Operating Expense Update for LIHTC Properties
Speaker Biographies
Blair Kincer, Novogradac & Company LLP
H. Blair Kincer is a partner in the metro Washington, D.C., office of Novogradac & Company LLP in the firm’s government consulting and valuation advisory services (GoVal) group. Mr. Kincer specializes in the following primary practice areas: market analysis and appraisal of various types of mixed income and affordable housing developments, new markets tax credit (NMTC) industry consulting, historic tax credit (HTC) consulting, and market analysis and appraisal in the alternative energy industry. The real estate appraisal practice has specialized competencies in the U.S. Department of Housing and Urban Development (HUD) MAP program, HUD rent comparability studies and valuation of all tangible and intangible assets involved in affordable housing development. In the NMTC arena, Mr. Kincer specializes in various analyses involving evaluating debt and real and financial asset value/appraisal questions. Further, he has developed reasonableness opinions and market verifications of various fees and relationships to assist tax counsel with evaluating structures in light of recent IRS revenue rulings. His experience in the renewable energy industry includes solar, wind and other energy facility appraisals and impact analyses of renewable energy assets provided to affordable housing developments. Mr. Kincer, a certified LEED Green Associate, brings to his practice a broad understanding of green building technologies, best practices and the LEED Rating System. Mr. Kincer is also a member for the Counselors of Real Estate (CRE) and of the Appraisal Institute. Before joining Novogradac & Company LLP, Mr. Kincer was vice president of acquisitions for a regional developer where he specialized in financial and economic feasibility analysis. His responsibilities included finding and processing potential acquisitions for rehabilitation using tax credit and tax-exempt bond financing. Mr. Kincer served as a manager with Ernst & Young LLP, where he performed portfolio valuations, market analysis and loan pool performance reviews. His areas of specialization include retail and hospitality. Mr. Kincer received his bachelor’s degree from West Virginia University and his MBA from Duquesne University. He is a member of the Appraisal Institute and a certified general appraiser in Arizona, Connecticut, Kentucky, Maryland, Mississippi, North Carolina, New York, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, West Virginia and Wyoming.
Ken Furtaw, WRH Realty Services, Inc.
Ken Furtaw has more than 25 years of property management experience in both the conventional and low-income housing tax credit (LIHTC) segments of the multifamily housing industry. He has worked in a multitude of capacities, ranging from onsite operational positions to corporate training and now regional management. Mr. Furtaw is a regional director for WRH Services based in Jacksonville, Fla., and is directly responsible for a portfolio of eight properties that consists of both conventional and tax credit communities. Mr. Furtaw graduated from Central Michigan University in 2011, earning a master’s degree. In 2009 he graduated with a bachelor’s degree in business administration and an emphasis on management from Northwood University. Mr. Furtaw serves on the board of directors for the First Coast Apartment Association. He is a volunteer teacher for the Association’s CAM (Certified Apartment Manager) courses in human resources and legal issues.
Jennifer Kelly-Saeger, 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.
Adam Rose, Travois
Adam Rose, senior project coordinator at Travois, graduated from Marquette University with a degree in political science and from the University of Wisconsin-Milwaukee with a master’s degree in urban planning. He joined Travois in 2008 and previously served as a project coordinator. He helps tribes and tribal housing authorities to prepare low-income housing tax credit (LIHTC) applications, meet carryover requirements and collect due diligence items required by equity investors during the closing process. He also helps gather items necessary to file Form 8609s with the IRS, so that clients receive the developer fees earned by their projects. Mr. Rose also works with state housing agencies to advocate for changes to qualified allocation plans that help tribally sponsored developments to compete evenly with other proposed developments. Additionally, Mr. Rose helps clients apply for and receive gap financing through opportunities like the Affordable Housing Program (AHP), administered by the Federal Home Loan Bank system. Mr. Rose is a Housing Credit Certified Professional (HCCP), designated by the National Association of Home Builders. In 2014, he was appointed to the Overland Park (Kansas) Fair Housing Committee. He will help the city investigate and hold hearings on fair housing complaints during his two-year term.