Texas Affordable Housing Magazine 2018 by Texas Affiliation of Affordable Housing Providers

Embracing Change 2018

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TEXAS AFFORDABLE

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A F F O R D A B L E

T H E T E X A S A F F I L I AT I O N O F AFFORDABLE HOUSING PROVIDERS

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C E RTA I N T Y I S

a partner that knows “good enough” never is. You know there are no easy answers in commercial real estate. At Berkadia, we work relentlessly to identify investment assets, secure financing and service your loan for its duration. That tireless approach is designed to remove doubts every step of the way— so you can execute with certainty. Contact a member of our affordable housing and FHA/HUD team to learn how we can be a partner to your organization. LLOYD GRIFFIN

FRANK BROWN

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Managing Director, Affordable Housing

Senior Director, Affordable Housing

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VISIT US AT BOOTH #33 BERKADIA.COM a Berkshire Hathaway and Leucadia National company Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx © 2018 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.

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Legal Counsel for the Development of Aﬀordable Housing

THE COATS ROSE AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT GROUP We have extensive experience in affordable housing development. We represent for-profit developers, non-profit developers and public housing authorities utilizing a variety of financing techniques, including low income housing tax credits, CDBG Disaster Recovery Funding, private activity bonds, historic tax credits, HUD programs (including RAD), investment syndications and conventional financing. Our attorneys routinely structure complex transactions providing comprehensive solutions that utilize all aspects of financing in the affordable housing arena. We are focused on the development of affordable housing and inner city revitalization.

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When We Stand Together

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mi ssi o n driven lending

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Locke and Key.

Committed to Improving Lives and Neighborhoods.

Welcome Home. The key to quality legal services is a diverse range of experience. LockeÂ Lord is helping our clients build, preserve, finance and operate affordable housing coast-to-coast. We represent developers, non-profit organizations, investors, lenders, governmental agencies and other associations, spanning the affordable housing industry. We work with properties at all stages, from the formative financing phase through repositioning at the end of a compliance period. Our Affordable Housing lawyers are committed to our clients and to the transformative power of affordable housing.

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Housing Spotlight 33 Award-winning affordable housing developments 70 Leadership Get to know the dedicated leaders who make it all happen

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F E AT U R E S

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Community Development 10 Tax Credits: Damaged,but not Devastated

Schedule At-A-Glance Take a look at this year’s agenda and TAAHP IN

Income Averaging: 16 Is It Right For Your Project?

Education Program Engage and expand your housing knowledge

9 Months Later - Hurricane Harvey’s Impact

102 Exhibits Network and connect with new business relationships 2018 Partners 104 Special thanks to all who made the conference a reality!

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AMCAL Multi-Housing, Inc. ARA - Affordable Housing Baker Tilly Virchow Krause, LLP Bank of America Merrill Lynch BBVA Compass Berkadia Blazer Building Texas LLC BOK Financial Boston Financial Investment Mgt. Capital One Bank CBRE Affordable Housing CenterPoint Energy Centrant Community Capital CITI Community Capital City Real Estate Advisors, LLC Community Housing Resource Ptr., Inc. Coats Rose CohnReznick LLP Davis-Penn Mortgage Company Diamond Property Consultants, Inc. Dominium Inc. Element Architects Enterprise and Bellwether Enterprise Goodman Manufacturing Company, L.P. Gulf Loss Consultants, Inc. Housing Lab By BETCO Hudson Housing Capital Hunt Mortgage Group JLL Capital Markets Katopody LLC KeyBank Real Estate Capital Locke Lord LLP Monarch Private Capital National Church Residences National Equity Fund Nixon Peabody LLP Novogradac & Company LLP NRP Construction Overland Pacific & Cutle Palladium USA PNC Real Estate Portfolio Resident Services R4 Capital LLC Rainbow Housing Assistance Corporation Raymond James Tax Credit Funds RBC Capital Markets Redstone Equity Partners Regions Bank Richman Capital Southeast Texas Housing Finance Corp. Shackelford, Bowen, McKinley & Norton, LLP Sonoma Housing Advisors, LLC Stifel, Nicolaus & Company, Inc. SVN Affordable l Levental Realty Texas Department of Housing & Community Affairs Tidwell Group Wells Fargo Wilhoit Properties, Inc.

Michael J. Novogradac, CPA Novagradac & Company LLP Community Development Tax Credits

Executive Director Roger Arriaga Roger@taahp.org

John Shackelford Shackelford, Bowen, McKinley & Norton, LLP Income Averaging Kendra Garrett & Kyle Anderson TAAHP Housing Policy Research Interns 9 Months Later - Hurricane Harveyâ&#x20AC;&#x2122;s Impact

TAAHP Office Manage Katie Hooks Katie@taahp.org TAAHP Administrative Assistant Claire Closmann Claire@taahp.org Conference Director & Magazine Editor Kristi Sutterfiel ksutterfield@taahp.or Creative Design Bill Carson Design bc@bcdtexas.com

Photo courtesy of New Hope Housing Harrisburg

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Community Development Tax Credits: Damaged, but not Devastated MICHAEL J. NOVOGRADAC, CPA, NOVOGRADAC & COMPANY LLP

President Donald Trump’s signing of the Tax Cuts and Jobs Act Dec. 22 brought the year long drama concerning tax reform–and its effect on community development tax credits–to a conclusion, leaving community development advocates rejoicing in the survival of the low-income housing tax credit (LIHTC), private activity bonds (PABs), new markets tax credit (NMTC), historic rehabilitation tax credit (HTC) and renewable energy investment tax credit (ITC) and production tax credit (PTC), but also wounded as they assessed the damage done to these tools.

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he year began with optimism in many areas about possible expansion and compensating proposals, but ended with a fierce battle for survival The Republican legislation ultimately is more of a tax cut than tax reform, especially compared to comprehensive tax reform in 1986. As evidence, 1986 saw a change in the name of the tax code–from the 1954 Internal Revenue Code to the 1986 Internal Revenue Code–while the 2017 tax changes won’t necessitate such alterations. Now comes more work for those involved in the LIHTC, NMTC, HTC, ITC and PTC worlds, who must: Get into the trenches and assess and adjust to the many changes brought by the tax cuts and reforms. Help legislators craft the inevitable clean up legislation containing technical corrections. Work to expand and improve the tax credits in the wake of 2017. Here’s a look at where we stand after H.R.1 became law: OVERALL PICTURE The headline provision of the Tax Cuts and Jobs Act was a reduction in the top corporate tax rate from 35 percent to 21 percent and move to a territorial international tax system. The rate reduction–which went into effect Jan. 1–directly and adversely affects LIHTC equity pricing. Novogradac & Company estimates a roughly 14 percent reduction in the value generated as compared to a 35 percent corporate rate. Recent market pricing had been at about a 25 percent corporate rate, so going to 21 percent will lead to an additional 3 percent to 4 percent drop, all other things being equal. The other credits, HTC, NMTC, ITC and PTC, shouldn’t generally see dramatic pricing changes

solely as a result of the corporate tax rate reduction. The movement to a territorial international tax system brought with it a new tax, designed to limit the ability of multinational corporations to engage in inter-company transactions that erode the U.S. tax base, a tax that is aptly named the Base Erosion and Anti-abuse Tax (BEAT). The BEAT is an alternative tax calculation that generally starts with a corporation’s regular taxable income and adds back certain base erosion payments. The BEAT tax rate starts at 5-6 percent in 2018, then goes to 10-11 percent in 2019-2025, and to 12.5-13.5 percent in 2026 and beyond. Tax credit investments are generally limited in their ability to effectively reduce a corporation’s BEAT liability. But what is even worse is the calculation of BEAT can result in corporations permanently losing up to 20 percent of the benefit of their LIHTCs, ITCs an PTCs every year through 2026 and up to 100 percent after that. The NMTC and HTC are in a worse position, as investors could lose up to 100 percent of their value starting in 2018. The credits are lost because even though they may not generate a tax benefit, there is no carryforward. o add insult to injury, investors could also lose up to about 50 percent of the value of tax losses every year. As you can quickly discern, the BEAT is likely to lead many multinationals to reconsider investing in tax credits and potentially remarketing all or a portion of their existing tax credit investment portfolio. Two other central provisions in the tax reform legislation affecting tax credit investing relate to the calculation of taxable income. One provision limits interest expense deductions and the other allows asset expensing. There is now, generally, a limit on Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Comparison of Major Provisions Before, After Passage of Tax Cuts and Jobs Act

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business interest expense deduction: 30 percent of business adjustable taxable income, although real estate businesses can opt out. On the asset expensing side, the former 50 percent bonus depreciation provision that was being phased down is reset to 100 percent for new property investments from Sept. 27, 2017, through the end of 2022, then starting another phasedown. LIHTC Of all the tax credit provisions, the LIHTC (at least the 9 percent credit) was in the least danger of repeal, although it faced significant difficulties–particular when the House version of H.R. 1 included a repeal of the tax exemption for all PABs at the end of 2017. That threat caused shockwaves in the affordable housing world, prompting a report by Novogradac & Company LLP illustrating that the House provisions (including the lower corporate rate and other issues) would result in nearly 1 million fewer affordable housing units over the next decade. Fortunately, the Senate bill and final version of the legislation retained tax-e empt status for PABs without any changes, such as a limitation on carrying unused PAB cap forward. The biggest challenge to affordable housing is the fact that the lower corporate tax rate, combined with the effects of the BEAT on investor demand, will result in less affordable housing being built in the next few years. Expect a push for the Affordable Housing Credit Improvement Act–which includes a provision to increase the LIHTC allocation–to be launched to offset that decrease and a fix to the BE T. NMTC The House bill included a provision to repeal the NMTC after the 2017 round (which is scheduled to be awarded in the first quarter of 2018), but the fin legislation retained the 2018 and 2019 rounds of the NMTC, which were approved in the Protecting Americans from Tax Hikes (PATH) Act at the end of 2015. That means we’re exactly where we were before tax legislation was discussed: With $3.5 billion allocation rounds for 2018 and 2019. NMTC supporters must now push for an extension–hopefully permanent– for 2020 and beyond and a fix to the BE T. Community development did, in one bright light in the bill, receive a boost with the inclusion of the Investing in Opportunity Act in H.R. 1. That legislation was introduced in each of the past two sessions

of Congress by Rep. Pat Tiberi, R-Ohio, and Sen. Tim Scott, R-S.C., to allow investors to defer capital gains on investments benefitting low-income communitie that are eligible for the NMTC. Now it will complement the NMTC by encouraging the investment of private capital in economically distressed areas. HTC The House bill would have repealed both iterations of the HTC—the 20 percent credit for certified histo ic properties and 10 percent rehabilitation credit for non-historic properties placed in service before 1936–but the Senate version of the legislation carried the day in the final bill, albeit with two significant changes. Most importantly, the 20 percent HTC will now be claimed ratably over five years, rather than at th time the property is placed in service. That will have a minor, but meaningful, adverse effect on the present value of the credit. The other major change was the repeal of the non-historic credit for buildings placed in service before 1936. Again, expect those involved in historic preservation to push for the Historic Tax Credit Improvement Act, which has been introduced in each of the past two sessions of Congress, as well as guidance on a number of transition rule questions, elimination of the basis adjustment and a fix to the BE T. RETCs But for the BEAT, the ITC and PTC emerged surprising unscathed from tax reform. Both the House and Senate version of H.R. 1 included provisions that were seen as unfavorable to renewables–the House bill would have repealed the 10 percent ITC and reduced the PTC phasedown value, while extending the ITC for orphaned technologies; the Senate bill retained current provisions without extending the orphaned technologies. The Senate bill carried the day, meaning there is no extension for the orphaned technologies and the ITC and PTC phasedown remain in place.

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GOING FORWARD With a tax cut bill now enacted, tax credit advocates now have two major tasks, work through the existing changes as best they can, seek guidance and suggest technical corrections as needed; and get back to work to improve and expand the credits. The Affordable Housing Credit Improvement Act is still before Congress, as are the Historic Tax Credit Improvement Act and New Markets Tax Credit Improvement Act. Watch for them to become a focus again as a new year starts. Supporters of affordable housing, community development, historic rehabilitation and renewable energy should also continue their quest to remind legislators of the good done by their industries–not only in achieving their fundamental purposes, but in creating economic benefit to communities that need it Those looking for a way to get further involved should consider joining Novogradac’s working groups for the LIHTC, NMTC, ITC and PTC, and the Investing in Opportunity Act. Information is available on www. novoco.com. If there is a bright side to the tax reform battle–other than the fact that the major tax credits survived–it is in how the communities were energized and successfully advocated to Congress for the continuation of the tax credits. The tax reform battle of 2017 appears over, but the war to increase and improve the tools to create affordable housing, community development, historic preservation and renewable energy continues.H

UPDATES SINCE JANUARY 2018 Novogradac has continued to analyze the effects of the tax law enacted in December.Some of that analysis can be found on the Notes from Novogradac blog at www.novoco.com/blog: Observational Study Corroborates Lower LIHTC Unit Production Due to Lower Corporate Tax Rate Published by Michael Novogradac on January 24, 2018

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New Opportunity Zones Could be Used to Finance Rental Housing Published by John Sciarretti, Michael Novogradac, Peter Lawrence on February 23, 2018

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How Recent Tax Law Changes May Affect State LIHTCs Published by Kevin Wilson, Michael Novogradac on March 30, 2018

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More detailed analysis can be found in the 2018 Novogradac Tax Reform Resource Guide. Texas Housing Conference attendees can save 30 percent on the guide by using coupon code TAAHP18 at checkout at www.novoco.com/products.

Notice pursuant to IRS regulations: Any U.S. federal tax advice contained in this article is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties under the Internal Revenue Code; nor is any such advice intended to be used to support the promotion or marketing of a transaction. Any advice expressed in this article is limited to the federal tax issues addressed in it. Additional issues may exist outside the limited scope of any advice provided – any such advice does not consider or provide a conclusion with respect to any additional issues. Taxpayers contemplating undertaking a transaction should seek advice based on their particular circumstances. This editorial material is for informational purposes only and should not be construed otherwise. Advice and interpretation regarding property compliance or any other material covered in this article can only be obtained from your tax advisor. For further information visit www.novoco.com.

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Income Averaging: Is It Right For Your Project? by John Shackelford Shackelford, Bowen, McKinley & Norton, LLP

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hen Congress, who, by the way has an approval rating lower than every other industry represented at this yearâ&#x20AC;&#x2122;s TAAHP conference, does something to assist the affordable housing industry, we should all be thankful. The Consolidated Appropriations Act, 2018 (the Act), also known as the omnibus spending bill, passed earlier this year with two significant changes to the low-income housing tax credit (LIHTC) program. First, Congress created an income averaging set-aside for LIHTC properties. Second, it increased the amount of LIHTC volume cap by 12.5% over the next four years. The increase in the volume cap is indeed a blessing, but the impact of the new income averaging set-aside is, at best, dubious. The creation of the new income averaging set-aside for LIHTC properties should assist housing agencies (state and local) and developers with providing more affordable housing to a broader spectrum of low income persons and may improve the financial viability of some projects. At this time, however, the income averaging guidelines leave many unanswered questions about the complete implementation of this new set-aside and the Internal Revenue Service (IRS) has given scant guidance. The IRS needs to provide rules and regulations to address the many unanswered questions about implementation of the new income averaging set-aside, but it is my understanding we should not anticipate seeing any such guidance anytime soon. The income averaging may be a wonderful election for your project but anyone considering electing the income averaging set-aside should be cognizant of several issues. Although accounting firms and other organizations have commented on and provided infor-

mation regarding income averaging and TDHCA held a roundtable discussion in May regarding this issue, I thought the subject deserved attention at the TAAHP conference for those with a view of utilizing income averaging on projects allocated tax credits last year or in the future. This article will give a light touch to some of the provisions of the income averaging setaside and will also touch on its application by TDHCA to projects that were awarded credits last year or will be allocated credits this year. Before starting down the road of electing the income averaging set-aside, I suggest you contact a knowledgeable professional. The Act makes it possible for units to qualify as low-income even if some of the tenants have income as high as 80% of an area median income (AMI), provided the overall average income of the tenants in the project does not exceed 60% of the AMI. This therefore allows LIHTC projects to serve a significantly greater range of tenants. As we all know, there were two previously existing minimum set-aside elections, the 40 at 60 and the 20 at 50, but the Act now permanently permits a third minimum set-aside election for new LIHTC developments provided the owners electing income averaging commit to have at least 40% of the units in their project be afford-

able to eligible tenants. Also, it is important to note that no low-income unit tenants may exceed 80% of AMI. An owner of a LIHTC project electing the income averaging setaside must designate units at any of the following percentages: 20, 30, 40, 50, 60, 70 or 80, so long as all of the low-income units taken together average out to not more than 60%. The income averaging election is not available to those properties that have already made their minimum set-aside election on IRS Form 8609. This election is irrevocable and therefore is not available to any existing projects that have already made its minimum set-aside election. At the federal level, a developer may make an income averaging election for properties that have already been awarded or allocated tax credits but that have not yet made the minimum set-aside election by filing Form 8609. This would apply to awards or allocations received in 2017 and those awards and allocations received this year. A strong note of caution on this issue. Although permitted at the federal level, a developer would have to obtain TDHCA Board approval to make the income averaging election because it is a material amendment to the developerâ&#x20AC;&#x2122;s application for tax credits in either the 2017 or 2018 LIHTC program years. Furthermore, this would also trigger for

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TDHCA an additional underwriting review of the transaction by TDHCA’s Real Estate Analysis Department. Two final cautionary notes of great importance is that the TDHCA Board may deny a developer’s material amendment request and the TDHCA Board in this situation is empowered to rescind its decision to allocate credits to such developer. In essence, the developer may lose that which he or she already has. With many of the properties in Texas and elsewhere coming up on year 15 or have gone past year 15 and are now subject to the extended use period, some may ask if they can switch to income averaging during the extended use period rather than the minimum set-aside governing them during the initial compliance period. The answer to this question is no, they may not, because Section 42(h)(6)(B)(i) does not permit the applicable fraction to be changed from what was originally designated in the extended use agreement. With many developers across the state applying for 4% credits, the question arises whether a developer of a 4% LIHTC project can utilize the income averaging set-aside. It appears, however, that developers may not avail themselves of the new set-aside. Although the Act modified §42 of the Internal Revenue Code (IRC) to permit income averaging, it failed to modify §142 of the IRC regarding rules pertaining to exempt facility bonds in a manner that would permit a developer to utilize the income averaging set-aside. A benefit of electing the low-income averaging set-aside is that there is no requirement for bedroom or other unit features to be equal among all of the low-income units. For example, it doesn’t matter that units designated 80% units are four bedroom units while the 50% and 30% units are one bedroom, two bedroom or three bedroom units. Size, in this instance, does not matter. The Act makes changes to the “next available unit” rule if the developer elects the income averaging set-aside. One of the more thorny

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issues will be applying the “next available unit” rule when a tenant goes “over income”. The new rules are somewhat complex and there is not enough space in this article to devote significant attention to those requirements so it is strongly suggested that you consult with a professional about how the changes to the “next available unit” rule would impact your situation. In general, however, the changes to this rule provides that a unit is “over income” if the tenant’s income exceeds 140% of the greater of 60% of AMI or the designated limit applicable to the unit and it effectively requires that the next available unit of comparable or smaller size be rented to either (i) a tenant whose income does not exceed the designated limit applicable to the new unit, if it was previously a low-income unit, or (ii) a tenant at an income level that would not cause a violation of the 60% average if the new unit had not previously been a low-income unit. What did I just say? I said that the requirements are complex and confusing and it is strongly suggested you consult with someone knowledgeable in the specific requirements of how the “next available unit” rule will be applied to an income averaging set-aside project. As noted above regarding the complexity of the “next available unit” rules, management companies of projects electing the low-income averaging set-aside must have their personnel well trained to make sure that the project does not run afoul of applicable compliance rules and property owners possibly incur adverse repercussions from TDHCA. Another consideration is fair housing. Fair housing concerns may arise if the project will have 20% units. A developer must be cognizant that if there is a concentration of 20% units in a project that fair housing violations may occur. At the state level, TDHCA will later this year give additional guidance on the income averaging set-aside and provide rules for the new set-aside in next year’s QAP.

In conclusion, Congress threw us in the LIHTC industry a bone for which we should be thankful, but the new income averaging set-aside is a buyerâ&#x20AC;&#x2122;s beware proposition. With that said, the two provisions of the Act which apply to the LIHTC industry will hopefully benefit society in general by causing additional affordable housing units to be constructed across the country, causing developments to be more financially viable and making possible deeper income designations.

John Shackelford Shackelford, Bowen, McKinley & Norton, LLP 9201 N. Central Expressway, Fourth Floor Dallas, TX 75231 214-780-1400

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9 MONTHS LATER - HURRICANE HARVEY’S IMPACT:

RESILIENCE & OPPORTUNITY

By: Kendra Garrett & Kyle Anderson Summer 2018 TAAHP Housing Policy Researchers

In the days leading up to what became the U.S.’s second most devastating hurricane, tropical depression Harvey was being watched with a keen eye by many. Texans are not strangers to severe weather, be it scorching summer heat, torrential spring flooding, or the unpredictability of the annual hurricane season. Every June to October is the time of the year where we swap southern hospitality for crankiness, cursing the relentless sun, and begin speculating as to what this year’s hurricane season might bring. While it is not unusual to forget just how hot it gets by late July, Texans rarely forget about (and often rely on) the storms brought on as summer begins to wane. It is important to remember how powerful these storms can be and how much damage is possible. In August of 2017 these expectations were no different but were greatly exceeded. Escalating rapidly from tropic depression to Category 4 Hurricane, Harvey brought unprecedented rainfall that caused severe flash flooding, overloading local waterways for four consecutive days. By hour 12, the amount of rainfall ranged between a 1% event (100-year flood) and a .02% event (500 year flood), with many areas seeing even greater quantities of rainfall. Harris County alone was inundated by 1 trillion gallons of rainfall, which is enough water to run Niagara Falls for 15 days, according to the Harris County Flood Control District (HCFCD). HCFCD has further reported that the severity of Harvey’s relentless downpour over a 4-day period surpassed 17 of 18 state historical storm records. The amount of rain and the amount of space covered was more significant than any other storm experienced in the US on record. The repercussions of such intense prolonged rainfall were felt immediately by scores of local residents and property owners. The damage caused by Hurricane Harvey is estimated at approximately $125 billion, second only to Hurricane Katrina and dwarfing previous U.S. hurricanes, reported by Jeff Lindner of the HCFCD. Hurricane Harvey caused profound loss of life and home, with an estimated 68 deaths statewide and with approximately 155,000 homes and up to 15,000 rental units flooded/damaged in Harris County alone, reported by Lindner. The after-effects of Harvey will continue to impact how we consider the resiliency of our cities and the way we collectively prevent, react to, and recover from wide-scale disaster. As part of the collective effort to recover and further strengthen the resiliency of the area, local developers and organizations can help by pursuing disaster relief funding and disaster-related housing opportunities for long-term pursuit of community revitalization.

HURRICANE HARVEY IMPACT 4.7 million people impacted Estimated 68 deaths across Texas, 36 in Harris County Over 60,000 residents rescued by government resources Additional tens of thousands rescued by local civilian resources Approx. 155,000 homes flooded in Harris County Estimated 5,000-15,000 rental units flooded Over 300,000 vehicles flooded Source: Harris County Flood Control District

U.S. COSTLIEST HURRICANES Storm

Damage

Year Category

Katrina $160,000,000,000

2005 3

Harvey $125,000,000,000

2017 4

Sandy

$70,200,000,000

2012

Irma

$50,000,000,000

2017 4

Andrew $47,790,000,000

1992 5

Source: Harris County Flood Control District

Photo: David J. Phillip, AP (Houston Chronicle)

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THE ROAD TO HARVEY RECOVERY FUNDS As local, state, and national organizations continue to work towards establishing a foundation for substantive recovery, their efforts were not without complication. More than 890,000 families applied for FEMA disaster relief aid in the months following Harvey, according to Brian Formby of the Texas Tribune. During this same time, donations of approximately $123.7 million came from private sources funneled through the J.J. Watt Foundation and Rebuild Texas Fund, detailed by Morgan Smith of the Texas Tribune, in addition to aid from FEMA. While FEMA and private funding helped address immediate needs, neither source was designed for nor intended to facilitate long-term recovery. In response to strained funding availability, local governmental representatives and community organizations have remained steadfast in their call for greater Federal assistance to fund necessary recovery efforts. This sentiment clearly resonates with Houston Mayor Sylvester Turner, whose words welcome visitors to the City of Houston’s Post-Harvey public information website: “By itself, Harvey represents the largest housing disaster in American history, and we cannot effectively recover without federal support… Houston has come to the aid of other Gulf Coast communities in their time of need and represents an essential hub for American energy, medical treatment, shipping, aerospace, and trade. Working with our Congressional delegation, we need the federal government to come to our aide to help build a more resilient city that has learned the lessons of Harvey.” The resounding call for federal assistance by area officials and community organizations did not fall on deaf ears. As a collaboration of Texas legislators from both parties spearheaded Congressional approval for a series of relief finance efforts, the Department of Housing and Urban Affairs authorized two installments of relief aid specifically for Texas, each around $5 billion, in November 2017 and April 2018. This money will be administered through the Texas General Land Office (GLO), which is managing Harvey housing recovery, according to the Houston Chronicle. These funds for hurricane recovery and mitigation projects will be dispersed over the next six years. The total funding allocated for Hurricane Harvey Recovery efforts to date for the state of Texas is a little more than $10 billion dollars. In comparison, the federal funding for Hurricane Katrina recovery efforts was roughly $115 billion dollars, reported by Ryan Struyk of CNN.

