Bb enance sure neighborhood stabilization efforts. In addltion, the organization is working ‘0 coordinate a policy response to really ‘address theism of foreclosure preven- ‘ion, particularly looking at approaches toloan modifications ‘A-second issue will involve the re- form ofthe secondary market. Weve got to get back toa place where the second- ary market serves the affordable housing TAX CREDIT EQ industry whether thatthe government- sponsored enterprises or the Federal Home Loan Banks or ather participants? says Nitenbatm, “Wenoed tomalke sure, ‘he mainstays remain in place, and that strong and sustainable long-term eaptal sourees exist to support state and local housing goals” (On a thint front, transt-orented development and green initiatives wil Syndicator Eyes Return to Market BY DONNA KIMURA ston Finanelal Investment ‘Management is preparing its first low-income housing tax credit (LIHTTC) fund since its change ftom MMA Financial, Ws one of several key moves thatthe frm {is making as it retums tothe market un der new ovmership. “The biggest challenge wall be rein- ‘woducing the company to the market- place ina way that emphasizes the qual ity ofthe compazys people and systems, ‘while conveying that we are free from the accounting problems that MuniMae has encountered” says new CEO Ken Cutillo. MMA. Financial, a prominent LIHTC syndicator, was sold this year by ‘MuniMae to an afliate of EN Partners, LLC, a New York-based private equity ‘firm. The $30.7 milion deal consisted of $18.7 milion in eash and $12 million in abilities to be assumed by the buyer. ‘The name was then changed, but its not totally new The frm started out ‘many years ago as Boston Financial then Decame Lend Lease, and then MMA. Company leaders describe Boston Financial asa “mature start-upy'meaning ‘thas many ofthe people and structures from MMA Financial with ¢ revamped business plan and new ownership. Imadeition to syndicating tax ered- its, the frm holds third-party eontracts ‘with several institutional investors. to asset-manage their holdings. Boston Financial wants to grow that third-party asset management busines, “Overall, I see us continuing our Boston Financial Investment Management, formerly MMA Financial, has a port- folio of 1,800 properties valued at about $8 billion asset management business for existing investors, expandingitby securing third- party asset management work or aequir- jing. additional potiolios, and_ getting back into the syndication market, but ‘ma way that is consistent with the eon- _srained equity market that currently ex- ists says Cutillo, who worked for seven ‘years as senior vice president at Aliant Capital and supervised the firms acquisi- “continue to be important topies for "NHC, “Its a crucial) moment in time when we have a president who knows the importance of these issues, a federal housing secretary who is wel steeped in affordable housing, and financial sector and banking regulators who want to promote community reinvestment” says ‘Nissenbaum. “That alignment provides ‘uswith an important opportunity” tion program, First LINTC fund In one Key change, the firm does not have an affordable housing finance group as MMA did, Earlier this yeas, ak Grove Capital acquired MMA Financials Fannie Mae, Preddie Mae, and Department of Housing and Urban Development lending platform for about $70 milion, Boston Financial is talking with a few lenders to establich a correspondent relationship, where it would have an ex: clusive alliance with alender. That way it could offer debt and equity together toits affordable housing partners Onthe equity side, Boston Financial {is working on is frst LIHTC fund. Tis hosting an investor’ conference at the fend of October to re-introduce itl to the market, says COO Greg Judge, who hhas been with the company since 1989, “He expects that the fund wal he launched in November and wil key be ‘between $50 million and $100 milion, “Weespectto havea modified strue- ture to our funds going forward withthe salto further align ourselves with our investors while also crating se-sustain- ing funds says Judge. "Weld like to turn ‘the tax credit investment business into more of an annuity business from an ‘upfront transactional fee business as we feel that this better align interests and incentives?