SAVE THE DATE:Institute of Real Estate Management Economic Forecast & Past Presidents Recognition - January 25th

At Granite Links Golf Club and Banquet Hall 100 Quarry Hills Drive Quincy, MA 02169 Guest Speakers: Douglas Koch, MAI, AICP s a director at RSM McGladrey helping to lead its tax credit investment advisory services practice. Mr. Koch recently led his own advisory services firm and from 2006 to 2009 he was a Senior Manager at Ernst & Young's Tax Credit Investment Advisory Services responsible for numerous engagements within its industry leading practice on behalf of investors in Low Income Housing Tax Credits. At Ernst and Young, Mr. Koch advised investor, syndicator and lender clients on improving investment processes and procedures, reviewing fund quality and sponsor capabilities, and in facilitating LIHTC dispositions. Koch brings 31 years of real estate investment experience to RSM McGladrey. During his career, he served institutional investors with a unique breadth of knowledge across the spectrum of commercial real estate and, in particular, practices involving the valuation and underwriting of affordable housing investments. Previously, he was a partner at the Boston Financial Group ("BFG") and a member of its Investment Committee. At BFG, Koch was responsible for risk analysis, including market studies, valuations and operational reviews of LIHTC properties and other real estate investment opportunities. Koch subsequently joined Cushman and Wakefield where he created and led its Affordable Housing Group, providing valuation and risk management assistance to affordable housing equity syndicators and lenders during the formative years of corporate LIHTC investment activity. Koch left Cushman & Wakefield to establish Housing Advisors, where he grew his valuation and market analysis practice to include broader transactional, planning/development and investment advisory services. In 2006, Koch sold Housing Advisors and joined Ernst & Young. Since the mid-1990s, Koch took on a leadership role on behalf of the affordable housing industry's investor constituents, with a focus on developing and improving broadly applicable underwriting standards for tax credit investments. In this regard, Koch co-authored and taught the Appraisal Institute's Affordable Housing seminar and served as Chairman of the National Council of Affordable Housing Market Analysts (NCAHMA). Koch received his bachelors degree in Community Development from Rutgers University and a masters in City and Regional Planning from the Harvard Graduate School of Design. He has been an AICP since 1978 and a member of the Appraisal Institute since 1990. Koch and his wife, Teddie, have two children, Eric and Alexandra; and he lives in Newton, Massachusetts where he still plays baseball and walks the city on weekends with his wife. Koch combines his professional training and network, as well as his career experience serving investors in affordable housing, with RSM McGladrey's nationwide expertise and capabilities in tax, partnership and real estate advisory services. This enhanced team of professionals is available to serve affordable housing participants with services ranging from fund due diligence, policies and procedures development and review, disposition planning and execution, sponsor and program review and enhanced real estate valuation and market analysis. AMO Company of the Year - Hallkeen Management HallKeen is a diversified real estate management and investment company based in Norwood, Mass. The company's portfolio includes more than 6,500 units of multi family residential housing in 96 partnerships, over 300 assisted living residences in five partnerships, and nearly one million square feet of commercial space. Their properties are located throughout New England, New York, Virginia and North Carolina. HallKeen offers site management, preventive maintenance, rent collection, lease enforcement, compliance, financial management, and marketing services among its many services.