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

March 17-18, 2016
The Palms Resort & Spa

Miami Beach, Florida

New Measures of Affordability and Economic Mobility


SMITH’s Research & Ratings will host its 24th annual Affordable Housing Finance Conference at The Palms Resort & Spa in Miami Beach, Florida.

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


Silver Level Sponsor

Dinner Co-Sponsor
Moody's Bank of America Merrill Lynch
Break Sponsor Cocktail Reception Sponsor
Standard & Poor's Mintz Levin
Break Sponsor Sponsor
Hilltop Securities  RBC Capital Markets
Media Sponsors
Epoch Media Group Russian News Agency
Rossiya Segodnya

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 - $315 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 Palms Resort & Spa

3025 Collins Avenue

Miami Beach, Florida 33140
Phone: (305) 534-0505

A block of rooms is being held for our group until       February 19, 2016 at a rate of $269 per night City View or $325 per night Ocean Front.

For reservations:
Call the hotel (305) 534-0505 or (800) 550-0505


The Plams Resort and Spa

Contact Information

Phone: (571) 299-4954


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

Great Falls, VA 22066


2016 Conference Program 


Thursday, March 17, 2016


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.

Blake Blanch
Chief Financial Officer
Indiana Housing Finance Agency

Brian Hudson
Executive Director and CEO
Pennsylvania Housing Finance Agency

Mike Koessel
Director, Head of Municipal Housing

Florence Zeman
Associate Managing Director
Moody's Investors Service

Affordable Mortgage Financing Options in Today's Market Environment
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.

Dan Rosen - Moderator
Managing Director
Bank of America Merrill Lynch

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

Scott Hoversland
Executive Director
Wyoming Community Development Authority

Errin Jackson
Director of Mortgage Funding
Ohio Housing Finance Agency

Linda Riley Mitchell, CPA
Executive Vice President & Chief Financial Officer
Chicago Housing Authority

Coffee Break

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
Chuck Karimbakas

Deputy Chief Financial Officer

Securitization of Products for Affordable Housing
Looking at both the single family and multifamily sectors, the panel will explain a program benefitting investors through an improved ability to invest in mortgage backed securities on a tax-exempt basis.

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

Barry Gottfried
Managing Director

Christopher Moriarty
Managing Director

John Sager
Chief Financial Officer
Idaho Housing & Finance Association

Single Family Variable Rate Strategies
Panelists will discuss using an integrated swap structure.

Cory Hoeppner
Managing Director
RBC Capital Markets

Cindy Harris
Chief Financial Officer
Iowa Housing Finance Authority

Pat Nagel
Chief Financial Officer
North Dakota Housing Finance Agency

Jeremy Obaditch
Principal Consultant

Coffee Break
Sponsored by: Hilltop Securities

3:00 pm
Buyers Panel
With changing market dynamics, panelists will discuss what they are seeing, structured housing products being offered through state HFAs, prepayments and refundings. They will also discuss implications for the market and for traditional buyers.

Mike Awadis
Managing Director
Hilltop Securities

Julie Egan
Senior Vice President & Portfolio Manager
Community Capital Management

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

Timothy Milway, CFA
Director, Senior Analyst

What's Next?
An International Perspective ON Affordable Housing
SMITH's brings you an international perspective on affordable housing from Russia.  Panelists will discuss oil and commodity pricing and impacts on the Russian economy. Discussions will cover Russian investments in the U.S. real estate market, the impact of their economic crisis, sanctions and more.  

Terence Smith
SMITH’S Research & Gradings

Ekaterina A. Sobol
Special Correspondent of
Russian News Agency
Rossiya Segodnya

Michael Moore
Vice President, Energy Commodities and Advisory Services
FearnOil Inc.

Day One Concludes

Cocktails and Dinner
The Palms Hotel & Spa

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

Friday, March 18, 2016 
Continental Breakfast

Terence Smith
SMITH’S Research & Gradings

Panel discussion.

Mikyon Alexander
Senior Director, Analytical Manager
Standard & Poor's

Kathleen Carey
Chief Content Provider
Urban Land Institute

Carmen Chubb
Deputy Commissioner
Georgia Department of Community Affairs

Grant Whitaker
President & CEO
Utah Housing Finance Agency

Coffee Break
Sponsored by: Standard & Poor's

China: new investors at your door
China was the largest buyer of real estate in 49 of the 50 states during 2015. This discussion will focus on the events in China that are driving this trend. Also, what are the types of real estate that Chinese investors are interested in, such as EB-5.

Ruby Wong
Vice President
Epoch Media Group

Housing Market Roundup

Panelists wrap up the conference with a discussion of trends in single family and multifamily housing -- how can housing agencies fulfill their missions and how can deals be transacted using the various tools and programs in their tool boxes.  

Joseph Monitto

Charles Karimbakas
Manager of Financial and Capital Planning

Maria Day-Marshall, Esq.
Interim Executive Director and General Counsel
District of Columbia Housing Finance Agency

Colin McNiece
Mintz Levin

Conference Adjourns