The leading companies in the U.S. apartment industry experienced a year of stability in 1995, reflecting the favorable apartment market fundamentals and abundant capital availability through the year. The NMHC 50 -- the who's who roster of the multifamily industry -- as of January 1, 1996, reveals that consolidation did occur in the property management field, but was by no means widespread.

* Large apartment management firms continued to grow larger in 1995, at least in part via acquisition and consolidation, as the industry seeks more efficiency via economy of scale.

* The nation's largest ownership portfolios expanded only slightly on average. While many companies still achieved strong growth, other owners trimmed their holdings.

Lower turnover characterized both the owner and manager leaderboard for 1996. The top apartment owners' list reports only five newcomers (versus six to eight in the three prior years). The top managers' fist added seven companies, down from nine newcomers last year.

APARTMENT OWNERS

The Leaders. Insignia Financial achieved a double win in the 1996 listing, grabbing the top spot in apartment ownership to go along with its largest manager title. With 24 percent growth in ownership portfolio, Insignia's 135,000 apartments edged past NHP's ownership interests (127,000 apartments) -- despite NHP's own 10 percent expansion. As CRI's ownership shrank by one-half (moving from #1 last year to #10), Related moved into the #3 spot. Most of the remaining Top 10 firms moved up one rank also. Two fast-growing REITS moved up two and three positions, respectively, as Equity Residential placed eighth and SCG Realty Services (an affiliate of Security Capital Pacific Trust) broke into the Top 10 at #9. As last year, earning a berth in the Top 10 required an ownership interest in more than 50,000 apartments.

The Newcomers. Five companies broke into the Top 50 this year: Richman Group (#31), Heitman Properties (#33), J&B Management (#36), Mid-America Apartment Communities (#45), and Prudential Real Estate Investors (#50).

The Rising Stars. The fastest growing apartment owners represent a diversity in business focus. Publicly traded Insignia last year emphasized the acquisition of interests in existing apartments, as did National Partnership Investments and NHP. Equity REIT Merry Land pursued a strategy of developing or buying new apartments, as did Aetna's pension advisory group. In contrast, ColsonColson/holiday Retirement's investment activity emphasized seniors housing, rather than conventional apartments.

INDUSTRY GROWTH PROFILE. In aggregate, the NMHC 50 owner portfolio grew by just over I percent in the past year, similar to the prior year's 2 percent increase. While previous years have seen the largest firms grow even larger, all tiers of the Top 50 experienced essentially consistent 1 to 2 percent growth in 1995.

The overall stability of the NMHC 50 as a group, however, camouflages the competitive churn occurring within the industry's leader group.

Among these top firms, about one-third did, in fact, achieve double-digit percentage gains in portfolio size in 1995. However, almost as many of these large firms were net sellers. The remaining one-third is split between moderate growth and no-growth performances.

With these changes, the "typical" member of this Top 50 group had an ownership interest in 20,000 to 40,000 apartments. Only three companies now hold a stake in more than 100,000. These three "giants" of the apartment industry each hold less than 1 percent market shares, miniscule relative to the market shares of leading companies in other capital-intensive industries in the U.S.

Apartment Ownership Concentration. As illustrated by the NMHC 50, even the largest companies in this highly fragmented industry do not dominate national or even local markets. Specifically, the Top 10 owners -- combined -- control just over 5 percent of the nation's apartments. The entire NMHC 50 owns less than 12 percent of U.S. rental apartments. While the capital-raising advantages and operating efficiencies of larger scale are slowly leading toward greater ownership concentration, apartment investments remain a highly localized business dominated by small to medium-sized owners.

Geography of Headquarters. The largest apartment owners continue to be concentrated in the nation's traditional financial centers, with New York and Massachusetts easily the leading home office states for the NMHC 50 owners (a combined total of 11 of the Top 50 firms, representing an ownership interest in over 500,000 apartments). The Empire State saw a portfolio decline among its leading firms, while Boston's portfolio expanded. the leading centers for apartment ownership, California and South Carolina both moved up sharply. CRI'S in portfolio moved Maryland from third to eighth position.

APARTMENT MANAGEMENT COMPANIES

The Leaders. Insignia Financial posted by far the most dramatic expansion in portfolio under management in the past year with a continued acquisition program, adding more than 65,000 apartments to its account. Insignia's new growth alone would have ranked as the #6 manager nationally. Ranked #2 again this year, NHP achieved substantial gains as well (20 percent growth, adding over 20,000 apartments). The remaining Top 10 players generally held their positions, admitting only one newcomer -- R&B, which moved up from the #11 slot last year. With Milstein Properties moving down to #9 (from #4 as Douglas Elliman/Milstein last year), last year's other leaders moved up one position.

The Newcomers. New entrants to the NMHC 50 managers include: four Reit-related property managers,(#29 Gables Residential, #41 Merry Land, #46 Charles E. Smith, and #50 Walden Residential), and three private firms (Wentworth Group at #20, Lane Company at #37, and Edgewood Affordable at #40).

Industry Growth Profile. Trends in the management portfolios of the NMHC 50 tell a story of solid growth in 1995. Two-thirds of these leaders posted gains in portfolio in the past year, half of these reaching double-digit growth. However, 1995 also saw some turnover in property management assignments, as some owners sold assets, leading to a change in property management as well. In fact, one in four of the Top 50 management firms did experience a net decline in apartments under management in the past year.

With these dynamics, the NMHC 50 management portfolio increased more slowly in 1995. Due to big gains by the two largest managers, the Top 10 continued to surpass the expansion pace of the balance of the top firms for the third consecutive year.

The Rising Stars. Fast-growing management companies represent a wide range of business strategies and structures.

Of the publicly traded companies, SCG's affiliate Security Capital Pacific Trust is an equity REIT and Insignia a public corporation. NHP has long been an active private manager and owner, while Jupiter Western National is a joint venture of two private firms. Professional Community Management pursues a distinctive niche of operating multifamily homeowners associations, rather than operating conventional apartments.

While the insignias and NHPs are understandably the most visible, four-fifths of the Top 50 managers operate 20,000 to 40,000 apartments. The threshold required to make this list pushed past the 20,000 mark for the first time this year.

Apartment Management Concentration. As noted earlier, even the giants of the apartment management business run only, a small fraction of the nation's apartments. Similar to the ownership concentration, the NMHC 50 managers operate roughly 12 percent of U.S. apartments. The Top 10, as a group, manage nearly 6 percent of the nation's stock.

Geography of Headquarters. On the strength of industry giant Insignia's 272,000 apartments under management, South Carolina is the leading home office state for NMHC 50 managers. Otherwise, the Top 50 management firms continue to be generally found either in states where the ownership of apartments is concentrated (e.g., #2 New York, whose seven NMHC 50 managers operate 226,000 apartments) or in states which have been the home of large apartment developers (e.g., #3 Texas, where five firms have nearly 187,000 apartments under management). Other leaders include:

NMHC BOARD OF DIRECTORS

CHAIRMAN Randolph G. Hawthorne BOSTON FINANCIAL Boston, MA

VICE CHAIRMAN Gary T. Kachadurian RREEF FUNDS Chicago, IL

SECOND VICE CHAIRMAN C. Austin Fitts HAMILTON SECURITIES GROUP, INC. Washington, DC

Richard L. Michaux AVALON PROPERTIES, INC. Alexandria, VA

Jeffrey L. Beck CAPITAL REALTY GROUP CORPORATION Dallas, TX

Thomas E. Meador BALCOR COMPANY Bannockburn, IL

PRESIDENT Jonathan L. Kempner NATIONAL MULTI HOUSING COUNCIL Washington, DC

SECRETARY/TREASURER Leonard W. Wood TRAMMELL CROW RESIDENTIAL Atlanta, GA

Donald C. Taylor BERKSHIRE PROPERTY MANAGEMENT Atlanta, GA

FORMER CHAIRMEN

Kelly A. Bergstrom C. Preston Butcher Allen Cymrot William H. Elliott Richard L. Fore Duncan L. Matteson Richard L. Michaux Robert Sheridan

