Bay State Apartment Owner 1Q 2011

First Quarter 2011

Low-Income Housing Tax Credit Program

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Bay State Apartment Owner is the official publication of the Rental Housing Association. ©2011 The Warren Group Inc. and the Rental Housing Association. All rights reserved. The Warren Group is a trademark of The Warren Group Inc. No part of this publication may be reproduced in any manner without the express written consent of the publisher.

A division of the Greater Boston Real Estate Board One Center Plaza, Mezzanine Level Boston, MA 02108 Phone: 617-423-8700 Fax: 617-338-2600

RHA Officers President: Richard Henken President Elect: Karen Fish-Will Secretary: Lynn Bora Executive Director: John E. Lafferty

Published By 280 Summer Street, Boston, MA 02210 Phone: 617-428-5100 Fax: 617-428-5118 www.thewarrengroup.com

Chairman Timothy M. Warren CEO & Publisher Timothy M. Warren Jr. President David B. Lovins Group Publisher & Editor in Chief Vincent Michael Valvo

Finance & Administration Controller / Director of Operations Jeffrey E. Lewis

Editorial Custom Publications Editor Christina P. O’Neill Associate Editor Cassidy Norton Murphy

Advertising & Circulation Publishing Division Sales Manager George Chateauneuf Advertising Account Manager Mark Schultz Advertising, Marketing & Events Coordinator Emily Torres Design & Production Creative Director John Bottini Senior Graphic Designer Scott Ellison Graphic Designer Ellie Aliabadi

Contents

President’s Message 04A Three-Fold Mission: Advocacy, Education and Networking

Feature 05Keeping a Good Thing Going: New Leadership Stands United for RHA, GBREB

Executive Director’s Message 06It is Not Too Late, but it is Never Too Early

Photo Gallery 11 RHA President’s Awards Dinner

RHA Calendar 13

CoVeR

Housing Tax Credit Market Rebounds from Recession 08After taking a beating in the recession, low-income housing tax credits are back in big way. Industry experts hope the program, which enjoys widespread support, is back for good, despite concerns over the federal deficit.

First Quarter 2011

Low-Income Housing Tax Credit Program

BOOMING

?AGAIN,

But ForHow Long

Cover: Ten Fifty B, an affordable housing development in San Diego, developed with a low-income housing tax credit in partnership with Boston Capital.

Above: The finished exterior of Fulton School Residences, a renovation and re-use project that turned the historic Alice Fulton School in Weymouth into affordable housing for seniors.

4 Bay State apartment Owner • First Quarter 2011

President’s MessageBy RichaRd J. henken

A Three-Fold Mission: Advocacy, Education and Networking

Time and time again, you will hear us speak of the three primary missions of

the Rental Housing Association. As your 2011 president, I wanted to take this opportunity to share my thoughts and perhaps offer a differ-ent take on “the big three.”

AdvocacyAdvocacy is not ex-

clusively about the RHA pleading your case and stating the industry’s demands. Yes, we must testify on Beacon Hill and we must actively protect our interest before regulators and municipal officials.

However, for the RHA, effective advocacy begins by creating op-portunities to meet, interact, and agree and disagree; ultimately preserving or advancing the interest of industry in a transparent and collaborative manner.

For many years, the industry had what could only be described as an uneven relationship with one of the Commonwealth’s largest quasi-public housing finance agen-cies. About two years ago we were invited by the agency to participate in a dialogue to address the basics of how we interact on the day-to-day business level. Over a two-year period and close to a dozen meet-ings, our input and our partners’ receptivity resulted in change to a number of operating policies, which made good business sense for the industry and improved operations for the agency.

From that success has emerged a new relationship of more open, less confrontational dialogue. And while we may agree to disagree on some issues, we are now in a much better position to express and to have the agency hear and respond to our side of an issue. We continue to meet, serve as a sounding board, and move our relationship, and advocacy, forward.

Last year, the RHA put new emphasis on the Greater Boston Real Estate Board’s political action committee, another example of how we are working to begin advocacy early in the game. The PAC allows us to support those officials whose position on housing and related issues tend to be more closely aligned with those of the industry. By building that relationship early, before polarizing positions are taken on important issues, we are able to begin and then maintain an open dialogue that allows each side to state its case, and respond to the concerns of the other.