OPPORTUNITY IN POST HARVEY RE-BUILDING Federal funds will be distributed in the form of Community Development Block Grants (CDBG). The $5 billion will be used for homeowner and rental assistance and local infrastructure planning and revitalization, stated in the GLO’s State of Texas Plan for Disaster Recovery: Hurricane Harvey, Round 1, (see Plan Allocation Budget breakdown). The Round 2 funding plan will be determined in the near future. State of Texas Action Plan: Hurricane Harvey Recovery (Round 1) Plan Allocation Budget I. City of Houston & Harris County_Direct Allocation $2,270,506,080 II. Housing Recovery $1,823,844,297 • Homeowner Assistance Program $1,048,011,316 • Local Buyout/Acquisition Program $275,620,892 $100,000,000 • Homeowner Reimbursement Program • Homelessness Prevention Program $50,000,000 • Affordable Rental Program $250,000,000 • PREPS Program $72,675,000 • State Project Delivery $27,537,089 III. State Infrastructure $540,968,427 IV. State Planning & Administration $388,896,196 Total Budget

$5,024,215,000

According to Christina Rosales of Texas Housers, in the past, FEMA aid typically favors homeowners, leaving rental tenants and property owners without assistance to rebuild after disaster strikes. This leaves a precarious gap in coverage, as damage to rental properties was no less severe. Focusing on the Affordable Rental Program, the state will provide $250 million for “rehabilitation, reconstruction, and new construction of affordable multi-family housing projects in areas impacted by Hurricane Harvey” per GLO State Action Plan. The CDBG allocated funds specifically target construction efforts for extremely low-income renters in high opportunity zones. The Texas Gulf Coast: Harvey Impact map shows the quantity of Harvey-damaged rental homes across the FEMA emergency designated counties. The map also displays the HUD Qualified Census Tracts (QCTs) and Difficult Development Areas (DDAs), shaded in yellow and green (with damaged rental properties represented in pink). Locating affordable housing projects in these areas can offer residential developers additional competitive advantages toward acquiring Low-Income Housing Tax Credits (LIHTC), which helps to mitigate affordable housing development costs

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Created By: Kyle Anderson

According to the US Census Bureau’s American Community Survey 5-year estimates, residents living in the shaded areas typically have incomes less than 60% of the Area Median Household Income (AMHI) or around $37,000 for the Houston MSA. Many of the residents living in these areas are the same emergency responders who were vital in lessening the impact of such a severe event. The first round of funding provides the opportunity for not only new development but also rehabilitation of damaged homes. Construction of more affordable housing units in Harvey affected/LIHTC competitive areas could provide developers up to a 30% boost in housing project viability when bidding for the competitive 9% or non-competitive 4% tax credits. When a natural disaster strikes, the resulting confusion, chaos, and tragedy may often feel out of the control for all affected. It is the job of the housing community to show that in recovery, we can do better. Both public and private businesses as well as local organizations can partner together to help provide more affordable permanent housing and rebuild a more equitable city. LOCAL VOICE IN COMMUNITY RECOVERY Of the first allocation of $5 billion, the City of Houston and Harris County will each receive over $1 billion, with the remaining 26

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funds distributed to the remaining affected counties. Houston is the only affected area that will administer its own housing recovery program. “We’re thrilled with the response by the state […]. This is an opportunity to think big. This is an opportunity to ask questions about the kind of city we want to be moving forward, and to have the resources to make those changes,” Houston Housing Director Tom McCasland said. Local knowledge and experiences helping to guide disaster recovery efforts are exactly what is in need. Non-profit organizations like Texas Housers and West Street Recovery are on the ground level listening to and assisting residents to navigate complex administrative systems to find the program or policy that would best serve each individual or family. Inconsistent responses to questions about required documentation and long wait times or delays to access funding are a common experience for communities across the area. In addition, residents with existing damage from past hurricanes such as Ike or Rita are facing barriers to funding from FEMA and local organizations. These concerns are consistent with views articulated by both Texas Housers and West Street Recovery. As expressed by Ben Hirsch of West Street Recovery, “Everyone deserves a dignified home.” Consistent coordination and clear communication would greatly help struggling residents navigate these systems.

Photo: iStock

In a May 2018 GLO press release, the Houston Housing and Community Development Department noted they will be partnering with community groups on a series of upcoming public outreach meetings to garner input from residents about longterm housing recovery and priorities for rebuilding Houston. “Our goal from the beginning, and to this day, remains to get families back into their homes as quickly as possible, and the State of Texas will continue to be relentless in our efforts until that goal is achieved,” said Governor Greg Abbott in a press release from GLO.

technology not previously available in similar scale disasters, such as Facebook and Twitter, citizens covered ground that governmental actors could not, facing disaster with a classic “can do” Texas attitude. In the words of Houston Police Captain Yasar Bashir, “We can’t do it all. It’s because of the citizens that we were able to get everyone out.” Approaching the one year anniversary of Harvey, the tireless hard work of Texas families still struggling to recover continues. Recovery takes years. Also, it requires making assistance a priority from all available resources.

THE RESILIENT SPIRIT OF TEXAS The work done by public and private responders, as well as a slew of dedicated Texans from around the area, was remarkable. Federal agencies charged with response deployed over 30,000 personnel, resulting in the rescue of over 20,000 people and 1,621 pets. Within 9 days, these teams helped deliver 5.1 million meals, 4.5 million liters of water, and 20,000 tarps, according to the GLO. FEMA was joined by the American Red Cross and over 300 service-based organizations to bolster the response and assistance to over 100,000 people. Perhaps the most remarkable response to Hurricane Harvey was the role played by Texans from across the state. After Harvey pursued its course of devastation across the south Texas coast, social media brought glimmers of hope and compassion as people around the world watched Texas sized trucks and private boats, operated by private citizens, pull stranded motorists out of torrentially flooding waters. Aided by

“With the legislative session approaching, everything related to Harvey must be an emergency item. The road to recovery for our constituents has been long and tenuous and we must do everything we can to expedite the process so that they can rebuild their homes and get on with their lives.” Texas Representative Carol Alvarado Chairwoman of the Urban Affairs Committee From high ranking officials to residential developers to local organizations and volunteers, collaboration is key for proper longterm recovery. In doing our part, the role of residential development is vital to these efforts, whether that be through rehabilitation of existing stock or new construction of high quality disaster resilient housing. Coupled with the right funded opportunities, we can help to support Texans as they work toward normalcy. Real change is within our reach and we are up for the job. How do we know this? Because we will continue to be TEXAS STRONG. Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

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SpotLight Stories W H A T

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D O

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We are pleased to share ten SpotLight Stories with you in the 2018 Texas Affordable Housing

Magazine. TAAHPâ&#x20AC;&#x2122;s members are working harder than ever to provide our senior citizens, single persons, young married couples, returning military personnel and families with communities that are designed to enhance their quality of life. Each community selected to be featured offers something unique to the residents that they serve. There is a community that features single room occupancy with retail located on the rail line and the other stories will share vital information on mixed income housing for families, senior communities and housing for our nationâ&#x20AC;&#x2122;s veterans. Social services and activities continue to be a key part of each of these communities and you will be impressed with the amenities that our members are offering. Libraries, picnic areas, business centers, dog parks, playgrounds, catering kitchens and walking trails are highlighted in several of the featured communities this year. The social services provided continue to make a significant impact The people who need and qualify for the affordable housing programs often need help with financia management, legal assistance, and nutritional classes. Social activities make up a large component of meeting the needs of the people affordable housing programs serve. Many of the communities featured offer weekly exercise classes, monthly pot luck dinners, writing classes, movie nights, arts & crafts and childrenâ&#x20AC;&#x2122;s activities. Every day for-profit and non-profit builders and developers give their time, talent and resources to build or renovate quality affordable housing for Texans with limited incomes and special needs. I would like to take this opportunity to thank the TAAHP members who shared their stories in this edition of the 2018 Texas Affordable Housing Magazine. Welcome to the Texas Housing Conference and to Austin, Texas. We are glad you are here.

Warm regards, Kristi Sutterfiel Editor, Texas Affordable Housing Magazine

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Proud to Support TAAHP RBC Capital Markets raised more than $914 million in tax credit equity and senior managed over $3.7 billion in single and multifamily housing bonds in 2017. As one of the nation’s largest syndicators, we are proud to support TAAHP and are grateful for their partnership in advocating for aﬀordable housing throughout the State of Texas.

Aldrich 51 Austin, Texas DMA Development Company, LLC

Dan Kierce Tax Credit Equity daniel.kierce@rbccm.com

Helen Feinberg Bond Underwriting helen.feinberg@rbccm.com

rbccm.com/tceg | rbccm.com/housingﬁnancegroup Source: Thomson Financial. 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 2018. All rights reserved.

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Aldrich 51 residents must have incomes that are not more than 60% of the Area Median Income (“AMI”) for the Austin Metropolitan Statistical Area.

Aldrich 51 2604 Aldrich Street Austin, TX 78723 Property Description: Aldrich 51 is a “Workforce Housing” development, which serves predominately working families and individuals, many of whom are employed at nearby service and retail establishments in the Mueller area. The community is the first of its kind in Muelle , the city’s former 100 acre airport site which has transformed into a mixed-use development featuring affordable housing options, green space and many employment opportunities. Aldrich 51 is two blocks from the new 83,000 square foot HEB Supermarket that serves as the anchor of the Market District and, as such, has attracted other new retail and commercial establishments to that area. Additional existing regional retail is located four blocks west of the site including major national retailers - Home Depot, Bed Bath & Beyond, Old Navy, and several chain restaurants and cafes, including Starbucks and Jamba Juice. The Alamo Draft House Movie Theater is just three blocks to the south. According to recent data, the addition of 240 units in the Austin area is a small step in the right direction to fill a need for 60,000 units in the next decade that ar affordable to those making at or below $65,000. Of the 240 units, 204 have affordable rents ranging from $427 for a studio to $1,270 for a three-bedroom apartment and 36 have market rents. Income qualifie

This beautiful new community features an array of amenities including a community center with party kitchen, swimming pool, media room, computer station, onsite laundry facility, training room, coffee lounge, fitness cente , and a parking garage with bicycle parking. In addition, residents can take a short walk to work, to nearby parks, or to many service and retail establishments within the Mueller development. Apartment homes feature 9’ ceilings, a full appliance package, washer/dryer hookups, and ceiling fans. Each unit is also equipped with energy efficient features Financing for Aldrich 51 utilizes the 4% Housing Tax Credit, along with private activity bonds issued by the Austin Housing Finance Corporation. Total project costs are $41.3M. RBC Capital provided $10.6M in equity for the purchase of the tax credits and Boston Capital Finance provided a permanent mortgage of $23.5M. Additionally, JP Morgan Chase provided $23.2M in construction loan financing, and a $6.5M bridge loan Finally, the City of Austin contributed $4,000,000 through its GO Bond initiative and Community Development Block Grants Programs. Type of funding: Multifamily Housing Revenue Bonds and 4% Tax Credits. Number of units and composition: Of the 240 units, 204 have affordable rents and 36 have market rents. 18 units with rents affordable to persons at 30% AMI levels 47 units with rents affordable to persons at 50% AMI levels 139 units with rents affordable to persons at 60% AMI levels 36 units with market rents Resident profiles Aldrich 51 is a workforce housing community, serving all ages

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Aldrich 51 Developers: The Co-Developers are DMA Development Company, LLC and AHFC Aldrich 51 Non-Profi Corporation (an affiliate of Austin Housing Financ Corporation). Syndicator: RBC Capital Markets Lender names: JPMorgan Chase and Boston Capital Finance, LLC Architect: Nelsen Partners, Inc. General Contractor: Carleton Construction, Ltd. List of on-site amenities: Community Center with Party Kitchen Swimming Pool Media Room Computer Station Onsite Laundry Facilities Training/Conference Room Coffee Lounge Fitness Center Secured Bike Storage Parking Garage Support Services: Camile Pahwa Scholarship eligibility Social and educational activities Computer training programs Financial planning Green initiative: All units feature EnergyStar appliances and fixtures These include ceiling fans, lighting fixtures, dishwas ers, disposals, refrigerators, and hot water heaters. Healthy finish materials were used during constructio including paints, stains, adhesives, and sealants consistent with the Green Seal 11 standard. The property also installed water conserving fixtures, and take advantage of passive heating/cooling design features. Aldrich 51 will be LEED certified Special Design Features: Aldrich 51 features market-rate and affordable rental apartments, as well as ground-floor retail space. Th affordable units are indistinguishable from market-rate units. Each floorplan features, 9’ foot ceilings, E ERGY STAR appliances, washer/dryer connections,

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and walk-in closets. The property also includes ADA accessible units. The beautiful architecture and design, in addition to the design guidelines set forth by the Mueller Master Development, offer a unique appeal to the surrounding neighborhood. The property also features green standards based on the Austin SMART Housing Policy, and standards set in place by the “green urbanism” that Mueller embraces. Contact Information: Lisa Zaiontz Director of Marketing and Communications DMA Companies 4101 Parkstone Heights Drive, Austin, TX 78746 (512) 328-3232 lisaz@dmacompanies.com

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Altura Heights Altura Heights 4911 W Airport Boulevard Houston, TX 77085 Property Description: Altura Heights is a mixed-income housing community, with 124 apartment homes. Community Assets within a 1 mile radius include public transportation, convenience/gas stations, grocery stores, schools, churches, doctor and dental offices, fitness facilities, and park Altura Heights consists of 10 residential buildings— multi-story and townhomes—and a large clubhouse with resident amenities, supportive services, leasing and management offices. There are 48 one-bedroo apartments, 52 two-bedroom apartments, and 12 three-bedroom apartments, with a variety of floo plans to choose from. Of the 124 apartment homes, 105 have rents structured to be affordable to persons with incomes at or below 60% of the Area Median Income for Harris County, TX. These rents range from $402 for a onebedroom apartment to $1,116 for a three-bedroom apartment. 19 units are offered at market-rate. This beautiful new community includes an array of amenities including a community room with kitchen, coffee bar, business center, children’s activity center, fitness cente , children’s playscape, swimming pool, dog park, and an onsite laundry facility. There are also carports attached to most townhomes. Apartment homes feature 9’ ceilings, a full appliance package, energy star appliances, ceiling fans, window coverings, walk-in closets, balconies or porches, and washer/dryer connections. Development services were provided by DMA Development Company, LLC in conjunction with Houston Area Urban Community Development Corporation. Financing was provided by RedStone Equity Partners, Capital One Bank, Houston Housing Finance Corporation, and Texas Department of Housing & Community Affairs utilizing the Housing Tax Credit and Tax Credit Assistance Programs. The infusion of equity from the Housing Tax Credit program ensures that the property has a relatively low mortgage, allowing the development to charge rents that are affordable to persons with incomes at or below 60% of the Area Median Income.

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Type of funding: 9% Housing Tax Credits and Multifamily Direct Loan Number of units and composition: 124 total units with 105 having rents structured to be affordable to persons with income levels at or below 60% of the area median income. 11 units with rents affordable to persons at 30% AMI levels 42 units with rents affordable to persons at 50% AMI levels 52 units with rents affordable to persons at 60% AMI levels 19 units with market rents Resident profiles: Altura Heights is a workforce housing community, serving all ages. Developer: The Co-Developers are DMA Development Company, LLC and the Houston Area Urban Development Corporation. Syndicator: RedStone Equity Partners

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Lender name: Capital One Bank Architect: BGO Architects General Contractor: Blazer Building Texas List of on-site amenities: Community center with party kitchen Business center Coffee and internet bar Children’s activity room Fitness Center Children’s playscape Swimming pool Dog Park On-site laundry facilities

Green initiative: All units feature EnergyStar appliances and fixtures These include ceiling fans, lighting fixtures, dishwas ers, disposals, refrigerators, and hot water heaters. Healthy finish materials were used during constructio including paints, stains, adhesives, and sealants consistent with the Green Seal 11 standard. The property also installed water conserving fixtures, and take advantage of passive heating/cooling design features.

Support Services: Camile Pahwa Scholarship eligibility Educational and workforce activities Youth programs Information & Referral

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Altura Heights Special Design Features: Altura Heights has a contemporary spin on your traditional style architecture to seamlessly blend with the surrounding neighborhoods. The mix of townhomes in the complex gives a community feel where residents can meet their neighbors on the front porch every morning and evening. These 124 apartments are provided with every amenity imaginable at an affordable price for its residents, prioritizing quality of living over cost and in a community where people feel at home. Contact Information: Lisa Zaiontz Director of Marketing and Communications DMA Companies 4101 Parkstone Heights Drive, Austin, TX 78746 (512) 328-3232 lisaz@dmacompanies.com

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Mission Village of Pecos ceilings in living and bedrooms, self-cleaning ovens, storage room, 30-year shingle roofing, covered pati and surface parking. Type of Funding: HOME and federal tax credits

Mission Village of Pecos 1604 Washington, Pecos, TX 79772 Description of property: The site is in an established portion of west Pecos near the Pecos High School. Surrounding land uses include single-family homes, commercial buildings, sports courts, a self storage facility and a high school. The site is in a residential portion of Pecos. The predominant surrounding land use is single-family homes which will positively impact the site. The adjacent high school will also help marketability for families with children. The site is close to South Eddy Street which provides access to restaurants and retail shopping. Overall, the surrounding land uses will have a positive effect on the marketability of the site. Mission Village of Pecos is the first affordable pro ect since 2006 in Pecos, Texas. This property satisfie the high need for this type of housing due to elevated housing costs and lack of newly constructed housing in that area. The property serves family living with 1, 2, 3 bedroom units. The property has a community laundry room, a fully furnished fitness cente , a business center equipped with computers, a covered community patio and a fully furnished community room. The property boasts a variety of native trees and plants to allow for summer shade, water-conserving fixtures, fully-shaded H AC condenser units and daylight sensors on all exterior lighting. Each single-story, cottage style unit unit boasts covered entries, nine-foot

Number of Units and Composition: The project involved the new construction of the 60-unit general occupancy/family style housing. The project was developed using Low-Income Housing Tax Credit (LIHTC) financing and target households wit incomes of up to 30%, 50% and 60% of Area Median Household Income (AMHI). Eleven market-rate units are offered at the property. The unit includes eight (8) one-bedroom units, 30 two-bedroom units and 22 three-bedroom units in single-story duplex structures. The proposed Tax Credit collected rents range from $224 to $474 for one-bedroom units, $263 to $638 for two-bedroom units and $324 to $733 for three-bedroom units. The market-rate rents are $589, $689 and $789 for one-, two- and three-bedroom units respectively. Resident Profiles The residents are young, hard working families that have a vested interest in their home and lifestyle. Developer: Commonwealth Development Corporation PO Box 1658, Fond du Lac, WI 54936-1658 Syndicator: Redstone Equity Partners, info@redstoneequity.com Lender Names: Lancaster Pollard Mortgage Company 65 East State St, Columbus, OH 43215 Architects: Excel Engineering, Inc. 100 Camelot Dr, Fond du Lac, WI 54935

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Mission Village of Pecos List of On-Site Amenities Club House Community Room Covered Community Patio Business Learning Center Fitness Room Laundry Room List of In-Unit Amenities Covered Entry Range and Microwave Oven Refrigerator Garbage Disposal Dishwasher Covered Patio Carpet Central Air Conditioning Window Blinds Nine-Foot Ceilings with Ceiling Fan Washer/Dryer Hookups High Speed Internet List of Support Services Offered: 2 resident social activities per month Arts & Crafts Fitness classes Onsite Notary Resident Chore Participation Quarterly Financial Planning Courses Annual Health Fair Quarterly Health and Nutritional Courses Annual Income Tax Preparation Green Initiative: Energy star appliances Dishwasher Refrigerator Low Flow Faucets Special Design Features: Cottage style Side by Side, Single Level 15 buildings of 60 units Contact Information: Craig Alter 11612 Bee Caves Road, Bldg. 2, STE 152 Austin, TX 78738 c.alter@commonwealthco.net, 512-956-5432

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New Hope Housing Harrisburg New Hope Housing Harrisburg 3315 Harrisburg Boulevard Houston, TX 77003 Property Description: NHH Harrisburg offers 175 permanent, affordable, single room occupancy (SRO) apartments for vulnerable individuals plus 5,000 SF of community space for life enhancing programs. As New Hope Housing’s firs mixed-use development, it also includes 4,000 SF of retail space on the rail line and 7,000 SF of commercial office space. Underscoring their mission, they ar relocating New Hope’s corporate headquarters to this property. This is their fourth LEED certified, energy-ef cient ‘green’ housing community. Located in Houston’s historic East End on the METRO light rail, Harrisburg is situated in a near-downtown residential neighborhood with access to employment opportunities and social services. Living here will afford residents wide-open connections to all parts of the city via the rail line just outside. The East End is a cultural district with rich Hispanic traditions and is one of the city’s most connected neighborhoods to miles of rail, trails and bus routes. The creation of a sense of place through art and nature is an integral part of their award-winning approach to affordable housing. Type of funding: Low Income Housing Tax Credits, City of Houston Homeless and Housing Consolidated Bond Program, Houston Baseball Partners, LLC, Federal Home Loan Bank of San Francisco, TDHCA Tax Credit Assistance Program, and private grants from foundations and corporations. Number of units and composition: 175 fully-furnished efficiency units including a microwave and refrigerato , and a private tiled bath; tax credit units Resident profiles New Hope Housing Harrisburg is a single room occupancy (SRO) development. New Hope Housing’s Harrisburg property serves individuals living alone on limited incomes. Residents include veterans, the elderly, the chronically ill, people

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with cognitive and physical impairments, those overcoming substance abuse, the working poor, and the formerly homeless. Developer: New Hope Housing, Inc. Syndicator: National Equity Fund, Inc. Lender: BBVA Compass Bank Architect: Ernesto L. Maldonado, AIA with GSMA, Inc. List of on-site amenities: 24/7 Front desk coverage Business Center Social Service Engagement Room Library Theatre/Dining Room Community Kitchen Coin-operated washer/dryer facilities Service coordinator offices for on-site cas management Central courtyard with outdoor seating

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New Hope Housing Harrisburg List of support services offered: Case management Information and referral services Emergency financial suppor Life-skills training including financial management legal assistance, and health and nutrition classes; and, recreational and social activities Green initiative: LEED for Homes Gold Certifie Special design features: Curved building faรงade designed to create a softer, more elegant approach as you drive along Harrisburg, avoids the harshness of a straight-lined building; open breezeway corridors; unique community spaces designed to reduce isolation and meet resident needs. Building designed with many different finishes o it to match the different uses that the building has. The retail is clad in a metal finish, and the offices a resident spaces are represented by a curved purple

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swath facing Harrisburg. The resident spaces are wrapped in green colors. Retail with Harrisburg frontage is designed to help activate the streetscape; goal to spur new development in a rapidly gentrifying neighborhood and increase ridership on the rail line. Unique building colors that pull from the rich Hispanic traditions of the East End. The purple denotes shared common spaces; the green represents apartment living spaces while the gray positions the offic spaces. Includes public art component, with a Mini Mural on the City of Houston utility box. It is an exciting project as it allowed us to replace, enlarge and improve on our first project from 20 year ago on Hamilton Street. Contact information: Joy Horak-Brown, President and CEO joy@newhopehousing.com

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Prairie Gardens Prairie Gardens 2109 N. 6th Street, Abilene, Texas 79603 Property Description: Prairie Gardens is a 48 unit affordable housing community for low-income senior households located in Abilene, Texas. The development was made possible through a partnership between the Abilene Housing Authority and DMA Development Company. Through the competitive process of submitting an application in the 2014 9% Tax Credit round, Prairie Gardens managed to secure a spot to build this beautiful property: a two story “manor house” located in the front of the property, with eight garden style cottages with private patios and covered parking areas accompanying each unit, aligning the back of the complex. The units feature energy efficient appliances, fans and lights walk-in closets and washer/dryer hook up locations in each unit. The Prairie Gardens “manor house” offers a spacious community room with a party kitchen, a furnished library and TV room, a movie theater room with theater seating, a fully equipped senior friendly fitnes center, a communal laundry facility, and a business center with access to computers for using the internet. A landscaped courtyard area with a beautiful pergola and plenty of seating are provided for the residents to visit and enjoy outside activities. Number of Units and Composition: Of the 48 units, 45 have rents structured to be affordable to persons with income levels at or below 60% of the area median income. Nineteen of the 45 units have a Project Based Voucher through the housing authority’s Housing Choice Voucher program. 10 units with rents affordable to persons at 30% AMI levels 9 units with rents affordable to persons at 50% AMI levels 26 units with rents affordable to persons at 60% AMI levels 3 units with market rents Resident Profiles Prairie Gardens residents must have a head of household of at least 62 years of age. Developers: Abilene Housing Authority and DMA Development Company, LLC.

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Syndicator: National Equity Fund (NEF) Construction Lender: JPMorgan Chase Bank Permanent Lender: Bellwether Enterprise Architect: Beeler Guest Owens (BGO) Architects List of On-Site Amenities: Prairie Gardens features a two-story “manor house” at the front of the property featuring a community room with a party kitchen, a library, a movie theater with theater seating, a business center where residents can utilize computers, an equipped fitness center and a covered patio wit pergola. Additionally, Prairie Gardens is within a short distance to a grocery store, pharmacy, senior center, and fire and police station List of Support Services Provided: One of the factors that makes Prairie Gardens so great for the senior residents is the way the residents have come together, acting as one big extended family. Aside from the planned activities, they continually enjoy each other’s company on the patio and under the pergola, playing dominoes and having coffee and informal “get togethers.” Some of the additional services and programs offered includes, weekly exercise classes, monthly potlucks, movie nights, bingo, arts and crafts and various health screenings and services. Green Initiative: All units feature E-Star appliances and water heaters. These include ceiling fans, lighting fixtures, dishwashers, disposals and refrigerators. Th property uses WaterSense (low flow) toilets, kitchen bath faucets and shower heads. To go one step further with the green initiative, the complex includes beautiful native plantings, Green Seal 11 paint, stain and sealants and Healthy VOC finish materials

AFFORDABLE HOUSING IS OUR MISSION AND

WE’RE IN IT FOR GOOD. For 35 years, we’ve had just one mission: to improve as many lives as possible by creating well-designed, affordable homes and connecting people to opportunity. We are in it for the long haul. We’re in it for good.

Aron Weisner Vice President, Syndication-Originator Enterprise Community Investment, Inc. 410.772.2621 | aweisner@enterprisecommunity.com

Reagan Maechling Director, Syndication-Originator Enterprise Community Investment, Inc. 213.787.8238 | rmaechling@enterprisecommunity.com

www.EnterpriseCommunity.com

Special Design Features: In addition to the outstanding accommodations that each individual unit provides, the entire property has been designed to provide high quality comfort and convenience for the senior residents. The result of this includes 9’ ceilings in the units with Vinyl Plank flooring, private patio storages, refrige ators that include ice makers and self-cleaning ovens.

