BuzzHouse: A Baker Tilly Podcast

What effects will COVID-19 have on available multifamily housing funding by municipalities? What strategies are municipalities bringing to the table? What information should developers provide to municipalities when starting projects? Baker Tilly’s municipal advisors Terri Heaton and Mikaela Huot join our hosts to discuss multifamily housing from a municipality viewpoint and everything municipalities want you to know as a developer. They will answer these questions and more to prepare you for your next public housing project.

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David Haviland is a Baker Tilly senior manager, best known for his multitude of experience helping multifamily housing developers identify opportunities through market studies. In this episode, he reveals how COVID-19 has impacted the process of market studies and why virtual site visits may be the wave of the future. Hosts, Don Bernards and Garrick Gibson dig deeper to uncover chatter around rent collections, especially as it relates to secondary outbreaks. David deconstructs the multifamily housing market to share predicted design and amenity changes as renters’ mindsets shift, as well as new and successful marketing strategies that listeners can implement.

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Join Don and Garrick as they interview, Baker Tilly senior manager Spencer Skinner, on a trend gaining momentum in the industry for developers: modular construction. With a primary goal of reducing construction labor costs of a project, Spencer shares how he helped a client use modular building to close a construction gap of six to eight million and reallocate the savings to other parts of the project. Spencer will also answer common questions for developers considering modular construction, including when you should consider this type of building, what components developers are responsible for, and some challenges you may face.

The hosts will also give some quick industry updates including the Office of the Comptroller of the Currency’s (OCC) final release of their Community Reinvestment Act (CRA) requirements and Senator Wyden’s call for housing credit enhancements in the next coronavirus bill.

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Over the next five years approximately 635,000 low-income multifamily housing units will reach Year 15. To date, this is the most in the history of the low-income housing tax credit (LIHTC) preservation program (Year 15). As you approach your 15-year compliance period, specialized disputes involve extremely complicated transactions, new and existing parties, and parties whose objectives have changed since inception of the partnership. Guest and trial lawyer David Davenport speaks with Don Bernards and Garrick Gibson on signs of dispute, where disputes may arise and language you should focus on when drafting buy-out sections.

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Laura Cataldo, a Baker Tilly senior manager who works with contractors across the country on performance and management effectiveness, joins Don Bernards and Garrick Gibson in an episode geared towards developers with projects in construction.

Learn about what contractors are doing to stay healthy and safe during COVID-19, force majeure clauses in contracts that may benefit you, and how to vet potential contractors for future jobs. The team will also dive into how you can be proactive as you deal with supply chain issues affecting building materials, furloughed municipal workers delaying inspections and certificate of occupancies, and impacts causing delays in project timelines.

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With unemployment rising to an ultimate 14.7% rate, many multifamily housing developers and owners are interested in what future rent collections will look like. Join Don Bernards and Garrick Gibson as they speak to these upcoming rent collections, as well as how to make your deal more attractive for a tax credit investor, and what developers can do to help mitigate the current drop in investor pricing.

As the multifamily housing industry pushes for a fixed 4% tax credit and lower requirements for the 50% test, Garrick will explain the key factors driving this and recommend some talking points when addressing legislators.

Don and Garrick will also dive into what the next round of proposed COVID-19 legislation could mean for you, including a housing assistance fund and emergency rental assistance.

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With interest rates at an all-time low, many multifamily housing developers may be considering refinancing properties. Hosts Don Bernards and Garrick Gibson outline the main considerations when looking at a refinance opportunity and how you should approach an investor. In addition, Garrick details examples of how refinancing can be used to pay off deferred fees or sponsored loans that would be considered eligible debt and Don discusses tax credit pricing in the equity markets over the last few weeks. You’ll also get an inside look at what the historic industry is doing in Washington to aid in economic recovery after experiencing historic project construction delays.

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On this week’s episode of BuzzHouse, Don Bernards and Garrick Gibson dissect the provisions on new legislation and regulations recently passed, including the differences between Notice 2020-23 and Revenue Procedure 2014-49. Providing a quick summary of the fourth relief package released at the end of April – roughly $484 billion – Gibson and Bernards detail where that money is being focused. And as new legislation is released, what could be included that would greatly impact the housing industry? Tune in to find out more.

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On BuzzHouse’s first episode, Baker Tilly partners Don Bernards and Garrick Gibson outline a checklist of key considerations a developer should use when focusing on operating results during a time of uncertainty. Analyzing asset management at a property level is key, with over 22 million people without jobs and an increase in those unable to pay rent, as well as delays in construction and a slowdown in leasing. The hosts share how property managers are working with tenants on rent payments, cash flow solutions and sensitivity analyses and calculations. Tune in to hear the imperative asset management steps you should be working through on each of your properties.

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