NALHFA 2015 Annual Educational Conference April 29 – May 2, 2105| Epic Miami Hotel | Miami, FL

Moderator, Panelist and Instructor Biographies

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Keynote Speakers Douglas Duncan Senior Vice President and Chief Economist, Fannie Mae Washington, D.C.

Douglas G. Duncan is Fannie Mae's senior vice president and chief economist. He is responsible for providing all forecasts and analyses on the economy, housing, and mortgage markets for Fannie Mae. Duncan also oversees corporate strategy and is responsible for strategic research regarding external factors and their potential impact on the company and the housing industry.

Named one of Bloomberg / BusinessWeek's 50 Most Powerful People in Real Estate and one of Inman News' 100 Most Influential Real Estate Leaders for 2013, Duncan is Fannie Mae's source for information and analyses on the

external business and economic environment, the implications of changes in economic environment to the company's strategy and execution, and forecasting for housing activity, demographics, overall economic activity, and mortgage market activity.

Prior to joining Fannie Mae, Duncan was Senior Vice President and Chief Economist at the Mortgage Bankers Association. His experience also includes service as a LEGIS Fellow and staff member with the Committee on Banking, Finance, and Urban Affairs for Congressman Bill McCollum in the U.S. House of Representatives, and work on the Financial Institutions Project at the U.S. Department of Agriculture.

Duncan received his Ph. D. in Agricultural Economics from Texas A&M University and his B.S. and M.S. in Agricultural Economics from North Dakota State University.

Mary Kinney Executive Vice President and Chief Operating Officer, Ginnie Mae Washington, D.C.

Mary K. Kinney is the Executive Vice President and Chief Operating Officer of Ginnie Mae, a government corporation with the mission to bring global capital into the U.S. housing finance system. As Executive Vice President, Ms. Kinney administers Ginnie Mae’s 1.5 trillion dollar Mortgage-Backed Securities (MBS) and Real Estate Mortgage Investment Conduit (REMIC) programs. She is responsible for managing Ginnie Mae’s daily operations and strategic planning, including all MBS operations, counterparty relationships, contracting, budget and legislative initiatives, and overall risk management of the organization. Ms. Kinney has extensive experience in the MBS business, housing finance,

affordable housing, and commercial real estate investment, including 21 years at Fannie Mae. She has also managed end-to-end activities for private-label MBS at both Citicorp and the Mortgage Guaranty Insurance Corporation. Additionally, Ms. Kinney has managed loan origination and servicing functions in the primary servicing mortgage market. Ms. Kinney earned a Bachelor of Science degree from St. Lawrence University in Canton, New York.

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Opening General Session Thursday, April 30, 2015

Presiding: The Honorable Carlos A. Gimenez Mayor, Miami-Dade County Miami, FL Carlos A. Gimenez continues his lifelong commitment to public service after being re-elected as Miami-Dade County's Mayor on August 14, 2012. As the County’s top elected official and chief administrator, Mayor Gimenez is responsible for the leadership and management of an organization with over 25,000 employees and an annual budget of nearly $6 billion.

Mayor Gimenez brings decades of invaluable public service experience to the post, and continues to pursue a set of clearly defined priorities that reflect both his governing philosophy and the challenges of the current economic environment. After successfully championing the largest tax cut in County history during his first year in office, due to a special election, his priorities remain reducing the burden on taxpayers and shrinking the size of government, while preserving essential public safety services and programs for seniors and children. Mayor Gimenez is also focused on creating a fair regulatory environment that will stimulate job creation, expand international trade, and attract businesses and industries to diversify Miami-Dade County’s economic base.

Prior to this election, Mayor Gimenez served on the Miami-Dade Board of County Commissioners for seven years. He was first elected on November 2, 2004 and subsequently reelected for a second term without opposition in August 2008. As Commissioner for District 7, he represented numerous municipalities, including the City of Miami, the Village of Key Biscayne, the City of Coral Gables, the City of South Miami, the Village of Pinecrest, as well as areas of unincorporated Miami-Dade County.

Concurrent Sessions Thursday, April 30, 2015

Transformative Redevelopment Projects Moderator: Ernestine Garey Executive Vice President and Chief Operating Officer, Invest Atlanta Atlanta, GA Ernestine W. Garey is the Executive Vice President and Chief Operating Officer of Invest Atlanta, Atlanta’s Development Authority. Its purpose is to strengthen Atlanta’s economy and global competitiveness in order to create increased opportunity and prosperity for the people of Atlanta. Invest Atlanta’s programs and initiatives focus on developing and fostering public-private partnerships to accelerate job creation/economic growth, neighborhood revitalization/investment and innovation/entrepreneurship. Invest Atlanta’s economic toolkit includes bond financing, revolving loan funds, housing financing, tax increment financing and tax credits. In her capacity as COO, Ms. Garey manages and directs the day to day activities of Invest Atlanta’s five operating departments and is the strategic liaison fortifying relationships with the Board of Directors, Atlanta City Council and other governmental and community stakeholders.

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She previously served as Managing Director of Housing Finance at ADA from 1998-2010. During this tenure, she guided the successful implementation of over 60 multifamily and single family tax exempt bond initiatives. She has been instrumental in the issuance of over $1 billion in housing revenue bonds, creating over 15,000 units of affordable workforce housing, both rental and homeownership, in the City of Atlanta. Francisco Rojo Vice President, Landmark Companies Miami, FL Francisco Rojo is the Vice President of Landmark Companies and oversees the development of various house developments in Florida. Francisco has been with Landmark Companies for over 18 years. Previously he worked at The Related Group of Florida and was directly responsible for the acquisition, financing and development of the over 2,100 rental apartment units, which were successfully syndicated to limited partnerships or sold to pension fund investors. Francisco has a Master’s degree in Business Administration from the Harvard Graduate School of Business Administration, and a Bachelor’s degree from Georgetown University. Rick Padilla Director of Housing and Neighborhood Development¸ City & County of Denver Denver, CO Rick Padilla is a Director of Housing and Neighborhood Development for the City & County of Denver, in that capacity he is responsible for advancing the city’s housing plan and other key initiatives, including providing strategic direction and oversight of the Denver Office of Economic Development (OED’s) community development efforts and collaborating with the community to protect and enhance Denver’s distinctive neighborhoods and housing opportunities. Formerly the Director of Strategic Markets in the Corporate Relations and Housing Outreach Department Freddie Mac, he was responsible for new business development, lender relations, consumer outreach, and representing Freddie Mac in industry and consumer affairs. Prior to joining Freddie Mac he was a National Business Development Manager with NeighborWorks America. Rick holds a Bachelor’s Degree, Magna Cum Laude, from the University of Colorado; a Master’s Degree in Public Administration, and a Law Degree from the University of Kansas. He is Past Chairman of the Colorado Division of Housing Board of Directors; former Board member on the Colorado State Banking Board; he has served on the Colorado Blue Ribbon Panel on Housing, a former transition committee member for Colorado Governor John Hickenlooper, Rick has sat on numerous community and nonprofit boards, including the Mile High United Way, American Red Cross and many others.

