will serve as a construction contingency, with a credit given for a funded repair contingency held at the partner-ship level. Repairs will be funded on a monthly draw basis with in-spections, like a 221(d)(4), and the repair period can extend beyond the normal 12-month 223(f) limit. Rehabilitations requiring more than a two-week tenant relocation are not eligible and must be pro-cessed as 221(d)(4) transactions.

“Assisted projects,” in which proj-ect-based Section 8 contracts cov-er at least 90 percent of the units, may qualify under one of the three types of transactions included in the program but the owner must agree to a new 20-year housing assistance payment (HAP) con-tract. If the owner requests a rent increase in conjunction with the new contract, that request must be submitted to asset manage-ment prior to submitting the firm application.

Year-15 LIHTC properties are also an eligible property type under the pilot program. Any property being re-syndicated with new credits and a new equity investor is eligible for the same $40,000 per unit rehab limit described previously. Eligible

properties must have averaged 85 percent physical occupancy for the previous 12 months, and reha-bilitations can only be “tenant-in-place;” again, allowing for no more than a two-week relocation of ten-ants. An operating deficit escrow equal to six months of principal, interest and mortgage insurance is required.

Transactions involving 4 percent and 9 percent LIHTCs are eligible for the pilot program, and the max-imum loan amount is $25 million. The LIHTC partnership must have a third-party LIHTC investor, thus projects funded exclusively with ex-change credits or Tax Credit Assistance Program (TCAP) trans-actions are not eligible. For mixed-income developments, at least 90 percent of the units must be rent restricted. On non-HAP proper-ties, underwritten rents must be at least 10 percent less than compa-rable unrestricted rents. Mixed-use developments are also eligible, provided the commercial income and square footage is less than 10 percent of the entire project.

The program is available only to selected multifamily accelerated processing (MAP) lenders, and the selection criteria include success-ful affordable housing lending his-tories. Lender applications are be-ing accepted now, and the list of approved lenders is expected to be released later this month.

Initial testing of the pilot program will be in HUD’s Boston, Chicago, Detroit and Los Angeles hubs. It is HUD’s desire to expand the pres-ervation initiatives of the program to additional Hubs and lenders within the first 12 months of imple-mentation. Discussions are taking place about possibly including 221(d)(4) transactions in the pro-gram next year.

We all know the knock on HUD-insured financing has always been the lengthy process to get to clos-ing, with typical timeframes rang-ing from 10 to 12 months. The pilot program provides for a single LI-HTC Hub-delegated underwriter for each Hub that will process the entire loan application, as opposed to the current system of having each discipline review their portion of the application. The best news of all is their stated tim-ing goals are for firm commitments to be issued within 60 to 90 days of receipt of a firm application, with closings in another 30 days.

You can download the mortgagee let-ter creating the LIHTC pilot at http://portal.hud.gov/hudportal/documents/huddoc?id=12-01ml.pdf. If you have any questions on this information, I can be reached at [email protected].

Transactions involving 4 percent and 9 percent LIHTCs are eligible for the pilot program, and the maximum loan amount is $25 million.

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by scott harold, lancaster pollard

SMART Economic

GROWTHLow-income housing tax credits (LIHTC) are arguably the most important resource for creating affordable housing in the United States today. Created by Section 42 of the Tax Reform Act of 1986, the LIHTC program gives state and local LIHTC-allocating agencies nearly $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation or new con-struction of affordable rental housing targeted to low-income households.

cotinued on page 36

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however, the development of LI-HTC properties is not without op-position. It is a widely held notion that affordable housing contrib-utes to neighborhood blight, low property values and poor com-munity economies. A survey con-ducted by Housing Illinois, a coali-tion of over three dozen housing and community advocate groups, revealed that two-thirds of people surveyed believed low-income housing is poorly maintained, half agreed that developing low-in-come housing would lower proper-ty values and just over half agreed that crime increases in neighbor-hoods with low-income housing.3 This “not-in-my-backyard” attitude has led to growing resentment against the construction and reha-bilitation of affordable housing in neighborhoods across the county. It is well recognized that this im-portant housing program plays an important role in improving the economic welfare of low-income households throughout the United States, but its positive impact on local income, taxes and jobs is rarely highlighted.

Small Investment, BIG ReturnSince 1987, when it began, the LI-HTC program has become the pri-mary federal subsidy instrument for supporting the production of new and rehabilitated rental hous-ing for low-income households. The exact number of units actually preserved and newly developed under the program, however, is dif-ficult to determine. Given the dis-persed nature of the program, no single federal source of informa-tion on LIHTC housing production exists.4 State and local allocation agencies collect more information on the nature of the LIHTC hous-ing through the state’s competitive application process.

The following analysis uses the 2009 U.S. Department of Housing and Urban Development’s (HUD) LIHTC Database and The Na-tional Association of Home Build-ers (NAHB) model to estimate the

local economic benefits of LIHTC development. The LIHTC data-base, first created by HUD in 1997, contains information on 33,777 projects and almost 2,203,000 housing units placed in service be-tween 1987 and 2009. The NAHB model captures the effect of the construction activity (Phase I), the ripple impact that occurs when income earned from construction activity is spent in the local econ-omy (Phase II), and the ongoing impact that results from the LIHTC units being occupied (Phase III).5 According to the HUD LIHTC Da-tabase, on average, between 1995 and 2009 nearly 103,000 units were placed into service each year with the average project contain-ing 75 units. Placed-in-service proj-ects are those that have received a certificate of occupancy and for which the state has submitted the IRS Form 8609, indicating the property owner is eligible to claim LIHTCs on their tax return.6 Using the NAHB model, the one-year impact (Phase I and II) of 103,000 placed-into-service LI-HTC units creates 125,660 jobs, injects $8.1 billion in income to lo-cal economies and generates $1.3 billion in federal, state and local taxes, fees and charges. The ad-ditional, annually recurring impact of 103,000 placed-int0-service LIHTC units (Phase III) creates 30,900 jobs, injects $2.4 billion in income to local economies, and generates $454 million in federal, state and local taxes, fees and charges. The per-unit data used to calculate the one-year and re-curring impacts were estimated by NAHB under the assumptions that tax-credit apartments: had an average market value of $120,000 per unit; had an average raw land value of $12,000 per unit; incurred an average of $3,043 per unit in impact, permit and other fees to local governments; and incurred an average annual property tax of $1,200 per unit.7

Developed by economists, NAHB’s economic-impact models have been used by outside universities, state housing authorities, and af-fordable housing agencies. The Illinois Housing Development Au-

cotinued from page 34

A Quarter Century of SuccessThe spirit of the LIHTC program is based on competition. Each year, states are allocated a cer-tain amount of tax credits from the federal government based on population. State and local offi-cials award those tax credits to competing developers who sell them to investors in exchange for equity to build affordable housing. The application process rewards developers who build LIHTC proj-ects in areas of significant need, use sustainable building practices and demonstrate a solid track record of success within the pro-gram, among other criteria.

To date, the LIHTC program has succeeded in facilitating private investment to support the develop-ment and preservation of afford-able rental housing for America’s low-income families. According to a report from Reznick Group, for the last 15 years, the demand for housing tax credits has exceeded supply almost every year. Reznick believes this imbalance between the supply and demand for hous-ing credits has resulted in a highly efficient use of tax credit dollars as a tool to finance the construc-tion of additional affordable hous-ing. The same report revealed that over the course of the past decade, the occupancy level in LIHTC properties has consistently been approximately 96%.1 Addi-tionally, a report by Novogradac & Company referenced the LIHTC program’s significantly low fore-closure rate relative to other real estate asset classes. In a survey of 15,174 properties, respondents indi-cated that only 129 of the proper-ties had been foreclosed between 1991 and 2006, which translates to a 0.08 percent on an annualized basis. The same study revealed that, in comparison, the foreclo-sure rate for non-LIHTC apart-ment properties was 0.27 percent.2 The LIHTC program is a signifi-cant public policy success story;

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thority used the NAHB model to determine that the one-year em-ployment impact of the author-ity’s lending for new construction resulted in 4,256 full-time jobs and about $70 million in federal, state and local taxes and fees.8

School is Back in SessionAn example of the LITHC program in action is Franklin School Apart-ments in Great Falls, Mont. Origi-nally an elementary school built in 1913, the property was expanded and converted to tax-credit apart-ments in 1990. In a city known for its historical architecture, the apartment project was one of Great Falls’ success stories; how-ever, over recent years the project had been physically deteriorating and was due for a makeover. The developer applied for and received LIHTCs from the Mon-tana Board of Housing, which po-sitioned the project to restore its physical quality and improve livingconditions for residents. Lancaster Pollard provided a permanent loan through the fixed-rate, non-recourse Fannie Mae Affordable Housing product. As a result, the property will benefit from $48,000 worth of repairs per unit, including updated kitchens, bathrooms and common areas as well as energy-efficient improvements.

The economic impact from the Franklin School Apartments proj-ect will be substantial for Great Falls. (See table above.) For the development cost of $4 million, the NAHB one-year local income estimate is more than $3.1 million and the one-year estimate of local taxes and fees is nearly $331, 000.

Franklin School Apartments: By the NumbersImprove Your Community

The economic benefits of LIHTC developments cannot be ignored. The LIHTC program does more than just provide affordable hous-ing to families in need; it creates jobs for millions of Americans and injects recurring capital in the U.S. economy. When using the NAHB model and HUD statistics, LIHTCs generate one-time annual income of $8.1 billion for local economies and recurring annual income of $2.4 billion.

The LIHTC program represents public-private partnership at its best combining closely monitored compliance and public steward-ship with private-sector discipline, investment and leadership. Addi-tionally, because LIHTC projects serve the economy, the commu-nity and the environment, they are considered smart-growth development. Developers, com-munities and planners would be wise to consider both the social and economic benefits that LIHTC development can bring to a local economy.

1 “The Low-Income Housing Tax Credit Program at Year 25: A Current Look at Its Performance.” Reznick Group. http://www.reznickgroup.com/sites/reznickgroup.com/files/papers/reznickgroup_lihtc_survey_2011.pdf, Pg. 5-10. August 2011

2 “Low-Income Housing Tax Credit: Assess-ment of Program Performance & Compari-son to Other Federal Affordable Rental Housing Subsidies.” http://www.novoco.com/products/special_reports/Novogra-dac_HAG_study_2011.pdf, Pg. 1-10Novogra-dac & Company. May 2011.

3 “Valuing Housing: Public Perceptions of Affordable Housing in the Chicago Region.” Housing Illinois. http://www.housingillinois.org/pdf/Valuing%20Housing%20Full%20Report.pdf, Pg. 46-49. October 2002.

4 “New Low-Income Housing Tax Credit Property Data Available.” U.S. Department of Housing and Urban Development (HUD). http://www.huduser.org/portal/datasets/lihtc/topical9509.pdf, Pg. 6-14. September 2011. 5 “The Local Economic Impact of Typi-cal Housing Tax Credit Developments.” National Association of Home Builders (NAHB). http://www.nahb.org/fileUpload_details.aspx?contentTypeID=3&contentID=35601&subContentID=265044, Pg. 1-21. March 2010.

6 HUD.

7 NAHB.

8 “An Analysis of the Economic Impact of the Illinois Housing Development Author-ity’s Loan Programs for Fiscal Year 2004.” The Illinois Housing Development Author-ity. Pg. 1-10. December 2004.

Scott Harrold is an associate with Lancaster Pollard in Columbus. He can be reached at [email protected].

FRANKLIN SCHOOL APARTMENTS BY THE NUMBERS

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AAt age 13, I chose my career path. Inspired by studying the legal sys-tem, I decided I would earn a busi-ness degree, go to a great law school, and become a corporate lawyer. I wanted to help people to make their businesses success-ful, working on transactions that would bring businesses together for a common goal. Not a bad plan for a junior high school stu-dent. The only thing I didn’t plan for was the fate that would lead me to become an affordable hous-ing lawyer.

Exiting law school in 1991, I was one of the few fortunate ones who got to stay in Austin, hired as a corporate associate attorney for a major Texas law firm. One of the first projects assigned to me was to perform securities work

for a private placement offering that would raise equity to invest in housing tax credit properties. This was the birth of the Texas Housing Opportunity Fund. It was a state-wide fund, co-sponsored by a for-profit entity and a non-profit entity. At the time, no other equity fund had a dual-sponsorship structure. But this is Texas, and we do things differently here. The people spon-soring this fund, our clients, were stars of the fledgling housing tax credit industry and veterans of other affordable housing finance programs. Yet, raising the capital was no easy task. At the time, the housing tax credit remained sub-ject to sunset under federal law. This chilled investment appetite. Combine that effect with a new and untested business model, and investors were not beating down

the door at first. About eighteen months later, when the housing tax credit law became permanent, that first fund closed. To be hon-est, it never occurred to me that the fund would not close. I just kept working until it did. To this day, one of the sponsors teases me that the only reason the fund closed was because I was too na-ïve to know it wasn’t supposed to. Over the years, the Texas Hous-ing Opportunity Fund went on to raise over $85 million in equity for housing tax credit properties, be-ginning with that first closing in 1993. This capital infusion was an important milestone in the life of the affordable housing industry in our State.

Through the 90s, more and more developers gained interest in the

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housing tax creditsby cynthia bast, locke lord, llp

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tax credit program. The Quali-fied Allocation Plan (QAP) and the competition became more robust. Yet, I only attended one Board meeting for the Texas Department of Housing and Community Affairs (TDHCA) each year. That was the meeting when we would cram into a room, no doubt violating fire code, and wait for the Board Chair to call out lucky application num-bers, as if they were bingo balls.As the housing tax credit program celebrated its tenth anniversary, it felt like the program had matured tremendously and was being used effectively. A 1997 report by the United States General Accounting Office found that the housing tax credit program had developed a diverse range of properties across the country and had stimulated the multifamily housing market.

The creation of the Texas Affilia-tion of Affordable Housing Provid-ers (TAAHP) in 1997 was a natural byproduct of this era. Those who had been working together in the tax credit program during its first ten years decided that the indus-try needed an association where all of the interested parties could come together to share informa-tion, advocate, and promote the greater good of the business. It was a well-executed vision. It is hard to imagine our industry with-out TAAHP today.

With the new millennium came a head-spinning amount of change for the housing tax credit industry in Texas. It started in the 2001 Leg-islative Session, when TDHCA was subject to sunset review. A leg-islative mandate set forth a new direction for how the tax credit allocation process should be con-ducted. As TDHCA worked to im-plement the new law, the industry was unsettled by such a dramatic change. Yet, the insecurity led to healthy public discourse as to how the law should be interpreted and applied. Without a doubt, the tax credit application process be-came more complex. Soon, I found myself attending every TDHCA Board meeting, arguing appeals and making requests. But the in-creased use of a public forum to vet questions and concerns did

lead to transparency that the Leg-islature was trying to achieve.Many turned to the tax-exempt bond program to provide a com-bination of debt and tax credits without the uncertainty of the competitive tax credit application process. Once a bond reservation was received, the 120-day closing deadline seemed rocket-fast. The industry claimed victory when they convinced the Legislature to tack another 30 days on that timeline. Unless they involved contentious negotiations (and I had a couple doozies), bond closings were fun. They brought everyone together in one place and we always enjoyed a nice dinner. While it is no doubt easier to distribute electronic sig-natures via attachments to an email, the personal interaction of a bond closing is a refreshing change.

Just when it seemed we had ab-sorbed the Legislative change and gotten into a groove with the re-vised tax credit allocation process, we were hit with another challenge – one of the most devastating hur-ricane seasons in the history of our country. Observing the level of co-operation among affordable hous-ing professionals who reached out to assist was truly heartwarming. With disaster recovery funds avail-able, 2007 was the most produc-tive year ever for the Locke Lord team, as we closed 85 financing transactions. Yet, a celebratory mood was dampened in Decem-ber when a transaction made it all the way to the closing table and didn’t close. This was virtu-ally unprecedented. Demand for tax credits and pricing were high. My instincts said something was amiss, and they were validated as the nation’s financial crisis rolled through 2008.

As financial institutions teetered and failed, we were grateful for every closing in 2008 and wor-

ried about what was to come. The situation was grim as developers lost financing commitments for developments on which they had already spent hundreds of thou-sands of dollars. We wondered if we would ever have a housing tax credit program again. But the af-fordable housing industry rallied to work with Congress in support of funding programs through the American Reinvestment and Re-covery Act (ARRA), providing a bridge to allow the markets to recover. Looking back, I appre-ciate the brilliance of those who modeled the Tax Credit Assis-tance Program and the Exchange Program. They advocated for the interests of affordable housing developers in the grand stimulus funds package and created fi-nancing schemes that would per-form exactly as the housing tax credit industry needed.

We closed the fewest number of deals ever in 2009, yet it was one of my favorite years of practice. In the face of the greatest challenge yet, implementing ARRA was in-vigorating because of the level of teamwork involved. In the Ameri-can Bar Association, we have a group of lawyers dedicated to affordable housing and commu-nity development law. This group has a listserve for the members to seek advice from one another. In 2009, the listserve exploded with communication. Questions were posed as to how ARRA should be interpreted.


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I was introduced to the affordable housing indus-try by chance. I stayed in the affordable housing industry by choice.

Rick MorrowPartner, Austin

T: [email protected]

Christine RichardsonPartner, Austin


Matthew BorahAssociate, AustinT: 512-305-4877

[email protected]

Alan L. KennardHead of New MarketsTax Credits, Chicago


Look for our Locke Lord attorneys at this year’s Texas Housing Conference

Our Affordable Housing GroupPuts All the Pieces Together

Locke Lord provides comprehensive legal

services for the affordable housing industry.

We understand your business and tailor our

legal work to meet each client’s unique needs.

Let us help you put all the pieces together for

success in your affordable housing endeavors.