Philip Melton

Executive Vice President Bellwether Enterprise Real Estate Capital, LLC 469.729.7677 | pmelton@bwecap.com

www.BellwetherEnterprise.com

Contact Information: Tana Kauffman-Hubbard, Housing & Community Dev. Director 1149 E. South 11th Street Abilene, Texas 79602 tana.kauffman@abileneha.org (325) 676-6385 x6379

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Stoneleaf at Fairfield Stoneleaf at Fairfiel 113 Reunion Street, Fairfield, TX 7584 Property Description: StoneLeaf at Fairfield features 1,2, and 3 bedroo apartment homes Primarily serving the general population in the 30%, 50% and 60% levels of area median income as well as the physically impaired. The property implemented National Green Building Standards and achieved a NGBS Green Certification Type of funding: Tax Credits & USDA Loan Number of units and composition: 49 units comprised of 44 Tax Credit & 5 market rate Residents: Families Developer: StoneLeaf Development Partners, LLC Syndicator: Boston Capital Lender: Bonneville Multifamily/USDA Architect: Cross Architects, PLLC List of on-site amenities: Business center, Fitness Center, Large community clubhouse, Outdoor Gazebo, BBQ grill & picnic tables, Playground, Pickle ball court, covered parking, Granite Counter Tops throughout, Laundry facilities List of support services: Notary Public Quarterly Financial Planning Courses Annual Health Fairs Quarterly Health and Nutritional Courses Twice monthly Arts, Crafts, and Recreational Activities Annual Income Tax Preparation Twice Monthly On-Site Social Events Green initiative: Energy Star Appliances and lighting fixtures, NGBS Green Certificati

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Special design features: Vaulted ceilings in all unit living rooms, Granite Counter Tops throughout, Walk in closets, Full size washer & dryer hook ups, Ceiling fans, Covered patios with storage closets, Faux wood flooring, Steel entry doors, Full kitchen including refri erators w/ice makers, self cleaning ovens, dishwasher & disposals Contact information: Ben Dempsey StoneLeaf Development Partners, LLC Ben@stoneleafcompanies.com 903-887-4344

Art at Bratton’s Edge

Art at Bratton’s Edge 15405 Long Vista Drive, Austin, TX 78728 Description of property: Conveniently located off I-35 near business and commerce employment opportunities, Art at Bratton’s Edge is an amenity rich, energy efficient, mixed-incom workforce housing community completed in late 2016. The 78 unit community is a blend of 1, 2 and 3 bedroom garden style apartment homes that feature walkin closets, granite countertops, Energy Star appliances and fixtures, washer and dryer hook-ups and solid su face flooring. Art at Bratton s Edge encourages active community engagement with a multitude of amenities including, covered picnic area with grilling stations, shaded children’s playground and splash pad for play during those hot Texas summers, cyber lounge, fitnes center and activity space. In addition, this property is located directly across from a brand new elementary school and the Wells Branch Recreation Center which is a host for numerous community activities. The need for affordable housing in this part of Austin was so great that it was 100% leased in three months without showing a single unit. Creating an energy efficient community was a important goal for the development of Art at Bratton’s Edge. The development meets the Home Innovation’s National Green Building Standard and received both Silver and Bronze level Certification. Properties mus be designed and built to achieve high performance in

six key areas: site design, resource efficienc , water efficienc , indoor environmental quality and building & property maintenance. Ms. Rozella Houston, a retired heavy equipment operator has been a resident of Art at Bratton’s Edge along with her granddaughter since its opening. Finding housing that she could afford on a limited income had been difficult, but she lucked upon a ‘Comin Soon’ sign and has not looked back. “I really enjoy the outdoor picnic area and the fact that my building offers elevators – which is so helpful,” Mrs. Houston said. She also really enjoys the “beautiful office area an the classes offered – especially the cooking classes.” While Mrs. Houston said she was unable to participate in the Zumba classes that are offered, that she appreciated the attention of the staff to meet its resident’s needs. When asked if she planned to stay, she replied “Oh Yes! This is a wonderful place to live!” Number of Units and Composition: Art at Bratton’s Edge is a garden style, mixed income, family oriented development located off I-35 and Grand Avenue Parkway in Austin, Texas. This amenity rich development offers one, two, and three bedroom apartments totaling 78 units. This 5 acre multi-family development consists of two and three-story buildings and a clubhouse/ amenities center with units above. Of the 78 units 68 are targeted as affordable housing serving residents at 30-60% of the Area Median Income (AMI) and 10 for market rate housing. In addition, 5% of the units will be reserved for persons with disabilities and 2 % of the units for hearing and visual.

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Art at Bratton’s Edge Art in Public Places: In effort to increase art education in the community the development team commissioned a local artist to create a piece of art for this property. To make the final art selection, the tea engaged the surrounding Wells Branch Neighborhood. We had over 200 people vote on the final art selectio to be created and displayed within the community. The piece that was selected was created by local Austin artist Brent Baggett. The piece is titled “Eyes on the Future.” Best known for his large scale public sculptures, Brent has a MFA and BFA and has taught art at Austin Community College since 2007. Mr. Baggett’s most recent works incorporate abstract spiraling forms and progressive rhythms that radiate around or from a central axis. This approach has created visually dynamic forms that communicate growth, movement, transformation and energy. His creation has been an ongoing point of pride and conversation since the community opened. Developers: Megan Lasch of O-SDA Industries, LLC and Wolfpack Group, LLC Syndicator and Lender: Wells Fargo Community Lending and Investment and CommunityBank of Texas Architect: 5G Studio Collaborative, LLC Tax Credit Consultants: Sarah Anderson Consulting, LLC and Lisa Stephens of Saigebrook Development, LLC For More Information please contact: Art at Bratton’s Edge, 512-989-7200

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Making affordable housing visions a reality

COMMERCIAL REAL ESTATE BALANCE SHEET LENDING FANNIE MAE, FREDDIE MAC, AND FHA LENDING BRIDGE LOANS BOND CREDIT ENHANCEMENTS TAX-EXEMPT FINANCING TAX CREDIT EQUITY INVESTMENTS LOAN SERVICING

At Wells Fargo, we have the ability to provide a variety of products and services for a single project, making it more convenient and cost-effective for the borrower. As the #1 affordable housing investor1 and lender2, we are committed to working with you to build and maintain affordable housing communities. To learn more about how we can help, visit wellsfargo.com/affordablehousing. Community Lending Misty Ramsey • 682-316-1299 LIHTC Equity Investment Neal Deaton • 704-383-9524

Multifamily Capital Jennifer Quigley • 303-541-2070 Janine Halverson • 303-863-2045

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TEXAS HOUSING CONFERENCE VISIT US AT BOOTH #47 WE ARE PROUD TO SUPPORT THE TEXAS HOUSING CONFERENCE VISIT US AT BOOTH #47

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CLIFF MCDANIEL 713.425.5404 CLIFF MCDANIEL mcdaniel@aranewmark.com 713.425.5404

CHRIS BERGMANN 713.554.0131 CHRIS BERGMANN cbergmann@aranewmark.com 713.554.0131

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CHERYL HIGLEY 972.489.7800 CHERYL HIGLEY cheryl.higley@berkpoint.com

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The Brittmore Syndicator: Bank of America Lender: Bank of America Architect: Mucasey & Associates, Architects Site Amenities: Pool, Playground, Fitness Center, Community Room with Catering Kitchen, Grill House, Dog Park with wash station, Business Center, Library, Covered Parking The Brittmore 6725 Brittmoore Rd, Houston Texas 77041 Description of property: The Brittmoore, located in Northwest Houston, is a mixed-income community catering to families, seniors and veterans. The Brittmoore offers state-of-the-art interior features, including gourmet kitchens with stainless steel appliances, energy efficient windows crown molding, custom cabinetry, faux-wood flooring and spacious walk-in closets. The Brittmooreâ&#x20AC;&#x2122;s community amenities meet the demands of todayâ&#x20AC;&#x2122;s lifestyle and include a spacious community room with catering kitchen and wi-fi, fitness cent , swimming pool with tanning deck, dog park with was station, gated entry, sound attenuating design elements, full perimeter fencing, business center, and library.

Supportive Services: Quarterly Financial Planning Courses, Annual Health Fair, Quarterly Health and Nutritional Courses, Public Notary, Arts and Craft twice monthly, Monthly Transportation to Community/Social Events, Twice Monthly On-site Social Events (i.e. potluck dinners, game night, birthday parties, etc.) Green Initiative: Energy Star-Rated Appliances and A/C, Recycling Program, Low Flow Plumbing Fixtures Special Design Feature: Extra attention went into preserving multiple mature live oak trees at the entry of the property and in the courtyard by the pool. Saving these established trees has added a great deal of value to the aesthetics of the property. Contact: (713) 955-1155

Funding: 9% Housing Tax Credits through the Texas Department of Housing and Community Affairs. Unit Composition: 126 Tax Credit; 13-30%, 51-50%, 62-60% and 24 Market Rate 88 one-bedroom units ranging from 625 to 776 square feet 54 two-bedroom units ranging from 1016 to 1110 square feet 8 three-bedroom units ranging from 1276 to 1280 square feet Resident Profile: Families, seniors & veterans Developer: Nantucket Housing, LLC and Education Based Housing, Inc.

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Blazer Building Building Excellence since 1978. Blazer has been a trusted builder in 12 different states and has completed over 30,000 multi-family apartment and town home units. blazerbuilding.com

4001 West Sam Houston Pkwy N #100 | Houston, Texas 77043 | 713.914.9200

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The Heights of Edinburg The Heights of Edinburg 2132 E. Wisconsin Road, Edinburg, TX 78542 Property Description: The Heights is a new $19 million, 128-unit, contemporary, garden-style multi-family development with eight, two-story buildings that offer one, two and three-bedroom rental units. Here residents can enjoy all the comforts of home in a pristine setting, providing residents with the quality lifestyle they deserve. This well-appointed, warm and inviting apartment community is nestled in Edinburg, Texas. It’s just a short drive away from shopping, schools, dining and recreation, including the new H-E-B Park premiere sports and entertainment destination in Edinburg. There’s also easy access to the Expressway 281. The three options offer floor plans creativel designed with attractive amenities to enhance your lifestyle, offering uncompromising distinction in gracious, but affordable apartment living. Airy balconies and patios, large windows for plenty of natural light, along with ceiling fans, dishwashers, and microwaves are just a few of the standard features. Community features include beautifully manicured landscaping, a professionally designed community clubhouse with modern kitchen appliances, plus oncall maintenance, a laundry facility, and easy access to public transportation for your convenience. Residents will appreciate spending time at the shimmering swimming pool, working out in the state-of-the-art fitnes center, and enjoying family gatherings in the picnic area with built-in barbecue. Type of funding: The Heights was awarded $1,432,741 annually over a 10-year period in tax credits from the Texas Department of Housing and Community Affairs (“TDHCA”). Number of units and composition: The project contains 128 units, of which 110 units are affordable. The project contains 16 one-bedroom units, 64 two-bedroom units, and 48 three-bedroom units. The affordable units are restricted to households earning up to 60% of the Area Median Income and below.

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Resident profiles Families Developers: Dallas-based Casa Linda Development Corporation and California-based Highridge Costa Housing, LLC. Syndicator: The syndicator of the project is Victoria Capital, LLC, a wholly owned subsidiary of Highridge Costa. Lenders: Texas Department of Housing and Community Affairs (TDHCA); investment partners are Victoria Capital along with Aegon USA Realty Advisors, LLC and Citibank Community Capital. Architect: Humphreys & Partners Architects List of on-site amenities: Pavilion and swimming pool; furnished community clubhouse with fitness area business center, laundry room, and kitchen; picnic area; perimeter fencing with gated entry; exterior lighting; playscape and beautiful landscaping; onsite leasing office List of support services offered: Quarterly health and nutritional courses; Notary Services during regular business hours; Weekly exercise classes offered at times when most residents would be likely to attend;

Citi Community Capital Multifamily Housing >> 200 Units Construction Loan >> $25,000,000 Fenix Estates Harris County Housing Authority Houston, TX

Commitment. Innovation. Solutions. Growth and revitalization, ignited by development and preservation of affordable housing plays a critical role in the transformation of communities across America. Thatâ&#x20AC;&#x2122;s why we are proud to support TAAHP and their dedication to increase the supply and quality of affordable housing for Texans with limited incomes and special needs.

Mahesh Aiyer (713) 752-5046 mahesh.aiyer@citi.com Citi. Your Community Development Financing Partner. citicommunitycapital.com

Twice monthly arts, crafts, and other recreational activities, such as book clubs and creative writing classes; Twice monthly on-site social events, such as potluck dinners, game night, sing-a-longs, movie nights, and birthday parties. Green initiative: Full-size energy efficient appliances including refrigerator, garbage disposal, stove/oven, and dishwasher Special design features: Each apartment features nine-foot ceilings, central air-conditioning and heating, washer/dryer connections, cable TV hookup and a private patio or balcony. Contact information: Mohannad H. Mohanna, President, Highridge Costa 424-258-2800

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Palladium Van Alstyne Senior Living Palladium Van Alstyne Senior Living 870 Blassingame Avenue, Van Alstyne, Texas 75495 Property Description: Palladium Van Alstyne provides Grayson County seniors with high-quality, affordable living options with amenities unlike any others currently available in Van Alstyne, Texas. Situated on 14.32 acres in the developing corridor of Highway 75 between McKinney and Sherman, the mixed-income community is designed to meet the housing needs of residents 62 years and older. Composed of two three-story buildings and six quad-plex buildings, the 132-unit development can accommodate seniors with one-bedroom and two-bedroom options ranging from 732 – 1,025 square feet. The community appeals to seniors with various income levels who are seeking exceptional housing options at an affordable rate. Palladium Van Alstyne offers residential options priced at 30 percent, 50 percent and 60 percent of the area median income (AMI), as well as market rate units which comprise 24 percent of the unit mix. The property was also well-received by potential residents. Applicants eagerly awaited Palladium Van Alstyne’s opening and early leasing was an immediate success. There was a waiting list of 89 applicants when the first building opened in October 2017. Still in lease up, the property is expected to be fully occupied by the end of August 2018. With its roots in the high-end, market-rate sector, developer Palladium USA brought the same level of superior design, high-quality material selection and eye for detail that is used in the company’s high-rise assets. Premium interior amenities at Palladium Van Alstyne include nine-foot ceilings, spacious walk-in closets with two-tiered hanging and built-in shelving, full-size walk-in showers, wood-style vinyl plank flooring, ceilin fans in every bedroom and living room, full-size washer-dryer connections and energy-efficient central ai conditioning. Each residence also features a gourmet kitchen with granite counter tops, designer cabinets, large pantries, stainless-on-black appliances, multi-cycle dishwashers, microwave ovens, double stainless steel kitchen sinks with garbage disposals, frost-free

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refrigerators with ice makers, and full-size, self-cleaning ovens. Each unit is designed with a bathroom easily accessible from a common hallway and all bathrooms are upgraded with stand-up shower stalls. The property was also designed with health and wellness top of mind. In addition to resident accessibility to a 24-hour fitness cente , the property also boasts an exterior walking trail with 10 equipped exercise stations. Health fairs, nutritional seminars, and quarterly health and nutritional courses are also available to residents. Palladium Van Alstyne is managed by Omnium Management Company, a subsidiary of Palladium USA. Number of Units: 132 Units (100 tax credit, 32 market) Unit Composition: 84 one-bedroom units at 732 sf 48 two-bedroom units at 1025 sf Type of Funding: 9% Housing Tax Credits through the Texas Department of Housing & Community Affairs Developer: Palladium USA Lender: Dougherty Mortgage Syndicator: Regions Bank Architect: Kelly Grossman Architects General Contractor: NE Construction

Palladium USA

Premier Developers of Tax-Credit and Market Rate Apartment Homes palladiumusa.com Palladium USA, â&#x20AC;&#x153;Changing lives; one apartment home at a time.â&#x20AC;?

Palladium USA. 13455 Noel Road, Suite 400, Dallas, Texas 75240 | 972-774-4455

Amenities: Controlled access, elevators, resort-style pool, fenced pet park with watering station and cabana, resident computer center, resident library, walking trail with exercise stations, clubhouse/entertainment with Wi-Fi, great room / multi-purpose room, 24hour fitness cente , arts and crafts room, resident garden raised planters , theater room, BBQ grills and cabanas, covered parking, garages, storage rooms, on-site management Support Services: Financial planning services, health fairs, nutritional seminars, quarterly health and nutrition courses, notary public services, professional income tax preparation, 4x-monthly social events, and organized activities

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Palladium Van Alstyne Senior Living

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BUILDING A BETTER FUTURE STARTS WITH A STRONG FOUNDATION. Weâ&#x20AC;&#x2122;re proud to be a national leader in the affordable housing industry. Everyone deserves a place to call home, which is why Regions Affordable Housing has a commitment to investing in people and communities across the nation. With more than 30 years of industry experience, we value and reward long-term client relationships. Our bankers offer deep institutional knowledge of the clients we serve and deliver competitive products with superior service marked by speed, certainty and creativity. We believe in your goals and want to help you reach them.

Contact Regions Affordable Housing for customized solutions. David Payne | Regions Affordable Housing davidn.payne@regions.com | 214.220.6171 Graham Dozier | Real Estate Capital Markets graham.dozier@regions.com | 404.279.7462 ÂŠ 2018 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.

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We are a full-service affordable and We are a full-service affordable and market-rate housing development market-rate housing development consulting firm, specializing in consulting firm, specializing in both single and multi-family both single and multi-family residential development. We offer residential development. We offer our for-profit and non-profit clients our for-profit and non-profit clients the benefit of our comprehensive the benefit of our comprehensive experience in in entitlement, entitlement, debt debt and and experience equity financing, financing, and and construction construction equity expertise. Mention Mention this this ad ad to to receive receive expertise. $10,000 fee fee reduction reduction on on your your first first aa $10,000 project with with us. us. project

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6,600 housing units since 2003 5,200 affordable units since 2003 950 units in conjunction with housing authorities since 2003 843 units with Hurricane/Tornado CDBG-DR money since 2008 1,290 mixed finance units with HUD since 2003 $17.05 $17.05 million million in in HOME HOME funds funds (including Section 108 loan (including Section 108 loan funding) funding) $54.5 million in CDBG-Hurricane/Tornado $54.5 million in CDBG-Hurricane/Tornado Recovery Recovery Funds, Funds, plus plus aa total total of of $68 $68 million million in in GO GO ZONE HTC ZONE HTC Total Total AHP AHP Grant Grant or or other other funds, funds, including including HTF: HTF: $8 million $8 million Total Total HTC HTC Equity Equity 4% 4% and and 9%: 9%: $270 $270 million million allocated from TDHCA, MFA and allocated from TDHCA, MFA and CHFA CHFA $450 million in tax-exempt bonds issued and sold $450 million in tax-exempt bonds issued and sold 3,090 total Senior Housing units in Texas 3,090 total Senior Housing units in Texas since 1997 since 1997

16812 Dallas Parkway, Dallas, TX 75248 ◆ 214.608.7201 ◆ SonomaAdvisors.com 16812 ◆ 214.608.7201 ◆ SonomaAdvisors.com Te x a s A fParkway, f o r d a b l e H o Dallas, u s i n g Bill.Fisher@SonomaAdvisors.com M a TX g a z i n75248 e 64 Dallas Bill.Fisher@SonomaAdvisors.com

The partner for those who know the difference

Hudson Housing Capital has delivered consistent results for tax credit investors and affordable housing developers since 1998. But itâ&#x20AC;&#x2122;s also the simple things that set us apart: Care in working with our partners, private ownership with a view toward the long term, thorough underwriting and meticulous asset management. Those who have worked with us know the difference.

630 FIFTH AVENUE, 28TH FLOOR, New York, NY 10111 212.218.4488 â&#x20AC;˘ hudsonhousing.com

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Life’s better when we’re connected®

to economic progress

to revitalization

to communities At Bank of America, we’re focusing on issues that are fundamentally connected to economic mobility - like workforce training, affordable housing and addressing basic needs. Through partnerships with organizations delivering local solutions, we can help individuals and families build better lives. These are important ways we help create strong, sustainable local communities that benefit us all. Valerie A. Williams Senior Vice President

to each other

valerie.a.williams@baml.com Bofaml.com/commercialre

General disclaimer for Bank of America Merrill Lynch, visit bofaml.com/en-us/content/creb-disclaimer.html. 66

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

2018

Schedule At-A-Glance Monday, July 23, 2018 7:30 am - 5:30 pm 9:30 am - 11:30 am 9:30 am - 11:30 am 11:30 am - 1:00 pm 1:00 pm - 3:00 pm 1:00 pm - 3:00 pm 3:00 pm - 7:00 pm 3:00 pm - 4:00 pm 4:00 pm - 5:00 pm 5:00 pm - 7:00 pm

Conference Registration Opens Workshop 1 Workshop 2 Lunch on your own Workshop 3 Workshop 4 Exhibit Hall Opens TAAHP Membership Meeting Conference Opening Keynote Speaker Opening Reception and Wine Trail, 5th Floor

Tuesday, July 24, 2018 7:00 am - 5:00 pm 7:30 am - 8:30 am 8:30 am - 9:45 am 9:30 am - 6:30 pm 9:45 am - 10:30 am 10:30 am - 11:45 am 12:00 pm - 1:30 pm 1:45 pm - 3:00 pm 3:00 pm - 3:30 pm 3:30 pm - 4:45 pm 5:00 pm - 6:30 pm

Registration Desk Opens Breakfast Keynote Speaker Breakout Sessions (Money, Future Markets, HUD & More, Emerging Issues, Legislative) Exhibits Open Refreshments and Break, 5th Floor Breakout Sessions Luncheon Keynote Speaker, 5th Floor Breakout Sessions Refreshments and Break, 5th Floor Breakout Sessions Conference Closing Reception, 5th Floor

Wednesday, July 25, 2018 7:30 am 8:30 am 9:00 am 10:00 am 11:00 am 1:00 pm – 4:00 pm

Registration Desk Opens Breakfast, 5th Floor Texas Talks Affordable Housing – A Discussion with Agency Leaders A Look Ahead at the 86th Legislative Session Washington Wire Panel Topgolf, Register online at www.taahp.org*

* Sold separately

Fairmont Hotel WiFi Password 2018THC! 68

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

n addition to a number of welcomes and introductions, my first week on the job with TAAHP was filled with a series of briefings and a long list of items from our board president, Nicole Asarch. Among the many issues we covered was Nicole’s message to me that we are in the midst of an affordable housing crisis. She even had buttons (that we should all be wearing) which say, “What About the Affordable Housing Crisis?” This message resonated with me. There will never be sufficient resources to house everyone who needs it in the way they need it. Why is housing a crisis more today than before? With a booming economy, shouldn’t that mean everyone benefits from the rising tide of economic opportunity? What accounts for growing demand for affordable housing? What appears to have changed is that affordable housing has become secondary to the multitude of other issues competing for our resources, and our leaders’ attention. In short, resources for affordable housing are diminishing while the need is spiraling out of control. It is single-handedly binding our states’, and nation’s, success. This is where we are today and the stage is set for action… from all of us. Welcome to the 2018 Texas Housing Conference! This is where change begins. Coming into my new role with TAAHP, I can assure you that there is much to discuss and engage in where affordable housing is concerned. I am very happy and excited to lead TAAHP’s efforts into these waters. With the roles we each play in providing affordable housing, we all have the power to affect and improve the lives of everyday Texans…through quality, safe, and affordable housing. The THC brings together the most influential stakeholders in affordable housing and gives our attendees the opportunity to connect with them, while learning about the most recent updates and changes in our industry. Our appreciation goes to the 2018 Conference Co-Chairs, Dan Kierce and Valerie Williams! They have committed a tremendous amount of time to making sure that this year’s conference shines as our industry standard for education and business connections. TAAHP’s leadership is strong. I have already learned much about the commitment and dedication of TAAHP’s leadership from those who have previously served and those who are serving today. Let me assure you that their expertise is immense. I am eager to harness their energy and knowledge for the benefit of the families we all serve. As an ideal model of this commitment, 2017-18 President of the Board, Nicole Asarch, deserves the highest of commendations for the work she has accomplished over the last year.

She has dedicated a tremendous amount of her personal time to ensuring that TAAHP remained operational and successful by voluntarily serving as its interim executive director for much of her term. This included overseeing audits, tax returns, and numerous other financial and administrative commitments, including the Texas Housing Conference. Please give her your thanks and appreciation. As we look to 2018-19, I am eager to continue the legacy and strength of our organization under the leadership of Debra Guerrero. Under her term, Debra will be overseeing our efforts during the 86th Texas Legislature, which is just around the corner in January 2019! Debra’s experience in affordable housing and legislative affairs for our industry promises to give us critical movement at a critical time. New to the 2018 Texas Housing Conference. While this year’s conference promises to be as great as all the others with its education offerings, network connections, and some fun, I am happy to bring a few new items to enhance your THC experience. TAAHP App! First, be sure to take advantage of our first conference app! This downloadable app will be available to THC participants. It will provide you with everything you need to enjoy this year’s conference…right on your mobile device! All session, activity, and speaker information will be available electronically. You will also be able to connect with other conference attendees and share photos of your experience. TAAHP Video. This year’s conference will feature video vignettes which highlight the families whose lives are made better by the work you do. These stories will move everyone to take pride in our industry and add the power of video to make the right points for the right reasons. TAAHP Golf at Topgolf. And finally, we’ve changed this year’s golf tournament into a fun for all golf-themed event at Topgolf – Austin. Golfers and non-golfers alike will have a great time. This indoor venue takes you out of the heat and into the fun…and all for a good cause. There will be games, food, drink, and a silent auction which includes 18 packages to choose from. Transportation to and from is included too! All proceeds from this event will go toward the TAAHP Scholarship Fund, which assists college and professionalbound residents of tax credit communities. I look forward to meeting everyone and learning more about your perspective on affordability and housing at THC 2018! My sincerest thanks and appreciation go to the TAAHP Executive Committee and Board of Directors. Let’s get started.

Roger Arriaga Executive Director, TAAHP

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Top Row, Left to Right: K. Nicole Asarch, President Bobby Bowling, Immediate Past President Debra Guerrero, President-Elect

Second Row, Left to Right: Valerie Williams, First Vice President Janine Sisak, Second Vice President Chris Thomas, Treasurer Scott Marks, Secretary

Third Row, Left to Right: Mahesh Aiyer Christopher Akbari Dan Allgeier Terri Anderson Jen Joyce Brewerton Fourth Row, Left to Right: Tom Dixon Dan Kierce Justin MacDonald Audrey Martin Mark Mayfiel Fifth Row, Left to Right: David Saling Jeff Smith

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Ex-Officio Not Picture Antoinette M. Jackson Edwina Carrington Mike Clark JOT Couch Barry Kahn Granger MacDonald Dan Markson Diana McIver Mike Sugrue Jerry Wright

A MESSAGE FROM THE PRESIDENT

ello to all our TAAHP members, including many old friends who have been in the trenches promoting affordable housing in Texas and across the country over the last thirty years! Together, we have watched as the tax credit program has grown to become the number one driver of affordable housing production nationwide. Welcome to the 2018 Texas Housing Conference! I’d like to start by thanking our conference co-chairs, Dan Kierce and Valerie Williams, for their hard work and dedication this past year in making this year’s Texas Housing Conference better than ever. Reflecting on the year that has passed since we came together for this important annual gathering in 2017 has been sobering. It has been a year of tremendous change but even greater loss for those families and members along the Gulf Coast. Less than thirty days after last year’s housing conference, one of the most devastating hurricanes ever to hit Texas deluged the Gulf Coast with more than one trillion gallons of rain – a figure still too staggering to fully comprehend. Harvey. The scope and long-term impacts to flood plain maps is still being absorbed. Families are still homeless. Insurance claims and properties still lie in a no man’s land somewhere outside of the flood plain but yet inundated by Harvey’s rainfall and flood waters. Supplemental disaster relief packages continue to progress slowly, out of Congressional committees amongst a thousand other priorities competing for their attention including two consecutive storms that hit further East, wildfires in California, and, oh yea, tax reform. After years of speculation, nail biting, and promises, the most sweeping Federal income tax reform in years was unveiled less than sixty days after Hurricane Harvey. The initial draft was a disaster for affordable housing. Texas was battered and bruised but we were not going to stand by and let the tax-exempt bond program be eliminated with the stroke of a pen up in Washington. Tax exempt financing has been a critical driver of thousands of units of affordable housing in Texas and across our nation. In the last five years it has accounted for more than 50% of the units created in Texas and played a critical role in the preservation of affordable housing through major renovation and repositioning of aging properties which helps retain affordability and promotes neighborhood revitalization.

