MISSOURI HOUSING DEVELOPMENT COMMISSION REGULAR … · 2015-05-12 · REGULAR MEETING OF THE...
Transcript of MISSOURI HOUSING DEVELOPMENT COMMISSION REGULAR … · 2015-05-12 · REGULAR MEETING OF THE...
MISSOURI HOUSING DEVELOPMENT
COMMISSION
REGULAR COMMISSION MEETING FRIDAY, DECEMBER 5, 2014
9:00 A.M.
2601 S. PROVIDENCE ROAD SALON A
COLUMBIA, MO 65203
HAMPTON INN & SUITES MISSOURI ROOM
1225 FELLOWS PLACE COLUMBIA, MO 65201
Notice is hereby given that the Missouri Housing Development Commission will conduct its regular
meeting at 9:00 A.M. on Friday, December 5, 2014:
Hampton Inn & Suites 1225 Fellows Place
Columbia, MO 65201 Missouri Room
The tentative agenda of this meeting is attached to this notice.
The news media may obtain copies of this notice by contacting:
Lynn Sigler Missouri Housing Development Commission
3435 Broadway Kansas City, MO 64111
(816)759-6822 [email protected]
REGULAR MEETING OF THE
MISSOURI HOUSING DEVELOPMENT COMMISSION FRIDAY, DECEMBER 5, 2014 AT 9:00 A.M.
MHDC will make reasonable accommodations for persons with disabilities at the public site. To request an accommodation, please contact Lynn Sigler at (816) 759-6822 or [email protected].
REGULAR MEETING OF THE
MISSOURI HOUSING DEVELOPMENT COMMISSION FRIDAY, DECEMBER 5, 2014 AT 9:00 A.M.
HAMPTON INN & SUITES, 1225 FELLOWS PLACE, COLUMBIA, MO 65201
Regular Meeting 1. Roll Call
2. Approval of Minutes a. Approval of minutes for the regular meeting of September 18, 2014
3. Report of Chairman a. Report from Asset Management Committee
4. Report of Staff a. Financial Report b. Request for approval of Resolution 877, as revised c. Request for approval of RFP for Trustee Services d. Request for approval to issue an RFP for brokerage services for the St. Louis office
operations e. Request for approval of funding recommendations for the Home Repair Opportunity
Program (HeRO) f. Request for approval of funding recommendations for the Emergency Solutions Grant
(ESG) g. Request for approval of funding recommendations for the Missouri Housing Trust Fund
(MHTF) h. Request for approval of funding recommendations for Homeless Missourians
Information System (HMIS) i. Request for approval of funding recommendations for Housing First Program (HFP) j. Request for approval of Rental Production 2015 Round 1 applications k. Request for approval of the 2015 Tax Exempt Bond NOFA l. Rental Production update m. Asset Management update
5. Such other matters that may come before the Commission
6. Adjourn
1) Roll Call
Page 1 of 1 Rev. 04/08/14
Governor:
Jeremiah W. (Jay) Nixon
Governor
State Capitol Building
P.O. Box 720
Jefferson City, MO 65102
573.751.3222
Attn: Ted Ardini
Brian May
State of Missouri
Office of the Governor
Wainwright Building, Room 929
111 North 7th
Street
St. Louis, MO 63101
314.340.7518
Lieutenant Governor:
Peter Kinder
Lieutenant Governor
State Capitol Building
Room 224
Jefferson City, MO 65101
573.751.4727
Attn: Brian Bunten
Treasurer:
Clint Zweifel
State Treasurer
State Capitol Building
P.O. Box 210
Jefferson City, MO 65102
573.751.8533
Attn: Angie Heffner Robyn
Sarah Swoboda
Attorney General:
Chris Koster
Attorney General
Supreme Court Building
207 W. High Street
P.O. Box 899
Jefferson City, MO 65102
573.751.3321
Attn: Jim Farnsworth
Chairman:
Jeffrey S. Bay (Chairman)
Van Osdol and Magruder, P.C.
911 Main St., Suite 2400
Kansas City, MO 64105
816.421.0644
Vice Chairman:
Troy L. Nash (Vice Chairman)
Zimmer Real Estate
1220 Washington Street, Suite 100
Kansas City, MO 64105
816.268.4230
Secretary Treasurer:
Greg L. Roberts (Secretary-Treasurer)
The Roberts Law Firm
215 Chesterfield Business Parkway, Suite A
Chesterfield, MO 63005
636.489.4187
Commissioner:
Bill Miller
12502 Bielefeld Court
Florissant, MO 63033
314.838.4717
Missouri Housing Development Commission Roster
2) Approval of minutes for the regular meeting of September 18, 2014
MISSOURI HOUSING DEVELOPMENT COMMISSION Regular Meeting
Minutes of Meeting Held on Thursday, September 18, 2014
The regular meeting of the Missouri Housing Development Commission was held on Thursday, September 18, 2014 at 9:00 a.m., at Stoney Creek Inn, 2601 S. Providence Road, Columbia, Missouri. Those present were: Commissioners and Persons Present to Vote for Ex-Officio Members
Jeffrey S. Bay, Chairman Angie Robyn, Deputy State Treasurer Jim Farnsworth, Assistant Attorney General Peter Kinder, Lieutenant Governor Greg Roberts, Secretary/Treasurer Bill Miller, Commissioner
Commissioners Absent Jay Nixon, Governor Clint Zweifel, State Treasurer Troy Nash, Vice Chairman
Staff Members Kip Stetzler, Interim Executive Director Greg Canuteson, Senior Deputy Director Sarah Parsons, Community Initiatives Manager Sara Turk, Fiscal & Accounting Manager Marilyn Lappin, Director of Finance Lynn Sigler, Operations Supervisor Frank Quagraine, Chief Underwriter Gus Metz, AHAP Administrator Marian Campbell, Director of Asset Management Megan Word, Legislative Coordinator Weylin Watson, General Counsel Darnell Busch, Information Technologist Sheldon White, Information Technologist
Other Meeting Participants Brian May, Governor Nixon’s Office Brian Bunten, Lieutenant Governor’s Office Sarah Swoboda, Treasurer’s Office Dr. Mark Tranel, University of Missouri St. Louis
Chairman Bay called the meeting to order and roll call was taken by Ms. Sigler. A quorum was present. Kip Stetzler presented the minutes from the Commission meeting held on Friday, June 20, 2014, for approval. A motion was made by Commissioner Miller and seconded by Commissioner Roberts to approve the minutes. The motion passed unanimously with a vote of 6-0. The next item on the agenda was the Report of Chairman.
Commissioner Roberts provided a report on the Audit Committee meeting that was held earlier that morning. The next item on the agenda was the Report of Staff. Marilyn Lappin presented the Financial Report for July 2014. Marilyn Lappin requested approval of Bond Resolution No. 1041, Single Family Mortgage Refunding Revenue Bonds, 2014 Series C. A motion was made by Commissioner Miller and seconded by Commissioner Roberts. The motion passed unanimously with a vote of 6-0. Marilyn Lappin requested approval of Bond Resolution No. 1042, Multifamily Housing Refunding Revenue Bonds, 2014 Series 2. A motion was made by Commissioner Roberts and seconded by Chairman Bay. The motion passed unanimously with a vote of 6-0. Kip Stetzler requested approval of Resolution No. 877, revised. A motion was made by Lt. Governor Kinder and seconded Commissioner Roberts. The motion passed unanimously with a vote of 6-0. Sarah Parsons requested approval of 2015 Emergency Solution Grant (ESG) NOFA and Allocation Plan. A motion was made by Chairman Bay and seconded by Lt. Governor Kinder. The motion passed unanimously with a vote of 6-0. Dr. Mark Tranel from the University of Missouri-St. Louis presented an update on the Statewide Housing Needs Assessment. Frank Quagraine presented the Rental Production update. Marian Campbell presented the Asset Management update. Kip Stetzler recommended that pursuant to Missouri Revised Statutes §610.021(1) go into a closed session for confidential discussions between the Commission and its legal counsel regarding the SEC’s MCDC initiative. A motion was made by Chairman Bay to go into Executive Session and it was seconded by Commissioner Miller. Chairman Bay made a motion to adjourn and it was seconded by all Commissioners. The motion passed unanimously with a vote of ayes. ________________________________________________ Jeffrey S. Bay, Chairman
3) Report of Chairman a. Report from Asset Management Committee
4) Report of Staff a. Financial Report
FINANCIAL REPORT
OCTOBER 2014
Financial Reporting Package
for the month of October 2014 and the period then ended Index Page: 1 – 2 Executive Summary for the month 3 – 4 Key Financial Information 5 Asset Quality 6 Balance Sheet 7 Charts – Assets by Program and Asset Composition 8 Charts – Homeownership Bond-Financed Program Asset Trend and MBS Portfolio Composition
9 Budget for Use of Net Position (Fund Balances) for Fiscal Year 2015 Mortgage Revenue Bond Activity HUD Purchase Loan Program
10 Condensed Statement of Revenue and Expenses for the month including the effects of GASB Statement No. 31 10a Condensed Statement of Revenues and Expenses for the month, actual compared to budget (excluding the effects of
GASB Statement No. 31) 11 Condensed Statement of Revenue and Expenses for the
period July 1, 2014 to October 31, 2014, including the effects of GASB Statement No. 31
11a Condensed Statement of Revenue and Expenses for the
period July 1, 2014 to October 31, 2014, actual compared to budget (excluding the effects of GASB Statement No. 31)
12 Loan Servicing Report
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MISSOURI HOUSING DEVELOPMENT COMMISSION FINANCIAL REPORT - EXECUTIVE SUMMARY
October 2014
Assets Total assets, as reported, were $1,755,617,000 as compared to $1,758,734,000 at the end of the previous fiscal year. Excluding the effects of GASB Statement No. 31, assets totaled $1,699,780,000 at October 31, 2014 as compared to $1,707,865,000 at June 30, 2014. MHDC’s asset base continues to have a high-quality and low-risk profile. Approximately 40% of total assets are comprised of guaranteed mortgage-backed securities (page 5). MHDC has no subprime loans, no variable rate debt and no interest rate swaps or similar instruments. MHDC’s conservative asset base and careful management has MHDC well positioned in the current economic environment. Mortgages and Mortgage-Backed Securities The cost basis of new homeownership mortgage-backed securities purchased total $48.1 million in the fiscal year. Net of scheduled principal payments and loan prepayments, the cost basis of homeownership bond-financed mortgage-backed securities and loan portfolio has increased $7.0 million in the fiscal year. Principal pay-downs and prepayments in the Single Family Homeownership portfolio are 18% annualized (19% in 2014 and 25% in 2013). In the Multifamily Rental portfolio, principal pay-downs and prepayments are 7% annualized (14% in 2014 and 4% in 2013). Bond Issues and Other Debt During the fiscal year, no Multifamily bonds were closed. One Single Family Homeownership bond closed in October totaling $50.0 million (page 9). Bond pay downs have totaled $64.9 million. During this fiscal year, new FHLB Advances totaling $43.4 million have financed the MBS Warehousing Program. Results of Operations: Month of October For the month of October (page 10a), net operating results amounted to an increase of $770,000 before including the effects of GASB Statement No. 31, (see additional information below). Operating Revenue over Expenses is $190,000 more than budget. Results of Operations: Year-to-Date Fiscal 2015 Year-to-date for this fiscal year (page 11a), net operating results amounted to an increase of $8,243,000 before including the effects of GASB Statement No. 31, (see additional information below). Operating Revenue over Expenses is $2,362,000 more than budget.
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Federal Programs This fiscal year Federal Grant Revenues include $46.2 million in Project Based Section 8 Housing Assistance Payments and $2.2 million in HOME Investment Partnership Program funds. These federal programs provide important resources for achieving the objectives of the Commission. The Commission’s efforts to preserve affordable housing, including preservation of the Housing Assistance Payment Contracts, are vital for continuing this economic resource for the state of Missouri. Effects of GASB 31 Governmental Accounting Standards Board (GASB) Statement No. 31 “Accounting and Financial Reporting for Certain Investments and for External Investment Pools” was instituted in 1998 and established fair value accounting for investment securities; such as U.S. government and agency securities, and GNMA, Fannie Mae and FHLMC mortgage-backed securities. GASB Statement No. 31 requires that these investments be reported at fair value on the balance sheet and that changes in fair value be reported as revenue in the operating statement. During periods of rising market interest rates relative to the stated rates of our portfolio, the fair value of our investments and mortgage-backed securities will decline. Conversely, when market interest rates fall below those of the stated rates of our portfolio, the fair value of our investments and mortgage-backed securities will increase. The required implementation of GASB Statement No. 31 has caused an increase of $7,409,000 in the fair value of investments and our mortgage-backed security portfolio during October (see page 10). During October, interest rates fluctuations have resulted in an increase in the fair value of mortgage-backed securities and other investments. Overall, the required implementation of GASB Statement No. 31 has caused an increase of $2,960,000 in the fair value of investments and our mortgage-backed security portfolio during the fiscal year (see page 11). During this fiscal year, interest rate fluctuations have resulted in an increase in the fair value of mortgage-backed securities and other investments. Depending on future financial markets, we can expect interest rate fluctuations to have a continuing material effect on our financial statements.
Missouri Housing Development CommissionKey Financial Information as of October 31, 2014($ in thousands)
2011 2012 2013 2014 2015Total assets, cost basis, excluding conduit bond issues 2,192,899 2,011,310 1,810,273 1,633,157 1,625,500% change (2.93) (8.28) (10.00) (9.78) (0.47) Total debt, excluding conduit bond issues 1,467,351 1,257,907 1,041,677 840,645 826,210% change (6.79) (14.27) (17.19) (19.30) (1.72) Total equity 592,210 627,377 640,060 667,993 674,228% change 5.45 5.94 2.02 4.36 0.93 Revenues 102,957 98,722 83,696 74,193 61,564% change 0.23 (4.11) (15.22) (11.35) (17.02) Net income 5,714 13,827 15,313 20,272 9,846% change (64.35) 141.98 10.75 32.38 (51.43) Total loans and MBS 1,628,287 1,450,319 1,261,858 1,109,818 1,113,345% change 4.43 (10.93) (12.99) (12.05) 0.32 FHA Risk-Share Loans 201,175 171,962 172,272 160,385 155,339% change 15.69 (14.52) 0.18 (6.90) (3.15) Nonperforming assets 2,453 269 3,013 3,008 3,007% change (5.73) (89.03) 1,020.07 (0.17) (0.03) Loan loss reserves 44,362 44,172 43,322 43,094 43,087% change 0.59 (0.43) (1.92) (0.53) (0.02)
NOTES:Asset values exclude conduit debt issues and are adjusted to eliminate the effects of market value accounting (GASB Statement No. 31).
Total assets declined at an annualized rate of 1.41% compared to a 9.78% decline in FY2014.
Equity values are adjusted to exclude the effects of market value accounting (GASB Statement No. 31).
Revenue and net income values also exclude the effects of market value accounting (GASB Statement No. 31) and federal grants and assistance (pass-through revenues and disbursements).
Trend Analysis
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Missouri Housing Development CommissionKey Financial Information as of October 31, 2014
PROFITABILITY 1 FY 2015FY 2015 Budget
5-year average 2014 2013 2012 MHDC All 'AA+' HFAs All 'AA' HFAs
All 'AAA' HFAs All HFAs
Return on Average Assets (1% Strategic Plan target) 0.60 0.43 0.70 1.18 0.80 0.66 0.71 0.46 0.92 1.29 0.54Return on Average Assets, Excluding Subsidy Programs & Spec. Initiatives 0.81 0.64 0.99 1.24 0.90 1.03Return on Assets Before Loan Loss Provision and Extraordinary item 0.61 0.49 0.73 1.24 0.85 0.69 0.74 0.68 1.27 1.30 0.75Return on Assets Before Loan Loss Provision and Extraordinary Item, Excluding Subsidy Programs & Special Initiatives 0.81 0.71 1.03 1.30 0.95 1.08Return on Average Equity (4% Strategic Plan target) 1.47 1.05 2.05 3.10 2.42 2.27
Net Interest Margin 1.35 1.07 1.15 1.27 1.06 1.04 0.96 1.53 1.07 2.18 1.08
ASSET QUALITY (%) FY 2015FY 2015 Budget
5-year average 2014 2013 2012 MHDC All 'AA+' HFAs All 'AA' HFAs
All 'AAA' HFAs All HFAs
Non-Performing Assets / Total Loans and Real Estate Owned 0.270 0.266 0.190 0.271 0.239 0.019 0.02 3.23 3.55 3.22 3.73 Loan Loss Reserves / Total Loans and MBS 3.87 3.81 3.39 3.88 3.43 3.05 2.94 2.27 2.93 7.07 2.37 Loan Loss Reserves/Risk-Share Loans and Non-Performing Assets 27.21 24.22 25.15 26.37 24.72 25.65
LEVERAGE (%) FY 2015FY 2015 Budget
5-year average 2014 2013 2012 MHDC All 'AA+' HFAs All 'AA' HFAs
All 'AAA' HFAs All HFAs
Total Equity / Total Assets 41.48 42.64 35.19 40.90 35.36 31.19 28.54 26.54 18.51 33.73 17.88 Total Equity and Reserves / Total Loans and MBS 64.43 63.47 53.61 64.07 54.16 46.30 42.79 29.98 28.43 50.77 27.40
Five Year Average Financial Ratios (2009-2013)2
Financial Ratio Analysis
NOTES1. MHDC's profitability ratios trend is reflective of the limited risk profile of MHDC's asset base.
2. Historical financial ratio data per Standard & Poor's Ratings Services.
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Missouri Housing Development CommissionAsset Quality Information and Summary Effects of GASB Statement No. 31($ in thousands)
Balance Sheet 6/30/2012 6/30/2013 6/30/2014 10/31/2014
Total Assets as Reported 2,195,550$ 1,945,079$ 1,758,734$ 1,755,617$ Unrealized Gains/Losses (effect of GASB 31) # (94,523) (46,452) (50,869) (55,837)
Total Assets at Cost 2,101,027$ 1,898,627$ 1,707,865$ 1,699,780$
Mortgage-Backed Securities Portfolio 6/30/2012 6/30/2013 6/30/2014 10/31/2014
Mortgage-Backed Securities at Cost 1,000,022$ 801,535$ 666,876$ 673,786$ as % of Total Assets at Cost 47.6% 42.2% 39.0% 39.6%
Mortgage-Backed Securities Portfolio Composition: % GNMA 84.7% 87.6% 89.0% 89.6% % Fannie Mae 13.4% 11.0% 9.8% 9.4% % FHLMC 1.9% 1.4% 1.2% 1.0%
Loan Portfolio 6/30/2012 6/30/2013 6/30/2014 10/31/2014
Total Loans at Par 586,904$ 591,999$ 560,743$ 556,925$ Uninsured Loans (Includes Risk-Share, HOME & TCAP) 396,110$ 405,233$ 396,460$ 396,054$
as % of Total Assets at Cost 18.9% 21.3% 23.2% 23.3%
Risk-Share Loans 171,962$ 172,272$ 160,385$ 155,339$ HOME Loans 182,685$ 184,225$ 194,583$ 195,297$ TCAP Loans 30,367$ 30,284$ 30,119$ 29,911$ Non-Performing Assets (Uninsured) 269$ 3,013$ 3,008$ 3,007$
Allowance for Loan Losses 44,172$ 43,322$ 43,094$ 43,087$ as % of Uninsured/Non-Guaranteed Loans 11.2% 10.7% 10.9% 10.9%
Asset Quality Ratios 6/30/2012 6/30/2013 6/30/2014 10/31/2014
Non-Performing Assets / Total Loans, MBS and Real Estate Owned 0.019% 0.239% 0.271% 0.270%Loan Loss Reserves / Total Loans and MBS 3.05% 3.43% 3.88% 3.87%Loan Loss Reserves / Risk-Share Loans
and Non-Performing Assets 25.65% 24.72% 26.37% 27.21%
# - Effect of GASB Statement No. 31 reflects the changes in fair value of investments and mortgage-backed securities that result from changes in market interest rates.
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Missouri Housing Development CommissionSTATEMENT OF NET POSITION, unaudited (in thousands)October 31, 2014
Rental HomeownershipOperating Bond-Financed Bond-Financed
Funds Program Program October 31, 2014 June 30, 2014(audited)
ASSETS
CASH AND TEMPORARY INVESTMENTS 34,327$ 14,019$ 98,345$ 146,691$ 147,007$
INVESTMENTSCertificates of Deposit 1,400 - - 1,400 1,400 Investment Agreements - - 8,472 8,472 12,769 U.S. Government and Agency Securities 336,357 8,232 - 344,589 350,263
--------------------------- --------------------------- --------------------------- --------------------------- --------------------------- Total 337,757 8,232 8,472 354,461 364,432
LOANS RECEIVABLE, net of allowance for loan losses ($43,087) 282,445 231,592 731,932 1,245,969 1,239,715
OTHER ASSETSAccrued Interest Receivable 2,646 1,431 2,733 6,810 6,377 Prepaid Expenses 54 - - 54 38 Fixed Assets, net of accumulated depreciation ($3,945) 781 - - 781 704 Accounts Receivable, Other 851 - - 851 461
--------------------------- --------------------------- --------------------------- --------------------------- --------------------------- Total 4,332 1,431 2,733 8,496 7,580
--------------------------- --------------------------- --------------------------- --------------------------- --------------------------- Total Assets 658,861 255,274 841,482 1,755,617 1,758,734
DEFERRED OUTFLOWS OF RESOURCES - 10 152 162 166 --------------------------- --------------------------- --------------------------- --------------------------- ---------------------------
Total Assets and Deferred Outflows of Resources 658,861$ 255,284$ 841,634$ 1,755,779$ 1,758,900$ =============== =============== =============== =============== ===============
LIABILITIESBonds and Notes Payable - 233,511 666,979 900,490 915,353 Interest Payable - 1,954 5,653 7,607 8,926 Escrow Deposits 104,728 - - 104,728 102,525 Funds Due Others 574 - - 574 574 Accounts Payable 1,408 - 87 1,495 1,834 Unearned Revenue 9,776 - - 9,776 9,765
--------------------------- --------------------------- --------------------------- --------------------------- --------------------------- Total Liabilities 116,486 235,465 672,719 1,024,670 1,038,977
DEFERRED INFLOWS OF RESOURCES - - 1,044 1,044 1,061
NET POSITIONInvested in Capital Assets 781 - - 781 704 Restricted 296,852 19,819 167,871 484,542 476,637 Commission Designated (Unrestricted) 162,618 - - 162,618 155,375 Unrestricted and Undesignated 82,124 - - 82,124 86,146
--------------------------- --------------------------- --------------------------- --------------------------- --------------------------- Total Net Position 542,375 19,819 167,871 730,065 718,862
--------------------------- --------------------------- --------------------------- --------------------------- --------------------------- Total Liabilities, Deferred Inflows of Resources and Net Position 658,861$ 255,284$ 841,634$ 1,755,779$ 1,758,900$
=============== =============== =============== =============== ===============
Combined Totals
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NOTE: change at 9/30/14 due to reclassification of escrow assets from Rental to Operating Fundas of 7/1/14
NOTE: asset information presented excludes the effects of fair value accounting (GASB Statement No. 31)
$-
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
$1,400,000,000
$1,600,000,000
Assets by ProgramMortgage Assets, Investments, Cash and Other
June 2004 to October 2014
Homeownership Rental Operating Fund HOME & TCAP
U.S. Government & Agency Securities20.42%
Bank deposits, CDs and Money Market Accounts
8.59%
Conduit Bond Issue Assets4.37%
Risk-Share Loans9.14%
HOME & TCAP Program Assets (uninsured loans)
11.79%
Uninsured Fund Balance Loans4.54%
Insured Loans0.52%
Other Assets0.98%
Mortgage-Backed Securities39.64%
MHDC Assets - October 30, 2014 - $1.7 billion
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GNMA: mortgage-backed securities with payments guaranteed by the Government National Mortgage Association (GNMA)which is a government corporation within the U.S. Department of Housing and Urban Development (HUD).GNMA (also known as Ginnie Mae) provides explicit "full faith and credit of the federal government" guarantees of timely payment on these securities backed by FHA and VA loans.