HUD’s Rental Assistance Demo: A Role for HFA’s? Moderator: Vivian Benjamin Assistant Director of Mortgage Finance, Housing Opportunities Commission Kensington, MD

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Vivian Benjamin is the Assistant Director of the Mortgage Finance Davison of the Housing Opportunities Commission of Montgomery County, Maryland. While she shares responsibility for all of the programs of the division, her primary responsibility lies in the multifamily area. She is responsible for analyzing loans submitted by private for profit, nonprofit and governmental entities for financing using the proceeds of private activity, 501(c)(3) bonds and governmental bonds. The Commission has issued bonds without credit support and with a variety of credit supports. Vivian has been with the Housing Opportunities Commission (HOC) for over twenty-five years. In that time she has seen some notable achievements in Multifamily Mortgage Finance; HOC has issued well over a billion dollars in bonds to finance rental and for-sale housing for low to moderate-income families. Other HOC achievements on which Vivian has worked would include HOC's approval to participate in the FHA Risk Sharing Pilot Program. HOC's receipt in 1994 of a General Obligation rating of "A" from Moody's Investors Services. During the summer of 1993, Vivian consulted with the staff of HUD Headquarters as the representative of the Association of Local Housing Finance Agencies (Now "NALHFA") to help craft the Risk Sharing Pilot Program. During the summer of 2009, Vivian worked with NALHFA, the staff of Fannie Mae, Freddie Mac, the Federal Housing Finance Agency, the Treasury and others to establish the Treasury/HFA Initiative. Vivian is a past Secretary of the NALHFA Board and a current member of the Board of Directors of NALHFA. In addition to her service to NALHFA, Vivian also serves of the Board of the Neighborhood Design Center (NDC) in Baltimore, Maryland a Baltimore based nonprofit agency that provides free design assistance, community development and planning services to other nonprofits and municipalities including Prince George's County and the Washington, D.C. corridor. Vivian holds an undergraduate from Morgan State University in Baltimore and a master's degree from the University of Maryland. Amy McClain Partner, Ballard Spahr LLP Baltimore, MD Amy M. McClain primarily represents public housing authorities and affordable housing developers in an array of transactions. These transactions involve a variety of funding sources, including LIHTCs; NMTCs; CFFP; tax-exempt bonds; state housing finance agency loan funds; FHA, conventional, and MTW alternative financing; and EPC and PPA financings. She is working on a number of RAD transactions and has been called on by members of HUD’s RAD team to provide feedback on RAD legal documents and issues. She recently wrote the Beginner’s Guide to Public Housing Conversion under RAD, published by the ABA's Forum on Affordable Housing and Community Development in August 2014. She frequently negotiates issues with and finalizes evidentiary submissions to HUD, and she addresses traditional real estate concerns intertwined with affordable housing and community development. She advises clients on strategic planning issues related to disposition of public housing property, adaptive procurement arrangements, and the strategic use of housing authority affiliates. As counsel to housing authorities, she also has assisted with the procurement of developer partners and the negotiation of the associated development and guarantee agreements. In addition, her work representing private developers provides her additional insights that are helpful during the developer procurement and negotiation process.

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Dan Dill Managing Director, Stifel Bellevue, WA

Dan Dill is a Managing Director with Stifel, Nicolaus & Company, Incorporated – Merchant Capital Division in the Bellevue, WA office. Prior to joining Merchant Capital LLC, Mr. Dill was a Senior Vice President at George K. Baum & Company with responsibility for their national multifamily housing finance practice. Mr. Dill began his career in public finance at Kidder, Peabody & Company in 1980. Mr. Dill has worked extensively throughout the country, and although he is experienced in the areas of health care, higher education and general municipal finance, his concentration for the past 25 years has been focused primarily on single and multifamily housing finance. He has served as project manager on more than $3.6 billion of financings, which includes more than $2.1 billion for low-income housing in over 30 states. Mr. Dill received his Bachelor’s degree from the University of Pennsylvania, and his Master’s degree in Public Administration/Finance from Pennsylvania State University. He currently maintains Series 7 and 63 licenses. Olson Lee Director, San Francisco Mayor’s Office of Housing San Francisco, CA Olson Lee is the Director of the San Francisco Mayor’s Office of Housing and Community Development (“MOHCD”). The mission of the Community Development Division is to partner with the community to strengthen the social, physical and economic infrastructure of San Francisco's low-income neighborhoods and communities in need. The mission of the Housing Division is to manage the City’s pipeline of housing by financing the development, rehabilitation and purchase of affordable housing in San Francisco. MOHCD also guides and coordinates the City's housing policy including the City’s Inclusionary Housing Program. MOHCD administers programs to finance the development of affordable housing by non-profit and for-profit developers, provides financial and educational assistance to first-time homebuyers, and finances housing rehabilitation costs for low-income homeowners. Major housing initiatives of MOHCD include HopeSF, the rebuilding of distressed family public housing sites, and public housing re-envisioning, the mixed-finance rehabilitation of a large portion of the public housing portfolio through HUD’s Rental Assistance Demonstration Program. The above programs are funded through HOME, CDBG, ESG, HOPWA, the City’s Housing Trust Fund, and the City’s linkage fee programs including inclusionary housing and jobs housing linkage fees. MOHCD is also responsible for monitoring and ensuring the long-term affordability and physical viability of the City's stock of affordable housing. Prior to joining MOHCD, Mr. Lee served for 15 years as Deputy Executive Director of the San Francisco Redevelopment Agency (SFRA). Mr. Lee worked for six years as Chief Housing Finance Officer at the San Francisco Mayor’s Office of Housing before joining SFRA. He preceded his service in San Francisco with nine years as Senior Multifamily Field Service Officer for the Neighborhood Reinvestment Corporation (now known as NeighborWorks America). Mr. Lee has received numerous awards recognizing his affordable housing work and has been recognized for his extensive achievements related to preserving at-risk affordable housing. He is a graduate of the University of California, Berkeley and the University of Maryland, College Park.

