L National Apartment Association ANDMARKS · PDF file · 2016-12-29throughout 2008...

LANDMARKSNational Apartment Association

2008 Annual Report

T he benefits of living in rental housingwere never more apparent than this pastyear while the country endured what is

being called its most troubling economic times innearly a century. Homeowners nationwidequestioned the values of their homes dailythroughout 2008 as rising mortgage payments ledto record foreclosures. Failing financial institutionsand the falling dollar created panicked investorsand the government’s longstanding, imbalancedhousing policy caused Fannie Mae, Freddie Macand others to collapse. These events led to a seriesof record financial bailouts.

Meanwhile, apartment residents, particularlythe increasing number of those who rent bychoice, welcomed the flexibility, reliability andcomforts of rental housing. The total number ofrenters increased to an all-time high and the pastyear saw the largest annual increase in renterssince 1965.

The National Apartment Association (NAA)continued to support its more than 51,000members by delivering the products and servicesmost valued by owners and their residents fortheir short- and long-term housing needs.

NAA, working together with the NAA EducationInstitute (NAAEI), through education, communicationsand legislation, increased its value to membersand the multifamily housing industry overall.

NAAEI’s designation programs were enhancedand delivered more efficiently and its strategy topromote apartment careers was in full swing,including the launch of www.apartmentcareerhq.org.NAA’s full slate of communications vehicles—including the fully redesigned Web site www.naahq.org—were upgraded. The new, weekly e-newsletter“Industry Insider” covering industry-related newsreported by nationwide media was introduced.

NAA’s leadership gained unprecedented access

to key political leaders and garnered valuableexposure to the apartment industry’s most criticalissues by attending and participating in both theRepublican and Democratic national conventions.Advocacy also was heightened at the local andstate levels through the creation of new tools tofight sprinkler retrofits proposals and source ofincome mandates.

NAA’s meetings also stepped forward, as the2008 NAA Education Conference & Expositionoffered the most education sessions ever and filledits largest exhibit hall in history in Orlando, Fla.The year also saw the debut of the NAA StudentHousing Conference, which brought together keypeople and service partners in the rental housingindustry’s fasting growing niche market.

Environmental awareness dominated the countrythis past year, and NAA reported on apartmentowners who are ahead of the curve in greenpractices and informed others on how to get there.

Prospects look even greater for the apartmentindustry, as NAA’s annual independent survey inMay through Harris Interactive showed that alarge majority of Americans plan to stay in rentalhousing for up to the next five years and two-thirds said they would not make the move to buytheir own homes in the next year.

Michael Tompkins, CAPS, CPM, CCIM2008 NAA Chairman of the Board

Douglas S. Culkin, CAENAA President

2008Annual ReportTABLE OF CONTENTS

4Industry Economic Review

6NAA Education

Institute

10NAA Education

Conference & Exposition

12Communications

14Legislation

17NAA Political Activity

21NAA Lease Program

21Financial Statement

22NAA Network

NAA Chairman of the Board Michael Tompkins (left) and NAA President Doug Culkin.

Cover: Julian LeCraw & Company

M Street Apartment Homes, Atlanta

National Apartment Association Landmarks 2008 3

Tom BeatonThe Dolben Co.Region 2 VP

Mike BeirneThe Kamson Corp.Region 2 VP

Cheryl Buol, CPMThe Hayman Co.Region 3 VP

Gary CherryCherry InvestmentsRegion 9 VP, Member Services

Cindy Clare, CPMKettler ManagementState and Local Issues

Doug Culkin, CAENAA President

Terry DannerRiverstone Residential Group LLCBoard Member-at-Large

Paul DouganUniversity FurnishingsStudent Housing Task Force

Andy DrierSawyer Realty Holdings LLCRegion 1 VP

Jenifer EwoniukCowboy PropertiesRegion 8 VP

Rex Gambrell, CPMCorum Real Estate GroupRegion 8 VP

Michael Goldfarb, CPMManco Abbott Inc.Region 10 VP

Mike Gorman, CAPS, CPM, CCIMEdward Rose Cos.Budget and Finance Committee

Rosemary Goss, Ph.D.Virginia TechNAAEI Curriculum Development

Rick Graf, CPMPinnacle Realty Management Co.Region 6 VP

Robin Hein, Esq.Fowler, Hein, Cheatwood Passino & WilliamsParliamentarian

David Hirsch, CAMECI GroupsRegion 4 VP, Legislative Committee

Mike HolmesEaslan Management Region 4 VP

Alexandra Jackiw, CAPS, CPMBuckingham Management LLCRegion 3 VP

Stephen KleeThe Medallion Group LLCStudent Housing Task Force

Patrick McCloudCentral Virginia Apt. Assn.NAAEI Program Administration

Mike McDougal, CPA, CAPSMcDougal Cos.Region 6 VP, NAAPAC

Sam Merrick, CPM, CDPMLincoln Military HousingPrivatized Military Housing

Jay OlsonConAm ManagementRegion 7 VP

Mary Pacini, CPMChancellor PropertiesRegion 1 VP

Linda Page, CPM, ARMEdwin Raskin Co.Region 4 VP, Member Relations

Diana Pittro, ARM RMK ManagementRegion 3 VPCommunications Advisory Board

John PringleE and S Ring Management Corp.National Issues

Tony Pusateri, CAPS, CPMRealPage Inc.NAAEI Apartment Careers

John RaperCentral PropertiesIndependent Rental Owners Committee

Kathy Ratchford, CAM, CAPSUDR Inc.Region 9 VP

Marc Ross Bob Ross RealtyRegion 6 VP

Tom Scott, CPMCambridge Management Co.Region 10 VP

Jodi Sheahan, CPMMEB Management ServicesRegion 7 VPMembership Committee

Susan Sherfield, CPMMercy HousingNAA Leadership Lyceum

Rick Snyder, CPMR. A. Snyder PropertiesRegion 10 VP

Susan TruesdaleGreystar Management ServicesRegion 9 VP

Dave Watkins, CAPSGreystar Management ServicesLease Committee

Becky Weaver, CPMAmerican Residential GroupRegion 5 VP

Scott Wilkerson Babcock & Brown Residential LLCRegion 4 VP

Tom WilkesPost Properties Inc.Board Member-at-Large

Jerry Wilkinson, CCIMThe Wilkinson Group Inc.2008 Conference Committee

Brad Williams, CPMLincoln Property Co.Region 6 VP

Gary Wilson, CAMA.R. Wilson Inc.Region 5 VP

NAA BOARD OF DIRECTORS

Marc RosenwasserNAA Vice Chairman

Meadow Wood Property Company

Tampa, FL

Michael TompkinsCAPS, CPM, CCIMNAA Chairman

of the BoardJulian LeCraw & Co.

Atlanta, GA

Ron Shelton, CAPSNAA Chairman-Elect

Amalgamated Management Corp.

Dallas, TX

Mike GormanCAPS, CPM, CCIMNAA Treasurer

Edward Rose CompaniesIndianapolis, IN

Dave Watkins, CAPSNAA Immediate Past

Chairman of the BoardGreystar

Tampa, FL

Jerry Wilkinson, CCIMNAA Secretary

The Wilkinson Group Inc.Atlanta, GA

AR_Board08:Layout 1 11/24/08 10:11 AM Page 1

INDUSTRY ECONOMIC REVIEWCapitalizing On The Decline In For-Sale Housing

T he apartment industry and rentalhousing market were and will besignificantly affected by the credit

crisis, the Freddie Mac and Fannie Maetakeover by the federal government,negative job growth, the subprimemeltdown and dramatic decline in thefinancial services and single-familyhousing industries. The $700 billionfederal bailout will eventually stabilize thefinancial markets and will eventuallyresult in a return to normalcy, but it will bea multi-year process. The nationalhomeownership rate (67.9 percent) hasbeen declining over the past year; howeverthe economic slowdown, tight credit,declining home prices and deepeningpersonal financial problems could sendthis percentage even lower. Thecombination of a stagnant, recessionary-likeeconomic environment, a shift towardrenting (vs. owning), weak job reports,declining payrolls and general uncertaintyactually are positive indicators of a likelyrise in the demand for rental housingover the next 12 to 18 months. While 2008was a challenging year for many multifamilyowners, property-level fundamentals are

improving and the outlook is promisingdespite certain problem markets.

Vacancy RatesOverall vacancy rates, according to the

U.S. Census Bureau, have remained at orabove 10 percent for three consecutivequarters. The vacancy level for the end of2008 and the first two quarters of 2009 areexpected to improve. A 50- to 70-basispoints improvement is a distinct possibility.Net absorption is also expected toaccelerate after a dramatic decline in 2008.While traffic counts are below expectationsand concession increases are likely, theshift from renter to owner and now backto renter is underway and vacancy levelsare likely to improve.

