LAST UPDATED 08/15/19

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EXHIBIT B

COMPANY DESCRIPTION History and Background of The Beacon Companies and its Principals.


The Beacon Companies is a full service real estate firm established in 1946. For the last fifty years. Beacon has provided construction, development and management services in the office space, commercial, housing and hospitality markets. In 1995, The Beacon Companies was divided into a publicly held New York Stock Exchange REIT, Beacon Properties Corporation, which currently owns and manages 15 million square feet of office space and a series of private companies including Beacon Residential Properties (BRP) and Beacon Residential Management (BRM) which focus on the development and management of multifamily housing. Other companies include Energy Capital Partners, which provides financing for energy improvements to companies and multifamily housing developments, and H20 Matrix, which provides water management services.

BRP and BRM possess the ability and know how to accomplish a variety of diversified tasks within the public and subsidized housing fields. Drawing upon the existing knowledge and depth of personnel, BRP and BRM provide the following services. First, BRP provides consulting services to profit motivated, non-profit and public entities engaged in the planning, development, financing, asset management and ownership of housing for low and moderate income people and those with special needs. Second, BRP serves as the developer for affordable housing developments assuming responsibility for development planning, financing, construction management, and ownership. Third, BRM provides on-going management of developments.

BRM currently manages 6,000 units of market-rate and affordable multifamily housing in twelve cities and seven states. Approximately 5,000 of these units are owned by partnerships affiliated with BRM, and 1,000 are third party fee management, including properties in Massachusetts, Connecticut, New Hampshire and Florida. We operate fall-service offices, headed by seasoned local managers, in each market where we have a management presence, including Boston, Brockton, Charlestown, Palmer, Springfield and Worcester, Massachusetts; Hartford, Connecticut; Miami, Florida; Deny, New Hampshire; Rochester, New York;. Richmond, Virginia and Harrisburg, Pennsylvania. We have over 27 years experience managing real estate assets for our affiliate and for other institutional, private and non-profit owners. Properties we manage range in size from 46 units to nearly 1,000 units, and in age from new construction to 27 years old.

BRM manages developments financed by the Virginia Housing Finance Agency, New York Division of Housing and Community Renewal and United States Department of Housing and Urban Development, and the Pennsylvania Housing Finance Agency. BRM is consistently rated as one of the top tier management companies by all these agencies. All of our properties receive "Exceeds Standards" on annual inspections by the funding agencies in all
areas ranging from administrative and maintenance to financial. Exhibit A is a description of the developments currently under management. BRM's portfolio consists of a mix of elderly and family units. The programs include Sections 221(d)(3), 236, Rent Supplement, market, Section 8 New Construction and Substantial Rehabilitation, Flexible Subsidy, tax-exempt financing and LIHTC.

BRM was instrumental in working with MHFA to initiate energy conservation programs and plans, as well as developing a revolving loan fund for energy retrofits. We also participated in the establishment of a minority management training program sponsored by MHFA and Minority Enterprises. Beacon has been actively involved with policy making at the agencies and our Senior Vice President William Stetson, is currently a member of the Management Policy Review Committee at the MHFA. Managers and staff within Beacon Residential Management have served on committees and panels at the Agencies' requests since the 1970's to participate in training on issues ranging from preventive maintenance to energy conservation. Training has been conducted in conjunction with not only HUD, MHFA, VHDA, but with agencies such as Massachusetts Water Resources Authority. BRP assumes an active role in developing management and maintenance programs. Members of our staff have been directly responsible for the development of a four-year degree program in property management at Virginia Technical College. Our administrative, maintenance and landscaping staff teach courses that are part of this curriculum. Our Director of Southern Properties, Richard Bighinatti, is currently Chairman of the Advisory Board of the College

All of our development and construction procedures include a thorough knowledge and understanding of building operations, which achieve an economic first cost and viable long-term efficient operations.
BRP is involved in a number of affordable housing initiatives serving as consultant and developer.

