Speakers
- Moderator: Kristine Hanson, Enterprise Community Investments
- Julie Shelton, Self-Help Enterprises
- Garrick Gibson, Baker Tilly Advisory Group
- Sean Barnes, Enterprise Community Asset Management
- Bryan Dove, Eden Housing
Overview
For many affordable housing owners and asset managers, Year 15 marks the point when the LIHTC compliance period ends and major decisions begin. This session from the CHAM 2025 Conference offers a step-by-step look at how to prepare for and successfully navigate this transition.
What You’ll Learn
- Managing the Exit Process – How to start early, track critical documents, and work effectively with legal counsel, lenders, and investors. Julie Shelton shares a detailed case study of Self-Help Enterprises’ Rancho Lindo Partners, highlighting an on-time, drama-free limited partner substitution.
- Capital Accounts Demystified – Garrick Gibson explains why positive or negative capital accounts matter at exit, how they influence liquidation proceeds, and strategies to avoid unwelcome surprises.
- Investor Perspectives & Negotiation Strategies – Sean Barnes walks through Enterprise’s approach to Year 15, including right-of-first-refusal scenarios, buyout options, early exits, and key economic drivers that shape negotiations.
- Life After Year 15 – Bryan Dove outlines how Eden Housing maintains long-term property health, from resyndication planning and capital needs assessments to setting clear priorities for repairs and pursuing creative funding sources.
Key Takeaways
- Start planning well before Year 15, ideally in Year 10 or earlier.
- Understand your partnership documents and the mechanics of capital accounts.
- Consider both the general partner and investor perspectives when structuring an exit.
- Protect long-term viability with realistic capital planning, reserve management, and fundraising.
- Keep affordability and resident stability at the center of decision-making.