9100 - Missouri Housing Development Commission

Transcription

Strength, DDigniN Qualily of Liie
1
MISSOURI
HOUSINC
DEVELOPMENT COMMISSION
Matt Blunt
Governor
Peter Kinder
Lieutenant Governor
OF THE
Sarah Steelman
State Treasurer
Jay Nixon
Attorney General
Claudia L.
Oiiate Greim
Chairman
Richard F.
Baalmann Sr.
Vice Chairman
Cale Bradford
-
Secretary Treasurer
9100A.M.
Loren Cook I1
Commissioner
Bill Luetkenhaus
Commissioner
Allen Shirley
Commissioner
Pete Ramsel
Executive Director
Kansas City
3435 Bmadway
Kansas City, Missouri
641 1 1
v. 8 16.759.6600
f. 8 16.759.6828
tty. 8 1 6.759.6839
St. Louis
4625 Lindell, Suite 300
St Louis, Missouri
63 108
v. 3 14.877.1350
f. 3 14.877.1360
tty. 3 14.877.1303
Please ALSO TAKE NOTICE THAT the Missouri Housing Development
Commission may, at any time during the public meeting of which notice
is HEREBY given, vote by affirmative public vote of a quorum of the
Commission, to close the public meeting, records and votes to the
extent they relate to any of the subject matter pursuant to V.A.M.S.,
Section 610.021 (1) (3) as amended from time to time.
2. APPROVAL
of MINUTES
for the NOVEMBER
21, 2008 REGULAR MEETING.
(Copy of MINUTES
ENCLOSED)
a)
Financial Report
b)
Staff recommendation regarding approval of the Federal
and State Low Income Housing Tax Credits for Southernside
Apartments.
c)
Approval of Request for First Place Bond Issue 2009 A,
Resolution No. 998.
d)
Staff recommendation regarding funding for Fiscal Year
2009 Rental Production and Preservation Programs.
e)
Staff ranking of applications for Private Activity Bond
Allocation for Multifamily Developments in 2009.
9
2009 Missouri Housing Trust Fund.
g)
2009 Home funds for HOME Repair.
h)
Approval of NOFA for Rental Production Round 2
disaster credits and balance from first funding cycle.
i)
Approval of 4% Tax Credit NOFA
Bond Allocation/4% Tax Credit.
j)
Staff recommendation regarding request for increase in
Federal and State Housing Credits for Raintree Senior
Apartments, St. Louis County.
k)
Watch List Rental Production
I)
Status Report Rental Production Commitments
-
- 2009
- Round 2 - Private Activity
-
-
-
m) Watch List Trust Fund
n)
Workforce Eligibility Report
The Missouri Housing Development Commission will make reasonable accommodations for persons with
disabilities at the public hearing site. If you need to request an accommodation, please advise us of the
nature of the accommodation that you need by contacting, Diana Greener 18 161 759.6822.
o)
Approval of updated Authorized Signatory Resolution,
Resolution No. 877
p)
Such other matters as may properly come before the
Commission
5. REPORTOF FINANCIAL ADVISOR
AND BOND COUNSEL
TAB
Strength, Digniy, Qualiy of Li/e
Matt Blunt
Governor
State Capitol Building
Jefferson City, MO 65 102
573.75 1.3222
Claudia Ofiate Greim
MHDC Chairman
The Ashcroft Law Firm, LLC
1100 Main Street, Suite 2600
Kansas City, MO 64 105
Peter Kinder
Lieutenant Governor
(Attention: Adam Gresham)
8 16.285.3049
Sarah Steelman
State Treasurer
Peter Kinder
Lieutenant Governor
Richard F. Baalmann, Sr.
MHDC Vice Chairman
11743 Manchester Road
St. Louis, MO 63 13 1-4616
573.75 1.4727
3 14.966.6618
MISSOURI HOUSING
Matt Blunt
Governor
Jay Nixon
Attorney General
Claudia L.
Oiiate Greim
Chairman
Richad F.
Baalmann Sr.
