The AHEPAN - Winter 2015 - 23

HOUSING

construction related issues. Discussion
was held on property taxes charged
by some states. It was suggested we
explore the reassessment of values of
our properties in states. A discussion
followed on possible acquisitions in
various states.
Poly discussed extensively the
Strategic Plan Outline for ANHC/AMC.
The outline is a realistic view of current operations from managing 202
properties, utilizing AALF government
programs, acquisitions, growth of
current operations, expanding office
facilities, etc. It was suggested that
we bring back a Consultant we used
before, David Clegg for advice.
The meeting adjourned and
resumed the next morning.
ANHC President Angelo Kostarides
called the meeting to order. The
same persons were in attendance. VP
George Nardone was to present an
audit report but it was delayed due to
computer issues so he talked with various employees. Some concerns were
organization charts; the Brentwood
Apartments; software for a compensation report for each employee; and
need for an IT Committee to audit for
the need of a part-time IT employee.
Carr presented the AMC Board
Directors with two written Consent
Resolutions to be signed for AALF tax
credit facilities. One is in Indianapolis
and the other in New Albany, Ind. The
properties are for-profit facilities and
require such resolutions.
The committee set the dates for the
annual meeting of the corporation for
May 5 and 6, 2016.
The meeting was then adjourned
to allow the committee to travel to and
view the Brentwood Apartments in
Fort Warne, Ind.

www.ahepa.org

Supreme President Visits Houston,
Norwich Properties
AHEPA 29 Apartments, Houston, Texas, received a visit from Supreme President
John Galanis and Past Supreme President Anthony Kouzounis, Nov. 9, 2015. The
supreme president was in Houston to take part in Chapter 29's program to honor
AHEPA's veterans.
Also in November, Supreme President Galanis toured Chapter 110's three affordable
housing for the elderly properties that serve 150 elderly low-income senior citizens
in Norwich, Conn.

Pictured (l-r): Apartment Manager of Phase III, Lourdes Escobar, Past
Supreme President Kouzounis and Supreme President Galanis.

News from AMC...
AHEPA Management Company (AMC) is continuing to expand its efforts to develop
its Affordable Assited Living Facilities (AALF) program. Three locations are under site
control and we have already received funding options for two of the three. The third
site, in Hamilton, Ohio, has enough land to permit a 40-unit nine percent tax credit
development as well. But first AMC must have the 125-unit AALF portion completed
and in operation.
AMC's acquisition team is reviewing possible additions with several being financially analyzed at this time.
AMC's Indianapolis project AHEPA 232-I is being refinanced with 3.5% financing
and Phase II with 3.7% financing; and the Harrison Township, Mich. project AHEPA
371 is going for refinancing with a blend of 4% tax credit funding.
For added information on ANHC properties, visit www.ahepahousing.org. For
AMC information, visit www.ahepamgmt.org.
Winter 2015 ยท THE AHEPAN

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http://www.ahepahousing.org http://www.ahepamgmt.org http://www.ahepa.org

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