State of the Region’s Credits:
Twinning, Contracts, and COVID-19
Friday, May 15, 2020 | 11:00am – 2:00pm
HAND convenes its classic training session on the State of the States and the Credit Market. Join us for a deep dive into the latest housing policies, programs and priorities in the D-M-V with an esteemed panel of officials: Erin Wilson from DC DHCD, JD Bondurant from VHDA, and Matthew Heckles from MDCDA. The sister panel will review the State of our Tax Credit Market, assessing shifting supply and demand, pricing trends and deal terms, shifting QAP priorities and points, OZ Credits in LIHTC deals, Income Averaging, and more, with expert analysis from Steve Smith of SunTrust now Truist, Corine Sheridan of Boston Capital, and Bruce Sorota from Stratford Capital.
|11:00 am||Welcome, Acknowledgments
Courtney Battle, Membership Director, HAND
|11:10 am||COVID-19 and Contracts
Jacob Taylor, Senior Counsel, Klein Hornig
State of the States—QAPs & Credits, and, yes, COVID-19
State of the Investor Markets—Trends & Terms, and, yes, COVID-19
- Presentation Files: To be shared after the conclusion of the training.
- Webcast Recording: To be shared after the conclusion of the training.
Thank you to our sponsors!
|J.D. Bondurant, Director of Tax Credit Programs, VHDA
J.D. Bondurant is the director of tax credit programs for the Virginia Housing Development Authority (VHDA), responsible for the establishment of short and long-term program strategies while developing, directing, and supporting all allocation activities related to Virginia’s Low-Income Housing Tax (LIHTC) program. Mr. Bondurant has worked in support of VHDA’s strategic and operational planning, as well as state inter-agency housing policy and planning initiatives, for well over a decade. Mr. Bondurant has a bachelor’s degree from Emory and Henry College and a master’s degree from the University of North Carolina at Charlotte.
|Matthew Heckles, Assistant Secretary, Division of Development and Director Community Development Administration, Maryland DHCD
Matthew Heckles has more than fifteen years of experience working to advance the cause of affordable housing. Currently Mr. Heckles is the Assistant Secretary of the Maryland Department of Housing and Community Development and the Director of the Community Development Administration. In this capacity he oversees the operations, administration and financing of single family mortgage, multifamily development, contract administration, rental assistance, energy and weatherization, housing rehabilitation, small business lending, and local government infrastructure programs. Prior to his service in Maryland, he worked in various positions at the Delaware State Housing Authority (DSHA) for over twelve years.
|Erik Hoffman, Partner, Klein Hornig
Erik Hoffman’s practice is focused exclusively on financing affordable multifamily housing. Erik represents for-profit and nonprofit developers in the acquisition-rehabilitation and new construction of projects financed with multiple layers of funding, including tax exempt bonds, mezzanine and subordinate debt from a variety of sources, such as National Housing Trust Funds, private lenders, HOME and Community Development Block Grants, Section 108 securitizations, State and local housing trust funds, and tax increment financing. Erik has pioneered the development of the “9-4 Twinned” structure to increase the production of affordable units and to minimize wasted tax credit basis.
Before joining the firm, Erik was Counsel with the firm Bingham McCutchen. Previously, Erik served as the Director of Real Estate Finance and Grants for Fairfax County’s affordable housing and economic development programs and was an Associate General Counsel to the District of Columbia Housing Finance Agency. In addition, he was an associate with the firm of Hunton & Williams, where he served as outside counsel to the District of Columbia Revenue Bond Program on their 501(c)(3) financings, Enterprise Zone and Qualified Zone Academy Bond transactions.
Erik currently serves on the Board and Executive Committee of the Housing Association of Nonprofit Developers (HAND), the Board of the Virginia Housing Alliance, and the Virginia Tech Real Estate Advisory Board, and has served as the Chair of the Board of New Hope Housing and on the governance and advisory boards for other advocacy organizations as well as nonprofit housing and service providers.