BRP is providing strategic planning and development consulting to the District of Columbia Housing Authority on developing privatization strategies and assisting the Detroit Housing Department in structuring the financing for Parkside Homes, a HOPE VI development, including a $28 million tax credit syndication. In Harrisburg, Pennsylvania, BRP is developing a 270 unit elderly housing complex. In conjunction with its joint venture partner, Corcoran, Jennison Company, BRP is the designated redeveloper of Elm Haven, a 400 unit HOPE VI development in New Haven, Connecticut and AUequippa Terrace, a 1200 unit HOPE VI development in Pittsburgh. BRP also is providing consulting services for the refinancing of a 500 unit portfolio of elderly housing in Brookline, Massachusetts.

Key Personnel and Background


Ed Sidman is General Partner of Beacon

Residential Management and Beacon Residential Properties. His expertise is evidenced by his development of thousands of units of affordable housing and millions of square feet of commercial and hotel space. The development of the 600,000 square foot Center Plaza was the first private investment in Boston's Government Center area. Boston's former Federal Reserve Bank building was passed over for redevelopment until Beacon created the One Post Office Square/Hotel Meridian Complex, now the towering heart of Boston's Financial District. Rowes Wharf, the long-dormant last parcel of undeveloped harbor front in Boston's Financial district, involved working in collaboration with the City of Boston and numerous Boston Harbor interests. Under Ed's leadership, the waterfront at the mixed-used Rowes Wharf development has been transformed into a bustling urban center providing water shuttle commuter and airport transportation and recreational activities. The waterfront is supervised by a unique collaborative entity, the Rowes Wharf Operations Board, a partnership of the state, city and Beacon.

Ed has served as the lead Beacon general partner in numerous complex public/private partnerships. Through Beacon's partnership with Amtrak and the Massachusetts Bay Transportation Authority, the historic South Station, a major transportation center in downtown Boston, was transformed from a decrepit facility into a restaurant and retail destination, as well as a modem transportation center. Beacon manages the train station for Amtrak and .the "T", and recently was chosen to manage the adjacent state-of-the-art bus station which is under construction.

Ed is chairman of Beacon Properties Corporation, a New York Stock Exchange Real Estate Investment Trust. Ed has served in numerous civil and industry roles and is currently Chairperson of the National Realty Committee and serves on .the Board of Trustees and Executive Committee of Duke University, where he is chairperson of the Buildings and Grounds Committee.

Howard Cohen, President of Beacon Residential Management and Beacon Residential Properties, has extensive experience in all aspects of the development, financing and management of affordable housing. For the 25 years prior to joining Beacon, he provided legal counsel and development consulting services with respect to the development and financing of tens of thousands of multi-family housing units utilizing all forms of financing and government assistance. As General Counsel at the Massachusetts Housing Finance Agency, Howard represented the Agency in all aspects of multifamily bond financing and lending, negotiations with housing developers, closing of loans, and drafting legislation. Howard served as counsel to both the Cambridge and Boston Housing Authorities. In those roles, Howard provided planning and legal assistance on the Authorities' large redevelopment efforts and developed a full understanding of the operations of the public housing program.

Howard has been significantly involved in several projects directly relevant to the planning, development, financial and strategic issues relevant to this task. Howard represented the residents of the America Park public housing development, located in Lynn, Massachusetts, in the conversion of America Park to King's Lynne. Howard provided counsel and business advice to the resident's throughout the development process. Howard worked on the drafting of Massachusetts General Laws Chapter 884 which authorized the sale of the development, assisted in the drafting of the RFP and developer selection, negotiated the joint venture agreement between the residents and the private developer and assisted in structuring the financing package.

For the Cambridge Housing Authority, Howard provided strategic planning advice and counsel for the redevelopment of Roosevelt Towers, Jefferson Park and Washington Elms developments. In all three instances, the developments were substantially rehabilitated, but yet remained as conventional public housing. Washington Elms raised significant community controversy due to the reduction in the number of units and the requirement of off-site relocation, and Howard worked with the CHA to obtain resident and city council approval of the redevelopment effort.

While representing the Boston Housing Authority (BHA) receiver, Howard structured the redevelopment of both the Commonwealth and Columbia Point housing developments. The redevelopment of Commonwealth had been stalled by the lack of state funding. In response, Howard brought to Massachusetts the technique of "federalizing" a state project which had been developed by the New York Housing Authority and located existing public housing authority development funds to finance the redevelopment. Further, the Receivership and the residents did not want to rely on the conventional modernization approach for this massive undertaking. In response, Howard crafted the "turnkey" approach to the redevelopment of an existing project which allowed the development to be "sold" during construction and "bought" upon completion. Both "federalization" and "turnkey" redevelopment raised numerous legal and policy issues which needed to be resolved in order for the redevelopment effort to go forward.

