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NAHMA Announces New Affordable 50 Listing.

ALEXANDRIA, Va., May 19 /PRNewswire/ -- The National Affordable Housing Management Association (NAHMA) today announced the release of the NAHMA Affordable 50, a list of the 50 largest affordable property managers, ranked by affordable unit counts. The list is available at NAHMA's website, at http://www.nahma.org/, as well as the June issue of Affordable Housing Finance magazine.

The Affordable 50, created in an effort to accurately determine the size of the portfolio of affordable units receiving federal subsidy in the United States, lists affordable units containing at least one of following federal subsidies: HUD Project-based Assistance, Section 42 LIHTC, HOME funds, and USDA Section 515.

"The NAHMA Affordable 50 list will hopefully start a new dialogue about the future of federal funding for affordable housing," said NAHMA President Jim McGrath, SHCM, NAHP-e. "Affordable property managers have been adapting to the ever-changing landscape of federal assistance requirements for years. It is time for federal assistance programs to grow and meet the expanding needs of our nation."

"Affordable property managers have been thrust into the role of innovator to operate affordable multifamily properties," McGrath said. "Ask a group of these managers for a count of rental units managed in their portfolios and you get a quick answer. Ask them how many units receive more than one federal subsidy and you receive little consistency in the replies. The common theme in their responses, especially for properties added to the portfolios in the past decade, is that an increasing number of units receive layers of subsidy from multiple funding sources. In today's housing market, most affordable multifamily rental communities must rely on multiple subsidy sources to keep affordable housing in business and house the lowest-income households in our country. When one considers the fact that many HUD-assisted and USDA-assisted properties are aging and in need of rehab, it becomes apparent they do not have adequate funds to perform repairs or restorations without adding tax credits or HOME funds."

"If the affordable housing industry is to successfully contend that more federal funds are required to address the rental housing needs of our country, we need the data to make our case," said NAHMA Executive Director Kris Cook, CAE. "In most government reporting, a unit that receives a HUD project-based subsidy is counted as an affordable unit by HUD. If that same unit was built or rehabilitated using tax credits, it is again counted by the IRS or the state allocating agency as an affordable unit. Add HOME funds to the financing mix and it is counted a third time. NAHMA believes that overstating the supply of affordable housing leads policymakers to believe that more units are available than there truly are."

NAHMA has taken steps to determine the degree to which layering is overstating the supply of safe, sanitary, affordable housing through its new annual Affordable 50 list. The goal of this survey is to produce a list of the 50 largest affordable property managers, ranked by affordable unit counts. NAHMA believes that benefits of the survey will include:
 * It will set a foundation for annually identifying an accurate count of
 available affordable units by a credible, national organization.

 * It will provide valuable historical information to advocate on behalf of
 developers, owners, managers, and most importantly, the residents who
 rely on federal funds.

 * It will aid in convincing federal departments and agencies to cooperate,
 and in working together, to assist in the preservation of affordable
 housing and the creation of improved housing policy.

 * It will ensure a continued subsidy stream based on actual need.




The National Affordable Housing Management Association (NAHMA) is the leading voice for affordable housing management, advocating on behalf of multifamily rental property managers and owners whose mission is to provide quality affordable housing. NAHMA supports legislative and regulatory policy that promotes the development and preservation of decent and safe affordable housing. NAHMA serves as a vital resource for technical education and information, fosters strategic relations between government and industry, and recognizes those who exemplify the best in affordable housing.

CONTACT: Cyndie Graddy of the National Affordable Housing Management Association, +1-703-683-8630, or Cyndie.graddy@nahma.org

Web site: http://www.nahma.org/
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Date:May 19, 2006
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