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Housing and Supportive Services for the Homeless with a Focus on Veterans Moderator: Kent Robbins Special Advisor, Community Housing Development Corporation Minneapolis, MN Mr. Robbins has over twenty years of progressive and successful leadership experience in housing programs, workforce development, city governance and planning. He is currently a special advisor to the Community Housing Development Corporation. Mr. Robbins is also a consultant to the Minnesota Transitions Chartered School. He was appointed by the Shakopee City Council to its Planning Commission in March of 2012 for a four year term, elected Chair in 2013 and Vice-Chair in 2014. Mr. Robbins currently serves on the Minnesota Multi-Purpose Viking Stadium Equity Oversight Committee. Mr. Robbins also serves as President of the Minnesota Technology and Education Corporation for the past 10 years This 501C-3 corporation owns and manages the Middle School for Minnesota Transitions Charter School. Mr. Robbins recently completed 24 years of service on the Seward Towers Housing Corporation’s Board of Directors which included serving as President of Board from 2004 to 2014. Seward Towers owns and manages 662 units of Section 8 project based housing in South Minneapolis. Margarita Lares Director of the Assisted Housing Division, Housing Authority County of Los Angeles Los Angeles, CA Ms. Margarita Lares is currently the Director of the Assisted Housing Division of the Housing Authority County of Los Angeles (HACOLA). It is the second largest housing authority in Southern California. The HACoLA provides assistance across the unincorporated areas of the County, and 62 participating cities. The HACoLA operates under the umbrella of the Community Development Commission of the County of Los Angeles and provides rental housing assistance to 24,604 households through the Housing Choice Voucher, Veterans Affairs Supportive Housing, Continuum of Care and Shelter Plus Care programs, among others. Since becoming the Director in 2008, Ms. Lares’ contributions include the reorganization of the Assisted Housing Division. She successfully implemented several enterprise housing systems, and reengineered processes for optimal efficiency and compliance. The Housing Choice Voucher program has received a “High Performer” rating since 2011, and as a result continues to be awarded additional funds by the U.S. Department of Housing and Urban Development. Ms. Lares has been employed by the Community Development Commission since 2000. Prior to her current position, her work history focused on workforce management and improving efficiencies in various sectors. Ms. Lares regularly speaks at regional and national conferences regarding various assisted housing programs. More recently, her efforts have been towards ending homelessness in Los Angeles.

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Mike Eddins Director of the Housing Choice Voucher Program, Housing Authority of DeKalb County Decatur, GA Mike Eddins is currently the Director of the Housing Choice Voucher Program also known as Section 8, at the Housing Authority of DeKalb County in Georgia. Mike has 11 years of experience working in the Housing Choice Voucher Program, ten of which were spent at the Akron Metropolitan Housing Authority in Akron Ohio. Mike has a bachelor’s degree in Business Administration and is a current board member for the Continuum of Care in DeKalb County. Elizabeth Buehler Homeless Services Coordinator, Salt Lake City Corporation Salt Lake City, UT Elizabeth Reining Buehler, AICP is the Homeless Services Coordinator for Salt Lake City. In that position she works with other funders and providers in offering services to people experiencing homelessness and helping people transcend homelessness. She also administers federal homeless funds for Salt Lake City. Before her current position, Elizabeth was with the Salt Lake City Planning Division, working on long range planning projects. Previous to that she worked in city administration for two communities in Texas. She received her Master’s in Community and Regional Planning from the University of Texas at Austin.

Case Studies: Production and Preservation of Affordable Multifamily Housing Moderator: Jim Shaw Executive Director, Capital Area Housing Finance Corporation Austin, TX Jim Shaw is the Executive Director of the Capital Area Housing Finance Corporation (CAHFC) as well as President of its fourteen subsidiary entities. CAHFC is a nine county regional bond issuer in Central Texas active in both single and multi-family mortgage revenue bond transactions as well as single family and multi-family development, construction and ownership. Mr. Shaw was responsible for initiating an award winning regional infill development program and structuring subsidiary entities to allow the Corporation to fulfill the developer/owner role while guiding the Corporation to a five fold increase in transactions over the past ten years. Mr. Shaw was also responsible for initiating the first taxable Mortgage Revenue Bond single family program in Texas. Under his leadership, CAHFC has issued over $950 million in tax exempt and taxable bonds to provide assistance to over 4,000 first time homebuyers and construct or rehabilitate over 3000 rental units, while fulfilling the owner role in over 860 units. Mr. Shaw has over thirty years of economic development, real estate development, planning, and public finance experience and has been responsible for the planning, financing and development of projects totaling over $2 billion. Mr. Shaw received his BA from The University of Texas at Austin and has completed numerous graduate courses in finance. He is past President of the Board of Directors of the Texas Association of Local Housing Finance Agencies, and Immediate Past President of the Board of Directors of the National Association of Local Housing Finance Agencies.

