To the Rescue: New Markets Tax Credits Saving Rural Communities

In Fall 2017, many were on edge about the possible elimination of the New Markets Tax Credit (NMTC) Program. Low-income and rural communities held their breath as they awaited the verdict of the House Ways and Means Committee in December. And lucky for them, Christmas came early. On December 20, 2017, the NMTC was preserved through 2019. What’s more, this past February, the Community Development Financial Institutions (CDFI) Fund awarded 73 Community Development Entities (CDEs) $3.5 billion in NMTC for calendar year 2017. This award will be invaluable to rural communities in particular, as this will significantly boost much-needed economic growth.

Since its creation in 1994, the CDFI Fund has invested in Community Development Financial Institutions, Community Development Entities and others through numerous programs. The goal of each of these programs is to spark economic growth nationwide as community development lenders, investors and financial service providers light the flame toward success.

One of these continuing successes is the NMTC Program which was created under the Community Renewal and Tax Relief Act of 2000. This program provides a credit against federal income taxes for investors who make Qualified Equity Investments in CDEs. These entities then use the proceeds to provide loans, investments and/or financial counseling for the acquisition, rehabilitation or construction of real estate and the expansion of operating businesses in low-income and rural communities. The goal is to support growth in these areas that otherwise have difficulty acquiring the necessary investments to succeed.

According to the U.S. Department of Treasury, the CDFI Fund has awarded $54 billion to the NMTC Program--the total of which includes the newly awarded $3.5 billion for 2017. The NMTC Program has generated $8 of private investment for every $1 invested by the federal government since its creation. This program has also awarded $44.4 billion of investments in low-income communities and businesses. In their 2017 report, the New Markets Tax Credit Coalition depicts the success of NMTC investments in the past. From 2003 to 2015, NMTC investments generated more than $156 billion in economic activity and created 1,013,837 jobs in low-income rural and urban communities. With this new February announcement, the list of success stories continues to grow for the NMTC and rural communities--the areas of which especially need this support in order to flourish.

To gain more insight into the positive impact NMTC has had on rural communities, I reached out to Abby Kepple, President of Tax Services of Enterprise Bank & Trust and Executive Director for Enterprise Financial CDE, LLC. Enterprise Financial CDE, LLC was created in 2008 when its principals noticed the strong need for funding in low-income metropolitan and rural areas. They have received four NMTC awards since then of which the largest was $65 million in 2016. With each NMTC award, they invest 10-20%, sometimes more, in rural areas. An estimated $65 million was invested in eight non-metropolitan areas as of 2017. These projects included real estate and mixed-use developments which are vital for these areas.

Enterprise Financial CDE, LLC has invested significant amounts of their NMTC awards in the past to two rural projects in Kansas--one in Pittsburg and the other in Atchison. First, Block22 is a unique learning community in Pittsburg that is centered on students and young businesses and their entrepreneurial success. It encourages professional ventures particularly for students of Pittsburg State University located nearby. According to Kepple, Block22 has been largely successful in creating numerous opportunities for these students, young businesses and the community as a whole. Since Block22’s initial construction, more developments are being seen downtown which are made possible in part due to NMTC.

Also inspiring is the revitalization of Atchison YMCA located in Atchison, Kansas. According to Kepple, before the renovations, the YMCA building had not been updated since its completion over 100 years ago. The building did not even have central air until its rehabilitation! For over two years, the community raised funds through pledged donations but did not have enough. As their much-needed fairy godmother, Enterprise Financial CDE, LLC provided the necessary funds through NMTC awards to complete the YMCA’s anticipated revitalizations. Construction came to an end last December and the center is now open to serve more than 6,000 children, families and individuals.

With its expanded space, renovated swimming pool, new gym and wellness center and more, Atchison YMCA “represents the sole source of community development and family recreation. It is also a cornerstone in helping improve residents’ health and wellness,” according to the YMCA. Obesity is common in this area, as it is in many rural communities, and this YMCA offers a promising place for residents to begin remedying this issue. This would not have been possible without the help of the NMTC award provided by Enterprise Financial CDE, LLC.