Rent GrowthNet effective rent increases rose 3.8

percent over the prior year (ending August2008), however over the past 90 days, rentincreases have dropped significantly.Overall rent growth is expected to be 3.1percent in 2008 but decline to a 2 percent to2.3 percent level in 2009. The rising cost of fuel,food and “essentials,” lower-than-expected

NAA Owner/Manager Member Profile

Property Management Firm 44%

Independent Owner, Developer/Builder,Rehabber/Renovator 31%

Owner Firm 22%

Other 9%

NAA Owner/Manager Member Job Titles

Owner, President, Principal, Partner, CEO, CFO, COO 38%

Onsite Property Manager 31%

Property Supervisor, Regional Manager (Multi-Site) 11%

Other 9%

Vice President, Management Executive 7%

Leasing Professional 6%

Maintenance Supervisor, Technician 2%

National Apartment Association4 Landmarks 2008

NAA MEMBER DEMOGRAPHICS

wage increases, rising unemploymentand a dramatic increase in inflation likelywill pressure rents higher. The good newsis that rent growth will likely exceed theoverall rate of GDP growth.

Operating ExpensesIn a very challenging year of business

and government restructuring, and withrental housing supply-demand imbalancein many markets, the 2008 NAA Surveyof Operating Income & Expenses for theapartment industry revealed that apartmentoperators are successfully managingfinancial diligence while maintaining apositive home environment for residents.Total operating expenses increased by 3.1percent and net operating incomeremained around 56.6 percent.

Renter HouseholdsRenters now total 27.5 percent of the

households in the U.S., a total of nearly35.8 million residents. The decline inhomeownership, a challenging economicclimate and anemic job growth will directmore residents into rental housing.Recent surveys also indicate that condoand single family starts are down and therecovery in the single family residentialmarketplace could be 2 to 3 years away.At present it is estimated thatapproximately 30 percent of homemortgages today have a value higher thanthe underlying asset. The uncertaintyof 2008 likely will become clearer in2009—an increased demand for rentalhousing.

Labor MarketsPayrolls continue to decline through

the second half of 2008. The current 6.1percent unemployment rate, 2 millionlong-term unemployed, over 1 millionjobs that have disappeared, and theforecast for another 1 million job loss in2009 will no doubt create more renters.

New ConstructionMultifamily starts are now hovering

around 255,000 units on a seasonally-adjusted basis, down from the 277,000unit level a year ago. New supply couldkeep rent increases down and thereversion of condo units to rental units will

keep permits low in several markets.Multifamily permits are down dramatically(225,000 vs. the high of 447,000 in March2006. However, single family starts are downto their lowest level since 1991, and thus theincrease in for-rent starts will likelycontinue.—CEL & Associates

National Apartment Association Landmarks 2008 5

U.S. OCCUPANCY / RENT GROWTH2005 - 2010

NET OPERATING INCOMEINDIVIDUALLY METERED MARKET RENT GARDEN PROPERTIES

NAAEI has created, developed andenhanced a variety of its productsand services, from designation

curriculum to Web-based tools. It also hasforged strong relationships with key career-related organizations. Followingare highlights:

NAAEI, IREM Launch CourseFair Housing and Beyond!

NAAEI and IREM partnered to developFair Housing and Beyond!, a 4.5-hourseminar available to NAA affiliates andIREM chapters. This course employsscenario-based learning using realistic videonarrative scenarios and self-assessments.

NEW Certified Apartment Manager (CAM) Online,CAM Community Analysis

Apartment professionals who wish toearn their Certified Apartment Manager(CAM) designation can now take theprogram online. The entire designation,including the CAM Community Analysis

project, is delivered in an online, self-pacedprogram designed for busy professionals.Students who choose to take classroom-delivered CAM can also choose to completetheir CAM Community Analysis online.

NEW Certified ApartmentProperty Supervisor (CAPS)Designation Program

NAAEI also delivered the new curriculumfor its Certified Apartment Property Supervisor(CAPS) designation program, designed forindustry professionals who have experiencein managing multi-site communities andfor those professionals with a CAM, ARM orRAM designation and two years’ experienceas a community manager.

The CAPS curriculum is a week-longclassroom training event with five, eight-hour courses on Legal Responsibilities andRisk Management, Financial Management,Property Performance Management,Property Evaluation and Due Diligenceand Effective Leadership.

National Apartment Association

NAA EDUCATION INSTITUTEProducts and Services Created, Enhanced

2008 ACE AWARDSCampbell, Mitchell Honored for Industry Contribution

Dr. Howard Campbell, a professor atBall State University, and John

Mitchell, CEO of the Apartment Associationof Tarrant County, received ApartmentCareer and Education (ACE) awards fromNAAEI in June.

Campbell earned his ACE as an ApartmentManagement Educator. He spent 32 yearsas an industry professional in housing,community and apartment developmentand residential property managementprior to joining the faculty at Ball StateUniversity. He has been active in national andstate apartment industry activities. Hehelped found the Residential PropertyManagement (RPM) Advisory Board atBall State, served as state President for

the Indiana Apartment Association andwas an NAA Regional Vice President.

Mitchell served for many years onUniversity of North Texas’ ResidentialProperty Management Advisory Board.He is a member of the NAAEI Board andserved as Chairman of the Program &Administration Committee, which wastasked to merge splintered interests andbroken perspectives with regard to themanagement and administrations ofNAAEI’s career development initiatives.He helped lead the committee to finalizea progressive, new approach to thepackaging, marketing, delivery andmanagement of the professionaldevelopment tools. Dr. Howard Campbell and John Mitchell

6 Landmarks 2008

NEW Certified ApartmentMaintenance Technician(CAMT) Designation Program

NAAEI delivered new curriculum for itsCertified Apartment Maintenance Technician(CAMT) designation program, designedfor today’s apartment maintenanceprofessionals.

The new CAMT curriculum utilizes“blended learning,” combining 70 hoursof classroom training and seven hours ofonline learning covering seven courses oneverything from business operations to HVACto onsite maintenance and appliance repair.

ApartmentCareerHQ.orgLaunches, Reaches 23,000 Hits

NAAEI launched its new career Web site, www.ApartmentCareerHQ.org, thecareer-oriented site specifically designedfor high-school and college-aged jobseekers. The goal of the site is to provide a

central location for career exploration forthis targeted audience, bridging the gapbetween stumbling upon the industry toactively seeking a career in the industry. Thesite provides details for each “career track,”maintenance, leasing and managementand job search tips. In addition,ApartmentCareerHQ.org provides a free,searchable career database and theopportunity to upload resumes, linked byApartmentCareers.com®. Visitors also candownload the career brochures, watch videosabout each career path and read stories aboutreal-life success stories from people in the industry.

For those students who are college-bound or the college student searching fora major course of study, the site has a pagededicated to colleges and universities thatoffer Residential Property Managementmajors, minors and graduate degreesalong with courses and certificate programs.

ApartmentCareerHQ.org has reached23,000 hits since its launch in the firstquarter of 2008.

NAAEI Builds, FostersWorkforce Partnerships withNationwide OrganizationsJob Corps

NAAEI met in 2008 with the National JobCorps Association and representativesfrom four Washington, D.C.-based JobCorps Centers.

NAA member company representativesfrom Equity Residential, SouthernManagement and Archstone attended.

This year, students from four Job CorpsCenters were introduced to ApartmentLeasing and Maintenance careers andthose interested in pursuing an apartmentcareer participated in work-basedlearning at NAA member companycommunities.

NAAEI staff also made a presentation toJob Corps Center operators at their nationalmeeting in Washington, D.C. Job Corpsleaders viewed the Apartment Career videoand learned about the Washington, D.C.Pilot Program.


Tony Pusateri, CAPS, CPM, CSM, oneof the greatest leaders in apartment

education, was inducted into the NAA Hallof Fame during a ceremony at the 2008NAA Education Conference & Exposition.

Pusateri, NAA’s 1992 Chairman ofthe Board, was Senior Vice President ofNational Education for Equity Residential.Pusateri served local, state and nationalapartment associations for more than20 years. He was awarded the ApartmentCareer and Education (ACE) Award in2006 from the NAA Education Institute(NAAEI). He served as President of theApartment Association of Greater Dallasin 1986-1987 and has been on the NAAEIBoard of Directors since its inception in 2004.

Landmarks 2008 7

NAA HALL OF FAMEPast Chairman of the Board Pusateri Inducted

Tony Pusateri, inductee of the NAA Hall of Fame,

stands with Doug Crocker, former President and

CEO of Equity Residential.

Jobs for America’s Graduates ( JAG)NAAEI staff travelled to New Orleans to

present Jobs for America’s Graduatesteachers with a unique opportunity:meeting apartment employees inManagement, Maintenance and Leasingcareer paths and touring an amenity-richapartment community. NAAEI organizedthe tour with 55 JAG teachers from aroundthe country, taking them by charter bus toThe Saulet, a Greystar property in NewOrleans. The teachers watched NAAEI’scareer videos en route and were greeted bythe staff at The Saulet, where they learnedhow Greystar employees had started theircareer paths in maintenance, leasing andmanagement.

