Smith’s Affordable Housing Finance Conference
March 26-27, 2026, Hyatt Regency Savannah, Georgia
Smith's Affordable Housing Conference starts at the doorstep of single-family and multifamily homes on Main Street.
Since 1992, Smith’s Research & Gradings has been covering the U.S. affordable housing market.
Smith’s Affordable Housing Finance Conference starts at the doorstep of single family and multi-family homes on Main Street and extends to everyone on Wall Street and lenders at mutual funds, hedge funds, insurance companies and commercial banks.
If it’s important to you, it’s a focus of Smith’s Affordable Housing Finance Conference.
MARK YOUR CALENDARS FOR SMITH’S 2027 AFFORDABLE HOUSING FINANCE CONFERENCE:
March 16-17 2027 at Hotel Monteleone in New Orleans, Louisiana
Time and Place
March 26-27, 2026, Hyatt Regency Savannah, Georgia
Agenda
Thursday, March 26, 2026
7:30 am
CONFERENCE REGISTRATION Breakfast8:30 am
WELCOME Christopher Nunn, Commissioner — Georgia Department of Community Affairs9:00 am
2026 AFFORDABLE HOUSING OUTLOOK — MARKET THEMES & CREDIT OUTLOOK This “state of the market” panel sets the stage for the 2026 affordable housing finance market. Panelists will examine where issuance volume is headed, how rates and the yield curve are shaping refundings and new-money deals, and what credit spreads are signaling across HFA, single-family, and multifamily bonds. The discussion will also cover key market technicals—supply and demand, fund flows, and buyer participation—and close with a look at volume cap pressures and what they mean for deal execution, production, and program capacity in a higher-cost environment. Joe Monitto, Managing Director — BofA Securities (Moderator) Robin Wiessmann, Executive Director & CEO — Pennsylvania Housing Finance Agency Thomas Bryan, Executive Director & CEO — Colorado Housing and Finance Authority Rachael McDonald, Associate Managing Director — Moody's Ratings Paul Jungquist, Senior Vice President, Senior Portfolio Manager — Sit Investment Associates9:45 am
FOCUS ON SINGLE FAMILY This panel focuses on the state of single-family housing finance and the outlook for State HFA programs in a shifting market environment. Panelists will review trends in single-family bond volume, downpayment assistance programs, and how changing borrower demographics are shaping program design and demand. Gloria Boyd, Executive Director — JP Morgan (Moderator) Bernadette MacArthur, Director of Finance — Rhode Island Housing Brian Rossello, Chief Financial Officer — Delaware State Housing Authority David Greenblatt, Director — S&P Global Ratings10:30 am
COFFEE NETWORKING BREAK
10:45 am
LEGAL AND REGULATORY DEVELOPMENTS — Navigating Change in Affordable Housing Finance This panel explores the legal and regulatory developments shaping affordable housing finance and the practical implications for issuers, investors, and program administrators. Panelists will examine evolving federal and state policy, tax law considerations, compliance and disclosure trends, and how regulatory interpretation is influencing deal structures, execution, and risk allocation. The discussion will also address emerging issues affecting tax-exempt and taxable bonds, housing tax credits, volume cap administration, and program oversight. Paul Scola, Senior Director of Capital Markets — MassHousing (Moderator) Matt Page, Member — Mintz Kevin Murphy, Partner — Hawkins Delafield & Wood Nora O'Brien, Partner — Chapman & Cutler11:30 am
HOT TOPICS IN HOUSING FINANCE This fast-paced panel tackles the questions and innovations shaping today’s housing finance conversation. Panelists will explore emerging policy debates—such as whether and how homebuyers can tap 401(k) savings for downpayments and the emerging use of AI across the muni sector. The discussion will also dive into program mechanics, including recycling and cross-calling, PAC bonds, and the implications of a renewed TBA market. Expect a practical, market-focused look at what’s gaining traction, what’s controversial, and what could materially change housing finance programs in the near term. Albert Luong, Director — RBC Capital Markets (Moderator) Matthew Dieveney, Executive Investment Officer, Minnesota Housing Finance Agency David Jones, Financial Advisor, CSG Advisors12:15 pm
LUNCHEON
Sponsored by:
1:30 pm
TRENDS IN MULTI-FAMILY HOUSING This panel takes a sharp look at how HFAs are adapting in a tighter multifamily market. Panelists will cover how volume cap is being stretched through smarter allocation and creative structuring, how the shift to 25% tax credits is changing deal economics and how developers are responding. The discussion will also spotlight innovative multifamily programs designed to keep projects moving and affordability intact despite higher costs and limited capacity. Sammi Chhea, Senior Vice President — Jefferies (Moderator) Tinru Lin, Senior Vice President Capital Markets— New York City Housing Development Corporation Damon Burns, Chief Executive Officer — Finance New Orleans Seth Runkle, Chief Financial Officer — Illinois Housing Development Authority David Parsons, Vice President, Senior Analyst — Moody's Ratings2:15 pm