In response to this attack on this critical affordable housing finance tool, TAAHP worked closely with our sister organizations including the Florida Coalition and the New York State Association for Affordable Housing (NYSAFAH). Together, we crafted a public information strategy and engaged with elected officials in joining the fight to ensure that tax exempt financing was saved in the final version of the tax reform bill. This is just one example of the power of affordable housing coalition building and the critical role advocates play in fueling economies and improving lives. I hope to see TAAHP take on many more challenges and fights like this in the future as we work to increase affordable housing options across the state and nationwide, with partners like our growing national organization - the Coalition of Independent State Housing Associations (CISHA). It has been my privilege to serve as both TAAHP’s 2017-2018 Board President and in the role of interim Executive Director over the past year as we chart our new direction. As promised to our membership meeting last year, I am most pleased to leave this organization in the very capable hands of our new Executive Director, Roger Arriaga. After working with Roger over the last five months, I am confident that TAAHP is on its way to asserting itself as one of the key focal points in affordable housing education and advocacy. The growth opportunities are enormous! As we prepare to head into the critically important 86th Texas legislative session under the leadership of Presidentelect, Debra Guerrero, I am even more assured that TAAHP will be successfully represented by committed, skilled, and hands-on leadership in a way that our organization has not seen for some time. I hope you will each take a moment to visit with Roger and Debra to express your continuing dedication to affordable housing. In these times of uncertainty, our industry’s work and, more importantly, its success, is more critical than ever. I look forward to seeing each of you at the annual membership meeting for a brief but important update on TAAHP’s work on your behalf prior to the 2018 THC Opening Session. TAAHP is looking aggressively towards the future in serving as a leading voice for affordable housing. Enjoy the 2018 Texas Housing Conference!

K. Nicole Asarch President, TAAHP

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

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PNC, PNC Bank and Midland Loan Services are registered marks of The PNC Financial Services Group, Inc. (“PNC”).

Lending products and services are provided by PNC Bank, National Association (“PNC Bank”), a wholly owned subsidiary of PNC and Member FDIC. PNC Bank and certain of its affiliates, including PNC TC, are LLC,provided an SEC registered investment wholly-owned by PNC Bank,owned do business as PNC Realand Estate. PNC Real provides commercial Lending products and services by PNC Bank, Nationaladvisor Association (“PNC Bank”), a wholly subsidiary of PNC Member FDIC.Estate PNC Bank and certain of realaffiliates, estate financing related services. its Tax Credit Capital segment, PNC Real Estate provides lendingas services, equity investments equity investment its includingand PNC TC, LLC, an SECThrough registered investment advisor wholly-owned by PNC Bank, do business PNC Real Estate. PNC Realand Estate provides commercial services relating to low income housing tax credit (“LIHTC”) and preservation investments. PNC TC, LLC, provides investment advisory services to funds sponsored by PNC Real real estate financing related services. Through its Tax Credit Estatelevel provides lending services, investments and equityan investment Estate for LIHTC and and preservation investments. Registration withCapital the SECsegment, does notPNC implyReal a certain of skill or training. Thisequity material does not constitute offer to sell or a services relating to lowtoincome tax credit (“LIHTC”) and preservation investments. PNC TC, LLC, provides investment advisory services to funds sponsored by PNC Real solicitation of an offer buy anyhousing investment product.

Estate for LIHTC and 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 Lending products and services, as well as certain other banking products and services, may require credit approval. solicitation of an offer to buy any investment product. ©2018 The PNC Financial Services Group, Inc. All rights reserved.

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A MESSAGE FROM THE CONFERENCE CO-CHAIRS

elcome to the annual Texas Housing Conference! We are happy to have you join us for another exciting housing forum here in Austin. Our theme this year is “Embracing Change.” It really defines the environment we are in. This past year we have seen dramatic change in the market due to tax reform and a dynamic political environment. We continue to see challenges that face our industry, such as construction cost increases, lower tax credit pricing and a rising interest rate environment. And while many of these headwinds can be discouraging, we have also experienced some positive transitions. This year we welcomed Roger Arriaga as our new Executive Director of TAAHP and look forward to working closely with him. He is smart, hardworking, and enthusiastic. He is assembling his staff and will lead the organization toward a whole new level of engagement with our membership and stakeholders. We are thrilled to have him on board! In addition, we are hosting our conference at the recently built Fairmont Hotel. This new venue is stunning and will provide ample space for our workshops, education sessions and networking events. In keeping with the “Embracing Change” theme, we also modified the golf event this year. TAAHP will be hosting the Mike Lankford Memorial Topgolf event on Wednesday afternoon, that will provide a more comfortable and social environment for you to demonstrate your golf skills. Even if you are not an avid golfer, this will be an exciting event to attend and it will also benefit the TAAHP Scholarship fund. We have some great keynote speakers lined up. Jennifer Powers, the author of the best-selling book “Oh, Shift!” will discuss positive techniques to deal with unexpected change. Elliot Eisenberg, a national economist,

Valerie Williams Conference Co-Chair

will present an up-to-date economic and housing forecast in a fun and informative manner. We have four workshops on Monday, as well as 20 education sessions on Tuesday that will cover a wide range of current topics impacting our industry. In addition, the Policy Brunch on Wednesday morning will highlight what we expect to see in the upcoming 86th Texas legislative session, as well as current events at the national level. One thing that hasn’t changed is our support and commitment to the creation and preservation of quality affordable housing. No matter what challenges we have faced over the years, we have always come together as an industry to overcome them. TAAHP will always be at the forefront offering solutions to help solve our housing crisis. We would like to thank our sponsors for their continued support of TAAHP and the Texas Housing Conference! It is their support that makes THC a first class event. Please stop by the booth and event areas and thank them for their sponsorship. We would like to thank our Conference Director, Kristi Sutterfield who has done an amazing job! She is the point person for over 130 speakers and panelists and coordinates with all of our sponsors as well as marketing, hotel and the THC magazine. She is a wonderful host and marshals all of us together with grace and professionalism. We would also like to thank the TAAHP staff for all their hard work in support of her efforts. On behalf of Valerie Williams and myself, we would like to thank you for your participation in the Texas Housing Conference and welcome you to Austin! Please let us know if there is anything we can do to make your conference experience better.

Dan Kierce Conference Co-Chair

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M I K E

L A N K F O R D

M E M O R I A L

G O L F

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Wednesday, July 25th 1:00 pm â&#x20AC;&#x201C; 4:00 pm. Topgolf

Join us for a fun golf outing without the heat! Enjoy food, drinks, games and bus transportation to and from Topgolf leaving from the front of the Fairmont Austin Hotel. There will be 18 holes of silent auction items, prizes for winners plus exceptional networking opportunities with your friends and colleagues. Purchase your advance tickets at the Conference Registration Desk located on the 5th Floor in the Manchester Foyer. Individual Player Fee is $175-if you donâ&#x20AC;&#x2122;t want to play- you can still attend, tickets are $75. Join the TAAHP leadership for this fun event! Everyone is welcome!

All proceeds of the Mike Lankford Memorial Golf Event will be dedicated to help student residents of LIHTC communities work to achieve their educational and professional goals.

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Rachel Thomas SVP, Acquisitions

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The Texas Affiliation of Affordable Housing Providers (TAAHP) is the leading nonprofit association of affordable housing development professionals representing the affordable housing industry in Texas with members from across the United States. Our membership is comprised of developers, lenders, syndicators, accounting and law firms, real estate consultants, property managers, building suppliers and other trades associated with the production and management of affordable housing design, construction and operation.

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If you are not a member of TAAHP, we invite you to join! Please call TAAHP’s Executive Director Roger Arriaga at 512-476-9901 or you can email him at Roger@taahp.org. Visit www.taahp.org for more information and to download an application. Feel free to stop by the Conference Registration Desk on the 5th floo . Ask for Katie Hooks, TAAHP’s Office Manage , for a membership application during the 2018 Texas Housing Conference.

Please check the website at www.taahp.org.

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2201 Northland Drive Austin, Texas 78756 contact Lora Myrick: lora@betcohousinglab.com (512) 785-3710 | betcohousinglab.com

A M E S S A G E F R O M T H E L E G I S L AT I V E D I R E C T O R

ow, it is hard to believe that my year as Legislative Director is already over. I have enjoyed serving but have not done it alone. Thank you to all of the members of TAAHP serving on the Legislative Committee, as well as Todd Kercheval, our lobbyist and advocate! Though our association does many wonderful things, the education and advocacy it does with the legislature and TDHCA is no doubt our most important member benefit. Speaking of the legislature, January 8, 2019 will be here before we know it. Last session brought happiness in the fact that we killed a number of bills that could have had a detrimental effect on our industry. Through intense scrutiny from the legislative committee on each bill filed and constant engagement in the legislative process, we kept the Affordable Housing Industry safe. We were also dealt some disappointment when the bill removing the mandated legislative letters did not reach the Governor’s desk. Though the bill did not pass, we were able to educate many members as to the problems and unfair burden this places on developers trying to provide much needed housing for many Texans. This issue is far from dead! There has been a ruling by the IRS saying the practice of requiring letters from elected officials at any level is outside the intent of the program and should stop. Stay tuned for more to come! We also fought hard for S.B. 1275 by Van Taylor. In part, S.B. 1275 provided clarity and specificity for appraisal districts’ evaluation of LIHTC developments. The bill established a procedure for appraising developments that links the annual change in a property’s valuation to the annual change in income. It is this type of uniform methodology that is needed in order to protect against inaccurate property tax appraisals. S.B. 1275 was defeated not by opposition, but by the time restrictions of the

legislative process. There will be another organized effort next session to correct this issue. The 86th legislature will certainly bring some unknowns to us on January 8th. Just to name some of the changes, the Texas House will welcome at least 21 new members into the Chamber and the Senate will have a minimum of two new Senators with the possibility of several more after the November elections. The office of Lieutenant Governor will go unchanged, while there will be a new Speaker of the Texas House, who is anybody’s guess at this point. That means the possibility of shifting committee chairs and leaders in the House. I suspect some change in the Senate committee structure, but it is less likely to be dramatic changes. As always, we have and will continue to work on the QAP. As many of you are aware, TDHCA has regular working sessions and we use them to advocate the TAAHP position in hopes of creating a better playbook for the Affordable Housing Industry. I am excited about several things in the upcoming year. First, Roger Arriaga is the new Executive Director of TAAHP. He brings so many wonderful talents to the position of Executive Director, and a passion for growing and advocating for our industry. I encourage you to take the time to visit with him. You too, will be impressed. I am also excited to take on the challenge of President of the TAAHP Board of Directors. This is an organization and an industry I love and the opportunity to take part in the leadership of it is humbling to say the least. The confidence placed in me by my fellow TAAHP members is something that I take very seriously and I look forward to continuing the amazing work of the Presidents who have come before me in making the Affordable Housing Industry the very best it can be!

Debra Guerrero Legislative Director, TAAHP Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Monday, July 23

W O R K S H O P S 9:30 - 11:30 am; 7th Floor, Palm Park A AN INTRODUCTION TO THE HOUSING TAX CREDIT PROGRAM Moderator: Diana McIver, DMA Development Company, LLC Panelists: Michael Celkis, CohnReznick LLP; Christine Richardson, Locke Lord LLP Come learn the basics of the Housing Tax Credit Program! Panelists will explain the program’s 30-year history, along with program basics relating to resident eligibility, rents, design, and the application process in Texas. Legal and accounting experts will discuss partnership structures, development agreements, joint ventures, legal requirements, and accounting regulations all in lay terms.

Diana McIver

Michael Celkis

Christine Richardson

9:30 - 11:30 am; 7th Floor, Palm Park B MARRYING TAX CREDITS WITH HUD FINANCING Moderator; Randy Mason, Mason Joseph Company, Inc. Panelists; Elizabeth Arteaga, HUD; Janine Halverson, Wells Fargo; Robbye Meyer, ARX Advantage, LLC; Denise Troeschel, Capital One Bank “Marrying LIHTCs & FHA” will answer the questions of tax credit developers considering FHA-insured debt for the first-time. What are the advantages and disadvantages of an FHA loan? How long does it take? What will it cost Where do I start? Answering these questions will be a panel of experienced FHA lenders, tax credit consultants, and FHA’s own LIHTC specialists.

Randy Mason

Elizabeth Arteaga

Janine Halverson

Robbye Meyer

Denise Troeschel

11:30 - 1:00 PM LUNCH ON YOUR OWN 1:00 - 3:00 pm; 7th Floor, Palm Park A HOUSING TAX CREDIT CASE STUDIES: THE ART OF THE DEAL Moderator: Diana McIver, DMA Development Company, LLC Panelists; Chris Akbari, ITEX; Drew Foster, Redstone Equity Partners LLC; Dan Kierce, RBC Capital Markets; Paul Moore, Steele Properties LLC Two developers, two deals, two investors. Participants will view actual deals, presented by tax credit developers who will share the development process and financial structuring. Each deal will be analyzed by investors, providin feedback and commentary from their perspective. Join us for this interactive session and learn how to position your own deal to attract better offers.

Diana McIver

Chris Akbari

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Drew Foster

Dan Kierce

Paul Moore

W O R K S H O P S

Moderator: Garrick Gibson, Tidwell Group Panelists; Ron Bell, Coats Rose; Wayne Schiferl, Baker Tilly Virchow Krause, LLP; Wendy Tillery, CohnReznick LLP This panel will cover tax reform and its impact current and future developments. Items covered include interest expense deductibility, depreciation, income averaging, pass-through deductions, and opportunity funds. Participants will leave with an understanding of the intricacies and nuances of tax reform and the impact on multifamily and affordable housing.

Garrick Gibson

Ron Bell

Wayne Schiferl

Monday, July 23

1:00 - 3:00 pm; 7th Floor, Palm Park B TAX REFORM - WHAT YOU NEED TO KNOW

Wendy Tillery

Join Us for the TAAHP Membership Meeting at 3:00 PM and the Opening Keynote at 4:00 PM in the Manchester Ballroom on the 5th Floor, Ballroom EE

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SESSION

S E S S I O N S

MONEY

FUTURE MARKETS REFRESHMENT BREAKFAST, 5THBREAK FLOOR

7:30 -- 8:30 8:30 AM AM 7:30

8:30 - 9:45 AM

Moderator Valerie Williams, Bank of America Merrill Lynch Panelists Casey Bump, Bonner Carrington Tom Huth, Palladium USA Alastair Jenkin, The NRP Group Nathan Kelly, Blazer

9:45 - 10:30 AM

REFRESHMENT BREAK REFRESHMENT BREAK, 5TH FLOOR

Panelists Mahesh Aiyer, CITI Community Capital Ken Overshiner, BBVA Compass Sindy Spivak, Bank of America Merrill Lynch Jim Spound, R4 Capital Funding

Panelists James Dunton, Raymond James & Associates Ben Glispie, Capital One Josh Lappen, Hudson Housing Capital Michael Ramires, The Richman Group

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Moderator Tom Dixon, Boston Capital Panelists Raquel Favela, City of Dallas Steve LeClere, Monarch Private Capital Ray Miller, City of Houston

Repositioning Year 15-30 Properties Moderator Chris Thomas, Tidwell Group Panelists Cynthia Bast, Locke Lord LLP Derek Dehay, ARA, A Newmark Company Lloyd Griffin, Berkadi Jeff Kunitz, CBRE Affordable Housing

RECEPTION RECEPTION ON ON THE THE EXHIBIT EXHIBIT FLOOR FLOOR

4TH FLOOR, INDIGO

Panelists Helen Feinberg, RBC Capital Markets Jim Shaw, Capital Area Housing Finance Corp. Cody Wilson, Stifel, Nicolaus & Company Braxton Parsons, Texas Bond Review Board

7TH FLOOR, PARK VIEW B

Moderator Barry Krinsky, CITI Community Capital

5:00 -6:30 PM

Getting the most out of Alternative Financing Sources

REFRESHMENT BREAK REFRESHMENT BREAK, 5TH FLOOR Tax Exempt Financing – Life After Tax Reform

3:30 - 4:45 PM

Panelists Kevin Bowen, Enterprise/Bellwether Enterprise Dennis Hoover, Hamilton Valley Management Group Gary Robinson, Raymond James & Associates

4TH FLOOR, INDIGO

Moderator Dan Kierce, RBC Capital Markets

7TH FLOOR, PARK VIEW B

Equity Outlook - Are we back to normal yet?

3:00 - 3:30 PM

Moderator Mark Mayfield, exas Housing Foundation

LUNCHEON LUNCHEON, 5TH FLOOR

12:00 - 1:30 PM

1:45 - 3:00 PM

Making Your Rural Deal Work

4TH FLOOR, INDIGO

Moderator Michael Gardner, Gardner Capital

7TH FLOOR, PARK VIEW B

THE Truly Interactive Debt Panel

10:30 - 11:45 AM

How are Cities Responding to the Affordable Housing Crisis in Texas Moderator Scott Marks, Coats Rose Panelists Lourdes Castro Ramirez, San Antonio Chair of the Mayor’s Housing Task Force & Former Deputy HUD Director Jean Latsha, Pedcor Investments, LLC Mandy De Mayo, Austin Housing and Community Development Mary Margaret, Fort Worth Housing Solutions David Steinwedell, Affordable Central Texas

4TH FLOOR, INDIGO

Market Rate Multi-Family Housing: A Portfolio Diversification Opportunit

7TH FLOOR, PARK VIEW B

Tuesday, July 24

E D U C A T I O N

E D U C A T I O N HUD AND MORE

S E S S I O N S

EMERGING ISSUES

L E G I S L AT I V E T R A C K

BREAKFAST, 5TH FLOOR

Moderator Jen Brewerton, Dominium Inc.

Panelists Jim Beats, Diamond Property Consultants Michael Boone, Capestone Compliance Services Patricia Murphy, TDHCA Stephanie Naquin, Novogradac & Company LLP

Innovative Strategies to Overcome NIMBYism Moderator Terri Anderson, Anderson Development & Construction, LLC

7TH FLOOR, PARK VIEW A

Panelists Satish Bhasker, HACEP Ann Gass, Austin Affordable Housing Corporation William Lavy, HUD Mark Ragsdale, PNC Real Estate Brian Robinson, Baker Tilly Virchow Krause, LLP

It’s ALL about Compliance

4TH FLOOR, LANTANA

Moderator Barry Palmer, Coats Rose

4TH FLOOR, IRIS

4TH FLOOR, INDIGO

s as

RAD: The Latest Update

Panelists Karin Brandt, coUrbanzie Toni Jackson, Jones Walker LLP Mark Shelburne, Novogradac & Company LLP

REFRESHMENT BREAK, 5TH FLOOR

Panelists Ellie Miles, Portfolio Resident Services Meghan Garza Oswald, CHR Partners Blanca Ramirez, Hudson Housing Capital Patrick Sheridian, Volunteers of America

Opportunity Zones: Tapping into Trillions of Dollars

Moderator Bob Moss, CohnReznick LLP Panelists Tony Alfieri, RBC Capital Market David Gasson, Boston Capital George Littlejohn, Novogradac & Company LLP Kelly Longwell, Coats Rose

7TH FLOOR, PARK VIEW A

Moderator Flynann Janisse, Rainbow Housing Assistance Corp.

The Highlights of Tax Reform

4TH FLOOR, LANTANA

Panelists Kent Burgess, CohnReznick LLP Jeff Crozier, General Land Offic Daphne Lemelle, Harris County Housing & Community Dev. Patricia Murphy, TDHCA

Resident Empowerment by Engaging Wrap-Around Services

4TH FLOOR, LANTANA

Moderator Janine Sisak, DMA Companies, LLC

4TH FLOOR, IRIS

4TH FLOOR, INDIGO

In the wake of Harvey: Housing Recovery Strategies and Resource

LUNCHEON, 5TH FLOOR

Panelists Margaret Allen, AGM Financial Services, Inc. Ray Landry, Davis Penn Mortgage Co. Leslie Meyers, Bank of America Merrill Lynch Lantrina Stewart, HUD Monica Sussman, Nixon Peabody LLP

Troubled Property Turnarounds Moderator Michael Clark, Alpha-Barnes Real Estate Services, LLC Panelists Jacques Logan, National Equity Fund Gil Piette – Prospera Ray Richardson, J. Allen Management John Shackelford, Shackelford, Bowen, McKinley & Norton

Moderator David Saling, JP Morgan Chase Panelists Quinn Gormley, Tidwell Group Roman Petra, Broad and Cassell Leilah Powell, LISC Aaron Weisner, Enterprise/Bellwether Enterprise

7TH FLOOR, PARK VIEW A

Moderator Michelle Snedden, Shackelford, Bowen, McKinley & Norton LLP

4TH FLOOR, IRIS

4TH FLOOR, INDIGO

Financing with FHA

REFRESHMENT BREAK, 5TH FLOOR

Moderator Chris Akbari, ITEX

Panelists JOT Couch, Inter-Faith Group Joy Horak-Brown, New Hope Housing Diana McIver, DMA Companies Chris Richardson, Blazer Building Texas LLC

Changes in the QAP Moderator Audrey Martin, Purple Martin Real Estate Panelists Marni Holloway, TDHCA Scott Marks, Coats Rose Lora Myrick, Housing Lab by BETCO Janine Sisak, DMA Companies, LLC

7TH FLOOR, PARK VIEW A

Succession Planning and Management Transitions

4TH FLOOR, LANTANA

Co-Moderators Brooke Boston, TDHCA Deputy Executive Director Suzanne Hemphill, TDHCA Fair Housing Project Manager

4TH FLOOR, IRIS

4TH FLOOR, INDIGO

Fair Housing Consultation with the Affordable Housing Community

RECEPTION ON THE EXHIBIT FLOOR Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Tuesday, July 24

E D U C A T I O N

S E S S I O N S

M O N E Y

Tuesday, July 24, 2018

Market Rate Multi-Family Housing: A Portfolio Diversification Opportunit

THE Truly Interactive Debt Panel

Affordable housing developers are seeking new opportunities each day. This includes the diversification of their property portfolios to includ market rate multi-family housing. Come hear from affordable developers that have expanded their portfolios to include market rate multi-family units. Strategies will be presented regarding debt financing, equity sources and market intelligence Actual cases of newly developed market rate developments will be presented.

We encourage prospective attendees to email topics or creative thoughts/structures to michael@ gardnercapital.com prior to the conference â&#x20AC;&#x201C; or really anything you would like Banks to do for Sponsors/Stakeholders. We will be discussing real deals in Texas and the Moderator will challenge the panelists to be creative in structuring and drive real value to the developer/sponsor â&#x20AC;&#x201C; in addition to discussing standard topics of the day as it relates to debt and affordable housing in a changing interest rate environment.

Moderator Valerie Williams, Bank of America Merrill Lynch

Moderator Michael Gardner, Gardner Capital

Panelists Casey Bump, Bonner Carrington Tom Huth, Pladdium USA Alastair Jenkin, The NRP Group Nathan Kelly, Blazer

Panelists Mahesh Aiyer, CITI Community Capital Ken Overshiner, BBVA Compass Sindy Spivak, Bank of America Merrill Lynch Jim Spound, R4 Capital Funding

8:30 - 9:45 am; 7th Floor, Park View B

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

10:30 - 11:45 am; 7th Floor, Park View B

E D U C A T I O N

S E S S I O N S

M O N E Y

Tuesday, July 24, 2018

Equity Outlook - Are we back to normal yet?

Tax Exempt Financing â&#x20AC;&#x201C; Life After Tax Reform

Now that tax reform is behind us, what should we expect from the LIHTC equity market? How are the new tax code adjustments impacting investor demand, terms and pricing? After a tumultuous 2017, will things finally start to calm down and ge back to normal in 2018? Come hear our industry experts exchange views on current trends in the LIHTC equity market and find out if we are on ou way to stability or if we should expect more volatility ahead.

Attendees will gain valuable insight into the current trends in tax-exempt financing. Learn abou the latest product offerings from direct lenders, Fannie Mae, Freddie Mac, underwriters and placement agents. Discover which products offer the lowest interest rates, the best terms, the most flexibilit , and the highest proceeds. How has Tax-Exempt financing changed in the aftermat of Tax-Reform? Attendees will leave this session with the knowledge they need when choosing a financing structure for their 4% tax credit transa tion. Leading experts will share the latest trends in tax-exempt financing

Moderator Dan Kierce, RBC Capital Markets

Moderator Barry Krinsky, CITI Community Capital

Panelists James Dunton, Raymond James & Associates Ben Glispie, Capital One Josh Lappen, Hudson Housing Capital Michael Ramires, The Richman Group

Panelists Helen Feinberg, RBC Capital Markets Jim Shaw, Capital Area Housing Finance Corp. Cody Wilson, Stifel, Nicolaus & Company Braxton Parsons, Texas Bond Review Board

1:45 - 3:00 pm; 7th Floor, Park View B

3:30 - 4:45 pm; 7th Floor, Park View B

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Tuesday, July 24

F U T U R E

M A R K E T S

Tuesday, July 24, 2018

How are Cities Responding to the Affordable Housing Crisis in Texas

Making Your Rural Deal Work

8:30 - 9:45 am; 4th Floor, Indigo

Several Texas cities are pursuing innovative finan ing tools to address their urgent need for affordable housing. This panel will discuss the lively affordability debates and some modern strategies to make our cities more livable.

10:30 - 11:45 am; 4th Floor, Indigo

This session is designed to enable all attendees to gain a greater knowledge when dealing with the complexities of developing affordable housing in rural areas. Learn from effective movers and shakers of multiple rural deals - developers, investors and lenders.

Moderator: Scott Marks, Coats Rose Panelists Lourdes Castro Ramirez, San Antonio Chair of the Mayorâ&#x20AC;&#x2122;s Housing Task Force & Former Deputy HUD Director Jean Latsha, Pedcor Investments, LLC Mandy De Mayo, Austin Housing and Community Development Mary-Margaret Lemons, Fort Worth Housing Solutions David Steinwedell, Affordable Central Texas

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Moderator Mark Mayfield, exas Housing Foundation Panelists Kevin Bowen, Enterprise/Bellwether Enterprise Dennis Hoover, Hamilton Valley Management Group Gary Robinson, Raymond James & Associates

F U T U R E

M A R K E T S

Tuesday, July 24, 2018

Getting the most out of Alternative Financing Sources

Repositioning Year 15-30 Properties

As capital stacks get squeezed, it is critical that developers explore using “non-tradition” sources of financing to make their projects viable. Pleas join us as we discuss a number of these, including TIRZS, TIFFS and B-Bonds.

