Pre-Conference Registration 
Great Lakes Prefunction

NALHFA University Presents: Bonds for Beginners 

Bonds for Beginners: Part I
Boundary Waters AB
(Pre-registration required)

Do you need a refresher course in private activity bond issuance? If so, this session answers all your basic questions. Set in an instructional, yet interactive setting, discussions pinpoint all the fundamental concepts: the definition of a bond and its relationship to other financing instruments, measuring price, interest, and yield, how a public agency issues bonds, the key players, the key documents, and the flow of funds. Come prepared to work in a group.

Instructors:

• Gloria Boyd, Executive Director, Public Finance, J.P. Morgan
• Patrick Johnson, CFA, Vice President, CSG Advisors
• Patricia Ho, Vice President, Caine Mitter
• Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County, Florida

Bonds for Beginners: Part II 
Boundary Waters AB
(Pre-registration required)

This session builds on the basic concepts presented in Part 1. Discussions include credit enhancement, cash flow analysis, the role of the rating agencies, and disclosure in a bond transaction. After these two sessions, participants will understand the more complex areas of tax-exempt bond financing.

Instructors:

• Stephen Splawinski, Vice President – Capital Markets, NYCHDC
• Graham Lindsley, Public Finance Associate, Stifel
• Susan Jun, Managing Director, Raymond James

NALHFA Board of Directors Meeting (by invite only)
Boundary Waters D

Welcome Networking Happy Hour 
Boundary Waters Foyer
Sponsored by Banyan Infrastructure

Come grab a drink and join us for Happy Hour! Get to know the NALHFA Board of Directors, Staff, and fellow conference attendees.

Enjoy Minneapolis & Sponsored Events!

Registration
Great Lakes Prefunction

Networking Breakfast
Great Lakes Ballroom
Sponsored by Southeast Texas Housing Finance Corporation

Come join your fellow conference attendees for a time to connect and network with housing finance professionals from all over the country. This is a great opportunity to have casual conversations, interact with conference sponsors, and share success stories and best practices.

8:00 am - 9:00 am 

Keynote: State & Local Perspectives on Affordable Housing
Great Lakes Ballroom
Sponsored by HDS Companies

Join us at the Opening General Session of NALHFA's 2025 Annual Conference for an insightful discussion on State and Local Perspectives on Affordable Housing. Hear from top housing leaders as they explore innovative strategies and policy solutions shaping communities across the country.

Speaker:

• Jacob Frey, Mayor, City of Minneapolis
• Peggy Flanagan, Lieutenant Governor of Minnesota
• Jennifer Leimaile Ho, Minnesota Housing Commissioner

9:00 am - 10:00 am 

Keynote: From Macro to Micro – The Housing Market & Economy in 2025
Great Lakes Ballroom
Sponsored by Morgan Stanley

Join us as we explore trends in markets, policy, demographics, and the economy – and what it all means for the HFA community. We’ll focus on what to watch for in the second half of the year – both for the Fed and for Congress, and how to start thinking about 2026.

Speaker:

• Mark Schmidt, Morgan Stanley

Coffee Break
Boundary Waters Foyer
Sponsored by Housing Finance Authority of Miami-Dade County

Keynote: Homelessness is a Housing Problem
Great Lakes Ballroom
Sponsored by Raymond James

In Homelessness is a Housing Problem, Housing Scholars Gregg Colburn and Data Journalist Clayton Aldern seek to explain the substantial variation in rates of homelessness apparent in cities across the United States. Using accessible statistics, they test a range of conventional beliefs about what drives the prevalence of homelessness in a given city—including mental illness, drug use, poverty, weather, generosity of public assistance, and low-income mobility—and find that none explain why, for example, rates are so much higher in Seattle than in Chicago. Instead, housing market conditions, such as the cost and availability of rental housing, offer a more convincing explanation.

Speaker:

• Dr. Gregg Colburn, Associate Professor in the Runstad Department of Real Estate in the College of Built Environments at the University of Washington.

