The AHEPAN - Winter 2009 - (Page 30)

HousIng ANHC Executive Committee Meets in Indianapolis By George Anagnostos, PSS INDIANAPOLIS–The Executive Committee of the AHEPA National Housing Corp. met in Indianapolis on November 22, 2008. With 11 of the 12 members present, President Nick Stratas opened the meeting by giving a report of events occurring following the annual corporation meeting in May and the status as of November. In his report, he expressed concern over the economy and the incoming administration’s effects on the housing program. These uncertainties and other concerns caused the corporation to add to its reserve funds. He also stated that Hurricane Ike’s damage to the Houston properties may not be completely covered by insurance. The continued decrease in the number of units available each year led him to call a meeting of select members in a “Think Tank” in September in Atlanta. The purpose was to focus on the future and what changes need to be made to keep the corporation viable and insure its continued growth. A copy of the report was provided to the Executive Committee members. To expound on one of these possible areas, he invited an expert in tax credit and refinance proposals that could be used in the future. Mr. Al Forsyth of the ALCA Associates, Westerville, Ohio, spoke on financing options for HUD 202 projects, of which ANHC currently has 88. He concentrated on refinancing of current loans; utilization of bonds and tax credits for additional funds; and building tax credit projects in the entirety. Using tax credits may provide added amenities, permit greater income levels to qualify, and allow competition with other like projects. Director Dennis Kiriazides brought Mr. Nick Evevsky, the president of the Rochester, N.Y. chapter who is an expert on information technologies. They reported on what could be accomplished for the corporation and the AHEPA Management Co. (AMC). He was asked to provide a standardized list of equipment that could be utilized by ANHC and AMC to improve operations. The web site will also be upgraded to provide enhanced marketing capabilities. Director Art Poly presented a report explaining tax credits; tax exempt bonds; Home Funds; private funding; and their possible uses. He contrasted the pros and cons of each type of financing. ANHC Treasurer Dino Benos presented an operating financial report on ANHC for the period April 1, 2008 to October 31. ANHC Director of Development Demetri Damaskos brought the committee up to date on the seven projects under construction, the three funded in FY2007 and the applications submitted for FY2008. A motion was made and passed to only consider larger units in the future in order to remain competitive. AMC President Paul Hulse reported on revenues and expenses for the 4 months of the current fiscal year. He reported on the increase in reserve accounts and, that by the end of 2012, AMC will be managing 4,695 apartments. In a discussion of AMC’s future, it was possible to expand AMC’s operations to include acquisitions of 202 properties and for-profit properties and to manage other 202 program properties or other program properties for a fee. Some additional staffing would be required, depending on the type of property. The ANHC and AMC Headquarters’ building lease in Indianapolis is expiring. Pres. Stratas was authorized to negotiate an extension. It is anticipated that the building will be razed sometime in the future for highway construction. A determination is to be made when the date becomes clearer whether to purchase our own building or continue renting. Various items were approved for further discussion and action at the annual meeting in the spring of 2009: a recommendation to expand the Executive Committee to include the 4 corporation officers and 9 directors; invite George Lake, an expert on tax credits and other financial matters to the spring 2009 meeting as a nonvoting member; make the Bylaws and Budget Committees standing committees; request HUD offices to allow ANHC to disburse funds vice the title companies; implement a Business Continuation Plan in the event of a disaster; and discuss “What Happens After 40 Years” at the properties. The meeting was adjourned. The annual corporation meeting will take place in the spring 2009 at a date to be determined. Additional information on ANHC and AMC may be found on the web site ANHC Receives Two Projects for FY2008; Program at 88 Projects INDIANAPOLIS, IN–ANHC President Nick Stratas announced the awarding of two new projects in the HUD FY2008 program. With these two, the corporation now has 88 projects and has a total of 4,695 apartment units. The corporation had sponsored seven applications in the FY2008 30 the ahepan Winter 2009

Table of Contents for the Digital Edition of The AHEPAN - Winter 2009

The AHEPAN - Winter 2009
Presidents’ Messages
AHEPA Family News
Book Review
Special Report: Greek Independence Day
The 87th Supreme Convention in Magestic San Francisco
Ahepan on the Rise in South Carolina’s Executive Branch
Liberty Ship Arrives In Athens; Will Serve as a Floating Museum
Civic Responsibility
AHEPA Athletic 2009 Calendar
AHEPA Family Chapter News
In Memoriam

The AHEPAN - Winter 2009