Advocacy at RHA is about build-ing the relationships that not only allow our position to be heard, but also ensures that those hearing our position give it due consideration. It is based on establishing long term, transparent and mutually respectful relationships with not only our allies, but also those who yet may be.

educationEducation is another basic.

Classroom and on-line learning covering both National Apartment Association Education Institute, as well as a locally developed curriculum, provide us with the opportunity to invest in our staff. We are all familiar with the associa-tion’s proven and effective program of delivering relevant education programs.

There are several other ways in which the RHA provides its members with an education. Through the monthly newsletter and quarterly magazine, the RHA educates its members with alerts on regulatory issues, profiles of in-dustry leaders, stories on trends in development, sales and financing, and timely reminders of upcoming events and programs.

Through our committee work, at board meetings – in fact, whenever two or more RHA members get together – there is always an

exchange of information. This exchange occurs because we are affiliated through our membership in the RHA, with common goals of improving the industry and enhancing our ability to deliver quality rental housing to all sectors of the economy.

networkingThe third part of our mission is

delivering meaningful networking opportunities. These opportunities must occur at many levels: between our vendors and industry members, between peers, and vertically within membership groups. Examples abound, including our Red Sox and Celtics outings, golf events, and re-ceptions prior to the awards dinner and following the fall conference.

Networking occurs every time we meet. Very often the students, our next generation of leaders, make career-long acquaintances with their peers from other companies during RHA education programs. The same can be said for our fall conference, where networking be-tween peers and vertically through companies is abundant.

Networking is also an important part of our advocacy efforts. We are constantly reaching out beyond the RHA in search of experts, allies and those with similar interests to help leverage the effectiveness of our advocacy efforts. New relationships become new resources.

By taking a slightly different perspective on the way the RHA delivers its core services, it is amaz-ing to see how they overlap, comple-ment and reinforce on another. The mission of the RHA is advocacy, education and networking. The strength of the RHA is in the many ways we deliver on that mission. n

Richard J. Henken is president of Schochet Associates/Federal Management Co., Inc. and 2011 president of the Rental Housing Association.

By cassidy noRton MuRphy

First Quarter 2011 • Bay State apartment Owner 5

This year will no doubt bring new challenges and improve-ments to the housing and fi-

nancial landscapes of Boston and be-yond, and two new leaders are ready to help usher in those changes at the Rental Housing Association and the Greater Boston Real Estate Board.

James Canfield, the 2011 chair-man of GBREB, has been with Mc-Call & Almy, a leading independent commercial real estate brokerage firm in Boston, since it was founded in 1990. He began as a real estate advisory representative with the commercial real estate branch of the firm, and is now the executive vice president and principal. He joined GBREB in 1992, and was the president of the Real Estate Finance Association in 2004. He currently re-sides in Scituate with his wife, three children and two dogs.

Canfield sees many benefits to membership in GBREB and its five divisions. “It’s a great way to net-work,” he said. “Each division does a great job educating its membership on industry trends, and as an edu-cated membership, we have the abil-ity to influence public policy through our political action committees.”

It’s his goal as this year’s chair-man of GBREB to continue the mis-sion of education, networking and advocacy, he said, including expand-ing the association’s government affairs activity and hosting a major new association event. The event will provide opportunities for socializing and networking, as well as opening GBREB to a new form of community interaction: philanthropy.

“We hope to raise some significant donations to a charitable organiza-tion,” he said, which will most likely take the form of a GBREB scholar-ship fund to help underprivileged children in Boston and suburban communities.

While advancing with those ef-forts, he also hopes to increase the interaction within and across the five divisions. With 8,000 members, the divisions combined can do more

together than they can separately. Canfield hopes to develop a new da-tabase of all of the members of each division, and to “improve member-ship and better serve the members we have through technology.” The database has been in the works for some time, but GBREB is now in a financial position to accomplish it, he said.

