2022 Edition • Issue STRONGBUILDING13FOUNDATIONS
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Contents A Message from CHRISLeadershipAKBARI,TAAHP PRESIDENT CHAIRGOVERNMENTJEANLeadershipADIRECTORROGERABOARDTAAHPARTICLESContributors&ADSLeadershipOFDIRECTORSMessagefromTAAHPARRIAGA,EXECUTIVEMessagefromLATSHA,TAAHPAFFAIRSCOMMITTEE/TAAHPPRESIDENT-ELECT Challenges Lay Ahead: Economy Creates New Barriers for Affordable Housing Development WHITNEY PARRA-GUTI É RREZ, TAAHP POLICY & REGULATORY MANAGER TAAHP Legislative Priorities: Planning Ahead for the 88th Texas Legislative Session WHITNEY PARRA-GUTI É RREZ, TAAHP POLICY & REGULATORY MANAGER We Don't Talk About RONO, But We Should ROGER ARRIAGA, TAAHP EXECUTIVE DIRECTOR Affordable Housing Community Success Stories SPOTLIGHT ON NEW DEVELOPMENT 11 18 12 30 13 38 2814 45 GENERAL FEATUR ES • CONVENTIONAL, HUD, & HOUSING TAX CREDIT MANAGEMENT • NEW CONSTRUCTION LEASE-UPS • DEVELOPMENT & CONSULTING • VALUE-ADD RENOVATIONS • COMPLIANCE SERVICES INCLUDING: • LEASE-UP ASSISTANCE • AUDITING & TRAINING • CONSULTING 10 Texas Affordable Housing Magazine
MESSAGE
had great success in educating the legislature on our industry and working with the Andrade-Van De Putte lobbying team to elevate the voice of our organization on issues relating to affordable rental housing and the economic development that it brings to our communities. We have continued to enhance our stature as an organization through persistent work with the Speaker’s office, the Lt. Governor’s office, the Governor’s office, and TDHCA staff to make sure that the best housing and economic development policies are considered. Our organization has done a wonderful job to educate legislators on how our industry works and who we ultimately serve. In 2022, we have continued this work by taking our education and interaction to local stakeholders. We met in our Q1 meeting with stakeholders from several North Texas housing administrators at a Saigebrook property in Fort Worth. This was a great opportunity to show a real-world example of the wonderful work that our members do while promoting the organization as a resource for any needs that local stakeholders may have with regard to our industry. We continued our local engagement with a recent event in conjunction with our Q2 board meeting at a Dominium property in Houston. This event brought local stakeholders as well as legislators to meet with us and discuss the challenges of our industry. It was a great opportunity to meet with local housing officials including the city of Houston, Harris County and Houston Housing Authority. In addition, we were able to see the great work preserving affordable housing that our outgoing board member Jen Joyce Brewerton’s company has completed. Our Q2 board meeting was also a bit bittersweet in that it was the last board meeting for Dominium’s Jen Joyce Brewerton, who served on our board for the past six years (2016-2022). In addition, it was the final meeting of Debra Guerrero of NRP Group, who was a previous President and had served on the board for 10 years (2012-2022). I would like to thank both of you for your service to our Duringorganization.mytermwe achieved a few key changes that I think will help the organization evolve. First, we have worked extremely hard to make our organization transparent and not just an organization of the select few developers who control our industry. Second, we have worked extremely hard to make our organization more inclusive with access to minority developers and housing professionals with our commitment to racial and social equity. Third, we have pushed for a more fluid committee structure with co-chairs to allow for more input, structure and fluidity of transition in years to come. Fourth, we have worked to strengthen our key committees, including QAP, government affairs, and conference by putting together sub-committees to focus on specific key issues. Lastly, we established two work groups to assist with nonprofit participation and rural development participation. All of these have yielded positive results and I hope will continue to push our organization to evolve in a manner that best serves affordable and workforce housing in its expansion in Texas. It has been a great honor to work with Roger and the TAAHP team, and I know that the organization is in a great place with him as executive director. A special thanks to Kristi Sutterfield who does an amazing job of making our conference a great success. Thanks to Naomi, Whitney, and Amanda for all of your hard work making our organization stronger. I had hoped when I began this term to make a lasting change for our organization in helping Texans who need affordable housing. I feel like there was a lot accomplished but there is still more to get done. I am certain that Jean Latsha will build upon our achievements and have a springboard to take this organization to a brighter future.
Chris Akbari
A FROM TAAHP’S PRESIDENT y term as the 20212022 President of this organization is coming to an end and it has been an honor to serve in this position. This organization has become one of the preeminent affordable and workforce housing trade organizations in the Sunbelt region through hard work of the staff and a committed board of directors. This year has seen continued positive results from our work in service of the development community, the lenders, the investors, the operators, the builders and ultimately the state of Texas. Most importantly, this includes the families of Texas who are served by our housing Indevelopments.2021,ourorganization
M
TAAHP 2021-2022 President 11Texas Affordable Housing Magazine
Alexander & Williams, LLC 23 Alliant Capital, a Walker & Dunlop Co .. 59 AMTEX 88 ARX Advantage 33 Asset Living 52 Baker Donelson 83 Baker Tilly US ...................... 34 Bank of America 53 Bellwether Enterprise ............... 98 Blazer 81 BOK Financial 2 Bonneville Multifamily Capital 81 Capital One Bank 65 CBRE Affordable Housing ............ 74 CenterPoint Energy 66 Centrant Community Capital 71 Citi Bank 91 Coats Rose 1 CohnReznick, LLP .................. BC CHR Partners 99 Dauby, O'Connor, and Zaleski, LLC 66 Davis Penn Mortgage Co. 35 Diamond Property Consultants 97 DMA Development Companies ....... 36 Dominium 4 Fairstead 42 Frost Brown Todd, LLC 61 Gardner Capital .................... 43 Goodman Manufacturing 46 H+UO Architects 49 Hilltop Securities 98 Housing Lab by Betco 44 Hudson Housing Capital ............ 25 Impact Residential Development 84 ITEX 34 JLL Capital Markets 73 JP Morgan Chase Bank 57 KeyBank Real Estate Capital .......... 83 Kittle Property Group 61 Local Initiatives Support Corporation .. 78 Locke Lord LLP 3 Lument 9 Merchants Capital 37 National Equity Fund 41 Norris George & Ostrow PLLC ......... 93 Novogradac & Company, LLP 84 NRP Group 55 Palladium USA IBC Pavilion Construction, LLC 77 Pedcor Companies, LLC .............. 29 Pennrose 26 Pivotal Housing Partners 16 Plummer Associates, Inc. 74 PNC Real Estate .................... 77 Portfolio Resident Services IFC R4 Capital LLC 5 Rackleff, LLC 92 Rainbow Housing Assistance Corp 36 RBC Capital Markets ................ 52 Red Stone Equity Partners 85 Red Stone Tax Exempt Funding 78 Regions Affordable Housing 96 Seldin Company 10 Shackleford Bowen McKinley & Norton . 8 Southeast Texas Hosing Finance Corp 6 Steadfast Construction Services ....... 91 Stifel 27 SVN Affordable 42 TAM Residential 16 The Banks Law Firm 17 The Richman Group Affordable Housing Corporation 72 Tiber Hudson 15 Tidwell Group 72 Wells Fargo 92 Wilmington Trust/M&T Bank .......... 7 Yardi Systems, Inc. 96 CONTRIBUTORSADVERTISERS CREDITS Although every attempt is made to be as comprehensive and accurate as possible, the Texas Affiliation of Affordable Housing Providers (TAAHP) and its affiliates are not responsible for any misprints, errors, omis sions, deletions, or the accuracy of the information in the publication. TAAHP and its affiliates do not accept responsibility for any loss, injury or inconvenience sustained by anyone using this publication. Information may have changed since print date. Copyright© 2022 by the Texas Affiliation of Affordable Housing Providers. All rights reserved. No part of this publication may be reproduced or transmitted in any form, by any means, electronic, mechanical, pho tocopying or otherwise without the written permission of the Publisher. The Texas Housing Conference™ is a protected trademark. Whitney Parra-Gutiérrez, TAAHP Roger Arriaga, TAAHP CHALLENGES LAY AHEAD: ECONOMY CREATES NEW BARRIERS FOR AFFORDABLE HOUSING TAAHP LEGISLATIVE PRIORITIES—PLANNING AHEAD FOR TEXAS' 88TH LEGISLATIVE SESSION WE DON'T TALK ABOUT RONO, BUT WE SHOULD AMTEX, Blazer Building, Dominium, Foundation Communities, LDG Development, NRP Group, OM Housing, Pavilion Construction, Saigebrook SPOTLIGHT:DevelopmentAFFORDABLE HOUSING COMMUNITY SUCCESS STORIES SPECIAL THANKS TO Lora Myrick, Housing Lab by Betco Dan Allgeier, Lakewood Property Mgmt Darren Smith, Pivotal Housing Partners / Auxano Development Justin Bailey, Maker Bros., LLC Dan Kierce, RBC Community MarkInvestmentsFrazier, FTK Construction Valerie Williams, Bank of America Advertising, Sponsorship Sales KRISTI kristi@taahp.orgCONFERENCESUTTERFIELD,DIRECTOR Art Director / Design / Editor NAOMI naomi@taahp.orgCOMMUNICATIONSBLUDWORTH,DIRECTOR Contributing Editor WHITNEY PARRA-GUTIERREZ, POLICY & REGULATORY MANAGER whitney@taahp.org Contributing Editor AMANDA SALAS, EVENTS & OPERATIONS MANAGER amanda@taahp.org Published By TEXAS AFFILIATION OF AFFORDABLE HOUSING PROVIDERS 2401 E 6th Street, Ste 3037, PMB 153 Austin, TX 78702 (512) 476-9901; www.taahp.org ROGERPublisherARRIAGA, EXECUTIVE roger@taahp.orgDIRECTOR On the Cover: Timbers at Hickory Tree - Photo Credit: Joe Hernandez 12 Texas Affordable Housing Magazine
DirectorsofBoardTAAHP 2021-2022 TAAHP LEADERSHIP 13Texas Affordable Housing Magazine
Second Row, Left to Right: Valerie Williams, First VP; Nathan Kelley, Second VP; David Saling, Treasurer; Audrey Martin, Secretary Bottom, Left to Right: Dan Kierce , Debra Guerrero, Terri Anderson, Jen Brewerton, Meghan Cano, Gilbert Gerst, Ellie Fanning, Darrell Jack, Lora Myrick, Stephanie Naquin, Rick Sheffield, Darren Smith, Hector Zuniga
Top Row, Left to Right: Chris Akbari, President; Janine Sisak, Immediate Past President; Jean Latsha, President-Elect
t’s TAAHP’s anniversary25thand there has never been a more critical time for you to engage our industry through our growing association. The time for our advocacy, education, and connection is now and here’s why: Prior to the pandemic, the affordable housing industry was already in a crisis state. Even as our members have consistently stood ready to address them, crises of insufficient funding, lack of supply, and limited understanding have plagued our industry’s ability to respond. But keep in mind, that with everything upended over the last couple of years, solutions and strategies we have used to respond to the lingering issues of affordable housing finance, development, and management need to also effectively change. Today, the intensity of these issues has reached a fever pitch as supply chains have broken down, inflation continues to significantly increase the cost of development, and the rules for development are quickly changing to keep pace. The challenges of keeping up with this rapidly shifting environment are placing new desperately needed housing developments at extreme risk for delay and even loss of financial solvency. In other words, we’re currently in the middle of the perfect storm of barriers to affordable housing. And, as in all times of crisis, we must come together to survive. So, what does this mean for you? This is where your engagement as a stakeholder with TAAHP comes into play. Our response as an industry to the unprecedented barriers you see today requires that we act together with new solutions to adapt to the changing demands placed on our industry. You can be part of the solution by:
TAAHP Executive Director TAAHP Into Education
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14 Texas Affordable Housing Magazine
2. Participating in TAAHP education events as subject matter experts or to learn where the various industry components are headed. Speak, write, or learn about what we all need to know so that we are making decisions with the best and latest information. Our combined and improved expertise can help lead us past our current challenges.
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1. Engaging with TAAHP in one of our 16 committees that help us establish best industry practices, policy recommendations, and leadership. Apply your background while developing your skills among industry leaders.