Revitalization through NMTC can be challenging in rural communities in particular because the majority of projects are the first to do so through the program. There is a lack of interest to be the first to invest in projects in most rural towns, but “NMTC paves the way to attract more private instruments to steer away from reliance on public municipalities,” Kepple says. This in turn, increases local revenue to support its community in the long haul. While overcoming these obstacles can be difficult, there are extreme rewards that result once they’ve done so. What Kepple believes to be the best part of these NMTC successes is watching the communities grow by working together—observing “what an area was and seeing what it can be.”

Providing health and wellness centers are especially important in rural areas. Also important are healthcare services, critical access hospitals (CAHs) in particular. According to the American Hospital Association, CAHs represent more than two-thirds of all rural community hospitals. Chris Vukas, Director of Economic Development at Sunflower Development Group, provides insight on this matter. A recent project he and his company have been involved in was the expansion of the Rooks County Health Center in Plainville, Kansas. The $9.5 million project began in 2014 and completed Phase 1 of 2 early 2017. Phase 1 opened a new MRI/Nuclear Medicine addition and Phase 2 will provide a new Rehabilitation Center where the community can receive state-of-the-art care.

Vukas says, “The hospital was able to raise over $1.5 million from individuals and foundations like the Dane G. Hansen Foundation, but limited availability of grant funds and large donor bases in rural areas required alternative fundraising strategies.” This is where NMTC played a life-changing role for the people of Plainville. The rest of the total was fulfilled through NMTC awards, USDA loans and federal grants. NMTC in this case, as in many, was critical in closing the financing gap. Because of this, the town was able to proceed with their improvements to their local CAH. This is especially motivating as more jobs are created, but the people now also have access to the care they need. Access to sound healthcare and to CAHs are again crucial to the success of rural towns as this provides relief and peace of mind for their residents and their well-being.

An issue rural communities often face, however, is that they don’t always have the necessary resources and funding to sustain these CAHs. According to Vukas, funding for CAHs is uniquely difficult to secure because their models require 100% reimbursements. This often discourages investments in such projects. Thus, receiving assistance through the NTMC has been extremely advantageous in the past.

Another major concern for these communities is the lack of education, according to Vukas. Many rural areas do not have the proper knowledge of the different types of government funding available, let alone how to tackle the obstacle of applying for them. Although traveling to these areas can be laborious, companies like Sunflower Development Group have made training and educating people of rural towns a priority. Companies like this are vital in helping rural communities become more familiar with these types of resources in order to complete not only current pending projects but also future ones.

These are only a handful of examples that illustrate the importance of NMTC, especially for rural communities. Now that the CDFI Fund has awarded another $3.5 billion to low-income and rural communities, we can expect to see even more positive results. According to the CDFI Fund, 70% of NMTC investment proceeds will likely be used for operating businesses in low-income communities, whereas the other 30% will likely be used for real estate projects in these areas. More specifically, approximately $680.5 million will be used to finance and support projects in rural areas. This will be extremely advantageous to the people of these communities and our nation’s overall well-being. The economic growth this will promote can initiate a chain reaction that will likely benefit even more areas, not just rural. And who doesn’t want a slice of that lucrative pie?

Another $3.5 billion will be awarded for the calendar year 2018. How and where these funds will be allocated remains to be seen. The CDFI Fund recently opened the NMTC allocation round for the 2018 calendar year on May 9, 2018. The deadline to submit an application is June 28, 2018, and the allocation awards will be announced in the winter of 2019. Low-income and rural communities must once again hold their breath, but this time, they can rest easily knowing that the results will continue to be promising.



What is Next for the Four Percent LIHTC?