As your project nears or exceeds Year 15, there are several things to take into consideration. Do you sell or retain the property or re-syndicate? Should you hold or sell your GP interest? Who are the Buyer’s in today’s market? What trends and cap rates are we seeing in different regions of the country? How do the ROFR rules impact your decisions? The relationship between the owner(s) and investor can be very complex. Panel members will discuss the best way to approach the final year of th initial compliance period as well as the tax, legal and structural issues in selling or refinancing affordable an LIHTC developments. Join the discussion as the dynamic between general partner duties and limited partner rights are examined.

Moderator Tom Dixon, Boston Capital

Moderator Chris Thomas, Tidwell Group

Panelists Raquel Favela, City of Dallas Steve LeClere, Monarch Private Capital Ray Miller, City of Houston

Panelists Cynthia Bast, Locke Lord LLP Derek Dehay, ARA, A Newmark Company Lloyd Griffin, Berkadi Jeff Kunitz, CBRE Affordable Housing

1:45 - 3:00 pm; 4th Floor, Indigo

3:30 - 4:45 pm; 4th Floor, Indigo

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Tuesday, July 24

H U D

A N D

M O R E

Tuesday, July 24, 2018

RAD: The Latest Update

In the wake of Harvey: Housing Recovery Strategies and Resource

This RAD panel will provide an update on RAD transactions closed to date and discuss new and creative ways that PHAs are using to make deals work. The panel will discuss the latest developments in RAD including the increase in the unit cap and the Section 18 disposition notice allowing 4% deals to be done on a 75% RAD/25% PBV basis with tenant replacement vouchers. The panel will discuss major issues that they have worked through and practical problems to think about in planning a RAD conversion.

This session will provide valuable and timely information regarding access to various federal, state, and local resources available to assist in Hurricane Harvey recovery efforts. Panelists include representatives from several funding agencies which are on the cusp of releasing significant amounts of disaste funds. In addition to discussing how to best access and utilize these resources, the panelists will touch on related issues such as displacement and the identification of temporary housing, and admini trative relief from certain Section 42 requirements during the rebuilding process.

Moderator Barry Palmer, Coats Rose

Moderator Janine Sisak, DMA Companies, LLC

Panelists Satish Bhasker, HACEP Ann Gass, Austin Affordable Housing Corporation William Lavy, HUD Mark Ragsdale, PNC Real Estate Brian Robinson, Baker Tilly Virchow Krause, LLP

Panelists Kent Burgess, CohnReznick LLP Jeff Crozier, General Land Offic Daphne Lemelle, Harris County Housing & Community Dev. Patricia Murphy, TDHCA

8:30 - 9:45 am; 4th Floor, Iris

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

10:30 - 11:45 am; 4th Floor, Iris

H U D

A N D

M O R E

Tuesday, July 24, 2018

Financing with FHA

Fair Housing Consultation with the Affordable Housing Community

Hear from the experts about new developments and emerging trends in the FHA world. Topics include the status of the Section 8 program, workforce housing development/preservation and mixedincome LIHTC using FHA, Davis Bacon wages, HUD construction contracts, how to address those “surprise” special conditions…and more!

To garner feedback regarding fair housing issues, particularly issues affecting protected classes under the Fair Housing Act: race, color, religion, national origin, sex, disability, and familial status; and the ability of those persons to exercise housing choice is welcome. This meeting will be considered consultation for the Analysis of Impediments.

1:45 - 3:00 pm; 4th Floor, Iris

3:30 - 4:45 pm; 4th Floor, Iris

Moderator Michelle Snedden, Shackelford, Bowen, McKinley & Norton LLP Panelists Margaret Allen, AGM Financial Services, Inc. Ray Landry, Davis Penn Mortgage Co. Leslie Meyers, Bank of America Merrill Lynch Lantrina Stewart, HUD Monica Sussman, Nixon Peabody LLP

Co-Moderators Brooke Boston, TDHCA Deputy Executive Director Suzanne Hemphill, TDHCA Fair Housing Project Manager

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Tuesday, July 24

E M E R G I N G

I S S U E S

Tuesday, July 24, 2018

Itâ&#x20AC;&#x2122;s ALL about Compliance

Resident Empowerment by Engaging Wrap-Around Services

Now that you have secured an award for an allocation, the program purpose begins! Ensure your success by attending this panel where we will discuss a variety of current and emerging compliance issues that impact affordable housing providers in Texas and beyond. Topics covered will include: Best practices in maintaining compliance, natural disaster regulations, Utility Allowances, Acquisition/rehab best practices, and TDHCAâ&#x20AC;&#x2122;s newest Compliance policies.

What would happen if more people used their dreams and unique abilities as guidance for real-world social and economic change? Come with us on a journey into the landscape of service-enriched house. Allow us to share with you concepts and focused community enrichment deliverables which will enhance the lives of those residing in your communities. By sharing ideas and exchanging concepts you will be empowered to develop programs and services with proven ability to reach more through applied techniques and innovative design. Our desire is to place you in a position to change your communities from within. Utilizing the tenant base as a catalyst, our panel will heighten your senses around community enrichment, improved financial performance of the asset, and th stabilization of thriving communities.

Moderator Jen Brewerton, Dominium Inc.

Moderator Flynann Janisse, Rainbow Housing Assistance Corp.

Panelists Jim Beats, Diamond Property Consultants Michael Boone, Capestone Compliance Services Patricia Murphy, TDHCA Stephanie Naquin, Novogradac & Company LLP

Panelists Ellie Miles, Portfolio Resident Services Meghan Garza-Oswald, CHR Partners Blanca Ramirez, Hudson Housing Capital Patrick Sheridian, Volunteers of America

8:30 - 9:45 am; 4th Floor, Lantana

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

10:30 - 11:45 am; 4th Floor, Lantana

E M E R G I N G

I S S U E S

Tuesday, July 24, 2018

Troubled Property Turnarounds

Succession Planning and Management Transitions

Occasionally an affordable property destabilizes due to changing market conditions, physical deterioration or ineffective ownership or property management.Â This discussion will explore strategies and processes for repositioning and revitalizing those assets through multiple means with an emphasis on financing structures, ownership and managemen changes, selective physical improvements and other solutions.

Leadership succession planning is vital in management transitions. Owners and Presidents of companies need to identify their future leadership team to successfully transfer the reins of the companies they own or lead. Join this panel as they share their personal stories and offer valuable insight into the succession planning process and the transition of key management to others. Empowering family members, recruiting and retaining high quality employees and aligning your vision together in advance is critical. Panel members will share how to deal effectively with change even in a crisis as well as why annual business planning and the budgeting process are vital. Learn more about the steps to take for a successful transition, how to be proactive and foster a culture of inclusion.

Moderator Michael Clark, Alpha-Barnes Real Estate Services, LLC

Moderator Chris Akbari, ITEX

Panelists Jacques Logan, National Equity Fund Gil Piette, Prospera Ray Richardson, J. Allen Management John Shackelford, Shackelford, Bowen, McKinley & Norton

Panelists JOT Couch, Inter-Faith Group Joy Horak-Brown, New Hope Housing Diana McIver, DMA Companies Chris Richardson, Blazer Building Texas LLC

1:45 - 3:00 pm; 4th Floor, Lantana

3:30 - 4:45 pm; 4th Floor, Lantana

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Tuesday, July 24

L E G I S L A T I V E

Tuesday, July 24, 2018

Innovative Strategies to Overcome NIMBYism

The Highlights of Tax Reform

Affordable housing increasingly faces obstacles stemming from NIMBYism. Our panelists will walk you through innovative strategies used by housing developers to activate and document support from a growing community of YIMBYs. Techniques include online outreach, text messaging, and unique bootson-the-ground approaches. In this session, attendees will learn about the challenges and opportunities of engaging the public and how to scale efforts to gather meaningful public feedback. Join this panel to learn several new approaches to engaging the surrounding neighbors, property owners, community activists and elected officials

This power panel consists of housing advocates who not only walked the halls of Congress during the Tax Cut and Jobs Act but have measured its impact after passage- hear about the march forward to fix the 4 credit and increase resources across the board- and what developers can do to increase equity resources. The story behind our success this year has laid the groundwork with key members of Congress; but the road ahead has changes in the making as we speak. There will be turnover in the Tax Writing committees in November- who will be left to hold our torch?

Moderator Terri Anderson, Anderson Development & Construction, LLC

Moderator Bob Moss, CohnReznick LLP

8:30 - 9:45 am; 7th Floor, Park View A

Panelists Karin Brandt, coUrbanzie Toni Jackson, Jones Walker LLP Mark Shelburne, Novogradac & Company LLP

T R A C K

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

10:30 - 11:45 am; 7th Floor, Park View A

Panelists Tony Alfieri, RBC Capital Market David Gasson, Boston Capital George Littlejohn, Novogradac & Company LLP Kelly Longwell, Coats Rose

L E G I S L A T I V E

T R A C K

Tuesday, July 24, 2018

Opportunity Zones:Â Tapping into Trillions of Dollars

Changes in the QAP

This breakout session will provde valuable and timely information on new investment opportunities recenlty created by the The Tax cuts and Jobs Act of 2017. Topics ranging from the creation of Opportunity Zones, investment and tax benefits t investing in an Opportunity Fund/Zone and more. Panelists include representatives from the fiel of accounting, legal and investments which are forefront of Opportunity Zones/Funds. In addition to discussing how to access investment opportunities in O Funds, the panelists will discuss related issues such as accounting treatments and legal implications.

Annual changes to the Texas Qualified Allocation Pla (QAP) are always a key driver in the types and location of housing tax credit developments. This panel offers perspectives from the Texas Department of Housing and Community Affairs (TDHCA) as well as leaders in the development and consulting communities related to affordable housing policy in Texas. Panelists will discuss the priorities of TDHCA in the development of the 2019 QAP, proposed changes for 2019, and the implications of changes on the competitive landscape within the housing tax credit program. The panel will also host a Q & A to answer your questions and give insight into what the future holds.

Moderator David Saling, JP Morgan Chase

Moderator Audrey Martin, Purple Martin Real Estate

Panelists Quinn Gormley, Tidwell Group Roman Petra, Broad and Cassell Leilah Powell, LISC Aaron Weisner, Enterprise/Bellwether Enterprise

Panelists Marni Holloway, TDHCA Scott Marks, Coats Rose Lora Myrick, Housing Lab by BETCO Janine Sisak, DMA Companies, LLC

1:45 - 3:00 pm; 7th Floor, Park View A

3:30 - 4:45 pm; 7th Floor, Park View A

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

K E Y N O T E

S P E A K E R S

Monday, July 23, 2018

Sponsored by Gardner Capital

8:30 â&#x20AC;&#x201C; 9:00 AM BREAKFAST; 5TH FLOOR, MANCHESTER BALLLROOM EG 9:00 - 10:00 am SESSION 1: TEXAS TALKS AFFORDABLE HOUSING - A DISCUSSION WITH AGENCY LEADERS Moderator; Debra Guerrero, NRP Group Panelists; Tim Irvine, Executive Director, TDHCA; Rob Latsha, Executive Director, Bond Review Board; Pete Phillips, Chief Clerk, General Land Offic As the demand for affordable housing continues to increase throughout the State, we look toward innovative partnerships with our public agencies. TAAHP President Elect Debra Guerrero will moderate a distinguished roundtable of State Executives in a discussion of how we are collectively addressing the affordable housing crisis, as well as recovery efforts since Hurricane Harvey. Panelists will include Tim Irvine, Executive Director of TDHCA; Rob Latsha, Executive Director of Texas BRB; and Pete Phillips, Chief Clerk of the GLO. Each of these agencies are key components in financing quality affordable housing through new construction, rehabilitation and repai . So come and listen to how we can join together to ensure that our Texas programs successfully meet the needs of working families in our great State of Texas.

Wednesday, July 25

Wednesday, July 25, 2018

B R U N C H

10:00 - 11:00 am SESSION 2: WHAT IS COMING IN THE 86TH LEGISLATIVE SESSION Moderator; Bobby Bowling, Tropicana Building Corporation Panelists; State Representative Carol Alvarado (Invited); Todd Kercheval, Government Affairs Consultant; State Senator Jose Menendez (Invited); David Mintz, Texas Apartment Association; Scott Norman, Texas Association of Builders Affordable housing is fast becoming a nationwide issue at state legislatures across the country. As available funding for housing continues to diminish while demand skyrockets, legislation is critical to reducing costs and streamlining processes. This Policy Brunch session will cover what our government affairs experts see as vital issues affecting housing policy at the upcoming 86th Texas Legislature. TAAHPâ&#x20AC;&#x2122;s Immediate Past President, Bobby Bowling, will moderate a discussion among key elected officials, lobbyists, and association leaders to answer questions an forecast the issues and politics surrounding housing costs, workforce stability, and economic development in Texas.

11:00 - 12:00 pm SESSION 3: WASHINGTON WIRE Moderator; K. Nicole Asarch, TAAHP President Panelists; Emily Cadik, Affordable Housing Tax Credit Coalition; Dave Gasson, Boston Capital; Peter Lawrence, Novogradac & Company LLP; Beth Mullen, CohnReznick LLP

Tax reform and the value of tax credits, federal appropriations to housing and community development, rising costs of materials and labor are just some of the issues being discussed in Washington. TAAHP President Nicole Asarch moderates a panel of Washington professionals who have the most recent rumors and facts on items crucial to affordable housing. Joining Nicole for this panel are Emily Cadik, Executive Director of the Affordable Housing Tax Credit Coalition; David Gasson, Executive Director of the Housing Advisory Group and with Boston Capital; Peter Lawrence, Director of Public Policy and Government Relations with Novogradac & Company LLP; and Beth Mullen, Partner with CohnReznick. This is a terrible year to try to make predictions but our veteran speakers have as good an idea as anyone of what is happening now and what the ramifications will be late .

1:00 - 4:00 PM Topgolf Event Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

S P E C I A L

E V E N T S

Monday, July 23rd, 2018

Tuesday, July 24th, 2018

Fairmont Austin Hotel

Morning Coffee Break 7th Floor, Palm Park A & B 9:30 AM Sponsored by Wells Fargo

Breakfast Keynote 5th Floor, Manchester Ballroom EG 7:30 to 8:30 AM The Honorable Neal Rackleff Sponsored by CommunityBank of Texas

Afternoon Refreshment Break 7th Floor, Palm Park A & B 1:30 PM Sponsored by RBC

TAAHP Membership Meeting 5th Floor, Manchester Ballroom EE 3:00 to 4:00 PM Sponsored by Bank of America Merrill Lynch Opening Keynote 5th Floor, Manchester Ballroom EE 4:00 to 5:00 PM Jennifer Powers, MA, MCC Sponsored by HighRidge Costa

Opening Reception 5th Floor, Exhibit Hall Manchester A-D 5:00 to 7:00 PM Sponsored by Capital One Wine Trail 5th Floor, Exhibit Hall Manchester A-D 5:00 to 7:00 PM Manchester Ballroom A-D Booth 1 Sponsored by Bank of America Merrill Lynch

Booth 37 Sponsored by Goodman

Booth 23 Sponsored by Wilmington Trust

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Morning Refreshments 5th Floor, Exhibit Hall Manchester Ballroom A-D 9:45 to 10:30 AM Booth 35 Sponsored by The Richman Group

Luncheon Keynote 5th Floor, Manchester Ballroom E-G 12:00 Noon to 1:30 PM Elliot Eisenberg. Ph.D. Presentation of Jean W. MacDonald Lifetime Achievement Award Sponsored by Chase

Afternoon Refreshments 5th Floor, Exhibit Hall Manchester Ballroom A-D 3:00 to 3:30 PM Booth 48 Sponsored by CITI

Conference Reception 5th Floor, Exhibit Hall Manchester Ballroom A-D 5:00 to 6:30 PM Sponsored by Chase

Wednesday, July 25th, 2018 Fairmont Austin Hotel Policy Brunch 5th Floor, Manchester Ballroom GG 8:30 AM to 12:00 Noon Sponsored by Gardner Capital

Topgolf Event - 1:00 - 4:00PM Bus leaves Fairmont Austin Hotel at 12:30 PM *Tickets sold separately

Proud Sponsor of the Texas Housing Conference

Americaâ&#x20AC;&#x2122;s #1 Tax Credit Equity Sponsor

The road to quality housing requires a team effort. Thank you for your continued support.

Peter McHugh 203-869-0900 ext. 335 mchughp@richmancapital.com

Michael Ramires 703-527-1447 ramiresm@richmancapital.com

Colin Gilbert 203-869-0900 ext. 363 gilbertc@richmancapital.com

James Aberg 919-230-2584 abergj@richmancapital.com

Aaron Wolfe 857-239-9930 wolfea@richmancapital.com

777 West Putnum Avenue, Greenwich, CT 06830 203-869-0900 340 Pemberwick Rd Greenwich, CT 06831 203-869-0900

therichmangroup.com therichmangroup.com

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

A BIG SALUTE

To Our Past Presidents 2016-2017

Bobby Bowling Tropicana Building Corp.

2015-2016

2014-2015

2013-2014

2012-2013

2011-2012

Antoinette M. “Toni” Jackson Jones Walker LLP

2010-2011

Barry Kahn Hettig-Kahn Develpment Co.

2009-2010

2008-2009

2007-2008

2006-2007

2005-2006

2004-2005

2003-2004

2002-2003

Chris Bergman TCR Affordable Housing, Inc.

2001-2002

Mike Lankford Mike Lankford Interests, LLC

2000-2001

1999-2000

1998-1999

Mahesh Aiyer Citi Community Capital

Linda McMahon Neighborhood Strategies LLC

Granger MacDonald MacDonald Companies

Sally Gaskin SGI Ventures, Inc.

Thank You

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Justin MacDonald MacDonald Companies

Mike Sugrue Stoneleaf Companies

Diana McIver DMA Develoment Co., LLC

Dick Kilday Kilday Realty Corp

George Littlejohn Novogradac & Company LLP

Dan Markson The NRP Group

Mike Clark Alpha-Barnes Real Estate Services

Jerry Wright Dougherty & Company LLC

JOT Couch Texas Inter-Faith Supportive Services

Edwina Carrington CHK Enterprise LLC

J e a n W. M a c D o n a l d L i f e t i m e A c h i e v e m e n t A wa r d Congratulations to our previous recipients: 2011 Jean W. MacDonald 2012 Edwina Carrington 2013 Diana McIver 2014 Cynthia Bast 2015 Jeanne Talerico 2016 Joy Horak-Brown 2017 Ginger McGuire

Award presentation will be held during the annual Texas Housing Conference Luncheon on Tuesday, July 24, 2018.

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

preserving affordable senior housing Our Affordable Housing Investment Fund (AHIF) provides $50 million of quick strike capital to acquire and preserve affordable senior housing. Concerned about the future of your affordable housing property or portfolio? The AHIF allows National Church Residences to responsibly transition and preserve your assets to assure long-term viability to your community and residents.

property management for a great bottom line

National Church Residences is a property management organization with a proven track record to make things work best. We offer: • Solid measures of success • Outstanding site staff development • Superior resident retention • Cost-effective marketing strategies • Excellent maintenance track record • Expert and timely financial reporting • Compliance and regulatory proficiency • Home for Life SM – helping seniors live longer at home National Church Residences has a dedicated proven track record of excellence in providing homes and services to seniors, enabling them to live healthier and more satisfying lives. Our residents and clients include seniors of all income levels.

To learn more, visit us at

NationalChurchResidences.org or call 800-388-2151

We provide insurance claim assistance for residential and commercial properties. Let us help you from DISASTER to RECOVERY.

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Hunt offers a complete range of financing solutions to affordable multifamily owners/developers with loans ranging from $3 million to $300 million. We have deep relationships with property management and development firms, selected nonprofit housing organizations, and national public housing authorities.

Our financing professionals bring years of experience and can provide you with centralized negotiation, coordination, and pricing through long-standing relationships with Fannie Mae, www.huntmortgagegroup.com For more information, contact: Paul Weissman Senior Managing Director 303.504.6239 paul.weissman@huntcompanies.com

Freddie Mac, and FHA. We can also provide proprietary bridge and permanent financing. Contact us and experience the Hunt Difference. Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

SVN Affordable | Levental Realty is a nationally recognized leader in the niche market of Affordable Housing brokerage focusing solely on valuing, marketing and selling Project-Based Section 8 and Section 42 housing through our national platform and proprietary database. Our financial, regulatory and statutory expertise, paired with our strategic alliance of industry professionals, allows us to successfully identify a customized disposition strategy and transaction structure that ensures maximum value and minimal risk for our clients.

REQUEST AN OPINION OF VALUE If you are interested in obtaining a formal opinion of value for your Affordable Housing asset or partnership interest, please contact us at 513.321.7589.

Gene Levental, Managing Director gene.levental@svn.com

David Shlahtechman, Senior Advisor david.shlahtechman@svn.com

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Award-Winning Programs Stabilizing Communities Empowering Residents Creating Value Based Living

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Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e 101

E X H I B I T O R

P A R T N E R

D I R E C T O R Y

1Bank of America Merrill Lynch

Baldwin Cox, Allen & J4 Develop.

Cohn Reznick

RBC Capital Markets

National Church Residences

Citi Community Capital

The Richman Portfolio Group Resident Affordable Services Housing Corp

Raymond ARA James Tax Affordable Credit Funds Housing

R4 Capital

Locke Lord LLP

Hudson Housing Capital

Rinnai America

Amegy Bank

Dauby Oâ&#x20AC;&#x2122;Connor & Zaleski

Landmark Rehab Group

Alan Plummer Associates

Phase Engineering

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Churchill Stateside Group

Ward, Getz & Associates

CREA LLC

National Equity Fund, Inc

Goodman Mfg Co L.P.

56 Love Funding

Barings Multifamily Capital

Alliant Capital

JLL Capital Markets

42 Red Capital

Novogradac & Co LLP

Jordan & Federal Home Loan Bank of Skala Engineers Dallas

Auto-Out Kinetic Cooktop Fire Valuation Protection Group

Tidwell Group

Bonneville Multifamily Capital

Galaxy Builders

CenterPoint Energy

27 Frontier Energy

Brown, Graham & Co P.C.

H C M

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Gardner Capital Inc

JP Morgan Chase

Capital Wells One Bank Fargo

Coats Rose, P.C.

Hunt Capital Partners

Jones Walker LLP

Enterprise & Bellwether Enterprise

Shackelford, Bowen, McKinley & Norton, LLP

Centrant Community Capital

Red Stone Equity Partners

Fairmont Austin Manchester Ballroom A-D EXHIBIT HALL HOURS Monday 3-7pm Tuesday 9:30am - 6:30pm

Fairmont Hotel WiFi Password 2018THC!

Wallace Architects

Capestone Compliance Services

KeyBank Real Estate Capital

Highland Fox Commercial Energy Mortgage Specialists

Exhibit Layout

Johnson Petrov LLP

FDI Management Group LLC.

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BOK Financial

Monarch Private Capital

Wilmington Pavillion Construction Trust

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WNC & Associates

Carleton Management

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Bank of America Merrill Lynch Booth 1

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CohnReznick LLP Booth 49

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Bank of America Merrill Lynch Valerie A. Williams, SVP, Relationship Manager 901 Main Street, 20th Floor, Dallas, TX 75202-3714 214.209.3219 valerie.a.williams@baml.com www.bankofamerica.com/community As you work to transform lives and communities, connect with more than 30 years of community development experience, expertise and commitment at Bank of America Merrill Lynch. Whether you need tax-credit investments, flexible lending or other financial services, we can help you move projec to completion. Weâ&#x20AC;&#x2122;ve committed $1.5 trillion to community development over the last 10 years, and our unique business model includes the nationâ&#x20AC;&#x2122;s first, largest and most active bank-owned Communit Development Corporation.

CohnReznick LLP Matt Stille, Partner 816 Congress Avenue, Suite 200, Austin, TX 78701 Phone: 512-494-9100; Email: matt.stille@cohnreznick.com www.cohnreznick.com CohnReznick is one of the largest (26 offices, 2700+ professionals) accounting, tax, and advisory firms the U.S. Our affordable housing practice continues to shape the policy of the industry, connect its people, and implement best practice solutions to help improve developer and investor outcomes. We provide pre-application services to Year 15 to the post-tax credit period utilizing our tax credit advisory, real estate development, construction, renewable energy, valuations, and transactions experts. Gardner Capital Development Booth 2 Gardner Capital, Inc. Michael Gardner, Principal 2501 N. Harwood Rd., Suite #1501 Dallas, TX 75201 Direct: 314-561-5901; Cell: 214-842-0215; Fax: 314-963-9995 Email: michael@gardnercapital.com Gardner Capital Development: Developing Partnerships, Building Communities, Changing Lives Gardner Capital Development: Developing Partnerships, Building Communities, Changing Lives Gardner Capital owns and operates several businesses throughout the United States, specificall focusing on housing and renewable energy development, investment and syndication of tax credits. Gardner has invested more than $1 billion of equity to provide affordable housing in over 50 communities. The principals, Mark Gardner and Michael Gardner, continue to expand the national footprint of renewable energy, market rate housing, affordable housing, private equity and construction management services with nine offices and staff across the United States

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J4 Development Chris Darby 1700 Jay Ell Drive, Suite #100, Richardson, TX 75081 Tel 972-930-7075 ext113; Mobile 214-498-5183; Fax 972-739-5073 Email: cdarby@j4development.com; www.j4development.com J4 Development provides multifamily general contracting services nationwide for LIHTC, market-rate, student and military housing. The organization began in 2004 in Texas and over the past 14 years has expanded its footprint into 38 states. J4 began working on its first LIHTC project in 2006. Since then, th company has successfully completed affordable housing projects in 14 states. The majority of these were financed with HUD 221(D)4 loans. With over $400 million in completed projects, J4 Development ha solidified itself as one of the premier general contractors in the multifamily industr .

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J4 Development Booth 64

Baldwin – Cox – Allen Booth 64 Baldwin – Cox – Allen 5930 Preston View Blvd., Suite 200, Dallas, TX 75240 Russ Frenzel, Producer; 972-331-3725; russ@baldwinagency.com Brady Cox, Principal; 972-331-3717; brady@baldwinagency.com Baldwin-Cox-Allen is an independent Commercial Insurance and Construction Bonding Agency providing services nationwide. We specialize in establishing surety bonds with exclusive niche markets that cater to Owners, Developers, General Contractors, and HUD financed projects. Our industry leading Builder Risk and Property insurance programs offer multi-family and office building coverages that protect you investment. Our years of experience focusing on bonding and insurance, industry relationships and our consultative approach are all geared toward maximizing your profitability and taking your company to th next level. JP Morgan Chase Booth 18 JP Morgan Chase David H. Saling, Executive Director/Senior Commercial Banker 221 West Sixth Street, Floor 2, Austin, TX 78701 Phone: 512-479-2218; Email: david.h.saling@chase.com www.chase.com/cdb Chase takes pride in working to develop vibrant and diverse communities capable of sustaining a high quality of life and economic opportunity. We distinguish ourselves as a national leader in community development by expanding access to capital, providing leadership by example, and delivering comprehensive community development solutions of our global bank. By providing the financia resources needed to grow and develop, Chase is leading the way to help strengthen communities across America.