The program was very well-received,with 44 teachers returning evaluations,each giving NAAEI near-perfect ratings.Because of requests from teachers who

could not attend this tour, NAAEI has beenasked to repeat this tour in December inWashington, D.C.

In addition to the NAAEI presentation,700 JAG education and career specialistswere sent Apartment Career brochures,

a DVD and an order form to orderadditional materials.

SkillsUSA Learns About MaintenanceSkillsUSA is the organization for students

involved in career and technical education.NAAEI sponsored a SkillsUSA membershiprecruitment campaign and each of SkillsUSA’s18,000 advisors received a copy of theMaintenance Technician brochure alongwith an order form to order additionalApartment Career brochures and DVDs.

NAAEI Attends DECA ConferenceNAAEI staff exhibited at DECA’s 62nd

Annual International Career DevelopmentConference in April. DECA, an internationally-recognized high school marketingorganization, hosted more than 15,000students and teachers at this event. NAAEIdisplayed its leasing and management


Investors in NAAEI Continue to See Returns

T his year has been a genuinesuccess for the NAA EducationInstitute. With the committed

support from our owner andmanagement investors, NAAEI hasbeen able to successfully executeseveral goals with excellent results.

We have embraced technology andhave now gone paperless with onlinedesignation program enrollment,online designation exams and online

designation renewal and Continuing Education Creditreporting. Our new Certified Apartment MaintenanceTechnician (CAMT) program utilizes a blended learningapproach, delivering two modules and practice scenariosonline. Busy apartment professionals may now earn their CAMdesignation online.

We continue to spread the word about our industry’s terrificcareer opportunities. NAAEI’s career Web site,

www.ApartmentCareerHQ.org, has had more than 23,000 hits.We also continue to fortify our relationships with nationalworkforce organizations such as DECA, Jobs for America’sGraduates, National Job Corps and SkillsUSA.

NAAEI collaborated with the Institute of Real EstateManagement to develop Fair Housing and Beyond!, a 4.5 hourcourse that demonstrates how real-life situations requirecritical thinking and prudent decision making. Besides thenew CAMT program, NAAEI also delivered a new CertifiedApartment Property Supervisor (CAPS) program and SkillStandards for maintenance technicians, leasing consultantsand property supervisors.

We thank the companies and individuals who continue tosupport the efforts of NAAEI for their commitment to the futureof the apartment industry!

Alexandra S. Jackiw, CAPS, CPMPresident, NAAEI Board of Directors

LETTER FROM THE NAAEI PRESIDENT

8 Landmarks 2008

JAG teachers learn about apartment industry careers.

career banners and distributed ApartmentCareer DVDs and brochures. NAAEI hasmet with DECA national staff and havedeveloped a plan for NAAEI to sponsorhigh school and college programs in 2009.

NAAEI Designation Exams Go OnlineNAAEI has made a complete and

successful transition to exclusively offeringits designation exams online. Thetransition began in fall 2007 and is nowimplemented for every designation atevery NAA affiliate who offers designationprograms.

Online CEC Reporting Tool AddedNAAEI designates now have a fully

electronic designation renewal process.Designates are sent and their renewalinvoices and Continuing Education Credit (CEC)reporting forms via a valid e-mail address.


Dave Stockert, Post Properties; Keith Oden, Camden; Susan Ansel, Gables; Terry Danner, Riverstone Residential;

and Steven D. Bell, Steven D. Bell & Co., discuss issues during the NAAEI-sponsored CEO Panel session in June.

NAAEI BOARD OF DIRECTORS

Landmarks 2008 9

PresidentAlexandra Jackiw, CAPS, CPMBuckingham CompaniesIndianapolis, IN

Vice PresidentMike McDougal, CAPS, CPA The McDougal CompaniesLubbock, TX

TreasurerMarc RosenwasserMeadow Wood Property Co. Tampa, FL

AEC LiaisonGary Scarboro, CAPS, CAE Apt. Assn. of Greater OrlandoMaitland, FL

Sue AnselGables Residential ServicesDallas, TX

Doug BibbyNational Multi Housing CouncilWashington, DC

Douglas S. Culkin, CAENational Apartment AssociationArlington, VA

Jerry DavisUDRHighlands Ranch, CO

Tom Day, CAPSHepfner, Smith, Airhart & Day Inc.Plano, TX

Angella DicksonCamden Property TrustHouston, TX

Deane Dolben, CAPSThe Dolben CompanyBurlington, MA

Bob DoyleCoinmach CorporationPlainview, NY

Nena GangBay Area Apartment AssociationTampa, FL

Rosemary Goss, Ph.DVirginia TechBlacksburg, VA

Rick Graf, CPMPinnacleDallas, TX

Jim Hepfner, CAPS, CPMHepfner, Smith, Airhart & Day Inc.Plano, TX

Maitri Johnson, CAPSRiverstone ResidentialGreenwood Village, CO

Patrick McCloudCentral Virginia Apt. Assn.Richmond, VA

John MitchellApt. Assn. of Tarrant County Inc.Fort Worth, TX

Nadine Peiffer-SeitzSARES-REGIS GroupIrvine, CA

Terresa PorizekEquity Residential PropertiesPlano, TX

Gail Scott, CPMLincoln Military HousingSan Diego, CA

Ron Shelton, CAPSAmalgamated Management Corp.Dallas, TX

Michael Tompkins, CPM, CCIMJulian LeCraw and CompanyAtlanta, GA

Jerry Warshaw, CAPS, CPMWarshaw Properties IncMarietta, GA

Scott WilkersonBabcock and BrownCharlotte, NC

Bill Wollinger, SHCMWinnResidentialBoston, MA

CEO PANEL SHARES INSIGHTCritical issues such as human resources, the economy, training and technologywere discussed by Moderator Sue Ansel with four prominent CEOs during a sessionpresented by NAAEI at the NAA Education Conference & Exposition in June in Orlando.

Following the spirit of the theme GetEducated & Invigorated, theindustry’s largest contingent of

apartment professionals and servicepartners did just that at the 2008 NAAEducation Conference & Exposition.

During two full days of educationofferings, more than 5,000 attendees hadaccess to over 50 learning sessionsorganized into nine distinct tracks:Executive, Development/Rehabilitation,Marketing & Leasing, Human Resources,Independent/Small Owner, PersonalDevelopment, Specialty Housing, WildCard! or Shared Interest Roundtables.They also experienced the industry’slargest national trade show.

“NAA raised the bar again this year,putting on the largest and best trade showin the history of the apartment industry,”said 2008 NAA Education Conference &Exposition Committee Co-Chair JerryWilkinson, CCIM, Wilkinson Group,


Get Educated & Invigorated

Mike Davis of Clearwater, Fla., who serves as Counsel for the national apartment owner and management

company AIMCO at its Florida office, won the $30,000 grand prize.

PLATINUM SPONSORS

Gold SponsorThe 150,000-square-foot exhibit hall was filled with

366 exhibiting companies, including a record-size group

of 22 Metal Sponsors at the largest trade show in the

apartment industry in June.

10 Landmarks 2008

Silver Sponsor Bronze Sponsor

NAA EDUCATION CONFERENCE & EXPOSITION

Atlanta. “Our enormous crowds trulyappreciated and enjoyed this amazing event.”

Gen. Colin Powell, USA (Ret.) was theOpening General Session speaker in anevent presented by units Magazine. NAA’sEducation Institute presented a CEO panelfeaturing five leading executives whodiscussed key industry trends. Theaudience also participated in the session,using interactive devices to answer surveyquestions. Results were posted instantly forall to view.

Television sportscaster Greg Gumbelwas the keynote speaker the final day,discussing the world of sports and thespirit of competition.

The huge, jam-packed exhibit hall wasthe centerpiece to the industry’s premierevent. Conference Co-Chair and National

Suppliers Council Chair Judy Bellack,Vice President of Operations, ApartmentFinder, said networking opportunitiesfor supplier partners and attendees wasphenomenal.

“There is no event better than theannual NAA Education Conference &Exposition for introducing products andservices, building business relationshipsand friendships and creating new ones,”she said.

NAA also celebrated the presentation ofits annual PARAGON Awards, which honorthe industry’s top professionals, localassociations and communities.

The ceremony’s highlight was theannouncing of the 2008 Community ofthe Year—GRIGIO Tempe Town Lake,Tempe, Ariz., by Gray Development Group.


Gen. Colin Powell, USA (Ret.) addresses attendees.

Inaugural Event Offers Perspectives on Industry’s Fastest Growing Niche Market

More than 500 apartment industryprofessionals at NAA’s first annual

Student Housing Conference at theFairmont Dallas Hotel were schooledFeb. 19-20 in essential development,operations and management issuesaffecting this fastest growing nichemarket in the apartment industry.

As an increasing number of collegesand universities are opting out ofproviding students on-campus housingsolutions, many are deferring to NAAmembers to provide this much neededservice to Generation Y students.