100 Congress Avenue, Suite 300

Austin, Texas 78701

Cynthia BastPartner and Affordable Housing Chair

T: 512-305-4707

[email protected]

Practical Wisdom, Trusted Advice.www.lockelord.com

Atlanta, Austin, Chicago, Dallas, Hong Kong, Houston, London,

Los Angeles, New Orleans, New York, Sacramento, San Francisco, Washington DC

Scan with your device’sQR reader to learn moreabout Locke Lord’sAffordable Housing Group.

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[email protected]












Austin, Texas 78701


T: 512-305-4707

[email protected]





continued from page 39

Notes were compared as to how different states were approaching it. Collectively and collaborative-ly, the nation’s affordable housing bar arrived at conclusions that would form the basis for our ser-vice to clients as they utilized these programs. It was remarkable to watch all of those great minds de-bating and sharing and to benefit from their insights.

And then there was the collabo-ration with TDHCA, as staff pro-posed the priorities and proce-dures for the allocation of these funds. With few additional employ-ees, TDHCA implemented massive new financing programs, complete with policies, documents, and sys-tems. When that infrastructure was in place, we closed the first Texas transaction for TCAP funds on December 31, 2009, late in the day. We gathered in the confer-ence room at TDHCA with a table full of documents. Once the docu-ments were signed, we toasted the achievement with sparkling cider in little plastic cups. That cup re-mains on my shelf as a treasured memento.

While we were busily closing ARRA financing transactions in 2010, we wondered what things would look like when the ARRA program con-cluded. I started January 2011 with trepidation, questioning wheth-er the investors would be back, whether debt would be available, and how business terms would change. Happily, the market did exactly what was hoped for. New investment was generated, and the last two years have felt very much like “business as usual” in the financing realm.

By my observation over twenty years, the tax credit industry has stared down challenges time and time again. Threats of federal tax reform, natural disasters, supply shortages, financial crises, and new laws have made all of us stop, think about what we are doing, and figure out how to do it better. The housing tax credit program has proven itself as the most ef-fective housing finance program in

the history of this country. Change has been a constant. But that change has been essential for the successful maturation of the busi-ness.

As I start my third decade in this industry, I cannot help but look back a little and reflect on some of the things I will never forget:Reminiscing doesn’t make me wist-ful for the “good old days.” It en-ergizes me for the days and years to come. I look around and see an assemblage of amazing, talented people who will take the housing tax credit program and related fi-nancing programs to the next lev-el. I was introduced to the afford-able housing industry by chance. I stayed in the affordable housing industry by choice. I found a ca-reer path that was intellectually challenging, emotionally satisfy-ing, and never, ever dull. It is far more than I could have hoped for as a 13 year-old girl.

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I am exceedingly grateful for the opportunity to serve the afford-able housing industry in Texas for the past 20 years. I can hardly wait to see what we get to do next.

The smiling face of a little boy who was the first resident of a new development sponsored by the local family violence charity. He and his mother had come out of the shelter, and he was so excited to have his own bedroom.

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Clients who proudly drove me through their cities, taking me on tours of the properties they developed.

The incredible generosity of property owners who provided so much more than shelter when hurricane evacuees arrived.

An elderly woman, dressed in her Sunday finest, singing along with a mariachi band at a grand opening, so happy with her new home.

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[email protected]












Austin, Texas 78701


T: 512-305-4707

[email protected]





The smiling face of a little boy who was the first resident of a new development sponsored by the local family violence charity. He and his mother had come out of the shelter, and he was so excited to have his own bedroom.

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Clients who proudly drove me through their cities, taking me on tours of the properties they developed.

The incredible generosity of property owners who provided so much more than shelter when hurricane evacuees arrived.

An elderly woman, dressed in her Sunday finest, singing along with a mariachi band at a grand opening, so happy with her new home.

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Incubating

ing Corporation, on several differ-ent down-payment assistance pro-grams through TDHCA (including the “boot strap program” where homeowners invest their own la-bor or “sweat equity” into homes

and build their own houses, financ-ing mostly only materials with their mortgages), but another program began to intrigue the Bowlings—the Low Income Housing Tax Cred-it (LIHTC) Program. “We thought,

if we can rent to people that can’t qualify for homes because of credit issues, maybe we can help them rehab their credit as tenants and eventually help them to buy a home from us a few years down

the road,” says Bobby. Thus began a new venture for the Bowlings, exploring and de-veloping what they eventually termed their “incubation pro-gram” for future homeowners.

So, in 1999, Bobby gathered in-put from his friend Nancy Han-son and did some investigating into the program, including the arduous task of reading the Q.A.P. (the “Qualified Alloca-tion Plan” or the rules for the tax credit program), as well as

making a few phone calls to TDH-CA to try and gain an understand-ing of the program. He also devel-oped a friendship with Demetrio Jimenez at about this time, who was executive director of the lo-cal chamber of commerce’s non-profit housing entity, the Greater El Paso Housing Development Corporation (GEPHDC). Bobby learned that Demetrio had worked at TDHCA and had a little bit of a working knowledge of the tax credit program. “It’s funny,” says

Tax Credit Apartments:

Future Homeowners

by r.l. “bobby” bowling iv, presidenttropicana building corporation

This set-up allows our tenants to see how achiev-able homeownership is, when our single-family homes are literally across the street.

tTropicana Homes and the Bowl-ing family have been building sin-gle-family homes in El Paso since 1950, but in the late ‘90s, this gen-eration of Bowlings (Bobby, Randy, Greg and Bob Sr.) identified an increasing problem for their company’s sales. “Credit was somewhat tight as the country was coming out of the Savings and Loan debacle, interest rates were rising past 8%, and we seemed to be turning away about half of the people that wanted to buy a house from us because they couldn’t qualify” says Bobby. “We thought, it’s a real shame that we can’t help these people into nice housing, as many of them were living in substandard conditions and some in area Colonias.”

Bobby, Bob Sr. and Randy had been working for several years with Nancy Hanson and her local non-profit, the Lower Valley Hous-

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Demetrio, “Bobby and I were just kind of stumbling around in the dark trying to absorb this incred-ibly complex program for financ-ing apartments,” adds Demetrio. “We actually spent our first few months under the impression that the company doing the building had to use all their own tax cred-its, so my question was, what if one year we don’t have the necessary tax burden to use the credits?” adds Bobby. “It wasn’t until we hired a consultant and met with some other industry stalwarts like Edwina Carrington, Deborah Grif-fin and Dan O’Dea that we began to understand the amazing world of syndication and the establish-ment of the secondary market for tax credits.”

So, starting in 1999, Tropicana be-gan the venture into applying for tax credits. “The idea was always to supplement our home building company with eventual home-owners,” says Bobby, “and then Demetrio came to work for us and coined the term ‘incubators’ for our tax credit apartments.” Today, the “incubation program” is working in full force. Tropicana has success-fully placed over a dozen of their former tenants into homeown-ership in just the last 12 months. “We’ve either financed homes through our mortgage company, Patriot Mortgage, or sold Tropi-cana Homes to over 50 former tenants at this point,” says Randy Bowling, president of both Tropi-cana Homes and Patriot Mort-

gage. “A key point in our program is the location of our tax credit apartments almost always at the entrance to one of our single fam-ily home subdivisions,” adds Greg Bowling, Vice President of Tropi-cana Homes. “This set-up allows our tenants to see how achiev-able homeownership is, when our single-family homes are literally across the street.” Randy adds, “Many times our homeowners’ kids end up playing in the parks at our tax credit communities, then par-ents meet and our tenants feel a real part of a larger community where they can eventually own a home and stay for many years.”

A perfect example of the Tropicana “incubation program” is the Rojas family, who just closed on a new home after living in Tropicana’s “Cooperstown” tax credit apart-ments. “I’m just so happy to have been able to achieve my dream of homeownership,” says, Mr. Rojas, “I never imagined it could become a reality for me so quickly and eas-ily.” As part of the social services provided in all of Tropicana’s tax credit units, the Rojas family was able to benefit from free credit


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There is not another government program I know of that make a claim like that.”

As future generations of El Pa-soans continue to look for housing opportunities, Tropicana’s “incuba-tion program” will play a big part. The coupling of apartment tenan-cy and eventual homeownership is true success story and Mr. Rojas says it best, “With your company’s help, I was able to thoroughly en-joy and found the home purchas-ing process very easy, and for that I am truly grateful.”

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counseling classes, financial lit-eracy classes and instruction about the qualification process and homeownership. Mr. Rojas wrote a letter to Tropicana in which he described his story, “My first dealings with your company came at a time when I was a low place in my life. Having just been medically discharged from the Army, I was trying to survive with a low wage job, a growing fam-ily and stressed about where we would live. Thankfully I was able to move into a low income assis-tance apartment through Tropi-cana Properties. It was here were I spent almost three years building myself up again.”

“I feel so good about what we’ve been able to do for the hard-working citizens of El Paso who live in our communities,” says Bob Bowling Sr., patriarch of the family businesses. “To see what this has become in such a short period of time is really unbelievable, it has exceeded our expectations. It re-ally is an American success story every time we hand the keys over to one of the families that came from one of our LIHTC apart-ments. The families are some-times overcome with emotion the day they close, and we get pretty emotional about it as well.”

Bob Sr. offers this about the LI-HTC program, “As a conservative businessman, most government programs cause me pause, as my experiences over the years have taught me that most well-inten-tioned government programs usu-ally become bloated with wasted costs of red-tape and bureaucra-cy. However, this program really works. The key to me is the pro-gram’s reliance upon private de-velopers and private investors to do what they know how to do. I was around in the early 1970s for the disastrous venture into public housing for poor families through HUD and Public Housing Authori-ties, which delivered housing at typically 2-3 times the costs. To-day our tax credit housing is de-livered to the market at the same costs as our single family houses.

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TThe housing downturn has had a dramatic effect on many areas of this industry — from the way we run our businesses to the way we finance our projects. Perhaps the biggest change, however, has been the market itself: the people who are buying homes and what those people are seeking in the homes they choose. As a result of Texas’ changing demographics, economic downturn and political climate, new trends have emerged in housing that are opening new doors for the state’s building community.

Unfortunately, many homeowners who are ready to move up into a different home face two big obstacles: selling their current home and getting financing for a new home. “The market is probably the toughest on the re-sale market, because sellers have a tough time qualifying buyers, and homeowners selling their homes usually do not have money set aside to pay for buyers’ closing costs, which is what many builders do,” said Bobby Bowling of Tropicana Homes in El Paso. Bowling says, in addition, the cost increases in new home permits have trickled down, as new home prices drive up appraisals for property tax purposes. As a result, many people have a false sense of how much their homes are worth in this market because they use an over-valued property tax assessment as a guide. As a result of these and many other chal-lenges, consumers are making different choices for

their housing needs: scaling down their desires, re-modeling their current homes or opting to rent high-end apartments. In addition, new demographic mar-kets are emerging, bringing about new opportunities and prompting builders to rethink their marketing strategies.

Single-Family MarketFinds Middle GroundReleased in March 2010, the Special Study for Hous-ing Economics “The New Home in 2015” sheds some light on new trends as a result of the housing down-turn. As we near the middle of 2012, it is interesting to see which trends have indeed begun to come to frui-tion. The study claimed that, across the board, homes will get smaller and have more green features, which is no surprise to most builders. Respondents to the NAHB survey expect the average, new single-family detached home in 2015 to be about 2,152 square feet, which is 10 percent smaller than the average size of a single-family home started in the first three quarters of 2010. Why are homes getting smaller? The econo-my has played a role, but other factors have contrib-uted to the reduction in size, including consumer con-

Demographics, economics and politics create new housing trends, opportunities in Texas.

by jennifer mcdermitt, texas association of builders

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cern for heating and cooling costs, diminished expectation for house price appreciation, and finally, de-mographics. In the year 2020, 29 percent of the U.S. population will be over 55, which will create a de-mand for smaller, more manage-able homes.

Dan Markson of the NRP Group in San Antonio says that in addition to the senior market, the grow-ing Latino market in Texas is also resulting in some housing trends. “Many Latino families are multi-generational who choose to live together in the same home, which means more bedrooms and better use of space,” he said. And, unlike most housing markets, the His-panic housing market is growing. According to Census Bureau data provided by Alejandro Becerra, former senior housing fellow at the Congressional Hispanic Caucus Institute, the number of Hispanic owner-occupiers grew by 288,000 from 6.21 million in the second quarter to 6.49 million in the third quarter. Randy Bowling, president of Tropicana Homes, says that the lending crisis is another reason homes are getting smaller. “I see a real shift in our market toward the middle-end priced homes, which tend to be smaller,” he noted. “The larger, higher end market is down because the banks are lending less money for those homes, large-ly because they view that loan as higher risk.” Unfortunately, accord-ing to Bowling, the lending crisis has also hurt the starter home market since that buyer is typically seen as more of a credit risk.

Homeward BoundResidents BringRemodeling to the ForefrontSince many homeowners are un-able to sell their current homes and/or obtain financing for a new one, remodelers are experienc-ing an increase in demand. And, builders who remodel part-time

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are shifting to remodeling full time. Adam Bakir, P.E., GMB, CGR, CGP of Incredible Renovations in Hous-ton, has seen a moderate increase in remodeling projects in recent days. “Compared to the 80s and 90s when people changed homes every 4th or 5th year as their life-style changed, now homeowners are falling in love with their homes and their communities and want to remodel instead of upgrade with new homes,” he said. “The lack of easy money confirms and steers that trend.” Not surprisingly, Bakir says kitchens and baths are still the most popular areas for remod-eling, followed closely by room additions. “Room additions are always justified as a good invest-ment since the homeowner thinks they will be rewarded when it’s time to sell out,” he said. Despite the consumer desire to remodel, Bakir says that market uncertainty and financing difficulty still impact the remodeling market. “Contracts are lagging as the prospects are taking their time ‘thinking about it’,” he said. “The reason for this is instability in the political and eco-nomic pictures. Consumers are afraid of committing to anything in the absence of the market cer-tainty.”

Multi-Opportunities for Multifamily BuildersMultifamily builders are also ex-periencing an increase in de-mand thanks, in part, to the stall in single-family housing construc-tion. However, unlike single-family homes, multifamily units are trend-ing larger. “The apartment dweller is demanding the same things in their apartment home that the single-family homeowner wants, so you have to be prepared to of-fer more bang for the buck,” said Granger MacDonald of MacDon-ald Companies and past president of the Texas Association of Build-ers. Bowling has also seen an in-crease in multifamily construction, particularly in the El Paso area. “There are actually more high-end

market apartments being built here in the last 4 to 5 years than in the last 30 years combined,” he said. “It seems like with credit limitations on the single family bor-rower, high-end apartment rental makes sense for the first time in my lifetime in El Paso.” Bowling said that not only are consumers demanding it, but his subcontrac-tors and suppliers actually prefer multifamily construction, because the work is steady and the sched-ule is not as impacted by market conditions.

Even though the multifamily mar-ket may be seeing a bit of a boom, both MacDonald and Bowling are confident the single-family mar-ket will soon follow suit. A recent NAHB survey showed that most apartment residents (76 percent) were interested in preserving the mortgage interest deduction — a sign MacDonald says indicates that apartment residents hope to one day own their homes, which bodes well for the single-family market. Bowling agrees, “I think that eventually, some sanity will be restored to the lending mar-kets and the housing market will recover. Public policy makers are starting to get involved in solving the problem they created with their overreaction to the crash, and soon the market will again return to the reasonable lending standards that worked for over 50 years in this country for the resi-dential mortgage market.”

Reprinted from Texas Builder Magazine with permission of the Texas Association of Builders © 2012 www.TexasBuilders.org

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housingconnection

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wWelcome to the second edition of the Texas Housing Conference Magazine and another opportunity to showcase TAAHP membership’s affordable housing community portfolio. The distribution of the magazine to our state elected leadership over the past year has been educational to our legislative leaders and their key staff members. Unfortunately, the moniker “afford-able housing” is perceived to be some of the worst housing product cast upon the Texas landscape. Our public relations effort returns comments from elected officials, local and state: “these houses look more like the place where my relatives or employees live”. In reality their employees along with other workforce Texans may actually live in a Low Income Housing Tax Credit (LIHTC) apartment community that is privately funded and owned by either a for-profit or non-profit multifamily or single family community. The LIHTC program is designed to accommodate those individu-als and families who are overqualified by income from public housing, but short on disposable income for the typical market rate rental communities. Many of the LIHTC projects in Texas combine subsidized rent-al homes in the same project with market rate units. This unique combination allows a family, or elderly, or resident with disabilities, to remain on the same property should their disposable income allows them to upgrade their housing status. They can continue their children’s education in the same school system, shop with their trusted acquaintances, and retain es-tablished friendships and social order.

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As you read through the Housing Connection section of this year’s magazine you will quickly notice a new and different focus of the spotlight. Our membership which includes developers, lenders, syndicators, and professional support organizations have broadened their design and construction methodologies as well as expanded their amenities, support services, and sustainability.

The chore in selecting only a small number of proj-ects from the membership portfolio was given to a complex group of staff, board members and confer-ence committee. Since the magazine has become a valuable educational and marketing tool, we tried to select a variety of projects each contributing to the adopted TAAHP mission: Increasing the quality and supply of affordable housing for Texans with limited incomes and special needs.

Read and enjoy!

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Sutton oaks 2818 n ih 35, san antonio, tx

The new Sutton Oaks is a transformed community on the site of a former public housing development. The mixed-income housing community on the eastside of San Antonio is in a prime location at the gateway to the city’s growing Fort Sam Houston military base.

Number of Units194 units = 49 public housing; 137 affordable (tax credit); 8 market rate

Resident ProfilesSutton Oaks serves families with 30%, 50% and 60% of AMI and includes 1-, 2-, 3-, and 4-bedroom units, in addition to market rate.

