notice, agenda and materials - Missouri Housing Development

Transcription

MISSOURI HOUSING DEVELOPMENT
COMMISSION
REGULAR COMMISSION MEETING
FRIDAY, MARCH 14, 2013
9:00 A.M.
2601CREEK
S. PROVIDENCE
ROAD
STONEY
INN & CONVENTION
SALON
A
CENTER
COLUMBIA,
MO 65203
2601
S. PROVIDENCE
ROAD
SALON A
COLUMBIA, MO 65203
REGULAR MEETING
OF THE
MISSOURI HOUSING DEVELOPMENT COMMISSION
FRIDAY, MARCH 14, 2014 AT 9:00 A.M.
Notice is hereby given that the Missouri Housing Development Commission will conduct its meeting
at 9:00 A.M. on Friday, March 14, 2014:
Stoney Creek Inn
2601 S. Providence Rd.
Columbia, MO 65203
The tentative agenda of this meeting is attached to this notice.
The news media may obtain copies of this notice by contacting:
Lynn Sigler
Missouri Housing Development Commission
3435 Broadway
Kansas City, MO 64111
(816)759-6822
[email protected]
MHDC will make reasonable accommodations for persons with disabilities at the public site. To request an
accommodation, please contact Lynn Sigler at (816) 759-6822 or [email protected].
REGULAR MEETING OF THE
FRIDAY, MARCH 14, 2014 – 9:00 A.M.
SECOND AMENDED AGENDA1
STONEY CREEK INN, 2601 S. PROVIDENCE, COLUMBIA, MO 65203
Regular Meeting
1. Roll call
2. Approval of Minutes
a. Approval of minutes for the regular meeting of the December 6, 2013
3. Report of Staff
a. Request for approval of funding for the 2014 Rental Production Project List
b. Request for approval of the 2014 Tax Exempt Bond Round NOFA
c. Request for approval of Bond Resolution No. 1036, Single Family Mortgage Refunding
Revenue Bonds, 2014 Series A
d. Request for approval of Bond Resolution No. 1037, Single Family Mortgage Revenue
Bonds, 2014 Series B
e. Request for approval of selection of Single Family Market Rate Program Administrator
f. Request for approval of Bond Resolution No. 1038, Multifamily Housing Refunding
Revenue Bonds, 2014 Series 1
g. Request for approval of RFP for Bond Counsel
h. Staff recommendations for Emergency Solutions Grant funding approvals
i. Request for approval of Resolution No. 877, revised
j. Financial Report and Budget Update
k. Rental Production Update
l. Asset Management Update
4. Such other matters that may come before the commission
5. Adjourn
1
The agenda for this meeting was originally published on Tuesday, March 4, 2014, but was amended on Friday, March 7, 2014. The amended agenda
includes a change to agenda item number 3(a) and an additional matter, agenda item number 3(l)
TAB 1
Roll Call
Roster
Chairman:
Governor:
Jeremiah W. (Jay) Nixon
Governor
State Capitol Building
P.O. Box 720
Jefferson City, MO 65102
573.751.3222
Attn: Ted Ardini
Brian May
State of Missouri
Office of the Governor
Wainwright Building, Room 929
111 North 7th Street
St. Louis, MO 63101
314.340.7518
Lieutenant Governor:
Peter Kinder
Lieutenant Governor
Room 224
573.751.4727
Attn: Brian Bunten
Jeffrey S. Bay (Chairman)
Van Osdol and Magruder, P.C.
911 Main St., Suite 2400
816.421.0644
Vice Chairman:
Troy L. Nash (Vice Chairman)
Zimmer Real Estate
1220 Washington Street, Suite 100
816.268.4230
Secretary Treasurer:
Greg L. Roberts (Secretary-Treasurer)
The Roberts Law Firm
215 Chesterfield Business Parkway, Suite A
Chesterfield, MO 63005
636.489.4187
Treasurer:
Clint Zweifel
State Treasurer
P.O. Box 210
573.751.8533
Attn:
Angie Heffner Robyn
Sarah Swoboda
Attorney General:
Chris Koster
Attorney General
Supreme Court Building
207 W. High Street
P.O. Box 899
573.751.3321
Attn:
Jim Farnsworth
Page 1 of 1
Rev. 09/11/13
TAB 2
Approval of Minutes
Regular Meeting
Minutes of Meeting Held on Friday, December 6, 2013
The regular meeting of the Missouri Housing Development Commission was held on Friday,
December 6, 2013 at 1 p.m., at Stoney Creek Inn, 2601 S. Providence Road, Columbia, Missouri.
Those present were:
Commissioners and Persons Present to Vote for
Ex-Officio Members
Jeffrey S. Bay, Chairman
Peter Kinder, Lieutenant Governor (telephone)
Angie Robyn, Deputy State Treasurer
Jim Farnsworth, Assistant Attorney General
Troy Nash, Vice Chairman (telephone)
David Cosgrove, Secretary/Treasurer
Greg Roberts, Commissioner
Commissioners Absent
Jay Nixon, Governor
Clint Zweifel, State Treasurer
Chris Koster, Attorney General
Staff Members
Kip Stetzler, Interim Executive Director
Greg Canuteson, Senior Deputy Director
Tina Beer, Director of Operations
Heather Bradley-Geary, Community Initiatives
Manager
Marian Campbell, Director of Asset Management
Sara Turk, Fiscal & Accounting Manager
Marilyn Lappin, Director of Finance
Lynn Sigler, Operations Supervisor
Megan Word, Legislative Coordinator
August Metz, AHAP Administrator
Frank Quagraine, Senior Underwriter
Weylin Watson, General Counsel
Darnell Busch, Information Technologist
Terrence Sullivan, Business Process Systems
Analyst
Debbie Stevens, Administrative Clerk
Joselyn Pfliegier, Community Initiatives
Coordinator
Katie Buckner, Community Initiatives Coordinator
John Watson, Governor Nixon’s Chief of Staff
Brian May, Governor Nixon’s Office
Sarah Swoboda, State Treasurer’s Office
Brian Bunten, Lieutenant Governor’s Office
Other Meeting Participants
Chairman Bay called the meeting to order and roll call was taken by Ms. Sigler. A quorum was present.
Kip Stetzler presented the minutes from the Commission meeting held on Friday, September 20, 2013
for approval. A motion was made by Lt. Governor Kinder and seconded by Commissioner Cosgrove to
approve the minutes. The motion passed unanimously with a vote of 7-0.
The next item on the agenda was the report of the chairman. Chairman Bay recognized the Governor’s
Chief of Staff John Watson and invited Mr. Watson to address the Commission. Mr. Watson made a
request of the Commission concerning agenda item -- the approval of Rental Production 2014 Round 1
applications.
The next item on the agenda was the report of the Facilities Committee. Ms. Tina Beer reported that
the Facilities Committee met on November 21 to discuss options for a lease for operations for the
Kansas City office. The committee looked at the 8 responses to the RFP and determined that 10 Main
Center, which is located at 920 Main, was the best financial option. The Facilities Committee requested
the Commission to approve staff to move forward with that lease. A motion was made by
Commissioner Nash and seconded by Commissioner Cosgrove to move forward with the 10 Main Center
lease. The motion passed unanimously with a vote of 7-0.
The Report of Staff followed.
Marilyn Lappin, Director of Finance presented the Financial Report for the month of October 2013.
Marilyn Lappin requested approval of the RFP for the Single Family Market Rate Program Administrator
and Resolution No. 1035 to establish a Mortgage Credit Certificate Program. A motion was made by
Commissioner Cosgrove to approve both components of the recommendation and it was seconded by
Commissioner Roberts. The motion passed unanimously with a vote of 7-0.
Tina Beer, Director of Operations asked for approval of Resolution 877. Ms. Beer presented that Sara
Turk replaced Ron Hill, Greg Canuteson was added and Emily Blakey was added to replace Gary Meyer.
A motion was made by Commissioner Roberts to approve Resolution No. 877 and it was seconded by
Chairman Bay. The motion passed unanimously with a vote of 7-0.
Tina Beer requested the approval of the 2013 HOME Repair Opportunity Program funding
recommendations. A motion was made by Commissioner Cosgrove and seconded by Commissioner
Roberts. The motion passed unanimously with a vote of 7-0.
Heather Bradley-Geary, Community Initiatives Manager, requested approval of funding
recommendations for Missouri Housing Trust Fund. A motion was made by Commissioner Roberts and
seconded by Commissioner Cosgrove. The motion passed unanimously with a vote of 7-0.
Heather Bradley-Geary requested approval of funding recommendations for the Homeless Management
Information System. A motion was made by Commissioner Nash and seconded by Deputy State
Treasurer Robyn. The motion passed unanimously with a vote of 7-0.
Heather Bradley-Geary requested approval of funding recommendations for the Housing First Program.
A motion was made by Commissioner Cosgrove and seconded by Commissioner Nash. The motion
passed unanimously with a vote of 7-0.
Kip Stetzler requested that the Commission approve those developments reflected on the spreadsheets
titled “2014 Round 1 – Rental Production Recommended Applications” included in the meeting material.
A motion was made by Chairman Bay to approve the adoption of the list of developments
recommended by staff as a final project list, and that the developments on the project list shall be
subject to a subsequent motion on or after March 13, 2014 for final approval and authorization by the
Commission including approval and authorization of tax credits. The motion was seconded by
Commissioner Cosgrove. The motion passed with a vote of 6-1, with Lt. Governor Kinder voting no.
There was a motion made by Chairman Bay to table Agenda Item 4i – 2014 Tax Exempt Bond NOFA until
the next meeting. Commissioner Cosgrove seconded the motion. The motion passed with a vote of 6-1,
with Lt. Governor Kinder voting no.
There was a motion made by Chairman Bay to move the February 21, 2014 regular meeting to March 14,
2014. Commissioner Roberts seconded the motion. The motion passed with a vote of 6-1, with Lt.
Governor Kinder voting no.
Megan Word requested approval of the RFP for the Housing Needs Assessment. A motion was made by
Commissioner Nash and seconded by Commissioner Cosgrove. The motion passed unanimously with a
vote of 7-0.
Kip Stetzler presented the Rental Production update.
Marian Campbell presented the Asset Management update.
Kip Stetzler informed the Commission that he will present to the Commission a revised 10-year Flood
Plain Policy at the next Commission Meeting.
Weylin Watson informed the Commission that MHDC received notice of a class action lawsuit against
Federal Express. The Commission acknowledged that the staff can handle this notice and any future
class action notices without seeking advice from outside counsel and without bringing the matter to the
Commission for approval. No formal vote was taken.
A motion was made to adjourn by Chairman Bay and seconded by Commissioner Cosgrove; the meeting
was adjourned.
________________________________________________
Jeffrey S. Bay, Chairman
TAB 3 (a)
Report of Staff
Request for approval of funding for the
2014 Round 1 Approved Applications
2014 Round 1 - Rental Production Project List
9% LIHTC / HOME / Fund Balance
Kansas City Region
Project #
Units
New
Rehab
Conv
HOME
NonCHDO profit TC
Senior / Set-aside Set-aside
Family
(Y)
(Y)
14-018
56
New
Family
14-022
59
New
Family
14-070
48
New
Senior
14-091
12
New
Senior
14-095
33
New
Family
Development Name
Developer
City
Federal
State 9%
9%
Tax
Tax Credits Credits
Ridgeway Villas at the
Legends
North Star Housing LLC
Raymore
620,000
620,000
St. Michael's Housing
Phase II
Yarco Company, Inc.
Kansas City
592,000
592,000
Briar Creek Villas
Housing Investment Partners, II
Belton
545,000
545,000
Yes
Ivanhoe Gateway at
39th
Ivanhoe Neighborhood Council
Kansas City
178,000
178,000
Yes
Rose Hill Townhomes
Affordable Housing of Kansas City, Inc.
Kansas City
505,000
505,000
Yes
HOME
MHDC
PERMANENT
PARTICIPATION
LOAN
AHAP
Credits
1,600,000
195,000
878,000
200,000
St. Louis Region
Project #
Units
New
Rehab
Conv
HOME
NonCHDO profit TC
Family
(Y)
(Y)
14-013
40
New
Senior
14-019
42
New
Senior
14-028
101 New
Senior
Yes
Yes
Development Name
Developer
City
Federal
State 9%
9%
Tax
Tax Credits Credits
HOME
MHDC
Bluff View Apartments
Arapaho Development LLC
Festus
570,000
570,000
Woodbury Place II
JES Dev Co, Inc.
O'Fallon
515,000
515,000
Covenant House
McCormack Baron Salazar
St. Louis
630,000
630,000
DeSales Impact 2014
DeSales Community Housing
Corporation
St. Louis
417,000
417,000
465,000
750,000
999,350
14-034
36
14-036
48
New
Family
Town Square
Apartments
Gardner Development, LLC
Dardenne Prairie
619,000
619,000
725,000
14-048
60
New
Senior
West Clay Senior
Living
Phoenix Real Estate Services, LLC
St. Charles
657,000
657,000
1,000,000
14-067
53
New
Senior
Yes
Pine Lawn Senior
Apartments
Beyond Housing
Pine Lawn
609,000
609,000
1,250,000
14-100
40
New
Family
Yes
Lemay Homes
Lemay Homes Developer, KKC
St. Louis
526,000
526,000
850,000
Yes
AHAP
Credits
300,000
New +
Rehab
Family
PERMANENT
PARTICIPATION
LOAN
465,000
9% LIHTC / HOME / Fund Balance
Outstate Region
Project #
Units
New
Rehab
Conv
HOME
NonCHDO profit TC
Family
(Y)
(Y)
Development Name
Developer
City
Federal
State 9%
9%
Tax
Tax Credits Credits
Mary Street Seniors
Community Action Partnership of Greater
St. Joseph
St. Joseph
Family
Sullivan Heights
Apartments
Midcontinent Equity Holdings, LLC
Sullivan
452,500
452,500
MACO Development Company, LLC
Cape Girardeau
465,000
465,000
14-007
5
New
Senior
14-010
48
New
Yes
HOME
MHDC
800,000
1,450,000
300,000
14-015
40
New
Senior
Silver Springs
Apartments
14-023
76
Rehab
Senior
Rose Park Estates
Red-Wood Development, Inc.
Bolivar
630,000
630,000
14-042
47
New
Family
Oakwood Place
Affordable Homes Development, Inc.
Republic
590,000
590,000
14-044
102 Rehab
Family
Brookdale East
Hughes Development Company, Inc.
St. Joseph
555,000
555,000
1,300,000
2,400,000
14-046
64
New
Family
Fish Haven Apts.
Legacy Property Developments, LLC
Lake Ozark
660,000
660,000
700,000
1,300,000
14-052
48
New
Family
Fox Fiver Estates
Four Corners Development LLC
Willard
570,000
570,000
Chillicothe
345,000
345,000
14-053
48
Rehab
Family
Yes
Shawnee Place
Chillicothe Housing Authority
Development Corporation
14-055
40
New
Family
Yes
James Place
O'Reilly Development Co, LLC
Springfield
423,000
423,000
14-057
157 Rehab
Senior
Yes
St. Francis/King Hill
Interfaith Community Services DBA
Interserv
St. Joseph
481,000
481,000
Lancaster Duplex
Housing Project
Northeast Missouri Community Action
Agency
Lancaster
Fox Creek Villas
MBL Development
Marshall
470,000
470,000
Bloomsdale and
Park Hills
364,000
364,000
351,000
351,000
14-063
2
New
Family
14-071
34
New
Senior
14-093
56
Rehab
Senior
14-105
36
New
Senior
Yes
Yes
Yes
Bloomsdale Estates/
Pleasant View Estates East Missouri Action Agency, Inc.
Yes
Hawthorne Senior
Housing
Missouri Valley Community Action
Agency
Warrensburg
Columbia
Hannibal
14-107
12
New
Family
McKee Street
New Horizons Community Support
Services
14-110
48
Rehab
Family
Holman Place
Iceberg Development
235,000
850,000
1,200,000
195,000
380,000
960,000
1,610,877
389,000
389,000
350,000
PERMANENT
PARTICIPATION
LOAN
AHAP
Credits
4% LIHTC / HOME / AHAP
Project #
Units
New
Rehab
Conv
Senior /
Family
Development Name
Developer
14-404 TE
87
Rehab
Family
Station Plaza Lofts
Sherman Associates
14-405 TE
67
New +
Rehab
Senior
Life Skills Rehab
Project
Renaissance Property Group
City
St. Louis
Kirkwood,
Overland,
Riverview
Federal 4% State 4%
Tax Credits Tax Credits
Exempt
Bond Const.
500,077
480,000
12,000,000
248,000
248,000
5,300,000
HOME
1,690,000
AHAP
Credits
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Occupancy
Construction
Priority (if applicable)
Property Type
Kansas City
14-018
Ridgeway Villas at the Legends
North Star Housing LLC
Raymore
Family
New Construction
Special Needs, MBE/WBE, 50% AMI
Single Family
Two Story Row
Building with Elevator
Duplexes
Single Story Row
Building without Elevator
Description of Property:
The new construction of 56 family townhomes/duplexes in Raymore with 11% of units set aside for special needs
tenants. Rents for special needs units will be substantially lower than rents for non-special needs units. Project will
include a conference room where the special needs lead referral agency can meet with clients.
Reasons for Recommendations:
1.
2.
3.
4.
Competitive total development costs
Numerous priorities
Strong demographics
Very low rents for special needs units
Loan Information
Permanent Sources
MHDC Fund Balance
$1,600,000
Federal and State LIHTC Equity
$7,873,479
Federal and State Historic Equity
$0
AHAP Donation
$0
Deferred Developer Fee
$181,724
Total Sources:
$9,655,203
Construction Sources
MHDC Participation Fund Balance
Tax Credit Equity
$7,400,000
$1,511,603
Uses:
Construction Costs
$6,529,537
Architect and Engineering
$123,200
Construction Interest
$263,625
Contingency
$364,200
Closing Legal
$16,000
Environmental Abatement
$0
Relocation Expense
$0
Furniture and Fixtures
$56,000
Acquisition Costs
$707,000
Developer/Consultant Fee
$1,010,000
MHDC and Related Costs
$87,500
Reserves
$269,600
Other Development Costs
$218,541
Total Uses:
Development Costs
Costs per Unit
$9,655,203
Total
$9,655,203
$172,414
Reserves
$269,600
$4,814
MHDC Fees
$87,500
$1,563
w/o Reserves &
MHDC Fees
$9,298,103
$166,038
Property Data:
Breakdown by Unit Type
Type
2 Bed/2 Bath
3 Bed/2 Bath
Total Number of Units
Total LIHTC Units
Total Market Units
# of Units
14
42
Sq Ft
984
1081 - 1294
Market
$850
$925
% of Market
35% - 76%
38% - 76%
Total
$393,468
$258,196
$135,272
$94,452
$40,820
Per Unit
$7,026
$4,611
$2,416
$1,687
$729
Year 1
1.43
Year 15
1.36
56
56
0
Income and Expense Data
Gross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Debt Service Coverage
Tax Credit Information
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$300 - $650
$350 - $700
Amount
$620,000
$620,000
$0
$0
Price Per Credit Per LIHTC Unit
$0.84
$11,071
$0.43
$11,071
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$11,071
$11,071
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Kansas City
14-022
St. Michael's Housing Phase II
Yarco Company, Inc.
Kansas City
Family
New Construction
Non-Profit, Service Enriched, Special Needs
Single Family
Two Story Row
Duplexes
Single Story Row
The 2nd phase of the development of the St. Michael Veterans Campus, a 22 acre complex located adjacent to the VA
Hospital in Kansas City that will market to Homeless veterans. This is a 59 unit, one building that will be four stories
high, with a Supportive Services Center.
1. This is number one on the City's priority list.
2. The City has committed $2.5 million to fund infrasrtucture and site improvements on the
campus and over $1 milion to fund the Supportive Services Center.
3. It's a 100% special needs proposal.
Loan Information
Permanent Sources
CDBG
MHDC HOME
$1,067,716
$200,000
$7,991,455
$0
AHAP Donation
$1,596,364
$95,823
Total Sources:
$10,951,358
MHDC HOME
Tax Credit Equity
Conventional
CDBG
AHAP Donation Proceeds
$195,000
$1,598,291
$5,580,000
$1,067,716
$1,596,364
Uses:
Construction Costs
$8,151,583
$260,000
$188,325
Contingency
$478,000
Closing Legal
$70,000
$0
Relocation Expense
$0
$200,000
Acquisition Costs
$50,000
$950,000
$12,000
Reserves
$289,400
$302,050
Total Uses:
Development Costs
Costs per Unit
$10,951,358
Total
$10,951,358
$185,616
Reserves
$289,400
$4,905
MHDC Fees
$12,000
$203
w/o Reserves &
MHDC Fees
$10,649,958
$180,508
Property Data:
Type
1 Bdrm/1 bath
2 Bdrm/1 bath
Total LIHTC Units
Total Market Units
# of Units
55
4
Sq Ft
580
817
Market
$725
$800
% of Market
90%
94%
Total
$432,450
$317,388
$115,062
$0
$115,062
Per Unit
$7,330
$5,379
$1,950
$0
$1,950
Year 1
N/A
Year 15
N/A
59
59
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$650
$750
Amount
$592,000
$592,000
$0
$0
$878,000
$0.92
$10,034
$0.43
$10,034
$0.00
$0
$0.00
$0
$14,881
Per Unit (All)
$10,034
$10,034
$0
$0
$14,881
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Kansas City
14-070
Briar Creek Villas, LP
Houisng Investment Partners, II
Belton
Elderly
New Construction
Service Enriched, AMI50, Extended Use
Single Family
Two Story Row
Duplexes
Single Story Row
A 48 unit 3-story building with a central elevator, and multiple community spaces on each floor that will include an
exercise room, community room with kitchenette and a Library with computer workstations.
1. Great location for this senior property.
2. Very reasonable development cost and rental rates, comparatively, in the Kansas City MSA.
3. An area that is in need of affordable housing as echoed by the Mayor for the City of Belton at
the public hearing.
Loan Information
Permanent Sources
MHDC - Fund Balance
GP Equity
$200,000
$100
$6,920,584
$0
AHAP Donation
$0
$88,884
Total Sources:
$7,209,568
MHDC - Participation Loan
Tax Credit Equity
GP Equity
$3,600,000
$2,906,570
$100
Uses:
Construction Costs
$4,920,000
$110,000
$89,775
Contingency
$250,000
Closing Legal
$50,000
$0
Relocation Expense
$0
$0
Acquisition Costs
$473,000
$810,000
$29,400
Reserves
$230,808
$246,585
Total Uses:
Development Costs
Costs per Unit
$7,209,568
Total
$7,209,568
$150,199
Reserves
$230,808
$4,809
MHDC Fees
$29,400
$613
w/o Reserves &
MHDC Fees
$6,949,360
$144,778
Property Data:
Type
1 Bdrm/ 1 Bath
2 Bdrm/ 2 Bath
Total LIHTC Units
Total Market Units
# of Units
24
24
Sq Ft
751 - 820
1023
Market
$725
$825
% of Market
66% - 69%
70%
Total
$292,342
$242,445
$49,897
$11,458
$38,439
Per Unit
$6,090
$5,051
$1,040
$239
$801
Year 1
4.35
Year 15
1.66
48
48
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$475 - $500
$575
Amount
$545,000
$545,000
$0
$0
$0.84
$11,354
$0.43
$11,354
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$11,354
$11,354
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Kansas City
14-091
Ivanhoe Gateway at 39th
Ivanhoe Neighborhood Council
Kansas City
Elderly
New Construction
Non-Profit, Extended Use, MBE/WBE
Single Family
Two Story Row
Duplexes
Single Story Row
A 12 unit infill proposal in three four-plex buildings in an established neighborhood with single family residences and
multifamly properies that has direct access from US Hwy. 71 which provides access to the city.
1. Proposal will trully help further revitalize "The Green Impact Zone" of the city of Kansas City.
2. Number two priority for the City of Kansas City requiring only $178,000 in Fed. & State credits.
3. Very reasonble rents at $495 for an elderly 4-plex housing in the Kansas City metro area.
Loan Information
Permanent Sources
AHAP Donation
Total Sources:
$2,278,097 Participation Const Loan
$0 Tax Credit Equity
$0
$22,504
$2,300,602
$1,600,000
$455,619
Uses:
Construction Costs
Contingency
Closing Legal
Relocation Expense
Acquisition Costs
Reserves
Total Uses:
Development Costs
Costs per Unit
$1,522,425
$65,000
$50,667
$80,000
$30,000
$0
$0
$0
$35,000
$240,000
$26,810
$69,200
$181,500
$2,300,602
Total
$2,300,602
$191,717
Reserves
$69,200
$5,767
MHDC Fees
$26,810
$2,234
w/o Reserves &
MHDC Fees
$2,204,592
$183,716
Property Data:
Type
2 Bdrm/ 1 Bath
Total LIHTC Units
Total Market Units
# of Units
12
Sq Ft
1041
Net Rent
$495
Market
$675
% of Market
73%
Total
$67,716
$50,272
$17,444
$0
$17,444
Per Unit
$5,643
$4,189
$1,454
$0
$1,454
Year 1
Year 15
12
12
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Amount
$178,000
$178,000
$0
$0
$0.85
$14,833
$0.43
$14,833
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$14,833
$14,833
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Kansas City
14-095
Rose Hill Townhomes
Affordable Housing of Kansas City, Inc.
Kansas City
Family
New Construction
Non-Profit, Special Needs, Extended Use, MBE/WBE
Single Family
Two Story Row
Duplexes
Single Story Row
A 33 unit urban, townhouse design concept with 2 and 3 bedroom , one bath units with all the amenities and feel of a
single family residence.
1. A 100% special needs proposal for the formerly homeless.
2. Centrally located within the City of Kansas City MSA and ideally situated near transit, schools
and employment centers.