Vice Chairman
Cale Bradford
Secretary -Treasurer
Loren Cook I1
Commissioner
Bill Luetkenhaus
Commissioner
Allen Shirley
Commissioner
Pete Ramsel
Executive Director
Kansas City
3435 Broadway
641 l l
(Attention: Jerry Dowell)
Sarah Steelman
State Treasurer
573.751.241 1
Cale Bradford
MHDC Secretary/Treasurer
Pyramid Home Health Services
Independence and Water Streets
Cape Girardeau, MO 6370 1
(Attention: Doug Gaston)
573.339.1864
Jay Nixon
Attorney General
Supreme Court Building
Allen Shirley
MHDC Commissioner
3520 S. Alabama Street
Joplin, MO 64804
573.75 1.3321
417.781.0524
(Attention: Ted Ardinil
Jeff Schaeperkoetter)
Loren Cook I1
MHDC Commissioner
20 15 E. Dale Street
Springfield, MO 65803
417.869.6474
v. 8 16.759.6600
f. 8 1 6.759.6828
tty. 8 1 6.759.6839
St. Louis
S t Louis, Missouri
63 108
v. 3 14.877.1 350
f. 3 14.877.1360
tty. 3 14.877.1 303
Bill Luetkenhaus
MHDC Commissioner
4 10 Crestview Drive
O'Fallon, MO 63366
636.272.4200
MISSOURI HOUSING
TAB 2
Minutes of the Regular Meeting
of the
Strength, Dig /. 2ualily of Ljje
MISSOURI HOUSING
Matt Blunt
Governor
Missouri Housing Development Commission
The Regular Meeting of the Missouri Housing Development Commission was
held at 10 A.M. on Friday, November 21,2008, in Room 490-492 Harry S. Truman
Peter Kinder
Lieutenant Governor
Building, 301 West High Street, Jefferson City, Missouri 65101
Sarah Steelman
State Treasurer
Commissioners present:
Claudia Onate Greim, Chairman
Richard Baalmann, Vice-Chairman
Cale Bradford, Secretary-Treasurer
Peter Kinder, Lieutenant Governor
Sarah Steelman, State Treasurer
Bill Luetkenhaus, Commissioner
Allen Shirley, Commissioner
Commissioners absent:
Matt Blunt, Governor
Jay Nixon, Attorney General
Loren Cook, Commissioner
Person present to vote for
Ex-Officio Member
Jeff Schaeperkoetter, Assistant Attorney General
Staff and Consultants present:
Pete Ramsel, Executive Director
Adam Gresham, Governor's Office
Doug Gaston, Deputy State Treasurer
Janell Thome, Director of Rental Production
Mary Helen Murphy, Director of Operations
Marilyn Lappin, Director of Finance
Ron Hill, Fiscal and Accounting Manager
Tina Beer, Commission Secretary
Bram Higgins, General Counsel MHDC
Heather Bradley-Geary, Community Initiatives Manager
Katie Watts, Government Affairs Liaison
Sarah Parsons, Community Initiatives Assistant Manager
Susan Kornelis, Executive Assistant
Diana Greener, Administrative Assistant
Alissa Smet, MHDC Trust Fund Accountant
Bob Detjen, CSG Advisors (Financial Advisor)
Dennis Lloyd, Columbia Capital (FinancialAdvisor)
Kelsi Powell, Columbia Capital (FinancialAdvisor)
Keith Tully, George K. Baum
Kim Wells, Gilmore and Bell, PC (Bond Counsel)
Herb Hardwick, Hardwick Law Firm, LLC (Bond
Counsel)
Jennifer Kelly-Saeger, Bank of America
Jay Nixon
Attorney General
Claudia L.
Oiiate Greim
Chairman
Richard F.
Baalmann Sr.
Vice Chairman
Cale Bradford
Loren Cook II
Commissioner
Bill Luetkenhaus
Commissioner
Allen Shirley
Commissioner
Pete Ramsel
Executive Director
Kansas City
3435 Broadway
641 1 1
v. 8 16.759.6600
f. 8 16.759.6828
tty. 8 16.759.6839
St. Louis
S t Louis, Missouri
63 108
v. 3 14.877.1350
f. 3 14.877.1360
tty. 3 14.877.1303
1
Dick Murray, Morgan Keegan
Jen Sieve, Morgan Keegan
Peter Czajkowski, Stifel Nicolaus
Bryan McCallum, Commerce Bank
Laura Roberson, UMB Bank
Terry Finn, Stern Brothers
Donovan Mouton, One Economy Corporation
Kim Lingle, MBL Development Company
Kevin Buchek, EM Harris
Mike Harris, EM Harris
Joe Carmichael, Affordable Homes Development
Lela Gruebel, LRG Consulting
J.T. Turnbough, Community Housing Development
Becky Selle, Sustainable Housing Solutions
Debbie Shantz, Sustainable Housing Solutions
Matt Miller, Sustainable Housing Solutions
Don Rosemann, Rosemann & Associates
Jarrett Cooper, Rosemann & Associates
Rob Wagstaff, Rosemann & Associates
Sean King, Capital Consultants
Daniel Sanders, DRS Consulting
Ken Vitor, Capstone Development
William H. Brown, Spectrum Consulting Group, LLC
Chris Hite, Sugar Creek Realty LLC
Bob Ring, Bear Land Development
Ken Nuernberger, ND Consultants
Michele Duffe, ND Consulting
Carl Lang, Rosenblum, Goldenhersh
Mark Stroker, HASLC
Mike Hentrich, HASLC
Matt Fulson, MHP
Nicole Laudwig, MHP
Joey Holmgren, Summit Housing Development
Jennifer Samson, St. Louis County Executives Office
Terry Ganey, Columbia Daily Tribune
Kurt Wallace, Wallace Architects
Mark Gardner, Gardner Development, LLC
Aaron Burnett, RHCDA
Stephen Acree, RHCDA
Liz Hagar-Mace, DMH
Karen Wallensah, Catholic Charities HRC
Matt Nordmann, St. Louis Equity Fund, Inc.