Developer(s)l Developer – Franklin Development l Co-Developer – San Antonio Housing Authorityl General Contractor – Franklin Construction

Syndicator(s)Bank of America

Lender(s)l Bank of America (Debt)l Replacement Housing Factor (RHF) Funding (HUD) l Neighborhood Stabilization Program (NSP) Funding l (City of San Antonio) l 9% Tax Credit Equity (Bank of America) l Land Loan (SAHA) l TCAP Loan (TDHCA)

Architect(s)Architect – RPGA Design Group, Inc.

On-site Amenitiesl Business Centerl Community Rooml Children’s Activity Centerl Visitor and resident parkingl Central Park / Green Space / l Shaded Playground / Soccer netsl Swimming Pooll 24-hr Fitness Centerl 24-hr Laundry Facilitiesl Garages / Covered Parking

Support Servicesl Adult / Children Social Services (provided at l no cost to residents and their families)l Personal financial literacy seminarsl Nutrition, health & wellness classesl Employment skills & resume writing workshopsl After school tutoringl Women’s self-confidence workshopsl Patio gardening clubl Bicycle safety classesl Computer literacy sessionsl Food distribution partnershipsl Parenting classes for children with ADD

Green InitiativeThe previous concrete slabs were crushed and re-used as base material in the new development.

Metal roofs, doors and windows were salvaged for recycling.

Energy Star appliances, compact fluorescent light-ing throughout, R-15 and R-30 insulation in walls and ceilings, double-pane low-E windows, thermally effi-cient low U-value exterior doors, recycling dumpsters, FloorScore certified healthy flooring materials, native and drought tolerant plant materials, compliance with EPA’s recommended Best Practices throughout construction.

Special design featuresA unique and important feature of Sutton Oaks was the design and installation of a piece of community artwork. A local artist transformed the vision and val-ues of the community residents into a glass tile mosa-ic structure that embodies the community spirit. This artwork stands tall in the center of the community, highlighting ideas like Respect, Education & Family, and serving as a reminder of the values and history of the residents.

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51Photographer: Lilia Swayne, SAHA

CONTACT Angela McClendon Johnson,

Communication Manager,San Antonio Housing Authority

(210) [email protected]

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“We Have a Dream” is a three-pan-el mosaic, created by artist and San Antonio native, Rick Williamson. The artwork, which was unveiled at the April 2011 grand opening of Sutton Oaks on San Antonio’s Eastside, illustrates the vision that Sutton Oaks families have for their community -- Safety, Family, Dream, Education, Respect and Beauty.

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sutton oaks

Residents and community supporters of Sutton Oaks celebrate the opening of Sutton Oaks along with State Representative Ruth Jones McClendon’s office, Bexar County Commissioner Tommy Adkisson, San Antonio City Councilwoman Ivy R. Taylor, San Antonio Police Department Chief William McManus, San Antonio Housing Authority Board Chairman Ramiro Cavazos, and TDHCA Board Member Gloria Ray.

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sutton oaksSpecial Thanks: Sutton Homes former residents, neighborhood leaders, the Texas Legislature, local elected officials, U.S. Department of Housing and Urban Devel-opment (HUD), The City of San Antonio, Texas Department of Housing & Com-munity Affairs (TDHCA), Bank of America, and Franklin Development.

Residents and community supporters of Sutton Oaks celebrate the opening of Sutton Oaks along with State Representative Ruth Jones McClendon’s office, Bexar County Commissioner Tommy Adkisson, San Antonio City Councilwoman Ivy R. Taylor, San Antonio Police Department Chief William McManus, San Antonio Housing Authority Board Chairman Ramiro Cavazos, and TDHCA Board Member Gloria Ray.

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wildflower terrace 3801 berkman drive, austin, tx

Wildflower Terrace, a new community that serves active seniors aged 55+, is located in Mueller, the former site of the Robert M. Mueller airport in central Austin. Redeveloped into a sustainable transit-oriented community, Mueller includes a mix of housing, retail shops, dining establishments, outdoor recreational areas and green space.

DMA Development Company, LLC (DMA) was select-ed by Catellus, the Master Developer of Mueller, to develop Wildflower Terrace. Located directly north of the Southeast and Southwest Greenways, with walk-ing trails and native vegetation, Wildflower Terrace challenges all common perceptions of affordable housing. The 201-unit, four-story, elevator building features a warm, contemporary design and incorpo-rates green building standards throughout. Residents enjoy a number of community amenity spaces, where they gather for activities such as art classes, literary salons, writing classes and movie screenings. Indi-vidual apartments feature high-end finishes, secure garage parking and energy-saving appliance pack-ages.

The project received a 2-Star rating from Austin En-ergy’s Green Building Program and is also in the pro-cess of achieving LEED Certification.

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Diana McIver and her amazing staff approach every project with thoughtfulness, grace, and attention to detail.

Wildflower Terrace is no exception. This project exhibits exquisite design and serves such an important

community need --- affordable senior living.

Kelly WeissExecutive Director, Austin Habitat for Humanity

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Number of UnitsOf the 201 one- and two-bedroom units, 171 have rents structured to be affordable to persons with incomes at or below 60% of the area median income. l 26 units with rents affordable l to persons at 30% AMI levels

l 60 units with rents affordable l to persons at 50% AMI levels



l 27 units at market rents

Resident ProfilesSeniors (55+)

Developer(s)DMA Development Company, LLC

Syndicator(s)RBC Capital Markets

Lender(s)J.P. Morgan Chase Bank provided the construction loan and Enterprise Communities provided the per-manent financing. The City of Austin provided Gen-eral Obligation bonds which also served as a con-struction source.

Architect(s)Nelsen Partners, Inc.

On-site AmenitiesWildflower Terrace features a spacious community room with a party kitchen and a baby grand “play-er” piano, a furnished library, an art studio, a movie theater, an equipped fitness center, a billiards room, several lounges, an interior courtyard and a business center with computer stations.

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wildflower terrace

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Support Servicesl Writing Classesl Tai Chil Yogal Art Classesl Educational Forumsl Free On-site Notary Publicl Comedy Classesl Computer Classesl Monthly Blood Pressure/Blood Sugar Monitoring

Green InitiativeAustin Energy 2-Star Green Building Rating and LEED Certification (level of LEED certification achieved is still under review)

Special design featuresThe units have 9 foot ceilings (except on the 1st floor where they are 10 foot), top rated energy efficient appliances, granite countertops, built-in desks, bal-conies or porches, washer/dryer connections and garage parking. Many of the units have views of the Austin skyline and others enjoy greenbelt or court-yard vistas.

Special Thanksl Texas Depart. of Housing and Community Affairsl The City of Austinl Catellus – Master Developer of Muellerl Carleton Construction, Ltd. - Contractorl Urban Design Group – Civil Engineerl EN Incorporated – MEP Engineerl Strand Engineering – Structural Engineerl Austin Energy – 2 Star Green Building Programl Lee Gros, Architect and Artisan, Inc. – l LEED Consultantl Carolyn Kelly – Landscape Architectl Coats Rose – Borrower’s Counsell Heritage Title – Title Companyl Novogradac - Accountant

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Florence is an accomplished artist and moved to Wildflower shortly after the death of her husband of nearly 60 years. In the photo she is standing in her apartment in front of two drawings that she did of her late husband - for which she made him pose, long hours at a time!!

wildflower terrace

CONTACTDiana McIver,

President,DMA Companies

(512) 328-3232 x [email protected]

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heritage park vista 8729 ray white road, fort worth, tx

A mixed income property for residents over 55 years of age and the disabled, Heritage Park Vista is located in north Fort Worth very close to shopping, medical facilities, churches and recreation facilities. Residents of all incomes can enjoy live near their church and families.

Support from the North Fort Worth Alliance, a super neighborhood association was obtained in part because NuRock dedicated park land to access to a linear park located behind the property.

The housing tax credits obtained in 2008 were exchanged for Tax Credit Exchange Program funds provided by the American Recovery and Reinvestment Act of 2009. The residential units are included in a 3 story build-ing served by elevators with interior courtyards and sitting areas. Activities, property management and other services are provided in a large clubhouse.

There is a swimming pool, outside fireplace and sitting area, grills, picnic tables and extensive grounds for walking and pets.

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Number of Units140 units broken down by size and income levels served

Type Number Size

1 bedroom, 1 bath 722 sqft < 30% AMI 22 < 50% AMI 7 < 60% AMI 40 Market Rate 1 2 bedroom, 2 bath 948 sqft < 30% AMI 13 < 50% AMI 14 < 60% AMI 39 Market Rate 4

Resident ProfilesIndependent seniors and disabled

Developer(s)NuRock Companies

Syndicator(s)The housing tax credits were returned in exchange for TCEP dollars so there is no syndicator for Heritage Park Vista

Lender(s)l Interim funding- JP Morgan/Chasel Permanent financing – Wells Fargo Multifamily l Capital’s Freddie Mac Program Plus

Architect(s)Morton Gruber & Associates

heritage park vista

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contactdan allgeier, vice president, nurock companies(972) 573-3411, [email protected]

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heritage park vista

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On-site Amenitiesl Kitchen and dining facility for parties and eventsl Recreation rooml Health Clubl Libraryl Business Centerl Beauty and Barber Shopl Craft Rooml Swimming Pooll Outside fireplace and sitting areasl Landscaped courtyardsl Separate laundry and pantry with washer and dryer l connections in each unitl Outside storage for each unitl Patios and balconiesl Vaulted ceilingsl Ceiling fans

Support Servicesl Daily activities including crafts, luncheons and Bingol Outside speakers from local service organizations l l and churchesl Web based call system to periodically l check on residents

Green Initiativel Drip irrigation for portion of property l to conserve waterl Native drought resistant landscapingl Ceiling Fansl High energy efficient heating and coolingl Energy Star Appliances

Special ThanksJBI Partners, Dallas - Civil engineersThis was a complicated site plan because of park dedication and drainage issues and JBI worked out a very affordable compromise with the City.

Texas Dept. of Housing and Community AffairsTeresa Shell and her staff ran the Exchange program better than any state housing organization in the nation.

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horizon meadows 1903 main street, la marque, tx

Number of Units[ 96 Family Units ]

l 1 Bedroom – 12l 2 Bedrooms – 48l 3 Bedrooms – 36

Income Levels30%, 50% & 60% (LIHTC & HOME)

Developer(s)Realtex Development Corporation

Lender(s)l Construction Financing – Regions Bankl Equity – Regions Bankl TDHCA HOMEl TDHCA TCAP

Green InnitiativeEnergy Star Appliances

Professional ManagementRealtex Housing Management, LLC

ConstructionRealtex Construction, LLC

Grand Opening / Lease UpMay 2011 / 100% 3 Months

Special Thanksl City of La Marque / Texas Department of Housing l and Community Affairs (TDHCA) Staffl Northfield Design Associates

ContactTel: (409) [email protected]

horizon Meadows is conveniently located just off I-45 (Exit 10) in La Marque, TX; just North of Galveston & 20 minutes from downtown Houston.

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For more information on Horizon Meadows Apartments or how Realtex can assist you in the development,

construction and management of multifamily housing, please contact Realtex Development Corporation

1101 S. Capital of Texas Hwy, F-200 Austin, Texas 78746

(512) 306.9206

www.realtexdevelopment.com

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washington village apartments 1001 redwood street, wichita falls, tx

Number of Units[ 96 Family Units ]

l 1 Bedroom – 12l 2 Bedrooms – 48l 3 Bedrooms – 36

Income Levels30%, 50% & 60% (LIHTC & HOME)

Developer(s)Realtex Development Corporation

Lender(s)Construction & Permanent Financing – PNC BankEquity – PNC Bank

Green InnitiativeEnergy Star Appliances

Professional ManagementRealtex Housing Management, LLC

ConstructionRealtex Construction, LLC

Grand Opening / Lease UpFebruary 2009 / 100% 5 Months

Special Thanksl Booker T. Washington Alumni Associationl City of Wichita Falls / Texas Department of l Housing and Community Affairs Staffl Northfield Design Associates

ContactTel: (940) [email protected]

washington Village Apartments is nestled in a quaint residential community near downtown Wichita Falls Texas, conveniently located near major thoroughfares and shopping, and it serves as the anchor in revitalization of the Eastside neighborhood community.

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For more information on Horizon Meadows Apartments or how Realtex can assist you in the development,construction and management of multifamily housing, please contact Realtex Development Corporation

1101 S. Capital of Texas Hwy, F-200 Austin, Texas 78746 (512) 306.9206 www.realtexdevelopment.com

PROVIDENCE TOWN SQUARE 3801 center street, deer park, tx

providence Town Square consists of 188 residential units on 7 acres located in the City of Deer Park. The development is part of a Planned Unit Development and is in an area that has a large number of quality retail and commercial properties in close proximity.

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tThis Senior Community is comprised of 11 residential one and three story brick buildings and 7 non residential buildings. The community is housing for seniors with 1 story bungalow units that have attached garages that are similar to a single family home, and a 3 story building that is closer to the amenity center and allows easy access to special services, such as a community support representative, leasing office, hair salon, theatre room, chapel, business center, swimming pool, community dining area, etc. Providence Town Square serves a demand for quality senior housing in Deer Park at a range of income levels to accommodate the diverse incomes in this area.

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PROVIDENCE TOWN SQUARE

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Number of Units[ 188 Units ]

l 165 units (87%) tax credit l 23 units) 13% market rate

Resident ProfilesSenior (55+)

Developer(s)Nantucket Housing, LLC

Syndicator(s)Boston Capital

Lender(s)Bank of America

Architect(s)Mucasey and Associates

On-site AmenitiesOn-site amenities- hair salon, theatre room, chapel, business center, swimming pool, community dining area, fitness center, area gardens, dog park.

Support Servicesl Home Health Screeningsl Financial and Education Seminarsl Maxwell Senior Centerl Movies on Mondayl Gamesl Birthday Socialsl Covered Dish Socialsl Bible Studyl Grocery Tripsl Pharmacy Trips

Green InnitiativeEnergy Star Appliances & Low E Windows

Special Design FeaturesBeach entry pool, covered drive entry, various landscapes.

CONTACTKim canal,Property management,blazer real estate services(713) 265-4342www.blazerrealestate.com

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PROVIDENCE TOWN SQUARE

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CONTACTchris richardson or

matt fuquablazer building, inc.

(713) 914-9200www.blazerbuilding.com

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HERITAGE CROSSING 12402 eleventh street, santa fe, tx

Heritage Crossing is a 72 unit affordable housing community for low-income elderly households located in Santa Fe, Texas. The development was made possible by a partnership between DMA Development Company and Senior Housing Resources (on behalf of the Southeast Texas Housing Finance Corporation).

spotlight

dDespite the challenges created by the depressed economy, Heritage Crossing managed to secure funding to build a beautiful property: a two-story “Manor House” located in the center of the property, sur-rounded by five garden-style cottage buildings with private patios accompanying each apartment. The units are also extremely well-appointed and energy-efficient, featuring 9 foot ceilings, granite countertops, faux-wood flooring, window coverings, Energy Star-rat-ed lights, fans and appliances, walk-in closets, and built-in desks. Be-yond that, Heritage Crossing features a spacious community room with a party kitchen, a furnished living room, a community theater with stadium seating, an equipped fitness center, a communal laun-dry room, a computer center/library, and a fully landscaped interior courtyard with a water feature.

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Number of Units Of the 72 units, 68 have rents structured to be afford-able to persons with income levels at or below 60% of the area median income.


l 31 units with rents affordablel to persons at 50% AMI levels

l 33 units with rents affordablel to persons at 60% AMI levels

l 4 units with market rents

Resident ProfilesHeritage Crossing residents must be at least 62 years of age.

Developer(s)l DMA Development Company, LLCl Senior Housing Resources, Inc. (an entity of SETH)

Syndicator(s)Project was financed using TDHCA’s Tax Credit Ex-change program, along with a TDHCA HOME Loan.

Heritage Crossing resident Lillian stays busy making crafty creations with her neighbors.

Lender(s)Texas Department of Housing and Community Affairs (TDHCA). Permanent financing is provided through a TDHCA HOME Loan.

Architect(s)Kelly Grossman Architects, LLC.

On-Site AmenitiesHeritage Crossing features a two-story ‘Manor House’ at the center of the property featuring a com-munity room with a party kitchen, a piano lounge, a theatre with stadium seating, a library with comput-ers, an equipped fitness center and a covered patio and courtyard with a water feature.

Additionally, Heritage Crossing is adjacent to a shop-ping center that includes a grocery store, pharmacy, several restaurants, and a bank.

spotlight

heritage

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ContactRon Williams, Executive director, seth11111 South Sam Houston Pkwy E., Houston, TX 77089(281) 484-4663 [email protected]

Support ServicesOne of the factors that makes Heritage Crossing so special is the way the residents have come together, acting as one big extended family. Aside from the planned activities, they continually enjoy each other’s company on the patio and in the courtyard, hosting barbecues, coffees and informal “get togethers”. A sampling of the services and programs offered in-cludes, weekly coffee gatherings, twice a week ex-ercise classes, ice cream socials once a week, movie nights, and various health screenings.

Green InitiativeAll units feature EnergyStar appliances and fixtures. These include ceiling fans, lighting fixtures, dishwash-ers, disposals and refrigerators. The property uses thermal and draft efficient doors, water conserving fixtures, and takes advantage of passive heating/cooling design features.

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Special Design FeaturesIn addition to the outstanding accommodations that each individual unit provides, the entire property has been designed with the idea of ‘community’ in mind. The result is the Manor House, a two-story building at the center of the property that contains 45 residential units and all of the common areas. This attractively-designed building features unitized masonry and a porte-cochiere for resident drop-off and pick-up. The buildings feature hardiplank and stucco exteriors.

crossing

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SILVERLEAF AT CHANDLER 1 & 2 801 fm 2010, chandler, tx

silverLeaf at Chandler is a senior community. The property includes 1 and 2 bedroom apartment homes in single story buildings. The property serves residents in the 30%, 50%, and 60% brackets of Area Median Income. In addition, the property serves the disabled population, either physically impaired or visually or hearing impaired.