Roger Arriaga
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3. Connecting with fellow TAAHP members and industry decision makers to share your common experiences and promote long-term solutions that keep us developing critically needed housing supply. Carry the strength of our growing membership base with key messages that support our shared cause. Being ready to move and adapt when circumstances require takes preparation. Responding with solutions which carry the weight of an entire industry behind them makes change. TAAHP gives you a voice and the support to do both. If you are not already a member of TAAHP, join now so you can be on the forefront of the affordable housing industry in Texas. TAAHP offers tiered levels of membership to individuals. For more information about TAAHP’s membership levels and benefits, visit www.taahp.org
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A MESSAGE FROM TAAHP’S EXECUTIVE DIRECTOR
Over the last year, TAAHP has worked to provide the most relevant and timely education to help your business stay afloat of market disruptions while continuing to effectively perform. From Supply Chain expectations to Post Award Pitfalls, TAAHP provided valuable industry expertise that: Brings you the latest information you need in challenging times Changes the perspective of decision makers Gives creative alternatives for today’s environment Matters to you and your organization
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As a reaction to low housing supply, rents in Texas have increased by 22 percent since April 2021, which is 7 percent higher than the national average, according to a Redfin analysis. The combination of record property tax increases and lack of supply means that rental property owners in highly sought-after destinations like Austin have 18 Texas Affordable Housing Magazine
According to the National Council of Housing Authorities, from its inception in 1986 through 2018, housing tax credits have been responsible for the development and maintenance of 317,510 afford able homes in Texas, generating $21.9 billion in tax reve nue and $62.9 billion in wages and business income, and have served 737,390 low-income households. However, recent economic challenges are diminishing the level of impact this valuable tool has long provided for developers to provide desperately needed, quality affordable housing for some of the most vulnerable citizens in the state. As state and national economies emerge from the global pandemic, new barriers are limiting the development of affordable housing. As a result, demand has skyrocketed beyond crisis levels to “code red.” Despite having one of the strongest economies in the country, Texas is not build ing enough housing to meet the demand of those seeking to relocate to the Lone Star State. New U.S. Census data shows Texas ranks first among other states as a destination for migrating talent by adding four million new residents between 2010 and 2020. Moreover, Texas’ growth rate of 16 percent is more than double the national rate of 7 per cent. But a booming economy may falter if the availability of housing at all levels cannot meet the influx of new people calling Texas home.
States across the country are racing to build more housing of all types - particularly affordable homes - to combat a housing crisis that has driven thousands of residents out of their communities, limited housing choices for many, and pushed the most vulnerable into homelessness.
raised the rent by 46 percent in just the last year – the most significant increase in the nation. These rent hikes will inevitably require families to make tough economic decisions, given that wages have not increased at the same rate, worsening the housing cost burden on Texas families and stifling economic growth.
CHALLENGES LAY AHEAD FOR AFFORDABLE HOUSING ECONOMYDEVELOPMENTCREATES
According to a recent study conducted by the National Low Income Housing Coalition, extreme ly low-income renters (ELI), whose incomes are at or below the poverty guideline, or 30 percent of their area median income (AMI), in the U.S. face a shortage of sev en million affordable and available rental homes. Texas tied for sixth place among states with the least amount of available rental housing for low-income families with a shortage of 614,487 rental homes for ELI households. Equally alarming, according to the U.S. Census Amer ican Community Survey, 1.6 million renters in Texas were cost-burdened (paying more than 30 percent of their incomes towards rent) from 2015 to 2019. With 40 percent of all Texas renters identified as low- or moderate-income, meeting the needs of this large proportion of the state’s households is a multifaceted challenge and should be a top Therepriority.isastrong desire to build affordable homes. However, developers are now facing new economic barriers
Critically Low Supply Pushing Rents & Prices Higher
By Whitney Parra-Gutiérrez, TAAHP Policy & Regulatory Manager
Artificially depressed during the pandemic to keep the economy moving, interest rates have since increased at an alarming rate and are fueling the low supply of hous ing options — resulting in higher home prices and rents. Concurrent with these challenges, inflationary pressures have also increased, with the annual inflation rate ticking up to 8.6 percent for the 12 months that ended May 2022, the most significant annual increase since December 1981. This was followed by the prior month's 8.3 percent year-over-year rate, according to U.S. Labor Department data published June 10th. In response, the Federal Reserve has begun to dramatically raise interest rates, which increases lending costs to develop housing. On June 15th, in its most aggressive move to stabilize market pricing, the Fed increased interest rates by three-quarters of a percentage point. But while the latest increase is the most substantial to date, it’s not expected to be the last. According to a recent Washing ton Post article, the Federal Reserve made clear that in the coming months, officials expect “ongoing increases” of three-quarters of a percentage point “will be appro priate.” However, it is unclear exactly how many or how often as they attempt to avoid an economic recession. Market conditions heavily influence the affordable housing industry and the effectiveness of vital economic continued on next page...
CREATES NEW BARRIERS making what was already a difficult task almost impossi ble without immediate and targeted intervention.
Barrier: Rising Inflation & Interest Rates Increase Borrowing Costs
“The current market conditions, supply chain distri butions, and overall lack of material availability have commoditized just about every building compo nent,” says Justin Bailey, president of Maker Bros, LLC, a privately held real estate development and construction company, based in Dallas, Texas. “Now adays, it is not uncommon for bids to only be good for a couple of weeks due to current price volatility.”
INFLATION & DELAYS MEAN
development tools such as the Low-Income Housing Tax Credit (LIHTC) program. When the Texas Depart ment of Housing and Community Affairs (TDHCA) initially awarded tax credit awards before the pandemic, the deals proposed by developers relied upon typical market conditions. However, these conditions have materially changed, and unlike the open market, the cost of inflation is not easily passed on to renters. These overlying market threats have created an unprecedented environment for most, if not all, affordable housing developments either under construction or attempting to close financing.
CLIMBING CONSTRUCTION COSTS
Texas housing developers also face extraordinary challenges in obtaining building materials and labor. Although developers may address some of these challenges by modifying designs or using alternative materials to minimize cost increases and delays, overall market forces and the supply chain drive the dynamics.
“The multifamily industry continues to see unprec edented cost increases, material shortages, and lengthened delivery schedules. This, coupled with the massive demand for housing in the Texas mar ket, have stressed project budgets and schedules,” says “WhenBailey.itbecame clear that there would be more supply chain issues happening, we responded by Source: www.nahb.org
(Building Materials Prices Start 2022 with 8%Increase) Construction Cost Increases since March 2020 Construction Cost Increases since January 2022 20.3%39%18.5%33% MATERIALSSERVICESSERVICESMATERIALS 20 Texas Affordable Housing Magazine
Barrier: Supply Chain Delays Threaten Development Viability
Photo Credit: Parilov / Adobe Stock April 2021 vs. April 2022 Affordable Housing Development Cost Comparison 890903A 870873 April 2021 # of Buildings # of AvgUnitsSF # of Buildings # of AprilAvgUnitsSF2022 B enhancing some of our processes to ensure that ma terial orders are accurate, placed as early as possible, and consistently tracked,” says FTK Constructions’ COO Mark AccordingFrazier.to the National Association of Home Builders (NAHB), the costs of building materials have increased by 20.3 percent in early 2022 compared to a year ago. Additionally, the shortage of construction workers has decreased the opportunity to gather competitive bids and, by extension, has contributed to higher construc tion costs. Supply chain delays prevent suppliers from locking in pricing beyond a 30-day time frame in many cases, making it impossible for affordable housing developers to reliably predict the cost to construct their developments 18 or more months out as required.
April 2021 April 2022 BUILDING COMPONENT Cost per Unit Cost per Unit % Increase Finish Carpentry Materials $616.67 $1,062.07 72.23% Fire Protection Systems $2,255.56 $3,482.29 54.39% Prehung doors $2,262.22 $3,319.54 46.74% Resilient Flooring & Carpet $1,172.22 $1,718.39 46.59% Window Systems $850.00 $1,231.03 44.83% Masonry Systems $3,198.33 $4,337.93 35.63% HVAC Systems $4,656.67 $6,096.55 30.92% Metal Stairs & Rails $585.56 $760.92 29.95% Cabinets & Countertops $3,572.22 $4,624.14 29.45% Structural Steal/Misc. Metals $184.44 $229.89 24.64% Plumbing Systems $8,135.56 $10,005.75 22.99% Electrical Systems $6,951.11 $8,190.80 17.83% Truss Materials $5,944.44 $6,934.88 16.66% Gypsum Board Assemblies $5,834.44 $6,586.21 12.88% continued on next page... 21Texas Affordable Housing Magazine
Many affordable housing developments have become financially infeasible, forcing developers to request deadline flexibility to wait out market fluctuations. Un
“The facts are in the numbers,” says Bailey. “The chart below illustrates a brief analysis of two affordable housing developments, both located in the Dallas/ Ft. Worth (DFW) metro, of similar project size, average unit size, and finishes that were bid one year apart. To further emphasize how comparable these projects are, they both have the same design team.”
Photo Credit: Laura Chaidez
It’s no surprise that in several recent TDHCA board meetings, many developers have asked for force ma jeure relief.
Barrier: Reduced Value of Housing Tax Credits is Creating a Big Financing Gap
AFFORDABLE HOUSING ASKING TDHCA FOR FORCE MAJEURE
“Onedevelopment.ofoururban area deals hit a snag earlier this year when we learned that our tax credit investor would only offer $0.87 on the dollar rather than the $0.93 we were expecting,” says Lora Myrick, president of Housing Lab by Betco. “This created a substantial financing gap that led us to look for soft funds from
Affordable housing developers are getting hit on both sides. While material, labor, and transportation costs have increased, the housing tax credit value is beginning to decline as interest rates rise — creating challenging circumstances for developments based on pushing the margins of financial viability to keep affordable rents. In a 2022 survey, TAAHP members cited the pricing of tax credits as one of the biggest obstacles to constructing fiscally sound deals. One of the few solutions to the diminishing value of tax credits is increasing the allocation per awarded
like their market-rate counterparts, affordable housing developers cannot increase rents to balance out added costs. Without additional public funding, affordable housing developments will continue to have difficulty, and Texas will find it even harder to build to the scale necessary to ease the shortfall in both supply and Besidesaffordability.cost, affordable housing developments also face the added pressure of meeting “placed-in-ser vice” deadlines. The Texas Department of Housing and Community Affairs’ Cody Campbell reminded developers at a recent TDHCA meeting that “Internal Revenue Code 6 Section 42 establishes that tax credit developments must be placed in service no later than the end of the second calendar year following the year of the award. Placing in service means that the building is ready for its intended use, and it’s general ly evidenced by a certificate of occupancy.” Campbell went on to say that while the department has no au thority to extend these deadlines, the Texas Qualified Allocation Plan does include a force majeure clause for unforeseen circumstances that would allow, with TDHCA Board approval, a developer to return their previously awarded credits and have them reallocated in the current year, which effectively resets the clock for their placed-in-service deadline.
DEVELOPERS ARE
RELIEF 22 Texas Affordable Housing Magazine
One such developer stated in a June 1st letter to the TDHCA board that due to a 51.8 percent increase in the original projected construction hard costs, they would not be able to meet the depart ment’s 10 percent test and place-in-service require ment deadlines needed to retain housing tax credits awarded to them in 2021. Unfortunately, they are just one of many.
“Equity proceeds from the sale of the LIHTC is one of the largest compo nents to the capital stack in these deals. Strong equity pricing from investors is important to help these deals pencil,” says Dan Kierce, man aging director with RBC Community KierceInvestments.saysthat while current tax credit pricing is relatively stable, that could change. “As interest rates con tinue to rise, alternative investments to LIHTC become more attractive. Current LIHTC investors may need to increase their yield thresholds to keep pace with rising rates. This could cre ate lower equity pricing for deals and further increase gaps in financing.”
TAAHP recently surveyed 2021 Hous ing Tax Credit recipients to ask how much their development would need in supplemental tax credit funding to close their deal. A majority of the 48 developers, over 95 percent, who answered the survey said 10 percent or more would be necessary to make their deals financially feasible.
Threading a Shrinking Needle Due to the increased need for fund ing resulting from rising costs in the industry, the number of tax credits requested has increased substantially
federal, state or city sources at a time when soft funds were running low.”
“There is a greater need for soft fund ing to cover the gaps in financing,” says Valerie Williams, senior relation ship manager with Bank of America. “Access to soft funding can be limited depending on the location. Our team continues to monitor lead times given these current market factors.”
20202022202120192018 In Millions Awarded Requested MILLIONSSUPPLYEXCEEDSDEMANDBY CompetitiveTDHCA (9%) Housing Tax Credit Program *Projected * 24 Texas Affordable Housing Magazine
Working for Solutions
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This upcoming legislative session is a new opportunity for Texas to advance its efforts to develop and protect affordable housing. TAAHP members are working on various solutions (see page 30) to present to lawmakers in Texas’ upcoming 88th Legislative Session. Please make plans to join us to advocate for the viability of affordable housing in Texas. $50 $100 $150 $200
While developers are motivated to build more affordable housing for the overwhelming number of Texans who desperately need it, there is not enough resources to build them, at least not on the scale needed to keep Texas’ econ omy thriving. No single policy solution can fix the growing housing affordability crisis. Instead, Texas policymakers must pursue multiple policy changes that will collective ly help preserveand produce affordable housing. The longer it takes for these solutions to take hold, the deep er the economic toll on our state. Elected officials should be aware of the short- and long-term consequences of insufficient supply and be open to a multifaceted policy approach to respond aggressively to these impending challenges. Given that the State of Texas has limited ability to tamp down the effects of inflation or resolve national supply chain issues, the most direct and efficient action it can take to address these concerns is to seek increases in funding for affordable housing across its various pro grams, especially in the housing tax credit and private activity bond programs. Without added resources, many current housing tax credit developments will be at serious risk of failure, and future development feasibility will become more limited.
from previous years. As a result, the current tax credit cycle is more oversubscribed than ever before. The FY 2022 total estimated housing tax credits (HTCs) available is $79.6 million; however, the current log reflects $175.3 million in requests for 127 applications. Last year, TDHCA awarded 71 projects totaling $85.1 million in HTC credits. Further, historically considered “non-competitive,” private activity bonds were also oversubscribed with $2 billion more in requests than the FY 2021 state ceiling allowed. In addition, the LIHTC developments that TDHCA had already allocated credits for in 2019 and 2020 are also experiencing financing gaps due to inflation, supply chain delays, and steep cost increases. This year, many affordable housing developers petitioned TDHCA for additional funds to help close their financing gaps. The state agency has provided relief through supplemental tax credits and by extending placed-in-service deadlines available through force majeure allowances. If prices continue to rise, TDHCA should expect more requests for financial relief from afford able housing providers.