3. The lead referral agency is located just 2 blocks away and will provide services on-site.
4. The Housing Authority's development arm is the sponsor and will ensure rental assistance for
the tenants.
Loan Information
Permanent Sources
GP Equity
$100
$6,413,076
$0
AHAP Donation
$0
$59,058
Total Sources:
$6,472,234
MHDC/Great Southern Participation
Tax Credit Equity
GP Equity
$4,680,000
$1,146,774
$100
Uses:
Construction Costs
$4,374,991
$220,000
$153,387
Contingency
$220,000
Closing Legal
$35,000
$50,000
Relocation Expense
$0
$6,000
Acquisition Costs
$273,300
$634,000
$17,750
Reserves
$172,800
$315,006
Total Uses:
Development Costs
Costs per Unit
$6,472,234
Total
$6,472,234
$196,128
Reserves
$172,800
$5,236
MHDC Fees
$17,750
$538
w/o Reserves &
MHDC Fees
$6,281,684
$190,354
Property Data:
Type
1 Bed
2 Bed
3 Bed
Total LIHTC Units
Total Market Units
# of Units
1
22
10
Sq Ft
805
900
1090
Market
$600
$700
$800
% of Market
75%
75%
78%
Total
$203,670
$168,152
$35,518
$0
$35,518
Per Unit
$6,172
$5,096
$1,076
$0
$1,076
Year 1
N/A
Year 15
N/A
33
33
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$450
$525
$625
Amount
$505,000
$505,000
$0
$0
$0.84
$15,303
$0.43
$15,303
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$15,303
$15,303
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Saint Louis
14‐013
Bluff View Apartments
Arapaho Development LLC
Festus
Elderly
New Construction
Non‐Profit, Service Enriched, Special Needs, Extended Use
Single Family
Two Story Row
Duplexes
Single Story Row
A 40 unit 3‐story brick & hardy cement siding 2bdrm/1 bath building with all units wheelchair accessible to meet the needs of special needs tenants. Developer proposes to add solar panels to reduce utility bills for the common areas if budget allows.
1. A special needs proposal in an area with documented waiting list for this type of development.
2. Great location.
3. Has full support from the community as well as a Resolution of Support Letter from the City.
Loan Information
Permanent Sources
MHDC
GP Equity
$300,000 MHDC Particiapation Loan
GP Equity
$7,247,066
$0
AHAP Donation
$0
$71,348
Total Sources:
$7,618,513
$5,170,000
$1,449,413
$100
Uses:
$5,404,200
Construction Costs
$145,100
$176,472
Contingency
$255,976
Closing Legal
$30,000
$0
$0
Relocation Expense
$35,000
Acquisition Costs
$326,700
$750,000
$18,000
Reserves
$269,000
$208,065
Total Uses:
Development Costs
Costs per Unit
$7,618,513
Total
$7,618,513
$190,463
Reserves
$269,000
$6,725
MHDC Fees
$18,000
$450
w/o Reserves & MHDC Fees
$7,331,513
$183,288
Property Data:
Type
2 Bdrm/ 1 bath
Total LIHTC Units
Total Market Units
# of Units
40
Sq Ft
852
Market
$513
% of Market
84%
Total
$196,080
$155,565
$40,515
$15,178
$25,337
Per Unit
$4,902
$3,889
$1,013
$379
$633
Year 1
2.67
Year 15
1.54
40
40
0
Gross Income
Debt Service
Pre‐distribution Cash‐Flow
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$430
Amount
$570,000
$570,000
$0
$0
$0.85
$14,250
$0.43
$14,250
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$14,250
$14,250
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Saint Louis
14‐019
Woodbury Place II
JES Dev Co, Inc.
O'Fallon
Elderly
New Construction
Special Needs, AMI50
Single Family
Two Story Row
Duplexes
Single Story Row
This is a new construction of 28 two bedroom and 14 one bedroom units in 7 buildings with 6 units in each building for seniors. It is located in O'Fallon. Reasons for Recommendations:
1) Reasonable costs for St. Charles county area.
2) Dire need for senior housing in area indicated by long waiting lists for other LIHTC projects
3) Good public support
4) 2nd on the list of supported proposals by the County of St. Charles
Loan Information
Permanent Sources
Conventional
Owner Equity
$1,000,000 Tax Credit Equity
$110 Conventional
Owner Equity
$6,591,125
$0
AHAP Donation
$0
$67,804
Total Sources:
$7,659,038
$1,345,004
$5,500,000
$110
Uses:
$5,354,999
Construction Costs
$168,000
$203,740
Contingency
$267,750
Closing Legal
$25,000
$0
Relocation Expense
$0
$0
Acquisition Costs
$370,000
$835,000
$12,000
$185,924
Reserves
$236,625
Total Uses:
Development Costs
Costs per Unit
$7,659,038
Total
$7,659,038
$182,358
Reserves
$185,924
$4,427
MHDC Fees
$12,000
$286
$7,461,114
$177,646
Property Data:
Type
1 Bed
2 Bed
Total LIHTC Units
Total Market Units
# of Units
14
28
Sq Ft
768
980
Market
$725
$825
% of Market
68% ‐ 80%
63% ‐ 75%
Total
$278,502
$187,789
$90,713
$64,419
$26,294
Per Unit
$6,631
$4,471
$2,160
$1,534
$626
Year 1
1.41
Year 15
1.30
42
42
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$490 ‐ $580
$520 ‐ $620
Amount
$515,000
$515,000
$0
$0
$0.85
$12,262
$0.43
$12,262
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$12,262
$12,262
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Saint Louis
14-028
Covenant House
McCormack Baron Salazar, Inc.
St. Louis
Elderly
New Construction
Non-Profit, Service Enriched, Preservation, MBE/WBE,
Single Family
Two Story Row
Duplexes
Single Story Row
The new construction of 101 elderly tax credit and market rate units in St. Louis County. The project will incorporate
universal design principles.
1.
2.
3.
4.
Preserving Section 8
Strong rehabilitation demographics
Extensive tenant services
Loan Information
Permanent Sources
Gershman Mortgage Loan
MHDC HOME
CDBG
$4,650,000
$750,000
$1,000,000
Gershman Mortgage Loan
Tax Credit Equity
AHAP
MHDC HOME
$8,370,621
CDBG
$0
AHAP Donation
$1,817,000
$415,045
Total Sources:
$17,002,666
$4,650,000
$7,430,266
$1,817,000
$750,000
$1,000,000
Uses:
Construction Costs
$12,547,513
$637,000
$190,069
Contingency
$627,721
Closing Legal
$75,000
$0
Relocation Expense
$133,766
$50,000
Acquisition Costs
$0
$1,670,000
$10,000
Reserves
$545,400
$516,197
Total Uses:
Development Costs
Costs per Unit
$17,002,666
Total
$17,002,666
$168,343
Reserves
$545,400
$5,400
MHDC Fees
$10,000
$99
w/o Reserves &
MHDC Fees
$16,447,266
$162,844
Property Data:
Type
1 Bed
Total LIHTC Units
Total Market Units
# of Units
101
Sq Ft
650
Market
$800
% of Market
94% - 124%
Total
$1,053,532
$576,683
$476,849
$315,078
$161,771
Per Unit
$10,431
$5,710
$4,721
$3,120
$1,602
Year 1
1.51
Year 15
1.64
101
66
35
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$750 - $994
Amount
$630,000
$630,000
$0
$0
$999,350
$0.90
$9,545
$0.43
$9,545
$0.00
$0
$0.00
$0
$15,142
Per Unit (All)
$6,238
$6,238
$0
$0
$9,895
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Saint Louis
14-034
DeSales Impact 2014
DeSales Community Housing Corporation
St. Louis
Family
New Construction + Acquisition/Rehabilitation
Non-Profit
Single Family
Two Story Row
Duplexes
Single Story Row
Proposal will be comprised of 35 apartments and townhomes located within 14 buildings in St. Louis City. There will
be a mix of 1, 2, and 3 bedroom units and a mix of new construction and rehabilitation of existing units.
1. Scattered-site development is part of a larger neighborhood revitilization effort.
2. St. Louis City fully supports this project - Number one priority on the list from the City of St. Louis
3. It is within the cost limits.
4. Provides rents at a competitive rate.
Loan Information
Permanent Sources
Great Southern/MHDC Participation
$930,000
Federal and State LIHTC
$5,378,946
Federal and State Historic
$598,057
AHAP Donation
$0
$98,105
Total Sources:
$7,005,107
Great Southern/MHDC Participation
Tax Credit Equity
$5,150,000
$1,130,832
Uses:
Construction Costs
$4,716,336
$140,000
$183,469
Contingency
$323,000
Closing Legal
$35,000
$0
Relocation Expense
$0
$0
Acquisition Costs
$418,500
Developer\Construction Fee
$720,000
$20,050
Reserves
$156,600
$292,153
Total Uses:
Development Costs
Costs per Unit
$7,005,107
Total
$7,005,107
$194,586
Reserves
$156,600
$4,350
MHDC Fees
$20,050
$557
w/o Reserves &
MHDC Fees
$6,828,457
$189,679
Property Data:
Type
1 Bed/1 Bath
2 Bed/1 - 2 Bath
3 Bed/1.5 - 2 Bath
Market
$600
$800
$1,050
% of Market
75% - 79%
68% - 88%
70% - 79%
Gross Income
Operating Income
Debt Service
Total
$260,586
$169,578
$91,008
$60,662
$30,346
Per Unit
$7,239
$4,710
$2,528
$1,685
$843
Year 1
1.50
Year 15
1.44
Total LIHTC Units
Total Market Units
# of Units
2
26
8
Sq Ft
523 - 592
720 - 1570
1266 - 1696
36
36
0
Federal Low Income
State Low Income
Federal Historic
State Historic
AHAP Credits
Net Rent
$450 - $475
$540 - $700
$730 - $825
Amount
$417,000
$417,000
$327,452
$388,849
$0.85
$11,583
$0.44
$11,583
$0.85
$9,096
$0.82
$10,801
$0
Per Unit (All)
$11,583
$11,583
$9,096
$10,801
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Saint Louis
14‐036
Towne Square Apartments
Dardenne Prairie
Family
New Construction
Special Needs, AMI50
Single Family
Two Story Row
Duplexes
Single Story Row
48 units of new construction family development with two 3‐story buildings and a clubhouse
1) Very low and affordable rents 2) Development costs per unit competitive relative to other family proposals in the St. Louis region
3) Great location with close proximity to nice, newer services and community amenities
Loan Information
Permanent Sources
MHDC ‐ Fund Balance
$725,000 MHDC ‐ Fund Balance
Tax Credit Equity
$7,922,160
$0
AHAP Donation
$0
$81,815
Total Sources:
$8,728,975
Great Southern
$725,000
$1,584,432
$5,700,000
Uses:
$5,870,000
Construction Costs
$144,000
$210,000
Contingency
$293,500
Closing Legal
$15,000
$0
$0
Relocation Expense
$30,000
Acquisition Costs
$770,000
$934,000
$62,000
$172,800
Reserves
$227,675
Total Uses:
Development Costs
Costs per Unit
$8,728,975
Total
$8,728,975
$181,854
Reserves
$172,800
$3,600
MHDC Fees
$62,000
$1,292
$8,494,175
$176,962
Property Data:
Type
2 Bed
3 Bed
Total LIHTC Units
Total Market Units
# of Units
24
24
Sq Ft
1018
1218
Market
$990
$1,160
% of Market
40% ‐ 48%
40% ‐ 47%
Total
$266,054
$202,968
$63,086
$36,680
$26,407
Per Unit
$5,543
$4,229
$1,314
$764
$550
Year 1
1.72
Year 15
1.20
48
48
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$400 ‐ $475
$465 ‐ $550
Amount
$619,000
$619,000
$0
$0
$0.84
$12,896
$0.44
$12,896
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$12,896
$12,896
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Saint Louis
14‐048
West Clay Senior Living
Phoenix Real Estate Services, LLC
St. Charles
Elderly
New Construction
Service Enriched, AMI50
Single Family
Two Story Row
Duplexes
Single Story Row
New construction of a 3‐story elevator apartment building with 60 units of housing intended for elderly tenants.
1) Strong feasibility with ability to service permanent participation loan and a reasonable tax credit request;
2) Good location for an elderly proposal
3) Strong support from public officials
4) Development costs per unit highly competitive, particularly for new construction in the St. Louis region
Loan Information
Permanent Sources
MHDC Fund Balance
$1,000,000 MHDC Fund Balance (Participat
Tax Credit Equity
$1,000,000
$1,689,777
USB Participation Portion
$6,100,000
$8,473,887
$0
AHAP Donation
$0
$106,552
Total Sources:
$9,580,439
Uses:
$6,707,782
Construction Costs
$67,000
$247,000
Contingency
$335,000
Closing Legal
$50,000
$0
$0
Relocation Expense
$50,000
Acquisition Costs
$540,000
$993,617
$32,000
Reserves
$229,300
$328,740
Total Uses:
Development Costs
Costs per Unit
$9,580,439
Total
$9,580,439
$159,674
Reserves
$229,300
$3,822
MHDC Fees
$32,000
$533
$9,319,139
$155,319
Property Data:
Type
1 Bed
2 Bed
Total LIHTC Units
Total Market Units
# of Units
25
35
Sq Ft
715
885 ‐ 1275
Market
$715
$800
% of Market
56% ‐ 66%
61% ‐ 75%
Total
$361,551
$265,975
$95,576
$60,802
$34,774
Per Unit
$6,026
$4,433
$1,593
$1,013
$580
Year 1
1.57
Year 15
1.23
60
60
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$400 ‐ $475
$485 ‐ $600
Amount
$657,000
$657,000
$0
$0
$0.86
$10,950
$0.43
$10,950
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$10,950
$10,950
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Saint Louis
14-067
Pine Lawn Senior Apartments
Beyond Housing
Pine Lawn
Elderly
New Construction
Non-Profit, Service Enriched, Extended Use, MBE/WBE
Single Family
Two Story Row
Duplexes
Single Story Row
A very appealing 53 one & two bedroom elevator building with a community room that has an exercise room, a large
resident living room with computers/media and a space for community events. A garden area will be to the rear of
the building for relaxation and resident activities.
1. An ideal location that adds momentum to the on-going revitalization efforts in the community.
2. Third priority on St. Louis County's list with very strong support at the hearing from the
community and Mayors from neighboring communities.
3. An MBE/WBE and Service Enriched designated non-profit entity that is highly regarded.
Loan Information
Permanent Sources
MHDC - Fund Balance
GP Equity
$1,250,000
$100
$8,099,104
$0
AHAP Donation
$0
$99,423
Total Sources:
$9,448,627
MHDC - Participation Loan - US Bank
Tax Credit Equity
GP Equity
$7,035,000
$1,619,821
$100
Uses:
Construction Costs
$7,106,375
$214,000
$235,585
Contingency
$300,000
Closing Legal
$20,000
$0
Relocation Expense
$0
$40,000
Acquisition Costs
$0
$900,000
$35,750
Reserves
$214,300
$382,618
Total Uses:
Development Costs
Costs per Unit
$9,448,627
Total
$9,448,627
$178,276
Reserves
$214,300
$4,043
MHDC Fees
$35,750
$675
w/o Reserves &
MHDC Fees
$9,198,577
$173,558
Property Data:
Type
1 Bdrm/ 1 bath
2 Bdrm/ 1 bath
Total LIHTC Units
Total Market Units
# of Units
45
8
Sq Ft
620
845
Market
$620
$710
% of Market
89% - 90%
87%
Total
$338,352
$233,226
$105,126
$63,241
$41,885
Per Unit
$6,384
$4,400
$1,984
$1,193
$790
Year 1
1.66
Year 15
1.48
53
53
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$550 - $560
$615
Amount
$609,000
$609,000
$0
$0
$0.89
$11,491
$0.44
$11,491
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$11,491
$11,491
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Saint Louis
14‐100
Lemay Homes
Lemay Homes Developer, LLC
St. Louis
Family
New Construction
Non‐Profit, AMI50
Single Family
Two Story Row
Duplexes
Single Story Row
40 units of new construction of relatively large 3 and 4 bedroom, single‐family detached units, urban‐infill on scattered sites in Lemay, which is a small suburb in southern St. Louis.
1) Good location with close proximity to employment and community services and amenities
2) Strong community support
3) Strong feasibility with reasonable total development costs for 3 and 4 bedroom units with homeownership opportunity.
Loan Information
Permanent Sources
MHDC Fund Balance
HOME ‐ St. Louis County
$850,000 MHDC Fund Balance (Participat
$800,000 Tax Credit Equity
USB Loan (Participation Portion
$6,890,600
$0
AHAP Donation
$0
$87,285
Total Sources:
$8,627,885
$850,000
$2,767,928
$4,325,000
Uses:
$5,983,877
Construction Costs
$90,000
$180,000
Contingency
$300,000
Closing Legal
$46,000
$0
Relocation Expense
$0
$0
Acquisition Costs
$612,000
$800,000
$27,750
Reserves
$186,500
$401,758
Total Uses:
Development Costs
Costs per Unit
$8,627,885
Total
$8,627,885
$215,697
Reserves
$186,500
$4,663
MHDC Fees
$27,750
$694
$8,413,635
$210,341
Property Data:
Type
3 Bed
4 Bed
Total LIHTC Units
Total Market Units
# of Units
36
4
Sq Ft
1235
1358
Market
$1,000
$1,100
% of Market
57% ‐ 68%
60% ‐ 70%
Total
$299,479
$215,024
$84,455
$56,695
$27,760
Per Unit
$7,487
$5,376
$2,111
$1,417
$694
Year 1
1.49
Year 15
1.23
40
40
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$570 ‐ $675
$655 ‐ $775
Amount
$526,000
$526,000
$0
$0
$0.88
$13,150
$0.43
$13,150
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$13,150
$13,150
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14‐007
Mary Street Seniors
Community Action Partnership of Greater St. Joseph
St. Joseph
Elderly
New Construction
Non‐Profit
Single Family
Two Story Row
Duplexes
Single Story Row
Utilizing architectural plans that are compatible with the surrounding neighborhood to build a duplex and a triplex with 2 bdrm/ 1 bath utilizing MHDC HOME CHDO funds.
1. An ideal infill proposal in an area needing this type of re‐investment. 2. Proposal has support from the community and a Resolution of Support Letter from the City.
3. The developer entity is an arm of the Community Action Agency with the primary mission of helping to provide safe, affordable and decent housing in areas that are most needed.
Loan Information
Permanent Sources
MHDC HOME CHDO
Comm. Action Partnership of St. Joseph
$800,000 MHDC HOME CHDO
Comm. Action Partnership
$800,000
$0
$5,000
$0 of St. Joseph
$0
AHAP Donation
$0
$7,000
Total Sources:
$812,000
Uses:
$644,760
Construction Costs
$31,000
$0
Contingency
$35,960
Closing Legal
$2,500
$0
Relocation Expense
$0
$0
Acquisition Costs
$2,080
$70,000
$0
Reserves
$0
$25,700
Total Uses:
Development Costs
Costs per Unit
$812,000
Total
$812,000
$162,400
Reserves
$0
$0
MHDC Fees
$0
$0
$812,000
$162,400
Property Data:
Type
2 Bdrm/1 bath
Total LIHTC Units
Total HOME Units
Total Market Units
# of Units
5
Sq Ft
1012
Market
$500
% of Market
84%
Total
$23,940
$19,315
$4,625
$0
$4,625
Per Unit
$4,788
$3,863
$925
$0
$925
Year 1
N/A
Year 15
N/A
5
0
5
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$420
Amount
$0
$0
$0
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$0
$0
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14‐010
Sullivan Heights Apartments
Sullivan
Family
New Construction
Single Family
Two Story Row
Duplexes
Single Story Row
New construction of multi‐family housing located on the Crawford County side of Sullivan.
1) City of Sullivan supports the constuction of new multi‐family housing
2) Highly competitive development costs per unit for a Family proposal
3) Excellent service provider for special needs households
Loan Information
Permanent Sources
MHDC Fund Balance
MHDC HOME
$300,000 MHDC Fund Balance
Participation ‐ Fund Balance
$5,791,421
$0
AHAP Donation
$0
$61,930
Total Sources:
$7,603,351
MHDC HOME
$300,000
$351,239
$4,900,000
$1,450,000
Uses:
$5,622,000
Construction Costs
$94,000
$170,683
Contingency
$281,100
Closing Legal
$30,000
$0
Relocation Expense
$0
$0
Acquisition Costs
$190,000
$818,000
$18,000
$165,743
Reserves
$213,825
Total Uses:
Development Costs
Costs per Unit
$7,603,351
Total
$7,603,351
$158,403
Reserves
$165,743
$3,453
MHDC Fees
$18,000
$375
$7,419,608
$154,575
Property Data:
Type
2 Bed
3 Bed
Total LIHTC Units
Total Market Units
# of Units
32
16
Sq Ft
950
1162
Market
$490
$520
% of Market
82%
87%
Total
$225,432
$184,708
$40,724
$15,178
$25,547
Per Unit
$4,697
$3,848
$848
$316
$532
Year 1
2.68
Year 15
1.19
48
48
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$400
$450
Amount
$452,500
$452,500
$0
$0
$0.84
$9,427
$0.44
$9,427
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$9,427
$9,427
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14-015
Silver Springs Apartments
MACO Development Company, L.L.C.
Cape Girardeau
Elderly
New Construction
Special Needs, AMI50, Extended Use
Single Family
Two Story Row
Duplexes
Single Story Row
Proposal will be comprised of 30 2-bedroom 2 baths and 10 1-bedroom one bath apartments marketed exclusively to
seniors ages 55 and over. Exterior will be brick and vinyl with a community building that will include a fitness facility,
and laundry area.
1. Has a deep rent skewing and varied unit size configuration.
2. A good senior proposal that has a Resolution of Support Letter from the City.
3. Proposal will help revitalize the neighborhood.
4. Developer manages a senior proposal in Cape Girardeau that maintains a lenghty waiting list.
Loan Information
Permanent Sources
MHDC
Owner Equity
$235,000
$100
$5,905,109
$0
AHAP Donation
$0
$93,567
Total Sources:
$6,233,777
MHDC Participation loan
Tax Credit Equity
Owner Equity
$4,475,000
$1,195,522
$100
Uses:
Construction Costs
$4,376,070
$80,000
$97,779
Contingency
$138,000
Closing Legal
$27,000
$0
Relocation Expense
$0
$10,000
Acquisition Costs
$400,000
$725,000
$16,700
Reserves
$154,878
$208,350
Total Uses:
Development Costs
Costs per Unit
$6,233,777
Total
$6,233,777
$155,844
Reserves
$154,878
$3,872
MHDC Fees
$16,700
$418
w/o Reserves &
MHDC Fees
$6,062,199
$151,555
Property Data:
Type
1 Bdrm/ 1 bath
2 Bdrm/ 2 baths
Total LIHTC Units
Total Market Units
# of Units
10
30
Sq Ft
775
981
Market
$500
$600
% of Market
53% - 80%
53% - 83%
Total
$207,214
$168,123
$39,091
$11,889
$27,202
Per Unit
$5,180
$4,203
$977
$297
$680
Year 1
3.29
Year 15
1.61
40
40
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$265 - $400
$320 - $500
Amount
$465,000
$465,000
$0
$0
$0.84
$11,625
$0.43
$11,625
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$11,625
$11,625
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14-023
Rose Park Estates, LP
Red-Wood Development, Inc.
Bolivar
Elderly
Acquisition/Rehabilitation
Preservation
Single Family
Two Story Row
Duplexes
Single Story Row
The acquisition/rehabilitation of 76 elderly units in Bolivar. The project was constructed in three phases starting in
1973. It has a Rural Development loan and Rural Development rental subsidy agreement. Bus routes have scheduled
stops at the project and it will include FEMA EF-5 rated storm shelters.
1.
2.
3.
4.
Competitive total development cost
Preservation of Rural Development project
Has Rural Development rental subsidy agreement
Loan Information
Permanent Sources
Rural Development
Replacement Reserves
$280,000
$153,200
$8,126,471
$0
AHAP Donation
$0
$57,814
Total Sources:
$8,617,485
Arvest Bank
Tax Credit Equity
Rose Park Association
Rural Development
$5,591,500
$1,402,735
$153,200
$78,794
$280,000
Uses:
Construction Costs
$6,106,500
$106,400
$105,539
Contingency
$150,000
Closing Legal
$18,000
$210,000
Relocation Expense
$90,000
$25,000
Acquisition Costs
$284,000
$905,656
$12,000
Reserves
$349,200
$255,190
Total Uses:
Development Costs
Costs per Unit
$8,617,485
Total
$8,617,485
$113,388
Reserves
$349,200
$4,595
MHDC Fees
$12,000
$158
w/o Reserves &
MHDC Fees
$8,256,285
$108,635
Property Data:
Type
1 Bed/1 Bath
2 Bed/1 Bath
Total LIHTC Units
Total Market Units
# of Units
66
10
Sq Ft
572 - 590
784 - 804
Market
$375
$445
% of Market
83%
77%
Total
$280,018
$246,710
$33,308
$7,118
$26,190
Per Unit
$3,684
$3,246
$438
$94
$345
Year 1
4.68
Year 15
-0.52
76
76
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$311
$341
Amount
$630,000
$630,000
$0
$0
$0.84
$8,289
$0.45
$8,289
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$8,289
$8,289
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14‐042
Oakwood Place
Republic
Family
New Construction
Special Needs
Single Family
Two Story Row
Duplexes
Single Story Row
47 units of new construction with units set aside for workforce housing; located in Republic, which is roughly 10‐15 minutes east of Springfield
1) Strong feasibility with competitive development costs per unit for a new construction family proposal outside of Springfield.