It’s no secret that affordable housing has been cascading down a slippery slope in the last few years. And for a long time, the doom at the bottom of that slippery hill was more and more visible—high construction costs, competitive tax credit sources and limited funding have all made the future seem inauspicious. However, in the midst of the glum picture I just painted, this industry earned some relief after relentless hard work from many organizations and political leaders like Maria Cantwell. With the Omnibus Spending Bill passed in March, a few days after St. Patrick’s Day, it seems the leprechauns stuck around to share their pots of gold. A 12.5% increase in nine percent low-income housing tax credits (LIHTC) was allocated for the next four years. This is a big win for affordable housing and the current crisis it’s in. With this increase, thousands of affordable homes and jobs will be created nationwide. Additionally, and more importantly, many low-income families will have peace of mind with roofs over their heads.

While this increase is a definite positive in the right direction for the LIHTC, that pot of gold wasn’t full enough to help the other side of this tax credit. The issues plaguing the four percent LIHTC were not only not fixed but were not addressed even in the slightest. Many advocates and experts in affordable housing agree that this four percent LIHTC is in desperate need of reform. It was saved from the potential axe in the 2017 tax legislation, and although this was a relief, it wasn’t enough for a parade by any means. But again, it’s not all glum. Promise exists in the form of the proposed Affordable Housing Credit Improvement Act of 2017 S. 548.

LIHTC was originally created under the Tax Reform Act of 1986. It provided a fresh approach to tax expenditure that we’d never seen before in order to alleviate the increasing rents of affordable housing. Investors’ equity contributions provide the money for low-income housing developments which then allows rents to be more affordable than market-rate rents. In exchange for doing so, investors can then claim tax credits over a period of ten years.

According to Cantwell’s office, since its implementation, the LIHTC has financed nearly 3 million homes across the country, housing more than 13.3 million people. Further, the LIHTC has leveraged more than $100 billion in private investment. The National Association of Home Builders reports that LIHTC development supports approximately 95,700 jobs and $9.1 billion in wages and business income. These numbers speak for themselves in emphasizing the significant impact the LIHTC as a whole has had on our country—on our people.

There are two parts to the LIHTC--one deemed the nine percent and the other four percent. The root of these designations lies in their functions. The LIHTC offers two subsidies—the 70 percent one, or the nine percent LIHTC, can be used for new construction without any additional federal subsidies whereas the 30 percent subsidy, or the four percent LIHTC, can also be used in conjunction with other federal assistance for new construction or for the acquisition cost of an existing building. By nature, the nine percent LIHTC is more competitive than the four percent since the former carries more equity. But this by no means lessens the significance of the four percent.

The four percent LIHTC has played a key role in affordable housing development. They can be used in conjunction with other funding sources and often are used with private-activity bonds (PAB). This combination accounts for roughly half of development under the LIHTC program according to Cantwell’s office. To put it in perspective, had they been eliminated in the 2017 tax reform, 800,000 affordable homes would not have been built over the next decade, says a Novogradac & Company report. Also, according to Novogradac & Company, the four percent LIHTC along with PAB account for over two-thirds of the financing used in the Rental Assistance Demonstration (RAD) Program. RAD was created in 2012 and allows for the conversion of qualified properties with federal funding to Section 8 funding with private ownership. This program thus far has proved to be invaluable as well as it has allowed the conversions of several existing public housing units that were in danger. Again, the numbers in this paragraph speak for themselves in support of the four percent LIHTC’s crucial role in affordable housing.

Although it has made the previously impossible for many Americans now possible, the current state of the four percent LIHTC is inflexibility without profitable promise. Because of this, the success of this tax credit may be diminishing. Since it was first created, this four percent credit matched dollar for dollar invested funds. This way, investors benefitted in earning profits. However, the tides have turned in the last few years—and keep turning.