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Jean Latsha
Lisa Stephens, Saigebrook Development
Terri Anderson, Anderson Development & Construction, LLC
Jay Johnson, Cohen Esrey Nathan Kelley, Blazer Dan Kierce, RBC Community Investments
Debra Guerrero, The NRP Group Joy Horak-Brown, New Hope Housing, Inc.
Bobby Bowling, Tropicana Building Corp. Meghan Cano, Community Housing Resource KhayreePartnersDuckett,
Dominium Eleanor Fanning, Portfolio Resident Services
We all know there are a host of issues that need our attention, from preventing school shootings to ensuring we have power during extreme weather to implications of the war abroad to navigating through a pandemic and economic uncertainty. Amid all of that, as housing advocates, we all know that the nationwide housing crisis needs to stay on that list. That is the message we will be sending to our legislators over the next year. Fortunately, the work of my colleagues up to this point has put TAAHP in a position to have that message heard. With the help of our lobby team, Andrade-Van De Putte, and with the willingness of our members to take time from their busy work schedules, we continue to reach out to those lawmakers in the interim session, when they have time to hear us and before they are inundated with the work of the regular session. In the past year, TAAHP has been recognized as a reliable resource for the state’s decision makers. Instead of knocking on doors and introducing ourselves for the first time, members of the legislature are now knocking on our door, looking for us to weigh in on issues such as economic development and to learn how removing barriers to affordable housing can have a positive impact on the overall fiscal health of this Atstate.the same time, we are diligently preparing a legislative agenda so we are ready when it comes time to ask for specific changes to our state statute. While TAAHP has traditionally been focused on the low-income housing tax credit program and specifically chapter 2306 of the government code, we have broadened our scope and will be proposing changes to other sections that directly affect the ability to produce affordable housing. In addition to proposed changes to 2306, we have divided into subcommittees to address 1) Chapter 1372 related to private activity bonds, 2) Chapter 303 related to public facility corporations, and 3) Chapter 171 of the Texas Tax Code to introduce a new resource, a state housing tax credit. We have also already started planning for a Rally Day at the Capitol on March 21, 2023, so stay tuned for registration details and sponsorship opportunities! All of these accomplishments take the work of so many of our members and I am in awe of the enthusiasm with which people have stepped up to volunteer in leadership roles. Thank you to our subcommittee chairs Jay Johnson, Nathan Kelly, Steve LeClere, Meghan Cano, and Terri Anderson.
MESSAGE FROM TAAHP’S GOVERNMENT AFFAIRS COMMITTEE CHAIRMAN
write this letter in the wake of the tragedy that happened in Uvalde. As a mother of a fourth grader and a Texan who grew up visiting that cherished town every summer while staying at Garner State Park, it is hard to think of anything else. At the same time, it is events like these that continually call us to action.
Toni Jackson, The Banks Law Firm
This year, the Government Affairs Committee further expanded our focus beyond Texas by becoming members of the Affordable Housing Tax Credit Coalition (AHTCC) and educating our national legislators about the importance of expanding resources for affordable housing. I was proud to be part of that effort and had the opportunity to introduce U.S. Congressman Pete Sessions to a Pedcor employee, a gentleman who previously lived in one of our affordable communities while working as a manger in a local restaurant, and who Pedcor ultimately hired and promoted to the point where he earns enough income to buy his own home. That meeting was the last step to convincing the congressman to sign on to the Affordable Housing Credit Improvement Act (AHCIA). With each supporter we get closer to enactment of bipartisan legislation that would have far-reaching beneficial effects on the affordable housing industry. Thank you to Diana McIver and Milam Mabry for making that meeting a success.
Valerie Williams, Bank of America
I 28 Texas Affordable Housing Magazine
Behind, in front of, and alongside all this work is the amazing TAAHP staff. The long hours, detailed work, and dedication translate very tangibly into families living in safe, decent, affordable housing.
Darrell Jack, Apartment Market Data LLC
Jean Latsha, Pedcor Investments, LLC
Thank You to the GALA Committee Members
Janine Sisak, DMA Development Co., LLC
Government Affairs Committee Chair
Chris Akbari, ITEX Dan Allgeier, Lakewood Property Mgmt
Finally, thank you to all the legislators who have worked with us for your service to the great State of Texas and for your efforts to support all Texans in “building strong foundations!”
A
Steven LeClere, Monarch Private Capital Scott Marks, Coats Rose, P.C. Diana McIver, DMA Development Co., LLC Rick Sheffield, Rowlett Housing Finance Corp.
CULTIVATING THRIVING COMMUNITIES We are a full-service development, construction, management, banking, and finance team committed to creating stable, inclusive, and quality rental housing across the nation. www.PedcorCompanies.com Proud TAAHP Supporter
TAAHP LEGISLATIVE PRIORITIES 2023 RALLYDAY SAVE THE DATE
As Texas continues to struggle with housing affordability, TAAHP is working to identify and promote bipartisan policy options to expand the supply of homes and improve housing affordability, es pecially for low- and moderate-income households. Texas needs innovative solutions to fix the housing affordability gap.
Below are TAAHP's four legislative priorities for the upcoming Texas 88th Legislature in 2023.
FOR THE 88 th TEXAS LEGISLATIVE SESSION PLANNING AHEAD
By Whitney Parra-Gutiérrez, TAAHP Policy & Regulatory Manager
Make plans to join us for an exciting day at the Texas state capitol when we'll meet with legislators and their staff to advocate for affordable housing. Registration for this important event will open soon. Sponsorships will be available to help underwrite this valuable effort that allows our industry to come together with One Voice
30 Texas Affordable Housing Magazine
DETAILS COMING SOON
Establish a Texas Low Income Housing Tax Credit (HTC) Program
Texas is missing an important state policy and finance tool designed to address the large and growing shortage of affordable housing – a state low-income housing tax cred it program. Currently, over 20 states have created state low-income housing tax credit programs to provide gap funding to the federal 9% or 4% HTC programs for new construction, rehabilitation, and preservation of afford able housing developments. A state tax credit program would provide critical funding for Texas affordable hous ing developments using the same stringent regulatory parameters as the federal LIHTC program. This legislation would allow TDHCA to allocate state credits to 9% housing tax credit deals and 4% housing tax credit developments financed with tax-exempt bonds. State credits are also a key tool to spur economic activ ity and jobs. Other states have experienced successful outcomes demonstrating that state credit programs make strong public policy. For example, Colorado’s program was originally established in 2001 and later renewed in 2014 and 2016. The 2016 renewal authorized the Colorado Housing and Finance Authority to allocate $5 million in state affordable housing tax credits through 2019. As a result of the program’s success, the Colorado legislature doubled the program to a $10 million annual allocation from 2019-2024. Georgia, which has one of the lon
MARCH21
TAAHP MEMBERS WORK HARD TO BE A VALUABLE RESOURCE FOR TEXAS LEGISLATORS
Protect & Improve Public Facility Corporations (PFC) to Ensure Workforce Housing for Texans
gest-standing state housing credit programs and match es each federal tax credit award with an equal amount of state credits, produces an estimated 12,000 units of affordable housing annually. Other states, including Indiana and Kansas, have passed state credit programs this year to deploy it as a resource to increase their supply of affordable housing. As Texas seeks to remain economically competitive, it must continue providing sufficient housing for its workforce using every available resource, including a state tax credit.
Public Facility Corporations are an essential financing tool that leverages local authorities' public benefit of tax exemptions to promote the development of high-quality mixed-income housing. In 2015, the Texas Legislature approved an amendment to Section 303.042 of the Texas Local Government Code to provide 100 percent tax exemptions to private developers in return for building affordable units in mixed-income developments. The resulting program allows private developers to sell their land to a public facility corporation which leases the land and apartment complex back to the developer through a public-private partnership. Because the PFC owns the land, the Texas government code permits a 100% prop erty tax exemption approved by the local jurisdiction. In exchange, the PFC partnership offers half of the units to people earning at or below 80 percent of the Area Median Income Multifamily(AMI).developers have embraced the program since the amendment was adopted. As a result, the number of public entities utilizing the PFC tax-exempt leasehold interest structure has increased significantly throughout Texas. However, there are growing concerns that the program in its current form creates opportunities for some to misuse it and violate its original intent. TAAHP supports a comprehensive amendment to Section 303.042 to rem edy the current problems and heighten transparency for those utilizing the PFC tool by adding stricter guidelines including: refining the affordability requirements, ensur ing responsible use of the structure in the acquisition & rehabilitation of existing properties, standardizing income requirements, improving access for Section 8 voucher holders, enhancing tenant rights, and establishing robust reporting and compliance requirements.
TAAHP supports recommendations that increase the supply of affordable housing by reducing the cost of devel opment through streamlining regulations and removing
Streamline Tax Credit Program Regulations to Increase Affordable Housing
continued on next page... 31Texas Affordable Housing Magazine
rules that inhibit development in the areas of greatest need. While the housing tax credit program is a consistent resource for affordable housing, current barriers within its regulatory framework have become obsolete over time. These include census tract restrictions, insufficient proj ect funding caps, and infeasible allowances for cost per square
Chapter 1372 of the Texas Government Code is titled "Private Activity Bonds and Certain Other Bonds," which
TAAHP supports legislation that removes the restriction for developments in "census tracts in which tax credits support no other existing developments." In addition, TAAHP supports removing the requirement that TDHCA prioritize ‘cost per square foot’ as a scoring component in its allocation process. Using cost to deter mine competitiveness of an application can either drive applicants to decrease the quality and sustainability of materials used in the construction of a community or push applicants to allocate more units in a community to unre stricted, market-rate rents. Neither case serves to increase the number or quality of affordable housing units serving low-to-moderate income Texans.
Lastly, TAAHP supports increasing the annual funding cap per competitive housing tax credit developments. Cur rently state statute allows TDHCA to allocate $2 million in competitive housing tax credits per development, but only allows $3 million per developer/sponsor. In major urban markets, a $2 million allocation per project allows an ap plicant/sponsor to provide more affordable units within a mixed-income project rather than having to rely on market rate units to support higher development costs seen in these markets. Therefore, the $3 million per applicant/ sponsor cap limits a firm to one (1) possible award for the year. TAAHP supports increasing the ‘per applicant/spon sor’ cap to $4 million, which would provide an applicant/ sponsor an opportunity for two (2) successful applications as was historically the case until the unprecedented run up in costs.
32 Texas Affordable Housing Magazine
Tax-exempt Bond Program
Sectionfoot.2306.6725(b)(2) of the state code instructs TDHCA to incentivize developments in census tracts where there are no other existing tax credit developments. This Census Tract provision induces developers to look for "clean" tracts that have never had a development. Over the 35 years of the program's existence, the number of available cen sus tracts in areas where they are needed has dwindled, placing high premiums on those that remain. As a result, this provision effectively disincentivizes developments in densely populated urban areas with the most need. This one-size-fits-all approach does not work in a large and diverse state like Texas. Removing this rule will not cause a proliferation where developments already exist since the regulations already incorporate other de-concentration factors that keep this from happening.
is not specific to housing. However, affordable housing developers and advocates recognize tax-exempt bond financing as an invaluable financing tool that allows for the production of thousands of units across the state each year. Because this law covers a wide range of activ ities and stakeholders with different interests, it is difficult to make sweeping changes. That said, the program's administration has evolved with the market over the years, with broader adjustments made to the amount of volume cap going to different categories of uses and more specific (and more recent) changes to the reservation limits and closing deadlines for residential rental transactions. However, some changes (or lack of change) to this statute over the past several years did not make front-page news, even within the affordable housing industry since it rarely directly impacted the ability to utilize this resource to construct and rehabilitate multifamily developments. This was because the private activity bond pro gram was undersubscribed for the better half of a decade, and the resource was plentiful.
33Texas Affordable Housing Magazine
Not surprisingly, we have encountered sev eral different ideas from a diverse group of professionals and we continue to work toward recommendations that will serve developers and bond issuers in the most equitable, trans parent, and predictable manner possible.