2) Clost proximity to emloyment and services, both in Republic and Springfield
3) Rents for both types of units‐‐tax credit and workforce‐‐are very low and highly affordable
Loan Information
Permanent Sources
MHDC Fund Balance
$850,000 MHDC Fund Balance
Tax Credit Equity
$7,492,009
$0
AHAP Donation
$0
$90,129
Total Sources:
$8,432,138
Participation
$850,000
$1,466,550
$5,400,000
Uses:
$6,329,638
Construction Costs
$49,200
$154,000
Contingency
$317,000
Closing Legal
$30,000
$0
Relocation Expense
$0
$0
Acquisition Costs
$196,500
$902,500
$29,000
$187,400
Reserves
$236,900
Total Uses:
Development Costs
Costs per Unit
$8,432,138
Total
$8,432,138
$179,407
Reserves
$187,400
$3,987
MHDC Fees
$29,000
$617
$8,215,738
$174,803
Property Data:
Type
1 Bed
2 Bed
3 Bed
Total LIHTC Units
Total Market Units
# of Units
8
24
15
47
37
10
Sq Ft
918
1153
1351
Market
$540
$640
$740
% of Market
68% ‐ 83%
69% ‐ 84%
69% ‐ 81%
(Workforce Housing units restricted at 80% AMI)
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$365 ‐ $450
$440 ‐ $540
$510 ‐ $600
Amount
$590,000
$590,000
$0
$0
Total
$248,645
$183,413
$65,232
$43,004
$22,228
Per Unit
$5,290
$3,902
$1,388
$915
$473
Year 1
1.52
Year 15
1.18
$0.84
$12,553
$0.43
$12,553
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$12,553
$12,553
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14-044
Brookdale East Apartments
Hughes Development Company, Inc.
St. Joseph
Family
MBE/WBE
Single Family
Two Story Row
Duplexes
Single Story Row
The acquisition/rehabilitation of 102 family units in St. Joseph. The project includes a large community center
building.
1. Competitive total development costs
2. Strong demographics for rehabilitation
3. Preserving ex-HUD 236 property
Loan Information
Permanent Sources
MHDC Fund Balance
MHDC HOME
Construction Period Income
Owner Equity
$2,400,000
$1,300,000
$105,198
$110
$7,159,034
$0
AHAP Donation
$0
$140,376
Total Sources:
$11,104,718
MHDC Participation Fund Balance
Tax Credit Equity
Owner Equity
MHDC HOME
$7,300,000
$1,548,210
$105,198
$110
$1,300,000
Uses:
Construction Costs
$5,932,312
$296,615
$231,167
Contingency
$444,924
Closing Legal
$37,500
$0
Relocation Expense
$110,000
$76,500
Acquisition Costs
$2,115,000
$1,110,000
$36,000
Reserves
$351,200
$363,500
Total Uses:
Development Costs
Costs per Unit
$11,104,718
Total
$11,104,718
$108,870
Reserves
$351,200
$3,443
MHDC Fees
$36,000
$353
w/o Reserves &
MHDC Fees
$10,717,518
$105,074
Property Data:
Type
1 Bed/ 1 Bath
2 Bed/1.5 Bath
3 Bed/1.5 Bath
Total LIHTC Units
Total Market Units
# of Units
12
60
30
Sq Ft
600
850
900
Market
$520
$640
$725
% of Market
75%
75% - 100%
74% - 100%
Total
$602,975
$433,586
$169,389
$121,422
$45,460
Per Unit
$5,912
$4,251
$1,661
$1,190
$445
Year 1
1.37
Year 15
1.12
102
82
20
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$390
$475 - $640
$540 - $725
Amount
$555,000
$555,000
$0
$0
$0.84
$6,768
$0.45
$6,768
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$5,441
$5,441
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14‐046
Fish Haven Apartments
Legacy Property Development, LLC
Lake Ozark
Family
New Construction
Single Family
Two Story Row
Duplexes
Single Story Row
Sixty‐four family apartment units that will provide 2 and 3 bedrooms with 2 baths for the much needed workforce housing in an area where local employers and business owners have become concerned about the lack of affordable housing in the community.
1. A strong Letter of support from Mayor as well as a Resolution of Support from the city. 2. Competitive development costs and rental rates.
3. Market demographics supports the dire need of affordable housing for the working families
in this area.
Loan Information
Permanent Sources
MHDC Soft HOME
$1,300,000 MHDC Fund Balance Participati
Conventional
$8,513,446
$0
AHAP Donation
$0
$154,129
Total Sources:
$10,667,575
MHDC Soft HOME
$7,270,000
$1,949,841
$700,000
Uses:
$7,680,000
Construction Costs
$180,000
$230,000
Contingency
$350,000
Closing Legal
$30,000
$0
Relocation Expense
$0
$20,000
Acquisition Costs
$600,000
$950,000
$38,000
Reserves
$229,400
$360,175
Total Uses:
Development Costs
Costs per Unit
$10,667,575
Total
$10,667,575
$166,681
Reserves
$229,400
$3,584
MHDC Fees
$38,000
$594
$10,400,175
$162,503
Property Data:
Type
2 Bdrm/ 2 Bath
3 Bdrm/ 2 Bath
Total LIHTC Units
Total Market Units
# of Units
32
32
Sq Ft
977
1170
Market
$600
$725
% of Market
75% ‐ 88%
69% ‐ 81%
Total
$355,502
$257,600
$97,902
$65,770
$32,132
Per Unit
$5,555
$4,025
$1,530
$1,028
$502
Year 1
1.49
Year 15
1.21
64
64
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$450 ‐ $525
$500 ‐ $590
Amount
$660,000
$660,000
$0
$0
$0.84
$10,313
$0.45
$10,313
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$10,313
$10,313
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14‐052
Fox River Estates
Four Corners Development L.L.C.
Willard
Family
New Construction
Workforce Housing
Single Family
Two Story Row
Duplexes
Single Story Row
48 unit apartment/duplex complex with workforce housing units located on the outskirts of Willard, which is roughly 10‐15 minutes northeast of Springfield.
1) Strong feasibility with fairly cometitive development costs for a new construction family proposal
2) Good access for transportation and employment, and located close to community amenities
Loan Information
Permanent Sources
$1,200,000 MHDC ‐ Fund Balance
Tax Credit Equity
$7,295,521
$0
AHAP Donation
$0
$93,689
Total Sources:
$8,589,210
Great Southern
$1,000,000
$1,499,363
$5,475,000
Uses:
$5,880,000
Construction Costs
$200,000
$200,000
Contingency
$294,000
Closing Legal
$35,000
$0
Relocation Expense
$0
$30,000
Acquisition Costs
$550,000
$937,627
$36,000
Reserves
$187,220
$239,363
Total Uses:
Development Costs
Costs per Unit
$8,589,210
Total
$8,589,210
$178,942
Reserves
$187,220
$3,900
MHDC Fees
$36,000
$750
$8,365,990
$174,291
Property Data:
Type
2 Bed
3 Bed
Total LIHTC Units
Total Market Units
# of Units
32
16
48
38
10
Sq Ft
950
1375
Market
$625
$740
% of Market
76% ‐ 88%
74% ‐ 85%
(Workforce housing units set aside for 80% AMI)
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$475 ‐ $550
$545 ‐ $630
Amount
$570,000
$570,000
$0
$0
Total
$277,884
$198,130
$79,754
$60,711
$19,043
Per Unit
$5,789
$4,128
$1,662
$1,265
$397
Year 1
1.31
Year 15
1.10
$0.84
$15,000
$0.44
$15,000
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$11,875
$11,875
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14‐053
Shawnee Place
Chillicothe Housing Authority Development Corporation
Chillicothe
Family
Rehabilitation
Non‐Profit, Preservation
Single Family
Two Story Row
Duplexes
Single Story Row
This is a 48 unit Rural Development property in Chillicothe that consists of 1 bedroom units that is in serious need of rehab. Currently almost 20% of the units are unable to be rented because they are in need of repair. Reasons for Recommendations:
1. Very reasonable rehab costs.
2. High on the priority list submitted by Rural Development.
3. Rental assistance is availible for nearly every unit through either Rural Development
or the Chillicothe Housing Authority.
4. Good location for senior living.
Loan Information
Permanent Sources
Reserves
Rural Development
$62,000 Reserves
Conventional
$4,415,710 Rural Development
$62,000
$868,370
$2,850,000
$520,000
$0
AHAP Donation
$0
$39,960
Total Sources:
$4,624,670
Uses:
$2,263,400
Construction Costs
$100,000
$100,000
Contingency
$150,000
Closing Legal
$25,000
$50,000
Relocation Expense
$55,000
$5,000
Acquisition Costs
$700,000
$515,000
$12,000
Reserves
$388,800
$260,470
Total Uses:
Development Costs
Costs per Unit
$4,624,670
Total
$4,624,670
$96,347
Reserves
$388,800
$8,100
MHDC Fees
$12,000
$250
$4,223,870
$87,997
Property Data:
Type
1 Bed
1 Bed
Total LIHTC Units
Total Market Units
# of Units
47
1
Sq Ft
576
576
Market
$500
$500
% of Market
78%
90%
Total
$209,585
$178,950
$30,635
$2,720
$27,915
Per Unit
$4,366
$3,728
$638
$57
$582
Year 1
11.26
Year 15
2.16
48
47
1
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$390
$450
Amount
$345,000
$345,000
$0
$0
$0.84
$7,340
$0.44
$7,340
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$7,188
$7,188
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14‐055
James Place
O'Reilly Development Co., LLC
Springfield
Family
New Construction
Non‐Profit, Service Enriched, Special Needs, AMI50
Single Family
Two Story Row
Duplexes
Single Story Row
New construction of moderate‐sized 1‐ and 2‐BR apartments in a residential neighborhood;
1) Good location with close proximity to nearby services
2) Burrell, Inc. has excellent reputation as service provider for special needs households and service‐enriched housing
Loan Information
Permanent Sources
MHDC HOME
MHDC HOME
$5,414,045 Great Southern
$1,121,497
$195,000
$4,085,000
AHAP Donation
$58,432
Total Sources:
$5,667,477
Uses:
$3,931,108
Construction Costs
$226,554
$120,000
Contingency
$200,000
Closing Legal
$30,000
$0
Relocation Expense
$0
$40,000
Acquisition Costs
$80,000
$676,030
Reserves
$42,360
$153,000
$168,425
Total Uses:
Development Costs
Costs per Unit
$5,667,477
Total
$5,667,477
$141,687
Reserves
$153,000
$3,825
MHDC Fees
$42,360
$1,059
$5,472,117
$136,803
Property Data:
Type
1 Bed
2 Bed
Total LIHTC Units
Total Market Units
# of Units
16
24
Sq Ft
803
857
Market
$600
$650
% of Market
58% ‐ 69%
58% ‐ 69%
Total
$189,497
$164,665
$24,832
$0
$24,832
Per Unit
$4,737
$4,117
$621
$0
$621
Year 1
N/A
Year 15
N/A
40
40
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$350 ‐ $415
$380 ‐ $450
Amount
$423,000
$423,000
$0
$0
$0.84
$10,575
$0.44
$10,575
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$10,575
$10,575
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14-057
St. Francis/King Hill
Interfaith Community Services
St. Joseph
Elderly
Non-Profit, Preservation, MBE/WBE
Single Family
Two Story Row
Duplexes
Single Story Row
The acquisition/rehabilitation of two separate Section 8 elderly projects in St. Joseph. The projects, St. Francis
Apartments (built 1977) and King Hill Apartments (built 1989), are approximately 4 miles apart. Wesley Community
Center, which will be partially financed with donated developer fee proceeds, will serve as the Interfaith Community
Services base for outreach into northwest Missouri.
1.
2.
3.
4.
Preserve Section 8
Developer donating developer fee proceeds to partially finance new community center
Loan Information
Permanent Sources
Reserves
Gershman Mortgage
$337,201
$1,082,481
$3,800,000
Tax Credit Equity
CRA Loan
Reserves
Gershman Mortgage
$6,156,396
$0
AHAP Donation
$0
$265,405
Total Sources:
$11,641,483
$1,247,601
$4,080,000
$1,082,481
$3,800,000
$337,201
Uses:
Construction Costs
$4,788,500
$239,425
$326,100
Contingency
$372,954
Closing Legal
$40,000
$0
Relocation Expense
$178,000
$60,000
Acquisition Costs
$3,572,084
$1,085,000
$10,750
Reserves
$504,200
$464,470
Total Uses:
Development Costs
Costs per Unit
$11,641,483
Total
$11,641,483
$74,150
Reserves
$504,200
$3,211
MHDC Fees
$10,750
$68
w/o Reserves &
MHDC Fees
$11,126,533
$70,870
Property Data:
Type
Efficiency
1 Bed/1 Bath
2 Bed/1 Bath
Total LIHTC Units
Total Market Units
# of Units
12
139
6
Sq Ft
579
550 - 840
600
Market
$450
$500
$600
% of Market
93%
92% - 102%
85% - 94%
Total
$880,123
$583,401
$296,722
$219,882
$76,841
Per Unit
$5,606
$3,716
$1,890
$1,401
$489
Year 1
1.35
Year 15
1.27
157
156
1
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$418
$459 - $508
$509 - $561
Amount
$481,000
$481,000
$0
$0
$0.84
$3,083
$0.44
$3,083
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$3,064
$3,064
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14-063
Lancaster Duplex Housing Project
Northeast Missouri Community Action Agency
Lancaster
Family
New Construction
Nonprofit
Single Family
Two Story Row
Duplexes
Single Story Row
A two unit infill proposal on a corner lot in Lancaster, Missouri. The three-bedroom units will sit in a well-maintained
single-family neighborhood that is a couple of blocks away from the town center.
1) The site is in an ideal location within the community.
2) The nonprofit/CHDO is experienced with small developments.
3) The duplex is within the cost limits.
4) The nonprofit will be able to house families at a low annual cost.
Loan Information
Permanent Sources
MHDC - HOME/CHDO
$380,000
$0
$0
AHAP Donation
$0
$0
Total Sources:
$380,000
MHDC - HOME/CHDO
Tax Credit Equity
$380,000
$0
Uses:
Construction Costs
$296,000
$14,000
$0
Contingency
$14,220
Closing Legal
$3,000
$0
Relocation Expense
$0
$0
Acquisition Costs
$7,500
$27,180
$0
Reserves
$1,200
$16,900
Total Uses:
Development Costs
Costs per Unit
$380,000
Total
$380,000
$190,000
Reserves
$1,200
$600
MHDC Fees
$0
$0
w/o Reserves &
MHDC Fees
$378,800
$189,400
Property Data:
Type
3 Bed/2 Bath
Market
$550
% of Market
75%
Gross Income
Operating Income
Debt Service
Total
$9,263
$6,771
$2,492
$0
$2,492
Per Unit
$4,631
$3,385
$1,246
$0
$1,246
Year 1
N/A
Year 15
N/A
Total LIHTC Units
Total Market Units
# of Units
2
Sq Ft
1650
2
2
0
Federal Low Income
State Low Income
Federal Historic
State Historic
AHAP Credits
Net Rent
$415
Amount
$0
$0
$0
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$0
$0
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Outstate
14‐071
Fox Creek Villas L.P.
MBL
Marshall
Elderly
New Construction
Service Enriched, Special Needs
Single Family
Two Story Row
Duplexes
Single Story Row
New construction in Marshall located near the Hwy 65 bypass. There are 34 two bedroom units distributed between duplexes, 4‐plexes, and 6‐plexes. Reasons for Recommendations:
1. Reasonable development costs
2. Is a good special needs and service enriched proposal
3. Near Hwy 65 bypass and many amenities
4. No LIHTC projects completed in city within last 20 years
5. Target population growing in area
Loan Information
Permanent Sources
AHAP Donation
Total Sources:
$5,920,816 Coventional
$0
$52,297
$5,973,112
$4,300,000
$1,245,212
Uses:
Construction Costs
Contingency
Closing Legal
Relocation Expense
Acquisition Costs
Reserves
Total Uses:
Development Costs
Costs per Unit
$4,103,904
$85,000
$143,333
$215,700
$25,000
$0
$0
$25,000
$300,000
$680,000
$27,200
$130,900
$237,075
$5,973,112
Total
$5,973,112
$175,679
Reserves
$130,900
$3,850
MHDC Fees
$27,200
$800
$5,815,012
$171,030
Property Data:
Type
2 Bed
Total LIHTC Units
Total Market Units
# of Units
34
Sq Ft
908
Market
$510
% of Market
80%
Total
$158,916
$138,472
$20,444
$0
$20,444
Per Unit
$4,674
$4,073
$601
$0
$601
Year 1
N/A
Year 15
N/A
34
34
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$410
Amount
$470,000
$470,000
$0
$0
$0.83
$13,824
$0.43
$13,824
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$13,824
$13,824
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14-093
Bloomsdale Estates and Pleasant View Estates
East Missouri Action Agency, Inc.
Bloomsdale and Park Hills
Elderly
Non-Profit, Preservation, Extended Use
Single Family
Two Story Row
Duplexes
Single Story Row
Acquisition and rehab of 2 USDA Rural Development properites with a total of 56 one bdrm/ 1 bath located in
Bloomsdale & Park Hills. There will be a clubhouse/community/computer lab/ business center, courtyard, on-site
management, picnic area and recreational area on both sites.
1. Two medium sized RD properties in need of renovation that are being merged to allow for
efficiency.
2. Strong RD support and rental assistance.
3. Very reasonable development costs.
Loan Information
Permanent Sources
Rural Development
Existing Reserves
GP Equity
FHLB Grant
$100,000
$93,482
$100
$331,725
$4,622,498
$0
AHAP Donation
$0
$51,439
Total Sources:
$5,199,244
FHLB Grant
Tax Credit Equity
Conventional
Rural Development
Existing Reserves
GP Equity
$331,725
$924,500
$2,575,000
$525,000
$93,482
$100
Uses:
Construction Costs
$2,667,600
$120,000
$80,469
Contingency
$150,000
Closing Legal
$35,000
$127,850
Relocation Expense
$135,000
$20,000
Acquisition Costs
$527,000
$550,000
$12,000
Reserves
$498,600
$275,725
Total Uses:
Development Costs
Costs per Unit
$5,199,244
Total
$5,199,244
$92,844
Reserves
$498,600
$8,904
MHDC Fees
$12,000
$214
w/o Reserves &
MHDC Fees
$4,688,644
$83,726
Property Data:
Type
1 Bdrm/ 1 Bath
Total LIHTC Units
Total Market Units
# of Units
56
Sq Ft
613 - 636
Market
$450
% of Market
88%
Total
$252,168
$213,182
$38,986
$2,542
$36,444
Per Unit
$4,503
$3,807
$696
$45
$651
Year 1
15.33
Year 15
4.04
56
56
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$395
Amount
$364,000
$364,000
$0
$0
$0.83
$6,500
$0.44
$6,500
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$6,500
$6,500
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14-105
Hawthorne Senior Apartments
Missouri Valley Community Action Agency
Warrensburg
Elderly
New Construction
Non-Profit, AMI50
Single Family
Two Story Row
Duplexes
Single Story Row
Proposal will be comprised of thirty-six 2-bedroom 1-bathroom units marketed to seniors. There will be seven garden
level residential buildings and a community building that will include meeting rooms, office space, computer
workstations and a kitchenette.
1) Development is in a great location in Warrensburg - close to many amenties.
2) The Total Development Costs per unit are very competitive in the region.
3) The project will also house senior households at 50% and 60% of the Area Median Income in addition to a few
market rate units.
Loan Information
Permanent Sources
MHDC - HOME/CHDO
MHDC - HOME/CHDO
$230,000
$730,000
$4,527,605
$0
AHAP Donation
$0
$87,932
Total Sources:
$5,575,537
MHDC - HOME/CHDO
Tax Credit Equity
Conventional
$960,000
$905,521
$3,250,000
Uses:
Construction Costs
$3,945,540
$95,000
$90,052
Contingency
$134,000
Closing Legal
$25,000
$0
Relocation Expense
$0
$10,000
Acquisition Costs
$275,000
$670,000
$10,750
Reserves
$121,600
$198,595
Total Uses:
Development Costs
Costs per Unit
$5,575,537
Total
$5,575,537
$154,876
Reserves
$121,600
$3,378
MHDC Fees
$10,750
$299
w/o Reserves &
MHDC Fees
$5,443,187
$151,200
Property Data:
Type
2 Bed/1 Bath
Market
$600
% of Market
66% - 95%
Gross Income
Operating Income
Debt Service
Total
$187,245
$142,970
$44,275
$11,500
$32,775
Per Unit
$5,201
$3,971
$1,230
$319
$910
Year 1
3.85
Year 15
2.68
Total LIHTC Units
Total Market Units
# of Units
36
Sq Ft
865
36
33
3
Federal Low Income
State Low Income
Federal Historic
State Historic
AHAP Credits
Net Rent
$395 - $570
Amount
$351,000
$351,000
$0
$0
$0.84
$10,636
$0.45
$10,636
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$9,750
$9,750
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14-107
McKee Street Apartments
New Horizons Community Support Services, Inc.
Columbia
Family
New Construction
Non-Profit, Special Needs
Single Family
Two Story Row
Duplexes
Single Story Row
The new construction of 12 family units in Columbia. 100% of units will be set aside for tenants with special needs.
The project will include office and programming space for on-site supportive services. The project will incorporate
universal design principles.
1. 100% specials needs
2. Extensive services will be provided to tenants
3. Numerous sources of tenant rental assistance
Loan Information
Permanent Sources
MHDC HOME
Federal Home Loan Bank of Des Moines
Owner Equity-Fundraising
Missouri Department of Mental Health
$1,610,877
$180,000
$100,000
$40,000
$0
$0
AHAP Donation
$0
$0
Total Sources:
$1,930,877
MHDC HOME
$1,610,877
Tax Credit Equity
$0
Federal Home Loan Bank of Des Moines $180,000
Owner Equity-Fundraising
$24,800
Missouri Department of Mental Health
$40,000
Uses:
Construction Costs
$1,557,327
$63,500
$0
Contingency
$95,000
Closing Legal
$5,000
$0
Relocation Expense
$0
$15,000
Acquisition Costs
$100
$65,000
$10,750
Reserves
$62,200
$57,000
Total Uses:
Development Costs
Costs per Unit
$1,930,877
Total
$1,930,877
$160,906
Reserves
$62,200
$5,183
MHDC Fees
$10,750
$896
w/o Reserves &
MHDC Fees
$1,857,927
$154,827
Property Data:
Type
1 Bed/1 Bath
Total HOME Units
Total Market Units
# of Units
12
Sq Ft
650 - 700
Market
$0
% of Market
0%
Total
$77,272
$65,188
$12,083
$0
$12,083
Per Unit
$6,439
$5,432
$1,007
$0
$1,007
Year 1
N/A
Year 15
N/A
12
12
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$575
Amount
$0
$0
$0
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$0
$0
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Out State
14-110
Holman Place Apartments
Iceberg Development
Hannibal
Family
Preservation and MBE/WBE
Single Family
Two Story Row
Duplexes
Single Story Row
The acquisition/rehabilitation of 48 family units in Hannibal. The project was built in 1995. The project will include a
new community/common area and new exterior playground. The project will be constructed to achieve NAHB green
building bronze certification.
1. Competitive total development costs
2. Preservation
3. Strong rehabilitation demographics
Loan Information
Permanent Sources
MHDC HOME
Income During Construction
$350,000
$30,000
$23,600
$4,900,420
$0
AHAP Donation
$0
$80,027
Total Sources:
$5,384,046
Valley Bank
Tax Credit Equity
MHDC HOME
$3,550,000
$993,517
$30,000
$23,600
$350,000
Uses:
Construction Costs
$2,884,200
$46,500
$107,656
Contingency
$225,000
Closing Legal
$35,000
$0
Relocation Expense
$96,000
$40,000
Acquisition Costs
$975,000
$596,260
$12,000
Reserves
$158,800
$207,630
Total Uses:
Development Costs
Costs per Unit
$5,384,046
Total
$5,384,046
$112,168
Reserves
$158,800
$3,308
MHDC Fees
$12,000
$250
w/o Reserves &
MHDC Fees
$5,213,246
$108,609
Property Data:
Type
2 Bed/1 Bath
3 Bed/2 Bath
Total LIHTC Units
Total Market Units
# of Units
40
8
Sq Ft
880
1125
Market
$555
$722
% of Market
74%
69%
Total
$233,769
$188,438
$45,330
$19,316
$26,015
Per Unit
$4,870
$3,926
$944
$402
$542
Year 1
2.35
Year 15
1.21
48
48
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$410
$500
Amount
$389,000
$389,000
$0
$0
$0.83
$8,104
$0.43
$8,104
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$8,104
$8,104
$0
$0
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Saint Louis
14‐404
Station Plaza Lofts
Sherman Asociates, Inc.
St. Louis
Family
Rehabilitation/Historic (Conversion)
N/A
Single Family
Two Story Row
Duplexes
Single Story Row
This is an adaptive reuse of a historic building in the Locust Business District in St. Louis. The single building will have a total of 87 units consisting of studio, 1 bedroom and 2 bedroom units.
1) On the city of St. Louis list of recommended projects
2) Costs are very reasonable for a historic conversion 3) Demonstrated need for affordable housing eveidenced by the high occupancy of other LIHTC projects in the area.