Howard was involved in the preparation of the developer's kit for the redevelopment of Columbia Point (Boston, MA), and the review and selection of the development team. After selection of the redevelopers at the request of the BHA, Howard served as "counsel to the project" In this role he was responsible for negotiating the development agreement, coordinating the legislative (the redevelopment required two pieces of state legislation) and regulatory approvals, developing the federal and state financial and subsidy package, and serving as draftsperson for the ground lease.

For non-public housing clients, Howard has recently been involved in other relevant transactions. In the first, the preservation of Beaver Park Apartments in Framingham, MA, as low and moderate income housing through a nonprofit acquisition, Howard and Kathleen Sheehan (General Counsel to B/CJ) developed the legal and financial structure for a 99 year lease by the Framingham Housing Authority of 58 units within the 286 unit development. The lease provided for an up-front rent payment that financed the acquisition and flexible unit assignments. The negotiation of the lease required the resolution of dozens of issues including cost sharing, real estate taxes, force majeure, and subordination.

The second transaction involved the preservation of Castle Square Apartments, also located in Boston. Howard and Kathleen represented the private redeveloper in negotiations with the residents, HUD, the City, and. Massachusetts Housing Finance Agency. With respect to the ownership structure, the residents desired to have the benefit of the experience of a private developer, but wanted, in the long run, to own the development without any outside participation. The private developer was primarily interested in earning development fees and long-term management, and was less interested in residual value. Howard and Kathleen worked with the counsel for the residents to develop the concept of an "extended turnkey" development under which the private developer and the residents share decision making but the private developer bears the financial risk during construction and the first several years of operation. After several years of break even operations, the residents can buy-out the private developer for $ 1.00. Further, Howard and Kathleen worked with the redevelopment team to plan the revitalization of the commercial space in the development including the opening of a new supermarket in a building that had been vacated by A&P.

Howard serves on the Fannie Mac National Advisory Committee and the Massachusetts Housing Finance Advisory Committee. He is on the board of directors of the National Housing and Rehabilitation Association and the Citizen's Housing and Planning Association of Greater Boston. He is vice-president of the Newton Community Development Foundation, the non-profit housing developer in his home town. This spring and summer, 1996, he served on the U.S. Senate Banking Committee Section 8 Portfolio Restructuring Working Group.

Mike Phillips is The Beacon Companies' Senior Vice President and Chief Financial Officer and Beacon Residential Management's Chief Operating Officer. Mike has a wealth of experience with residential property management with a concentration in the area of finance and managing fiduciary relationships.

Mike served as Senior Vice President and Chief Financial Officer of the Congress Realty Group of Companies from 1986 to 1994. His responsibilities included finance, treasury, operations and investor services for a real estate portfolio of over 7,000 apartment units acquired with $125 million of private investor equity. In this capacity, he was responsible for obtaining primary financing on newly acquired properties and assessing and completing refinancing opportunities. Mike was also responsible for the successful sale of Congress' Management Company unit to a national level company in 1994.

Most recently, Mike was the Chief Executive Officer of MB Management Company. His responsibilities focused on refinancing transactions and asset dispositions. Mike was also responsible for restructurings resulting from a change in ownership and a subsequent downsizing.

Mike is a Certified Public Accountant in the Commonwealth of Massachusetts and a member of the Massachusetts Society of Certified Public Accountants. He had seven years of experience with the international accounting firm of Touche Ross & Company. Mike has served as a founding board member of the Boston Chapter of the Construction Financial Management Association and the New England Chapter of the Turnaround Management Association.

William Stetson, Beacon Residential Management's Senior Vice President, has been with Beacon since 1969. Bill served in the construction division for eight years as a project manager for several office buildings before joining Beacon Residential Management in 1977. Since then, he has been responsible for the growth and success of the Residential portfolio.

Beacon Residential Management's portfolio is meticulously maintained and serves as a model for energy conservation, modernization and preservation. Bill has been responsible for developing modernization programs for Bramblewood Estates and Williamsburg Estates which reduced operating expenses, increased marketability and cash flow while still providing affordable housing. Three of Beacon Residential Management's properties were preserved under the Emergency Low Income Housing Preservation Act which extended the affordability restrictions. The Plan of Actions and loans included electric to gas utility conversions and a new community building.