Although users might have had to juggle timing to get the financing they needed, it was reasonable to assume a volume cap would be available at least. Now that the program is grossly oversubscribed, its flaws are becoming apparent. It's not uncommon for an applicant to wait a year from application submission to being given a bond reservation and still be somewhat surprised when it finally comes!
TAAHP has created a subcommittee to discuss the methodology behind awarding reserva tions to residential rental applications, tackling subjects such as how to prioritize them, when to apply a regional allocation system, whether PFCs and HFCs should compete directly, and how to manage this extremely long timeline.
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RONO WE DON'T TALK ABOUT BUT WE SHOULD
By Roger
Arriaga, TAAHP Executive Director
T here is no question there is an incredible housing shortage in Texas. “The general public understands there is simply not enough supply to meet the massive demand in Texas,” says Darren Smith, head of development for Pivotal Housing Partners and managing partner of Auxano Development. “On average, some 700 to 800 people are moving to Texas daily. According to a 2017 article in the Texas Tribune, more than two million urban Texan households spend 30 percent or more of their income on housing — and more than 950,000 of them spend more than half of their income on However,housing.”
The RONO hearing and resolution requirement is only applicable to 4% tax credit developments and is in addition to other necessary approvals for zoning or funding. Most affordable housing providers in Texas would agree that RONOs act as a barrier to the development of affordable housing — particularly in high-opportunity areas. Unlike their 9% tax credit development counterparts, which are awarded based on a competitive application process, 4% tax credit developments are not beholden to the litany of 9% tax credit scoring requirements that determine where affordable housing can be built — thereby allowing developers more flexibility to build in areas that are outside the city center and away from high-crime neighborhoods.
In cases where a RONO does make it on to a local jurisdiction’s agenda for consideration, many of these badly needed developments often fail because of 39Texas Affordable Housing Magazine
Smith agrees the process, or lack thereof, is confus ing. “In over 25 years in the workforce/affordable housing industry, I can’t think of any consistent standards across jurisdictions.”
“We have tried to obtain RONOs from some cities which have refused to even talk about it or place the resolution request on the city council agenda,” says Lakewood Property Management’s Dan Allgeier.
Meanwhile, many smaller suburban and mid-sized local jurisdictions lack any guidelines at all.
“Some cities have a written application process with scoring that requires an application to meet some local criteria. Those cities will consider all requests that meet their criteria, but those local criteria are sometimes related to local planning issues that have little to do with factors that affect the feasibility of a property,” says Allgeier. “Others accept requests for a council resolution but don’t require specific informa tion or project requirements.”
RONO hearings are often conducted in politically charged environments prior to the vote of a city coun cil or county commissioner’s court. If declined, the development is ineligible for the 4% tax credit financ ing and cannot be built. Additionally, while the RONO process is intended to provide a forum for transparent and thoughtful public review, many local jurisdictions choose not to place them onto an agenda for official consideration at all, thereby preventing the public from weighing in one way or the other.
Lora Myrick, president of Housing Lab by Betco, has experienced some process consistency among large jurisdictions, but says there have been instances where the local jurisdiction will have standards from a previous Qualified Allocation Plan (QAP) that do not align with current QAP requirements and rules.
to the extent that affordable housing is developed to assist these families, certain programs have unique requirements that are not expected of other housing finance programs. Specifically, the 4% Housing Tax Credit program is required by Section 2306 of the Texas Government Code to have a Reso lution of No Objection, or RONO, adopted by the local government where the development is to be located.
Further, the statutorily required RONO process is generally not practiced in a consistent manner across jurisdictions. While most major metropolitan govern ments have established protocols for evaluating and recommending support or denial of these develop ments, their policies still differ among themselves.
“Redfin released a 13-year study in February 2021 indicating that affordable housing does not have a negative impact on home prices of nearby houses,” says Smith. Twenty-six metro areas across the U.S. were studied, 18 of which showed no significant difference, and four of the remaining eight metros showed a signif icant increase in home prices. The remain ing four metros studied were experiencing significant gentrification and it appears likely that building the affordable housing in those gentrified areas simply tampered the price
Currently, Texas’ RONO requirements are waived under the emergency order granted by the Governor due to the pandemic but remain in place. However, many local jurisdictions are still requiring developers to go through their respective processes in an attempt to obtain a RONO. As such, most tax credit developers con tinue adhering to the state law since it may be rescinded at any time and future development implications of its removal are uncertain.
RONO CONTINUED 40 Texas Affordable Housing Magazine
misconceptions about what affordable hous ing is, what it looks like, and its impact on communities.
“Interestingly,hikes.
Affordable housing multifamily developments built today are indistinguishable from their market-rate counterparts. It is difficult for many to comprehend why a law exists to provide an additional hurdle to develop housing that is in such great demand that as soon as the doors open these developments are fully occupied, often with waiting lists. It’s time for lawmak ers re-evaluate the need for this unnecessary hurdle so that Texans can access the affordable housing they need to survive this economy.
“The most common reason a RONO is not adopted is neighborhood opposition,” says Allgeier. “They will talk about traffic, school crowding, concerns about increased crime, and decreasing property values.” But Allgeier and others question the merit of these concerns and how they are applied.
(Not In My Back Yard) is still a strong factor in some jurisdictions, as there are some council members and/or commissioners that will simply not vote for any affordable or workforce housing in their districts,” says Myrick. “While the RONO may be placed on the agenda for a vote, if there are large crowds of constituents against the proposed develop ment, the local government will vote as their constituency is asking them to, regardless of the merits of the development.”
most cities in Texas require appropriate zoning, but some will not provide a resolution for an affordable multifamily property on a site that is zoned for multifam ily," says Allgeier. "So, why is it okay to build a market-rate property but not an affordable “NIMBYismone?”
Federal guidance discourages the practice of RONO under any tax credit program since there are sufficient processes in place through the QAP and local zoning restrictions to ensure appropriate review for these developments. Additionally, the Texas QAP has stringent compliance rules that ensure properties are ad equately maintained at high-quality standards.
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COMMUNITY Success Stories Affordable Housing SPOTLIGHT 45Texas Affordable Housing Magazine
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47Texas Affordable Housing Magazine
Laurel Creek, Founda tion
LAURELSPOTLIGHT Austin, TX
Laurel Creek exemplifies Foundation Communities’ (FC) housing-plus-services model, proven highly effective for families and individuals with specialized needs, limited incomes, and housing instability. Not only does Laurel Creek offer affordable, attractive, and sustainably designed homes to 88 households, res idents also have access to multiple on-site services and amenities, including intensive case management; a state-of-the-art learning center that provides free after-school and summer programming for children on-site and within the community; a healthy food pantry; as well as health, educational, and financial wellness programs. A high-quality preschool has also been constructed on-site and will be operated by Open Door Preschool, which will also provide subsidized childcare to eligible residents. This apartment complex is sustainably designed as two four-story, accommodatesaresidentialelevator-servedbuildingsandcommunitybuildingthatalearning center, leasing office, a food pantry, and support services offices. The site also includes laundry rooms, basketball court, dog park, playground, outdoor space with picnic tables and barbecue grills, and surface parking around the buildings. Starting Summer 2022, the on-site learning center will provide free, supportive service pro grams that will educate, support, and improve the health and finan cial standing for residents of Laurel Creek and its future sister site next door, Juniper Creek. Laurel Creek opened its doors to its first residents in Fall 2021 and is currently fully leased and occupied.
Creek
Photos by Leonid Furmansky
constructionareadiverse,nity,supportivenewestCommunities’multi-familyhousingcommuislocatedinavibrant,andtransit-connectedofAustin,Texas.Anewof88units,
Location: 11704 N Lamar Blvd Austin, TX 78753
Austin, TX RESIDENT PROFILE
AMENITIES
LAUREL Creek SPOTLIGHT
Leasing Office: houses property management staff avail able to serve residents
Laurel Creek serves families and individuals living on very low and extremely low incomes and are homeless or on the verge of home lessness; the elderly; persons with disabilities; persons recovering from physical, alcohol, or drug abuse; persons with HIV/AIDS; formerly incarcerated persons; and survivors of domestic violence, dating violence, sexual assault, or stalking. We reserve 20 percent of our units for households with incomes below 30% AMFI, 30 percent for house holds below 40% AMFI, and the remaining 50 percent for households below 50% AMFI. We will house 88 households at any given time and anticipate serving 30 to 50 school-age children at our learning center, and an additional 30 to 50 children once Juniper Creek opens next door. Though the level of support needed is expected to vary by resident profile, case management services will be available to all.
•
SUPPORTIVE SERVICES • Children’s Home Initiative for Families Earning 30% AMI + On-Site Case Managers + Career Case Managers + Parent Empowerment Specialist + Financial Stability Advisor • General Case Managers • Free After School & Summer Program • Preschool Facility • Adult Classes • Health Initiatives & Programming • Financial Coaching • College Savings • Tax Preparation For More Information please contact: Michelle Le, (512) 426-2470 michelle.le@foundcom.org Photo by Norris Deajony 48 Texas Affordable Housing Magazine
• Food Pantry: next door to the Learning Center is the healthy food pantry, where residents can visit weekly to obtain fresh produce, meat, dairy, eggs, and pantry staples at no charge. This space will also host fitness and nutrition classes for residents.
• Green Space: The kid-and pedestrian-friendly, tree-filled outdoor community spaces between residential buildings offer residents an opportunity to relax, socialize, and par take in physical activity with barbecue grills, playgrounds, a dog park, basketball court, and ample seating and picnic tables. All amenities are 100% accessible to residents and guests with mobility impairments. Other Amenities such as laundry rooms, mailbox clusters, surface parking, and bicycle repair stations are available on-site. Bus stops connecting to high-frequency routes are located just 300 steps from the site.
Through our Children’s Home Initiative (CHI) Program, an established FC program model that has been serving homeless families across Austin since 2003, 20 percent of units at Laurel Creek place preference for extremely low-income homeless families that are among the most vulnerable and have an array of barriers to becoming and remaining stably housed, such as evictions and broken leases, negative credit histories, and limited income. Our CHI families receive intensive case management to support their success in housing. Laurel Creek has also committed 20 percent of units to homeless households through the Federal Home Loan Bank Affordable Housing Program, but we are expecting to serve many more than 20 percent. We have also partnered with the Ending Community Homelessness Coalition (ECHO) and com mitted five units at Laurel Creek to the Continuum of Care (CoC). These CoC units are dedicated to households that qualify as homeless under the HUD HEARTH Act and are referred to us through ECHO.
•
• Preschool: the on-site preschool facility will be operated by Open Door Preschool, a progressive non-profit child-care provider, and serve children aged two months to five years
• Learning Center: houses educational programs and consists of several classrooms, case management and edu cation staff offices, a large covered porch, cafeteria, reading nooks, and large gathering spaces
Photo by Norris Deajony
49Texas Affordable Housing Magazine
client-focused + responsible huoarchitects.comdesignAffordableHousingMixed-UseMulti-FamilyResidentialCommunity&CivicHospitality&DiningHistoricPreserationSingleFamilyhatch+ullandowenarchitectsRoosevelt Gardens Supportive Housing TDHCA Direct Loan The Chicon Corridor Affordable Ownership NDC Mixed-Use Lakeline Station Living Building Learning Center 9% LIHTC Family Housing The Jordan at Mueller 9% LIHTC Family Housing Laurel Creek 9% LIHTC Family Housing Laurel Creek offers a variety of programming focused on health and wellness, and are tailored to the specific needs of the target population and residents. This includes access to healthy food through an on-site food pantry, healthy cooking classes, Zumba and other exercise classes, and periodic health fairs that bring a variety of providers on-site for health screenings, immunizations, and similar services.
LAUREL Creek SPOTLIGHT
Austin, TX CREDITS
Contractor: BEC Austin, our general contractor at Laurel Creek, has 40 years of experience in the Central Texas area and has built eight of Foundation Communities’ recent communities and completed all before the PIS deadline.
Lenders: Bank of America, N.A., City of Austin, and Texas Department of Housing & Community Affairs
Laurel Creek has a long list of funders that made this amazing community possible. The first and most critical source of funds were 9% tax credits. In 2019, Laurel Creek received $1.5 million in low-income housing tax credits from the Texas Department of Housing & Community Affairs (TDHCA). Wells Fargo purchased those tax credits, providing $15,388,461 in tax credit equity to Laurel Creek. TDHCA also contributed $3 million of National Housing Trust Funds through their multifamily lending program and The City of Austin contributed $5.5 million in local affordable housing bonds. Laurel Creek received awards from Federal Home Loan Bank of Dallas for $750,000 and Atlanta for $500,000. Foundation Communities received an award of Capital Magnet Funds in 2019 and committed $1.75 million to Laurel Creek. St. David’s Foundation, the Topfer Family Foundation, and an individual donor awarded critical funding as well. Because our programs have a long and consistent record of achieving positive resident outcomes, numerous foundations and public agencies participate in funding to establish and grow our programs. Funding for operations and staff for services offered come from a combination of cash flow, grants, and fundraising from private foundations, corporations, and individuals. FC has a long history of fundraising to cover the cost of these extensive services. FC has deep relationships with the donor community, owns a well-funded Central Reserve, and maintains a healthy portfolio contributing strong ongoing revenue to support the organization. FC has raised approximately $43 million over the past five years to fund services at our existing properties in Austin.