Loan Information
Permanent Sources
Conventional
Conventional
$566,111 Conventional
Conventional
$6,612,241
$5,279,465
AHAP Donation
$0
$286,369
Total Sources:
$15,944,186
$2,558,676
$3,800,000
$8,200,000
Uses:
$10,345,319
Construction Costs
$258,633
$597,000
Contingency
$740,000
Closing Legal
$150,000
$0
Relocation Expense
$0
$50,000
Acquisition Costs
$1,575,000
$1,100,000
$10,000
$413,721
Reserves
$704,513
Total Uses:
Development Costs
Costs per Unit
$15,944,186
Total
$15,944,186
$183,267
Reserves
$413,721
$4,755
MHDC Fees
$10,000
$115
$15,520,465
$178,396
Property Data:
Type
Efficiency
1 Bed
2 Bed
Total LIHTC Units
Total Market Units
# of Units
20
44
23
Sq Ft
415
685
1035
Market
$650
$900
$1,100
% of Market
81%
72%
71%
Total
$768,314
$417,788
$350,526
$283,436
$67,090
Per Unit
$8,831
$4,802
$4,029
$3,258
$771
Year 1
1.24
Year 15
1.32
87
87
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$525
$650
$780
Amount
$500,077
$480,000
$2,625,230
$3,281,537
$0.90
$5,748
$0.44
$5,517
$0.88
$30,175
$0.91
$37,719
$0
Per Unit (All)
$5,748
$5,517
$30,175
$37,719
$0
Salient Facts:
Region
Property Name
Developer Name
Location
Occupancy
Construction
Property Type
Saint Louis
14-405
Life Skills Rehab Project
Renaissance Property Group LLC
Kirkwood, Overland, and Riverview
Elderly
New Construction + Acquisition/Rehabilitation
Non-Profit, Special Needs, Preservation
Single Family
Two Story Row
Duplexes
Single Story Row
The acquisition/rehabilitation of 48 elderly units in the cities of Kirkwood, Overland, and Riverview. The new
construction of 19 elderly units adjacent to the Kirkwood acquisition/rehabilitation site. 48 of 67 units have Section 8
and will be set aside for special needs tenants. The new construction portion will include space to provide on-site
supportive services.
1.
2.
3.
4.
Specials Needs
Preservation of Section 8
Extensive resident services
Loan Information
Permanent Sources
Non-MHDC Tax Exempt Bonds
MHDC HOME
$3,600,000
$1,690,000
$259,371
$3,174,189
$0
AHAP Donation
$0
$223,991
Total Sources:
$8,947,552
Non-MHDC Tax Exempt Bonds
Tax Credit Equity
MHDC HOME
$5,300,000
$812,980
$1,690,000
$259,371
Uses:
Construction Costs
$3,447,000
$250,000
$364,375
Contingency
$257,000
Closing Legal
$45,000
$0
Relocation Expense
$28,800
$0
Acquisition Costs
$2,850,000
$813,404
$12,000
Reserves
$403,200
$476,773
Total Uses:
Development Costs
Costs per Unit
$8,947,552
Total
$8,947,552
$133,546
Reserves
$403,200
$6,018
MHDC Fees
$12,000
$179
w/o Reserves &
MHDC Fees
$8,532,352
$127,349
Property Data:
Type
1 Bed/1 Bath
2 Bed/1 Bath and 2 Bath
Total LIHTC Units
Total Market Units
# of Units
51
16
Sq Ft
624
912 - 930
Market
$950
$1,125
% of Market
63% - 90%
73% - 91%
Total
$639,805
$345,907
$293,898
$245,285
$48,613
Per Unit
$9,549
$5,163
$4,387
$3,661
$726
Year 1
1.20
Year 15
1.31
67
67
0
Gross Income
Debt Service
Federal LIHTC
State LIHTC
Federal Historic
State Historic
AHAP Credits
Net Rent
$600 - $853
$825 - $1027
Amount
$248,000
$248,000
$0
$0
$0.85
$3,701
$0.43
$3,701
$0.00
$0
$0.00
$0
$0
Per Unit (All)
$3,701
$3,701
$0
$0
$0
TAB 3 (b)
Report of Staff
Request for approval of the 2014 Tax Exempt
Bond Round NOFA
March 14, 2014 NOTICE OF FUNDING AVAILABILITY Tax Exempt Bonds – Round Two 2014 FEDERAL LOW INCOME HOUSING TAX CREDITS (4% CREDITS) Missouri Housing Development Commission (MHDC) hereby notifies interested parties of the availability of the following funding sources for the rehabilitation or construction of rental housing units for low and moderate income families and individuals in the state of Missouri:  Federal 4% Low Income Housing Tax Credits;  State 4% Credits in the amount of $5,272,000 Applications for funding will be accepted by MHDC until 4:30 PM CST on Tuesday, May 20, 2014. It is anticipated that recommendations regarding the proposed developments will be brought before the commission in June 2014. Deadlines are subject to change at the discretion of MHDC. If an applicant is requesting Federal and/or State Historic Tax Credits, they should be listed on the application as a source of funds; however, approval of these tax credits will be made by the Department of Economic Development (DED). An approved proposal will not become eligible for tax credits until it applies and receives an allocation of private activity bonds from the Department of Economic Development. We ask all applicants to visit our web site at www.mhdc.com to obtain the fiscal year 2014 Qualified Allocation Plan, Developer’s Guide, and Application Forms and Checklist. The documents are also available on CD‐R. To request an electronic or printed copy, contact Frank Quagraine at 816‐759‐7210; and please contact Gus Metz at 816‐759‐6878 for questions regarding the completion of the web‐based online application. A separate application must be submitted to request AHAP credits as part of the financing package for any proposed development. All proposals must be prepared using the application on the MHDC web site and must be submitted to the office of the Missouri Housing Development Commission: 3435 Broadway Kansas City, Missouri 64111 TAB 3(c)
Report of Staff
Request for approval of Bond Resolution No.
1036, Single Family Mortgage Refunding
Revenue Bonds, 2014 Series A
-2
RESOLUTION NO. 1036
Approved March 14, 2014
Single Family Mortgage Refunding Revenue Bonds
RESOLUTION NO. 1036
A RESOLUTION AUTHORIZING AND PROVIDING FOR CONTINUATION OF A SPECIAL
HOMEOWNERSHIP LOAN PROGRAM; AUTHORIZING THE ISSUANCE BY THE
MISSOURI HOUSING DEVELOPMENT COMMISSION OF ITS SINGLE FAMILY
MORTGAGE REFUNDING REVENUE BONDS IN ONE OR MORE SERIES IN THE
AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $45,000,000 FOR THE PURPOSE
OF REFUNDING CERTAIN PRIOR BONDS OF THE COMMISSION; APPROVING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT
AND SERIES SUPPLEMENTS AND/OR MASTER INDENTURE AND OTHER DOCUMENTS
RELATED THERETO; APPROVING THE FORMS AND AUTHORIZING THE EXECUTION
AND DELIVERY OF SAID BONDS; APPROVING THE USE OF THE PRELIMINARY
OFFICIAL STATEMENT AND THE USE AND EXECUTION OF THE OFFICIAL STATEMENT
IN CONNECTION WITH THE SALE OF SAID BONDS; AND AUTHORIZING THE
OFFICERS, EMPLOYEES AND REPRESENTATIVES OF THE COMMISSION TO DO AND
PERFORM ALL THINGS NECESSARY, APPROPRIATE AND INCIDENTAL THERETO.
WHEREAS, there exists within the State of Missouri (the "State") a recognized shortage of
decent, safe and sanitary housing for low and moderate income persons and families; and
WHEREAS, pursuant to Sections 215.010 to 215.250, inclusive, Revised Statutes of Missouri,
and Appendix B(l) thereto, as amended (collectively, the "Act"), the Missouri Housing Development
Commission (the "Commission") is authorized to issue and sell revenue bonds in order to aid in providing
an adequate supply of residential housing for low and moderate income persons or families and for the
purpose of purchasing mortgages and notes evidencing loans for the construction, rehabilitation or
purchase of single family residential housing and to refund revenue bonds previously issued for such
purposes; and
WHEREAS, the Commission, pursuant to prior resolutions of the Commission (collectively, the
"Resolution"), and the Indentures of Trust, dated as of June 15, 1995 and December 1, 2009, (as amended
and supplemented, the "Master Indentures"), between the Commission and UMB Bank & Trust, N.A.,
(the "Trustee"), authorized the establishment of a homeownership loan program and special
homeownership loan program and has issued multiple series of bonds thereunder, including, but not
limited to, the 2004A Bonds, the 2004B Bonds, the 2004C Bonds and the 2004D Bonds (the “Prior
Bonds”); and
WHEREAS, the Commission hereby deems and determines it necessary, desirable and in the
public interest to provide for the continuation of the homeownership loan program and the special
homeownership loan program and the issuance of one or more additional series of revenue bonds in
accordance with the Master Indentures or a separate master indenture in substantially the form of the
Master Indentures for the purpose of refunding one or more maturities of the outstanding Prior Bonds
(collectively, the “Refunded Bonds”).
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE MISSOURI HOUSING
DEVELOPMENT COMMISSION AS FOLLOWS:
Section 1. Definitions. All words and phrases not otherwise defined herein shall have the
respective meanings set forth in the Master Indentures, unless a different meaning clearly appears in
context.
Section 2. Declaration of Purposes. It is hereby declared and determined that the purpose of
this Resolution is to provide a means of financing and refinancing the costs of acquiring single family
residential property to provide adequate, safe and sanitary housing for low and moderate income persons
and families in accordance with the Act.
Section 3. Continuation of Homeownership Loan Program and Special Homeownership
Loan Program. The Homeownership Loan Program and the Special Homeownership Loan Program
(jointly, the "Program") created and established pursuant to the Act, the Resolution and the Master
Indentures shall be further implemented and administered as provided in this Resolution, the Master
Indentures and the other financing documents authorized pursuant to this Resolution.
Section 4. Execution of the Series Supplements; Designation of Trustee. For the purposes of
providing for the continuation of the Program and the refunding of the Refunded Bonds, the Chairman,
Vice Chairman, Interim Executive Director or Assistant Secretary are hereby authorized to execute and
affix the official seal of the Commission to the Series Supplements relating to each series of bonds (the
"Series Supplements"). The Series Supplements shall be in substantially the form submitted to this
meeting with such changes or amendments thereto as the officer executing such Series Supplements shall
approve, which approval shall be conclusively evidenced by his or her execution of said document.
UMB Bank & Trust, N.A., is hereby designated to serve in the capacity of Trustee under and
pursuant to the terms of each of the Series Supplements.
Section 5. Authorization for Issuance of Bonds; Execution of the Bonds. For the purpose of
(i) providing funds necessary for the Program and (ii) refunding of the Refunded Bonds in order to
achieve interest cost savings or other lawful purposes, there are hereby authorized to be issued and
delivered pursuant to the Act and this Resolution and under and in accordance with the Master Indentures
and related Series Supplements one or more series of refunding revenue bonds to be designated "Missouri
Housing Development Commission Single Family Mortgage Refunding Revenue Bonds
(Homeownership Loan Program)" with appropriate series designation in the maximum aggregate
principal amount of not to exceed $45,000,000 (the "Bonds"). The Bonds may be issued in one or more
series or subseries and shall mature on the respective dates (not later than September 1, 2036) and in the
amounts specified in the applicable Series Supplement, and shall be payable on the dates, bear interest at
the rates (not to exceed an average interest rate of 5.50% per annum) and be dated as set forth in the
applicable Series Supplement and shall be in the form and shall be subject to redemption and payment
prior to their respective maturities, all as set forth and specified in the Master Indentures and the
applicable Series Supplement. The Chairman or Vice Chairman, Interim Executive Director, Secretary
and/or Assistant Secretary are hereby authorized to execute the Bonds by their manual or facsimile
signatures in the manner specified in the Master Indentures and to affix or cause to be imprinted thereon
the official seal of the Commission.
Section 6. Sale of the Bonds; Approval of Official Statement. The Bonds shall be sold and
delivered to the order of the purchasers thereof (collectively, the "Purchasers") in accordance with the
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terms and conditions of the Bond Purchase Agreement relating to the Bonds between the Commission and
the Purchasers (the "Purchase Contract"). The Chairman, Vice Chairman, Interim Executive Director,
Assistant Secretary or Director of Finance are hereby authorized to execute and deliver such Purchase
Contract in substantially the form submitted to this meeting with such changes or amendments thereto as
the officer executing such Purchase Contract shall approve, which approval shall be conclusively
evidenced by his or her execution of said Purchase Contract.
The Preliminary Official Statement (the "Preliminary Official Statement") and the final Official
Statement (the "Official Statement") and the use and distribution thereof by the Purchasers in connection
with the offering and sale of the Bonds are hereby ratified and approved in substantially the forms
presented to this meeting. The Chairman, Vice Chairman, Interim Executive Director or Assistant
Secretary are hereby authorized to execute and deliver the Official Statement, with such changes or
amendments thereto as the officer executing such Official Statement shall approve, which approval shall
be conclusively evidenced by the such officer's execution of said Official Statement.
Section 7. Continuing Disclosure Agreement. The Chairman, Vice Chairman, Interim
Executive Director or Assistant Secretary are hereby authorized to execute and deliver, for and on behalf
of the Commission, the Continuing Disclosure Agreement, relating to the Bonds, between the
Commission and UMB Bank & Trust, N.A., as dissemination agent (the "Disclosure Agreement"), each in
substantially the form presented to this meeting with any changes therein as the officer executing such
Disclosure Agreement shall approve, his or her execution being conclusive evidence of such approval.
Section 8. Further Authority. The Chairman, the Vice Chairman, Interim Executive Director
and/or Director of Finance are hereby further authorized and directed to execute any and all documents
and agreements required to be executed pursuant to the Master Indentures and the Series Supplements or
necessary or convenient for the Program, including any agreements authorized by the Master Indentures
or the Series Supplements with respect to the investment of moneys held in the funds and accounts under
the Master Indentures, agreements relating to the servicing of the mortgage loans and documents relating
to the sale of Guaranteed Mortgage Securities financed with the proceeds of prior bonds of the
Commission. The Chairman, the Vice Chairman, the Interim Executive Director, the Director of Finance,
the Secretary, the Assistant Secretary and other officers of the Commission, its attorneys and other agents,
consultants or employees and the officers and employees of the Trustee are hereby authorized and
directed to (i) furnish such information, execute such instruments and take such other action in
cooperation with the Purchasers as the Purchasers may reasonably request to qualify the Bonds for offer
and sale under the Blue Sky or other securities laws and regulations of such states and other jurisdictions
of the United States as the Purchasers may designate (provided, however, the Commission shall not be
required to register as a dealer or broker in any such state or jurisdiction or make any additional
representations or warranties in connection with the sale of securities, or to subject itself to service of
process in any state or jurisdiction in which it is not already so subject) and (ii) do and perform all acts
and things required of them by the provisions of this Resolution, the Purchase Contract, the Master
Indentures and the Series Supplements necessary or incidental for the purpose of implementing and
carrying out the Program, the refunding of the Refunded Bonds (including modifications to the financing
documents relating to the Refunded Bonds necessary to protect the interest of the bondholders), the
issuance and delivery of the Bonds, and for the full, punctual and complete performance of all of the
terms, covenants, provisions and agreements set forth herein, in the Bonds, the Purchase Contract, the
Master Indentures, the Series Supplements and the Disclosure Agreement.
Section 9. Authority. This Resolution is adopted under the authority of the Act.
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Section 10. Severability. If any section, paragraph, clause or provision of this Resolution shall
for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any remaining provisions of this Resolution.
Section 11. Authority to Modify Series Designation. The Chairman, Vice Chairman, Interim
Executive Director and/or Assistant Secretary are hereby authorized to cause the series or subseries
designation of the Bonds to be modified such that Bonds issued under the Master Indentures are assigned
series or subseries designations in accordance with the chronological order of issuance of such Bonds or
otherwise at the discretion of the Chairman, Vice Chairman, Interim Executive Director or Assistant
Secretary.
Section 12. Effective Date. This Resolution shall be in full force and effect from and after its
adoption by the Commission.
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PASSED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION THIS 14th
DAY OF MARCH, 2014.
By:
Chairman
ATTEST:
Secretary
MHDC/2004 REFUNDING Resolution
S-1
TAB 3(d)
Report of Staff
1037, Single Family Mortgage Revenue Bonds,
2014 Series B
-2
RESOLUTION NO. 1037
With Respect to a Special Homeownership Loan Program
and
Authorizing the Issuance of
Single Family Mortgage Revenue Bonds
(Special Homeownership Loan Program)
RESOLUTION NO. 1037
A RESOLUTION AUTHORIZING AND PROVIDING FOR CONTINUATION OF A SPECIAL
HOMEOWNERSHIP LOAN PROGRAM; AUTHORIZING THE ISSUANCE BY THE
MISSOURI HOUSING DEVELOPMENT COMMISSION OF ITS SINGLE FAMILY
MORTGAGE REVENUE BONDS (SPECIAL HOMEOWNERSHIP LOAN PROGRAM), IN ONE
OR MORE SERIES, IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED
$125,000,000; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF ONE
OR MORE BOND PURCHASE AGREEMENTS, SERIES SUPPLEMENTS FOR EACH SERIES,
LENDER/SERVICER AGREEMENTS AND OTHER DOCUMENTS RELATED THERETO;
APPROVING THE FORMS AND AUTHORIZING THE EXECUTION AND DELIVERY OF
SAID BONDS; APPROVING THE USE OF ONE OR MORE PRELIMINARY OFFICIAL
STATEMENTS AND THE USE AND EXECUTION OF ONE OR MORE OFFICIAL
STATEMENTS IN CONNECTION WITH THE SALE OF SAID BONDS; AND AUTHORIZING
THE OFFICERS, EMPLOYEES AND REPRESENTATIVES OF THE COMMISSION TO DO
AND PERFORM ALL THINGS NECESSARY, APPROPRIATE AND INCIDENTAL THERETO.
WHEREAS, there exists within the State of Missouri (the "State") a recognized shortage of
decent, safe and sanitary housing for low and moderate income persons and families; and
WHEREAS, pursuant to Sections 215.010 to 215.250, inclusive, Revised Statutes of Missouri,
and Appendix B(l) thereto, as amended (collectively, the "Act"), the Missouri Housing Development
Commission (the "Commission") is authorized to issue and sell revenue bonds in order to aid in providing
an adequate supply of residential housing for low and moderate income persons or families and for the
purpose of purchasing mortgages and notes evidencing loans for the construction, rehabilitation or
purchase of single family residential housing and to refund revenue bonds previously issued for such
purposes; and
WHEREAS, the Commission, pursuant to Resolution No. 1004, approved November 5, 2009, as
amended (the "November 2009 Resolution"), and the Indenture of Trust, dated as of December 1, 2009, as
amended (the "Master Indenture"), between the Commission and UMB Bank & Trust, N.A.(the
"Trustee"), has authorized the establishment of a special homeownership loan program; and
public interest to provide for the continuation of said special homeownership loan program and the
issuance of one or more additional series of revenue bonds in accordance with the Master Indenture for
the aforementioned purposes.
respective meanings set forth in the Master Indenture, the applicable Series Supplement (each, a "Series
Supplement") between the Commission and the Trustee hereinafter authorized and approved, unless a
different meaning clearly appears in context.
this Resolution is to provide a means of financing the costs of acquiring single family residential property
to provide adequate, safe and sanitary housing for low and moderate income persons and families in
accordance with the Act.
Section 3. Continuation of Special Homeownership Loan Program. The Special
Homeownership Loan Program (the "Program") created and established pursuant to the Act, the
November 2009 Resolution and the Master Indenture shall be further implemented and administered as
provided in this Resolution, the Master Indenture, the Series Supplements and the other financing
documents authorized pursuant to this Resolution.
Section 4. Execution of the Series Supplements; Designation of Trustee. For the purposes of
providing for the continuation of the Program, the Chairman, Vice Chairman or Executive Director are
hereby authorized to execute and affix the official seal of the Commission to the Series Supplements. The
Series Supplements shall be in substantially the form submitted to this meeting with such changes or
amendments thereto as the officer executing each such Series Supplement shall approve, which approval
shall be conclusively evidenced by his or her execution of said document.
UMB Bank & Trust, N.A., is hereby designated to serve in the capacity of Trustee under and
pursuant to the terms of the Series Supplements.
Section 5. Authorization for Issuance of Bonds; Execution of the Bonds. For the purpose of
providing funds necessary for the Program there is hereby authorized to be issued and delivered pursuant
to the Act and this Resolution and under and in accordance with the Master Indenture and the applicable
Series Supplement revenue bonds to be designated "Missouri Housing Development Commission Single
Family Mortgage Revenue Bonds (Special Homeownership Loan Program)" in the aggregate principal
amount of not to exceed $125,000,000 (the "Bonds"), with series designations as provided in Section 11 .
The Bonds may be issued in one or more series and shall mature on the respective dates (not later than
September 1, 2047) and in the amounts specified in the applicable Series Supplement, and shall be
payable on the dates, bear interest at the rates (not to exceed an average interest rate of 5.50% per annum)
and be dated as set forth in the applicable Series Supplement and shall be in the form and shall be subject
to redemption and payment prior to their respective maturities, all as set forth and specified in the Master
Indenture and the applicable Series Supplement. The Chairman or Vice Chairman and Executive Director
are hereby authorized to execute the Bonds by their manual or facsimile signatures in the manner
specified in the Master Indenture and to affix or cause to be imprinted thereon the official seal of the
Commission.
Section 6. Sale of the Bonds; Approval of Official Statement. The Bonds shall be sold and
delivered to the order of the purchasers thereof (collectively, the "Purchasers") in accordance with the
terms and conditions of the Bond Purchase Agreements relating to each series of Bonds between the
Commission and the Purchasers (each, a "Purchase Contract"). The Chairman, Vice Chairman, Executive
Director or Director of Finance are hereby authorized to execute and deliver such Purchase Contracts in
substantially the form submitted to this meeting with such changes or amendments thereto as the officer
executing such Purchase Contracts shall approve, which approval shall be conclusively evidenced by his
or her execution of said Purchase Contracts.
The form of Preliminary Official Statement (the "Preliminary Official Statement") and the final
Official Statement (the "Official Statement") and the use and distribution thereof by the Purchasers in
connection with the offering and sale of each series of Bonds are hereby ratified and approved in
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substantially the forms presented to this meeting. The Chairman, Vice Chairman, Executive Director or
Director of Finance are hereby authorized to execute and deliver the Official Statements, with such
changes or amendments thereto as the officer executing such Official Statements shall approve, which
approval shall be conclusively evidenced by the such officer's execution of said Official Statements.
Section 7. Approval of Lender/Servicer Agreements and Continuing Disclosure Agreement.
The Chairman, Vice Chairman, Executive Director or Director of Finance are hereby authorized to
execute and deliver, for and on behalf of the Commission, origination, servicing and administration
agreements with the mortgage lending institutions signatory thereto relating to the Bonds (the
"Lender/Servicer Agreements") and the Continuing Disclosure Agreement, relating to the Bonds, between
the Commission and UMB Bank & Trust, N.A., as dissemination agent (the "Disclosure Agreement"),
each in substantially the form presented to this meeting with any changes therein as the officer executing
such Lender/Servicer Agreements and Disclosure Agreement shall approve, his or her execution being
conclusive evidence of such approval.
Section 8. Further Authority. The Chairman, the Vice Chairman, Executive Director and
Director of Finance are hereby further authorized and directed to execute any and all documents and
agreements required to be executed pursuant to the Master Indenture and the Series Supplements or
necessary or convenient for the Program, including any agreements authorized by the Master Indenture or
the Series Supplements with respect to the investment of moneys held in the funds and accounts under the
Master Indenture, agreements relating to the servicing of the mortgage loans and documents relating to
the sale of Guaranteed Mortgage Securities financed with the proceeds of prior bonds of the Commission
(provided that as a result of such sale, the lendable proceeds of the Bonds are increased). The Chairman,
the Vice Chairman, the Secretary, the Assistant Secretary, the Executive Director, the Director of Finance
and other officers of the Commission, its attorneys and other agents, consultants or employees and the
officers and employees of the Trustee are hereby authorized and directed to (i) furnish such information,
execute such instruments and take such other action in cooperation with the Purchasers as the Purchasers
may reasonably request to qualify the Bonds for offer and sale under the Blue Sky or other securities laws
and regulations of such states and other jurisdictions of the United States as the Purchasers may designate
(provided, however, the Commission shall not be required to register as a dealer or broker in any such
state or jurisdiction or make any additional representations or warranties in connection with the sale of
securities, or to subject itself to service of process in any state or jurisdiction in which it is not already so
subject) and (ii) do and perform all acts and things required of them by the provisions of this Resolution,
the Purchase Contract, the Master Indenture, the Series Supplements and the Lender/Servicer Agreements
necessary or incidental for the purpose of implementing and carrying out the Program, the issuance and
delivery of the Bonds, and for the full, punctual and complete performance of all of the terms, covenants,
provisions and agreements set forth herein, in the Bonds, the Purchase Contract, the Master Indenture, the
Series Supplements, the Lender/Servicer Agreements and the Disclosure Agreement.
Section 11. Series Designations; Authority to Modify. The Chairman, Vice Chairman,
Executive Director and/or Director of Finance are hereby authorized to cause each series of the Bonds to
be designated by the year in which issued and by alphabetical order within such year; provided, that such
series designations may be further modified such that Bonds issued under the Master Indenture are
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assigned series designations in accordance with the chronological order of issuance of such Bonds or
otherwise at the discretion of the Chairman, Vice Chairman, Executive Director or Director of Finance.
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PASSED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION THIS 14TH DAY
OF MARCH, 2014.