Bill serves on a number of boards in the real estate industry including Greater Boston Real Estate Board, Rental Housing Association and is President of the National Housing and Rehabilitation Association. While serving as the industry representative on the MHFA Management Policy Review Committee, he was instrumental in developing the minority trainee program and a capital needs assessment program. Bill also is a board member of Caritas (SRO), the National Housing Council and National Multi Housing Council.

Richard Bighinatti has served in various capacities at Beacon Residential Management since 1970. He was responsible for the successful rent up and management of Colonial Estates, a 500 unit family site in Springfield, Massachusetts, as well as Baystatc Place, a 347 unit elderly development also in Springfield, Massachusetts.

In 1976, Richard relocated to Richmond, Virginia to develop the management and leasing plans for Bramblewood Estates, Blue Ridge Estates and Dominion Place, all in the City of Richmond. These developments operate at 100 percent occupancy, have significant reserves and produce cash flow. Richard's additional responsibilities include the 312 unit market rate development, Williamsburg Estates, the 172 unit elderly development. Pheasant Hill Estates, both in Hamsburg Pennsylvania, as well as the 463 unit Low-Income Housing Tax Credit development in Miami, Florida known as Biscayne View. He implemented the modernization programs at Williamsburg Estates and Bramblewood Estates, and supervised each of these $1.5 million renovations without interruption to the residents.

Richard is active in IREM and is a Certified Property Manager. He was a founding member of the Virginia Apartment and Management Association, and served as its President during 1996. Richard is one of the founders of the Virginia Technical Institute Residential Property Management School. He has been a Board Member since 1985, and served as Chairman from 1990 to 1995.

Judith Epstein has served in various capacities at Beacon for nearly twenty years. She specializes in investment analysis, acquisition modeling and planning. Judy was responsible for Beacon's successful implementation of the Emergency Low-Income Housing Preservation Act at the Georgetowne developments in Boston, and Colonial Estates development in Springfield, MA. The preservation of these properties was accomplished on a very aggressive schedule with substantial benefits to investors, partners, and residents. The preservation of Colonial Estates included $3.5 million of construction additions, which covered the cost of the new Community Building and a gas conversion of the existing resident-paid electric heat.

Judy is a member of the National Multi Housing Council, The National Housing Council, The Greater Real Estate Board and is President elect of the Rental Housing Association.

Judy successfully developed and implemented one of New England's first Computer Learning Centers for the residents of the Georgetowne Apartments. The Center serves as a model for the United States Department of Housing and Urban Development, as well as additional computer learning centers planned for Colonial Estates and Blue Ridge Estates and other New England developments.

Mary Ellen McPhee has also served with Beacon for over twenty years, and is responsible for client services and implementation of regulatory agency systems. Mary Ellen also developed a lead paint abatement and improvement program for the 967 units at Georgetowne Apartments in Boston. The program abated lead paint primer in door frames and trim without relocation of residents while complying with strict regulatory guidelines.

Mary Ellen is a Certified Property Manager and is active in the New England Assisted Housing Management Association, and The Greater Boston Real Estate Board.

Betsy Bighinatti joined Beacon Residential Management in 1975 and developed the social and recreational programs at Baystate Place in Springfield, Massachusetts, which became the basis for many of our current programs. Betsy manages our elderly development. Dominion Place in Richmond, Virginia and the social service program at our family development. Blue Ridge Estates. She has her Assisted Housing Managers Certification and is a board member of the Virginia Apartment Management Association. She also serves as Vice President of the SRO Housing of Richmond and is a member of the National Apartment Association.

John Popeo is Vice President and Controller of Beacon Residential Management. John is responsible for directing the staff level accounting functions. John works closely with the Chief Operating Officer in the areas of planning and forecasting. He is also responsible for financial reporting and analysis, cash flow projections, audits, tax compliance, systems, payroll, general ledger and budgeting.