Number of Units [ 74 Units ]

l 1 & 2 Bedrooms (tax credit only)

Resident ProfilesSeniors (55+)

Developer(s)StoneLeaf Development, LLC

Syndicator(s)Boston Capital

Lender(s)Chase Community Development and TDHCA HOME

Architect(s)Architecttura

On-site AmenitiesFurnished Community building with business center, senior activity room, warming kitchen and laundry, furnished pavilion, and community walking trails.

Support ServicesChandler Services, Health & Hearing Screening, quarterly financial planning courses, annual health fair, quarterly health and nutritional courses, notary public services during regular business hours, twice monthly arts/crafts and other recreational activi-ties such as book clubs and creative writing classes, twice monthly on-site social events, specific and pre-approved caseworker services for seniors or persons with disabilities or supportive housing, and weekly home chore services such as valet trash removal, as-sistance with recycling, furniture movement, etc.

Green InitiativeEnergy star appliances, lighting, and extra insulation

Special Design Features100% Masonry with brick and cementous siding, granite tops, vinyl wood plank flooring

Special ThanksCity of Chandler EDC & City Manager: Jim Moffeit

CONTACTMIKE SUGRUE, (903) 887-43441302 S. 3RD ST., STE. 103 MABANK, TX 75156

spotlight

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magnolia trails 31511 nichols sawmill road, magnolia, tx

Number of Units80

Income Levels80 Tax Credit Units (ranging from 30% to 60% AMGI)

Residence profilesSeniors

Developer(s)Mark-Dana Corporation

Syndicator(s) RBC Capital Markets

Lender(s)Q10|Amegy Mortgage Capital Green InitiativeEnergy Star Appliances, low flow toilets and faucets, sub-metered utilities, low E thermal pane windows, thermally draft efficient doors

Special FeaturesBackup emergency generators to run elevators and club house in case of natural disaster, fully furnished fitness center, fully furnished business center, fully fur-nished community room with functioning kitchen, craft and game rooms, 100% masonry exterior, solid wood cabinets, nine foot ceilings in all units, full perimeter fencing with controlled access gates, fully sprinkled buildings, covered parking, separate cabana struc-ture, dog park, and pool.

Special ThanksKoogler Construction of Texas, LLC (General Con-tractor), Mark-Dana Management of Texas, LLC and FDI Property Management Services, Inc., and Mont-gomery County Community Development.

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Magnolia Trails, a rural tax credit project for seniors received a 2010 award of tax credits and is located in Magnolia, TX.

CONTACTDavid mark koogler, (713) 906-4460

oak ridge dr., suite 100spring, TX 77380

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Virginia – I moved into the Magnolia Trails Apart-ments the last of March 2012. When my son and daughter-in-law and I first saw the inside of the apartment we were really impressed. A lot of thought was put into the needs of the elderly. Comfort and security are a large consideration. Everything is very nice, clean and open.

I would highly recommend Magnolia Trails as a place to call home.

My thoughts are easy, I love it here!

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Sue – I would like the community of Magnolia to know that Magnolia Trails Apartments is the ideal place to live. Especially if you are on a fixed in-come.

The landscaping is beautiful. It is well kept. The staff is outstanding and so friendly.I can’t think of any reason for someone in the se-nior age bracket wouldn’t want to live anywhere else. The facility has a lot to offer.

I have lived here since January 2, 2012. I was so grateful for the opportunity to make this my new residence. It’s quiet and has many activities. We have a pool, fitness facility and a crafts room. We also have a clubroom.

Once a month the management puts together a social for the residents. We get together in our beautiful clubroom.

So all I can say in closing is come check us out. The manager will be delighted to show you around.So don’t delay or debate where your next move will be, make it 31511 Nichols Sawmill Rd.

You will be overjoyed!

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InsIde

Indie Bestseller List

n The Indie Bestseller List for the week end-ing Aug. 14, based on reporting from hun-dreds of independent bookstores across the United States/C3.

Book Review

n Mark Lardas re-views “The Practical Pyromaniac”/C3.

Language Oddities

n Harold Raley writes more about Irish English/C3.

LifestyleThe Daily News | galvnews.com | Contact Us [email protected]

SUNDAYAugust 21, 2011

C SUBMIT IDEASWe’d love you to submit story ideas for the Lifestyle section. Send information to life [email protected]. Include a description up to 100 words and a phone number.

FEEDBACK

Scenes

n Get caught up on the latest news from the island social scene in Frances Powell’s “Scenes” column/C2.

n Check out what dogs and cats you can adopt from local animal shelters/C5.

Pets of the Week

Applause

n See who earned what awards and honors and what is going on in com-munity events/C7-8.

LA MARQUE — MARICE LOWE, A RETIRED FAC-

tory worker from Indiana, had just moved into the Highland Manor Senior Living apartments in La Marque in June when she spotted the craft room with a perfect window spot for quilting.

When Judy Pokorny, community manager at the apartment complex, learned of her newest ten-ant’s hobby, she asked Lowe if she would be interested in forming a quilting class for

QuiltingGiving Back

This is the first in an ongoing Lifestyle series about Galveston County resi-dents who through acts big and small are making lives better. If you would like to suggest someone, email us at [email protected]. Include a description up 50 words about them and your name and phone number.

forvets

Eva Paterson sews trim onto a the squares of a quilt as Sue Hill irons the backing and Debby Luton, from back left, Marice Lowe, Peggy Winters and Mary Garibay work on another quilt at Highland Manor Senior Living apartments in La Marque. The group, which call itself the Highland Community Quilters, is trying to complete 50 quilts for the Veterans of Foreign Wars Hall in La Marque to distribute to homeless veterans.

Group forms bond over quilting, God to help homeless

Story by ANGELA TAYLOR | The Daily News and BRONWYN TURNER | Correspondent

Photos by JENNIFER REYNOLDS | The Daily News

Donations needed

• Quilt batting;• Beige and white all-purpose thread;• Any size or color of 100 percent cotton material;• Sewing machines;

• Quilting equipment and tools;• Volunteers; and• Send check donations payable to Judy Pokorny, “Highland Community Quilters” on the memo line to Judy Pokorny, High-land Manor Senior Living, 301 Newman Road, La Marque, TX 77568.

ABOVE: Finished quilts made by the High-land Community Quilters hang on a rack at Highland Manor Senior Living apartments in La Marque. RIGHT: Mary Garibay, left, and Debby Luton match fabric patterns and colors in a pile of fabric Garibay donated.See QUILTING/C6

The Daily News, a Galveston, TX based newspaper serving Galveston County since 1842, published the above article on August 21, 2011 highlight-ing residents of Highland Manor Apartments. The apartment community was developed by Mark-Dana Corporation.

For more information visit www.galvestondailynews.com/story/252054/

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south acres ranch 11409 scott street, houston, tx

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Developer(s)Hettig/Kahn Development Corp.HK/South Acres Development, LLCHK/South Acres Development II, LLC

Syndicator(s)Hudson Housing Capital, LLC

Lender(s)Capital One Bank of Texas

Number of units128 single-family rental homes (80 homes Phase I, 48 homes Phase II)

Unit compositionTax Credit only

Residence profileFamilies

Human storiesSeveral streets named after citizens who made a positive difference within their communities, such as Sunnyside resident Bessie Swindle, who has long pro-moted economic and residential development in the area. Additional streets in Phase II were named after community leaders Reverend Elbert R Curvey, Mar-garet Jenkins and LL Chamberlain.

Area US Representative Al Green presented a US Congressional Recognition Award at the grand opening of Phase I. The flag that flew over the US Capital the day of the opening was delivered subse-quently. State Representative Alma Allen presented a Texas House of Representatives recognition award at Phase II’s grand opening.

The Houston Business Journal granted a Special Judge’s Recognition Award in recognition of provid-ing single family housing to those who were impacted by Hurricane Ike and the recognition of important community area leader with street naming in both Phase I and Phase II.

south acres ranch

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The Houston Apartment Association named South Acres Ranch as the 2012 Best Affordable Housing Property at its initial Industry Achievement Awards dinner.

On-Site AmenitiesBBQ grills and picnic tables, multiple playgrounds, controlled access gates, covered pavilion with BBQ grill and tables, equipped business center with com-puter and fax machine, furnished community room, a Bus Depot for student pickup, and swimming pool.

Support ServicesGED preparation, scholastic tutoring, health screen-ing, health nutritional courses, financial planning as-sistance, and legal assistance. The development will also be used as a pilot for a major commercial bank’s financial literacy program.

south acres ranchSpecial FeaturesDetached 4-bedroom single family homes to house larger families.

Special ThanksRM Architects, Inc., ArchitectLin Engineering, Ltd., EngineerLocke Lord Bissell & Liddell, Law Firm

CONTACTBarry kahn,

president,hettig/kahn development corp

(713) 871-0063 l [email protected]

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Education + Exhibitsjuly 23 - 25, 2012 l four seasons hotel l austin, texas

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TheTexas Housing Conference is hosted by

schedule at-a-glance

SCHEDULE AT-A-GLANCE

20% off spa day services(Offer valid 7/21 - 7/28, 2012)

To make a reservation call 512.685.8160 and tell them you are with the Texas Housing Confrence.

(Several packages available)

To make a reservation call 512.542.3626 or send an email to [email protected]

and mention you are with the Texas Housing Confrence.

MONDAY - JULY 23, 20129:30 am - 1:00 pm New Markets Tax Credits 101 (lunch included)9:30 am - 1:00 pm Tax Credit Workshop (lunch included)1:00 pm Conference Registration Open2:00 - 3:00 pm TAAHP Annual Membership Meeting 3:00 pm Exhibits Open3:30 - 5:00 pm Opening Session5:00 - 7:00 pm Opening Reception (Wine Tour)

TUESDAY - JULY 24, 20127:00 am Registration Desk Open7:30 - 8:30 am Fruit & Donuts8:30 - 9:45 am Breakout Sessions9:30 am - 7:00 pm Exhibits Open9:45 - 10:15 am Refreshment Break10:30 - 11:45 am Breakout Sessions12:00 - 1:30 pm Luncheon (Hilton Hotel)1:45 - 3:00 pm Breakout Sessions3:00 - 3:30 pm Refreshment Break3:30 - 4:45 pm Breakout Sessions5:00 - 7:00 pm Closing Reception

WEDNESDAY - JULY 25, 20128:00 am Registration Desk Open 8:00 am Breakfast8:00 am Registration Desk Open 8:30 - 9:30 am One on One with the Texas Department of Housing and Community Affairs (TDHCA) Leadership Team9:30 - 10:30 am Federal and Legislative Issues from our Nation’s Capitol10:30 - 11:30 am Washington Wire11:30 pm Conference Adjournment12:00 - 7:00 pm Spa Day (see below)1:30 pm Mike Lankford Memorial Golf Tournament (Onion Creek Club)

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board of directors

First Row (left to right)President Antoinette M. “Toni” Jackson, Immediate Past President Dan Markson, President Elect Barry Kahn

second Row (left to right)Vice President Nicole Flores, Vice President George Littlejohn, Treasurer Justin MacDonald, Secretary Mahesh Aiyer

third Row (left to right)Directors: Sarah Anderson, Terrri Anderson, R.L. “Bobby Bowling IV, Dennis Hoover, Joy Horak-Brown,

fourth Row (left to right) Darrell G. Jack, David Mark Koogler, Mark Mayfield, Jeffrey Spicer, Jerry Wright

EX-OFFICIO (not pictured)Edwina Carrington, Mike Clark, JOT Couch, Granger MacDonald, Diana McIver, Linda McMahon, Mike Sugrue

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WELCOM

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Dear Members, Colleagues and Friends,

Welcome to the 2012 Texas Housing Conference. We are very excited to come together once again to share information and ideas while also addressing some of the challenges that we currently face in the housing industry. During this conference, you will hear from leading industry experts on topics rang-ing from the State of the Market, Green Building, Compliance and New Markets Tax Credits. Our Conference Committee has set up an educational grid that assures that we will address issues of both current and future concern. Additionally, we will re-ceive updates from Washington and national inves-tors that provide insight on legislative and financial direction for the housing market.

The Texas Affiliation of Affordable Housing Providers (“TAAHP”) is the leading organization of affordable housing professionals in the State of Texas repre-senting the affordable housing industry. TAAHP is dedicated to working for laws, policies, regulations and programs that are vital for the development of quality affordable housing for all Texans. A few years ago, this message was adopted by our board and continues to be evidenced through the growth of our membership and the attendance at this confer-ence.

In recent years, our industry has been faced with market fluctuations and legislative challenges. These issues have created a level of uncertainty in our industry. However, even with all of these chal-lenges, our developers and housing professionals have continued to work hard to address the need for quality affordable housing. TAAHP works hard to represent our industry and serve as a collective voice in responding to these challenges.

TAAHP has also worked to provide additional ser-vices to our members. This year, TAAHP initiated the Quarterly Luncheon which has proven to be a huge success. The Quarterly Luncheon has al-lowed us the opportunity to showcase our proper-ties while having discussions and updates with lo-cal housing officials in cities across the state. We are hoping to expand on these luncheons by also inviting more elected officials and other members of the community so that we can use the Quarterly Luncheon as a tool to demonstrate the quality of our developments and advocate for our industry.

TAAHP has also continued to work in partner-ship with TDHCA, HUD and others by continuing

to participate in discussions regarding regulatory and practical changes. TAAHP has provided input on issues related to the recent AG opinion, HUD Fair Housing Regulations and continues to have ongoing discussions on the QAP. TAAHP has also worked with other organizations to provide a col-lective voice on industry issues.

There is always more work to be done but TAAHP has shown that it is up for the challenge. Each of us on the board works hard to represent you and serve as the voice of the industry. We thank you for the opportunity to serve you.

We hope that you enjoy the 2012 Texas Housing Conference and continue to participate with us in other activities over the upcoming year.

Very truly yours,

Antoinette M. “Toni” JacksonPresident, TAAHP

Providing housing for Texans for over 15 years.

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iDear Conference Partners and Attendees,

It is with both excitement and pleasure that I wel-come you to THC 2012. You asked, we listened, and you came: The 2012 Texas Housing Conference continues to grow in numbers and successes. Our attendee list spreads throughout the USA from the northwest to the southernmost tip of the southeast across the fruited plain to the far west. Other asso-ciations inquire as to THC’s success secret as they experience decline in participation and attendees. Our response, it is you that bring the answer to Aus-tin every July.

We asked, you listened and told us about the is-sues and challenges on your horizon. Through Texas Housing Conference’s new sponsorship and underwriter program we have been able to attract qualified resources from across the country to par-ticipate in your educational sessions.

The 2012 Conference hotel room block sold out in early April; the exhibit hall spaces maxed out by the end of March. We had to move the debt and equity panels and the conference luncheon to the Hilton Hotel. We simply outgrew the Four Season’s capacity. In order to accommodate you, we are providing four 32 seat shuttle busses between the Four Seasons and the Hilton’s special Texas Hous-ing Conference’s boarding area. On Thursday, the buses will run every 15 minutes between 9:45am and 3:00pm providing prompt service for the two pan-els, the Conference luncheon and back to the Four Seasons.

The affordable housing industry is facing a myriad of challenges in the months ahead. What will Con-gress do with the Housing Tax Credit Program and will it continue to work for us? What is the outfall from the ICP –v- TDHCA litigation and will the Federal Court’s final order not only address an is-sue that originated in Dallas, but throw a negative blanket over the remaining 253 counties adversely affecting the tax credit industry across the State of Texas? And will the profile and interests of the new Texas Legislature significantly change after the November general elections? Unfortunately this list grows daily.

The 2012 Conference educational block, designed by conference Co-Chairs Nichole Flores and Bob-by Bowling, you and staff, has reached across the vast resource bank and pulled together unique sessions addressing the major concerns affecting

our business climate. We have brought new life to the standard sessions and added new topics. By popular demand we are bringing back the Wash-ington Wire and added a new feature: housing is-sues from two perspectives; leading Democrat and Republican Washington attorneys will discuss na-tional housing policies. A panel of TAAHP members who are actively involved in the Washington policy scene will lead into the Washington Wire session making Wednesday morning and the brunch a dy-namic closing to the conference.

Thank you for making the 2012 Texas Housing Con-ference such a success. This is your conference; connect, network, learn and enjoy.

Jim T. BrownExecutive Director, TAAHP

WELCOM

E

www.texashousingconference.org

texashousingconference

Where Housing Professionals ConnectNetworking Education Industry Trends Exhibits

issue 2, 2011 July

Discovering Support Services

A single mother’s success story 20

Housing’s New Reality

Update on Texas housing market 34

Legislative Brunch

Housing stakeholders engage 100 Housing Spotlight, page 56

View award-winning affordable

housing developments from

across the State of Texas

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As a top 20 national CPA firm, we’ve been helping developers,

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Texas Housing Conference 2006:

The Winds of Change

July 26 - 27, 2006

Hosted by The Texas Affiliation of Affordable Housing Providers

COVER PHOTO TAKEN BY BILL WENSON, PRESIDENT, WENSON & ASSOC., INC.

Texas Housing Conference 2007

Under Construction:

Affordable Housing Partnerships

July 30 - August 1, 2007

Hosted by

Cover photo provided by SGI Ventures, Inc. Cover Photo taken by Sally Gaskin

Texas Housing Conference 2008

Building the Bottom line

July 28 -30, 2008

Cover photo provided by SGI Ventures, Inc.

Cover Photo taken by Tom McConnell of Thomas McConnell Photography

Hosted by:

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WELCOM

E

iIt’s a pleasure to welcome our many friends and col-leagues from across the nation’s housing industry back to Austin for the annual Texas Housing Con-ference -- the premiere event in the Southwest each year focused on best practices in creating and maintaining decent, safe and affordable housing. With each year brings much success in providing a variety of housing options to those most in need across Texas and surrounding states throughout the Southwest. However, the challenges from the economic turmoil in recent years leaves us with the continued need to act with one voice in addressing the legislative issues facing our industry on both the local and national level. More than ever, we need to come together in a common goal of advocacy and improvement aimed at solidifying long-term funding sources and ensuring that housing gets an equal place at the table with other core economic growth engines.