General Session speaker Cam Marston,COO of Marston Communications,opened the conference by discussinggenerational differences among Matures,Baby Boomers, Generation X andGeneration Y, and how best to appeal tothe work attitudes and the marketing

needs associated with each generation.Industry professionals in marketing,

pre-development, operations, technology,legal issues and the tricky student housingturn process led education sessions,followed by a lively turn process Q&A toend the two-day conference.

Eighty-nine exhibiting companieswith approximately 184 booth workers

occupying 94 booths, and fivesponsors—Apartment Guide, Capturethe Market, JPI Management Services,RealPage and University Furnishings—filled the trade show floor, showcasingtheir products and services with prizesand giveaways during the conference’slunch break and during the eveningwelcome reception.

Student Housing Conference attendees were given

the opportunity to network on the trade show floor

between sessions.

Landmarks 2008 11

STUDENT HOUSING CONFERENCE

NAA’s monthly magazine units isthe most read magazine in theapartment industry. It features

industry news and statistics, best practices,company and community profiles and in-depth features on key, timely industryissues. In 2008, units also got a face lift,with a new, sleeker masthead and more,streamlined design. Particular emphasisalso was put on the four topics readerssaid are most important: marketing,management, maintenance and politics.A special section is devoted to each of thesetopics each month.

The new www.naahq.org: NAA proudlylaunched its newly redesignedmember Web site. The site has

changed its look, but the enhancementsare more than just cosmetic—the newsite is easier to navigate, friendlier tooperate and full of cool new features.

The new www.naahq.org featuresonline registrations for all NAA events,career opportunities, an online NAA storeand a Supplier Partner Center. Content formembers-only include over 400 unitsmagazine articles, 250 timely and relevantgovernment affairs issues, NAA EducationInstitute Designation information andenrollment. New features include alertsand RSS feeds, article rating and feedbackoptions, an “Apartmentology” wiki and anenhanced search engine. Type a keywordinto the site’s new search engine andget accurate, relevant results in seconds.Expand your search to include NAAAffiliates’ Web sites and receive more results.

Industry Insider: A weekly compendiumof apartment and real estate-related news,based on published reports the prior weekin the national mainstream print andonline media. This is a member-benefit sentto those who have provided e-mail addresses.

Connect with NAA: Formerly known asthe View from National, this monthlycolumn offers bullet-point items aboutnew NAA products and services and updateson enhancements to existing ones. Thecolumn, bylined by NAA’s Chairman of theBoard, is sent to all affiliates forpublication in their weekly or monthlymagazines or newsletters.

Leadership News: This monthly reportincludes department-by-department updateson existing NAA products and services andinformation about new ones. It is sent tothe NAA Board, NSC and AEs.


Energy• Economy• Election

EFFECTANDTHEIR

ModeratorRick Graf, CPM President, Pinnacle

Graf directs day-to-day operations

for Pinnacle’s 175,000-unit portfolio,

worth $17.5 billion, and guides

development of its vision and

corporate culture. Graf began his

real estate career in the Midwest

more than 30 years ago. Graf is

President-Elect of the Texas

Apartment Association, an NAA

Regional Vice President and

serves as NAAEI Vice President.

G. Ronald Witten President Witten Advisors

Witten serves as President of

Witten Advisors, a market advisory

firm serving apartment developers,

investors and lenders nationwide.

Founded in 2001, Witten Advisors

provides ongoing market advisory

services to identify the location

and timing of future development

and acquisitions opportunities

for the nation’s 40 major

apartment markets.

Jeffrey D. DeBoer President and CEO The Real Estate Roundtable

DeBoer is President and CEO

of The Real Estate Roundtable,

an organization that represents

the leadership of the nation’s top

100 privately owned and publicly

held real estate ownership

development, lending and

management firms, as well

as the elected leaders of the

16 major national real estate

industry trade associations.

Christopher Lee President and CEO CEL & Associates

Lee has 30 years’ experience in

strategic and long-range planning,

performance improvement and

compensation and organizational

development within the real

estate industry. Lee is expert at

development, land-use, investment

analysis, mergers/acquisitions,

compensation, finance and

benchmarking and serves as

NAA’s Consulting Economist.

ON2009

Join Industry Experts to Help Plan for the Next Year

NAA Assembly of Delegates • Sat., Nov. 15 • 1:30 p.m. to 3 p.m. • Westin Galleria, Dallas

units magazine

12 Landmarks 2008

COMMUNICATIONS

www.naahq.org

The effects of energy, the economy and the election

on the apartment industry were discussed during the

Industry Outlook Panel event at the Assembly of

Delegates in Dallas. Presenters were Rick Graf, CPM,

President, Pinnacle; Christopher Lee, President and

CEO, CEL & Associates; G. Ronald Witten, President,

Witten Advisors; and Jeffrey D. DeBoer, President

and CEO, The Real Estate Roundtable.

Current Events

2008 NAA Education Conference & Exposition

Gaylord Palms Resort & Convention Center

Orlando, Florida, June 26-28

Get Educated and Invigorated

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Inside: Compensation and Training Trends �Bonus: Education Conference Brochure

2008 Platinum Sponsors


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Executive-Level I

nsights

• Occupancy

• Repositioning

• Web Marketing

Pre-Show Issue

The Most Read

Magazine in

the Multifamily

Housing Industry

Sept

embe

r 200

8

www.naahq.org

units

GRIGIO Tempe Town Lake

Tempe, Ariz.

AVacation

At Home

NAA PARAGON

Community of the Year


Housing Industry

Octo

ber 2

008

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units

Legacy Partners, Malibu Villas

Malibu, Calif.

A survey commissioned by NAAand conducted May 7-9 found 67percent of current renters will not

make the move to buy their own home inthe next year. The survey also foundconsumer confidence in the existing stateof the U.S. housing market at a low point,with 80 percent of U.S. adults believing thesituation will not improve over the nextsix months. Meanwhile, apartmentoccupancy is at an all-time high.

A press release about the survey resultswas sent to national media. NAA membersand leadership were quoted in manypublications (see examples below), whichwrote reports touting the benefits ofrenting. The coverage in print and onlinepublications in June totaled 109,600,931impressions, based on page views andcirculation.

“The country is deep into the discussionof the economic fallout of subprimemortgage lending. However, littleattention has been paid to how the crisis isimpacting people’s choices to stay inrental homes and wait out the storm,”NAA President Doug Culkin said. “Theresults of this survey reflect what ourmembership is experiencing across thecountry. Renters are not eager to take achance on homeownership this year. If theeconomy improves, that trend may abate, but,for now, people are generally staying put.”

The independent survey of more than2,000 U.S. adults, conducted by leadingmarket research firm Harris Interactive,also finds an increase from last year’s

survey with respect to the financialbenefits of renting vs. owning, 48 percentin 2008 compared to 43 percent in 2007.Among other key findings:

• Consumer confidence is low—it isgoing to get worse before it gets better: 80percent of U.S. adults believe that thecurrent housing market situation will worsenor stay the same over the next six months.

• Renters not eager to take a chance onhomeownership anytime soon: 69 percentof renters said they plan to stay renters forup to five more years.

• Renters are staying put: 50 percent ofrenters plan to continue renting theircurrent residence for the next year and 46

percent of non homeowners have no plansto buy a residence within the next year.

• Homeowners shy of making anyquick changes: 72 percent of homeownersplan to remain in their current home overthe next year.

• Renting seen as favorable to owning:71 percent of adults feel that there areadvantages to renting vs. owning in thecurrent real estate market, 48 percentciting financial reasons (e.g. not beingimpacted by unpredictable housing valuesand mortgage rates) over more traditionalreasons such as amenities packages (18percent) or the flexibility of a short-termlease (32 percent).


NAA Survey Published Nationally: Renters Plan to Stay Put

Landmarks 2008 13


NAA’s Government Affairs staffprovided resources and supportto affiliates and members on

numerous critical legislative andregulatory issues.

NAA Develops GovernmentAffairs Tool Kit for Affiliates

The NAA Government Affairs Staffdeveloped a Government Affairs Tool Kit toserve as a valuable resource to assistaffiliates in participating in the legislativeprocess. The Tool Kit identifies a variety ofgovernment affairs needs – from settingup a Legislative Committee to hiring alobbyist to raising PAC dollars – offeringtips and techniques. As NAA affiliates areinvolved in government affairs activities atmultiple levels, this toolkit is designed toassist them regardless of their governmentaffairs experience.

NAA ProducesEconomic Impact Brief

NAA produced a brief analyzing thecurrent general downturn in the economyand how this situation is affecting theindustry both politically and financially.The paper describes the impacts that thehousing market slump, subprimemortgage crisis, energy costs and sprinklerretrofitting requirements have on theapartment industry and recent politicalactions that have been taken to addressthese issues

NAA Government AffairsLitigation Activities

NAA participated in an Amicus Brief anda lawsuit on behalf of its members.

