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Webinar: Underwriting & Financial Feasibility

November 6 @ 10:00 am - 11:30 am


TAAHP Members pay $55 / person
Non-Members pay $85 / person
Sorry, no refunds for registrations or sponsorships.
All payments are due at time of registration.

What We Will Cover:

Join us as we discuss affordable housing development underwriting and feasibility. In this 1.5 hour webinar, we will cover:

  • QAP/Application requirements for underwriting
  • Market rate rents used in underwriting based on the rules
  • TDHCA Operating Expense database versus portfolio experience
  • How to calculate Debt Service Coverages
  • How underwriting relates to a cost certification post completion
  • What TDHCA underwriters look for in an application
  • Construction cost estimates and support
  • Basis calculation and tax credit award sizing

Who Should Participate?

Beneficial for Developers, Consultants, Housing Authorities, Investors & Syndicators

10:00 am – Introductions
10:05 am – Presentation
11:15 am – Q&A
11:30 am – Done


ModeratorDarren Smith
Darren Smith, MVAH Partners
Throughout Mr. Smith’s career, he has been successful representing some of the largest corporations in the world such as Bank of America
and Paramount Financial Group a subsidiary of GMACCH. Mr. Smith created multiple joint venture relationships with development groups in local markets around the country. Mr. Smith has been involved in all facets of the development process including site selection, strategic planning, feasibility analysis, site contract & acquisition, entitlements & zoning changes, negotiations with all third‐party professionals.

Rasalio BanueloRosalio Banuelos, TDHCA
Rosalio Banuelos is the Director of Multifamily Asset Management at TDHCA. He joined TDHCA in 2007 as a Cost Certification Specialist in the Real Estate Analysis Division and transferred to the Asset Management Division in 2012. He has been in his current position since August 2018, where he is responsible for the oversight of post-award activities for multifamily properties funded by TDHCA. Rosalio earned his Bachelor of Business Administration in Finance from St. Edward’s University.

Brent StewartBrent Stewart, TDHCA
Brent Stewart spent 10 years as a commercial real estate lender (apartments, office, retail) for a regional Austin based bank. In 1996 started affordable housing career as TDHCA’s first Director of Multifamily Bonds. In 2001 he started developing property (affordable and market rate) with Trammell Crow Residential and served on the TAAHP board and legislative committee for a portion of that period. In 2009, he returned to TDHCA as director of the REA division. During his second tour of duty at TDHCA, the REA division has underwritten over 116,000 units of affordable housing.

Meghan GarzaMeghan Garza, CHR Partners
Meghan Garza currently serves as the President and CEO of CHR Partners, Inc. a national nonprofit organization developing affordable housing and providing critical support services. Over the last 5 years, Ms. Garza has increased the organizations portfolio by more than 48% and documented services to more than 13,000 individuals throughout the State of Texas. Before this, Ms. Garza was instrumental in the creation of the Homeless and Housing Services Program in the State of Texas; the first homeless grant program to be funded with general revenue in the amount of $20M dollars. In 2010, Mrs. Garza-Oswald completed time with the White House Office of Social Innovation and Civic Participation; responsible for engaging and promoting public-private partnerships on a national level in an effort to serve our nation’s growing needs.

Lisa StephensLisa Stephens, Saigebrooke Development
Lisa Stephens has more than 20 years of experience in developing, financing and operating affordable housing. She has secured multiple annual allocations of 9% Housing Tax Credits across the southeastern United States and has financed and closed more than 6,200 units totaling almost $1 billion of development. Ms. Stephens is the Owner and President of Saigebrook Development, LLC, a Women’s Business Enterprise as well as a Texas HUB certified real estate development firm. Ms. Stephens received her BA in Accounting and Finance from the University of Florida and is certified by the U.S. Green Building Council as a LEED Green Associate. She currently serves on the National Green Building Standards’ (NGBS) Green Advisory Council, on HUD’s Advisory Group for Residential Resilience Guidelines and was most recently recognized as an NGBS Partner of Excellence.

Brian BlastickBrian Blastick, Dauby O’Conner & Zaleski, LLC
Brian Blastick, Principal at Dauby O’Connor & Zaleski, LLC, is a Certified Public Accountant in the State of Indiana and has been with DOZ since 2008. Brian has over 12 years providing audit and tax consulting services to clients in the affordable housing industry, including lower-tier partnerships, management and construction companies, and corporate entities. Brian has also been heavily involved in reviewing and preparing audits of developers and management companies involved in the LIHTC, commercial, and other various types of real estate prepared for OMB, HUD, RD, and various debt and equity providers.

Sponsor this Program to Promote Your Business

Show your support for TAAHP educational programming while also getting exposure for your business. Sponsorships can be purchased online by clicking below.

Limited to Eight Sponsorships – $750 Each
Includes 2 webinar participant registrations
Logo on promotional emails with link to website
Logo on Event page at taahp.org with link to website
Logo Branding on PowerPoint Presentation Footer During Webinar
Exclusive “sponsor slide” with short company description at end of presentation

Must be a TAAHP member to Sponsor

Note: TAAHP is planning more educational programming. Email naomi@taahp.org with sponsorship questions.

Thank you to Our Sponsors

Dauby O'Connor & Zaleski
Hilltop Securities


November 6
10:00 am - 11:30 am
Event Categories:


Virtual Meeting
TX United States

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