Pung Rental Housing Consultants, LLC.
Lori Pung, Owner
Lori L. Pung, CPA has 22 years of experience in the affordable housing industry. She began her career at Blystone & Bailey, CPA’s in Michigan, a public accounting firm specializing in audits of LIHTC and HUD properties where she advanced to Senior Audit Manager. She continued her career by transitioning to P.S. Equities, Inc., a for profit real estate developer in Michigan where she created the position of Development and Asset Manager. During her ten years with this firm, she was instrumental in the new construction development of more than a dozen Low Income Housing Tax Credit properties, with a primary responsibility for all financial and legal paperwork from underwriting through final close. Additionally, she provided asset management on a portfolio of more than 30 properties with a combined total of more than 2,000 units.
In 2009, she formed her own consulting company, which later became PRHC, of which she remains a principal. She is proficient in Low Income Housing Tax Credits and Historic Tax Credits, as well as working with various city, state and federal financing sources. Her specialization is working with general partners on portfolio management, including redevelopment of the entire portfolio and often times assisting with back of house accounting and staff oversight as clients grow their development teams. Additionally, Lori is involved in mentoring several successful small business start-ups in Michigan and Florida spanning a wide variety of industries.
A graduate of Alma College with a Bachelor of Arts in Business Administration majoring in Accounting, Lori is a Certified Public Accountant in the State of Michigan. Her professional affiliations include the Michigan Association of Certified Public Accountants and the Michigan Housing Council. She has presented several times at the Michigan Conference on Affordable Housing, one of the largest industry conferences in the country, as well as at seminars sponsored by the Great Lakes Capital Fund (now Cinnaire). Lori is a regular guest speaker for several college professors, on topics ranging from business law to management to real estate classes.
Jillyn Smith, Legal/Development
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Committed to helping our customers achieve their goals.
~ Lori Pung, Owner
Amanda Inderbitzin, Creative Director
Vice President of Asset Mgmt.
Born and raised in Grand Rapids Michigan Amanda happened into Multifamily Real Estate 17 years ago by complete accident and found her niche'. Starting off as a leasing agent and working her way through the industry ranks to her current position, Amanda is multi-faceted. She has held positions at all levels of property management ensuring she has the industry knowledge necessary to be marketable in today’s competitive world. Prior to multifamily housing she enjoyed several years after college in Banking through direct and indirect lending of both consumer and mortgage loans.
When she is not reviewing portfolio performance, creating websites, brochures, tweeting or blogging she enjoys spending time with her family outdoors. Being married to a Sergeant in the United States Army, they’ve done their fair share of moving around. Thankful for the ability to be mobile today, Amanda currently services clients in California, Colorado, Kentucky, North Carolina, Ohio, Pennsylvania, Michigan and West Virginia.
With 17 years in the industry she has had the opportunity to be involved with many associated agencies including local and regional property management organizations along with attending numerous continuing education seminars and conferences. Volunteering has also been very important to Amanda as ‘giving back’ is her way of being a part of her community and state. Examples of her volunteer work include the Braceville Fire Department, Michigan Community Blood Center, The Patriot foundation and the Coalition for homelessness in Flint Michigan.
Visit her 'My work' page to see what she has done or 'Services' to see how she can compliment industry businesses. Amanda specializes in portfolio asset management, market analysis, website creation and social media marketing but never shies away from a new challenge.
Jillyn M. Smith is the owner of JMS Consulting, which specializes in the development of affordable and market rate housing, zoning, planning, site acquisition and construction management. After graduating from University of Detroit Mercy with a JD and MBA Jillyn began working as a zoning coordinator for a real estate firm in Grand Rapids that specialized in wireless telecommunications. As she gained experience within the wireless industry her responsibilities grew and eventually she was a project manager for various wireless telecommunications companies and was responsible for some of the largest build outs of wireless systems in Michigan and Ohio. That real estate experience helped her become an underwriter at the Michigan State Housing Development Authority, where her career in affordable housing began.
While at MSHDA she was a Housing Development Officer in the multifamily division and finished her time at MSHDA working in the Supportive Housing Division as a Development Officer. While at MSHDA she closed millions of dollars of LIHTC deals and helped hundreds of people have the opportunity to secure affordable housing. She continued her career as an Underwriter for Great Lakes Capital Fund, a LIHTC syndicator.
She has presented at various workshops throughout Michigan sponsored by MSHDA and the Great Lakes Capital Fund as well as at the Michigan Conference on Affordable Housing. Jillyn has taught at the collegiate level for many years and has served on the Business College Advisory Committee for Baker College of Jackson. Currently she works with PRHC as a development officer. She graduated from MSU with a BA in Financial Administration and from the University of Detroit Mercy with a JD/MBA. She is currently a member of the State Bar of Michigan.
Jen Gruhzit has been with PRHC for 5 years providing administrative and bookkeeping services. Her background is largely in Social and Criminal Justice, with degrees from Central Michigan University and Northern Michigan University. She worked for several years within that spectrum, until her first child was born, when she decided to be a stay at home mom and pursue working part time from home with PRHC. Born and raised in Midland, MI, she is married with two daughters.
Pung Rental Housing Consultants LLC is a consulting company focused on developing affordable and market rate housing. Established in 2014 from a blend of previous companies, PRHC consults with primarily small to mid-size developers and general partners. Recognizing developers often have a need for additional assistance without wanting to commit to full time staff, PRHC bridges this gap by providing an array of services focused on development and related partnership level matters.
Our development focus includes both new construction and preservation transactions and encompasses activities from full real estate acquisitions/sales, partner interest transfers, financing and syndication. It is common for an existing project to complete a multi-layer process of interest transfers and bridge loans before moving into refinancing and re-syndication. We guide projects through this process and oversee all aspects of due diligence and underwriting, from application preparation to negotiating the loan and syndication closing documents. Our participation includes monitoring numbers during construction and ensuring all final close benchmarks are met and the processes completed with debt and equity partners.
A natural continuation of our business services also now includes Disposition work, working with general partners to determine how to best reposition the property as original debt and equity financing ages out. Often times this involves digging into a projects original underwriting and communicating with third party professionals (syndicators, lenders, regulatory authorities, etc.) in regards to property re-syndication, re-financing or re-structuring, owner tax positions and exit strategies, phantom income, sale of general or limited partner interests, cash flow waterfalls, etc.
Our team includes staff with accounting, legal and marketing backgrounds, with experience in underwriting deals as well as management of deals. With 20+ years of experience in the affordable housing industry, the team at PRHC strives to strengthen the ownership teams for which we consult.