File Amicus to Petition the U.S. SupremeCourt Regarding Section 8 Mandate

NAA, in conjunction with severalaffiliates, filed an amicus brief for thepetition of certiorari to the U.S. SupremeCourt regarding Montgomery County

Maryland’s Section 8 ruling. The MarylandCourt of Appeals ruled that a multifamilyproperty owner in Maryland can be forcedinto the voluntary participation of thefederal Section 8 Housing Programthrough a local ordinance.

Filed Lawsuit Against the FCCChallenging Exclusive Contract Ban

NAA filed a joint lawsuit with other realestate organizations, in federal courtchallenging the FCC’s action to exclusiveaccess agreements, arguing that the bancould harm competition and consumerchoice and is an improper exercise of theFCC’s regulatory authority.

NAA Produces Source ofIncome Advocacy Packet

NAA compiled a comprehensive Sourceof Income packet for affiliates andmembers to educate themselves andlegislators regarding this issue. The Packetincludes possible advocacy strategies tocombat state and local government’sattempts to propose legislation that wouldadd government housing assistancerecipients to their list of protected classesin housing law.

NAA Produces Major NationalResearch Projects

In 2008, NAA fielded multiple researchrequests from members. Among them:

Real Estate Licensing ReportNAA released a new report outlining

leasing agent/real estate licensure in the50 states. There are two main pieces to thisresearch: a chart that summarizes eachstate’s laws; and the supporting statutorylanguage from each state.

Unclaimed Property Laws ReportThe report examines the laws related to

monetary property that goes unclaimed inthe ordinary course of business for the

Industry Benefits From Government Affairs’ Support

LEGISLATION

14 Landmarks 2008


apartment industry. The research includesa narrative that summarizes each state’slaws; a chart that lists the legislativeand regulatory citations; a chartillustrating the different types of propertyin each state and their holding periods;and the supporting legal language fromeach state.

Referral Fees Research ReportResearch was completed on referral fees

and whether apartment communities canpay them to their residents. The researchfound 13 states permit referral/finder’s feesto be paid to residents and 31 states do not.The remaining six states’ laws are unclearon the practice of referral fees to residents.Statutory references to applicable sectionsof the law is included.

NAA SupportsAffiliate Advocacy Efforts

FAA Conducts Annual Legislative DayThe Florida Apartment Association

(FAA) in April hosted its annual legislative

day activities with participation fromapproximately 130 members. Principalpieces of legislation highlighted were leasetermination fees, affordability andavailability of property insurance andproperty tax relief equity for properties.

SCAA Members Rally at State Capitol South Carolina Apartment Association’s

(SCAA) Capitol Day was held in January.Members met and talked with statelegislators during a lunch sponsored bySCAA regarding legislation promotingexpedited evictions (HB 3157).

CAA Defeats Repeal on Rent ControlNAA provided comments on HB 1140,

the Repeal of Prohibition on Rent ControlAct for the Colorado ApartmentAssociation (CAA). The bill would haverepealed the prohibition on rent controlfor the entire state, allowing jurisdictionsto then implement rent control.

NJAA Defeats Sprinkler Retrofit MandatesNAA conducted nationwide research of

state and local regulatory efforts thatinvolve requiring multifamily apartmentcommunities to be retrofitted withsprinkler-based fire suppression systemsfor the New Jersey Apartment Association(NJAA). The data helped to develop anational strategy to address the issue.

NAA Active inGreen Building Movement

NAA developed a brief about green’simpact on the multifamily housingindustry. The report outlines the quicklyemerging market of green building andwhat it will mean for the apartmentindustry both the financial and regulatoryarenas.

NAA Participates inSex Offender Housing Discussion

NAA participated on the review panel forthe first draft of the Justice Center of theCouncil of State Governments’ guidancedocument for policymakers to use whendetermining how to address the issue ofsex offender housing.

NAA members from Houston (left) and Georgia share opinions on critical apartment-related topics with Congressional members and their staffs. These visits were two

of 226 that 2008 NAA Capitol Conference attendee delegations made to state representatives from 25 states on Capitol Hill during the final day of the conference, held

annually in Washington, D.C.

Landmarks 2008 15


2008 CAPITOL CONFERENCEIndustry’s Message Delivered on Capitol Hill

NAA continued gainingmomentum and building greaterand stronger relationships with

Congress when its members again turned outin record numbers for the annual CapitolConference in Washington, D.C., in March.

The 2008 NAA Capitol Conference was themost attended in history, as 475 attendees(photo below) participated in 226 CapitolHill visits to representatives from 25 statesacross the nation. There, they spoke face toface with their respective Members ofCongress about critical legislative issues.

The conference included sessions led bylegislative and regulatory experts, industryforum discussions on NAA’s legislativepriorities and fund-raising events forNAAPAC and the Better Government Fund(BGF). The Capitol Conference also serves asthe venue for one of the three joint NAA Boardand Assembly of Delegates meetings each year.

Issues receiving greatest emphasis were thesubprime mortgage lending crisis, carriedinterest, estate tax, housing initiatives, energypolicy, immigration reform and the benefitsof the Congressional Real Estate Caucus.

MSNBC political analyst Patrick

Buchanan and Chairman of HillaryClinton for President and formerChairman of the Democratic NationalCommittee Terry McAuliffe participated ina rousing and spirited—and, at times,humorous—debate and analysis of the2008 presidential race during theGovernment Affairs Roundtable luncheon.

Also, Stephen Renna, former Senior VicePresident and Counsel to the Real EstateRoundtable, was a guest lecturer for theconference’s forum on tax implicationsand legislation. Another forum was held oncritical federal issues, such as those thatrelate to the recent Federal CommunicationsCommission ruling on telecom services toapartments, accessibility and insurance.

Other issues receiving attention duringthe conference were Limited EnglishProficiency, Government SponsoredEnterprises reform, Section 8 funding,Low-Income Housing Tax Credit, clean waterinitiatives and green building standards.

NAA thanks the 2008 NAA CapitolConference sponsors: Rent Bureau, Yardi,For Rent Media Solutions, AZUMA Leasing,Fair Collections & Outsourcing and Wilmar.

(Top) Terry McAuliffe and Pat Buchanan talk politics.

(Above) Utah members discuss issues on Capitol Hill.

(Below) NAA members met in Washington in record

numbers.

16 Landmarks 2008


NAA POLITICAL ACTIVITYVisibility Raised

NAA’s Political Action Committee(NAAPAC) reached and surpassedits goal of $250,000 in 2008—

the most it has raised since its inception.This was accomplished through thefundraising efforts of the NAAPACAmbassadors, the affiliates and the specialevents held at each of NAA’s three majorconferences.

The PAC supports government relationsefforts on issues that affect the NAA’smembership top and bottom lines bygiving to those elected officials whosupport NAA’s views. Contributions tothose Members of Congress and politicalparties continued to grow in directcorrelation with the PAC’s growth. NAAPACcontributed more than $315,000 to over100 legislative leaders and party affiliates.

Additionally, NAA’s efforts to get out thevote for this year’s historic election wasaided by the apartmentvotescount Website. Affiliates and members used this siteas a tool for voter registration efforts withtheir membership and in theircommunities. The site registered morethan 7,400 voters for this election.

NAA Gains Visibility atNational Political Conventions

NAA garnered national attentionwith a major presence at both nationalpolitical conventions this year. NAA hadthe opportunity to host town hallluncheons that welcomed Members ofCongress and public officials and theirstaff, members of the media, NAAmembership and the celebrity delegationof the Creative Coalition.

During NAA’s participation at theDemocratic National Convention (DNC)in August in Denver and the RepublicanNational Convention (RNC) inSeptember in St. Paul, Minn., attendeesengaged in a bipartisan discussion ofcritical housing issues including the stateof the housing industry and the need for

a more balanced housing policy, andworkforce housing.

These events along with othersthroughout the two weeks helped NAAraise its visibility as a national advocatefor balanced housing policy andincreased awareness of NAA-backedpositions on key issues through face-to-face meetings with elected officials andthe national media.

NAA President Doug Culkin, was joinedby 2008 NAA Chairman of the BoardMichael Tompkins, along with 2008 NAAEducation Institute President Alex Jackiw(Indianapolis Apartment Association),Ken Bohan and Eileen Subinsky (HoustonApartment Association), 2008 NAAPACChairman Mike McDougal (LubbockApartment Association), Theresa Lamarand Jerry Winograd (Houston ApartmentAssociation) and Kathy Carlton and BradWilliams (Apartment Association ofGreater Dallas). Attending membersrepresented NAA at many industry-relatedevents and attended official proceedingseach night during the conventions.

“We have reached a new level ofbranding NAA as America’s leadingadvocate for quality rental housing,”Tompkins said. “I look forward to NAA’sfuture down this path.”

