Smith's Affordable Housing Finance Conference
Smith's Affordable Housing Conference starts at the doorstep of single-family and multifamily homes on Main Street.
It extends to everyone on Wall Street, plus lenders at mutual funds, hedge funds, insurance companies and commercial banks.
Smith's has served as the information portal for finance professionals at State and Local Affordable Housing Finance Agencies for 30 years, where they can access the latest accounting, legal, product and financial developments.
If it's important to you, it's a focus of Smith's Affordable Housing Finance Conference.
Gold Sponsors
Luncheon Sponsor
Dinner Sponsor
Cocktail Sponsor
Silver Sponsor
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WiFi Sponsor
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Bronze Sponsor
Break Sponsor
To find out how your firm can maximize its presence at Smith's Affordable Housing Finance Conference with a Sponsorship Package,
please contact Pamela Kilbourn at (571) 299-4954
Smith's Affordable Housing Finance Conference
Smith's Affordable Housing Conference starts at the doorstep of single-family and multifamily homes on Main Street.
It extends to everyone on Wall Street, plus lenders at mutual funds, hedge funds, insurance companies and commercial banks.
Smith's has served as the information portal for finance professionals at State and Local Affordable Housing Finance Agencies for 30 years, where they can access the latest accounting, legal, product and financial developments.
If it's important to you, it's a focus of Smith's Affordable Housing Finance Conference.
Gold Sponsors
Luncheon Sponsor
Dinner Sponsor
Cocktail Sponsor
Silver Sponsor
WiFi Sponsor
Bronze Sponsor
Break Sponsor
To find out how your firm can maximize its presence at Smith's Affordable Housing Finance Conference with a Sponsorship Package,
please contact Pamela Kilbourn at (571) 299-4954
Tuesday, March 18, 2025
7:30 am
CONFERENCE REGISTRATION
CONTINENTAL BREAKFAST
8:30 am
WELCOME
Terence Smith
Chairman & CEO
Smith's Research & Gradings
9:00 am
AFFORDABLE HOUSING OUTLOOK 2025
Panelists will lay out the themes and national trends in the affordable housing sector for 2025. The discussion will include key credit factors such as technical supply and demand, the strength of housing finance agency balance sheets, and the ongoing efforts in tackling the affordable housing crisis.
Mike Koessel, Director — BofA Securities (Moderator)
Thomas Bryan, Executive Director and CEO — Colorado Housing and Finance Authority
Rachael McDonald, Associate Managing Director — Moody's Ratings
9:45 am
FOCUS ON SINGLE FAMILY
This session will focus on how the single family market looks in 2025 and what it takes to get a single-family deal done. Panelists will talk about how downpayment assistance, taxable bonds and tax credits are factoring into their programs to reach more people and attract more investors. We will also hear about single family refinancing programs and implications for lenders, investors and TBA.
Mina Choo, Managing Director — RBC Capital Markets (Moderator)
Shannon Harner, Executive Director — Nebraska Investment Finance Authority
Cindy Harris, Chief Financial Officer — Iowa Finance Authority
Susan Jun, Managing Director — Raymond James
Daniel Pulter, CFA, Director and Lead Analyst — S&P Global Ratings
10:30 am
COFFEE BREAK
Sponsored by:
10:45 am
LEGAL AND REGULATORY DEVELOPMENTS
When looking at any transaction, it's important to know what the issues are. That's why our panel of experts will discuss the latest legal, regulatory and legislative developments in the housing sector.
Matt Page, Member, Chair, Public Finance Practice — Mintz
Kevin Murphy, Partner — Hawkins Delafield & Wood
Charles Samuels, Member, Co-chair, Retail and Consumer Products — Mintz
11:30 am
HOT TOPICS IN HOUSING FINANCE
Terence Smith, Chairman & CEO — Smith's Research & Gradings
Duane McCrobie, Director of Capital Markets — Ohio Housing Finance Agency
Nick Vakirtzidelis, Vice President —Barclays
David Sullivan, Managing Director, Bond Finance—Georgia Department of Community Affairs
Ben Killion, Executive Director — Wells Fargo
Nora O'Brien, Partner — Chapman & Cutler
12:15 pm
LUNCHEON
Sponsored by:
Smith's Affordable Housing Finance Lifetime Achievement Award
— Recognizing Contributions and Achievements in the Affordable Housing Finance Market
Iowa Finance Authority
2025 Recipient:
Cindy Harris
1:30 pm
TRENDS IN MULTI-FAMILY HOUSING
Although there are great pressures on the affordable multi-family housing segment, housing agencies and their bond programs have a stable outlook — in fact, there is tremendous demand for multi-family paper. Panelists will discuss trends in multi-family housing, what HFAs are doing to stretch volume cap limits and innovative programs being used to meet market needs.