Patrick Lynn, Office of State Treasurer - elect, Clint
Zweifel
Nikki Weinstein, Focus St. LouisIAffordable
Workforce Housing Association
Doug Evenson, Community Action Partnership
Ken Maddox, MAC0 Development
Chuck Pierce, MOCAP
Justin Zimmerman, Zimmerman Properties
Amy Shaw, KETC
Sandy Wilson, MASW
Chris Moody, Moody & Associates
Barbara Bowman, Urban League
L
2%.
Last Dole Modified: !2/4/2008 1 1 : 1 3 : 0 0 A b r
'
Jake Mooney, MRE Capital
Greg Young, Citizen
Chairman Greim called the meeting to order. Chairman Greim introduced
Commissioner Allen Shirley and Commissioner Shirley was sworn in by Commission
Secretary Beer. Roll call was taken by Commission Secretary Beer and a quorum of
eight was present.
Chairman Greim asked for a motion to approve the minutes of the
September 26, 2008, meeting.
Vice Chairman Baalmann made a motion for
approval of the minutes and Commissioner Luetkenhaus seconded the motion. A
voice vote was taken and the motion was passed unanimously. Chairman Greim
asked for a motion to approve the October 24, 2008, special meeting minutes.
Commissioner Luetkenhaus made a motion for approval and Lieutenant Governor
Kinder seconded the motion. A voice vote was taken and the motion was passed
unanimously.
Chairman Greim moved to the next item on the agenda the, Report of the
Chairman, and asked Mr. Ramsel to present the Tax Credit Committee Report. Mr.
Ramsel reported that the most recent meeting had been focused on changes to the
NOFA brought about by the Housing and Economic Recovery Act and the Disaster
Tax Relief Bill which made additional credits available to MHDC.
Chairman Greim
reported that there was a desire stated by the commissioners present at the meeting
to use as many federal credits as possible while keeping the state credits down.
Chairman Greim moved to the next item on the agenda, the Standards of
Conduct Committee Report.
Commissioner Luetkenhaus stated that he had
distributed a draft proposal of the Standards of Conduct to Ms. Murphy and the
commissioners and he is waiting for input. Chairman Greim stated that she would like
to get input from the incoming Attorney General on the final revisions to the
Standards of Conduct and would like to have an open working draft until everyone
who will be on the board in January has an opportunity to approve it.
Chairman Greim moved to the next item on the agenda, the Asset
Management Committee Report. Mr. Ramsel stated that the first meeting would be
held sometime in January and he would like to invite any Commissioner who would
like to be a part of any of the committees.
3
XZ,
Last Dofe Mo~ifLed:i 2/4/20C8 1 1 :13:00 Ab'
Chairman Greim moved to the next item on the agenda, the Workforce
Eligibility Committee Report.
Mr. Ramsel stated that this committee is a new
committee and they would like to meet sometime in January or February. He said
that it was very important for the Attorney General's Office to be a part of this
committee.
Chairman Greim moved to the next item on the agenda, the Financial
Report.
Mr. Hill reported that total assets as of September 30, 2008, were
$2,271,000,000 and net operating results before the implementation of GASB 31 were
$4,039,000. Year-to-date net operating results amounted to a gain of $1 1,900,000
before including the effects of GASB 31. The results were $4,500,000 over budget. For
the fiscal year the overall fair market value of investments has increased by
$3,500,000. Total mortgage portfolio has decreased by $27,300,000 million excluding
GASB 31 adjustments. MHDC has no subprime mortgages and has a conservative
asset base of 54 percent being guaranteed mortgage-backed securities.
The
uninsured loans, including 50 percent risk share loans, total $337,000,000 million on
September 30,2008 with reserves of $42,800,000.
Mr. Ramsel moved to the next item on the agenda, staff recommendation
regarding Banking Depository and Safekeeping Services RFP. Ms. Lappin stated that
proposals were received from four banks: Bank of America, Commerce Bank, UMB
Bank, and US Bank. Ms. Lappin summarized each proposal and stated that staff
recommended the selection of Commerce Bank for the production account group
and for safekeeping services and the selection of UMB Bank for administration and
operation account groups. Ms. Lappin recommended that these firms be selected
for a three-year period with one additional two-year option.
Vice-Chairman
Baalmann made a motion for approval and Commissioner Luetkenhaus seconded
the motion.
Assistant Attorney General Schaeperkoetter asked who had the
additional two-year option and Ms. Lappin stated it was at the option of MHDC.
Assistant Attorney General Schaeperkoetter asked why the contract administration
bid was not offered to Commerce Bank since they appeared to have the best bid.
Ms. Lappin stated that in order to have objective data these figures were a snapshot
based on balances and activities during a period of time, and staff felt that if they
were going to be working with two strong Missouri banks it would be most fair to split
the volume.