The opportunities to get involved are endless – sim-ply walking through the lobby of the beautiful Four Seasons Hotel generally results in more than a few handshakes and business cards exchanged at al-most any hour during the conference. In addition, again this year we have strived to work with the best and brightest in the industry to put together an educational grid including panels and network opportunities for most of the core issues facing developers, lenders and the various constituent groups. Beyond the core business issues, the con-ference also provides for the very latest in updates on the state and national political front, including updates on critical legislation, changes to Federal programs, etc. Following the Washington Wire on Wednesday morning, join a foursome out at Onion Creek for the 2nd annual Mike Lankford Memorial Golf Tournament or join the spa crowd for some cooler and relaxing indoor down time.

After years of tireless advocacy by many in our in-dustry, the task at hand remains as critical as ever. We must ensure that our voices continue to be heard as tireless advocates for our industry. We must arm ourselves with knowledge and a tool-box sufficient to complete not only the projects at hand in each of our development shops, but also to compete at the State and Federal level for the critical resources necessary to ensure our projects compete successfully and achieve a closing. On behalf of TAAHP, we have endeavored to provide a comprehensive look at all of the issues facing our agenda. Of course, we always welcome feedback from within the development/advocacy community

and look forward to your comments from the ses-sions and overall conference. Of course, we also look forward to welcoming old friends and meeting new ones, so if you’re new to Texas or to this con-ference circuit, please introduce yourself and let us know how we can help to improve your networking and learning at this and future events.

Sincerely,

K. Nicole Flores & R.L. “Bobby” Bowling IV Conference Co-Chairs, TAAHP

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special eventssp

ecia

l ev

ents

monday, july 23, 2012

Opening Session: 3:30 - 5:00 pm

Opening Reception: 5:00 - 7:00 pm

Wine Tour : 5:00 - 7:00 pm

[ Booth 2 ]

[ Booth 41 ]

[ Booth 34 ]

[ Booth 18 ]

Tuesday, july 24, 2012

fruit & donuts : 7:30 - 8:30 am

morning refreshments: 9:45 - 10:15 am

luncheon { hilton hotel }: 12 - 1:30 pm

afternoon refreshments: 3:00 - 3:30 pm

closing reception: 5:00 - 7:00 pm

breakfast: 8:00 am

wednesday, july 25, 2012

Other contributions

to the Texas

Housing Conference

Bank of America Merrill LynchConference

Bags+

Save the Date Postcard

City Real Estate AdvisorsWater Bottles

+Lanyards

CitiConference

Bag Gift

Education Track Partners

Current IssuesBank of America

Merrill Lynch

Future MarketsChase

MoneyCity Real

Estate Advisors

Compliance Issues

Reznick Group, P.C.

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education

MONDAY 9:30 AM - 1:00 PM

Tax Credit WorkshopRoom: San Jacinto Ballroom East

SpeakersEdwina Carrington, CHK Enterprises, LLCDiana McIver, DMA Development Co., LLC

The Housing Tax Credit program is the na-tion’s largest producer of affordable hous-ing and one of the most complex financing programs to learn. Join us for this dynamic session and learn what a tax credit is, who purchases credits, what you can build under the program, and a profile of the people who will live in these multifamily communities.

The role of the allocating agency, the devel-oper/builder, the lender, and the investor in a successful development will be discussed. Join us as we explore a typical tax credit transaction where you will walk through the reservation process and the placed-in-ser-vice date.

MONDAY 9:30 AM - 1:00 PM

New Markets Tax Credits 101Room: Stones Crossing

SpeakersAlan Kinnard, CHK Enterprises, LLCKevin Goldsmith, Chase

The NMTC Program was created as part of the Community Renewal Tax Relief Act of 2000 to offer investors a federal tax credit for making qualified investments such as loans and capital investments in businesses and projects in underserved areas. By mak-ing an investment, the investor can receive a tax credit worth 39% of the initial invest-ment, distributed over seven years. Join two NMTC experts for an in-depth look at these special credits and gain valuable insight into the program history and its evolution. Find out who the players are and what their roles are. Kevin and Alan will take you through the tax credit pool, the application process and the award process.

They will present a working example and take a look at the timing and funding com-mitments necessary to get the deal done. If you have ever wanted to use NMTC’s, don’t miss this invaluable session on how to find allocations, the average size of the awards and who you need on your team to make it happen!

monday, july 23, 2012

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refreshment break

money

educ

atio

n

tuesday, july 24, 2012Session Track

State of Market Rate Financing - The Hunt for the Right Opportunity (p. 96)

Location: Four Seasons Hotel Room: San Jacinto Ballroom West

Bonds (p. 96)

Location: Four Seasons Hotel Room: Stones Crossing

7:30 - 8:30 am

8:30 - 9:45 am

fruit & donuts breakfast [ four seasons ballroom ]

future markets current issues

9:45 - 10:15 am sponsored by

Year 15 - A Whole New Experience (*) (p. 97)

Location: Four Seasons Hotel Room: San Jacinto Ballroom East

10:30 - 11:45 am Equity - Straight Talk (p. 98)

Location: Hilton HotelRoom: 400/402 (4th Floor)

Where do Cities Invest & Why? (p. 98)


Social Services - Making the Connection (p. 99)


luncheon [ hilton hotel ]12 noon - 1:30 pm sponsored by

Debt - Stepping Up to the Plate (p. 102)

Location: Hilton HotelRoom: 400/402 (4th Floor)

HUD Updates & Opportunities (*) (p. 102)

Location: Four Seasons HotelRoom: San Jacinto Ballroom East

Getting the Deal Done Right! An Indepth Look with Non-Profits & Public Housing Authorities (p. 103)

Location: Four Seasons Hotel Room: Little Colony

1:45 - 3:00 pm

3:00 - 3:30 pm refreshment break sponsored by

Leader to Leader - Straight Talk from the Top (p. 104)

Location: Four Seasons HotelRoom: San Jacinto Ballroom East

Opportunities in New Markets Tax Credits, Renewable Energy, and Historic Tax Credits (p. 105)


Getting the Most from Your Third Party Partners (p. 105)

Location: Four Seasons HotelRoom: Stones Crossing

3:30 - 4:45 pm

5:00 - 7:00 pm sponsored byclosing reception

complimentary shuttle service to + from the Four Seasons Hotel and Hilton Hotel between 9:30 am - 3:30 pm

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sponsored by Chase

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future markets compliance issuescurrent issues energy + social media

Year 15 - A Whole New Experience (*) (p. 97)


Compliance Issues - Trouble in Paradise (p. 97)


Social Services - Making the Connection (p. 99)


Recent Legal Issuesin Housing and Development (*) (p. 99)

Location: Four Seasons HotelRoom: Little Colony

Getting the Deal Done Right! An Indepth Look with Non-Profits & Public Housing Authorities (p. 103)


A Look Inside the 2012 - 2013 QAP (*) (p. 103)

Location: Four Seasons HotelRoom: San Jacinto Ballroom West

Crowdsourcing (p. 100)


Innovative & Efficient Natural Gas Technologies Add to Your Bottom Line (p. 104)


Getting the Most from Your Third Party Partners (p. 105)

Location: Four Seasons HotelRoom: Stones Crossing

Recapture is Not a Four Letter Word (p. 106)

Location: Four Seasons HotelRoom: Little Colony

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Four Seasons HotelUpper Level: Little Colony, Stones Crossing, WaterlooLower (Lake) Level: San Jacinto Ballroom East & West

Hilton Hotel4th Floor: Room 400/402

Room locations

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sponsored by Bank of America Merrill Lynch

sponsored by Reznick Group, P.C.

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TUESDAY 8:30 - 9:45 AM

State of Market Rate Financing - The Hunt For the Right OpportunityRoom: San Jacinto Ballroom West

ModeratorGranger MacDonald, MacDonald Companies

PanelistsMike Backman, AmeriSphere MortgageChris Bergmann, ARA Affordable HousingMark Ragsdale, PNC Real Estate

It is clear that traditional financing can be challeng-ing. We need banks! What do private and institu-tional debt and equity sources really want? Banks are returning to the housing sector but it is not the same as before and the money is more expensive. If you are in the hunt for new sources of financing, join us for an interesting and lively discussion on where the money is and how you can get it!

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BondsRoom: Stones Crossing

ModeratorJerry Wright, Dougherty & Co.

PanelistsDavid Danenfelzer, Texas State Aff. Housing Corp.Jim Shaw, Capital Area Housing Finance Corp.Cody Wilson, Merchant Capital

A review of the increasing role of bond finance in creating affordable housing continues to heat up. Bond financed developments and the 4 percent Low-Income Housing Tax Credits (LIHTC) have nev-er been as attractive to investors as the 9 percent program has been because the risks and losses are traditionally greater. This session will provide an overview of some creative financing techniques available to limit negative arbitrage due to the unique current interest rate environment.

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Year 15 - A Whole New Experience (*)Room: San Jacinto Ballroom East

ModeratorMike Sugrue, Silverleaf Companies

PanelistsCynthia Bast, Locke Lord, LLPTodd Crow, PNC Real EstateJeff Kunitz, Marcus & MillichapChris Thomas, Reznick Group, P.C.

The National Council of State Housing Agencies estimates over 80,000 Low-Income Housing Tax Credits (LIHTC) units will reach Year 15 in the US in 2012. This panel will cover the strategies and deci-sions that will prepare your Post Year-15 property for success. Panel members will examine the oppor-tunities and legal challenges facing owners of ma-turing tax credit communities. The panel will also explore how to maximize the tax credit property’s value in Year 15 and other financial and legal issues necessary to better serve your tenants and prop-erty including amending the recorded Land Use Restriction Agreement (LURA). Additional topics include how to calculate a qualified contract price and exercising the right of first refusal. If you have a property nearing Year 15, you won’t want to miss this session.

*Pending CLE Credit


Compliance Issues - Trouble in ParadiseRoom: Little Colony

ModeratorGeorge Littlejohn, Novogradac & Company LLP

PanelistsGarrick Gibson, Reznick Group, P.C.Nancy Morton, Dauby O’Connor & ZaleskiPatricia Murphy, Texas Dept. of Hsg. and Com. Aff.

Compliance issues are often complex and confus-ing. Gain a better understanding of the compli-ance problems you will face during lease-up and on-going operations. Attendees will learn about the multiple building election and other 8609 tax elections that influence your ability to transfer ten-ants, avoid re-certification and meet your minimum set-aside test. Also, learn what happens during a previous participation review and gain a better understanding of “Material Noncompliance”. The panel members will also touch on the 45-day rule and income limits.

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TUESDAY 10:30 - 11:45 AM

Equity - Straight TalkRoom: 400/402 (Hilton Hotel)

ModeratorNicole Flores, City Real Estate Advisors

PanelistsSam Ganeshan, Hudson Housing CapitalDaniel Kierce, RBC Capital MarketsGary Robinson, Raymond JamesEric Trucksess, Centerline Capital Group

Where will your equity financing come from for your next tax credit development? Our panel of experts will take a look at the sunset of the flat 9% appli-cable percentage rate and how investors are going to handle this change in the future. Panel members will discuss pricing, current trends and market con-ditions. Learn what equity providers currently con-sider significant issues in providing tax credit equity and how tax reform will affect the current lending environment. Come prepared with your tough questions in this interactive session with some of the leading tax credit equity providers in the nation.

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TUESDAY 10:30 - 11:45 AM

Where do Cities Invest & Why? Room: San Jacinto Ballroom East

ModeratorJustin MacDonald, MacDonald Companies

PanelistsBernadette Mitchell, City of Dallas Housing & Community Srvcs. Dept. Eta Paransky, Houston Housing AuthorityBetsy Spencer, City of Austin Hsg Finance Corp.Bob Salas, City of San Angelo Neighborhood & Family Srvcs Dept.

This panel will give you insight into how a city sets their goals and their vision for growth. Each city has assets that they need to utilize like light rail or infill development tracts. Most cities have desig-nated “Areas of Opportunity” and look for higher density and a better mix of housing. City leaders and staff are sensitive to the needs of the lower to moderate income neighborhoods and often con-centrate on these areas for redevelopment. Get a unique perspective on how to maneuver City Halls and the politics of the community and get straight talk on how to get your deals done.

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TUESDAY 10:30 - 11:45 AM

Social Services - Making the ConnectionRoom: San Jacinto Ballroom West

ModeratorJOT Couch, Inter-Faith Group

PanelistsRoland Broussard, RealTex DevelopmentMike Clark, Alpha Barnes Real Estate ServicesJennifer Gonzales, Alamo Area Mutual Hsg. Assoc.

Enriching, empowering and providing the support-ive services needed in today’s affordable housing communities can sometimes be difficult to execute. According to Texas Department of Housing & Com-munity Affairs (TDHCA), the inability of owners and managers to deliver and document the services they promised has become the predominant find-ing of non-compliance in the state. This panel will offer solutions and best management practices as well as provide ideas for services that are needed and work in today’s current economic environment.

TUESDAY 10:30 - 11:45 AM

Recent Legal Issues in Housing and Development (*)Room: Little Colony

ModeratorToni Jackson, Coats l Rose

PanelistsCynthia Bast, Locke Lord, LLPMark Foster, Law Office of Mark D. FosterJohn Shackelford, Shackelford Melton & McKinley

This esteemed panel will discuss and provide up-dates on recent legislation and lawsuits impacting the housing practice including the recent

Texas Supreme Court case on ad valorem tax ex-emptions as well as the ongoing federal ICP law-suit. The panel will review recent changes to Fair Housing regulations and its impact on the state al-location process. The panel members will also ex-plore legal issues using housing credits to promote supportive housing as a long term care alternative. The panel will also discuss the non-profit ‘material participation’ and explore ethical issues related to the affordable housing industry. Bring your tough-est questions and concerns to this group of legal experts!

*Pending CLE Credit

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CrowdsourcingRoom: Stones Crossing

presenterStephanie Darden, FDG { creative }

Take it to the people. That’s what crowdsourcing is all about. Explore the role crowdsourcing strategies are taking in shaping communities from names to land use/planning to determining what type of re-tailer is best suited for a specific commercial space. This presentation will emphasize the tools and re-sources to facilitate crowdsourcing as well as the benefit it has in brand building at a developer and community level.


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HUD Updates & Opportunities (*)Room: San Jacinto Ballroom East

ModeratorToni Jackson, Coats l Rose

PanelistsRay Landry, Davis-Penn MortgageMonica Sussman, Nixon Peabody Theodore Toon, U.S. Dept. of HUD

Policy changes happening within the Housing and Urban Development (HUD) Department will be shared during this dynamic session. HUD is com-mitted to the preservation of its low income housing inventory and is launching programs to facilitate the financing of affordable communities across the nation. This panel will explore any recent changes in HUD regulations and the signing of the three-year waiver for Low Income Housing Tax Credit (LIHTC) transactions. Secretary Donovan has the Rental Assistance Demonstration as a top priority and there is new 811 Pilot regulation of interest to non-profit organizations and their developer part-ners. This panel will also provide insight into the new 202 Prepayment rules and the new guidance allowing the three year Qualified non-profit waiver for the mark to market projects.

*Pending CLE Credit


Debt - Stepping Up to the PlateRoom: 400/402 (Hilton Hotel)

ModeratorDavid Saling, Chase

Panelists Jason Aldridge, Wells FargoFrank Brown, Citi Community CapitalValerie Williams, Bank of America Merrill LynchJohn Yochum, Capital One

Does it seem that financing a deal has gotten more complicated? Come discuss and hear about real estate financing in today’s current economic cli-mate. Changes are occurring daily in the financ-ing arena. Points of discussion will include balance sheet vs. non-balance sheet lending, recourse vs. non-recourse notes. Panel members will take a look at guarantor liquidity and net worth as well. They will also discuss the debt service coverage test, loan to value tests, interest rates, fees that are increas-ing and more. This session will help you navigate through the financing maze today and determine what is best for your deal.

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Getting the Deal Done Right! An In-depth Look at Working with Non-Profits & Public Housing AuthoritiesRoom: Little Colony

ModeratorMahesh Aiyer, Community Bank of Texas

PanelistsNaomi Byrne, Housing Authority of TexarkanaMacy Kislinsk, National Equity FundMark Mayfield, Texas Housing FoundationMichelle Norris, National Church Residences

If you have ever wanted to work with a Housing Authority on structuring a Low Income Housing Tax Credit (LIHTC) transaction that includes pub-lic housing units, an operating subsidy, and capital funds- or if you’ve got a yen for difficult “preser-vation” deals and want the nonprofit perspective --don’t miss this session! The panelists will present Texas case studies on recent transactions as well as the syndicator’s underwriting requirements for Public Housing Mixed Financed Transactions. This will be an intensive “hands on” session.

currentissues


A Look Inside the 2012-2013 QAP (*)Room: San Jacinto Ballroom West

ModeratorSarah Anderson, S2A Development Consulting

PanelistsDiana McIver, DMA Development Co., LLCBarry Palmer, Coats l RoseLisa Stephens, Pinnacle Housing Group

The 2012-2013 QAP has been a hot topic for afford-able housing industry leaders. This session will re-view the 2012 round and what worked and didn’t work for the Applicants. Texas Affiliation of Afford-able Housing Providers (TAAHP) members have worked diligently to build a consensus and our de-velopers, consultants, attorneys, property manage-ment and construction companies, syndicators and investors have weighed in.

This session will review the ICP lawsuit and recent request to the Texas Attorney General and its po-tential impact on the 2013 application round and touch on what the legal briefs and responses mean to the development community. Comments, ques-tions and concerns from this session will be used as the first step in the formulation of TAAHP’s 2013 QAP comments and any potential legal issues raised. Attend this session and join the ongoing discussion of these critical issues.