John comes from a public accounting background and served as Assistant Controller for an affiliate of Beacon Residential Management through 1991. He then went on to serve as Vice President and Corporate Controller for Winthrop Financial Associates through December 1995 before rejoining Beacon Residential Management in January 1996 as Controller. John has extensive experience in the areas of general accounting controls and procedures, staff management, and financial reporting systems. He is a Certified Public Accountant in the Commonwealth of Massachusetts and is a member of both the American Institute of Certified Public Accountants and the Massachusetts Society of Certified Public Accountants.

Richard Stone is The Beacon Companies Manager of Information Systems. Richard is responsible for the technology needs of Beacon Residential Management both in the field and home office including hardware and software development, selection, implementation, training and user support. Richard has previously performed this function for Copley Real Estate Advisors and Lechmere. Richard has a Bachelor of Science Degree - Quantitative Methods.

Pamela Goodman has extensive experience in providing real estate development services to profit-motivated and non-profit clients. Her work includes evaluating financing alternatives, interpreting and navigating federal and state regulatory environments, managing the development and construction process, as well as providing strategic planning. Prior to joining The Beacon Companies, Pam was very involved in the preservation of federally-assisted housing and successfully processed transactions representing over $90 million of loans. The federal preservation program is a complex, highly regulated program that requires the ability to interpret a myriad of regulations and handbooks, to evaluate redevelopment alternatives, to translate this information to owners and residents, and then to obtain the necessary governmental approvals. At the same time, Pam also provided consulting services to housing authorities. Council of Large Public Housing Agencies, National Association of Housing arid Redevelopment Officials and HUD on issues concerning the HOPE VI program.

Pam has been responsible for a number of transactions that are directly relevant to this effort. The developments reflect a range of affordable housing, including a mixed-income rental development in Lawrence, Massachusetts, a mixed-income home ownership development in Pittsfield, Massachusetts, and a transitional housing facility for pregnant and parenting young women, also located in Pittsfield. In these three transactions, Pam was responsible for general program planning issues, including conceptualizing and analyzing issues such as unit mix, affordability, market opportunities, developing and evaluating financing alternatives, structuring the financing packages and coordinating the development/financing process with various governmental agencies and private lenders. In conjunction with the Lawrence
development, Pam worked very closely with City officials and a community planning board established to address overall planning and economic development concerns in the downtown area.

While at the Boston Housing Authority, Pam served as the Redevelopment Director of the Commonwealth Development. In her position, Pam was responsible for coordinating all aspects of the redevelopment effort. Pam worked very closely with the resident organization, local, state and federal government, as well as with the non-public housing community. She was responsible for overall program planning, budgeting, designing and implementing the solicitation and selection process for a turnkey developer and private real estate management entity. Pam also developed the relocation plan for the site, negotiated the rehousing plan and rehousing agreements with the resident organization, designed a resident employment program in conjunction with the resident organization, and coordinated the development/construction process with the turnkey developer.

Pam is also an elected member of the Brookline, MA Housing Authority.

Kathleen Sheehan, General Counsel of The Beacon Companies, is an integral member of Beacon/Corcoran Jennison Partners. Kathleen plays a major role interpreting legislative and regulatory issues, supervises outside counsel, and is responsible for the drafting of contracts;
partnership agreements and other regulatory agreements. Kathleen's practice has focused on the area of affordable housing. She is well-versed in transactions which involve layering many subsidy and financing sources. In her representation of owners and developers of assisted housing, she often has primary responsibility for coordinating the legal issues involved in simultaneous closings on land acquisitions, multiple local/state/federal loans, and tax credit syndications. Kathleen coordinated the legal effort on the redevelopment of the 500 unit Castle Square development in Boston. This effort included negotiating the joint venture agreement between the private redeveloper and the resident organization; securing urban renewal and zoning approvals from the Boston Redevelopment Authority and city agencies; preparing loan documents, opinions and regulatory agreements for four construction/permanent loans from MHFA, HUD, the state and the City of Boston; obtaining HUD plan of action and subsidy layering approvals; and being the point person for the numerous consultants, lawyers, and regulatory agencies involved.

Kathleen's work has also involved numerous pro bono activities with non-profit and community based organizations. In 1993, Kathleen represented the Asian Task Force Against Domestic Violence, Inc. (Boston, Massachusetts) in the acquisition and financing of a battered women's shelter which will primarily serve the Asian Community. Last year Kathleen also represented the Women's Institute for Housing and Economic Development (Boston, Massachusetts) in the acquisition and financing of the 12-unit Moreland Street development. That transaction involved six funding sources (PFD, Federal Home Loan Bank, Citizens Bank, EOCD, MHP and Dominican Sisters) and a turnkey arrangement with the ultimate service provider.