Anthony Waddell

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Director of Public Finance, D.C. Housing Finance Agency Washington, D.C. Mr. Anthony Waddell joined the Agency in June 2006 and has over 15 years of experience in complex mixed-use, mixed-income, mixed-finance (LIHTC, historic tax credits, tax-exempt bonds, conventional), urban development projects as both a lender and developer. At the Agency, as the Director, Public Finance, Mr. Waddell is the chief credit officer and manager of the day to day activities of the Public Finance Division which houses the Agency’s Multifamily Mortgage Revenue Bond Program. Since 2006, Mr. Waddell and his team have financed over 6,600 units of mixed-income housing in the District of Columbia; raising nearly $660 million in debt and over $300 million in equity on the public and private capital markets to finance the new construction and substantial rehabilitation of nearly $ 1.5 billion in affordable / mixed-income housing in the District. Mr. Waddell is a graduate of The Johns Hopkins University Carey Business School, where he earned a Master’s of Science Degree in Real Estate with a concentration in Institutional Investment and Development. Dawn Luke Managing Director, Invest Atlanta Atlanta, GA Ms. Dawn J. Luke currently serves as Managing Director of Housing Finance at The Atlanta Development Authority d/b/a Invest Atlanta (“Invest Atlanta”) where she provides leadership and strategic direction in the successful execution of the housing vision for the Authority and the City of Atlanta. Prior to becoming Director, Ms. Luke was the Deputy Managing Director for eight years. In this capacity, she was responsible for implementing pivotal housing finance programs which serve to create and preserve affordable, workforce housing units and provide permanent supportive housing for the City’s working homeless. Ms. Luke earned a Bachelor of Arts Degree in Economics from Spelman College and an MBA in International Business from Georgia State University. She currently serves as President of the Board of Directors of Georgia Sustainable Communities Alliance (GSCA) and is an active member of the Urban Land Institute (ULI), National Association of Local Housing Finance Agencies (NALHFA), Atlanta Business League (ABL), Freddie Mac’s Affordable Housing Advisory Council (AHAC), Cornerstone’s Standards Advisory Committee, National Association of Professional Women (NAPW), the Atlanta Women’s Foundation – Women in the Boardroom, and Women’s Affordable Housing Network. Tim Nelson Senior Vice President, FirstSouthwest Austin, TX Mr. Nelson has been with First Southwest since 2014 and represents clients in housing projects, municipal financings, and secondary financings. He specializes in housing with expertise in tax-exempt and taxable bond advisory and underwriting of debt and equity. Mr. Nelson has been involved with billions in municipal bond financings related to multi-family and single family bonds. Prior to joining FirstSouthwest, Mr. Nelson served as the Director of Bond Finance for the Texas Department of Housing and Community Affairs. Mr. Nelson received his M.B.A. in International Finance from The George Washington University and his Bachelor’s degree in Finance from the University of Washington.

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What’s New in Single-Family Housing? Moderator: Karyn Norton Executive Director, Escambia County Housing Finance Authority Pensacola, FL Ms. Norton joined the Escambia County Housing Finance Authority in 1996 and served as an Assistant Executive Director until 2008 when she come the Authority’s CFO. In April 2014 she was promoted to Executive Director. Prior to joining the Authority, Ms. Norton worked for the City of Pensacola, the Government Credit Corporation, the bond counsel firm of Livermore, Klein & Lott and the Santa Rosa County Sheriff’s Office. She holds Bachelor of Arts degrees in both Finance (Magna Cum Laude) and Criminal Justice (Forensic Specialization) as well as a minor in forensic accounting (Summa Cum-Laude) from the University of West Florida. Ms. Norton is a Board member of the Florida Association of Local Housing Finance Authorities (FLALHFA) and is also a member of the National Association of Housing Finance Agencies (NALHFA), the National Council of State Housing Agencies (NCSHA), the Florida Housing Coalition and the Florida Government Finance Officers Association (FGFOA). Mark Spates Director of Customer Account Management, Fannie Mae Washington, D.C. Mark E. Spates is Fannie Mae's Director of Customer Account Management, reporting to the Vice President of Business Development. In this role, Mark is responsible for developing strategies for supporting housing finance agencies and managing business relationships with housing finance agency trade groups and housing finance agencies nationwide. Mark has been at Fannie Mae since January 2012. Prior to joining Fannie Mae, Mark spent 25 years at Freddie Mac in a variety of progressively responsible roles in affordable lending and product management. Mark has experience managing relationship sales teams and managing large projects. Mark has a bachelor of science in business administration from Frostburg State University. Richard Appleton Senior Director of Single-Family Affordable Lending, Freddie Mac Washington, D.C. Richard is responsible for coordinating efforts across the Single-Family line of business that support Freddie Mac’s Single-Family affordable housing goals, meeting FHFA’s proposed Duty to Serve regulation, and the program management for treasury’s Housing Finance Agency Initiative. Additionally, Richard and his team are responsible promoting our affordable lending programs and offerings across the industry. This includes the development and management of Freddie Mac’s HFA Advantage Program in support of the HFA community. Richard has worked at Freddie Mac for over 18 years. Prior to leading the Single-Family Affordable Lending Group, Richard held several management positions across Freddie Mac including the sales support organization, and the Mission Oversight Division’s business management group. Richard earned a B.A. in Economics from George Washington University’s Columbian College of Arts & Sciences, and an M.B.A. in Finance from George Washington University’s School of Business. Richard serves as Vice-Chair of the Board of Directors of The Coalition for the Homeless in Washington DC.

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Scott Riffle Senior Vice President, George K. Baum & Company Denver, Co

Mr. Riffle has more than 26 years of experience providing investment banking and housing expertise to HFAs. Mr. Riffle is the lead banker to HFAs for underwriting, bidding agent and TBA related engagements. Mr. Riffle played a major role in the creation of the bond financing structure that won the NALHFA 2009 Single Family Innovation award. Mr. Riffle’s work in the single family arena and specifically manufactured housing is further exemplified by the complex transaction he advised on for a private owner of manufactured housing communities that was a landmark transaction preserving affordable and rural housing in several states throughout the west. Prior to joining George K. Baum & Company, Mr. Riffle served as a vice president of Dillon Read & Co. Scott Schmitt Vice President, Senior Account Executive, U.S. Bank Home Mortgage Woodridge, IL Scott has over 30 years of experience in the mortgage industry. He is a member of the HFA division’s sales team, providing support to US Bank’s Housing Finance Agency clients nationwide. Prior to joining U.S. Bank, Scott spent 20 years with 2 GSE’s, Fannie Mae and the Federal Home Loan Bank. At Fannie Mae Scott was Director of both the Business Development and Affordable Housing divisions for Fannie Mae’s Midwestern Region in Chicago. At the FHLB of Indianapolis, Scott managed the Mortgage Purchase Program for the states of Indiana and Michigan. Scott has taught on a variety of secondary market issues including Pricing, Contract Negotiations, Delivery and Hedging Strategies.