NAA hosted town hall-format luncheondiscussions on the state of the housingindustry at each convention. The eventsfeatured Congressional leaders and otherelected public officials. It was moderatedby MSNBC’s Senior Political AnalystLawrence O’Donnell Jr.

Honored guests who spoke at the DNCluncheon were former Secretary ofHousing and Urban Development, HenryCisneros; Sen. Bob Casey (PA); Rep. BaronHill (IN); and Rep. Kendrick Meek (FL).Former Speaker of the House DennisHastert (IL) and Sen. Mike Crapo (ID)were presenters during the RNC luncheon.

These successful events secured

favorable and widespread mediacoverage for NAA, including articles inthe Wall Street Journal, Boston Herald,SmartMoney.com, CNNMoney.com,National Journal, New York Observer,Fox and Friends, Forbes.com, WashingtonTimes,Dow Jones, Congressional Quarterlyand Roll Call.

(From top) NAA hosts luncheon at the DNC in Denver.

Former HUD Secretary Henry Cisneros chats with NAA

Chairman Michael Tompkins. Former Speaker of the

House Dennis Hastert speaks during NAA’s luncheon

at the RNC in St. Paul, Minn.

Landmarks 2008 17


NAA/NMHC JOINT LEGISLATIVE PROGRAMFederal Goals Accomplished

NAA/NMHC achieved severallandmark victories in whathas been possibly the most

important legislative session for thehousing sector in decades. Followingis a summary of key legislative andregulatory accomplishments throughNov. 1.

Transformed Housing Stimulus Bill

Through a multi-month campaign,NAA/NMHC helped transform the housingstimulus bill enacted in July from one thatfocused on bailing out the single-familysector to one that reflects our calls for amore balanced housing policy. Themeasure rejected proposals to create anFHA-insured zero-downpayment mortgageprogram, banned seller-financed “charity”downpayments and rejected calls for a$15,000 tax credit for people who buyforeclosed houses. To balance the single-family incentives that were in themeasure, lawmakers included provisionsimproving and expanding the Low-Income Housing Tax Credit (LIHTC)program, increasing the tax-exemptprivate activity bond caps that apply tomultifamily and mortgage revenue bondsand streamlining tax law related to RealEstate Investment Trusts (REIT).

Retained Ban onDownpayment Assistance

NAA/NMHC’s around-the-clock effortsuccessfully retained a recently enactedban on seller-financed “charity”downpayment assistance (DPA) programs,such as those run by NehemiahCorporation and AmeriDream. NAA/NMHCovercame an aggressive effort to overturnthe ban supported by key lawmakers,the National Association of Realtors andthe National Association of Home Buildersby turning back efforts to includeamendments overturning the ban in the

Economic Stabilization package and in thecontinuing resolution that passed in thefinal two weeks of this Congress.

Maintained Capital AvailabilityAfter a federal takeover of Fannie Mae

and Freddie Mac, NAA/NMHC worked withthe new regulator to ensure thatmultifamily housing lending programswould continue to operate as usual andthat restrictions on the GSEs’ ability toretain mortgages in their portfolios wouldnot restrict such lending, which reliesheavily on portfolio transactions. As aresult, the two firms continued to be asource of debt capital for the apartmentindustry.

Secured FavorableAccessibility Ruling

NAA/NMHC successfully influenced afavorable decision by the Ninth CircuitCourt recognizing a two-year statute oflimitations period in the Fair HousingAct’s accessibility provision beginningwhen the last certificate of occupancy isissued. NAA/NMHC filed an amicus briefwith the court supporting this positionand rejecting the plaintiff’s “continuingviolation” theory. This clarificationof the law is now effective in statescovered by the Ninth Circuit, primarily theWest coast.

Blocked Mandatory FederalTranslation Requirements

An NAA/NMHC-filed lawsuit resulted ina court ruling that HUD Guidancerequiring federally funded apartmentowners to translate a broad array ofdocuments in multiple languages and toprovide verbal translations for thosewho do not read in their nativelanguage was not mandatory. Instead itwill be a non-binding, malleablestandard that imposes no requirementson housing providers.

Improved LIHTCUtility Regulations

NAA/NMHC secured long-soughtregulations that expand the methods thatLIHTC apartment owners can use toadjust their rents when the utilitypayments are made by the residents. Thisregulation, which takes effect Jan. 1, 2009,should increase the overall rental incomefor LIHTC property owners.

Advanced ApartmentIndustry Sustainability

NAA/NMHC published landmarkresearch in 2008, Strategies and Costs toExceed ASHRAE 90.1-2004 Requirementsin a Multifamily Apartment Building,examining the costs, benefits andpractical limitations of making largeincreases in energy efficiency in a typicalmultifamily building. This research willhelp owners and developers meet proposedenergy-efficiency benchmarks and will beused to oppose unreasonable standards(either mandatory or voluntary) thatexceed what is technically feasible andcost-effective based on technology.

NAA/NMHC helped lay the groundworkfor future energy- and climate-changebills by working with Congress to secureimportant concessions in House-passedlegislation that established energy-efficiency standards and mortgage-relatedincentives.

NAA/NMHC helped draft the newNational Green Building Standard, thefirst consensus-based standard forresidential green building. NAA/NMHCsuccessfully lobbied to have it include low-mid- and high-rise apartment construction.The standard offers apartment executivesuniform guidance on green buildingpractices and provides an alternative tonon-standardized green rating systems(such as the U.S. Green Building Council’sLEED criteria) for local jurisdictions thatconsider green building requirements.

18 Landmarks 2008


Opposed a Tax Increase On Carried Interest

NAA/NMHC again prevailed in efforts toturn back a House proposal that wouldhave paid for tax relief by more thandoubling taxes on carried interest (or the“promote”). Specifically, the House passeda bill that would have taxed carriedinterest at ordinary income tax rates insteadof at capital gains tax rates. If enacted, theHouse proposal would have had a devastatingimpact on real estate partnerships.

Improved the Nation’sBuilding Codes

NAA/NMHC successfully defeated allchanges that were proposed to the 2009building code for properties with fourstories or less that would purportedly haveincreased fire safety, but which were actuallyintended to increase the sales of variousproducts. These proposed changes wouldhave dramatically increased constructioncosts. Proposals included requiring moreexpensive sprinklers, eliminating sprinklerdesign options, increasing fire ratings,lowering allowable building heights,permitted stories and building area, revisingbuilding separation requirements and more.

Expanded and Enhanced LIHTC Program

NAA/NMHC helped secure majorlegislation simplifying the LIHTC program,improving it so it is easier to use with otherhousing programs and making changesthat will attract new investors to theprogram. The measure should helprestore liquidity to the program, whichhas become a collateral victim to thesingle-family meltdown. Finally, the billcontains a change long sought byNAA/NMHC and others that excludesthe military’s Basic Allowance forHousing when determining the eligibilityof certain servicemembers for theLIHTC program.

Averted Section 8Funding Shortfall

NAA/NMHC helped prevent a seriousfunding shortfall in the project-basedSection 8 program by securing additionalfunding and a technical adjustment tothe Continuing Resolution (CR) passed tofund the government through March 2009.

Addressed CatastrophicInsurance Needs

Securing affordable natural disasterproperty insurance has been a prioritysince Hurricane Katrina. NAA/NMHC haveengaged in a multifaceted lobbyingcampaign that resulted in the introductionof several pieces of legislation that wouldimprove conditions for property insurance,

thus laying the groundwork for the nextCongress. We also successfully lobbied foran extension of the National FloodInsurance Program (NFIP) this year.

Opposed MandatoryScreening Legislation

NAA/NMHC successfully opposed legislationthat would force employers to participate inthe federal E-Verify program, an electronicemployment eligibility screening systemthat has an unacceptably high error rate.Legislation that passed at the end of thissession maintains its voluntary nature.

Provided Guidance for Pool and Spa Drains

NAA/NMHC created numerous guidancedocuments to help members comply witha new law requiring drain covers andassociated anti-entrapment devices onswimming pools and spas.

Extended Energy andBrownfields Tax Incentives

NAA/NMHC helped secure long-termextensions of several critical tax incentivesfor commercial real estate firms. After aseries of one- and two-year extensions ofenergy tax incentives enacted in prioryears, in 2008 Congress passed a five-yearextension of the $1.80 per square foot taxdeduction for energy-efficient commercialbuildings and the 30 percent investment taxcredit for solar energy and qualified fuel-cellproperties. Both were set to expire Dec. 31.

Blocked Changes to ADA Guidelines

In the final stages of a 10-year rulemakingprocess to revise the ADA AccessibilityRequirements for Public Accommodations,NAA/NMHC helped convince the U.S.Department of Justice to reject a provisionthat required existing properties to retrofitto new standards even if they had metearlier standards.

Landmarks 2008 19

National Apartment Association • National Multi Housing Council

2008 NAA/NMHCJOINT LEGISLATIVE PROGRAM

The NAA /NMHC Joint Legislative Program is a

brochure distributed in March at the Capitol Conference

and is presented to members of Congress. It details

key industry issues and strategies for addressing them.