Fannie Mae: mortgage-backed securities with payments guaranteed by Fannie Mae, a federally charted and stockholder-owned government-sponsored enterprise organized in accordance with the Federal National Mortgage Association Charter Act.
FHLMC: mortgage-backed securities with payments guaranteed by the Federal Home Loan Mortgage Corporation (FHLMC), a stockholder-owned government-sponsored enterprise (also known as Freddie Mac).
Types of Mortgage-Backed Securities
Fannie Mae9%
FHLMC1%
GNMA90%
Homeownership Guaranteed Mortgage Backed Securities
Portfolio CompositionOctober 31, 2014
$-
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
$1,400,000,000
$1,600,000,000
Homeownership Bond-Financed Program Mortgage Assets and Total Assets
Excludes the Effects of GASB Statement No. 31June 2004 to October 2014
Mortgage Assets Total Assets
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BUDGET DISBURSED
Rental Housing Production and Preservation Program 15,000,000$ -$ Single-Family MRB Program Equity Contribution 1,500,000 1,085,000 Supplemental Emergency Solutions Grant 1,599,000 478,619 Rental & Operating Assistance Program 393,000 50,675 Housing First Program 544,000 138,969 Homeless Management Information System (HMIS) 97,000 19,076 Disaster Assistance 100,000 23,957 Project Homeless Connect 11,000 7,267 Multifamily and Home Improvement Interest Subsidy Program 4,000 1,214
TOTAL FUND BALANCE PROGRAM BUDGET 19,248,000$ 1,804,777$
Authorized AppliedConstruction Lending 30,000,000$ (1) 231,000$ Single Family Homeownership Program 20,000,000 (2) 76,000 Homeowner Cash Assistance 21,500,000 (3) -
AMOUNT AMOUNT MHDCBOND ISSUES AUTHORIZED ISSUED CONTRIBUTION
Homeownership: 2014 Series B closed 10-28-14 50,000,000$ 50,000,000$ 1,085,000$
As of October 31, 2014 $ 50,000,000 $ 1,085,000 2014 Series C Refunding Bonds closing 12-19-14 40,578,855$ 40,578,855 415,000
As of December 31, 2014 $ 90,578,855 $ 1,500,000
Mortgage-backed securities are purchased with short-term financing provided by the FHLB. After market bonds are issued, these MBS will be transferred to the SF NIBP and the FHLB advances repaid.
Mortgage-backed Securities warehoused as of October 31, 2014 -$ FHLB Advances as of October 31, 2014 -$ Pledged general investments 53,381,000$
Since the purchase of 26 loans from HUD during 1996, we have collected principal and interest payment funds, which areavailable for rehabilitation work and tenant initiatives. These are restricted funds.
Program Receipts, since 1996 26,732,085$ Grants and Loans, since 1996 (17,985,385) Available for Rehab/Tenant Initiatives as of October 31, 2014 8,746,700$
Fund Balance Revolving Funds as of October 31, 2014
HUD Purchase Loan Program
FY2015 Fund Balance Budget
Mortgage Revenue Bond Activity
October 31, 2014
MBS Warehousing Program as of October 31, 2014
(1) This revolving fund is used to make market‐rate multifamily construction loans.
(2) This established a $20 million fund to finance GNMA, Fannie Mae or FHLMC mortgage‐backed securities (MBS) in conjunction with MHDC's First Place bond program, or direct sale including forward delivery, as a source of continuous lending as approved at the April 17, 2009 Commission meeting. In addition, this fund is utilized to finance MBS in conjunction with first‐time and repeat buyers from disaster areas as approved at the May 26, 2011 Commission meeting.
(3) This established funding totaling $21,500,000 for 3% cash assistance to fund homeownership closing costs and down payment. This cash assistance is recovered by means of the first loan rate or amortizing seconds. Recovered funds are recycled and reused for this same purpose. Amounts applied to cash assistance funding have been fully recovered to date primarily through the sale of pools of assisted loans.
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Missouri Housing Development CommissionCONDENSED STATEMENT OF REVENUE AND EXPENSES, unaudited (in thousands)Includes the Effects of GASB Statement No. 31For the Month Ending October 31, 2014
Rental HomeownershipOperating Bond-Financed Bond-Financed
Funds Program Program Combined UnauditedREVENUES:Interest on Mortgage Loans 556$ 726$ 2,556$ 3,838$ Interest on Investments 476 25 25 526 Fair Market Value of Investments 128 162 7,119 7,409 Administrative Fees 477 - - 477 Financing Fees and Other 272 - 36 308 Housing Trust Fund Receipts - - - - Grants & Federal Assistance 12,397 - - 12,397
-------------------------- -------------------------- -------------------------- --------------------------Total Revenues 14,306 913 9,736 24,955
EXPENSES:Interest Expense on Bonds and Notes 7 556 1,891 2,454 Miscellaneous Bond Debt Expense 6 7 445 458 Compensation 704 - - 704 Administrative Expenses 391 - - 391 Provision for Loan Losses - - - - Housing Trust Fund Grants 215 - - 215 Grants & Federal Assistance 12,397 - - 12,397
-------------------------- -------------------------- -------------------------- --------------------------Total Expenses 13,720 563 2,336 16,619
-------------------------- -------------------------- -------------------------- --------------------------REVENUES OVER (UNDER) EXPENSES 586 350 7,400 8,336 FROM OPERATIONS
Subsidy Programs and Special Initiatives 157 - - 157 -------------------------- -------------------------- -------------------------- --------------------------
REVENUE FROM OPERATIONS AFTER SUBSIDY PROGRAMS & SPECIAL INITIATIVES 429$ 350$ 7,400$ 8,179$
=============== =============== =============== ===============
Missouri Housing Development CommissionCONDENSED STATEMENT OF REVENUE AND EXPENSES, unaudited (in thousands)Excludes the Effects of GASB Statement No. 31For the Month Ending October 31, 2014
Actual Budget Actual Budget Actual Budget Actual Budget UnauditedREVENUES:Interest on Mortgage Loans 556$ 463$ 726$ 683$ 2,556$ 2,167$ 3,838$ 3,313$ Interest on Investments 476 406 25 29 25 62 526 497 Administrative Fees 477 562 - - - - 477 562 Financing Fees and Other 272 245 - - 36 40 308 285 Housing Trust Fund Receipts - - - - - - - - Grants & Federal Assistance 12,397 12,024 - - - - 12,397 12,024
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------Total Revenues 14,178 13,700 751 712 2,617 2,269 17,546 16,681
EXPENSES:Interest Expense on Bonds and Notes 7 4 556 574 1,891 1,792 2,454 2,370 Miscellaneous Bond Debt Expense 6 2 7 38 445 100 458 140 Compensation 704 800 - - - - 704 800 Administrative Expenses 391 406 - - - - 391 406 Provision for Loan Losses - 62 - - - - - 62 Housing Trust Fund Grants 215 267 - - - - 215 267 Grants & Federal Assistance 12,397 11,775 - - - - 12,397 11,775
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------Total Expenses 13,720 13,316 563 612 2,336 1,892 16,619 15,820
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------REVENUES OVER (UNDER) EXPENSES 458 384 188 100 281 377 927 861 FROM OPERATIONS
Subsidy Programs and Special Initiatives 157 281 - - - - 157 281 --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
REVENUE FROM OPERATIONS AFTER SUBSIDY PROGRAMS & SPECIAL INITIATIVES 301$ 103$ 188$ 100$ 281$ 377$ 770$ 580$
======== ======== ======== ======== ======== ======== ======== ========
Number of Employees: 108Number of Employees at Prior Year End: 108Compensation and administrative expenses as percentage of Total Revenue - actual 6.24%; budget 7.23%
HomeownershipRental
Funds Program Program CombinedOperating Bond-Financed Bond-Financed
10a
11
Missouri Housing Development CommissionCONDENSED STATEMENT OF REVENUE AND EXPENSES, unaudited (in thousands)Includes the Effects of GASB Statement No. 31For the Four Months Ending October 31, 2014
Rental HomeownershipOperating Bond-Financed Bond-Financed
Funds Program Program Combined UnauditedREVENUES:Interest on Mortgage Loans 1,963$ 2,935$ 10,418$ 15,316$ Interest on Investments 1,824 102 143 2,069 Fair Market Value of Investments 75 232 2,653 2,960 Administrative Fees 2,019 - - 2,019 Financing Fees and Other 1,177 2 766 1,945 Housing Trust Fund Receipts 3,207 - - 3,207 Grants & Federal Assistance 49,091 - - 49,091
-------------------------- -------------------------- -------------------------- --------------------------Total Revenues 59,356 3,271 13,980 76,607
EXPENSES:Interest Expense on Bonds and Notes 19 2,269 7,826 10,114 Miscellaneous Bond Debt Expense 24 42 532 598 Compensation 2,815 - - 2,815 Administrative Expenses 1,445 - - 1,445 Provision for Loan Losses - - - - Housing Trust Fund Grants 957 - - 957 Grants & Federal Assistance 48,739 - - 48,739
-------------------------- -------------------------- -------------------------- --------------------------Total Expenses 53,999 2,311 8,358 64,668
-------------------------- -------------------------- -------------------------- --------------------------REVENUES OVER (UNDER) EXPENSES 5,357 960 5,622 11,939 FROM OPERATIONS
Subsidy Programs and Special Initiatives 736 - - 736 -------------------------- -------------------------- -------------------------- --------------------------
REVENUE FROM OPERATIONS AFTER SUBSIDY PROGRAMS & SPECIAL INITIATIVES 4,621$ 960$ 5,622$ 11,203$
=============== =============== =============== ===============
Missouri Housing Development CommissionCONDENSED STATEMENT OF REVENUE AND EXPENSES, unaudited (in thousands)Excludes the Effects of GASB Statement No. 31For the Four Months Ending October 31, 2014
Actual Budget Actual Budget Actual Budget Actual Budget UnauditedREVENUES:Interest on Mortgage Loans 1,963$ 1,851$ 2,935$ 2,732$ 10,418$ 8,668$ 15,316$ 13,251$ Interest on Investments 1,824 1,624 102 116 143 250 2,069 1,990 Administrative Fees 2,019 2,250 - - - - 2,019 2,250 Financing Fees and Other 1,177 980 2 - 766 516 1,945 1,496 Housing Trust Fund Receipts 3,207 3,200 - - - - 3,207 3,200 Grants & Federal Assistance 49,091 48,098 - - - - 49,091 48,098
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------Total Revenues 59,281 58,003 3,039 2,848 11,327 9,434 73,647 70,285
EXPENSES:Interest Expense on Bonds and Notes 19 17 2,269 2,296 7,826 7,167 10,114 9,480 Miscellaneous Bond Debt Expense 24 10 42 153 532 400 598 563 Compensation 2,815 3,200 - - - - 2,815 3,200 Administrative Expenses 1,445 1,623 - - - - 1,445 1,623 Provision for Loan Losses - 248 - - - - - 248 Housing Trust Fund Grants 957 1,068 - - - - 957 1,068 Grants & Federal Assistance 48,739 47,098 - - - - 48,739 47,098
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------Total Expenses 53,999 53,264 2,311 2,449 8,358 7,567 64,668 63,280
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------REVENUES OVER (UNDER) EXPENSES 5,282 4,739 728 399 2,969 1,867 8,979 7,005 FROM OPERATIONS
Subsidy Programs and Special Initiatives 736 1,124 - - - - 736 1,124 --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
REVENUE FROM OPERATIONS AFTER SUBSIDY PROGRAMS & SPECIAL INITIATIVES 4,546$ 3,615$ 728$ 399$ 2,969$ 1,867$ 8,243$ 5,881$
======== ======== ======== ======== ======== ======== ======== ========
Compensation and Administrative Expenses as a percentage of Total Revenues - actual 5.78%; budget 6.86%
CombinedFundsOperating
ProgramBond-Financed
Rental
ProgramBond-FinancedHomeownership
11a
Loans Units RemarksRental Programs
FHA Insured 79 7,074 Includes FHA Insured, Section 8, Market Rate & Risk Share.
FNMA 20 675 Includes FNMA Participation Loans.
US Bank 52 - Includes US Bank Participation Loans
Uninsured 204 7,012 Includes Acquisition/Construction/Permanent Financing for Special Needs, Elderly & Family housingusing MHDC fund balances.
HUD Purchased Loans 28 712 Includes HUD Purchased Loans, special financing relating to the HUD Purchased Loan Program.
HOME Funds 404 12,404 Federal HOME Funds Construction Preservation non-profit and for profit and Federal HOME FundsEmergency Relief.
Housing Trust Fund 21 - Includes permanent financing for Family housing.
Rural Development Guaranteed 1 40 Includes a multifamily permanent financing.
Rural Initiative Loans 3 40 Rural Initiative Loan units are based on lots.
TCAP 24 709 Tax Credit Assistance Program.
TC Exchange 25 709 Low-income Housing Tax Credit Exchange Program.
Rental Program Totals 861 29,375
Homeownership Programs
GNMA Master Servicer 6,472 6,472 Serviced by Master Servicer, MHDC funded through MRB.
FNMA Master Servicer 852 852 Serviced by Master Servicer, MHDC funded through MRB.
FHLMC Master Servicer 79 79 Serviced by Master Servicer, MHDC funded through MRB.
MRB Issues 46 46 Serviced by Participant/Servicers. MHDC reconciles bank accounts, audits foreclosures and processes assumptions.
GNMA MRB Issues 590 590 Serviced by GNMA Contract Servicers. MHDC processes assumptions, servicing fees and audits foreclosures.
Rural Growth Master Servicer 6 6 Resolution 853 Serviced by Master Servicer, MHDC funded through MRB.
Cash Assistance Loans (CAL) 7,790 - Serviced by Master Servicer, MHDC funded; convert to grants over 60 months.
Tax Credit Advance Loans (TCAL) 465 - Serviced by Master Servicer, MHDC funded.
HOME Funds/Other 883 883 Includes MHDC DPA/MRB Issues/Flood Program Funds and Federal HOME Funds/FmHA, Weatherization andHome Improvement, Habitat for Humanity. MHDC performs all servicing functions.
Homeownership Program Totals 17,183 8,928
TOTALS 18,044 38,303
LOAN SERVICING REPORTAs of October 31, 2014
12
4) Report of Staff b. Request for approval of Resolution 877, as revised
RESOLUTION NO. 877
AUTHORIZED SIGNATORIES OF MISSOURI HOUSING DEVELOPMENT COMMISSION
REVISED: DECEMBER 5, 2014
RESOLVED, that within the course and scope of their duties, each of the following shall be an authorized officer for the purpose of signing certifications and other instruments provided by Resolution of the Commission. FURTHER RESOLVED, that all prior instruments made by any of the hereinafter named officers are hereby ratified:
Jeffrey S. Bay Chairman Greg L. Roberts Secretary-Treasurer Tina Beer Marilyn V. Lappin
Director of Operations/Assistant Secretary Director of Finance
Greg Canuteson Deputy Director Sara A. Turk Fiscal & Accounting Manager
FURTHER RESOLVED, that the following officers be authorized to sign all bond financing documents:
Jeffrey S. Bay Chairman Marilyn V. Lappin Director of Finance Tina Beer Director of Operations
FURTHER RESOLVED, that for the purposes of authorized signers on all bank accounts and investments, the following named shall be an authorized officer:
Marilyn V. Lappin Director of Finance Sara A. Turk Fiscal & Accounting Manager Cynthia Flood Accounting Manager Tina Beer Director of Operations
FURTHER RESOLVED, that all of the above-named officers and the following named be authorized to sign Section 8 Annual Contributions Contracts, Emergency Solutions Grant and Missouri Housing Trust Fund disbursements:
Marian Campbell Director of Asset Management FURTHER RESOLVED, that for the purposes of the Asset Management Department and Loan Servicing Department, the following named shall also be an authorized officer:
Marian Campbell Director of Asset Management Cheri Baker Loan Servicing Officer
FURTHER RESOLVED, that for the purposes of the Information Technology Division, the following named shall also be an authorized officer:
James Kalthoff Director of Information Technology FURTHER RESOLVED, that for the purposes of the funding, the following named shall also be an authorized officer:
Jennifer L. Schmidt Tax Credit Administrator (LIHTC Documents only) Lorenzo Rice HOME Administrator (Construction Disbursement, HOME & HeRO documents only) Sandy Middleton Construction Manager (Construction Disbursement, HOME & HeRO documents only)
FURTHER RESOLVED, that for the purposes of the Homeownership Department, the following named shall also be an authorized officer:
Don Brinker Single Family Homeownership Manager CERTIFICATION I HEREBY CERTIFY that the foregoing is a true and correct copy of a Resolution regularly presented to, and duly adopted by, the commissioners of Missouri Housing Development Commission at a meeting duly called and held in Columbia, Missouri on the 5th day of December, 2014, at which a quorum was present and voted, and that such Resolution is duly recorded in the minutes of the commission.
______________________________________________ Assistant Secretary
4) Report of Staff c. Request for approval of RFP for Trustee Services
Missouri Housing Development Commission
REQUEST FOR PROPOSALS FOR
TRUSTEE SERVICES
RESPONSE DEADLINE: Five (5) hard copies and one (1) electronic copy by email
Due by Tuesday, January 27, 2015 by 3:00 p.m. Central time
SUBMIT RESONSES TO: Marilyn Lappin, Director of Finance
Missouri Housing Development Commission 920 Main, Suite 1400
Kansas City, Missouri 64105 email: [email protected]
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REQUEST FOR PROPOSALS FOR TRUSTEE SERVICES
I. INTRODUCTION The Missouri Housing Development Commission (“MHDC” or the “Commission”) is a governmental instrumentality of the state of Missouri and a body corporate and politic. In 1969, the 75th General Assembly of Missouri, in the face of a general housing shortage severely affecting low and moderate income persons, established the Commission in order to increase the availability of decent, safe and sanitary housing at prices within the means of low and moderate income persons. The Commission’s authority is derived from Chapter 215 of the Revised Statutes of Missouri, as amended and supplemented. Chapter 215 provides general information about the Commission and is available on-line at www.moga.mo.gov/statutes/c215.htm. Further information about the Commission and its programs is available on the Commission’s website at www.mhdc.com. A core mission of the Commission is to provide affordable homeownership opportunities for low- to moderate-income homebuyers. The Commission originates and finances approximately $125 to $200 million of single family loans annually. MHDC is preparing to issue and sell single family mortgage revenue bonds under a new parity master indenture during 2015 (“2015 Indenture”). The single family bonds could be structured either as traditional mortgage revenue bonds (MRBs) issued with serial, term, supersinker, and/or planned amortization class bonds, pass through structures, or may be similar to collateralized mortgage obligations (CMOs). The single family bonds may be secured by mortgage-backed securities (FNMAs, FHLMCs and GNMAs), and/or by whole loans. The bonds issued under the 2015 Indenture are anticipated to be rated in one of the two highest rating categories. The bonds may include tax-exempt and/or taxable bonds. Debt service will generally be paid monthly or semi-annually. Redemptions may occur on non-debt service dates. Sample Official Statements for recent mortgage revenue bonds issued can be found on the Municipal Securities Rulemaking Board Electronic Municipal Market Access (“EMMA”) website using the following CUSIPs: 60637BCR9 and 60637BCS7. While these bonds were issued in accordance with the Indenture of Trust dated December 1, 2009, similar bond series issues are expected for the 2015 Indenture. The provisions of the 2015 Indenture are expected to generally be similar to the provisions of the 2009 Indenture described in those official statements. Purpose of Request for Proposals for Trustee Services (RFP) The Missouri Housing Development Commission is seeking proposals from qualified financial institutions to furnish professional services as corporate trustee and paying agent for MHDC’s bond issuances for its 2015 Indenture. Term of Service It is expected that the institution selected pursuant to this Request for Proposals will serve as trustee beginning with the all series of bonds issued for the 2015 Indenture (unless replaced). MHDC reserves the right, at its sole discretion, to terminate the agreement with any institution selected pursuant to this RFP. MHDC anticipates issuing multiple series of bonds
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under the 2015 Indenture but can provide no assurance as to the number of issues or timing of issuances under the 2015 Indenture. II. ELIGIBILITY REQUIREMENTS Only those institutions who meet the following minimum criteria are eligible to serve as Trustee for the Commission:
1. Be a corporation that is subject to federal supervision and audited by independent public accountants on an annual basis; and
2. Have equity capital and surplus of at least $250 million; and 3. Have experience as trustee of state housing single family bond issues.
III. GUIDELINES AND INSTRUCTIONS Anticipated Timetable for RFP and Proposals
Release RFP Proposals Due Evaluation Committee Recommendation Selection by Commissioners
December 16, 2014 January 27, 2015
February 20, 2015 February 27, 2015
Proposal Due Date: Tuesday, January 27, 2015 by 3:00 p.m. Central time
Form of Response The Commission desires to consider responses to this RFP in a consistent and easily-comparable format. Proposals not organized in the manner set forth in this RFP may be considered, at the Commission’s sole discretion, as unresponsive. Respondents should not refer to other parts of their proposal, to information that may be publicly available elsewhere, or to the submitting entity’s website or another website in lieu of answering a specific question. The proposal must be accompanied by a cover letter stating that: (a) the information submitted in and with the proposal is true and accurate, and (b) the person signing the letter is authorized to submit the proposal on behalf of the institution.
Interested qualified institutions are invited to submit proposals that contain information submitted in the order of Section V below. Proposal Submission Completed proposals must be submitted to the Commission electronically and in hard copy. Prospective bidders shall transmit completed proposals to the Commission by email to [email protected] in PDF file format along with the spreadsheet listing in Excel file format of the bidding institution’s owners pursuant to Section V.B.2. The “Subject” line of the email should state, “2015 Trustee Proposal.”
