NATIONAL ASSOCIATION OF STATE AND LOCAL EQUITY FUNDS
2002 Annual Conference Agenda

Wednesday, September 18, 2002

For NASLEF Active Members Only:
9:00 AM - 11:45 AM - IRR Workshop: Facilitated by Jonathan Welty, OCCH
Noon - 1:30 PM - Underwriting Requirements Luncheon
Noon - 2:00 PM - Executive Directors Luncheon Meeting


For All Conference Attendees:

1:00 PM - 4:00 PM - Early Registration
2:30 - 4:30 PM - Tax Credit Development Tour
5:00 - 7:00 PM - Reception at the Banker's Club

Thursday, September 19, 2002
7:30 AM - 8:30 AM - Registration
7:30 AM - 8:30 AM - Continental Breakfast
8:30 AM - 9:00 AM - Welcome: Hal Keller, Ohio Capital Corporation for Housing
9:00 AM - 11:30 AM - Plenary Session: "State of the Industry" and Legislative Update

11:45 AM - 1:15 PM - Lunch - Annual Business Meeting

1:30 PM - 3:00 PM - Roundtable Session 1
A) Construction and Design Standards
Affordable housing developers often have to balance limited funding sources with the need to construct attractive and long-lasting buildings. This panel is informed by the belief that good design and high standards do not need to cost extra. Panelists - who represent the design, development, construction management, and resource allocation aspects of the business - will identify the key components of quality housing and how to use this information.
B) Unique Partnerships
The need for affordable housing has grown to crisis levels in the United States. The rapid rise in need compels all of us to reach out beyond the "usual suspects" to identify partners to tackle this problem. Our panelists will discuss the new approaches and partners that they have identified for addressing our tough housing issues.
C) New Markets Tax Credit
This new, and potentially very important, economic tool continues to be the buzz among equity funds and the community development industry. This session will explore the New Markets Tax Credit, including what it is, how it works, what it can and cannot do, and what interested parties can do to get ready for the program.

3:00 PM - 3:15 PM - Break - Networking

3:15 PM - 4:45 PM - Roundtable Session 2
D) Mixed Income: Implications for Development and Asset Management
Many in affordable housing believe that mixed income rental housing creates healthy and stable communities. Creating and managing mixed income tax credit developments comes with its own set of challenges. This panel will explore the issues associated with mixed income developments, including when credits can be taken, marketing challenges and compliance rules (such as the "next available tenant" rule).
E) Developing Affordable Assisted Living with Tax Credits
As our nation ages, creating affordable assisted living opportunities has become a policy priority for many states. State and local equity funds are being asked to take the lead in underwriting and investing in this complex business. This panel will analyze the Assisted Living phenomenon from a variety of perspectives, including those of the developer, the investor and the policymaker.
F) Preservation
Preservation has been an industry buzzword for several years. Many in the industry - including state agencies, developers and funders - are continually exploring opportunities for investing in and preserving the nation's existing stock of affordable rental housing. This roundtable will explore both the pitfalls and payoffs of doing a preservation deal. One particular focus will be using tax credits to reposition older HUD 202 properties.

5:00 PM - 5:20 PM - NASLEF Board Meeting with new Board Members

6:15 PM - Bus Departs for Evening Event

6:45 PM - 9:45 PM - Dinner and Tour of the Newport Aquarium

10:00 PM - Bus departs Newport Aquarium to return to Hotel


Friday, September 20, 2002
8:00 AM - 9:00AM - Continental Breakfast

9:00 AM - 10:30 AM - Roundtable Session 3
G) Long Term Operating Implications of Tax Credit Developments
Most funds now have seasoned portfolios with several years of operating history to examine. A number of recent events - the Ernst and Young tax credit portfolio study, sharp spikes in operating expenses and a shaky economy - are causing many to re-examine their thinking about the long-term operations of tax credit properties. Topics to be discussed include historical performance trends, workouts, insurance costs, property taxes, and managing rent increases.
H) Development Case Studies
This session will take a closer look at four specific projects, each with its own challenges in physical design, deal structure, or use of tax credits. Each project will be explained from the acquisition/development viewpoint from start to finish. Projects to be analyzed are a historic project, a live/work loft, a Section 8 property, and a multi-site deal.
I) Introduction to Tax Credits
An overview of the basics of the Low Income Housing Tax Credit for new staff and board members. Topics covered will include acquisitions, 4% bonds, rehabilitation and new construction. Answers will be provided to questions such as: What do tax credits do for investors? Why are our investors corporations? What is the impact of the bridge loan? How do you calculate credit for a project? What are occupancy and rent restrictions? What are compliance responsibilities? What are the basics of a qualified allocation plan?
J) Investor Perspective
Investors are the linchpin of the tax credit business. State and local funds must stay attuned to the issues confronting investors. Come hear the current thinking of leading investors on a wide range of topics, including calculating return, preserving asset quality, geographic targeting, preferred property types and emerging trends.

10:30 PM - 10:45 PM - Break - Networking

10:45 AM - 12:15 PM - Roundtable Session 4
K) Growing Asset Management Capacities
The mark of a healthy equity fund is a growing portfolio and the proper management of that portfolio. This session addresses appropriate staffing levels, organization issues, the asset management industry role (what is appropriate level of detail), and a checklist for interviewing Asset Management consultants.
L) Fund Growth and Diversification
Many NASLEF member funds do more than just raise equity for investment in LIHTC developments. This panel will explore the many opportunities that exist for Fund Growth and Diversification, with a particular focus on creating CDFIs.
M) Year 15 Exit Strategies
You can't put it off any longer. Year 15 is now. This panel will splash cold water in the face of the unsuspecting Fund that has avoided contemplating the myriad issues that arise when a Section 42 property reaches the end of its compliance period.

12:15 PM - Adjourn