THURSDAY DECEMBER AT A M - MHDC

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].

Notice is hereby given that the Missouri Housing Development Commission will conduct its

Regular Meeting on Thursday, December 17, 2020:

Capitol Plaza Hotel

New Room Location: Jefferson Room

415 W. McCarty Street

Jefferson City, MO 65101

Toll Free Conference Line: 800-201-5203

Kansas City: 816-897-0010

St. Louis: 314-627-1157

Access Code: 264716

The 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

920 Main Street, Suite 1400

Kansas City, MO 64105

(816)759-6822

[email protected]

REGULAR MEETING

OF THE

MISSOURI HOUSING DEVELOPMENT COMMISSION

THURSDAY, DECEMBER 17, AT 9:00 A.M.

REGULAR MEETING OF THE


THURSDAY, DECEMBER 17, 2020 AT 9:00 A.M.

AGENDA

CAPITOL PLAZA HOTEL

JEFFERSON ROOM

415 W. MCCARTY STREET

JEFFERSON CITY, MO 65101

TOLL FREE CONFERENCE LINE: 800-201-5203

KANSAS CITY: 816-897-0010

ST. LOUIS: 314-627-1157

ACCESS CODE: 264716

Regular Meeting

1. Roll Call

2. Approval of minutes for the November 13 and November 24 Regular Meeting

3. Report of Chairman

4. Report of Staff

a. RFP for Bond Underwriters

b. 2020 Rental Production Recommended Applications

5. Such other matters that may come before the Commission

1) Roll

Governor:

Mike Parson

Governor

Lieutenant Governor:

Mike Kehoe

Lieutenant Governor

Treasurer:

Scott Fitzpatrick

State Treasurer

Attorney General:

Eric Schmitt

Attorney General

Chairman:

Jeffrey S. Bay

Secretary/Treasurer:

Bill Miller

Commissioner:

Mark Elliff

Commissioner:

Rick McDowell

Commissioner:

Garrick Hamilton

Commissioner:

Tracey S.C. Lewis

Missouri Housing Development Commission Roster

2) Approval of minutes for the November 13 and November 24 Regular Meetings

MISSOURI HOUSING DEVELOPMENT COMMISSION Regular Meeting

Minutes of Meeting Held Friday, November 13, 2020 The regular meeting of the Missouri Housing Development Commission was held by phone on Friday, November 13, 2020 at 9:00am. Those present were:

Commissioners and Persons Present to Vote for Ex-Officio Members

Jeffrey S. Bay, Chairman Mike Kehoe, Lieutenant Governor (via telephone) Scott Fitzpatrick, State Treasurer (via

telephone) Jonathan Hensley, on behalf of Attorney General Schmitt Bill Miller, Secretary-Treasurer Rick McDowell, Commissioner Mark Elliff, Commissioner Garrick Hamilton, Commissioner Tracey Lewis, Commissioner

Others Present Henry Herschel, Governor Parson’s Office (via telephone) Leslie Korte, State Treasurer Fitzpatrick’s Office

Commissioners Absent Mike Parson, Governor Eric Schmitt, Attorney General

Staff Members Kip Stetzler, Executive Director Marilyn Lappin, Director of Finance Frank Quagraine, Director of Rental

Production (via telephone) Katie Jeter-Boldt, General Counsel Jennifer Schmidt, Deputy Director of

Operations Scott Hanak, Director of Asset Management

(via telephone) David Nickum, Director of Information

Technology Sara Turk, Fiscal and Accounting Manager (via

telephone) Gus Metz, Chief Underwriter (via telephone) Steve Whitson, Community Initiatives

Manager Megan Word, Legislative Coordinator (via telephone) Lynn Sigler, Operations Manager Anne Powell, Attorney (via telephone)

Chairman Bay called the meeting to order.

Commission meeting roll call was taken by Ms. Sigler; a quorum was present.

Commissioner Miller gave a report on the Audit Committee Meeting held on September 25, 2020.

Steve Whitson requested approval for the CARES Act CV-2 Notice of Funding Availability and Allocation Plan, including MHDC’s direct administration of federal reimbursable assistance. A motion to approve was made by Commissioner Elliff and seconded by Lieutenant Governor Kehoe. The motion passed unanimously with vote of 9-0.

Chairman Bay reminded the board that at the last meeting held on September 25, 2020 there was an interest from board members to serve on a committee to study the accelerated redemption of the low-income housing tax credit. A motion was made by Commissioner Miller to form the Accelerated Redemption Study Committee and to appoint the following to the committee: State Treasurer Scott Fitzpatrick as Chair, Lieutenant Governor Mike Kehoe, Commissioner Mark Elliff, Commissioner Garrick Hamilton, Commissioner Tracey Lewis, and Commissioner Rick McDowell. Commissioner Hamilton seconded the motion. The motion passed unanimously with a vote of 9-0.

Kip Stetzler requested approval of the Rental Production Recommendation for Funding Federal 4% Rolling Application. A motion to approve the 4% application was made by Commissioner Hamilton and seconded by Commissioner Miller. The motion passed with a vote of 9-0.

Mr. Whitson requested approval of the Missouri Housing Trust Fund 2021 Allocation Plan and Notice of Funding Availability. A motion to approve the Allocation Plan and NOFA was made by Commissioner Miller and seconded by Commissioner Elliff. The motion passed with a vote of 9-0.

After inquiring of Commissioners and staff if there were other matters for the Commission to take up, and upon hearing none, Commissioner Miller made a motion to adjourn and it was seconded by Commissioner Elliff. The motion passed unanimously with a vote of ayes.

_________________________________________ Jeffrey S. Bay, Chairman

MISSOURI HOUSING DEVELOPMENT COMMISSION Regular Meeting

Minutes of Meeting Held Tuesday, November 24, 2020 The regular meeting of the Missouri Housing Development Commission was held by phone on Tuesday, November 24, 2020 at 9:30am. Those present were:

Commissioners and Persons Present to Vote for Ex-Officio Members

Jeffrey S. Bay, Chairman (via telephone) Mike Kehoe, Lieutenant Governor (via telephone) Scott Fitzpatrick, State Treasurer (via

telephone) Justin Smith, on behalf of Attorney General Schmitt (via telephone) Bill Miller, Secretary-Treasurer (via telephone) Rick McDowell, Commissioner (via telephone) Mark Elliff, Commissioner (via telephone) Garrick Hamilton, Commissioner (via telephone) Tracey Lewis, Commissioner (via telephone)

Others Present Kayla Hahn, Governor Parson’s Office (via telephone) Leslie Korte, State Treasurer Fitzpatrick’s Office (via telephone)

Commissioners Absent Mike Parson, Governor Eric Schmitt, Attorney General

Staff Members Kip Stetzler, Executive Director (via telephone) Tina Beer, Director of Operations (via

telephone) Marilyn Lappin, Director of Finance (via

telephone) Frank Quagraine, Director of Rental

Production (via telephone) Katie Jeter-Boldt, General Counsel (via

telephone) Jennifer Schmidt, Deputy Director of

Operations (via telephone) Scott Hanak, Director of Asset Management

(via telephone) David Nickum, Director of Information

Technology (via telephone) Sara Turk, Fiscal and Accounting Manager (via

telephone) Sarah Parsons, Disaster Program Manager (via

telephone) Gus Metz, Chief Underwriter (via telephone)

Megan Word, Legislative Coordinator (via telephone) Lynn Sigler, Operations Manager (via telephone) Anne Powell, Attorney (via telephone)

Chairman Bay called the meeting to order.

Commission meeting roll call was taken by Ms. Sigler; a quorum was present.

A motion to approve the minutes of the Regular Meeting held on September 25, 2020 was made by Commissioner Miller and seconded by Commissioner Elliff. The motion passed unanimously with a vote of 9-0.

A motion to ratify any prior actions with respect to the Qualified Allocation Plan ("QAP") and confirm that the board has adopted the QAP, as amended by discussion at the September 25 meeting, was made by Commissioner McDowell and seconded by Commissioner Miller. The motion passed unanimously with a vote of 9-0.

After inquiring of Commissioners and staff if there were other matters for the Commission to take up, and upon hearing none, Chairman Bay made a motion to adjourn and it was seconded by all Commissioners with “aye” in unison. The motion passed unanimously with a vote of ayes.

_________________________________________ Jeffrey S. Bay, Chairman

3) Report of Chairman

4) Report of staff a. RFP for Bond Underwriters

Mike Parson Governor

Mike Kehoe Lieutenant Governor

Scott Fitzpatrick State Treasurer

Eric Schmitt Attorney General

Jeffrey S. Bay Chairman

Bill Miller Secretary-Treasurer

Mark Eliff Commissioner

Rick McDowell Commissioner

Garrick Hamilton Commissioner

Tracey S.C. Lewis Commissioner Kip Stetzler Executive Director

Kansas City 920 Main, Suite 1400 Kansas City, MO 64105 816-759-6600 Fax 816-301-7000 Mailing Address: P.O. Box 239 Liberty, MO 64069

St. Louis 505 N. 7th Street 20th Floor, Suite 2000 St. Louis, MO 63101 Mailing Address: 7450 Natural Bridge Rd. P.O. Box 210567 St. Louis, MO 63121-9998

www.mhdc.com

December 17, 2020 TO: Board of Commissioners Missouri Housing Development Commission FROM: Marilyn Lappin

Director of Finance

SUBJECT: RFP for Bond Underwriters The Commission’s agreement with the Commission’s current bond underwriting team is approaching the end of the five-year term which began in spring 2016. Attached for your review is a draft Request for Qualifications and Proposals (RFP), which will request proposals from investment banking and broker/dealer firms to serve as senior managers and co-managers to underwrite, sell and distribute the Commission’s single family mortgage revenue bonds and multifamily housing revenue bonds and selling group members to sell and distribute bonds. Staff requests approval to release the RFP for Underwriters and Selling Group Members so the bond underwriting team selection process can begin.

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Request for Qualifications and Proposals

for Underwriters and Selling Group Members

Released: January 5, 2021

Responses Due: February 8, 2021 Noon Central Time via email to: [email protected]

SECTION I: INTRODUCTION The Missouri Housing Development Commission (“MHDC” or the “Commission”) was 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. The Commission is a governmental instrumentality of the state of Missouri and a body corporate and politic. The Commission’s authority is derived from Section 215.030, et seq., of the Revised Statutes of Missouri, as amended and supplemented. Purpose of the Request for Qualifications and Proposals (RFP) The purpose of this Request for Qualifications and Proposals (“RFP”) is to request proposals from investment banking and broker/dealer firms to serve as senior managers, co-senior managers and co-managers of a syndicate to underwrite, sell and distribute its single family mortgage revenue bonds and multifamily mortgage revenue bonds and selling group members to sell and distribute its single family mortgage revenue bonds and multifamily mortgage revenue bonds. Interested firms should respond in accordance with this RFP. Term of Service It is anticipated that the selected firms will be retained by the Commission for three years commencing with the first mortgage revenue bond issue sold after the Commission’s selection process is completed. This three year term is subject to satisfactory performance. At its option the Commission may extend the relationship for one additional two-year period. MHDC reserves the right, at its sole discretion, to end the term of service or change the status and role for any firm selected pursuant to this RFP, at any time prior to the expiration of the stated term of service and to add one or more firms not initially selected pursuant to this RFP to its underwriting team at any time during the stated term of service. This right reserved to MHDC to add or remove one or more firms is a unilateral right in the sole discretion of MHDC and may be undertaken at any time with or without cause. Selection of firms to be added at such time may be made from among respondents to this RFP or pursuant to such other selection process as MHDC shall determine. Anticipated Timetable for RFP and Proposals

Release RFP Proposals Due Evaluation Committee Recommendation Selection by Commissioners

January 5, 2021 February 8, 2021 Noon Central Time Spring 2021 Spring 2021

mailto:[email protected]

http://oh.mhdc.com/Commdept/MHDC%20Logos/MHDC_Logo_Full_Color_Small.jpg

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SECTION II: GUIDELINES AND INSTRUCTIONS 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 firm. Interested firms are requested to submit proposals that contain information submitted in the order of Section VI below. Proposal Submission Completed proposals must be submitted electronically by email to [email protected] in searchable PDF file format along with the spreadsheet listing in Excel file format of the bidding firm’s owners pursuant to Section VI.B.3. The “Subject” line of the email should state “[insert firm name] Proposal for Underwriters and Selling Group Members.”