Richard Henken, the 2011 presi-dent of the Rental Housing Associa-tion, is more than willing to help Canfield accomplish those goals.

Henken was asked to get involved in the RHA because of his afford-able housing experience. He joined Schochet Associates/Federal Man-agement Co., Inc., in the mid-1980s, left for a few years and rejoined the company in 1997. He is now the companies’ president, and resides

in Dover with his wife, Sarah, and two children. Sarah’s father was the founder of Schochet Associates, which focuses on real estate develop-ment and acquisition, while Federal Management is a wholly-owned property management firm. The companies have “a long, proud his-tory of creating really good develop-ment in New England,” Henken said, including some of the very early HUD and Section 8 projects.

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Keeping a Good Thing Going: New Leadership Stands United for RHA, GBREB

Richard Henken 2011 President of the Rental Housing Association

James Canfield 2011 Chairman of the Greater Boston Real Estate Board


It is Not Too Late, But it is Never Too Early

Executive Director’s MessageBy John e. LaffeRty

It’s hard to believe we are already into the second quarter

of 2011. As I wrote this article almost two months ago, we were hoping for a February that would be more gentle to our snow removal budgets (or deficits) after the incredible series of

January storms. Unfortunately, February started with a combina-

tion of snow and ice. We gazed longingly at the skies, searching for some sun, hoping to get some relief. Well, we got some sun and warmth, which melted the earlier snows, only to have it refreeze in a seemingly permanent mantle reminiscent of Siberia. Looking ahead meant finding a dry spot to place your foot when stepping off the curb.

Despite the weather and its attendant malaise, RHA members were looking ahead to insure they

did not miss out on some great opportunities. The booth selection process for the 2011 RHA Fall Conference and Expo, Sept. 27, 2011, at the Hynes Convention Center in Boston, began in earnest in February. Of the 65 booths then available, over 45 had been committed. If you are a vendor member of the RHA who would like to get in front of local, regional and national owners and mangers, the Fall Conference is the place to be. And while it is not too late to get your name on the prospective exhibitor list, it is never too early to get your booth request and deposit in before we post the “sold out” sign.

It is not too late to be register-ing your staff for the May 2011 RHA Spring Marketing Event, either. This perennial favorite attracts hundreds of marketing and management staff for a fast-paced, action-packed series of brainstorming sessions. The program, facilitated by a nation-ally-recognized marketing expert along with senior marketing and management executives from RHA member companies, offers solutions to the problems our site staff face every day, energizing them and giving them new tools to bring their site to a higher level of excellence. Another big draw to the Marketing Event is the op-portunity to network with peers throughout the industry, and to learn how others are facing and mastering the same challenges we face.

From June 23 to 25, RHA members will be attending the National Apartment Associa-

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tion’s Education Conference and Exposition at the Mandalay Bay Resort and Convention Center in Las Vegas. The sooner you register, the more you will save. Over 5,500 multifamily professionals come together for three days of the best professional development train-ing in the industry. This year’s event boasts world-class session speakers, more than 30 education sessions and 300 suppliers dem-onstrating the latest products and services for the industry.

It is never too early to be think-ing about the RHA social events. The Red Sox versus Detroit game in May, the spring golf event at LeBaron Hills in Lakeville in June, and fall golf at Meadow Creek Golf Club in Dracut, all offer great networking opportunities. For ven-dors members wishing to sponsor one or more of the events, do not wait until it is too late to secure a sponsorship opportunity.

So, as your thoughts turn from snow blowers to lawn mowers and from ice melt to Miracle-Gro®, remember, it is not too early to be thinking about next fall and winter. Maintenance Mania® will be upon us in late October. The 2011 RHA President’s Awards Dinner is slated for Dec. 1. If you are plan-ning to attend, don’t wait to put these events in your calendar. And if you are planning to support the RHA with a sponsorship, please don’t delay and run the risk of missing a great opportunity. n

John Lafferty is the executive director of the Rental Housing Association, a division of the Greater Boston Real Estate Board.


Ten Fifty B, an affordable housing

development in San Diego, developed

with a low-income housing tax credit

in partnership with Boston Capital.

