NLHA Panel: How Do You Succeed in Section 8 Preservation Transactions?
Rising operating expenses, increasing regulatory burdens, and shifting markets make today’s Section 8 asset as complex an equation as ever.
We assembled an all-star panel at NLHA’s 2025 Fall Seminar to sift through it all.
Who’s At The Table?
We brought together practioners and experts to share thoughts on the current state of the Section 8 portfolio, and what good faith owners can do to bolster their assets.
John E Doyle, MAI and Jonathan Nguyen, Doyle Real Estate Advisors
Brendan O’Reagan, Counsel, Troutman Pepper Locke
Aniekan Udoh, Director of Production, Lument
Andrew Vincent, Chief Investment Officer, Horning
Eliot Reid, Founder, SpringTide Housing
Our presence at National Leased Housing Assocation’s (NLHA) November seminar on the Mature Section 8 Project was the capstone of a 25-year relationship with the organization.
We extend our gratitude to NLHA’s Executive Director, Denise Muha, who has been an ally and an advocate not only for our firm but for the affordable industry as a whole.
Today, our panel has achieved admirable successes by identifying changes to both the defense and offense of changes in the marketplace and in the regulatory environment. That's really what we’re here for is to identify opportunities for you, but also defensive maneuvers.
“We’re trying to transform housing; to close the gap between the way that market rate and Section 8 renters live. You have to do the hard work to demonstrate that to the public and lawmakers. Denise always gives us the sage advice to grab your Legislators— make them touch and see and feel the properties that you own. ”
Where Should Owners Be Most Attentive?
We engage daily with owners, managers, consultants, lenders, Contract Administrators, regulators, attorneys, and other players in the Section 8 HAP world. We explored a few of the trends that impact operating expenses and revenue, as well as the long term trajectory of the program.
OCAF vs. Rent Studies
Many owners, especially in California, enjoyed healthy rent increases due to OCAF after COVID. However, some of those properties are now getting Marked Down to Market as a result of rents not matching those adjustment factors.
Repositioning Mature Assets
Substantial rehabilitation of a property can considerably reposition the asset in the market. This requires a diligent appraiser to establish the demand for these higher finishes, and for an owner to demonstrate commitment.
Non-Profit Ownership Shrinkage
The number of non-profit ownership entities of Section 8 has declined in recent years with a number of leviathan for-profit entities entering the affordable sector.
View the full panel presentation at NLHA’s November Seminar below: