The Ahepan Spring 2017 - 21

HOUSING

AMC Board Holds Quarterly
Review Meeting

Among the attendees at the groundbreaking in New Albany,
Indiana, were (l-r): Supreme Secretary and ANHC Board Member
Carl Hollister, Past Supreme President and ANHC Board Member
Dr. John G. Grossomanides, Past Supreme President and former
AMC President/CEO Nick Smyrnis, and ANHC President Angelo
Kostarides.

Groundbreaking Held for
New Albany Affordable
Assisted Living Facility
AHEPA Management Company, Inc. (AMC) held a groundbreaking ceremony for Hellenic Senior Living of New Albany,
Ind., November 16. Hellenic Senior Living will be AMC's new
Affordable Assisted Living Facility to be constructed at 2632
Grant Line Road.
The event included dignitaries from developer AMC, owner,
Hellenic Senior Living of New Albany, LLC; Affordable Housing
Partners, Inc., which provided the tax credit equity; Deutsche
Bank, the Indiana Housing & Community Development
Authority, Gardant Management Solutions, which will provide
property management for the community; Shiel Sexton, the
general contractor, and Berardi + Partners, the architecture firm.
Hellenic Senior Living of New Albany will be designed to
serve low income older adults who need some help to maintain their independence. Prospective residents must meet
income requirements and be at least 62 years of age. Hellenic
Senior Living of New Albany will be three stories and offer a
mix of 125 private, one-bedroom and efficiency apartments.
The community is expected to be completed by the end of
2017.
Individuals who would like their names added to the
Interest List to receive more information about either of these
communities as soon as they are available may call Gardant,
1.877.882.1495.

www.ahepa.org

The AHEPA Management Company Board of Directors, comprised of the Executive Committee members of the AHEPA
National Housing Corporation, held a quarterly teleconference meeting, February 4, 2017.
AMC President/CEO Art Poly gave a review of operations and reports that the company is performing well.
Contributions from developer fees and the collection of
delayed management fees from HUD have improved the
overall NOI thru December 31, 2016.
Groundbreaking occurred in November 2016 for the
Affordable Assisted Living Facilities (AALFs)
in Indianapolis and New Albany, Ind.
Project development is slightly behind
schedule due to weather-related
issues; however, all involved seem
confident the projects will be back
on schedule soon. A third site in Hamilton, Ohio
is still in the planning stages. AMC has been successful in
getting the State of Ohio to modify its guidelines in a way that
grandfathers AMC in with the company's recommended suggestions. Two other sites have been reviewed in Mishawaka
and Elkhart, Ind. AMC has sales (options) agreements at
these two sites until the details can be worked out. Poly
stated that in the absence of alternative growth opportunities
in the original HUD Section 202 program, the AALFs, along
with an occasional acquisition and adding management contracts, are our best avenues for continued growth. Discussion
of another potential avenue may be housing for veterans.
Further studies in this area are yet to be determined and
pursued.
As of this meeting date, Dr. Ben Carson has not been
confirmed yet as HUD Secretary and any changes with HUD
and its programs is yet to be undetermined (Dr. Carson was
confirmed March 2, 2017). It is hoped that a revised HUD 202
program with a combination of a HUD grant blended with
LIHTC initiatives could reopen the doors in the low income
senior housing arena. Even this potential arrangement may
be affected by the effects of a corporate tax reduction. More
discussion of these subjects is expected during the next
ANHC annual meeting which will be held in Indianapolis at
the end of April.

Spring 2017 · THE AHEPAN

http://www.ahepa.org

Table of Contents for the Digital Edition of The Ahepan Spring 2017