The exterior of Capen Court Apartments in Somerville, a 95-unit development for seniors, developed with a low income housing tax credit deal in partnership with Boston Capital.

The Fulton School Residences, a renovation and re-use of the historical Alice Fulton School in Weymouth, was completed in 2009 by the Stratford Capital Group. The project yielded 63 apartments units, all of which are affordable housing for seniors. It was partially financed though a low-income tax credit from the Massachusetts Department of Housing and Community Development.

The Brown School Residences in Peabody, an adaptive re-use and renovation of the historic Old Brown School, by the Stratford Capital Group. The project, which also included the construction of a new, four-story building, created 61 apartments for seniors, all of which are affordable. The residences were partially financed by a low-income housing tax credit.

After a dramatic falloff in 2008 and 2009, the low-income housing tax credit (LIHTC), the nation’s most important housing produc-tion program, is roaring back.

But is the comeback too soon, too quick and too strong? And with all the talk in Washington about deficit reduction, is anything – even a job-creator like LIHTC – sacred?

The low-income housing tax credit began in 1986 as a way to encourage private development of low-income housing. Despite its complexity, the program thrived, and Congress made the credits permanent in 1993. Each year, individual state financing agen-cies receive an allotment of credits based on popu-lation. They then award those credits to developers through a competitive process.

“There tend to be three to four applications for every deal that is awarded credits,” said Bob Moss, senior vice president and director of originations at Boston Capital, a large institutional investor in LIHTCs. “It’s a very oversubscribed and competitive process.”

Developers can use the credits to build single-family, multi-family, new or rehabbed affordable rental housing. They can use the credits in combina-tion with other federal tax incentives, such as his-toric preservation credits. Since 1986, LIHTCs have been used to build some 2.5 million units of housing for low-income, disabled and elderly people.

“On an annual basis, the credits create or pre-serve about 100,000 apartments each year,” said Jay Segel, senior vice president at Stratford Capi-tal Group in Peabody, an in-vestor and developer of multi-family housing. “It is a proven program.”

Not only is it the most suc-cessful housing production pro-gram in history, it is also one of the safest investments out there.

“Less than one-tenth of 1

percent of those units have defaulted,” Moss said. “They outrank every other category of real estate in the country in terms of performance.”

“The properties developed with the low-income tax credit are as close to risk-free investments as you get,” Segel agreed. “They are well-underwritten proj-ects with generally low levels of debt. It’s a good way for investors to deploy equity.”

Perfect stormDespite their low risk, LIHTCs got caught up

in the housing collapse and subsequent economic meltdown. One major reason was the lack of diver-sity in the investor market for the credits. By the fall of 2007, Fannie Mae and Freddie Mac, the two large quasi-governmental agencies, were buying nearly 40 percent of LIHTCs. Large banks that got an ad-ditional Community Reinvestment Act (CRA) benefit from the credits were buying most of the rest. By now, we know what happened to those two investors: Fannie and Freddie collapsed, the banks caught the “toxic paper” virus, and stopped lending and invest-ing. With yields on the credits plummeting, other in-vestors stayed away, as well.

“It’s a supply and demand issue,” Segel said. “In-vestors look at this business like any line of busi-ness: ‘Where can I best allocate my funds?’ When yields became depressed in 2008 and 2009 to very low, single-digit levels, a lot of investors stepped back.”

In an effort to spur continued development of af-fordable housing, Congress used the stimulus act of


housing tax credit market

RECESSION FROM

The properties developed with the low-income tax credit are as close to risk-free investments as you get.

By Linda Goodspeed


2009 to create a tax exchange program that allowed states to exchange some of their credits for cash that could be awarded directly to developers, avoid-ing the syndication process. The strategy was only partially successful.

“What was left for equity capital for tax credits was driven largely by CRA, mainly those areas on the East and West Coasts,” Moss said. “Without a lot of CRA areas in the middle, vast parts of the country became known as ‘flyover’ states.”

RecoveryBy January 2010, as the economic recovery began

to take hold and companies started making money again, investment interest in LIHTCs perked up.

“Companies started to look at their projected profits and the need for tax offsets,” Moss said. “And the yields the syndication community was providing to those investors were superior to any other form of investment.”