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Five (5) printed copies of the institution’s proposal — marked as, “Response to Request for Proposal for Trustee” – must also be submitted by the Proposal Due Date to:
Ms. Marilyn Lappin Director of Finance Missouri Housing Development Commission 920 Main, Suite 1400 Kansas City, MO 64105
Completed responses to the RFP must be received by the Commission no later than 3:00 p.m. Central Time on Tuesday, January 27, 2015. Proposals must be received by the bid submission deadline. Proposers are responsible for ensuring actual receipt of the proposal by the Commission by the time designated above. Standards of Conduct This RFP is considered a “Competitive Matter” as that term is defined in the Commission’s “Standards of Conduct” Policy (the “Standards of Conduct”). Further, every Respondent, including, but not limited to, their respective principals, key employees and agents acting on their behalf are considered “Interested Parties” (as defined in the Standards of Conduct). As a result, every Respondent (including, but not limited to, its principals, key employees and agents) under this RFP is obligated to abide by the rules and restrictions imposed by the Standards of Conduct, including the rules governing contact with Commissioners and MHDC employees. The failure of any Respondent to abide by the rules and restrictions established by the Standards of Conduct may result in the disqualification of that Respondent’s proposal. Therefore, Respondents are strongly encouraged to review and familiarize themselves with the Standards of Conduct. The Standards of Conduct is available on MHDC’s website at www.mhdc.com/about/commission/policies/standards_of_conduct.htm. Furthermore, pursuant to the Standards of Conduct, any response under this RFP shall disclose the name of the individual, entity and/or entities having ownership interests in the Respondent. All entities identified in this disclosure shall be reduced to their human being level irrespective of the number of entity layers which may be present for any disclosed entity. Notwithstanding the previous sentence, to the extent any Respondent under this RFP is a publicly traded corporation, such a Respondent may limit this disclosure to all board members, officers (and other key employees) and any shareholders owning or controlling ten percent (10%) or more of the corporation. Questions regarding this requirement or any other requirements or restrictions imposed by the Standards of Conduct may be directed to the Commission’s General Counsel, Weylin Watson, by phone at 816-759-6624 or email at [email protected]. Inquiries The Commission will provide responses to inquiries submitted by institutions to the Commission’s contact person, Marilyn Lappin. All questions must be submitted in writing via email to Ms. Lappin at [email protected] and received no later than Wednesday, January 7, 2015, 3:00 p.m. CT. The “Subject” line of the email should be, “RFP for Trustee Questions.” Questions submitted after the deadline will not receive a response. Responses will be provided by January 13, 2015, 5:00 p.m. CT to all interested
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bidders that have provided an email address to Ms. Lappin prior to the above deadline for the submission of questions. For inquiries regarding this RFP or to contact the Commission, please contact:
Ms. Marilyn Lappin [email protected]
All inquiries must be submitted by email, citing the particular proposal section and paragraph number. Respondents should note that all clarifications and exceptions are to be resolved prior to submission of the proposal. A list of all substantive inquiries received with relevant responses will be provided to interested bidders. Other than the contact person identified herein and except as provided in Section V.B.2 below, prospective proposers shall not approach the Commission’s employees, managers or board members after the publication of this RFP and before the announcement of a selection about any matters related to the RFP or any proposal submitted pursuant thereto. Public Records Respondents should be aware that the proposals are public records, in accordance with state law, after the evaluation and selection process is completed. Modifications to Proposals Respondents may not modify or correct its proposal any time after the Proposal Due Date, except in direct response to a request from the Commission for clarification. Revisions to this RFP In the event that it becomes necessary to revise any part of the RFP, MHDC will provide an addendum to each institution receiving this RFP. Any additional information required to clarify portions of this RFP will be issued in the form of an addendum. Expenses Relating to Proposals All costs directly or indirectly related to the preparation of a response to this RFP shall be the sole responsibility of and shall be borne by the Respondent. MHDC shall not be liable for any expenses incurred by Respondents in replying to this Request. Visits and Interviews Respondents must be prepared to schedule a visit to its offices or to another location upon request by the Commission. In addition, Respondents may be interviewed by the Commission as a part of the selection process. Reservation of Rights The Commission reserves the right to conduct any investigation of the qualifications of any Respondent that it deems appropriate; negotiate modifications to any of the items proposed in the proposal; request additional information from any institution; reject any or all proposals; and waive any irregularities in any proposal. The Commission retains the right to negotiate the fees and compensation arrangements for its trustee and paying agent services. At the Commission’s sole discretion, the selection of a proposal by the Commission may be cancelled at any time prior to the complete execution of a contract or
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agreement. If the Commission cancels its selection of a proposal, the Commission may reissue this or a similar RFP and seek additional or revised proposals. MHDC reserves the right to use alternative indentures or other financing approaches, such as the sale of mortgage-backed securities, to finance its single family homeownership program loans. MHDC reserves the right to use other trustees or financial firms and institutions for these purposes. IV. SCOPE OF SERVICES The trustee selected will be responsible for providing the following services:
1. Account for required flows of funds, investments and yield tracking as
required by the applicable trust indenture; 2. Be available to attend board of Commissioner and other meetings of MHDC,
bond closings, and to execute bonds; 3. Transact all receipts and disbursements under the 2015 Indenture as directed
by MHDC, including ACH and other electronic funds transfers, wire transfers and checks;
4. Reconcile and confirm cash balances, investments, and bonds outstanding; 5. Prepare and confirm bond redemption calculations and monitor key dates and
reporting requirements; 6. Furnish current market information relating to MHDC’s assets in trust; 7. Provide redemption notices and other notices and post to the Electronic
Municipal Market Access (“EMMA”) as required under the Securities and Exchange Commission (“SEC”) secondary market disclosure rules;
8. Provide all trust transaction information in electronic format. Train MHDC staff on utilization of all electronic transaction and/or reporting systems;
9. Provide monthly trust statements in electronic format; 10. Perform paying agent functions including disbursement of funds and payment
of all bond interest and principal payments to The Depository Trust Company (DTC), any other successor depository or to bondholders in the event the services provided by DTC are discontinued for any reason;
11. Furnish trust transaction and balance information in electronic format to financial advisors, bond underwriters, rebate analysts and independent auditors as directed by MHDC;
12. Furnish annual audited financial statements and annual Service Organization Control (SOC 1) Report, or equivalent information;
13. Respond to MHDC electronic messages or telephone calls and resolve any MHDC questions on a timely basis; and
14. Furnish such other trustee services as requested by MHDC. V. STRUCTURE AND CONTENT OF PROPOSAL Respondents interested in providing trustee services to MHDC should submit the following information:
A. Cover Letter stating that: (a) the information submitted in and with the proposal is true and accurate, and (b) the person signing the letter is authorized to submit the proposal on behalf of the Respondent.
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B. Proposal including the following information:
1. Institution Information. Provide a description of the Respondent that includes the location of the institution’s main office, corporate trust group and other office(s), the length of time the institution has been in business, the number of professionals and associates, an overview of the corporate trust department and a discussion of any substantive changes in its ownership, management and corporate trust group in the last three (3) years.
2. Institution Ownership. Pursuant to the Standards of Conduct (see Section III of
this RFP), any response under this RFP shall disclose the name of the individual, entity and/or entities having ownership interests in the Respondent. All entities identified in this disclosure shall be reduced to their human being level irrespective of the number of entity layers which may be present for any disclosed entity. Notwithstanding the previous sentence, to the extent any Respondent under this RFP is a publicly traded corporation, such a Respondent may limit this disclosure to all board members, officers (and other key employees) and any shareholders owning or controlling ten percent (10%) or more of the corporation. For purposes of providing institution ownership information, please complete Attachment 1 in spreadsheet format to include a listing of your institution’s owners/shareholders. Questions regarding this requirement or any other requirements or restrictions imposed by the Standards of Conduct may be directed to the Commission’s General Counsel, Weylin Watson, by phone at 816-759-6624 or email at [email protected].
3. Missouri Business. Provide evidence of authorization to do business or operate within the State of Missouri. Indicate if the institution’s principal office is located in Missouri and if the majority of the institutions’ employees who would be performing the services to be performed pursuant to Section IV of this RFP office in Missouri.
4. Contact Person and Staffing. Provide the name, mailing address, telephone
number, fax number, and email address of the primary contact person regarding the Respondent’s proposal and the primary contact person for day-to-day operations regarding MHDC’s account. List personnel and location(s) of staff that would be assigned to perform the services required. Please attach relevant resumes or give brief descriptions of the trustee and housing experience of the personnel that would be responsible for this account.
5. Experience. Include general discussion of the Respondent’s experience and services performed as corporate trustee and paying agent for governmental agencies, in particular for housing trust indentures.
6. Capabilities
a) Services to be Performed. Describe the Respondent’s proposal for delivering services, including organization of responsibilities, work plan, and approach that will be utilized for each item under Section IV Scope of Services.
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b) Operations. Provide a description of back-office procedures, equipment
and software, detailing the respondent’s capability to account for bond activity; ability to deliver responsive, quality services; and the availability of personnel for consultation and discussion as necessary to serve the needs of MHDC.
7. Subcontracting. If the Respondent plans to subcontract any of the services
required to be provided as trustee and paying agent, please indicate which service, if any, will be subcontracted. Identify the subcontractor firm(s) proposed and describe the subcontractor’s experience with the services being provided. Provide the information in items 2 and 3 above regarding the proposed subcontractor. Use of a subcontractor to provide any services for the 2015 Indenture is subject to prior written approval by MHDC.
8. Reporting and Electronic Information. Describe the trustee month-end and annual reports. Provide sample reports in an appendix of the institution’s reporting of transactions and period-end balances. Provide detail information about the availability of on-line electronic transaction and balance information and the ability to export such data, including the available export formats. Indicate how long the data is available electronically and what flexibility is available for the data ranges used to download/export the data.
9. Audit Confirmations. Describe the process for audit confirmations, including
name and address to direct requests. 10. Special Strengths and/or Minority Representation. Include any additional
information that will be helpful to the Commission in making a decision, including any special strengths or capabilities of the Respondent, which may include innovative ideas, special expertise with housing finance, or any other special services or assistance Respondent may provide to MHDC that may be relevant to or helpful to MHDC in financing or administering its housing programs. Describe any special strengths or capabilities of the institution, the institution’s inclusion of minority and women participation, including the firm’s employees and/or any participation with a minority or woman-owned institution.
11. References. Provide the names, contact person(s) and phone numbers for three
references for corporate trustee and paying agent services similar to those services requested by this RFP. References for clients managed by the personnel to be assigned to the MHDC account are preferred. By providing this information, the Respondent is deemed to have provided permission for MHDC to communicate with each reference.
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12. Exhibits. Please attach to one copy of the Proposal the most recent documents
for the Respondent as listed below. The Respondent’s most recent documents must be attached to one hard copy and the electronic copy, but do not need to be attached to every other hard copy of the proposal.
Exhibit A: Audited Financial Statements Exhibit B: Service Organization Control Report pertaining to the
Respondent’s corporate trustee and paying agent services Exhibit C: Credit Rating Analysis Exhibit D: Call Report Exhibit E: CRA Statement Exhibit F: CRA Report and all information in the public file related to any
assessment area in the state of Missouri 13. Trustee’s Counsel. Provide the name of the attorney and firm intended to be
used as trustee's counsel. Operational questions requiring legal work will be directed to MHDC. In most cases MHDC will ask its bond counsel to perform any necessary research.
14. Professional Liability Insurance. Describe the type and amount of professional
liability insurance the Respondent carries with respect to its corporate trustee and paying agent services.
15. Security Policies. Describe the security policies and procedures the Respondent
has in place to protect MHDC and bondholder records and assets. Provide details regarding the Respondent’s procedures to detect and prevent fraud and unauthorized transactions.
16. Disaster Recovery. MHDC requires its corporate trustee and paying agent to
maintain comprehensive disaster recovery procedures. The Respondent should describe its disaster recovery procedures; the projected response time to catastrophic events; and the frequency, extent, and results of testing of these procedures. In the event of a disaster that required the Respondent to rely on these procedures, describe the impacts MHDC would experience as a result.
17. Proposed Fees. The trustee fees may include an initial set-up fee and an annual
fee based on the principal amount of bonds outstanding. Please provide a table listing, accompanied by narrative descriptive explanations to detail the Respondent’s proposed fee arrangement and any minimum fee levels. Such fees are understood to be inclusive and include all anticipated fees and expenses.
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a) Aggregate initial set-up fee for each series: This is a one-time aggregate fee
payable at bond closing. The fee is to include all fees and disbursements of the trustee and trustee's counsel, for review of documents, attendance at MHDC meetings and conferences prior to bond closing, attendance at bond closing, initial certification and authentication of bonds at closing, and setting-up of trustee records, accounts and procedures. PROPOSED AGGREGATE SET-UP FEE FOR EACH SERIES: $___________
b) Annual fee: This fee covers all the on-going fees of the trustee and will be
payable in semi-annual installments in arrears for each series. The fee is to include all fees and disbursements of the trustee and its counsel, except fees and disbursements of trustee's counsel incurred in connection with events of default or extraordinary events by MHDC under the 2015 Indenture. The fee schedule should be expressed as a percentage of the principal amount of each series of bonds outstanding. The trustee is not expected to perform rebate calculations. PROPOSED ANNUAL FEE: _____% of principal amount of each series of bonds outstanding
MINIMUM ANNUAL FEE: $_____, if applicable, per series
c) Other fees: List any and all fees, charges and expenses anticipated in addition to those set-up and annual fees listed in (a) and (b) above. Detail and describe any charges for fund transfers, wires, investments, and out-of-pocket expenses. Include fees and disbursements of trustee's counsel incurred in connection with events of default or extraordinary events by MHDC under the 2015 Indenture and rebate calculations. Please detail any other fees and costs. Describe the process for determining any costs that cannot be quoted. Describe the Respondent’s proposed process for any fee and charge increase adjustments, if applicable, including any maximum percentage increases. If no changes in fees or charges will be proposed for the duration of the 2015 Indenture, please state so.
18. RFP Interview. Indicate if a member of the institution, preferably the person(s)
who would be responsible for the account, would be willing to travel at the institution’s expense, for an interview with MHDC staff.
19. Litigation and Investigations. Provide a summary of any litigation, arbitration
and regulatory proceedings, pending, adjudicated or settled that the Respondent has been subject to within the last three years involving services the institution provides. Please describe each regulatory proceeding in detail and any litigation or arbitration proceeding resulting in judgments, settlements or damage claims (for those matters not yet resolved) in excess of $100,000.
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20. Federal Work Authorization Program. Pursuant to Mo.Rev.Stat. §285.530.2, the institution selected pursuant to this RFP shall provide MHDC with an affidavit stating that the institution does not employ any person who is an unauthorized alien in conjunction with the contracted services, and that the institution is enrolled in and participating in a federal work authorization program with respect to the employees working in connection with the contracted services. Prior to execution of any agreement contemplated herein, the institution shall provide evidence of participation in a federal work authorization program. Questions regarding this requirement may be directed to the Commission’s General Counsel, Weylin Watson, by phone at 816-759-6624 or email at [email protected]. In the proposal, please indicate whether your institution is currently enrolled in and participating in a federal work authorization program such as E-Verify.
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VI. RFP REVIEW AND SELECTION CRITERIA The Trustee Services Agreement will be awarded to the institution which, in the opinion of MHDC, is the best qualified to provide such services. The criteria to be used in evaluating the proposals will include, but are not limited to, the following:
1. Meets eligibility requirements.
2. Experience and expertise of the personnel to be assigned to the Commission’s account.
3. The location, extent and capabilities of the financial institution’s offices and
trustee services in Missouri.
4. Relevant experience managing similar accounts and services with public sector and/or housing agency clients.
5. The institution’s ability and willingness to provide the services desired by the
Commission and demonstrated understanding of the operational requirements of the Commission.
6. Involvement and accessibility of staff to be assigned to MHDC 7. The Commission’s prior experiences, if any, with the institution and the
personnel to be assigned MHDC’s account, perspectives provided by references, information provided by other issuers or housing finance professionals regarding the performance of an institution and any other factors the Commission believes would be in its best interest to consider.
8. Proposed fees and charges for trustee and paying agent services to be performed.
9. The institution’s inclusion of minority and women participation, including the
institution’s employees and/or any participation with a minority or woman-owned trustee institution.
10. Regulatory issues and legal actions taken against the institution.
There is no additional information requested. Thank you for reviewing this RFP. We look forward to your response.
Missouri Housing Development Commission - Trustee Request for Proposals Page 12 of 12
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MHDC - Trustee - RFPInstitution Information
Proposing Institution Owners/Partners/Shareholders *
[Institution Name]
ATTACHMENT 1
* For publicly traded institutions, disclosure may be limited to all board members, officers (and other key employees) and any shareholders owning or controlling ten percent (10%) or more of the corporation
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4) Report of Staff d. Request for approval to issue an RFP for brokerage services for the St. Louis office operations
REQUEST FOR PROPOSALS
REAL ESTATE BROKER
REQUIRED BY
MISSOURI HOUSING DEVELOPMENT COMMISSION
ISSUANCE DATE: December 15, 2014
DUE DATE:
February 28, 2015 4:00 P.M. Central Standard Time
SECTION I: INTRODUCTORY INFORMATION
About MHDC: The Missouri H o u s i n g D e v e l o p m e n t C o m m i s s i o n ( MHDC) w a s established in 1969 in order to increase the availability of decent, safe and sanitary housing at prices within the means of low- and moderate- income persons. MHDC is a governmental instrumentality of the state of Missouri and a body corporate and politic with authority derived from Chapter 215.030 et seq., of the Revised Statutes of Missouri, as amended and supplemented.
The Commission currently maintains its St. Louis office at 4625
Lindell Blvd., St. Louis, Missouri, 63108. The Commission is approaching the end of its existing lease (termination date July 31, 2016) in St. Louis and needs to explore options pertaining to its office needs in the St. Louis area. The Commission currently has roughly 39 employees in the St. Louis office. The Commission operates largely as a financial institution. The current St. Louis office has one level with roughly 13,226 square feet of office space and 532 square feet of storage space in addition to covered sparking for its employees.
Purpose of RFP: The purpose of this Request for Qualifications and Proposals (“RFP”)
is to obtain statements of qualifications and proposals from qualified real estate brokers interested in serving as the Commission’s broker during the search and selection of office space in St. Louis (the “Response(s)”).
Term of Engagement: It is anticipated that the selected firm will be retained by the
Commission for a period of time sufficient to allow for successful placement of the MHDC in a long term office arrangement in St. Louis.
Proposal Due Date: The parties interested in serving the Commission in the role of Real
Estate Broker in the selection and placement of their St. Louis office space (the “Respondent(s)”) shall provide their Responses on or before February 28, 2015, at 4:00 PM Central Standard Time.
Submission of Responses:
Three copies of the Response, along with one electronic copy on a CD-ROM, must be submitted by the Response Due Date noted above to:
Marian Campbell Director of Asset Management Missouri Housing Development Commission 4625 Lindell, Suite 300 St. Louis, MO 63108 [email protected]
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RFP Timeline: Release of RFP 12/15/2014 Responses Due 02/28/2015 Staff Recommendation to the Commission 03/15/2015 Commission Consideration of Recommendation 03/30/2015
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SECTION II: PROCEDURES AND INSTRUCTIONS
Questions: Questions regarding this RFP should be directed to:
Marian Campbell Director of Asset Management Missouri Housing Development Commission 4625 Lindell, Suite 300 St. Louis, MO 63108 V 314 877 1354 | F 314 877 1360 [email protected]
Standards of Conduct:
This RFP is considered a “Competitive Matter” as that term is defined in Commission’s “Standards of Conduct” Policy (the “Standards of Conduct”). Further, every Respondent, including, but not limited to, their respective principals, key employees and agents acting on their behalf are considered “Interested Parties” (as defined in the Standards of Conduct). As a result, every Respondent (including, but not limited to, its principals, key employees and agents) under this RFP is obligated to abide by the rules and restrictions imposed by the Standards of Conduct, including the rules governing contact with Commissioners and MHDC employees. Therefore, you are strongly encouraged to review and familiarize yourself with the Standards of Conduct. Standards of Conduct are available on MHDC’s website at www.mhdc.com/about/commission/policies/standards_of_conduct.htm.
Furthermore, pursuant to the Standards of Conduct, any Response under this RFP shall disclose the name of the individual, entity and/or entities having ownership interests in the Respondent. All entities identified in this disclosure shall be reduced to their human being level irrespective of the number of entity layers which may be present for any disclosed entity. Questions regarding this requirement or any other requirements or restrictions imposed by the Standards of Conduct may be directed to the Commission’s General Counsel, Weylin Watson, by phone at 816-759- 6624 or email at [email protected].
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Modifications to Proposals:
Respondents may not modify or correct its Proposal any time after the Proposal Due Date except in direct response to a request from MHDC for clarification.
Revisions to this RFP:
Expense of Preparation of Proposals:
In the event that it becomes necessary to revise or clarify any part of the RFP, MHDC will provide an addendum on MHDC’s website at www.mhdc.com/rfp. This addendum will also be sent to each firm provided a copy of this RFP. MHDC is not responsible for any expense incurred in preparing and submitting a Proposal or taking any action in connection with the selection process, or for the costs of any services performed in connection with submission of a Proposal.
Reservation of Rights:
MHDC reserves the right to conduct any investigation of the qualifications of any firm that it deems appropriate; negotiate modifications to any of the items proposed in the Proposal; request additional information from any respondent; reject any or all Proposals; and waive any irregularities in any Proposal.
Review and Selection Process: Public Records:
All responses to this RFP will be reviewed by MHDC staff. MHDC staff will make a recommendation on the merits of the Response(s) to the Commission pursuant to the timeline identified herein. The Commission shall make a final determination regarding the approval of any Response. All Respondent(s) will be notified of the result of the review process.
Respondents to this RFP should be aware that responses received become public records under state law once the evaluation process has been completed.
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SECTION III: SCOPE OF SERVICES
Description: The Scope of Services under this RFP is to assist the Commission staff in all facets of the process of preparing for and securing satisfactory office space for its employees in the greater St. Louis, Missouri area. It should be noted that MHDC will look to the selected Respondent to provide comprehensive service in assisting in the structuring of an office placement plan and in determining what opportunities are available in the current commercial real property market. MHDC is open to all opportunities which may be currently available. The scope of services includes, but may not be limited to, the following: providing professional guidance in the current office space usage efficiency level, the selection of St. Louis office space by identifying properties that meet the needs of the Commission; analyzing the financial and physical issues of each identified property; providing detailed market analysis used in valuation of either a long term lease or property purchase option; identifying public and private incentives which may be available; assisting in the negotiation of any lease agreement; showing the Commission any building which we identify an interest in regardless of the sellers representation. Information regarding post-transaction services such as assistance with coordination of needed construction and moving should be included.
The Scope of Services requires that the Respondent has substantial experience working in the St. Louis real estate market and experience in securing large commercial office space. This may be done by demonstrating that a given Respondent has a certain number of years of experience in the St. Louis market, has completed a certain number of transactions in the St. Louis City market, or by providing a summary of similarly situated prior projects in the St. Louis market. In any regard, Respondents shall describe the last five similarly situated broker engagements and provide contact information of the clients which were represented. This information must be included, irrespective of whether or not the client was successfully placed.
The Scope of Services requires that the Respondent has a working knowledge of the public and private incentives which are being made available to similarly situated commercial tenants/buyers in the current real estate market. The Commission expects to see an analysis of such incentives in any Response.
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SECTION IV: RESPONSES TO THIS RFP
• Responses should be in a consistent and easily comparable format as established in this RFP. Responses not organized as set forth in this RFP may, at the Commission’s discretion, be considered non-responsive. Do not refer to other parts of your Response in lieu of answering a specific question. Do not provide references to filings or forms publicly available, including on the Respondent’s website, in lieu of providing specific information in the Response.
• Each Response shall include a transmittal letter signed by an
authorized representative of the firm. In the transmittal letter, the Respondent shall certify (i) that no elected or appointed official or employee of the Commission is financially interested, directly or indirectly, in the performance of the services specified in the RFP, (ii) that the information included in the Response is true and correct to the best of its knowledge, and (iii) that the person signing the transmittal letter is authorized to execute the Response on behalf of the Respondent.
• Responses should be organized in the same manner as the
individual information request contained in Section VI: Response Details. Responses to each lettered question shall begin on a separate page (e.g., answers to Question B should begin on a separate page from the response to Question A).
• Exhibits containing additional information may be attached to
provide a more detailed response to a question, but only if clearly identifiable as a response to a specific question.
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SECTION V: EVALUATION CRITERIA
The criteria used in evaluating the Responses will include, but are not limited to, the following (in no particular order of importance):
• The location, extent and capabilities of the firm(s) represented by
the Respondent in terms of offices and employees in Missouri.
• Relevant experience providing similar services to commercial tenants.
• The Respondent’s ability and willingness to provide the services desired by the Commission and a demonstrated understanding of the requirements of the Commission in order to present a work product of excellent quality in the desired timeframe.
• The Commission’s prior experiences, if any, with the Respondent and
any other factors the Commission believes would be in its best interest to consider.
• The rationale for selection provided by the Respondent.
• Proposed fee percentages including any creative approach which will
result in a net savings to the Commission. Due to the size of the placement and the unique real estate market, MHDC expects discounting beyond the traditional broker rates associated with a real estate placement of this kind. The Commission requires that all fees due to the successful Respondent will be due from the seller or landlord and payable only upon successful consummation of the transaction.
• The inclusion of minority and women participation by the
Respondent’s firm(s), including the employees and/or any participation with a minority or woman-owned firm.
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SECTION VI: RESPONSE DETAILS
Firms responding to this RFP should prepare clear and complete responses to each of the following questions and information requests. Brevity and clarity of responses will be appreciated.
• Team Personnel and Location. Provide the name, telephone number, fax number and email address of the Respondent and identify a primary contact person regarding the Response. Please attach relevant resumes or give brief descriptions of the relevant experience of the individuals who would be responsible for providing these services. Any response shall include evidence that the point person assigned is a licensed real estate broker in the State of Missouri. Describe the modes of communication and times the Respondent, in particular the assigned point of contact will be available to the Commission. List the location of the main office(s) and locations of offices in the State of Missouri (and specifically in the greater St. Louis area) for the Respondent.
