Thursday, November 9: 9:30am – 11:30am
Join this roundtable for a lively discussion covering these topics: Are the HAP rents over market rents and will the investor require a transition reserve? What are the pay down requirements when requesting a waiver on the due on sale clause of post mark to market deal, and what timing issues does this cause to the project for closing? Discuss the new HUD requirements for equity pay- ins and limits on bridge loans and what that does to equity pricing. How does increasing HUDs incentive performance fee affect the deal?
Doug Klingensmith, Ohio Capital Corporation for Housing (OCCH)
Mr. Klingensmith joined Ohio Capital Corporation for Housing (OCCH) in 1999. As a Vice President of Development, he currently provides underwriting analysis, development assistance and financial structuring for low-income housing tax credit projects, including bond-financed projects, with emphasis on the preservation of FHA-insured, Section 8 and Rural Development financed projects. In addition, he provides technical assistance to local non-profit sponsors of affordable housing assisting them in purchasing affordable housing and assistance to owners in the redevelopment of portfolios of existing affordable housing projects. Mr. Klingensmith is responsible for the acquisition of over $886 million in equity for projects totaling over $1.675 billion in total project cost and more than 13,300 units. He is also responsible for the completion of projects using tax exempt bonds with an issuance amount of over $328 million and has also provided underwriting and restructuring analysis for over 50 projects under contract to the Ohio Housing Finance Agency (OHFA) for the Office of Multifamily Housing Assistance Restructuring (OMHAR). Before joining OCCH, he worked at HUD, both in FHA's Office of Multifamily Housing as a Senior Asset Manager and Team Leader and in the Department of Community Planning and Development as a Community Planning and Development Representative and a Financial Analyst. He holds a Bachelor Degree in Finance from The Ohio State University.
Matt Shoemacher, Wallick Communities
Matt Shoemacher is Senior Vice President of Development at Wallick Communities. In this position, Matt is responsible for all affordable housing development activities from site/property selection through property stabilization in Kentucky, Indiana, Illinois and Missouri. Since joining Wallick Communities in mid-2010, Matt and his team have successfully developed 40 affordable housing properties utilizing low-income housing tax credits combined with various tax-exempt, taxable and governmental financing sources. Matt is also a member of the company's Executive Committee and Leadership Team. Prior to joining the company, Matt was Vice President of Development at The NRP Group LLC from 2004 through 2010 managing affordable and market-rate development activities in Texas, Virginia, North Carolina and South Carolina. Overall, he has managed the development process for over 7,000 units of multifamily housing representing over $900,000,000 in total project sources. Matt has a Bachelor of Arts in International Relations from The Ohio State University and completed his postgraduate studies in Political Geography and Development (Licence en Geographie et Amenagement) from the Universite Paris-Sorbonne.
Scott Hunley, Showe Management Corporation
Scott Hunley is Vice President of Showe Management Corporation responsible for management and development activities of the Showe Companies Portfolio. He is a 1986 graduated of Franklin University with a Bachelor of Science degree in Finance. He is a Certified Property Manager® with the Institute of Real Estate Management, A Certified Assisted Housing Manager and a Certified Credit Compliance Manager. Mr. Hunley has been in the affordable housing business for over 25 years. He worked for the U.S. Department of Housing and Urban Development from 1991 to 2001 and again from 2008 to 2010. During Mr. Hunley's tenures at HUD, he was the Multifamily Hub Director for the State of Ohio, overseeing the HUD multifamily portfolio through offices in Columbus, Cleveland and Cincinnati. Mr. Hunley's HUD experience includes several years in production and asset management, and he also served as the Director of the Los Angeles Enforcement Center. While at HUD, Mr. Hunley authored national policy through HUD's Notice for utilizing Section 223(f) mortgage insurance on fully constructed projects, and HUD's Notice on accepting deferred plans for LIHTC properties utilizing FHA mortgage insurance. Mr. Hunley was instrumental in developing the National FHA Loan Committee procedures and led the Ohio offices to a record 65 endorsements of over $447 million in FHA mortgage endorsements in FY2010. From 2004 to 2008, Mr. Hunley was Vice President of Development for Ohio Capital Corporation for Housing, where he assisted developers in all aspects of structuring and developing tax credit projects. Mr. Hunley specialized in mixed finance projects involving LIHTC, HUD programs and HOPE VI funding. Before joining OCCH, Mr. Hunley was Director of Risk Mitigation at Paramount Financial Group, where he was the Owner Representative of over 60 LIHTC properties and responsible for the restructuring and disposition of troubled assets. Mr. Hunley sits on the Board of the Midwest Affordable Housing Management Association, the National Affordable Housing Management Association and the Ohio Housing Council.
Pleurat Dreshaj, Cleveland Housing Network (CHN)
Pleurat began his tenure at CHN in 2010, becoming the assistant director of real estate development in 2016. He is responsible for leading multifamily new construction and rehab projects, including historic tax credits and renovation of occupied buildings. Pleurat has a deep understanding in navigating HUD regulations, LIHTC financing structures, and many other public funding programs. Prior to joining CHN, Pleurat worked at the Office of the Public Defender in Cuyahoga County while completing his JD at Cleveland Marshall College of Law. Pleurat also holds a Bachelor's degree in Economics from Case Western Reserve University.