For Board Members Only Moderator: Cheree Gulley Executive Director, Housing Finance Authority of Miami-Dade County Miami, FL

Ms. Gulley is the Executive Director of the Housing Finance Authority of Miami-Dade County where she

is responsible for the administration of the County’s $2 billion bond financed housing programs. Ms.

Gulley serves as the President of the Miami-Dade Affordable Housing Foundation which furthers the

goals and mission of the Authority. Ms. Gulley serves on the board of the Florida Association of Local

Housing Finance Agencies and the board of the National Association of Local Housing Finance Agencies

(NALHFA).

During Ms. Gulley’s career, she has served as Special Advisor to City of New York Council Member Helen

D. Foster, chief of staff to two Miami-Dade County Commissioners and as policy and legislative advisor

to the Miami-Dade County Board of County Commissioners. Her tenure in government has provided her

a wealth of knowledge in executive management, budgeting, housing finance, urban planning,

neighborhood revitalization and community and economic development.

Ms. Gulley received a Bachelor of Arts Degree from Howard University, a Juris Doctor from Nova

Southeastern University, and is licensed to practice law in the State of Florida.

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David Stephen Hope Assistant County Attorney, Miami-Dade County Attorney’s Office Miami, FL David Stephen Hope is an Assistant Miami-Dade County Attorney, and represents Miami-Dade in a litany of legislative and litigation matters at the trial and appellate levels, in both federal and state court. Since joining the Office of the County Attorney in 1996, David’s practice areas encompass litigation and appeals, finance and municipal bonds, land use and zoning, aviation, telecommunications, housing, code enforcement, small business development, torts, and personnel. David was the lead trial attorney for the County in such matters as a facial constitutional challenge of a regulatory ordinance imposing civil and criminal penalties for certain activities, by fourteen (14) adult entertainment establishments; declaratory and injunctive relief sought to invalidate actions of the County, City of Miami, and two Community Redevelopment Agencies pertaining to the redevelopment plan for downtown Miami, which included a new publicly owned baseball stadium for the Florida Marlins; and allegations that the County’s provision of telecommunications services at Miami International Airport violated Florida law, Florida Public Service Commission rules, and County Home Rule Charter. David is admitted to practice in New York, Florida, the Southern District of Florida, the Eleventh Circuit Court of Appeals, and the United States Supreme Court. Prior to his legal career, David had over eight years’ experience encompassing key aspects of finance related management consulting and commercial banking, with expertise developed in strategic business planning, micro-based financial systems implementation, and marketing. David founded DSH Consultants; a single person management consulting shop which focused on addressing corporate business needs through the development of microcomputer based financial solutions. David joined Barclays Bank PLC, and held increasing positions of responsibility in its MIS Group, Banking & Technology Unit, and Lease Advisory Group before he resigned to attend the University of Miami School of Law. Don Horn Chief Assistant State Attorney for Administration, Miami-Dade State Attorney’s Office Miami, FL Don L. Horn, Chief Assistant State Attorney for Administration at the Miami-Dade State Attorney's Office, received his law degree from the University of Miami and was admitted to the Florida Bar in 1982. Mr. Horn is presently on a second tour of duty with the office where he serves as Chief Assistant to State Attorney, Katherine Fernandez Rundle. His present duties and responsibilities involve handling administrative matters affecting the more than 300 prosecutors in the office. Mr. Horn also handles recruitment and hiring of lawyers for the office, all matters involving the Miami-Dade County Grand Jury, and he directly supervises the Assistant State Attorneys who work in the County Courts, Legal Division, Mental Health and Domestic Violence Units. In addition, he represents the office in various community, business and civic meetings. In addition to these professional responsibilities, for more than 20 years, Mr. Horn has been a member of the Housing Finance Authority of Miami-Dade County. He has served as Chair since 1998. During his years of service the HFA Board grew from a 5-member Board to a 13-member Board. In addition, with the guidance and assistance of Patricia Braynon, the HFA’s past Executive Director, a number of major initiatives were ushered in during Mr. Horn’s service on the Board.

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Roberto Pinero Housing Commissioner, Housing Opportunities Commission of Montgomery County Kensington, MD Roberto Pinero is a Housing Commissioner for the Housing Opportunities Commission of Montgomery County, Maryland. He has been a Commissioner for the last 12 years, and the Chair for the last four years. He is originally from San Juan, Puerto Rico where he was born and grew up until he went to school in Boston, where he obtained a master's degree from Harvard University. He has lived in Montgomery County for the last 25 years and has served the County in various capacities as Commissioner of Children and Youth, member of the Budget Committee of the Montgomery County Public School System, and the Welfare Reform Task Force. His full-time job is with GAO as a Senior Analyst in Washington D.C.

Growing the Financial Capability of Local HFAs Moderator: Kurt Creager Director of Housing and Community Development, Fairfax County Government Fairfax, VA A 30 year houser, Creager has focused on policy, program and project implementation. In recent years, his practice has centered upon place making and community building through mixed income and mixed use development projects in Denver, Los Angeles, Phoenix, Portland and Seattle. Prior to Fairfax County, Kurt was Director of Housing and Community with an international design firm based in Portland, Oregon where he represented business, government and non-profits in several states and the Middle East.

Kurt is a board member of the Housing & Development Law Institute and the National Association of Local Housing Finance Agencies. Kurt is also a member of Lambda Alpha, the honorary Society for Land Economics, American Planning Association and Urban Land Institute. E. P. “Pete” Walker President and CEO, Housing Authority of DeKalb County Decatur, Georgia Mr. Walker brings over 25 years of expertise in facilitating affordable housing development, financing and programs. E. P. “Pete” Walker, Jr., in his capacity as the President and CEO of The Housing Authority of DeKalb County and CEO of its Affiliates including PTS Consulting Group (PTS), Resident Services Corporation of DeKalb (RSCD) and Housing Development Corporation of DeKalb (HDC) reports to a six (6) member Board of Commissioners appointed by the CEO of the County and confirmed by the County Commissioners. His duties include oversight of Administration, Human Resources, Information Technology, Communications, Real Estate Development, Asset Management, Construction Services, Finance, Housing Choice Voucher and Strategic Planning with an annual operating budget in excess of $60 million. The HADC owns 1099 units of affordable housing and administers more than 5,800 Housing Choice Vouchers in DeKalb County.

