The AHEPAN - Winter 2014 - (Page 22)
AMC Board Holds Second Quarter Meeting
All Articles by George Anagnostos, PSS
The Board of Directors of the AHEPA
Management Company (AMC) held its
second quarterly meeting in Houston,
Texas, Nov. 7 and 8, in conjunction
with the dedication of Daughters of
Penelope Achaia Chapter 54's second
building of elderly housing obtained
in the expiring HUD 202 program. The
Board has been meeting four times
per year as prescribed by the AHEPA
National Housing Corp. (ANHC), which
has AMC as a wholly-owned subsidiary.
The Board consists of the five
officers of ANHC and its Executive
Committee made up of nine directors
elected from ANHC's Board of
This is a for-profit entity made up of six
buildings of differing ages, the original
having been built in the 1970's. This is
also a market-rate entity, whereas our
previous properties have been set by
HUD regulations. Some repairs were
scheduled for about 20 apartments and
a new roof is recommended and other
outside- amenities, but overall the property
is in good condition. A budget has
been prepared for these refinements.
AMC has partnered with "42 Equity
Partners" and a group to develop properties
under the Affordable Assisted
Living Facilities (AALF) program in
selective states. They would assist us
with locating suitable sites, underwritmanagement
of non-owned properties.
We have reached a three-year agreement
with a 30-unit facility in Minn.
We may also agree to a future refinancing
AMC is working on our bank relations,
and we now have a line-of credit
set up soon to run for a year. We also are
working to identify financing opportunities
in community renewal areas.
In addition, AMC applied for and
received HUD funds in the Assisted
Living Conversion/Service Enhanced
Housing (ALCP/SEH) program for the
Indianapolis Apartments A232 I, II to
go along with refinancing of the properties.
This action will upgrade the
apartments and make some units more
spacious and allow residents to stay in
place longer in ease and comfort.
AMC's expanded marketing efforts
have made us finalists for managing
a 151-unit complex in Michigan.
Surprisingly, we have received inquiries
from China and India.
Officers and members of the AMC Board of Directors pose for a picture at the dedication of
Daughters of Penelope 54 - II Apartments, Houston.
President Angelo Kostarides opened
the meeting of the five officers and
eight of the nine committee members
and stated the agenda published would
be adjusted to allow the schedules of
presenters and members.
At the top of the agenda was AMC
President Art Poly, who presented what
transpired in the interim since the
meeting at July's Supreme Convention.
He began with the closing of our first
acquisition in September which was
the Brentwood Senior Apartments, a
151-unit complex in Fort Wayne, Ind.
22 | THE AHEPAN · Winter 2014
ing and other factors. Possibilities exist
in Indiana, Ohio and New York.
Also, AMC is looking into LowIncome
Housing Tax Credit (LIHTC)
program where 9% tax credits are
permitted/encouraged in projects.
Currently, the best states are Tennessee
and Connecticut. The state-run programs
are all different with varying
requirements and possibilities. Award
percentages can be in the 25% range to
50% in Connecticut. New Jersey is also
considered as an option.
Another area of interest is the
helped our Quality Assurance contracts
to reach 35 non-AHEPA properties.
Successful training conferences were
held for Service Coordinator and for
Poly stated AMC is on track to reach
its objectives proposed in its strategic
ANHC Director of Development
Demetri Damaskos presented
updated report. He expanded on the
dedication of DOP 54-II to be held Nov.
8. They had just recently received their
Certificate of Occupancy from the city
and the Permission to Occupy (PTO)
inspection was conducted.
The AHEPA 133/DOP 55 project for
New Orleans is looking into finding and
Table of Contents for the Digital Edition of The AHEPAN - Winter 2014
AHEPA Family News
Our Commitment to the "E" in AHEPA
AHEPA Family Embarks on Capital Campaign for Saint Nicholas National Shrine
A Student Reflects on Her Journey to Greece Experience
Hellenic Cultural Commission
AHEPA Family Chapter News
The AHEPAN - Winter 2014