Macroeconomics investor outlook
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Macroeconomics (Investor Outlook). Introductions and Welcome. Paul Henley VP Portfolio Management, Fifth Third CDC Yianni Vitellas VP – Portfolio / Risk Specialist Senior, Huntington CDC Marge Novak VP – Investor Relations, Great Lakes Capital Fund. Speakers.

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Macroeconomics (Investor Outlook)

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Macroeconomics investor outlook

Macroeconomics(Investor Outlook)


Introductions and welcome

Introductions and Welcome


Speakers

Paul Henley

VP Portfolio Management, Fifth Third CDC

Yianni Vitellas

VP – Portfolio / Risk Specialist Senior, Huntington CDC

Marge Novak

VP – Investor Relations, Great Lakes Capital Fund

Speakers


Macroeconomics investor outlook

State of the industry including the tax credit investment market. How the current market affects investment decisions. What the future holds. Investors share their concerns for the industry, as well as investor outlook, market demand, allocating agencies and underwriting.


Market

Market


Market1

  • Current Market – Return Levels

  • Current Market – Lower Tier Pricing

  • What Drives Investment Levels?

  • CRA

  • Yield

  • CRA Recent Changes – Interagency Q&A

  • CohnReznick Low-Income Housing Tax Credit Study

Market


Market2

The Financial Accounting Standards Board (FASB) issued ASU 2014-01, “Accounting for Investments in Qualified Affordable Housing Projects,” which sets forth new accounting for qualifying investments. The primary provisions allow for the cost of an investment in an affordable housing project to be amortized and the resulting expense to be reflected as a component of the investor’s income tax provision rather than its operating income. The new accounting method, referred to as the “proportional amortization method”, will allow amortization of the

tax credit investment to be reflected along with the primary benefits, the tax credits and other tax benefits, on a “net, net

basis” on the income tax expense line of the income statement.

Market


Investor syndicator review

Investor – Syndicator Review


Investor syndicator review1

Syndicator Track Record

Investor Reporting

Credit Committee Process

Watch List Quarterly Reviews

Syndicator Rating Process

Investor – Syndicator Review


Deal side

Deal Side


Deal side1

Investor Hot Buttons

RAD (Rental Assistance Demonstration Program)

4% Credit / 9% Credit

High Profile

Market / Market Study

Cost Containment

Developer Track Record

DCR in Year 15

Deal Side


Other

Other


Other1

  • Regulatory Oversight and Reporting

  • Additional reporting requirements

  • CRA Examinations

  • OFAC (Office of Foreign Assets Control)

  • Federal Reserve – Affiliate Transactions (Regulation W)

  • SCRA (Servicemembers Civil Relief Act)

  • Public Welfare Investments – 12 CFR 24Limits

Other


Questions and answers

Questions and Answers


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