Assistant Attorney General Schaeperkoetter asked how the FDlC
insurance worked and if any of these banks included in their bid the ability to insure
our accounts above FDlC limits. Ms. Lappin stated that by state statute and our own
requirements under our investment guidelines of the Resolution 925, collateral is
required to be beyond FDIC insurance so that recovery of our account balances is
guaranteed at any point in time. Assistant Attorney General Schaeperkoetter asked
Ms. Lappin if she was satisfied that MHDC was covered and she responded "yes". A
roll call vote was taken and the motion was passed unanimously with a vote of 8 to 0.
Mr. Ramsel moved to the next item on the agenda, Homeownership
Programs. Mr. Ramsel summarized the history of the single-family program and the
federal tools that have been used by MHDC.
Mr. Ramsel spoke about the
significance of the Housing and Economic Recovery Act and the additional things
that it has allowed MHDC to do and how it has changed the single-family program.
Mr. Ramsel stated that the Housing and Economic Recovery Act of 2008 created a
new federal tax credit for first time homebuyers. Staff and financial advisors have
been working to find a way to fund the credit in advance of tax filing so that it can
be used at closing to actually help with the purchase of a home. Mr. Ramsel asked
Mr. Lloyd, Columbia Capital, (financial advisor) to give an overview of the program.
Mr. Lloyd stated that the tax credit act allows the first-time homebuyer to obtain a tax
refund of up to 10 percent of the purchase price of their house up to $7,500. Mr.
Lloyd stated the problem with the program is that the money is not going to be at the
closing table when the house is being purchased but would be available in six or
twelve months as a tax refund. Mr. Lloyd stated he and staff have been working on a
program to bridge the gap and monetize the credit today that would be available in
the future.
Mr. Lloyd stated that the program would work with MHDC or a bank on
MHDC's behalf, funding the second loan at the closing in an amount sufficient to pay
the costs that are necessary to bridge the funding gap. An administrative fee will be
built into the loan, but the loan will not bear interest during this period of time. Mr.
Lloyd stated that US Bank, the master servicer for MHDC, has agreed to fund these
second mortgages and to service those loans after they are made. Information will
be provided to the homebuyer at the time of closing on how to file the necessary
paperwork in order to receive the tax refund and how to repay MHDC electronically.
Mr. Lloyd stated that MHDC personnel will counsel these homebuyers about the
credit, how it works, and how the second mortgage has to be repaid with the tax
credit. Commissioner Luetkenhaus stated he thought the program was a good idea
and asked what interest rate the bank would charge. Mr. Lloyd stated the bank was
proposing a flat fee of $350 and any of the loans that have not been funded by the
end of the tax period would be purchased by MHDC and at that point the loans
5
Lost Sate Modified: 12/4;2008
x\.
1 1 :13:OC ,4b-
would begin to bear interest. Vice-Chairman Baalmann asked if the bank would be
taking the risk and Mr. Ramsel stated that MHDC would be taking the risk, but these
loans would be treated like the other down payment assistance only different funds
were being used.
Chairman Greim asked if there was a need for an RFP to approve
US Bank for this program, and Mr. Ramsel stated that US Bank was chosen because
they are MHDC's master servicer. State Treasurer Steelman asked why a legal claim
could not be put on the refund. Mr. Lloyd stated that under the IRS code MHDC
does not have the power to have a direct lien on the taxes. Assistant Attorney
General Schaeperkoetter stated that banks could not make second mortgages and
asked if US Bank would be holding the second mortgage. Mr. Ramsel stated that the
second mortgage would be under MHDC's name and will be a participation loan.
Assistant Attorney General Schaeperkoetter stated that there needed to be some
restrictions placed on the program. Assistant Attorney General Schaeperkoetter
made a motion to 1) establish a DPA federal homebuyer tax credit refund; 2.) reallocate $6 million in funds previously committed in the budget for the forward
delivery program to now be used to finance such refund anticipation loans via direct
funding and/or as a resources to guarantee repayment to U.S. Bank; and 3.)
negotiate and execute an agreement whereby U.S. Bank initially finances refund
anticipation loans with a guarantee from MHDC for full payment of those loans not
fully paid off during the established "non-amortization" period; and establish a
program deadline of June 30, 2009. Homebuyers whose total household income
does not exceed 150% AM1 would be eligible. Monthly reports would be given in
advance of the commission meetings regarding the amount of consumption.
Commissioner Bradford seconded the motion. A roll call vote was taken and the
motion was passed unanimously with a vote of 7 to 0 with Commissioner Luetkenhaus
not being present for the vote.
Mr. Ramsel stated that Missouri has received an allocation of Neighborhood
Stabilization Program dollars for use in responding to the destabilizing effects of
foreclosed and abandoned homes.
$4.2 million dollars of the Neighborhood
Stabilization Program has been set aside for MHDC to administer a statewide
program to aid in the purchase of homes that have been foreclosed upon. Mr.