Proposal Due Date Monday, February 8, 2021 by Noon Central Time

Standards of Conduct Please refer to the Commission’s “Standards of Conduct” Policy for information regarding contact with MHDC commissioners or staff in connection with this RFP, necessary disclosures thereunder and other policies regulating the actions of interested parties, employees and commissioners during a competitive matter. The Commission’s Standards of Conduct Policy is available on MHDC’s website at http://www.mhdc.com/about/commission/policies/index.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 as set forth in Section VI.B.3 below. Inquiries The Commission will provide responses to inquiries submitted by firms to the Commission’s contact person, Marilyn Lappin, Director of Finance. All questions must be submitted in writing via email to Ms. Lappin at [email protected] and received no later than Thursday, January 14, 2021, 3:00 p.m. CT. The “Subject” line of the email should be, “RFP for Underwriters and Selling Group Members Questions.” Questions submitted after the deadline will not receive a response. Responses will be provided by January 25, 2021, 5:00 p.m. CT to all interested bidders that have provided an email address to Ms. Lappin prior to the above deadline for the submission of questions All inquiries must be submitted by email, citing the particular RFP section and paragraph number, if applicable. Respondents should note that all clarifications and exceptions are to be resolved prior to submission of the proposal. Other than the contact person identified herein and except as provided in Sections VI.B.3 and VI.B.16 below, prospective proposers shall not approach the Commission’s employees, managers, board

http://www.mhdc.com/about/commission/policies/index.htm

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members or bond finance professionals after the publication of this RFP until the board of Commissioners complete their selection. Public Records Firms responding to this RFP should be aware that the Proposals are public records under state law after the evaluation and selection process has been 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 notice of an addendum to each firm receiving notice of this RFP. Any additional information required to clarify portions of this RFP will be issued in the form of an addendum. Visits and Interviews All firms responding to this RFP must be prepared to schedule a telephone/video conference or a visit to its offices or to another location upon request by the Commission. In addition, firms responding to this RFP may be interviewed via a telephone/video conference or at a location determined by MHDC as a part of the selection process. Expense Relating to Proposals The Commission 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 The Commission 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 firm; 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 underwriting services. The engagement described in this RFP is not exclusive and MHDC expressly retains the right at any time to retain any other firm or firms to provide any of the services described herein without violating the engagement contemplated by this RFP or to sell any issue of its bonds by competitive sale or private placement or such other means it shall deem appropriate.

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SECTION III: UNDERWRITING TEAM MHDC intends to designate one or two firms as Senior Manager(s) and approximately four to six firms as Co-Managers, which may include one or two Co-Senior Managers, for its single family mortgage revenue bonds. If more than one Senior Manager is selected, it is possible that the Senior Managers will alternate roles as book-running manager of the account on single-family bond issues, with the Senior Manager not serving a particular transaction as book-running manager of the account serving as a Co-Senior Manager, along with the other firm or firms selected as Co-Senior Manager, if any. In addition, MHDC expects to appoint additional firms as members of a selling group in connection with its single-family mortgage revenue bonds. MHDC anticipates that the firm(s) selected as Senior Manager(s) for the single-family mortgage revenue bond issues will serve as Senior Manager(s) for its multifamily mortgage revenue bonds as well. MHDC may designate one Senior Manager as book-running manager of the multifamily account or may alternate roles as book-running manager of the account at its discretion. Firms selected as Co-Senior Managers (if any), Co-Managers and selling group members may participate in those capacities for multifamily mortgage revenue bonds from time to time in the judgment of MHDC for those issues of sufficient size or other characteristics to justify a larger underwriting team. Compensation of all firms, including Senior Managers, Co-Senior Managers (if any), Co-Managers and selling group members, will be determined by the fee arrangements negotiated with the Senior Managers. MHDC will direct the order priorities, member liabilities and designation rules for priority orders to be included in the Agreement Among Underwriters (AAU) and in the Selling Group Agreement. MHDC reserves the right in its sole discretion to change the order priorities, member liabilities and designation rules for priority orders at any time during the term of the engagement contemplated by this RFP. MHDC has typically sold its single family mortgage revenue bonds using a one day retail order period followed by institutional pricing the subsequent morning. During the retail order period the priority of orders is Missouri retail orders followed by national retail orders. During the institutional pricing the priority of orders is net designated orders followed by member orders. MHDC expects to continue to follow these practices but is open to suggestions to enhance distribution of its bonds. Respondents may apply for selection as a Senior Manager, Co-Manager or Selling Group Member. Applicants for Senior Manager will automatically be considered for selection as a Co-Manager or Selling Group Member and applicants for Co-Manager will be considered as Selling Group Member.

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SECTION IV: SCOPE OF SERVICES The Scope of Services will differ for those firms chosen as Senior Manager compared to Co-Managers and Selling Group Members. Due to their alternating position as the book-running senior manager, the Senior Managers will provide MHDC a broader range of services, as follows. Senior Managers. The Senior Managers will be primarily responsible for the following scope of services relating to the issuance of bonds:

1. Assist in the development of the overall bond financing strategy, including the sizing and timing of each long term bond issue.

2. Provide recommendations regarding the structure of each issue of bonds to best achieve

MHDC’s objectives for that transaction. This will include ideas regarding the marketing of taxable bonds, ideas for economic refunding issues, planned amortization class bonds, super-sinker maturities, pass-through structures and other concepts that will enable MHDC to maximize the funds available for loans to homebuyers at the lowest reasonable mortgage rates.

3. Review and comment on the bond documents, disclosure documents, program agreements

and other documents relating to each transaction. This will include timely review by the Senior Manager of the Supplemental Indenture, the official statement or other disclosure documents and the closing documents for each series of bonds issued.

4. Coordinate with underwriter’s counsel in making arrangements with financial printers for

printing and mailing of disclosure documents and related materials. 5. Assist in obtaining the rating for each bond transaction and any bond insurance commitment

or other form of credit enhancement desired to secure the bonds. 6. Work with MHDC and its Financial Advisors to develop the underwriting, distribution and

marketing strategy for each issue of bonds and arrange for the preparation of an Agreement Among Underwriters (AAU) containing appropriate order priorities, syndicate rules and restrictions to implement that strategy and a Selling Group Agreement, as appropriate, detailing the rules and priorities applicable for the members of the Selling Group, if any.

7. When serving as book-runner, manage the syndicate in such a way as to adhere to the

constraints imposed by the AAU and to ensure a fair and equitable allocation of bonds among the managing underwriters and Selling Group, as applicable.

8. When serving as book-runner, have the capabilities to prepare all quantitative analyses and

yield calculations relating to each new issue. (Note that computer-related services are currently, at the discretion of MHDC, provided by MHDC's Financial Advisors.)

9. As requested, assist MHDC and its Financial Advisors in the development and

implementation of the bond proceeds reinvestment strategy. 10. Provide a comprehensive and detailed Analysis of Distribution to document the level of

participation and performance of each member of the underwriting team in selling and distributing MHDC’s bonds.

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11. Underwrite maturities of bonds, individually or as members of the syndicate, as appropriate, to effectuate the successful distribution of the Commission’s bonds at the lowest possible interest rate.

Co-Senior Managers and Co-Managers. The Co-Senior Managers, if any, and Co-Managers will be primarily responsible for the following scope of services relating to the issuance of bonds:

1. Work with the book-running Senior Manager by providing recommendations regarding the pricing, marketing and distribution strategy.

2. Review and comment on the draft AAU prepared and distributed by the book-running Senior Manager.

3. Utilize the firm’s institutional and retail sales capabilities to aggressively market bonds in support of the pricing and distribution strategy.

Selling Group Members. The Selling Group Members will utilize the firm’s institutional and/or retail sales capabilities to aggressively market bonds in support of the pricing and distribution strategy. Selling group members are not eligible for designations of takedown for net designated orders. SECTION V: EVALUATION CRITERIA The criteria to be used in evaluating the Proposals will include, but are not limited to, the following:

1. Housing finance experience and expertise of the personnel to be assigned to the Commission’s engagement as well as the housing finance experience and expertise of the firm.

2. Sales and distribution capabilities, which shall include both retail and institutional distribution capabilities, demonstrated distribution efforts on prior MHDC issues as well as on behalf of other state and local issuers of single family and multifamily mortgage revenue bonds.

3. The location, extent and capabilities of the firm’s offices and employees in Missouri, and

economic impact to Missouri.

4. Suggestions regarding innovative financing ideas for MHDC.

5. The firm’s capital adequacy and capacity to perform the services described under Scope of Services above in a prompt, responsive manner with excellent quality of work product.

6. The firm’s certification as a minority, woman or veteran-owned firm and/or the firm’s inclusion of minority and women participation, including the firm’s employees.

7. Related investigations and regulatory proceedings and litigation involving the firm will be taken into account, depending upon the nature and significance of the proceedings.

8. The Commission’s prior experiences, if any, with the firm and any other factors the Commission believes would be in its best interest to consider.

9. Quality and thoroughness of RFP response and special capabilities of the firm outlined in the response to the RFP.

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In addition, those firms seeking consideration as Senior Manager will also be evaluated on the following additional factors relevant to the broader scope of services and responsibilities of the Senior Managers, which will include, but are not limited to, the following:

1. Recommended strategies for providing financing for and/or enhancing MHDC’s single family

mortgage revenue bonds program. 2. Recommended strategies for providing financing for and/or enhancing MHDC’s multifamily

mortgage revenue bonds program. 3. Demonstrated computer analytical capabilities to model bond structures and generate

cashflow analyses, including analyses required by S&P and bond and loan yield analyses required to satisfy federal tax law as required by bond counsel.

4. Proposed fees and charges for services.

SECTION VI: PROPOSAL DETAILS Respondents interested in responding to this RFP should submit the following information. A. Cover Letter (limit to 1 page) 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.

B. Proposal (limited to 25 pages, excluding exhibits) including the following information:

1. Proposed Role. State the role for which you wish your firm to be considered: (a) Senior Manager, or (b) Co-Senior Manager, (c) Co-Manager or (d) Selling Group Member.

2. Firm Information. Provide a description of your firm that includes the length of time

your firm has been in business, an overview of the public finance department and a discussion of any substantive changes in its management and housing banking group, in its municipal securities trading group, and in any other area of its public finance practice in the last three (3) years.

3. Firm Ownership. Pursuant to the Standards of Conduct (see Section II 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 firm ownership information, please complete Attachment 1 in spreadsheet format to include a listing of your firm’s owners/shareholders. Questions regarding these requirements or any other requirements or restrictions imposed by the Standards of

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Conduct may be directed to the Commission’s General Counsel, Katherine (Katie) Jeter-Boldt, by phone at 816-759-6835 or email at [email protected].

4. Public Finance Department. Provide an overview of your public finance department and your firm’s financial wherewithal to underwrite housing bonds. Include the following information:

Number of professionals in public finance department

Number of professionals assigned full-time to tax-exempt housing

Number of institutional sales personnel assigned exclusively to marketing tax-exempt bonds and notes

Firm’s net capital Firm’s excess net capital Net capital allocated to Public Finance Excess net capital allocated to Public Finance

5. Housing Professionals. Provide the number of professionals who are dedicated to

banking for state HFAs, including their names, titles and a brief description of their background and experience. Describe any changes, including additions and departures, in your housing group staff in the last two years and the impact on serving clients. In addition, please describe plans for any upcoming anticipated changes, such as retirements, in your housing group staff.

6. Contact Person and Staffing. Provide the name, address, phone number, and email

address of the primary contact person for your firm’s proposal. Identify the personnel, and provide a brief resume for each such person, who would be assigned to the MHDC account if your firm is selected pursuant to this RFP to serve in any capacity. Identify the location and key personnel of the municipal trading desk that will have primary responsibility for the Commission’s bond sales. Note that if the firm is selected in any capacity no change to this staffing will be permitted without the permission of MHDC.

7. Sales and Distribution Capability. Describe the in-State, regional and national sales

and distribution capabilities of your firm both as to (a) retail sales, and (b) institutional sales. Discuss the proposed role of your firm in implementing a pricing and marketing strategy to take maximum advantage of strong in-State retail demand for MHDC bonds. Describe any other sales and distribution capabilities of the firm that will enhance the distribution of MHDC’s bonds.


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8. Qualifications and Experience. Provide the following summary data with respect to housing revenue bond transactions (both tax exempt and taxable) for which your firm served as book-running senior manager, co-senior manager, co-manager, or selling group member, for each of the periods indicated in the table, below. Provide a separate table for Single Family and for Multifamily bond issues.

Lead Manager Co-Senior Manager Co-Manager Selling Group Member YEAR # Issues $ Amount # Issues $ Amount # Issues $ Amount # Issues $ Amount 2018 2019 2020

In a separate appendix list each transaction incorporated into the table above, grouped

by the firm’s role, in chronological order providing general information about the transaction including the issuer name, the dollar amount of the issue, the name of the issue, the series designation and the settlement date.

