EDGE Communications from the
Portfolio Management Frontline
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MAY 2024
DISTINGUISHED FELLOWSHIP PROGRAM COMES TO A CLOSE ORR
Payton Hodson , Valparaiso University, Bachelor of Arts in Psychology & Spanish, Minor in Humanities Rotations: • Marketing & CREA Foundation • Legal • Syndications • Credit & Underwriting “As part of Orr Fellowship, I am grateful for my six-month rotations... This unrivaled two-year experience has enriched and diversified my professional skills development, following graduation from Valparaiso University. I have appreciated each team’s supportive and authentic environment, commitment to my learning through training and mentorship, and emphasis on intentional exposure to a balance of deal-based work and special projects that align with my interests and strengths. Also, I value immersing myself in CREA’s culture, through participating in three Employee Resource Groups and our Summer Book Club, engaging in CREA’s Mentor Program as a mentee, organizing a Volunteer Day with Indy Reads, and translating our 2022 CREA Social Impact Report into its inaugural Spanish version.” Up Next: “After Orr Fellowship and my time at CREA, I am truly honored and thrilled to share that I have been selected to receive a Fulbright Scholar Grant to be a bilingual English Teaching Assistant in Ecuador for the 2024-2025 academic year! Passionate about intercultural exchange through the power of shared language and hungry to continue to deepen my learning, I look forward to this prestigious immersion opportunity to foster mutual understanding and growth abroad.”
In June of 2022, CREA welcomed three talented individuals to rotate through various areas of the business. The prestigious Orr Fellowship places select, high-achieving graduates in career positions through their two-year program that not only offers full-time paying jobs, but also programming to support their leadership development and entrepreneurship. CREA has been fortunate to have welcomed three of the brightest graduates in Indiana to its Indianapolis office to grow within a variety of our internal teams. Learn more about the journey CREA’s Orr Fellows have taken, and perhaps where partners may have had a chance to interact directly with them: Daniel Gerber, Taylor University, Bachelor of Science in Finance & Bachelor of Arts in Politics, Philosophy & Economics Rotations: • Credit & Underwriting
• Acquisitions • Syndications • Fund Management
“Over the past two years at CREA, I had the unique opportunity to work with various individuals across different departments. This experience will be a great asset as I progress in my career.”
Up Next: Daniel is currently making plans for his future.
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EMPLOYEE SPOTLIGHT ORR FELLOWSHIP, CONT. PROPERTY IMPACT STORY
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CREA FOUNDATION UPDATE ANNUAL ASSET MANAGEMENT WEEK HIGHLIGHT NEW HIRES & PROMOTIONS
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RECENT PROPERTY CELEBRATIONS GOOD TO KNOW
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UPCOMING CONFERENCES
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EMPLOYEE SPOTLIGHT: AMY FRIST Amy Frist, SVP, Asset Management - Development is approaching 10 years at CREA with 20 years’ LIHTC experience under her belt. Learn more about Amy and her impact leading within CREA’s Asset Management team.
deals, you also get hit with very time sensitive requests (internally and externally) at various times. This means you not only have to successfully keep your balls in the air, but also frequently manage unexpected requests to make sure they’re addressed in a timely manner. If you could share one thing that others might be surprised to hear about asset management work, what would it be? It can be extremely stressful. I am not sure people who have never worked in AM before really appreciate all the directions we are pulled in and all the parties (internal/external) that we must appease - with everyone wanting what they want immediately. I know you’re a very dedicated CREA employee who works extremely hard, but you also make time for fun in your life outside of work! What types of things can we find you doing on the weekend? I try to fill my weekends with as much outside activities as possible. I love being outdoors, whether it is working in the yard (I have recently been growing a green thumb), soaking in sun on my hammock while watching the dogs play, going to Colts games, or taking random road trips to various festivals/events. What is one of your most memorable moments at CREA? One of the top moments that will forever come to mind from my time with CREA is when I was on a site visit trip in New York visiting several different properties and my GPS signal went out and I was stranded with no idea how to get anywhere. I was so thankful for my team back home for saving me by searching my cross streets to find my location and guide me to the highway with handwritten directions to my next property. While it was extremely stressful and caused me to be behind schedule, the biggest takeaway for me was knowing that my team was there for me. I was so thankful for that! Teamwork makes the dream work! And for the record, that was my last site visit trip (haha).
