The AHEPAN - Winter 2013 - (Page 20)

HOUSING ANHC/AMC Executive Committee Meets at Tallmadge Dedication By George Anagnostos, PSS The AHEPA National Housing Corp. (ANHC) Executive Committee met for its second quarterly meeting in conjunction with the dedication of the Akron Chapter 63 elderly housing property in Tallmadge, Ohio, October 25-26. (See dedication, pages 22-23.) The meeting was called to order by ANHC President Angelo Kostarides at 8 a.m. at the site's AHEPA room. ANHC Board Chair and the four officers were present as well as seven of the nine committee members. In addition, AHEPA Management Co. (AMC) President and CEO Arthur Poly and three staff members were present as well as two ANHC staff. ANHC Pres. Kostarides began the meeting by welcoming Director Angela Magrames, Pres. of AHEPA/ DOP 60, Inc., Mishawaka, Ind. to the Executive Committee. She is filling the vacancy created by the death of John Patramanis. Kostarides alluded to the water infiltration issues at Columbia and Greenville, S.C. which will be covered fully in subsequent reports. He also stated time has been allocated to reporting and discussion of tax credit, acquisition, and refinancing issues in the agenda. He also reported on chapter charitable foundation issues, which included one in his own home chapter of Indianapolis and indicated that efforts were underway to cure these issues. Dr. Thomas Adams, the president of AHEPA 63 Apartments, Inc., was thanked for his efforts to complete the wonderful property and hosting the committee today. Pres. Adams advised 20 | THE AHEPAN ยท Winter 2013 the group that a tour of the building would be provided at their convenience. ANHC Director of Development Demetri Damaskos reported on the status of projects under construction, in or eligible for refinancing, acquisitions and possible tax-credit funded possibilities. In the construction stage is AHEPA/ DOP 54-II, Houston, which has been delayed by weather conditions but may still be ready by February; the New Orleans 44-apartment property has just been approved at a three-acre site in Covington. Much work remains, including securing 4% bonds and outside assistance requests. Finally, A310 had its 13th building open in October in Citronelle, Ala. with dedication probably in early February. A232-I, Indianapolis, has applied for FY2013 funds under the Assisted Living Conversion Program/Service Enriched Housing (ALCP/SEH). This prescribes rehabbing 24 units, including meeting all ADA requirements in corridors, community room, and a commercial kitchen. The funds are in grant form. AMC staff members Linda Duncan and Lucy Parsons prepared the exhibits addressing the Supportive Services to be provided. All design and construction costs are included. A192-I, a 60-unit property in Johnston, Iowa, will seek ALCP/SEH funding in the FY2014 program. Four or five other properties are looking into this program when funding becomes available. There is only one possible acquisition still viable for ANHC/AMC. A Letter of Intent (LOI) has been submitted for the Claremount Apartments, in Clarence, N.Y., a 75-unit, HUD 202 development. The owners' decision is awaited. Although other possibilities appear frequently there are no other offers still viable at this time. There are a few 9% tax credit financing properties under investigation. In Perth Amboy, N.J., a two-acre site next to the church will be available after site work. ANHC was approached because of its track record in elderly housing. In Knoxville, Tenn., A346 referred us to a rehab available in a good location, but requiring a zoning change. It has civic leaders backing. A LOI was submitted but not yet accepted. The 9% tax credit deadline is Feb. 2014. Other possibilities under review are Ann Arbor, Mich.; Warren, Ohio; Wethersfield, Colchester, Waterford and New Milford, all in Conn.; Merrillville, Ind. and Phoenix, Ariz. AMC Assistant Director of Acquisitions and Refinance, Todd Jensen presented information on tax credit financing and led a Q and A session. He emphasized that land control and with no variances is very important. Reports, such as market and environment studies, vary from state to state. Locations above were cited. AMC President and CEO Arthur Poly presented his report. Despite funds used in the Carolina properties, our year-end projections continue strong. The Carolina court cases/mediation efforts continue. He urged all there and others, as well, that if they encounter requests from any source regarding the water infiltration issues faced in S.C., or elsewhere, to please

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

President's Message
AHEPA Family News
AHEPA Commends 2013 National Scholarship Recipients
A Worthwhile Week
My Volunteer Vacation in Crete
Civic Responsibility
The Periclean
AHEPA Family Chapter News
Literary Corner
In Memoriam

The AHEPAN - Winter 2013