Annual Business Meeting and Award Luncheon
Great Lakes Ballroom
Sponsored by Invest Atlanta

The NALHFA Award of Excellence is the most prestigious national recognition award in the local affordable housing finance community. The award recognizes the critical work that NALHFA members do in their local communities to provide affordable housing. Out dozens of award nominations, eleven NALHFA members are being recognized for their outstanding, innovative, and sustainable solutions. Join us as we celebrate this year’s award honorees.

Coffee Break
Boundary Waters Foyer
Sponsored by Housing Finance Authority of Miami-Dade County

Concurrent Sessions

Policy Track: A State of Play: Latest from Washington, D.C.
Boundary Waters CD

Our annual Washington Update at NALHFA's Annual Conference offers attendees a timely and in-depth look at the federal policy landscape impacting local HFAs. This session will feature key policy experts and advocates who will provide updates on current legislative and regulatory developments in Washington, D.C. Attendees will gain valuable insights into how these federal actions may shape local housing initiatives and funding opportunities, and how NALHFA is working to ensure the voice of local HFAs is heard on Capitol Hill.

Facilitator:

• Josh Brandwein, Director of Government Affairs, NALHFA

Speakers:

• Robert Henson, Senior Housing Policy Specialist, National Council of State Housing Agencies
• Xavier Arriaga, Policy Director, Enterprise Community Partners
• Peter Lawrence, Chief Public Policy Officer, Novogradac

Single Family Track: Bonds versus TBAs: Exploring Public Offerings in Issuances
Great Lakes Ballroom

Market conditions often dictate the financing structures selected by single-family issuers. This session will compare bonds and TBAS to explore public offerings in single-family issuances. 

Facilitator:

• Helen Feinberg, Managing Director - Multifamily Originations, RBC Capital Markets

Speakers:

• Lisa Bernau, Executive Director, Escambia County Housing Finance Authority
• Timothy Nelson, Senior Managing Director, Hilltop Securities Inc.
• Mike Ridenour, Director - Municipal Markets, RBC Capital Markets
• Andrea Shields, Deputy Director, Capital Area Housing Finance Corporation
• Chris Spelbring, Managing Director, Raymond James

Multifamily Track: HFA Preservation Portfolios: Current Trends and Implementable Strategies
Boundary Waters AB

As the landscape of multifamily housing continues to evolve, Housing Finance Agencies (HFAs) are at the forefront of ensuring long-term sustainability and affordability. This session will delve into effective strategies for bolstering HFA preservation portfolios, focusing on both the preservation of existing affordable housing and the obstacles facing issuers. Attendees will gain a deeper understanding of how HFAs can implement innovative approaches to preserve affordable housing and how to address challenges such as funding limitations, aging infrastructure, rising costs, and tenant protections.

Facilitator:

• Ferdinand S. Perrault, Vice President & Senior Credit Officer, Moody’s

Speakers:

• Joshua Canan, Senior Vice President - Originations, Merchants Capital Corp.
• Eric Enderlin, President, New York City Housing Development Corporation
• Annie Lee, Director, BofA Securities
• Ferdinand S. Perrault, Vice President & Senior Credit Officer, Moody’s

Coffee Break
Boundary Waters Foyer
Sponsored by Housing Finance Authority of Miami-Dade County

Concurrent Sessions

Policy Track: Converting Commercial Buildings into Affordable Housing + Preservation
Boundary Waters CD

Attendees are welcome to join this session and learn how state and local initiatives finance commercial building conversions, such as transforming hotels and office buildings into residential or mixed-use spaces through a combination of public and private funding sources and tax incentives. Best practices include utilizing Low-Income Housing Tax Credits and Opportunity Zones to reduce financial barriers; however, challenges such as uncertain market conditions, rising rehabilitation and insurance costs, and restrictive zoning regulations can complicate conversions. Participants will speak on addressing these issues to incentivize adaptive reuse projects and support long-term economic and housing stability.