You’ve spent your career at CREA working in asset management. Tell us a little about how you started out in the department and what you do now? I started in the department as an Asset Manager when we were structured as “cradle to grave”. The department restructured to go to a Development/ Stabilized team while I was an Asset Manager, and I knew immediately that I wanted to be a part of the Development AM team, as this was the part of the role I found to be the most challenging and could offer me growth in my learning journey. Over the years, as I continued to learn CREA’s processes and expectations of the role, I worked my way up to being an SVP and am now managing the development team with a heavy focus on growing our processes, trainings, onboarding, and personal growth for each member of the team. You were promoted to Senior Vice President almost a year ago - congratulations! Now managing the asset management development team, what are some of the challenges your team faces? This role is a challenge in general with time sensitivity, managing relationships, always working through complex issues, and keeping all parties happy. But I would say one of the biggest challenges in the development asset management group is time, or lack thereof, and learning the different nuances of each deal and developer while keeping all parties on the same page with expectations. The best way that I can think to describe what this role feels like is if you had 20- 40 (depending on your time in the group) deals/balls in the air. They are all at various stages and you have to keep juggling them to keep them from hitting the ground - staying aware of where they currently stand and what their needs are. While juggling those balls/
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Random Questions & Awesome Answers:
What is your dream vacation? Greece It’s karaoke night at The Living Room lounge. What’s your go-to song? I would not be singing at karaoke; I leave that to the privacy of my car and the shower. If you could have free meals at one restaurant for the rest of your life, which would you choose? Texas Roadhouse, you just can’t go wrong with this choice.
continue to call CREA home!” ...continued from page 1 DISTINGUISHED ORR FELLOWSHIP PROGRAM, CONTINUED
Claire Williams , Butler University - Lacy School of Business, Bachelor of Science in Business Finance Rotations:
Up Next: Claire Williams has accepted a full time position with CREA, which she began in January 2024, as Acquisitions Associate . Jeff Nelson, VP, Acquisitions , says of Claire: “Claire has already been a valuable addition to our (and other) departments through the Orr Fellowship Program and her previous rotations, so will be able to hit the ground running with the knowledge she’s gained internally, and with her natural drive.” We sincerely thank Daniel, Payton and Claire for their contributions throughout CREA and wish them well in the next chapter of their professional careers!
• Asset Management • Fund Management • Credit & Underwriting • Acquisitions
“The past two years have been full of personal and professional growth. Orr Fellowship has exposed me to meaningful programming, motivating leadership opportunities and impactful professional development, but most importantly introduced me to CREA! The opportunity to meet and connect with members of this organization has by far been the most rewarding part of this experience. I’m incredibly thankful to the individuals in Asset Management, Fund Management, Credit & Underwriting, and Acquisitions who showed such kindness and selflessness, welcoming me with open arms and sharing their expertise. I’m excited to
PAGE 4 HEALING IN HOUSING: AFFORDABLE LIVING WITH MILITARY VETERANS IN MIND
845 Commons / Schnenectady, NY 845 Commons offers 155 safe, affordable homes to formerly homeless residents, many of which are military veterans. Originally built in 1915 as an industrial building for the Mica Insulator Company, the community by the Galesi Group was awarded a Historical Preservation Award by the Preservation League of New York State for its preservation and successful repurposing of the historic structure and aided the city in being “recognized by President Obama as one of only three cities in the United States to effectively eliminate veteran homelessness.”² At the community’s 2015 grand opening, Governor Andrew Cuomo said, “845 Commons gives hope to people, especially veterans, who need a decent place to live and services to help them succeed.” In partnership with the Capital District
In honor of Military Appreciation Month, we welcome you to revisit a Property Impact Story that we posted in 2022. CREA is grateful to recognize our very own veteran team members: Michael Murray, U.S. Army, 19801-1984 and Jon Rieman, U.S. Army, 2004-2009. We thank and celebrate them for their years of service. It is in this same acknowledgment to those who have given their time, talents, and so much more for the freedom of our country, that we share our support of Homeless Veterans and Families (HVAF), an Indianapolis- based organization, focused on addressing the specific needs of veterans. Their mission is to provide housing and reintegration services to veterans experiencing or at-risk for homelessness.
populations, the National Coalition for Homeless Veterans reports that 13% of the homeless adult population are veterans.¹ Beyond consideration of driving influences of homelessness, such as the affordable housing shortage, veterans are subjective to homelessness due to lack of transferable skills to civilian workforce and “lingering effects of post-traumatic stress disorder (PTSD) and substance abuse, which are compounded by a lack of family and social support networks.” With this in mind, we find it especially important to promote and prioritize the availability of veteran-specific affordable housing options that include supportive services to foster veteran success in reintegrating into civilian life. CREA is proud to share partnerships with organizations that provide these housing and health solutions and welcome you to learn about three communities that are doing just that.