|Corine Sheridan, Vice President Director of Origination, Boston Capital
Corine Sheridan, with 30 years of multifamily housing finance experience, directs developer origination activities nationwide for Boston Capital. In this capacity, she acquires and manages new developer relationships, and assists team members in delivering the firm’s full suite of financial products and services. She works with developers to analyze transactions utilizing the LIHTC and various other federal, state, and local sources. Ms. Sheridan frequently speaks at industry forums nationally and on the local level. Prior to joining Boston Capital in early 2003, Ms. Sheridan served as Director of Business Development for The Reznick Group (now CohnReznick), one of the nation’s largest real estate advisory and multifamily housing accounting firms, and with Dynex Capital, a nationwide affordable housing lender, responsible for originating and underwriting construction and permanent debt for affordable and market rate transactions. She has served on advisory teams with state Housing Finance Agencies nationally, is a member of the National Council of State Housing Agencies, the National Association of Home Builders, and numerous state housing coalitions. Board positions include the National Housing & Rehabilitation Association, the Maryland Affordable Housing Coalition, and the Anne Arundel County Affordable Housing Coalition. On the local level, Ms. Sheridan is on the Board of the Friends of the Light House Homeless Prevention Shelter in Annapolis, Maryland. She attended the University of Maryland. Email Corine Sheridan
|Morgan Smith, Partner, Klein Hornig
Morgan (Mo) Smith focuses his practice on a range of affordable housing transactions involving Low-Income Housing Tax Credits, Renewable Energy Tax Credits, mixed-finance/public housing, and HUD financing. He joined Klein Hornig in 2012 to pursue his passion for affordable housing, and he brings with him additional experience in energy and sustainability, and corporate transactions including start-ups, debt and equity financing, and mergers and acquisitions.
Mo previously worked as an associate at Miller Nash LLP as a member of their Affordable Housing and Business practice groups and at Ballard Spahr Andrews & Ingersoll as a summer clerk. Mo’s prior experience also includes working in commercial real estate as a market analyst.
|Steve Smith, Senior Vice President, Truist Community Capital
Steve Smith is Senior Vice President and Equity Relationship Manager for Truist Community Capital, LLC, (TCC) a subsidiary of Truist Bank. He is responsible for originating, underwriting, and closing investments in multifamily housing using the Low Income Housing Tax Credit (LIHTC) in Maryland, District of Columbia, Virginia, North Carolina, and South Carolina.
Steve joined Truist in 2015 after 12 years with Enterprise Community Investment, where he was Vice President in charge of LIHTC originations for the Mid-Atlantic and Southeast regions. Steve has extensive experience evaluating, analyzing, and structuring complex transactions with multiple layers of financing.
Steve earned a BS in Chemical Engineering from Michigan State University and a Masters of Business Administration from the University of North Carolina at Chapel Hill.
|Bruce Sorota, Senior Vice President, Stratford Capital Group
Mr. Sorota is a senior member of the Acquisition Department primarily responsible for the origination, acquisition, and analysis of affordable rental housing investments. He has over 25 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he was responsible for the opening the Boston office for Red Capital Markets, Inc where he originated, underwrote and closed tax credit investments throughout the northeastern U.S. He also co-founded Housing Advisors a consulting firm that provided due diligence services for developers, syndicators and investors in affordable housing. From 2003 through 2008 he served on the Andover Housing Partnership Committee. He received a Bachelor of Arts in Economics from Tufts University and an MBA from the Helsinki School of Economics.
Jacob Taylor, Senior Counsel, Klein Hornig
Jacob Taylor’s practice focuses on a wide range of affordable housing and community development matters, with an emphasis on construction, real estate finance, conveyancing, corporate and partnership law, as well as zoning and permitting issues. He regularly represents both non-profit and for-profit developers of affordable housing, as well as municipalities. Jacob has substantial experience with both new construction and rehabilitation projects involving tax credits, both in Massachusetts and nationally, and has worked on many deals involving multiple sources of tax credit financing and complex funding structures. He also has expertise in matters involving MGL Chapter 40B, MGL Chapter 40T and matters involving the Boston Redevelopment Authority and the Massachusetts Department of Housing and Community Development including obtaining authorizations needed under MGL Chapter 121A. In his pro bono work, Jacob has represented housing cooperatives, regional planning agencies, as well as a community development corporation seeking to reestablish itself.
Jacob’s practice draws on his experience prior to joining Klein Hornig as a housing advocate and program coordinator, of the housing unit, at Quincy Community Action Programs, Inc. as well as his work with the Harvard Legal Aid Bureau, the Massachusetts Law Reform Institute, and the Special Litigation Section of the U.S. Department of Justice’s Civil Rights Division.
|Erin Wilson, Deputy Manager, Development Finance Division, District of Columbia Department of Housing and Community Development
Erin Wilson is a Deputy Manager in the Development Finance Division (DFD) of the DC Department of Housing and Community Development (DHCD). She has over 15 years of experience in affordable and subsidized housing program and policy development, and affordable housing finance and real estate development. She helps lead the DHCD team that closed $426 million of total local and federal gap financing over the past three years to produce and preserve over 4,200 affordable housing units and leverage nearly $1 billion in additional financing resources.