Facilitator:

• Lauren Connors, SVP, NYCHDC

Speakers:

• Jason Hubbard, Director, Stifel
• Amy Geisler, City of Minneapolis
• Chris Sherman, President, Sherman & Associates
• William Wilcox, Bond Program Manager, San Francisco Mayor's Office of Housing and Community Development

Single Family Track: Smart Financing Strategies: Leveraging Bonds and Blended Deals in Changing Markets
Great Lakes Ballroom

This session will explore the impact of market conditions on single-family mortgage revenue bond issuances, including the benefits of tax-exempt/taxable blended issuances and the advantages of bonds over TBA programs for successful single-family financings. The speakers will discuss overcoming common financing hurdles in fluctuating market conditions. Attendees will learn practical solutions for utilizing bond financing strategies.

Facilitator:

• Rachel Sanchez, Vice President, Morgan Stanley

Speakers:

• DeDe Cross, Director, Stifel
• Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County, Florida
• Vikram Shah, Senior Vice President, Jeffries

Multifamily Track: Let’s Get Creative! Innovative Solutions for Financing Middle-Income Housing
Boundary Waters AB

This session will explore the complex landscape of financing new construction and middle-income housing.  Attendees will gain insight from experts on navigating unique obstacles through creative financing structures, public-private partnerships, and innovative solutions that bridge the gap between market-rate and low-income housing.

Facilitator:

• Ken Silverman, Vice President of Government Affairs, Housing Opportunities Commission

Speaker:

• Satish Bhaskar, Executive Vice President/CFO, Housing Opportunity Management Enterprise
• Rachael Jenson, Associate, Chapman and Cutler LLP
• Benjamin Killion, Executive Director, Wells Fargo

Offsite Networking Event
Walker Art Center
Sponsored by DC Housing Finance Agency

Join us for an incredible networking event at the Walker Art Center a renowned multidisciplinary arts institution that presents, collects, and supports the creation of groundbreaking work across the visual and performing arts, moving image, and design. Guided by the belief that art has the power to bring joy and solace and the ability to unite people through dialogue and shared experiences, the Walker engages communities through a dynamic array of exhibitions, performances, events, and initiatives. Its multi-acre campus includes 65,000 sq. ft. of exhibition space, the state-of-the-art McGuire Theater and Walker Cinema, and ample green space that connects with the adjoining Minneapolis Sculpture Garden. The Garden, a partnership with the Minneapolis Park & Recreation Board, is one of the first urban sculpture parks of its kind in the United States and home to the beloved Twin Cities landmark Spoonbridge and Cherry by Claes Oldenburg and Coosje van Bruggen. Recognized for its ambitious program and growing collection of more than 15,500 works, the Walker embraces emerging art forms and amplifies the work of artists from the Twin Cities and from across the country and the globe. Its broad spectrum of offerings makes it a lively and welcoming hub for artistic expression, creative innovation, and community connection.

Registration
Great Lakes Prefunction

Networking Breakfast
Sponsored by Stifel Public Finance

9:00am - 10:15am

NALHFA University Presents: Concurrent Training Workshops: Part I

The following concurrent training workshops are targeted to the following three segments of the affordable housing finance industry. Please review to determine which track compliments your experience level.

Rising Stars: This track is focused on providing expert insights to professionals who are either new to the affordable housing finance industry within the last 4 years or perhaps new to their role. If you are eager and innovative, have an appetite for the exchange of knowledge and sharing of best practices, this workshop track is for you.

Emerging Leaders: This track will enable working professionals who have been on their career path for 5+ years to come together with their unique blend of expertise and ambition in an engaging format to drive positive change and to influence the future landscape of the affordable housing finance industry.

Executive Leadership: Encompassing C-Suite Leadership and members of senior management, this track is for those with 15+ years of professional experience, bringing leadership, wisdom, and a wealth of knowledge in the affordable housing finance industry. In this workshop track, you will discuss a variety of high-level topics including management and leadership skills with fellow industry thought leaders.

Rising Stars: Recipe for Success: Creating and Implementing Effective Single-Family Housing Resources
Great Lakes Ballroom

Creating and implementing effective single-family housing resources is more critical than ever. During this workshop, attendees will explore the key ingredients for developing comprehensive single-family resources that focus on long-term housing stability. By the end of this workshop, you will be equipped with actionable ideas to bring back to your organization.