Motivated by resort-style living, the2008 PARAGON Community of theYear winner GRIGIO Tempe Town

Lake has created a collection of personalizedservices and amenities designed to elevate itsmembers’ lifestyles into a vacation-like setting.

“We meld the timeshare-condo-hotel-rental lifestyle into one,” said Mike Clow,Senior Vice President of Gray DevelopmentGroup, which manages the community. “AtGRIGIO, our residents—’members,’ in GRIGIOspeak—don’t just go on vacation for two weeks.They enjoy that lifestyle 365 days a year.”

Breaking all conventions of traditionalapartment living, GRIGIO is a revolutionarynew community featuring resort-style rentalliving with groundbreaking concepts inservice, experience and product.

Among the myriad custom services andamenities GRIGIO extends to its membersare a retail boutique store stocked with wine,beer, cosmetics and community-brandedclothing; a poolside café; home-delivereddining; a coffee and panini bar; a bi-levelhealth club; a five-level member center;a roof deck venue that overlooks Tempe

and daily pet-walking.The community offers 48 distinct floor

plans, including a variety of studios, one-through four-bedroom suites, lofts andlakefront presidential tower suites—each ofwhich is characterized by bold, modern

architecture with finishes including glass-panel cabinetry with chic accents, silvermetallic GE appliances, blue-pearl granitecountertops and bamboo flooring in selectsuites. GRIGIO members occupy 523residential suites.


MAINTENANCE MANIA

B leachers filled with hundreds ofenthusiastic attendees, including 35

participating NAA affiliates, cheered astheir home-team players sped through sixmaintenance events and a model car racewith the goal of being named winner ofthe second annual Maintenance Mania®

National Championship in June inOrlando, Fla, presented by HD Supply.

With a time of 2 minutes, 14.047seconds, Paul Loredo, CHISPA Housing,Salinas, Calif., California ApartmentAssociation (CAA) Tri-County, took homethe coveted title—as well as $9,000 inprizes given by Maintenance Mania’s®

national sponsors, including a giant tooland parts organizer system, courtesy ofMobile-Shop.

Finalists performed in the Kwikset door

lockset installation, Price Pfister faucetinstallation, Maintenance Warehouse-brand garbage disposal installation,Mobile-Shop blind tool ID, Philips lightbulb installation, Kidde smoke detectorinstallation and GE Racecar Competition.

Loredo won three of the sevenindividual events in the competition—light bulb, faucet and lockset installation.

“This year’s competition truly raisedthe Maintenance Mania® bar, in terms ofcompetitors, fan support and venue,” saidMichael Hendel, HD Supply.

“The great support shown by all thesponsors, affiliates and, of course, skilledparticipants illustrated, once again, thecritical role maintenance plays in theapartment industry and how NAAmembers are the best in their league.”

20 Landmarks 2008

AWARD WINNERSPARAGON Community of the Year: GRIGIO Tempe Town Lake

Hundreds Cheer Maintenance Techs in Pursuit of National Title

Popularity in the NAA National Leaseprogram continues to soar.Presently, more than 10,000

communities are using the lease and anew lease is being generated every 4seconds during regular business hours. Itis offered in 40 states, with versions forWashington, D.C., on the way.

NAA is on pace to sell 19 million leaseclicks in 2008, a record, breaking themark of 14.4 million sold in 2007. Nowavailable with the NAA National Lease isthe Enterprise II program, designed byBluemoon Software for large- and mid-size apartment firms that operate multipleapartment communities.

Enterprise II enables management toaudit their leases in multiple states withone application and in one sitting. It alsohelps streamline compliance withSarbanes-Oxley regulations. Enterprisealso enables users to use a computeranywhere and update all state leases overits entire portfolio in a matter of seconds,with the simple click of a mouse.

The NAA Lease software quicklygenerates and tracks lease renewals andpre-leases on a unit-by-unit basis and itprovides a reminder prompt when a pre-lease becomes current. View a list of stateswhere the Lease Program is available atwww.naahq.org/lease.

Consolidated Statements of Financial* Position Year Ended Dec. 31, 2007

ASSETS

Current AssetsCash and cash equivalents $817,660Accounts and contributions receivable, net of allowance for doubtful accounts of $22,754 328,910

Prepaid expenses 387,833Inventory 69,379Total Current Assets 1,603,782

Investments 9,751,186

Property and Equipments, net of accumulated depreciation of $370,344 444,021

Deposits 78,667Total Assets $11,877,656

LIABILITIES AND NET ASSETS

Current LiabilitiesAccounts Payable and Accrued Expenses $1,201,819Deferred Revenue 2,909,902Total Current Liabilities 4,111,721

Long-Term LiabilitiesDeferred Lease Obligations 165,729Total Liabilities 4,277,450

Net AssetsUnrestricted $5,938,862Temporary restricted 509,436Permanently restricted 1,151,908Total Net Assets 7,600,206

Total Liabilities and Net Assets $11,877,656

Consolidated Statements of Activities* Year Ended December 31, 2007

Revenue and Other SuportMembership 3,608,865Education 1,109,335Meetings & Expositions 4,890,488Communications 1,903,017National Lease Program 874,106Government Affairs 123,641Administrative Income 452,327Contributions 869,733Net Assets Released fromRestrictions 308,361

Total Revenueand Support $14,139,873

ExpensesProgram Services

Membership $547,690Education 1,640,210Meetings & Expositions 3,164,700Communications 1,841,941National Lease Program 493,018Government Affairs 1,780,947Fund Raising 18,154General Administrative 3,715,800

Total Expenses $13,202,460

Change in UnrestrictedNet Assets $937,413

Temporarily Restricted Net AssetsContributions 210,000Investment Income 94,560Net Assets Released from Restrictions (308,361)