Philip J. Ward CIGNA INVESTMENT MANAGEMENT, INC. Hartford, CT

EXECUTIVE COMMITTEE

Michael L. Ashner NATIONAL PROPERTY INVESTORS Jericho, NY

Lawrence A. Cohen PAINEWEBBER PROPERTIES INCORPORATED New York, NY

John T. Sweazey TRI CAPITAL CORPORATION San Francisco, CA

J. Roderick Heller, III NHP INCORPORATED Washington, DC

John T. Glover POST PROPERTIES, INC. Atlanta, GA

Terry B. Schwartz VILLAGE GREEN COMPANIES Farmington Hills, MI

Leo E. Zickler OXFORD REALTY FINANCIAL GROUP, INC. Bethesda, MD

Howard F. Ruby R&B REALTY GROUP Los Angeles, CA

Jeffrey D. Furber WINTHROP FINANCIAL ASSOCIATES Boston, MA

William B. Dockser CRI, INC. Rockville, MD

Ronald A. Ratner FOREST CITY RESIDENTIAL DEVELOPMENT, INC. Cleveland, OH

Eric Y. Eichler LCOR INCORPORATED Berwyn, PA

Tjarda van S. Clagett MERRILL LYNCH & CO. New York, NY

James W. Roiter DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION New York, NY

Larry C. Beasley HEITMAN PROPERTIES, LTD. Chicago, IL

C. Preston Butcher LINCOLN PROPERTY COMPANY N.C., INC. Foster City, CA

Ronald E. Zuzack METRIC REALTY Foster City, CA

Douglas Crocker, II EQUITY RESIDENTIAL PROPERTIES TRUST Chicago, IL

Jeffrey L. Goldberg INSIGNIA FINANCIAL GROUP, INC. Greenville, SC

Duncan L. Matteson MATTESON COMPANIES Menlo Park, CA

Larry E. Wright MIG REALTY ADVISORS, INC. West Palm Beach, FL

DIRECTORS

William O. Anderson A&M SOFTWARE, INC. Williston, VT

Robert C. Burrill AETNA REALTY INVESTORS, INC. Hartford, CT

William C. Tutt AFL-CIO HOUSING INVESTMENT TRUST Washington, DC

Steven D. Ira AIMCO/PROPERTY ASSET MANAGEMENT Denver, CO

Gregory T. Mutz AMLI RESIDENTIAL PROPERTIES TRUST Chicago, IL

David L. Goodman BANC ONE CAPITAL CORPORATION Reston, VA

Richard L. Kadish CAPITAL APARTMENT PROPERTIES, INC. Rockville, MD

Richard J. Dishnica AMERICAN APARTMENT COMMUNITIES San Francisco, CA

Joe J. Crawford AMSTAR GROUP, LTD. Denver, CO

Christopher W. Collins BOSTON CAPITAL PARTNERS, INC. Boston, MA

John B. Bartling, Jr. CARDINAL REALTY SERVICES, INC. Reynoldsburg, OH

Michael D. Sullivan AMI CAPITAL, INC. Bethesda, MD

Ivan Kaufman ARBOR NATIONAL COMMERCIAL MORTGAGE CORPORATION Uniondale, NY

Richard J. Campo CAMDEN PROPERTY TRUST Houston, TX

Russell L. Dixon CB COMMERCIAL REAL ESTATE GROUP San Diego, CA

Daniel J. Epstein CONAM MANAGEMENT CORPORATION San Diego, CA

W. Blake Baird DEAN WITTER REYNOLDS INC. New York, NY

Frank H. Livingston DRAPER AND KRAMER, INCORPORATED Chicago, IL

Marvy A. Finger FINGER COMPANIES Houston, TX

Todd Schuster CONTINENTAL WINGATE FINANCIAL SERVICES, INC. Boston NK

Andrew K. Dolben DOLBEN COMPANY, INC. Boston, MA

Maxwell Bruce Drever DREVER PARTNERS/CONCIERGE San Francisco, CA

Michael H. Greco FIRST UNION NATIONAL BANK Charlotte, NC

Andrew D. Stone CS FIRST BOSTON New York, NY

Elliott A. Lewis DOMINION HOLDINGS, INC. Atlanta, GA

Stephen O. Evans EVANS WITHYCOMBE RESIDENTIAL, INC. Scottsdale, AZ

Richard L. Fogelman FOGELMAN PROPERTIES Memphis, TN Michael A. Herzberg FPL ASSOCIATES Chicago, IL

