The AHEPAN - Winter 2014 - (Page 22)

HOUSING 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 Directors. 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 plan there. 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. It has 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 ยท 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 Manager Personnel. Poly stated AMC is on track to reach its objectives proposed in its strategic plan ANHC Director of Development Demetri Damaskos presented his 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

President's Message
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
Literary Corner
Civic Responsibility
Hellenic Cultural Commission
AHEPA Family Chapter News
In Memoriam

The AHEPAN - Winter 2014