For those firms that have previously served as an underwriter or selling group member

to MHDC during the same periods in the table, please complete the following table and for those firms not previously serving MHDC during that period select another comparable state agency client and complete the following table. When completing the table, institutional designations received by firms may serve as the basis for the amount of allotments.

Retail Distribution Institutional Distribution YEAR Orders ($) Allotments ($) Orders ($) Allotments ($) 2018 2019 2020

9. State HFA Clients. List the state housing finance agencies for which your firm

currently serves as book-running Senior Manager, Co-Senior Manager, Co-Manager or selling group member, the firm’s role and a contact with the agency for reference purposes. Identify any state housing finance authority for which your firm was added to the underwriting team or for which the firm’s role was elevated since January 1, 2018. Identify any state housing finance authority for which your firm served as a member of the underwriting team subsequent to January 1, 2018, but for which your firm is not currently serving in that capacity or is serving in a diminished capacity. Please explain the basis for the change.

10. State HFA References. Provide contact names, phone numbers and email addresses

for three state-level HFA references.

11. Operation of the Underwriting Syndicate. State your firm’s recommendations regarding bond order priority, retention and designation policies which should be included in the Agreement Among Underwriters to govern the operation of the underwriting syndicate in order to (a) first and foremost, best implement and control a balanced sale designed to minimize TIC by taking advantage of in-State retail demand for certain maturities and institutional demand for bonds (including premium bonds), and (b) to the extent not inconsistent with (a) above, result in fair and equitable

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compensation and bond allocations among the underwriters. State your recommendations regarding the minimum time needed between POS distribution and the start of the order period to permit an orderly and efficient sale, and comment on impacts of incorporating a retail order period.

12. Special Strengths and/or Minority Representation. Describe any special strengths or

capabilities of your firm (which may include selling group performance for MHDC or other state housing finance agencies, special expertise with single and multifamily housing bonds, the firm’s status as a minority, woman or veteran-owned firm, the presence of offices or headquarters in Missouri, the number of employees of the firm within Missouri or any other special services or assistance your firm may provide to MHDC) that you believe may be relevant to or helpful to MHDC in structuring, financing or administering its Homeownership Loan Program and/or its multifamily lending initiatives.

13. Economic Impact to Missouri. The Respondent must provide information and data

concerning the economic impact of any contract entered into pursuant to this RFP. At minimum, the Respondent must provide: a) a description of proposed services that will be performed and/or the proposed products that will be provided by Missourians; b) a description of the economic impact returned to the State of Missouri through tax revenue obligations and otherwise; and c) a description of the Respondent’s economic presence within the State of Missouri, including Missouri employee statistics.

14. Litigation, Investigations and Regulatory Proceedings. Provide a summary of all

inquiries, investigations, or civil litigation initiated, in progress or closed by any federal or Missouri agency during the past five years regarding the conduct of your firm, your firm’s management or public finance personnel. Describe with specificity those actions related to the firm’s public finance department or the distribution of tax-exempt bonds. Describe any related actions taken against your firm or any employees of the firm resulting in fines, suspensions, censure, or similar resolution. Provide a summary of any criminal inquiries, investigations, indictments or convictions against your firm or any employee of your firm (in connection with the employee’s work responsibilities for the firm) initiated, in progress or closed during the past five years. Provide a summary of any civil litigation initiated, in progress or closed during the past five years involving the firm’s public finance practice or any employee’s work responsibilities for the firm in connection with the firm’s public finance practice. Failure to respond fully to this question or to refer to public filings rather than provide the information directly may result in disqualification. (If necessary, responses to this question may be included in as a separate appendix to the proposal.)

15. Authorization to Do Business in Missouri. Respondent should explain its authorization to do business in Missouri and include a copy of relevant public documents, such as a Missouri certificate of good standing, a foreign business registration, a fictitious name filing, or a copy of filed organizational documents. Likewise, Respondent must explain authorization to do business in Missouri and include like documents for all third-party agreements, joint venture arrangements, and/or relationships that will result in the provision of any services in whole or in part by outside parties, third-party contractors, affiliates, or subcontractors. In the event the Respondent or other entities included in the Response is not currently authorized to do business in Missouri, include Respondent’s proposed method and timeline for gaining authorization.

11

16. Undocumented Workers. 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, Katherine (Katie) Jeter-Boldt, by phone at 816-759-6835 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.

17. Prohibition to Boycott Israel. Pursuant to Mo.Rev.Stat. §34.600, MHDC shall not

enter into a contract with any firm that boycotts Israel. In your proposal, state whether your firm is or is not currently engaged in a boycott of (i) goods or services from the State of Israel; (ii) companies doing business in or with Israel or authorized by, licensed by, or organized under the laws of the State of Israel; or (iii) persons or entities doing business in the State of Israel. “Boycott” means refusing to deal with, terminating business activities with, or otherwise taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations, but does not include an action made for ordinary business purposes.

In addition, only those firms seeking consideration as Senior Manager should respond to the following additional information requests:

18. Strategies for Funding Single Family Mortgage Loan Programs with Bond Financing and Other Financing (such as MBS Sales). Based on prevailing interest rates and market conditions, recommend strategies (e.g., bond finance sizing, structure, marketing or pricing, forward delivery or MBS sales) designed to enable MHDC to (a) offer a mix of regular low interest rate loans and higher rate down payment assistance loans with the most affordable interest rates and terms, (b) minimize total transaction costs (including negative arbitrage costs for bond financing), (c) maximize the total amount of lendable proceeds for first time homebuyers and (d) maximize the Net Present Value economic benefit to MHDC of each transaction. Identify any element of your recommended strategy which your firm views as being “proprietary” or otherwise effectively available to MHDC primarily (or exclusively) from your firm.

19. Strategies for Funding Multifamily Mortgage Loans. Based on your recent experience

as a managing underwriter for multifamily mortgage revenue bonds, briefly describe those bond structures and credit enhancement mechanisms which, in the opinion of your firm, currently provide the most cost-effective strategy for funding mortgage loans on rental apartment projects (particularly smaller to medium sized projects).

20. Proposed Fees. State the amount of the management fee (in dollars per thousand)

your firm proposes to be paid for serving as book-running Senior Manager for (a) a $50 million new issue of long term single family mortgage revenue bonds (assuming ‘AA+’ bond rating) and (b) $5 million new issue of long term fixed rate multifamily mortgage revenue bonds (assuming ‘AA+’ bond rating). Provide the quotation of the full amount of the management fee; however, assume this fee will be apportioned with


12

60% of the management fee allocated to the book-running Senior Manager and the remaining 40% allocated to any other rotating Senior firm serving as a Co-Senior Manager. MHDC may approve a different allocation of the management fee among the Senior Managers but the total amount will be based upon the quoted fee.

MHDC understands the Takedown and Risk components of underwriter discount are “market-driven” costs and may fluctuate depending upon market conditions. Based upon market conditions as of January 20, 2021, provide estimates of the Takedown (in dollars per thousand) your firm would recommend for a typical issue of $50 million long term, fixed rate tax-exempt single family mortgage revenue bonds consisting of (a) par serial bond maturities out to 12 years, (b) par term bond maturities of 15, 20, 25 and 30 to 32 years, and (c) premium PAC bonds maturing in approximately 31 or 32 years with an average life of five to six years. For each of the par term bonds, indicate the extent to which the Takedowns could be reduced by offering those bonds only to institutional investors (it is assumed the premium PAC bonds would be offered only to institutional investors). In addition, provide an estimate of the Takedown (in dollars per thousand) your firm would recommend for a pass-through $50 million single family bond issue. Please provide a listing of other estimated underwriter expenses that you would charge, including underwriter’s counsel.

21. Computer Analytical Capability. Describe the capabilities and experience of your firm

in providing all of the quantitative analyses, including analyses required by S&P (both on a single series, stand-alone basis and on a consolidated basis for all parity bonds outstanding under a master indenture) and the bond/mortgage yield computations required by bond counsel. State the fee your firm would propose to charge for providing the cash flow analyses and yield computations for a typical issue of (a) fixed rate single family mortgage revenue bonds, and (b) fixed rate multifamily mortgage revenue bonds. State your firm’s willingness to coordinate bond structuring and cash flow analyses with CSG Advisors Incorporated and Columbia Capital Management, MHDC's Co-Financial Advisors, if these firms continue to be directed to perform the required quantitative analyses.

22. Underwriters’ Counsel. Presently underwriters’ counsel prepares the disclosure

documents for MHDC’s single family issues and prepares the bond purchase agreement, agreement among underwriters and selling group agreement for all bond issues. In addition, bond counsel prepares the disclosure documents on MHDC’s multifamily mortgage revenue bonds and underwriters’ counsel prepares the bond purchase agreement and agreement among underwriters. MHDC expects that a single law firm, or a single team of law firms, will serve as underwriters’ counsel for all single family mortgage revenue bond issues, regardless of the firm appointed book-running senior manager on a particular issue. As a result, MHDC will expect that if two firms are selected as rotating Senior Managers, the Senior Managers will agree on the firm(s) designated as underwriters’ counsel. MHDC expressly reserves the right to disapprove any firm so selected and to require the Senior Managers to agree upon a firm acceptable to MHDC. In the future, MHDC may consider a different approach to its legal services and provide that its disclosure documents be prepared by disclosure counsel selected by MHDC. Indicate your willingness to abide by these terms. Furthermore identify the law firm(s), including the names and resumes of the principal attorneys,

13

including participation with a minority, woman or veteran-owned firm, if any, you would propose or consider as a candidate to serve as Underwriters’ Counsel on transactions for which your firm would be designated as book-running Senior Manager.

There is no additional information requested. Thank you for reviewing this RFP. We look forward to your response.

MHDC - Underwriters and Selling Group Members - RFPFirm Information

Proposing Firm Owners/Partners/Shareholders *

[Firm Name]

ATTACHMENT 1

* For publicly traded firms, 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

4) Report of staff b. 2020 Rental Production Recommended Applications

Kansas City Region

Project # Units

New

Rehab

Senior /

Family

HOME

CHDO

Set-aside

Non-

profit TC

Set-aside

Set-Aside

Preference /

Service Enriched /

Veteran's Services Development Name Developer City

Federal 4%

Tax Credits

State 4% Tax

Credits

Federal 9%

Tax Credits

State 9% Tax

Credits HOME

MHDC Fund

Balance - Perm.

National

Housing Trust

Fund TCAP

Tax Exempt

Bond - Const.

20-404 204 Rehab Family No No YesParker Square Apartments CRG Developers LLC Kansas City $ 912,300 $ 181,768 N/A N/A $ - $ - $ - $ - $ 18,600,000

20-419 118 RehabSenior

62+ No No Yes

Palestine Gardens _ Palestine Gardens North

Palestine Gardens / Palestine Gardens, Inc Kansas City $ 384,212 $ 384,212 N/A N/A $ - $ - $ - $ - $ 8,840,000

20-014 50 NewSenior

55+ No No Yes Logan Villas, LP Raga Properties, LLC Raytown N/A N/A $ 638,000 $ 446,600 $ 1,200,000 $ - $ - $ - N/A

20-051 53 New Family No Yes Yes Bodhi Kansas City Vecino Group, LLC Kansas City N/A N/A $ 671,000 $ 469,700 $ 700,000 $ - $ - $ - N/A

20-052 62 New Family No No Yes Libertad Grandview Vecino Group, LLC Grandview N/A N/A $ 786,000 $ 550,200 $ 1,300,000 $ - $ - $ - N/A

20-077 80 Rehab Family Yes Yes Yes The Cleveland Community Builders of Kansas City Kansas City N/A N/A $ 482,000 $ 337,400 $ 725,000 $ 2,100,000 $ - $ - N/A

20-100 62 New Family No Yes Yes Sam Rodgers Place Brinshore Development, LLC Kansas City N/A N/A $ 655,000 $ 458,500 $ - $ 2,700,000 $ 1,600,000 $ - N/A

St. Louis Region

Project # Units

New

Rehab

Senior /

Family

HOME

CHDO

Set-aside

Non-

profit TC

Set-aside

Set-Aside

Preference /

Service Enriched /


Federal 4%

Tax Credits

State 4% Tax

Credits

Federal 9%

Tax Credits

State 9% Tax

Credits HOME

MHDC Fund

Balance - Perm.

National

Housing Trust

Fund TCAP

Tax Exempt

Bond - Const.


