The AHEPAN - March 2011 - (Page 11)
ANHC Executive Committee Meets, Use of Tax Credits Discussed
All Housing articles by George Anagnostos, PSS
The Executive Committee of the AHEPA National Housing Corp. met in Indianapolis November 19 and 20, 2010, to conduct the corporation’s business in the interim between annual meetings held each spring. All thirteen members of the committee as well as staff members of ANHC and AHEPA Management Co. (AMC) were present. At the opening session, the committee heard a presentation by Douglas Klingensmith of the Ohio Capital Corporation for Housing. He discussed obtaining tax credits for projects to be built whereby additional amenities could be incorporated. He presented methods of competing for the currently scarce tax credits available. A second speaker, Michael Sturges, an investment banker of the Michael Sturges Co. spoke on the use of tax credits in the HUD 202 Capital Grant Program and tax-exempt bond financing. Both speakers provided answers to many questions from the members. This area is increasingly important in that the HUD 202 program is being revised and the tax credit feature is expected to be emphasized. The Saturday morning session began with Chairman Nick Stratas presenting his report. Among the items he covered were the newly purchased building for ANHC and AMC offices; the reorganization of AMC by CEO Arthur Poly; the viability of chapters seeking projects in the future and the financing thereof. He reiterated the importance of integrating tax credits into our program to permit continued growth for ANHC. Treasurer Angelo Kostarides reported on the revenues, expenses, assets and liabilities for the past fiscal year and the first quarter of the current year. He also explained the process of our financing the purchase of our new headquarters utilizing tax credits. Demetri Damaskos, the director of development for ANHC, updated the members on the four projects just completed, two in construction stages and the four applications that were funded in the FY2009 program. There are four older projects that are applying for mortgage refinancing to take advantage of the current low rates. The newer properties are grants and not mortgages. He concluded there were many chapters interested in applying and he provided interim financial reports through October 31st. Steve King was introduced and he provided possible ways to upgrade our current website, www.ahepahousing.org. These added amenities, color and graphics would be valuable assets for rent-ups, and possible property acquisitions and/or management options. A proposal would be formulated and circulated for comment and questions. The meeting now opened as a session of the AMC for the purposes of considering and adopting resolutions concerning the corporation and the office of the president’s authorization to engage in tax-exempt transactions and the required prior approval of the board members. The meeting would also take up and approve amending and restating the Articles of Incorporation and the Bylaws. Among the changes considered were the number and selection of board members. Also discussed were the methodology and criteria for the use of teleconferencing. Concurrence of two-thirds of the membership was required to approve any changes to the Bylaws. Chairman John Patramanis reported on the findings of the Audit Committee. He recommended that the Oversight Committee be included in the strategic planning process. CEO Arthur Poly and President Paul Hulse were authorized to establish a line-of-credit for the possible acquisition of other 202 properties after thorough investigation and consideration. It was voted to purchase property for the Tallmadge, Ohio project of AHEPA Chapter 63 in order to enter into the Firm Commitment, when the corporation would be reimbursed.
Chairman Nick Stratas reiterated the importance of integrating tax credits into our program to permit continued growth for ANHC.
for the FY2010 program which, as of this writing, has yet to be announced. AMC CEO Arthur Poly reported on the status of the new building; the work on revamping the Web site; strategic planning for the ANHC and AMC; and work to establish a line-of-credit with which the corporation may purchase properties in a timely manner. AMC President Paul Hulse discussed insurance coverage – property, liability, workmen’s comp; claims and more. He told how the financing of the new building was accomplished and was lauded for his efforts to obtain the tax-credits. He also reported on current lawsuits and audits,
Table of Contents for the Digital Edition of The AHEPAN - March 2011
The AHEPAN - March 2011
Supreme President’s Message
AHEPA Family News
Meet Us in Miami!
2011 AHEPA Convention Registration Form
AHEPA Family Chapter News
The AHEPAN - March 2011