But is there too much demand? Is the LIHTC comeback too quick, too strong?

“There’s been a very fast uptick in pricing that is being paid for this tax credit,” Segel said. “It means yields come down very fast. We’re not at the point where investors are leaving the market, but there is concern that if there is much more compression on yields, we might see some of those investors who were enticed a year ago to come into the market by double digit returns leave.”

Moss admits the market has heated up very quickly, but remains optimistic.

“We are dependent on alternatives,” he said. “If alternatives like 10-year Treasuries become more appetizing, we’ll see more capital flow there. But 10-year Treasuries have been down for some time. The yields we are providing on tax credits are between 8 and 9 percent.”

Even “flyover” states are sharing in the boom,

Moss said: “We just put an equity offer on a property in Montana, and the developer has four other com-panies bidding on the same deal.”

The boom is also attracting a more diverse pool of investors. With the exception of Fannie and Fred-die, most of the pre-2008 investors are back in, plus some new ones, including supermarket chains and consumer goods manufacturers.

“Historically, those folks have not paid much

attention to this business,” Segel said. “Everybody’s thrilled this market has opened up to new investors.”

Gregory Brown, vice president of government af-fairs at the National Apartment Association, says there are proposals to open up the investor pool even further.

“There are some proposals on the table that would make LIHTCs more attractive to individual investors,” Brown said. “Currently, the investors are almost entirely dominated by corporate investors. That is almost a 180-degree turn from when the credits started. In 1986, individual investors made up the bulk of the investor pool. They evolved to be dominated by corporations. One proposal would change the law to make the credits more attractive to individual investors.”

FutureThere are a lot questions left unanswered: Will

yields hold? Will demand outstrip supply? Will Con-gress reduce the credits in the interest of budget reduction?

Brown says the fiscal environment in Congress is very challenging and uncertain. But he also noted that the LIHTC program has widespread support.

“There is still a need for affordable housing, and the LIHTC is the only production program for af-fordable housing,” he said. “There’s really nothing else out there.”

Supporters also point to the broader economic impact of the LIHTC program. According to the National Homebuilders Association, for every 100 units of housing built with LIHTCs, 120 to 130 jobs are created.

“It’s been the best stimulus program for 25 years,” Moss said. “It’s a steady job producer for the trades, suppliers. Many of the properties have to meet green building standards. It has wide economic impact.”

He said the annual cost to the federal government of the LIHTC is $6 billion, “but when you sub-tract job production, taxes and other economic benefits, the net cost of the program is only $600 million.”

“We are a tax expenditure that has stimulus to it,” he said.

Despite the uncertainty, most expect the LIHTC market to re-main attractive.

“It’s certainly becoming a much more competitive environment,” Segel said. “But there is a lot of opportunity for those willing to spend time underwriting the deal, getting to know markets, and working with sponsors and develop-ers with a solid track record and capacity to bring deals to completion.” n

Linda Goodspeed is a freelance writer. She can be reached at [email protected].

There is still a need for affordable housing, and the LIHTC is the only production program for affordable housing. There’s really nothing else out there.

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affordable housing. Henken chaired RHA’s Affordable Housing Commit-tee and assisted in MassHousing’s business re-engineering exercise, the “Chairman’s Challenge.”

“We had a very frank and candid discussion, and, working together, were able to effect all kinds of posi-tive changes,” he said. “Those efforts continue today.”

Henken was the 2010 secretary of the Rental Housing Association, and as such he would have followed the president-elect and vice president in the succession to leadership of the organization. However, unexpected business conditions resulted in a significant out-of-state travel burden being imposed upon the president-elect and the unexpected relocation of the vice-president. Henken, without hesitation, expressed his willingness to step into the void and provide a smooth transition for the association, becoming the 2011 president of RHA. He is fully engaged in the leadership of RHA and has plenty of goals he would like to accomplish this year.

“We started talking several years ago about how to market member-ship [in the RHA] to younger folks coming up in the industry, ways to get them more involved,” he said. “The trade shows are very well at-tended: we would like to take some more concrete steps to bring the next generation of industry leaders into the fold.”