62+ No No YesWinter Garden Apartments

Winter Garden Senior Housing Developer, LLC St. Louis $ 664,506 $ 640,000 N/A N/A $ - $ - $ - $ - $ 12,000,000


62+ No No Yes Covenant Place III Community Housing Management Corp. St. Louis $ 865,885 $ 620,000 N/A N/A $ 500,000 $ - $ - $ - $ 17,052,309

20-413 88 Rehab Family No No YesEtzel Place VI Apartments K-M Housing, LLC St. Louis $ 424,515 $ 350,000 N/A N/A $ 860,000 $ - $ - $ - $ 7,445,000

20-013 137 New Family No No YesPreservation Square Phase IIA McCormack Baron Salazar, Inc. St. Louis N/A N/A $ 1,575,000 $ 1,102,500 $ - $ - $ 2,274,000 $ - N/A

20-045 60 NewSenior

55+ No No Yes Sunridge Meadows Ring Property Company, L.L.C. Festus N/A N/A $ 790,000 $ 553,000 $ 970,000 $ 1,500,000 $ - $ - N/A

20-050 60 New Family No No Yes Alumnus GardensNash Group, LLC 51% and Vecino Group, LLC 49%, Jointly St. Louis N/A N/A $ 775,000 $ 542,500 $ 500,000 $ - $ - $ - N/A

20-075 50 NewSenior

55+ No Yes YesScott Manor II Senior Apartments Scott Manor II Developer LLC St. Louis N/A N/A $ 688,500 $ 481,950 $ 817,000 $ - $ - $ - N/A

20-079 23 Rehab Family No No Yes Francies Place Gateway Housing First, Inc. St. Louis N/A N/A $ - $ - $ - $ 1,650,000 $ - $ 455,000 N/A

20-083 50 NewSenior

55+ No Yes YesElm Ridge Senior Apartments Elm Ridge Developer LLC Hazelwood N/A N/A $ 689,000 $ 482,300 $ 820,000 $ - $ - $ - N/A

20-098 42 NewSenior

55+ No No Yes Vandeventer Place II RR Jennings Developer, L.L.C. St. Louis N/A N/A $ 704,000 $ 492,800 $ - $ - $ 500,000 $ - N/A

2020 - 4% & 9% Rental Production Recommended Applications

2020 - 4% & 9% Rental Production Recommended Applications

MSA-Rural Region

Project # Units

New

Rehab

Senior /

Family

HOME

CHDO

Set-aside

Non-

profit TC

Set-aside

Set-Aside

Preference /

Service Enriched /


Federal 4%

Tax Credits

State 4% Tax

Credits

Federal 9%

Tax Credits

State 9% Tax

Credits HOME

MHDC Fund

Balance - Perm.

National

Housing Trust

Fund TCAP

Tax Exempt

Bond - Const.

20-407 13 New Family No No No Freedom House IMid-Missouri Barrier Free Housing for the Physically Handicapped, Inc. Columbia $ 110,750 $ 110,750 N/A N/A $ - $ - $ 1,070,000 $ - $ 1,750,000


62+ No Yes YesLindenwood Senior Apartments

Cape Area Comm. Housing Dev. Corp. CDC and 1105 Development Partners, LLC Cape Girardeau N/A N/A $ 525,000 $ 367,500 $ 450,000 $ - $ - $ - N/A

20-064 40 NewSenior

55+ No No Yes Sinclair Estates II JES Dev Co, Inc. Columbia N/A N/A $ 640,000 $ 448,000 $ - $ - $ 715,000 $ - N/A

20-084 60 NewSenior

55+ No Yes Yes Scenic Meadows Terravest Development Corp. Springfield N/A N/A $ 780,000 $ 546,000 $ 1,150,000 $ - $ - $ - N/A

20-087 54 NewSenior

55+ No No Yes Memorial Hills II Parker Development, L.L.C. Joplin N/A N/A $ 750,000 $ 525,000 $ - $ - $ 640,000 $ - N/A

20-088 42 NewSenior

55+ No No Yes Frisco Senior Village II Parker Development, L.L.C. Bolivar N/A N/A $ 540,000 $ 378,000 $ 400,000 $ - $ - $ - N/A

Rural Region

Project # Units

New

Rehab

Senior /

Family

HOME

CHDO

Set-aside

Non-

profit TC

Set-aside

Set-Aside

Preference /

Service Enriched /


Federal 4%

Tax Credits

State 4% Tax

Credits

Federal 9%

Tax Credits

State 9% Tax

Credits HOME

MHDC Fund

Balance - Perm.

National

Housing Trust

Fund TCAP

Tax Exempt

Bond - Const.

20-403 80 Rehab Family No No Yes

Diamond Apartments (formerly Oak Tree Apartments) 3 Diamond Development, LLC Rolla $ 263,247 $ 263,247 N/A N/A $ 700,000 $ - $ - $ - $ 5,879,037

20-410 60 Rehab Family No No No Deerfield Village Preservation of Affordable Housing, LLC Carthage $ 374,784 $ 374,784 N/A N/A $ - $ - $ - $ - $ 6,060,000

20-002 40 New Family No Yes YesThe Meadows Of Fredericktown

Madison County Affordable Housing Partnership and RCH Development, INC. Fredericktown N/A N/A $ 563,000 $ 394,100 $ 700,000 $ - $ - $ - N/A

20-019 16 Rehab Family No Yes Yes Woodridge Apartments Central Missouri Community Action Brunswick N/A N/A $ 177,000 $ 123,900 $ - $ - $ - $ - N/A

20-021 24 Rehab Family No No Yes Martin Groves Snider Development, LLC Ava N/A N/A $ 207,000 $ 144,900 $ - $ - $ - N/A

20-024 24 Rehab Family No No Yes Arden Groves Cydecton Investments, LLC Thayer N/A N/A $ 197,000 $ 137,900 $ - $ - $ - $ - N/A

20-026 52 Rehab Family Yes Yes Yes Springridge HighlandsMissouri Valley Community Action Agency Warrensburg N/A N/A $ 373,000 $ 261,100 $ 300,000 $ - $ - $ - N/A


55+ Yes No Yes Highland GrovesDelta Area Economic Opportunity Corporation Sikeston N/A N/A $ - $ - $ 1,845,000 $ - $ - $ - N/A

20-041 39 New Family No No Yes Woodlands II Affordable Homes Development, Inc. Forsyth N/A N/A $ 565,000 $ 395,500 $ 1,180,000 $ - $ - $ - N/A


55+ Yes Yes Yes Tannehill Apartments The Siedlund Company, LLC Moberly N/A N/A $ 670,000 $ 469,000 $ 920,000 $ - $ - $ - N/A

20-085 48 New Family No No Yes Parkview Terrace Terravest Development Corp. Kirksville N/A N/A $ 765,000 $ 535,500 $ 970,000 $ - $ - $ - N/A

20-092 36 NewSenior

55+ No No Yes Weatherby Ridge Turnberry Developers, L.L.C. Macon N/A N/A $ 525,000 $ 367,500 $ - $ - $ - $ - N/A


55+ No No Yes Vernon Heights Missouri Housing Partners Lebanon N/A N/A $ 457,000 $ 319,900 $ 450,000 $ - $ - $ - N/A

Kansas City

20-404

Parker Square Apartments

CRG Developers LLC

Kansas City

Family

Acquisition/Rehab

Non-Profit, Service Enriched, Preservation

Loan Information

223(f) Perm Loan $18,000,000 Seller Note $3,700,000

Seller Note $3,700,000 Tax Credit Equity $6,133,567

TE Construction Bonds $18,600,000

$8,954,113 Costs/Fees Post Construction $2,793,145

$0 Total Construction Sources $31,226,712

$0

$572,599

$31,226,712

$8,555,088

$246,000

$483,600

$652,133

$100,000

$500,000

$0

$16,000,000

$1,806,704

$2,000

$1,367,400

$1,513,787

$31,226,712

Total Reserves MHDC Fees

w/o Reserves &

MHDC Fees

$31,226,712 $1,367,400 $2,000 $29,857,312

$153,072 $6,703 $10 $146,359

Federal and State LIHTC Equity

Federal and State Historic

Salient Facts:

Region

MHDC Property Number

Property Name

Developer Name

Location

Property Type

Occupancy

Construction

Priority (if applicable)

Permanent Sources

AHAP Donation

Reasons for Recommendations:

Description of Property:

Project-Based Section 8 property constructed in 1973 with 204 family two-story row house units. Security enhancements

will include gated entry with one-way in and one-way out, new surveillance cameras.

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. Preservation of Section 8 property with larger unit sizes, including 4BR units which are rare in the area.

2. Reasonable State tax credit request.

3. Good location, near KCATA bus stops.

4. Currently 100% occupied and many households on waiting list.

5. Good services provided for the tenant population.

Single Family Two Story Row Building with Elevator

Duplexes Single Story Row Building without Elevator

Type # of Units Sq Ft Net Rent Market % of Market

2 Bed 48 950 $940 $1,100 85%

3 Bed 108 1120 $1,215 $1,375 88%

4 Bed 48 1250 $1,360 $1,520 89%

204

204

0

Total Per Unit

$2,696,479 $13,218

$1,415,535 $6,939

$1,280,944 $6,279

$1,032,578 $5,062

$248,366 $1,217

Year 1 Year 15

1.24 1.37

Amount Price Per Credit Per LIHTC Unit Per Unit (All)

$912,300 $0.87 $4,472 $4,472

$181,768 $0.56 $891 $891

$0 $0.00 $0 $0

$0 $0.00 $0 $0

Total Number of Units

Federal Low Income

Debt Service Coverage

Income and Expense Data

Gross Income

Underwritten Expenses

Operating Income

Debt Service

Net Operating Income

Total LIHTC Units

Total Market Units

Breakdown by Unit Type

Property Data:

State Low Income

Federal Historic

State Historic

Tax Credit Information

Kansas City

20-419

Palestine Gardens _ Palestine Gardens North

Palestine Gardens / Palestine Gardens, Inc

Kansas City

Senior 62+

Rehabilitation

Service Enriched

Loan Information

HUD 221(d) 4 $5,105,950 TE Bonds Construction $8,840,000

Tax Credit Equity $1,167,936



$0

$100,491

$11,046,120

$6,124,780

$149,000

$226,929

$462,395

$50,000

$20,000

$325,150

$50,000

$1,669,330

$810,000

$15,500

$505,733

$637,303

$11,046,120


w/o Reserves &

MHDC Fees

$11,046,120 $505,733 $15,500 $10,524,887

$93,611 $4,286 $131 $89,194



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



Two 3-story elevator buildings with 118 units for seniors originally built in 1988 and 1994.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. Tenants will pay only 30% of income for rent.

2. Preservation of Section 8 property for seniors.

3. Project will include enhanced services for tenants.




Efficiency 14 415 $646 $640 101%

1 Bed 104 528 - 650 $760 $790 96%

118

118

0

Total Per Unit

$1,004,158 $8,510

$567,871 $4,812

$436,287 $3,697

$237,360 $2,012

$198,927 $1,686

Year 1 Year 15

1.84 1.96


$384,212 $0.90 $3,256 $3,256

$384,212 $0.62 $3,256 $3,256

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Kansas City

20-014

Logan Villas, LP

Raga Properties, LLC

Raytown

Senior 55+

New Construction

Service Enriched, Veterans Housing, Special Needs Population

Loan Information

MHDC HOME $1,200,000 MHDC HOME $1,200,000

Legacy Bank $1,300,000 Tax Credit Equity $1,667,565

Legacy Bank $7,150,000

$8,337,826 Costs/Fees Post Construction $885,535


$0

$65,274

$10,903,100

$7,906,330

$150,000

$163,964

$356,158

$42,500

$0

$0

$25,000

$812,000

$745,000

$15,500

$328,000

$358,648

$10,903,100


w/o Reserves &

MHDC Fees

$10,903,100 $328,000 $15,500 $10,559,600

$218,062 $6,560 $310 $211,192



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



New construction of senior (55+) four and six-plexes with 1 and 2 bedrooms. 50 units total with 7 being market rate and 8

being reserved for set-aside.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. Excellent location - much of the infrastructure is in place, next door to HyVee and Urgent Care.

