Listen. That was the charge from NNEHIF President Bill Shanahan and the rest of the senior management team when they began creating a strategic plan for the years of 2018-2021. NNEHIF enlisted the services of consultant Valerie Landry who had in-depth conversations with more than 40 people, including staff, board members, developers, investors, regulators, and community organizations.
“Listening to the observations of NNEHIF staff and partners was the priority,” said Landry. “While the goal was to develop a blueprint for decision making, NNEHIF wanted the process itself to be a vehicle for engaging these important stakeholders.”
Expand, Enhance, Invest
After hours of interviews and analysis, many perspectives were woven into NNEHIF’s 2018-2021 strategic plan entitled “Broadening Our Commitment.” The plan lays out three overarching priorities: 1) Expand our business model, 2) Enhance business value, and 3) Invest in people.
While NNEHIF remains firmly committed to its core mission of Low Income Housing Tax Credit (LIHTC) syndication, the organization intends to explore new sources of financing and services to assist its partners. One option may be to offer short-term lending for partners that might not have that available to them through banks or other institutions. Other possibilities include expanding NNEHIF’s asset management consulting and service platform, or growing the HIF Consulting business even more.
The first priority to expand the business model goes hand in glove with the second priority: enhance business value. One practical example is NNEHIF’s goal to improve customer service through professional coaching.
“We’re constantly reminded of the fact that we’re in a competitive environment,” said Holly Burbank, VP of Finance & Administration. “We want to take a close look at how we do things and consider if there’s a new, better way that adds more value for our partners.”
Finally, NNEHIF has always understood that success depends on a top-notch team that enjoys their work and is good at it. The company’s plan to invest in people includes mapping out what skills and strengths currently exist among the staff, as well as providing guidance and training to people in areas where they need support.
“We want working at NNEHIF to be a great experience where staff can grow professionally,” said Burbank.
The More Things Change
NNEHIF is still the leading syndicator in Northern New England, and their level of LIHTC expertise and regional relationships in the affordable housing industry remain unparalleled. Now, the organization is ready to implement their strategic plan, gradually and with intention.
“We can’t remain static,” said NNEHIF President Bill Shanahan. “The environment for investors, developers, property managers, community organizations, and regulators is continuously changing. We must stay attuned to their needs to preserve and expand the supply of affordable housing.”
After more than two decades of leadership in this arena, NNEHIF will continue to play an integral role in affordable housing for many years to come, by listening – and responding – to the communities it serves.