Member News

Carr Hagan passed away quite unexpectedly on January 29 after a brief illness. He will be deeply missed by his children Liam and Lila and his extended family, as well as his many friends and colleagues at LHP and the broader affordable housing community.

Robinson Cole published its updated Green Tax Incentive Compendium. This volume presents federal and state tax incentives promoting the renewable energy and energy efficiency industries. The January 2020 release includes the tax extenders in the recently enacted Taxpayer Certainty and Disaster Tax Relief Act of 2019.

CohnReznick LLP has promoted 12 professionals to its partnership ranks, effective February 1, 2020. Additionally, CohnReznick has elevated four veteran partners to new leadership positions within the firm. Those named to new leadership roles include NH&RA board member Ira Weinstein and Scott Szeliga.

On January 7, 2020, Judge Deborah A. Chimes of the New York Supreme Court—Erie County ruled from the bench that a general partner’s election to redeem the limited partners’ interests in a LIHTC partnership did not trigger liquidation provisions under the partnership agreement because the partnership still owned all, or substantially all, of the assets of the partnership.

Tiber Hudson LLC has again been named the number one underwriter’s counsel in the nation by Thomson Reuters, based on the number of multifamily bond issues completed in 2019. Tiber Hudson also topped the field in 2018.

NHP Foundation CEO, Richard Burns, published an op-ed in The Hill on “troubling trends in housing for the new decade” in which he identifies three data trends that are cause for concern. “In 2020, and over the next decade, everyone in the affordable housing equation will need to produce bolder ideas, speak louder to their representatives, foster greater thought leadership, and be more proactive and bullish in their mission to preserve and create more affordable rental units. If the status quo remains, conditions will continue to worsen and we will be unprepared and ill-equipped for our future affordable housing needs.”

CREA announced its 2019 results, including a record $852.2 million in equity closed and an additional $354.6 million in equity raised. ontributing to the total equity raised, CREA closed its largest-ever national fund, Fund 74, with commitments of $351.3 million. The fund supported the development of 32 properties with capital from 20 investors. CREA also closed $230 million in 14 active proprietary funds.

Pennrose announced the addition of Michelle Militello as Vice President of Asset Management. Michelle will focus on maximizing the financial performance and value of the Pennrose portfolio. She will be responsible for analyzing, measuring and reporting on property financial and operating metrics, and will work closely with the property operations team to improve outcomes.

Effective January 1, 2020, Ryan Sfreddo has been named president of Red Stone Equity Partners. Most recently, Sfreddo served as a principal and managing director of investor relations where he oversaw the marketing and distribution of the company’s tax credit investments. Founder and former President Eric McClelland will maintain his role as CEO, focusing on the company’s overall strategic planning, growth and business diversification initiatives.

Cinnaire was selected as one of the 184 Community Development Financial Institutions (CDFIs) to receive an award from the U.S. Department of Treasury’s CDFI Fund. The $1 million Financial Assistance award will be used to provide creative loans and flexible financing to support low-income, distressed communities throughout Cinnaire’s footprint

Novogradac announced the elevation of Elaine Chang and Miao Xue of the San Francisco office; Abby Cohen of the metro Washington, DC office; Thomas Fantin of the Dover, OH office; Erica Giessler of the Walnut Creek, CA office; and Tabitha Jones of the metro Atlanta office to partner.

The Indiana Housing & Community Development Authority (IHCDA) Board of Directors recently approved funding to Biggs Development, Justus Property Management & Greystone Affordable Development and Woda Cooper as part of the Moving Forward Rural Development (RD) program.