2. Reasonable rents - Mixed Income proposal.

3. Strong need for senior housing in area - 1000+ on waiting lists in 4 mile radius of site.

4. Many priorities - Set Aside Preference, Service Enriched, Veteran's Housing.




1 Bed 8 595 $235 - $855 $1,050 22% - 81%

2 Bed 42 875 $265 - $980 $1,100 24% - 89%

50

43

7

Total Per Unit

$369,451 $7,389

$245,291 $4,906

$124,160 $2,483

$103,517 $2,070

$20,643 $413

Year 1 Year 15

1.20 1.13


$638,000 $0.88 $14,837 $12,760

$446,600 $0.61 $10,386 $8,932

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Kansas City

20-051

Bodhi Kansas City

Vecino Group, LLC

Kansas City

Family

New Construction

Non-Profit, Service Enriched, Special Needs Population

Loan Information

Legacy Bank $360,000 MHDC HOME $700,000

MHDC HOME $700,000 Tax Credit Equity $2,198,911

Construction Loan, Legacy Bank $6,202,000



$0

$67,069

$9,922,711

$7,154,013

$266,447

$160,783

$298,978

$60,000

$15,000

$0

$75,000

$355,000

$800,000

$15,500

$201,800

$520,190

$9,922,711


w/o Reserves &

MHDC Fees

$9,922,711 $201,800 $15,500 $9,705,411

$187,221 $3,808 $292 $183,121

1. 15 units set aside for households experiencing homelessness and mental health disorders.

2. Well documented need for affordable housing in the area.

3. Good services for the tenant population.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



53 family units in walk-up apartments. Amenities include community space with meeting room and computer workstations.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






Efficiency 13 464 $369 - $665 $825 45% - 81%

1 Bed 25 592 - 621 $389 - $750 $935 42% - 80%

2 Bed 15 779 $460 - $850 $1,050 44% - 81%

53

47

6

Total Per Unit

$341,329 $6,440

$280,229 $5,287

$61,100 $1,153

$17,453 $329

$43,646 $824

Year 1 Year 15

3.50 1.52


$671,000 $0.87 $14,277 $12,660

$469,700 $0.63 $9,994 $8,862

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Kansas City

20-052

Libertad Grandview

Vecino Group, LLC

Grandview

Family

New Construction

Service Enriched, Special Needs Population, Vulnerable Population

Loan Information

Legacy Bank $700,000 MHDC HOME $1,300,000

MHDC HOME $1,300,000 Tax Credit Equity $2,575,773




$0

$45,328

$12,348,420

$9,142,497

$305,000

$200,047

$367,286

$65,000

$0

$0

$30,000

$500,000

$890,000

$15,500

$261,500

$571,590

$12,348,420


w/o Reserves &

MHDC Fees

$12,348,420 $261,500 $15,500 $12,071,420

$199,168 $4,218 $250 $194,700

1. Low capture rate.

2. Competitive pricing on LIHTC and on interest rates for bank loans.

3. 16 set-aside units for families and invidivuals with children at-risk of homelessness.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



62 units in 3-story elevator building. Amenities include community building with fitness room, kitchenette, computer

workstations, and a playround.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation

Federal LIHTC Equity





1 Bed 46 621 $389 - $805 $925 42% - 87%

2 Bed 16 779 $460 $1,000 46%

62

55

7

Total Per Unit

$414,985 $6,693

$334,798 $5,400

$80,187 $1,293

$33,937 $547

$46,249 $746

Year 1 Year 15

2.36 1.21


$786,000 $0.87 $14,291 $12,677

$550,200 $0.63 $10,004 $8,874

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Kansas City

20-077

The Cleveland

Community Builders of Kansas City

Kansas City

Family

Acquisition/Rehab


Loan Information

MHDC Fund Balance $2,100,000 MHDC Fund Balance $2,100,000

HAKC & HEDFC LOANS $2,685,000 Tax Credit Equity $1,300,351

MHDC HOME $725,000 HAKC & HEDFC subordinated loans $2,685,000

Construction period - reserves/cash $375,000 Construction period - reserves/cash $375,000

UMB Bank Bridge Loan $4,310,000

$6,501,756 MHDC HOME $725,000

$0 Costs/Fees Post Construction $1,060,249


$168,845

$12,555,600

$5,555,668

$175,000

$156,234

$355,523

$60,000

$0

$130,260

$50,000

$4,405,010

$941,345

$56,250

$349,370

$320,940

$12,555,600


w/o Reserves &

MHDC Fees

$12,555,600 $349,370 $56,250 $12,149,980

$156,945 $4,367 $703 $151,875

1. Conservative total development costs.

2. 18 units will be reserved as KC Housing Authority units with rental assistance.

3. Very affordable rents.

4. Good location - adjacent to bus stop, close to schools and grocery stores.

5. Service enriched application and working with a CHDO Non Profit.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



Acquisition/Rehab of existing family development consisting of 80 units. 3 units will be 30% AMI and 8 will be market rate

units.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






3 Bed 80 1039 - 1279 $340 - $941 $1,300 26% - 72%

80

72

8

Total Per Unit

$706,037 $8,825

$490,084 $6,126

$215,953 $2,699

$106,244 $1,328

$109,709 $1,371

Year 1 Year 15

2.03 1.79


$482,000 $0.88 $6,694 $6,025

$337,400 $0.67 $4,686 $4,218

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income


Income and Expense DataGross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Kansas City

20-100

Sam Rodgers Place

Brinshore Development, LLC

Kansas City

Family

New Construction

Non-Profit, Service Enriched, Preservation, MBE/WBE

Loan Information

MHDC Fund Balance $2,700,000 MHDC NHTF $1,600,000

MHDC Housing Trust Fund $1,600,000 Tax Credit Equity $1,767,075

CHOICE Funds - HAKC Soft Loan $1,750,000 CHOICE $1,750,000 and RAP $250,000 $2,000,000

Rebab Assistance Payments (RAP) $250,000 MHDC Fund Balance $8,700,000

Costs/Fees Post Construction $1,271,700

$8,835,374 Total Construction Sources $15,338,775

$0

$0

$203,401

$15,338,775

$11,700,000

$430,000

$235,000

$591,374

$0

$0

$0

$60,000

$1

$1,185,000

$128,250

$358,700

$650,450

$15,338,775


w/o Reserves &

MHDC Fees

$15,338,775 $358,700 $128,250 $14,851,825

$247,400 $5,785 $2,069 $239,546

1. Located in an important redevelopment area of Kansas City (Choice Neighborhood Initiative).

2. Mixed income development with 20 market units and 42 affordable units.

3. 27 of the 42 affordable units will have RAD vouchers from the Housing Authority of Kansas City.

4. Excellent service enriched priority application.

5. Additional funding from HUD to supplement project financing.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



62 - one, two, three, four and five bedroom units in three buildings for families. Amenites will include washers/dryers in

units and community space with meetings rooms, office space, computer lab and kitchenette. Samuel L. Rodgers Health

Center is adjacent to site.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






1 Bed 18 657 $550 - $700 $800 69% - 88%

2 Bed 15 886 - 986 $660 - $800 $1,000 66% - 80%

3 Bed 22 1105 - 1425 $850 - $941 $1,250 68% - 75%

4 Bed 5 1485 $1,068 $1,400 76%

5 Bed 2 1886 $1,227 $0 0%

62

42

20

Total Per Unit

$571,693 $9,221

$390,562 $6,299

$181,131 $2,921

$136,600 $2,203

$44,532 $718

Year 1 Year 15

1.33 1.20


$655,000 $0.88 $15,595 $10,565

$458,500 $0.67 $10,917 $7,395

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income




Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Saint Louis

20-402

Winter Garden Apartments

Winter Garden Senior Housing Developer, LLC

St. Louis

Senior 62+

Acquisition/Rehab

Service Enriched, Preservation

Loan Information

Income from Operations $493,000 TE Bonds $12,000,000

TE Bonds $12,000,000 Tax Credit Equity $8,620,525

Income from Operations $493,000



$0

$486,686

$23,121,480

$7,341,866

$286,000

$384,000

$650,000

$0

$0

$196,000

$0

$10,870,000

$1,800,000

$15,500

$713,803

$864,311

$23,121,480


w/o Reserves &

MHDC Fees

$23,121,480 $713,803 $15,500 $22,392,177

$206,442 $6,373 $138 $199,930

1. Senior tenants only pay up to 30% of their income for rent.

2. Office for on-site resident service coordinator.

3. Many amenities for seniors in the area.

4. Development has proven need for preservation and rehabilitation.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



6 story elevator building with 112 units for seniors. 94 1 - bedroom and 18 - 2 bedroom with community room.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






1 Bed 94 448 - 570 $940 $0 0%

2 Bed 18 742 $1,275 $0 0%

112

112

0

Total Per Unit

$1,429,309 $12,762

$618,310 $5,521

$810,999 $7,241

$574,470 $5,129

$236,530 $2,112

Year 1 Year 15

1.41 1.65


$664,506 $0.91 $5,933 $5,933

$640,000 $0.64 $5,714 $5,714

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Saint Louis

20-408

Covenant Place III

Community Housing Management Corp.

St. Louis

Senior 62+

Acquisition/Rehab


Loan Information

FHA 221(d)(4) Loan $10,000,000 MHDC HOME $500,000


Seller Financing $5,930,000 Construction TE Bonds $7,052,309

R4R Transferred to Project $2,091,547 RR Escrow and Res Recp $2,425,185

Residual Receipts Transferred $333,638 Perm TE Bonds $10,000,000

Seller Financing $5,930,000



$0

$267,075

$30,646,527

$16,659,868

$462,500

$570,674

$1,600,000

$105,000

$50,000

$170,000

$75,000

$6,900,000

$2,300,000

$22,000

$663,000

$1,068,485

$30,646,527


w/o Reserves &

MHDC Fees

$30,646,527 $663,000 $22,000 $29,961,527

$197,720 $4,277 $142 $193,300

1. Preserves 150 affordable units for seniors located in an area with many amenities for seniors.

2. Has extensive services for the tenants.

3. Will modify units to allow for better accessibility for the senior tenants.

4. Tenants pay only 30% of income for rent.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



150 1 - bedroom units in a 5 story elevator building that is almost 40 years old and in need of rehab. It creates 5 new one

bedroom units on the lower floor.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






1 Bed 155 580 - 742 $650 - $1015 $1,025 63% - 99%

155

155

0

Total Per Unit

$1,774,980 $11,451

$1,227,934 $7,922

$547,046 $3,529

$461,278 $2,976

$85,768 $553

Year 1 Year 15

1.19 1.05


$865,885 $0.88 $5,586 $5,586

$620,000 $0.63 $4,000 $4,000

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income




Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Saint Louis

20-413

Etzel Place VI Apartments

K-M Housing, LLC

St. Louis

Family

New + Acquisition/Rehab

Service Enriched, Special Needs Population, Vulnerable Population, Preservation

Loan Information

MHDC HOME $860,000 MHDC HOME $860,000

Seller Note $1,450,000 Tax Credit Equity $1,285,282

Cedar Rapids Bank $3,400,000 TE Construction Bonds $7,445,000

Income During Operations $75,000 Income from Operations $75,000

Seller Loan $1,450,000



$0

$116,304

$12,327,717

$6,872,215

$106,500

$241,356

$449,003

$45,000

$2,500

$37,400

$0

$2,485,000

$1,086,000

$15,500

$446,434

$540,809

$12,327,717


w/o Reserves &

MHDC Fees

$12,327,717 $446,434 $15,500 $11,865,783

$140,088 $5,073 $176 $134,838

1. Provides much needed rehab for larger family units that are in high demand.

2. Will offer services to the tenant population.

3. Near amenities that are essential for the family tenants.

4. Will provide additional accessible units to the development.

5. Rental assistance available for special need tenants.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



38 2 - bedroom units, 43 3 - bedroom units and 7 4+ - bedroom units within 13 buildings that will be renovated. There will

be 3 new buildings. There is also a community building.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






2 Bed 38 923 - 1008 $456 - $655 $750 61% - 87%

3 Bed 43 1008 - 1320 $503 - $730 $850 59% - 86%

4 Bed 6 1384 $545 - $850 $1,000 55% - 85%

5 Bed 1 2018 $1,000 $1,175 85%

88

88

0

Total Per Unit

$657,458 $7,471

$452,540 $5,143

$204,918 $2,329

$165,229 $1,878

$39,689 $451

Year 1 Year 15

1.24 1.11


$425,842 $0.88 $4,839 $4,839

$425,239 $0.63 $4,832 $4,832

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income




Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Saint Louis

20-013

Preservation Square Phase IIA

McCormack Baron Salazar, Inc.

St. Louis

Family

New Construction


Loan Information

MHDC NHTF $2,274,000 MHDC NHTF $2,274,000

1st Mortgage - Gershman FHA $7,200,000 Tax Credit Equity $4,063,226

Bank of America $21,662,000



$0

$240,796

$30,030,926

$21,295,480

$695,000

$604,370

$1,121,096

$151,500

$0

$0

$0

$1,823,665

$2,405,000

$15,500

$1,029,200

$890,115

$30,030,926


w/o Reserves &

MHDC Fees

$30,030,926 $1,029,200 $15,500 $28,986,226

$219,204 $7,512 $113 $211,578

1. Project is located in an important redevelopment area in St. Louis (HUD Choice Neighborhood).

2. 22 of the units will have rents at 30% AMI.