By:
Chairman
ATTEST:
Secretary
MHDC/2014B Bond Resolution
S-1
TAB 3(e)
Report of Staff
Request for approval of selection of Single
Family Market Rate Program Administrator
TAB 3(f)
Report of Staff
1038, Multifamily Housing Refunding Revenue
Bonds, 2014 Series 1
Resolution No. 1038 Multifamily Housing Refunding Revenue Bonds, 2014 Series 1
Bond Series
Project Name
Mortgage Original Mortgage Loan Mortgage Balance Rate
Balance
as of 2/28/2014
Maturity Date
2003 Series 5
Kensington Heights
6.25 $ 4,900,000 $ 4,419,627
12/1/2039
2003 Series 8
Stratford Commons
6.25 4,300,000 1,905,668
4/1/2035
2003 Series 9
Apple Court Apts
Apple Plaza Apts
Montgomery City Apts
Bell City Apts
Dexter II Apts
Licking I Apts
Mountain Grove I Apts
Parma Apts
Scott City I Apts
Senath Apts
Sikeston I Apts
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
233,571
165,623
484,139
220,840
220,840
212,335
348,243
310,024
216,588
403,446
157,132
6/1/2034
6/1/2034
6/1/2034
6/1/2034
6/1/2034
6/1/2034
6/1/2034
6/1/2034
6/1/2034
6/1/2034
6/1/2034
2003 Series 10
Hidden Valley Apts
6.125 10,500,000 9,138,693
8/1/2035
2004 Series 1
Hickory Townhomes
6.25 3,050,000 2,671,045
10/1/2035
2004 Series 2
Winter Garden Apts
6.25 4,050,000 3,501,492
3/1/2035
2004 Series 3
Woodlen Place Apts
6.25 1,300,000 1,123,938
3/1/2035
2004 Series 4
Festus Gardens Apts
6.25 4,300,000 3,766,409
10/1/2035
275,000
195,000
570,000
260,000
260,000
250,000
410,000
365,000
255,000
475,000
185,000
$ 35,900,000 $ 29,499,653
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RESOLUTION NO. 1038
Authorizing the Issuance of
Multifamily Housing Refunding Revenue Bonds
2014 Series 1
RESOLUTION NO. 1038
A RESOLUTION AUTHORIZING AND PROVIDING FOR IMPLEMENTATION OF A
MULTIFAMILY HOUSING PROGRAM; AUTHORIZING THE ISSUANCE BY THE MISSOURI
HOUSING DEVELOPMENT COMMISSION OF A SERIES OF MULTIFAMILY HOUSING
REFUNDING REVENUE BONDS, 2014 SERIES 1, IN THE AGGREGATE PRINCIPAL
AMOUNT OF NOT TO EXCEED $30,000,000; APPROVING AND AUTHORIZING THE
EXECUTION AND DELIVERY OF A PURCHASE CONTRACT, TRUST INDENTURE AND
SUPPLEMENTAL TRUST INDENTURE AND OTHER DOCUMENTS RELATED THERETO;
APPROVING THE FORMS AND AUTHORIZING THE EXECUTION AND DELIVERY OF
SAID BONDS; APPROVING THE USE OF AN OFFERING DOCUMENT IN CONNECTION
WITH THE SALE OF SAID BONDS; AND AUTHORIZING THE OFFICERS, EMPLOYEES
AND REPRESENTATIVES OF THE COMMISSION TO DO AND PERFORM ALL THINGS
NECESSARY, APPROPRIATE AND INCIDENTAL THERETO.
WHEREAS, there exists within the State of Missouri a recognized shortage of decent, safe and
sanitary housing for low income and moderate income persons and families; and
WHEREAS, pursuant to Chapter 215, RSMo. 2000, and Appendix B(l) thereto, as amended
(collectively, the "Act"), the Missouri Housing Development Commission (the "Commission") is
authorized to (a) make or participate in the making of uninsured or insured loans to approved mortgagors
(as defined in the Act) to finance the building, rehabilitation or purchase of residential housing designed
and planned to be available for rental to low income and moderate income persons or families (as defined
in the Act); (b) issue its bonds or other evidences of indebtedness for the purpose of obtaining funds to
make such loans, to establish necessary reserve funds and to pay administrative and other costs incurred
in connection with the issuance of such bonds; (c) secure such bonds by the pledge of all revenues,
mortgages or notes of others, (d) pledge all or any part of the revenues of the Commission to secure the
payment or notes or bonds, and (e) refund bonds previously issued by the Commission the proceeds of
which were applied to make or participate in the making of uninsured or insured loans to approved
mortgagors (as defined in the Act) to finance the building, rehabilitation or purchase of residential
housing designed and planned to be available for rental to low income and moderate income persons or
families (as defined in the Act); and
WHEREAS, the Commission and UMB Bank & Trust, N.A. (formerly known as State Street
Bank and Trust Company of Missouri, N.A.) (the "Trustee") have previously entered into the Trust
Indenture, dated as of June 1, 2000 (the "Master Indenture"), in order to provide for the issuance of
revenue bonds under the Act to finance multifamily housing projects for occupancy by low income and
moderate income persons and families in the State of Missouri; and
WHEREAS, pursuant to the Master Indenture, as supplemented by Supplemental Trust
Indentures between the Commission and the Trustee, the Commission has previously issued multiple
series of bonds and notes; and
public interest to issue an additional series of revenue bonds under the Master Indenture or a separate trust
indenture in substantially the form of the Master Indenture (the “2014 Indenture,” together with the
Master Indenture, the “Indenture”) to be designated Multifamily Housing Refunding Revenue Bonds,
2014 Series 1, in an aggregate principal amount of not to exceed $30,000,000 for the purpose of refunding
certain prior bonds of the Commission (the "Prior Bonds") that financed the acquisition, construction and
rehabilitation of various multifamily housing projects located in the State of Missouri.
respective meanings set forth in the Indenture and the 2014 Series 1 Supplemental Trust Indenture, to be
dated as of the first day of the month in which the Series 2014-1 Bonds (as hereinafter defined) are issued
thereunder (the "2014 Series 1 Supplemental Indenture") between the Commission and the Trustee
hereinafter authorized and approved unless a different meaning clearly appears in context.
this Resolution is to provide a means of financing residential rental housing to provide adequate, safe and
sanitary housing for low income and moderate income persons and families in accordance with the Act.
Section 3. Continuation of a Multifamily Housing Program. The Multifamily Housing
Program (the "Program") previously authorized is hereby authorized to be continued and implemented
pursuant to the Act, to encourage and assist in financing the acquisition of decent, safe and sanitary
residential rental housing facilities for low income and moderate income persons and families. The
Program shall be created, implemented and administered in accordance with the Act, this Resolution and
the Indenture and the other documents herein authorized.
Section 4. Approval of Staff Recommendation. The staff recommendation with respect to the
refunding of the Prior Bonds attached hereto as Exhibit A is hereby approved.
Section 5. Execution of the Indenture and 2014 Series 1 Supplemental Trust Indenture;
Designation of Trustee. For the purposes of providing for implementation of the Program, the
Chairman, Vice Chairman, Executive Director and Director of Finance are hereby authorized to execute
the 2014 Indenture, if applicable, and the 2014 Series 1 Supplemental Indenture. The 2014 Series 1
Supplemental Indenture shall be in substantially the form submitted to this meeting with such changes or
amendments thereto as the Chairman, Vice Chairman, Executive Director or Director of Finance shall
approve, which approval shall be conclusively evidenced by such officer's execution of said document.
UMB Bank & Trust, N.A., the banking institution named in the Indenture, is hereby designated to
serve in the capacity of Trustee under and pursuant to the terms of the 2014 Series 1 Supplemental
Indenture.
Section 6. Authorization for Issuance of Series 2014-1 Bonds; Execution of the Series 20141 Bonds. For the purpose of providing funds necessary to implement the Program there is hereby
authorized to be issued and delivered pursuant to the Act and this Resolution and under and in accordance
with the Indenture and the 2014 Series 1 Supplemental Indenture a series of revenue bonds to be
designated "Missouri Housing Development Commission Multifamily Housing Refunding Revenue
Bonds, 2014 Series 1" in an aggregate principal amount of not to exceed $30,000,000 (the "Series 2014-1
Bonds". The Series 2014-1 Bonds shall be dated, shall mature on the dates and in the amounts, shall
interest at the rates (not to exceed an average interest rate of 6.00% per annum) as set forth in the 2014
Series 1 Supplemental Indenture and shall be payable on the dates and shall be in the form and shall be
subject to redemption and payment prior to their respective maturities, all as set forth and specified in the
Indenture and the 2014 Series 1 Supplemental Indenture. The Chairman, the Secretary, the Executive
-2-
Director and Director of Finance are hereby authorized to execute the Series 2014-1 Bonds by their
manual or facsimile signatures in the manner specified in the Indenture and to affix or cause to be
imprinted thereon the official seal of the Commission.
Section 7. Sale of the Series 2014-1 Bonds; Approval of Offering Document. The Series
2014-1 Bonds shall be sold and delivered to the order of the purchaser or purchasers thereof (the
"Purchaser") in accordance with the terms and conditions of the Bond Purchase Contract relating to the
Series 2014-1 Bonds between the Commission and the Purchaser (the "Purchase Contract"). The
Chairman, Vice Chairman, Executive Director and Director of Finance are hereby authorized to execute
and deliver, for and on behalf of the Commission, the Purchase Contract in substantially the form
presented to this meeting with any changes therein as the Chairman, Vice Chairman, Executive Director
or Director of Finance shall approve, such execution being conclusive evidence of such approval.
The offering document relating to the Series 2014-1 Bonds (the "Offering Document") and the
use and distribution thereof by the Purchaser in connection with the offering and sale of the Series 2014-1
Bonds are hereby approved in substantially the form presented to this meeting. The Chairman, Executive
Director and Director of Finance are hereby authorized to execute and deliver the Offering Document,
with such changes or amendments thereto as the Chairman, Executive Director or Director of Finance
shall approve, which approval shall be conclusively evidenced by such officer's execution of said
Offering Document.
Section 8. Approval of Continuing Disclosure Agreement. The Chairman, Vice Chairman,
Executive Director and Director of Finance are hereby authorized to execute and deliver, for and on
behalf of the Commission, the Continuing Disclosure Agreement relating to the Series 2014-1 Bonds (the
"Continuing Disclosure Agreement"), between the Commission and the Trustee as dissemination agent in
substantially the form presented to this meeting with any changes therein as the Chairman, Vice
Chairman, Executive Director or Director of Finance shall approve, such execution being conclusive
evidence of such approval.
Section 9. Further Authority. The Chairman, Vice Chairman, the Secretary, the Executive
Director and Director of Finance are hereby further authorized and directed to execute any and all
documents and agreements required to be executed pursuant to the Indenture, the 2014 Series 1
Supplemental Indenture or necessary or convenient for implementation of the Program, including any
agreements authorized by the Indenture, the 2014 Series 1 Supplemental Indenture with respect to the
investment of moneys held in the funds and accounts under the Indenture, the 2014 Series 1 Supplemental
Indenture, agreements with the providers of any interest rate caps or collars or similar qualified hedging
products, agreements with the providers of bond insurance with respect to the Series 2014-1 Bonds. The
Chairman, the Vice Chairman, the Secretary, the Assistant Secretary, the Executive Director, the Director
of Finance and other officers of the Commission, its attorneys and other agents, consultants or employees
and the officers and employees of the Trustee are hereby authorized and directed to (i) furnish such
information, execute such instruments and take such other action in cooperation with the Purchaser as the
Purchaser may reasonably request to qualify the Series 2014-1 Bonds for offer and sale under the Blue
Sky or other securities laws and regulations of such states and other jurisdictions of the United States as
the Purchaser may designate (provided, however, the Commission shall not be required to register as a
dealer or broker in any such state or jurisdiction or make any additional representations or warranties in
connection with the sale of securities, or to subject itself to service of process in any state or jurisdiction
in which it is not already so subject) and (ii) do and perform all acts and things required of them by the
provisions of this Resolution, the Purchase Contract, the Indenture and the 2014 Series 1 Supplemental
Indenture necessary or incidental for the purpose of implementing and carrying out the Program, the
-3-
issuance and delivery of the Series 2014-1 Bonds, and for the full, punctual and complete performance of
all of the terms, covenants, provisions and agreements set forth herein, in the Series 2014-1 Bonds, the
Purchase Contract, the Indenture and the 2014 Series 1 Supplemental Indenture.
Section 10. Authority to Combine Bond Issues. In the event that the Executive Director or the
Director of Finance of the Commission shall determine that it is necessary and desirable that the Series
2014-1 Bonds be issued simultaneously with additional bonds authorized by the Commission to be issued
under the Indenture, the Chairman, Vice Chairman, Executive Director and Director of Finance are
hereby authorized to cause the Series 2014-1 Bonds to be issued simultaneously with such additional
bonds as a single series of bonds to be issued under the Indenture pursuant to a single supplemental
indenture, and in such event the Chairman, Vice Chairman, Executive Director and Director of Finance
are hereby authorized and directed to modify the series designation of the Series 2014-1 Bonds and take
such other actions and execute and deliver such documents as may be necessary or desirable to
accomplish such purpose.
Section 11. Authority to Modify Series Designation.
The Chairman, Vice Chairman,
Secretary, Executive Director and Director of Finance are hereby authorized to cause the series
designation of the Series 2014-1 Bonds to be modified such that bonds issued under the Indenture are
assigned series designations in accordance with the chronological order of issuance of such bonds.
-4-
PASSED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION THIS 14TH DAY
OF MARCH, 2014.
By:
Chairman
ATTEST:
Secretary
-5-
TAB 3(g)
Report of Staff
Request for approval of RFP for Bond Counsel
REQUEST FOR PROPOSALS
TO SERVE AS
BOND COUNSEL
RESPONSE DEADLINE:
Five (5) hard copies and one (1) electronic copy by email
Due by Monday, March 31, 2014 by 3:00 P.M. Central time
SUBMIT RESONSES TO:
Marilyn Lappin, Director of Finance
3435 Broadway
Kansas City, Missouri 64111
email: [email protected]
REQUEST FOR PROPOSALS FOR
BOND COUNSEL SERVICES
I. INTRODUCTION
The Missouri Housing Development Commission (“MHDC” or the “Commission”) is a
governmental instrumentality of the state of Missouri and a body corporate and politic. In 1969,
the 75th General Assembly of Missouri, in the face of a general housing shortage severely
affecting low and moderate income persons, established the Commission in order to increase the
availability of decent, safe and sanitary housing at prices within the means of low and moderate
income persons. The Commission’s authority is derived from Chapter 215 of the Revised
Statutes of Missouri, as amended and supplemented. Chapter 215 provides general information
about the Commission and is available on-line at www.moga.mo.gov/statutes/c215.htm. Further
information about the Commission and its programs is available on the Commission’s website at
www.mhdc.com.
Purpose of Request for Proposals for Bond Counsel Services (RFP)
The Missouri Housing Development Commission (MHDC) is seeking proposals for service as
Bond Counsel for MHDC housing bond issues and related program advice and services.
Term of Service
It is expected that the firm(s) selected pursuant to this Request for Proposals will serve as Bond
Counsel for a period of three years with two additional one-year renewal options, for a total of up
to five years. Any transaction initiated prior to the ending date of the term of service, for which a
material amount of time or expense has been incurred, will be completed by Bond Counsel
although the closing might occur following the end of the term of service. MHDC reserves the
right, at its sole discretion, to terminate the agreement with any firm selected pursuant to this RFP
prior to the expiration of the term of service, or to extend the agreement (with the concurrence of
the firm selected) for a maximum of two additional periods of up to one year each.
II. GUIDELINES AND INSTRUCTIONS
Anticipated Timetable for RFP and Proposals
Release RFP
Proposals Due
Evaluation Committee Recommendation
Selection by Commissioners
Proposal Due Date:
March 17, 2014
March 31, 2014
April 11, 2014
April 18, 2014
Monday, March 31, 2014 by 3:00 P.M. Central time
Form of Response
The Commission desires to consider responses to this RFP in a consistent and easily comparable
format. Proposals not organized in the manner set forth in this RFP may be considered, at the
Commission’s sole discretion, as unresponsive. Please do not refer to other parts of your
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.
2
Interested qualified firms are invited to submit proposals that contain information submitted in
the order of Section IV below.
Completed proposals must be submitted to the Commission electronically and in hard copy.
Prospective bidders shall transmit completed proposals to the Commission by email to
[email protected] in PDF file format. The “Subject” line of the email should state, “2014
Bond Counsel Proposal.” Five (5) printed copies of the firm’s proposal — marked as,
“Response to Request for Proposal for Bond Counsel” – must also be submitted by the
Proposal Due Date to:
Ms. Marilyn Lappin
Director of Finance
3435 Broadway
Kansas City, MO 64111-2403
Completed responses to the RFP must be received by the Commission no later than 3:00 p.m.
Central Time on Monday, March 31, 2014. Proposals must be received by the bid submission
deadline. Proposers are responsible for ensuring actual receipt of the proposal by the
Commission by the time designated above.
Standards of Conduct
This RFP is considered a “Competitive Matter” as that term is defined in the Commission’s
“Standards of Conduct” Policy (the “Standards of Conduct”). Further, every Respondent,
including, but not limited to, their respective principals, key employees and agents acting on their
behalf are considered “Interested Parties” (as defined in the Standards of Conduct). As a result,
every Respondent (including, but not limited to, its principals, key employees and agents) under
this RFP is obligated to abide by the rules and restrictions imposed by the Standards of Conduct,
including the rules governing contact with Commissioners and MHDC employees. The failure of
any Respondent to abide by the rules and restrictions established by the Standards of Conduct
may result in the disqualification of that Respondent’s Response. Therefore, you are strongly
encouraged to review and familiarize yourself with the Standards of Conduct. The Standards of
Conduct is available on MHDC’s website at
www.mhdc.com/about/commission/policies/standards_of_conduct.htm.
Furthermore, pursuant to the Standards of Conduct, any Response under this RFP shall disclose
the name of the individual, entity and/or entities having ownership interests in the Respondent.
All entities identified in this disclosure shall be reduced to their human being level irrespective of
the number of entity layers which may be present for any disclosed entity. Notwithstanding the
previous sentence, to the extent any Respondent under this RFP is a publicly traded corporation,
such a Respondent may limit this disclosure to all board members, officers (and other key
employees) and any shareholders owning or controlling ten percent (10%) or more of the
corporation. Questions regarding this requirement or any other requirements or restrictions
imposed by the Standards of Conduct may be directed to the Commission’s General Counsel,
Weylin Watson, by phone at 816-759-6624 or email at [email protected].
3
Inquiries
The Commission will provide responses to inquiries submitted by firms to the Commission’s
contact person, Marilyn Lappin. All questions must be submitted in writing via email to
Ms. Lappin at [email protected] and received no later than Friday, March 21, 2014, 3:00
p.m. CT. The “Subject” line of the email should be, “2014 RFP for Bond Counsel
Questions.” Questions submitted after the deadline will not receive a response. Responses will
be provided by March 26, 2014, 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.
If you have inquiries regarding this RFP or would like to contact the Commission, please contact:
Ms. Marilyn Lappin
[email protected]
All inquiries must be submitted by email, citing the particular proposal section and paragraph
number. Proposers should note that all clarifications and exceptions are to be resolved prior to
submission of the proposal. A list of all substantive inquiries received with relevant responses
will be provided to interested bidders.
Other than the contact person identified herein and except as provided in Section IV.A.2 below,
prospective proposers shall not approach the Commission’s employees, managers or board
members after the publication of this RFP and before the announcement of a selection about any
matters related to the RFP or any proposal submitted pursuant thereto.
Public Records
Respondents are advised that all submissions may be made available to the public on request
upon completion of the process and award of an Agreement. Accordingly, any information
which the respondent thinks benefits from an exception to disclosure under the Missouri Sunshine
Law (RSMo §§610.010-225) shall be clearly identified as such and segregated from the rest of
the proposal. MHDC, in its own discretion, shall determine which information may be disclosed
under the Missouri Sunshine Law. By responding to this RFP, respondent agrees that any
determination made regarding disclosure of information contained in the response is satisfactory.
Modifications to Proposals
Respondents may not modify or correct its Proposal any time after the Proposal Due Date, except
in direct response to a request from the Commission for clarification.
Revisions to this RFP
In the event that it becomes necessary to revise any part of the RFP, MHDC will provide an
addendum to each firm receiving this RFP. Any additional information required to clarify
portions of this RFP will be issued in the form of an addendum.
Expenses Relating to Proposals
All costs directly or indirectly related to the preparation of a response to this RFP shall be the sole
responsibility of and shall be borne by the respondent. MHDC shall not be liable for any
expenses incurred by respondents in replying to this Request.
4
Visits and Interviews
All firms responding to this RFP must be prepared to schedule a visit to its offices or to another
location upon request by the Commission. In addition, firms responding to this RFP may be
interviewed by the Commission as a part of the selection process.
Reservation of Rights
The Commission reserves the right to conduct any investigation of the qualifications of any 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 Bond Counsel services. At the Commission’s sole
discretion, the selection of a proposal by the Commission may be cancelled at any time prior to
the complete execution of a contract or agreement. If the Commission cancels its selection of a
proposal, the Commission may repost this or a similar RFP and re-seek proposals.
III. SCOPE OF SERVICES
MHDC anticipates the need for legal services in connection with the issuance of its
homeownership bonds, multifamily housing bonds, occasional refunding bonds, and other bonds
or notes. It is anticipated that mortgage revenue bonds may possibly be issued one or two times
per year during the term of the agreement. Multifamily housing bonds will be issued at various
times during the term of the agreement. Bond Counsel is expected to assign those attorneys and
professionals employed by the firm who are best suited to advise the Commission in all matters
associated with issuance of housing bonds and with ongoing compliance of trust indentures and
other documents and agreements integral to the issuance of bonds. In addition, occasionally the
Commission may seek legal assistance for contractual and other technical legal matters in
conjunction with its housing programs, including Mortgage Credit Certificates.
The scope of services to be provided may also include any or all of the following:
1. Preparation of all board resolutions related to bond issues and mortgage credit certificate
programs.
2. Preparation of master and supplemental indentures for ongoing single family and multifamily
housing bond issues.
3. Preparation and/or review of all official statements and disclosure documents necessary and
appropriate to the authorization, issuance, sale or delivery of multifamily housing bonds.
4. Review of all official statements and other disclosure documents necessary and appropriate to
the authorization, issuance, sale or delivery of mortgage revenue bonds and other bonds
associated with MHDC’s homeownership programs.
5. Delivery of legal opinions regarding the due and lawful authorization and issuance of each
bond issue, the exemption from federal and state taxes for those bonds issued on a tax-exempt
basis, exemption from securities laws, the sufficiency of the disclosure for those portions of
the official statement prepared by bond counsel or summarizing documents for which bond
counsel is responsible and delivery of such other legal opinions typically provided in
connection with similar transactions.
6. Preparation of all closing documents in connection with each bond issue.
5
7. Preparation of legal documents and IRS filings in connection with each mortgage credit
certificate program.
8. Administration and tracking of private activity volume cap available to the Commission for
both homeownership and multifamily transactions.
9. Prepare bond and loan yield analyses and related IRS filings for arbitrage rebate purposes.
10. Participation in meetings and phone conferences regarding specific bond issues and the
Commission’s bond programs generally.
11. Attendance at meetings with MHDC staff, Commissioners, and others party to MHDC’s
issuance of bonds, including financial advisors, underwriters and rating agencies.
12. Provision of any other legal services, advice or opinions, as requested, regarding the
Commission’s bond and other housing finance programs.
IV. STRUCTURE AND CONTENT OF PRPOSAL
A. BACKGROUND AND EXPERIENCE
Provide a brief description of your firm, including but not limited to the following:
1. Firm Information. Provide a description of your firm that includes the location of the firm’s
office(s), the length of time your firm has been in business, the number of partners and
associates, an overview of the housing legal group and the bond arbitrage and related federal
tax group and a discussion of any substantive changes in its ownership, management and
housing group, and in any other area of its public finance practice in the last three (3) years.
2. 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 Exhibit 1 (attached) in
spreadsheet format to include a listing of your firm’s owners/shareholders. Questions
regarding this requirement or any other requirements or restrictions imposed by the Standards
of Conduct may be directed to the Commission’s General Counsel, Weylin Watson, by phone
at 816-759-6624 or email at [email protected].
3. Contact Person. Provide the name, address, phone number, fax number and email address of
the firm’s contact person for this engagement.
4. Housing Experience. Include general discussion of your firm’s experience in single family
and multifamily housing bond work, including the number of partners and associates in your
tax exempt housing bond practice.
6
5. Federal Tax Law. Describe your firm’s experience with federal tax law related to tax-exempt
single family and multifamily housing revenue bonds. Include discussion of your firm’s
experience with the eligibility requirements for single family mortgage revenue bonds,
willingness to respond to specific inquiries from lenders, experience with bond and loan yield
analysis on both single family and multifamily housing bonds and experience with arbitrage
rebate issues on housing bonds. Has your firm ever represented a housing bond issuer on a
random audit by the IRS? What was the outcome? Has a federal tax opinion delivered by
your firm during the past ten years been invalidated or overturned? Has the firm or any client
of the firm entered into any closing or settlement agreements, or similar arrangements, in
connection with any federal tax opinions delivered by the firm during the past ten years?
6. Co-counsel and Minority Participation. Describe either your firm’s status as a minority or
woman-owned firm or describe any relationships that you have with other law firms
regarding proposed co-counsel relationships and/or fee splitting arrangements, including the
involvement of any minority or woman-owned firms that would assist in any capacity with
services to be provided to MHDC. If you have a co-counsel relationship and/or fee splitting
arrangement with a minority or woman-owned firm, provide detailed information about your
proposed financial and work sharing arrangement with these firms. If none are described,
confirm that your firm will provide all services described above without the involvement or
assistance of any other firm or lawyers.
7. Professional Liability Insurance. Describe the type and amount of professional liability
insurance your firm carries.
8. Investigations and Proceedings. Indicate whether your firm has any knowledge of any active
investigations or criminal proceedings by the Internal Revenue Service, the Securities and
Exchange Commission or any other state or federal agency with regard to your members or
practices. If so, please provide a brief description of such investigation and the name and
phone number of a person whom MHDC might contact to obtain more information.
