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Price: $55
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  • Description

    With cities experiencing a staggering population explosion, the number of affordable housing units has dwindled. To address the issue, the federal government created the LIHTC program, which has financed and built nearly 100,000 affordable units each year since it was launched. The project dramatically increases the number of affordable units, generating over $3.5 billion in tax revenue. This CLE course will explain how the program operates and what differentiates it from other programs. The course will address issues of compliance, risk assessment and how under-performing assets are converted to affordable housing under LIHTC.

  • Instructor Bio

    Stuart Portney

    Stuart Portney founded The Metro Company, LLC in 1988 and has over 35 years of planning, real estate, finance and development experience in both the public and private sectors. Mr. Portney manages and oversees the firm’s housing development and finance activities including: initial project planning; property identification; financial feasibility analyses; acquisition assistance; financial packaging; and the successful transition of projects from construction to operation. He has extensive real estate development experience, which encompasses: identifying opportunities for development of new affordable housing; selecting and supervising project architects, engineers, contractors and property managers; and working effectively with local government and various stakeholders to garner needed project support and entitlements.

    Mr. Portney works closely with for-profit developers, investors, non-profit organizations, municipalities and housing authorities on various residential and mixed-use development projects throughout the region. Clients and business partners seek out Mr. Portney for his expertise in handling complex affordable housing, planning and redevelopment projects and especially for his extensive funding and financing experience.

    Mr. Portney excels in the financial structuring, packaging, and closing of multiple funding sources for a wide range of affordable and mixed-income housing projects. He maintains excellent relationships with public and private lenders and equity investors, and creatively leverages and combines financial resources such as conventional construction and permanent financing, taxable and tax-exempt bonds, tax credit equity, and various grant and subsidy programs. Prior to forming The Metro Company, Mr. Portney served as Vice President in charge of planning and development for a commercial development and construction company in northern New Jersey. There he was responsible for analyzing the financial feasibility of office and industrial projects and obtaining all local approvals. He also served as Deputy Director for the Jersey City Department of Housing and Economic Development. It was during this time the City's ambitious redevelopment efforts were launched and gained widespread recognition. Mr. Portney was responsible for coordinating some of the largest mixed-use waterfront development projects in the northeast.

    Mr. Portney is a licensed professional planner in the State of New Jersey. He holds a Bachelor's degree in Community Development from Rutgers University and a Master's degree in City Planning from the University of Pennsylvania. He attended New York University's Real Estate Institute. He is a member of the American Planning Association and the Housing and Community Development Network of New Jersey. Mr. Portney is a frequent lecturer on planning, housing and development matters.


    Kelly Bissinger

    Kelly Bissinger is a partner in the Vorys Washington, D.C. office and a member of the finance, energy and real estate group. Her practice is focused on real estate and tax matters. Kelly represents clients from all perspectives of the acquisition, financing, ownership, development and sale of office buildings, apartment projects, mixed-use and other commercial properties. In particular, she has experience representing both institutional and developer clients in connection with structuring and negotiating real estate joint ventures with an emphasis on the tax planning aspects of such transactions.

    In addition, Kelly has extensive experience advising developers, syndicators and investors on low-income housing, historic, new market and energy tax credits matters, including legislative and regulatory developments, originations, secondary market acquisitions and dispositions, end of compliance period planning and workouts.

    In 2013, Kelly was named one of Real Estate Bisnow’s (D.C.) 35 Under 35: Rising Stars in Commercial Real Estate.

    Kelly received her LL.M. with distinction in taxation and her J.D. from Georgetown University Law Center. She received her B.A. cum laude from Tulane University.

    Prior to joining Vorys, Kelly was an attorney with Goulston & Storrs P.C. and Squire Patton Boggs (US) LLP.


    Paul Connolly

    Paul Connolly has a wealth of experience in originating housing tax credit properties and in affordable housing development. He is an Executive Vice President of R4 Capital in our New York office, responsible for acquiring LIHTC properties for the firm.

    Before joining R4, Paul was Vice President of Acquisitions at PNC Real Estate where he managed the origination and acquisition of LIHTC properties across the Mid-Atlantic and Midwest regions. Previously, he was an acquisitions officer with National Equity Fund. Paul also worked for Allied Irish Bank, where he consulted with non-profit organizations developing affordable housing, and Lutheran Social Ministries of New Jersey, where he led a development team in the production of affordable housing.

    Paul earned a BS in Economics and East Asian studies from New York University and an MA in City Planning from the University of Pennsylvania.


    Courtney Horwitz

    Courtney Horwitz worked at Omni New York LLC, an affordable housing real estate development company for over nine years where she had many different titles and roles as the company grew from a 16-person operation to a 500-person company during her tenure. During this time, Courtney worked with a team to manage the acquisition, secure the financing, and oversee the rehabilitation of over 3,400 units of housing with a total transaction size of over $650 million. As Vice President, she created and grew an asset management department, integrated new acquisitions into Omni’s portfolio, and ensured financial and regulatory compliance. Additionally, she oversaw Omni’s energy efficiency initiatives.

    Prior to joining Omni, Courtney worked at HR&A Advisors, Inc., a real estate consulting firm, where she co-managed the NYSERDA’s Assisted Multifamily Program. She also worked at TAG Associates, LLC, a consulting firm that assists public housing authorities throughout the U.S. She is currently on the Real Estate Advisory Counsel of The Fifth Avenue Committee. She is a former board member of Women in Housing Finance and the past treasurer of the board of Neighbors Helping Neighbors. She is an alumna of the Coro Leadership New York program. She holds dual master’s degrees in Public Policy and Urban & Regional Planning from the Woodrow Wilson School at Princeton University and a Bachelor of Arts degree from Tufts University. She is a credentialed LEED Green Associate.


    Shawn Bolour

    This is an entrepreneurial movement to preserve and create affordable housing. Currently pursuing acquisition and development opportunities. Specifically, Project Based Section 8 HAP and LIHTC multi-family anywhere in the United States. I have led affordable housing projects across the nation including California, Florida, Mississippi and Puerto Rico. I have been involved in acquiring or developing over $160 million of affordable housing that has created or preserved over 1,500 apartment units.

    I have a deep understanding of the development process. My experiences have become a narrative of knowledge I share to advocate for affordable housing: The Bolour Movement Blog Past: I am a first generation born American. I come from a family of real estate entrepreneurs with over 30 years of experience. Graduated from the University of Southern California's Marshall School of Business with a dual concentration in Entrepreneurship and Real Estate.

    Present: Acquiring affordable housing deals. I will take a look at any deal small or large. Let’s connect today! Future: Change the skyline of a major city with a uniquely definable design. I’m talking skyscraper in LA – NYC – CHI – MIA. I’m talking about a work of art that makes your heart sink every time you lay eyes on it. I’m talking about a building like 56 Leonard in NYC.