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R4 Capital LLC Booth 34

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Capital One Bank Booth 19

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R4 Capital LLC Marc Schnitzer, President 646-576-7659; MSchnitzer@r4cap.com 780 Third Ave., 10th Floor, New York, NY 10017 R4 Capital is a nationwide affordable housing tax-credit syndicator, lender, and asset manager. Since 2012, R4 Capital has raised more than $2.0 billion of LIHTC equity from more than 60 institutional investors in 14 multi-investor funds and seven proprietary funds. In 2016, R4 Capital launched R4 Capital Funding, a tax-exempt lending business that provides mortgage capital for affordable multifamily housing properties. Since inception, R4 Capital Funding has closed over $400 million of tax-exempt bonds. Learn more: R4cap.com

Capital One, N.A. Ben Glispie 8000 Dominion Pkwy, 2nd Floor, Plano, TX 75024, 972-295-1031; benjamin.glispie@capitalone.com Capital One Bank services banking customer accounts through the internet and mobile banking, as well as through cafĂŠs, ATMs and branch locations in multiple locations in Texas. Capital One recognizes that housing plays a crucial part in neighborhood revitalization and annually provides more than $1.1 billion in loans and investments, helping to create more than 12,000 affordable places to live. To learn more, visit http://www.capitaloneinvestingforgood.com/.

Citi Community Capital Booth 48 Citi Community Capital Mahesh Aiyer 2700 Post Oak Blvd., Houston, TX 77056 713-752-5046; mahesh.aiyer@citi.com www.citicommunitycapital.com Committed to the communities we serve, Citi Community Capital finances both straightforward and highl structured transactions for non-profit and fo -profit developers, CDFIs, and state and local governmen agencies. We are generally recognized to be among the most creative and innovative firms in the industr and with Citiâ&#x20AC;&#x2122;s capital committing capability and team of experienced professionals, we are able to provide financing solutions that are specifically designed to meet each clien s needs.

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Portfolio Resident Services 3701 Kirby Drive, Suite 860, Houston, TX 77098 713-526-6634; frontdesk@ti-f.org portfolioresidentservices.org Portfolio Resident Services is a nonprofit organization dedicated to establishing resident service programs within affordable and conventional housing communities. PRS’ goal is to produce community of high quality. It designs, staffs, implements and tracks programs that proactively assist residents in both the short term and long and this results in “community” which improves asset performance. After modeling and refining resident services for over 20 years, PRS is one of the largest third party provider in the nation. PRS’s signature and improving Good Neighbor Program makes the difference.

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Portfolio Resident Services Booth 33

RBC Capital Markets Booth 50 RBCCM Tax Credit Equity Group Dan Kierce, Director 216-875-6043; Daniel.Kierce@rbccm.com www.rbccm.com/tceg RBCCM Housing Finance Group Helen Feinberg, Managing Director 727-502-3631 RBC Capital Markets Tax Credit Equity and Housing Finance Groups provide equity capital by utilizing federal and state LIHTC and HTC programs, and offer a complete range of multifamily solutions to meet the needs of developers, investors, PHAs and HFAs. Our team of over 100 professionals has raised more than $8.9 billion of equity through year-end 2017, including $585MM RBC Direct RETC, for over 1,000 properties and renewable assets under administration nationwide. Also, in 2017, RBCCM was ranked as the #1 housing underwriter in the country having senior managed 87 single family and multifamily issues totaling nearly $3.7 billion.

The Richman Group Affordable Housing Corporation Booth 35 The Richman Group Affordable Housing Corporation Peter McHugh, Executive Vice President 340 Pemberwick Road, Greenwich, CT 06831 203-869-0900; McHughP@richmancapital.com www.therichmangroup.com The Richman Group and its affiliates has raised approximately $11 billion in equity and debt for investmen in over 1,400 apartment projects located in 49 states, Puerto Rico, Guam and the U.S. Virgin Islands and includes a variety of locations: rural, suburban and urban. The properties include garden-style complexes, high-rise apartment houses, adaptive reuse of historic properties, and senior developments. Richman’s syndicated corporate tax credit funds are comprised of over 100 institutional investors.

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Wells Fargo Booth 17

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ARA â&#x20AC;&#x201C; Affordable Housing Booth 47

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Wells Fargo Leslie Houston 201 Main Street, Suite 300, Fort Worth, TX 76102 682-316-1327; Leslie.houston@wellsfargo.com www.wellsfargo.com/affordablehousing At Wells Fargo, we work hard to help our customers and communities succeed. As a leader in affordable housing lending and investing, we have a deep understanding of the industry and use that knowledge to develop competitive financial solutions for your project. Whether you need access to capital markets construction or permanent financing, credit enhancements, or equity through the sale of tax credits Wells Fargo can help you reach your financing goals

ARA â&#x20AC;&#x201C; Affordable Housing 1700 Post Oak Blvd, 2 BLVD Place, Suite 400, Houston, TX 77056 713-425-5404; Mobile 713-249-4509 mcdaniel@aranewmark.com http://aranewmark.com ARA - Affordable Housing group delivers advisory and brokerage services to owners of multifamily properties financed using Low Income Housing ax Credits, Tax Exempt Bonds and HUD rental/financin subsidies. We leverage our experience in financing tax exempt bonds, FHA loans and agency loans fo affordable housing. We also understand that a successful exit strategy for affordable housing requires diligence and experience navigating through various partnership agreements, regulatory agreements and subsidy agreements.

Coats Rose Affordable Housing and Community Development Group Booth 20 Coats Rose Affordable Housing and Community Development Group Barry J. Palmer, Director 9 Greenway Plaza, Suite 1000, Houston, Texas 77046 713-653-7395; bpalmer@coatsrose.com www.coatsrose.com The Coats Rose Affordable Housing and Community Development Group has extensive experience and is focused on the development of affordable housing and inner city revitalization. We represent for-profi developers, non-profit developers and public housing authorities providing comprehensive solution that utilize a variety of financing techniques, including low income housing tax credits, CDBG Disaste Recovery Funding, private activity bonds, historic tax credits, HUD programs, investment syndication and conventional financing. e have a particular expertise in closing Public Housing RAD transactions.

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Hudson Housing Capital Booth 32 Hudson Housing Capital Sam Ganeshan / Joshua Lappen 630 Fifth Avenue 28th Floor, New York, NY 10111 212-218-4469; 212-218-4446 sam.ganeshan@hudsonhousing.com; josh.lappen@hudsonhousing.com www.hudsonhousing.com Hudson Housing Capital provides customized financial services to residential real estate developers an investors. Owned and managed by professionals with decades of experience in the industry, Hudson builds its business on long-term relationships, extensive expertise, and the ability to craft transactions uniquely tailored to each customer’s needs. Founded in 1998, Hudson has syndicated over 485 low-income housing tax credit investments preserving or creating over 50,000 multi-family rental units. The firm has placed more than $4.8 Billion in equit . Our breadth of expertise encompasses desirable units for families, seniors, special needs, assisted living – virtually every type of property option offered in the market. Locke Lord LLP Booth 36 Locke Lord LLP Cynthia L. Bast, Partner 600 Congress Avenue, Suite 2200, Austin, TX 78701 512-305-4700; cbast@lockelord.com www.lockelord.com Locke Lord’s Affordable Housing Group provides comprehensive legal services to those who develop, own, manage, finance, and oversee affordable housing across the countr . We combine a keen understanding of the business with our legal experience to provide effective advice and service to our clients. Over the years, we have closed hundreds of transactions nationwide, addressed compliance and regulatory matters, advocated for change in legislation and rules, and helped to reposition troubled properties. Our team has the key to success in your affordable housing endeavors.

Raymond James Tax Credit Funds Booth 51 Raymond James Tax Credit Funds, Inc. James Dunton, VP- Managing Director of Acquisitions 880 Carillon Pkwy, St. Petersburg, FL 33716 727-567-4803; james.dunton@raymondjames.com www.rjtcf.com Raymond James Tax Credit Funds is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE-RJF). Raymond James and its subsidiaries have been among the leading syndicators of affordable housing for more than four decades. To date, Raymond James Tax Credit Funds has raised more than $8 billion in equity for more than 1,900 tax credit projects in 47 states.

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Shackelford, Bowen, McKinley & Norton, LLP Booth 16 Shackelford, Bowen, McKinley & Norton, LLP Kim Meredith 9201 N. Central Expressway, Fourth Floor, Dallas, Texas 75231 214-780-1400; kmeredith@shackelfordlaw.net www.shackelfordlaw.net

Silver

Shackelford, Bowen, McKinley & Norton, LLP is a Dallas based law firm with expertise in the followin areas: corporate, aviation, tax, banking, securities, mergers and acquisitions, private equity, real estate, estate planning, wealth protection, family law, entertainment and multifaceted litigation. The real estate practice group focuses on all aspects of real estate ownership, leasing, financing, and development o various real estate products, including affordable housing, multifamily, retail, office, mixed-use and gol resort properties.

Alan Plummer Associates, Inc. Booth 55 Alan Plummer Associates, Inc. Eddie Wilcut Water & Energy Efficiency Practice Leade 6300 La Calma Drive, Suite 400 Austin, Texas 78752 512.687.2191 (Direct); 512.452.5905 (main); ewilcut@apaienv.com https://www.apaienv.com / https://www.apaienv.com/practice-areas/util-advance-modeling/ ALAN PLUMMER ASSOCIATES, INC. (APAI) has conducted business with quality and integrity for 40 years. A regional firm founded with a vision to uphold environmental stewardship and technica excellence, APAI is committed to serving our clients with distinction and integrity. We specialize in developing custom utility allowances for Low Income Housing Tax Credit (LIHTC) Properties. Using a custom utility allowance, LIHTC properties are able to decrease monthly utility allowances and increase net operating income.

Berkadia Berkadia Lloyd Griffin, Managing Directo , Affordable Housing 901 S MoPac Expressway, Building Two, Suite 430 Austin TX 78746 Office: 512-226-8704; Mobile: 615-403-607 lloyd.griffin@berkadia.co Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clientsâ&#x20AC;&#x2122; assets.

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CBRE Affordable Housing CBRE Affordable Housing Robert Sheppard, Managing Director, Vice Chairman 1420 Fifth Ave, Suite 1700, Seattle, WA, 98101 +1 206-830-6464; affordablehousing@cbre.com www.cbre.com/affordablehousing @CBREAffordable At CBRE Affordable Housing, we provide the market intelligence and expertise that enhances decision making, and a team that provides transaction execution confidence. Insight achieved from three vertically integrated affordable housing services â&#x20AC;&#x201D; investment sales, debt and structured finance, and investmen banking â&#x20AC;&#x201D; and a transaction track record created from the most experienced team in the industry, allow us to leverage real-time buyer, seller, and capital knowledge in order to provide industry-leading advice and results.

CenterPoint Energy Booth 28 CenterPoint Energy Eisen Scherwitz, Multi-family Sales Representative - Texas 1111 Louisiana #924B, Houston, TX 77002 713-207-5470; Eisen.Scherwitz@CenterPointEnergy.com www.centerpointenergy.com/Multi-Family Whether you are seeking to differentiate your property in the crowded multi-family market or to gain financial benefits from utility allowances, the Gas Advantage Multi-family Program can help yo development reach its full potential. Natural gas appliances offer customer benefits such as long ter cost savings, comfort, and reliability. Moreover, natural gas appliances can increase the marketability and value of any development.

CREA, LLC Booth 52 CREA, LLC Rachel Thomas, Vice President-Acquisitions 1515 S. Capital of Texas Highway, Suite 306 Austin, TX 78746 512-861-4081; rthomas@creallc.com www.creallc.com At CREA, LLC we are more than capital providers. We are partners. We specialize in low income housing tax credits, forming long-term relationships with investors and developers that cultivate success and improve lives. CREA is headquartered in downtown Indianapolis and has offices in Austin, Boston, Ne York, Portland, San Diego and Sarasota. More information can be found online at www.creallc.com.

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Diamond Property Consultants Inc Diamond Property Consultants, Inc. 2113 Kings Pass, Heath, TX 75032 Phone: 972-475-9977 ext. 101; Fax: 972-771-8288 Mobile: 972-672-7681 jbeats@dpcservices.net Diamond Property Consultants, Inc. (DPC) has been serving the multi-family housing industry since 1999, creating positive business results for property owners, managers, developers and lenders. The DPC team of experienced professionals use their knowledge and expertise to benefit clients across the countr through a portfolio of services including utility allowance studies, energy audits and Comprehensive Needs Assessments.

Southeast Texas Housing Finance Corporation Southeast Texas Housing Finance Corporation Ron Williams, Executive Director 11111 S. Sam Houston Parkway East, Houston, TX 77089 281-484-4663; rwilliams@sethfc.com, www.sethfc.com The Southeast Texas Housing Finance Corporation (SETH) was organized in October 1981 under the Housing Finance Corporation’s Act. Its members include 9 counties and 11 cities within region 6. SETH has issued over $1.6 billion in tax-exempt/taxable bonds for both single family homeownership and multifamily rental housing. SETH has owned 10 multifamily developments with over 3600 units and currently is in the ownership structure for 3 tax credit developments.

Goodman Manufacturing Company, L.P. Booth 37 Goodman Manufacturing Company, L.P. Dick Rydzeski, Director National Accounts 5151 San Felipe, Suite 500, Houston, TX 77056 713-263-5249; dick.rydzeski@goodmanmfg.com www.goodmanmfg.com We’ve been building Goodman® brand air conditioning and heating equipment since 1982. Given our more than three decades of experience in the heating and cooling business, home builders and home owners can be assured that Goodman brand air conditioning and heating systems meet the highest industry standards and are installed by some of the best and most experienced professionals in the industry. When you choose the Goodman brand, you can rest assured that you’ll receive a refreshingly affordable product that’s covered by what we believe to be the best product warranties in the heating and cooling industry.

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JLL Capital Markets Booth 43 JLL Capital Markets Tim Leonhard, Managing Director 625 West College Street, Grapevine, Texas 76051 +1 817 310 5800; tim.leonhard@am.jll.com www.us.jll.com/affordable-housing JLL is a full-service global provider of capital solutions for real estate investors and occupiers. Our U.S. Capital Markets specialists completed over $54 billion in sales and finance transactions in 2017. As on of the nationâ&#x20AC;&#x2122;s largest multifamily agency lenders(1), we maintain strong relationships with Fannie Mae, Freddie Mac and HUD/GNMA. Our dedicated affordable housing team completed over $1.2 billion in deals in 2017 and we have a loan servicing portfolio totaling over $5.8 billion in affordable housing loans. (1)Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

KeyBank Booth 12 KeyBank Real Estate Capital Hector Zuniga 512-660-9401 hector_x_zuniga@keybank.com KeyBank Community Development Lending and Investment provides capital solutions for affordable housing and community development projects in urban and rural communities across all 50 states. As one of the nationâ&#x20AC;&#x2122;s premier affordable housing capital providers, we offer one-stop-shop debt and equity capabilities that bring together balance sheet, equity and a variety of permanent loan offerings. KeyBank is a Fannie Mae DUS Lender, a Freddie Mac Seller/Servicer and TAH Lender, and an FHA MAP and 223(f) LIHTC Pilot Lender.

Monarch Private Capital Booth 15 Monarch Private Capital Kady DeWees, Brent Hannah, Steve LeClere 3414 Peachtree Rd., Suite 825, Atlanta, GA 30326 404-596-8019; kdewees@monarchprivate.com, bhannah@monarchprivate.com, sleclere@monarchprivate.com www.monarchprivate.com Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monar has long term relationships with institutional and individual developers, investors and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has office and tax credit professionals located throughout the U.S. Please visit monarchprivate.com to learn more.

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National Equity Fund Booth 46 National Equity Fund, Inc. Jason Aldridge, Vice President Dallas, Texas 972-741-5150; jaldridge@nefinc.or www.nefinc.or National Equity Fund, Inc. is a non-profit Chicago-based affiliate of the Local Initiatives Suppo Corporation and one of the nation’s leading Low Income Housing Tax Credits syndicators. We have played an integral role in creating affordable housing options, revitalizing communities and strengthening local economies since 1987. Our investments total more than $14 billion in 2,584 LIHTC developments, which created 166,632 affordable homes for low-income families and individuals.

Novogradac & Company LLP Booth 31 Novogradac & Company LLP George Littlejohn, Susan Wilson, Phong Tran, Nick Hoehn, John Cole, Tiffany French 11044 Research Blvd, Ste C-400, Austin, TX 78759 512-340-0420; www.novoco.com george.littlejohn@novoco.com, susan.wilson@novoco.com, phong.tran@novoco.com, nick.hoehn@ novoco.com, john.cole@novoco.com, tiffany.french@novoco.com Novogradac & Company, LLP is a national certified public accounting and consulting firm with 25 offi nationwide. Our clients represent a broad range of industries, with a major emphasis in the real estate sector. We provide publicly and privately held national enterprises with a full spectrum of audit, tax, valuation, expert witness and litigation support, property compliance and general consulting services and we work extensively in the affordable housing, community development and renewable energy fields

Red Stone Equity Partners Booth 24 Red Stone Equity Partners Drew Foster, Director, Acquisitions 805 Third Avenue, 15th Floor, New York, NY 10022 646-690-6110 (Main); www.rsequity.com Red Stone Equity Partners, LLC (“Red Stone Equity”) is a leading real estate investment firm specializin in the syndication of Low-Income Housing Tax Credits and Renewable Energy Tax Credits to facilitate the development of affordable multifamily rental housing and renewable energy projects, respectively. Red Stone Equity builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients.

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Sonoma Housing Advisors, LLC Bill and Lisa Fisher 16812 Dallas Parkway, Dallas, Texas 75248 214-608-7201; Bill.Fisher@SonomaAdvisors.com; Lisa.Fisher@SonomaAdvisors.com SonomaAdvisors.com

Silver

Sonoma Housing Advisors, LLC

Sonoma Housing Advisors’ leadership has more than 25 years of experience in the development and financing of quality apartments and townhomes. e’ve been directly involved in the application process, development, financing and/or construction of over 11,000 living units. e’ve received HOME, CDBG, and 9% or 4% housing tax credit awards every year since 1996. In 2017, Sonoma’s clients closed more than $150 million in 4% and 9% transactions totaling nearly 1,000 units. SonomaAdvisors.com 214.608.7201

Tidwell Group Booth 40 Tidwell Group, LLC Christopher N. Thomas, CPA Office Managing Partner – Austin Offi 1080 N. Mopac Expresway, Building 1, Suite 130, Austin, TX 78759 512-693-2181; Chris.Thomas@TidwellGroup.com Tidwell Group, LLC is a full-service accounting and consulting firm with expertise serving clients in al aspects of the real estate industry throughout the United States. Our experienced professionals serve all asset classes within the affordable housing, conventional real estate, and not-for-profit industries. Withi the affordable housing industry our expertise ranges from low income housing tax credits, bond and conventional financing, HUD compliance and reporting and USDA-Rural Development compliance an reporting. Our focus is developing long term client relationships through value driven results.

Wilhoit Properties, Inc. Wilhoit Properties, Inc. Rowe Shockley, Executive Vice President Paula Wilhoit, Vice President 1329 E. Lark, Springfield, MO 6580 417-883-1632; rshockley@wilhoitproperties.com; pwilhoit@wilhoitproperties.com www.wilhoitliving.com Wilhoit Properties is dedicated to providing high-quality, accessible, and affordable housing for today’s family or senior resident. Founded in 1969, our core strength is a corporate team that delivers hundreds of years combined experience in property management. Currently, we manage 217 properties in 15 states, including 37 developments & 4,000+ units in the Lone Star State, of which all were development utilizing LIHTC. When a need or opportunity arises, make Wilhoit Properties your welcome home to affordable housing solutions.

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Alliant Capital, Ltd. Booth 44 Alliant Capital, Ltd. Brian Blanchard 21600 Oxnard St., Suite 1200, Woodland Hills, CA 91367 949-245-5738; Brian.Blanchard@alliantcapital.com www.thealliantcompany.com Founded in 1997, Alliant Capital, Ltd., has established itself as one of the nation’s top sponsors in syndication volume and has an unparalleled track record of success. Alliant has raised over $7.1 billion in investor equity and invested in over 960 properties comprised of over 94,600 LIHTC units.

Amegy Bank Booth 61 Amegy Bank Mary Jane Henson, Sr. Vice President 713-232-6036; maryjane.henson@amegybank.com Arla Scott, Vice President; 713-232-1919; arla.scott@amegybank.com As one of the most stable corporate trust providers in the country, we have earned the reputation for integrity and responsiveness to customer needs. Our success is closely aligned with the way we do business, particularly in our commitment to our customers. We have the resources and flexibility t execute even the most difficult of transactions and a staff of highly qualified trust professionals lend invaluable experience and expertise. Visit https://www.amegybank.com/corporatetrust for more information.

Auto-Out® Cooktop Fire Protection Booth 53 Auto-Out® Cooktop Fire Protection 1911 Windsor Place Fort Worth, Texas 76110 817-924-1370; www.auto-out.com Robin Williams, Vice President r.williams@auto-out.com Kelli Esposito, Account Manager k.esposito@auto-out.com Loss of rental income, expensive rebuilds, and increased insurance premiums; cooking fires ar detrimental to your bottom line. Auto-Out® stovetop fire suppressor s offer 24/7 automatic protection from cooking fires, the #1 cause of residential fires. e are the manufacturer and ship direct, all with no middle man price mark-up. Auto-Out helps keep your units in service, producing income, and limits your loss history for insurance purposes. If you’re not using Auto-Out, you’re playing with fire

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Baker Tilly Michael Ross, Partner 2801 Via Fortuna Suite 300, Austin, TX 78746 512-975-7290; michael.ross@bakertilly.com www.bakertilly.com Baker Tilly is a full-service accounting and advisory firm whose specialized professionals hel developers, lenders, and investors succeed through investment in quality affordable housing projects throughout the US. Our team provides the expertise needed to navigate complex government regulations and capitalize on funding. From conceptualization and transaction structuring to asset disposition and beyond, Baker Tilly delivers innovative ideas, strategies and solutions that enable clients to move forward with confidence and meet their business objectives

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Barings Multifamily Capital LLC Booth 39 Barings Multifamily Capital LLC Sean Cullen, Senior Managing Director 340 Madison Avenue, 18th Floor New York, NY 10173 Office: 212-973-5149; Mobile: 631-487-393 sean.cullen@barings.com; www.baringsmultifamily.com www.barings.com Barings LLC is a $305+ billion global asset management firm dedicated to meeting the evolving investmen and capital needs of our clients and is a member of the MassMutual Financial Group. Barings has a seasoned affordable housing team with years of experience and deep contacts within the industry. The combined affordable housing operations of Barings LLC and Barings Multifamily Capital has a full range of affordable housing finance capabilities, particularly with respect to permanent debt

BBVA Compass BBVA Compass Ken L. Overshiner Senior Vice President - Community Development Capital Phone: 713-966-2303; Cell 346-228-2394 Ken.Overshiner@bbva.com BBVA Compass is a Sunbelt-based financial institution that operates 657 branches. BB A Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 5th nationally in the total number of SBA loans originated in fiscal year 2016. Additional information abou BBVA Compass can be found at www.bbvacompass.com. For more BBVA Compass news, follow @ BBVACompassNews on Twitter or visit newsroom.bbvacompass.com.

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BOK Financial Booth 5 BOK Financial Pamela M Black, CCTS/SVP Regional Corporate Trust Manager 817-348-5797; Cell: 817-889-2889; pblack@bokf.com Lisa E Albers, SVP Community Development Phone: 918-588-6420; lalbers@bokf.com BOK Financial is one of the top 25 U.S. based banks. It offers a wide range of services to the affordable housing industry, including successor trustee, bond trustee, custody, paying agent and escrow agent from our Corporate Trust group and an array of debt (construction and permanent) and equity solutions from our Community Development group. BOK Financial offers strength and stability with a personal approach to develop customized client solutions. Blazer Building Texas LLC Blazer Building Texas LLC Jim Wanja Voice: 713-914-9200; Fax: 713-914-9292; Direct: 281-833-1083 jwanja@blazerbuilding.com; www.blazerbuilding.com Blazer Building founded in 1978 as a general construction company focused on delivering highquality product on an expedited schedule at the best possible value. Blazer is dedicated to providing personalized attention to our clients, believing strongly in a relationship-based approach to business. Blazer provides construction services through a number of platforms including General Contracting; Self-Performed Work; Construction Management; and Design-Build. Over our 40 year history, Blazer Building has overseen the construction of more than 40,000 apartment homes totaling over $2 billion in contract value.

Bonneville Multifamily Capital Booth 41 Bonneville Multifamily Capital Chris Mullen 111 Main St., Suite 1600, Salt Lake City, UT 84111 801-323-1076; cmullen@bmcslc.com; www.bmcslc.com Bonneville Multifamily Capital is a national lender with a reputation for personal service. We focus on HUD/FHA and Multifamily USDA loans and are the largest originator of USDA 538 loans in the country with over 300 closings. These federally backed loans are an excellent source of low-interest rate, high LTV, long amortization, for rural multifamily housing projects.

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Boston Capital Mr. Tom Dixon, Vice President One Boston Place, Suite 2100, Boston, MA 02108 310-339-4376; tdixon@bostoncapital.com Boston Capital is a real estate investment and advisory firm with over 44 years of experience specializin in equity investments in affordable multifamily housing and market rate communities. Boston Capitalâ&#x20AC;&#x2122;s holdings include over 1,500 multifamily properties in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam, constituting nearly 121,000 apartment homes with a portfolio development cost in excess of $19.6 billion. Boston Capital is one of the largest owners/investors of apartment properties in the United States. Visit www.bostoncapital.com

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Boston Financial Investment Management Boston Financial Investment Management Thomas Paramore, Senior Vice President, Equity Production 312 S. Fourth Street, Suite 700, Louisville, KY 40202 502-212-3822; Thomas.Paramore@bfim.co www.bfim.co Boston Financial has raised and managed over $11.6 billion of low-income housing and historic tax credit equity investments in over 1,287 properties, making Boston Financial one of the largest firms in the ta credit industry. Boston Financial is a wholly owned subsidiary of ORIX USA Corporation, a Dallas-based financial services firm known for providing innovative capital solutions that clients need to propel the business to the next level.

Brown, Graham & Company, P.C. Booth 26 Brown, Graham & Company, P.C. Jessica Chen, Shareholder/Vice President Shannon Andreâ&#x20AC;&#x2122;, Shareholder/Vice President 13809 Research Blvd, Suite 305, Austin, TX 78750 512-257-8091; jchen@bgc-cpa.com; sandre@bgc-cpa.com; www.bgc-cpa.com Brown, Graham & Company, P.C. is a Texas based Certified Public Accounting and consulting firm th serves the best interest of our clients and communities. The Austin office has served Public Housin Authorities and Low-income Housing Tax Credit industry for over 22 years. Our professionals are well aware of the specialized needs of the low-income housing tax credit, and HUD assisted and insured programs and are thoroughly versed in what it takes to keep you project running smoothly.