Identify any administrative proceeding, investigation or litigation regarding your firm and/or
any member of the firm which is ongoing or has been settled or otherwise concluded during
the past two years.
9. Federal Work Authorization Program. Pursuant to Mo.Rev.Stat. §285.530.2, the firm selected
pursuant to this RFP shall provide MHDC with an affidavit stating that the firm does not
employ any person who is an unauthorized alien in conjunction with the contracted services,
and that the firm is enrolled in and participating in a federal work authorization program with
respect to the employees working in connection with the contracted services. Prior to
execution of any agreement contemplated herein, the firm shall provide evidence of
participation in a federal work authorization program. Questions regarding this requirement
may be directed to the Commission’s General Counsel, Weylin Watson, by phone at
816-759-6624 or email at [email protected]. In your proposal, please indicate whether
your firm is currently enrolled in and participating in a federal work authorization
program such as E-Verify.
7
B. SPECIFIC EXPERIENCE AND RESOURCES
1. Tax Exempt Bond Issues. List all tax exempt bond issues for which the firm has acted as
bond counsel since January 1, 2011. Note issuer, type of issue, dollar amount, and issuance
date of each issue. Highlight those issued in Missouri and that are housing bonds (whether
within or outside Missouri). In addition, please note those issues for which your firm has
given a sole or lead opinion.
2. MHDC Experience. Describe your firm’s historical experience in serving MHDC or other
state or local issuers of housing bonds.
3. MHDC Staffing. Identify the partners and associates who will serve MHDC (including tax
attorneys), including office location, phone number, fax number and email address. Provide
appropriate resumes and identify their responsibilities in serving MHDC. Please provide
evidence that the attorneys that will serve MHDC are licensed to practice law in the state of
Missouri and whether or not they are members of the National Association of Bond Lawyers.
4. Analytical Capabilities. Describe the firm’s computer capacity with respect to yield
verification for mortgage revenue bond issues and multifamily bond issues.
5. IRS Experience. Describe your firm’s recent experience in obtaining Internal Revenue
Service rulings and clarification of IRS code and regulations.
6. Tax Law Communications. Describe the manner by which your firm regularly communicates
changes in tax law to your clients.
7. Federal Legislation Updates. Discuss your firm’s ability to monitor and advise MHDC on
federal legislation that may affect MHDC’s housing operations.
8. Firm Resources. Identify resources of the firm that will be made available to MHDC.
9. Other Information. Discuss any topics not covered in this Request for Proposals that you
would like to bring to the attention of MHDC.
C. COSTS
Describe your proposed fee structure. Please include the hourly rate to be charged by the
members of the firm for work on related matters not directly resulting in a bond issue. Also state
whether the firm will charge in the event a proposed bond or other financing issue is not
successfully sold. State whether the firm will charge for attendance at monthly Commission
meetings.
Provide an estimate of your firm’s fees and expenses under a “per-bond” rate structure for each of
the following types of transactions: a $50,000,000 single family new money issue; a $40,000,000
single family taxable refunding issue; a $5,000,000 multifamily housing issue and a $10,000,000
multifamily housing issue. Note that some mortgage revenue bonds and multifamily housing
issues may be privately placed and the related fees negotiated.
State whether the proposed fees include expenses, or whether expenses will be charged separately
(identify those expenses that will be charged separately, if any). State whether the fees submitted
are effective for the duration of the expected service period of three years and the two additional
8
optional one year periods. In the event the proposed fees would not extend for the full duration
of the contract, describe your process and expected frequency for rate changes, including
maximum percentage increases.
V. RFP REVIEW AND SELECTION CRITERIA
The Bond Counsel Services Agreement will be awarded to the firm(s) which, in the opinion of
MHDC, is (are) the best qualified to provide such services.
Proposals will be evaluated on a variety of factors, including:
1. The firm’s demonstrated willingness to follow the guidelines in this RFP.
2. Experience and qualifications of both the firm and the staff to be assigned to these financings,
as evidenced by formal training; education; appropriate professional licensing and related
experience.
3. Firm’s ability to provide the required services on a timely basis in light of the anticipated
workload, and the availability of adequate personnel and resources of the firm.
4. The firm’s experience during the past three years as bond or underwriter’s counsel on various
housing and mortgage revenue bond financings.
5. The firm’s expertise in the area of tax law.
6. Involvement and accessibility of staff to be assigned to the financings.
7. Organization, size and structure of firm. The firm’s presence in Missouri.
8. The firm’s inclusion of minority and women participation, including the firm’s employees
and/or any participation with a minority or woman-owned firm.
9. Projected costs and proposed fee structure for services performed.
10. 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.
11. Related investigations and regulatory proceedings involving the firm will be taken into
account, depending upon the nature and significance of the proceedings.
There is no additional information requested. Thank you for reviewing this RFP. We
look forward to your response.
9
EXHIBIT 1
MHDC ‐ Bond Counsel ‐ RFP
Firm Information
Proposing Firm
[Firm Name]
Owners/Partners/Shareholders TAB 3(h)
Report of Staff
Staff recommendations for Emergency
Solutions Grant funding approvals
2014 Emergency Solutions Grant Staff Recommendations
Emergency Solutions Grant Staff Recommendations (2014)
St. Louis City Continuum of Care (CoC)
Grant Number
Agency Name
Agency City
14‐700‐E
Interfaith Residence dba Doorways
St. Louis
14‐710‐E
Peter & Paul Community Services
St. Louis
14‐714‐E
Shalom House
St. Louis
14‐718‐E
Our Lady's Inn
St. Louis
14‐720‐E
ArchCity Defenders, Inc.
St. Louis
14‐747‐E
Employment Connection
St. Louis
14‐775‐E
Municipal Information Systems, Inc.
St. Louis
Grant Type
Homelessness Prevention
Rapid Re‐housing Administration
Emergency Shelter
Administration
Emergency Shelter
Administration
Emergency Shelter
Rapid Re‐housing
HMIS
Administration
Rapid Re‐housing
Administration
HMIS
Total
Amount Recommended
$ 50,000.00
$ 50,000.00
$ 50,000.00
$ 30,000.00
$ 25,157.47
$ 50,000.00
$ 35,123.00
$ 290,280.47
St. Louis City CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
Total Recommended in CoC
$ ‐
$ 125,000.00
$ 23,750.00
$ 92,709.50
$ 37,623.00
$ 11,197.97
$ 290,280.47
Page 1 of 9
St. Louis County Continuum of Care (CoC)
Grant Number
Agency Name
Agency City
14‐701‐E
Interfaith Residence dba Doorways
St. Louis
14‐716‐E
Our Lady's Inn
St. Louis
14‐735‐E
Employment Connection
St. Louis
14‐776‐E
Municipal Information Systems, Inc.
St. Louis
Grant Type
Rapid Re‐housing
Administration
Emergency Shelter
Rapid Re‐housing
Administration
HMIS
Total
Amount Recommended
$ 50,000.00
$ 30,000.00
$ 50,000.00
$ 42,223.00
$ 172,223.00
St. Louis County CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
$ ‐
$ 30,000.00
$ 23,750.00
$ 71,250.00
$ 42,223.00
$ 5,000.00
$ 172,223.00
Page 2 of 9
St. Charles, Lincoln, Warren Counties Continuum of Care (CoC)
Grant Number
Agency Name
Agency City
Grant Type
Amount Recommended
14‐717‐E
Our Lady's Inn
Defiance
$ 30,000.00
14‐727‐E
Sts. Joachim and Ann Care Service
St. Charles
14‐753‐E
Catholic Charities Community Services
St. Peters
14‐774‐E
Community Council of St. Charles
St. Charles
Emergency Shelter
Rapid Re‐housing
Administration
Rapid Re‐housing
HMIS
HMIS
Total
$ 50,000.00
$ 72,600.00
$ 48,123.00
$ 200,723.00
St. Charles, Lincoln, Warren Counties CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
$ ‐
$ 30,000.00
$ ‐
$ 119,500.00
$ 48,723.00
$ 2,500.00
$ 200,723.00
Page 3 of 9
Springfield/Greene, Christian, Webster Counties Continuum of Care (CoC)
Grant Number
Agency Name
Agency City
Grant Type
Amount Recommended
Emergency Shelter
Rapid Re‐housing
$ 50,000.00
14‐737‐E
Family Violence Center dba Harmony House
Springfield
14‐756‐E
City of Springfield
Springfield
14‐756‐E Sub
The Kitchen, Inc.
Springfield
14‐756‐E Sub
Springfield
14‐778‐E
Missouri Association for Social Welfare
Jefferson City
Administration
Emergency Shelter
Rapid Re‐Housing
HMIS
Rapid Re‐housing
HMIS
Total
$ 78,750.00
$ 19,023.00
$ 147,773.00
Springfield/Greene, Christian, Webster CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
$ ‐
$ 50,000.00
$ ‐
$ 72,000.00
$ 22,023.00
$ 3,750.00
$ 147,773.00
Page 4 of 9
Joplin/Jasper, Newton Counties Continuum of Care (CoC)
Grant Number
Agency Name
Agency City
Catholic Charities of Southern Missouri
Springfield
14‐732‐E
Lafayette House
Joplin 14‐777‐E
Jefferson City
14‐724‐E
Grant Type
Administration
Emergency Shelter
HMIS
Administration
HMIS
Total
Amount Recommended
$ 94,389.00
$ 47,250.00
$ 17,823.00
$ 159,462.00
Joplin/Jasper, Newton Counties CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
$ ‐
$ 44,720.00
$ 89,670.00
$ ‐
$ 18,103.00
$ 6,969.00
$ 159,462.00
Page 5 of 9
St. Joseph/Andrew, Buchanan, DeKalb Counties Continuum of Care (CoC)
Grant Number
Agency Name
Agency City
Grant Type
Amount Recommended
14‐751‐E
YWCA St. Joseph
St. Joseph
$ 50,000.00
14‐760‐E
Hillcrest Transitional Housing of Buchanan County
St. Joseph
14‐769‐E
14‐772‐E
The Salvation Army, an Illinois Corporation
Mid‐America Assistance Coalition
St. Joseph
Kansas City
Emergency Shelter
Emergency Shelter
Rapid Re‐housing
Administration
Emergency Shelter
HMIS
Total
$ 44,489.97
$ 50,000.00
$ 14,623.00
$ 159,112.97
St. Joseph/Andrew, Buchanan, DeKalb Counties CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
$ ‐
$ 127,371.40
$ ‐
$ 15,000.00
$ 14,623.00
$ 2,118.57
$ 159,112.97
Page 6 of 9
Kansas City/Independence/Lee's Summit/Jackson County Continuum of Care (CoC)
Grant Number
Agency Name
Agency City
14‐729‐E
Rose Brooks Center
Kansas City
14‐754‐E
City of Kansas City Missouri
Kansas City
14‐754‐E Sub
14‐754‐E Sub
reStart, Inc.
Synergy Services
Kansas City
Kansas City
14‐761‐E
Hillcrest Transitional Housing of Eastern Jackson County
Independence
14‐770‐E
14‐773‐E
Hope House, Inc.
Mid‐America Assistance Coalition
Lee's Summit
Kansas City
Grant Type
Emergency Shelter
Administration
Street Outreach
Administration
Street Outreach
Street Outreach
Emergency Shelter
Rapid Re‐housing
HMIS
Administration
Emergency Shelter
HMIS
Total
Amount Recommended
$ 50,000.00
$ 50,000.00
$ 39,375.00
$ 50,000.00
$ 17,623.00
$ 206,998.00
Kansas City/Independence/Lee's Summit/Jackson County CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
$ 47,500.00
$ 97,500.00
$ ‐
$ 36,750.00
$ 18,373.00
$ 6,875.00
$ 206,998.00
Page 7 of 9
Balance of State Continuum of Care (CoC)
Grant Number
Agency Name
Agency City
14‐702‐E
True North of Columbia, Inc.
Columbia
14‐708‐E
Welcome Home
Columbia
14‐711‐E
Christian Associates of Table Rock Lake
Kimberling City
14‐713‐E
Phoenix Programs, Inc.
Columbia
14‐721‐E
United Gospel Rescue Mission
Poplar Bluff
14‐725‐E
Springfield
14‐728‐E
Pettis County Community Partnership
Sedalia
14‐730‐E
Voluntary Action Center
Columbia
14‐743‐E
Rainbow House
Columbia
14‐755‐E
City of Cape Girardeau
Cape Girardeau
14‐755‐E
14‐755‐E Sub
14‐755‐E Sub
14‐779‐E
The Salvation Army
Community Caring Council
Cape Girardeau
Cape Girardeau
Cape Girardeau
Jefferson City
Grant Type
Emergency Shelter
Rapid Re‐housing
Emergency Shelter
Emergency Shelter
Street Outreach
HMIS
Administration
Rapid Re‐housing
Administration
Administration
Street Outreach
Rapid Re‐housing
HMIS
Administration
Rapid Re‐housing
Administration
Emergency Shelter
Administration
Administration
Homeless Prevention
Street Outreach
Rapid Re‐housing
HMIS
Total
Amount Recommended
$ 45,000.00 $ 44,391.36 $ 98,466.65
$ 50,000.00
$ 12,600.00
$ 100,000.00
$ 50,400.00
$ 8,610.00
$ 50,000.00
$ 106,888.90
$ 70,117.70
$ 636,474.61
Balance of State CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
$ 53,681.90
$ 146,891.36
$ 216,966.65
$ 98,700.00
$ 101,854.70
$ 18,380.00
$ 636,474.61
Page 8 of 9
Grand Totals
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
Total Recommended
$ 101,181.90
$ 651,482.76
$ 354,136.65
$ 505,909.50
$ 303,545.70
$ 56,790.54
$ 1,973,047.05
Page 9 of 9
Missouri Housing Development Commission Funds St. Charles, Lincoln, Warren Counties Continuum of Care (CoC)
Grant Number
Agency Name
Agency City
Grant Type
Amount Requested
14‐707‐E
Youth In Need
St. Charles
Emergency Shelter
$ 37,397.35
St. Charles, Lincoln, Warren Counties CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
Total Requested in CoC
$ ‐
$ 37,397.35
$ ‐
$ ‐
$ ‐
$ ‐
$ 37,397.35
Page 1 of 7
Missouri Housing Development Commission Funds Springfield/Greene, Christian, Webster Counties Continuum of Care (CoC)
Grant Number
Agency Name
Agency City
Grant Type
Amount Requested
Emergency Shelter
14‐756‐E
City of Springfield
$ 71,250.00
Springfield
Administration
14‐756‐E Sub
The Kitchen, Inc.
Springfield
14‐756‐E Sub
The Salvation Army
Springfield
14‐756‐E Sub
Springfield
14‐756‐E Sub
Council of Churches of the Ozarks
Springfield
Administration
Emergency Shelter
Emergency Shelter
Emergency Shelter
Total
$ 71,250.00
Springfield/Green, Christian, Webster CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
$ ‐
$ 67,500.00
$ ‐
$ ‐
$ ‐
$ 3,750.00
$ 71,250.00
Page 2 of 7
Missouri Housing Development Commission Funds Joplin/Jasper, Newton Counties Continuum of Care (CoC)
Grant Number
Agency Name
Agency City
14‐736‐E
The Salvation Army
Joplin 14‐739‐E
Children's Haven of Southwest Missouri, Inc.
Joplin Grant Type
Emergency Shelter
Rapid Re‐housing
Administration
Emergency Shelter
Total
Amount Requested
$ 50,000.00
$ 50,000.00
$ 100,000.00
Joplin/Jasper, Newton Counties CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
$ ‐
$ 80,000.00
$ 7,000.00
$ 6,000.00
$ ‐
$ 7,000.00
$ 100,000.00
Page 3 of 7
Missouri Housing Development Commission Funds St. Joseph/Andrew, Buchanan, DeKalb Counties Continuum of Care (CoC)
Grant Number
Agency Name
Agency City
14‐738‐E
Interfaith Community Services, Inc.
St. Joseph
14‐760‐E
Hillcrest Transitional Housing of Buchanan County
St. Joseph
Grant Type
Administration
Emergency Shelter
Rapid Re‐housing
Administration
Total
Amount Requested
$ 50,000.00
$ 5,510.43
$ 55,510.43
St. Joseph/Andrew, Buchanan, DeKalb Counties CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
$ ‐
$ 5,128.60
$ 47,500.00
$ ‐
$ ‐
$ 2,881.83
$ 55,510.43
Page 4 of 7
Missouri Housing Development Commission Funds Kansas City/Independence/Lee's Summit/Jackson County Continuum of Care (CoC)
Grant Number
Agency Name
14‐766‐E
reStart, Inc.
Agency City
Grant Type
Amount Requested
Kansas City
Emergency Shelter
Administration
$ 36,910.65
Total
$ 36,910.65
Kansas City/Independence/Lee's Summit/Jackson County CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
$ 35,065.12
$ 1,845.53
$ 36,910.65
Page 5 of 7
Missouri Housing Development Commission Funds Balance of State Continuum of Care (CoC)
Grant Number
Agency Name
Agency City
Grant Type
Amount Requested
14‐702‐E
True North of Columbia, Inc.
Columbia
$ 5,000.00 14‐703‐E
Ripley County Family Resource Center
Doniphan
14‐708‐E
Welcome Home
Columbia
14‐709‐E
Polk County House of Hope
Bolivar
14‐711‐E
Christian Associates of Table Rock Lake
Kimberling City
14‐712‐E
Douglass Community Services
Hannibal
14‐715‐E
Citizens Against Spouse Abuse, Inc.
Sedalia
14‐721‐E
United Gospel Rescue Mission
Poplar Bluff
14‐728‐E
Pettis County Community Partnership
Sedalia
14‐730‐E
Voluntary Action Center
Columbia
14‐740‐E
House of Hope, Inc.
Lexington
14‐741‐E
Council on Families in Crisis
Nevada
14‐744‐E
14‐745‐E
14‐750‐E
Synergy Services, Inc.
Columbia
Jefferson City
Parkville
14‐755‐E
City of Cape Girardeau
Cape Girardeau
14‐755‐E Sub
14‐755‐E Sub
The Salvation Army
Safe House for Women, Inc.
Cape Girardeau
Cape Girardeau
14‐757‐E
County of Livingston
Chillicothe
14‐757‐E Sub
14‐757‐E Sub
14‐762‐E
Concerned Citizens for the Community Inc.
Grace Episcopal Church of Chillicothe
Families Assisted in Transitional Housing, Inc.
Chillicothe
Chillicothe
Clinton
Emergency Shelter
Rapid Re‐housing
Administration
Emergency Shelter
Emergency Shelter
Rapid Re‐housing
Emergency Shelter
HMIS
Administration
Emergency Shelter
Emergency Shelter
Administration
Administration
Rapid Re‐housing
Administration
Emergency Shelter
Administration
Emergency Shelter
HMIS
Emergency Shelter
Emergency Shelter
Emergency Shelter
Street Outreach
Emergency Shelter
Administration
Street Outreach
Emergency Shelter
Emergency Shelter
Administration
Emergency Shelter
Emergency Shelter
Emergency Shelter
$ 84,874.25
$ 5,608.64
$ 35,000.00
$ 1,533.35
$ 100,000.00
$ 50,000.00
$ 37,400.00
$ 36,900.00
$ 34,490.00
$ 18,242.00
$ 37,600.00
$ 50,000.00
$ 50,000.00
$ 50,000.00
$ 87,361.10
$ 130,200.00
$ 47,134.00
Page 6 of 7
Missouri Housing Development Commission Funds 14‐763‐E
Hope Haven of Cass County, Inc.
Harrisonville
14‐764‐E
COPE, Inc.
Lebanon
14‐765‐E
Safe Passage Domestic Violence Crisis Intervention Services
Moberly
Emergency Shelter
HMIS
Administration
Emergency Shelter
Emergency Shelter
HMIS
Administration
Total
$ 50,000.00
$ 47,500.00
$ 19,141.50
$ 977,984.84
Balance of State CoC by Category
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
$ 41,496.53
$ 683,332.69
$ 188,959.57
$ 26,521.08
$ 9,694.15
$ 27,980.82
$ 977,984.84
Total Requested
$ 41,496.53
$ 908,423.76
$ 243,459.57
$ 32,521.08
$ 9,694.15
$ 43,458.18
$ 1,279,053.27
Grand Totals
Street Outreach
Emergency Shelter
Rapid Re‐Housing
HMIS
Administration
Page 7 of 7
TAB 3(i)
Report of Staff
Request for approval of Resolution No. 877,
revised
RESOLUTION NO. 877
AUTHORIZED SIGNATORIES OF MISSOURI HOUSING DEVELOPMENT COMMISSION
REVISED: MARCH 14, 2014
RESOLVED, that within the course and scope of their duties, each of the following shall be an authorized officer for the purpose of signing
certifications and other instruments provided by Resolution of the Commission.
FURTHER RESOLVED, that all prior instruments made by any of the hereinafter named officers are hereby ratified:
Jeffrey S. Bay
Greg L. Roberts
Tina Beer
Marilyn V. Lappin
Greg Canuteson
Sara A. Turk
Chairman
Secretary-Treasurer
Director of Operations/Assistant Secretary
Director of Finance
Deputy Director
Fiscal & Accounting Manager
FURTHER RESOLVED, that the following officers be authorized to sign all bond financing documents:
Jeffrey S. Bay
Marilyn V. Lappin
Tina Beer
Chairman
Director of Finance
Director of Operations
FURTHER RESOLVED, that for the purposes of authorized signers on all bank accounts and investments, the following named shall be an
authorized officer:
Marilyn V. Lappin
Sara A. Turk
Cynthia Flood
Tina Beer
Director of Finance
Fiscal & Accounting Manager
Accounting Manager
Director of Operations
FURTHER RESOLVED, that all of the above-named officers and the following named be authorized to sign Section 8 Annual Contributions
Contracts, Emergency Solutions Grant and Missouri Housing Trust Fund disbursements:
Marian Campbell
Director of Asset Management
FURTHER RESOLVED, that for the purposes of the Asset Management Department and Loan Servicing Department, the following named
shall also be an authorized officer:
Marian Campbell
Cheri Baker
Director of Asset Management
Loan Servicing Officer
FURTHER RESOLVED, that for the purposes of the Information Technology Division, the following named shall also be an authorized officer:
James Kalthoff
Director of Information Technology
FURTHER RESOLVED, that for the purposes of the funding, the following named shall also be an authorized officer:
Emily Blakey
Lorenzo Rice
Sandy Middleton
Tax Credit Attorney (LIHTC documents only)
HOME Administrator (Construction Disbursement, HOME & HeRO documents only)
Construction Manager (Construction Disbursement, HOME & HeRO documents only)
FURTHER RESOLVED, that for the purposes of the Homeownership Department, the following named shall also be an authorized officer:
Don Brinker
Single Family Homeownership Manager
CERTIFICATION
I HEREBY CERTIFY that the foregoing is a true and correct copy of a Resolution regularly presented to, and duly adopted by, the commissioners of
Missouri Housing Development Commission at a meeting duly called and held in Columbia, Missouri on the 14th day of March, 2014, at which a quorum
was present and voted, and that such Resolution is duly recorded in the minutes of the commission.
______________________________________________
Assistant Secretary
TAB 3 (j)
Report of Staff
Financial Report and Budget Update
FINANCIAL REPORT
FOR THE MONTH OF JANUARY 2014
Financial Reporting Package
for the month of January 2014 and the period then ended
Index
Page: 1 – 2
Executive Summary for the month
3–4
Key Financial Information
5
Asset Quality
6
Balance Sheet
7
Charts – Assets by Program and Asset Composition
8
Charts – Homeownership Bond-Financed Program Asset Trend
and MBS Portfolio Composition
9
Budget for Use of Net Position (Fund Balances)
for Fiscal Year 2014
Mortgage Revenue Bond Activity
HUD Purchase Loan Program
10
Condensed Statement of Revenue and Expenses for the
month including the effects of GASB Statement No. 31
10a
Condensed Statement of Revenues and Expenses for the
month, actual compared to budget (excluding the effects of
GASB Statement No. 31)
11
period July 1, 2013 to January 31, 2014, including the effects
of GASB Statement No. 31
11a
period July 1, 2013 to January 31, 2014, actual compared to
budget (excluding the effects of GASB Statement No. 31)
12
Loan Servicing Report
FINANCIAL REPORT - EXECUTIVE SUMMARY
January 2014
Assets
Total assets, as reported, were $1,826,324,000 as compared to $1,945,079,000 at the end
of the previous fiscal year. Excluding the effects of GASB Statement No. 31, assets
totaled $1,781,933,000 at January 31, 2014 as compared to $1,898,627,000 at June 30,
2013.
MHDC’s asset base continues to have a high-quality and low-risk profile.
Approximately 40% of total assets are comprised of guaranteed mortgage-backed
securities (page 5). MHDC has no subprime loans, no variable rate debt and no interest
rate swaps or similar instruments. MHDC’s conservative asset base and careful
management has MHDC well positioned in the current economic environment.
Mortgages and Mortgage-Backed Securities
The cost basis of new homeownership mortgage-backed securities purchased total $94.7
million in the fiscal year. Net of scheduled principal payments and loan prepayments, the
cost basis of homeownership bond-financed mortgage-backed securities and loan
portfolio has decreased $106.7 million in the fiscal year. In the Rental bond-financed
program, two rental project loans have been funded in the fiscal year totaling $14.4
million.
Principal pay-downs and prepayments in the Single Family Homeownership portfolio are
23% annualized (25% in 2013 and 14% in 2012). In the Multifamily Rental portfolio,
principal pay-downs and prepayments are 17% annualized (4% in 2013 and 16% in
2012).
