Principal and Founding Member
Mr. Scruggs is a Principal and one of the Founding Members of S&E Holdings LLC. He has more than 15 years of experience in owning and operating affordable apartment communities developed by his development companies. Mr. Scruggs is a licensed Certified Public Accountant with extensive experience in banking, finance, and financial reporting and tax matters. His apartment operational experience and financial and accounting background will be invaluable to the company. He also has established and will continue to maintain relationships with vendors, suppliers, contractors, and service providers, housing finance agencies, housing authorities, lenders and investors. Mr. Scruggs is an expert in the Low-Income Housing Tax Credit and has a certification from spectrum as a C3P compliance professional.
Mr. Scruggs is the sole member of HTA Development, LLC and Freestate Housing and one of the founding members of Housing Trust of America, LLC, collectively “HTA”. HTA specializes in multifamily development, construction, finance and management in targeted markets throughout the country. Mr. Scruggs has primary responsibility in final site selection, financing (both debt and equity), developing and maintaining lender and investor relationships, interfacing with Housing Finance Agencies and identifying and negotiating joint ventures with local partners. Mr. Scruggs also provides development and financing consulting services to other developers and syndicators in structuring, developing and financing affordable housing projects using Low Income Housing Tax Credits and other Federal and State financing programs. Mr. Scruggs maintains regular contact with various congressional lobbying groups on pending tax legislation as it affects real estate and affordable housing
From 1975 until 2001, Mr. Scruggs was the Senior Tax Principal with the Reznick Group and the Principal in charge of the firm's National Affordable Housing Group. He was instrumental in developing the firm's expertise in the Low-Income Housing Tax Credit ("LIHTC"), tax-exempt bonds and other affordable and multifamily finance programs.
He provided extensive services to real estate developers, builders, syndicators, investment bankers, broker/dealers, corporate investors, and housing finance agencies with particular emphasis on affordable housing finance and tax advantaged real estate. Mr. Scruggs earned a national reputation for his expertise in real estate syndication, partnership and real estate taxation and transaction structuring. He was a frequent lecturer for a variety of professional and industry groups throughout the country.
Mr. Scruggs earned a Bachelor of Science in Accounting, with honors, and is a Certified Public Accountant. Mr. Scruggs has professional memberships with the Maryland Affordable Housing Coalition (Past President and Board of Directors), The national Leased Housing Association (Board of Directors, The National Council of State Housing Agencies (Member), The American Institute of Certified Public Accountants (Member), The Maryland Association of Certified Public Accountants (Member).
Mr. Scruggs is published in several publications including The Low Income Housing Tax Credit Advisor and is a Member of the Editorial Advisory Board. He is a Contributing Editor and frequent author of articles as well as contributing to The Housing and Development Reporter and is a Member of the Editorial Advisory Board, Affordable Housing Finance and a Member of Editorial the Advisory Board
Mr. Scruggs is a successful developer and owner with more than 900 units in his portfolio.
Properties Developed: Foxchase Village Apartments - 134 Great Mills, MD LIHTC & TE Bond; Groves at Wimauma- 108 Wimauma, FL LIHTC; Holly Lane Apartments - 170 Baltimore, MD LIHTC & TE Bond; River Bay Townhomes - 173 Lexington Park, MD LIHTC & TE Bond; River Ridge at Canton - 356 Canton, GA LIHTC & TE Bond; Storms Avenue Apartments - 79 Jersey City, NJ LIHTC & TE Bond; L on Liberty - 72 units of LIHTC & TE Bond; M on Madison - 74 units of LIHTC & TE Bond