Robert E. DeWitt GENERAL INVESTMENT DEVELOPMENT CO. Boston, MA

Robert C. Rosenberg GRENADIER REALTY CORP. Brooklyn, NY

Anthony E. Papa ICS COMMUNICATIONS Richardson, TX

Marcus E. Bromley GABLES RESIDENTIAL TRUST Atlanta, GA

Steven M. Feldman GOLDMAN, SACHS & CO. New York, NY

Daniel Levin HABITAT COMPANY Chicago, IL

Steven D. Sanders INLAND REAL ESTATE INVESTMENT CORPORATION Oak Brook, IL

Joann F. Carpenter GE CAPITAL Chicago, IL

Merrill A. Yavinsky GREEN PARK FINANCIAL Bethesda, MD

Lauralee E. Martin HELLER FINANCIAL, INC. Chicago, IL

Steven P. Albert IRVINE APARTMENT COMMUNITIES Newport Beach, CA

Gary P. Stevens J.E. ROBERT COMPANIES McLean, VA

J. Frank Miller, III JPI COMPANIES Irving, TX

Bernard P. Malone MALONE MORTGAGE COMPANY Dallas, TX

Donald K. Reed MCNEIL REAL ESTATE MANAGEMENT INC. Dallas, TX

Dennis G. Lopez J.P. MORGAN New York, NY

Ken W. Edmundson LEDIC MANAGEMENT GROUP, INC. Memphis, TN

William A. Millichap MARCUS & MILLICHAP Palo Alto, CA

Bruce V. Michelson MICHELSON ORGANIZATION St. Louis, MO

Richard J. High JOHN M. CORCORAN & COMPANY Milton, MA

Raymond C. Mikulich LEHMAN BROTHERS New York, NY

Marvin F. Poer MARVIN F. POER AND COMPANY Dallas, TX

Thomas F. Moran MORAN & COMPANY Chicago, IL

J. Michael Fried RELATED CAPITAL COMPANY New York, NY

Patrick R. Whelan SECURITY CAPITAL PACIFIC TRUST Santa Fe, NM

Wayne A. Vandenburg TVO REAL ESTATE SERVICES Chicago, IL

Michael H. Krupa SALOMON BROTHERS INC. New York, NY

Michael H. Rosen TOWN AND COUNTRY TRUST Baltimore, MD

John P. McCann UNITED DOMINION REALTY TRUST Richmond, VA

Shekar Narasimhan WASHINGTON MORTGAGE FINANCIAL GROUP, LTD. Vienna, VA

Geoffrey L. Stack SARES-REGIS GROUP Irvine, CA

Neil K. Bortz TOWNE PROPERTIES Cincinnati, OH

Don R. Daseke WALDEN RESIDENTIAL PROPERTIES, INC. Dallas, TX

William H. Elliott WHE, INC. Beverly Hills, CA

Scott M. Kelley MORGAN STANLEY REALTY INCORPORATED New York, NY

Bradley B. James NEWMAN AND ASSOCIATES, INC. Denver, CO

John A. Taylor PAINEWEBBER REAL ESTATE SECURITIES INC. New York, NY

David R. Picerne PICERNE PROPERTIES Phoenix, AZ

Charles H. Boxenbaum NATIONAL PARTNERSHIP INVESTMENTS CORP. Beverly Hills, CA

Raymond M. Anthony NOMURA SECURITIES INTERNATIONAL, INC. New York, NY

Lewis A. Levey PARAGON GROUP St. Louis, MO

Stan Harrelson PINNACLE REALTY MANAGEMENT COMPANY Seattle, WA

F. Karl Zavitkovsky NATIONSBANK Dallas, TX

Allan O. Hunter OASIS RESIDENTIAL, INC. Henderson, NV

Gaye G. Beasley PATRICIAN FINANCIAL COMPANY Bethesda, MD

Raymond J. Reisert, Jr. PW FUNDING INC. Mineola, NY

Advisory Committee

Richard E. McDonnell A.G. EDWARDS & SONS, INC. St. Louis, MO

Dean Spanos A.G. SPANOS CONSTRUCTION, INC. San Diego, CA

Scott S. Davidson ADJUSTERS INTERNATIONAL Golden, CO

John J. Piazza, Jr. ADULT CARE MANAGEMENT CORP. Clearwater, FL

Karen M. Anderson ADVANTAGEHEALTH MANAGEMENT CORPORATION Hartford, CT

Aurthur Fefferman AFC REALTY CAPITAL INC. New York, NY

Jeffrey Price AIG MORTGAGE FINANCE CO., INC. New York, NY

Marvin M. Franklin ALDRICH, EASTMAN & WALTCH, L.P. Boston, MA

Andrew A. Felder ALEXANDER & ALEXANDER INC. New York, NY

Joel L. Altman ALTMAN DEVELOPMENT CORPORATION Boca Raton, FL

Robert Sheridan AMERICAN BUYING CORPORATION Chicago, IL

Gary B. Alex AMERICAN CAPITAL RESOURCE, INC. Atlanta, GA

Philip J. Mahla AMERICAN GAS ASSOCIATION Arlington, VA

Richard H. Mosse AMERICAN PROPERTY CONSULTANTS, LTD. New York, NY

Christopher J. Coates AMERICAN RETIREMENT CORPORATION Brentwood, TN

Barbara A. Wolf AMERITECH PENSION TRUST Chicago, IL

Dean Schmidt AMSI Houston, TX

Evan D. Jennings III APARTMENT GROUP, INC. Atlanta, GA

Phillip D. Worthen APARTMENT RESOURCES, INC. Irving, TX

Robert M. Arcand ARCAND CO. Portland, OR

Bruce P. Gerhart ARIES CAPITAL INCORPORATED Chicago, IL

Robert C. Lux ARTEMIS PARTNERS, INC. Minneapolis, MN

Daniel J. McNamara ARTHUR J. GALLAGHER & COMPANY San Francisco, CA

Graham P. Espley-Jones ARV ASSISTED LIVING, INC. Costa Mesa, CA

Paul R. Lowman ASB CAPITAL MANAGEMENT INC. Washington, DC

Harol Grinspoon ASPEN SQUARE MANAGEMENT West Springfield, MA

Kenneth C. Sherman ASSET GUARANTY INSURANCE COMPANY New York, NY

Jeffrey I. Friedman ASSOCIATED ESTATES REALTY CORPORATION Richmond Heights, OH

Sydney J. Steiner ASSURANCE INVESTMENT LIMITED/PATRIARCH SYSTEMS, INC. Dallas, TX