The core issue is that the four percent LIHTC does not currently have a fixed minimum credit rate. In light of recent tax reform, the corporate tax rate was reduced from 35% to 21% for 2018. Credit rates have fluctuated to historic lows according to A.C.T.I.O.N. They continue in their summary of the issue, “There is 15 to 20 percent less Housing Credit equity available for any given affordable housing development today than the original rates provided.” So as LIHTC pricing falls from close to $1 for every $1 of tax credit to the mid-90 cents and lower, investors seem less interested in the four percent LIHTC. The nine percent has at least been increased for the next four years, but it already holds more equity than its counterpart to begin with which makes it more attractive.

Chris Hite, principal and President of Sugar Creek Capital, weighs in on this issue. Because of the tax reform in December 2017, “appetite [for 2018 federal LIHTC] is flat or possibly reduced.” He continues, “As yield targets increase, pricing is dropping.” More specific to the four percent LIHTC, they are also heavily debt-financed. According to Hite, “When interest rates are rising, even though the 30% present value rate increases, the debt service goes up and reduces that positive impact.” This makes the four percent penny seem less shiny and fewer of these deals are projected to occur starting in 2018. To add, a Novogradac & Company analysis found that this will likely reduce LIHTC equity by about 14 percent, which means an estimated $1.7 billion or more will be lost in equity annually. This loss of investor equity translates into the loss of 200,500 to 212,400 affordable rental homes, or more, over the next 10 years.

But as promised in the beginning of this article, there is some light to be shed in this dark time—a pebble of gold at the end of the rainbow, if you will. There’s been growing support for the Affordable Housing Credit Improvement Act of 2017. There are 22 provisions total in this bill to greatly improve affordable housing and there’s one, in particular, to offer assistance with the four percent LIHTC. A provision in S. 548 offers a solution to the lack of a minimum four percent housing credit rate. This act proposes to establish a minimum rate for credits used to finance acquisitions and developments. According to A.C.T.I.O.N.’s summary of the bill’s provision, this minimum credit rate would “provide more predictability and flexibility in Housing Credit financing, allowing developers to target more apartments to very- and extremely-low income households at rents they could afford and make more types of properties financially feasible, especially for affordable housing preservation.”

The Omnibus Spending Bill passed in March enacted one of its provisions to increase the nine percent LIHTC and income averaging, the latter of which allows more individuals to be eligible for LIHTC housing. Although these are two notable wins for affordable housing, there’s much work to be done to help further solve the affordable housing crisis. One of the next steps to take is toward four percent minimum credit rates. Doing so will subsequently increase the equity per deal. As Hite explains it, “In June 2018, the 4% present value rate is 3.29%, [and] increasing that to 4% would be more than a 20% increase in equity.” This would be more appealing to investors and developers.

That there is new legislation awaiting trial, so to speak, gives affordable housing hope for a more prosperous future. Affordable housing is in dire need of assistance and this Affordable Housing Credit Improvement Act could, in part, be the answer we’ve been seeking for the past several years.



The FY19 Budget vs. Affordable Housing: Who Will Win?

The President’s proposed FY 2019 budget was released mid-February of this year. With it came outrage and disappointment for those cheering in the affordable housing corner. It would be “devastating if enacted as written,” says Richard Price of Nixon Peabody LLP. Just as it seems affordable housing will win the fight, it and the federal budget keep alternating wins with each round. Certain programs and financing sources took a hit with last year’s tax reform, but affordable housing came out mostly unscathed when tax credits avoided elimination. With the President’s proposed budget for next year, will affordable housing take more fatal hits, or will it pull through to win the fight?

Affordable housing is in danger as it is. According to the National Affordable Housing Coalition, we need 7.4 million more available affordable homes due to the 60% increase in need since 2000. To worsen matters, the total number of homes being built is decreasing as time progresses. Maria Cantwell’s office says that the total number of houses built between 2007 and 2016 was 8.9 million which is a striking difference than the 15 million-plus average for every ten-year period between 1970s and 1990s. More people are in need of affordable homes but fewer are being built. This problem is only projected to worsen if nothing changes. The President’s budget does not seem to be the answer. Instead, it would have crushing effects on our country’s people.

With the proposed budget, public housing would lose its capital fund completely, which was $1.9 billion in FY 2017. Its allocation for the operating fund would also be cut from $4.4 billion to $2.84 billion. Additionally, the budget eliminates most of the rural housing grants and direct loan programs at the Department of Agriculture (USDA). What’s more, the President proposes increasing rents and imposing work requirements for low-income tenants. With 20 million American families, including 11 million renters now spending more than half of their income on housing as it is, this provision would very negatively affect numerous people. These changes would not improve affordable housing. On the contrary, it would immensely hinder it without the proper funding, exacerbating the deficiencies of affordable housing.

Our country, especially rural areas, “needs federal government commitment because that’s what the financial infrastructure is,” says Price. He further explains that the local housing managers and private investments are extremely important and advantageous, but the federal funds that flow across state and county lines make up the national product. Having a commitment from the federal government, then, in support of affordable housing would have a significant impact to low-income households that depend upon it.

According to Price, because of the vastly devastating impact the President’s budget would have, the House and Senate have been moving toward more sanguine results with appropriations bills that will support those in need. They offer more bright propositions in a glum situation. All the negativity aside, there has indeed been much to look forward to since the President’s proposed budget was released.

For one, the CDFI Fund made their announcement in February for the 2017 New Markets Tax Credit allocations. This provides a great sense of optimism for affordable housing as $3.5 billion will go toward new construction and rehabilitation of the much-needed affordable homes and commercial developments in low-income rural and urban areas. Further, the omnibus bill passed in March was definitely in favor of affordable housing. It included an increase in the nine percent LIHTC, income averaging and HOME Program and passed RAD for PRAC. In April, the first round of Opportunity Zone Designations was announced for 18 states. “We are hopeful,” says Price, “that this will draw capital into areas for small businesses and more rental housing.” Opportunity Zones are new, created under the Tax Cuts and Jobs Act of 2017. Although they have not yet yielded results, the intention is auspicious.

More recently, the House Appropriations Subcommittee voted to approve its FY19 spending bill which drastically opposes the President’s budget. The House bill maintains the 10% increase in HUD funding that was secured in FY18. If this wasn’t victory enough, the House provides additional increases for FY19. In contrast to the President’s budget, the House bill allocates $2.75 billion in public housing capital funds which is the same from FY18. Also consistent with FY18 is the amount provided for operating funds which is $4.55 billion for FY19. A decrease from FY18 is in the funds for Section 202 Housing for the Elderly which is at $632 million but, with this and the new RAD for PRAC, Section 202 can still celebrate. The House bill may not address all in need, but it offers much more promise than that of the President.

Thus far, with the House having voted on its FY19 in favor of many of its programs, it seems affordable housing is coming out on top in this match. In its corner are many advocates and Congressional leaders campaigning now more than ever to improve affordable housing for those in need. The Our Homes, Our Voices National Housing Week of Action is one example of a movement that took place the first week of May. According to the National Low Income Housing Coalition, their events and activities more than doubled those of 2017. This was an inspiring seven-day event that showed the power of our country’s people coming together for a great cause.

Still, uncertainty remains. The President’s budget still proposes cutting funds in other areas, such as the elimination of the National Housing Trust Fund and the cancellation of Housing Choice Vouchers for 200,000 low-income households. Fear still lingers for these other programs as we await further announcements, but the omnibus and House bills, Opportunity Zones and others offer us promise as we move into the next round of this ongoing match.



RAD for PRAC Passed, But Now What?

Since the President’s proposed 2019 budget was released in February, there have been several analyses and speculations of the cuts being proposed. In contrast to murmurings of affordable housing taking a massive cut, the recent omnibus spending bill suggests otherwise--for some parts anyway. For starters, this bill increases the nine percent LIHTC and income averaging, allowing a larger number of renters to be eligible for affordable housing. Along with these provisions, the omnibus spending bill also passed to permit the Rental Assistance Demonstration (RAD) conversion of 202 Project Rental Assistance Contracts (PRAC), or RAD for PRAC for short. Although there are many questions left unanswered thus far concerning the current state of affordable housing, these provisions are major steps in the right direction. The RAD for PRAC, in particular, is promising to our country’s senior population which is increasing yearly.

Before RAD, it was clear that public housing renovations were a major issue and the problem was largely financial. Acquiring the necessary funds to repair and rehabilitate the many buildings that needed it was not an easy task. A 2010 HUD study found that there was a $26 billion backlog of unmet repair needs for public housing. The National Low Income Housing Coalition now estimates that number to be $40 billion. Because of the lack of funds, many of these units have deteriorated and were destroyed. The Center on Budget and Policy Priorities estimates that more than 250,000 public housing units have been torn down since the mid-1990s--the majority of which have not been replaced. Affordable housing is in jeopardy as it is with more people in need than there is availability. Tearing down public housing units cannot continue being the end game.

RAD was implemented as part of the Consolidated and Further Continuing Appropriations Act of 2012 in response to this increasing issue of unmet capital needs of federally assisted rental-housing properties. As a solution, RAD converts these properties to Section 8 funding with the requirement of some level of public or non-profit ownership. One major source of financing is through the LIHTC, which accounts for almost 40 percent of financing for RAD, according to Novogradac & Company. Also, according to this source, the four percent LIHTC in conjunction with private activity bonds (PAB) account for more than two-thirds of the LIHTC financing.

Public housing especially benefits from RAD since it allows them to receive proper funding through private as well as public investments. With access to more viable financing sources, the RAD program is responsible for many conversions of public housing units that likely would’ve otherwise been demolished. RAD’s first component cap was raised from 225,000 to 455,000 with the recent omnibus bill which is again encouraging and instills hope within our low-income communities.

According to the Center on Budget and Policy Priorities, public housing assists more than two million low-income Americans with afford housing--most of which are comprised of low-income seniors and people with disabilities. HUD’s Section 202 Housing for the Elderly with PRAC similarly serves the low-income senior population. According to HUD, these 202 PRACs cover over 120,000 units across 2,800 properties. They serve low-income seniors with incomes that average $13,300. The assistance from these properties helps ease the financial burden crushing these residents so that they are now able to spend more of their income on other necessities. These communities provide solace to our country’s seniors so that they can more easily meet their basic needs, which starts with a safe and affordable home.

These communities were once Section 202 and PRAC housing set up to do just that, and they still can be. However, these properties are aging along with their tenants and there aren’t many funding options. Their contracts don’t allow for anything other than funding from Congress. This was at one time sufficient, but as time passes, capital repair needs for PRAC communities have surpassed the available funding. Jerry Anderson, former member of the Senior Management Team for RAD, explains, “Because of its stipulations, these properties cannot have access to outside funding.” This doesn’t allow them to make the necessary improvements in order to uphold their original goal of providing seniors a safe home. Anderson says, “So much time has passed that PRACs have now matured, but there were no programs in place to renew those contracts.” There were no backup plans to bail these properties out of their grave predicament until this past March.

According to HUD, only 34% of very low income seniors eligible for rental assistance receive it. The senior population is increasing yearly, and Congress has made preserving senior housing assistance programs like Section 202 and PRAC communities a priority with this new spending bill. The bill allows for the conversion of 202 PRAC properties to long-term Section 8 contracts under RAD, which has brought relief to those of senior housing. Because of this, 202 PRACs are now eligible to receive outside financing like tax credits for rehabilitation projects—the benefits are similar to those that public housing under RAD enjoy. In turn, this will make lenders and investors more interested in these 202 PRAC properties as well. The new bill gives HUD the authority to ensure that the property retains its affordability period in service to its elderly tenants.

The implications are plentiful, but we have yet to understand the exact way RAD for PRAC will be implemented. HUD has not formally announced their plans for how we will proceed. Gill Group’s own Jerry Anderson is making efforts to secure a sound plan is set into motion for RAD for PRAC’s implementation. Anderson is working with organizations like National Church Residences, one of the largest owners and operators of 202 PRAC residences in the nation, to provide a solution to the mystery of how this will work exactly.

Tom Davis of HUD’s Office of Recapitalization says of this policy-setting process, “We are still in the information gathering phase. In fact…a listening session [is] scheduled for Thursday [June 7], in which we hope owners and other stakeholders will identify a wide range of issues and considerations for us to think about.” He continues, “We’ve certainly identified some, but we want to cast a wide net to make sure we miss as few nuances as possible.” Davis is optimistic about this listening session and the input they’ll receive.

There are many challenges to overcome in this policy-setting process. According to Davis, the conversion of these properties is rather complicated. He says, “We need to understand how the property currently works under Section 202, how that is different from how a normal Section 8 property works and whether the differences are ones we need to retain or not.” On the other side, Davis says, “We also need to consider the objectives of the RAD program and the constraints of the authorization.”

The listening session scheduled for June 7 will surely be an eye-opener for this process and address potential ambiguities. The following are important questions that will be discussed during this session:


           What issues and barriers might we need to overcome on the path to a successful recapitalization transaction (debt or LIHTC)?


           How should initial contract rents be analyzed and adjusted over time?


           Should there be special PBV or PBRA contract provisions for PRACs under RAD?

There are many other questions posed for this implementation, and it’s clear that HUD is working every angle to reach the best possible solution.

The future implications of the RAD Program for 202 PRAC properties under the omnibus bill may not be evident just yet, but the glimmer of hope is. This does not fix all the problems associated with these properties, but RAD for PRAC is definitely cause for celebration. In Davis’s view, “There are a lot of moving parts, but I’ve got a talented team working on it, so I’m confident we will come up with a good implementation structure.” With this, senior housing can likely revert to its origins and make sure that older adults have what they need. They’ll not just have a place to sleep, but also a place to call home.




Events (2018)


  • Gill Group and National Title & Escrow will be attending NCSHA’s Housing Credit Connect Conference and Tradeshow, June 19th – 22nd in Chicago, IL.
    • Cash Gill will be speaking on a panel on Thursday, June 21st entitled “Maximizing Tax-Exempt Bond Resources”.
  • Cash Gill will be attending the Missouri Real Estate Appraisers Commission meeting, June 26th – 27th in Jefferson City, MO.
  • Gill Group attended Gill Group, Inc.’s and National Title & Escrow’s First Annual Client Appreciation trip, April 12th – 15th in Norfolk, AR.
  • Gill Group attended the Mississippi Annual Affordable Housing Conference, March 27th – 29th in Biloxi, MS.
  • Gill Group attended the National Housing & Rehabilitation Association’s Annual Meeting, February 21st – 25th in Palm Beach, FL.
    • Cash Gill spoke on a panel on Wednesday, February 21st entitled “Rent & Revenue Management Strategies” along with Robyn Eaton (Herman & Kittle Properties, Inc.), Doug Koch (Dauby O’Connor & Zaleski, LLC), Monica Sussman (Nixon Peabody LLP) and Jeff Woda (The Woda Group, Inc.).
  • Gill Group attended the Council for Affordable Rural Housing’s (CARH’s) Midyear Meeting, January 22nd – 24th in Napa, CA.
    • Cash Gill spoke on a panel on Tuesday, January 23rd entitled “Finding Equity in a Haystack” along with C.B. Alonso (Director of Multi-Family Housing/Preservation and Direct Loan Division with Rural Development), Don Beaty (The Summit Group), Campbell Brown (Greystone Affordable Development) and Karl Edmonson (Bellwether Enterprise).