Related Experience

The principals of BRP and BRM have extensive experience directly related to the Mandela Homes Redevelopment Program. The principals have been committed to the development ownership and management of mixed-income housing for the last 30 years. In numerous instances, creating a mixed income community has required developing a product and a marketing plan to attract market rate residents to live in areas which previously they would have never even visited. The Beacon Companies' attention to design and construction quality is amply demonstrated by the number of awards which have been received.

Georgetowne Apartments. Located in the Hyde Park section of Boston, Georgetowne Apartments is an extraordinary example of a successful affordable housing. Built in two phases (under the Section 221(d)(3) program) between 1969 and 1971, this 967 unit development has for twenty-five years served as a major housing resource for this neighborhood. Intensive management and an extensive capital improvement program have resulted in a community that looks better today than when initially built. Management has had to be able to adjust to substantially changes in the Hyde Park community. Initially an all-white neighborhood, over the last 25 years Hyde Park has evolved into one of the more integrated neighborhoods in Boston. Georgetowne's population is currently 55% white and 45% minority. The incomes of the residents are as follows: 25% below 20% of median; 50% between 20%, and 50% of median; and 25%% above 50% of median.

In its efforts to continually improve opportunities for its residents. Beacon has opened a full service resident employment and educational service center at Georgetowne, the main feature of which is the Computer Learning Center. The CLC is equipped with 15 stand alone computers, 4 InkJet printers and an overhead projector for presentations. We have contracted with a local service provider who will operate skill training, English as a second language and graduate equivalence programs. There will be a full-time employment specialist who will assist residents will job development and placement.

Colonial Estates. Located in the "16 Acres" section of Springfield, Massachusetts is a 500 unit, two and three bedroom townhouse development. Colonial Estates was built in a single phase over a nine-month period in 1970. The community rented up immediately and has served Springfield as a significant affordable housing resource. In 1994, in conjunction with a Title n Preservation Plan, Beacon Residential Management undertook $3.5 million of improvements. The funds were used to construct a 5,200 square foot community center. The center is designed with a residents' meeting hall, dinning facilities, craft rooms, and a function area, as well as the development's office area. The previous office has been converted to a neighborhood police office, resident storage and a computer learning center. The CLC operation mirrors that of the Georgetowne Apartments.

Bramble-wood Estates opened in 1976 as a bonded-financed market rate development located in Richmond's Southside. The development enjoyed success for nearly fifteen years as there was very little competition. However, during the mid 1980's, nearly 2,000 units of new housing opened in the immediate market area. Bramblewood Estate's operating costs were rising due to its age, and its exterior design di4 not compete well with the new competition. A modernization and improvement program was developed and implemented that resulted in significantly lower operating expenses, as well as improved marketability. The financial program provided by VHDA enabled 20 percent of the units to be set aside as affordable. The development continues to attract a mixed income, racially diverse resident
body.

Blue Ridge Estates is a 182 unit Section 8 family and elderly development located in Richmond's Southside near .Chesterfield County. It is a mix of one, two, three and four bedroom units. The site's community building contains the office, maintenance facilities and laundry, as well as a meeting room and Computer Learning Center. The community building is also used as an after school program center for the site's student population. During the summer recess, the program is expanded to include day camp activities. The site's staff is presently working with the City of Richmond's Social Service Division to develop a model "welfare to work" program for the entire city. * - *

Biscayne View. In 1992, Beacon Residential Management was retained by the Owner to rent up and manage Biscayne View Apartments. The property is mixed income with 80 percent of the units reserved for moderate income residents and 20 percent of the units set aside for LIHTC residents. The development opened in 1990 and struggled to achieve occupancy. In 1992 Beacon Residential Management was named manager and was able to increase occupancy from 50 percent to over 85 percent. The Parkwest Overtown neighborhood, where the property is located, was to be improved by the City of Miami and Dade County. While planned improvements have been delayed significantly. Beacon Residential Management has been able to maintain the improved occupancy. The State of Florida recently awarded a 15,000 square foot lease to the development for the State's office of Families and Children Services.