WHAT DO INVESTORS CARE ABOUT RIGHT NOW? The panel will explore the growing prominence of taxable housing in HFA financing, examining key investment considerations across various structures including serials, terms, and PACs. Panelists will share their approach to evaluating relative value between different HFAs and programs, with particular focus on how quickly some of the higher coupon serials and terms could prepay in a falling rate environment. The panelists will also explore if there could be market fatigue if taxable housing issuance continues to increase. Ryan Henry, CFA, Municipal Strategist – FHN Financial (Moderator) Chris Ware, CFA, Research Analyst — New England Asset Management Erik Schleicher, CFA, Senior Vice President, Portfolio Manager — Baird Asset Management Justin Ferrera, CFA, Municipal Credit Analyst — Vanguard John Hylle, CFA, Vice President and Senior Portfolio Manager — Federated Insurance3:00 pm
COFFEE NETWORKING BREAK
3:15 pm
STATE HOUSING FINANCE AGENCIES AND COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS — CO-INVESTING IN HOUSING AND COMMUNITY DEVELOPMENT The panel will explore the growing prominence of taxable housing in HFA financing, examining key investment considerations across various structures including serials, terms, and PACs. Panelists will share their approach to evaluating relative value between different HFAs and programs, with particular focus on how quickly some of the higher coupon serials and terms could prepay in a falling rate environment. The panelists will also explore if there could be market fatigue if taxable housing issuance continues to increase. As the housing crisis continues, communities are seeking innovative solutions to address the urgent need for new housing production, property repairs, and preservation projects that enhance resiliency. These challenges present a unique opportunity for affordable housing investors and lenders to develop creative, collaborative financial structures that meet evolving industry needs. This engaging panel will explore the transformative, and perhaps collective, impact that Community Development Financial Institutions (CDFIs) and State Housing Finance Agencies (HFAs) can have in shaping the future of capital markets for housing and community development. Valerie D White, Head of National Housing Strategic Initiatives — Local Initiative Support Corporation (LISC) (Moderator) Mikiyon Alexander, Managing Director Public Finance — Mesirow Financial James McIntyre, Founder and Principal — Public Innovate John Moon, SVP LISC Sustainability; President — LISC Green Local Initiative Support Corporation (LISC)4:00 pm
DISSECTING THE DEAL: Structuring for Today, Preserving Flexibility for Tomorrow We'll hear from the front lines how dynamics work in the market when putting together a housing bond transaction. Panelists will discuss how participants work to get the best prices and the lowest cost of issuance; MRB vs TBA; how buyers view housing bond transactions; and we'll get a better understanding of why housing bonds may be the No. 1 performing sector this year. David Sullivan, Managing Director of Homeownership Finance — Georgia Housing Finance Agency (Moderator) Aulii Taitano, Executive Director — Morgan Stanley Jaclyn Mischler, Head of Municipal Underwriting Syndicate — Morgan Stanley Chuck Karimbakas, Managing Director — cfX Leslie Powell, Partner — Kutak Rock LLP5:00 pm
DAY ONE CONCLUDES Climb aboard for cocktails and dinner on the Georgia Queen and enjoy a fabulous Riverboat cruise along the Savannah River.6:00 pm Cocktail Reception
Sponsored by:
7:00 pm Dinner
Co-Sponsored by:
Friday, March 27, 2026
8:00 am
CONFERENCE REGISTRATION Breakfast8:45 am
OPENING REMARKS Terence Smith, CEO — Smith’s Research & Gradings9:00 am
CDFIs: WHAT'S THEIR EXPOSURE? WHAT'S THEIR DISCLOSURE? Affordable housing experts will talk about how CDFIs can take the next step in building their capital stack using municipal bonds. RJ McGrail, Director, Accelerating Community Investment — Lincoln Institute of Land Policy Miriam Legrand, Director of Credit Research / Portfolio Manager — Community Capital Management CDFIs to be announced10:00 am
