AAREPNY & New York County Lawyers' Association:

Present

A Breakfast Panel Discussion 

on the

Preservation of Affordable Housing 

Low Income Tax Credits and senior GSE-sponsored debts are expiring on affordable housing projects developed throughout the 90s.  We seek to better understand the options of dealing with this problem.

The African American Real Estate Professionals of New York will be hosting a Breakfast Panel to discuss “The Preservation of Affordable Housing.”

 Questions will be addressed
• What is being done to preserve the financial feasibility of Low Income Housing Tax Credit?
• What new opportunities are being created as a result of the expiring tax credits? 
• When do you start if you want to recapitalize your assets? 
• What if any are the pitfalls in financing affordable housing now? 
• Can you extend any existing Tax credits?
• What are the creative ways public, private and not for profit entities are addressing the problem?
• What if any are the penalties for expiration?
• What creative disposition strategies are available?
• What Grants, Bonds, and/or Tax Credits are funded and are available?

 

Panel Participants 

Jeffrey Dunston, North East Brooklyn Housing Development Corporation 

Jeffrey Dunston is the Chief Executive Officer of Northeast Brooklyn Housing Development Corporation, a community-based affordable housing developer that provides affordable housing services in central Brooklyn. Mr. Dunston has been in the field of affordable housing and community development for 25 years. He is responsible for a housing portfolio valued at $146 million, working with local and city government officials and public/private intermediaries and investors. Under his leadership more than 2,093 units of affordable housing has been developed. The organization currently manages 1,043 units in central Brooklyn. 

Eunice Jackson, The Law Offices of Eunice Jackson

 Ms. Jackson has been in private practice since 1984, focusing her law practice on real estate acquisitions, development and sales.  Her clients include private and developers, not-for-profit organizations, Municipal Agencies and individuals involved in commercial and residential development in the New York City metropolitan area.  The majority of the residential developments for which Ms. Jackson has acted as counsel have been multi-unit residential and mixed-use projects, with hundreds of units of affordable or supportive housing. 

Shola Olatoye, The Enterprise Community Investment

Shola Olatoye joined Enterprise’s New York office in October 2009. As deputy director and director of relationship management, she leads production efforts, helps to develop new products and solutions, and oversees relationship management for the many public and private partners with which Enterprise works in New York.

Sharon Ryan, Stempel, Bennett, Claman & Hochberg

Ms. Ryan is a Senior Associate in the firm’s Real Estate Department, where she concentrates her practice in commercial and residential real estate financing, acquisitions, sales and leasing. She specializes in affordable housing projects representing developers, Not-for-Profit Housing Corporations, in securing construction financing, bond financing, tax credits, often dealing with complicated capital stacks and multi municipal and private investors.   Ms. Ryan began her career as a loan underwriter in a major bank, and has now counseled and advised on 100s of millions worth of transactions in the New York area. 

Wendell Walters, Housing Preservation and Development

Mr. Walters is primarily responsible for all of HPD’s new construction affordable housing programs including both homeownership and rental housing. These programs include Cornerstone, Low Income Rental Program, Mixed Income Rental Program, Partnership New Homes New Foundations, Nehemiah, Arverne and the partnership projects with the New York City Housing Authority. Prior to assuming this role, Mr. Walters served as Assistant Commissioner of Alternative Management Programs for two years, with primary responsibility for the disposition of the City’s occupied housing stock. He began his career at HPD in 1998 as Director of the Neighborhood Entrepreneurs Program.

Moderator
Ryan Moorehead, First Sterling Financial, Inc.

Ryan Moorehead is Vice President of Asset Management at First Sterling Financial, Inc., a leading affordable housing syndicator with assets in 45 states. Mr. Moorehead is responsible for the overall operational and financial performance of LIHTC real estate investments in the First Sterling portfolio, including the analysis of market trends and workouts.

Previously, Mr. Moorehead held positions with AvalonBay Communities, and recently served as an Acquisition and Asset Management consultant to KMG Partners, a New York City investment and development startup with over $150 million assets under management. There he helped develop their Asset Management platform and assisted in financial analysis and valuation of various real estate equity and debt portfolios. Mr. Moorehead began his career at The Richman Group of Companies in Asset Management where he managed $600 million in Low-Income Multifamily assets.

This event is co-sponsored by

 

Register Now! 

Current Members of AAREPNY are free to Attend meeting, if you are not a member, just click the logo and buy a membership package*. All packages are valid through December 2012, so you get the remainder of 2011 for free.  

*Please be aware that professional membership requires you to be a current practitioner of the specified profession for at least 10 years.