Ramsel stated that staff is requesting approval to use all approved lending sources to
provide MHDC mortgage financing through 2010 to qualifying Missouri borrowers
purchasing a foreclosed home and receiving the Neighborhood Stabilization
Program purchase assistance - including non-first time homebuyers and households
6
%-\,.
Lasf Dcie Modified: 12/4/2008 1 1 :13:00 ,4h*
earning up to 120% AMI. Chairman Greim made a motion for approval.
Chairman Baalmann seconded the motion.
Vice-
A roll call vote was taken and the
motion was passed unanimously with a vote of 8 to 0.
Mr. Ramsel stated that the Housing and Economic Recovery Act of 2008
temporarily made refinancing an allowed use of tax-exempt bond authority through
December 31, 2010.
Staff requested approval of the refinancing policy for loans
funded with all approved lending sources through December 31, 2010.
Vice-
Chairman Baalmann made a motion for approval and Commissioner Bradford
seconded the motion.
Assistant Attorney General Schaeperkoetter made an
amended motion to put an end date on the refinancing program of September 30,
2009 with staff submitting monthly reports on the consumption rate of these
refinancing programs. Vice-Chairman Baalmann seconded the motion. A roll call
vote was taken and the motion was passed unanimously with a vote of 8 to 0.
Mr. Ramsel moved to the next item on the agenda, the Report of New
Applications. Ms. Thome stated that staff had completed the documentation review
and site inspections and had gathered construction cost data and public comments.
Ms. Thome distributed a spreadsheet to the Commissioners presenting further details
from each application including cost comparison data and staff comments
concerning need, site aspects, local support, development team experience,
project feasibility, and other pertinent data.
Mr. Ramsel moved to the next item on the agenda, staff recommendation
regarding Qualified Allocation Plans for 2008 and 2009, as amended. Ms. Thome
stated that following the Commissioner's approval on October 24, 2008, staff posted
the proposed amendments to the 2008 and 2009 Qualified Allocation Plans and held
public hearings in Kansas City, St. Louis, and Columbia. Ms. Thome stated there were
no comments from the public concerning the proposed amendments.
Staff is
requesting the approval of the final draft amendments to the 2008 Qualified
Allocation Plan.
Assistant Attorney General Schaeperkoetter made a motion for
approval and Commissioner Shirley seconded the motion. A roll call vote was taken
and the motion was passed unanimously with a vote of 8 to 0.
Staff requested
approval of the final draft amendments to the 2009 Qualified Allocation Plan.
Assistant Attorney General Schaeperkoetter made a motion for approval and
Commissioner Shirley seconded the motion. A roll call vote was taken and the
motion was passed unanimously with a vote of 8 to 0.
7
Last 3c te Modified: 12/4/2(308 1 1 :13:00 Ah.'
;"\
Mr. Ramsel moved to the next item on the agenda, 2009 NOFA Revisions. Ms.
Thome stated the Commission approved a revision to the 2009 NOFA in September to
reflect the increased allocation of federal 9% low-income housing tax credits in 2008
and 2009 granted to all states in the Housing and Economic Recovery Act of 2008.
Ms. Thome stated that since the November meeting Missouri has been allocated
additional federal 9% credits and staff is requesting the approval of the revision to the
2009 NOFA for 9% low-income housing tax credits and MHDC and HOME Rental
Production Programs originally dated June 2, 2008 and revised November 21, 2008.
Commissioner Luetkenhaus made a motion for approval and Commissioner Shirley
seconded the motion.
A roll call vote was taken and the motion was passed
unanimously with a vote of 7 to 0 with Chairman Greim not being present to vote.
Mr. Ramsel moved to the next item on the agenda, update on Southernside
Apartments. Mr. Ramsel stated that it is staff's recommendation to approve federal
credits in the amount of $729,516 as justified by the cost certification and the 8609
form. Mr. Ramsel stated that staff is also recommending approval of state credits in
the amount of $652,31 1, which is the amount that was originally approved in
November of 2005. Mr. Ramsel stated that staff is concerned for the state investor
who purchased the state credits in good faith and should not be penalized for the
actions of the developer and contractor. Mr. Ramsel stated staff is recommending a
lifetime debarment from all MHDC funded developments and/or programs for the
developer,
general
contractor
and
drywall
subcontractor.
Commissioner
Luetkenhaus stated that he would like to make a motion to approve the cost
certification and a lifetime disbarment of the entities from the program, and that any
of the developer's fee advanced to date should be remitted to MHDC and held in
escrow by MHDC until the investigation is completed by the appropriate federal and
state officials. The monies would be held to pay any fines, penalties or charges
assessed against the developer and the general contractor.
State Treasurer
Steelman seconded the motion. Vice-Chairman Baalmann stated that his position
had always been governed by what he felt were legal ramifications and he asked
Mr. Higgins to comment. Mr. Higgins stated he thought it might be prudent to close
the meeting and take up pending litigation under the exception to the Missouri Open
Records Act.
Assistant Attorney General Schaeperkoetter and State Treasurer
Steelman objected.
