The AHEPAN - Fall 2013 - (Page 21)

HOUSING 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 absent. 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 mostly observed. 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 assistance. 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 ยท THE AHEPAN | 21

Table of Contents for the Digital Edition of The AHEPAN - Fall 2013

President's Message
AHEPA Family News
Orlando Provides A "Universal" Blast!
Remembering Dawson
The Periclean
Civic Responsibility
AHEPA Family Chapter News
In Memoriam

The AHEPAN - Fall 2013