New Developments: Taking Multifamily Bonds to the Next Level

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Last summer, National Housing & Rehabilitation Association launched a new policy advocacy and educational initiative focused on increasing Multifamily Tax-Exempt Bond production across the country. To inform this effort, for the past six months, we have been working with our members to identify a variety of economic, market and policy variables that can positively influence production and policy solutions to impact these variables. I highlighted many of these factors in the New Developments column in November.

In September, NH&RA had our first concerted opportunity to share the insights from this research when we convened a small working group of developers, along with leadership from Oregon Housing and Community Services, Portland Housing Bureau (PHB) and Metro (the Portland Area regional government) to discuss strategies to expand multifamily bond development across the Portland MSA and state more broadly.

The discussion looked broadly at how OHCS, PHB and Metro could enhance QAP and other administrative policies, coordinate resources and encourage high-capacity developers to pursue more multifamily bond transactions across the state. It was a timely discussion, given the recent passage of a major bond measure (see America Votes YES for Affordable Housing), in Portland to support affordable housing paired with ambitious commitments from Governor Kate Brown to fund a variety of affordable housing initiatives to meet the needs of various populations across the state. As OHCS begins work on updating its QAP and other program documents this winter and spring, we are excited to continue to provide feedback and comments.

I am excited to announce the next phase of this important new initiative – the development of a national policy toolkit for state housing finance agencies, local units of government, developers and advocates to help make the case to enhance and expand the use of multifamily bonds for preservation and production. This new resource will include industry best practices, policy recommendations, state-of-the-art transactional case studies, industry data and more.

NH&RA will also be hosting a day-long symposium on Multifamily Tax Exempt Bond Strategies & Innovations on Wednesday, February 27 in Miami Beach as the lead-in to our 2019 Annual Meeting (Feb. 28-Mar. 2). The purpose of this event is to convene developers, along with policy makers and financial partners to indulge in a thoughtful discussion on the current marketplace for multifamily bond transactions and how we can work collaboratively to expand the use of this critical resource. The discussion will explore many of the themes outlined in the policy toolkit, which we expect to release in this year’s second quarter, and will drive our advocacy efforts around the country in 2019.

We believe that through collaboration with our HFA and financial partners, these resources can substantially expand affordable housing opportunities for low and moderate-income individuals around the country. In the coming months, you’ll be reading more about this initiative in the pages of Tax Credit Advisor, on Housingonline.com and at our events. We would love to get your feedback on these resources as they develop further and invite you to participate in the conversation. To learn more, please feel free to contact me at 202-939-1753 or [email protected].

Thom joined National Housing & Rehabilitation Association (NH&RA) in 2004 and currently serves as its as Executive Vice-President and Executive Director. NH&RA is a national trade association and peer-network for affordable housing and tax credit developers and related professionals including: investors, lenders, public agencies and professional advisers. Thom directs the association’s day-to-day operations including legislative and regulatory advocacy, committee activities, conferences and events, publications, financial management and strategic planning. Thom also serves as the Executive Director of the Tennessee Developers Council, a state-wide trade association for affordable housing developers and professionals active in Tennessee. In 2013 he spearheaded the launch of NH&RA's Preservation through Energy Efficiency Project, a major educational initiative supported by the John D. and Catherine T. MacArthur Foundation. Thom also serves on the Board of Directors for International Center for Appropriate & Sustainable Technology (iCAST) as well as the Advisory Board for its ResourceSmart program, a turn-key, cost-effective, green rehab provider for multifamily affordable and market-rate housing communities and nonprofit facilities. Thom is a frequent speaker at affordable housing, sustainable development and tax credit industry events and has been published in a variety of industry journals including Tax Credit Advisor, Independent Banker, and the Novogradac Journal of Tax Credit Housing. Thom also serves as the Associate Publisher of Tax Credit Advisor, a monthly magazine for tax credit and affordable housing professionals and is an Executive Vice-President at Dworbell Inc., a boutique association management and communications firm in Washington, DC. Thom was previously employed at a national lobbying firm focusing on financial services and technology issues. Prior to moving to Washington, Thom worked in media relations in the New York State Assembly and as a research assistant for New Hampshire Governor Jeanne Shaheen. Thom graduated Magna Cum Laude from Tufts University with a double major in Political Science and History.