Assistant Attorney General Schaeperkoetter stated that
Southernside has been all over the press and a discussion at the meetings for the last
six to eight months and he was opposed to going into closed session. Lieutenant
8
Lasl 30 te MoCrfied: 12/4/2008 1 1 :1 3:00 Ah.
$5.
Governor Kinder asked if a motion had been made to go into closed session. ViceChairman Baalmann made a motion that the meeting go into executive session to
discuss the legal aspects of Southernside. Chairman Greim seconded the motion. A
roll call vote was taken and the motion failed with State Treasurer Steelman, Assistant
Attorney
General
Schaeperkoetter,
Commissioner
Bradford,
Commissioner
Luetkenhaus, and Commissioner Shirley voting no and Chairman Greim, Lieutenant
Governor Kinder, and Vice-Chairman Baalmann voting yes.
Luetkenhaus
restated
his
original
motion.
Assistant
Commissioner
Attorney
General
Schaeperkoetter made a motion that the approval of the tax credits and the
sanctions be considered by separate votes. Lieutenant Governor Kinder seconded
the motion. Chairman Greim restated the first motion for the approval of the federal
credits in the amount of $729,516 and state credits in the amount of $652,31 1. A roll
call vote was taken and the motion failed with Chairman Greim, Lieutenant Governor
Kinder, Vice-Chairman Baalmann, Commissioner Bradford and Commissioner Shirley
voting yes and State Treasurer Steelman, Assistant Attorney General Schaeperkoetter
and Commissioner Luetkenhaus voting no. Chairman Greim moved to the second
part of the motion. Assistant Attorney General Schaeperkoetter stated that he had
concerns about the issuance of sanctions without a finding by the Commission that
there has been a violation of our workforce eligibility policy.
Commissioner
Luetkenhaus stated he would like to make a motion for debarment of the developer,
the general contractor and the drywaller from the MHDC program. State Treasurer
Steelman seconded the motion. Chairman Greim stated for the record that she did
not feel comfortable agreeing to this motion as there had not been a finding.
Assistant Attorney General Schaeperkoetter stated that he would like to sanction this
company but legally there had to be a prerequisite finding.
Commissioner
Luetkenhaus withdrew the motion.
Mr. Ramsel moved to the next item on the agenda, Report of New
Applications (Trust Fund).
Ms. Bradley-Geary stated that the initial reviews of
applications and initial site visits had been conducted and recommendations would
be brought before the Commission on December 12th.
Vice-Chairman Baalmann moved to the next item on the agenda, and Mr.
Ramsel asked to move to item M, Facing the Mortgage Crisis. Mr. Ramsel stated
there was a group present to give a presentation addressing the mortgage crisis and
the impact it is having on the state of Missouri.
Stephen Acree from Regional
Housing Community Development introduced the presenters as Amy Shaw with
Public Television KETC, St. Louis, Barbara Bowman, Urban League of Metropolitan St.
Louis and Karen Wallensak, Catholic Charities. A video presentation was given.
Chairman Greim stated that the quorum had been lost and the meeting was
adjourned at approximately 1 :01 PM.
Claudia OAate Greim, Chairman
Cale Bradford , Secretary-Treasurer
10
&\
Last Date Modified: 1 2/4/2008 1 1 :13:00 AI'v"
MISSOURI
HOUSING
TAB
3.) Report of Chairman
TAB
MISSOURI
HOUSING
TAB
FINANCIAL REPORT
FOR T H E MONTH OF OCTOBER 2008
Stmqtn. DugnIiy Q~oIIQ ofUJe
MISSOURI HOUSING
DEYBOPnlENT Connrmm
Financial Reporting Package
for the month of October 2008 and the period then ended
Index
Page No.
1-2
Executive Summary for the month
3
Key Financial Information
4
Asset Quality
5
Balance Sheet
6
Summary of Net Assets: Restricted and Unrestricted
7
Budget for Use of Net Assets (Fund Balances)
for Fiscal Year 2009
Mortgage Revenue Bond Activity
HUD Purchase Loan Program
8
Condensed Statement of Revenue and Expenses for the
month, including the effects of GASB Statement No. 3 1
8a
Condensed Statement of Revenues and Expenses for the
month, actual compared to budget (excluding the effects of
GASB Statement No. 3 1)
9
period July 1,2008 to October 3 1,2008, including the effects
of GASB Statement No. 3 1
9a
period July 1,2008 to October 3 1,2008, actual compared to
budget (excluding the effects of GASB Statement No. 3 1)
10
Loan Servicing Report
Please note that certain of the above financial reports are presented "in thousands."
MISSOURI HOUSING DEVELOPMENT COMMISSION
FINANCIAL REPORT - EXECUTIVE SUMMARY
October 2008
Assets
Total assets, as reported, were $2,256,111,000 as compared to $2,275,168,000 at the end
of the previous fiscal year. Excluding the effects of GASB Statement No. 31, assets
totaled $2,301,857,000 at October 3 1, 2008 as compared to $2,300,918,000 at June 30,
2008.