DEVELOPMENT & OPERATIONS FUNDING SOURCES
Photo by Norris Deajony
Consultant: Betco Housing Lab is a full service housing development consulting firm, established in 2011.
Architect: Hatch + Ulland Owen Architects is an Aus tin-based architectural firm focused on sustainable and socially responsible design. FC contracted them to design Laurel Creek.
Syndicator: Bank of America, N.A.
Engineer: Civilitude has provided design surveying, civil engineering, construction services, or a combination of these services at 14 FC properties and many other afford able communities in Austin.
Legal: Rigby Slack Lawrence + Comerford, PLLC is an Aus tin-based law firm with a focus on real estate acquisition, development, leasing, and financing.
50 Texas Affordable Housing Magazine
LEED Silver Certification Austin Energy Green Building 4-Star Rating 2x6 walls w/ R-19 cavity insulation + R-6 continuous insulation 100% LED lighting Energy Star® appliances Advanced air sealing Energy-efficient windows Ultra low-flow toilets and faucets, and 100% native and drought-tolerant landscape Low-VOC paints, sealants and adhesives Formaldehyde-free cabinets Allergen resistant durable flooring, and MERV 8 HVAC filters Green living classes are offered & and each new resident receives a recycling bin, green cleaning kit, and information on conservative thermostat settings and other energy saving tips. Built Green so Residents Can Save Even More! Photos by Leonid Furmansky 51Texas Affordable Housing Magazine
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True Third-Party Property Management. Follow @AssetLiving AssetLiving.com We own zero properties, which means we are exclusively aligned behind your best interests. RA N K ED BY N A HMA #8 rbccm.com/communityinvestments.com | rbccm.com/housingfinancegroup 1. Refinitiv. This advertisement is for informational purposes only. RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its affiliates, including RBC Capital Markets, LLC (member FINRA, NYSE and SIPC). ®/™ Trademark(s) of Royal Bank of Canada. Used under license. © Copyright 2022. All rights reserved. Dan daniel.kierce@rbccm.comRBCManagingKierceDirectorCommunityInvestments Greg HousingDirectorGoldbergFinance Group Bond greg.goldberg@rbccm.comUnderwriting Brent HousingDirectorHanlinFinance Group Bond brent.hanlin@rbccm.comUnderwriting Helen helen.feinberg@rbccm.comBondHousingManagingFeinbergDirectorFinanceGroupUnderwriting Proud to Support TAAHP RBC Community Investments closed more than $1.3 billion in tax credit equity across the nation and $132 million in Texas in 2021, while the RBC Municipal Finance team senior managed over $4.2 billion in single and multifamily housing bond closings.1 As one of the nation’s largest syndicators and bond underwriters, we are proud to support TAAHP and are grateful for their partnership in advocating for affordable housing throughout the State of Texas.
Madhouse
Bella Apartments, Brownsville, TX Developer: Development Services,
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“The Markson is important because it serves as a tribute to everything Dan believed affordable housing is and could be for neighborhoods,” Senior Vice President of Strategic Partnerships and Government Relations for The NRP Group, Debra Guerrero, said.
54 Texas Affordable Housing Magazine
FUNDING 9% Low Income Housing Tax Credit development funded by the Texas Department of Housing and Community Affairs and City of San Antonio local funds Breaking company records, The Markson was 100 percent leased before the doors even opened. A Fiesta themed grand opening in March celebrated the best of San Antonio, Dan Markson and the hopeful future that starts with housing.
Photos by Humberto Hernandez
Developed in partnership with the San Antonio Housing Trust, The Markson truly exemplifies the power of strategic, public-private collabora tion in the affordable housing business. While local neighbors were happy to see the used car lot be transformed, earning broad community support for a four-story building was no small feat. The development site measures in at just one and a half acres, presenting a unique chal lenge to maximize the use of the space.
69 Units for families and seniors earning 30% - 60% AMI 1-, 2- & 3-bedroom units
The MARKSON SPOTLIGHT San Antonio, TX Situated off the bustling San Pedro Avenue at the site of a former used car lot, The Markson is a 9% LIHTC commu nity honoring the legacy of affordable housing pioneer and visionary, Dan Markson. A testa ment to Dan’s relentless pursuit of innovative partnerships, bold leadership and commitment to high-quality housing for all, The Markson serves as the embodiment of Dan’s vision.
Facing push back, The City of San Antonio of fered a letter of support to overcome hesitation and highlight the need for quality affordable housing to revitalize the neighborhood. The resulting four-story “L” shaped development tucks parking in the back, leaving an attractive street-fronting design for those passing by to Theadmire.Markson is comprised of 69 affordable units in the heart of San Antonio. Floor plans range from one to three-bedroom units which feature open-concept floor plans, granite countertops, modern cabinetry, and plank flooring. Commu nity amenities include a children’s activity room, fitness center, business center, conference room, and community lounge.
“By introducing an element of affordability, the success of The Markson is evident in the community’s clear demand and need for these types of developments,” Senior Vice President of Development, Jason Arechiga, said.
UNITS & RESIDENT PROFILE
Location: 510 Alametos Street San Antonio, TX 78212
For More Information please contact: Debra Guerrero, The NRP Group dguerrero@nrpgroup.com
Put NRP to work for you! Applying three decades of success to helping others succeed. We offer our valued clients the services of our best people, processes, and technology, as well as our strong and longstanding relationships with subcontractors, tradespeople, vendors, and suppliers. NRP has been recognized consistently as a NMHC Top #10 builder in the U.S., and the 2020 winner of the NAHB Pillar Award for Best Builder in the U.S.; our reach and scale provide us access to unparalleled pricing, talent, and quality. TRAVIS CONSTRUCTIONWHITINGBUSINESS DEVELOPMENT MANAGER (210) 727-9541 I twhiting@nrpgroup.com NRPConstruction.com AMENITIES • Children’s Activity Room • 24-Hour Fitness Facility • Business Center • Community Room and Lounge • Covered Patios and Balconies • Fully-Equipped Kitchen with Granite Countertops • Walk-in Closets with Optimal Storage • On-Site Management and Maintenance • Elevator Served Building SUPPORT SERVICES • Homework First Program • Nutritional after School Snacks and Summer Lunches • Adult Education Programs • English as a Second Language (ESL) Assistance • Healthcare Screenings • Financial Literacy Programs • Job Readiness Preparation 55Texas Affordable Housing Magazine
MARKSON SPOTLIGHT San Antonio, TXThe SPECIAL DESIGN FEATURES Every design detail of The Markson was intentionally planned and curated to pay homage to the late affordable housing pioneer and visionary, Dan Markson. Thoughtfully drawing inspiration for Dan’s love of Miami and its signature art-deco design, both the exterior and interior design reflect elements of his legacy. Geometric lines and shapes accent the white and gold exterior to complement the community’s iconic violet and neon sign on San Pedro Avenue. The interior details build on this theme, featuring bold colors, patterns and 1950s classic cars inspired artwork. Energy Star® Appliances LED HighLow-flowLightingFixturesefficiencyHVAC Built Green so Residents Can Save Even More! CREDITS Developer: The NRP Group and San Antonio Housing Trust Syndicator: RBC Community Investments Lender: JP Morgan Chase Architect: Alta Architects, Munoz & Company
56 Texas Affordable Housing Magazine
The Modern Clubhouse features a “hat wall,” tastefully displaying the fedora hats Dan Markson was known to wear.
Building©2022Chase,J.P.Morgan,andJPMorganChasearemarketingnamesforcertainbusinessesofJPMorganChase&Co.anditsaffiliatesandsubsidiariesworldwide(collectively,“JPMC”).ABrighterFuture. JPMorgan Chase is proud to sponsor TAAHP's 2022 Texas Housing Conference, and we applaud its leadership in increasing the supply and quality of affordable housing for Texans with limited income and special needs. To learn more about Chase Community Development Banking, please visit chase.com/cdb or.contact: David Saling (512)512)david.h.saling@chase.com479-2218 Ken Overshiner (713)713)ken.l.overshiner@chase.com216-8393 Olivio Ochoa (214)214)olivio.c.ochoa@chase.com965-2678
The seven three-story apartment buildings that make up Timbers at Hick ory Tree contain one-, two- and three-bedroom homes, featuring stainless steel kitchen appliances and luxury vinyl plank flooring. The property is replete with beautiful community amenities: a large clubhouse, commu nity room, resident café, fitness center and yoga studio, outdoor pool, and playground areas. Collaboration with the city extended to nearby Luedeke Park. As part of construction, Dominium built walking trails, seating, and additional lighting around the park and city pond for both the public and Timbers at Hickory Tree residents to enjoy.
Former Balch Springs City Council Member
TIMBERS at Balch Springs, TX Hickory Tree
UNITS & RESIDENT PROFILE 216 100%Unitsofunits are affordable for families earning 60% AMI FUNDING 4% Low Income Housing Tax Credits and Tax-Exempt Bonds Location: 3401 Hickory Tree Road Balch Springs, TX 75180 Before,
Photos by Joe Hernandez we had an identity crisis where no one knew where we were, and because of developments like Dominium’s, we are on the national radar.
he Timbers at Hickory Tree, Dominium’s second new construction development in the state of Texas, is a testament to the power of successful public-private partnerships. Dominium worked handin-hand with the City of Balch Springs to bring this 216-unit affordable family housing community to life, injecting the growing city with quality housing and all its retail, dining, entertainment benefits.
T
Charlene Rushing
58 Texas Affordable Housing Magazine
SPOTLIGHT
“We are a growing community,” said Charlene Rushing, former Balch Springs City Council member. “We are becoming more diverse every day. People are coming here from all over the world. Before, we had an identity crisis where no one knew where we were, and because of devel opments like Dominium’s, we are on the national radar.”
We’re joining forces — creating an affordable housing powerhouse and a one-stop-shop for your debt and equity needs. Learn more at WalkerDunlop.com+
TIMBERS at SPOTLIGHT
Hickory Tree
Syndicator:
SUPPORT SERVICES
Another unique design feature at Timbers at Hickory Tree is that the indoor playroom is built directly next to the exercise facility. Separating the two areas is a glass window. This allows parents to keep an eye on their kids while they exercise.
For
SPECIAL DESIGN
Outdoor pool, outdoor and indoor playground, fitness center & yoga studio, resident café, grilling pavilions, promenade & gazebo, bike racks, garages, gated community.
Architect:
AMENITIES
FEATURES
CREDITS
please
(214)
Timbers at Hickory Tree is adjacent to the City of Balch Springs’ Luedeke Park. As part of the project, Dominium provided a direct connection to the park for residents. Dominium also built out the park’s walking trail, seating, and added additional lighting for both our residents and the public to enjoy. In addition, Dominium enlarged the Luedeke Park pond, something the City of Balch Springs wanted to accomplish but hadn’t had the chance to finish This development was truly a collaborative project between the City of Balch Springs and Dominium.
Balch Springs, TX
Lender:
Developer: Dominium Alliant Capital Freddie Mac, Berkadia, TCF Bank, Colliers Smith Gee Studio More Information contact: Jeff Spicer, Vice President & Project Partner 960-1158 |
jeff.spicer@Dominiuminc.com 60 Texas Affordable Housing Magazine
Partnership with Portfolio Resident Services provides after-school food programs, resume writing and computer and financial management classes to residents.
CMYCYMYCMYMCK HalfPageFlat.pdf 1 6/1/22 9:31 AM
Deepak Sulakhe, President / CEO OM Housing Location: 3102 Zion Road Garland, TX 75043 Photos by John B Sutton Jr., Sutton Pictures, LLC
This is a strong example of housing credits being used as an economic incentive tool in a public-private partnership, to ease traffic patterns, enhance parks and walking trails, encourage existing and new businesses, encourage improvement of existing housing and provide much needed quality, eco-friendly, affordable housing.
Lakeview-Pointe is comprised of 132 apartment homes in one-, two- and three-bedroom units with a healthy mix of 68 percent affordable and 32 percent market rate units. With an emphasis on multi-ethnic communi ty integration and sustainability, the community focuses on fostering a “one community, one family” ideal. Designed in an urban-style theme, its vital elements include architec tural and landscape features that maximize lake views and capital ize on the benefits of waterfront living within a pedestrian-friendly environment. A significant aspect of the project is that it is eco-friendly with green initiatives and is the first National Green Building Standard (NGBS) Certified project in Garland. A wealth of indoor and outdoor amenities, including an abundance of on-site social services, encourage residents to intermingle with their friends, family, and neighbors, while feeling supported and encouraged by the staff. The gorgeous views and benefits of a large premier lake, with plentiful area and on-site amenities, along with comprehensive social services, make Lakeview-Pointe apartment homes an excellent affordable hous ing community for family-focused growth and enrichment.
