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Archive for month: April, 2013

Congratulations to Our 2013 Children’s Art Contest Winners

April 16, 2013
April 16, 2013

Thank you to all of the HAND members who participated in the 2013 Children’s Art Contest. We certainly enjoyed seeing all of your artistic interpretations of “Homes Across the Region.” HAND Members, please join us in congratulating our Grand Prize Winner, Brittany Thomas, Somerset Development Company and the runners-up (below). As grand prize winner, Brittany will receive a $250 cash prize and Somerset Development Company will also receive a $250 cash prize to support its resident services programming. The runners-ups will each receive a $25 gift certificate. A special thanks  to the HAND Board of Directors who judged this year’s artwork.

Runners-Up:
Stashia Jones, National Housing Trust/Enterprise
Nicole Mariona, Montgomery Housing Partnership
Maleah Meadows, Humphrey Management
Shahad Abdalla, Quantum Real Estate Management LLC
Trinity Williams, Victory Housing
Bate Kahsay, AHC, Inc.
Bryce Blair, Homes for America

0 Comments/in HAND News, Member Events & Success Stories /by H.A.N.D.

Congratulations to Our 2013 HAND Housing Achievement Award Winners!

April 16, 2013
April 16, 2013

HAND’s Housing Achievement awards recognize the most outstanding and innovative housing developments, programs and solutions across the metropolitan region. On behalf of our Awards Committee, we are pleased to announce the 2013 HAND Housing Achievement Award Winners below. This was an extremely competitive round, so well-deserved kudos to all of this year’s award winners. We look forward to presenting you with this honor during the Annual Meeting Luncheon on June 11th. Many thanks to HAND’s Awards Committee for overseeing the Housing Achievement Awards Program and a tremendous thank you to the 2013 judges who were tasked with making very difficult decisions regarding this year’s applicants: Conrad Egan, Senior Advisor, Affordable Housing Institute; Lisa A. Sturtevant, PhD, Deputy Director, George Mason University Center for Regional Analysis; and Rosie Allen Herring, Managing Director, Community Investment and Engagement, Fannie Mae Corporation.

 

Developer of the Year:
AHC, Inc.

  Best Large Affordable Housing Project:
Monarch Mills, Howard County Housing

 Best Small Affordable Housing Project:
1415 Girard Street Cooperative, City First Homes

 Best Community Life Program:
FACETS Education and Community Development Program

 Best Government Housing Initiative:
My HOME Program, Prince George’s County DHCD

Innovation:
vPoint Apartments, The Views at Clarendon Corporation

Virginia Peters Nonprofit Friend of the Year:
Mosi Harrington

 Best Housing Partner:
Michael Wiencek, Wiencek + Associates Architects + Planners

0 Comments/in HAND News, Member Events & Success Stories /by H.A.N.D.

AHOME Housing Hall of Fame Fundraising Reception

April 16, 2013
April 16, 2013

AHOME will host its Annual Event on May 8 from 6-8 PM at the National Rural Electric Cooperative Conference Center in Arlington, VA. This year’s event will honor Tom Davis, Former Member of Congress & Fairfax County Board Chair; Kate Hanley, Former Secretary of the Commonwealth & Fairfax County Board Chair; and Jerry Hopkins, Former Fairfax County Redevelopment and Housing Authority Chair and tireless community advocate. Jonathan Smoke, Chief Economist, Hanley Wood will serve as the featured speaker. For more information or to register, visit the event page here: http://www.webharmony.com/AHOME/

0 Comments/in HAND News, Member Events & Success Stories /by H.A.N.D.

Report Shows Positive Long-Term LIHTC Performance

April 12, 2013
April 12, 2013

CohnReznick, LLP recently released a comprehensive updated report on the performance of the LIHTC program over the course of its 25+ years of operation.  Using the data provided from a large pool of syndicators, operators and investors, CohnReznick was able to assemble a database of 17,118 housing credit properties with a total of 1,264,353 units in all 50 states, the District of Columbia, Guam, Puerto Rico and the US Virgin Islands.  The analysis focused on three basic metrics: occupancy, debt coverage ratio (“DCR”) and per unit net cash flow. The report found the following performance highlights:

Overview:  In all three metrics measured, LIHTC properties showed consistent, positive performance. For the past 10 years, median occupancy at the LIHTC properties in the study has been at or near 96 percent. For the same period, the median DCR held steady at 1.13 to 1.15.  Since 2002, per unit cash flow was consistently between $200 and $250 per annum.

2008-2010:  The report analyzed the operations of the LIHTC properties in the study during the recent recession in comparison to the previous decade.  As might be expected, operations strengthened in direct response to the greater demand for affordable housing units caused by the recession and ongoing economic weakness.  While market rate multifamily properties were negatively impacted in the 2008-2010 time frame by the recession, LIHTC properties key operational indicators improved measurably.