W. Edward Walter BAILEY CAPITAL CORPORATION Washington, DC

Almon Bowen Ballard BALLARD REALTY COMPANIES, INC. Montgomery, AL

William B. Baner BANCAL MANAGEMENT San Francisco, CA

Jared H. Ward BANK OF BOSTON Boston, MA

Trent D. Brooks BANKERS MUTUAL Newport Beach, CA

Richard A. Lundregan BARNES, MORRIS, PARDOE & FOSTER, INC. Washington, DC

Randall M. Paulson BASIC CAPITAL MANAGEMENT, INC. Dallas, TX

Gilbert Meyer BAY APARTMENT COMMUNITIES, INC. San Jose, CA

William S. Stetson BEACON RESIDENTIAL MANAGEMENT Boston, MA

Bruce A. Beal BEAL COMPANIES Boston, MA

Ralph W. Rose BEAR STEARNS New York, NY

Trish Hall BEVERLY ASSISTED LIVING Ft. Smith, AR

Harold Beznos BEZTAK COMPANIES Farmington Hills, MI

John B. Vander Zwaag BINSWANGER COMPANIES Philadelphia, PA

Baron Birtcher BIRTCHER SENIOR PROPERTIES Irvine, CA

Mark S. Begeny BLACKROCK CAPITAL FINANCE New York, NY

Thomas S. Bozzuto BOZZUTO GROUP Greenbelt, MD

Dennis M. Squyres BRAVO COMPANY Sherman Oaks, CA

Arthur G. Von Thaden BRE PROPERTIES, INC. San Francisco, CA

Bradley B. Chambers BUCKINGHAM COMPANIES Indianapolis, IN

Joseph P. Stefan BUYERS ACCESS Reston, VA

Candy deGolian C.L.A.S.S. Atlanta, GA

J.L. Pullen CABLE PLUS, INC. Bellevue, WA

M. Michael Hull CAFRITZ COMPANY Washington, DC

Stephen E. Carlson CALIFORNIA HOUSING COUNCIL/AAGLA Sacramento, CA

Jeffrey A. Davis CAMBRIDGE REALTY CAPITAL, LTD. Chicago, IL

Charles J. Herman, Jr. CAPITAL VALUATION GROUP Newark, DE

Jonathan r. Banton CAREPLEX GROUP Needham, MA

Al Cissel CAREY WINSTON COMPANY Chevy, Chase, MD

Frederic F. Case CASE EDWARDS COMPANIES Sarasota, FL

J. Michael Curtis CASSIDY & PINKARD, INC Washington, DC

Edward W. Marron, Jr. CENTRE MORTGAGE CAPITAL, L.L.C. New York, NY

Roger L. Weeks CHARLES E. SMITH RESIDENTIAL REALTY Arlington, VA

Wendy M. Coke CHARLES RIVER PARK MANAGEMENT CO., LTD Boston, MA

Patricia A. Micka CHEMICAL BANK New York, NY

Charles R. Gardner CHICAGO DOCK & CANAL TRUST Chicago, IL

Robert F. Edwards CHICAGO TITLE INSURANCE COMPANY Southfield, MI

Stephen J. Hennessey CITIBANK REALTY INVESTMENT ADVISORS New York, NY

Phillip M. Anderson CLASSIC RESIDENCE BY HYATT Chicago, IL

Lynn J. Finlinson CLR/RENT ROLL Dallas, TX

William E. Colson COLSON & COLSON/HOLIDAY RETIREMENT CORP. Salem, OR

Rick B. Zwelling COLUMBUS PARTS SUPPLY, INC. Columbus, OH

Robert L. Shaw COLUMBUS REALTY TRUST Dallas, TX

Kieran P. Quinn COLUMN FINANCIAL, INC. Atlanta, GA

Leslie B. Fox COMMERCIAL ASSETS, INC. Denver, CO

William A. Moses COMMUNITY HOUSING IMPROVEMENT PROGRAM New York, NY

Marty Jones CORCORAN JENNISON COMPANIES Braintree, MA

Walt Coughlin COUGHLIN & COMPANY INC. Denver, CO

Richard W. Boehlke CROSSINGS CORPORATION Tacoma, WA

Martin R. Satava CRSA, INC. Memphis, TN

Anthony Levatino CTX MORTGAGE CO. Dallas, TX

Peter C. Haeffner, Jr. CUSHMAN & WAKEFIELD, INC. New York, NY

Martin Fenton, Jr. CYPRESS RETIREMENT GROUP San Diego, CA

Dale Henson DALE HENSON ASSOCIATES, INC. Atlanta, GA

James Edward Morgan DDMS REAL ESTATE, INC. Columbia, SC

Edward J. Dziadul DEUTSCHE BANK SECURITIES CORPORATION New York, NY

C. Neal Coker DICKINSON, LOGAN, TODD & BARBER, INC. Raleigh, NC

Jack W. Safar DOMINIUM GROUP, INC. Minneapolis, MN

Raymond Smith DORMAN & WILSON, INC. White Plains, NY

George Duvall DURON Beltsville, MD

Elliot Bernold EDGEWOOD MANAGEMENT CORPORATION Bethesda, MD

Sekhar N. Kondepudi ELECTRIC POWER RESEARCH INSTITUTE Palo Alto, CA

Walter M. Embrey, Jr. EMBREY PARTNERS, LTD. San Antonio, TX

Don Gaconnet EPS Vancouver, WA

John J. Ervin ERVIN AND ASSOCIATES, INCORPORATED Bethesda, MD

Stephen J. Morgan EUA CITIZENS CONSERVATION SERVICES Chapel Hill, NC

Eugene J. Burger EUGENE BURGER MANAGEMENT CORPORATION Greenbrae, CA

Christopher E. Hashioka FAIRFIELD RESIDENTIAL, INC. San Diego, CA

Thomas W. White FANNIE MAE Washington, DC

Max M. Farash FARASH CORPORATION Rochester, NY

Patrick M. Kelly FDC MANAGEMENT, INC. Fullerton, CA

Ramin Arani FIDELITY INVESTMENTS Boston, MA

Bryan Townsend FINANCIAL SECURITY ASSURANCE INC. New York, NY

Terry A. Lerman FIRST CAPITAL CORPORATION Pittsburgh, PA

Lester Zimmerman FIRST CAPITAL REALTY, INC. Bethesda, MD

Mark L. Weshinskey FIRST CENTRUM CORPORATION Sterling, VA

Linda Cargill FIRST PARTNERS GROUP, INC. Boston, MA

James C. Mastandrea FIRST UNION REAL ESTATE INVESTMENTS Cleveland, OH

Steven R. Utley FIRST WORTHING COMPANY Dallas, TX

Ronald M. Lubin FLEET REAL ESTATE CAPITAL, INC. Boston, MA

W. Randall Jones FLOURNOY DEVELOPMENT COMPANY Columbus, GA

Edward de Guardiola FOCUS GROUP, INC. Atlanta, GA

Ernest J. Martin FOR RENT MAGAZINE Dallas, TX

Richard L. Fore FORE PROPERTY COMPANY Reno, NV

James R. Foulger FORUM GROUP, INC. Fairfax, VA

David J. Freshwater FOUNTAINS AFFILIATED COMPANIES, INC. Tucson, AZ

Darla Totusek Flanagan FOWLERSHORE & FLANAGAN Sausalito, CA

John M. Nelson, IV FRANKLIN CAPITAL PARTNERS Boston, MA

Thomas J. Watt FREDDIE MAC McLean, VA

Gresham Roskamp FREEDOM MANAGEMENT COMPANY Capistrano Beach, CA

Willaim H. Freeman FREEMAN WEBB COMPANY Nashville, TN

Stephen M. Cumbie GABLES DEVELOPMENT COMPANY Vienna, VA

John L. Freeman GE APPLIANCES Louisville, KY

Marshall Bauer GE CAPITAL - RESCOM Los Angeles, CA

Philip A. Riordan GE INVESTMENTS Stamford, CT

Robert D. Thomas GEMINI PROPERTIES Tulsa, OK

Frank Basile GENE B. GLICK COMPANY, INC. Indianapolis, IN

Gerson Bakar GERSON BAKAR & ASSOCIATES San Francisco, CA

Ernest F. Rosato, Jr. GMAC COMMERCIAL MORTGAGE CORPORATION New York, NY

Michael S. Brodsky GOLDSTAR GROUP Bethesda, MD

Mari Jo Grace GRACE MANAGEMENT, INC. Minneapolis, MN

Edwin A. Joseph GREAT ATLANTIC MANAGEMENT CO., INC. Hampton, VA

Michael B. Pagh GREAT LAKES MANAGEMENT CO. Bloomington, MN

Mark R. Jarrell GREYSTONE & CO., INC. New York, NY