LAKEVIEW SPOTLIGHT
Lakeview-Pointe provides scenic views while allowing residents to enjoy multimodal access to the benefits of lakeside living such as boating, hiking/biking, and fishing, along with lakefront shopping and dining. Its location along I-30 provides easy access to surrounding cities including Dallas.
Garland, TX Pointe LivingWaterside
Lakeview-Pointe is an affordable, lakefrontcommunityeco-friendlymixed-income,apartmentlocatedinapicturesquedistrictalongtheshores of Lake Ray Hubbard in Garland, Texas. Lake Hubbard is a premier, constant-level and a highly protected lake which provides potable water to the Dallas/Fort Worth metroplex.
AMENITIES • Community Clubhouse with Kitchen and Coffee Bar • Business Center with Free WiFi, Print and Fax • Fitness Center with State-of-the-Art Fitness Equipment • Outdoor Recreational Areas including a Playscape • Contemporary Style Swimming Pool with Outdoor Kitchen • Activity Center for Children • Laundry Care Center for all Residents • Well-Designed Accessible Sidewalks that Connect with City’s Hike/Bike Trails • BBQ Grills, Picnic Tables and Seating Benches Located to Maximize Views of the Lake • Bicycle Racks to Encourage Multimodal Transportation to Lakefront Activities SUPPORTIVE SERVICES • Quarterly Financial Planning Courses (e.g. homebuyer education, credit counseling, retirement advice, retirement plans, etc.). • Annual Health Fair • Quarterly Health and Nutritional Courses • Scholastic Tutoring • Notary Public Services during regular business hours • Bi-monthly arts, crafts, and other recreational activities such as Book Clubs and creative writing classes • Annual income tax preparation (offered by an income tax prep service) • Bi-monthly on-site social events (i.e. pot luck dinners, game night, sing-a-longs, movie nights, birthday parties, etc.) 63Texas Affordable Housing Magazine
LAKEVIEWPointe SPOTLIGHT Garland, TX LivingWaterside UNITS & COMPOSITION 132 units / 90 affordable for residents earning 30% - 60% AMI FUNDING 9% Housing Tax Credits through Texas Department of Housing and Community Affairs (TDHCA) RESIDENT PROFILE This multifamily affordable community is open to individuals and families with a wide array of professionals across all socioeconomic domains. Working class families live alongside others who may possess a higher level of education and income yet share the very same benefits of lakeside and eco-friendly living. Section 811 project rental assistance voucher holders providing eligibility to target populations including people with disabilities, individuals facing challenges due to housing inability. SPECIAL DESIGN FEATURES Lakeview-Pointe is responsible for the Zion Road extension, which has opened-up valuable lakefront property for future development, ease traffic patterns in the area and connect the City’s hiking/biking trails. Security, a significant concern in affordable housing, has been addressed by following Crime Prevention Through Environmental Design (CPTED) standards. Additionally, the site includes perimeter fencing with controlled access gates, 40+ HD cameras throughout, strong resident qualification criteria, and periodic crime-watch meetings. CREDITS Developer: OM Housing Syndicator: Boston Financial Investment Management, Inc. Lenders: Bank OZK, Capital One Architect: HEDK Architects Consultant: S. Anderson Consulting General Contractor: Spring Valley Construction Company Landscape Architect: B+A Associates NGBS: US Eco-Logic For More Information please contact: Deepak Sulakhe, President/CEO (214) 432-7610 | dsulakhe@omhousing.com Energy Star® rated appliances Capped indoor plumbing fixture flow rates Native / regional plants for landscaping Promotes healthy living Environmentally friendly/durable construction practices Superior efficiency in framing measures R-21 exterior wall insulation High efficiency heat pumps/SEER 15 HVAC system 100% LED lighting Project exceeds both NGBS 2015 and IECC 2015 performance levels Built Green so Residents Can Save Even More! 64 Texas Affordable Housing Magazine
BUILDING COMMUNITIES,THRIVINGINSPIRED BY OUR PARTNER IN IMPACT: TEXAS AFFILIATION OF AFFORDABLE HOUSING PROVIDERS See how we’re helping our communities thrive capitalone.com/aboutDanat DirectorMiller•Community Finance mobile: 281-881-3600 email: dan.miller@capitalone.com
©2022 CenterPoint Energy 220603-04 Energy Efficiency Solutions for You Electric energy management is simply good business! Installing above-code, electric energy-efficient products and measures in new construction apartment projects can earn a cash incentive.* • 100% LED lighting • ENERGY STAR ® appliances • 15+ SEER central heat pumps • ENERGY STAR ® smart thermostats • Independent fresh-air fans • R-19 exterior wall insulation • R-49 attic insulation • Gas water and/or space heating Incentives vary by measure type and are awarded based upon verified savings via energy model. *Only new construction apartment projects in the CenterPoint Energy Houston electric service territory are eligible for cash incentives. Terms and conditions apply. Learn more about CenterPoint Energy electric energy efficiency programs! CenterPointEnergyEfficiency.com We put our accounting, tax, and consulting expertise squarely behind those who create more equitable communities, nationwide. DOZLLC.COM Advancing Affordable Housing
Ft. Worth, TX C ielo Place, located at 3111 Race Street, is a unique mixed-income housing community located in central Fort Worth that was a collaboration of the area’s neighborhood and Saigebrook Development to save the historic Riverside Baptist Church, while also fighting ongoing gentrification.
CIELO SPOTLIGHT
Place 67Texas Affordable Housing Magazine
Photos by Chad Davis, Chad Davis Photography
Cielo Place has been converted into 91 total units with a mix of studio, one-bedroom, two-bedroom, and three-bed room apartments. Each apartment reminds the resident of its history, via the historic windows, ceiling heights, clubhouse space, which was the original Sanctuary, etc. Ad ditionally, units feature modern amenities, like Energy Star appliances, high efficiency lighting, hard surface counters, resilient vinyl flooring, tiled kitchen backsplashes and tub surrounds, washer and dryer connections, and covered entries. Units are cable, internet, and phone ready.
UNITS & COMPOSITION 91 units / 80 affordable for residents earning 30% - 60% AMI FUNDING 9% Housing Tax Credits, Federal and State Historic Tax Credits Conventional mortgage. RESIDENT PROFILE This property serves families at a variety of income levels. 88% of Cielo Place’s units are affordable at 30%, 50%, and 60% area median income, or are reserved for special needs, formerly homeless, and/or disabled households. The remaining 12% units are available at unrestricted market rate rents.
“We have been working for so many years to hang on to buildings like this because it means so much to the char acter and to the people who live here,” said Libby Willis, a resident and preservationist of the Riverside neighbor hood, “We could tell that the developer was absolutely, one-hundred percent, all-in to do the project right” Willis continued. “You didn’t have to persuade them that this was the right thing to do.”
SPOTLIGHT Ft. Worth, TX CIELO Place T
he Riverside Baptist Church was founded in 1904 and a succession of buildings followed. In 1924, the oldest church structure that still stands was originally built, with later additions designed by the notable architecture firm Easterwood & Easterwood. The building held events like revivals, funerals, weddings, high school dances, and graduation parties. The structure has also been significant for other non-worship related community activities, though, throughout the years such as block parties, community engagement with the City, charity programs, dinner theaters, and classes.
68 Texas Affordable Housing Magazine
“The journey from the vision of redevelopment to opening the doors of Cielo Place was lengthy, but Saigebrook Devel opment and consultant, O-SDA Industries, took painstaking steps to uphold the historical significance of the building and ensure its continued legacy in the neighborhood” said Lisa Stephens, President of Saigebrook Development. Many small and intentional elements were kept and restored throughout the building to harken back to its orig inal purpose and design including the church’s original stained-glass windows, classroom numbers, and exterior facade. As a centerpiece for the community’s common area, several rows of pews from the original sanctuary, the orig inal altar and baptismal font, along with the stained-glass windows throughout the building were all restored.
Location: 3111 Race Street Ft Worth, TX 76111 AMENITIES • Fully furnished clubhouse featuring: Community Room, Business Center, Leasing Center, Fitness Center, Cyber Lounge, and Work Stations • Playground, outdoor gathering spaces, and bicycle parking. • Proximity to Downtown Fort Worth, major transportation routes, restaurants, coffee shops, retail shopping, the Riverside Community Center, Trinity River Trails, Oakhurst Elementary, and IDEA Achieve School. SUPPORTIVE SERVICES • Financial Planning Classes • Health, Nutrition, and Cooking Classes • Youth Programming • Arts and Crafts • Character Building Discussions • Recreational Activities • Weekly Social Events for Residents 69Texas Affordable Housing Magazine
SPOTLIGHT Ft. Worth, TX CIELO Place SPECIAL DESIGN FEATURES Cielo Place received a historic designation through the National Register for Historic Places in 2020. It features Gregory Beck art installation, ritual floor-to-ceiling stained-glass windows in select units and common areas, multiple outdoor courtyard areas, and many units that boast up to 14’ high ceilings. Twenty-four unit types cater to the original design of the building, and homages to the Riverside Baptist Church in the form of framed photos, architectural plans, and scrapbooks. CREDITS Developer: Lisa Stephens , Saigebrook Development, LLC Consultant: Megan Lasch, O-SDA Industries, LLC Syndicator/Equity Investor: Hunt Capital Partners, JPMorgan Chase, Aetna, Rethos Lender: JPMorgan Chase Tax Credit Consultant: S. Anderson Consulting General Contractor: Fort Construction Architect: Miller-Slayton Architects Landscape Architect: London Landscapes Civil Engineer: Kimley Horn Engineering Interior Design: Ink and Oro Property Management: Accolade Property Management For More Information please contact: Cielo Place Apartments (682) 647-1520 | www.cieloplace.com Cielo Place is a NGBS-Bronze and Silver Certified multifamily development Built Green so Residents Can Save Even More! 70 Texas Affordable Housing Magazine
doesWhat home tomeanyou? At Centrant, we believe everyone should have a safe, affordable place to call home. Our mission-driven approach to lending connects committed banks of all sizes with dedicated developers to create and preserve quality affordable multifamily housing. We believe building strong communities starts with building strong partnerships. And we invite you to partner with us so we can bring the joy, safety and certainty of home to the communities that we serve together. Visit us at Booth #4 MISSION DRIVEN LENDING NORTH CAROLINA | SOUTH CAROLINA | VIRGINIA | GEORGIA | TENNESSEE | TEXAS (984) 344-9992 info centrant.org@centrant.org Since 1990, Centrant Community Capital has offered loans across the Southeast, funding more than 23,000 units for individuals and families.
Proud Sponsor of the Texas Housing Conference America’s #1 Tax Credit Equity Sponsor The road to quality housing requires a team effort. Thank you for your continued support. 340 Pemberwick Rd Greenwich, CT 06831 203-869-0900 therichmangroup.com Peter McHugh 203-869-0900 ext. mchughp@richmancapital.com335 Michael Ramires ramiresm@richmancapital.com703-527-1447 James Aberg 919-230-2584 abergj@richmancapital.com Colin Gilbert 203-869-0900 ext. gilbertc@richmancapital.com363 Aaron Wolfe wolfea@richmancapital.com857-239-9930
JLL Capital Markets one team We are one team united around one common goal: our clients Contact our Affordable Housing specialists Debt Placement: C.W. Early Angela Kelcher Mary Davis David Lott JillianPaulGrzywaczSmith Anson Snyder Leif Olsen Investment Sales & Advisory: DougMichaelChildersFox Melissa Bloem Cody Doolin © 2022 Jones Lang LaSalle IP, Inc. All rights jllcapitalmarkets@am.jll.comreserved.
