Affordable Housing Finance Conference
Registration Info | Hotel Info | Contact Info | Agenda Sponsors | Registration |

March 23-24, 2017
Hotel Monteleone

New Orleans, Louisiana

New Measures of Affordability and Economic Mobility


SMITH’s Research & Ratings will host its 25th annual Affordable Housing Finance Conference at the Hotel Monteleone in New Orleans, Louisiana.

Constraints on income have created affordability gaps, while demand remains pent-up in major markets. Are the lenders looking at the upside potential of today's first-time buyers or remaining focused on the rearview mirror?

What's more, millennials have expressed a preference for multifamily rentals as part of a long-term desire to have economic mobility. What can housing policies do to recognize the changing demographics of demand?

SMITH's Affordable Housing Conference
explores the many issues facing the market and helps participants develop actionable solutions.

The overarching questions are: Where are there opportunities for housing sector investors and how will the affordable housing sector look going forward.

Since 1992, SMITH’S Research & Gradings has been covering the U.S. affordable housing market SMITH’S Affordable Housing Finance Conference is one of the longest running symposiums on this subject so vital to all Americans and the American economy.


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Who Should Attend?

  • State & Local Housing Finance Officers

  • Directors of Taxable & Tax-Exempt Fixed-Income

  • Portfolio Managers

  • Credit Analysts at Investment Firms

  • Wall Street Analysts

  • Rating Agency

  • Financial Advisors

  • Bond Counsel

  • Accounting Firms

  • Bond Insurance

SMITH’s Research & Gradings

SMITH’s Research and Gradings was founded by Terence Smith in 1992 to provide independent research and third-party analysis for institutional investors. SMITH’s has become a bellwether research company, often predicting significant trends and spotlighting controversial subjects sometimes months before they come to light elsewhere.


Sponsors and Exhibitors

Dinner Sponsor Cocktail Sponsor
Bank of America Merrill Lynch Mintz Levin
Silver Sponsor
Silver Sponsor
S&P Global
RBC Capital Markets Hilltop Securities

Registration Information

Registration Fees


Standard Regsitration

$1,025 per person Standard Rate
$475 per person Investor Rate
$360 per person Issuer/Governmental Rate

Registration fee includes course materials, breakfast, lunch, and breaks during the conference.

Payment by credit card, company check or personal check is required prior to the conference.



Groups of 3 or more Standard Rate - $922.50 per person
Groups of 3 or more Investors - $427.50 per person
Groups of 3 or more Issuer/Government - $324 per person

Cancellations are subject to a $100 service fee. Cancellations will be accepted up to 30 days prior to the Conference in order to receive a refund.
Cancellations after the 30 day cut-off will receive a registration credit toward a future SMITH’s conference program. Credits will be issued at the original registration rate and will be valid for 12 months. Registration credit requests must be received by the last day of the conference.
Substitutions from your company will be accepted any time prior to the conference.

As a SMITH's Conference attendee, you will receive a complimentary edition of SMITH's Research & Gradings — the leading independent source for credit opinions.


Program Cancellation
In the event that SMITH's Research & Gradings cancels a scheduled program, all registrants will be notified in writing. Registration fees will be refunded. In the event that a conference is cancelled, SMITH's Research & Gradings cannot be held liable for non-refundable transportation costs. In the case of inclement weather, or acts of God, if the seminar takes place, the registration is not refundable.


Complaint Resolution
Address any complaints to Pamela Kilbourn, SMITH's Research & Gradings, P.O. Box 1195,

Great Falls, VA 22066

Email to or phone 571-299-4954. Complaints will be handled in as timely a manner as possible.

Privacy Policy & Records Retention
SMITH's values your privacy. SMITH's retains information submitted during the registration process with regard to your name, company and contact information. Credit card information is destroyed once the transaction has been processed. We will never willfully sell, lease, or rent any of your personally identifiable information to any third party

Dress Code
Business Casual.

Register by Phone: (571) 299-4954,

                    Email: or

                    Mail: SMITH's Research & Gradings, P.O. Box 1195, Great Falls, VA 22066.

Payment: We accept company or personal checks; MC, Visa, AmEx
and Discover credit cards or, via PayPal using all major credit or debit cards.


The Hotel Monteleone
214 Royal Street
New Orleans, LA 70130
Phone: (504) 523-3341

A block of rooms is being held for our group until February 20, 2017 at a rate of $209 per night.


Call the hotel directly for reservations (504) 523-3341 or
1-800-217-2033 and refer to Smith’s Research & Gradings. Or, follow this link to reservations: Reservations 
(Online reservations are only for the nights of 3/22 and 3/23)


Hotel Monteleone

Contact Information

Phone: (571) 299-4954


Mail: TMS Holdings, Inc.,
10001 Georgetown Pike, P.O. Box 1195

Great Falls, VA 22066


2017 Affordable Housing Finance Conference Program 

Thursday, March 23, 2017

Continental Breakfast

Conference Opening Remarks

Terence Smith
SMITH’S Research & Gradings

Outlook for the Affordable Housing Market
Many factors are affecting the affordable housing finance market including loan performance, variable rate rollovers, liquidity, interest rates and foreclosures. We'll take a look at market conditions, key credit concerns and the outlook for the affordable housing finance market.

