Challenges and Experiences with Aging Multifamily Portfolios

Wednesday, November 7: 10:45am – 12:00pm

Let's face it: most projects will start struggling well before Y15. In this session, the panel will focus on preparing for Y15. With more time comes more options! It is important to start critical thinking and planning early for best results. Determining short- and long-term viability should start with examining the project's financial and capital needs and how they align with the post-Y15 goals. This panel will share their experiences via case studies, talk about Y15 goals (refinancing, sale, and resyndication) and the strategies they undertook to achieve these goals. The panel will also share insight on the ideal time to start tackling tasks.

Session Materials:

Aging Multifamily Portfolios Presentations (658 KB Adobe PDF File)

Room Number:



Sarah Malone, Wallick Communities
Sarah Malone serves as Senior Vice President of Asset Management. In this role, Sarah oversees Wallick's asset management division and ensures all company-owned communities are performing financially and generating a return on investment. Ms. Malone handles the negotiation of community acquisitions. She also makes sure these communities are maintained in accordance with the company's vision to provide safe, affordable housing for families and seniors. Prior to joining Wallick in 2018, Sarah spent 10 years at Ohio Capital Corporation for Housing (OCCH) directing the daily activities of their fund management department. Sarah is a board member for the YWCA of Columbus and received a bachelor's in business administration and marketing from Ashland University as well as an MBA from Capital University.


Kevin Nowak, CHN Housing Partners
Kevin J. Nowak joined CHN in April 2016 as General Counsel and Director of Strategic Initiatives. Kevin is a leader and problem solver, who can address the most complex issues with comprehensive and creative solutions and has the ability to bring diverse stakeholders to the table through a partnership oriented approach. In his role as General Counsel, Kevin focuses on risk management across CHN's disciplines with a goal of protecting CHN's assets in a proactive manner. In his role as Director of Strategic Initiatives, Kevin develops and leads strategic initiatives that address CHN's double bottom line of mission and financial sustainability. Prior to joining CHN, Kevin was the National Equity Investment Manager of Key Community Development Corporation, a wholly owned subsidiary of KeyBank. In his position, Kevin was responsible for both the new acquisition of community development investments and the asset management of KCDC's $1B investment portfolio. Kevin's experience in community and economic development includes the full spectrum of deal structuring and financing, including tax credit and non-tax credit financed affordable housing, projects financed with new markets tax credits, historic tax credits and energy tax credits, investments in small business investment companies, CDFIs and civic loan funds and equity equivalent finance. Prior to joining Key, Kevin was an associate in the commercial real estate practice of Thompson Hine LLP, a national law firm based in Cleveland. During his time at Thompson Hine, Kevin represented a wide variety of clients from small developers to national REITs to privately and publicly held corporations in the acquisition, disposition, development, construction, asset management and financing of their real estate assets. Kevin is actively involved in affordable housing industry and advocacy groups and is a frequent speaker on affordable housing and community development issues. Kevin earned his B.A., Phi Beta Kappa, in Political Science and History from the University of Michigan '02 and J.D. from the University of Michigan Law School '05.

Matt Rule, National Church Residences
Matt Rule is Senior Vice President of Housing Development at National Church Residences. Matt leads NCR's acquisitions, development finance, originations, and construction teams. In the past five years his team closed over 35 LIHTC transactions and purchased over 3,000 affordable senior units. In 2015, Affordable Housing Finance (AHF) named Matt as one of six Affordable Housing Young Leaders. Prior to joining NCR, Matt was a transactional attorney at Squire Sanders, LLP (currently known as Squire Patton Boggs) where he served as legal counsel for a variety of low income housing tax credit developers, syndicators, direct investors and lenders. Matt is a graduate from The Ohio State University Michael E Moritz College of Law where he graduated with distinction as Summa Cum Laude, Order of the Coif. Matt is active at Vineyard Church in Columbus and serves on the Board of Directors of National Affordable Housing Trust, the Board of Trustees of the Ohio Housing Council and the Board of Directors of the Upper Arlington Rotary Club. Matt is married and has three very energetic children. Founded in 1961, National Church Residences is one of the country's largest non-profit owners and developers of senior affordable housing. National Church Residences owns over 19,000 units of affordable housing designed to serve the elderly, low-income families and persons with disabilities. National Church Residences' mission also includes assisted living facilities, nursing homes, home health care, hospice, specialized Alzheimer's care, and Continuing Care Retirement Communities. National Church Residences has been a leader in integrating services into affordable housing through its service coordination program. Currently service coordinators provide social work assistance in over 200 National Church Residences properties.

Wolfgang Teran, Ohio Capital Corporation for Housing
Mr. Teran joined Ohio Capital Corporation for Housing in 2014 as a Vice President of Fund Management. More recently, he assumed the role of Vice President at Ohio Finance Capital Corporation (OCFC), the lending arm of the Ohio Capital Corporation for Housing. His responsibilities include providing capital to developers and operators of LIHTC projects, developing strategies and negotiating the disposition of assets at the end of the compliance period, creating models to manage the loan funds, and assisting OCFC's President in the sourcing of capital for the loan funds. Prior to joining OCCH, Mr. Teran worked in banking and finance for many years for institutions such as JPMorgan Chase and Wachovia in the New York and South Florida markets. Since relocating to Central Ohio, Mr. Teran has worked in roles focused on commercial lending, economic development, capital markets, and asset management. Mr. Teran earned his Bachelor of Business Administration Degree from Florida International University. He also holds a Master's Degree in City and Regional Planning from The Ohio State University, where he focused on real estate and economic development, and a Master's in Business Administration from The Ohio State University, where he focused on finance and real estate.