Facilitators:

• Suzanne Denihan, Vice President, eHousingPlus
• Elizabeth Moya, Executive Director, El Paso Housing Finance Corp

Emerging Leaders: Leading the Way Forward: Building a Bold Future in Affordable Housing
Boundary Waters AB

In a time of rapid change and rising complexity, emerging leaders in housing finance are being called to do more than adapt—they're being called to lead change amid uncertainty. Whether you're managing projects, guiding teams, or preparing for your next leadership role, this session is your launchpad to grow with intention, build your network, and sharpen the leadership skills needed to thrive.

Great leaders don’t just navigate change—they inspire others to rise with them. Facilitated by Dr. Tina Woodard, CEO of Capstone Performance Solutions, this fun and highly interactive session blends leadership insights and personality preferences with the principles of improv to spark creativity, confidence, and collaboration. You’ll learn how to embrace risk, communicate with clarity, empower your teams, and solve real-world challenges with resilience, flexibility, and strategic vision.

Through peer dialogue, reflection, and practical exercises, you’ll also gain a preview of the transformative NALHFA Leadership Excellence Institute (LEI)—a unique opportunity to accelerate your personal and professional growth, gain strategic insight, and lead with impact. You will leave this workshop empowered, energized, and ready to rise to the next level of your career.

Facilitator:

• Tina Woodard, Ed.D., PHR, Capstone Performance Solutions, Inc.

Executive Leadership: Unlocking the Power of TIFIA/RRIF Financing for Transit-Oriented Development
Boundary Waters CD

Innovative financing solutions are critical to achieving successful, sustainable transit-oriented development (TOD) projects. Join us for a high-level discussion where we’ll break down the essential components of TIFIA and RRIF financing, how they align with long-term TOD goals, and real-world examples of their application. We will also engage in knowledge-sharing on implementation in a changing political climate.

Facilitators:

• Dawn Arnold, COO, Invest Atlanta
• Adam Cray, Municipal Advisor, CSG Advisors
• Karen Fitzgerald, Senior Director, Fitch Ratings

Coffee Break
Boundary Waters Foyer
Sponsored by Housing Finance Authority of Miami-Dade County

10:45am - 12:00pm

NALHFA University Presents: Concurrent Training Workshops: Part II

Rising Stars: Unlocking Homeownership: Navigating Down Payment Assistance Through Multiple Lenses
Great Lakes Ballroom

This workshop will include a mix of presentation and interactive elements where attendee groups will analyze down payment assistance case studies from the differing perspectives of a lender, LO, realtor, and/or consumer. The workshop will kick off with an overview of the latest updated on down payment assistance programs. Peers will then engage with one another to discuss process challenges and knowledge gaps, strategies for engaging stakeholders, share digital tools and resources for homebuyers, and how they can expand knowledge of home buyer assistance programs to communities. At the end of the workshop, each group will present their lessons learned and take-home practices to attendees.

Facilitator:

• Angel Romero, HFA Relationship Manager, Down Payment Resource
  
• Melissa Schirz, Director, HFA Management, Freddie Mac

Emerging Leaders: The Power of Storytelling: How to Use Your Stories to Influence the Future of Affordable Housing
Boundary Waters AB

NALHFA welcomes attendees to join this session to become empowered with the tools and strategies needed to effectively communicate housing finance initiatives to policymakers and stakeholders. This session will feature advocacy experts and seasoned professionals who will share best practices for crafting compelling narratives, leveraging data, and personalizing messages to drive impact. Attendees will learn how to translate their work into powerful stories that resonate with decision-makers, ensuring their voices are heard in the evolving policy landscape.

Facilitator:

• Christopher Donald, Executive Director/CEO, District of Columbia Housing Finance Agency
• Melissa Taphorn, Executive Director, Washington County CDA
• Blake J. Stanfill, COO, Finance New Orleans

Executive Leadership: Building the Future: Internal Development Pipelines, Mentorship, and Measuring Impact
Boundary Waters CD

If you build it, they’ll come. But if they build it with you? They stay.

