Randy Kelly

Randy has worked as an affordable housing professional since 1996. He co-founded East West Advisors LLC (“EWA”) – a consulting services organization providing expertise on a comprehensive array of matters relating to the affordable housing industry. From pre-acquisition strategy, to negotiating purchase and sale agreements, to underwriting and modeling, to HUD/FHA compliance, to asset management and disposition, Randy and the EWA team assist property owners and industry professionals on matters across the entire lifespan of an affordable housing asset.

Randy is the current President of the Institute for Responsible Housing Preservation (“IRHP”). Randy assumed this position in the Fall of 2019. IRHP was founded in 1989 to represent the views of owners and managers of Section 221(d)(3) and Section 236 projects in the legislative struggle that led to the Low-Income Housing Preservation and Resident Homeownership Act of 1990. Since that time, IRHP expanded its effort to recategorize and preserve the HUD assisted portfolio development of new policies, including Mark-to-Market rent increases, Section 236 decoupling, re-decoupling, and post-rehab rents implemented at the closing of the preservation financing.

Immediately prior to founding EWA, Randy served as Vice President and General Counsel to Foundation Housing (“NFAHS”). From 2014-2022, he handled most all state and federal legal compliance issues for owners and property managers, executed multifamily acquisition and disposition closings, and oversaw a variety corporate and human resource issues.

Prior to joining NFAHS, Randy was a partner in the law firm of Nixon Peabody LLP where he concentrated his practice in affordable housing, debt and equity finance, real estate law, and “green” community development. From 1999-2014, his affordable housing practice included legal advice to property owners, developers, and state/local housing agencies on all aspects of affordable housing transactions including all HUD/FHA programs, Section 8, Section 236 decoupling, enhanced vouchers, project-based vouchers, mortgage loan restructuring, Section 42 of the IRS Tax Code, and Rural Development.

From 1996-1999, Randy served as Vice President and General Counsel of Gershman Investment Corp. (“GIC”), a St. Louis-based mortgage banking company. During his tenure at GIC, Randy supervised both the single and multifamily loan closing departments.

Randy has extensive volunteer experience in the affordable housing area. Randy recently concluded his ten-year volunteer work as President and Board Member of Sarah’s Circle, an award-winning affordable housing residence and wellness center in Washington, D.C. providing comprehensive services for very low-income seniors. As President, Randy provided expertise on major organization decisions and fundraising for its operations, and over saw a transformative multimillion-dollar LIHTC-funded preservation effort in 2018.

He was co-chair for the District of Columbia HomeStart Initiative. Founded by a member of the D.C. City Council, the purpose of the Initiative was to identify ways in which to improve the D.C. Code so that the affordable housing industry and service providers could create better affordable housing opportunities for the area’s neediest citizens. Randy assisted in authoring two major affordable housing bills the D.C. City Council adopted in 2002.

Randy was also Chairman of the Housing Production Trust Fund, advising the D.C. Deputy Mayor for Planning and Economic Development on affordable housing issues affecting the D.C. Department of Housing and Community Development regarding affordable housing developments located in D.C. that are eligible for receipt of public money from the trust fund. He was also a Board Member for the Jubilee Support Alliance, an organization comprised of a group of Washington, D.C. area business professionals dedicated to making a difference in the lives of residents in the Adams Morgan community.

Randy graduated from the University of Missouri with a Bachelor of Arts degree in Political Science in 1993 and a Juris Doctorate from Washington University in St. Louis in 1996. He frequently lectures and participates on panels on affordable housing issues at various industry conferences across the country including IRHP and the National Leased Housing Association.

Career Highlights

Named by the Washington Business Journal as one of the fifty “Top Washington Lawyers” in 2005.

Publications:

The Case for GLBT Seniors Housing, Affordable Housing Finance, September 25, 2013; More Homes for Less, Washington Legal Times, March 12, 2001; co-authored Prepayment of Section 515 Affordable Housing Mortgage Loans, Probate and Property, March/April 2000; and co-authored Federal 25-City Lead Paint Enforcement Initiative Begins, The New York Law Journal, Real Estate & Title Trends, November 29, 1999.

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John Parreco

John developed his background in affordable housing at CRI Inc. as an Asset Manager. In this role from 2006 to 2013, he managed a portfolio of nearly 60 properties, working with their third-party management teams to provide appropriate housing conditions while remaining cognizant of budg- ets and enhancing the value of the assets under him. This experience allowed him to gain insight to what it takes to shape a property and further, what level of maintenance needs to be upheld.

During his tenure with CRI, John was promoted to Vice President where he assisted in the disposi- tion of more than 50 properties. John focused on identifying third-party buyers and assisted in the negotiation of purchase and sales contracts. He remained involved through closing to ensure a smooth transition while focusing on maximizing proceeds for the partners of each asset.

John has used his knowledge from his experiences in affordable housing to other roles, including Director of Acquisitions for NFAHS. During his tenure with NFAHS, John closed more than 80 ac- quisitions totaling over 8,000 units. He was tasked with supervising the acquisition of affordable housing assets for planned LIHTC executions, as well as develop and rehabilitate assets using 4% LIHTC and tax-exempt bond financing, 9% LIHTC, and conventional financing and various types of soft funding available on the federal, state and local levels. John served as the lead point of contact on all new acquisitions and was tasked with underwriting, due diligence review, lining up financing and equity, as well as navigating any necessary HUD and/or regulatory approvals from federal, state and local jurisdictions. His involvement in each acquisition lasted through closing until transi- tion to asset management and constructions teams.

John also sits on the Board of Directors for Sarah Circle, Inc., an award-winning affordable housing residence and wellness center in Washington, D.C. providing comprehensive services for very low- income seniors.

In January 2023, John joined the Board of Directors of the Institute for Responsible Housing Preservation (IRHP)

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