MYLOGO
SB: Effective Year 15
Developing an Effective Year 15 Strategy
Brad Elphick
Partner
Novogradac & Company LLP
Brad Elphick is a partner in the metro Atlanta office of Novogradac & Company LLP. He has extensive experience in the low-income housing tax credit (LIHTC), historic rehabilitation tax credit (HTC) and new markets tax credit tax credit (NMTC) programs. Mr. Elphick specializes in developer consulting with an emphasis in forecasting and partnership taxation. He also works extensively with real estate partnership audits, compliance audits, as well as the structuring of LIHTC and NMTC applications. Mr. Elphick also leads and coordinates the NMTC Working Group, a membership organization that is highly regarded for the work it does addressing technical programmatic issues surrounding the NMTC industry. He is a regular contributor to the Novogradac Journal of Tax Credits’ NMTC content, a frequent speaker at industry events, and serves as chairman of Novogradac & Company’s annual fall New Markets Tax Credit Conference. Mr. Elphick received a bachelor’s degree in business administration with an emphasis in finance from Emory University and a master’s degree in taxation from Georgia State University. He is licensed in Georgia, Puerto Rico and the District of Columbia as a certified public accountant.
Cliff McDaniel
Executive Managing Director
ARA Newmark
Cliff McDaniel serves as an executive managing director within the affordable housing group of ARA, A Newmark Company’s Houston office. He has become an expert in the low-income housing tax credit (LIHTC) arena and regularly speaks on panels concerning the valuation of LIHTC properties. Mr. McDaniel’s in-depth knowledge of the qualified contract process (QCP) and right of first refusal (RoFR) process, as well as Year 15 sales options, has allowed him to create unique and creative opportunities for his clients. He maintains good relationships with general partners and limited partners, which has allowed him to help negotiate and resolve contentious issues with parties that have diverging interest. Mr. McDaniel’s clients include Trammell Crow Residential, AIG, AIMCO, Wood Partners, Morrison Grove, Wentwood Capital and Boston Financial, as well numerous local and regional general partners.
Stephen D. Roger
President
Affordable Housing Preservation Advisors LLC
Stephen Roger is the president of Affordable Housing Preservation Advisors (AHPA). AHPA is a consulting company focusing on the issues and opportunities of LIHTC properties nearing the end of their initial 15- year compliance period. Current engagements include working with nonprofits to explore their ownership options and rights at Year 15, advising institutional investors who invest in mature LIHTC properties and partnerships, working with developers to determine their Year 15 options and working with syndicators to maximize their LIHTC portfolio value. From 2003 until 2014, Mr. Roger was a managing director at Centerline Capital Group responsible for developing and directing the Capital Transactions Group, which refinanced or sold approximately 800 affordable housing properties or partnership interests. Valued at more than $31 billion, Centerline’s debt and equity portfolio of affordable housing properties is among the largest in the country. Mr. Roger and his team developed new affordable housing investment products and were the operating general partner for approximately 70 LIHTC REO properties. Before joining Centerline in 2003, Mr. Roger was a partner at MMA/Boston Financial and team leader of the capital transactions team. He was responsible for all property and portfolio sales, refinancing and workouts for its $8 billion equity affordable housing portfolio. Mr. Roger’s prior roles included president of Bristol Realty Advisors, a real estate investment advisory firm for private real estate investor clients, and vice president/partner for AEW a tax exempt institutional real estate investment adviser. Mr. Roger also has extensive direct experience in real estate development and management. He earned a master’s degree from Suffolk University in Boston.
Barry J. Palmer
Director
Coats Rose
Barry Palmer is a director in the real estate and affordable housing sections of Coats Rose. His practice concentrates on the development and rehabilitation of affordable housing under various federal and state programs and inner-city revitalization projects using tax-exempt financing tools. A large portion of Mr. Palmer’s practice includes the representation of housing authorities in the redevelopment of obsolete public housing. He represents the housing authorities in the following states: Texas (Beaumont, Brownsville, Dallas, El Paso, Fort Worth and Houston); Nevada (Las Vegas); and Louisiana (New Orleans). In addition, Mr. Palmer serves as developer counsel for numerous for-profit and nonprofit developers under the Low-Income Housing Tax Credit (LIHTC) program. He also works extensively on applications for credits and the subsequent closing of tax credit projects throughout Texas and Louisiana.