Bond Issues and Other Debt
During the fiscal year, two Multifamily bond issues for $14.6 million were closed (page
9). Bond pay downs have totaled $142.4 million. During this fiscal year, new FHLB
Advances totaling $47.1 million have financed the MBS Warehousing Program.
Results of Operations: Month of January
For the month of January (page 10a), net operating results amounted to an increase of
$1,579,000 before including the effects of GASB Statement No. 31, (see additional
information below). Operating Revenue over Expenses is $1,551,000 more than budget.
Results of Operations: Year-to-Date Fiscal 2014
Year-to-date for this fiscal year (see page 11a), net operating results amounted to a gain
of $20,694,000 before including the effects of GASB Statement No. 31, (see additional
information below). Operating Revenues over Expenses is $15,479,000 more than
budget.
1
Federal Programs
Year-to-date, Federal Grant Revenues include $78.1 million in Project Based Section 8
Housing Assistance Payments and $9.8 million in HOME Investment Partnership
Program funds. These federal programs provide important resources for achieving the
objectives of the Commission. The Commission’s efforts to preserve affordable housing,
including preservation of the Housing Assistance Payment Contracts, are vital for
continuing this economic resource for the state of Missouri.
Effects of GASB 31
Governmental Accounting Standards Board (GASB) Statement No. 31 “Accounting and
Financial Reporting for Certain Investments and for External Investment Pools” was
instituted in 1998 and established fair value accounting for investment securities; such as
U.S. government and agency securities, and GNMA, Fannie Mae and FHLMC mortgagebacked securities. GASB Statement No. 31 requires that these investments be reported at
fair value on the balance sheet and that changes in fair value be reported as revenue in the
operating statement. During periods of rising market interest rates relative to the stated
rates of our portfolio, the fair value of our investments and mortgage-backed securities
will decline. Conversely, when market interest rates fall below those of the stated rates
of our portfolio, the fair value of our investments and mortgage-backed securities will
increase.
The required implementation of GASB Statement No. 31 has caused an increase of
$12,128,000 in the fair value of investments and our mortgage-backed security portfolio
during January (see page 10). During January, interest rates fluctuations have resulted in
an increase in the fair value of mortgage-backed securities and other investments.
Overall, the required implementation of GASB Statement No. 31 has caused a decrease
of $3,124,000 in the fair value of investments and our mortgage-backed security portfolio
during the fiscal year (page 11). During this fiscal year, interest rates fluctuations have
resulted in a decrease in the fair value of mortgage-backed securities and other
investments.
Depending on future financial markets, we can expect interest rate fluctuations to have a
continuing material effect on our financial statements.
2
Key Financial Information as of January 31, 2014
($ in thousands)
Trend Analysis
2011
Total assets, cost basis, excluding
conduit bond issues
% change
2012
2,192,899
2013
2,011,310
(2.93)
(8.28)
1/31/14
1,810,273
(10.00)
1,705,791
(5.77)
Total debt, excluding conduit bond
issues
% change
Total equity
% change
Revenues
% change
1,467,351
(6.79)
1,257,907
(14.27)
1,041,677
(17.19)
627,377
640,060
659,691
5.45
5.94
2.02
3.07
102,957
98,722
83,696
74,596
0.23
(4.11)
(15.22)
Net income
5,714
13,827
15,313
(64.35)
141.98
10.75
1,450,319
1,261,858
Total loans and MBS
FHA Risk-Share Loans
1,628,287
4.43
201,175
(10.93)
171,962
% change
15.69
(14.52)
Nonperforming assets
2,453
269
% change
Loan loss reserves
% change
(11.38)
592,210
% change
% change
923,100
(5.73)
44,362
(89.03)
44,172
0.59
(0.43)
(12.99)
172,272
(10.87)
11,879
(22.43)
1,174,654
(6.91)
176,317
0.18
2.35
3,013
3,010
1,020.07
43,322
(1.92)
(0.10)
43,104
(0.50)
NOTES:
Asset values exclude conduit debt issues and are adjusted to eliminate the effects of market value accounting (GASB Statement No. 31).
Annualized growth rate of total assets is -9.89% compared to -10.00% in FY2013. Strategic Plan target is 5% annually.
Equity values are adjusted to exclude the effects of market value accounting (GASB Statement No. 31).
Revenue and net income values also exclude the effects of market value accounting (GASB Statement No. 31) and federal grants
and assistance (pass-through revenues and disbursements). These values are projected for FY2014.
3
Key Financial Information as of January 31, 2014
Financial Ratio Analysis
PROFITABILITY 1
S&P Profitability Measures
Return on Average Assets
(1% Strategic Plan target)
Return on Average Assets, Excluding
Subsidy Programs & Spec. Initiatives
Return on Assets Before Loan Loss
Provision and Extraordinary item
Return on Assets Before Loan Loss
Provision and Extraordinary Item,
Excluding Subsidy Programs & Special
Initiatives
Five Year Average Financial Ratios (2008-2012)
FY 2014
FY 2014
Budget
5-year
average
2013
2012
MHDC
0.68
0.23
0.62
0.80
0.66
0.85
0.42
0.93
0.90
1.03
0.70
0.28
0.65
0.85
0.69
0.87
0.48
0.97
0.95
1.08
Return on Average Equity
(4% Strategic Plan target)
1.83
0.66
2.09
2.42
2.27
Net Interest Margin
1.21
0.93
1.04
1.06
1.04
ASSET QUALITY (%)
Non-Performing Assets / Total Loans
and Real Estate Owned
Loan Loss Reserves / Total Loans and
MBS
Loan Loss Reserves/Risk-Share Loans
and Non-Performing Assets
LEVERAGE (%)
Total Equity / Total Assets
Total Equity and Reserves / Total Loans
and MBS
FY 2014
FY 2014
Budget
5-year
average
2013
2012
All 'AA+' HFAs All 'AA' HFAs
All 'AAA'
HFAs
All HFAs
0.67
0.57
0.67
1.38
0.53
0.69
0.75
0.99
1.38
0.72
0.96
1.65
1.08
2.23
1.11
MHDC
All 'AAA'
HFAs
All HFAs
0.256
0.021
0.166
0.239
0.019
0.02
2.80
3.32
3.09
3.37
3.67
3.43
3.14
3.43
3.05
2.76
2.11
2.57
5.63
2.07
24.04
22.92
24.23
24.72
25.65
FY 2014
FY 2014
Budget
5-year
average
2013
2012
MHDC
All 'AAA'
HFAs
All HFAs
38.67
36.93
31.42
35.36
31.19
26.17
25.88
17.12
31.72
17.20
59.83
52.68
47.65
54.16
46.30
38.52
38.56
26.06
46.22
26.01
NOTES
1. MHDC's profitability ratios have historically been lower than other AA+ and AA rated housing finance agencies. This trend is reflective of the limited risk profile of MHDC's asset base.
4
Asset Quality Information
and Summary Effects of GASB Statement No. 31
($ in thousands)
Balance Sheet
Total Assets as Reported
Unrealized gains/losses (effect of GASB 31) #
Total Assets at Cost
6/30/2011
$
Mortgage-Backed Securities at cost
as % of Total Assets at Cost
Mortgage-Backed Securities Portfolio Composition:
% GNMA
% Fannie Mae
% FHLMC
6/30/2011
$
6/30/2013
2,195,550 $
(94,523)
2,101,027 $
6/30/2012
1,151,375 $
50.3%
83.6%
14.3%
2.1%
Loan Portfolio
Total Loans at par
Uninsured loans (includes Risk-Share, HOME & TCAP)
as % of Total Assets at Cost
2,378,078 $
(87,561)
2,290,517 $
$
Mortgage-Backed Securities Portfolio
6/30/2012
1,945,079 $
(46,452)
1,898,627 $
6/30/2013
1,000,022 $
47.6%
84.7%
13.4%
1.9%
6/30/2011
1/31/2014
1/31/2014
801,535 $
42.2%
87.6%
11.0%
1.4%
6/30/2012
1,826,324
(44,391)
1,781,933
711,368
39.9%
88.8%
10.0%
1.2%
6/30/2013
1/31/2014
$
$
622,088 $
403,791 $
17.6%
586,904 $
396,110 $
18.9%
591,999 $
404,257 $
21.3%
582,532
407,775
22.9%
Risk-Share loans
HOME loans
TCAP loans
Non-performing assets (uninsured)
$
$
$
$
201,175
172,449
30,081
2,453
171,962
182,685
30,367
269
172,272
184,225
30,284
3,013
176,317
192,729
30,186
3,010
Allowance for loan losses
as % of Uninsured/Non-guaranteed loans
$
Asset Quality Ratios
$
$
$
$
44,362 $
11.0%
6/30/2011
Non-performing assets / Total Loans, MBS
and real estate owned
Loan Loss Reserves / Total Loans and MBS
Loan Loss Reserves / Risk-Share Loans
and Non-Performing Assets
$
$
$
$
44,172 $
11.2%
6/30/2012
$
$
$
$
43,322 $
10.7%
6/30/2013
43,104
10.6%
1/31/2014
0.150%
2.72%
0.019%
3.05%
0.239%
3.43%
0.256%
3.67%
21.79%
25.65%
24.72%
24.04%
# - Effect of GASB Statement No. 31 reflects the changes in fair value of investments and mortgage-backed securities that result from changes in market interest rates.
5
STATEMENT OF NET POSITION, unaudited (in thousands)
January 31, 2014
Rental
Bond-Financed
Program
Operating
Funds
ASSETS
CASH AND TEMPORARY INVESTMENTS
INVESTMENTS
Certificates of Deposit
Investment Agreements
U.S. Government and Agency Securities
Total
LOANS RECEIVABLE, net of allowance for loan losses ($43,104)
OTHER ASSETS
Accrued Interest Receivable
Prepaid Expenses
Fixed Assets, net of accumulated depreciation ($4,248)
Accounts Receivable, Other
Total
Total Assets
DEFERRED OUTFLOWS OF RESOURCES
Total Assets and Deferred Outflows of Resources
LIABILITIES
Bonds and Notes Payable
Interest Payable
Escrow Deposits
Funds Due Others
Accounts Payable
Unearned Revenue
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
NET POSITION
Invested in Capital Assets
Restricted
Commission Designated (Unrestricted)
Unrestricted and Undesignated
Total Net Position
Total Liabilities, Deferred Inflows of Resources and Net Position
$
20,941
$
Homeownership
Bond-Financed
Program
25,147
$
108,570
Combined Totals
January 31, 2014
June 30, 2013
(audited)
$
154,658
$
204,214
4,300
232,098
---------------------------236,398
93,365
---------------------------93,365
29,738
---------------------------29,738
4,300
29,738
325,463
------------------------------359,501
13,600
32,801
280,900
------------------------------327,301
302,251
254,472
746,789
1,303,512
1,405,181
2,321
680
764
---------------------------3,765
---------------------------563,355
1,501
139
---------------------------1,640
---------------------------374,624
3,241
7
---------------------------3,248
---------------------------888,345
7,063
680
910
------------------------------8,653
------------------------------1,826,324
6,836
10
745
792
------------------------------8,383
------------------------------1,945,079
---------------------------$
563,355
================
---------------------------$
374,624
================
194
---------------------------$
888,539
================
194
------------------------------$
1,826,518
==================
405
------------------------------$
1,945,484
==================
11,611
1
9,150
573
1,139
9,980
---------------------------32,454
261,978
662
90,774
505
---------------------------353,919
725,653
9,233
94
---------------------------734,980
999,242
9,896
99,924
573
1,738
9,980
------------------------------1,121,353
1,130,031
12,635
102,556
338
2,074
10,225
------------------------------1,257,859
-
-
1,083
1,083
1,113
680
275,472
180,146
74,603
---------------------------530,901
---------------------------$
563,355
================
20,705
---------------------------20,705
---------------------------$
374,624
================
152,476
---------------------------152,476
---------------------------$
888,539
================
680
448,653
180,146
74,603
------------------------------704,082
------------------------------$
1,826,518
==================
745
404,886
192,424
88,457
------------------------------686,512
------------------------------$
1,945,484
==================
6
Assets by Program
Mortgage Assets, Investments, Cash and Other
June 2004 to January 2014
$1,600,000,000
$1,400,000,000
$1,200,000,000
$1,000,000,000
$800,000,000
$600,000,000
$400,000,000
$200,000,000
$-
Homeownership
Rental
Operating Fund
HOME & TCAP
MHDC Assets - January 31, 2014 - $1.8 billion
U.S. Government & Agency
Securities
18.73%
Guaranteed Investment
Contracts
1.67%
Mortgage-Backed Securities
39.92%
Bank deposits, CDs and
Money Market Accounts
8.84%
Conduit Bond Issue Assets
4.27%
Risk-Share Loans
9.89%
Other Assets
0.47%
Insured Loans
0.58%
Uninsured Fund HOME & TCAP Program
Balance Loans Assets (uninsured loans)
11.17%
4.45%
NOTE: asset information presented excludes the effects of fair value accounting
(GASB Statement No. 31).
7
Homeownership Bond-Financed Program
Mortgage Assets and Total Assets
Excludes the Effects of GASB Statement No. 31
June 2004 to January 2014
$1,600,000,000
$1,400,000,000
$1,200,000,000
$1,000,000,000
$800,000,000
$600,000,000
$400,000,000
$200,000,000
$-
Mortgage Assets
Total Assets
Homeownership Guaranteed Mortgage Backed
Securities
Portfolio Composition
January 31, 2014
Fannie Mae
10%
FHLMC
1%
GNMA
89%
Types of Mortgage-Backed Securities
GNMA: mortgage-backed securities with payments guaranteed by the Government National Mortgage Association (GNMA)
which is a government corporation within the U.S. Department of Housing and Urban Development (HUD).
GNMA (also known as Ginnie Mae) provides explicit "full faith and credit of the federal government"
guarantees of timely payment on these securities backed by FHA and VA loans.
Fannie Mae: mortgage-backed securities with payments guaranteed by Fannie Mae, a federally charted and
stockholder-owned government-sponsored enterprise organized in accordance with
the Federal National Mortgage Association Charter Act.
FHLMC: mortgage-backed securities with payments guaranteed by the Federal Home Loan Mortgage Corporation (FHLMC),
a stockholder-owned government-sponsored enterprise (also known as Freddie Mac).
8
FY2014 Fund Balance Budget
January 31, 2014
BUDGET
Rental Housing Production and Preservation Program
Single-Family MRB Program Equity Contribution
Bellefontaine Habilitation Center Rehabilitation Grant
Rental & Operating Assistance Program
Housing First Program
Disaster Assistance
Multifamily and Home Improvement Interest Subsidy Program
TOTAL FUND BALANCE PROGRAM BUDGET
DISBURSED
$
10,000,000
2,000,000
1,420,174 *
427,000
884,000
100,000
4,000
$
25,251
200,756
25,000
3,279
$
14,835,174
$
254,286
* $9,787,220 funding committed to Bellefontaine Habilitation Center rehabilitation approved 10/8/2010;
Disbursements: $2,838,268 in FY 2011, $4,723,592 in FY 2012 and $805,186 in FY 2013.
Fund Balance Revolving Funds as of January 31, 2014
Construction Lending
Single Family Homeownership Program
Homeowner Cash Assistance
Authorized
30,000,000 (1)
20,000,000 (2)
21,500,000 (3)
$
$
Applied
5,845,000
4,556,000
-
(1) This revolving fund is used to make market-rate multifamily construction loans.
(2) This established a $20 million fund to finance GNMA, Fannie Mae or FHLMC mortgage-backed securities (MBS) in conjunction with MHDC's First
Place bond program, or direct sale including forward delivery, as a source of continuous lending as approved at the April 17, 2009 Commission
meeting. In addition, this fund will be utilized to finance MBS in conjunction with first-time and repeat buyers from disaster areas as approved at the
May 26, 2011 Commission meeting.
(3) This established funding totaling $21,500,000 for 3% cash assistance to fund homeownership closing costs and down payment. This cash assistance
is recovered by means of the first loan rate or amortizing seconds. Recovered funds are recycled and reused for this same purpose. These funds
include $1,000,000 earmarked for 5% cash assistance funding for borrowers from disaster areas as approved at the May 26, 2011 Commission
meeting. Amounts applied to cash assistance funding have been fully recovered to date primarily through the sale of pools of assisted loans.
Mortgage Revenue Bond Activity
AMOUNT
AUTHORIZED
BOND ISSUES
Rental:
2013 Series 3 (Shepard Apts.) closed 7-30-13
2013 Series 4 (House Springs Apts.) closed 11-26-13
As of January 31, 2014
$
$
12,030,000
2,555,000
AMOUNT
ISSUED
$
$
12,030,000
2,555,000
14,585,000
MBS Warehousing Program as of January 31, 2014
Mortgage-backed securities are purchased with short-term financing provided by the FHLB. After market bonds
are issued, these MBS will be transferred to the SF NIBP and the FHLB advances repaid.
Mortgage-backed Securities warehoused as of January 31, 2014
FHLB Advances as of January 31, 2014
Pledged general investments
$
$
$
16,090,000
11,611,000
35,785,000
HUD Purchase Loan Program
Since the purchase of 26 loans from HUD during 1996, we have collected principal and interest payment
funds, which are available for rehabilitation work and tenant initiatives. These are restricted funds.
Program Receipts, since 1996
Grants and Loans, since 1996
Available for Rehab/Tenant Initiatives as of January 31, 2014
$
$
9
26,298,009
(17,644,385)
8,653,624
MHDC
CONTRIBUTION
$
$
-
CONDENSED STATEMENT OF REVENUE AND EXPENSES, unaudited (in thousands)
Includes the Effects of GASB Statement No. 31
For the Month Ending January 31, 2014
Rental
Operating
Bond-Financed
Funds
Program
Unaudited
REVENUES:
Interest on Mortgage Loans
$
443
$
810
Interest on Investments
390
27
Fair Market Value of Investments
4,142
1,466
Administrative Fees
494
Financing Fees and Other
227
1
Housing Trust Fund Receipts
Grants & Federal Assistance
11,952
----------------------------------------Total Revenues
17,648
2,304
EXPENSES:
Interest Expense on Bonds and Notes
Miscellaneous Bond Debt Expense
Compensation
Administrative Expenses
Provision for Loan Losses
Housing Trust Fund Grants
Total Expenses
REVENUES OVER (UNDER) EXPENSES
FROM OPERATIONS
Subsidy Programs and Special Initiatives
REVENUE FROM OPERATIONS AFTER
SUBSIDY PROGRAMS & SPECIAL INITIATIVES
Homeownership
Bond-Financed
Program
$
Combined
2,874
93
6,520
22
--------------------9,509
$
4,127
510
12,128
494
250
11,952
--------------------29,461
3
6
684
270
143
11,559
--------------------12,665
--------------------4,983
651
42
--------------------693
--------------------1,611
2,358
13
--------------------2,371
--------------------7,138
3,012
61
684
270
143
11,559
--------------------15,729
--------------------13,732
25
---------------------
---------------------
---------------------
25
---------------------
$
4,958
============
$
1,611
============
$
7,138
============
$
13,707
============
10
For the Month Ending January 31, 2014
Rental
Bond-Financed
Program
Actual
Budget
Operating
Funds
Actual
Budget
Unaudited
REVENUES:
Administrative Fees
Total Revenues
EXPENSES:
Compensation
Total Expenses
FROM OPERATIONS
$
$
$
$
Combined
Budget
527
278
317
239
11,615
-----------------12,976
810
27
1
-----------------838
874
29
-----------------903
2,874
93
22
-----------------2,989
3,417
75
5
-----------------3,497
4,127
510
494
250
11,952
-----------------17,333
4,818
382
317
244
11,615
-----------------17,376
3
6
684
270
143
11,559
-----------------12,665
-----------------841
5
3
787
397
63
308
11,553
-----------------13,116
-----------------(140)
651
42
-----------------693
-----------------145
720
44
-----------------764
-----------------139
2,358
13
-----------------2,371
-----------------618
3,083
100
-----------------3,183
-----------------314
3,012
61
684
270
143
11,559
-----------------15,729
-----------------1,604
3,808
147
787
397
63
308
11,553
-----------------17,063
-----------------313
25
------------------
285
------------------
------------------
------------------
------------------
------------------
25
------------------
285
------------------
$
816
==========
$
(425)
==========
$
145
==========
$
139
==========
$
618
==========
$
314
==========
$
1,579
==========
$
28
==========
10a
$
Actual
443
390
494
227
11,952
-----------------13,506
Number of Employees: 110
Number of Employees at Prior Year End: 113
Compensation and administrative expenses as percentage of Total Revenue - 5.50%; budget 6.81%
$
Homeownership
Bond-Financed
Program
Actual
Budget
$
$
Includes the Effects of GASB Statement No. 31
For the Seven Months Ending January 31, 2014
Rental
Operating
Bond-Financed
Funds
Program
Unaudited
REVENUES:
$
3,630
$
6,093
2,636
223
Fair Market Value of Investments
1,096
8
Administrative Fees
3,463
1,951
3
3,800
89,232
----------------------------------------Total Revenues
105,808
6,327
EXPENSES:
Compensation
Total Expenses
FROM OPERATIONS
Homeownership
Bond-Financed
Program
$
Combined
21,368
610
(4,228)
2,122
--------------------19,872
$
31,091
3,469
(3,124)
3,463
4,076
3,800
89,232
--------------------132,007
16
9
5,107
2,164
1,729
82,615
--------------------91,640
--------------------14,168
4,723
104
--------------------4,827
--------------------1,500
17,503
117
--------------------17,620
--------------------2,252
22,242
230
5,107
2,164
1,729
82,615
--------------------114,087
--------------------17,920
350
---------------------
---------------------
---------------------
350
---------------------
$
13,818
============
$
1,500
============
$
2,252
============
$
17,570
============
11
For the Seven Months Ending January 31, 2014
Rental
Bond-Financed
Program
Actual
Budget
Operating
Funds
Actual
Budget
Unaudited
REVENUES:
Administrative Fees
Total Revenues
EXPENSES:
Compensation
Total Expenses
FROM OPERATIONS
$
$
$
$
Homeownership
Bond-Financed
Program
Actual
Budget
3,689
1,951
3,187
1,674
3,700
81,305
-----------------95,506
6,093
223
3
-----------------6,319
6,117
203
-----------------6,320
21,368
610
2,122
-----------------24,100
23,919
525
405
-----------------24,849
31,091
3,469
3,463
4,076
3,800
89,232
-----------------135,131
33,725
2,679
3,187
2,079
3,700
81,305
-----------------126,675
16
9
5,107
2,164
1,729
82,615
-----------------91,640
-----------------13,072
38
23
5,505
2,786
435
2,158
80,876
-----------------91,821
-----------------3,685
4,723
104
-----------------4,827
-----------------1,492
5,040
309
-----------------5,349
-----------------971
17,503
117
-----------------17,620
-----------------6,480
21,585
700
-----------------22,285
-----------------2,564
22,242
230
5,107
2,164
1,729
82,615
-----------------114,087
-----------------21,044
26,663
1,032
5,505
2,786
435
2,158
80,876
-----------------119,455
-----------------7,220
350
------------------
2,005
------------------
------------------
------------------
------------------
------------------
350
------------------
2,005
------------------
$
12,722
==========
$
1,680
==========
$
1,492
==========
$
971
==========
$
6,480
==========
$
2,564
==========
$
20,694
==========
$
5,215
==========
11a
$
Combined
Budget
3,630
2,636
3,463
1,951
3,800
89,232
-----------------104,712
Compensation and administrative expenses as a percentage of Total Revenue - actual 5.38%; budget 6.55%
$
Actual
$
$
LOAN SERVICING REPORT
Loans
Units
Remarks
Rental Programs
FHA Insured
83
7,747
FNMA
20
675
Includes FNMA Participation Loans.
US Bank
52
-
Includes US Bank Participation Loans
203
6,961
28
712
405
12,173
21
-
Uninsured
HUD Purchased Loans
HOME Funds
Housing Trust Fund
Includes FHA Insured, Section 8, Market Rate & Risk Share.
Includes Acquisition/Construction/Permanent Financing for Special Needs, Elderly & Family housing
using MHDC fund balances.
Includes HUD Purchased Loans, special financing relating to the HUD Purchased Loan Program.
Federal HOME Funds Construction Preservation non-profit and for profit and Federal HOME Funds
Emergency Relief.
Includes permanent financing for Family housing.
Rural Development Guaranteed
1
40
Includes a multifamily permanent financing.
Rural Initiative Loans
3
40
Rural Initiative Loan units are based on lots.
TCAP
24
709
Tax Credit Assistance Program.
TC Exchange
25
709
Low-income Housing Tax Credit Exchange Program.
865
29,766
GNMA Master Servicer
7,027
7,027
Serviced by Master Servicer, MHDC funded through MRB.
FNMA Master Servicer
926
926
FHLMC Master Servicer
101
101
52
52
642
642
Rural Growth Master Servicer
8
8
Cash Assistance Loans (CAL)
7,292
-
Serviced by Master Servicer, MHDC funded; convert to grants over 60 months.
488
-
Serviced by Master Servicer, MHDC funded.
Rental Program Totals
Homeownership Programs
MRB Issues
GNMA MRB Issues
Tax Credit Advance Loans (TCAL)
HOME Funds/Other
1,187
1,187
Homeownership Program Totals
17,723
9,943
TOTALS
18,588
39,709
Serviced by Participant/Servicers. MHDC reconciles bank accounts, audits foreclosures and processes assumptions.
Serviced by GNMA Contract Servicers. MHDC processes assumptions, servicing fees and audits foreclosures.
Resolution 853 Serviced by Master Servicer, MHDC funded through MRB.
Includes MHDC DPA/MRB Issues/Flood Program Funds and Federal HOME Funds/FmHA, Weatherization and
Home Improvement, Habitat for Humanity. MHDC performs all servicing functions.