• Overview of the Respondent. Provide an overview of the
Respondent’s organization, including the full legal name of the institution and the state of organization. Is the Respondent a minority- or woman-owned business? Describe Respondents’ inclusion of minority and women participation, including the firm’s employees and/or any participation with a minority or woman-owned firm.
• Other Clients and References. List the commercial tenants for which
the Respondent has provided similar services. Please provide the contact information for the last five clients of equal or greater office placement size for which the Respondent has served as broker. Please list any governmental agencies or instrumentalities which the Respondent has represented in a similar manner.
• Experience. Provide examples of projects with similar scopes of
services.
• Scope of Service. Respond to all items identified in the Scope of Services in Section III and describe how the Respondent would carry out each task.
• Litigation. The Respondent should provide a description of all prior
litigation in which the Respondent either settled prior to and/or suffered a ruling or judgment, of any kind, from a court of competent jurisdiction where the Respondent agreed to pay or was caused to pay a client (or agent or assign thereof) $25,000.00 or more.
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• Each Respondent shall indicate in a detailed timeline a plan for the placement of Commission into a new lease or ownership arrangement. Please indicate significant process steps and how long each step typically takes in a similarly situated commercial placement. This may require a separate timeline for both the property lease and a property purchase scenarios.
• Proposed Fees. Proposed fee percentages including any creative
approach which will result in a net savings to the Commission. Due to the size of the placement and the unique real estate market, MHDC expects discounting beyond the traditional broker rates associated with a real estate placement of this kind. The Commission requires that all fees due to the successful Respondent will be due from the seller or landlord and payable only upon successful consummation of the transaction. The proposed compensation schedule/broker rates, including discounting, will serve as the maximum rate which will result from any further negotiation.
• Rationale for Selection. Present the case for the selection of your
Response as the most qualified. Include any relevant information not already provided.
• Disclosure. Disclose any entities or individuals which are clients of the Respondent and which participate in Missouri Housing Development Commission financed transactions, at any level.
• Insurance. Provide evidence that the Respondent carries appropriate insurance coverage.
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SECTION VII: FEDERAL WORK AUTHORIZATION PROGRAM
Pursuant to Mo.Rev.Stat. §285.530.2, firm(s) selected pursuant to this RFP shall provide MHDC with an affidavit stating that the firm does not employ any person who is an unauthorized alien in conjunction with the contracted services, and that the firm is enrolled in and participating in a federal work authorization program with respect to the employees working in connection with the contracted services. Prior to execution of any agreement contemplated herein, the firm shall provide evidence of participation in a federal work authorization program. Questions regarding this requirement may be directed to the Commission’s General Counsel, Weylin Watson, by phone at 816-759-6624 or email at [email protected]. In your proposal, please indicate whether your firm is currently enrolled in and participating in a federal work authorization program such as E-Verify.
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4) Report of Staff e. Request for approval of funding recommendations for the HOME Repair Opportunity Program (HeRO)
2015 Home Repair Opportunity (HeRO) Recommendations
Number Organization Amount 2015-HERO-001 City of Poplar Bluff 24,750 2015-HERO-002 East Missouri Action Agency, Inc. 375,203 2015-HERO-003 City of Maryville 24,750 2015-HERO-004 Ozarks Area Community Action Corporation 100,000 2015-HERO-005 Green Hills Community Action Agency 110,000 2015-HERO-006 Economic Security Corporation of Southwest Area 356,744 2015-HERO-007 North East Community Action Corp. 248,759 2015-HERO-008 Ozark Action, Inc. 100,000 2015-HERO-009 Community Services, Inc. 50,000 2015-HERO-010 West Central Missouri Community Action Agency 362,294 2015-HERO-011 Delta Area Economic Opportunity Corporation 247,500
2,000,000
4) Report of Staff f. Request for approval of funding recommendations for the Emergency Solutions Grant Agreement (ESG)
2015 Emergency Solutions Grant Recommendations
Grant Number Agency Name Agency City Program Component Amount Recommended
15‐715‐E Catholic Charities of Southern Missouri, Inc. SpringfieldHomelessness Prevention
Administration100,000.00$
15‐753‐SChild Abuse & Neglect Emergency Shelter Inc.
dba Rainbow HouseColumbia
Emergency ShelterAdministration
50,000.00$
15‐705‐E15‐705‐S
Christian Associates of Table Rock Lake Kimberling City
Emergency ShelterHomelessness Prevention
HMISAdministration
88,749.03$
15‐758‐S Citizens Against Spouse Abuse, Inc. Sedalia Emergency Shelter 35,104.88$
15‐711‐E
City of Cape GirardeauCatholic Charities of Southern Missouri
Community Caring CouncilSafe House For Women, Inc.
The Salvation Army ‐ Cape Girardeau
Cape Girardeau
Street OutreachEmergency Shelter
Homelessness PreventionRapid Re‐housingAdministration
139,781.11$
15‐731‐S COPE, Inc. Lebanon Emergency Shelter 35,688.27$
15‐751‐S Council on Families in Crisis NevadaEmergency Shelter
HMIS32,159.79$
15‐771‐SCounty of Livingston
Community Resource CenterChillicothe
Emergency ShelterAdministration
50,000.00$
15‐704‐E Douglass Community Services, Inc. HannibalHomelessness Prevention
HMISAdministration
100,000.00$
15‐765‐S Families Assisted in Transitional Housing, Inc. ClintonEmergency Shelter
HMIS40,579.35$
15‐772‐E Hope Haven of Cass County, Inc. HarrisonvilleEmergency ShelterAdministration
36,480.57$
15‐770‐E15‐770‐S
House of Hope, Inc. LexingtonEmergency Shelter
HMISAdministration
7,866.86$
15‐712‐E15‐712‐S
Institute for Community Alliances Jefferson City HMIS 70,117.70$
15‐735‐E Pettis County Community Partnership Sedalia
Street OutreachHomelessness Prevention
Rapid Re‐housingHMIS
Administration
87,300.00$
Balance of State Continuum of Care
2015 Emergency Solutions Grant Recommendations
15‐733‐S Phoenix Programs, Inc. ColumbiaStreet Outreach
HMISAdministration
50,000.00$
15‐763‐E Polk County House of Hope, Inc. Bolivar
Emergency ShelterHomelessness Prevention
Rapid Re‐housingHMIS
Administration
24,213.27$
15‐752‐E15‐752‐S
Ripley County Family Resource Center dba Ozark Family Resource Agency
Doniphan
Emergency ShelterHomelessness Prevention
Rapid Re‐housingAdministration
84,874.25$
15‐734‐S Safe Passage Domestic Violence Crisis Intervention Services MoberlyEmergency Shelter
HMISAdministration
12,378.02$
15‐724‐E Synergy Services, Inc. Parkville Emergency Shelter 36,479.07$ 15‐748‐E The Salvation Army ‐ Harbor House Columbia Emergency Shelter 50,000.00$ 15‐747‐E The Salvation Army ‐ Center of Hope Jefferson City Emergency Shelter 50,000.00$
15‐755‐E True North ColumbiaEmergency Shelter
Homelessness PreventionRapid Re‐housing
35,686.20$
15‐764‐E United Gospel Rescue Mission Poplar BluffEmergency ShelterAdministration
25,000.00$
15‐754‐E Voluntary Action Center ColumbiaHomelessness Prevention
Rapid Re‐housingAdministration
43,100.00$
15‐759‐S Welcome Home, Inc. Columbia Emergency Shelter 50,000.00$ Total: 1,335,558.37$
Street Outreach 55,882.00$ Emergency Shelter 628,719.32$
Homelessness Prevention 377,617.78$ Rapid Re‐housing 114,412.76$
HMIS 118,649.70$ Administration 40,276.81$
Total Requested in CoC 1,335,558.37$
Balance of State CoC by Category
Balance of State Continuum of Care
2015 Emergency Solutions Grant Recommendations
Grant Number Agency Name Agency City Program Component Amount Requested
15‐717‐E Catholic Charities of Southern Missouri, Inc. SpringfieldHomelessness Prevention
Administration94,389.00$
15‐708‐E Children's Haven of Southwest Missouri, Inc. Joplin Emergency Shelter 50,000.00$
15‐718‐EFamily Self Help Center Inc.
dba Lafayette HouseJoplin
Emergency ShelterHMIS
Administration50,000.00$
15‐713‐E15‐713‐S
Institute for Community Alliances Jefferson CityHMIS
Administration17,823.00$
15‐701‐E The Salvation Army ‐ Joplin Joplin Rapid Re‐housing 50,000.00$ Total: 262,212.00$
Street Outreach ‐$ Emergency Shelter 94,720.00$
Homelessness Prevention 89,670.00$ Rapid Re‐housing 50,000.00$
HMIS 21,038.00$ Administration 6,784.00$
Total Requested in CoC 262,212.00$
Joplin Continuum of Care
Joplin CoC by Category
2015 Emergency Solutions Grant Recommendations
Grant Number Agency Name Agency City Program Component Amount Requested
15‐736‐ECity of Kansas City Missouri
reStart, Inc.Synergy Services, Inc.
Kansas CityStreet OutreachAdministration
50,000.00$
15‐769‐E Hillcrest Ministries Affiliate #1 IndependenceEmergency ShelterRapid Re‐housingAdministration
39,375.00$
15‐773‐S Hope House, Inc. Lee's Summit Emergency Shelter 34,648.77$ 15‐706‐E Mid America Assistance Coalition Kansas City HMIS 17,623.00$
15‐749‐E The Salvation Army ‐ Independence Kansas CityEmergency ShelterAdministration
50,000.00$
Total: 191,646.77$
Street Outreach 47,500.00$ Emergency Shelter 87,148.77$
Homelessness Prevention ‐$ Rapid Re‐housing 32,500.00$
HMIS 17,623.00$ Administration 6,875.00$
Total Requested in CoC 191,646.77$
Kansas City Continuum of Care
Kansas City CoC by Category
2015 Emergency Solutions Grant Recommendations
Grant Number Agency Name Agency City Program Component Amount Requested15‐716‐E15‐716‐S
Catholic Charities of Southern Missouri, Inc. SpringfieldHomelessness Prevention
Administration72,511.00$
15‐714‐E15‐714‐S
Institute for Community Alliances Jefferson CityHMIS
Administration19,023.00$
15‐721‐E
The City of SpringfieldCouncil of Churches of the Ozarks
Family Violence Center dba Harmony HouseThe Kitchen, Inc.
The Salvation Army ‐ Harbor House
Springfield
Emergency ShelterRapid Re‐housing
HMISAdministration
115,317.86$
Total: 206,851.86$
Street Outreach ‐$ Emergency Shelter 81,551.97$
Homelessness Prevention 68,885.00$ Rapid Re‐housing 23,000.00$
HMIS 24,023.00$ Administration 9,391.89$
Total Requested in CoC 206,851.86$
Springfield Continuum of Care
Springfield CoC by Category
2015 Emergency Solutions Grant Recommendations
Grant Number Agency Name Agency City Program Component Amount Requested15‐710‐E Community Council of St. Charles County St. Charles HMIS 26,527.10$ 15‐727‐E Our Lady's Inn Defiance Emergency Shelter 30,000.00$
15‐732‐E St. Francis Community Services St. LouisRapid Re‐housing
HMIS59,450.00$
15‐722‐E Sts. Joachim and Ann Care Service St. CharlesRapid Re‐housingAdministration
50,000.00$
15‐740‐E Youth In Need St. Charles Emergency Shelter 37,397.35$ Total: 203,374.45$
Street Outreach ‐$ Emergency Shelter 67,397.35$
Homelessness Prevention ‐$ Rapid Re‐housing 106,350.00$
HMIS 27,127.10$ Administration 2,500.00$
Total Requested in CoC 203,374.45$
St. Charles CoC by Category
St. Charles Continuum of Care
2015 Emergency Solutions Grant Recommendations
Grant Number Agency Name Agency City Program Component Amount Requested
15‐768‐E Hillcrest Transitional Housing of Buchanan County St. JosephEmergency ShelterRapid Re‐housingAdministration
50,000.00$
15‐766‐E Interfaith Community Services, Inc. St. JosephHomelessness Prevention
Administration50,000.00$
15‐707‐E Mid America Assistance Coalition Kansas City HMIS 14,623.00$ 15‐750‐E The Salvation Army ‐ Booth Center St. Joseph Emergency Shelter 50,000.00$ 15‐700‐S YWCA St. Joseph St. Joseph Emergency Shelter 34,653.07$
Total: 199,276.07$
Street Outreach ‐$ Emergency Shelter 112,153.07$
Homelessness Prevention 47,500.00$ Rapid Re‐housing 20,000.00$
HMIS 14,623.00$ Administration 5,000.00$
Total Requested in CoC 199,276.07$
St. Joseph Continuum of Care
St. Joseph CoC by Category
2015 Emergency Solutions Grant Recommendations
Grant Number Agency Name Agency City Program Component Amount Requested
15‐725‐E Employment Connection St. LouisRapid Re‐housingAdministration
45,000.00$
15‐702‐EInterfaith Residence
dba DoorwaysSt. Louis
Homelessness PreventionRapid Re‐housingAdministration
50,000.00$
15‐745‐E Municipal Information Systems, Inc. St. LouisHMIS
Administration35,123.00$
15‐729‐E Our Lady's Inn St. Louis Emergency Shelter 50,000.00$
15‐719‐E Peter & Paul Community Services St. LouisEmergency ShelterAdministration
50,000.00$
15‐720‐E Shalom House St. Louis Emergency Shelter 49,062.00$ Total: 279,185.00$
Street Outreach ‐$ Emergency Shelter 146,562.00$
Homelessness Prevention 23,750.00$ Rapid Re‐housing 66,500.00$
HMIS 35,123.00$ Administration 7,250.00$
Total Requested in CoC 279,185.00$
St. Louis City Continuum of Care
St. Louis City CoC by Category
2015 Emergency Solutions Grant Recommendations
Grant Number Agency Name Agency City Program Component Amount Requested
15‐726‐E Employment Connection St. LouisRapid Re‐housingAdministration
45,000.00$
15‐703‐EInterfaith Residence
dba DoorwaysSt. Louis
Homelessness PreventionRapid Re‐housingAdministration
50,000.00$
15‐709‐E Loaves and Fishes for St. Louis, Inc. Maryland Heights Emergency Shelter 39,000.00$
15‐744‐E Municipal Information Systems, Inc. St. LouisHMIS
Administration27,600.00$
15‐742‐E The Salvation Army ‐ Family Haven St. LouisEmergency ShelterRapid Re‐housing
50,000.00$
Total: 211,600.00$
Street Outreach ‐$ Emergency Shelter 74,000.00$
Homelessness Prevention 23,750.00$ Rapid Re‐housing 81,500.00$
HMIS 27,600.00$ Administration 4,750.00$
Total Requested in CoC 211,600.00$
St. Louis County Continuum of Care
St. Louis County CoC by Category
2015 Emergency Solutions Grant Recommendations
*The recommendations for the above funding were supplemented in conjunction with the Missouri Department of Social Services awards under the Temporary Assistance to Needy Families (TANF) program.
2,889,704.52$
Street OutreachEmergency Shelter
Homelessness PreventionRapid Re‐housing
HMISAdministration
Total Requested
103,382.00$ 1,292,252.48$ 631,172.78$ 494,262.76$ 285,806.80$ 82,827.70$
Grant Totals*
4) Report of Staff g. Request for approval of funding recommendations for the Missouri Housing Trust Fund
2015 Missouri Housing Trust Fund Recommendations
St. Louis Metropolitan RegionGrant Number Agency Name Agency City Grant Type Amount Requested Amount Recommended
15‐200‐F Peter & Paul Community Services St. Louis Operating Funds 102,259.00$ 57,500.00$ 15‐224‐F Saints Joachim and Ann Care Service St. Charles Rental Assistance 220,000.00$ 176,000.00$ 15‐225‐F Saints Joachim and Ann Care Service St. Charles Emergency Assistance 70,000.00$ 56,000.00$ 15‐226‐F Saints Joachim and Ann Care Service St. Charles Operating Funds 60,000.00$ 60,000.00$ 15‐254‐F Missouri EnergyCare, Inc. St. Louis Home Repair/Modifications 50,000.00$ 50,000.00$ 15‐256‐F Interfaith Residence dba Doorways St. Louis Construction/Rehabilitation 22,000.00$ 22,000.00$ 15‐257‐F Interfaith Residence dba Doorways St. Louis Rental Assistance 250,000.00$ 125,000.00$ 15‐292‐F Paraquad, Inc. St. Louis Home Repair/Modifications 100,000.00$ 56,269.25$ 15‐333‐F Phoenix Family Housing Corporation Kansas City Emergency Assistance 9,997.40$ 6,498.31$
Totals 884,256.40$ 609,267.56$ St. Louis Metropolitan Region by Grant TypeRental Assistance 301,000.00$ Operating Funds 117,500.00$ Home Repair / Modifications 106,269.25$ Construction / Rehabilitation 22,000.00$ Emergency Assistance 62,498.31$
609,267.56$
Kansas City Metropolitan RegionGrant Number Agency Name Agency City Grant Type Amount Requested Amount Recommended
15‐233‐F Synergy Services, Inc. Parkville Construction/Rehabilitation 150,000.00$ 120,000.00$ 15‐290‐F ECH Every Child's Hope St. Louis Rental Assistance 60,000.00$ 60,000.00$ 15‐302‐F Community Services League Independence Emergency Assistance 50,000.00$ 32,500.00$ 15‐307‐F Community LINC Kansas City Operating Funds 206,910.00$ 132,433.99$ 15‐334‐F Northland Neighborhoods, Inc. Kansas City Home Repair/Modifications 160,000.00$ 104,000.00$
Totals 626,910.00$ 448,933.99$ Kansas City Metropolitan Region by Grant TypeRental Assistance 60,000.00$ Operating Funds 132,433.99$ Home Repair / Modifications 104,000.00$ Construction / Rehabilitation 120,000.00$ Emergency Assistance 32,500.00$
448,933.99$
Total Recommended in Region
Total Recommended in Region
2015 Missouri Housing Trust Fund Recommendations
North RegionGrant Number Agency Name Agency City Grant Type Amount Requested Amount Recommended
15‐203‐F Northeast Community Action Corporation (NECAC) Bowling Green Home Repair/Modifications 138,000.00$ 89,700.00$ 15‐236‐F Douglass Community Services, Inc. Hannibal Emergency Assistance 100,000.00$ 49,079.44$ 15‐242‐F Kirksville Senior Living LP Kirksville Rental Assistance 24,000.00$ 24,000.00$ 15‐316‐F Catholic Charities of Kansas City‐St. Joseph, Inc. Kansas City Operating Funds 66,193.20$ 52,954.56$ 15‐317‐F Catholic Charities of Kansas City‐St. Joseph, Inc. Kansas City Emergency Assistance 101,200.00$ 101,200.00$ 15‐331‐F Interfaith Community Services, d.b.a. InterServ St. Joseph Rental Assistance 65,000.00$ 52,000.00$ 15‐332‐F Community Missions Corporation Saint Joseph Operating Funds 80,000.00$ 80,000.00$
Totals 574,393.20$ 448,934.00$ North Region by Grant TypeRental Assistance 76,000.00$ Operating Funds 132,954.56$ Home Repair / Modifications 89,700.00$ Construction / Rehabilitation ‐$ Emergency Assistance 150,279.44$
448,934.00$
Central RegionGrant Number Agency Name Agency City Grant Type Amount Requested Amount Recommended
15‐218‐F Pettis County Community Partnership Sedalia Home Repair/Modifications 33,000.00$ 33,000.00$ 15‐219‐F Pettis County Community Partnership Sedalia Operating Funds 85,000.00$ 63,840.63$ 15‐220‐F Pettis County Community Partnership Sedalia Rental Assistance 33,000.00$ 21,450.00$ 15‐239‐F Disabled Citizens Alliance for Independence Viburnum Home Repair/Modifications 52,000.00$ 41,600.00$ 15‐267‐F Phoenix Programs, Inc. Columbia Rental Assistance 41,839.00$ 33,471.20$ 15‐268‐F Phoenix Programs, Inc. Columbia Construction/Rehabilitation 180,000.00$ 180,000.00$ 15‐269‐F Phoenix Programs, Inc. Columbia Emergency Assistance 42,955.00$ 42,955.00$ 15‐279‐F Phoenix Programs, Inc. Columbia Operating Funds 29,150.00$ 29,150.00$ 15‐303‐F Cape Girardeau Community Caring Council Cape Girardeau Rental Assistance 132,000.00$ 132,000.00$ 15‐313‐F Cape Girardeau Community Caring Council Cape Girardeau Operating Funds 120,000.00$ 120,000.00$ 15‐333‐F Phoenix Family Housing Corporation Kansas City Emergency Assistance 10,001.10$ 8,000.88$
Totals 758,945.10$ 705,467.71$ Central Region by Grant TypeRental Assistance 186,921.20$ Operating Funds 212,990.63$ Home Repair / Modifications 74,600.00$ Construction / Rehabilitation 180,000.00$ Emergency Assistance 50,955.88$
705,467.71$ Total Recommended in Region
Total Recommended in Region
2015 Missouri Housing Trust Fund Recommendations
South RegionGrant Number Agency Name Agency City Grant Type Amount Requested Amount Recommended
15‐205‐F South Central Missouri Community Action Agency Winona Home Repair/Modifications 242,000.00$ 242,000.00$ 15‐209‐F Christian Associates of Table Rock Lake Kimberling City Operating Funds 40,000.00$ 32,000.00$ 15‐235‐F Economic Security Corporation of Southwest Area Joplin Operating Funds 170,000.00$ 170,000.00$ 15‐241‐F Economic Security Corporation of Southwest Area Joplin Rental Assistance 50,000.00$ 50,000.00$ 15‐251‐F Texas County Food Pantry, Inc. Houston Emergency Assistance 150,000.00$ 150,000.00$ 15‐274‐F Catholic Charities of Southern Missouri Springfield Home Repair/Modifications 200,000.00$ 157,568.13$ 15‐280‐F Catholic Charities of Southern Missouri Springfield Rental Assistance 50,000.00$ 32,500.00$ 15‐282‐F Delta Area Economic Opportunity Corporation Portageville Rental Assistance 100,000.00$ 80,000.00$ 15‐284‐F Delta Area Economic Opportunity Corporation Portageville Emergency Assistance 50,000.00$ 40,000.00$ 15‐296‐F Ripley County Family Resource Center Doniphan Operating Funds 80,000.00$ 40,000.00$
Totals 1,132,000.00$ 994,068.13$ South Region by Grant TypeRental Assistance 162,500.00$ Operating Funds 242,000.00$ Home Repair / Modifications 399,568.13$ Construction / Rehabilitation ‐$ Emergency Assistance 190,000.00$
994,068.13$
Grand Totals
Rental Assistance 786,421.20$ Operating Funds 837,879.18$ Home Repair / Modifications 774,137.38$ Construction / Rehabilitation 322,000.00$ Emergency Assistance 486,233.63$
3,206,671.39$ Grand Total Recommended
Total Recommended in Region
4) Report of Staff h. Request for approval of funding recommendations for Homeless Missourians Information System (HMIS)
2015 Homeless Management Information System (HMIS) Funding Recommendations
Balance of State Continuum of Care
Grant Number Agency Name City County Amount Requested Amount Recommended15‐601‐CI Institute for Community Alliances Jefferson City Cole 38,133.92$ 18,849.96$ 15‐603‐CI Municipal Information Systems, Inc. St. Louis St. Louis City 5,040.00$ 3,276.00$
Total: 43,173.92$ 22,125.96$
Jasper/Newton Counties Continuum of Care
Grant Number Agency Name City County Amount Requested Amount Recommended15‐600‐CI Economic Security Corporation of Southwest Area Joplin Jasper 10,200.00$ 10,200.00$
Total: 10,200.00$ 10,200.00$
Springfield/Greene, Christian, Webster Counties Continuum of Care
Grant Number Agency Name City County Amount Requested Amount Recommended15‐601‐CI Institute for Community Alliances Jefferson City Cole 2,434.08$ 1,000.04$
Total: 2,434.08$ 1,000.04$
St. Charles, Lincoln, Warren Counties Continuum of Care
Grant Number Agency Name City County Amount Requested Amount Recommended15‐602‐CI Community Council of St. Charles County St. Peters St. Charles 16,500.00$ 8,250.00$
Total: 16,500.00$ 8,250.00$
St. Louis City Continuum of Care
Grant Number Agency Name City County Amount Requested Amount Recommended15‐603‐CI Municipal Information Systems, Inc. St. Louis St. Louis City 6,480.00$ 4,212.00$
Total: 6,480.00$ 4,212.00$
St. Louis County Continuum of Care
Grant Number Agency Name City County Amount Requested Amount Recommended15‐603‐CI Municipal Information Systems, Inc. St. Louis St. Louis City 6,480.00$ 4,212.00$
Total: 6,480.00$ 4,212.00$
Totals: 85,268.00$ 50,000.00$
4) Report of Staff i. Request for approval of funding recommendations for Housing First Program (HFP)
2015 Housing First Recommendations
Balance of State Continuum of Care
Grant Number Agency Name Agency City Amount Requested Amount Recommended15‐503‐CI North East Community Action Corporation Bowling Green 51,000.00$ 33,150.00$ 15‐506‐CI Cape Girardeau Community Caring Council Cape Girardeau 16,500.00$ 8,250.00$
