NH&RA Spring Developers Forum: Early Registration Ends Soon

Registration Opens

Committee Meeting(s), TBD

NH&RA Developers Council Luncheon

NH&RA’s Developers Council is a peer-to-peer network of developers that discusses topics of mutual interest, focusing on development, finance, construction, and business management issues. This Developers Only session provides a unique forum to share ideas and strategies with your fellow developers. Advanced RSVP Required & additional catering fees apply. If you are interested in learning more about this committee please contact Thom Amdur at tamdur@housingonline.com or 202-939-1753 for details.

Welcome & Introductions

Affordable Housing Challenges & Strategies in the Post-Redevelopment Authority Era

The elimination of redevelopment authorities in California has created significant new challenges for affordable housing developers. Our expert panel will explore the implications of the latest legislation pertaining to RDA and gap-financing in California as well as key local development opportunities and challenges. Key topics include:

• Restructuring & Recapturing RDA Funds and What It Means for Affordable Housing in California
• Proposals to Create New Local Gap Financing Sources
• Unintended RDA Consequences: Planning for Year 15 with Deals that Have RDA Funds

Speakers
Thom Amdur, NH&RA, Washington, DC
Gary Downs, Nixon Peabody LLP, San Francisco, CA
Bill Pavão, California Tax Credit Allocation Committee, Sacramento, CA
Sean Spear, California Debt Limit Allocation Committee, Sacramento, CA

Developers Roundtable: Leveraging New Financing Sources, Containing Development Costs & Boosting Project Cash flow

As we enter a period of increased fiscal austerity and decreased federal dollars for affordable housing, developers must reassess their development strategies to find ways to do more with less. This panel convenes leading developers to explore effective strategies to fill financing gaps,constrain development costs and boost project cash flow.

• Overlooked and Underutilized Gap Financing Programs including
• Mixing Market Rate and/or Retail to Cross Subsidize Affordable Units
• Effectively Analyzing Operational Revenue and Expense Data
• Energy/Utility Allowance Modifications
• Innovative Leasing Strategies
• Creating Management and Asset Management Efficiencies Through Streamlining Operations and Joint Ventures
• Managing Property Taxes and Local Fees
• …and more

Speakers
Gino Canori, Related California, Irvine, CA
Dan Falcon, McCormack Baron Salazar, Los Angeles, CA
Andrew Gross, Thomas Safran & Associates, Los Angeles, CA
Kim McKay, BRIDGE Housing, Irvine, CA
Jeanne Peterson, Reznick Group, Sacramento, CA, Moderator

State of the Art: Recapitalization Through Bridge Equity

This panel will explore how owners are utilizing new bridge equity facilities to buy out their limited partners,purchase existing deals prior to year 15 and position the affordable housing properties for future recapitalization.

Speakers
Geoff Brown, USA Properties Fund, Roseville, CA
Kipling Shepard, Wasatch Advantage Group, LLC, Mission Viejo, CA
Armand Tiberio, Tax Credit Group of Marcus & Millichap, Seattle, WA, Moderator
Percy Vaz, AMCAL Housing, Agoura Hills, CA
TBA

Tax Credit Equity Update & Roundtable

A mainstay of every NH&RA meeting, get the latest updates on the tax credit equity market from leading syndicators and investors. Learn about current pricing, terms, trends and how the current economic and policy climate may impact tax credit equity.

Speakers
Tom Dixon, Boston Capital Corporation, Beverly Hills, CA
Eric McClelland, Red Stone Equity Partners, Cleveland, OH
Darrick Metz, WNC & Associates, St. Paul, MN
Beth Mullen, Reznick Group, Sacramento, CA, Moderator
Catherine Talbott, Boston Financial Investment Management, San Francisco, CA
Kyle Wolff, Stratford Capital Group, Peabody, MA

Networking Reception

Structuring Tax Exempt Bonds Transactions: Navigating Post-RDA and Investor Issues

In today’s low-interest rate environment many developers a considering tax-exempt bonds as an alternative to 9% LIHTC. This panel will identify key technical and structuring issues developers need to consider when using tax-exempt bonds.