Occupancy:  At 96 percent median occupancy, the subject properties enjoyed effective full occupancy. The 2008 through 2010 median occupancy in the surveyed properties ran at 96.4 percent, 96.3 percent and 96.6 percent respectively.  The major reason for the consistently high occupancy rates in the LIHTC properties is the severe shortage of affordable housing in the country.  The data suggests that the recent downturn in the economy may have created greater demand for low-income housing than ever before. According to a recent report from the National Low Income Housing Coalition, as of 2010, there was a shortage of 6.8 million units needed for just the extremely low income households (those earning up to 30 percent of area median income) segment of the population.

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Per Unit Cash Flow:  From 2002 through 2008 the per unit cash flow, after paying hard debt, ran between $200 and $250 per annum.  In 2009, that number increased to $341 per unit, per annum, an improvement of 26.7 percent.  By the end of 2010, cash flow increased to $419 per unit, per annum, 18.6 percent better than the previous year. The report found that a major driver of the improved financial performance since 2008 has been the increasing prices of the tax credits.  Rising tax credit prices allowed more LIHTC properties to be financed with less hard debt resulting in higher cash flow.  Other contributing factors cited for the improved financial performance included more efficient expense underwriting, higher rental rates and lower collection losses.

Debt Coverage Ratio (DCR):  In the midst of a national recession, high unemployment and the housing market collapse, the significant increase in the DCR for the properties in the study was unexpected.  In 2008, the median DCR stood at 1.15, right in line with historic LIHTC industry standards.  But in 2009, arguably the worst year for the market rate multifamily industry, the median DCR for the subject LIHTC properties rose to 1.21 and jumped significantly again in 2010 to 1.24. The favorable improvement in DCR is directly related to the improved cash flow and lower hard debt reported by the participants in the study.  Interestingly, the report found this improvement in DCR to be “pervasive” trending across “…virtually every state, property type and financing type.”

The CohnReznick LLP study updates and expands upon a similar study done in 2011 by its predecessor, the Reznick Group.  This new study includes a larger sampling of LIHTC properties and provides data and analysis for regions, states and more than 200 metropolitan statistical areas (MSAs).  The in depth report also offers interesting data on topics such as underperforming LIHTC properties, foreclosures and tax credit investment yields. The full report can be found here.

0 Comments/in HAND News, Areas Of Need /by H.A.N.D.

Complimentary Webinar – Greening Affordable Housing

April 12, 2013
April 12, 2013

With sustainability issues continuing to emerge at the forefront of multifamily housing development, HUD is redoubling its efforts to ameliorate the 30% bite that energy takes out of its subsidy budget. How can sustainability efforts bring cost benefits that will outweigh the expense of implementation? Find out how you can capture opportunities for enhanced cash flow that you may be leaving on the table.

In this webinar session, you will learn:

  • The latest news from HUD with respect to “green” affordable housing development
  • How adding energy-saving measures to your project can be beneficial, and what these measures mean to you as an owner and to your housing portfolio
  • How to execute a sustainable housing project through a case study example

Date: Tuesday, May 21, 2013

Time: 12:30–1:30 p.m. (Eastern)

Location: Online webinar (access instructions e-mailed upon registration)

RSVP: Register online.

Contact: For more information, please contact Christina Mitchell at 202-585-8175 or cmitchell@nixonpeabody.com

0 Comments/in HAND News, Opportunities /by H.A.N.D.

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Annual Meeting Important Information

Payments: Orders placed on the event registration page are not confirmed until payment is received. A confirmation email will be sent to the email address listed in your registration. If you paid by credit card, a receipt will be sent to the email address listed in your registration. If you mail a check, all payments must be received within seven days of completing your registration form. Checks should be remitted to: HAND, PO Box 48386, Washington, DC 20002

Guest List & Dietary Preference: If your registration includes a luncheon table or multiple guests, please submit guest names and menu choices by May 1, 2020. Submit guest names here.

Housing Expo: Plan to exhibit? Download the Housing Expo FAQs here.

Omni Shoreham Hotel Room Block: For attendees looking to secure overnight accommodations on May 25th, HAND has secured a rate starting at $189 for conference attendees. There are a limited amount of rooms available, so visit this link today to reserve your room. May 10th is the last day to secure a room at the discounted rate.

 Ad Submission: The artwork for advertisements should be submitted to annualmeeting@handhousing.org. You can download the ad spec sheet here. Deadline for ad submission is April 13, 2020.

Cancellations & Changes: If you wish to cancel or change your registration for the Annual Meeting & Housing Expo, please send a request in writing to annualmeeting@handhousing.org. All cancellation requests made prior to April 27th will receive a 50% refund. For cancellation requests made after April 27th, no refund will be provided.

Door Prizes: Are you interested in donating a door prize to this year’s Annual Meeting? Email annualmeeting@handhousing.org to coordinate with our team.

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