All Forum Posts by: Steven J. Umaña

@Kristina Anderson Thanks for the kind words Kristina! 

@Kent Leach thanks for the input. I represent developers of LIHTC property in Ohio and one of my go to sayings with how these deals work is "hurry up and wait." It's like Texas Hold Em at times - hours of boredom and moments of terror. I actually had a client begin to explore LIHTC deals in TN and I've heard the housing authority in TN has some stringent requirements (more so than Ohio) for awarding credits, etc. Just scratched the surface, but it seems like to get in the door you almost need a TN based nonprofit who has also received 8609s? 

@Steven Foster Wilson Have you ever heard of folks using storage units or similar alternative construction methods? That link you sent is unbelievable! Order a house online!

@BJ Everson great to meet fellow Columbus folks in the industry! I really can't see a slowdown in the supply needs, especially with COVID-19 and the long-term economic uncertainty that it has caused. A lot of affordable housing developments currently in operation in both rural and urban areas will need recapitalized and substantially rehabilitated in the coming years as well. 

Thanks for the input @Steve Morris - What are your thoughts about the 4% non-competitive tax credit? I understand they are coupled with bond financing, but still see these deals increasing. The Developer Fees paid to non-profit co-developers and for-profit developers can be hefty.

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In my recent experience, I've seen amendments to leases drafted to memorialize changes in certain business terms or concessions by the Landlord due to COVID-19 i.e. the Tenant paying certain months' rent in installment payments over the term of the Lease or Landlord concessions being contingent upon the Tenant obtaining relief from the SBA program.

Greetings All,

I'm looking for some feedback from the Ohio investor community as to whether you are documenting a change or disruption in terms of your commercial lease due to COVID-19. If so, what types of terms are you incorporating into such an amendment? Thanks in advance. 

Steve

Looking for some recommendations! Thanks in advance everyone!

Steve

To @Remington Lyman 's point, NEVER pass up "loss of rent" coverage in an insurance policy for an investment property! I'm so lucky I didn't strip it when trying to lessen my annual insurance premium. Now my insurance provider will pay me the rent I'm owed if my tenants have to vacate the property during the repairs. This appears to be a very lucky, unlucky accident.