3. Service enriched project for families with children.

4. Mixed income development with 60 market units and 77 affordable units.

5. 51 of the 77 affordable units will have Section 8 vouchers for rental assistance.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



Preservation Square Phase IIA is the construction of 137 new units that are replacement housing for Preservation Square in

St. Louis. This phase includes one, two and three bedroom units in garden style apartments and townhomes for families.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






1 Bed 54 661 - 669 $715 - $791 $800 89% - 99%

2 Bed 65 889 - 962 $793 - $900 $915 87% - 98%

3 Bed 18 1180 - 1258 $941 - $1000 $1,250 75% - 80%

137

77

60

Total Per Unit

$1,279,003 $9,336

$812,658 $5,932

$466,345 $3,404

$327,490 $2,390

$138,855 $1,014

Year 1 Year 15

1.42 1.40


$1,575,000 $0.87 $20,455 $11,496

$1,102,500 $0.60 $14,318 $8,047

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Saint Louis

20-045

Sunridge Meadows

Ring Property Company, L.L.C.

Festus

Senior 55+

New Construction

Service Enriched, Special Needs Population

Loan Information

MHDC Fund Balance $1,500,000 MHDC Fund Balance $1,500,000


GP Equity $110

$9,968,425 MHDC HOME $970,000

$0 Simmons Bank $6,940,000


$123,737 Total Construction Sources $12,562,272

$12,562,272

$9,469,679

$210,000

$135,297

$374,796

$40,000

$0

$0

$65,000

$460,000

$1,150,000

$45,500

$265,500

$346,500

$12,562,272


w/o Reserves &

MHDC Fees

$12,562,272 $265,500 $45,500 $12,251,272

$209,371 $4,425 $758 $204,188

1. The development includes nine units with rents at 30% AMI.

2. The development will offer an abundance of service programs.

3. The application included construction financing with low interest rate.

4. Mixed income development with nine market units and 51 affordable units.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



60 - one and two bedroom apartments for seniors 55+ in a three story elevator building. Amenities include computer

workstations and kitchen/dining room. All units will have in unit washer and dryer.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






1 Bed 24 700 $360 - $700 $725 50% - 97%

2 Bed 36 825 $430 - $750 $775 55% - 97%

60

51

9

Total Per Unit

$390,051 $6,501

$278,425 $4,640

$111,626 $1,860

$75,889 $1,265

$35,737 $596

Year 1 Year 15

1.47 1.23


$790,000 $0.87 $15,490 $13,167

$553,000 $0.56 $10,843 $9,217

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Saint Louis

20-050

Alumnus Gardens

Nash Group, LLC 51% and Vecino Group, LLC 49%, Jointly

St. Louis

Family

New Construction

Service Enriched

Loan Information

Legacy Bank $1,140,000 MHDC HOME $500,000





$0

$49,310

$11,848,211

$8,781,599

$341,000

$193,857

$558,249

$67,500

$15,000

$0

$90,000

$0

$895,000

$15,500

$276,000

$614,506

$11,848,211


w/o Reserves &

MHDC Fees

$11,848,211 $276,000 $15,500 $11,556,711

$197,470 $4,600 $258 $192,612



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



New construction of family apartments with 60 units in a 3-story building with elevator. Mixed income property with 9 units

at or below 30% AMI; 6 units at market and the remaining for households at or below 60% AMI.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. Property next to the new health care campus that includes a fitness center, pharmacy and other health resources.

2. Site has good access to public transportation.

3. Service Enriched - provided by CareSTL Health.

4. Mixed income property.




1 Bed 47 595 $380 - $775 $900 42% - 86%

2 Bed 13 779 $455 - $875 $1,150 40% - 76%

60

54

6

Total Per Unit

$397,798 $6,630

$297,980 $4,966

$99,818 $1,664

$55,269 $921

$44,549 $742

Year 1 Year 15

1.81 1.34


$775,000 $0.87 $14,352 $12,917

$542,500 $0.63 $10,046 $9,042

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Saint Louis

20-075

Scott Manor II Senior Apartments

Scott Manor II Developer LLC

St. Louis

Senior 55+

New Construction

Non-Profit, Service Enriched

Loan Information


Legacy Bank and Trust $900,000 Tax Credit Equity $1,805,127

Legacy Bank and Trust $7,500,000



$0

$95,400

$10,838,036

$7,747,000

$290,000

$191,100

$538,000

$22,136

$4,000

$0

$25,000

$417,250

$975,000

$14,250

$249,000

$365,300

$10,838,036


w/o Reserves &

MHDC Fees

$10,838,036 $249,000 $14,250 $10,574,786

$216,761 $4,980 $285 $211,496



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



New construction of a three story elevator building for seniors (55+). 50 units total with 8 units reserved for households at

or below 30% AMI, 5 units will be market and the remainder will be at 60% AMI.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. Mixed income proposal.

2. Site has good visability and access - next to Walgreens Pharmacy and successful phase I.

3. Believer's Temple Word Fellowship Urban Initiatives to provide services.




1 Bed 14 611 $373 - $651 $651 57% - 100%

2 Bed 36 853 $455 - $788 $788 58% - 100%

50

45

5

Total Per Unit

$364,652 $7,293

$284,350 $5,687

$80,302 $1,606

$43,634 $873

$36,668 $733

Year 1 Year 15

1.84 1.17


$688,500 $0.87 $15,300 $13,770

$481,950 $0.63 $10,710 $9,639

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Saint Louis

20-079

Francies Place

Gateway Housing First, Inc.

St. Louis

Family

Acquisition/Rehab

Special Needs Population, Preservation

Loan Information

MHDC Fund Balance $1,650,000 MHDC TCAP $455,000

MHDC TCAP $455,000 Tax Credit Equity

St. Louis AHTF $900,000 MHDC Fund Balance $1,650,000

Profit From Sale of Existing Property $250,000 Profit From Sale of Existing Property $250,000

St. Louis Mental Health Board $250,000 St. Louis Affordable Housing Commission $900,000

St. Louis Mental Health Board $250,000

$0 Costs/Fees Post Construction $133,323


$0

$133,323

$3,638,323

$2,216,518

$60,000

$18,000

$220,000

$17,500

$0

$17,000

$0

$360,000

$430,000

$47,250

$155,800

$96,255

$3,638,323


w/o Reserves &

MHDC Fees

$3,638,323 $155,800 $47,250 $3,435,273

$158,188 $6,774 $2,054 $149,360



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



Francies Place is permanent supportive housing with a focus on households impacted by disabling behavioral health

conditions. It will be 23 - studio and two bedroom apartments in three buildings. Case management offices will be

located on site.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. The application is not requesting tax credits.

2. Strong preservation proposal. 17 of the 23 units have existing rental vouchers.

3. Excellent special needs housing priority application.

4. The 6 units without a rental subsidy will have very low rents.




Efficiency 15 269 - 528 $250 - $1157 $650 38% - 178%

2 Bed 8 1079 - 1192 $1,404 $1,200 117%

23

23

0

Total Per Unit

$262,204 $11,400

$146,288 $6,360

$115,916 $5,040

$83,478 $3,629

$32,439 $1,410

Year 1 Year 15

1.39 1.49


$0 $0.00 $0 $0

$0 $0.00 $0 $0

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Saint Louis

20-083

Elm Ridge Senior Apartments

Elm Ridge Developer LLC

Hazelwood

Senior 55+

New Construction

Non-Profit, Service Enriched, MBE/WBE

Loan Information


Legacy Bank $755,000 Tax Credit Equity $1,806,438

Legacy Bank Construction Loan $7,357,000



$0

$106,247

$10,713,438

$7,747,000

$250,000

$254,135

$456,752

$22,783

$4,000

$0

$25,000

$345,275

$975,000

$14,250

$220,000

$399,243

$10,713,438


w/o Reserves &

MHDC Fees

$10,713,438 $220,000 $14,250 $10,479,188

$214,269 $4,400 $285 $209,584



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



50 units in 3-story elevator building. Amenities include community room with computer workstations and fitness center,

secure entry and off-street parking.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. Good capture rate; strong demand for affordable sr housing in N. STL Cty, especially in Hazelwood

2. Competitive pricing and bank loan interest rates.

3. Good site location




1 Bed 14 611 $373 - $651 $825 45% - 79%

2 Bed 36 853 $455 - $788 $950 48% - 83%

50

45

5

Total Per Unit

$359,214 $7,184

$284,350 $5,687

$74,864 $1,497

$36,604 $732

$38,260 $765

Year 1 Year 15

2.05 1.20


$689,000 $0.87 $15,311 $13,780

$482,300 $0.63 $10,718 $9,646

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Saint Louis

20-098

Vandeventer Place II

RR Jennings Developer, L.L.C.

St. Louis

Senior 55+

New Construction


Loan Information

NHTF $500,000 NHTF $500,000


$8,883,255 General Partner Equity $110

$0 Simmons Bank Leveraged Loan $6,388,000


$113,706 Total Construction Sources $9,496,961

$9,496,961

$7,334,929

$178,500

$83,859

$289,313

$40,000

$0

$0

$65,000

$130,000

$835,000

$15,500

$189,200

$335,660

$9,496,961


w/o Reserves &

MHDC Fees

$9,496,961 $189,200 $15,500 $9,292,261

$226,118 $4,505 $369 $221,244



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



42 - one and two bedroom apartments for seniors 55+ in a three story elevator building. Amenities include computer

workstations and kitchen/dining room. The successful, Vandeventer Place, is across the street.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. The development includes seven units with 30% AMI rents.

2. Per the market study, there is an extensive wait list at Vandeventer Place.

3. The application included construction financing with low interest rate.

4. Mixed income development with seven market units and 35 affordable units.




1 Bed 12 700 $317 - $665 $675 47% - 99%

2 Bed 30 825 $362 - $770 $775 47% - 99%

42

35

7

Total Per Unit

$282,902 $6,736

$235,986 $5,619

$46,916 $1,117

$0 $0

$46,916 $1,117

Year 1 Year 15

N/A N/A


$704,000 $0.87 $20,114 $16,762

$492,800 $0.56 $14,080 $11,733

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


MSA-Rural Region

20-407

Freedom House I

Mid-Missouri Barrier Free Housing for the Physically Handicapped, Inc.

Columbia

Family

New Construction

Non-Profit, Special Needs Population, Preservation

Loan Information

MHDC NHTF $1,070,000 MHDC NHTF $1,070,000

City of Columiba - HOME $45,000 Tax Credit Equity $310,065

FHLB - AHP Loan $455,000 Tax Exempt Bonds- Central Bank $1,750,000

R4R Transferred to Project $19,550 Costs/Fees Post Construction $11,121

Total Construction Sources $3,141,187

$1,550,326

$0

$0

$1,311

$3,141,187

$2,054,734

$92,000

$45,500

$200,000

$50,000

$0

$30,000

$0

$60,800

$260,000

$15,500

$95,800

$236,853

$3,141,187


w/o Reserves &

MHDC Fees

$3,141,187 $95,800 $15,500 $3,029,887

$241,630 $7,369 $1,192 $233,068



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



13 1 - bedroom units within one building. 100% special needs housing under the HUD 811 program. There are areas for

staff to provide services for the special need tenants.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. Provides a much needed updated facility for special need tenants.

2. Preserves 13 units for very-low income tenants.

3. Extensive support services for the special need tenants.




1 Bed 9 604 $899 $725 124%

2 Bed 4 837 $1,076 $825 130%

13

13

0

Total Per Unit

$138,328 $10,641

$101,997 $7,846

$36,331 $2,795

$0 $0

$36,331 $2,795

Year 1 Year 15

N/A N/A


$110,750 $0.80 $8,519 $8,519

$110,750 $0.60 $8,519 $8,519

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income




Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


MSA-Rural Region

20-001

Lindenwood Senior Apartments

Cape Area Comm. Housing Dev. Corp. CDC and 1105 Development Partners, LLC

Cape Girardeau

Senior 62+

Acquisition/Rehab

Non-Profit, Service Enriched, Special Needs Population, Preservation

Loan Information


HUD 221 d4 $3,500,000 Tax Credit Equity $1,336,908

Conventional Construction Loan $4,325,000

$6,684,538 Hud 221 d4 $3,500,000



$103,775

$10,738,313

$5,255,583

$134,000

$234,990

$500,000

$100,000

$0

$259,800

$35,000

$2,365,000

$1,055,000

$14,250

$352,700

$431,990

$10,738,313


w/o Reserves &

MHDC Fees

$10,738,313 $352,700 $14,250 $10,371,363

$160,273 $5,264 $213 $154,796



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



Acquisition/rehab of 6-story building with elevator. Senior (62+) property consisting of 67 units. Studio and 1 bedroom

units. 100% are PBS8 with 17 units reserved as set-aside for vulnerable populations.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves

1. Preservation project with strong need of rehabilitation and accessibiity compliance measures.

2. Numerous priorities - Nonprofit, set-aside, service enriched, preservation.

3. Will offer a full-time Case Worker/Service Coordinator.





Efficiency 6 443 $648 $495 131%

1 Bed 61 564 $687 $575 119%

67

67

0

Total Per Unit

$525,483 $7,843

$344,762 $5,146

$180,721 $2,697

$155,235 $2,317

$25,486 $380

Year 1 Year 15

1.16 1.11


$525,000 $0.85 $7,836 $7,836

$367,500 $0.61 $5,485 $5,485

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


MSA-Rural Region

20-064

Sinclair Estates II

JES Dev Co, Inc.