Gloria Boyd, Executive Director — JP Morgan
Ellen Duffy, Executive Vice President for Debt Issuance and Finance — New York City Housing Development Corporation
Damon Burns, Chief Executive Officer — Finance New Orleans
Seth Runkle, Chief Financial Officer — Illinois Housing Development Authority
2:15 pm
A TALE OF TWO VINTAGES: CONSIDERATIONS FOR PAC INVESTORS
This session will focus on the increased interest in planned amortization class (PAC) bonds that has resulted in a proliferation of new investors in the market. Panelists will explore the factors that drive pricing differences between the HFAs. They’ll also explore the difference in lower coupon PAC performance across HFAs, prepayment performance, investors’ focus on PSA bands, how historical PAC support has waned, and what the next refinance wave will look like given the increased size and usage of down payment assistance loans. The panel will include:
Ryan Henry, CFA, Municipal Strategist — FHN Financial (Moderator)
Erik Schleicher, CFA, Managing Director, Portfolio Manager — Baird Asset Management
Bryan Laing, CFA, Executive Director — JP Morgan Asset Management
Justin Ferrera, CFA, Municipal Credit Analyst — Vanguard
Chuck Karimbakas, Managing Director — cfX
3:00 pm
COFFEE BREAK
3:15 pm
BEYOND LIHTC — Innovative Financing Programs to Expand Affordable Housing
Panelists will discuss how the California housing crisis drove the CMFA to look for programs beyond LIHTC to create additional affordable housing through 501c3 Affordable Housing Financings and the CMFA Charitable Affordable Housing, Middle Income Housing and Recycled Bond programs.
Ben Barker, Financial Advisor — California Municipal Finance Authority
Anthony Stubbs, Financial Advisor — California Municipal Finance Authority
Sean Gulian, Head of US Western Region Housing Investments, Director of Acquisitions & Dispositions — Nuveen
Shaun Bradley, Vice President, Affordable Housing— Home Fed Corporation
4:00 pm
DISSECTING THE DEAL
We'll hear from the front lines how dynamics work in the market when putting together a housing bond transaction. Panelists will discuss how participants work to get the best prices and the lowest cost of issuance; MRB vs TBA; how buyers view housing bond transactions; and we'll get a better understanding of why housing bonds may be the No. 1 performing sector this year.
Aulii Taitano, Executive Director — Morgan Stanley
Mark Schmidt, CFA, Head of Municipal Strategy — Morgan Stanley
Scott Fletcher, Director of Bond Finance — Texas Department of Housing and Community Affairs
Victor Chiang, Vice President — Caine Mitter & Associates
David Jones, Chief Financial Officer — CSG Advisors
5:00 pm
DAY ONE CONCLUDES
Duke's Huntington Beach
6:00 pm Cocktail Reception
Sponsored by:
7:00 pm Dinner
Sponsored by:
Wednesday, March 19, 2025
8:00 am
CONFERENCE REGISTRATION
CONTINENTAL BREAKFAST
8:30 am
WHAT'S AHEAD?
Since its inception in 1992, Smith's has been at the leading edge, focusing on event risk factors and possible outcomes for the future. With three decades of data and experience, Smith's offers event-driven research that goes well beyond traditional measures of credit quality and risk.
Terence Smith, CEO — Smith’s Research & Gradings
9:00 am
TAXABLE HOUSING
The panel will explore the growing prominence of taxable housing in HFA financing, examining key investment considerations across various structures including serials, terms, and PACs. Panelists will share their approach to evaluating relative value between different HFAs and programs, with particular focus on how quickly some of the higher coupon serials and terms could prepay in a falling rate environment. The panelists will also explore if there could be market fatigue if taxable housing issuance continues to increase.