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Capstone Consulting & Compliance Services Booth 8 Capstone Consulting & Compliance Services D. Michael Boone, Jr., CPM 210 Barton Springs Road, Ste 300, Austin, TX 78704 512-646-6700 office; 512-492-7022 direct; 512-646-6798 fa mike.boone@capstonemanagement.com; www.capstonemanagement.com Serving our peers in the affordable housing industry, Capstone provides both remote and onsite compliance services customized to our clientsâ&#x20AC;&#x2122; needs. Our proprietary processes have proven to establish solid on-site compliance systems, reduce risk of lost credits and improve the industry reputation of our clients.

Carleton Management Services Booth 9 Carleton Management Services LLC. 3301 Airport Freeway Ste. 210, Bedford TX, 76021 817-532-3155 Carletonms.com The Carleton Management Services team is dedicated to achieving the financial goals of our owners b efficiently operating and maintaining their assets. e strive to control costs, drive revenue growth, and achieve operating goals while enhancing the lives of the residents we serve and the properties in which we operate. Our team is focused on providing expert property management with integrity and a commitment to service.

Centrant Community Capital Booth 4 Centrant Community Capital David R. Bennett P.O. Box 19999, Raleigh, NC 27619 984-344-9992; david@centrant.org www.centrant.org Centrant Community Capital is a mission-driven lender, leveraging the resources of the banking industry to finance affordable multifamily housing. Established in 1990, we offer first-lien permanent debt th consistently meets the needs of our borrowers, provides a range of benefits to our member banks, an strengthens the communities we serve together. To date, weâ&#x20AC;&#x2122;ve provided nearly $400 million in loans to support the development of over 21,000 units in nearly 400 communities across the Southeast.

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Churchill Stateside Group, LLC Churchill Stateside Group is a Q10 Capital Partner Clearwater | Atlanta | Chicago | Dallas | New Orleans Visit us at CSGfirst.com; Follow CSG on Linked I Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing an renewable energy industries. The company’s investor and developer clients benefit from our experience staff and proactive senior leadership. CSG sponsors tax credit equity investment funds and provides construction and permanent financing solutions. CSG has investment relationships with numerou corporate investors, pension funds, insurance companies. CSG is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer.

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Dauby O’Connor & Zaleski, LLC Booth 60 Dauby O’Connor & Zaleski, LLC Blake Schrader 501 Congressional Blvd, Suite 300, Carmel, IN 46032 317-848-5700; bschrader@doz.net www.doz.net Dauby O’Connor & Zaleski, LLC (DOZ) provides accounting, consulting, and tax services to participants in multi-family housing communities. DOZ is well versed in projects financed through HUD, RD, ax-Exempt Bonds, and Low Income Housing Tax Credits with a client base that spans the United States. Our intense focus in the affordable multi-family housing arena, coupled with a centralized operational location, differentiates DOZ from other national firms. The result is a client experience that stands alone

Davis-Penn Mortgage Co. Davis-Penn Mortgage Co. Ray Landry / Kristin Welch 12650 N. Featherwood Dr. Suite 120, Houston, TX 77034 281-481-2400 rayl@davispenn.com / kristinw@davispenn.com www.davispenn.com Davis-Penn Mortgage Co. is a full-service FHA Lender, dedicated to providing our clients financin solutions across the country. We offer loan programs for acquisition, refinance, rehabilitation an construction of affordable housing and market-rate multifamily communities. Our affordable experience includes 4% and 9% tax credits, Section 8, RAD and LIHTC transactions. As a HUD, MAP originator and GNMA seller/servicer, we offer our clients comprehensive FHA service through origination, application, loan closing and real estate mortgage servicing.

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Dominium Inc. Dominium Inc. Jeff Spicer Vice President and Project Partner 2905 Northwest Boulevard, Suite 150, Plymouth, MN 55441 763-392-9875; Jeff.spicer@dominiuminc.com www.dominiumapartments.com Founded in 1972, Dominium is a Minneapolis-based owner, developer, and manager of apartment communities nationwide. Dominium is #2 on Affordable Housing Finance’s “AHF 50” list of the nation’s largest affordable housing owners. With more than 25,000 owned and/or managed units at over 200 sites in 23 states, Dominium is known for creative solutions to unique and challenging development projects, and management expertise. We are proud to say we own and manage 27 wonderful properties in the great state of Texas, all of which have TDHCA affordable programs, representing over 3,500 units and employing over 100 people. For more information visit www.dominiumapartments.com.

Enterprise/Bellwether Enterprise Booth 3 Enterprise/Bellwether Enterprise Aron Weisner, Phil Melton 15660 N. Dallas Parkway, Suite 850, Dallas, TX 75248 469-729-7677; aweisner@enterprisecommunity.com; pmelton@bwecap.com www.EnterpriseCommunity.com; www.BellwetherEnterprise.com Enterprise/Bellwether Enterprise: the leading national team putting capital to work for communities across the country. From Low-Income Housing Tax Credit and New Markets Tax Credit equity, to longterm conventional and affordable housing products, we are the industry’s most competitive and creative capital provider and servicer. That’s capital on a mission.

FDI Management Group LLC. Booth 14 FDI Management Group LLC. Diane Kinney, Principal 26303 Oakridge Drive, Houston, Texas 77380 281-367-5222; dkinney@fdimgt.com www.fdimgt.com

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FDI Management Group is a full service, third party property management company specializing in affordable housing. FDI provides a broad range of services focused on the individual needs of each property and client’s objectives. Our team of experts provide decades of experience in New Construction, Acquisition Rehab, Lease up’s, Qualifying, Compliance, and Stabilization. Our Company provides management services in Texas and Louisiana.

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Federal Home Loan Bank of Dallas Booth 30 Federal Home Loan Bank of Dallas Steve Matkovich, Senior Affordable Housing Analyst; Bruce Hatton, VP, AHP Manager 8500 Freeport Pkwy. South, Irving, TX 75063 800-362-2944; ahp@fhlb.com www.fhlb.com The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $57.5 billion as of March 31, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com. Fox Energy Specialists Booth 11 Fox Energy Specialists Johnnie Watson, Director of Multifamily Services 3301 West Freeway, Ft. Worth, TX 76107 Direct: 817-546-0160 Ext.141; Cell: 817-819-2955; Fax: 817-546-0161 Email: jwatson@foxenergyspecialists.com www.FoxEnergySpecialists.com Fox Energy Specialists, a division of The Nelrod Company, provides energy code and green energy efficiency program consulting, performance testing and field verifications for single- and multi- fam projects. Certified team members will support all your energy needs. Services include energy plan revie and compliance modeling, IECC inspections, testing, or green programs such as National Green Building Standard (NGBS), ENERGY STAR, Enterprise Green, and the EPA ES Portfolio Manager program for the HUD MIP program.

Frontier Energy, administering CenterPoint Energy’s Multifamily Market Transformation Program Booth 27 Frontier Energy, administering CenterPoint Energy’s Multifamily Market Transformation Program Steve Wiese, Director of Implementation Services, Frontier Energy 1515 S Capital of Texas Hwy, Suite 110, Austin TX 78746 512-372-8778 ext. 118; swiese@frontierenergy.com; http://www.centerpointenergy.com CenterPoint Energy offers incentives for energy efficient new and existing, as well as low income an market value, multifamily homes. CenterPoint’s multifamily incentive programs are administered by Frontier Energy, which offers turnkey design, evaluation, implementation and support of a wide variety of innovative energy and water efficiency and renewable energy programs for electric and gas utilities

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Galaxy Builders, Ltd. Booth 29 Galaxy Builders, Ltd. Neilesh Verma, President 4729 College Park, San Antonio, TX 78249 210-493-0550; neileshv@galaxybuilders.com www.galaxybuilders.com For over two decades, Galaxy Builders, Ltd., has built a reputation of excellence, commitment, and trust. Based in San Antonio, Texas, Galaxy is a leading general contractor, specializing in multifamily construction throughout the Southwest. Galaxyâ&#x20AC;&#x2122;s award-winning management teams have built over 20,000 units representing more than $1 billion worth of projects. From large-scale senior living to affordable housing, Galaxy delivers timely, budget-aware projects. Follow our Twitter @GalaxyBuildersL; Like our Facebook at Galaxy Builders Ltd.

Gulf Loss Consultants, Inc. Gulf Loss Consultants, Inc. 19276 FM 1485, New Caney, Texas 77357 (281) 225-0085; (800) 419-0100 www.GulfLossConsultants.com Gulf Loss Consultants, Inc. and Roddy Jerkins has been providing insurance claims assistance as an advocate for property owners and/or their asset managers since 2007. Our concentration has been to provide public adjusting service in Texas, Louisiana, and Florida. Now, thousands of claims later, helping property owners manage and protect their assets is still our focus. Your insurance carrier has claims experts working for them. You should too. Roddy has been formally educated through The Institutes (Insurance Institute) and holds professional designations for Associate in Insurance Services, Associate in Claims, Associate in National Flood Insurance. Gulf Loss Consultants is your partner for all aspects of dealing with an insurance loss.

Highland Commercial Mortgage Booth 25 Highland Commercial Mortgage Leigh Anne Rula, Marketing Director 242 Inverness Center Drive Birmingham, Alabama 35242 205-250-9010; leighanne@hcmd4.com; www.hcmd4.com Highland Commercial Mortgage, is an FHA MAP-Approved Lender & Ginnie Mae Issuer providing loan origination, underwriting, and loan servicing for multifamily mortgages, affordable housing developments and senior living facilities across the country. We are Committed to your Vision.

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Hunt Capital Partners Booth 21 Hunt Capital Partners For Developer Inquiries, please contact: Dana Mayo, Executive Managing Director, Hunt Capital Partners 818-380-6130; Dana.mayo@huntcompanies.com For Investor Inquiries, please contact: Jeff Weiss, President, Hunt Capital Partners 818-380-6131; Jeff.weiss@huntcompanies.com www.huntcapitalpartners.com Hunt Capital Partners (“HCP”) is the syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the syndication of Federal and State Low-Income Housing, Historic and Solar Tax Credits. Since the successful launch of its first fund in the fall of 2011, HCP has raised over $1. billion in tax credit equity. Johnson Petrov, LLP Booth 6 Johnson Petrov, LLP Andrew P. Johnson, III 2929 Allen Parkway, Suite 3150, Houston, Texas 77019 713-489-8977; AJohnson@JohnsonPetrov.com Johnson Petrov, LLP (JP) is a dynamic Houston-based law firm, a leader in multifamily finance. attorneys created one of the first public-private partnerships for multifamily housing in the United State and is now closing innovative P-3’s with cities and HFC’s. JP attorneys have represented developers, nonprofit owners and issuers in numerous tax credit (4% and 9%), multifamil , nonprofit and market rat financings. JP continues to lead the industry in financing alternatives for its client

Jones Walker LLP Booth 22 Jones Walker LLP Antoinette M. Jackson, Partner 811 Main, Suite 2900, Houston, TX 77002 713-437-1888; tjackson@joneswalker.com www.joneswalker.com For more than four decades, Jones Walker LLP has helped organizations and individuals acquire, develop, finance, and build a broad range of affordable housing; workforce, senio , student, and military housing; and mixed use projects across the country. In this complex environment, our Affordable Housing team is able to offer clients the deep industry knowledge, full-spectrum legal counsel, and firsthan government experience required to provide creative, practical solutions.

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Jordan & Skala Engineers Booth 38 Jordan & Skala Engineers Andrew Smith, PE, CEM, LEEK AP BD+C Vice President, Principal 17855 North Dallas Pkwy., STE. 320 | Dallas, TX 75287 469-385-1616; asmith@jordanskala.com Founded as a corporation in 1953, Jordan & Skala Engineers has built a national client base by utilizing its considerable technical and personnel resources to deliver innovative engineering solutions on time and within budget for any project challenge. Jordan & Skala is a leading mechanical, electrical and plumbing engineering firm with regional offices located throughout the United States. e listen, we communicate, we adapt, and support the project goals.

Kinetic Valuation Group, Inc. Booth 45 Jay Wortmann, MAI Certified General Real Estate Appraise 11060 Oak Street, Ste. 6, Omaha, NE 68144 402.202.0771; jay@kvgteam.com www.leacompany.com Kinetic Valuation Group, Inc (KVG) fka LEA & COMPANY provides Affordable Housing Valuation and Consulting Solutions within the Affordable Housing Industry. Our services include tax credit application market studies and appraisals, lender appraisals, and feasibility consulting. We work extensively with proposed and existing family and senior LIHTC properties, USDA Rural Development, and HUD properties including Rent Comparability Studies and MAP valuation services. Contact Jay Wortmann at 402.202.0771 or jay@kvgteam.com. We look forward to partnering with you!

Landmark Rehab Group, LLC Booth 59 Landmark Rehab Group, LLC David Guth, President 15950 Dallas Pkwy, Ste 300, Dallas, TX 75248 972-715-8484; dguth@lmrehab.com www.LandmarkRehabGroup.com Landmark Rehab Group (Landmark) is a general contractor specializing in multifamily rehabilitation and reconstruction. Landmark has developed a unique business model with its Occupied Unit Renovation Process that allows Owners to minimize vacancy rates and maximize NOI during capital improvement projects. Landmark works directly with Owners and Property Management companies to provide solutions tailored to our clientâ&#x20AC;&#x2122;s needs with the least amount of disruption to all parties involved. Landmark has successfully renovated over 4,000 occupied units.

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Love Funding Booth 56 Love Funding Ellie Cosgrove AVP, Marketing & Events Manager 1250 Connecticut Avenue NW, Suite 310, Washington, DC 20036 office, 202-591-3633; mobile,919.219.084 Follow us: @LoveFunding Love Funding is a leading HUD lender with over 30 years of experience. We provide financing fo market-rate multifamily and affordable housing, healthcare and seniors housing facilities and hospitals nationwide. We also offer a bridge loan platform, which provides interim and construction funding for projects seeking long-term, permanent financing using HUD loan programs

National Church Residences Booth 63 National Church Residences Christina G. Sanchez, Vice President, Business and Leadership Development 18838 Stone Oak Parkway, Suite 206, San Antonio, Texas 78258 210-680-9199; csanchez@nationalchurchresidences.org www.nationalchurchresidences.org With 340 communities in 26 states and Puerto Rico, National Church Residences is the nation’s largest not-for-profit provider of affordable senior housing. Operating 28 properties in exas, the organization is a leading provider of third-party property management services. Our proven management protocol results in cost-effective marketing, superior resident retention, and timely financial reporting. Additionall , National Church Residences is interested in acquiring senior properties for preservation through our $50 million Affordable Housing Investment Fund. For more information, visit www.nationalchurchresidences.org.

NRP Construction NRP Construction Chance Louis – Director of Construction Services 200 Concord Drive, Suite 900, San Antonio, Texas 78216 210-487-7878; clouis@nrpgroup.com www.nrpconstruction.com A division of The NRP Group, NRP Construction, is a full service general contractor specializing in multiunit housing across the nation. We’re committed to providing high quality pre-construction and general contracting services while developing trust and building relationships. With two decades of experience in over a dozen states, The NRP Group is able to leverage its unique perspective as one of the industry’s largest multifamily developers to create value for all types of multi-unit residential construction projects, from luxury and market-rate communities, to affordable, public-private partnership, HUD, student or senior housing in both urban and suburban locations. NRP Construction has delivered over 28,000 residential units nationally over the last 20 years, and over 7,000 in Texas over the last five years. Whil managing over 17,000 units nationally, our experience provides deep institutional knowledge of how properties must be designed and constructed to run efficiently over the long term

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Pavilion Construction, LLC Booth 13 Pavilion Construction, LLC Brian Gerritz, President 2511 Broadbent Pkwy NE, Suite A, Albuquerque, NM 87107 Office, 505-346-0085; Mobile, 503-704-431 bgerritz@pavilionconstruction.com www.pavilionconstruction.com At Pavilion Construction, we understand our growth has been fueled by repeat business with satisfie clients. We have emerged as an industry leader through our focus on the client, establishing reputable contracting services at unparalleled standards. Pavilion Construction’s staff is made up of industry leading individuals who love to build. We are unified and passionate about achieving project goals an exceeding our client’s expectation.

Phase Engineering Booth 58 Phase Engineering, Inc. Tracy Watson, EP 5524 Cornish Street, Houston, TX 77007 210-997-4056; Tracy@PhaseEngineering.com www.PhaseEngineering.com Phase Engineering, Inc. successfully partners with many TDHCA tax credit applicants to receive NEPA Environmental Clearance for many programs including 221(d)4, HOME, RAD, and USDA. Phase Engineering, Inc. is an environmental consulting firm that was founded in 1993. Their license staff of environmental professionals annually perform over 1,000 Phase I Environmental Site Assessments (ESA), Phase II ESAs, asbestos, lead, and mold inspections, property condition assessments, radon surveys, wetland delineations and related environmental services nationwide.

PNC Real Estate PNC Real Estate Nora Keane, Assistant Vice President Nora.keane@pnc.com PNC Real Estate offers one of the industry’s most comprehensive arrays of financing solutions t owners, operators, developers and investors nationwide. PNC provides Tax Credit Capital solutions, as well as Freddie Mac, Fannie Mae and FHA financing for the predevelopment, construction, interim an permanent financing of affordable and conventional multifamily properties. PNC combines LIHTC and HT equity with our agency and balance sheet debt solutions to deliver seamless financing options for th construction or redevelopment of multifamily housing.

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Rainbow Housing Assistance Corporation Flynann Janisse, Executive Director 3120 W Carefree Hwy, Ste 1-246, Phoenix, AZ 85086 602-903-1843; fjanisse@rainbowhousing.org www.rainbowhousing.org Rainbow Housing Assistance Corporation is a nonprofit organization that provides service-enriched housin programs for residents of rental housing communities throughout the country. Offering services, which focus on community and promote the self-sufficiency of the residents, have been proven to increase the financi viability of multifamily assets. Rainbow’s award-winning services are structured in such a way to perform for any population or demographic, preserving quality affordable housing for those who need it most.

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Regions Bank Regions Bank David Payne Regions Affordable Housing 214-220-6171; Davidn.payne@regions.com Graham Dozier Real Estate Capital Markets 404-279-7462; Graham.dozier@regions.com Regions Bank is committed to strengthening our communities by providing financial solutions t developers of affordable housing properties. Our Regions Affordable Housing and Real Estate Capital Markets groups provide a comprehensive range of products to meet the needs of the affordable housing industry, from LIHTC equity investments to construction and bridge financing, as well as a full array o permanent financing options through Fannie Mae and HUD. Let us show you how Regions can help yo move your business forward.

Red Capital Group Booth 42 RED Capital Group Edward J. Meylor - Chairman & CEO 10 West Broad Street, 8th Floor, Columbus, OH 43215 614-857-1413; tmeylor@redcapitalgroup.com redcapitalgroup.com RED Capital Group, LLC (RED) provides integrated debt and equity capital to the seniors housing and health care, multifamily, affordable, and student housing industries. RED Mortgage Capital, LLC is the nation’s #1 FHA/HUD MAP and Lean Lender by loan count in HUD FY2016, a leading Fannie Mae DUS® lender and a Freddie Mac small balance lender. RED is a wholly-owned subsidiary of ORIX USA Corporation.

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Rinnai America Corporation Booth 62 Rinnai America Corporation 103 International Drive Peachtree City, GA 30269 Shawn Curran, Regional Manager 214-202-8327; scurran@rinnai.us\ www.rinnai.us Through nearly 100 years of innovation, we at Rinnai have enhanced the way businesses operate. This commitment has made us the number one selling brand of tankless water heater systems. Rinnai’s Water Heating Solutions are a perfect fit for multi-family property owners looking for significant savin on their energy consumption and costs. Rinnai’s state-of-the-art, energy-efficient technology deliver hot water only when water flow is detected – resulting in an endless supply of hot wate .

SVN AFFORDABLE | Levental Realty SVN AFFORDABLE | Levental Realty Gene Levental, Managing Director 525 Vine St. Suite 200. Cincinnati, Ohio 45202 513-321-7589; gene.levental@svn.com; www.svn-ahg.com SVN Affordable | Levental Realty is a nationally recognized leader in the niche market of Affordable Housing brokerage focusing solely on valuing, marketing and selling Project-Based Section 8 and Section 42 housing through our national platform and proprietary database. Our financial, regulatory and statutor expertise, paired with our strategic alliance of industry professionals, allows us to successfully identify a customized disposition strategy and transaction structure that ensures maximum value and minimal risk for our clients.

Wallace Architects LLC Booth 7 Wallace Architects, LLC Mike Kleffner, Randy Porter, Ashley McClallen 302 Campusview Dr., Suite 208, Columbia, MO 65201 573-256-7200 www.wallacearchitects.com Wallace Architects, LLC is one of the largest and most active firms in the Midwest specializing i affordable housing developments. Wallace Architects has broad experience in the design and construction of residential and multi-family developments – in new construction and the renovation/ rehabilitation of existing and historic properties, throughout Missouri and multiple surrounding states. Please visit www.wallacearchitects.com to learn more about our work, our process and our team!

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Ward, Getz & Associates, LLP Booth 57 Ward, Getz & Associates, LLP Ryan Getz 2500 Tanglewilde, Suite 120, Houston, TX 77063 713-789-1900; rgetz@wga-llp.com www.wga-llp.com Ward, Getz & Associates, LLP (WGA) provides civil engineering consulting and design services for single- and multi-family developments. From moderate-density communities to high-density urban towers, our expertise and understanding of building systems analysis and permitting issues and concerns enables us to assist design teams with integrated site and building designs. Our team understands intimately how to design the project and we have demonstrated experience successfully working with approving agencies.

Wilmington Trust N.A. Booth 23 Wilmington Trust N.A. Stephen McPherson 15950 North Dallas Parkway, Suite 550, Dallas TX 75248 972-383-3161; smcpherson@wilmingtontrust.com www.wilmingtontrust.com Wilmington Trust has been serving Corporate Trust clients for more than a century, providing the strength, resources, and credibility to meet the needs of sophisticated enterprises. We continuously strive to be a leading provider of specialized services to corporate and institutional clients and helping them succeed by efficiently delivering trust, agenc , and fiduciary solutions, as well as by helping mitigate risk

WNC Booth 10 WNC Michael Byrd, Vice President 2340 Lexington Avenue North, St. Paul, Minnesota 55113 651-634-0020; mbyrd@wncinc.com WNC is a leading provider of tax credit investment, asset management, and development services to the nationâ&#x20AC;&#x2122;s largest corporations and financial institutions, developers, property owners and communities Headquartered in Irvine, California, the company maintains offices in 11 states and has partnered wit developers in 45 states, the District of Columbia and the U.S. Virgin Islands representing more than 1,300 properties nationwide.

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AGM Financial Services, Inc. AGM Financial Services, Inc. Margaret Allen 20 South Charles Street, Suite 1000, Baltimore, MD 21201 443-573-2045; mallen@agmfinancial.co www.agmfinancial.co The FHA Expert - It’s All We Do! Financing Multi-family Communities with FHA AGM arranges federally insured mortgages for apartment projects under FHA’s MAP (Multifamily Accelerated Processing) program. AGM is also an approved Lender for FHA’s Low Income Housing Tax Credit Pilot Program and is very active in the Rental Assistance Demonstration (RAD) Program firms. AGM closed $600,000,000 in 2017 Alpha Barnes Real Estate Services, LLC Alpha Barnes Real Estate Services, LLC Hugh A Cobb, CPM, Managing Principal 12720 Hillcrest, Suite 400, Dallas, Texas 75230 Phone, 972-581-0854; Fax, 972-503-7569; hcobb@abres.com www.abres.com Since 2000, Alpha Barnes Real Estate Services, LLC, has specialized in leasing, managing and ensuring program compliance for affordable apartment properties of all types throughout Texas and Oklahoma. Presently ABRES manages over 23,000 units with over 18,000 of those being affordable. The company is headquartered in Dallas with regional offices and staff in Austin and San Antonio

Anderson Development & Construction, LLC Anderson Development & Construction, LLC Terri Anderson 347 Walnut Grove Lane, Coppell, TX 75019 Phone, 972-567-4630; Fax, 972-462-8715 Anderson Development & Construction, LLC was established as an affiliate to Anderson Capital, LLC in 201 to facilitate development and construction related activities, with 132 units nearing construction completion. Anderson Capital, LLC has secured over $137,860,000 in 9% housing tax credits as a full service consulting firm assisting clients with the development of over 1,670 affordable housing units with an 80.51% succes ration. The professionals of Anderson have over 25 years of affordable housing experience.

Arx Advantage, LLC Arx Advantage, LLC Robbye Meyer 1305 Dusky Thrush Trail, Austin, TX 78746 512-963-2555; robbye@arxadvantage.net www.arxadvantage.com Arx Advantage, LLC is a comprehensive real estate development consulting firm whose vision is to assis in the development of affordable housing through the use of public and private funding resources. The Arx team has extensive knowledge in real estate development, finance, housing programs, asset managemen and compliance services. Arx is committed to providing the highest level of professional service and dedicated to promoting and maintaining strong client relationships.

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Austin Affordable Housing Corporation Michael Gerber, President & CEO 1124 South IH 35, Austin, TX, 78704-2614 512-477-4488; michaelgerber@hacanet.org http://www.hacanet.org Austin Affordable Housing Corporation (AAHC) was established in 2003 as a non-profit subsidiary o the Housing Authority of the City of Austin (HACA). AAHC works to preserve and increase the stock of affordable housing for low to moderate families in Austin as well as provide financial literacy an homeownership opportunities to HACA’s Pubic Housing and Housing Choice Voucher residents. Capital Area Housing Finance Corp. Capital Area Housing Finance Corporation Jim Shaw 4101 Parkstone Heights Drive, Suite 280, Austin, TX 78746 512-347-9953; jeshaw@cahfc.org www.cahfc.org Capital Area Housing Finance Corporation was established to address workforce housing needs in Central Texas. We provide financing opportunities for home ownership and multi-family rental properties We also fill the co-developer/owner role where appropriate. e work with developers, finance tea members, and local leaders to create quality, sustainable workforce housing throughout our region.

Conference Supporter

Austin Affordable Housing Corporation

Choice Property Resources Choice Property Resources Cassie McClure, Operations Coordinator Choice Property Resources, Inc. 614-568-7313 Office; cassie@choiceprop.co www.choiceprop.com Choice Property Resources is a leading advisor to affordable multifamily developers and owners. With 20 years of experience in the MDU industry, Choice negotiates, executes and manages all aspects of ancillary services contracts for internet, cable TV, laundry services and smart apartments. Based on the goals of each property, Choice establishes contract terms, service quality and consideration to erase the disparities between affordable and market-rate properties. Well-negotiated contracts bring deeper value to communities and residents. CMR Risk & Insurance Services, Inc. CMR Risk & Insurance Services, Inc. 8880 Rio San Diego Drive, Suite 725, San Diego, CA 92108 Erik Wenstone, ARM 619-297-3160 x27; ewenstone@cmrris.com Robert Salem, 619-297-3160 x59; rsalem@cmrris.com www.cmrris.com CMR Risk & Insurance Services, Inc.’s Real Estate Division provides risk management support and insurance program design exclusively for firms in the Real Estate Industry with a unique LIHTC niche CMR has developed exclusive LIHTC products including our surety product to protect against credit recapture due to non-compliance after disposition as well as a builder’s risk product that can insure up to one year of the tax credits following a covered loss.

