External Stakeholders

External stakeholders interviewed during the planning process included representatives from MaineHousing and the New Hampshire Housing Finance Authority, developers, community nonprofit organizations, and investors. Through these interviews a rich array of ideas and suggestions emerged. In most instances, stakeholders confirmed observations that the planning team had made in its analysis of the external environment—particularly the fact that the pressures on the LIHTC program likely will intensify in the next several years. Common themes that emerged from the interviews are:

Staff have outstanding expertise

NNEHIF staff are seen as experts, with substantial industry knowledge and excellent understanding of the regional housing market. Accolades such as “no one better,” and “topnotch” were common. Accessibility of senior staff was appreciated, as was their ability to anticipate issues and propose solutions. NNEHIF is considered a reliable, professional, and trustworthy organization with a deep commitment to the region.

New ventures are feasible

Stakeholders are aware that national syndicators are courting business in the region, and nearly unanimously agree that NNEHIF should respond to this increased competition by seeking new opportunities. Although there was no consensus on a specific option, most felt that NNEHIF should continue to focus on housing. Both the New Hampshire and Maine state housing agencies expressed the need for consulting services for nonprofits that are developing housing for people with special needs. However, others noted that while a need may exist for such services, it is not clear that a corresponding demand exists; nor that sufficient funds are available to pay for it. Finally, while stakeholders acknowledged that there were potential conflicts of interest associated with some new business ventures, few expressed concern that these conflicts should prohibit NNEHIF from considering new opportunities. For example, concern was raised regarding how NNEHIF would balance the possibility of consulting on a project and reviewing an application for financing from that same project.

Existing LIHTC niche should be sustained

Stakeholders acknowledged that the increasingly competitive market requires NNEHIF to explore new business opportunities. However, most of those interviewed believe that NNEHIF should remain in the LIHTC business, and that more could be done to strengthen NNEHIF’s market share in that area. In this regard, comments suggesting the need for a higher profile, as well as more outreach and relationship building, were common. The value of relationships and regional knowledge was mentioned frequently. At least one stakeholder mentioned the need for greater focus in rural areas.

Nonprofit status is valuable

Most stakeholders cited NNEHIF’s nonprofit status as critically important to its commitment, mission, and knowledge of the region. Yet few stakeholders were able to quantify the market value of that nonprofit status. Stakeholders cited a number of reasons for using other syndicators, including price, terms, and a process that results in relatively “quick” transactions. However, several stakeholders indicated that they would consider exchanging some measure of price and terms for a quality relationship. Also, the ability to form relationships over time with key NNEHIF staff was seen as an advantage.

Investors play prominent role on the Board

Some stakeholders believe that investors on the Board have substantial influence on NNEHIF decision making. These stakeholders believe that investor influence has made the Board more “risk averse” than it was when NNEHIF was founded, and has shifted resources away from the higher risk and smaller developments that have traditionally been the focus of NNEHIF investments.

NNEHIF could develop a more efficient and consistent transaction process

While acknowledging the considerable expertise of NNEHIF staff, several stakeholders mentioned that the organization’s decision making process regarding transactions could be more efficient and less time consuming, particularly when compared to competitors. Some stakeholders mentioned that they would welcome greater consistency in both approach and communication.

NNEHIF could demonstrate a higher degree of system leadership

There was near unanimous agreement that NNEHIF could play a more visible and influential role in affordable housing policy and advocacy. The two state agencies interviewed noted that NNEHIF could be more helpful in supporting a broader range of state housing policy initiatives outside of its own operating sphere. Relatedly, most stakeholders reacted positively to the prospect of NNEHIF taking a more proactive role in coordinating, publishing, and disseminating pertinent information to stakeholders, policy makers, and the public.