98 Garden Street In 1996, a Hartford, Connecticut based institution retained Beacon Residential Management to take over management of its inner-city housing investments. The development is a scattered site with a combination of mid-rise buildings and three family structures with a total of 156 units. Beacon Residential Management is developing an occupancy and relocation program for the abatement of lead paint

Harbor Point. In 1980, at the request of the Boston Housing Authority, Howard Cohen was retained to serve as "counsel to the project" for the redevelopment of the Columbia Point federal public housing project in Boston. Built in 1953, the project had 1500 units, but by the early 1980's only 350 were occupied. Working with the BHA, residents council, and private developer Howard coordinated passage of the required legislation, creation of the financing package, permitting approvals, and ground lease negotiation. Though a partnership with the
residents and a private developer, Corcoran, Jennsion, a 1283 unit new community was created. Four hundred units are reserved for low income and the remainder are rented at market rates. Because of its water-front location, large scale, and mixed income concept, the redevelopment process and financing package for Harbor Point was quite complex. Over 35 local, state, and federal agencies were required to approve the project and the financing included eight financing sources. Harbor Points financing involved a low-income housing tax credits syndication in excess of $75,000,000.

The Pines. Located in Pittsfield, Massachusetts, The Pines is a 45 unit mixed-income home-ownership development in which 60% of the units are designated for first-time home buyers with incomes below 80% of median income. Affordability was obtained through a combination of low-interest mortgages provided by the state and soft second mortgages provided through grant programs. Home buyer counseling services, including budgeting and credit readiness training, also was provided.

Battle Road Farm. Battle Road Farm is 120 unit mixed-income condominium located in Lincoln, Massachusetts co-developed by Howard Cohen with Keen Associates. The development is built on land acquired and specially rezoned for affordable housing by the Town. Built in three phases between 1986 and 1996, 60% of the units were sold at an average price of $175,000 and 40% of the units were sold to families with incomes below 100% of median at an average price of $85,000.

Valley Green. In the fall of 1995, the newly appointed receiver of the District of Columbia Housing Authority requested Pam Goodman and Howard Cohen to analyze DCHA's redevelopment opportunity for Valley Green, a nearly deserted public housing development located in the Washington Highlands Neighborhood. This neighborhood was heavily impacted by failed public and federally assisted housing developments and had been the subject of a hour long McNeil-Lehrer Report on the failures in and opportunities for neighborhood redevelopment. HUD has convened several task forces to develop a plan for the area, but no progress was being made. Pam and Howard recognized that no progress could be made at Valley Green without a broader neighborhood redevelopment vision. Yet the type of cooperation needed to create this vision was lacking and the time and resources needed to develop an overall strategy were beyond the resources and mandate of the DCHA Receiver. Working with the Receiver, the remaining residents of Valley Green and HUD, Pam and Howard Grafted a strategy that would allow redevelopment to proceed from the specific to the more general. While Valley Green alone could not be redeveloped, it appeared that redevelopment was possible if Valley Green was joined with the adjacent HUD foreclosed development. Sky Tower, and, if over time, the nearby public housing developments could be brought within the ambit of the redevelopment effort. However, the two resident groups had never worked together, the two divisions of HUD (public housing and FHA assisted housing) had never worked together, and almost nobody trusted DCHA, which had been a notoriously inefficient and corrupt entity. After months of laborious discussions, a memorandum of understanding was entered into among DCHA and the two resident groups that provides for a joint redevelopment effort and an RFQ will be issued in September to select a private redeveloper who will partner with the resident groups. An
approach has been agreed upon that will provide for the joint redevelopment effort to be funded by public housing and the FHA. The management of adjacent DCHA public housing will be turned over to the selected developer over time.

Parkside Homes. In conjunction with Capital Needs, Unlimited, Pam Goodman and Howard Cohen have structured the tax credit syndication pf and ownership and management model for Parkside Homes in Detroit for the Detroit Housing Commission. The tax credit syndication will raise in excess of $25 million. The ownership structure involves a joint venture between the Commission and a private general partner. Funded under the HOPE VI program, the new Parkside will consist of 575 new units. Incomes in existing Detroit public housing are on average below 10% of median. As in DuValle Park, initially attracting families with incomes above 50% of median will be a success. Construction of the first two phases will commence in December, 1996.