 Events (2017)


·        In 2017, Gill Group attended and sponsored meetings and conferences across the entire United States.


  • Several members of Gill Group also spoke on panels at the largest events in in the country and published articles regarding appraisals, market studies, and other due diligence pieces needed for affordable housing transactions.
  • Cash Gill, of Gill Group, gave a training session to the staff at MFA (New Mexico’s HFA) to further their knowledge on appraisal and market study processes in Albuquerque, NM.


GROWTH (2017 - Highlights):


  • Gill Group added over dozens of staff members throughout our 15 national and regional offices including MAIs, General Certified Appraisers, PE Engineers and AIA Architects.
  • Gill Group’s subsidiary, National Title & Escrow (NTE), expanded their client base substantially and used their new underwriters (Fidelity National Title Insurance Company and Stewart Title Guaranty Company) to ensure that the clients were very satisfied and had all of their needs met.


Gill Group has published the following:


  • New York Real Estate Journal - How can low-income housing facilities translate into high profits?
  • New York Real Estate Journal - Up, up and away: Home mortgage interest rates and gasoline prices continue ascending.
  • Tax Credit Advisor - Boston MSA Market Snapshot
  • Tax Credit Advisor - Seattle MSA Market Snapshot
  • Northeast Industrial Development Resource Guide - What Appraisers Know About Investing
  • Affordable Housing Finance – Urban and Rural Market Studies
  • Tax Credit Advisor – LIHTC Appraisals 101
  • Affordable Housing Finance – Five Ways to Optimize a Market Study
  • Tax Credit Advisor – Climb on Board the Omnibus
  • Affordable Housing Finance – It Has Everything to Do with Location


Cash Gill, MAI has had the opportunity to speak on the following topics:


  • (Indianapolis, IN) National Council of Affordable Housing Market Analysts - Maximize Your Market: Understanding the Methodology Behind Market Studies.
  • (Reno, NV) Nevada Council of Affordable and Rural Housing - Don't Get Caught in the Red. New Guidelines for Audits and Inspections.
  • (Washington, DC) The Institute for Professional and Executive Development - Nonrecourse HUD Deals - So You Closed Your Nonrecourse HUD Deal. Now What? And Is It Really Nonrecourse?
  • (Arlington, VA) Council for Affordable and Rural Housing - Property Valuation: The Correct Way to Value Properties.
  • (New Orleans, LA) National Council of Affordable Housing Market Analysts - Affordable Housing Site Analysis
  • (Las Vegas, NV) Nevada Council of Affordable and Rural Housing - Auditing and Accounting Guidelines for Section 42 Low Income Housing Tax Credits.
  • (Washington, DC) Council for Affordable and Rural Housing - Rural Development Appraisals and Market Studies
  • (Miami, FL) Council for Affordable and Rural Housing - The Equity Market - Impact on Rural Housing
  • (Washington, DC) Council for Affordable and Rural Housing - How to Foster Affordable Green and Rural Housing Needs Assessments
  • (Indianapolis, IN) Affordable Housing Association of Indiana - Market Analysis – Best Ways Use Market Studies to Ensure Application Points
  • (Portland, ME) Enterprise Buyer/Seller Conference for RRH 515 Properties – Valuing the Product. What Is My Development Worth?
  • (Washington, DC) National Housing and Rehabilitation Association – Financing and Underwriting Special Needs Housing.
  • (Atlanta, GA) National Council of State Housing Agencies – Comprehensive Market Analysis.
  • (Chicago, IL) AHF Live – Strategies for Rural Deals.
  • (Dallas, TX) Crittenden Multifamily – Financing Special Use Properties.
  • (Washington, DC) Council for Affordable Rural Housing – Rural Housing Preservation