Columbia

Senior 55+

New Construction


Loan Information

MHDC NHTF $715,000 MHDC NHTF $715,000


$7,947,712 Simmons Bank $5,640,000



$78,372

$8,741,084

$6,169,224

$140,000

$97,410

$244,258

$30,000

$0

$0

$30,000

$725,000

$800,000

$15,500

$181,542

$308,150

$8,741,084


w/o Reserves &

MHDC Fees

$8,741,084 $181,542 $15,500 $8,544,042

$218,527 $4,539 $388 $213,601

1. Good site location.

2. Well documented and supported need for affordable housing in the area.

3. Mixed unit development with 6 units for special needs tenants.

4. Low interest rate for construction bank loan.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



40-units for seniors 55+ in 3-story elevator building. Amenities include business center, computer lab and off-street

parking.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






2 Bed 40 825 $362 - $755 $950 38% - 79%

40

34

6

Total Per Unit

$286,106 $7,153

$219,015 $5,475

$67,091 $1,677

$0 $0

$67,091 $1,677

Year 1 Year 15

N/A N/A


$640,000 $0.85 $18,824 $16,000

$448,000 $0.56 $13,176 $11,200

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


MSA-Rural Region

20-084

Scenic Meadows

Terravest Development Corp.

Springfield

Senior 55+

New Construction

Non-Profit, Service Enriched, Special Needs Population

Loan Information

Legacy Bank and Trust $975,000 MHDC $0

MHDC HOME $1,150,000 Tax Credit Equity $1,937,255

Legacy Bank and Trust $7,715,000

$9,686,274 MHDC HOME $1,150,000



$130,981

$11,942,255

$9,056,969

$210,000

$211,834

$358,102

$35,000

$0

$0

$65,000

$248,000

$1,150,000

$15,500

$245,000

$346,850

$11,942,255


w/o Reserves &

MHDC Fees

$11,942,255 $245,000 $15,500 $11,681,755

$199,038 $4,083 $258 $194,696



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



60 - one and two bedroom apartments for seniors 55+ in a three story elevator building. Amenities include meeting room,

computer workstations and kitchen/dining room.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. The development includes 15 units with rents at 30% AMI.

2. Application included permanent financing with low interest rate.

3. Mixed income development with six market units and 54 affordable units.




1 Bed 20 700 $270 - $650 $675 40% - 96%

2 Bed 40 825 $324 - $725 $750 43% - 97%

60

54

6

Total Per Unit

$358,302 $5,972

$270,076 $4,501

$88,226 $1,470

$47,270 $788

$40,956 $683

Year 1 Year 15

1.87 1.36


$780,000 $0.85 $14,444 $13,000

$546,000 $0.56 $10,111 $9,100

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


MSA-Rural Region

20-087

Memorial Hills II

Parker Development, L.L.C.

Joplin

Senior 55+

New Construction


Loan Information

MHDC NHTF $640,000 MHDC NHTF $640,000





$0

$121,420

$10,895,145

$8,126,287

$189,000

$191,019

$321,239

$30,000

$0

$0

$65,000

$350,000

$1,045,000

$15,500

$221,400

$340,700

$10,895,145


w/o Reserves &

MHDC Fees

$10,895,145 $221,400 $15,500 $10,658,245

$201,762 $4,100 $287 $197,375



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



54 - two bedroom apartments for seniors 55+ in a three story elevator building. Amenities include computer

workstations, kitchen/dining room and meeting rooms.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. The development includes eleven units with 30% AMI rents.

2. Per the market study, there is a significant waiting list for Memorial Hills I.






2 Bed 54 825 $212 - $685 $800 26% - 86%

54

48

6

Total Per Unit

$317,992 $5,889

$241,104 $4,465

$76,888 $1,424

$39,755 $736

$37,132 $688

Year 1 Year 15

1.93 1.38


$750,000 $0.85 $15,625 $13,889

$525,000 $0.56 $10,938 $9,722

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


MSA-Rural Region

20-088

Frisco Senior Village II

Parker Development, L.L.C.

Bolivar

Senior 55+

New Construction


Loan Information






$0

$85,494

$8,116,376

$6,080,525

$147,000

$144,673

$242,678

$30,000

$0

$0

$30,000

$100,000

$835,000

$15,500

$187,200

$303,800

$8,116,376


w/o Reserves &

MHDC Fees

$8,116,376 $187,200 $15,500 $7,913,676

$193,247 $4,457 $369 $188,421



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



42 - one and two bedroom units for seniors 55+ in 8 single story buildings. Amenities will include a community room with

kitchen, computer workstations and offices.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. The development includes nine units with 30% AMI rents.

2. Per the market study, there is a significant waiting list for Frisco Senior Village.






1 Bed 16 735 $271 - $595 $700 39% - 85%

2 Bed 26 875 $320 - $695 $750 43% - 93%

42

36

6

Total Per Unit

$253,240 $6,030

$183,255 $4,363

$69,985 $1,666

$44,846 $1,068

$25,139 $599

Year 1 Year 15

1.56 1.27


$540,000 $0.85 $15,000 $12,857

$378,000 $0.56 $10,500 $9,000

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Rural Region

20-403

Diamond Apartments (formerly Oak Tree Apartments)

3 Diamond Development, LLC

Rolla

Family

Acquisition/Rehab


Loan Information

TE Bonds Perm $3,200,000 MHDC HOME $700,000

MHDC HOME $700,000 Tax Credit Equity $821,286

TE Bonds Construction $5,879,037



$0

$80,644

$8,087,073

$3,327,000

$140,000

$91,686

$300,000

$30,000

$6,000

$20,000

$20,000

$2,400,000

$757,000

$15,500

$428,000

$551,887

$8,087,073


w/o Reserves &

MHDC Fees

$8,087,073 $428,000 $15,500 $7,643,573

$101,088 $5,350 $194 $95,545

1. Close to amenities for family tenants.

2. Site visit showed strong need for preservation/rehab.

3. Low total development costs per unit.

4. Near employment opportunities.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



10 buildings with 80 units and a community building. There are 40 - 2 bedroom units and 40 - 3 bedroom units.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






2 Bed 40 627 $345 - $600 $825 42% - 73%

3 Bed 40 770 $395 - $690 $1,000 40% - 69%

80

80

0

Total Per Unit

$542,376 $6,780

$337,292 $4,216

$205,084 $2,564

$147,782 $1,847

$57,301 $716

Year 1 Year 15

1.39 1.39


$263,247 $0.88 $3,656 $3,291

$263,247 $0.68 $3,656 $3,291

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


MSA-Rural Region

20-410

Deerfield Village

Preservation of Affordable Housing, LLC

Carthage

Family

Acquisition/Rehab

Non-Profit, Preservation

Loan Information

Operating/Replacement Reserves $31,687 POAH Resale Note $2,119,316

Operating Income $131,986 Tax Credit Equity $1,124,240

POAH Resale Note $2,119,316 Bridge Bonds $3,280,000

TE Bonds $2,780,000 TE Bonds $2,780,000

Operating/Replacement reserves $31,687

$5,621,199 Operating Income $131,986



$31,044

$10,715,232

$4,923,378

$217,402

$109,080

$375,895

$75,000

$0

$91,107

$30,000

$2,866,357

$926,198

$14,250

$321,805

$764,760

$10,715,232


w/o Reserves &

MHDC Fees

$10,715,232 $321,805 $14,250 $10,379,177

$178,587 $5,363 $238 $172,986



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



60-unit family property originally built in 1979 with 100% project-based section 8. Amenities include community building

and playground.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. Demonstrated need for affordable housing in area.

2. Competitive pricing and low loan interest rates.

3. Preservation of Section 8 property in need of rehab.

4. Tenants only pay 30% of income for rent.




1 Bed 10 600 $600 $575 104%

2 Bed 34 825 $695 $700 99%

3 Bed 16 999 $785 $800 98%

60

60

0

Total Per Unit

$475,304 $7,922

$280,521 $4,675

$194,783 $3,246

$159,266 $2,654

$35,518 $592

Year 1 Year 15

1.22 1.27


$374,784 $0.86 $6,246 $6,246

$374,784 $0.64 $6,246 $6,246

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income




Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Rural Region

20-002

The Meadows Of Fredericktown

Madison County Affordable Housing Partnership and RCH Development, INC.

Fredericktown

Family

New Construction

Non-Profit, Service Enriched, Special Needs Population, MBE/WBE

Loan Information



$7,168,371 MHDC Fund Balance $5,240,000



$22,841

$7,891,212

$6,061,602

$85,000

$99,183

$371,382

$53,000

$0

$0

$25,000

$1,000

$800,000

$14,250

$142,105

$238,690

$7,891,212


w/o Reserves &

MHDC Fees

$7,891,212 $142,105 $14,250 $7,734,857

$197,280 $3,553 $356 $193,371

1. Madison County Service Coordination pledging rental asst for the 10 set-aside units.

2. Very competitive rents for a 2 and 3 bedroom duplex with garage.

3. Good location - all schools under 1.5 miles and less than 1 mile to park and library.

4. Service enriched, set-aside, and nonprofit priority application.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



New construction of duplexes with a one car garage for family occupancy. 40 units total with 10 units reserved for set aside

at 30% AMI. 5 units will be market and the remainder will be for households at or under 60% AMI.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






2 Bed 25 1132 - 1168 $320 - $495 $665 48% - 74%

3 Bed 15 1447 - 1483 $320 - $595 $825 39% - 72%

40

36

4

Total Per Unit

$193,291 $4,832

$152,580 $3,815

$40,711 $1,018

$0 $0

$40,711 $1,018

Year 1 Year 15

N/A N/A


$563,000 $0.85 $15,639 $14,075

$394,100 $0.61 $10,947 $9,853

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Rural Region

20-019

Woodridge Apartments

Central Missouri Community Action

Brunswick

Family

Acquisition/Rehab


Loan Information

Assumed HOME Loan $426,324 MHDC Fund Balance $1,495,000

Existing Reserves $35,000 Tax Credit Equity $462,295

Existing reserves $35,000

$2,311,473 Assumed HOME Loan $426,324



$11,172

$2,783,969

$1,418,674

$52,000

$20,556

$130,925

$20,000

$5,000

$30,000

$10,000

$426,324

$255,000

$29,200

$259,100

$127,190

$2,783,969


w/o Reserves &

MHDC Fees

$2,783,969 $259,100 $29,200 $2,495,669

$173,998 $16,194 $1,825 $155,979



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



16 units in walk-up apartments with 12 2 - bedroom and 4 3 - bedroom units. Amenities include community building and

play ground.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. Stong need for housing in this small rural community.