• RDA Issues & Securing Soft Debt for Bond Transactions
• Identifying & Positioning Properties to Maximize Investor Appetite
• Financing Acquisition Rehabs, Public Housing Revitalization, Supportive Housing, Mixed-Income Housing with Bonds
• Identifying and Negotiating Incremental Costs
• Effectively Navigating the Various Bond "Tests" (95/5, 50%)
• Valuation Issues & Capital Account Issues
• Resyndication Challenges

Speakers
Alysse Hollis , Peck Shaffer & Williams LLP, Cincinnati, OH
John Mackey, Reznick Group, Boston, MA

Brian Simmons, Lawler Wood, Knoxville, TN
Ronne Thielen, R4 Capital Inc., Santa Ana, CA

State of the Market: Securing Debt for Affordable Housing Transactions

California developers face a perfect storm of challenges as the RDAs get restructured and key provisions from the 2008 HERA legislation expire. With less resources available, now more than ever it is critical to maximize your debt proceeds. Get the latest updates on debt products and structures including:

• FHA Tax Credit Pilot Program
• Bonds / NIBP Update
• Private Placements

Speakers
Kelly Boyer, HUD, Los Angeles, CA
Joe Briganti, PNC Multifamily Capital, San Clemente, CA
Jason Dopoulos, Lancaster Pollard, Santa Monica, CA
Mike Hemmens , Citi Community Capital, Los Angeles, CA
Wade Norris, Eichner & Norris, LLP, Washington, DC, Moderator
Caleb Roope, The Pacific Companies, Eagle, ID

Getting to Year 15 – Addressing Issues In Properties Not Meeting Original Projections

While the LIHTC program may have the lowest loan default rate, within the real estate investment class, there are many performance issues looming for some developers.  This session will look at some of these issues and how they can be addressed early enough to mitigate the potential financial and tax implications.  This panel will look at the issues and solutions from the prospective of the original developer, a replacement general partner, and the limited partner.  Topics include:

• Deferred Developer Fees – When the developer’s asset starts to look like a liability
• Capital Accounts during the operating period – running out of basis before the expiration of the credit period
  • DRO’s
  • Tax credit guarantees and basis issues
  • When the GP’s loan disappears
  • Loss allocation and depreciation changes
• Capital Accounts on sale – managing expectations for the distribution of sale proceeds
• GP limited Operating Deficit Guarantees versus Tax Credit Recapture Guarantees
• Debt Restructuring – The business and tax issues surrounding soft debt and other loan modifications

Speakers
Sarah Garland, Fannie Mae, Los Angeles, CA
Scott Kotick, Alliant Capital Ltd., Woodland Hills, CA
John Mackey, Reznick Group, Boston, MA
Basil Rallis, Rallis Group, LLC, Seattle, WA

Networking Luncheon

Maximizing Equity By Twinning Tax Credits

This panel will explore strategies to increase tax credit equity in deals by more effectively leveraging multiple tax credits. The session will explore innovative structures that allow developers to maximize proceeds from state credits, historic credits and energy credits. We will also identify opportunities to leverage historic tax credits on unconventional properties.

Speakers
Mike Duffy, McCormack Baron Salazar, St. Louis, MO
John Gahan, Murtha Cullina, Boston, MA, Moderator
Nicolo Pinoli, Novogradac & Company, Portland, OR
Joe Siu, Bank of America Merrill Lynch, Irvine, CA

Shaping the Future of Rental Housing: Federal Affordable Housing Legislative & Policy Update

In this Presidential election year the future of affordable housing programs and tax credits in general stand in the balance. Get the latest updates on key federal program developments, industry efforts to defend and expand affordable housing programs and what their implications are on your next transaction. Topics include:

• Tax Reform Proposals and How They Impact Tax Credit Development
• FY-2013 Budget Update
• Tax Credit Extenders
• Major HUD Initiatives
• Opportunities and Initiatives to Convert Single and Multifamily into REO to Affordable Rental Housing

Speakers
Peter Bell, NH&RA, Washington, DC
Sharon Dworkin Bell, NAHB, Washington, DC
David Reznick, Reznick Group, Bethesda, MD
Monica Sussman, Nixon Peabody, Washington, DC

Conclusion of Sessions