SB: Operating Expense Update
Operating Expense Update for LIHTC Properties

David Boisture
Principal
Novogradac & Company LLP
Dave Boisture is a principal in the metro Washington, D.C., office of Novogradac & Company LLP in the firm’s Government Consulting and Valuation Advisory Services (GoVal) group. Mr. Boisture has performed or assisted in the preparation of market analyses, feasibility studies, rent comparability studies and appraisals for a variety of residential and commercial property types, including office, retail, industrial and special uses. He has also assisted in the preparation of valuations for solar panels, wind turbines and other renewable energy installations in connection with financing and structuring analyses performed by various clients. Mr. Boisture has a bachelor's degree from Frostburg State University in Frostburg, Md., and a master’s degree in public administration from Ohio University in Athens, Ohio. Additionally, Mr. Boisture is a LEED Green Associate.

John Parreco
Senior Development Manager
National Foundation for Affordable Housing Solutions Inc.
John Parreco developed his background in affordable housing at CRI Inc. as an asset manager. In this role, Mr. Parreco managed a portfolio of nearly 60 properties, working with their third-party management teams to provide appropriate housing conditions while remaining cognizant of budgets and enhancing the value of the assets under him. This experience allowed him to gain insight to what it takes to shape a property and what level of maintenance needs to be upheld. During his tenure with CRI, Mr. Parreco was promoted to vice president, where he assisted in the disposition of more than 50 properties. Mr. Parreco focused on identifying third-party buyers and assisted in the negotiation of purchase and sales contracts. He remained involved through closing to ensure a smooth transition while focusing on maximizing proceeds for the partners of each asset. Mr. Parreco used his knowledge from his experiences in affordable housing to expand in his current role, senior development manager for the National Foundation for Affordable Housing Solutions Inc. Mr. Parreco is tasked with acquiring assets to warehouse for planned LIHTC executions as well as develop and rehabilitate assets using 4 percent LIHTC and tax-exempt bond financing, 9 percent LIHTC and conventional financing and various types of soft funding available on the federal, state and local levels. Mr. Parreco serves as the lead point of contact on all new acquisitions and is tasked with underwriting, due diligence review, lining up financing as well as navigating any necessary HUD approvals. Mr. Parreco’s involvement in each acquisition lasts through closing until transition to asset management.

Jennifer Kelly-Saeger
Vice President
U.S. Bank
Jennifer Kelly-Saeger is a vice president with U.S. Bank and is a project manager within the low-income housing tax credit (LIHTC) group at U.S. Bancorp Community Development Corporation. She joined U.S. Bank in 2013 and has 12 years of experience in the affordable housing industry and 19 years of banking experience. Her experience includes equity underwriting and originating, underwriting and managing an affordable housing debt portfolio. Ms. Kelly-Saeger serves as a board member for Missouri Workforce Housing Association (MOWHA) and Rise, a St. Louis nonprofit community group. Ms. Kelly-Saeger earned a bachelor’s degree in finance from Southeast Missouri State University and a master’s degree in business from Webster University.

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