*Pending CLE Credit

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Innovative and Energy Efficient Natural Gas Technologies Add to Your Bottom LineRoom: Stones Crossing

presenterMargaret von Flatern, Texas Gas Alliance

In this session, attendees will learn how natural gas and renewable energies fuel technologies, such as high-efficiency solar and natural gas water heating systems and gas heat pumps. These technologies will drastically increase a building’s efficiency and decrease energy costs for tenants and building operators. Case studies of properties that have utilized such technologies will be presented. Con-sumers today are much more saavy about energy efficiency. Find out why gas is the right choice for your communities.


Leader to Leader - Straight Talk from the TopRoom: San Jacinto Ballroom East

ModeratorJames Feild, Bank of America Merrill Lynch

PanelistsLeila Ahmadifar, Citi Community CapitalPriscilla Almodovar, ChaseJoe Hagan, National Equity FundJeff Whiting, City Real Estate Advisors

Join these leaders for a macro level discussion of our economy today. Insurance companies have made up at least half of the investor base for tax credits the past three years. These companies are backing up on yield requirements and in some cases exiting the market entirely. Why? The easy answer is a decrease in tax liability due to earnings which is due to lower interest rates. Find out why price is irrelevant. This panel will also discuss tax reform, the biggest risks in tax credit lending and investing and what is happening with government- sponsor enterprise’s today. Get a view from the top players in the affordable housing arena as we look to the future of affordable housing.

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future markets


Opportunities in New Market Tax Credits, Renewable Energy and Historical Tax CreditsRoom: San Jacinto Ballroom West

ModeratorJoy Horak-Brown, New Hope Housing Inc.

PanelistsWilliam Callihan, Capital OneKevin Goldsmith, ChaseLeigh Ann Smith, Bank of America Merrill Lynch

For nearly 50 years, federal tax credits have been used to attract private capital to help finance the development of a wide variety of projects. If you have ever considered using a different tax credit or combining multiple credits, you won’t want to miss this session. This panel will present case studies on each of of these opportunities. Panel members will talk about the timing of Federal historic equity pay-in and the New Markets Tax Credit (NMTC) equity pay-ins with considerations for bridging federal historic equity. They will also cover matching the standard loan product’s term with the term of the NMTC construction and compliance period. Un-derwriting for NMTC Commercial Space Revenue in a predominately affordable residential property will also be discussed.


Getting the Most from Your Third Party PartnersRoom: Stones Crossing

ModeratorTerri Anderson, Anderson Capital, LLC

PanelistsJames Dismukes, Phase Engineering Darrell Jack, Apartment Market Data Diane Kinney, FDI Management

Due diligence is a big part of the pre-application and application process. Join this panel for an in-depth discussion on how to utilize the resources available from your third party partners. Find out what up-front tools these parties have for little or no expense to you. You will receive information on the Appraisal and Property Condition Assessment, American Land Title Association (ATLA) Surveys re-quired by lenders and the basic surveys required by the Texas Department of Housing and Community Affairs (TDHCA). Environmental assessments and reports will also be covered.

Time is money! Find out how your third party part-ners can help you save both prior to pre-applica-tions.

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wednesDAY 8:30 - 9:30 am

One on One with the Texas Department of Housing and Community Affairs (TDHCA) Leadership TeamRoom: Four Seasons Ballroom

ModeratorJim Brown, Executive Director,Texas Aff. of Affordable Hsg Providers

Panelists (pictured left to right)Tom Gouris, TDHCAMichael Lyttle, TDHCAPatricia Murphy, TDHCACameron Dorsey, TDHCATim Irvine, TDHCA

For once outside of a Board meeting, the Tex-as Affiliation of Affordable Housing Providers (TAAHP) is able to gather TDHCA leader-ship into one group to be focused on issues of interest to TAAHP members and attend-ees at the Texas Housing Conference. Here is your opportunity to pose your questions or concerns or kudos to the decision-makers at the agency. Join us for this dynamic session and get straight talk from the top!


Recapture is Not a Four Letter WordRoom: Little Colony

ModeratorDennis Hoover, Hamilton Valley Management

PanelistsWendy Langlais, Reznick Group George Littlejohn, NovogradacSean O’Connor, Dauby O’Connor & Zaleski

The million dollar question? How to calculate re-capture! State and the Federal Governments have different roles in determining compliance and re-capture. This group of experts will discuss what happens once a Form 8823 is sent to the IRS and discuss if there is recapture when a partner trans-fers or there is a foreclosure. They will also discuss casualty losses and losses in federally declared di-saster zones.

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Federal & Legislative Issues in Our Nation’s CapitolRoom: Four Seasons Ballroom

ModeratorBobby Bowling, Tropicana Building Corp.

PanelistsKent Conine, Conine Residential GroupBarry Kahn, Hettig/Kahn Development Corp.Granger MacDonald, MacDonald CompaniesDan Markson, The NRP Group

Join former Texas Deptartment of Hous-ing and Community Affairs (TDHCA) Board Chair, National Association of Home Build-ers (NAHB) Past President and incoming NAHB Housing Credit Group Chair Kent Conine, incoming NAHB Multifamily Council Chair Granger MacDonald along with long-time NAHB members Bobby Bowling, Barry Kahn, and Dan Markson, for an update on tax credit, multifamily and other building is-sues from the NAHB perspective. Panelists will give updates on national issues being championed by the leaders and members of NAHB and answer questions about how you can get involved. They will share why grass roots efforts are critical to the success of the building and development community.


Washington WireRoom: Four Seasons Ballroom

ModeratorJeff Whiting, City Real Estate Advisors

speakersRick Goldstein, Nixon PeabodyJames Miller, Tax Legislative Solutions, LLC

Tax reform is looming and may well affect the Low Income Housing Tax Credit (LIHTC). The panel will discuss the Congressional agenda for the rest of the year with particular focus on approaches to tax reform and the so-called “fiscal cliff” wherein the 2001 and 2003 Bush tax cuts, the Alternative Minimum Tax (AMT) “patch,” and the 50 plus business tax extenders will expire and domestic/military spending sequester levels will take place un-less Congress takes action. The panel will address the status of legislation fixing the 9 percent and 4 percent LIHTC’s and how tax reform could affect the credit. The industry’s efforts before Congress in this regard will also be a key topic for discussion. Learn what Congress is likely to do during this time of budget cutting, deficit reduction, and tax reform that may well affect the future of this program and your business activities!

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Alliant Asset Management Company, LLCBooth 27Dan Winters, Vice President of Acquisitions205 South Hoover, Suite 208 , Tampa, FL 33609727.244.2440 + [email protected]

The Alliant Company is a privately owned, fully integrated national finance and investment firm with assets under management in excess of $6 billion. We offer a comprehensive range of services and products including multifamily debt, as well as tax credit syndication for the development and financing of affordable housing. With offices nationwide and innovative investment vehicles, we are able to service and maintain strong relationships with our borrowers, investors and developers. Visit us at booth 27 or contact us as we are committed to assist-ing you with your transaction.

Amegy BankBooth 40Mary Jane Henson / Dierdre Ward1211 McKinney Street, Level P-1, Houston, TX 77010Mary Jane Henson, VP, 713-232-6036, [email protected] Ward, VP, 713-232-6017, [email protected]

As one of the most stable corporate trust providers in the country, we have earned the reputation for integrity and responsiveness to customer needs. Our success is closely aligned with the way we do business, particularly in our com-mitment to our customers. We have the resources and flexibility to execute even the most difficult of transactions and a staff of qualified trust professionals to lend invaluable experience and expertise. Visit www.amegybank.com for more information.

AmeriSphereBooth N/AMike Backman, FHA National Production Director2805 North Dallas Parkway, Ste. 510, Plano, TX 75093972.941.3403 + [email protected]

AmeriSphere is a mortgage banking company engaged in originating, under-writing, closing and servicing high quality multifamily and health care mortgage loans throughout the United States. AmeriSphere helps increase the availabil-ity of affordable multifamily housing through financing of properties that qualify for federal housing tax credits.

AmeriSphere’s headquarters are located in Nebraska with offices in Colorado, Texas and Maryland. We have over 15 years in the lending business and we are the 15th largest FHA lender in FY12.

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Bank of America Merrill LynchBooth 3Valerie A. Williams, SVP, Client Manager901 Main Street, 20th Floor, Dallas, TX 75202214.209.3219 + [email protected]/community

Bank of America Merrill Lynch Commercial Real Estate Banking is the largest provider of commercial real estate financial services in the country. This dedi-cated team of real estate professionals provides project and corporate finance and comprehensive financial solutions for a broad array of clients including public and private Real Estate Investment Trusts (REITS) funds, as well as com-mercial and residential development companies.

Bank of America Merrill Lynch is one of the world’s largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services.

Bank of TexasBooth 7Pamela M. Black, CCTS801 Cherry Street, Suite 3325, Unit 27, Fort Worth, TX 76102817.348.5797 + [email protected] www.bankoftexas.com

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Gilbert Gerst4217 Swiss Avenue, Dallas, Texas 75204214-515-1723 + [email protected]

The Corporate Trust group at Bank of Texas offers a variety of services, includ-ing successor trustee, bond trustee, custody, paying agent and escrow agent. The Community Development group delivers an array of debt (construction & permanent) and equity solutions for the affordable housing industry. Our com-mitment is to provide proven products with personalized service. Bank of Texas is backed by the vast resources and financial strength of BOK Financial Corpo-ration, a diversified $26 billion financial services company.

To learn more, visit www.bankoftexas.com.

EXHIBITOR + PARTNER LISTINGS

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Blazer Building, Inc.Booth N/AMatt Fuqua9219 Katy Freeway, Suite 120, Houston, TX 77024713.914.9200 + [email protected]

Chris Richardson, President, founded Blazer in 1978 as a general contracting company focused on multi-family housing. The Blazer family of companies has grown into a fully-integrated real estate services company handling all facets of the project.

Development – Blazer Residential has built a record of success based around a strong belief in relationship driven business; whether it be our investors or ven-dors. Blazer continues to deliver value to our partners at each stage of develop-ment; through site selection, design and project capitalization.

As market influence, Blazer adapted its product to include a mix of family and senior communities. Our high-quality projects are comprised of low-rise, gar-den-style to a mid-rise design coupled with bungalows that mirror a traditional single-family living environment.

Construction - Blazer Building has constructed over 30,000 apartment homes in twelve different states. Blazer Building is made up of a highly experienced team with decades of construction experience.

Boston Financial Investment Management, L.P.Booth 17Greg Voyentzie, EVP Acquisitions101 Arch Street, Boston, MA 02110617.488.3203 + [email protected]

For more than 40 years, Boston Financial has been a leader in the affordable housing industry and an innovator in equity syndication and portfolio and asset management. Currently, we manage approximately $9.1 billion in Low-Income Housing Tax Credit and Historic Tax Credit equity investments comprising over 1,600 properties and 173,000 units. Contact us today and put our experience to work for you.

Burgess Construction Consultants, Inc.Table Top AKen Harward, President, Commercial Division1255 West 15th Street, Suite 1000, Plano, TX 75075214.291.3143 + [email protected]

Burgess Construction Consultants provides a full range of residential and com-mercial inspection services, energy and green program verifications, consulting and building science. We are very successful in saving time and money for builders, general contractors, developers, lenders, investors and owners. We can assist with all areas of your construction along with support from our Con-struction Science Division.

Call Ken Harward at 214.291.3143 or email [email protected] for more information.

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Capital One, N.A.Booth 35John Yochum5718 Westheimer Road, 10th Floor, Houston, TX 77057,713.435.5324 + [email protected]

Capital One Financial Corporation (www.capitalone.com) is a financial hold-ing company whose subsidiaries collectively have $121 billion in deposits and $150 billion in managed loans outstanding as of March 31, 2009. Well known for credit card products, Capital One also operates full service banks in Texas, Delaware, Louisiana, New York, New Jersey, Virginia, Maryland, and the District of Columbia. Capital One’s community development program invests and lends over $1 billion annually to serve the needs of our communities.

Capstone Real Estate Services, Inc. Booth 10D. Michael Boone, Jr., CPM®, Director of Program Development210 Barton Springs Road, Suite 300, Austin, TX 78704512.492.7022 + [email protected]

Capstone Real Estate Services is extending its proven expertise in the field of affordable housing compliance services beyond our traditional 3rd Party prop-erty management services. Having excelled in the multifamily fee management field for over 45 years, Capstone is now offering 3rd party compliance services to serve the affordable housing industry property owners, investors, syndicators and even other management firms. Our current 3rd Party Services include file review, set-aside management, new lease up, audit preparation and most other compliance related services in the HUD, Tax Credit, Bond, Home, Seniors and many local housing assistance programs.

Carleton Construction, Ltd.Booth 22Cindy Cruz5485 Belt Line Road, Suite 300, Dallas, TX 75254972.980.9810 + [email protected]

Since 1991, Carleton Construction has provided general contracting and related construction services for new and rehab construction of multi-family housing. Carleton Construction has completed more than 15,000 units of new and rehab multi-family construction with a dollar value approaching $1 billion, including more than 50 tax credit jobs throughout the Southwest with numerous spon-sors, delivering buildings on time and at budgeted costs. Carleton Construc-tion’s bonding capacity exceeds $100 million.


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Centerline Capital GroupBooth 11Deep Katdare, Director625 Madison Avenue, New York, NY 10022212.317.5700 + [email protected]

Centerline Capital Group provides real estate financing and asset manage-ment services for affordable and conventional multifamily housing. Centerline offers debt and equity financing to developers, owners, and investors. Centerline is structured to originate, underwrite, service, manage, refinance or sell through all phases of an asset’s life cycle. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline has raised more than $10 billion in equity across 136 funds, and invested in more than 1,200 assets spanning 47 states. The firm’s multifamily lending platform services more than $11 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 14 locations throughout the US. To learn more about Centerline, visit www.centerline.com.

ChaseBooth 5David H. Saling, Senior Banker221 West Sixth Street, Floor 1, Austin, TX 78701512.479.2218 + [email protected]/cdb

Chase is a national leader in community development finance for affordable housing and economic development projects. Through our vast resources, we can offer financing for projects of any size and complexity, both short-term and long-term. We distinguish ourselves as leaders by providing loans and com-munity development services to meet the needs of low-and moderate-income communities throughout the United States.

Churchill Stateside GroupBooth 43Keith J. Gloekl / Christopher Martiner1150 Cleveland Street, Suite 150, Clearwater, FL [email protected] / [email protected]

Churchill Stateside Group (CSG) sponsors tax credit investment funds for inves-tors and provides financing for developers of affordable housing, renewable energy installations, historic preservation, and film production projects. CSG is an approved lender for the USDA Multifamily 538 Guaranteed Loan Program and Fannie Mae Construction Loan Program.

Experience & Integrity. Since 1984.

Churchill Stateside Group

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Citi Community CapitalBooth 4Frank Brown5500 Maryland Way, Brentwood, TN 37027615.372.6143 + [email protected]

Citi Community Capital is a premier financial partner with nationally recog-nized expertise in financing all types of affordable housing and community rein-vestment projects. Citi Community Capital’s origination, structuring, asset and risk management staff across the country provides creative financing solutions designed to meet their clients’ needs. Citi Community Capital helps community development financial institutions, real estate developers, national intermediar-ies and nonprofit organizations achieve their goals through a broad, integrated platform of debt and equity offerings.

City of Dallas Housing Finance CorporationTable Top DKaren Schaffner1500 Marilla, 5CS, Dallas, TX 75244213.670.5390 + [email protected]

The Dallas Housing Finance Corporation (DHFC) was created by the Dallas City Council on April 25, 1984, as a public non-profit corporation to act on behalf of the City as its duly constituted authority and instrumentality for the public purposes defined in the Texas Housing Finance Corporation Act. In 2007, the Dallas Housing Finance Corporation was granted authority to own, lease, sell and otherwise take an ownership interest in residential developments.

DHFC supports the citywide efforts for the public purpose of providing afford-able housing for low-to-moderate income persons (LMIs) by facilitating the fi-nancing of the cost of development/re-development of multi-family rental hous-ing that can be a variety of different building designs, including single family design, garden style and high rise housing.

The division provides support to City economic and community housing proj-ects, citywide efforts, including southern and central sectors of the city, for the public purpose of providing affordable housing for LMIs.

City of Dallas Housing Finance

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City Real Estate Advisors, Inc.Booth 2 K. Nicole Flores, Senior Vice PresidentThe Offices at The Domain Building One – Suite 36011401 Century Oaks Terrace, Austin, TX 78758512.821.4080 + [email protected]

City Real Estate Advisors, Inc. (“CREA”) is a full service LIHTC Syndicator with tax credit equity financing in excess of $1 billion for 180+ transactions since in-ception. Formed in 2001, we are committed to the clients we serve; investors and developers alike. Our team pledges to provide innovative real estate in-vestment solutions by applying our five corporate tenets of Trust, Respect, Integ-rity, Attitude and Commitment to every facet of our business.

Coats | RoseBooth 6Barry J. Palmer, Director3 Greenway Plaza, Suite 2000, Houston, TX 77046713.651.7395 + [email protected]

The Coats l Rose Affordable Housing Group has extensive experience in afford-able housing devleopment. We have represented for-profit developers, non-profit developers and public housing authorities utilizing a variety of financing techniques, including HOPE VI financing, low income housing tax credits, pri-vate activity bonds, investment syndications and conventional financing. Our attorneys routinely structure complex transactions providing comprehensive solutions utilizing all aspects of financing in the affordable housing arena.