Mortgages and Mortgage-Backed Securities
Guaranteed mortgage-backed securities comprise 53% of total assets (page 4). The cost
basis of new homeownership mortgage-backed securities purchased total $13.7 million in
the first four months of 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 $30.7 million in the first four months of the fiscal year.
In the Rental bond-financed program, no rental project loans have been funded in the first
four months of the fiscal year.
Principal pay-downs and prepayments in the Single Family Homeownership portfolio are
10% annualized (12% in 2008, 13% in 2007, 19% in 2006, 26% in 2005 and 39% in
2004). In the Multifamily Rental portfolio, principal pay-downs and prepayments are 4%
annualized (12% in 2008,6% in 2007,15% in 2006,15% in 2005 and 20% in 2004).
Bond Issues
During the first four months of the fiscal year, we closed $65.0 million in Single Family
Homeownership bonds (page 7). No multifamily bonds have been funded during the first
four months of the fiscal year. Bond pay downs have totaled $69.4 million this fiscal year.
Results of Operations: Month of October
For the month of October (see page 8a), net operating results amounted to a gain of
$2,012,000 before including the effects of GASB Statement No. 31, (see additional
information below). Operating Revenue over Expenses is $753,000 better than budget.
Results of Operations: Year-to-Date Fiscal 2009
Year-to-date for the first four months of this fiscal year (see page 9a), net operating results
amounted to a gain of $13,868,000 before including the effects of GASB Statement No.
3 1, (see additional information below). Operating Revenue over Expenses is $5,267,000
better than budget.
Effects of GASB 31
Governmental Accounting Standards Board (GASB) Statement No. 3 1 "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. 3 1 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 a decrease of
$23,477,000 in the fair value of investments and our mortgage-backed security portfolio
during October (see page 8). During October, interest rates increased above the level of
the previous month, causing a corresponding decrease in the fair value of mortgagebacked securities and other investments.
Overall, the required implementation of GASB Statement No. 3 1, has caused a decrease of
$19,979,000 in the fair value of investments and our mortgage-backed security portfolio
during the first four months of this fiscal year (see page 9). During these four months,
interest rates have increased above the level of the previous year-end, causing a
corresponding decrease in the fair value of mortgage-backed securities and other
investments. Depending on future financial markets, we can expect interest rate
fluctuations to have a continuing material effect on our financial statements.
Key Financial Information as of October 31,2008
($ in thousands)
2007
2008
9130108
10131108
..........................................................................................................................................................................................................................................................................................................
Total
----.assets
*
2,093,524
2
!
179
L
506
2
L
172
.!
316
2,180,868
......
........................................................................................................................................................
........... .............................................. .................................................................
Total debt *
1511
?............t 115
1,566,243
1 ?...........
563,? .................................................................
541
....................................................................................................................
1,562,219
........................................................................................
484 .............
302 ......................................
510 .................................................
301
522.!..178
524!..............
185
Tota!..esu.iV..*...........................................................................................
................................................
Revenues
108
954
1
18,396
1191.................................................................
475
".............................................................................................................................!.....................................................................................................
1 19,475
Net income
16,136
16
075
"..".."..""
20,612
.......................................................................................................................................................................................................................
1.................................................................
16,800
Total loans and MBS
1 ?............
571 !..........................................................................................
554
1,699,485
1 !...........
672A456
1,658,226
....................................................................................................................
.................................................................
FHA Risk-Share Loans
171 !...............................................
215
161L..................................................
685
159?..................................................................
783
................................................................................................................................
159,561
Nonperforminq
assets
184
280
662
662
.....................................................................................................................................................................................................................................................................................................
Loan loss reserves
42,141
42,796
42,768
42,768
- ..
NOTES:
Asset values exclude conduit debt issues and are adjusted to eliminate the effects of market value accounting (GASB Statement No. 31)
Debt values exclude conduit issues.
Equity values are adjusted to exclude the effects of market value accounting (GASB Statement No. 31).
Annualized growth rate of total assets is 0.19% at October 31, 2008, compared to 4.1 1% in FY08. Strategic Plan target is 5% annually.
Revenue and net income values 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 FY 2009.
-
'ROFITABILITY (%)
EVERAGE (Oh\
'* 1% Strategic Plan target
*" 4% Strategic Plan target
Fiscal years 2007 and 2008 are restated
Asset Quality Information
and Summary Effects of GAS6 Statement No. 31
($ in thousands)
effect of GASB 31) #
Mortgage-BackedSecurities at par
$
1,105,694 S
1,255,853 S
1,243,798 S
% Fannie Mae
% FHLMC
Risk-Share loans
Non-performingloans (uninsured)
# - Effect of GASB Statement No. 31 reflects the changes in falr value of investments and mortgage-backedsecurltles that result from changes in market interest rates.
