The AHEPAN - Winter/Spring 2010 - 20

housiNg

AHEPA National Housing Corp. Executive Committee Meets
By George Anagnostos, PSS
WINDSOR LOCKS, CONN.–The Executive Committee of the AHEPA National Housing Corp. (ANHC) met in Windsor Locks, Conn., Nov. 13-14, 2009, in conjunction with the dedication of the second phase of AHEPA 58 Apartments in Wethersfield, Conn. on November 14. All members except Chairman Nick Stratas and member Harry Lake were in attendance. Also attending were Demetri Damaskos, ANHC director of development; ANHC member Leon Spanos; Paul Hulse, president and CEO, AHEPA Management Co. (AMC); and guests Drew Andrews, Nick Evevsky, Mike Papapanu and John and Peter Panagako. ANHC President Art Poly opened the meeting by reading a letter from Chairman Stratas who explained his first absence in a quarter century of service to ANHC. Brother Stratas had injured his arm in a fall and was unable to travel. The president introduced guests John Panagako, president of Trust Mortgage Co., Inc. and his son Peter, director of Eastern Mortgage Capital who led a discussion of refinancing. This applies to only those early projects financed by a HUD mortgage. The next guest was Drew Andrews, managing partner of Whittlesey and Hadley, auditors of many ANHC properties. He explained the Cost Certification steps, the annual audits conducted and the new IRS Form 990. President Poly presented his report covering the period since the last annual meeting. He covered topics on headquarters relocation status; program growth via acquisition, tax credits; refinancing of older properties; web site improvements and foundation controls. Vice President George Anagnostos gave a

PR report and presented a letter from the director of The Examined Life program, which ANHC has assisted with grants for some time. Treasurer Angelo Kostarides presented the corporation financial report through the fiscal year end. The status of projects under development was presented by Demetri Damaskos, the ANHC development director. He stated that six projects have been completed and four have entered into the Firm Commitment stage. Seven projects totaling 313 units were submitted in the FY2009 HUD program and no results have been reported to date. He has about 15 chapters interested in applying for the FY2010 program. AMC President Paul Hulse reported on the status of filling two positions; formation of four area managers in Conn., S.C., Ind., and Iowa; investigating self-insuring possibilities; better control of foundations; and the new AMC email systems. He also provided detailed financial reports for the current fiscal year up to Oct. 31. In the business of the meeting, the Committee authorized the president to make an offer on a headquarters building discussed at the annual meeting. The committee received reports that the first building of AHEPA 29 in Houston was damaged by Hurricane Ike and had certain deficiencies, as well. Insurance coverage was less than the amount of repairs required. HUD would possibly pay half the costs. AMC was authorized by the committee to proceed with renovations in the most feasible way possible. President Hulse discussed the AMC new web site for internal use only, providing the sharing of more information. It is subsequently planned to create an external web site to allow promotion of our properties and enable program growth. The committee voted to hire an information technology staff person to be in charge of this aspect of the company. That person would also be available to develop and coordinate the housing web site. A discussion of what happens to the properties after the 40-year period under HUD auspices continued from the annual meeting. Four

committee members were designated to review new applications for approval. The committee meeting was adjourned with the dedication of the second phase of the local AHEPA 58 Apartments to take place the following day.

Parthenon Chapter 343 Receives Apartment Awards; Celebrates 50th Anniversary of HUD 202 Program
LA VERGNE, Tenn.–Parthenon Chapter 343, Nashville, Tenn., and residents of AHEPA 343 Apartments, celebrated the receipt of an award and the 50th anniversary of the HUD 202 program under which the apartments were built. The event took place Nov. 23, 2009. The chapter received a HUD grant in the FY2001 program for a 50-apartment building. It has been operating for five years. The Department of Housing and Urban Development (HUD) announced that the ANHC had been given an award for “providing affordable senior housing for the elderly through the Section 202 Program of the National Housing Act of 1959.” The A343 Apartments was cited as one of only two complexes chosen in the Southeast Region. At the anniversary celebration were Ed Phillips, director of the HUD Nashville, Tenn. office; Paul Hulse, AMC president and CEO; James Mitchell, A343 Board president; Marie Margulis, AMC regional manager, Atlanta, Ga.; former Mayor Sherrie Green, Mark Moshea, city administrator and HUD and La Vergne staff, Ahepans and residents. Kathy Sanders is the property manager for the apartments. Original residents Kathy Dyer and Rose Watkins, a former resident, were featured speakers as well. A light brunch was served and a giant decorated cake was cut and enjoyed by all.

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Winter-Spring 2010

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The AHEPAN - Winter/Spring 2010

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