Comm-FitTable Top CMarcus LingP.O. Box 342315, Austin, Texas 78734512.378.3581 + [email protected]

Comm-Fit is a leading provider for Commercial Fitness Equipment in Texas. The Multi-Family market is our main area of concentration and we work with devel-opers across the nation due to our knowledge and expertise of the industry. No matter the size of the property or class we can and will find a solution that works best for you and your residents. Thank you for the consideration! E

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Dauby O’Connor & Zaleski, LLCBooth 15Gemi Ozdemir, Principal501 Congressional Blvd, Suite 300, Carmel, IN 46032317.848.5700 + [email protected]

Dauby O’Connor & Zaleski, LLC (DOZ) provides accounting, consulting, and tax services to owners, managers, and syndicators of multifamily housing com-munities. DOZ is well versed in projects financed through HUD, RD, Tax-Exempt Bonds, and Low Income Housing Tax Credits with a client base that spans the United States.

Davis-Penn Mortgage Co.Booth N/ARay Landry12650 N. Featherwood Dr., Houston, TX 77034281.481.2400 + [email protected]

For over 30 years, DPMC has dedicated its resources to providing developers and owners the expertise to obtain construction, permanent and refinancing through FHA programs. DPMC has a proven track record in financing afford-able and market rate multifamily communities through HUD. As a one stop shop, DPMC is a MAP approved mortgagee, a GNMA approved issuer of mort-gage-backed securities and an approved seller-servicer for HUD and GNMA.

Diamond Property Consultants, Inc.Booth N/AJim Beats2113 Kings Pass, Heath, TX 75032972.475.9977 + [email protected]

Diamond Property Consultants, Inc. (DPC) works with developers, property managers, lenders, utility companies and regulatory agencies to strengthen the quality of the affordable housing market by providing a portfolio of services from a team of experienced, knowledgeable professionals. Services to the Low-Income Housing Tax Credit industry include Utility Allowances, Energy Audits and Comprehensive Needs Assessments. DPC principals have over 75 years practical experience working with properties in the public and private sector around the country.


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DMA Development Company, LLCBooth N/ADiana McIver, President4101 Parkstone Heights Drive, Suite 310, Austin, TX 78746512.328.3232 + [email protected]

DMA Development Company, LLC has developed 22 apartment communities, primarily financed through the Housing Tax Credit Program. While most of the company’s portfolio is in the State of Texas, DMA Development has also devel-oped apartment communities in Georgia and the District of Columbia. Through affiliated entities, DMA also provides property management services and devel-opment consulting services.

Empire ConstructionTable Top BDan Johnson, Director of Sales/Marketing3600 Henson Road, Knoxville, TN 37921865.755.7100 + [email protected]

Empire Construction is recognized as the industry leader in LIHTC renovations by tax credit industry professionals from all associated businesses. With over 30 years of business experience and unlimited business licenses in 18 states, Empire is the regional General Contractor of choice with a proven track record of over 12,500 units renovated since 2003. Our job site and office staff are very experi-enced with all aspects of LIHTC projects. With the implementation of Empire’s custom designed job tracking software our level of detailed control over quality, production schedules, budgets and development team lines of communication are unmatched in the industry.

Empire Construction works with our developer customers in a design build for-mat. We utilize our years of experience to the benefit of each customer by get-ting the most out of every tax credit dollar awarded to a project through value engineering, large volume discounts and capitalizing on strategic relationships throughout the LIHTC industry. Empire’s long list of repeat customers combined with continually adding new customers speaks loudly of our integrity, profes-sionalism and successful projects. Come find out what your competitors already know. Call Dan Johnson 865.755.7100.

Enterprise Community Investment, Inc.Booth 36Aron Weisner / Kevin Bowen511 N. Akard Street, Suite 201, Dallas, TX [email protected] / [email protected]

As one of the leading providers of Low-Income Housing Tax Credit equity in the country, we have invested $11 billion to create more than 300,000 affordable homes throughout our three decades of experience, including over 2,500 in the State of Texas. Together with our partners, our work has driven investment in building better, more sustainable neighborhoods nationwide.

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FDI Property Management Services, Inc.Booth N/ADiane Kinney26303 Oakridge Drive, Spring, TX 77380281.367.5222 + [email protected]

FDI is a full-service real estate management firm that specializes in Tax cred-its and other affordable housing. FDI provides a broad scope of management services, including acquisition, rehabilitation and asset management. FDI’s management techniques are tailored to each clients ever changing investment needs.

Federal Home Loan Bank of DallasBooth 16Greg Hettick, VP, Director Community Investment8500 Freeport Pkwy South, Irving, TX 75063800.362.2944 + [email protected]

The Federal Home Loan Bank of Dallas supports housing and economic devel-opment by providing access to favorably priced funds to more than 900 mem-ber institutions across our five-state District. The Affordable Housing Program (AHP) offers direct grants to assist our members in meeting the affordable hous-ing needs in their communities. AHP grants are intended to bridge financing costs for construction, renovations, repairs, down payments, closing costs, and first-time homebuyer counseling. Call 1.800.362.2944 or visit www.fhlb.com for more information.

First SterlingTable Top GMartin Soja, Chairman & CEO1155 Northern Blvd, Suite 250, Manhasset, NY 11030516.869.7410 + [email protected]

First Sterling, a New York and California based syndicator, covers a broad spec-trum of real estate investment capabilities and asset management services. A nationally recognized leader in affordable housing, First Sterling works with its valued partners on a full range of 9% and 4% transactions. Projects include various local, state and federal housing initiatives, ranging from award-winning tax credit transactions to HUD pilot and demonstration programs.



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Galaxy Builders, Ltd.Booth 8Neilesh Verma, President4729 College Park, San Antonio, TX 78249210.493.0550 + [email protected]

For over two decades, Galaxy Builders, Ltd., has built its reputation on its pur-suit of excellence, commitment, and trust. Based in San Antonio, Texas, Gal-axy is a leading general contracting firm specializing in multifamily construc-tion throughout the Southwest. Galaxy Builders’ award-winning management teams have built more than 20,000 units representing more than $1 billion worth of projects throughout the region with a wide range of finish levels. From large-scale senior living to rehabilitating affordable housing, the company dedicates itself to timely, budget-aware delivery.

Gill Group, Inc.Booth 37Jana Santos512 No. One Mile Road, Dexter, MO 63841573.624.6614 + [email protected]

Gill Group is a firm specializing in Valuation and Market Feasibility Analysis. We provide Appraisals, Market Studies and CNAs for LIHTC, RD and HUD proper-ties nationwide. We have more experience, faster turnaround, and lower prices than other firms in the industry. Beyond our core services, we offer RCSs and ESAs.

Goodman Manufacturing Company, L.P.Booth 18Dick Rydzeski, Director National Accounts5151 San Felipe, Suite 500, Houston, TX 77056713.263.5064 + [email protected]

We’ve been building Goodman® brand air conditioning and heating equipment since 1982. Given our nearly three decades of experience in the heating and cooling business, home builders and home owners can be assured that Good-man brand air conditioning and heating systems meet the highest industry stan-dards and are installed by some of the best and most experienced professionals in the industry.

When you choose the Goodman brand, you can rest assured that you’ll receive a refreshingly affordable product that’s covered by what we believe to be the best product warranties in the heating and cooling industry.

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Home Team Pest DefenseBooth 30Vanessa Valero, Builder Sales11000 Metric Blvd., Austin, Texas 78758512.491.7475 + [email protected]

HomeTeam Pest Defense is the #1 builder pest management company and of-fers the Taexx® built-in pest control system to homebuilders. The system tar-gets household pests using perforated distribution lines installed in designated walls during home construction. A HomeTeam technician services the system from ports located on the outside. For termite protection, HomeTeam applies a termiticide to the wood framing supports during construction and installs Sen-tricon, an in-ground baiting system that offers long-lasting protection from sub-terranean termites.

Hudson Housing CapitalBooth 34Sam Ganeshan / Joshua Lappen630 Fifth Avenue 28th Floor, New York, NY [email protected] / [email protected] www.hudsonhousing.com

Hudson Housing Capital provides customized financial services to residential real estate developers and investors. Owned and managed by profession-als with decades of experience in the industry, Hudson builds its business on long-term relationships, extensive expertise, and the ability to craft transac-tions uniquely tailored to each customer’s needs. Founded in 1998, Hudson has syndicated over 258 low-income housing tax credit investments preserving or creating over 27,000 multi-family rental units. The firm has placed more than $2 Billion in equity. Our breadth of expertise encompasses desirable units for families, seniors, special needs, assisted living – virtually every type of property option offered in the market.

ICI Construction, Inc.Booth 26Steve Williams, Vice President5057 Keller Springs Road, Suite 200, Addison, TX 75001972.387.8000 + [email protected]

ICI Construction is a 25 year old general construction firm with revenues in the $125 million range. Our Multi-Family Division is accustomed to working with all types of financing programs, including: tax credit, housing bonds, conventional and HUD. We provide a complete range of services to the developer from pre-limenary budgeting to value-engineering that ensure your project stays within budget. Our company has been built on our ability to exceed our customer’s expectations.


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Inter-Faith GROUPBooth 24Christine DeCuir - Marketing Manager3131 West Alabama, Suite 300, Houston, TX 77098713.526.6634 + [email protected]. TheInterFaithGroup.org

Inter-Faith GROUP represents companies dedicated to positively improving communities and benefiting their residents. We own, manage, as well as pro-vide resident services to affordable housing communities in Texas and beyond. We offer customers the assurance of global experienced work completion, a uniqueness to specialized organizations, because of our balanced perspective, our advanced operations, our history and our visionary Boards of Directors.

James Hardie Building ProductsBooth 39Laurie Gizer, Marketing Coordinator26300 La Alameda, Suite 400, Mission Viejo, CA 92691949.348.4408 + [email protected]

James Hardie Building Products is a world leader in Fiber Cement Siding and Backerboard with several manufacturing plants in the U.S. and abroad. Light-weight and resilient, James Hardie® Products are rare in that they combine beauty and durability and also are considered “Green and Sustainable” by in-dustry professionals. Our siding is the most popular brand of siding in America and can be found on over 4 million homes.

Journeyman ConstructionBooth 20Casey Gandy7701 N. Lamar Blvd., Suite 100, Austin, TX 78752512.247.7000 + [email protected]

Journeyman Construction, Inc. was founded in 1996 to pursue consulting oppor-tunities in the construction industry. In 2001, our firm began managing construc-tion projects as a General Contractor. Headquartered in Austin, Journeyman Construction covers the state of Texas with regional offices in San Antonio, Di-ana (East Texas), Dallas, Corpus Christi, and McAllen. Journeyman Construction was named by Entrepreneur magazine as one of the 100 fastest growing construction firms in the U.S. Annually Journeyman Con-struction and its affiliated companies generate approximately $120 million in revenue.

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Law Office of Mark D. FosterBooth 42Mark Foster, Attorney4835 LBJ Freeway, Suite 424, Dallas, TX 75244214.363.9599 + [email protected]

The Law Office of Mark D. Foster is a boutique law firm specializing in Solar Tax Credits, New Markets Tax Credits, LIHTCs and Historic Credits.Mark has an accounting degree from UT Austin and a Masters in Tax Law from SMU which makes him uniquely qualified to represent developers, lenders and investors in all aspects of a transaction. During the past 28 years, Mark has facilitated the development of 500 tax credit projects in 40 states.

Locke Lord LLP Booth 44Cynthia L. Bast, Partner100 Congress Avenue, Suite 300, Austin, TX 78701512.305.4700 + [email protected]

Locke Lord’s Affordable Housing Group provides comprehensive legal services to those who develop, own, manage, finance, and oversee affordable housing across the country. We combine a keen understanding of the business with our legal experience to provide effective advice and service to our clients. Over the years, we have closed hundreds of transactions across the country, addressed compliance and regulatory matters, advocated for change in legislation and rules, and helped to reposition troubled properties. We want to help you put all the pieces together for success in your affordable housing endeavors.

M Group, LLPBooth N/AMichael Martin, Managing Partner515 W. Southlake Blvd., Suite 150, Southlake, TX 76092817.865.1360 + [email protected]

M Group, LLP is a full service public accounting firm specializing in real estate and the affordable housing industry. For over 12 years, M Group professionals have served developers, owners and managers of affordable housing projects throughout the United States providing audit and assurance, cost certifica-tions, carryover allocations, tax planning, compliance and consulting services. M Group, LLP also has vast experience serving the distinct needs of nonprofit organizations helping them fulfill their missions.


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National Development CouncilBooth 42Deborah Welchel, Director of Acquisitions708 Third Avenue, Suite 710, New York, NY 10017212.682.1106 + dwelchel@nationaldevelopmentcouncil.orgwww.nationaldevelopmentcouncil.org

The National Development Council (NDC) is one of the nation’s oldest 501(c)(3) corporations dedicated to housing and economic development finance. NDC provides technical assistance and development services to communities for the development and financing of economic development and affordable housing projects; professional certification training in economic and housing develop-ment and direct investment and loans into projects through the NDC Corpo-rate Equity Fund (NDC CEF), HEDC New Markets (HEDC NM) and the Grow America Fund.

NDC CEF has invested in 160 projects in 27 states and Puerto Rico and created over 7,500 units of housing. HEDC NM, has received seven allocations of NMTC and has closed 67 projects totaling over $1.2 billion in 24 states.

National Equity Fund, Inc.Booth N/ATina Belanger, Marketing Project Manager120 S. Riverside Plaza, 15th floor, Chicago, IL 60606312.360.0400 + [email protected]

Celebrating its 25th anniversary in 2012, National Equity Fund, Inc. (NEF) is a nonprofit Chicago-based affiliate of the Local Initiatives Support Corporation (LISC) and the nation’s largest syndicator of Low Income Housing Tax Credits (LIHTC). NEF has been an integral participant in creating affordable housing options, revitalizing communities and strengthening local economies. It has in-vested $9.5 billion in more than 2,100 LIHTC developments, creating 127,000 af-fordable homes for low-income families and individuals.

Natural Gas Utilities of TexasBooth 21Wendy Lamb, Sr. Marketing Director290 S Castell Avenue, New Braunfels, TX 78130830.643.6938 + wendy.lamb@centerpointenergy.comwww.naturalgasutilitiesoftexas.com

We supply the Lone Star State with clean and efficient natural gas. Installing natural gas appliances can help developers meet green building standards and help renters save money on their energy bills.

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NaviStone Partners LLCBooth N/AMichael Moses, VP Structured Finance5309 Transportation Blvd., Cleveland, OH 44125216.548.0990 + [email protected]

NaviStone Partners LLC is a real estate investment and advisory company pro-viding multifamily developers certainty of financial execution during uncertain times. NaviStone services span all types of real estate with a focus on multi-family development and include services such as direct equity investment, real estate syndication, debt placement, equity advisory services and financial mod-eling assistance.

Nixon PeabodyBooth N/ARachael Loper401 9th Street NW, Suite 900, Washington, DC 20004-2128202.585.8236 + [email protected]

Nixon Peabody’s Affordable Housing practice offers unparalleled experience for any challenges that arise, whether in connection with federally assisted housing or accessing capital markets for housing development. Our attorneys—many of whom formerly worked at HUD in several legal and policy positions—have been involved with every major federal affordable housing initiative in the last 40 years, so we’re able to help our clients work through the complex regulatory environment and benefit from public financing opportunities.

NorthMarq Capital, LLCBooth N/A Nathan Stone / Paul Brighton4890 Alpha Rd, Suite 200, Dallas, Texas [email protected] / [email protected]

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan ser-vicing in 33 offices across the U.S. With an average of $8.5 billion in annual pro-duction volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of market rate and affordable multi-family financing with Freddie Mac, Fannie Mae and FHA as well as relationships with many life companies, CMBS plat-forms and banks.


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Novogradac & Company, LLPBooth 32George Littlejohn, Partner / Susan Wilson, Partner11044 Research Boulevard, Bldg C, Suite 400, Austin, TX [email protected] / [email protected]

Novogradac & Company, LLP is a national certified public accounting and con-sulting firm with 13 offices nationwide. Our clients represent a broad range of industries, with a major emphasis in the real estate sector. We provide publicly and privately held national enterprises with a full spectrum of audit, tax, valu-ation, expert witness and litigation support, property compliance and general consulting services and we work extensively in the affordable housing, commu-nity development and renewable energy fields.

Orion Real Estate Services, Inc.Booth 29Cynthia Barksdale, Regional Vice President1455 W. Loop South #800, Houston, TX 77027713.622.5844 + [email protected]

Major Real Estate Firm with emphasis on 3rd Party Asset Management for LI-HTC, PHA, and other forms of affordable housing.

Phase Engineering, Inc.Booth 12Melanie Edmundson, P.G., Principal335 West 21st Street, Houston, TX 77008713.476.9844 + [email protected]

Phase Engineering, Inc. is an environmental consulting firm that was founded in 1993 and its licensed staff of environmental professionals annually perform over one thousand Phase I, Phase II, asbestos and lead inspections and related en-vironmental services. Phase Engineering successfully works with many TDHCA tax credit and HOME funds applicants on their environmental submittals.

PNC Real EstateBooth 14Janna Cormier, Vice President1717 W. 6th Street, Suite 262, Austin, TX 78703512.391.9216 + [email protected] www.pnc.com/realestate

PNC Real Estate offers one of the industry’s most comprehensive arrays of fi-nancing solutions to owners, operators, developers and investors nationwide. PNC provides Tax Credit Capital solutions, as well as Freddie Mac, Fannie Mae and FHA financing for the predevelopment, construction, interim and perma-nent financing of multifamily properties, seniors communities and healthcare facilities. PNC combines LIHTC and HTC equity with our agency and balance sheet debt solutions to deliver seamless financing options for the construction or redevelopment of multifamily housing.

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Portfolio Resident ServicesBooth 23Katie Danley, Business Development Director3131 West Alabama, Suite 300, Houston, TX 77098713.808.1988 + kdanley@portfolioresidentservices.orgwww.portfolioresidentservices.org

Portfolio Resident Services is a nonprofit organization dedicated to establishing resident services programs within affordable and conventional housing commu-nities, providing residents the opportunities and resources needed to achieve economic and housing self-sufficiency. PRS provides customized, on-site classes and activities under the banner of The Good Neighbor Program incorporat-ing elder services, youth programs, educational opportunities, and/or adult life skills programs. We enjoy word of mouth growth as we improve assets and com-munities.

