Linda McMahon, President
December 2009
Happy Holidays!
It has been a challenging year for our industry and as I look around – I realize – we are all still standing. Whew…. We have made it to the end of 2009 and TCAP and Exchange transactions are finally closing! And not only are our members closing deals – they are- with typical optimism – beginning the process for pre-application for 2010 LIHTC allocations.
The last month has been very busy for our board, membership and staff. TAAHP continues to work with our membership in making sure your voice is being heard. We were very engaged in making sure there was member input in the documents that have been finalized for TCAP and Exchange. While the main documents are done – the ancillary documents are still not finalized. The Texas Department of Housing and Community Affairs heard from every segment of the industry through this process – with balanced and relevant comments that hopefully will make these upcoming closings move a little more smoothly.
Our Executive Management Series held classes in Dallas, Houston and Austin in partnership with the Texas Department of Housing and Community Affairs and the U.S. Department of Housing and Urban Development (HUD) on financing alternatives. HUD has made significant changes to their multifamily programs of the Federal Housing Administration so that those loan products can be used more efficiently with Low Income Housing Tax Credits. Our “How-To” sessions were extremely well attended and we appreciate our sponsors who made it possible- Coats Rose, Davis-Penn Mortgage Co., Dougherty Mortgage LLC, Gardere, and Shackelford Melton & McKinley. Thank you for your continued support of TAAHP! This series was made possible through the hard work of our team – working with the regional HUD offices and TDHCA. Thanks to Kristi Sutterfield, Jim Brown and Jesus Azanza for this excellent series. Look for more educational opportunities in the coming months with special benefits for our membership.
We kicked off our membership drive for 2010. If you have not renewed your membership – now is the time. We promise more benefits exclusive for our members. Go to our website at TAAHP.org to renew your membership now or contact Jesus Azanza – our membership development coordinator.
On the political front – TAAHP has joined the national A.C.T.I.O.N. Campaign and efforts by the NCHSA to support the following initiatives:
- Extending the Housing Tax Credit Exchange into 2010 and allowing 4% credits to be exchanged.
- Stimulate and maintain existing investor interest by allowing carryback on existing LIHTC investments for 5 years if a like amount of new investment is made.
- New housing investment will allow a 5 year carryback throughout the 10 year credit period.
- Broaden investor base by allowing S Corps, LLCs and closely-held C Corps to invest in LIHTC under certain conditions.
Your voice in addition to our organization’s involvement in this campaign must be heard now in support of these important initiatives.
On the Statewide front – House Speaker Joe Straus has issued his Interim Charge to the Legislature. The House Committees on Urban Affairs and Ways and Means have several charges that are of interest to our membership. These include examining the regional allocation formula policies, TDHCA Weatherization Assistance Program, distribution of federal hurricane relief funds , supportive housing initiatives, improvement and uniformity of property tax appraisals just to name a few. Additionally, TDHCA will be facing Sunset Review in the next legislative session – a critical process for the affordable housing industry which promises to be full of intrigue and drama.
The TAAHP Board will be spending some time at the beginning of the year putting together our legislative agenda – please make your voices heard on any topics you think we need to consider for placement on the formal TAAHP Legislative Agenda for the next session. The TAAHP PAC will be a critical component of our lobbying efforts so if you have not joined the PAC – now is the time.
Planning is continuing for our Annual Conference – 2010 a Housing Odyssey – July 26-28, 2010 at the Four Seasons in Austin. The conference will feature our Summer Executive Management Educational Series as well as networking with fellow “housers”, suppliers, vendors and professional services providers. Nicole Flores, our Annual Conference Committee Chair is promising that this will be a not miss event!
TAAHP will be taking it on the road in 2010 – to help recruit new members and provide networking and educational opportunities for those in the affordable housing industry – watch for us.
Finally, we are gearing up to celebrate the season with a Members Only Holiday Party at the Brown Bar in Austin on December 17th from 5:30 – 7:30pm. The TDHCA Board and Staff are our honored guests for this annual event and we hope you will all be there.
As we reflect on the past year – we all have a lot to be thankful for – not only personally but through the work we do. We must continue our efforts to make quality, safe, affordable housing attainable for all Texans. We must not let up in our advocacy for those who need our voice. Please help us break down the barriers that keep us from providing the best affordable housing programs in the country. We need you.
Let us know how your housing and services have improved the lives the families and seniors who are your residents. We will be sharing those stories in these monthly posts – the more we show the positive community impact – the better we can battle the negative perceptions about affordable housing.
May you and your families have a blessed Holiday Season and my best wishes for your good work in 2010.
Until the New Year!
Linda
Linda McMahon
President