Prior to joining HADC, Mr. Walker was President of Mercy Housing Southeast (MHSE) from 2007-2010. Mercy Housing, Inc. (Mercy) is a national nonprofit development corporation headquartered in

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Denver, Colorado. With assets of nearly $2 Billion and properties in 41 states, Mercy is in the top five of nonprofit developers of affordable housing in the United States. In his capacity as President of MHSE, Mr. Walker was responsible for setting the strategy and direction for expanding Mercy’s southeastern affordable housing development footprint while maintaining a quality portfolio. During his four (4) year tenure, he grew MHSE from five (5) properties to eighteen (18) properties located in Georgia, North Carolina, South Carolina, Alabama and Ohio. Mr. Walker spearheaded development of more than ten (10) affordable housing projects of which seven (7) were 9% Low Income Housing Tax Credit projects.

Geoff Proulx Executive Director, Morgan Stanley New York, NY Mr. Proulx is the head of Morgan Stanley’s Municipal Housing Group. He joined Morgan Stanley in June 2008 from UBS, where he had been a member of its housing group since 1997. He has twenty-three years of combined housing banking and legal experience. As the Head of the Housing Group, he is responsible for oversight of all the Firm’s housing clients. He is a technical banker and his experience includes the implementation of innovative financing structures involving complex tax plans including taxable/tax-exempt blending, yield swapping, taxable and tax-exempt refundings, and the use of various credit structures. Geoff holds an MBA from the Columbia Business School with a concentration in finance. He is also an attorney, and practiced law at a large Boston law firm after having graduated from the George Washington University Law School. He also graduated cum laude from Middlebury College. Jim Singh Deputy Executive Director/CFO, Orange County Housing Finance Authority Orlando, FL Mr. Arjoonsingh is the Deputy Executive Director and CFO at the Orange County Housing Finance Authority, Orlando, Florida which he joined in 1997. He is responsible for the financial operations and asset and risk management of the Authority and is intricately involved in its programmatic designs and functions as well as policy development of the Agency. He is very knowledgeable in bond structuring in both the Single Family and Multifamily Housing Programs. Mr. Arjoonsingh graduated from Fordham University, New York with a concentration in Economics. He is also a graduate from the Institute of Banking, New York with an Advanced Diploma. He is a Certified Public Accountant and holds a Juris Doctor in Law, as well as a Master’s Degree in Theology. Mr. Arjoonsingh has led his agency from a projected negative cash flow in 2001 to a cash reserve of over $30 million in 2014.

What are Investors Looking for in Tax Credit Deals? Moderator: Nick Ratti Principal, CohnReznick Boston, MA

Nick Ratti is principal with CohnReznick’s Real Estate Consulting Practice in Boston, Massachusetts. He

has more than 13 years of experience in the tax credit industry. Nick is currently responsible for

developing and evaluating transaction structures, providing tax compliance advice, evaluating tax credit

recapture or tax-loss reallocation issues, strategizing post compliance period exits and providing

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syndication advisory services. Nick has extensive experience structuring a wide range of New Market,

Historic and Low-Income Housing tax credit transactions for his developer and investor clients.

Bill Traylor President, Richman Housing Resources LLC New York, NY

Mr. Traylor joined The Richman Group of Companies in January 2001 and is the President of Richman Housing Resources LLC. Mr. Traylor assists with investor relations and the structured finance and related derivatives hedging for the firm’s investment funds. In addition, Mr. Traylor is involved with acquisitions and development in the New York market. Under his leadership, Richman has invested more than $2 billion of private equity into affordable housing developments in New York City consisting of nearly 15,000 apartments. Prior to joining the firm, Mr. Traylor was the Managing Director of the New York office of the Local Initiatives Support Corporation (LISC), in which capacity he oversaw $1 billion New York Equity Fund as well as the office’s lending, grant making and programmatic activities. During his 30 year career in New York, Mr. Traylor has held various positions with several affordable housing developers and within the public sector including President of the NYC Housing Development Corporation and Deputy Commissioner for Development at the Department of Housing Preservation and Development. He received his Master’s degree from the University of Notre Dame in 1985 and his Bachelor’s degree from Stonehill College in 1982.

Rick Davis Senior Vice President and Regional Equity Manager, Wells Fargo Community Lending and Investment Rick Davis is a Senior Vice President and Regional Equity Manager in Wells Fargo’s Community Lending and Investment Group responsible for originating, structuring, underwriting and closing direct and proprietary historic and low income housing investments. Mr. Davis has over thirty years of diversified banking experience with Wells Fargo, including management positions in Retail Banking, Construction Loan Administration and Credit Administration. Prior to joining the Community Lending and Investment Group, Mr. Davis was a Regional Real Estate Credit Officer responsible for approving commercial real estate loans. Sean Jones Director of Acquisitions, Raymond James Tax Credit Funds Sean Jones is director of acquisitions, Coastal region for Raymond James Tax Credit Funds, and is responsible for new business development and relationship management for partners in Florida, Hawaii, Alaska, Ohio, Puerto Rico and the U.S. Virgin Islands. Sean joined Raymond James Tax Credit Funds in early 2007. Prior to joining Raymond James, Sean was involved with the development and operation of a residential real estate finance department of a federally chartered credit union. Sean earned an MBA from Florida State University and a BS from the University of Central Florida.

Friday General Sessions Friday, May 1, 2015

Tax Reform – What’s Ahead and How are Housing Bonds and Tax Credits at Risk?