Ryan Henry, CFA, Municipal Strategist – FHN Financial (Moderator)
Chris Ware, CFA, Research Analyst & Trader — New England Asset Management
Allen Li, CFA, Managing Director & Portfolio Manager— Guggenheim Investments
Kevin O'Brien, CFA, Vice President & Portfolio Manager — Sit Investment Associates
10:00 am
COFFEE BREAK
10:15 am
NEW ISSUERS & ISSUES
Panelists will discuss the importance of community development loans in light of the strong demand for affordable housing. The panel will look at how CDFIs meet the needs of working families, essential workers and the low income, as well as the credit characteristics of the institutions.
Karen Fitzgerald, Senior Director, Sector Leader, Community Development & Social Lending — Fitch Ratings
Valerie D. White, Senior Executive Director — LISC NY | Local Initiatives Support Corporation
11:00 am
MIDDLE INCOME HOUSING STRATEGIES
Explore innovative middle-income housing strategies, focusing on the use of 501(c)(3) bonds and governmental purpose/essential function bonds to create sustainable housing solutions for the “missing middle.” Highlight the new HUD permanent lending rules and practical solutions for incorporating funding from Freddie Mac into these projects. Participants will walk away with practical knowledge on how to structure funding, navigate federal/GSE programs, and leverage these financing tools to address the growing need for middle-income housing.
Joanie Monaghan, Vice President — CSG Advisors
Ian Parker, Managing Director — RBC Capital Markets
Jeff Wilson, Co-Portfolio Manager, Co-Managing Partner — Saybrook Fund Advisors, LLC
Vikram Shah, Senior Vice President — Jefferies
12:00 pm
CONFERENCE ADJOURNS
Registration Fees
$1,450 per person Standard Rate: (Broker/Dealer & Underwriting Firms, Sell-Side Firms, Commercial Banks, Financial Advisors, Attorneys, Credit Enhancers, Corporate Trust, Rating Agencies)
$750 per person Investor Rate: (Mutual Funds, ETFs, Hedge Funds, Asset Managers, Portfolio Managers)
$450 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 event.
Group Discounts
Groups of 3 or more Standard Rate — $1,305 per person.
Groups of 3 or more Investors — $675 per person.
Groups of 3 or more Issuer/Governmental Rate — $405 per person.
Cancellations
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 paid registration rate and will be valid for 12 months. Registration credit requests must be received by the last day of the conference.
Substitutions
Substitutions from your company will be accepted any time prior to the conference.
Program Cancellation
In the event that Smith's Research & Gradings cancels a scheduled program, all registrants will be notified in writing via email.
Registration fees will be refunded. In the event that the scheduled program is canceled, 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 scheduled program takes place, the registration fee 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 pamkilbourn@smithsresearch.net or phone (571) 299-4954. Complaints will be handled in as timely a manner as possible.
Privacy Policy & Records Retention
Smith's Research & Gradings values your privacy. Smith's retains information submitted during the registration process with regard to your name, company and contact information. We will never willfully sell, lease, or rent any of your personally identifiable information to any third party
As a Smith's Conference attendee, you will receive a complimentary edition of Smith's Research & Gradings — the leading independent source for credit opinions.
Registration
Business Casual
Register by Phone: (571) 299-4954;
Email: smiths@smithsresearch.net ;
Online: Smith's Store
Mail: TMS Holdings, Inc., P.O. Box 1195, Great Falls, VA 22066
Payment
Payment is required prior to the conference. We accept company or personal checks; MC, Visa, American Express and Discover credit cards or, via PayPal using all major credit or debit cards. To pay by check, please contact us via email: smiths@smithsresearch.net or by phone.
Hyatt Regency Huntington Beach
21500 Pacific Coast Highway
Huntington Beach, CA 92648
A block of rooms is being held for Smith's Research & Gradings at a rate of $379 per night (plus a reduced daily resort fee of $20/day) until Monday, February 24, 2025.
Please make your reservations soon by following this link: Reservations .
Note: When booking reservations, the room price includes the $20 Resort Fee.