12
FY 2014 Budget
and
Operating Fund Budget Variance Report
For The Year Ending June 30, 2014
BUDGET SUMMARY (TOTAL OPERATIONS) (in Thousands)
For Year Ending June 30, 2014
REVENUE AND EXPENSES
Operating
Fund
Multifamily
Single Family
Programs
Programs
FY 2014 Budget as Presented
Combined
Totals
Operating
Operating
Revised
Fund
Fund
Combined
Revisions
Totals
Totals
Revised FY 2014 Budget as Adopted
REVENUE:
Interest Income -- Mortgage loans
Interest Income -- Investments
Administrative Fees
Total Revenues
$
6,325
3,341
4,292
2,869
3,700
139,380
159,907
$ 10,490
350
10,840
$ 41,000
900
800
42,700
$ 57,815
4,591
4,292
3,669
3,700
139,380
213,447
-
67
40
9,443
5,058
750
3,700
138,646
157,704
8,640
530
9,170
37,000
1,200
38,200
45,707
1,770
9,443
5,058
750
3,700
138,646
205,074
REVENUE OVER EXPENSES FROM OPERATIONS
2,203
1,670
4,500
8,373
SUBSIDY PROGRAMS AND SPECIAL INITIATIVES
3,413
-
-
3,413
$
6,325
3,341
4,292
2,869
3,700
139,380
159,907
$ 57,815
4,591
4,292
3,669
3,700
139,380
213,447
-
67
40
9,443
5,058
750
3,700
138,646
157,704
45,707
1,770
9,443
5,058
750
3,700
138,646
205,074
-
2,203
8,373
3,435
3,435
EXPENSES:
Interest Expense on Bonds
Compensation
Grants and Federal Assistance
Total Expenses
REVENUE FROM OPERATIONS AFTER SUBSIDY
PROGRAMS AND SPECIAL INITIATIVES
$
(1,210)
$
1,670
$
4,500
$
4,960
22 (1)
$
(22)
$
(1,232)
(1) Housing First Program adjusted to $884,000 (additional $22,000) based on FY 2013 disbursements, as adopted for the FY 2014 budget.
1
$
4,938
REVENUE AND EXPENSES
BUDGET -- OPERATING FUND -- SUMMARY (in Thousands)
For Year ending June 30, 2014
Budget
Budget
Year
July through
2014
January
Actual
July through
January
Variance
July through
January
$
$
REVENUES:
Interest Income - Mortgage Loans
Interest Income - Investments
Administrative Fees (Page 3)
Financing Fees and Other (Page 3)
TOTAL REVENUES
$
6,325
3,341
4,292
2,869
3,700
139,380
159,907
$
3,689
1,951
3,187
1,674
3,700
81,305
95,506
3,630
2,636
3,463
1,951
3,800
89,232
104,712
(59)
685
276
277
100
7,927
9,206
EXPENSES:
Interest Expense
Miscellaneous Bond Debt Expense & Banking Fees
Compensation (Page 4)
Administrative Expenses (Pages 4-5)
TOTAL EXPENSES
67
40
9,443
5,058
750
3,700
138,646
157,704
38
23
5,505
2,786
435
2,158
80,876
91,821
16
9
5,107
2,164
1,729
82,615
91,640
(22)
(14)
(398)
(622)
(435)
(429)
1,739
(181)
REVENUE OVER/UNDER EXPENSES FROM OPERATIONS
2,203
3,685
13,072
9,387
SUBSIDY PROGRAMS AND SPECIAL INITIATIVES
3,435
2,005
350
REVENUE FROM OPERATIONS AFTER SUBSIDY
PROGRAMS AND SPECIAL EXPENSES
$
(1,232)
2
$
1,680
$
12,722
(1,655)
$
11,042
ADMINISTRATIVE FEES &
FINANCING FEES AND OTHER
BUDGET -- OPERATING FUND -- FINANCING FEES AND OTHER (in Thousands)
Budget
Budget
Year
July through
2014
January
ADMINISTRATIVE FEES:
Section 8 Project Based Rental Assistance
HOME Program
Emergency Solutions Grant
IRP Admin & 15 Year Opt Out Fees
TOTAL ADMINISTRATIVE FEES
FINANCING FEES AND OTHER:
Tax Credit Application Fees
MIP Premiums
Construction/Rehab Monitoring Fees
Issuer Fees
TCAP/TCR Monitoring Fees
Servicing Fees
DPA & Other Repayments to Fund Balance (Net Position)
Financing Fees
RTC Compliance
Other
TOTAL FINANCING FEES AND OTHER
$
$
3,474
700
93
25
4,292
$
1,500
425
225
140
147
75
35
300
20
2
2,869
3
$
$
2,428
700
54
5
3,187
$
875
248
131
82
86
44
20
175
12
1
1,674
Actual
July through
January
Variance
July through
January
$
$
$
2,648
779
13
23
3,463
$
921
283
330
78
46
12
260
12
9
1,951
$
220
79
(41)
18
276
$
46
35
199
(4)
(86)
2
(8)
85
0
8
277
BUDGET -- OPERATING FUND -- COMPENSATION - ADMINISTRATIVE EXPENSES (in Thousands)
Budget
Budget
Actual
COMPENSATION EXPENSE &
Year
July through
July through
OFFICE AND TELEPHONE EXPENSES
2014
January
January
Variance
July through
January
Salary Expense
Fringe Benefit Expense
$
6,297
3,146
$
3,673
1,832
$
3,498
1,609
$
(175)
(223)
TOTAL COMPENSATION EXPENSE
$
9,443
$
5,505
$
5,107
$
(398)
Office Supplies, Postage and Other Expenses
Bank Service Charges
Dues and Subscriptions
Office Occupancy
Rent - Equipment
Insurance Expenses
Advertising/Public Relations
Telephone Expense
$
220
95
89
855
18
226
65
115
$
128
55
25
499
10
38
67
$
84
34
20
489
27
2
24
55
$
(44)
(21)
(5)
(10)
17
2
(14)
(12)
TOTAL OFFICE AND TELEPHONE EXPENSES
$
1,683
$
822
$
735
$
(87)
Hardware (Server/Workstations, including leases)
Support Services for Network & Client
System Software - Network & Client
Business Application Software Purchases & Development
Business Application Software License, Maintenance & User Support
Training
Communications
$
29
226
70
64
363
30
101
$
17
132
41
37
211
17
59
$
5
76
21
9
188
8
57
$
(12)
(56)
(20)
(28)
(23)
(9)
(2)
TOTAL INFORMATION SERVICES
$
883
$
514
$
364
$
(150)
4
BUDGET -- OPERATING FUND -- ADMINISTRATIVE EXPENSES (in Thousands)
COMMISSION AND STAFF TRAVEL,
Budget
Budget
PROFESSIONAL AND TECHNICAL EXPENSES &
Year
July through
DEPRECIATION AND OTHER EXPENSES
2014
January
Actual
July through
January
Variance
July through
January
Commissioners' Per Diem
Commissioners' Travel
Staff Travel Expenses
Commission Meeting and Public Hearing Expenses
$
4
15
400
59
$
2
8
233
34
$
1
2
167
27
$
(1)
(6)
(66)
(7)
TOTAL COMMISSION AND STAFF TRAVEL
$
478
$
277
$
197
$
(80)
Professional Services
Temporary Services
Conferences and Educational Seminars
$
985
90
100
$
574
52
58
$
361
77
12
$
(213)
25
(46)
TOTAL PROFESSIONAL AND TECHNICAL EXPENSES
$
1,175
$
684
$
450
$
(234)
Administrative Charge (Dept. of Economic Development)
Homeless Studies & Other Grants
Depreciation (non-cash expense)
$
204
120
515
$
119
70
300
$
119
33
266
$
(37)
(34)
TOTAL DEPRECIATION AND OTHER EXPENSES
$
839
$
489
$
418
$
(71)
5
TAB 3 (k)
Report of Staff
Rental Production Update
FiscalYear2013ProjectSummaryReport
2013 Round 1 ‐ 9% Credits, HOME, 4% Credits, Fund Balance
Project #
13‐001‐T
13‐004‐HT
13‐007‐HT
Status / Est. Closing Month
Development Name
CLOSED
Birch Tree Apartments II
CLOSED
Villas at the Summit II
CLOSED
Allgeier Manor Apartments
Units
48 24 48 Type
Rehab
New
Rehab
Senior
Family
Family
Senior
Senior
13‐010‐MHT‐USBO
13‐015‐MT‐USBO
CLOSED
CLOSED
Aspen Trails
The Greens at Branson Hills II, LLC
48 40 New
New
Senior
Senior
13‐020‐HC
CLOSED
Fairview Estates III
9 New
Family
13‐022‐MT‐USB
13‐035‐MT
CLOSED
CLOSED
Churchill Apartments, LP
Prairie View Estates
48 27 New
New
Family
Family
44 30 235 New
New
Rehab
Family
Family
Family
13‐036‐HT
13‐039‐H
CLOSED
Beacon Village
CLOSED
Webster Groves
CANCELLED Mark Twain Hotel Partners,LP
Updated: 11/21/2013
Developer
RCH Development, INC.
MBL Development Co.
Midwest Affordable Housing Educational Opportunities
Country Ridge Development Company, LLC
North East Community Action Corporation
Zimmerman Properties, LLC
The Kitchen, Inc.
Housing Plus, LLC
Brady Capital, Inc
City
Farmington
Maryville
Aurora
Reg‐
ion
OS
OS
OS
LIHTC Type
9%
9%
9%
Fed
$513,000
$335,500
$335,500
State
$513,000
$335,500
$335,500
St. Peters
Branson
STL
OS
9%
9%
$610,000
$523,000
$610,000
$523,000
Montgomery City
OS
Marshfield
Neosho
OS
OS
HOME only
9%
9%
$421,000
$393,000
$421,000
$393,000
Springfield
West Plains
St. Louis
OS
OS
STL
$462,000
$418,000
$462,000
$418,000
Arnold
STL
9%
9%
HOME only
9%
$616,000
$616,000
Jennings
STL
9%
$538,000
$538,000
Gainesville
Fredericktown
Jennings
OS
OS
STL
9%
9%
9%
$159,000
$300,000
$688,000
$159,000
$300,000
$688,000
Borrower is closing with a HUD loan rather than HOME funds
13‐042‐HT
CLOSED
Richardson Ridge Villas
48 New
Senior
CLOSED
Windfall Trace II
47 New
Family
13‐048‐T
13‐056‐T
13‐059‐T
April
CLOSED
CLOSED
Westridge Apartments
St. Michaels Village
The Residences at Jennings Place
30 48 54 Rehab
Rehab
New
Family
Senior
Senior
Patrick W Werner / Arapaho Development LLC
Housing Authority of St. Louis County
Leisure Homes Corporation
East Missouri Action Agency R.R. Jennings Developer, L.L.C.
13‐062‐HT‐USBO
13‐064‐HCT
CLOSED
CLOSED
CLOSED
CLOSED
Brookside Senior Residences
Rock Ridge Villas ‐ Phase II
Woodland Hills
Katherine Estates
46 48 48 48 New
New
New
New
Senior
Family
Family
Family
RGSR, LLC
Rock Ridge Developer I, LLC
Four Corners Development, L.L.C.
Kansas City
Branson
Waynesville
Duquesne
KC
OS
OS
OS
9%
9%
9%
9%
$513,000
$371,000
$532,500
$517,500
$513,000
$371,000
$532,500
$517,500
13‐065‐T
13‐069‐T
13‐071‐T
13‐074‐T
13‐076‐MT
CLOSED
CLOSED
CLOSED
CLOSED
CLOSED
Palmer Place Senior Apartments
Wilshire Hills II
Stone Meadow Estates
Green Gables II, Phase 2
Willow Bend Villas
41 42 76 48 40 Rehab
New
Rehab
New
New
Senior
Senior
Family
Senior
Senior
DLS Historic Developer IV, LLC
JES Dev Co, Inc.
Rural Housing Developers, LLC
Phoenix Real Estate Services LLC
Dalmark Development Group, LLC
Independence
Lee's Summit
Nixa/Ozark Wentzville
Raytown KC
KC
OS
STL
KC
9%
9%
9%
9%
9%
$462,500
$546,000
$391,000
$576,000
$502,000
$462,500
$546,000
$391,000
$576,000
$459,000
13‐083‐T
13‐084‐T
CLOSED
CLOSED
Freedom Place
Callyn Heights
68 25 Rehab
New
Family
Family
The Vecino Group, LLC
Preferred Family Healthcare, Inc.
St. Louis Kirksville
STL
OS
9%
9%
$636,000
$316,000
$636,000
$316,000
13‐086‐T
13‐088‐HT‐USBO
13‐089‐T
CLOSED
CLOSED
CLOSED
Oak View Village
Village East
3010 Apartments
46 20 58 New
Rehab
Conv
Senior
Senior
Family
Union
Trenton
St. Louis
STL
OS
STL
9%
9%
9%
$416,000
$123,000
$515,000
$416,000
$123,000
$515,000
13‐092‐HC
CLOSED
Walnut Estates
34 Rehab
Senior
Raymore
KC
8 New
Family
Golden Management, Inc.
AMB Development, LLC
The Salvation Army, an Illinois corporation
West Central Missouri Community Action Agency
Pathways Community Behavioral Healthcare, Inc.
Jefferson City
OS
HOME only
HOME only
13‐096‐H
Late March Pathways Apartments
Comments
2013 Round 1 ‐ 9% Credits, HOME, 4% Credits, Fund Balance
Project #
13‐098‐HC
Development Name
CLOSED
Carl Junction Seniors II
Units
12 Type
New
Senior
Family
Senior
Updated: 11/21/2013
City
Carl Junctin
Reg‐
ion
OS
Fed
State
OS
KC
LIHTC Type
HOME only
9%
9%
Bethany
Kansas City
$218,000
$545,000
Springfield
OS
4%
$297,840
36 85 Rehab
Rehab
Family
Senior
13‐401‐TE
CLOSED
12th Street Apartments
CANCELLED Saint Regis Historical Renovation Project
CANCELLED John B. Hughes Apartments
138 Rehab
Family
Developer
Harry S Truman Community Development Corp
Missouri Housing Partners, LLC
Linwood Redevelopment Company I, LLC
JBH Developer, LLC
13‐402‐TE
13‐403‐HTE
Late March Blair School Apartments April
Loretta Hall Townhomes
38 39 Rehab
New
Family
Family
New Blair School Deveoper LLC St. Louis Capstone Development Group, LLC St. Louis
STL
STL
4%
4%
$184,418
$318,243
$218,000
$545,000 Developer unable to secure tax credit investors.
$285,000 Developer unable to secure tax credit investors.
$184,418
$318,243
Eads Square Apartments
104 Rehab
Senior
St. Louis
STL
4%
$519,911
$350,000
Arcade Building
Lemay Manor I & II
185 129 Conv
Rehab
Family
Senior
St. Louis
St. Louis
STL
STL
4%
4%
$1,488,656
$301,170
$0
$290,000
Sycamore Grove Apartments 179 Rehab
Family
Volunteers of America National Services
St. Louis Leased Housing V, LLC
Millennia Housing Development, Ltd
SCB/HDC, LLC
Kansas City
KC
4%
$613,453
$420,000
13‐100‐HT
13‐101‐T
13‐404‐TE
13‐406‐HTE
13‐408‐TE
13‐412‐TE
August
May
Late May
June
Comments
FiscalYear2013ProjectSummaryReport
2013 Round 2 ‐ 4% Credit, Tax‐Exempt Bonds
Project #
13‐413‐HTE
13‐415‐TE
13‐416‐TE
13‐418‐HMTE
13‐419‐TE
13‐421‐TE
Development Name
May
Oak Point Redevelopment
April
Union Sarah
April
Etzel Place V
July
June
Villages at Delmar
St. John Neumann
September Faxon School
Units Type
30 New
100 Rehab
62 New plus Rehab
40 New
100 New plus Rehab
45 Conv
Updated: 11/21/2013
Senior
Family
Family
Senior
Family
Developer
Oak Point Partners, LLC
Steele Properties
Affordable City Homes, LLC
City
Kansas City
St. Louis
St. Louis
Reg‐
ion
KC
Stl
Stl
LIHTC Type
4%
4%
4%
Fed
$229,104
$345,000
$270,852
State
$229,104
$345,000
$270,852
Family
Senior
West End Developer, LLC
Cardinal Ritter Senior Services
St. Louis
Jennings
Stl
Stl
4%
4%
$312,666
$264,022
$312,666
$264,022
Senior
Pioneer Sunflower Development
Kansas City
KC
4%
$257,490
$257,490
Comments
TAB 3 (l)
Report of Staff
Asset Management Update
March 2014
Rental Production Watch List
Asset Management Portfolio
MHDC Financed Portfolio
Federally Funded Portfolio
TOTAL
273,744,762
271,702,800
545,447,562
Loan Balances as of
Loan Balance
PASS
3/3/2014
95.16%
519,070,104
SPECIAL MENTION
City
County
Loan Date
Program
Loan Balance
Weakness
Type
Total Occupancy Responsibility Risk
Units
Developer
Low
Lockwood
Group (FP)
3.66%
Augusta Oaks Apts
Thayer
Oregon
1998
Federal Uninsured
$
317,002 Occupancy
Family
24
79%
Market
Overall
% of
COMMENTS
Portfolio portfolio
Occ Rate on watch
list
Ozark Properties serves as management agent. Decline in occupancy is due to increased resident skips and difficulty keeping site
90%
25%
Months
on List
1
manager. Staff inspected the property in May 2012 and found the physical condition, marketing techniques, and overall management of
the property satisfactory. Two applications are pending. Walk-in traffic and telephone calls continue to be minimal.
Cardinal Apts/Lincoln
Housing
Lincoln
Benton
1996 & 2011
Federal Uninsured /
Uninsured
$
755,369 Occupancy
Family
24
79%
Market
Low
Lockwood
Group (FP)
90%
25%
MACO serves as management agent. Decline in occupancy is due to increased evictions due to the non payment of rent. Staff
inspected the property in November 2013 and found the physical condition, marketing techniques, and overall management of the
property satisfactory. 24 applications were received and are pending. Walk-in traffic and telephone calls have increased. Occupancy
has increased since the last report.
6
Drake Apartments
Carthage
Jasper
2005
Federal Uninsured /
Uninsured
$
533,955 Occupancy
Elderly
26
77%
Market
Low
Carlson
Gardner (FP)
93%
4%
Mid America serves as management agent. Decline in occupancy is primarily due to an unexpected increase inresidents moving out due
to health issues. Staff inspected the property in February 2013 and found the physical condition, marketing techniques, and overall
management of the property satisfactory. Four applications are pending. Walk-in traffic and telephone calls continue to be minimal.
1
Grand Boulevard Lofts
Kansas City
Jackson
2008
TCAP
$
6,850,000 Occupancy
Family
134
82%
Market
Low
Leschen Place
Hillsdale
St. Louis
2004
Federal Uninsured
$
415,535 Occupancy
Family
15
80%
Market
Low
Sherman
Associates
Development
(FP)
Housing
Revitalization
Consultants
Corp. (FP)
82%
100%
Sherman Associates (Related Party) serves as management agent. Decline in occupancy is primarily due to residents needing to move
due to job loss/transfer and a lack of qualified applicants. Staff inspected the property in September 2013 and found the physical
condition, marketing techniques, and overall management of the property satisfactory. Ten applications are pending. Walk-in traffic and
telephone calls continue to be lower than normal.
1
93%
25%
1
New
Beginnings (FP)
94%
25%
Beyond Housing serves as management agent. Decline in occupancy is primarily due to neighborhood crime, unaccredited school
district, and residents not paying rent. Staff inspected the property in April 2012 and found the physical condition, marketing techniques,
and overall management of the property needing improvement. All inspection items needing correction have been reported by
management as being corrected; staff verified that the work has been completed. 8823s were issued as appropriate. No applications
are pending and walk-in traffic and telephone calls continue to be minimal.
Kodiak Management (Related Party) serves as management agent. Decline in occupancy is primarily due to evictions for non payment
of rent and the off-peak season for the Branson area.
Staff inspected the property in February 2013 and found the physical condition,
marketing techniques, and overall management of the property satisfactory. No applications are pending and walk-in traffic and
telephone calls continue to be minimal.
Lost Tree North
Apartments
Branson
Taney
2006
Uninsured
$
893,079 Occupancy
Family
24
83%
Market
Low
Maple Avenue
Independence Jackson
2002
Uninsured
$
418,581 Occupancy /
Physical
Family
64
77%
Owner/Market
Low
Cohen-Esrey
Historic Hsg
Rehab
Development
(FP)
89%
33%
Cohen-Esrey (related party) serves as management agent. Decline in occupancy is primarily due to the decline in
economic conditions causing increased skips and evictions for non payment of rent. Management is offering incentives to
attract residents. Staff inspected the property in December 2013 and found the physical condition, marketing techniques,
and overall management of the property needing improvement. Inspection items remain open and uncorrected 8823s were
issued as appropriate. There are six applications pending, and walk-in traffic and telephone calls have increased.
Occupancy has decreased since the last report.
Green Hills CAA (related property) serves as management agent. Decline in occupancy is due to eviction for lease difficulty
finding qualified residents due to low income limits. Staff inspected the property in August 2013 and found the physical
condition, marketing techniques, and overall management of the property satisfactory. Walk-in traffic and telephone calls
continue to be minimal. There are two applications pending. Occupancy has remained the same since the last report.
14
YARCO (related party) serves as management agent. Decline in occupancy is due to evictions for lease violations, non payment of rent,
and difficulty finding qualified residents. Staff inspected the property in July 2013 and found the physical condition, marketing techniques,
and overall management of the property needing improvement. Inspection items remain open and uncorrected 8823s were issued as
appropriate. Ownership is currently having discussions with the limited investor regarding possible disposition strategies. Walk-in
traffic and telephone calls continue to be minimal. There are five applications pending. Occupancy has increased since the last
report.
YARCO serves as management agent. Decline in occupancy is due to evictions for lease violations, legal guardian requirements, and
difficulty finding qualified applicants. Staff inspected the property in January 2014 and found the physical condition, marketing
techniques, and overall management of the property satisfactory. Two applications are pending and walk-in traffic and telephone calls
continue to be minimal.
3
1
Meadowview Senior Apts Jamesport
Daviess
2006
Federal Uninsured
$
827,913
Occupancy
Elderly
14
79%
Market
Low
GH Community
Development
Corp (NP)
89%
50%
3
Park Gate Townhomes
Kansas City
Jackson
1999 & 2009
Uninsured
$
907,971
Occupancy
Family
104
77%
Market
Med
East Meyer
Community
Assoc. (FP)
77%
100%
Pemberton Park for
Grandfamilies
Kansas City
Jackson
2009
TCR
$
7,325,000
Occupancy
Elderly
36
81%
Market
Low
Cougar Capital
LLC (FP)
86%
50%
River Bend Apartments
Orrick
Ray
1994
Federal Uninsured
$
300,501
Occupancy
Family
20
80%
Market
Low
Lockwood
Group (FP)
90%
25%
MACO serves as management agent. Decline in occupancy is due to evictions for lease violations and residents relocating closer to
employment. Staff inspected the property in February 2013 and found the physical condition, marketing techniques, and overall
management of the property needing improvement. All inspection items needing correction have been reported by management as
being corrected; staff verified that the work has been completed. 8823s were issued as appropriate. One application is pending and
walk-in traffic and telephone calls continue to be minimal.
1
Willow Point
Concordia
Lafayette
2002
Federal Uninsured
$
430,239
Occupancy
Family
32
78%
Market
Low
Capstone
Development
(Ken Vitor) (FP)
92%
20%
Cohen-Esrey (related party) serves as management agent. Decline in occupancy is primarily due to the decline in
economic conditions causing increased skips and evictions for non payment of rent and unqualified applicants.
Management is offering incentives to attract residents. Staff inspected the property in October 2013 and found the
physical condition and overall management of the property satisfactory. Walk-in traffic and telephone calls continue to be
steady. There are three applications pending. Occupancy has decreased since the last report.
8
$
19,975,145
1
March 2014
Rental Production Watch List
CONCERNS:
(Substandard,
Doubtful, Loss)
Ashley Park
City
County
Loan Date
Program
Loan Balance
Weakness
Type
Occupancy
/Physical
Family
Total Occupancy Responsibility Risk
Units
Developer
1.17%
Kansas City
Jackson
2006
Removed from the last report: Cedar Ridge aka Allison Apts
Risk
$
Share/Federal
- Uninsured
6,402,313
$
6,402,313
184
80%
Owner/Market
High
Capstone
Development
(Ken Vitor) (FP)
Overall
% of
Portfolio portfolio
Occ Rate on watch
list
92%
20%
Adverse
Classification
Substandard
COMMENTS
The reputation was poor prior to rehabilitation and management continues to struggle to overcome the
negative reputation. Ownership defaulted on the loan in December 2012. In February 2013,
ownership submitted a Partial Payment of Claim application to HUD for consideration. The application
is currently being reviewed by HUD. HUD has indicated that a decision is anticipated within the next
30 days. In October 2013, HUD awarded the property an additional 50 project based Sec 8 Units.
Staff inspected the property in January 2013 and found the physical condition, marketing techniques,
and overall management of the property needing improvement. All inspection items needing correction
have been reported by management as being corrected. Decline in occupancy is due to evictions for
non-payment of rent and illegal activity. In March 2013, MHDC reestablished a security grant with the
property to help with security until a decision is made by HUD. Currently, there are 24 applications
pending. Occupancy has increased since the last report.
Months
on List
28
TAB 4
Such other matters that may come
before the commission
TAB 5
Adjourn

notice, agenda and materials - Missouri Housing Development

Transcription

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