Totals 67,500.00$ 41,400.00$ Kansas City, Independence, Lee's Summit, Jackson County Continuum of Care
Grant Number Agency Name Agency City Amount Requested Amount Recommended15‐505‐CI SAVE, Inc. Kansas City 80,000.00$ 65,188.34$ 15‐508‐CI Rose Brooks Center, Inc. Kansas City 33,000.00$ 26,950.00$ 15‐512‐CI reStart, Inc. Kansas City 175,000.00$ 141,188.33$
Totals 288,000.00$ 233,326.67$ St. Charles, Lincoln, Warren Counties Continuum of Care
Grant Number Agency Name Agency City Amount Requested Amount Recommended15‐501‐CI Sts. Joachim and Ann Care Service St. Charles 98,560.00$ 98,560.00$ 15‐503‐CI North East Community Action Corporation Bowling Green 49,000.00$ 31,850.00$
Totals 147,560.00$ 130,410.00$
St. Joseph, Andrew, Buchanan, DeKalb Counties Continuum of Care
Grant Number Agency Name Agency City Amount Requested Amount Recommended15‐500‐CI YWCA St. Joseph St. Joseph 50,000.00$ 25,000.00$
Totals 50,000.00$ 25,000.00$
Grand Totals 553,060.00$ 430,136.67$
4) Report of Staff j. Request for approval of Rental Production 2015 Round 1 applications
Kansas City Region
Project # Units
NewRehabConv
Senior / Family
HOME CHDO
Set-aside (Y)
Non-profit TC Set-aside
(Y) Development Name Developer City
Federal 9%Tax
Credits
State 9%Tax
Credits HOME MHDC
LENDER PERMANENT
PARTICIPATION LOAN
15-013 36 Rehab Family No No
Meadowview I Apartments & Meadowview II Holden Communities, LLC Excelsior Springs 200,000 200,000 300,000 610,000
15-033 48 New Elderly No No Centerville Cottagges Gardner Development LLC Kearney 575,000 575,000 1,050,000 250,000
15-046 48 Rehab Elderly No No Park Villas Residences Affordable Housing Development, LC Parkville 152,500 152,500
15-067 60 New Elderly No No
The Gardens at Northgate Village Phase IV Gardens Phase 4 Developers LLC North Kansas City 450,000 450,000 2,250,000 2,250,000
15-093 108 New Family No No Columbus Park CPL Developer LLC Kansas City 700,000 700,000
15-100 54 New Elderly No NoCleveland Heights Senior Apartments Brinshore Development, LLC Kansas City 625,000 625,000 540,000
St. Louis Region
Project # Units
NewRehabConv
Senior / Family
HOME CHDO
Set-aside (Y)
Non-profit TC Set-aside
(Y) Development Name Developer City
Federal 9%Tax
Credits
State 9%Tax
Credits HOME MHDC
LENDER PERMANENT
PARTICIPATION LOAN
15-001 49 New Elderly No No Oak View II Golden Management, Inc Union 477,000 477,000
15-009 30 New Family No No Hillsdale Homes Rubicon, Inc. Hillsdale 450,000 450,000 450,000
15-024 20 New Elderly No No Stone Ridge Villas Blattel Development, LLC Wentzville 250,000 250,000 325,000
15-028 49 New Elderly No No Lake Ridge Southeast Holdings LLC Lake St. Louis 593,000 593,000 585,000
15-050 77 New Family No No North Sarah Phase III McCormack Baron Salazar, Inc. St. Louis 556,000 556,000 1,000,000
15-051 48 New Elderly No NoQueensbrooke Village Senior Living Phoenix Real Estate Services, LLC St. Peters 467,000 467,000 500,000
15-058 44 New Elderly No No Star Residences LMAC Holdings LLC Jennings 595,000 595,000 325,000
15-066 54 New Elderly No No Vandeventer Place RR Jennings Developer, LLC St. Louis 675,000 675,000 500,000
15-084 75 New + Rehab Elderly No No Heritage Village Hart Development Group, LLC St. Louis 632,000 632,000 1,500,000
FY2015 Round 1 - Rental Production Recommended Applications
9% LIHTC / HOME / Fund Balance
FY2015 Round 1 - Rental Production Recommended Applications
9% LIHTC / HOME / Fund Balance
Outstate Region
Project # Units
NewRehabConv
Senior / Family
HOME CHDO
Set-aside (Y)
Non-profit TC Set-aside
(Y) Development Name Developer City
Federal 9%Tax
Credits
State 9%Tax
Credits HOME MHDC
LENDER PERMANENT
PARTICIPATION LOAN
15-003 36 New Elderly No NoDeer Brook Villas Phase II MBL Development Sedalia 421,000 421,000 750,000
15-004 50 Rehab Elderly No No Kirksville Heights Millennia Housing Development, Ltd. Kirksville 215,000 215,000 1,000,000
15-005 29 New + Rehab Elderly Yes Yes Berkshire Apartments
North East Community Action Corp (NECAC) Mexico 300,000 300,000 400,000
15-018 28 New Family No NoOaklawn Estates Phase II Zimmerman Properties, LLC Rogersville 328,000 328,000 960,000
15-020 32 New Family No NoSouthview Apartments II
Volunteer Management & Development, Inc. Maryville 363,000 363,000 500,000
15-022 42 New Elderly No No Sunrise Villas RCH Development, Inc Troy 465,000 465,000 550,000 850,000
15-035 48 New Family No NoSouth Pointe Apartments MACO Development Company, LLC Poplar Bluff 523,000 523,000 1,000,000
15-038 44 New Family No No Aldrich Creek Estates Four Corners Development LLC Bolivar 465,000 465,000 800,000 625,000
15-055 60 New Family No No Sycamore SpringsMRE Capital, LLC and Entrepreneurs Enterprises, LLC Hollister 580,000 580,000 1,750,000
15-057 40 New Family No No Country Hills Housing Plus, LLC Rolla 460,000 460,000 500,000 525,000
15-059 32 New Family No YesBeacon Village Phase II The Kitchen, Inc. Springfield 392,000 392,000 400,000
15-062 48 New Elderly No No Gentry Estates II JES Dev Co, Inc. Columbia 505,000 505,000 1,000,000
15-070 44 New Family No No Woodfield Park Affordable Homes Development, Inc. Springfield 524,000 524,000 1,000,000 475,000
15-073 25 New Family No Yes Chloe Place Preferred Family Healthcare, Inc. Hannibal 302,000 302,000 275,000
15-077 35 New Family No YesPathways Warrensburg Apts.
Pathways Community Behavioral Health, Inc. Warrensburg 466,000 466,000 700,000
15-082 52 New Elderly No NoChapel Hill Commons III MOCAP Development Company, LLC Jefferson City 472,000 472,000 1,000,000 770,000
15-085 24 New Family No Yes Saint Street Dignity Now Branson 258,000 258,000
Project # Units
NewRehabConv
Senior / Family Development Name Developer City
Federal 4%Tax Credits
State 4%Tax Credits
Exempt Bond - Const. HOME MHDC
15-402 45 Rehab Family East Fox Homes East Fox Developer LLC St. Louis 361,393 361,393 7,800,000 200,000 1,550,000
15-403 48 New Family Clay Terrace Phase II Village Capital Corp Kansas City 271,171 271,171 4,110,000
15-405 76 Rehab Family Bear Creek Apartments CHA Affordable Housing Dev LLC Columbia 260,353 260,353 4,000,000
FY2015 Round 1 - Rental Production Recommended Applications
4% LIHTC / HOME / Fund Balance
Kansas City15‐013Meadowview I Apartments & Meadowview II ApartmentsHolden Communities, LLCExcelsior SpringsFamilyRehabilitationPreservation
Loan Information
MHDC ‐ Fund Balance $610,000 MHDC $610,000Income During Construction $120,000 Tax Credit Equity $538,300MHDC HOME $300,000 Bank Loan $1,850,000
Income During Construction $120,000$2,649,825 MHDC HOME $300,000
$0
$0
$67,575
$3,747,400
$1,600,000
$75,000
$85,000
$166,500
$30,000
$0
$70,000
$10,000
$918,000
$415,000
$24,200
$145,400
$208,300
$3,747,400
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$3,747,400 $145,400 $24,200 $3,577,800$104,094 $4,039 $672 $99,383
1. Development has competitive rents.
2. Good development costs while still having an extensive scope of work.
3. Units are in poor condition and are in need of rehabilitation.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:Proposal will be comprised of thirty‐six 2‐bedroom units for families. This rehabilitated development will combine 2 complexes in Excelsior Springs and add washers and dryers to all units.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTCFederal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 36 841 $550 $650 85%
36360
Total Per Unit$220,968 $6,138$165,010 $4,584$55,958 $1,554$31,857 $885$24,101 $669
Year 1 Year 151.76 1.32
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$200,000 $0.88 $5,556 $5,556$200,000 $0.45 $5,556 $5,556
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Kansas City15‐033Centerville CottagesGardner Development, LLCKearneyElderlyNew ConstructionNon‐Profit, AMI50, MBE/WBE
Loan Information
HOME MHDC $1,050,000 MHDC Fund Balace $5,282,000MHDC Fund Balance $250,000 Tax Credit Equity $1,495,652
MHDC HOME $1,050,000$7,502,761
$0
$0
$90,891
$8,893,652
$6,187,700
$144,000
$129,000
$247,762
$15,000
$0
$0
$30,000
$734,775
$940,000
$66,070
$157,000
$242,345
$8,893,652
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$8,893,652 $157,000 $66,070 $8,670,582$185,284 $3,271 $1,376 $180,637
Federal and State LIHTC
Federal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:New Construction, senior housing development in Kearney consisting of 48 affordable apartments with 25% of units for households at or below 50% AMI.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Competitive total development costs
2. Very affordable rents for seniors that may be living on fixed income
3. Community in an area at the beginning stages of economic development and growth
4. Senior affordable properties in primary market area have waiting lists
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 48 820 $400 ‐ $470 $700 57% ‐ 67%
48480
Total Per Unit$247,608 $5,159$197,790 $4,121$49,818 $1,038$13,056 $272$36,762 $766
Year 1 Year 153.82 2.11
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$575,000 $0.86 $11,979 $11,979$575,000 $0.45 $11,979 $11,979
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Kansas City15‐046Park Village ResidencesAffordable Housing Development, LCParkvilleElderlyAcquisition/RehabPreservation, AMI50
Loan Information
MHDC HOME (Refi) $623,000 MHDC $0MHDC Fund Balance (Refi) $311,000 Tax Credit Equity $395,383
CONSTRUCTION LOAN ‐ EQUITY $1,250,000$1,997,620 MHDC LOAN ASSUMPTION $934,000
$0
$0
$91,563
$3,023,183
$1,400,000
$23,500
$40,000
$70,308
$0
$0
$0
$0
$934,000
$295,000
$12,000
$148,800
$99,575
$3,023,183
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$3,023,183 $148,800 $12,000 $2,862,383$62,983 $3,100 $250 $59,633
1. Good location for senior property.
2. Very reasonable development costs for rehab.
3. Very reasonable rents for a project within the Kansas City region.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:The rehab of an existing 48 unit senior development with 8 buildings and a community center in Parkville which needs substantial rehab on the exterior of the buildings, parking lots and gounds.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTCFederal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 48 690 $500 $620 81%
48480
Total Per Unit$275,116 $5,732$215,254 $4,484$59,862 $1,247$28,340 $590$31,522 $657
Year 1 Year 152.11 1.32
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$152,500 $0.85 $3,177 $3,177$152,500 $0.46 $3,177 $3,177
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Kansas City15‐067The Gardens at Northgate Village Phase IVGardens Phase 4 Developers, LLCNorth Kansas CityElderlyNew ConstructionService Enriched, MBE/WBE
Loan Information
City of NKC $74,000 US Bank/MHDC $8,700,000MHDC Participation $4,500,000 Tax Credit Equity $1,241,919
City of NKC ‐ Infrastructure $74,000$6,209,595
$0
$0
$185,951
$10,969,546
$8,117,171
$257,400
$219,000
$430,860
$80,000
$0
$0
$50,000
$196,210
$889,163
$57,000
$334,717
$338,025
$10,969,546
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$10,969,546 $334,717 $57,000 $10,577,829$182,826 $5,579 $950 $176,297
1. Competitive total development cost
2. Developer not taking maximum developer fee allowable and deferring 20% of fee
3. Final phase of planned senior development
4. Phases I, II and III have 69 households on waiting lists
5. Mixed income development
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:New construction senior development consisting of 60 mixed income units in North Kansas City. Fourth phase of senior development.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 20 714 ‐ 889 $660 ‐ $985 $985 67% ‐ 100%2 Bed 40 889 ‐ 994 $730 ‐ $1070 $1,070 68% ‐ 100%
603921
Total Per Unit$598,101 $9,968$277,380 $4,623$320,721 $5,345$273,610 $4,560$47,111 $785
Year 1 Year 151.17 1.35
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$450,000 $0.90 $11,538 $7,500$450,000 $0.48 $11,538 $7,500
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Kansas City15‐093Columbus Park LoftsCPL Developer, LLCKansas CityFamilyNew Construction
Loan Information
Wells Fargo $6,350,000 MHDC $0 Tax Credit Equity $2,660,738
$9,344,377 Wells Fargo $12,000,000$0
$0
$512,823
$16,207,200
$11,759,000
$400,000
$346,500
$470,000
$35,000
$0
$0
$60,000
$603,000
$1,500,000
$12,000
$550,800
$470,900
$16,207,200
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$16,207,200 $550,800 $12,000 $15,644,400$150,067 $5,100 $111 $144,856
Federal and State LIHTCFederal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:The new construction of 108 family units in Kansas City. The project is mixed income with 54 tax credit units and 54 market rate units. Walking distance to many amenities including mass transit.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Very competitive rents
2. Good location
3. Mixed income
4. Competitive total development cost
5. Ranks high on City's recommended list
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 54 720 $550 ‐ $950 $950 58% ‐ 100%2 Bed 54 850 $610 ‐ $1150 $1,150 53% ‐ 100%
1085454
Total Per Unit$984,714 $9,118$445,736 $4,127$538,978 $4,991$449,535 $4,162$89,443 $828
Year 1 Year 151.20 1.39
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$700,000 $0.89 $12,963 $6,481$700,000 $0.45 $12,963 $6,481
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Kansas City15‐100Cleveland Heights Senior ApartmentsBrinshore Development, LLCKansas CityElderlyNew ConstructionService Enriched, AMI50, MBE/WBE
Loan Information
MHDC HOME $540,000 MHDC HOME $540,000KCMO HOME $340,000 Tax Credit Equity $1,674,833KCMO PIAC $304,540 Construction Loan $5,700,000
KCMO HOME $340,000$8,374,163 KCMO PIAC $304,540
$0
$0
$86,042
$9,644,744
$7,035,751
$310,000
$130,000
$380,000
$50,000
$0
$0
$20,000
$5,000
$1,021,000
$16,400
$290,900
$385,693
$9,644,744
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$9,644,744 $290,900 $16,400 $9,337,444$178,606 $5,387 $304 $172,916
1. #1 on the City of Kansas City priority list
2. Rents are comparable to other senior affordable properties, but amenities are superior
3. Developer selected via RFP by City of Kansas City
4. Proposal is leveraged by City of Kansas City funds
5. Proposal submitted with multiple MHDC priorities ‐ service enriched, 50% AMI and MBE/WBE
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:New construction senior development consisting of 54 units. Community has very impressive overall amenities, unique building design and comprehensive development plan.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTCFederal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 43 666 $440 ‐ $506 $700 63% ‐ 72%2 Bed 11 878 $520 ‐ $598 $800 65% ‐ 75%
54540
Total Per Unit$312,086 $5,779$259,590 $4,807$52,496 $972$18,000 $333$34,496 $639
Year 1 Year 152.92 1.06
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$625,000 $0.89 $11,574 $11,574$625,000 $0.45 $11,574 $11,574
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Saint Louis15‐001Oak View Village‐Phase 2Golden Management, IncUnionElderlyNew Construction
Loan Information
Commerce Bank $725,000 MHDC $0 Tax Credit Equity $1,300,000
$6,768,964 Commerce Bank $5,600,000$0
$0
$69,664
$7,563,628
$5,738,415
$56,000
$145,000
$325,000
$25,000
$0
$0
$0
$195,773
$600,000
$12,000
$268,400
$198,040
$7,563,628
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$7,563,628 $268,400 $12,000 $7,283,228$154,360 $5,478 $245 $148,637
Federal and State LIHTCFederal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:A 49 unit mixed development with 14 buildings containing 2 bedroom units. Five of the units are market rate. It is located next to the first phase and has great access to amenities for senior residents.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Very competitive total development cost in the St. Louis region.
2. High pricing for both federal and state LIHTC.
3. Competitive rents.
4. Strong need in the area for senior housing.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 49 1022 ‐ 1161 $465 ‐ $545 $675 69% ‐ 81%
49445
Total Per Unit$272,175 $5,555$201,810 $4,119$70,365 $1,436$45,909 $937$24,456 $499
Year 1 Year 151.53 1.17
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$477,000 $0.93 $10,841 $9,735$477,000 $0.49 $10,841 $9,735
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Saint Louis15‐009Hillsdale Homes 2015Rubicon, Inc.HillsdaleFamilyNew ConstructionService Enriched, MBE/WBE
Loan Information
MHDC FB $450,000 MHDC $1,100,000 Tax Credit Equity $4,751,997
$5,940,000
$0
$0
$62,497
$6,452,497
$4,817,247
$80,000
$20,000
$223,500
$35,000
$0
$0
$10,000
$65,000
$600,000
$27,500
$253,000
$321,250
$6,452,497
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$6,452,497 $253,000 $27,500 $6,171,997$215,083 $8,433 $917 $205,733
1. #2 priority project for St. Louis County.
2. Unit rents are competitive for St. Louis area.
3. Extensive services that are tailored to population.
4. Development will blend in with neighborhood.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:Proposal will be comprised of thirty 3‐bedroom single‐family units marketed to families. This development is part of the Hillsdale revitalization efforts, and these homes will have a homeownership opportunity for the tenants in fifteen years.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market3 Bed 30 1166 ‐ 1327 $645 ‐ $655 $850 76% ‐ 77%
30300
Total Per Unit$217,174 $7,239$165,208 $5,507$51,966 $1,732$26,315 $877$25,651 $855
Year 1 Year 151.97 1.39
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$450,000 $0.88 $15,000 $15,000$450,000 $0.44 $15,000 $15,000
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Saint Louis15‐024Stone Ridge VillasBlattel Development, LLCWentzville ElderlyNew Construction
Loan Information
Fund Balance $325,000 MHDC $325,000 Tax Credit Equity $676,848
$3,312,281 Sterling Bank $2,400,000$0$0
$28,567
$3,665,848
$2,534,348
$45,000
$85,000
$180,000
$30,000
$0
$0
$0
$100,000
$400,000
$18,500
$74,000
$199,000
$3,665,848
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$3,665,848 $74,000 $18,500 $3,573,348$183,292 $3,700 $925 $178,667
1. Very competitive rents.
2. Need for senior housing evidenced by long waiting lists at other LIHTC properties.
3. Developer has extensive experience working with senior households.
4. Good public support.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:New construction of 20 senior walk‐up apartments in Wentzville. This site will be next to a senior center offering excellent services for the tenants.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTCFederal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 20 930 $530 $875 61%
20200
Total Per Unit$120,840 $6,042$88,700 $4,435$32,140 $1,607$16,973 $849$15,167 $758
Year 1 Year 151.89 1.49
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$250,000 $0.88 $12,500 $12,500$250,000 $0.45 $12,500 $12,500
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Saint Louis15‐028Lake RidgeSoutheast Holdings, LLCLake St. LouisElderlyNew Construction
Loan Information
Fund Balance $585,000 MHDC $585,000 Tax Credit Equity $1,541,432
$7,856,731 Sterling Bank $5,800,000$0$0
$91,601
$8,533,332
$6,045,022
$168,000
$220,000
$340,000
$25,000
$0
$0
$50,000
$252,500
$925,000
$23,700
$164,400
$319,710
$8,533,332
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$8,533,332 $164,400 $23,700 $8,345,232$174,150 $3,355 $484 $170,311
1. Very competitive rents.
2. Development costs per unit competitive relative to other senior proposals in the same region.
3. Good location next to amenities desired by seniors.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:The new construction of a 49 unit senior development in Lake St. Louis. It is a 3 story elevator building with one and two bedroom units with a community room which includes a kitchen.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTCFederal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 22 627 $465 $745 62%2 Bed 27 802 $520 $800 65%
49490
Total Per Unit$276,678 $5,646$214,445 $4,376$62,233 $1,270$30,551 $623$31,682 $647
Year 1 Year 152.04 1.33
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$593,000 $0.88 $12,102 $12,102$593,000 $0.45 $12,102 $12,102
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Saint Louis15‐050North Sarah Phase IIIMcCormack Baron Salazar, Inc.St. LouisFamilyNew ConstructionMBE/WBE
Loan Information
MHDC HOME $1,000,000 MHDC HOME $1,000,000St. Louis City ‐ CDA ‐ CDBG $1,000,000 Tax Credit Equity $1,606,109St. Louis Housing Authority/RHF funds $1,932,068 SLHA Development Corporation $1,818,182US Bank, N.A. $1,400,000 St. Louis City ‐ CDA ‐ CDBG $1,000,000SLHA Development Corporation ‐ AHAP $1,818,182 St. Louis Housing Authority/RH $5,699,973
US Bank, N.A. $2,623,845$7,477,452
$0
$0
$141,607
$14,769,309
$11,305,000
$542,000
$110,201
$537,000
$75,000
$0
$0
$28,000
$0
$1,430,000
$12,000
$378,200
$351,908
$14,769,309
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$14,769,309 $378,200 $12,000 $14,379,109$191,809 $4,912 $156 $186,742
1. Mixed income near downtown St. Louis
2. Numerous priorities
3. Competitive rents
4. Good location (for mixed income)
5. Incorporates Universal Design (UD)
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:The new construction of 77 family units in St. Louis. This project has public housing units, tax credit units, and market rate units. All unit types have different rents. Phases I and II have been successful.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 13 651 ‐ 812 $400 ‐ $725 $725 55% ‐ 100%2 Bed 45 933 ‐ 1272 $450 ‐ $850 $850 53% ‐ 100%3 Bed 19 1233 ‐ 1266 $550 ‐ $950 $950 58% ‐ 100%
774631
Total Per Unit$564,975 $7,337$391,534 $5,085$173,441 $2,252$106,187 $1,379$67,254 $873
Year 1 Year 151.63 1.44
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$556,000 $0.90 $12,087 $7,221$556,000 $0.45 $12,087 $7,221
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Saint Louis15‐051Queensbrooke Village Senior Living Phase 1Phoenix Real Estate Services, LLCSt. PetersElderlyNew ConstructionService Enriched, AMI50, MBE/WBE
Loan Information
Bank of America $450,000 MHDC $0MHDC HOME $500,000 Tax Credit Equity $1,260,523
Bank of America $4,590,000$6,303,659 MHDC HOME $500,000
$0
$0
$60,264
$7,313,923
$4,935,346
$62,000
$103,275
$248,000
$55,000
$0
$0
$25,000
$425,000
$840,000
$55,500
$213,360
$351,442
$7,313,923
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$7,313,923 $213,360 $55,500 $7,045,063$152,373 $4,445 $1,156 $146,772
Federal and State LIHTCFederal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:48 units of new construction for seniors serving 50% AMI households with Service Enriched housing. Three‐story elevator building in St. Peters, Missouri.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Pricing very competitive
