Member News

Red Stone Tax-Exempt Funding (Red Stone) successfully structured and closed three tax-exempt and taxable bond transactions totaling $85.27 million via its Red Stone Direct investment platform.  These investments will provide debt financing for the new construction of affordable rental communities in California, Texas, and Utah. 

CEO Frank Sinito announced Jim Brady as chief financial officer (CFO). Brady is succeeding John W. McGinty, who is remaining with the organization.

A new article from Glen Graff, Attorney at Applegate & Thorne-Thomsen, published in Novogradac and Company’s Journal of Tax Credits April 2019 issue covers the issues and opportunities when combining Opportunity Zones and LIHTC.

Local Initiatives Support Corporation (LISC) Boston invites applications from community development corporations (CDCs) and community housing development corporations (CHDOs) in Massachusetts for capacity building support to drive inclusive investment in one or more low income communities that has been designated a federally-qualified opportunity zone by the Commonwealth of Massachusetts.

On April 4, 2019, HUD published a proposed regulation to implement the policies of Section 3 of the Housing and Urban Development Act of 1968, as amended. As proposed, the new rule would represent an overhaul of HUD oversight and administration of Section 3 by integrating requirements into regular program oversight and enforcement mechanisms and removing a separate compliance review process.

Vitus announced the preservation and renovation of the 140-unit La Playa Apartments (formerly known as Suburban Apartments) in Baton Rouge. The renovation is the company’s first project in Louisiana and includes large-scale improvements to an apartment complex that has provided affordable housing to low-income families in Baton Rouge and East Baton Rouge Parish for 43 years.

The National Equity Fund announced the appointment of Matthew Reilein as president and CEO, effective June 1, 2019. Reilein will succeed Joseph S. Hagan who is retiring after 19 years with the organization.

Affordable Housing Finance released its annual ranking of the Top 50 Affordable Housing Developers of 2018 and 20 NH&RA members made the list – congratulations!

CohnReznick former co-CEO and Chairman of the Board, Kenneth E. Baggett, passed away earlier this month. Ken was a bold leader, innovator, colleague and friend who helped establish CohnReznick as a top national advisory, assurance and tax firm and was instrumental in propelling its growth. For nine years, he served as Managing Principal and CEO of the CohnReznick predecessor firm Reznick Group, leading it to a top 20 national ranking among public accounting firms.

NH&RA member Riverside Capital announced the promotions of two key executives, Brant Fensin and Mark Furey, as well as the addition of two new vice presidents to its team, Kelly Henderson and Erin ONeill. The announcement comes as Riverside continues to ramp up its capacity to serve the company’s rapidly expanding client portfolio.

A new national survey on the connection between homes and health from NH&RA member Enterprise Community Partners Inc. (Enterprise) finds that more than half of renters surveyed have delayed care because they couldn’t afford it and 100 percent of medical professionals surveyed have had at least some of their patients express concerns about affordable housing.

Herb Collins passed away peacefully on March 30. Herb co-founded Boston Capital, Inc. in 1974 building it into one of the nation’s top real estate investment firms. Herb pioneered and ultimately helped sustain a new industry in low-income affordable housing. Championing this cause became Herb’s enduring professional legacy.