The AHEPAN - Summer 2015 - 24

HOUSING

we are engaged in now. He cited our
for-profit ventures and the types of
growth we seek and some we are now
seeing. He mentioned the work of the
executive committee and the status of
the South Carolina properties and the
impact of our sponsorship of those
properties. He cited the advances of
funds to various properties and the
need for tax credit development as
ultimately having an impact on our
balance sheet. He spotlighted items
such as local Board's bylaws and charitable foundations as items that are
being moved along and will be in the
agenda for discussion.
ANHC Director of Development,
Demetri Damaskos presented the status of our New Orleans project which
still needs an extension of the reservation. He reported on the Indianapolis
housing board funding in the Assisted
Living Conversion Program/Service
Enriched Housing, our first, converting
24 units. He cited two that are undergoing refinancing, A232 Indianapolis and
A371, Harrison Township, Mich. We
have properties we hope to purchase
and have looked at others, but no additional acquisitions yet.
Todd Jensen, ANHC director of
acquisition and refinance, covered the
Affordable Assisted Living Facilities
(AALF). We have two properties in
mind and are close. There are opportunities in Ohio and New York State
and Chicago; however, they require
licenses and site control. It is a painstaking process but we are moving
ahead. AALF properties will be a blend
of mortgages and 4% or 9% tax credits.
Arthur Poly, AMC president, gave
the report citing the progress at South
Carolina and reconstruction there.
He cited the acquisition of the Fort
Wayne, Ind. for-profit property, which
24

THE AHEPAN · Summer 2015

we are managing through our forprofit Hellenic Management Co. We
also manage three non-AHEPA properties to date and have gained 38-Quality
Assurance contracts, some in new
states for us. He also spotlighted the
AALF program and that it is a financially sound concept with a good cash
flow. Many areas such as marketing,
PR, IT are being enhanced and available in-house or to outside parties.
Strategic Planning is an on-going process and is used to review progress
and adjust objectives. He closed, "We
are positioned for growth," and we
continue to provide educational and
advancement opportunities for our
professional staff.
AMC Vice President, Stephani
Calderon presented her report on her
department and operations. She highlighted the training sessions for managers and maintenance personnel.
AMC Vice President, Linda Duncan
highlighted the Service Coordinator and
Quality Assurance programs. They are
also involved in the grant writing program and now with the SEH program
Chris Egan, AMC controller, spoke
to accounts receivable, the impact of
the Affordable Care Act, new acquisition of Brentwood, earning fees to
manage in order to support operations being capped by HUD. which is
impacting us, as are some state taxes.
George Nardone, chair of the
Finance Dept. reported that the Audit
Committee found all in order. He
reported a need to capture past due
fees five years or older, and all department expenses to be shared and available to the finance department.
The Budget Committee found all to
be straight forward. The IT Committee
found no concerns at this time.
The Strategic Planning Committee

stated that we must invigorate marketing and PR to expand our services.
We need to overcome losses in some
properties and get increases in rentals
or cut expenses. We are in the process
of developing AALF properties but will
need to partner with others to gain
experience in this new business, which
is projected to be solid fiscally but to
require significant upfront funding.
The Administrative Department was
chaired by George Anagnostos. The
Nominations Committee will conduct
election for three new members of the
Executive Committee with three-year
terms.
The Orientation Committee has
one new president to confer with, Ed
Mayorga, Wilmington, N.C. He is a
long-term Ahepan and the orientation
went well.
The Human Relations Committee
conferred with the staff person and
reported that programs and processes
to assist employees are currently effective and wide ranging. An updated
Communications Guide has been promulgated. A PR report was given and
the efforts of the last 3 issues were used
to show the range of articles offered.
All were thanked for their continued
support of The Ahepan magazine housing section, including Consultant Diane
Diamantis. Andrew Kaffes, editor and
Mercury Publications.
The Grants Committee reported on
this year's grant program. Co-chairs
Steve Photiades and Nick Kallan went
over each of the applications received,
announced the total availability of
grant funds, the number of eligible
units and projects and then went
through each application as to what
was requested, what was suggested to
grant and showed the final totals. Then
in the discussion that followed, the
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Table of Contents for the Digital Edition of The AHEPAN - Summer 2015