2. Rents are very good for area.
3. Good location with good acess to services and amenities.
4. Strong feasability with very competitive costs per unit.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 12 828 $445 ‐ $535 $825 54% ‐ 65%2 Bed 36 1054 $490 ‐ $585 $850 58% ‐ 69%
48480
Total Per Unit$302,203 $6,296$236,393 $4,925$65,810 $1,371$34,132 $711$31,678 $660
Year 1 Year 151.93 1.21
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$467,000 $0.90 $9,729 $9,729$467,000 $0.45 $9,729 $9,729
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Saint Louis15‐058STAR ResidencesLMAC Holdings, LLCSt LouisElderlyNew ConstructionService Enriched, MBE/WBE
Loan Information
MHDC HOME $325,000 Great Southern $5,750,000 Tax Credit Equity $1,625,487
$8,061,167 MHDC HOME $325,000$0
$0
$149,058
$8,535,225
$6,080,800
$154,000
$171,750
$350,000
$16,000
$200,000
$0
$35,000
$215,000
$869,400
$12,000
$179,400
$251,875
$8,535,225
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$8,535,225 $179,400 $12,000 $8,343,825$193,982 $4,077 $273 $189,632
Federal and State LIHTCFederal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:The new construction of 44 senior units in Jennings. The project is located near a senior services center.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Competitive rents
2. Competitive tax credit pricing
3. Good location
4. Multiple priorities
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 44 822 $495 $650 76%
44440
Total Per Unit$249,295 $5,666$188,414 $4,282$60,881 $1,384$12,544 $285$48,337 $1,099
Year 1 Year 154.85 3.50
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$595,000 $0.91 $13,523 $13,523$595,000 $0.45 $13,523 $13,523
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Saint Louis15‐066Vandeventer PlaceRR Jennings Developer, L.L.C.St. LouisElderlyNew ConstructionSpecial Needs, AMI50
Loan Information
MHDC HOME $500,000 MHDC $0 Tax Credit Equity $1,781,743
$8,908,819 Conventional Construction Loan $6,270,000$0 MHDC HOME $500,000$0
$155,375
$9,564,194
$7,171,133
$216,000
$235,125
$286,845
$50,000
$0
$0
$45,000
$42,000
$1,025,614
$2,000
$190,527
$299,950
$9,564,194
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$9,564,194 $190,527 $2,000 $9,371,667$177,115 $3,528 $37 $173,549
1. Location has good access to public transportation, close to amenities and services
2. Neighborhood would likely benefit from the investment in the project.
3. Within cost limits.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:New construction of 54 elderly units with 6 Special Needs units in St. Louis City. Three‐story elevator building with in‐unit washer and dryer, fitness room and computer room for residents.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTCFederal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 18 750 $420 ‐ $495 $650 65% ‐ 76%2 Bed 36 875 $475 ‐ $560 $725 66% ‐ 77%
54540
Total Per Unit$325,025 $6,019$256,934 $4,758$68,091 $1,261
$0 $0$68,091 $1,261
Year 1 Year 15N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$675,000 $0.88 $12,500 $12,500$675,000 $0.45 $12,500 $12,500
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Saint Louis15‐084Charless House (to be renamed Heritage Village)Hart Development Group, LLCSt. LouisElderlyNew + Acquisition/RehabService Enriched, MBE/WBE
Loan Information
St. Louis CDA $100,000 Tax Credit Equity $2,112,357Fund Balance $1,500,000 AHAP $1,300,000
St. Louis CDA $100,000$8,594,644 USB/Fund Balance Participation $9,285,000$2,461,509
$1,300,000
$141,203
$14,097,357
$8,587,702
$429,385
$248,267
$683,000
$35,000
$300,000
$0
$70,000
$1,630,000
$1,312,500
$42,000
$310,000
$449,503
$14,097,357
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$14,097,357 $310,000 $42,000 $13,745,357$187,965 $4,133 $560 $183,271
1. Good location
2. Park like setting ideal for elderly
3. Competitive Rents
4. Multiple Priorities
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:The new construction and historic rehabilitation of 75 elderly units in St. Louis. 24 units will be new construction and 51 units will be historic. The building was originally constructed to provide housing for the elderly that could no longer care for themselves.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTCFederal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 38 600 ‐ 625 $480 ‐ $510 $655 73% ‐ 78%2 Bed 37 800 ‐ 836 $545 ‐ $575 $770 71% ‐ 75%
75750
Total Per Unit$446,025 $5,947$322,914 $4,306$123,111 $1,641$80,828 $1,078$42,283 $564
Year 1 Year 151.52 1.24
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$632,000 $0.88 $8,427 $8,427$632,000 $0.48 $8,427 $8,427$1,262,371 $0.90 $16,832 $16,832$1,577,963 $0.84 $21,040 $21,040$715,000 $9,533 $9,533AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Out State15‐003Deer Brook Villas Phase IIMBL Development Co.SedaliaElderlyNew ConstructionService Enriched, Special Needs
Loan Information
MHDC HOME $750,000 MHDC $750,000 Tax Credit Equity $1,236,303
$5,493,326 Metcalf Bank $3,650,000
$0
$0
$62,577
$6,305,903
$4,421,832
$86,000
$96,953
$173,873
$25,000
$0
$0
$15,000
$360,000
$720,000
$12,000
$139,600
$255,645
$6,305,903
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$6,305,903 $139,600 $12,000 $6,154,303$175,164 $3,878 $333 $170,953
1. Special Needs Priority
2. Good location
3. Very low rents for special needs units
4. Numerous priorities
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:The new construction of 36 elderly units in Sedalia with 6 units set aside for special needs tenants. Rents for special needs units will be substantially lower than rents for non‐special needs units.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 36 908 $280 ‐ $425 $545 51% ‐ 78%
36360
Total Per Unit$165,733 $4,604$144,318 $4,009$21,415 $595
$0 $0$21,415 $595
Year 1 Year 15N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$421,000 $0.86 $11,694 $11,694$421,000 $0.45 $11,694 $11,694
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Out State15‐004Kirksville Heights ApartmentsMillennia Housing Development, LtdKirksvilleElderlyAcquisition/RehabService Enriched, Special Needs, Preservation
Loan Information
Construction Period Income $114,931 MHDC $1,000,000PNC Loan $690,000 Tax Credit Equity $1,301,127Replacement Reserve‐See Purchase Contr $433,997 Construction Period Income $114,931MHDC HOME $1,000,000 PNC Loan $690,000
Replacement Reserve‐See Purc $433,997$2,805,469 MHDC HOME $1,000,000
$0
$0
$235,658
$5,280,055
$2,287,668
$86,631
$13,081
$228,000
$80,000
$0
$30,500
$38,000
$1,506,000
$560,000
$12,000
$220,000
$218,175
$5,280,055
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$5,280,055 $220,000 $12,000 $5,048,055$105,601 $4,400 $240 $100,961
Federal and State LIHTCFederal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:The acquisition/rehabilitation of 50 elderly units in Kirksville. This is a Section 8 project and will have 20 units set aside for special needs tenants.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Numerous Priorities
2. Good location
3. Competitive total development cost
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 50 581 ‐ 613 $625 $580 108%
50500
Total Per Unit$373,493 $7,470$245,863 $4,917$127,629 $2,553$53,348 $1,067$74,281 $1,486
Year 1 Year 152.39 2.27
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$215,000 $0.86 $4,300 $4,300$215,000 $0.45 $4,300 $4,300
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Out State15‐005Berkshire Apartments North East Community Action Corporaion (NECACMexicoElderlyNew + Acquisition/RehabNon‐Profit, Special Needs
Loan Information
Missouri Foundation for Health $23,730 MHDC ‐ HOME $400,000MHDC ‐ HOME $400,000 Tax Credit Equity $781,033
Sterling Bank $2,830,000$3,914,744 MO Foundation for Health $23,730
$0
$0
$56,010
$4,394,483
$2,886,193
$66,600
$85,000
$150,000
$20,000
$20,000
$16,000
$12,000
$255,000
$533,730
$10,750
$111,510
$227,700
$4,394,483
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$4,394,483 $111,510 $10,750 $4,272,223$151,534 $3,845 $371 $147,318
Federal and State LIHTCFederal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:The acquisition/rehabilitation and new construction development of 29 senior row houses in Mexico will have 17% of units set aside for special needs tenants. The special needs units will have rent subsidies targeted to homeless veterans.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
1. Competitive total development costs
2. Amenities for the special needs population (homeless veterans) are near location
3. Rents are at competitive rates.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 11 600 $405 $485 84%2 Bed 18 800 $475 $595 80%
29290
Total Per Unit$148,257 $5,112$123,807 $4,269$24,450 $843
$0 $0$24,450 $843
Year 1 Year 15N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$300,000 $0.86 $10,345 $10,345$300,000 $0.45 $10,345 $10,345
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Out State15‐018Oaklawn Estate Phase IIZimmerman Properties, LLCRogersvilleFamilyNew ConstructionAMI50
Loan Information
MHDC $960,000 MHDC Participation $2,705,000 Tax Credit Equity $2,028,359
$4,345,423
$0
$0
$48,741
$5,354,164
$3,970,000
$75,000
$91,294
$120,000
$30,000
$0
$0
$0
$170,000
$560,000
$31,200
$122,722
$183,948
$5,354,164
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$5,354,164 $122,722 $31,200 $5,200,242$191,220 $4,383 $1,114 $185,723
1. Very Competitive total development cost
2. Rents for all units, tax credit and workforce, are low and very affordable
3. Phase I is 100% leased with waiting list
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:New construction of 28 single family homes in Rogersville (near Springfield). Seven homes target households at or below 50% AMI, six homes are Workforce Housing for households at or below 80% AMI. Residents will have an option to purchase their home at the end of the 15 year compliance period.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market3 Bed 28 1347 $495 ‐ $630 $800 62% ‐ 79%
28280
Total Per Unit$178,571 $6,378$112,365 $4,013$66,206 $2,365$56,139 $2,005$10,067 $360
Year 1 Year 151.18 1.17
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$328,000 $0.88 $11,714 $11,714$328,000 $0.45 $11,714 $11,714
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Out State15‐020Southview Apartments Phase IIVolunteer Management & Development, IncMaryvilleFamilyNew Construction
Loan Information
MHDC HOME $500,000 Tax Credit Equity $916,433 MHDC HOME $500,000
$4,736,840 Sterling Bank $3,500,000
$0
$0
$89,793
$5,326,633
$3,616,235
$79,000
$116,188
$235,000
$25,000
$0
$0
$0
$274,000
$640,000
$12,000
$100,200
$229,010
$5,326,633
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$5,326,633 $100,200 $12,000 $5,214,433$166,457 $3,131 $375 $162,951
Federal and State LIHTC
Federal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:The new construction of 32 family units in Maryville. Located adjacent to Southview I which has been successful. Project will include workforce housing units. Workforce housing unit rents will be higher than tax credit unit rents.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Good Location
2. Competitive total development cost
3. Walking distance to numerous amenities including Walmart
4. Very competitive rents
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 24 978 ‐ 1038 $425 ‐ $490 $650 65% ‐ 75%3 Bed 8 1139 ‐ 1199 $500 ‐ $580 $750 67% ‐ 77%
32257
Total Per Unit$164,599 $5,144$124,284 $3,884$40,314 $1,260
$0 $0$40,314 $1,260
Year 1 Year 15N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$363,000 $0.86 $14,520 $11,344$363,000 $0.45 $14,520 $11,344
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Out State15‐022Sunrise Villa ApartmentsRCH Development, INC.TroyElderlyNew ConstructionSpecial Needs
Loan Information
Fund Balance $850,000 MHDC $850,000MHDC HOME $550,000 Tax Credit Equity $1,300,000
Alliance Bank $4,500,000$6,113,941 MHDC HOME $550,000
$0$0
$23,878
$7,537,819
$5,249,334
$96,000
$140,000
$300,000
$20,000
$0
$0
$5,000
$427,220
$834,000
$31,000
$240,200
$195,065
$7,537,819
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$7,537,819 $240,200 $31,000 $7,266,619$179,472 $5,719 $738 $173,015
Federal and State LIHTCFederal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:A new construction senior development in Troy consisting of 8 buildings which includes a community building for tenant's use. There are 42 units within the development.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Very competitive rents.
2. Strong need for senior affordable housing in region.
3. Excellent location near amenities for senior residents.
4. Good support from city.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 42 865 $400 ‐ $520 $730 55% ‐ 71%
42420
Total Per Unit$242,136 $5,765$177,120 $4,217$65,016 $1,548$44,391 $1,057$20,625 $491
Year 1 Year 151.46 1.16
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$465,000 $0.87 $11,071 $11,071$465,000 $0.45 $11,071 $11,071
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Out State15‐035South Pointe ApartmentsMACO Development Company, L.L.C.Poplar BluffFamilyNew ConstructionSpecial Needs, AMI50
Loan Information
MHDC HOME $1,000,000 MHDC HOME $1,000,000 Tax Credit Equity $1,374,097
$6,772,173 Sterling Bank $4,800,000
$0
$0
$64,424
$7,836,597
$5,906,175
$72,000
$108,901
$233,011
$27,000
$0
$0
$14,000
$200,000
$870,000
$12,000
$177,500
$216,010
$7,836,597
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$7,836,597 $177,500 $12,000 $7,647,097$163,262 $3,698 $250 $159,315
Federal and State LIHTC
Federal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:New construction, family apartment consisting of 48 two bedroom, two bath units in Poplar Bluff. Five of the units are special needs with rents for households at or below 30% AMI. 11 of the units are for households at or below 50% AMI.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Reasonable development costs per unit
2. Very affordable rents with 5 units at 30% AMI for special needs
3. 20% of units will be at 50% AMI
4. Full support from public officials as well as a Resolution of Support Letter from the city
5. 15 years of extended compliance
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 48 920 $190 ‐ $495 $585 32% ‐ 85%
48480
Total Per Unit$241,168 $5,024$207,724 $4,328$33,444 $697
$0 $0$33,444 $697
Year 1 Year 15N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$523,000 $0.86 $10,896 $10,896$523,000 $0.44 $10,896 $10,896
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Out State15‐038Aldrich Creek EstatesFour Corners Development, LLCBolivarFamilyNew Construction
Loan Information
MHDC Fund Balance $625,000 MHDC Fund Balance $625,000MHDC HOME $800,000 Tax Credit Equity $1,163,322
Great Southern Bank $4,500,000$6,067,450 MHDC HOME $800,000
$0
$0
$81,272
$7,573,722
$5,625,924
$159,250
$104,198
$224,100
$20,000
$0
$0
$20,000
$260,000
$720,000
$24,500
$145,400
$270,350
$7,573,722
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$7,573,722 $145,400 $24,500 $7,403,822$172,130 $3,305 $557 $168,269
Federal and State LIHTCFederal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:The new construction of 44 family units in Bolivar. Project will include workforce housing units. Workforce housing unit rents will be higher than tax credit unit rents.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Competitive Rents
2. Good location
3. Competitive total development cost
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 29 1236 $435 ‐ $520 $600 72% ‐ 87%3 Bed 15 1240 $480 ‐ $590 $650 74% ‐ 91%
44440
Total Per Unit$233,088 $5,297$175,536 $3,989$57,552 $1,308$32,640 $742$24,911 $566
Year 1 Year 151.76 1.29
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$465,000 $0.86 $10,568 $10,568$465,000 $0.45 $10,568 $10,568
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Out State15‐055Sycamore Springs MRE Capital, LLC and Entrepreneurs Enterprises, LLCHollisterFamilyNew ConstructionMBE/WBE
Loan Information
Fund Balance MHDC $6,962,460Fund Balance $1,750,000 Tax Credit Equity $1,519,400
$7,597,002
$0
$0
$75,858
$9,422,860
$6,516,340
$120,000
$169,710
$265,000
$0
$0
$0
$25,000
$900,000
$910,000
$96,625
$211,000
$209,185
$9,422,860
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$9,422,860 $211,000 $96,625 $9,115,235$157,048 $3,517 $1,610 $151,921
1. Mixed‐income family development with market units.
2. In designated difficult to develop area
3. Good acess to amenities and services.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:New Construction of 60 one, two and three bedroom units. Mixed‐income three‐story development for families in Hollister, Missouri, in the Branson area. Development includes playground and community building for residents.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 23 790 ‐ 966 $430 ‐ $505 $630 68% ‐ 80%2 Bed 30 966 $495 ‐ $580 $700 71% ‐ 83%3 Bed 7 1168 $545 ‐ $635 $840 65% ‐ 76%
604614
Total Per Unit$331,508 $5,525$216,510 $3,609$114,998 $1,917$91,393 $1,523$23,604 $393
Year 1 Year 151.26 1.20
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$580,000 $0.86 $12,609 $9,667$580,000 $0.45 $12,609 $9,667
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Out State15‐057Country HillsHousing Plus, LLCRollaFamilyNew ConstructionSpecial Needs, MBE/WBE
Loan Information
Fund Balance $525,000 MHDC $525,000MHDC HOME $500,000 Tax Credit Equity $1,187,557
Great Southern Participation Lo $4,100,000$6,002,604 MHDC HOME $500,000
$0
$0
$46,749
$7,074,353
$5,225,950
$100,000
$131,063
$235,168
$15,000
$0
$0
$25,000
$175,000
$800,000
$22,500
$139,710
$204,962
$7,074,353
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$7,074,353 $139,710 $22,500 $6,912,143$176,859 $3,493 $563 $172,804
1. Reasonable total development cost for project that incorporates mixed income units
2. Rents have a significant advantage over market rate housing
3. Community designed to complement existing surrounding homes
4. Project located in a qualified census tract
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:New construction of 40 two and three bedroom family apartments in Rolla by WBE developer. All units have a one car attached garage. Ten percent of the units will be set aside for special needs housing and twenty percent will be workforce housing units.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTCFederal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 20 993 ‐ 1007 $390 ‐ $520 $700 56% ‐ 74%3 Bed 20 1225 ‐ 1240 $440 ‐ $590 $750 59% ‐ 79%
40328
Total Per Unit$218,066 $5,452$168,132 $4,203$49,934 $1,248$27,418 $685$22,516 $563
Year 1 Year 151.82 1.22
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$460,000 $0.86 $14,375 $11,500$460,000 $0.45 $14,375 $11,500
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Out State15‐059Beacon Village, Phase IIThe Kitchen, Inc.SpringfieldFamilyNew ConstructionNon‐Profit, Service Enriched, Special Needs
Loan Information
MHDC Fund Balance $400,000 Liberty Bank $3,115,000MO Foundation for Health $137,250 Tax Credit Equity $1,023,053
MHDC Fund Balance $800,000$5,115,265 MO Foundation for Health $137,250
$0
$0
$56,942
$5,709,457
$4,058,004
$80,000
$117,450
$202,900
$15,000
$0
$0
$22,000
$241,000
$640,000
$22,750
$127,200
$183,153
$5,709,457
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$5,709,457 $127,200 $22,750 $5,559,507$178,421 $3,975 $711 $173,735
Reasons for Recommendations:
Description of Property:New construction family development consisting of 20 townhouses and one two story walk‐up apartment building in Springfield with 8 units (25%) set aside for people exiting homelessness.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Federal and State Historic
Salient Facts:
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Second phase development by non‐profit developer whose mission is to reduce homelessness
2. Rental subsidy provided for special needs tenants
3. Non‐profit entity will set aside subsidy for emergency rental assistance for tenants
4. Proposal has multiple priorities ‐ non‐profit, service enriched, special needs
5. Phase I is 100% occupied with waiting list
6. Non‐profit developer with WBE consultant.
Federal and State LIHTC
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 22 954 ‐ 1153 $400 ‐ $650 $700 57% ‐ 93%3 Bed 10 1312 $475 ‐ $837 $740 64% ‐ 113%
32320
Total Per Unit$179,776 $5,618$134,956 $4,217$44,820 $1,401$20,890 $653$23,931 $748
Year 1 Year 152.15 1.58
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$392,000 $0.86 $12,250 $12,250$392,000 $0.45 $12,250 $12,250
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
State Historic
Property Data:
State Low IncomeFederal Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Out State15‐062Gentry Estates IIJES Dev Co, Inc.ColumbiaElderlyNew ConstructionSpecial Needs, AMI50
Loan Information
City of Columbia HOME Funds $100,000 MHDC $0Conventional Permanent Loan $900,000 Tax Credit Equity $1,319,895MHDC HOME $1,000,000 Conventional Construction Loa $5,350,000
MHDC HOME $1,000,000$6,538,886
$0
$0
$57,299
$8,596,185
$5,974,385
$192,000
$223,785
$238,975
$25,000
$0
$0
$75,000
$500,000
$940,000
$12,000
$199,290
$215,750
$8,596,185
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$8,596,185 $199,290 $12,000 $8,384,895$179,087 $4,152 $250 $174,685
Federal and State LIHTC
Federal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:New construction of a 3 story elevator elderly property with 42 one and two bedrooms units in the city of Columbia.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Competitive rents.