Elm Haven Homes. In February, 1996 Beacon/Corcoran Jennison, a joint venture ofBRP and Corcoran, Jennison Company, was selected to be the developer for Elm Haven Homes in New Haven, Connecticut. Funded under the HOPE VI program. Elm Haven will consist of approximately 400 units of rental and home-ownership units. The development will be done in partnership with the Elm Terrace Development Corporation, an existing CDC, the board of which consists of residents of the development, representatives of the. City and Housing Authority, and representatives from business and Yale University. The site is bounded by low and moderate income housing and commercial uses. The site is located within two city blocks of Yale. B/CJ is approaching this development with the understanding that this is a once in a life-time opportunity to affect the course of an entire neighborhood of the City of New Haven. Often a distressed public housing development is an economic drag on an entire neighborhood. Time and attention is being given to understanding how the redeveloped Elm Haven will allow other existing ventures to improve and how new ventures can be attracted to the neighborhood. Discussions are commencing with Yale as to how it might contribute to the economic development of the neighborhood. Housing will be built both on-site and in the adjacent neighborhood. The development will include both rental and home ownership. Construction will commence in the Spring of 1997.

Allequippa Homes. Beacon/Corcoran Jennison, a joint venture of BRP and Corcoran, Jennison Company, was designated by the Housing Authority of the City of Pittsburgh and the AUequippa Terrace Resident Counsel as the developer of Allequippa Homes. Funded under the HOPE VI program, Allequippa will be developed in partnership with the existing residents council. The renewed AUequippa wiU consist of approximately 1200 units. It is anticipated that 700 units wiU be occupied by low and moderate income families and 500 units wUl be set aside for market residents drawn from the adjacent hospital and university community. This is a "Y" shaped site located on a hill top which divides Pittsburgh's Hill and Oakland districts. Once one of the strongest and most economically vibrant black communities in the nation, the Hill district is now a depressed community which the City is dedicated to reviving. Oakland houses the University of Pittsburgh undergraduate and graduate schools and medical center, Camegie-Mellon and several other institutions and is a strong center of economic activity. Located next to both districts, Allequippa is part of neither. The task of the development team is to create a physical and social environment that 'will knit Allequippa into the City of Pittsburgh. Planning is now underway for a first phase that will consist of a mix of unit types and incomes. Construction will commence in the
Spring of 1997.

King's Lynne. In 1973, Howard Cohen was retained by the residents of the America Park public housing development who desired to rid themselves of the "public housing stigma" by redeveloping America Park into a mixed-income privately owned housing development. America Park was a 440 unit public housing development, considered one of the worst developments in the region.. The site was bounded by institutional uses and a moderate income neighborhood. Many observes at the time believed that it would be impossible to get moderate and market rate residents to live with the residents of American Park. Howard worked with the residents' council to create a vision of the new development, win passage of the required legislation, create a financing package, draft a redeveloper's kit, select a private partner, and plan the new development. The resident council formed a partnership with a private developer, Corcoran, Jennison and America Park was completed demolished and new, mixed-income housing built in its place. All residents who lived in compliance with the development lease were promised a unit in the new development and substantially all the temporary relocation required by the construction was done on-site. The new development was designed to blend into the neighborhood. For the last twenty years. King's Lynne has a three tier income mix with one-third of the units set aside of families below 50% of median, one-third for families between 50% and 80% of median, and one-third full market rate. The development includes a club house, playgrounds, and two swimming pools.

Selected Housing


Georgetowne Apts.,....956 units
Hyde Park, MA

Parkside Homes,.....575 units
Detroit, MI

Blue Ridge Estates.....182 units
Richmond, VA

Dominion Place....249 units
Richmond, VA

Scramblewood Estates,...338 units
Richmond, VA

Bldg 104.............46
Charlestown, MA

Elm Haven..........400
New Haven, CT

Commonwealth Apts....450
Boston, MA

Allequippa Terrace....1,227
Pittsburgh, PA

Valley Green........250
Washington, D.C.

Beaver Park
Framingham. MA .....500

Battle Road Farm.....120
Lincoln, MA

Castle Square Apts....500
Boston, MA

Biscayne View........500
Miami, FL

Colonial Estate........500
Springfield, MA