Michael B. Lanahan GREYSTONE COMMUNITIES, INC. Irving, TX

Larry D. Fransen GRIFFIN COMPANIES, INC. Minneapolis, MN

Todd Werby GROSVENOR PROPERTIES LTD. San Francisco, CA

Donald D. Morrow GRUBB & ELLIS COMPANY Phoenix, AZ

Walter O. Grodahl GSL PROPERTIES, INC. Portland, OR

Craig Hall HALL FINANCIAL GROUP, INC. Dallas, TX

Kurt C. Read HAMPSTEAD GROUP Dallas, TX

Micheal J. Ciapciak HANOVER CAPITAL MORTGAGE COMPANY St. Louis, MO

Jordan E. Slone HARBOR GROUP REAL ESTATE Norfolk, VA

Carol MacKinnon HARBOUR REALTY ADVISORS, INC. Bay Harbour, FL

Ajay Saini HEALTH AND RETIREMENT PROPERTIES TRUST Newton, MA

Raymond W. Braun HEALTH CARE REIT, INC. Charlotte, NC

Gary R. Hediger HEDIGER ENTERPRISES INC. Greenville, SC

James M. Bachner HEITMAN FINANCIAL SERVICES LTD. Chicago, IL

Pamela F. Newland HENDERSEN-WEBB, INC. Cockeysville, MD

Donald Hendricks HENDRICKS & PARTNERS Phoenix, AZ

Laura Anderson Beuerlein HERITAGE TITLE COMPANY OF AUSTIN, INC. Austin, TX

Sherri M. Herman HERMAN GROUP, INC. Dallas, TX

Norton Herrick HERRICK COMPANY, INC. Boca Raton, FL

Charlene MacPherson HITACHI TELECOM (USA), INC. Norcross, GA

Donald M. Wolf HOLLADAY CAPITAL PARTNERS Washington, DC

C. Jay Barlow HORN-BARLOW COMPANIES Dallas, TX

Robert C. Metz HPC APARTMENT GUIDES Norcross, GA

Mark Humphreys HUMPHREYS & PARTNERS ARCHITECTS, INC. Dallas, TX

Marc Mousseau INTELLIVEST GROUP Ottawa, Ontario, CANADA

Harold R. Nagan INVESPAR, INC. Emeryville, CA

John R. Iwaniec IWANIEC ASSOCIATES, INC. Washington, DC

Gary Veloric J.G. WENTWORTH SECURITIES, INC. Philadelphia, PA

Lewis Rumford JBG PROPERTIES, INC. Washington, DC

Kelley A. Bergstrom JON JAY AND COMPANY Chicago, IL

Donald M. Blake, Sr. JOSEPH J. BLAKE AND ASSOCIATES, INC. Woodbury, NY

David A. Downey JUALIAN TOFT & DOWNEY, INC. Chicago, IL

Steve F. Hallsey JUPITER WESTERN NATIONAL Orange, CA

William H. Rau JUSTUS RENTAL PROPERTY MANAGEMENT, INC. Indianapolis, IN

Michael A. Costa KAUFMAN AND BROAD MULTIHOUSING GROUP, INC. Los Angeles, CA

Nicholas Michael Ryan KENSINGTON/MARQUETTE PARTNERS Chicago, IL

James E. Kier KIER CORPORATION Ogden, UT

Edward K. Schwarz KISLAK COMPANY, INC. Woodbridge, NJ

David W. Gleeson L&B MULTIFAMILY ADVISORS, INC. Dallas, TX

Hugh F. Kelly LANDAUER ASSOCIATES, INC. New York, NY

George H. Lane, III LANE COMPANY Atlanta, GA

Larry Peel LARRY PEEL COMPANY Austin, TX

Carolyn H. Lacher LASALLE ADVISORS LIMITED Baltimore, MD

Mark Kappa LEGG MASON REAL ESTATE SERVICES Philadelphia, PA

Charles S. Lytle LEISURE CARE INC. Bellevue, WA

Robert K. Tanenhaum LERNER CORPORATION North Bethesda, MD

Patrick M. Holder LEXFORD PROPERTIES Irving, TX

Kenneth J. Bohan LIBERTY STAFFING GROUP Houston, TX

Edward R. Kenny LIFE CARE SERVICES CORPORATION Des Moines, IA

Molly K. Miceli LIFESTYLE OPTIONS, INC Rolling Meadows, IL

Janelle M. Coppinger LOVE FUNDING CORPORATION Washington, DC

Frank T. Suryan, Jr. LYON MANAGEMENT GROUP, INC. Newport Beach, CA

G. Ronald Witten M/PF RESEARCH, INC. Dallas, TX

Mel Biagini MACKE LAUNDRY SERVICE Wheeling, IL

Steven Neeley MAINTENANCE WAREHOUSE San Diego, CA

Barry R. Mandel MANDEL GROUP, INC. Milwaukee, WI

Michael Reed MANOR CARE - SPRINGHOUSE DIVISION Silver Spring, MD

Randal B. Kell MARK WINKLER COMPANY Alexandria, VA

Michael J. Stein MARRIOTT CORPORATION Washington, DC

Roland R. Sicotte MASSACHUSETTS MUTUAL LIFE INSURANCE CO. Springfield, MA

John H. Pringle MAXIM PROPERTY MANAGEMENT San Mateo, CA

Stephen H. Press MEDITRUST Needham Heights, MA

Robert Welsh MELLON MORTGAGE COMPANY Cleveland, OH

Carol Rizzie MELSON TECHNOLOGIES Northbrook, IL

John P. Casey MERIDIAN INVESTMENT, INC. Potomac, MD

Ralph J. Nagel MERIDIAN RETIREMENT COMMUNITIES Denver, CO

Peter S. Knox III MERRY LAND & INVESTMENT COMPANY, INC. Augusta, GA

George E. Cates MID-AMERICA APARTMENT COMMUNITIES, INC. Memphis, TN

Robert J. Banks MIDLAND COMPANIES Clearwater, FL

Howard P. Milstein MILSTEIN PROPERTIES New York, NY

Mary Rippe MINNESOTA MULTI HOUSING ASSOCIATION Bloomington, MN

James M. Nikrant MONTGOMERY WARD Chicago, IL Michael S. Morgan MORGAN GROUP, INC. Houston, TX

Russell C. Platt MORGAN STANLEY ASSET MANAGEMENT New York, NY

Edward J. McNeill, Jr. MULTIFAMILY EXECUTIVE, MGI PUBLICATIONS Yardley, PA

Rutherford Thompson MULTILOAN MORTGAGE CO. LLC White Plains, NY

Charles R. Santer NATIONAL AFFORDABLE HOUSING TRUST Columbus, OH

Mark O. Decker NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUSTS, INC. Washington, DC

Martin Schwartzberg NATIONAL FOUNDATION FOR AFFORDABLE HOUSING SOLUTIONS, INC. Rockville, MD

William S. Friedman NATIONAL INCOME REALTY TRUST New York, NY

Joseph C. Walker NATIONAL PENN BANK Boyertown, PA

Steven A. Wechsler NATIONAL REALTY COMMITTEE Washington, DC

T. Andrew Stokes NATIONWIDE HEALTH PROPERTIES, INC. Newport Beach, CA

Steve V. Williams NETWORK MULTI-FAMILY CORPORATION Dallas, TX

Mason G. Ross NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY Milwaukee, WI

Joseph A. Dlutowski OCWEN FINANCIAL CORPORATION West Palm Beach, FL

Charles G. Oewel OEWEL PARTNERS Mill Valley, CA

Michael R. Collette ON TARGET MEDIA, INC. Cincinnati, OH

David A. Smith ONE ON ONE St. Louis, MO

Harry E. Nicholls, Jr. OPTEL, INC. Dallas, TX

Philip B. Bell P.B. BELL ASSET MANAGEMENT, INC. Scottsdale, AZ

John C. Mulvihill PACIFIC MUTUAL LIFE INSURANCE COMPANY Newport Beach, CA

Steven Molasky PACIFIC PROPERTIES Las Vegas, NV

Philip Johnson PACIFIC UNION INVESTMENT CORPORATION San Francisco, CA

Michael S. McCarthy PARKSIDE SENIOR SERVICES Park Ridge, IL

James F. Erwin PARTNERS TITLE COMPANY Houston, TX

Jeffrey A. Linn PENNSYLVANIA REAL ESTATE INVESTMENT TRUST Fort Washington, PA

Joseph M. Petersen PETERSEN RESIDENTIAL Dallas, TX

Scott C. Noble PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY Hartford, CT