In this LEGO-themed interactive workshop, we’ll explore what it really takes to grow leaders and culture from the inside out—brick by intentional brick. Spoiler: it starts with a rock-solid foundation. We’ll talk mission, vision, guiding principles—and how to move those from wall posters to real-world strategy. Because without a plan to connect that foundation to expectations, tools, and engagement? Things fall apart (or never get built at all). This is the work of building something meaningful—and keeping it standing. Together, we’ll dig into how internal leadership development can be both structured and inspired, and why retention might not be the strategy after all.
What attendees will walk away with:

• A framework for grounding leadership development in mission, vision, and guiding principles
• Strategies for turning foundational values into expectations, tools, and everyday behaviors
• Ideas for building a leadership pipeline that’s unique to your culture (not off-the-shelf)
• Honest insights about the post-COVID landscape—and why things feel harder, but also more hopeful
• A live mini DiSC session: how personality insight can help teams “click” and collaborate
• Real-world stories of what worked, what didn’t, and how saying “yes” can shape a stronger culture

Facilitator:

• Bill Brewer, Executive Director, Nevada Rural Housing
• Shani Dues, Director of Human Resources and Administration, Nevada Rural Housing

Women in Finance Networking Luncheon & Roundtable
Great Lakes Ballroom
Sponsored by CSG Advisors

The 2025 Women in Finance Luncheon is much more than just a meal – it’s an experience designed to celebrate women in the housing finance industry while also encouraging personal and professional empowerment. This year, in partnership with NALHFA, CSG Advisors is bringing a fresh, bold theme: "All-In – Betting on Yourself to Win." Inspired by the world of poker, this event challenges women (and allies) to bet on themselves and embrace the risk, resilience, and strategic thinking required to navigate their careers and personal lives. Engaging speakers, meaningful discussions, and a fun, inclusive atmosphere foster an environment where attendees leave feeling empowered, inspired, and ready to take on the next big hand in life because everyone’s a winner when they bet on themselves.

Facilitator

• Nicole Graham, Co-CEO, CSG Advisors

Speakers:

• Susan Jun, Managing Director, Raymond James
• Cheree Gulley, Executive Director, Housing Finance Authority of Miami-Dade County
• Annie Lee, Director, Public Finance Investment Banking, BofA Securities
• Nicole Joslin, Division Manager - Housing Department, Austin Housing Finance Corporation
• Sydney Shivers, Director of Housing Policy and Programs, Finance New Orleans
• Elizabeth Moya, Executive Director, El Paso Housing Finance Corp

Sponsored by: 

Affordable Housing Bus Tour (advanced registration required)
Sponsored by Washington County Community Development Agency

Buses leave promptly at 2:30 pm CT. All participants will board buses at 2:15 pm CT.

NALHFA attendees have an incredible opportunity to tour two (2) amazing developments located in Minneapolis. This is surely to be one of the most talked about events during the conference and you do not want to miss it! Please note that advance registration is required and space is limited.

About the Properties:

Belfry Apartments: NALHFA 2025 Award of Excellence Winner!
Belfry Apartments is a historic, adaptive reuse project undertaken by Trellis in partnership with Calvary Lutheran Church in south Minneapolis. The project includes 41 deeply affordable rental units at 30% AMI, including multiple-bedroom units to meet the needs of families. In addition to the reuse of the historic church building, the project includes a new construction component that was designed to thoughtfully add density to an existing neighborhood. The City of Minneapolis provided financing in the form of a deferred loan from the Affordable Housing Trust Fund program and a 9% LIHTC allocation.

Groove Lofts
Developed by Sherman Associates, Groove Lofts is an exciting example of the conversion of historic, underutilized office space into affordable rental housing. The project is the final phase of the three-phase redevelopment of the historic Northstar Center in downtown Minneapolis. The other two phases include a hotel and office space. Groove Lofts includes 216 apartment homes and over 10,000 square feet of amenity space, including a rooftop club room, cinema, coworking space, maker’s studio, arcade, karaoke lounge, and VR game studio. The units have a range of affordability, including 20% affordable at 50% AMI. The City of Minneapolis participated in the project with Tax Increment Financing provided through its Inclusionary Zoning program.