Property Tax Advocates, Inc.Table Top EJeff Burgher, CPA, President1303 W. Walnut Hill Lane, Suite 260, Irving, TX 75038t972.550.8877x11 + [email protected]

Property Tax Advocates began representing owners of LIHTC properties in 1998 and currently represents over 10% of such properties in Texas in approximately 70 counties. As such, we’ve created a database of information to support cap rates above those published by the appraisal districts and quantify the effect on value of the various LIHTC restrictions in a clear and concise manner that appraisers and appraisal review board members can understand.

R4 CapitalBooth 33Marc D. Schnitzer, President780 Third Avenue Tenth Floor, New York, NY 10017646.576.7660 + [email protected] www.R4cap.com

R4 Capital is a national affordable housing syndicator and subsidiary of Regis Group of London, a 60-year-old residential property investment firm with more than $14 billion of US multifamily assets under management. R4 Capital is an es-tablished team of affordable housing finance and investment leaders with more than 120 years of collective LIHTC experience, including the origination, under-writing, and management of $12 billion of LIHTC investments for more than 100 corporate investors, in 1750 LIHTC transactions.


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Raymond James Tax Credit Funds, Inc.Booth 9Gary Robinson, VP, Director of Acquisitions880 Carillon Pkwy, St. Petersburg, FL 33716727.567.5014 + [email protected]

Raymond James Tax Credit Funds (RJTCF) is a wholly-owned subsidiary of Ray-mond James Financial, Inc. (NYSE-RJF). RJTCF has served both investors’ and developer’s needs managing approximately $5 billion in assets for more than 1,300 properties in 46 states since the inception of the tax credit program.

RBC Capital Markets Booth 28Dan Kierce, Regional Director600 Superior Avenue, Suite 2300, Cleveland, OH 44114 216.875.6043 + [email protected]/tceg

RBC Capital Markets’ Tax Credit Equity Group (TCEG) provides a complete range of finance solutions to meet the needs of developers, investors and public authorities. We offer a comprehensive suite of debt, equity and credit products. We have invested $4 billion of equity in over 600 affordable and historic multi-family housing developments. We provide investors with full asset management and reporting services. Our experienced professionals strive to identify strate-gic investments and design equity structures that serve the long-term interests of all our partners in LIHTC, HTC and RETC.

Realtex Development CorporationBooth 19Rick Deyoe, President1101 S. Capital of Texas Hwy, Bldg F-200, Austin, TX 78746512.306.9206 + [email protected] www.realtexdevelopment.comwww.realtexms.com

Realtex Development Corporation (“Realtex”) offers a broad array of profes-sional real estate development, construction and management services having over 14 years of knowledge and experience, that when applied, creates a unique and successful approach to real estate development, construction and man-agement of affordable and market-rate multifamily housing. Realtex is proud to provide its residents and customers with consistent, high quality and attractive living communities with superior professional and courteous customer service throughout Texas, Mississippi, and other US States.

Our Development, Construction and Management business services include:

Affordable Housing (including HUD) Market Rate Luxury Apartment Homes Senior Affordable Housing Student & University Housing

For more information on Realtex and how our professional staff and services can benefit your organization, please contact us today.

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Red Stone Equity PartnersBooth 45Drew Foster2 Grand Central Tower, 140 East 45th Street, 15th Floor, New York, NY 10017212-225-8294 + [email protected]

Red Stone Equity Partners (“Red Stone”) is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits to facilitate affordable housing development. Red Stone builds upon long-lasting relation-ships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients.

Regions Bank Corporate TrustBooth 13Mark Dault, Business Development - Vice President1111 W Mockingbird Lane, Suite. 1200, Dallas, TX 75247214.678.2577 + [email protected]

For over 80 years, the Corporate Trust Services Group at Regions Bank has focused on municipal bond business. In this regard, Regions’ goal has been consistent and straightforward – to be the best trustee/paying agent/bond pro-ceeds depository bank in the municipal bond world. We invite you to experience our exemplary level of service through our dedicated relationship managers who have extensive expertise serving as Trustee on single family and multifamily bond issues.

Reznick Group, P.C.Booth 1Joanna Turner, Marketing100 Congress Avenue, Suite 480, Austin, TX 78701704.295.9862 + [email protected]

Reznick Group is a top 20 national CPA firm providing accounting, tax and business advisory services to clients nationwide. Well known for our depth of knowledge in real estate and tax credit services, our professionals provide a full range of services to developers, owners, investors, lenders, syndicators, govern-ment agencies and nonprofits. These services include audit and assurance, tax credit advisory – including low-income housing, historic rehabilitation, New Mar-kets Tax Credits and renewable energy, due diligence, management consulting, state and local tax and valuation and transaction advisory. For more informa-tion visit www.reznickgroup.com.

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The Richman Group Affordable Housing CorporationBooth 25Kevin Hoffman, Vice President340 Pemberwick Road, Greenwich, CT 06831203.869.0900 + [email protected]

The Richman Group Affordable Housing Corporation, the nation’s preeminent sponsor of LIHTC funds, leads the industry in equity raised over the last 5 years. Capital under management has surpassed $8 billion. Richman is also a leading affordable housing developer, asset and property manager and, more recently, mortgage lender.

Shackelford, Melton & McKinley, LLPBooth 38Sonia De Leon, Director of Marketing3333 Lee Parkway, Tenth Floor, Dallas, TX 75219214.780.1400 + [email protected]

Shackelford, Melton & McKinley specializes in, among other areas of law, all aspects of real estate ownership, leasing, financing, and development of various real estate products, including multifamily, retail, office, mixed-use, golf proper-ties and land, including the acquisition, development, financing and regulatory processes of affordable housing projects.

sONOMA HOUSING ADVISORSBooth N/ABill Fisher5430 LBJ Freeway, Suite 1200, Dallas, TX 75240972.663.9368 + [email protected] www.sonomaadvisors.com

Over the past 20 years, our leadership team has developed, financed, and/or constructed over 7,500 living units throughout the Southwest, and managed over 18,500 units in 11 states. Our multi-family financing relationships and ability to build long-term community support can contribute to your success. We’ve re-ceived HOME, CDBG, and 9% or 4% housing tax credits every year since 1996. In the application process, winning isn’t everything - it’s the only thing.

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Southeast Texas Housing Finance Corp.Booth N/ARon Williams, Executive Director11111 S. Sam Houston Parkway East, Houston, TX 77089281.484.4663 + [email protected]

The Southeast Texas Housing Finance Corporation (SETH) was organized in October 1981 under the authorization of the Housing Finance Corporation Act in accordance with Chapter 394—Local Government Code. Its members in-clude the Counties Austin, Brazoria, Chambers, Galveston (excluding the City of Galveston), Liberty, Matagorda, Walker, Waller & Wharton and the Cities of Baytown, Deer Park, Dickinson, La Marque, La Porte, League City, Pasadena, Santa Fe, Shoreacres, Texas City & Tomball.

SETH has issued over $1.6 Billion in tax-exempt and taxable bonds for both Sin-gle Family homeownership and Multifamily rental housing. SETH has owned 9 multifamily developments with over 3600 units and currently is in the ownership structure for 2 tax credit developments. SETH administers down payment as-sistance with HOME funds and administers 6 Mortgage Credit Certificate Pro-grams throughout the State. Through its Bayou Country Housing Trust Fund, SETH has funded almost $5 Million in local housing initiatives.

Stearns BankBooth N/ADave Feriancek4191 2nd St. S., St. Cloud, MN 56301800.320.7262 + [email protected]

Stearns Bank is a nationwide commercial lender established in 1912 with $1.4 billion in assets. Since 1986, we’ve specialized in LIHTC financing. Work directly with decision makers to get your project approved and closed quickly. We also save you money by using standardized loan documents with most syndicators to avoid usual fees associated with outside legal counsel. Call us to complete your affordable housing project on time & on budget. We get the job done!

Tax Credit Group of Marcus & MillichapBooth N/AJeff Kunitz, Senior Director1918 8th Ave, Suite 3200, Seattle, WA 98101206.826.5800 + [email protected] www.tcg-mm.com

The Tax Credit Group of Marcus & Millichap (TCG) is the leading real estate in-vestment services group focused exclusively on Section 42 (LIHTC) clients. They recognize that the complexities of the LIHTC program and divergent interests of asset owners require specialization. Through this focus, TCG has developed an industry-leading team, service approach and knowledge base, translating into greater value for their clients. Since starting in 2001, they have closed over $3 Billion in LIHTC transactions.





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Wells FargoBooth 31Leslie Houston420 Montgomery Street , San Francisco, CA 94163817.334.7164 + [email protected]/affordablehousing

At Wells Fargo, we are a bank that works hard to help our customers and com-munities succeed. As the nation’s largest affordable housing lender, we have a deep understanding of the industry and use that knowledge to develop compet-itive financial solutions for your project.Whether you need access to the capital markets, construction or permanent financing, credit enhancements, or equity through the sale of tax credits, Wells Fargo can help you reach your financing goals.

WhirlpoolBooth 41Ben Meekma3806 Haleys Way, Round Rock, TX 78665414.807.7317 + [email protected]

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Nic Miller20614 South Blue Hyacinth Dr., Cypress, TX 77433832.776.0526 + [email protected] www.insideadvantage.com

Whirlpool Corporation is the world’s leading manufacturer and marketer of ma-jor home appliances. The company markets Whirlpool, Maytag, Kitchen Aid, Jenn-Air, Amana, Gladiator and other major brand names to consumers in more than 130 countries worldwide, all while they continue to invest significantly in their US operating footprint. Whirlpool has a presence in approximately 20 U.S. communities and works with more than 10,000 suppliers in the United States . These suppliers also contribute to the health of the U.S. economy.

Wilmington Trust N.ATable Top FGregory M. Hasty15950 North Dallas Parkway, Suite 550, Dallas TX 75248972.383.3153 + [email protected]

Wilmington Trust, an affiliate of M&T Bank, has been serving clients for more than a century, providing the strength, resources, and expertise to meet the needs of sophisticated enterprises. We continuously strive to be a leading provider of specialized services to municipal, corporate and institutional enter-prises, and help our clients succeed, by efficiently delivering trust, agency and fiduciary solutions, and thereby helping to mitigate risk. Clients rely on our ser-vices in the world’s most attractive jurisdictions, where we develop customized solutions, pairing technology and staff with world-class, local expertise.

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www.taahp.org

www.taahp.org

Join us next spring in Austin, TX as we tackle critical housing issues

during the 83rd Texas Legislative Session.

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ACCESSIBILITY

BADGES

ADMISSION & PRICING

EXHIBIT HALL HOURS OF OPERATION

LOST & FOUND

The Four Seasons Hotel is in full compliance with the American With Disabilities Act and offers complete ADA accessibility.

Full Conference RegistrationTAAHP Member $495 General $595

l Opening Session Ticket l Access to All Educational Sessionsl Exhibit Hall Pass l 2 Breakfast Ticketsl Refreshments & Snacks l 1 Luncheon Ticket l 2 Reception Tickets

The official registration badge should be prominently worn and displayed at all times for prompt admission to the exhibit area, education sessions, meals and receptions. Badges are not transferable and may not be loaned to anyone for any purpose during the event. If you lose your badge, inquire at the registration booth.

MANAGEMENT INFORMATION

MEALS & RECEPTIONS

NON-EXHIBITING POLICY

ON-SITE REGISTRATION

PARKING

PROGRAM CHANGES

The Exhibit Hall is located in the Four Seasons Ballroom. Hours of operation include:

Monday, July 23 3:00 pm – 7:00 pmTuesday, July 24 9:30 am – 7:00 pm

To report a lost item, call the hotel’s front desk from any phone inside the hotel at 512.478.4500.

The Texas Housing Conference is operated and managed by the Texas Affiliation of Affordable Housing Providers. Offices are located at 221 E. 9th Street, Ste. 408, Austin, Texas 78701 Phone: 512.476.9901, Fax 512.476.9903, www.taahp.org.

All Breakfast, Breaks, and Receptions are held inside the Exhibit Hall located in the San Jacinto & Four Seasons Ballrooms. You must wear your name badge for access.

Non-exhibiting suppliers and service providers are not permitted to distribute sales materials or solicit business from attendees in the Exhibit Hall without securing a booth.

Attendees may register on-site; however, space is limited for some events. The Registration Booth is located on the Lake Level in the Four Seasons Ballroom foyer area and is open:

Monday, July 23 1:00 pm - 6:00 pmTuesday, July 24 7:00 am - 6:00 pmWednesday, July 25 8:00 am - 10:00 am

You may pay by check or credit card (American Express, Discover, MasterCard, or VISA) Credit card transactions will include a 3% processing fee. If paying by check, make payable to TAAHP.

Four Seasons Hotel parking rates for the 2012 Texas Housing Conference are:

l Valet Parking: $12.00 per automobile/dayl Valet Parking Overnight: $28.50/day

Curbside Metered Parking: Metered parking costs $1 per hour and is limited to 2 hours. Parking after 5:30 p.m. and on weekends is free. Visit www.downtownaustin.com/transportation/parking/lots/ for area parking garage information.

Due to unforeseen circumstances, program changes may be required at the last minute. Any changes will be posted outside session rooms and at the registration desk. Attendees will be notified.

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REFUND/CANCELLATION POLICY

All cancellations must be received two weeks prior to the conference. No refunds will be made after the conference begins. A cancellation must be made in writing and submitted to TAAHP via mail, fax or E-mail.

Cancellation requests received two weeks prior to the first day of the conference will receive a full refund minus a 3% credit card processing fee. Name changes are permitted at any time.

SESSIONS/WORKSHOP CONTENT

The Texas Housing Conference and its management assumes no responsibility for the comments or information expressed by session and workshop speakers, nor do they accept responsibility for the content or reprinting of any materials used or distributed during any session or workshop. inform

ation

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DPC

Shackel ford

McKinley

Melton


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2012 PARTNERS

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Experience & Integrity. Since 1984.

Churchill Stateside Group








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CONFERENCE SUPPORTER

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Texas Housing Conference

We hope to see you at the 2013 Texas Housing Conference


July 22 - 24, 2013F o u r s e a s o n s h o t e l l a u s t i n , t x


or decades the Federal Home Loan Bank of Dallas has supported its members in

serving the needs of their communities. Our grant programs have opened the door

for homeownership for first-time homebuyers, met critical repairs for elderly and

disabled homeowners, and have initiated construction and rehabilitation for both single-

family and multifamily affordable housing projects within the Bank’s five-state District.

Through our expansive grant programs, families across Arkansas, Louisiana, Mississippi,

New Mexico, and Texas have obtained a better quality of life.

Our grant programs provide the resources to make lasting changes in our communities.

We appreciate the support of our members and community partners, and look forward

to a future where the possibility for greater change is endless.

Community Investment Department: 800.362.2944, fhlb.com

or decades the Federal Home Loan Bank of Dallas has supported its members in

serving the needs of their communities. Our grant programs have opened the door

for homeownership for first-time homebuyers, met critical repairs for elderly and

disabled homeowners, and have initiated construction and rehabilitation for both single-

family and multifamily affordable housing projects within the Bank’s five-state District.

Through our expansive grant programs, families across Arkansas, Louisiana, Mississippi,

New Mexico, and Texas have obtained a better quality of life.

Our grant programs provide the resources to make lasting changes in our communities.

We appreciate the support of our members and community partners, and look forward

to a future where the possibility for greater change is endless.

Community Investment Department: 800.362.2944, fhlb.com

WE’RE PROS IN THE AFFORDABLE HOUSING ARENA

Capital One Community Development Finance has a proven track record of success in bringing affordable housing to the communities where we do business.

WHAT SETS US APART:

• Lending and investing are done in one place

• A single point of approval closes the deal smoothly and on time

• Named one of the Top 10 Affordable Housing Lenders of 2011 by Multifamily Executive Magazine*

Give Capital One a call when you have a development to discuss. We know the ropes!

John Yochum713-435-5324 | [email protected]

*March 2012 Issue, Multifamily Executive Magazine © 2012 Hanley Wood, LLC. All rights reserved.

Products and services offered by Capital One, N.A. and Capital One NA LIHTC, Inc., Member FDIC. ©2012 Capital One. Capital One is a federally registered service mark. All rights reserved.

JB119703_BnkJrnl_AD_Comp_ƒ.indd 1 6/6/12 12:03 PM

WE’RE PROS IN THE AFFORDABLE HOUSING ARENA

Capital One Community Development Finance has a proven track record of success in bringing affordable housing to the communities where we do business.

WHAT SETS US APART:

• Lending and investing are done in one place

• A single point of approval closes the deal smoothly and on time

• Named one of the Top 10 Affordable Housing Lenders of 2011 by Multifamily Executive Magazine*

Give Capital One a call when you have a development to discuss. We know the ropes!

John Yochum713-435-5324 | [email protected]

*March 2012 Issue, Multifamily Executive Magazine © 2012 Hanley Wood, LLC. All rights reserved.

Products and services offered by Capital One, N.A. and Capital One NA LIHTC, Inc., Member FDIC. ©2012 Capital One. Capital One is a federally registered service mark. All rights reserved.

JB119703_BnkJrnl_AD_Comp_ƒ.indd 1 6/6/12 12:03 PM

The greatest rewards come from helping others.

In the affordable housing industry, Reznick Group feels right at home.

As a top 20 national CPA firm, we’ve been helping developers, lenders and investors in affordable housing achieve financial success for more than 30 years.

By sharing our insights on low-income housing tax credits, FHA and HUD programs, and other financing opportunities, we help the affordable housing industry provide safe and decent housing for the communities that need it most. What could be more rewarding?

To learn more about Reznick Group and our services for the affordable housing industry, visit: www.reznickgroup.com/affordablehousing

texas housing magazine

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