2. Approved with special need units and 50% AMI rental units.
3. First phase of project is very successful and has large waiting list.
4. Strong city support.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 6 750 $430 ‐ $525 $750 57% ‐ 70%2 Bed 42 875 $520 ‐ $615 $875 59% ‐ 70%
48480
Total Per Unit$322,620 $6,721$223,826 $4,663$98,794 $2,058$65,844 $1,372$32,950 $686
Year 1 Year 151.50 1.32
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$505,000 $0.86 $10,521 $10,521$505,000 $0.44 $10,521 $10,521
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Out State15‐070Woodfield ParkAffordable Homes Development, Inc.SpringfieldFamilyNew ConstructionSpecial Needs, MBE/WBE
Loan Information
MHDC Fund Balance $475,000 MHDC Fund Balance $475,000MHDC HOME $1,000,000 Tax Credit Equity $1,670,853
Great Southern Bank/Participat $4,300,000$6,889,688 MHDC HOME $1,000,000
$0
$0
$82,565
$8,447,253
$6,137,740
$80,000
$127,333
$308,000
$21,000
$0
$0
$0
$430,450
$870,000
$21,500
$236,400
$214,830
$8,447,253
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$8,447,253 $236,400 $21,500 $8,189,353$191,983 $5,373 $489 $186,122
Federal and State LIHTCFederal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:The new construction of 44 family units in Springfield. Located very close to a large recreational facility. Includes workforce housing units with rents that will be higher than tax credit unit rents. Seven units will be set aside for special needs tenants.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Good Location
2. Multiple priorities
3. Very competitive rents
4. Workforce Housing
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 28 1153 $435 ‐ $525 $750 58% ‐ 70%3 Bed 16 1351 $495 ‐ $585 $850 58% ‐ 69%
443311
Total Per Unit$234,583 $5,331$183,855 $4,179$50,728 $1,153$24,807 $564$25,921 $589
Year 1 Year 152.04 1.27
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$524,000 $0.87 $15,879 $11,909$524,000 $0.45 $15,879 $11,909
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Out State15‐073Chloe Place ApartmentsPreferred Family Healthcare, Inc.HannibalFamilyNew ConstructionNon‐Profit, Special Needs
Loan Information
HOME MHDC $275,000 MHDC HOME $275,000Missouri Foundation for Health $388,750 Tax Credit Equity $1,134,923Preferred Family Healthcare $100,000 Home Bank $2,450,000
Missouri Foundation for Health $388,750$3,940,842 Preferred Family Healthcare $100,000
$0
$0
$64,081
$4,768,673
$3,429,716
$114,400
$81,667
$160,000
$27,500
$0
$0
$0
$50,000
$500,000
$10,750
$197,000
$197,640
$4,768,673
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$4,768,673 $197,000 $10,750 $4,560,923$190,747 $7,880 $430 $182,437
1. Multiple priorities
2. Good location
3. Includes rental assistance for special needs units
4. Owner equity funded rental assistance reserve
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:The new construction of 25 family units in Hannibal with 12 units set aside for special needs tenants. Special needs units will receive Missouri Department of Mental Health rental assistance.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTCFederal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 5 623 $360 $500 72%2 Bed 16 776 $470 $600 78%3 Bed 4 1307 $580 $725 80%
25250
Total Per Unit$130,460 $5,218$110,732 $4,429$19,728 $789
$0 $0$19,728 $789
Year 1 Year 15N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$302,000 $0.86 $12,080 $12,080$302,000 $0.45 $12,080 $12,080
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0AHAP Credits
Tax Credit Information
Property Data:
State Low IncomeFederal HistoricState Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Out State15‐077Pathways Warrensburg ApartmentsPathways Community Behavioral Health, Inc.WarrensburgFamilyNew ConstructionNon‐Profit, Special Needs
Loan Information
MHDC HOME $700,000 MHDC HOME $700,000 Tax Credit Equity $1,409,431
$6,080,902 Enterprise Bank $4,100,000$0
$0
$82,529
$6,863,431
$5,107,008
$145,000
$114,253
$255,000
$29,500
$0
$0
$0
$100,000
$700,000
$10,750
$139,000
$262,920
$6,863,431
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$6,863,431 $139,000 $10,750 $6,713,681$196,098 $3,971 $307 $191,819
Federal and State LIHTCFederal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:The new construction of 35 family units in Warrensburg with 17 units set aside for special needs tenants. At least 12 special needs units will receive Missouri Department of Mental Health rental assistance. Will incorporate universal design principles.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Multiple priorities
2. Competitive rents
3. Rental Assistance for special needs units
4. Stong public support
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 5 730 $375 $625 60%2 Bed 30 925 ‐ 979 $510 $685 74%
35350
Total Per Unit$192,454 $5,499$165,021 $4,715$27,434 $784
$0 $0$27,434 $784
Year 1 Year 15N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$466,000 $0.86 $13,314 $13,314$466,000 $0.45 $13,314 $13,314
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Out State15‐082Chapel Hill Commons IIIMOCAP Development Company, LLCJefferson CityElderlyNew ConstructionSpecial Needs, AMI50
Loan Information
Fund Balance $770,000 MHDC Fund Balance $770,000MHDC HOME $1,000,000 Tax Credit Equity $1,211,076
Conventional Construction Loan $4,100,000$6,087,998 MHDC HOME $1,000,000
$0
$0
$76,662
$7,934,660
$5,723,632
$208,000
$132,709
$228,945
$40,000
$0
$0
$50,000
$275,000
$880,000
$27,400
$208,584
$160,390
$7,934,660
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$7,934,660 $208,584 $27,400 $7,698,676$152,590 $4,011 $527 $148,051
Federal and State LIHTCFederal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:Proposal will be comprised of fifty‐two 2‐bedroom units marketed to seniors in Jefferson City. There will be seven residential buildings and a community building.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
1. This will be the third phase of a successful larger community.
2. Competitive development costs
3. Special Needs units will have quality services and rental subsidies.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market2 Bed 52 875 $400 ‐ $475 $550 73% ‐ 86%
52520
Total Per Unit$276,176 $5,311$205,204 $3,946$70,972 $1,365$40,213 $773$30,759 $592
Year 1 Year 151.76 1.34
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$472,000 $0.85 $9,077 $9,077$472,000 $0.44 $9,077 $9,077
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Out State15‐085Saint Street ApartmentsDignity NowBransonFamilyNew ConstructionNon‐Profit, Service Enriched, Special Needs, AMI50, MBE/WBE
Loan Information
CDBG Grant $100,000 MHDC Fund Balance $2,490,000 Tax Credit Equity $675,415
$3,379,356 CDBG Grant $100,000$0
$0
$69,459
$3,548,815
$2,400,000
$97,000
$54,469
$111,000
$17,500
$0
$0
$0
$107,000
$424,000
$35,650
$143,400
$158,796
$3,548,815
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$3,548,815 $143,400 $35,650 $3,369,765$147,867 $5,975 $1,485 $140,407
Federal and State LIHTCFederal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:The new construction of 24 family units in Branson. This is a 100% special needs project which will receive Missouri Department of Mental Health rental assistance for 10 units. Will incorporate Universal Design and 8 units will be handicap accessible.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Multiple priorities
2. Department of Mental Health rental assistance
3. Good rents
4. Case management to occur adjacent to site
5. Good community support
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 18 721 $295 ‐ $425 $530 56% ‐ 80%2 Bed 6 939 $350 ‐ $480 $590 59% ‐ 81%
24240
Total Per Unit$106,444 $4,435$85,710 $3,571$20,734 $864
$0 $0$20,734 $864
Year 1 Year 15N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$258,000 $0.86 $10,750 $10,750$258,000 $0.45 $10,750 $10,750
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
15‐402East Fox HomesEast Fox Developer, LLCSaint LouisFamilyAcquisition/RehabService Enriched, MBE/WBE
Loan Information
HOME MHDC $200,000 MHDC $200,000MHDC Fund Balance $1,550,000 Tax Credit Equity $1,452,945
TE Bonds $7,800,000$4,841,716
$3,493,015
$0
$25,214
$10,109,945
$7,363,272
$160,000
$219,375
$400,000
$70,000
$0
$15,000
$0
$377,000
$800,000
$27,500
$192,000
$485,798
$10,109,945
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$10,109,945 $192,000 $27,500 $9,890,445$224,665 $4,267 $611 $219,788
Federal and State LIHTC
Federal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:A historic rehab project with 45 family units. The project consists of 13 buildings on scattered sites within the city of St. Louis. There are one, two and three bedroom units with commercial space that will be available on the first floor of one of the larger buildings.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Only 4% project supported by the city of St. Louis.
2. Good location for a family development with public transportation within walking distance.
3. Strong support by current residents within the area.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 5 506 ‐ 603 $550 $650 85%2 Bed 29 638 ‐ 1000 $680 $800 85%3 Bed 11 1100 ‐ 1515 $800 $950 84%
45450
Total Per Unit$348,973 $7,755$220,540 $4,901$128,433 $2,854$80,948 $1,799$47,484 $1,055
Year 1 Year 151.59 1.57
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$361,393 $0.88 $8,031 $8,031$361,393 $0.46 $8,031 $8,031$1,741,724 $0.92 $38,705 $38,705$2,177,156 $0.87 $48,381 $48,381
$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Kansas City15‐403Clay Terrace II ApartmentsVillage Capital CorporationKansas CityFamilyNew Construction
Loan Information
GP Loan $402,848 MHDC $0Series A Tax‐Exempt Bonds $3,150,000 Tax Credit Equity $2,752,382Series B Tax‐Exempt Bonds $406,000 Series A Tax Exempt Bonds $3,150,000
Series B Tax Exempt Bonds $960,000$3,931,975 GP Loan $402,848
$0
$0
$459,207
$8,350,030
$6,153,430
$134,000
$97,000
$340,000
$20,000
$0
$0
$6,000
$98,105
$900,000
$12,000
$0
$589,495
$8,350,030
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$8,350,030 $0 $12,000 $8,338,030$173,959 $0 $250 $173,709
Federal and State LIHTCFederal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:New construction consisting of 48 family units in Kansas City. The proposed development is phase II of an existing development.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Very reasonable development costs per unit for the type and location of development
2. Affordable rents for large 1, 2 and 3 bedroom units
3. Project amenities shared with Phase I
4. Very high federal tax credit pricing and other financing provided by owner/developer
5. Developer deferring over 50% of developer fee
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 12 761 $580 $770 75%2 Bed 24 1100 $720 $900 80%3 Bed 12 1338 $825 $1,100 75%
48480
Total Per Unit$389,819 $8,121$197,484 $4,114$192,335 $4,007$166,396 $3,467$25,939 $540
Year 1 Year 151.16 1.30
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$271,171 $1.00 $5,649 $5,649$271,171 $0.45 $5,649 $5,649
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Out State15‐405Bear Creek ApartmentsCHA Affordable Housing Development, LLCColumbiaFamilyAcquisition/RehabNon‐Profit, Service Enriched, Preservation
Loan Information
CHA Reserve Funds $183,000 Seller Financing ‐ CHA $2,271,497Federal Home Loan Bank $500,000 Tax Credit Equity $682,080FHA Insured Loan‐ Red Capital $1,780,000 A Bond‐ FHA Insured (Red Capit $1,780,000Seller Financing‐ CHA $2,271,497 B Bond‐ Bridge Loan (non‐insur $2,220,000Income During Construction $100,000 CHA Reserves/Income During C $283,000
Federal Home Loan Bank $500,000$3,410,400
$0
$0
$184,558
$8,429,456
$3,268,486
$150,000
$165,000
$305,000
$127,750
$0
$100,000
$0
$2,730,000
$820,000
$12,000
$180,600
$570,620
$8,429,456
Total Reserves MHDC Feesw/o Reserves & MHDC Fees
$8,429,456 $180,600 $12,000 $8,236,856$110,914 $2,376 $158 $108,380
Federal and State LIHTC
Federal and State Historic
Salient Facts:
RegionMHDC Property NumberProperty NameDeveloper NameLocation
Property Type
OccupancyConstructionPriority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:Renovation of 76 existing public housing units in Columbia. This project entails the first use of HUD's Rental Assistance Demonstration (RAD) Program in the State of Missouri.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Competitive total development costs for project size and location
2. Rents will convert to Section 8 so tenants will only pay 30% of their income towards rent
3. Good utilization of the RAD program
4. Columbia Housing Authority has a 400 household waiting list
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market1 Bed 12 565 $330 $450 73%2 Bed 18 721 ‐ 744 $410 $550 75%3 Bed 36 900 ‐ 911 $597 $685 87%4 Bed 10 1074 ‐ 1197 $666 $750 89%
76760
Total Per Unit$453,007 $5,961$313,526 $4,125$139,481 $1,835$104,416 $1,374$35,065 $461
Year 1 Year 151.34 1.18
Amount Price Per Credit Per LIHTC Unit Per Unit (All)$260,353 $0.86 $3,426 $3,426$260,353 $0.45 $3,426 $3,426
$0 $0.00 $0 $0$0 $0.00 $0 $0$0 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross IncomeUnderwritten ExpensesOperating IncomeDebt ServiceNet Operating Income
Total LIHTC UnitsTotal Market Units
Breakdown by Unit Type
Property Data:
State Low IncomeFederal HistoricState HistoricAHAP Credits
Tax Credit Information
Dev No Development Name City County Developer Name Comments
15‐002Cloy Estates Phase II, L.P. Clinton Henry MBL Development Co.
Average proposal, but other Out State region applications were more competitive.
15‐006 Jenny Lind Hall Springfield Greene Madrona TC Developer III LLC Good proposal, but there are not enough funds available.
15‐007 Fountain Estates, LP Webb City Jasper Red‐Wood Development, Inc Property did not compete well with other properties in the region.
15‐008 Nixa Crossing, LP Nixa Christian Red‐Wood Development, Inc Staff felt this was not a competitive rehabilitation proposal.
15‐010 Intrada Lofts St. Louis St Louis City The Vecino Group, LLCWell intended proposal; however, staff felt the development location was not ideal for the intended tenant population.
15‐011 Hampshire Landing II Joplin Jasper MV Residential Development, LLC Very good proposal, but there are not enough funds available.
15‐012 Pine Lawn Manor Pine LawnSt Louis County Beyond Housing, Inc.
Staff viewed the extensive social services favorably; however, development cost exceeded cost limits and other developments in area were more competitive.
15‐014CMCA Cherry Street Homes Boonville Cooper
Central Missouri Community Action Agency Proposal did not appear to be financially feasible.
15‐015Westport Gardens I and Westport Gardens II Marshall Saline
Missouri Valley Community Action Agency
Staff felt this was not a competitive rehabilitation proposal.
15‐016Hawthorn Heights Apartments West Plains Howell
Phillips Development Corporation d/b/a PDC Companies Property did not compete well with other properties in the region.
15‐017Heritage House Apartments ‐ 9% Independence Jackson Heritage Green Developer LLC Good proposal; however, there are not enough funds available.
15‐019Trenton Heights Apartments Trenton Grundy
Chillicothe Housing Authority Development Corporation Staff felt this was not a competitive rehabilitation proposal.
15‐021 Fish Haven Estates Lake Ozark Miller Southeast Holdings, LLC
First phase of this development is scheduled to begin construction this December. Will have to evaluate performance of first phase before considering second phase for funding.
15‐023
Missouri Avenue Apartments and Stover Apartments Versailles / Stover Morgan Kinkead Housing Foundation
Average proposal, but other Out State region applications were more competitive.
15‐025Kirksville Estates and Milan Estates Kirksville / Milan
Adair / Sullivan Rite Development, Inc
Average proposal, but other Out State region applications were more competitive.
15‐026McClernon Senior Apartments Springfield Greene McClernon Senior Housing, LLC
Average proposal, but other Out State region applications were more competitive.
15‐027 Heritage Estates Houston Texas Cydecton Investments, LLCStaff did not believe need for property was supported by market study.
15‐029Greenridge Senior Apartments Cameron Clinton HRM Services, LLC Staff felt the site was too far from city amenities.
15‐030Albany Estates and Gallatin Estates Albany / Gallatin
Gentry / Daviess
Dudley Development, LLC/Green Hills Community Action Agency Staff felt this was not a competitive rehabilitation proposal.
FY2015 Round 1 Applications Not Recommended 9% AND 4% Low Income Housing Tax Credits / HOME / Fund Balance
15‐031 Pine Ridge Apartments Farmington St Francois Midwest Development Professionals, LLC Good proposal, but there are not enough funds available.
15‐032 Kirksville Village Kirksville Adair Rite Development, IncStaff felt other development proposals in the region were more competitive
15‐034Northwest Village Apartments St. Ann
St Louis County Gardner Development, LLC Good proposal; however, development was not financially feasible.
15‐036 Whispering Hills Estates Farmington St Francois MACO Development Company, L.L.C.Staff felt other development proposals in the region were more competitive.
15‐037 Burris Ridge Townhomes Harrisonville Cass Four Corners Development, LLCAverage proposal, but other Kansas City region applications were more competitive.
15‐039 Walnut Creek Estates Springfield Greene Four Corners Development, LLCAverage proposal, but other Out State region applications were more competitive.
15‐040Harrison School Senior Apartments St. Louis St Louis City HS Developer, L.L.C. (to be formed)
Proposal is over the cost limits and other applications were more competitive.
15‐041 St. Ferdinand Homes II St. Louis St Louis City Northside Community Housing, Inc.
Above average proposal, but there are not enough funds available.
15‐042The Courtyard Apartments St. Louis St Louis City The Courtyard Developer, LLC
This is a good proposal; however, staff felt the development location was not ideal for the intended tenant population.
15‐043 Southside Homes St. Louis St Louis City Southside Developers LLC Staff felt the location was not ideal.
15‐044Heritage Oaks Apartments Joplin Jasper NuRock Development Partners, Inc.
Average proposal with large credit request; other Out State region applications were more competitive.
15‐045 Clark Place Lebanon Laclede O'Reilly Development Co., LLC Staff felt the location was not ideal.
15‐047SavannahPark of Kirksville and Kahoka Kirksville / Kahoka Adair / Clark Belmont Development Copany, L.L.C. Staff felt other projects in the region are more competitive
15‐048Summit Ridge Residences Branson Taney
Country Ridge Development Company, LLC
Staff felt other development proposals in the region were more competitive.
15‐049 Friendship Manor Blue Springs Jackson National Church Residences Good proposal, but other Kansas City region developments were more competitive.
15‐052 North Webster Village Webster GrovesSt Louis County Missouri Housing Partners, LLC
Staff felt other development proposals in the region were more competitive
15‐053Walnut Park Senior Apartments St. Louis St Louis City Missouri Housing Partners, LLC
Nice historic building and site; however, development cost exceed cost limits by a large amount.
15‐054Palmyra Senior Apartments Palmyra Marion Missouri Housing Partners, LLC
Staff felt other development proposals in the region were more competitive.
15‐056Stone Ridge Villas ‐ MRE Dev Kimberling City Stone
MRE Capital, LLC and Entrepreneurs Enterprises, LLC Good proposal; however, there are not enough funds available.
15‐060 Hillmann Place II O'Fallon St Charles JES Dev Co, Inc.Development costs per unit were not competitive with other new construction elderly proposals in the area.
15‐061The Landing at Woodcrest Troy Lincoln JES Dev Co, Inc.
Proposal did not compete well with another proposal in the same city.
15‐063 Sunchase Villa Estates Warsaw Benton Midcontinent Equity Holdings, LLC Staff felt the proposed development's location was not ideal.
15‐064 River Bluff Estates EurekaSt Louis County RR Jennings Developer, L.L.C.
Good proposal, but other regional developments were more competitive.
15‐065The Residences at Jennings Place II Jennings
St Louis County RR Jennings Developer, L.L.C.
Good proposal, but Phase I of the development is currently under construction.
15‐068 Harrisonville Heights II Harrisonville Cass Turnberry Developers, LLCGood proposal, but other regional developments were more competitive.
15‐069 Baltimore Meadows Kirksville Adair TerraVest Development Corp.Average proposal; other proposals in the Out State region were more competitive considering the high credit request.
15‐071 Esther Park Lebanon Laclede Affordable Homes Development, Inc.Average proposal; other Out State region applications were more competitive.
15‐072 Blair Homes St. Louis St Louis City ND Consulting Group, LLCGood proposal, but other developments in the region were more competitive.
15‐074 Nathanial Rivers Place St. Louis St Louis City Tim Person & Associates, LLC. Above average proposal, but there are not enough funds available.
15‐075 Bryant Walkway Columbia BooneCHA Affordable Housing Development, LLC
Good propsal that needs rehab; however, tax credit request was very high.
15‐078 Lakeview Village Independence Jackson Lakeview Village, LLCAverage proposal; other developments in the region were more competitive.
15‐079Barton Square Senior Residences Lamar Barton Miller Commerce, LLC
Average proposal, but other developments in the region were more competitive.
15‐080 Greenway Estates Liberty Clay Miller Commerce, LLC Staff felt the proposed development's location was not ideal.
15‐081 Riverbend Estates Washington Franklin MOCAP Development Company LLCAverage proposal, but other developments in the region were more competitive.
15‐083Manheim / Bancroft Phase II Homes Kansas City Jackson Dalmark Development Group, LLC
Well intended proposal, but other developments in the region were more competitive.
15‐086Park Hills Senior Community Grandview Jackson
North Star Housing, LLC & Martin T. Rucker Development, LLC
Average proposal, but other developments in the region were more competitive.
15‐087The Commons at Jefferson Barracks St. Louis
St Louis County Jefferson Barracks Developer, LLC Well intended proposal, but poor site location.
15‐088Anderson School Apartments Independence Jackson MW Development Enterprises, LLC
Property did not compete well with the other proposed developments.
15‐089Historic Commons at Johnson Street Moberly Randolph MW Development Enterprises, LLC
Proposal is over the cost limits and other applications were more competitive.
15‐091Odessa Senior Residences Odessa Lafayette Prairie Fire Development Group, LLC Good proposal, but there are not enough funds available.
15‐092Blenheim School Apartments Kansas City Jackson Sunflower Development Group, LLC
Developer has a similar FY2013 historic conversion approved proposal that has not yet closed.
15‐094 Worley Homes Columbia Boone Southport‐Yarco, LLCWell intended proposal, but over the cost limits and other applications were more competitive.
15‐095Stadium View Apartments Kansas City Jackson Central States Development LLC
Average proposal, but other developments in the region were more competitive considering high tax credit request and site location has poor visibility.
15‐096 Northgate Village University CitySt Louis County Northgate Developer, LLC (to be formed)
Good proposal, but other developments in the region were more competitive.
15‐097 Dolman Lofts St. Louis St Louis CityDolman Street Developer, LLC (to be formed)
Good proposal, but other developments in the region were more competitive.
15‐098FOUNTAIN PARK ARTSBLOCK St. Louis St Louis City Brinshore Development, LLC
Average proposal; other developments in the region were more competitive.
15‐099 Pendleton Flats Kansas City Jackson Affordable Housing of Kansas City, Inc.
Staff viewed the extensive social services favorably; however, other developments in the region were more competitive.
15‐101 Warsaw Senior Housing Warsaw BentonWarsaw Senior Housing GP, LLC (to be formed) Good proposal; however, development was not financially feasible.
15‐102 Clark School Apartments St. Louis St Louis CitySage Wightman (an entity will be formed for the project)
Proposal is over the cost limits and other applications were more competitive.
15‐103St. Elizabeth Senior Apartments Hannibal Marion
Iceberg Development (under a to be formed developer entity)
Staff had issues with marketability and felt uncomfortable with long term plans for remainder of building.
15‐104 Meadow View Estates II Peculiar Cass Dean Development, LLC Good proposal, but there are not enough funds available.
15‐401‐TEHeritage House Apartments ‐ 4% Independence Jackson Heritage Green Developer LLC Staff felt this was not a competitive rehabilitation proposal.
15‐404‐TEHeritage Senior Apartments Berkeley
St Louis County Heritage Senior Associates LP Good proposal; however, there are not enough funds available.
15‐406‐TEBemis Lofts Kansas City Jackson MW Development Enterprises, LLCProperty did not compete well with the other proposed developments.
4) Report of Staff k. Request for approval of the 2015 Tax Exempt Bond NOFA
December 5, 2014
NOTICE OF FUNDING AVAILABILITY Tax Exempt Bonds – Round Two FY2015
FEDERAL LOW INCOME HOUSING TAX CREDITS
(4% CREDITS)
Missouri Housing Development Commission (MHDC) hereby notifies interested parties of the availability of the following funding sources for the rehabilitation or construction of rental housing units for low and moderate income families and individuals in the state of Missouri: Federal 4% Low Income Housing Tax Credits State 4% Credits in the amount of $5,107,000 Federal HOME funds remaining from previous rounds, if any
Applications for funding will be accepted by MHDC until 4:30 PM CST on Monday March 2, 2015. It is anticipated that recommendations regarding the proposed developments will be brought before the commission in April 2015. Deadlines are subject to change at the discretion of MHDC. If an applicant is requesting Federal and/or State Historic Tax Credits, they should be shown on the application as a source of funds; however, approval of these tax credits will be made by the Department of Economic Development (DED). An approved proposal will not become eligible for tax credits until it applies and receives an allocation of private activity bonds from the Department of Economic Development.