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DMA Development Company, LLC DMA Development Company, LLC Diana McIver, President 4101 Parkstone Heights Drive, Suite 310, Austin, TX 78746 512-328-3232; dianam@dmacompanies.com www.dmacompanies.com DMA Development Company, LLC has developed 31 apartment communities totaling 2,500 units, primarily financed through the Housing ax Credit Program. While most of the companyâ&#x20AC;&#x2122;s portfolio is in the State of Texas, DMA Development has also developed apartment communities in Georgia and the District of Columbia. Through affiliated entities, DMA self-manages its portfolio while also providing third part property management services and development consulting services. Dwight Capital LLC Dwight Capital LLC Tyler Griffin, Dwight Capital, CO 250 W 55th St., 30th Floor, New York, NY 10019 Direct, 347-846-0773; Main, 212-960-3750; info@dwightcap.com www.dwightcapital.com Dwight Capital is a national FHA/HUD, USDA, & CMBS lender that originates and services loans for market rate & affordable housing as well as healthcare facilities. To compliment those business lines, Dwight Capital also offers bridge loans, preferred equity, & mezzanine loans. We pride ourselves on providing innovative and creative financial solutions for our clients

Hilltop Securities Inc. Hilltop Securities Inc. Timothy Nelson, Managing Director, Housing Manager 300 West 6th Street, Suite 1940, Austin, TX 78701 512-481-2022; tim.nelson@hilltopsecurities.com www.hilltopsecurities.com Hilltop Securities Inc. is a full service investment banking firm which specializes in providing financi advisory and other services to governmental entities nationwide. For over 70 years, Hilltop Securities Inc. housing professionals have earned a national reputation as trustworthy professionals who are dedicated to unparalleled excellence. In the affordable housing arena, Hilltop Securities Inc. is committed to one mission: provide superior service to housing finance agencies across the State of exas and across the nation. J. Allen Management Company, Inc. J. Allen Management Company 1390 Broadway Beaumont, TX 77701 Contact: Joshua W. Allen, President 409-833-8947 JAMC is a fully integrated management firm in business since 1981, specializing in managing trouble multi-family properties. JAMC also provides consulting service to real estate investment owners. JAMC has expertise in making initial assessments and developing comprehensive plans to bring properties in compliance with all housing, building codes, and compliance with all governmental regulations. The staffâ&#x20AC;&#x2122;s experience includes management of conventional, Section 8, Public Housing, Tax Credit, and commercial properties. 134 Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

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KWA Construction, LP 16800 Westgrove Drive, Suite 300, Addison, TX 75001 214-978-0177; info@kwaconstruction.com www.kwaconstruction.com KWA Construction is a Dallas based construction firm specializing in multifamily developments. A general contractors, our team of experts has developed a reputation for being among the best in our industry. Founded in 2004, KWA Construction serves from a foundation of values created and realized by each individual who works in our organization. We strive for excellence throughout every process to ensure clients receive the greatest value at the right cost, every time. kwaconstruction.com M Group, LLP M Group, LLP Michael Martin, Managing Partner 515 W. Southlake Blvd., Suite 150, Southlake, TX 76092 817-865-1360; mmartin@mgrouptx.com www.mgrouptx.com M Group, LLP is a full service public accounting firm specializing in real estate and the affordable housin industry. For over 15 years, M Group professionals have served developers, owners and managers of affordable housing projects throughout the United States providing audit and assurance, cost certifications, carryover allocations, tax planning, compliance and consulting services. M Group, LLP als has vast experience serving the distinct needs of nonprofit organizations helping them fulfill their mission

Conference Supporter

KWA Construction, LP

Mason Joseph Company, Inc. Mason Joseph Company, Inc. David Joseph, Executive Vice President 211 N. Loop 1604 E. Suite 140 San Antonio, TX 78232 210-402-6161; david@masonjosephco.com www.masonjosephco.com Mason Joseph Company, Inc. is an FHA MAP lender providing financing for the market rate and affordabl housing industries. Based in San Antonio with an additional production and underwriting office in For Worth, MJC offers construction, rehabilitation, refinance and acquisition financing for multifami properties throughout the southwest. MJC works with public and private developers to provide the debt needed for both 4% and 9% transactions.

Nixon Peabody LLP Nixon Peabody LLP Monica Hilton Sussman, Partner 799 9th Street, NW, Suite 500, Washington, DC 20001 202-585-8833; msussman@nixonpeabody.com www.nixonpeabody.com We understand the business of affordable housing and the challenges it can present our clients. After all, our attorneys, many of whom formerly worked at HUD in legal and policy positions, have helped shape housing industry policy for more than 45 years. With this deep experience and our robust industry network, we work with clients to anticipate issues, cut through complex regulations and creatively leverage public financing opportunities to keep their affordable housing investments moving forward Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e 135

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Pedcor Investments) Pedcor Investments, A Limited Liability Company Phillip J. Stoffregen COO/Executive Vice President PH: (317) 587-0343; pjstoffy@pedcor.net; www.pedcorcompanies.com Founded in 1987, Pedcor has become one of the nation’s largest developers of Section 42 LIHTC rental housing, vertically integrated with in-house development, financing, management, construction architectural, engineering, accounting, IT and legal capabilities. Pedcor has developed/redeveloped 22,273 units and currently manages 18,409 units, including 16,388 LIHTC units. Active in 19 states, Pedcor specializes in large scale 4% tax exempt bond financing, having raised over $1.365 billion in debt an $806 million in LIHTC equity. Texas State Affordable Housing Corporation (TSAHC) Texas State Affordable Housing Corporation David Danenfelzer, Senior Director, Development Finance 2200 E. Martin Luther King Jr. Boulevard, Austin, TX 78702 512-477-3562; ddanenfelzer@tsahc.org www.tsahc.org The Texas State Affordable Housing Corporation (TSAHC) is a statewide nonprofit created at the directio of the Texas Legislature. We help developers build and preserve affordable housing by providing financin options such as tax-exempt bonds, lines of credit, and land banking and land trust services. TSAHC also provides property owners and management companies with services such as multifamily asset oversight and compliance reviews and property staff training. Learn more at www.tsahc.org. Volunteers of America Volunteers of America Patrick Sheridan, Executive Vice President, Housing 1660 Duke Street, Alexandria, VA 22314 703-341-5095 psheridan@voa.org; www.voa.org Since 1896, Volunteers of America has supported and empowered America’s most vulnerable groups, dedicated to helping those in need rebuild their lives and reach their full potential. Through our hundreds of human service programs, including housing and healthcare, Volunteers of America touches the lives of more than 2 million people in over 500 communities in 46 states as well as the District of Columbia and Puerto Rico each year.

SAVE THE DATE! 2019 Texas Housing Conference Fairmont Hotel in Austin, TX

July 22rd – 24th, 2019

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BOK Financial Booth 5 Pamela M Black, CCTS/SVP Regional Corporate Trust Manager 817-348-5797; Cell: 817-889-2889; pblack@bokf.com Lisa E Albers, SVP Community Development Phone: 918-588-6420; lalbers@bokf.com BOK Financial is one of the top 25 U.S. based banks. It offers a wide range of services to the affordable housing industry, including successor trustee, bond trustee, custody, paying agent and escrow agent from our Corporate Trust group and an array of debt (construction and permanent) and equity solutions from our Community Development group. BOK Financial offers strength and stability with a personal approach to develop customized client solutions.

Conference Bags BBVA Compass Ken L. Overshiner Senior Vice President - Community Development Capital Phone: 713-966-2303; Cell 346-228-2394 Ken.Overshiner@bbva.com BBVA Compass is a Sunbelt-based financial institution that operates 657 branches. BB A Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 5th nationally in the total number of SBA loans originated in fiscal year 2016. Additional information abou BBVA Compass can be found at www.bbvacompass.com. For more BBVA Compass news, follow @ BBVACompassNews on Twitter or visit newsroom.bbvacompass.com.

Specialty Sponsor

Hotel Key Card

Big Bag Giveaway CHR Partners Meghan Oswald 19141 Stone Oak Pkwy., Ste. 104,San Antonio, TX 78258 210-570-8917; moswald@chrpartners.com Community Housing Resource Partners is dedicated to developing quality, affordable housing where built-in social services empower low-income residents to grow and prosper. We partner with experienced residential developers to increase the stock of quality, affordable housing nationwide. Each of our properties is equipped with onsite social services like job readiness programs, financial literac resources, and homework help â&#x20AC;&#x201D; at no additional cost to residents. CHR Partners promotes selfsufficienc , education, health and wellness, and stable communities. Hilltop Securities Inc. Timothy Nelson, Managing Director, Housing Manager 300 West 6th Street, Suite 1940, Austin, TX 78701 512-481-2022; tim.nelson@hilltopsecurities.com www.hilltopsecurities.com Hilltop Securities Inc. is a full service investment banking firm which specializes in providing financi advisory and other services to governmental entities nationwide. For over 70 years, Hilltop Securities Inc. housing professionals have earned a national reputation as trustworthy professionals who are dedicated to unparalleled excellence. In the affordable housing arena, Hilltop Securities Inc. is committed to one mission: provide superior service to housing finance agencies across the State of exas and across the nation.

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Lanyards R4 CAPITAL LLC Booth 34 Marc Schnitzer, President 646-576-7659; MSchnitzer@r4cap.com 780 Third Ave., 10th Floor, New York, NY 10017 R4 Capital is a nationwide affordable housing tax-credit syndicator, lender, and asset manager. Since 2012, R4 Capital has raised more than $2.0 billion of LIHTC equity from more than 60 institutional investors in 14 multi-investor funds and seven proprietary funds. In 2016, R4 Capital launched R4 Capital Funding, a taxexempt lending business that provides mortgage capital for affordable multifamily housing properties. Since inception, R4 Capital Funding has closed over $400 million of tax-exempt bonds. Learn more: R4cap.com.

Charging Stations J4 Development Booth 64 Chris Darby 1700 Jay Ell Drive, Suite #100, Richardson, TX 75081 Tel 972-930-7075 ext113; Mobile 214-498-5183; Fax 972-739-5073 Email: cdarby@j4development.com; www.j4development.com J4 Development provides multifamily general contracting services nationwide for LIHTC, market-rate, student and military housing. The organization began in 2004 in Texas and over the past 14 years has expanded its footprint into 38 states. J4 began working on its first LIHTC project in 2006. Since then, th company has successfully completed affordable housing projects in 14 states. The majority of these were financed with HUD 221(D)4 loans. With over $400 million in completed projects, J4 Development ha solidified itself as one of the premier general contractors in the multifamily industr . Baldwin â&#x20AC;&#x201C; Cox â&#x20AC;&#x201C; Allen Booth 64 5930 Preston View Blvd., Suite 200, Dallas, TX 75240 Russ Frenzel, Producer; 972-331-3725; russ@baldwinagency.com Brady Cox, Principal; 972-331-3717; brady@baldwinagency.com Baldwin-Cox-Allen is an independent Commercial Insurance and Construction Bonding Agency providing services nationwide. We specialize in establishing surety bonds with exclusive niche markets that cater to Owners, Developers, General Contractors, and HUD financed projects. Our industry leading Builder Risk and Property insurance programs offer multi-family and office building coverages that protect you investment. Our years of experience focusing on bonding and insurance, industry relationships and our consultative approach are all geared toward maximizing your profitability and taking your company t the next level.

Monday, July 23rd AM Refreshment Wells Fargo Booth 17 Wells Fargo Leslie Houston 201 Main Street, Suite 300, Fort Worth, TX 76102 682-316-1327; Leslie.houston@wellsfargo.com www.wellsfargo.com/affordablehousing At Wells Fargo, we work hard to help our customers and communities succeed. As a leader in affordable housing lending and investing, we have a deep understanding of the industry and use that knowledge to develop competitive financial solutions for your project. Whether you need access to capital markets construction or permanent financing, credit enhancements, or equity through the sale of tax credits Wells Fargo can help you reach your financing goals

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RBC Capital Markets Booth 50 RBCCM Housing Finance Group RBCCM Tax Credit Equity Group Helen Feinberg, Managing Dan Kierce, Director 216.875.6043; Daniel.Kierce@rbccm.com Director 727.502.3631 www.rbccm.com/tceg RBC Capital Markets Tax Credit Equity and Housing Finance Groups provide equity capital by utilizing federal and state LIHTC and HTC programs, and offer a complete range of multifamily solutions to meet the needs of developers, investors, PHAs and HFAs. Our team of over 100 professionals has raised more than $8.9 billion of equity through year-end 2017, including $585MM RBC Direct RETC, for over 1,000 properties and renewable assets under administration nationwide. Also, in 2017, RBCCM was ranked as the #1 housing underwriter in the country having senior managed 87 single family and multifamily issues totaling nearly $3.7 billion.

Monday, July 23rd Opening Keynote Speaker

Specialty Sponsor

Monday, July 23rd PM Refreshment

Highridge Costa Moe Mohanna, President Highridge Costa Development Company 330 W. Victoria st, Gardena CA 90248 424-258-2800; www.housingpartners.com Highridge Costa is among Americaâ&#x20AC;&#x2122;s leading developers, financiers, owners and operators of affordabl workforce and senior apartment communities. With 27,000 units across 280 apartment communities invested in and developed, Highridge Costa brings tremendous development experience to the table and has formed strong relationships with institutional lenders and public-sector agencies alike. At Highridge Costa, we are committed to creating high quality affordable housing through building living communities that meet both individual and city growth planning needs.

Monday, July 23rd Opening Reception Capital One Bank Booth 19 Capital One, N.A. Ben Glispie 8000 Dominion Pkwy, 2nd Floor, Plano, TX 75024, 972.295.1031; benjamin.glispie@capitalone.com Capital One Bank services banking customer accounts through the internet and mobile banking, as well as through cafĂŠs, ATMs and branch locations in multiple locations in Texas. Capital One recognizes that housing plays a crucial part in neighborhood revitalization and annually provides more than $1.1 billion in loans and investments, helping to create more than 12,000 affordable places to live. To learn more, visit http://www.capitaloneinvestingforgood.com/.

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Monday, July 23rd Opening Reception Wine Trail Partners Bank of America Merrill Lynch Booth 1 Valerie A. Williams, SVP, Relationship Manager 901 Main Street, 20th Floor, Dallas, TX 75202-3714 214-209-3219; valerie.a.williams@baml.com www.bankofamerica.com/community As you work to transform lives and communities, connect with more than 30 years of community development experience, expertise and commitment at Bank of America Merrill Lynch. Whether you need tax-credit investments, flexible lending or other financial services, we can help you move projects to completion. e’ve committed $1.5 trillion to community development over the last 10 years, and our unique business model includes the nation’s first, largest and most active bank-owned Community Development Corporation Goodman Manufacturing Company, L.P. Booth 37 Dick Rydzeski, Director National Accounts 5151 San Felipe, Suite 500, Houston, TX 77056 713-263-5249; dick.rydzeski@goodmanmfg.com; www.goodmanmfg.com We’ve been building Goodman® brand air conditioning and heating equipment since 1982. Given our more than three decades of experience in the heating and cooling business, home builders and home owners can be assured that Goodman brand air conditioning and heating systems meet the highest industry standards and are installed by some of the best and most experienced professionals in the industry. When you choose the Goodman brand, you can rest assured that you’ll receive a refreshingly affordable product that’s covered by what we believe to be the best product warranties in the heating and cooling industry. Wilmington Trust N.A. Booth 23 Stephen McPherson 15950 North Dallas Parkway, Suite 550, Dallas TX 75248 972-383-3161; smcpherson@wilmingtontrust.com; www.wilmingtontrust.com Wilmington Trust has been serving Corporate Trust clients for more than a century, providing the strength, resources, and credibility to meet the needs of sophisticated enterprises. We continuously strive to be a leading provider of specialized services to corporate and institutional clients and helping them succeed by efficiently delivering trust, agenc , and fiduciary solutions, as well as by helping mitigate risk

Monday, July 23rd Opening Reception Highland Commerical Mortgage Music Feeds the Soul Highland Commercial Mortgage Booth 25 Leigh Anne Rula, Marketing Director 242 Inverness Center Drive Birmingham, Alabama 35242 205-250-9010; leighanne@hcmd4.com; www.hcmd4.com Highland Commercial Mortgage, is an FHA MAP-Approved Lender & Ginnie Mae Issuer providing loan origination, underwriting, and loan servicing for multifamily mortgages, affordable housing developments and senior living facilities across the country. We are Committed to your Vision.

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CommunityBank of Texas Stephen W. Rose, Executive Vice President CommunityBank of Texas, N.A. 9 Greenway Plaza, Suite 110, Houston, Texas 77046 Direct: 713-308-5754; Cell: 713-294-9620; srose@communitybankoftx.com CommunityBank of Texas is a $3.1 billion local community bank headquartered in Beaumont, Texas with a large presence in the Houston/SE Texas market. Our affordable housing debt platform expands to serve communities statewide from our largest cities to our smallest towns. We take great pride providing sophisticated financing with the quality service and nimbleness of your local hometown bank

Tuesday, July 24th AM Refreshments The Richman Group Affordable Housing Corporation Booth 35 Peter McHugh, Executive Vice President 340 Pemberwick Road, Greenwich, CT 06831 203-869-0900; McHughP@richmancapital.com; www.therichmangroup.com The Richman Group and its affiliates has raised approximately $11 billion in equity and debt for investmen in over 1,400 apartment projects located in 49 states, Puerto Rico, Guam and the U.S. Virgin Islands and includes a variety of locations: rural, suburban and urban. The properties include garden-style complexes, high-rise apartment houses, adaptive reuse of historic properties, and senior developments. Richmanâ&#x20AC;&#x2122;s syndicated corporate tax credit funds are comprised of over 100 institutional investors.

Specialty Sponsor

Tuesday, July 24th Keynote Breakfast

Tuesday, July 24th Keynote Luncheon Sponsor JP Morgan Chase Booth 18 David H. Saling, Executive Director/Senior Commercial Banker 221 West Sixth Street, Floor 2, Austin, TX 78701 512-479-2218; david.h.saling@chase.com; www.chase.com/cdb Chase takes pride in working to develop vibrant and diverse communities capable of sustaining a high quality of life and economic opportunity. We distinguish ourselves as a national leader in community development by expanding access to capital, providing leadership by example, and delivering comprehensive community development solutions of our global bank. By providing the financial resources needed to grow and develop Chase is leading the way to help strengthen communities across America.

Tuesday, July 24th PM Refreshments Citi Community Capital Booth 48 Mahesh Aiyer 2700 Post Oak Blvd., Houston, TX 77056 713-752-5046; mahesh.aiyer@citi.com; www.citicommunitycapital.com Committed to the communities we serve, Citi Community Capital finances both straightforward and highl structured transactions for non-profit and fo -profit developers, CDFIs, and state and local governmen agencies. We are generally recognized to be among the most creative and innovative firms in the industr and with Citiâ&#x20AC;&#x2122;s capital committing capability and team of experienced professionals, we are able to provide financing solutions that are specifically designed to meet each clien s needs.

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Tuesday, July 24th Conference Reception JP Morgan Chase Booth 18 David H. Saling, Executive Director/Senior Commercial Banker 221 West Sixth Street, Floor 2, Austin, TX 78701 512-479-2218; david.h.saling@chase.com; www.chase.com/cdb Chase takes pride in working to develop vibrant and diverse communities capable of sustaining a high quality of life and economic opportunity. We distinguish ourselves as a national leader in community development by expanding access to capital, providing leadership by example, and delivering comprehensive community development solutions of our global bank. By providing the financial resources needed to grow and develop Chase is leading the way to help strengthen communities across America.

Wednesday, July 25th 2018 Policy Brunch Gardner Capital Development Booth 2 Michael Gardner, Principal 2501 N. Harwood Rd., Suite #1501, Dallas, TX 75201 Direct: 314-561-5901; Cell: 214-842-0215; Fax: 314-963-9995 Email: michael@gardnercapital.com Gardner Capital Development: Developing Partnerships, Building Communities, Changing Lives Gardner Capital owns and operates several businesses throughout the United States, specifically focusing o housing and renewable energy development, investment and syndication of tax credits. Gardner has invested more than $1 billion of equity to provide affordable housing in over 50 communities. The principals, Mark Gardner and Michael Gardner, continue to expand the national footprint of renewable energy, market rate housing, affordable housing, private equity and construction management services with nine offices and staff acros the United States.

drivingAMBITION

Achieving real value in aﬀordable housing.

Whether you’re looking to buy, sell or ﬁnance – we deliver comprehensive solutions through one integrated platform.

• $1.2 billion Total affordable housing volume in 2017 • #2 Freddie Mac Top Targeted Affordable Housing Lender in 2017 • #3 Fannie Mae DUS® Producer for Affordable Housing in 2017

us.jll.com/aﬀordable-housing Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. © 2018 Jones Lang LaSalle IP, Inc. All rights reserved.

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WE KNOW TEXAS WE KNOW TEXAS CURRENT LISTINGS

CURRENT LISTINGS 17 2,515 $112M

CLOSED BROKERAGE

PROPERTIES

$ 16,504 16,504 $711M 711M UNITS

UNITS

DEBT ORIGINATION DEBT ORIGINATION

$ VOLUME UNITS 2,515 112M

PROPERTIES

UNITS

VOLUME

Currently Marketing

CLOSED BROKERAGE

93 93

PROPERTIES 17

VOLUME

23 23

3,875 3,875

PROPERTIES PROPERTIES

UNITS UNITS

VOLUME VOLUME

Currently Marketing

Closed Brokerage

Debt Origination

Valuations Valuations

202M 202M

VALUATIONS VALUATIONS

650 98,358 98,358 650 PROPERTIES PROPERTIES

UNITS UNITS

+1 206 826 5800 | cbre.us/affordablehousing

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Helping

Secure More Benefits

Natural gas is your key to standing out from the competition! Offer your clients more readily available hot water and lower energy bills and you’ll differentiate your property in the crowded multi-family market. CenterPoint Energy’s Natural Gas Advantage Multi-Family Program is your key to helping your development reach its full potential. VISIT US AT BOOTH #28 and discover how building with natural gas adds to your bottom line. Learn about: • • • •

CenterPoint Energy’s Natural Gas Advantage Multi-Family Program Cash incentives Favorable utility allowances Energy, cost and environmental savings benefits

CenterPointEnergy.com/Multi-Family Eisen Scherwitz 713-207-5470 Eisen.Scherwitz@CenterPointEnergy.com

Laura Irvine 713-207-6454 Laura.Irvine@CenterPointEnergy.com

Investor: Sarah Laubinger 617.488.3230 Developer: Thomas Paramore 502.212.3822 Marcus Vivona614.857.3279

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TDHCA

Texas Affordable Housing By the Numbers 247,347*

Calendar SAVE THE DATES

2018 - 2019 TDHCA Board Meeting Dates

affordable housing units created since inception of the Low Income Housing Tax Credit Program (LIHTC) in 1987

In State Fiscal Year 2017:

(Tentative)

$85 million

Thursday, September 6, 2018 Thursday, October 11, 2018

issued in LIHTC

Thursday, November 8, 2018 Thursday, December 6, 2018 Thursday, January 17, 2019 Thursday, February 21, 2019 Thursday, March 21, 2019 Thursday, April 25, 2019 Thursday, May 23, 2019 Thursday, June 27, 2019 Thursday, July 25, 2019

8,521

properties constructed or rehabilitated offering rents affordable to households earning up to 60 percent of area median household income

affordable rental units developed

$2.7 billion** net economic impact 15,976 jobs with total employee compensation of

$625 million

$670 million in additional development financing made possible by LIHTC equity

The Texas Department of Housing and Community Affairs’ (TDHCA) investment in Texas’ affordable multifamily housing landscape not only serves to expand options for low-income individuals and families, but the combined construction payroll salaries, local purchases, and taxes and fees the program generates have a significant positive impact on the Texas economy. P.O. Box 13941, Austin, TX 78711 512-475-3800 • 800-525-0657 info@tdhca.state.tx.us • www.tdhca.state.tx.us See what’s happening on our social sites: @TDHCA

TDHCA

*Total number of active rent-restricted units for all LIHTC properties in the TDHCA portfolio as of May 7, 2018. **Total does not include job creation, increased property tax valuations, and economic activity made possible by reduced rents.

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T H A N K S

Diamond

Sapphire

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T O

O U R

P A R T N E R S

T H A N K S

T O

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Platinum

Gold

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Silver

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T O

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Bronze

MANAGEMENT GROUP

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T O

Bronze

Conference Supporter

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O U R

P A R T N E R S

A Special THANK YOU to our Topgolf Sponsors and Donors Sponsors Bank of America Merrill Lynch - Awards Sponsor Tropicana Building -Lunch Sponsor CohnReznick - Beverage Sponsor Berkadia - Goodie Bag Sponsor Novogradac & Company LLP - Heads or Tails Game Wilmington Trust - Dessert Sponsor Boston Capital - Bay Sponsor Centrant Community Capital - Bay Sponsor Resolutions, Inc. - Bay Sponsor Commercial Insurance Solutions - Bay Sponsor Hettig Kahn Development - Hole Sponsor Stoneleaf Companies - Hole Sponsor Todd Kercheval - Hole Sponsor i3 Event Marketing - Hole Sponsor Enterprise/Bellwether Enterprise - Bus and Beverage Sponsor Silent Auction Donors Alamo Drafthouse Austin Eats Tour Consuela Style Dulce Vida Tequila Fairmont Austin HEB i3 Event Marketing Kendra Scott Maudieâ&#x20AC;&#x2122;s Tex-Mex Moonshine Patio Bar & Grill Russell Korman Fine Jewelry Seersucker Southern Style Gin The Boutique on Stonelake in Lexus of Austin The Domain The Hills of Lakeway Signature Course Titoâ&#x20AC;&#x2122;s Handmade Vodka Topgolf Uchi YETI All proceeds from the Mike Lankford Golf Event will be dedicated to help residents of LIHTC communities work to achieve their educational and professional goals. Sponsors and Donors listed as of July 9, 2018

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C E RTA I N T Y I S

FRANK BROWN

CHAD BEDWELL

Managing Director, Affordable Housing

Senior Director, Affordable Housing

Senior Director, HUD/FHA

512.226.8710 lloyd.griffin@berkadia.com

615.377.7676 franklin.brown@berkadia.com

214.360.3874 chad.bedwell@berkadia.com

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Embracing Change 2018

2 0 1 8

TEXAS AFFORDABLE

HOUSING

T E X A S

MAGAZINE

A F F O R D A B L E

T H E T E X A S A F F I L I AT I O N O F AFFORDABLE HOUSING PROVIDERS

H O U S I N G M A G A Z I N E â&#x20AC;&#x201C; I S S U E 9 ALDRICH 51 Photo: Patrick Wong

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