As for the RHA’s partnership with GBREB, Henken wants to see more “cross-pollination and fraternization across the divisions,” he said. “When people think of GBREB, they think of it as a division of parts instead a whole. Each organization is very strong individually, and I’d like to see GBREB be just as strong.”

“It’s a question of making small changes to continue to improve on a good thing, and making a good thing even better,” he said. n

Cassidy Norton Murphy is associate editor of custom publications for The Warren Group, publisher of Bay State Apartment Owner.

KeePIng A gooD tHIng goIngcontinued from page 5

For more information regarding upcoming RHA programs and events,

please visit www.gbreb.com/rha.

April 4 – 6National Apartment Leasing Professional (NALP) NAAEI designation courseGreater Boston Real Estate Board offices, Boston

April 4 – 8 and October 3 – 5Certificate for Apartment Maintenance Technicians (CAMT) NAAEI designation courseARS, Newton

April 18 – 22 Certified Apartment Portfolio Supervisor (CAPS) NAAEI designation course Greater Boston Real Estate Board offices, Boston

MaySpring Marketing EventDate and location to be announced

May 18Red Sox vs. Detroit TigersFenway Park

June 8Spring Golf OutingLeBaron Hills, Lakeville, Mass.

June 23 – 25 2011 National Apartment Association Education Conference and Exposition Mandalay Bay Hotel and Casino, Las Vegas

September 27 Rental Housing Association Fall Conference and Expo Hynes Convention Center, Boston

October 3Rental Housing Association Fall Golf OutingMeadow Creek Golf Club, Dracut

October 20National Apartment Association Maintenance Mania®The Lantana, Randolph, Mass.

RHA Calendar



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AmEx MasterCard VISA DiscoverTotal Enclosed:____________________________________________________________________________________

Name on Card: _____________________________________________________________________________________

Card #: _________________________________________________________________________ Exp. Date: _________

Return completed form with payment to RHA Golf Outing, One Center Plaza, Mezzanine Suite, Boston, MA 02108;or fax to 617-338-2600. Please use this form as your invoice. Questions: [email protected]. _____ Check here if you require special accommodations to fully participate. Please attach a written description of your needs.

$500 CASH PRIZE Courtesy of GOLD SponsorsEach golfer at outing will be entered into the cash prize drawing.

You must be present at the reception to win!

Hole Sponsor____ Single Golfer ____ Reception Only

Reception Sponsor Silver Sponsor Bronze Sponsor Pref. Par 3 Tent Sponsor Par 3 Tent Sponsor

Gold Sponsor (unlimited) $2,750*Includes two foursomes, hole sign, named displayed at event and recognition as co-sponsor of drawing

Putting Green Sponsor $2,000*Includes one foursome, sponsor signage at putting green, signage at reception and company logo on ball makers

Registration Sponsor $1,750* Includes one foursome, sponsor sign and the opportunity to distribute company promotional material at registration table

Driving Range Sponsor $1,750*Includes one foursome, sponsor signage at driving range, hole sign at ‘longest drive hole’ and ‘longest drive’ signage at reception

Lunch Sponsor $1,750*Includes one foursome and company logo sticker that will be placed on lunch boxes

Reception Sponsor $1,750*Includes one foursome, sponsor sign and company name on cocktail napkins

Silver Sponsor (unlimited) $1,550*Includes one foursome, hole sign and company name displayed at event

Bronze Sponsor (unlimited) $1,300*Includes one foursome and name displayed at event

Wednesday, June 8th | LeBaron Hil ls Country Club

RENTAL HOUSING ASSOCIAT I O N

2011 S P R I N G G O L F O U T I N G

Bay State Apartment Owner follows the news and trends affecting the booming rental industry in Massachusetts.

With innovative and informative articles focused on owners, property managers and vendors in the rental profession, this publication is a must-read within the industry.

To reserve adverTising space

call 617.896.5344 or e-mail

[email protected]

PuBliSher Of BAnker & TrAdeSMAn

ManagingSuccess

tothe way

Documents

Bay State Apartment Owner 1Q 2011