We ask all applicants to visit our web site at www.mhdc.com to obtain the FY‐2015 Qualified Allocation Plan, Developer’s Guide, the application, and Checklist (FIN‐125). A separate application must be submitted to request Missouri Affordable Housing Assistance Program (AHAP) tax credits if included in the financing package of a proposed development. All applications and checklist items must be received by MHDC no later than 4:30 PM CST on Monday, March 2, 2015. The items shown on the FIN‐125 should be delivered to:
MHDC 920 Main Street, Suite 1400 Kansas City, Missouri 64105
4) Report of Staff l. Rental Production update
2013 Round 1 ‐ 9% Credits, HOME, 4% Credits, Fund Balance Updated: 11/24/2014
Project #
Status / Est. Closing Month Development Name Units Type
SeniorFamily Developer City
Reg‐ion
LIHTC Type Fed State Comments
13‐001‐T CLOSED Birch Tree Apartments II 48 Rehab Family RCH Development, INC. Farmington OS 9% $513,000 $513,00013‐004‐HT CLOSED Villas at the Summit II 24 New Senior MBL Development Co. Maryville OS 9% $335,500 $335,50013‐007‐HT CLOSED Allgeier Manor Apartments 48 Rehab Senior Midwest Affordable Housing
Educational OpportunitiesAurora OS 9% $335,500 $335,500
13‐010‐MHT‐USBO CLOSED Aspen Trails 48 New Senior Gardner Development, LLC St. Peters STL 9% $610,000 $610,00013‐015‐MT‐USBO CLOSED The Greens at Branson Hills II, LLC 40 New Senior Country Ridge Development
Company, LLCBranson OS 9% $523,000 $523,000
13‐020‐HC CLOSED Fairview Estates III 9 New Family North East Community Action Corporation
Montgomery City OS HOME only
13‐022‐MT‐USB CLOSED Churchill Apartments, LP 48 New Family Zimmerman Properties, LLC Marshfield OS 9% $421,000 $421,00013‐035‐MT CLOSED Prairie View Estates 27 New Family Affordable Homes Development,
Inc.Neosho OS 9% $393,000 $393,000
13‐036‐HT CLOSED Beacon Village 44 New Family The Kitchen, Inc. Springfield OS 9% $462,000 $462,00013‐038‐MT‐USBO CLOSED Webster Groves 30 New Family Housing Plus, LLC West Plains OS 9% $418,000 $418,00013‐039‐H CANCELLED Mark Twain Hotel Partners,LP 235 Rehab Family Brady Capital, Inc St. Louis STL HOME
onlyBorrower is closing with a HUD loan rather than HOME funds
13‐042‐HT CLOSED Richardson Ridge Villas 48 New Senior Patrick W Werner / Arapaho Development LLC
Arnold STL 9% $616,000 $616,000
13‐043‐MT‐USBO CLOSED Windfall Trace II 47 New Family Housing Authority of St. Louis County
Jennings STL 9% $538,000 $538,000
13‐048‐T CLOSED Westridge Apartments 30 Rehab Family Leisure Homes Corporation Gainesville OS 9% $150,000 $150,00013‐056‐T CLOSED St. Michaels Village 48 Rehab Senior East Missouri Action Agency Fredericktown OS 9% $300,000 $300,00013‐059‐T CLOSED The Residences at Jennings Place 54 New Senior R.R. Jennings Developer, L.L.C. Jennings STL 9% $686,000 $686,000
13‐060‐MT‐USBO CLOSED Brookside Senior Residences 46 New Senior RGSR, LLC Kansas City KC 9% $505,000 $505,00013‐062‐HT‐USBO CLOSED Rock Ridge Villas ‐ Phase II 48 New Family Rock Ridge Developer I, LLC Branson OS 9% $371,000 $371,00013‐063‐MT‐USBO CLOSED Woodland Hills 48 New Family Four Corners Development, L.L.C. Waynesville OS 9% $532,500 $532,50013‐064‐HCT CLOSED Katherine Estates 48 New Family Midcontinent Equity Holdings, LLC Duquesne OS 9% $517,500 $517,500
13‐065‐T CLOSED Palmer Place Senior Apartments 41 Rehab Senior DLS Historic Developer IV, LLC Independence KC 9% $462,500 $462,50013‐069‐T CLOSED Wilshire Hills II 42 New Senior JES Dev Co, Inc. Lee's Summit KC 9% $546,000 $546,00013‐071‐T CLOSED Stone Meadow Estates 76 Rehab Family Rural Housing Developers, LLC Nixa/Ozark OS 9% $391,000 $391,00013‐074‐T CLOSED Green Gables II, Phase 2 48 New Senior Phoenix Real Estate Services LLC Wentzville STL 9% $576,000 $576,00013‐076‐MT CLOSED Willow Bend Villas 40 New Senior Dalmark Development Group, LLC Raytown KC 9% $502,000 $459,000
13‐083‐T CLOSED Freedom Place 68 Rehab Family The Vecino Group, LLC St. Louis STL 9% $636,000 $636,00013‐084‐T CLOSED Callyn Heights 25 New Family Preferred Family Healthcare, Inc. Kirksville OS 9% $316,000 $316,000
13‐086‐T CLOSED Oak View Village 46 New Senior Golden Management, Inc. Union STL 9% $416,000 $416,00013‐088‐HT‐USBO CLOSED Village East 20 Rehab Senior AMB Development, LLC Trenton OS 9% $123,000 $123,00013‐089‐T CLOSED 3010 Apartments 58 Conv Family The Salvation Army, an Illinois
corporationSt. Louis STL 9% $551,000 $515,000
13‐092‐HC CLOSED Walnut Estates 34 Rehab Senior West Central Missouri Community Action Agency
Raymore KC HOME only
13‐096‐H CLOSED Pathways Apartments 8 New Family Pathways Community Behavioral Healthcare, Inc.
Jefferson City OS HOME only
FiscalYear2013ProjectSummaryReport
2013 Round 1 ‐ 9% Credits, HOME, 4% Credits, Fund Balance Updated: 11/24/2014
Project #
Status / Est. Closing Month Development Name Units Type
SeniorFamily Developer City
Reg‐ion
LIHTC Type Fed State Comments
13‐098‐HC CLOSED Carl Junction Seniors II 12 New Senior Harry S Truman Community Development Corp
Carl Junctin OS HOME only
13‐100‐HT CLOSED 12th Street Apartments 36 Rehab Family Missouri Housing Partners, LLC Bethany OS 9% $235,000 $218,00013‐101‐T CANCELLED Saint Regis Historical Renovation
Project85 Rehab Senior Linwood Redevelopment Company
I, LLCKansas City KC 9% $545,000 $545,000 Developer unable to secure tax
credit investors.13‐401‐TE CANCELLED John B. Hughes Apartments 138 Rehab Family JBH Developer, LLC Springfield OS 4% $297,840 $285,000 Developer unable to secure tax
credit investors.13‐402‐TE CLOSED Blair School Apartments 38 Rehab Family New Blair School Deveoper LLC St. Louis STL 4% $184,418 $184,41813‐403‐HTE CLOSED Loretta Hall Townhomes 39 New Family Capstone Development Group, LLC St. Louis STL 4% $350,067 $350,067
13‐404‐TE February 2015
Eads Square Apartments 104 Rehab Senior Volunteers of America National Services
St. Louis STL 4% $519,911 $350,000 Currently under HUD review
13‐406‐HTE CLOSED Arcade Building 202 Conv Family St. Louis Leased Housing V, LLC St. Louis STL 4% $2,034,969 $013‐408‐TE CLOSED Lemay Manor I & II 129 Rehab Senior Millennia Housing Development,
LtdSt. Louis STL 4% $301,170 $290,000
13‐412‐TE January 2015 Sycamore Grove Apartments 179 Rehab Family SCB/HDC, LLC Kansas City KC 4% $613,453 $420,000 Currently under HUD review
Updated: 11/24/2014
Project #
Status / Est. Closing Month Development Name Units Type
SeniorFamily Developer City
Reg‐ion
LIHTC Type Fed State Comments
13‐413‐HTE 12/04/2014 Oak Point Redevelopment 30 New Family Oak Point Partners, LLC Kansas City KC 4% $229,104 $229,10413‐415‐TE CLOSED Union Sarah 100 Rehab Senior Steele Properties St. Louis Stl 4% $407,052 $320,00013‐416‐TE CLOSED Etzel Place V 62 New
plus Rehab
Family Affordable City Homes, LLC St. Louis Stl 4% $270,852 $270,852
13‐418‐HMTE CLOSED Villages at Delmar 40 New Family West End Developer, LLC St. Louis Stl 4% $312,666 $312,66613‐419‐TE January 2015 St. John Neumann 100 New
plus Rehab
Senior Cardinal Ritter Senior Services Jennings Stl 4% $264,022 $264,022 Currently under HUD review
13‐421‐TE Mid. December
Faxon School 45 Conv Senior Pioneer Sunflower Development Kansas City KC 4% $257,490 $257,490
FiscalYear2013ProjectSummaryReport2013 Round 2 ‐ 4% Credit, Tax‐Exempt Bonds
Updated: 11/24/2014
Project #Status / Est.
Closing Month Development Name Units TypeSeniorFamily Developer City
Reg‐ion
LIHTC Type Fed State Comments
14‐007‐H February 2015 Mary Street Seniors 5 New Elderly Community Action Partnership of Greater St. Joseph
St. Joseph OS HOME only
14‐010‐MHT‐PLO Late December Winsel Creek Apartments 48 New Family Midcontinent Equity Holdings, LLC Sullivan OS 9% $452,500 $452,500
14‐013‐MT‐PLO CLOSED Bluff View Apartments 40 New Elderly Arapaho Development LLC Festus STL 9% $565,000 $565,00014‐015‐MT‐USBO CLOSED Silver Springs Apartments 40 New Elderly MACO Development Company,
L.L.C.Cape Girardeau OS 9% $465,000 $465,000
14‐018‐MT‐USBO December Ridgeway Villas at the Legends 56 New Family North Star Housing LLC Raymore KC 9% $620,000 $620,00014‐019‐‐T 42 New Elderly JES Dev Co, Inc. O'Fallon STL 9% $515,000 $515,00014‐022‐HT
12/04/2014 Woodbury Place IIJanuary 2015 St. Michael's Housing Phase II 59 New Family Yarco Company, Inc. Kansas City KC 9% $592,000 $592,000
14‐023‐T 12/08/2014 Rose Park Estates, LP 76 Rehab Elderly Red‐Wood Development, Inc. Bolivar OS 9% $630,000 $630,00014‐028‐HT December Covenant House 101 New Elderly McCormack Baron Salazar, Inc. St. Louis STL 9% $630,000 $630,00014‐034‐MT‐GSB 12/18/2014 DeSales Impact 2014 36 New +
RehabFamily DeSales Community Housing
CorporationSt. Louis STL 9% $424,500 $417,000
14‐036‐MT‐GSBO Late December Towne Square Apartments 48 New Family Gardner Development, LLC Dardenne Prairie STL 9% $619,000 $619,000
14‐042‐MT‐GSBO CLOSED Oakwood Place 47 New Family Affordable Homes Development, Inc.
Republic OS 9% $590,000 $590,000
14‐044‐MT‐USBO January 2015 Brookdale East Apartments 102 Rehab Family Hughes Development Company, Inc.
St. Joseph OS 9% $555,000 $555,000
14‐046‐MHT‐PLO 12/04/2014 Fish Haven Apartments 64 New Family Legacy Property Development, LLC Lake Ozark OS 9% $660,000 $660,000
14‐048‐MT‐USBO Early December West Clay Senior Living 60 New Elderly Phoenix Real Estate Services, LLC St. Charles STL 9% $657,000 $657,000
14‐052‐MT‐GSBO CLOSED Fox River Estates 48 New Family Four Corners Development, L.L.C. Willard OS 9% $570,000 $570,00014‐053‐T CLOSED Shawnee Place 48 Rehab Family Chillicothe Housing Authority
Development CorporationChillicothe OS 9% $345,000 $345,000
14‐055‐HT December James Place 40 New Family O'Reilly Development Co., LLC Springfield OS 9% $423,000 $423,00014‐057‐T December St. Francis/King Hill 157 Rehab Elderly Interfaith Community Services DBA
InterServSt. Joseph OS 9% $481,000 $481,000
14‐063‐H CLOSED Lancaster Duplex Housing Project 2 New Family Northeast Missouri Community Action Agency
Lancaster OS HOME only
14‐067‐MT‐USBO CLOSED Pine Lawn Senior Apartments 53 New Elderly Beyond Housing Pine Lawn STL 9% $609,000 $609,00014‐070‐MT‐USBO CLOSED Briar Creek Villas, LP 48 New Elderly Houisng Investment Partners, II Belton KC 9% $535,000 $535,00014‐071‐T CLOSED Fox Creek Villas L.P. 34 New Elderly MBL Development Co. Marshall OS 9% $470,000 $470,00014‐091‐MTO‐USBO January 2015 Ivanhoe Gateway at 39th 12 New Elderly Ivanhoe Neighborhood Council Kansas City KC 9% $178,000 $178,00014‐093‐T 11/26/14 Bloomsdale Estates and Pleasant
View Estates56 Rehab Elderly East Missouri Action Agency, Inc. Bloomsdale OS 9% $358,000 $358,000
14‐095‐MTO‐GSBO Late December Rose Hill Townhomes 33 New Family Affordable Housing of Kansas City, Inc.
Kansas City KC 9% $515,000 $505,000
14‐100‐MT‐USBO February 2015 Lemay Homes 40 New Family Lemay Homes Developer, LLC St. Louis STL 9% $526,000 $526,00014‐105‐HT 12/03/14 Hawthorne Senior Apartments 36 New Elderly Missouri Valley Community Action
AgencyWarrensburg OS 9% $351,000 $351,000
14‐107‐H Early January 2015
McKee Street Apartments 12 New Family New Horizons Community Support Services, Inc.
Columbia OS HOME only
14‐110‐HT December Holman Place Apartments 48 Rehab Family Iceberg Development Hannibal OS 9% $389,000 $389,00014‐404‐TE February 2015 Station Plaza Lofts 87 Rehab Family Sherman Associates, Inc. St. Louis STL 4% $500,077 $480,00014‐405‐HTE Late January
2015Life Skills Rehab Project 67 New +
RehabElderly Renaissance Property Group LLC Kirkwood STL 4% $248,000 $248,000
FiscalYear2014ProjectSummaryReport2014 Round 1 ‐ 9% Credits, HOME, 4% Credits, Fund Balance
Updated: 11/24/2014
Project #Status / Est.
Closing Month Development Name Units TypeSeniorFamily Developer City
Reg‐ion
LIHTC Type Fed State Comments
14‐416‐TE May 2015 St. Louis Stamping Lofts II 22 Rehab Family St. Louis Stamping Lofts II LP St. Louis STL 4% $110,191 $110,19114‐417‐TE February 2015 Mid‐Missouri Veterans Campus 25 Rehab Family Housing Authority of the City of
Columbia, MOColumbia OS 4% $133,941 $133,941
14‐419‐TE March 2015 Stuart Parker Apartments with Paquin Towers
284 Rehab Elderly Housing Authority of the City of Columbia, MO
Columbia OS 4% $833,983 $700,000
14‐425‐TE April 2015 Second and Delaware 275 New Family Arnold Development Group LLC Kansas City KC 4% $286,562 $286,562
FiscalYear2014ProjectSummaryReport2014 Round 2 ‐ 4% Credit, Tax‐Exempt Bonds
4) Report of Staff m. Asset Management update
Rental Production Watch List December 2014
Asset Management PortfolioMHDC Financed Portfolio 248,361,815Federally Funded Portfolio 267,802,319TOTAL 516,164,134
Loan Balance 97.74%
504,479,175 Loan Balance
1.79%
Cedar Ridge aka Allison Apts
Marceline Linn 1978 HUD-insured 148,039$ Occupancy / Physical
Family 32 81% Market Low Housing Authority of the City of
Marceline
81% 100% 3
Charbonier Manor Florissant St. Louis 2003 Uninsured /Participation
1,978,633$ Occupancy Family 71 83% Market Low Gundaker Commercial Group (FP)
92% 14% 1
CP-2004 Castelpoint St. Louis St. Louis 2005 Federal - Uninsured
637,325$ Occupancy Family 15 80% Market Low Beyond Housing (NFP)
89% 50% 1
Fox Trot Apartments Ava Douglas 1997 Federal - Uninsured
424,326$ Occupancy Family 24 83% Market Low Lockwood Group (FP)
92% 8% 5
FP-San Remo St. Louis City St. Louis 2004 Risk Share 2,469,250$ Occupancy / Physical
Family 75 75% Owner/Market Med Tyler Development, Inc (Bob Wood) (FP)
75% 100% 1
Gallatin Plaza Apts Gallatin Daviess 1995 Federal - Uninsured
562,207$ Occupancy Family 30 73% Market Low MBL Development Co.
(FP)
94% 8% 4
Lost Tree North Apartments Branson Taney 2006 Uninsured 873,670$ Occupancy Family 24 75% Market Low New Beginnings (FP)
90% 25% 6
Maple Avenue Independence Jackson 2002 Uninsured 404,735$ Occupancy / Physical
Family 64 81% Owner/Market Low Cohen-Esrey Historic Hsg
Rehab Development
(FP)
92% 33% 19
Meadowview Senior Apts Jamesport Daviess 2006 Federal - Uninsured
827,913$ Occupancy Senior 14 71% Market Low GH Community Development
Corp (NP)
84% 50% 2
Park Gate Townhomes Kansas City Jackson 1999 & 2009 Uninsured 889,611$ Occupancy Family 104 82% Market Med East Meyer Community Assoc. (FP)
82% 100% 8
9,215,709$ Loan Balance
0.48%
Ashley Park Kansas City Jackson 2006 Risk Share/Federal -
Uninsured
6,402,313$ Financial/ Physical
Family 184 80% Owner/Market High Capstone Development
(Ken Vitor) (FP)
95% 10% 33
6,402,313$ Loan Balance
0.06%
River Bend Apts Orrick Ray 1995 Federal - Uninsured
297,462$ Physical Family 20 0% Natural Disaster Low N/A N/A 2
297,462$ Removed from the last report Bethany Plaza
In May 2014, a tornado significantly damaged all buildings; however insurance is only wanting to reimburse ownership for 12 units. MHDC and Ownership are in discussions with HUD to see if this can be classified as a “troubled property” and rebuilt as a 12 unit complex. Management has secured the site.
CONCERNS: (Substandard, Doubtful,
Loss)
City Responsibility RiskType Total Units
Overall Portfolio Occ Rate
OccupancyCounty Loan Date Program Weakness
Risk Developer
PASS
% of portfolio on watch list
Risk Developer Overall Portfolio Occ Rate
ResponsibilitySPECIAL MENTION City County Loan Date Program Weakness
Loan Balances as of 11/05/2014
Months on List
COMMENTSType Total Units
Occupancy
Overall Portfolio Occ Rate
% of portfolio on watch list
FkGibbs serves as management agent. Decline in occupancy is due to lack of qualified traffic. Staff inspected the property in November 2013 and found the physical condition, marketing techniques, and overall management of the property needing improvement. Inspection items remain open and uncorrected 8823s were issued as appropriate. Property continues to provide updates regarding open inspection items. Two applications are pending. Walk-in traffic and telephone calls continue to be minimal. Occupancy has increased since the last report.
Ozark Properties serves as management agent. Decline in occupancy is due to lack of qualified applicants. Staff inspected the property in November 2014 and found the physical condition, marketing techniques, and overall management of the property satisfactory. No applications are pending. Walk-in traffic and telephone calls continue to be minimal. Occupancy has increased since the last report.
Kodiak Management (Related Party) serves as management agent. Decline in occupancy is primarily due to evictions for non payment of rent and low income limits in the area. Staff inspected the property in March 2014 and found the physical condition, marketing techniques, and overall management of the property satisfactory. Three applications are pending, walk-in traffic and telephone calls continue to be minimal. Occupancy has increased since the last report.
Community Housing Management serves as management agent. Decline in occupancy is due to lack of qualified traffic. Management is currently offering incentives to attract residents. Staff inspected the property in October 2014 and found the physical condition needing improvement and the marketing techniques, and overall management of the property satisfactory. Inspection items remain open and uncorrected 8823s will be issued as appropriate. Property will provide updates regarding open inspection items. Two applications are pending. Walk-in traffic and telephone calls continue to be minimal. Occupancy has decreased since the last report.
Cohen-Esrey (Related Party) serves as management agent. Decline in occupancy is primarily due to the decline in economic conditions causing increased skips, evictions for non payment of rent, and residents not renewing their lease as they desire a larger unit. Management is offering incentives to attract residents. Staff inspected the property in November 2013 and found the physical condition, marketing techniques, and overall management of the property needing improvement. Inspection items remain open and uncorrected 8823s were issued as appropriate. Property continues to provide updates regarding open inspection items. This property is scheduled to be inspected last quarter 2014. There are four applications pending, walk-in traffic and telephone calls have decreased. Occupancy has remained the same since the last report.
Fairway Management serves as management agent. Decline in occupancy is due to move outs (including home purchases), evictions and skips. Staff inspected the property in June 2014 and found the physical condition, marketing techniques, and overall management of the property satisfactory. Twelve applications are pending. Walk-in traffic and telephone calls continue to be steady.
Developer
Substandard
Adverse Classification
% of portfolio on watch list
COMMENTS
The reputation was poor prior to rehabilitation and management continues to struggle to overcome the negative reputation. Ownership defaulted on the loan in December 2012. In February 2013, ownership submitted a Partial Payment of Claim application to HUD for consideration. The application is currently being reviewed by HUD. In October 2013, HUD awarded the property an additional 50 project based Sec 8 Units, and occupancy has steadily improved. Staff inspected the property in April 2014 and found the physical condition, marketing techniques, and overall management of the property needing improvement. All inspection items needing correction have been reported by management as being corrected; staff verified that the work has been completed. 8823s were issued as appropriate. MHDC reestablished a security grant with the property to help with security until a decision is made by HUD. There are 29 applications pending. Occupancy has decreased since the last report.
Weakness Type Total Units
Occupancy Responsibility Properties Affected by Tornado
City County Loan Date Program Months on List
Green Hills Community Development serves as management agent. Decline in occupancy is due to difficulty finding income qualified residents and residents moving to assisted living facilities. Management is currently offering incentives to attract residents. Staff inspected the property in August 2013 and found the physical condition, marketing techniques, and overall management of the property satisfactory. Two applications are pending. Walk-in traffic and telephone calls continue to be minimal. Occupancy has remained the same since the last report. YARCO (Related Party) serves as management agent. Decline in occupancy is due to evictions for lease violations, non payment of rent, and difficulty finding qualified residents. Staff inspected the property in July 2013 and found the physical condition, marketing techniques, and overall management of the property needing improvement. All inspection items needing correction have been reported by management as being corrected; staff verified that the work has been completed. 8823s were issued as appropriate. Ownership is currently having discussions with the limited investor regarding possible disposition strategies. Walk-in traffic and telephone calls continue to be steady. There are five applications pending. Occupancy has increased since the last report.
Months on List
Beyond Housing (Related Party) serves as management agent. Decline in occupancy is due to resident move outs due to fear of civil unrest. Staff last inspected the property in July 2014 and found the physical condition, marketing techniques, and overall management of the property to be satisfactory.
CAMCO serves as management agent. Decline in occupancy is primarily due to evictions. Staff inspected the property in February 2014 and found the physical condition, marketing techniques, and overall management of the property satisfactory. Management is conducting a marketing blitz. Twelve applications are pending.
COMMENTS
5) Such other matters that may come before the Commission
6) Adjourn
Date Meeting Type and Location Additional Information
December 5, 2014 Friday – 9:00 AM
Regular Commission Meeting Hampton Inn & Suites 1225 Fellows Place Columbia, MO 65201
Regularly Scheduled Meeting
February 27, 2015 Friday – 9:00 AM
Regular Commission Meeting Hampton Inn & Suites 1225 Fellows Place Columbia, MO 65201
Regularly Scheduled Meeting
April 17, 2015 Friday – 8:00 AM
Audit Committee Meeting Stoney Creek Inn 2601 S. Providence Columbia, MO 65203
April 17, 2015 Friday – 9:00 AM
Regular Commission Meeting Stoney Creek Inn 2601 S. Providence Columbia, MO 65203
Regularly Scheduled Meeting
May 22, 2015 Friday – 9:00 AM (Full Day Event)
Planning Session and Regular Commission Meeting Stoney Creek Inn 2601 S. Providence Columbia, MO 65203
June 26, 2015 Friday – 9:00 AM
Regular Commission Meeting Stoney Creek Inn 2601 S. Providence Columbia, MO 65203
Regularly Scheduled Meeting
September 18, 2015 Friday – 8:00 AM
Audit Committee Meeting Stoney Creek Inn 2601 S. Providence Columbia, MO 65203
September 18, 2015 Friday – 9:00 AM
Regular Commission Meeting Stoney Creek Inn 2601 S. Providence Columbia, MO 65203
Regularly Scheduled Meeting
December 11, 2015 Friday – 9:00 AM
Regular Commission Meeting Stoney Creek Inn 2601 S. Providence Columbia, MO 65203
Regularly Scheduled Meeting
Missouri Housing Development Commission Meeting Calendar
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