SUNRISE SERENADE FOR SINGLE FAMILY HOUSING A new day has dawned for single family housing demand. GenX has grown up, is looking to start families and need more elbow room. Seniors are shifted from stately center hall colonials to cozy concierge quarters where the emphasis is on fine food and lots of amenities. It's happening and it is happening now. Panelists will discuss how the demand is being met and what investors actually want from SFMRBs in 2026. David Sullivan, Managing Director of Homeownership Finance — Georgia Housing Finance Agency Hazim Taib, Chief Financial Officer — Connecticut Housing Finance Authority Gary Garay, Managing Director and Head of Municipal Housing Banking — Hilltop Securities Patricia Ho, Vice President— Caine Mitter & Associates11:00 am
INVESTOR ROUNDTABLE Since its inception in 1992, Smith's has been at the leading edge, focusing on event risk factors and possible outcomes for the future. With three decades of data and experience, Smith's offers event-driven research that goes well beyond traditional measures of credit quality and risk. Terence Smith, CEO — Smith’s Research & Gradings (Moderator) Allison Glansberg, Credit Analyst — Community Capital Management Bill Schramm, CFA, Director Public Fixed Income — MetLife Investment Management Leah Hurley, CFA, Senior Director, Research Analyst — Nuveen Edward Clayton, Senior Research Analyst — Allspring Global Investments12:00 pm
CONFERENCE ADJOURNS
Registration
Registration Fees
$1,550 per person Standard Rate: (Broker/Dealer & Underwriting Firms, Sell-Side Firms, Commercial Banks, Financial Advisors, Attorneys, Credit Enhancers, Corporate Trust, Rating Agencies) $850 per person Investor Rate: (Mutual Funds, ETFs, Hedge Funds, Asset Managers, Portfolio Managers) $500 per person Issuer/Governmental Rate Registration fee includes course materials, breakfast, lunch, and breaks during the conference. Payment by credit card, company check or personal check is required prior to the event.Group Discounts
Groups of 3 or more Standard Rate — $1,395 per person. Groups of 3 or more Investors — $765 per person. Groups of 3 or more Issuer/Governmental Rate — $450 per person.Cancellations
Cancellations are subject to a $100 service fee. Cancellations will be accepted up to 30 days prior to the Conference in order to receive a refund. Cancellations after the 30 day cut-off will receive a registration credit toward a future Smith’s conference program. Credits will be issued at the paid registration rate and will be valid for 12 months. Registration credit requests must be received by the last day of the conference.Substitutions
Substitutions from your company will be accepted any time prior to the conference.Program Cancellation
In the event that Smith's Research & Gradings cancels a scheduled program, all registrants will be notified in writing via email. Registration fees will be refunded. In the event that the scheduled program is canceled, Smith's Research & Gradings cannot be held liable for non-refundable transportation costs. In the case of inclement weather, or acts of God, if the scheduled program takes place, the registration fee is not refundable.Complaint Resolution
Address any complaints to Pamela Kilbourn, Smith's Research & Gradings, P.O. Box 1195, Great Falls, VA 22066; email to [email protected] or phone (571) 299-4954. Complaints will be handled in as timely a manner as possible.Privacy Policy & Records Retention
Smith's Research & Gradings values your privacy. Smith's retains information submitted during the registration process with regard to your name, company and contact information. We will never willfully sell, lease, or rent any of your personally identifiable information to any third party As a Smith's Conference attendee, you will receive a complimentary edition of Smith's Research & Gradings — the leading independent source for credit opinions.Registration
Dress Code: Business Casual
Register by Phone: (571) 299-4954; Email: [email protected] ; Online: Smith's Store Mail: TMS Holdings, Inc., P.O. Box 1195, Great Falls, VA 22066Payment
Payment is required prior to the conference. We accept company or personal checks; MC, Visa, American Express and Discover credit cards or, via PayPal using all major credit or debit cards. To pay by check, please contact us via email: [email protected] or by phone.Venue
Hyatt Regency Savannah
2 W. Bay Street
Savannah, GA 31401
A block of rooms is being held for Smith's Research & Gradings at a rate of $269 per night (daily resort fee is waived) until Wednesday, March 4, 2026.
Follow this link for reservations: Reservations
Meet our sponsors
Smith’s Affordable Housing Finance Conference starts at the doorstep of single family and multi-family homes on Main Street and extends to everyone on Wall Street and lenders at mutual funds, hedge funds, insurance companies and commercial banks.
If it’s important to you, it’s a focus of Smith’s Affordable Housing Finance Conference.
Gold Sponsors