Boost Your Profitability Your Partner in Success We partner with you to create energy consumption models (ECM) that lower your utility allowance. Our state-of-the-art modeling software and services can boost your profitability and help make the business case for building more affordable housing. Plummer’s Water & Energy Efficiency Services: • Can decrease your water, electric, gas, sewer & trash allowances • Offer a holistic, full-service approach • Work transparently with government agencies with 100% success rate • Completed 500+ successful models in 28 states • Netted over $20M in savings for our clients annually We offer a risk-free guarantee. If our ECM UA is not lower than the current PHA UA or if it is not approved by the governing state agency, it’s free of charge. Eddie Wilcut: (512) 452-5905 or www.plummer.com/services/water-energy-efficiencyewilcut@plummer.com cbre.com/affordablehousing
MoffersHeightsedano146 units over three stories of much needed affordable housing for El Paso low-income individuals and families. A tax credit development, Medano provides an 11.67-acre parcel of amenity-rich living including a clubhouse, playground for children, picnic and grill area, basketball court, all centrally located to give an overarching sense of community. This new construction proj ect began in late 2018 and completed in early 2020 with a ribbon cutting ceremony in March 2020 and substantial com pletion in April 2020. With options ranging from one- to four-bed room units, Medano caters to puter/businesshighamplealies.individualslow-incomeandfamiTenantscanenjoylargeclubhousewithseatingareas,ceilings,comcenter, laundry facilities, and in-unit amenities including washer/ dryer hookups, patios/balconies, air conditioning, garbage disposal, vinyl flooring, and much more, making Medano Heights more than just a place to call home, but a destination and the perfect cohesion between luxury and affordability. SPOTLIGHT El Paso, TX MEDANO Heights Location: 7801Medano Dr El Paso, TX 79912 75Texas Affordable Housing Magazine gregfolkins.comFolkins,GregbyPhotos
SPOTLIGHTUNITS&COMPOSITION 146 Units / 100% Affordable to Low-Income Families FUNDING 4% Housing Tax Credits through Texas Department of Housing and Community Affairs (TDHCA) RESIDENT PROFILE Medano Heights appeals to primarily low-income families, couples, and individuals, with unit types ranging from one-, two-, three-, and four-bedroom options for ultimate customization. AMENITIES • Clubhouse • Playground • Picnic/grill area • Basketball Court • Laundry Facilities • Business Center • On-Site Maintenance • Air Conditioning • Washer/Dryer Hookups • Patios/Balconies SPECIAL DESIGN FEATURES Exposed wood beams, HOME logo on exterior of clubhouse, breezeways, multi-color and substrate design with central wrap around the courtyard with ample mountain views. CREDITS Developer: Housing Opportunity Management Enterprise (HOME), formerly HACEP Syndicator: PNC Bank Lender: JP Morgan Chase, PNC Bank Architect: Gonzalez Newell Bender, Inc. For More Information please contact: Gerry Cichon, HOME gcichon@hacep.org MEDANOEl Paso, TX Heights 76 Texas Affordable Housing Magazine
PNC REAL ESTATE |
PNC does not provide legal, tax or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement.
CIB
Riverport Landings Louisville, Kentucky
*National Multifamily Housing Council, 2021, Top 10 Syndicators for Affordable Housing. PNC, PNC Bank and Midland Loan Services are registered marks of The PNC Financial Services Group, Inc. (“PNC”). PNC Bank, National Association (“PNC Bank”), and certain of its affiliates, including PNC TC, LLC, an SEC-registered investment advisor wholly-owned by PNC Bank, do business as PNC Real Estate. PNC Real Estate provides commercial real estate financing and related services. Through its Tax Credit Solutions segment, PNC Real Estate provides lending services, equity investments and equity investment services relating to Low Income Housing Tax Credit (“LIHTC”), affordable housing preservation, New Markets Tax Credit (“NMTC”), and Historic Tax Credit (“HTC”) investments. PNC TC, LLC provides investment advisory services to funds sponsored by PNC Real Estate for LIHTC, HTC, NMTC and affordable housing preservation investments. Registration with the SEC does not imply a certain level of skill or training. This material does not constitute an offer to sell or a solicitation of an offer to buy any investment product. Lending, leasing and equity products and services, as well as certain other banking products and services, require credit approval.
5”d REAL ESTATE BANKING | AGENCY FINANCE | TAX CREDIT SOLUTIONS | MIDLAND LOAN SERVICES WITH A RELIABLE SOURCE FOR YOUR FINANCING NEEDS, YOU’RE READY FOR TODAY. RE 2058001 RE TAAHP Ad 7-75x5_Final.indd 1 6/3/22 3:06 PM
As one of the largest syndicators of affordable rental housing in the country,* PNC Real Estate is an effective and proven provider of capital solutions throughout the cycle of your transaction — whether you are buying, building, preserving or refinancing. We offer LIHTC equity, balance sheet construction and permanent lending, as well as Fannie Mae, Freddie Mac and FHA solutions. When you work with a leading financial institution, you’re ready for today To learn more, visit pnc.com/realestate.
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Tiffany 443.824.2889tdurr@lisc.orgDurr Senior & subordinate debt Acquisition, construction & permanent New construction or rehabilitation Multi family rental or single family for sale LISC managed funds invest in and alongside housing developers to create and preserve affordable housing to serve local residents 972.848.7224bglispie@lisc.orgBenliscstrategicinvestments.orgGlispie Flexible Innovative Capital For more Information: Since 1979, LISC has invested $26.7 billion to develop more than 463,215 affordable homes and apartments and 78.5 million square feet of commercial retail and community space.
Houston, TX
HARTWOOD York at SPOTLIGHT Little
West
79Texas Affordable Housing Magazine
PhotographyZunkerDeedbaLLCMediaZunkerZunker,DeebyPhotos
H artwood at West Little York is a newly constructed mixed-income apartment community in northwest Houston. Our 150 apartment homes come in one-, two-, and three-bedroom options, all with efficient layouts, tall ceilings, and premium features. The community offers residents a fitness center, kids’ activity room, a playground, community room with a catering kitchen and much more. Hartwood at West Little York is located within the highly rated Cy-Fair Independent School District, giving children access to quality educational opportunities.
SPOTLIGHT
National
Houston,
Hartwood at West Little York received a 9% Housing Tax Credit allocation in 2019 and completed construction in late 2021. Because of the need for high-quality, safe, and affordable housing in the northwest Houston/ Cy-Fair ISD market, the community quickly leased up and has been at nearly 100% occupancy since early 2022. In addition to 9% Housing Tax Credits, Hartwood at West Little York was awarded a $2.35 million loan through the City of Houston’s Community Development Block GrantDisaster Recovery Affordable Rental Housing program. The community was developed and constructed with resiliency in mind and was built to the National Green Building Standard. In April 2022, the grand opening of the community was celebrated with City of Houston Mayor, Sylvester Turner, members of the Houston Housing and Community Development Department, Bank of America financing partners and members of the design, development, construction, and property management teams.
UNITS & COMPOSITION 150 Units / 70% Affordable Residents Earning 30%-60% AMI FUNDING 9% Housing Tax Credits through TDHCA; CDBG-DR Loan and Conventional Debt RESIDENT PROFILE Families, Seniors & Veterans CREDITS Developer: Nantucket Housing, LLC & Richco Rinehart Investments, LLC (HUB) Syndicator: Bank of America, N.A. Architect: Mucasey & Associates Architects AMENITIES • Community Room with Catering Kitchen • Fitness Center with Cardio Machines, Strength Training Equipment & Free Weights • Kids’ Activity/ Playroom • On-Site Management SUPPORT SERVICES • On-site Classes for Adult Education • Food Pantry • Annual Health Fair • Bi-weekly Arts & Craft • On-site Notary Services and Biweekly On-site Social Events For More Information contact: Nathan Kelley | 713-914-9200 4001 W. Sam Houston Pkwy N., Suite Houston,100TX 77043 Location: 7925 W. Little York Rd Houston, TX 77040 80 Texas Affordable Housing Magazine
HARTWOOD atYork TXWest Little
Green Building Standard, Energy Star® Appliances Built Green so Residents Can Save Even More!
1978SINCEEXCELLENCEBUILDING 713.914.9200|www.blazerbuilding.com NATIONAL AFFORDABLE HOUSING LENDER, SPECIALIZING IN HUD & USDA 538 LOANS v www.BMFCAP.com | 801.323.1078 Rob Hall rhall@bmfcap.com Chris Mullen cmullen@bmfcap.com
A BIG THANK YOU To Our Past Presidents JOT2001-2002Couch Texas SupportiveInter-FaithServices Edwina1998-1999Carrington CHK Enterprise, LLC Dick1999-2000Kilday Kilday Realty Corp Sally2000-2001Gaskin SGI Ventures, Inc. Diana2005-2006McIver DMA Development Co., LLC Chris2002-2003Bergman TCR Affordable Housing, Inc. Jerry2004-2005Wright Dougherty & Company, LLC Mike2003-2004Lankford Mike Interests,LankfordLLC Mike2008-2009Sugrue Stoneleaf Companies Mike2007-2008Clark Alpha-Barnes Real Estate Services Granger2006-2007MacDonald CompaniesMacDonald Linda2009-2010McMahon Neighborhood Strategies, LLC “Toni”Antoinette2011-2012M.Jackson The Banks Firm Dan2010-2011Markson The NRP Group, LLC George2013-2014Littlejohn Novogradac & Company, LLP Barry2012-2013Kahn DevelopmentHettig-Kahn Co. Dan2019-2020Kierce RBC Community Investments Janine2020-2021Sisak DMA Development Co, LLC Debra2018-2019Guerrero The NRP Group, LLC Justin2014-2015MacDonald CompaniesMacDonald Mahesh2015-2016Aiyer Citi CapitalCommunity K.2017-2018NicoleAsarch Rock Real Estate, Ltd./ Staffable Africa Bobby2016-2017Bowling BuildingTropicanaCorp. 82 Texas Affordable Housing Magazine
THIS IS AN ADVERTISEMENT. Bradley E. Chambers is managing shareholder of the Houston office of Baker Donelson, which is located at 1301 McKinney Street, Suite 3700, Houston, TX 77010. Phone 713.650.9700. © 2022 Baker, Donelson, Bearman, Caldwell & Berkowitz, PC. www.bakerdonelson.com/affordable-housing Baker Donelson’s Affordable Housing practice includes a highly qualified and experienced team of attorneys to meet the present and changing needs of all major participants in the affordable housing sector. We have an extensive tax credit practice, and our litigators have successfully represented syndicators and managers of investor limited partner or member interests nationwide in Low Income Housing Tax Credit properties, including on Year 15 issues, exit strategies and other investor-related disputes. For more information, please contact: Steve Griffith | Shareholder | 504.566.5225 | sgriffith@bakerdonelson.com Together we can bring affordable housing to those in need. KeyBank was the second largest affordable housing lender for 2021.* Let’s start the conversation. key.com/affordable Banking products and services are offered by KeyBank National Association. All credit products are subject to collateral and/or credit approval, terms, conditions, availability and subject to change. Key.com is a federally registered service mark of KeyCorp. ©2022 KeyCorp. KeyBank is Member FDIC. 220524-1586729 *Affordable Housing Finance, March 28, 2022 Hector X. 512-660-9401Zuniga Alexander 214-540-9129Beaumariage
WE COMBINE FINANCIAL CREATIVITY AND RELIABILITY WITH FORWARD-THINKING DESIGN TO DEVELOP BEST-IN-CLASS AFFORDABLE HOUSING FOR FAMILIES AND SENIORS THROUGHOUT THE UNITED STATES. impactresidentialdevelopment.com Jessica jmullins@impactresidential.com713.344.7055Mullins
The development of The Holston also resulted in the construction of adjacent public infrastructure in a project that extends North Beach Road from Highway 170 to Keller Haslet Road, creating a four-lane divided roadway with sidewalks, lighting, new drainage and water lines as well as a mixed-use trail. The infrastructure project also modi fied the alignment of Keller Haslet Road with a new traffic roundabout.
Location: 3301 Keller Haslet Rd Ft Worth, TX 76262
86 Texas Affordable Housing Magazine
Photos Courtesy of The Holston
T
The FHA 221(d)(4) loan, guaranteed by HUD is the multifamily industry’s highest-leverage, lowest-cost, non-recourse, fixed-rate loan available.
The Holston’s 221(d)(4) is fixed at a historically low interest rate and is fully amortizing over 40 years. The Holston is the first occurrence of a HUD 221(d)4 mortgage employed in the capital stack for a public facility corporation (PFC) project.
To enable the provision of below-market leasing rates, The Holston uses a recently adopted property tax exemption for private apartment developers available under Section 303.042(f) of the Texas Local Government Code. To receive the exemption, AMCAL transferred the land to a public facility corporation (PFC) set up by Fort Worth Housing Solu tions which then leases the land and any buildings on the land (including those built in the future) back to a limited partnership controlled by AMCAL. Under the PFC model, 50 percent of the units in the development are reserved for individuals and households earning up to 80% of the area median income (AMI). The Holston exceeds the minimum affordability level requirement by reserving 10 percent of the units for households earning up to 60% of AMI. FWHS advances its mission and gets paid to participate in the venture. New construction projects are also eligible for a 100 percent sales tax exemption on construction materials, resulting in an additional, one-time exemption of $1.3 million for The Holston.
Located on approximately 13 acres, The Holston offers a family-friendly mix of modern one-, two- and three-bed room apartments in four 3-story buildings with a combina tion of tuck-under garages and on grade parking for 402 spaces. Of the 265 apartments, 10 percent are reserved for households earning up to 60% of Area Median Income (AMI), 40 percent for households earning up to 80% of AMI, and the remaining 50 percent are available at market rates.
The capital structure included: a $35,086,600 (75.5%), 40-year, HUD 221(d)4 construction to permanent loan, $6,825,000 (14.7%) workforce housing preferred equity capital, and $4,540,000 in private equity (9.8%) for overall project cost of $46,451,600.
UNITS & COMPOSITION
Our preferred equity partner made a commitment to environment, social and governance leadership. As part of that commitment, it looks for innovative ways to deploy capital and fuel social and economic progress around the world. Its program to support the development of workforce housing serves this commitment and goal to connect capital to the com munities it serves.
265 Units / Affordable to Residents Earning 60% - 80% AMI FUNDING
he Holston is a new, luxury, mixed-income devel opment serving residents in the thriving Alliance Corridor and north Fort Worth area. The 265-unit, garden-style apartment community represents an innova tive and successful private-public partnership between AM CAL and Fort Worth Housing Solutions, the public housing authority for the nation’s 12th largest city.
SPOTLIGHT Ft. Worth, TX HOLSTONThe
The Holston does not look like what some people might perceive as affordable housing. The apartments are built with a modern design, and the complex has amenities like a two-story gym, sand volleyball court and spacious dog park. The affordable dwelling units are interspersed among market-rate dwelling units within the same building with no differences in level of finish nor unit amenities.
The elegant exterior appearance incorporates natural color from the exterior brick and wood punctuated by sky-blue, two-story, rectangular vertical blocks that pop out from the base façade and create a rhythmic pattern that attracts the eye.
Generous fenestration creates its own rhythm and by shifting from twin doublehung windows to three double-hung windows, a defined top to the building form. Aside from the increased energy efficiency, the abundant windows increase comfort by making the apartments feel warmer during the cold season, improving indoor air quality by reducing condensation and preventing mold growth. Vice President, AMCAL 706-0694 ext. 109 | National Green Building Standard (NGBS)
Certification Built Green so Residents Can Save Even More! 87Texas Affordable Housing Magazine
sclarke@amcalhousing.com Multifamily
CREDITS Developer: AMCAL Lender: Greystone Architect: HEDK Architects For More Information please contact: Stephen Clarke,
(818)
Energy-Star Rated appliances RESIDENT PROFILE Mixed income individuals and families AMENITIES • Two-Story Fitness Center • Clubhouse • Demonstration Kitchen • Resort-style Swimming Pool and Spacious Cabana • Outdoor Kitchen • Volleyball Court • Large Dog Park • Business Center • Conference Room • Indoor/Outdoor Game Room SPECIAL DESIGN FEATURES
is a
high-quality apartment homes in multiple communities including the Dallas/Fort Worth metro area, Austin, Houston, Rockwall, Garland and others. We partner with Housing Authorities, Housing Financial Corporations and others to develop affordable, workforce and market-rate multifamily apartments. We have
AMTEX developer with completed
nearly 2,700 apartment homes since 2012, have 900 in construction and have nearly 2,300 more apartments in development. Mark Morgan, Director of C:T:mmorgan@amcalhousing.comAcquisitions818/706-0694ext.176909/720-4906 AMTEX Corporate Office 4101 McEwen Road, Suite 150 Dallas, Texas amcal.com/texas-communities75244
and builder serving Texas
PROUD TO SUPPORT THE TEXAS HOUSING CONFERENCE
Menchaca commons is a 240-unit community that offers quality apartment homes to individuals in the community that make a household income that does not exceed 60% of the area median income. Men chaca Commons is in Austin, TX just south of Downtown in a desirable area that is close to shopping centers, restaurants, and highly rated schools. Menchaca Commons Apartments offers one-, two-, and three-bedroom floor plans to fit the needs of families that are looking to move into the thriving South Austin area. Each apartment provides first-rate features and amenities, like faux wood flooring, central heat and air conditioning, 2-inch plantation blinds, ceiling fans in each room, walk-in closets, and kitchens with a dishwasher and garbage disposal for added convenience.
Housing Magazine
SPOTLIGHT Austin, TX Commons DevelopmentLDGofCourtesyPhotos
UNITS & COMPOSITION 240 Units / Affordable to Residents Earning 60% AMI Location: 12024 Menchaca Rd Austin, TX 78748 Texas Affordable
MENCHACA
Menchaca Commons’ residents can also enjoy complimentary resident services provided by PRS (Portfolio Resident Services), an ultramodern fitness center, resort style pool, package lockers, resident lounge, and much more. Conveniently found in the bustling and trendy area of South Austin, Menchaca Commons is the perfect place to call home for anyone who wants to live in a convenient, fun setting with quick access to I-35 and Mopac to commute to anywhere in the Austin metro area including Ascension Seton Medical Center, SouthPark Meadows and the University of Texas Austin.
89
LDG Development cpyle@ldgdevelopment.com
Built Green so Residents Can Save Even More!
SPOTLIGHT Energy Star® appliances, led lighting, Energy Star® ceiling fans, water conserving fixtures, Energy Star® water heaters, recycling service provided, healthy finish materials used, sub metered utilities, native trees and plants installed. MENCHACA Austin, TX Commons FUNDING 9% Housing Tax Credits through TDHCA RESIDENT PROFILE Families CREDITS Developer: LDG Multifamily LLC Syndicator: Citi Bank, N.A. Lender: R4 Capital Funding, LLC Architect: Studio A LLC, DBA Kentucky Architect Studio AMENITIES • Swimming Pool • Playscape • Media Room • Business Center • Community Area Wi-Fi • Community Center SUPPORT SERVICES • Food Pantry • Annual Health Fair • Organized Youth Programs • Arts & Crafts • Social Events • Health and Nutrition Courses COMMUNITY IMPACT
Menchaca Commons has supplied affordable housing opportunities to the individuals and families that support the essential jobs that continue to let this community thrive. This in turn, has a positive economic impact on the surrounding community. Menchaca commons in partnership with Portfolio Resident Services has supplied resources and services for the residents that live at Menchaca Commons. Menchaca Commons Owner, LDG Development, believes that “everyone deserves a quality place to live” and the management team with Solidago Residential services is committed to “creating environments within our communities where residents experience superior quality and service; where they are respected and empowered, and where they can grow and enrich their lives.” This includes offering after school programs for the younger residents in our community, career development resources, proactive resident communication around their individualized needs, and supportive resources to residents’ unique circumstances. contact: Christi Pyle, Senior Regional Asset Manager
90 Texas Affordable Housing Magazine
For More Information please
Wells Fargo Commercial Real Estate’s experienced bankers can provide the financial guidance you need to help navigate your company’s business decisions. With our industry knowledge, products, and services, we can help keep your business moving forward. Learn more at wellsfargo.com/affordablehousing © 2022 Wells Fargo & Company All rights reserved. 7265603 We’ll go wherever your needsbusinesstogo
THANK YOU BUILDING STRONG FOUNDATIONS 2022 TAAHP Supporters 94 Texas Affordable Housing Magazine
Despite the challenges, obstacles and barriers have faced and what are certain to come, remains steadfast in its mission to build strong foundations for millions of residents. Their success depends on support grateful for commitment.
Supporters EFFICIENT EFFECTIVE EXECUTION MANAGEMENT GROUP hatch + ulland owen architects 95Texas Affordable Housing Magazine
and we are
your
your
TAAHP
Texas
we
© 2022 Regions Bank. All loans and lines of credit are subject to credit approval, terms and conditions. | Regions and the Regions logo are registered trademarks of Regions Bank. The LifeGreen color is a trademark of Regions Bank. STRENGTHENING COMMUNITIES FROM THE GROUND UP. LIHTC & Historic Tax Credit Equity (Federal and State) | Construction Loans Equity Bridge Loans | FHA/HUD, Fannie Mae DUS & Freddie Mac Lender Treasury Management & Depository Services | Derivatives & Institutional Trustee Services Contact Regions Affordable Housing for customized solutions: Rachel Thomas-Phillips | rachel.thomas-phillips@regions.com Contact Regions Real Estate Capital Markets for permanent debt solutions: Graham Dozier | graham.dozier@regions.com • Originations of $7 1 billion in equity investments • Investment in 1,324 assets across 45 states, D.C. and Puerto Rico • Full-service banking relationship throughout entire project life cycles • FHA/HUD, Fannie Mae DUS and Freddie Mac lender • Construction and bridge lender for affordable housing developments for 30+ years regions.com/realestatebanking Regions Affordable Housing is a proud sponsor of the Texas Housing Conference. Regions Affordable Housing is committed to investing in people and communities. detailsGetthe ©2022 Yardi Systems, Inc. All Rights Reserved. Yardi, the Yardi logo, and all Yardi product names are trademarks of Yardi Systems, Inc. Software for real estate professionals (800) 866-1144 Learn with us at yardi.com/webinars MAXIMIZE EFFICIENCY AND REVENUE • Accept applications online • Digitize compliance data • Promote consistency and fair housing • Minimize in-person appointments • Retain residents with online conveniences Qualify affordable housing renters faster
Jim 972-475-9977,Beats ext jbeats@dpcservices.net101
DPC utilizes the Energy Consumption Model (ECM) or Written Local Estimate (WLE).
» Tax credit properties that choose DPC invest a fraction of what they save to put the program in place.
» It doesn’t cost anything to find out if you can save money. DPC will provide a no-cost initial analysis to determine if a full study is justified.
»
» Can include an annual renewal schedule so you have one less compliance issue to deal with. Industry 1999
Since
There’s a good chance your utility allowances are too high. Realistic utility allowances based on the actual design, construction and energy saving components of your property can save you money! We Can Help Lower Your Utility Allowances. With the DPC Utility Allowance Program, we’ll perform a property-specific analysis that has proven to lower property utility allowances across the country. Since 2005, DPC has worked with LIHTC properties, local utility providers and engineers to establish realistic utility allowances that meet the requirements of 26 CFR §1.42-10 and the compliance regulations of state housing financing agencies across the country. DIAMOND Property Consultants, Inc.CPD Are Flow?YourSqueezingAllowancesUtilityCash
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For 40 years, we’ve worked toward one mission: to make home and community places of pride, power and belonging Enterprise is proud to sponsor the Texas Housing Conference Reagan Maechling Vice President, Acquisitions Enterprise Housing Credit rmaechling@enterprisecommunity.comInvestments213.787.8238 Kevin Bowen Executive Vice President Bellwether Enterprise Real Estate Capital, LLC kevin.bowen@bwe.com469.729.7681BWE.com John Roberts Vice President Bellwether Enterprise Real Estate Capital, LLC john.roberts@bwe.com469.729.7687BWE.com enterprisecommunity.org | bwe.com Breaking Barriers, Building Communities Jon Killough Executive Vice President Bellwether Enterprise Real Estate Capital, LLC Jon.killough@bwe.com205.588.6053BWE.com Cindy Hannon Senior Vice President Bellwether Enterprise Real Estate Capital, LLC Cindy.hannon@bwe.com678.892.3178BWE.com For over 50 years, HilltopSecurities has helped HFAs make housing more affordable in their communities. Our work in single- and multi-family transactions has earned us a strong reputation with agencies across the country. Find out how our experienced housing professionals can help your agency pursue its definition of success. ADVANCING AFFORDABLE HOUSING ©2022 Hilltop Securities Inc. All rights reserved. MEMBER: NYSE/FINRA/SIPC HTS913507700 HILLTOPSECURITIES.COM For more information, contact: Timothy Nelson 512.481.2022 Claire Merritt 512.481.2044 Braxton Parsons 512.481.2003 Megan Rahmes 512.481.2023
Palladium USA | Premier Developers of Quality Multifamily Housing 13455 Noel Road, Suite 400, Dallas, TX 75240 (972) 774 4455 www.PalladiumUSA.com Palladium USA “Changing lives - one apartment home at a time” It’s our motto and how we ’ ve approached all our developments for over 30 years. We strive to fulfill the needs of the community and most importantly, our residents We manage what we build Our name is on the building and that means everything. Palladium Port Aransas Under Construction | Lease Up Palladium Museum Place Midland, TX Under Construction | Lease Up Palladium Garland Senior Living Under Construction | Lease Up Palladium Fain Street Fort Worth, TX Under Construction | Lease Up P A L L A D I U M U S A
Palladium Management | Premier Manager of Quality Multifamily Housing 13455 Noel Road, Suite 400, Dallas, TX 75240 (972) 774 4455 www.PalladiumManagementCompany.com Palladium's emphasis and focus is on the great people living at our properties. It is what makes us different and drives us to be better; to build a better product and provide better service. We continue to grow with eight new properties under construction and five more to break ground before the end of the year. The District in Little Elm by Palladium Under Construction | Lease Up Palladium Dallas Stemmons Dallas, TX Under Construction | Lease Up Palladium Simpson Stuart Dallas, TX Under Construction Embree Eastside by Palladium - Garland, TX Under Construction Palladium Port Aransas Aerial Photography Under Construction, 2021
CohnReznick’s advisory, assurance, and tax professionals can help you identify obstacles, uncover opportunities, and avoid costly detours with innovative solutions to support your business goals. From the deals you are just imagining through those coming to their post-tax credit stage, we’ll deliver creative solutions despite the unprecedented challenges we face. Let’s rebuild tomorrow together. Visit us at cohnreznick.com/ah
TURN CHALLENGE INTO OPPORTUNITY Some things are out of our control. We know that all too well now. That’s why it’s never been more important to have trusted, highly experienced advisors on your side.