Change in Temporarily Restricted Net Assets (3,801)Change in Net Assets $933,612

Net AssetsBeginning of Year $6,666,593End of Year $7,600,206


*Includes NAA, NAAEI and The National AccessibleApartment Clearinghouse

Landmarks 2008 21

LEASE PROGRAMNAA Lease Popularity Soars

NAA FINANCIAL STATEMENT

NAA LEASE PROGRAMCLICKS SOLD

22 Landmarks 2008 National Apartment Association

Alabama• Alabama Apt. Association

251/343-8179• Apt. Association of North Alabama

256/539-2998• Greater Birmingham Apt. Association

205/424-3175• Mobile Bay Area Apt. Association

251/776-4882• River Region Apt. Association

334/514-1780• The Plains Apt. Association

334/821-5581

Arizona• Arizona Multihousing Association

602/296-6200

Arkansas• Arkansas Apt. Association

501/664-8300• Arkansas Multi-Family

Housing Association501/664-8300

• Northwest Arkansas Apt. Association479/387-1487

California• Apt. Association of Greater

Inland Empire909/948-0784

• CAA Central Coast800/967-4222

• CAA Central Valley800/967-4222

• CAA Contra Costa925/746-7131

• CAA Greater Fresno559/221-2533

• CAA Los Angeles213/481-7416

• CAA Merced559/221-2533

• CAA Napa/Solano925/746-7131

• CAA Tri-County Apt. Association408/873-1599

• California Apt. Association800/967-4222

• Income Property Association of Kern661/322-3288

• Marin Income Property Association415/491-4461

• North Coast Rental Housing Association707/526-9526

• Rental Housing Association ofNorthern Alameda County 510/893-9873

• Rental Housing Association of Sacramento Valley916/920-1120

• Rental Housing Owners Associationof Southern Alameda County510/537-0340

• San Diego County Apt. Association858/278-8070

• San Francisco Apt. Association415/255-2288

• San Joaquin County Rental Property Association209/944-9266

• South Coast Apt. Association949/955-3695

Colorado• Apt. Association of Metro Denver

303/329-3300• Apt. Association of Southern Colorado

719/264-9195 • CAA-Fort Collins Chapter

970/484-7754• Colorado Apt. Association

303/830-0886• Weld County Apt. Association

970/395-0225

Connecticut• Connecticut Apt. Association

860/722-9922

Delaware• Delaware Apt. Association

302/547-9436

District of Columbia• Apt. and Office Building Association

202/296-3390

Florida• Apt. Association of Greater Orlando

407/644-0539• Bay Area Apt. Association

813/882-0222• Bay County Multi-Housing Association

850/265-3569

• Capital City Apt. Association229/221-4735

• Emerald Coast Apt. Association of NW Florida850/478-4283

• First Coast Apt. Association904/292-1345

• Florida Apt. Association407/647-8839

• North Central Florida Apt. Association352/333-0333

• South East Florida Apt. Association561/447-0696

• Southwest Florida Apt. Association239/298-3028

• Space Coast Apt. Association866/599-3037

• Tri-City Apt. Association800/276-1927

Georgia• Apt. Association of Greater Augusta

706/790-1688• Athens Apt. Association

706/549-0098• Atlanta Apt. Association

770/518-4248• Columbus Apt. Association

706/568-9990• Georgia Apt. Association

770/518-4248• Mid Georgia Apt. Association

478/994-8773• North Georgia Apt. Association

770/855-2000• Savannah Apt. Association

912/920-3207

Idaho• Idaho Rental Owners and

Managers Association 208/336-9449

Illinois• Chicagoland Apt. Association

847/678-5717• Illinois Apt. Association

847/678-5717

Indiana• Indiana Apt. Association

317/816-8900

• Apt. Association of Fort Wayne260/482-2916

• Apt. Association of Terre Haute812/232-5083

• Apt. Association of Southern Indiana 812/473-0917

• Monroe County Apt. Association812/331-7368

• Howard County Apt. Association317/816-8900

• Tippecanoe Apt. Association317/816-8900

• North Central Indiana Regional Apt. Council317/816-8900

• Northern Indiana Apt. Council317/571-5600

• South East Indiana Regional Apt. Council317/816-8900

Iowa• Central Iowa Apt. Alliance

515/327-0606

Kansas• Apt. Association of Greater Wichita

316/682-3508• Apt. Association of Kansas City

913/248-0355• Apt. Council of Topeka

785/273-0640• Kansas Apt. Association

316/682-3508• Missouri Apt. Association

888/859-5192

Kentucky• Greater Cincinnati Northern

Kentucky Apt. Association859/581-5990

• Greater Lexington Apt. Association859/278-6540

• Kentucky Apt. Association 502/426-6140

• Louisville Apt. Association502/426-6140

Louisiana• Acadiana Apt. Association

337/993-3354

• Apt. Association of Greater New Orleans504/888-2492

• Apt. Association of Louisiana337/237-3773

• Baton Rouge Apt. Association225/923-2808

• Houma-Thibodaux Apt. Association985/868-1615

• Northeast Louisiana Apt. Association318/397-5893

• Shreveport-Bossier Apt. Association318/746-0000

• Southwest Louisiana Apt. Association337/477-2951

Maine• Maine Apt. Association

207/553-7777 Ext. 236

Maryland• Maryland Multi-Housing Association

410/825-6868• Apt. and Office Building Association

202/296-3390

Massachusetts• Rental Housing Association of The

Greater Boston Real Estate Board 617/399-7849

Michigan• Detroit Metropolitan Apt. Association

248/594-9803• Property Management

Association of Michigan616/531-5243

• Property Management Association of Mid-Michigan810/449-1939

• Property Management Association of West Michigan616/531-5243

• Washtenaw Area Apt. Association734/663-1200

Mississippi• Mississippi Apt. Association

703/797-0624

Missouri• Missouri Apt. Association

888/859-5192

THE NAA NETWORK

• Apt. Association of Kansas City913/248-0355

• Columbia Apt. Association573/886-8638

• Mid Missouri Rental Properties Association573/364-1985

• Mid-Missouri Apt. Association573/635-0613

• St. Louis Apt. Association314/205-8844

• Southwest Missouri Rental Housing Association417/781-3337

• Greater Springfield Apt. and Housing Association 417/883-4942

Nebraska• Apt. Association of

Greater Omaha and Lincoln402/333-5331

Nevada• Southern Nevada

Multi-Housing Association702/436-7662

New Hampshire• Apt. Association of New Hampshire

603/666-4242

New Jersey• New Jersey Apt. Association

732/992-0600

New Mexico• Apt. Association of New Mexico

505/822-1114

New York• New York Capital Region

Apt. Association518/456-0927

North Carolina• Apt. Association of North Carolina

704/334-9511• Cumberland County Apt. Association

910/5484-3335• Greater Asheville Area Apt. Association

828/277-7290• Greater Charlotte Apt. Association

704/334-9511

• Greenville Area Property Managers Association252/321-1948

• Triad Apt. Association336/294-4428

• Triangle Apt. Association919/782-1165

• Wilmington Apt. Association910/793-1984

North Dakota• Bismarck-Mandan Apt. Association

701/255-7396• FM Apt. Association

701/478-6685• North Dakota Apt. Association

800/990-6322

Ohio• Columbus Apt. Association

614/488-2115• Greater Cincinnati Northern

Kentucky Apt. Association859/581-5990

• Greater Dayton Apt. Association937/293-1170

Oklahoma• Apt. Association of Central

Oklahoma405/606-2226

• Oklahoma Multi Housing Association405/360-9917

• Stillwater Apt. Association405/372-8862

• Tulsa Apt. Association918/747-6217

Oregon• Metro Multifamily Housing Association

503/226-4533

Pennsylvania• Apt. Association of Central Pennsylvania

717/730-0409• Apt. Association of Greater Philadelphia

610/664-1800• Western Pennsylvania Apt. Association

412/288-9780• Pennsylvania Apt. Association

610/664-1800

Rhode Island• Rhode Island Apt. Association

401/272-3963

South Carolina• Apt. Association of Greater Columbia

803/252-5032• Beaufort County Apt. Association

843/290-6463• Charleston Apt. Association

843/722-7585• Myrtle Beach Apt. Association

843/903-0403• South Carolina Apt. Association

803/252-5032• Upper State Apt. Association

864/242-0200

South Dakota• Black Hills Area

Multi-Housing Association605/394-3310

• South Dakota Multi-Housing Association605/336-7756

Tennessee• Apt. Association of Greater Knoxville

865/588-8961• Apt. Association of Greater Memphis

901/685-9108• Chattanooga Apt. Association

423/876-8121• Greater Nashville Apt. Association

615/365-3047• Tennessee Apt. Association

615/365-3047• Tri-City Apt. Association

423/928-5683

Texas• Apt. Association of Central Texas

254/939-5655• Apt. Association of Greater Dallas

972/385-9091• Apt. Association of South East Texas

409/899-4455• Apt. Association of Tarrant County

817/284-1121• Apt. Association of the Panhandle

806/355-6391• Austin Apt. Association

512/323-0990

• Big Country Apt. Association325/695-7431

• Bryan-College Station Apt. Association979/260-9842

• Corpus Christi Apt. Association361/852-2787

• Corsicana Apt. Association903/874-7165

• El Paso Apt. Association915/598-0800

• Galveston County Apt. Association409/762-8339

• Greater Longview Apt. Association903/759-3966

• Heart of Texas Apt. Association254/776-5451

• Houston Apt. Association713/595-0300

• Lubbock Apt. Association806/794-2037

• North Texas Rental Properties Association940/322-7667

• Permian Basin Apt. Association432/563-1278

• Piney Woods Apt. Association936/569-6690

• Rio Grande Valley Apt. Association956/428-5072

• San Angelo Apt. Association 325/942-1332

• San Antonio Apt. Association210/692-7797

• Texarkana Apt. Association903/223-0217

• Texas Apt. Association512/479-6252

• Tyler Apt. Association903/394-8864

• Victoria Apt. Association361/572-4686

Utah• Utah Apt. Association

801/487-5619

Virginia• Blue Ridge Apt. Council

434/971-8000• Central Virginia Apartment

Association804/756-8262

• Fredericksburg Area Multihousing Association804/373-0811

• New River Valley Apt. Council540/552-8340

• Roanoke Valley Apt. Association540/989-5556

• Shenandoah Valley Apt. Association540/432-5525

• Valley Landlords Association540/942-4625

• Virginia Apt. and Management Association804/756-8262

Washington• Washington Multi-Family

Housing Association206/817-4784

Wisconsin• Apt. Owners and Managers

Association of Milwaukee414/278-7557

• Central Wisconsin Apt. Association715/345-1897

• Wausau Area Apt. Association715/573-5551

Canada• Investment Property Owners

Association of Nova Scotia902/425-3572

ABOUT NAA

T he National Apartment Association(NAA) is America’s leading advocatefor quality rental housing. NAA’s

mission is to serve the interests ofmultifamily housing owners, managers,developers and suppliers and maintaina high level of professionalism in themultifamily housing industry to betterserve the rental housing needs of the public.

NAA is a federation of nearly 200state and local affiliates, comprised ofmore than 51,000 multifamily housingcompanies representing more than 6.3million apartment homes throughoutthe United States and Canada. Members ingood standing of any affiliated associationare automatically considered membersof NAA and entitled to NAA benefits.

Our members represent all facetsof the multifamily housing industry:apartment owners, developers, builders,investors, leasing consultants, propertymanagers, management executives,maintenance personnel, suppliers andother related business professionalsthroughout the United States and Canada.NAA provides a wealth of informationthrough advocacy, research, technology,education and strategic partnerships.

4300 WILSON BLVD., SUITE 400ARLINGTON, VA 22203MAIN: 703/518-6141FAX: 703/248-9440WWW.NAAHQ.ORG

L National Apartment Association ANDMARKS · PDF file · 2016-12-29throughout 2008...

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Transcript of L National Apartment Association ANDMARKS · PDF file · 2016-12-29throughout 2008...