While difficult to fully report on due to the transient nature of homeless
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YMCA, resident services include case management, referrals for medical and behavioral health treatment, employment training and placement, life skills development and subsidized meal offerings. Bastion Community of Resilience (Phase II) / New Orleans, LA Recipient of the 2019 Charles L. Edson Tax Credit Excellence Award for Veterans, Bastion Community of Resilience (Bastion) was the country’s first intentional community for veterans and their families. Developed by Renaissance Property Group, Bastion Phase II provides 20 homes with a focus on supportive services that are not only catered for veterans but meet residents on an individual level via a needs assessment and individualized care plan. Supporting Bastion’s holistic approach to community integration, through the care of Generations of Hope, residents the
are well positioned to experience post traumatic growth within the intergenerational, multi-cultural community. Of its current residents, 32 are using VA disability, 31 are using VA healthcare, 17 are using housing vouchers, and since 2017, the community has been home to 31 post 9/11 veterans and 15 elderly veterans, and has experienced 28 deployments to the Middle East and Central Asia and 327 total years of military service.³ “Bastion has been a huge blessing for me and my family. It gave us hope at the time when hope was in question,” said Malik Scott, Bastion Resident.
respectively, of their homes for veterans seeking affordable living within vibrant communities to help facilitate and support reintegration. Located within two miles of each other, both apartments offer a host of amenities to residents, including: • Smoke-free • Business Center and Clubhouse • Professional, on-site management • Play areas • Access to walking trail and local amenities • Spacious storage spaces • Washer and dryer in homes Sources: 1. https://nchv.org/veteran- homelessness/ 2. https://cdymca.org/programs/ housing/845-commons/ 3. https://www.joinbastion.org/ impact.html
Belle
Rivers
&
Eastover
Apartments / Oxford, MS Belle Rivers & Eastover Apartments / Oxford, MS Developed by Rosemark Real Estate and Rosedale Holdings, the Belle Rivers and Eastover apartments set aside at least 20 and 10 percent,
Read more Property Impact Stories Online >>>
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CREA FOUNDATION UPDATE
Over the summer, two of the IUI scholars will be interning within CREA’s Credit and Underwriting and Asset Management Departments. There, they’ll have the opportunity to gain valuable working experience and directly learn more about the affordable housing industry. We are excited for the great things ahead for these determined students.
for their success. Arvetta Jideonwo, CREA Foundation’s Executive Director and Charles Anderson, Co- President at CREA, LLC completed a visit to CSUN during the month of April. This visit reiterated the personal approach and unwavering support provided to the students in the CREA Scholar program.
CREA Foundation is thriving as CREA Scholars from Indiana to California reach the end of the 2023-2024 school year. Through the support of donors, students have been able to access additional services included as part of the program beyond the financial support of their scholarships. CREA Scholars at Indiana University Indianapolis (IUI) The ten individuals in this cohort are getting ready to celebrate the end of their sophomore year and have really created a community with each other. They have had the opportunity to attend sporting events and gather for dinners, as well as participate in a four-week Immersive Career Mentorship Program offered by CREA Foundation.
Meet the CSUN CREA Scholars Online >>>
Meet the IUI CREA Scholars Online >>>
What’s Next...
CREA Scholars at California State University Northridge (CSUN) The 20 students in this cohort are wrapping up their freshman year. The first year of college is arguably the hardest as they’ve navigated a new learning environment, while managing class work load and often job demands outside of their schoolwork. CSUN provides significant support and services for students in their Educational Opportunity Program (EOP) which has proven to be a pivotal resource
The foundation will spend the remainder of 2024 focusing on identifying the next CREA Scholars cohort as well as hosting partners at the annual CREA Foundation Scholarship Golf Classic scheduled for October 2nd in Indianapolis. The golf outing is crucial to the fundraising efforts of the foundation, raising funds to benefit additional students. If you’re interested in participating, sponsoring or donating toward the event, please contact Arvetta at ajideonwo@creallc.com
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ANNUAL ASSET MANAGEMENT WEEK During the week of March 4th, the entire Asset Management Department gathered in Indianapolis for an annual week of training, collaboration and connection. Time was well-spent in global department trainings, as well as deep-diving into report trainings and calculations.
collaboration with the Syndications Department, asset management team members also learned more about what drives investors in proprietary funds. Will Pritchard, Director of Credit & Underwriting , lead a workshop on stabilization testing, providing insight into their processes. Lastly, members from the Indianapolis Metro Police Department (IMPD) joined the stabilized team for a morning exploring situational awareness tools to boost safety on site visits.