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Moderator: Rich Froehlich Chief Operating Officer, Executive Vice President, New York City Housing Development Corporation New York, NY Richard Froehlich is Chief Operating Officer, Executive Vice President and General Counsel of the New York City Housing Development Corporation and all of its subsidiaries. HDC is a New York public benefit corporation dedicated to financing affordable housing in New York City. Mr. Froehlich directs the Corporation’s legal department as well as its bond and finance activities. Rich has been the main coordinator of HDC’s award-winning preservation efforts that have led to the continued affordability of approximately 75,000 units of low and middle income housing in New York City. He has also been a leader in designing and implementing HDC’s participation in Mayor Bill De Blasio’s plan to build and preserve 200,000 units of affordable housing in New York City. Mr. Froehlich was elected as a member of the Municipal Securities Rulemaking Board for a three year term beginning October 1, 2014. Mr. Froehlich is an adjunct professor at Columbia’s Graduate School of Architecture, Planning and Preservation and teaches two courses on affordable housing finance and public finance. He is also an active lecturer on affordable housing and bond finance. Prior to joining HDC, Rich was Counsel at O’Melveny & Myers LLP in its New York City office, where his practice focused on real estate and public finance with a particular emphasis on affordable housing. He is a graduate of Columbia College and Columbia University School of Law. Bob Moss Principal, National Director of Governmental Affairs, CohnReznick Boston, MA Robert C. Moss leads CohnReznick’s federal and state government relations efforts with a focus on the affordable housing industry. In this capacity, he helps to protect client interests in the affordable housing industry through the legislative process. Bob also supports other industries and programs, such as renewable energy, New Markets Tax Credits, financial services, technology, and life sciences. He operates out of CohnReznick’s Boston and DC-metro offices. Bob has 28 years of affordable, multifamily housing experience that includes syndication, preservation and development, debt financing, tax credit applications, and property management. Bob currently serves as Vice President of the National Leased Housing Association, an organization serving both public and private organizations in the affordable multifamily rental housing field. Ellen Marshall Principal, Bond Dealers of America Washington, D.C. Ellen B. Marshall is a legislative consultant with more than 20 years of experience representing clients before federal and state governments. Ms. Marshall’s focus centers in the areas of federal and state legislative advocacy; technical and political communications; and grassroots strategy and management. Ms. Marshall has guided clients in establishing successful grassroots and legislative advocacy programs. In this role, she has trained government officials, corporate executives, and industry representatives to be effective advocates before the legislative and executive branches of government. Ms. Marshall has also launched comprehensive grassroots and grasstops lobbying efforts that combine the extensive

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manpower of an association’s membership base, key industry executives, and a focused communications/public relations plan to turn potential legislative disasters into economic victories.

What’s New in the Regulation of Municipal Securities? Moderator: Ron Williams Executive Director¸ Southeast Texas Housing Finance Corporation Houston, TX Ron has been at Southeast Texas HFC since 1996 and has served as its Executive Director since 2001. Prior to joining SETH, he served as Deputy Executive Director and Acting Executive Director at both a state housing finance agency and a large public housing authority. Over 38 years experience in developing and implementing affordable and assisted housing programs, he has been instrumental in the development of rental assistance programs, single-family and multifamily bond issues, the Low Income Housing Tax Credit Program, and federal and state housing legislation. Ron currently serves on the Board of Directors of the National Association of Local Housing Finance Agencies (NALHFA), the Texas Affiliation of Affordable Housing Providers (TAAHP) and is a past President and Board Member of the Texas Association of Local Housing Finance Agencies (TALHFA). He is active in his community as a volunteer and currently serves on the Board of Directors of Project Joy & Hope, a non-profit promoting well-being of children with life-limiting conditions and their families. He also is a member of the Board of Directors of a Municipal Utility District. Hank Morgan Associate Corporate Counsel – Fixed Income, Raymond James St. Petersburg, FL Hank was born in Jacksonville, Florida. He earned his B.A. in 1977 from the University of West Florida and his J.D. in 1982 from the University of Arkansas School of Law. Hank is a member of The Florida Bar and the National Association of Bond Lawyers. Hank practiced in the Public Finance Departments of Holland & Knight LLP and GrayRobinson, P.A., respectively, for over 29 years before joining the Raymond James Legal Department in 2011. At Raymond James, Hank provides legal support to the Fixed Income Division, with primary responsibility for supporting Public Finance, including investment banking and underwriting functions. Hank’s responsibilities include analysis of applicable regulatory and legal rules, review and negotiation of contracts and agreements, providing legal analysis and advice to investment bankers and underwriters and working with management and compliance officers to fashion appropriate internal policies and procedures. Justin Pica Director of Product Management, Market Transparency, Municipal Securities Rulemaking Board Washington, D.C. Justin Pica is Director of Product Management for the Municipal Securities Rulemaking Board's (MSRB) market transparency programs. Mr. Pica is a member of the MSRB’s market structure group where he directs strategic planning for and oversees implementation of enhancements to all MSRB market transparency programs. These include the Electronic Municipal Market Access (EMMA) website, Real-

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Time Transaction Reporting System (RTRS), Short-Term Obligation Rate Transparency (SHORT) System, and EMMA submission portals for primary market and continuing disclosure documents. Prior to assuming his current role, Mr. Pica managed rulemaking and policy support for MSRB market transparency programs and directed regulatory and policy development at MSRB for uniform practice rules focused on clearance and settlement, customer confirmations and new issue requirements. Mr. Pica received a bachelor's degree from Fordham University and a master's degree from George Washington University. Ryan Bowen Attorney, Chapman and Cutler LLC Chicago, IL

Ryan Bowen is an attorney in the Public Finance Department of Chapman and Cutler LLP in the firm's Chicago office. Since joining the firm in 2007, Ryan has served as bond counsel and underwriter's counsel on numerous single family and multifamily transactions. In this capacity, Ryan has served as bond counsel to a number of local housing finance corporations and also frequently serves as underwriter's counsel on housing transactions throughout the country. Ryan routinely provides advice and counsel on various securities law matters related to the municipal securities market.

Concurrent Sessions

Friday, May 1, 2015 FHA Risk Sharing: FFB and Small Projects Moderator: Jim Stretz Senior Vice President¸ George K. Baum & Company Denver, CO Jim Stretz has over 30 years of experience working in the affordable housing finance industry. Prior to joining George K Baum & Company National Housing Group Jim served in CEO positions for commercial banks, high tech startups, housing non-profits, construction/development Cos. and a state Housing Finance Authority. Rounding out his resume, he has experience in multifamily and single family construction and development. At GKB Jim currently serves 14 housing finance authorities as an Investment Banker or Financial Advisor and has been involved with over a billion dollars of affordable housing financings and TBA programs. Jim sits on the Board of Great Lakes Capital, a not for profit, multi-state, LIHTC syndicator headquarter in Michigan. He is a former board member and Treasurer of the National Council of State Housing Agencies, a past recipient of their Leadership Award and the U. S. Treasury’s National Social Compact Award. Jim holds an MBA from the Anderson School of Management, and a BS in economics from Colorado State University. Rich Froelich Chief Operating Officer, Executive Vice President, New York City Housing Development Corporation New York, NY Bio on page 14 Larry Flood Senior Policy Advisor for Housing Finance¸ Department of the Treasury

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Washington, D.C. Larry Flood serves as the senior housing policy advisor within the Office of Government Financial Policy at The U.S. Department of the Treasury. Larry manages the HUD/Treasury Multifamily Risk Sharing Program, serves as a member of the Interagency Rental Policy Working Group, and is involved in all aspects of Treasury housing policy. Prior to joining Treasury, Larry served as a consultant to Fannie Mae and Freddie Mac where he was a principal architect of the Obama administration’s Housing Finance Agency Initiative. Larry has over 30 years of experience in housing finance as either an investment banker or financial advisor. Larry has worked for a couple of major Wall Street firms as well as owning his own advisory firm. Larry holds graduate degrees in economics and finance from Columbia University.