2. Reasonable tax credit request.

3. Preservation of rural property in need of rehab.

4. Project will include services not currently available to tenants.




2 Bed 12 732 $335 - $550 $615 54% - 89%

3 Bed 4 1143 $580 - $600 $700 83% - 86%

16

16

0

Total Per Unit

$94,748 $5,922

$80,161 $5,010

$14,587 $912

$0 $0

$14,587 $912

Year 1 Year 15

N/A N/A


$177,000 $0.83 $11,063 $11,063

$123,900 $0.68 $7,744 $7,744

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Rural Region

20-021

Martin Groves

Snider Development, LLC

Ava

Family

Rehabilitation


Loan Information

Assume Existing HOME funds $100,000 MHDC Fund Balance $1,933,000


Assume Existing HOME funds $100,000

$2,744,644 Existing Reserves $90,000



$13,435

$2,948,079

$1,439,600

$68,000

$27,579

$113,100

$23,000

$36,000

$15,000

$600,000

$305,000

$34,830

$132,400

$153,570

$2,948,079


w/o Reserves &

MHDC Fees

$2,948,079 $132,400 $34,830 $2,780,849

$122,837 $5,517 $1,451 $115,869



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



24 family units; walk-up apartments in 6 buildings. Amenities will include community building with meeting room,

computer workstations, full kitchen, and playground.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs


2. Project will add services that are not currently available at this property.


4. Reasonable request for tax credit request.




2 Bed 16 728 $330 - $565 $580 57% - 97%

3 Bed 8 952 $381 - $600 $630 60% - 95%

24

21

3

Total Per Unit

$141,297 $5,887

$121,289 $5,054

$20,008 $834

$0 $0

$20,008 $834

Year 1 Year 15

N/A N/A


$207,000 $0.85 $9,857 $8,625

$144,900 $0.68 $6,900 $6,038

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Rural Region

20-024

Arden Groves

Cydecton Investments, LLC

Thayer

Family

Rehabilitation


Loan Information

Assumed HOME Loan $220,000 MHDC Fund Balance $1,802,000


Assumed HOME Loan $220,000

$2,572,656 MHDC reserves $100,000



$15,024

$2,907,681

$1,400,750

$68,000

$22,300

$110,921

$25,000

$5,000

$50,000

$15,000

$600,000

$299,000

$33,520

$135,000

$143,190

$2,907,681


w/o Reserves &

MHDC Fees

$2,907,681 $135,000 $33,520 $2,739,161

$121,153 $5,625 $1,397 $114,132



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



24 family units within a walk-up apartment containing 16 2 - bedroom and 8 3 - bedroom units. Amenities include a

community building with meeting room and a playground.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs


2. Project will includes services not currently available.





2 Bed 16 735 $325 - $550 $575 57% - 96%

3 Bed 8 965 $374 - $580 $625 60% - 93%

24

21

3

Total Per Unit

$134,969 $5,624

$113,036 $4,710

$21,933 $914

$0 $0

$21,933 $914

Year 1 Year 15

N/A N/A


$197,000 $0.83 $9,381 $8,208

$137,900 $0.68 $6,567 $5,746

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Rural Region

20-026

Springridge Highlands

Missouri Valley Community Action Agency

Warrensburg

Family

Acquisition/Rehab


Loan Information

MHDC CHDO $300,000 Tax Credit Equity $948,846

Existing RD escrow $138,130 MHDC Fund Balance $3,085,000

RD $1,400,000 HOME CHDO $300,000

RD escrow $138,130

$4,744,232 RD loan $1,400,000



$41,564

$6,623,926

$3,145,000

$124,000

$65,822

$223,860

$25,000

$6,000

$60,000

$10,000

$1,583,251

$655,000

$14,250

$443,200

$268,543

$6,623,926


w/o Reserves &

MHDC Fees

$6,623,926 $443,200 $14,250 $6,166,476

$127,383 $8,523 $274 $118,586

1. Project will add services that are not currently available at this property.

2. Very reasonable rents.

3. Preservation of a Rural Development property in need of rehab.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



Preservation of 52 family units (41 of these are Rural Development units) in walk-up apartments. Amenities include

clubhouse, picnic area, playground, security patrol and video surveillance.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






1 Bed 12 586 $465 $615 76%

2 Bed 40 701 $565 $700 81%

52

52

0

Total Per Unit

$314,489 $6,048

$245,555 $4,722

$68,934 $1,326

$35,592 $684

$33,341 $641

Year 1 Year 15

1.94 1.22


$373,000 $0.88 $7,173 $7,173

$261,100 $0.56 $5,021 $5,021

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Rural Region

20-027

Highland Groves

Delta Area Economic Opportunity Corporation

Sikeston

Senior 55+

Select


Loan Information

Assumed HOME $388,000 MHDC HOME CHDO $1,845,000

MHDC HOME CHDO $1,845,000 Tax Credit Equity

Existing Reserves $50,000 Assumed HOME $388,000

Existing Reservs $50,000



$0

$20,250

$2,303,250

$1,204,000

$60,000

$0

$98,000

$20,000

$6,000

$40,000

$15,000

$413,500

$205,000

$14,250

$117,000

$110,500

$2,303,250


w/o Reserves &

MHDC Fees

$2,303,250 $117,000 $14,250 $2,172,000

$115,163 $5,850 $713 $108,600


2. Project will include services for tenants not currently available.


4. Good use of HOME CHDO funds for HOME CHDO-only request.


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves



20-unit walk-up apartments with 16 1 - bedroom and 4 2 - bedroom units. Amenities will include community buiding, in-

unit washer-dryer, and patio.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






1 Bed 16 667 - 795 $283 - $480 $575 49% - 83%

2 Bed 4 795 $535 $665 80%

20

20

0

Total Per Unit

$101,825 $5,091

$87,996 $4,400

$13,829 $691

$0 $0

$13,829 $691

Year 1 Year 15

N/A N/A


$0 $0.00 $0 $0

$0 $0.00 $0 $0

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Rural Region

20-041

Woodlands II

Affordable Homes Development, Inc.

Forsyth

Family

New Construction

Service Enriched, Special Needs Population, Workforce Housing

Loan Information

MHDC HOME $1,180,000 MHDC HOME $1,180,000


$7,216,886 Bank $4,970,000



$90,891

$8,487,777

$6,489,832

$85,000

$50,000

$295,195

$30,000

$0

$0

$7,500

$365,000

$740,000

$15,500

$173,900

$235,850

$8,487,777


w/o Reserves &

MHDC Fees

$8,487,777 $173,900 $15,500 $8,298,377

$217,635 $4,459 $397 $212,779



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



39 - one, two and three bedroom units in two-story walk up apartments for families. Amenities include meeting rooms

and community kitchen.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves

1. The development includes four units with 30% AMI rents.

2. Application includes an excellent service enriched plan for families.

3. The development includes seven units with 80% AMI rents for workforce housing.

4. The development has very reasonable affordable rents for families.





1 Bed 4 911 $225 - $395 $625 36% - 63%

2 Bed 24 1153 $265 - $565 $725 37% - 78%

3 Bed 11 1351 $380 - $620 $825 46% - 75%

39

32

7

Total Per Unit

$207,130 $5,311

$168,236 $4,314

$38,894 $997

$0 $0

$38,894 $997

Year 1 Year 15

N/A N/A


$565,000 $0.88 $17,656 $14,487

$395,500 $0.58 $12,359 $10,141

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Rural Region

20-046

Tannehill Apartments

The Siedlund Company, LLC

Moberly

Senior 55+

New + Acquisition/Rehab

Non-Profit, Service Enriched

Loan Information

MHDC HOME CHDO $920,000 MHDC HOME CHDO $920,000





$0

$88,462

$10,119,714

$7,634,934

$285,040

$135,000

$507,000

$40,000

$55,000

$0

$0

$35,000

$940,000

$14,250

$195,800

$277,690

$10,119,714


w/o Reserves &

MHDC Fees

$10,119,714 $195,800 $14,250 $9,909,664

$210,827 $4,079 $296 $206,451



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



Historic adaptive reuse project - conversion of 1930 High School with new construction of additional wing. 48 - 1 and 2

bedroom units. Mixed Income Property with 30% of the units for households at or below 30% AMI. Building to have activity

room, community storm shelter and in unit washer dryer hook ups.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. Large demand for senior housing in this area.

2. Good location - close to community kitchen, Behavior Health Cntr, Post Office next door.

3. NonProfit, HOME CHDO and Service Enriched priority.

4. City support and investment and strong community support.

5. Part of City of Moberly's Downtown Revitalization efforts.




Efficiency 48 900 $544 $0 0%

1 Bed 10 654 - 832 $233 - $500 $595 39% - 84%

2 Bed 38 880 - 1198 $550 - $700 $725 76% - 97%

48

43

5

Total Per Unit

$316,054 $6,584

$249,101 $5,190

$66,953 $1,395

$13,333 $278

$53,620 $1,117

Year 1 Year 15

5.02 3.02


$660,000 $0.87 $15,349 $13,750

$462,000 $0.67 $10,744 $9,625

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Rural Region

20-085

Parkview Terrace

Terravest Development Corp.

Kirksville

Family

New Construction


Loan Information






$0

$108,201

$11,348,200

$8,690,223

$168,000

$204,917

$351,260

$30,000

$0

$0

$30,000

$375,000

$940,000

$15,500

$206,200

$337,100

$11,348,200


w/o Reserves &

MHDC Fees

$11,348,200 $206,200 $15,500 $11,126,500

$236,421 $4,296 $323 $231,802



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



48 - two, three and four bedroom units for families in three walk up buildings. Community Building with office space,

kitchen, computer workstations and playground.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. The development includes eight units with 30% AMI rents.

2. Location near many amenities including Rotary Park.

3. The application included permanent financing with low interest rate.

4. Mixed income development with five market units and 43 affordable units.




2 Bed 12 825 $255 - $655 $665 38% - 98%

3 Bed 24 1025 $284 - $725 $795 36% - 91%

4 Bed 12 1400 $300 - $785 $930 32% - 84%

48

43

5

Total Per Unit

$303,998 $6,333

$223,671 $4,660

$80,327 $1,673

$37,331 $778

$42,996 $896

Year 1 Year 15

2.15 1.68


$765,000 $0.85 $17,791 $15,938

$535,500 $0.56 $12,453 $11,156

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Rural Region

20-092

Weatherby Ridge

Turnberry Developers, L.L.C.

Macon

Senior 55+

New Construction


Loan Information

MA Bank $550,000 MA Bank $5,150,000




$0

$96,343

$7,165,951

$5,010,101

$126,000

$118,100

$265,000

$30,000

$0

$0

$30,000

$395,000

$720,000

$15,500

$164,600

$291,650

$7,165,951


w/o Reserves &

MHDC Fees

$7,165,951 $164,600 $15,500 $6,985,851

$199,054 $4,572 $431 $194,051



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



New construction of senior 6 and 8-plex row apartments. Mixed income property with 6 units set aside for households at or

under 30% AMI, 6 at market and the remaining for those at or under 60% AMI. 36 units total. All units will have washer and

dryers supplied.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense


Acquisition Costs



Reserves


Costs per Unit

Total Uses:

Development Costs

1. Service Enriched and Set-aside Preference. Services provided by the non-profit NECAC.

2. Good location close to businesses (Wal-Mart, Hospital, Grocery Store, Senior Center less than 1 mile).





1 Bed 10 735 $196 - $585 $700 28% - 84%

2 Bed 26 875 $220 - $685 $775 28% - 88%

36

30

6

Total Per Unit

$220,237 $6,118

$167,853 $4,663

$52,384 $1,455

$0 $0

$52,384 $1,455

Year 1 Year 15

N/A N/A


$525,000 $0.85 $17,500 $14,583

$367,500 $0.56 $12,250 $10,208

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Rural Region

20-095

Vernon Heights

Missouri Housing Partners

Lebanon

Senior 55+

Acquisition/Rehab


Loan Information


Existing Reserves $200,000 Tax Credit Equity $1,173,498

Income from Operations $50,000 Reserves and Income $250,000

MHDF PERM $1,500,000 Horizion Construciton Loan $5,352,610

Costs/Fees Post Construction $935,246

$5,867,492 Total Construction Sources $8,161,354

$0

$0

$93,863

$8,161,354

$2,970,000

$133,650

$151,727

$315,491

$25,000

$10,000

$79,200

$30,000

$3,010,000

$818,000

$13,500

$266,000

$338,786

$8,161,354


w/o Reserves &

MHDC Fees

$8,161,354 $266,000 $13,500 $7,881,854

$125,559 $4,092 $208 $121,259



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation



Rehabilitation and consolidation of two properties - Vernon Heights and Madison Manor Apartments. Both are Senior

properties with a total of 65 - studio and 1 bedroom units. All units will have rent subsidies.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves

1. Preservation project with a need of rehabilitation and will address accessibility issues.

2. Strong need with large waiting lists in coverage area.

3. Preservation and Service Enriched Priority - Horizons Housing Foundation to provide services.

4. Low costs per unit.





Efficiency 7 445 - 485 $614 $400 154%

1 Bed 58 545 $614 - $697 $425 144% - 164%

65

65

0

Total Per Unit

$483,360 $7,436

$352,199 $5,418

$131,161 $2,018

$85,186 $1,311

$45,975 $707

Year 1 Year 15

1.54 1.23


$457,000 $0.85 $7,031 $7,031

$319,900 $0.62 $4,922 $4,922

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income



Gross Income


Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


5) Such other matters that may come before the Commission

THURSDAY DECEMBER AT A M - MHDC

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Transcript of THURSDAY DECEMBER AT A M - MHDC