Peter F. Pierangeli, Jr. PIER-ANGELI COMPANY Edgemont, PA

Stephen W. Sobota PIERCE, HAMILTON AND STERN, INC. Bethesda, MD

Warren B. Lane PREOTLE, LANE ASSOCIATES LTD. New York, NY

Richard F. Cavenaugh PRIME RESIDENTIAL, INC. Chicago, IL

P. David Onanian PROFESSIONAL APARTMENT SERVICES Houston, TX

Dale H. Taysom PRUDENTIAL REAL ESTATE INVESTORS Atlanta, GA

Stephen M. Gorn QUESTAR PROPERTIES Baltimore, MD

Richard J. DiGeronimo R.D. GERONIMO LTD. Mineola, NY

Leon Grundstein R.D. MERRILL COMPANY Seattle, WA

Lawrence R. Fyock RCN, Inc. Princeton, NJ

Ross Dworman RD CAPITAL, INC. New York, NY

Steven Spinola REAL ESTATE BOARD OF NEW YORK New York, NY

Robert S. Bisanz REAL ESTATE EQUITIES, INC. St. Paul, MN

Walter C. Bowen REGENT ASSISTED LIVING, INC. Portland, OR

Richard R. Malmgren RENAISSANCE GROUP Oshkosh, WI

Joseph Strasburg RENT STABILIZATION ASSOCIATION New York, NY

Tom K. Scardino RENTAL GUIDE MAGAZINES Tallahassee, FL

Eric S. Silverman RENTGROW, INC. Waltham, MA

Robert L. Brewton, Jr. RESIDENTIAL COMPANY OF AMERICA Houston, TX

Dr. Laverne R. Joseph RETIREMENT HOUSING FOUNDATION Long Beach, CA

Robert J. Sullivan RJS/JACKSON GROUP Boca Raton, FL

Charles S. Roberts ROBERTS PROPERTIES MANAGEMENT, INC. Atlanta, GA

John W. Franklin, Jr. RUSSELL REYNOLDS ASSOCIATES INC. Washington, DC

Paul H. Saylor SAYLOR PROPERTY CAPITAL, INC. Atlanta, GA

Steve E. Doherty SEARS CONTRACT SALES Bellevue, WA

Brian P. Froelich SENIOR CAMPUS LIVING, INC. Baltimore, MD

Melvin Gamzon SENIOR HOUSING INVESTMENT ADVISORS, INC. Newton, MA

William B. Kaplan SENIOR LIFESTYLE CORPORATION Chicago, IL

Michael G. Boehm SENIOR LIVING VALUATION SERVICES, INC. San Francisco, CA

Jeanette Peck SENIORS HOUSING PROPERTY GROUP, INC. Ft. Lauderdale, FL

Mark K. Joseph SHELTER GROUP Baltimore, MD

Ellen Sigal SIGAL ENVIRONMENTAL, INC. Washington, DC

Donald A. Simpson SIMPSON HOUSING CORPORATION Denver, CO

Hal Watson III SNK MULTIFAMILY INC. San Francisco, CA

David H. Hillman SOUTHERN MANAGEMENT CORPORATION Vienna, VA

Thomas G. Williams SPECIALTY CONSULTANTS, INC. Pittsburgh, PA

Richard Casey SPEED QUEEN COMPANY Ripon, WI

Michael J. Doyle STANDISH CARE COMPANY Burlington, MA

Barry S. Sternlicht STARWOOD CAPITAL GROUP, L.P. Greenwhich, CT

Andrew M. Sternlieb STERNLIEB PROPERTIES INC. North Salem, NY

Stuart H. Nolan STUART CORPORATION Bloomington, MN

William F. Paulsen SUMMIT PROPERTIES Charlotte, NC

Jerry C. Meyer SUN HEALTHCARE-SUN BRIDGE ASSISTED LIVING Albuquerque, NM

Donald J. Whinfrey SUNAMERICA AFFORDABLE HOUSING PARTNERS, INC. Los Angeles, CA

Paul J. Klaasen SUNRISE ASSISTED LIVING Fairfax, VA

H. Ronald Berg TEMPEST ASSET MANAGEMENT COMPANY Minneapolis, MN

Ellis L. Levin TEN EYCK ASSOCIATES, INC. King of Prussia, PA

Jerry S. Rega TEXACRAFT Houston, TX

Thomas J. Gochberg TGM ASSOCIATES, L.P. New York, NY

Margaret M. Thompson THOMPSON WHITE & ASSOCIATES, INC. Hunstville, AL

Martha Peyton TIAA/CREF New York, NY

Sally A. Paton TIMBERLINE SOFTWARE CORPORATION Beaverton, OR

Melvyn H. Blum TISHMAN SPEYER PROPERTIES, INC. Houston, TX

Christopher J. Carbone UBS ASSET MANAGEMENT (NY) INC. New York, NY

Robert H. Parsons UNION BANK OF SWITZERLAND New York, NY

J.B. Brown USA PROPERTIES FUND, INC. Roseville, CA

C. Lamar Seats USF&G REAL ESTATE Baltimore, MD

G. Allen Houpt III VALUATION COUNSELORS GROUP, INC. Princeton, NJ

Ralph H. Bellande Vencor, Inc. Tacoma, WA

Peter D. Anzo VININGS GROUP Atlanta, GA

Karen Ann Struve WALKER METHODIST, INC. Minneapolis, MN

Richard Smith WALSH CONSTRUCTION COMPANY Trumbull, CT

Bob Carpenter WEB SERVICE COMPANY, INC. Redondo Beach, CA

Daniel M. Kelley WELLSFORD RESIDENTIAL PROPERTY TRUST Tacoma, WA

Kathryn MacLane WEST*GROUP, INC. McLean, VA

Robert J. Micunek WHIRLPOOL CORPORATION Benton Harbor, MI

Jerry C. Wilkinson WILKINSON GROUP, INC. Atlanta, GA

James R. Worms WILLIAM E. SIMON & SONS REALTY Los Angeles, CA

William S. Green WILMAR INDUSTRIES, INC. Moorestown, NJ

I.C. Deal WINDSOR RESIDENTIAL PROPERTIES, INC. Dallas, TX

Wilfred N. Cooper WNC & ASSOCIATES, INC. Costa Mesa, CA

C. Talbert Wooten, Jr. WOOTEN COMPANY, INC. Springfield, MO

John A. Echols WORTHING SOUTHEAST CORPORATION Atlanta, GA

Robert W. Fahey YARDI SYSTEMS, INC. Santa Barbara, CA

Steven W. Patterson ZOM COMMUNITIES, INC. Winter Park, FL

Advisory Committee Law Firms

Allen G. Siegel ARENT, FOX, KINTNER, PLOTKIN & KAHN Washington, DC

Allan R. Winn BALLARD SPAHR ANDREWS & INGERSOLL Washington, DC

Daniel D. Sullivan BROWN, RUDNICK, FREED & GESMER Boston, MA

Michael W. Hatch FOLEY & LARDNER Milwaukee, WI

Kenneth R. McCullough GLASS, MCCULLOUGH, SHERRILL & HARROLD Atlanta, GA

Donald P. Quinn GOODWIN, PROCTER & HOAR Boston, MA

David H. Fishman GORDON, FEINBLATT, ROTHMAN, HOFFBERGER & HOLLANDER Baltimore, MD

