The AHEPAN - Fall 2013 - (Page 21)
Executive Committees Meet at Supreme Convention
By George Anagnostos, PSS
The Executive Committee of the
AHEPA National Housing Corp. met in
conjunction with the AHEPA Supreme
Convention in Orlando. The committee
functions as the Executive Committee
of the AHEPA Management Co. (AMC)
as well and it met in its first of four
scheduled quarterly meetings to conduct the business of both organizations
in the interim between annual meetings held each spring.
In the opening session, ANHC
President Angelo Kostarides asked for
a Moment of Silence in respect of the
passing of current Board and committee member John Patramanis of Des
Moines, Iowa and former member and
PSP Cleo Zambetis of Boardman, Ohio.
The committee voted to fill
the vacancy created by member
Patramanis' passing with Director
George Nardone as chair of the Finance
Department. Nardone will also serve
on the Organization Review, Human
Resource and Legal Committees.
Newly elected committee member
Charles Mackenzie will fill the vacancy
on the Compensation Committee.
Director Angela Magrames will fill
the vacancy on the Executive Committee.
The AMC commenced its meeting
with only Secretary Christy Karthan
Past president of ANHC and AMC
Nick Smyrnis, PSP, joined the meeting in progress and remained for a
long time. He offered wise counsel but
Arthur Poly, president and CEO of
AMC, reported on the status of his
organization during the two-month
interval since the annual meeting. He
reported the revenues were up due to
new projects coming on line and he
projects excellent growth for the year.
The emphasis is on Customer Service
with our field operations. He urges
owners to advise AMC and let management handle any problems.
He stated the Service Coordination
Department continues to grow and has
nine contracts to date and is searching
for more. Its Service Enriched Housing
(SEH) continues to develop and grow
and offers funds to refurbish and
update our properties using grants. We
have two locations with this program.
We are delving deeply in the tax
credit field to supplement funding,
with the about to be opened property
in Tallmadge, Ohio, a prime example
of 'blended financing' with tax credit
We have not been successful in
purchasing existing 202 properties but
continue efforts. Our marketing, PR
efforts are being expanded and we
have displays to enhance our stature.
Our mediation efforts in the mold
issue in Columbia and Greenville, S.C.
continue but court dockets are set for
court cases in those cities, if necessary.
The IRS conducted an audit of our
Miami property and we passed with a
clean bill of health.
AMC is now reviewing its records to
see who owes and what amount might
be owed. AMC has often extended payments to properties running behind
with expectations of future repayment. In the past, funds have not been
recouped when added rents would
have solved the problem. This program
has been successful.
Considerable time was spent in
discussing and learning about the
tax credit enhancement provides but
simultaneously there are intricacies
and difficulties involved in utilizing
this program. Difficulties are caused
by each state running its own program
with its own regulations, deadlines,
amounts available and of what types.
The mold issue at Greenville and
Columbia was discussed. Art Poly
explained that mediation was conducted but the breakthrough did not
occur yet. It may still but, in the event no
settlement is reached, we are set for trial
with Greenville on October 7 and for
Columbia December 2. Our expectation
is we will be successful and recoup our
considerable expenses and a bit more.
In this regard, Controller Christopher Egan has been and continues to
monitor our cash flow and does not
foresee any problems arising. Mr. Egan
went over the financial figures to date,
explaining that travel expenses had
increased as well as health insurance
costs. Likewise our property insurance
costs rose and some contract revenue
and investments were lower.
AMC has begun publishing a short
newsletter called the AHEPA Housing
Gazette to keep the field abreast of
important happenings. The first issue
was distributed in July.
ANHC Director of Development
Demetri Damaskos submitted a report
to the committee, updating the projects
under construction, those being refinanced with tax credit financing and
also acquisitions. A310 Apartments in
Citronelle is about complete and in
rent-up status; D54-II, Houston, anticipates completion in January; and
A133 Apartments, Covington, La., has
a new site and is undergoing financial
Fall 2013 · THE AHEPAN
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