But, what would Asset Management Week be without the opportunity to have a little fun. Asset Management and Special Assets Departments celebrated being together in person by exercising their creative talents at a murder mystery dinner. Each person played a role in acting out and solving “The TOP GUNnerton Murders,” a play by Joe Strange. The evening was filled with lots of laughs, fake deaths and discovering which cohort had hidden acting talents. It was a great week of focus and fun!
Additionally, the special assets team presented on problem solving tips and CREA’s Human Resources Department provided guidance on how to improve communication. In
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MEET OUR NEW (& RETURNING) TEAM MEMBERS!
Frank Lewis Senior Vice President Fund Management Indianapolis, IN
Andrew Smekens Financial Analyst – Development Indianapolis, IN
PORTFOLIO MANAGEMENT’S 2024 PROMOTIONS! Frank rejoined CREA’s fund management team in February after a brief stint away. Originally hired in August of 2018, he has nearly 16 years of LIHTC experience in various audit, tax, fund management and risk management roles while previously at a public accounting firm and two other syndicators. Originally from Florida, he now resides in upstate South Carolina with his wife and six-year-old twins. Frank is a tenderloin sandwich connoisseur and was voted Best Mustache at CREA three years running and is back to reclaim the title in 2024.
Andrew is a recent graduate of Indiana University Indianapolis (formerly IUPUI) with a bachelor’s degree in Finance and Real Estate. There, he served as the president of the Real Estate Workshop, participating in multiple case competitions - one of which focused on LIHTC development. This, combined with interning for a LIHTC developer, grew his knowledge of the industry and led him to CREA. Andrew enjoys staying busy by going to sporting events and concerts, as well as spending time with his girlfriend.
Tesfalem Chatot Asset Manager – Development Boston, MA
Amanda Dennison Assistant Vice President, Asset Management - Stabilized Justin Glickman Assistant Vice President, Fund Management Priscilla Lamour Senior Asset Manager - Stabilized
Tesfalem Chatot is a Vermont native who thrives in the outdoors and treasures moments with family and friends. His journey into affordable housing began in San Antonio, where he witnessed the impact of redlining while working in underserved schools. After reading Richard Rothstein’s eye- opening book, “The Color of Law,” he committed himself to the cause. Since 2019, Tesfalem has been diving headfirst into affordable housing initiatives, working in both permanent lending and syndications.
Molly Snyder Assistant Vice President, Asset Management - Stabilized
Check out our full team on our website!
CREALLC.COM
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RECENT PROPERTY CELEBRATIONS
• Hoover Place Grand Reopening / Dayont, OH / 144 Affordable Homes • Alta Vista at St. Joseph’s Park Groundbreaking / Rochester, NY / 76 Affordable Homes • May 23rd: Annika Place Grand Opening / Traverse City, MI / 53 Affordable Homes
• May 23rd: Riverside Commons Apartments Ribbon Cutting / Plymouth, IN / 48 Affordable Homes • May 29th: Garfield Highlands Ribbon Cutting / Pittsburgh, PA / 25 Affordable Homes • May 31st: Building 158 & 210 Groundbreaking, Los Angles, LA, 48 & 37 Affordable Homes
GOOD TO KNOW
HOTMA • HUD issued a notice on 2/28/24 extending the compliance deadline for owners to update TSPs and EIV Policies and Procedures to 5/31/2024. • More information on HOTMA can be found here.
NSPIRE • Hud issued a notice on 9/29/23 announcing extension of NSPIRE Compliance Date for HCV and PBV programs until 10/1/24. • More information on NSPIRE can be found here.
CONNECT WITH US AT AN UPCOMING CONFERENCE! NYSAFAH Conference May 16, 2024
MOWHA Annual Conference May 29-31, 2024 Attendees: Adam Lavelle & Claire Williams
CARH Annual Meeting June 24-26, 2024 Attendees: Mike Regan TAAHP Housing Conference July 22-24, 2024 Attendees: Alison Anderson & Brenda Champy Diversity In Commercial Real Estate July 25-28, 2024 Attendees: Priscilla Lamour, Anthony Richardson, Ben Riesmeyer & Tom Pereira
Attendees: Brenda Champy, Tracy Engels, Brad Howarth, Neala Martin, Tom Pereira & Anthony Richardson 2024 Affordable Housing Symposium May 21-22, 2024 Attendees: Tony Bertoldi & Vincent Monaco
CCAH Spring Conference June 10-11, 2024 Attendee: Richard Shea
NCSHA Housing Credit Connect June 10-13, 2024 Attendees: Charles Anderson, Tony Bertoldi, Brad Howarth & Thomas Pereira
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