Paul A. Gordon HANSON, BRIDGETT, MARCUS, VLAHOS & RUDY San Francisco, CA

Gerald D. Levine HOLLAND & KNIGHT Washington, DC

Christopher B. Hanback JACKSON & CAMPBELL, P.C. Washington, DC

Michael K. Ording JONES, DAY, REAVIS & POGUE Dallas, TX

Stephen Gliatta KAYE, SCHOLER, FIERMAN, HAYS & HANDLER New York, NY

Vivian M. Raby KEATING, MUETHING & KLEKAMP Cincinnati, OH

William C. Kelly, Jr. LATHAM & WATKINS Washington, DC

Joshua Davis MINTZ, LEVIN, COHN, FERRIS, GLOVSKY & POPEO Boston, MA

Noel W. Nellis MORRISON & FOERSTER San Francisco, CA

Robin K. Minick MUNSCH, HARDT, KOPF, HARR & DINAN Dallas, TX

Jerome N. Kline OBERMAYER REBMANN MAXWELL & HIPPEL Philadelphia, PA

Charles L. Edson PEABODY & BROWN Washington, DC

Sheldon L. Schreiberg PEPPER, HAMILTON & SCHEETZ Washington, DC

Michael T. Radcliffe PORTER, WRIGHT, MORRIS & ARTHUR Columbus, OH

Lawrence B. Simons POWELL, GOLDSTEIN, FRAZER & MURPHY Washington, DC

Herbert T. Weinstein PROSKAUER ROSE GOETZ & MENDELSOHN New York, NY

Frederick C. Leech REED SMITH SHAW & MCCLAY Pittsburgh, PA

James Asher ROGERS & WELLS New York, NY

Byron S. Delman RUDNICK & WOLFE Chicago, IL

Bennett P. Applegate SCHIFF HARDIN & WAITE Chicago, IL

Craig A. de Ridder SHAW, PITTMAN, POTTS & TROWBRIDGE Washington, DC

Louis M. Stoler SHEINFELD, MALEY & KAY, P.C. Houston, TX

James E. McDermott SHERBURNE, POWERS & NEEDHAM, P.C. Boston, MA

Arnold P. Schuster SONNENSCHEIN, NATH & ROSENTHAL San Francisco, CA

Lisa Alpert Rosen SUTHERLAND, ASBILL & BRENNAN Washington, DC

Robert B. Joselow VEDDER, PRICE, KAUFMAN, KAMMHOLZ & DAY Washington, DC

James B. Rylander VINSON & ELKINS Houston, TX

Advisory Committee Accounting Firms

Howard L. Stone ALTSCHULER, MELVOIN & GLASSER Chicago, IL

Carl T. Berquist ARTHUR ANDERSENN LLP Vienna, VA

Barry Hersh BDO SEIDMAN, LLP Miami, FL

Roy B. Smolarz COOPERS & LYBRAND L.L.P. New York, NY

Thomas J. Francis DELOITTE & TOUCHE LLP San Francisco, CA

Stephen N. Montgomery ERNST & YOUNG Washington, DC

Philip J. Wiesner KPMG PEAT MARWICK Washington, DC

Robert L. Anderson PRICE WATERHOUSE Atlanta, GA

David Reznick REZNICK, FEDDER & SILVERMAN Bethesda, MD

American Seniors Housing Association Executive Board

CHAIRMAN Christopher J. Coates AMERICAN RETIREMENT CORPORATION Brentwood, TN

VICE CHAIRMAN Philip J. Downey MARRIOTT SENIOR LIVING SERVICES Washington, DC

Graham P. Espley-Jones ARV ASSISTED LIVING, INC. Costa Mesa, CA

Jerome Spevack ASSOCIATED ESTATES REALTY CORPORATION Richmond Heights, OH

Thomas E. Meador BALCOR COMPANY Bannockburn, IL

Jeffrey L. Beck CAPITAL REALTY GROUP CORPORATION Dallas, TX

Phillip M. Anderson CLASSIC RESIDENCE BY HYATT Chicago, IL

William E. Colson COLSON & COLSON/HOLIDAY RETIREMENT CORP. Salem. OR

Roy B. Smolarz COOPERS & LYBRAND L.L.P. New York, NY

Martin R. Satava CRSA, INC. Memphis, TN

Donald J. MacKinnon DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION New York, NY

Donald P. Quinn GOODWIN, PROCTER & HOAR Boston, MA

James T. Hands HAMPSTEAD GROUP Dallas, TX

Paul A. Gordon HANSON, BRIDGET, MARCUS, VLAHOS & RUDY San Francisco, CA

Edward R. Kenny LIFE CARE SERVICES CORPORATION Des Moines, IA

Ralph J. Nagel MERIDIAN RETIREMENT COMMUNITIES Denver, CO

Tjarda van S. Clagett MERRILL LYNCH & CO. New York, NY

Raymond M. Anthony NOMURA SECURITIES INTERNATIONAL, INC. New York, NY

Lawrence A. Cohen PAINEWEBBER PROPERTIES INCORPORATED New York, NY

Mark J. Schulte PRIME GROUP, INC. Chicago, IL

Raymond J. Reisert, Jr. PW FUNDING INC. Mineola, NY

Melvin Gamzon SENIOR HOUSING INVESTMENT ADVISORS, INC. Newton, MA

Ralph H. Bellande VENCOR, INC. Tacoma, WA

Karen Ann Struve WALKER METHODIST, INC. Minneapolis, MN

NMHC

STAFF

Jonathan L. Kempner is President with lead responsibility for general management of NMHC. Prior to assuming his present role in 1987, Jonathan was Vice President and General Counsel of Oxford Development Corporation in Bethesda, Md., Assistant Director and General Counsel of the Pennsylvania Avenue Development Corporation in Washington, D.C., and Assistant General Counsel of The Charles E. Smith Companies in Arlington, Va. Trained as an attorney, Jonathan practiced law in the Washington, D.C. office of Fried, Frank, Harris, Shriver & Kampelman immediately following a clerkship for the Honorable David W. Williams, U.S. District Judge for the Central District of California. Jonathan also served as a Special Consultant to the U.S. Department of the Treasury, Office of Capital Markets, and as a Staff Assistant to the Subcommittee on Representation of Citizen Interests of the U.S. Senate Committee on the Judiciary and in the office of U.S. Senator Abraham Ribicoff. He holds a Bachelor of Arts degree from the University of Michigan (high honors and high distinction, Phi Beta Kappa), and a Juris Doctorate degree from Stanford University Law School where he served on the Stanford Law Review. Jonathan presently serves on the editorial boards of 10 real estate publications.

Clarine Nardi Riddle is Senior Vice President for Government Affairs and General Counsel with principal responsibility for planning and implementing strategy for all legislative and regulatory issues of interest to the National Multi Housing Council and National Apartment Association Joint Legislative Program. Prior to her present position, Clarine was a Judge of the Connecticut Superior Court, the state's trial court of general jurisdiction, presiding over cases involving housing matters. She served as Attorney General of the State of Connecticut, where she managed an office of more than 175 lawyers and 111 support staff, with an annual caseload of over 20,000 cases in the state and federal courts. The Connecticut Office of the Attorney General provides legal representation for all state agencies, including the departments of housing, environmental protection, revenue services, and elderly services. She also has served as Staff Assistant to U.S. Senator Joseph I. Lieberman and as his Deputy and Counsel when he was Attorney General of Connecticut. In the early 1980s she served as the Deputy Corporation Counsel of the City of New Haven, Connecticut, where, among other duties, she drafted a major reorganization of the City's development administration. Earlier in her legal career, Clarine served as counsel for the House Ways and Means and Senate Finance Committees of the Indiana General Assembly and drafted major codifications of the state's zoning, education, teachers' retirement, and school finance laws. She has received numerous awards and honors and holds a Bachelor of Arts degree in honors mathematics and a juris Doctorate degree from Indiana University-Bloomington and a Doctor of Humane Letters from Saint Joseph College.

James N. Arbury is Vice President (Tax) with principal responsibility for federal tax issues. A member of the U.S. Senate staff for 13 years, Jim served as Administrative Assistant to U.S. Senator Donald W. Riegle, Jr., former Chairman of the Senate Committee on Banking, Housing, and Urban Affairs and member of the Senate Finance Committee. Jim subsequently served as Senior Policy Advisor to the U.S. Senator with special emphasis on tax issues. Prior to his work on Capitol Hill, he held various financial management positions in private industry with Ernst & Young, Chrysler Corporation, Accuray Corp., Brand-Rex Wire & Cable, and Ensign-Bickford Company. He has a Bachelor of Arts degree from Michigan State University, a Master of Business Administration degree from the Harvard Graduate School of Business Administration, and is a Certified Public Accountant.

James P. Bowe is Vice President (Communications) with lead responsibility for media relations, and planning and implementing communications strategies, publications and programs. He joined the Joint Legislative Staff following his tenure as Managing Director of Research and Vice President for J.G. Wentworth and Company, an investment banking firm serving primarily specialized housing and health care clients. During Jim's 19-year journalism career, he was Editor-in-Chief of several health care and seniors housing journals, as well as a newspaper reporter. He received his Bachelor of Arts degree in Journalism from the University of St. Thomas in Minnesota.

Patrick L. Dober is Vice President (Housing and Finance) with principal responsibility for multifamily finance and housing issues. Before joining the Joint Legislative Staff, Patrick held a joint appointment as Associate Staff Member of the U.S. House of Representatives Budget Committee and Senior Legislative Aide to Congressman Barney Frank. During his four years as a congressional aide he authored many provisions enacted into law in the areas of housing, banking and real estate. In 1993 he served as a member of the Presidential Transition Team and wrote a comprehensive review of the Federal Home Loan Bank System. Before working in the Congress, Patrick worked for the Boston Redevelopment Authority and for a non-profit housing development corporation in Boston. He holds a Master in Public Policy from Harvard University's John F. Kennedy School of Government and a Bachelor of Arts (Phi Beta Kappa) from Macalester College.