David Notkin - Moderator
Managing Director
Bank of America Merrill Lynch

Keith Cunningham

Executive Director
Louisiana Housing Corporation

Paul Jungquist, CPA, CFA
Vice President, Fixed Income Credit Analyst and
Senior Fixed Income Portfolio Manager
Sit Investment Associates

Grant Whitaker
President & CEO
Utah Housing Finance Agency

Florence Zeman
Associate Managing Director
Moody's Investors Service

Responding to the Challenges Facing the Affordable Housing Market
This session will focus on financing options and products used in today's Single Family and Multi-Family market environment. From MRBs to TBAs and GSE products, panelists will discuss how they are managing their programs to meet customer and investor needs.

Joseph Monitto - Moderator

Charles Karimbakas
Chief Financial Officer

Scott Hoversland
Executive Director
Wyoming Community Development Authority

Colin McNiece
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC

Robin Ginsburg
Senior Vice President/Regional Vice President, Government & Institutional Banking
Wells Fargo Bank

Coffee Break
Sponsored by:  Stifel

Regulatory Concerns & Legal Liabilities
Panelists will discuss current issues surrounding legal liabilities for housing market participants. The session will also focus on the latest developments in the implementation of the Dodd-Frank Act, the possibility of tax reform and consequences of IRS ongoing disclosure.

Howard Zucker
Hawkins, Delafield & Wood LLP

Charles E. Carey
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC


2016 Lifetime Achievement Award Presentation
To Be Announced

Prairie Home Companion
The panel will focus on mid-western state and local initiatives including housing affordability and down payment assistance from a housing portfolio perspective.  We'll also hear about market trends and analysis including volume, bond rates vs mortgage rates and projections.

Roy Eappen - Moderator
Vice President, Municipal Securities Research
Wells Fargo Securities

Ashley Young
Director of Mortgage Financing
Ohio Housing Finance Agency

Craig Wells
Chief Financial Officer
Indiana Housing & Community Development Authority

Errin Jackson
Vice President
George K. Baum & Co.

the Importance of Social Outcomes for HFAs
Social outcomes for State Housing Finance Agency programs play an important role in their overall performance. Panelists will discuss ongoing trends in programs and performance as well as social impact investing.

Alan Bonilla
Director, Lead Analyst
US Public Finance - Housing Enterprises Group
S&P Global Ratings

Cleon Butterfield
Senior Vice President & Chief Financial Officer
Utah Housing Corporation

Carmen Chubb
Deputy Commissioner for Housing
Georgia Department of Community Affairs

Coffee Break
Sponsored by:  
Hilltop Securities

3:15 pm
How State HFAs are Working to Access the TBA Market
Hear how HFAs are making the most of their TBA executions to maximize loan production as well as techniques used to fund Down-payment Assistance using bank CRA products.

Mike Awadis
Managing Director
Hilltop Securities

Dirk Swift
Programs Administrator
Arizona Housing Finance Authority

Securitization Products for Affordable Housing
Panelists will discuss traditional and new mortgage products for both Single Family and Multi-Family and how their use has evolved.   

Barry Gottfried
Managing Director

Alan Jaffe
Managing Director

Christopher Moriarty
Managing Director

Robert Foggio
Senior Vice President

John Sager
Executive Vice President & Chief Financial Officer
Idaho Housing & Finance Association

Day One Concludes

Cocktails and Dinner

Arnaud's "Creole Cottage"

Cocktails Sponsored by:  Mintz Levin
Dinner Co-Sponsored by: Bank of America Merrill Lynch &
                                Smith's Research & Gradings

Friday, March 24, 2017 
Continental Breakfast


What's Next?

Smith's Outlook for Affordable Housing Finance
SMITH’S has championed the affordable housing finance market since 1992. SMITH's will offer insights into the longest and deepest recovery since the Great Depression — more specifically, the role of housing in leading every recovery since the Great Depression and a look at a host of events and economic factors that may need to be addressed.
Terence Smith
SMITH’S Research & Gradings

opportunties and Risk in Changing Markets
Panelists will discuss how HFAs can use the appropriate financing techniques to meet their needs and risk profile to make them more sustainable.

Eugene Slater
CSG Advisors

Kevin Cavin, CFA
Managing Director
Head of Mortgage Strategy

Coffee Break

Socially REsponsible Investing
The Community Reinvestment Act (CRA) requires regulated banks and thrifts to meet the credit needs of their communities. Recently, we have seen bond transactions trending towards socially responsible and "green" goals. Panelists will discuss these types of deals, how to work with CRA motivated investors.

Richard Froehlich

Chief Operating Officer and General Counsel
New York City Housing Development Corporation

Raymond High
Citigroup Global Markets

Julie Egan
Senior Vice President & Portfolio Manager
Community Capital Management

Christine Santucci
Citigroup Global Markets

How to make money in todays housing bond market

Panelists will examine market changes and risks facing the housing sector including rising interest rates, regulatory changes, HUD budget, and the proposed corporate tax reduction. Change is in the wind.

Timothy Milway, CFA
Director, Senior Analyst

Kurt van Kuller
Managing Director (Head of Public Finance)
Credit Administration for Corporate Banking
MUFG Union Bank, N.A

Ned Comer
Sound Asset Services

Conference Adjourns