Bonds for Beginners Instructor: Mtumishi St. Julien Executive Director¸ The Finance Authority of New Orleans New Orleans, LA

Mr. Mtumishi St. Julien has been the Executive Director of The Finance Authority of New Orleans since 1990. Under his leadership The Finance Authority has issued more than $300,000,000 in mortgage revenue bonds providing affordable housing for more than 3200 families. He also oversaw the issuance of $35,000,000 in capital improvement financing for Xavier University, the renovation financing of the 236 unit Willows Apartments and the $12,500,000 financing for the GCHP-MLK mixed-use senior housing and commercial development. Prior to his directorship of The Finance Authority of New Orleans he served five years as General Counsel for the Housing Authority of New Orleans, at that time the sixth largest public housing authority in the United States. After graduating from Loyola University School of Law, Mr. St. Julien began a private practice with an emphasis on business and finance. He served as a consultant and later on the Board of the Southern Development Foundation which made business loans to farm cooperatives, hotels and other minority owned businesses throughout the southern United States. In 1992 Mr. St. Julien became a graduate of the School of Mortgage Banking. In 1996 he completed the Program for Senior Executives in State and Local Government at the John F. Kennedy School of Government, Harvard University. In 1998 he received a Master’s Degree in Business Administration from the University of New Orleans.

What’s New in Multifamily Finance? Moderator: Wade Norris, Esq. Partner¸ Eichner, Norris & Neumann Washington, D.C. R. Wade Norris is a partner at Eichner Norris & Neumann PLLC in Washington, D.C. Mr. Norris is widely recognized as one of the country’s leading experts in the field of multifamily housing bond finance. He has often played a major role in developing new financing techniques in this area of finance. Since 1977, Mr. Norris has been involved as Underwriter’s Counsel or Special Bond Matters Counsel to the Borrower in over 1,500 multifamily housing bond and other tax exempt bond financings, totaling over several billion dollars in almost every state in the United States. These financings have involved almost every type of credit enhancement used in multifamily housing bond finance, including municipal bond insurance with all the major bond insurers (e.g., MBIA, AMBAC, FSA, FGIC, Capital Guaranty), bank

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letters of credit, insurance company guaranties, and enhancements provided by FHA, Ginnie Mae, Fannie Mae, Freddie Mac and other institutions, as well as multiple-tier non-credit-enhanced financings utilizing senior/subordinated and other structures. Mr. Norris also was the principal author of “tax exempt back-to-back loan” documentation which enables certain banks to obtain “lending credit” versus “investment credit” for Community Reinvestment Act purposes when purchasing tax exempt debt on affordable housing projects. Following the real estate/financial downturn in 2008, Mr. Norris, together with his partners, pioneered the use of short-term cash backed tax exempt bonds to finance affordable housing projects using FHA insurance and certain projects using taxable loans from Freddie Mac and Fannie Mae. Barry Krinsky Director, Citi Community Capital Boca Raton, FL

Mr. Krinsky is the regional director for the Florida region of Citi Community Capital (CCC). He is responsible for investment banking and originating mortgage loans and related structured financings specializing in multifamily affordable housing finance.

Prior to joining CCC, Mr. Krinsky was a Vice President of Capmark Finance Inc., previously known as GMAC Commercial Mortgage. In this capacity, Mr. Krinsky was responsible for originating numerous t r a n s a c t i o n s financed with tax-exempt bonds and/or Low Income Housing Tax Credits. Other responsibilities included product marketing, initial loan underwriting and process management. The principal financing products included Agency tax exempt bond credit enhancement and mortgage loans through the Eastern United States. Mr. Krinsky graduated Magna Cum Laude from Syracuse University with a Bachelor of Science in Telecommunications Management.

Helen Feinberg Managing Director, RBC Capital Markets St. Petersburg, FL Helen Feinberg has been employed by RBC Capital Markets for approximately 30 years. She presently serves as the co-head of the firm’s Housing Finance Group with management responsibilities focused on the multifamily sector and State of Florida. Ms. Feinberg has approximately 25 years’ experience in the housing sector having served as underwriter or placement agent on a wide range of single family and multifamily transactions. Her affordable housing client base includes state and local housing finance agencies, public housing authorities, developer and non-profits. Ms. Feinberg currently serves as an advisory council member for the Florida Housing Coalition and a board member of the Coalition of Affordable Housing Providers. Ms. Feinberg was appointed by Governor Jeb Bush in 2003 to serve as Chair of the Affordable Housing Study Commission for a four year term and previously served as a member of Fannie Mae’s National Advisory Council for a two year term. Shaun Smith Senior Director¸ Freddie Mac Washington, D.C.

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Shaun Smith is Senior Director of Freddie Mac's Targeted Affordable Production group. In her role, she leads the national sourcing efforts and manages the company's marketing efforts with Freddie Mac Sellers and other constituents in the affordable housing space, including state and local housing agencies, policy makers, owners and investors. A member of the Multifamily Division for 16 years, Ms. Smith was previously Senior Director of Targeted Affordable Underwriting and Credit, a post she held for six years. Prior to that, she held a variety of positions within the Risk Management and Underwriting and Credit Departments. A veteran of the commercial mortgage industry, she has also held production and marketing positions with The Archon Group, TIAA-CREF and CIGNA. Ms. Smith has a B.A. in Government, cum laude, from Dartmouth College.