John (Jack) L. Goodman, Jr., Ph.D., is Vice President (Research) with principal responsibility for housing and economic research. Jack was formerly Senior Economist at the Federal Reserve Board, where he also headed the Mortgage and Consumer Finance group. Prior to joining the Fed, Jack was a senior researcher at the Urban Institute and a member of the economics faculty at the University of Virginia. He serves on the Board of Directors of the American Real Estate and Urban Economics

Association and on the Planning Commission of Arlington County, Va., and he has consulted overseas for the World Bank and USAID. Jack's research on housing and mortgage markets and urban population change has appeared in leading professional publications. He holds a Bachelor of

Arts de e cum laude, Phi Beta Kappa) from Miami (of Ohio) University and a Ph.D. in Economics and Demography from the University of Michigan. Jack's father was a developer, owner and manager of apartments in Evanston, Ill.

Eileen C. Lee, Ph.D., is Vice President (Environment) with lead responsibility for environmental issues. Previously, Eileen was affiliated with Royer & Babyak where she provided legislative consulting services to industrial clients in the areas of health and environment. During her eight-year tenure working with Congress, Eileen served as Staff Director of the Environment Subcommittee of the Committee on Science, Space, and Technology of the U.S. House of Representatives. This Subcommittee had legislative and oversight authority for the research and development portfolios of the U.S. Environmental Protection Agency, the U.S. Department of Energy and the U.S. Department of Commerce. She also served on the Science and Technology Task Force for the Clinton-Gore campaign and advised the Transition Team on environmental policy. Eileen came to Capitol Hill as a Congressional Science Fellow after completing her fellowship in vaccine development for the National Research Council. She holds Bachelor of Science and Masters of Science degrees from Villanova University and received her Ph.D. in microbiology from The Catholic University of America.

Ronald G. Nickson is Vice President (Building Codes) with principal responsibility for representing multifamily housing in the model building code process. For more than 20 years, Ron has worked extensively with each of the model building code organizations. He has served on several technical standards writing committees and the Virginia State Technical Review Board. Previously, Ron was Director of the Energy and Home Environment Department at the National Association of Home Builders and was a residential builder in Northern Virginia. Ron has a Bachelor of Science degree from Colorado State University.

David S. Schless is Vice President (Seniors Housing) with principal responsibility for legislative and regulatory efforts in areas of importance to the seniors housing industry. He also serves as Executive Director of the American Seniors Housing Association (ASHA). Prior to joining the Joint Legislative Staff and ASHA, David was Manager of Research and Communications at the National Association for Senior Living Industries (NASLI) where he edited The Dictionary of Terms for Senior Citizens and the Industries That Serve Them, Lifestyles and Values of Older Adults, and Insight. An In-Depth Review of the Industries Serving Seniors (Volumes I and II). David holds a Bachelor of Science degree from the University of Connecticut (Summa Cum Laude, Phi Kappa Phi), and a Master of Science degree from the University of North Texas where he received the Center for Studies in Aging Faculty Award for Academic Excellence. David presently serves on the editorial boards of five leading seniors housing and long-term care publications and is co-authoring a book on affordable seniors housing to be published in 1996 by Warren, Gorham & Lamont.

Jayne B. Somes-Schloesser is Vice President (Operations) with principal responsibility for NMHC's internal operations. Jayne has more than 15 years of business management experience including budgeting, human resource management, information systems, and meeting planning. Prior to joining NMHC, Jayne was the Director of Operations and Quality Improvement at the Electronic Industries Association. She holds a Bachelor of Science degree from The University of Mary and a Master of Art degree from The George Washington University. Jayne is certified as a Professional in Human Resources.

Carol M. Staff is Director of Accounting with principal responsibility for all accounting functions including the annual budget, cash management, internal financial reporting, payroll, cash disbursements and the supervision of all accounting activities. Prior to joining NMHC Carol ran her own CPA practice serving clients in the education, communications, environmental health consulting and retail sales industries. Prior to having her own practice, Carol held various tax and financial management positions in public accounting and private industry. Her previous non profit experience included working for the public television station in the Washington, D.C. area as a Controller responsible for production budgets for various television programs. Carol is a Certified Public Accountant and received her Bachelor of Science degree in Business Administration from Georgetown University.

Carole A. Aikman is Legislative Assistant and Administrator of the Apartment Industry Mobilization Service (AIMS), the American apartment industry's central legislative information and alert system. Carole also serves as the Custodian of Records for, and manages the reporting requirements of, the Federal Election Commission. Prior to joining the staff, she managed the Washington government affairs office of the Chicago-based law firm, Coffield Ungaretti & Harris. Carole's government experience includes work at the Office of Management and Budget, the National Endowment for the Arts, and the Department of Labor.

Doris D. Collins is Executive Assistant to the President and Membership Administrator with lead responsibility for maintenance of the NMHC membership and dues database. Prior to joining NMHC, she worked as a legal secretary for the Washington, D.C. law firm of Washington, Perito & Dubuc. Her previous experience includes four years with the United States Air Force, where she achieved the rank of Staff Sergeant and was awarded an Air Force Commendation Medal, was selected Airman of the Month, and received the Administrative Specialist of the Year Award. Doris received a Certified Medical Assistant certificate from the Colorado College of Medical and Dental Assistants and is currently enrolled in the Business and Management School at the University of Maryland.

Bonnie B. Reid is Manager of Meeting Planning with primary responsibility for planning and overseeing logistics for all NMHC and ASHA meetings. Prior to joining NMHC, Bonnie was Manager of Operations at the Electronic Industries Association where she was responsible for facilities management, coordinating solutions to telecommunications and computer services problems, and logistics for the association's membership meetings. Bonnie also worked as a tenant coordinator at CSN Management Company in Bethesda, Md., as a liaison with commercial and residential tenants. Bonnie received a Bachelor of Science degree in Business Administration from the University of Vermont.

Jonathan (Terry) Spears is Manager of Information Systems with lead responsibility for computer hardware and software implementation. Prior to joining NMHC, Terry was Director of Membership and Information Services for the Association for Educational Communications Technology where he was responsible for designing several computer database systems, managing a network, desktop publishing, and coordinating Internet services. Terry studied Management Information Systems at the University of Memphis and is a Certified Novell Administrator, working toward Certified Novell Engineer certification.

Garret D. Murai is Legislative Analyst with primary responsibility for special projects for the joint Legislative Staff. Prior to joining NMHC/NAA, Garret worked with the American Institute of Architects, California Council, where he served as Legislative Assistant in its Governmental Relations Program. He received a Bachelor of Arts degree in Political Science from the University of California, Davis.

Pamela E. Gilmore is an Administrative Assistant, with support responsibilities including membership, accounting, and meeting registration. She received a Bachelor of Arts degree from William Paterson College with a major in psychology. Her most recent experience was as a legal assistant in a personal injury law firm and as support staff in a Washington, D.C. real estate industry association. Pamela also has had managerial responsibilities in retailing and has done volunteer work in mental health for homeless women and in education for exceptional children.

Teresa E. Bongartz is a Legislative Associate, with responsibility for administrative support of the Joint Legislative Staff. She received a Bachelor of Science degree from The Defiance College with a major in history. She has experience as an operator with AT&T International and a telemarketer for the Pittsburgh Opera.

Virginia Rojo is an Administrative Associate, who is completing her Bachelor of Arts degree at the University of Maryland, University College in the evening with a major in economics. Virginia is fluent in Spanish.

Carolyn L. Urban is an Administrative Associate, who received a Bachelor of Arts degree from Ithaca College with a major in communications. She has experience as a sign language interpreter coordinator and elementary-level substitute instructor in multi-disciplinary subjects.

G. Ronald Witten, who serves as Economics/Research Consultant to the National Multi Housing Council, is President of MIPF Research, Inc., the national real estate research and consulting firm based in Dallas which advises real estate investors, developers and lenders.