1,235,989 S
BALANCE SHEET, unaudited (In Thousands)
October 31,2008
Operating
Funds
ASSETS:
CASH AND TEMPORARY INVESTMENTS
INVESTMENTS:
Investment Agreements
Repurchase Agreements
U.S. ~ovemm&tand Agency Securities
Total
LOANS RECEIVABLE, net of allowance for loan losses ($42,768)
OTHER ASSETS:
Accrued lnterest Receivable
Deferred Financing Charges
Fixed Assets, net of accumulated depreciation ($1,687)
Accounts Receivable. Other
Total
Total Assets
LIABILITIES AND NET ASSETS:
LIABILITIES
Bonds and Notes Payable
Interest Payable
Escrow Deposits
Funds Due Others
Accounts Payable
Deferred Fees
Total Liabilities
NET ASSETS
Total Liabilities and Net Assets
Rental
Bond-Financed
Program
Homeownership
Bond-Financed
Program
Combined Totals
October 31,2008
June 30,2008
(audited)
V)
355
4
m
V)
0
b
7
Q!
(
;r
(V
t9
V
ocnm
m - w
V
?cudN(Vd
(
C n b W
r
o,
m
q
a
b
d
t9
MISSOURI HOUSING DEVELOPMENT COMMISSION
FY2009 Fund Balance Budget
October 31,2008
BUDGET
DISBURSED
AMOUNT
ISSUED
MHDC
CONTRIBUTION
Rental Housing Production and Preservation Program
Single-Family MRB Program Equity Contribution (see below for detail)
Homeowner Cash Assistance Funding
Single Family Forward Delivery Program
Single Family Tax Credit Advance Loan Program
Downtown Revitalization Plan
Rental & Operating Assistance Program
Multifamily and Home Improvement Interest Subsidy Program
TOTAL FUND BALANCE PROGRAM BUDGET
'- budget modification 11/21/08
Mortgage Revenue Bond Activity
AMOUNT
AUTHORIZED
BOND ISSUES
Homeownership:
2008 Series B closed 8-28-08
As of October 31,2008
2008 Series C-1 (FHLBprivate placement) closed 12-308
As of December 31,2008
$
65,000,000
$
$
75,000,000
$
65,000,000
65,000,000
8,000,000
73,000,000
$
$
$
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 Rehabrrenant Initiatives as of October 31. 2008
2,782,197
2,782,197
82,903
2,865,100
CONDENSED STATEMENT OF REVENUE AND EXPENSES, unaudited (In Thousands)
Includes the effects of GASB Statement No. 31
For the Month Ending October 31,2008
Operating
Funds
Unaudited
REVENUES:
lnterest on Mortgage Loans
lnterest on lnvestments
Fair Market Value of lnvestments
Administrative Fees
Financing Fees and Other
Housing Trust Fund Receipts
Grants & Federal Assistance
Total Revenues
EXPENSES:
lnterest 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
Rental
Bond-Financed
Program
Homeownership
Bond-Financed
Program
Combined
Excludes the effects of GASB No. 31
For the Month Ending October 31, 2008
Operating
Funds
Actual
Budget
Rental
Bond-Financed
Program
Actual
Budget
Unaudited
REVENUES:
Interest on Mortgage Loans
Interest on Investments
Administrative Fees
Total Revenues
EXPENSES:
Compensation
Total expenses
----------
---------
FROM OPERATIONS
---------
11,203
11,105
-------
1,569
------$
34
1,535
--------
---------775
--------
849
--$
192
657
-------
----------824
----------
216
-------$
216
240
-----$
240
------- -------
Number of Employees: 118
Number of Employees at Prior Year End: 118
Compensation and administrative expenses as percentage of Total Revenue- actual 5.42%, budget 5.86%
8a
Homeownership
Bond-Financed
Program
Actual
Budget
Combined
Actual
Budget
Includes the effects of GASB Statement No. 31
For the Four Months Ending October 31, 2008
Operating
Funds
Unaudited
REVENUES:
lnterest on Investments
Fair Market Value of lnvestments
Administrative Fees
Total Revenues
EXPENSES:
Interest Expense on Bonds and Notes
Compensation
Total expenses
FROM OPERATIONS
Rental
Bond-Financed
Program
Homeownership
Bond-Financed
Program
Combined
For the Four Months Ending October 31,2008
Operating
Funds
Actual
Budget
Rental
Bond-Financed
Program
Actual
Budget
Homeownership
Bond-Financed
Program
Actual
Budget
Combined
Actual
Budget
Unaudited
REVENUES:
lnterest on Investments
Administrative Fees
Total Revenues
EXPENSES:
Compensation
Total expenses
FROM OPERATIONS
333
765
333
-------------
I
I
1
1
1
1
-
SUBSlDYPROGRAMS&SPEClALlNlTlATlVES
$10,214
$
5,970
-------- --------
$
786
$
957
$
2,868
------- -------- -----------------
Compensation and administrative expenses as percentage of Total Revenue- actual 4.75%, budget 5.61%
$ 1,674
-------
765
----II
-
$
13,868
---------
$ 8,601
-_-----__-___
LOAN SERVICING REPORT
As of October 31,2008
Rental Programs
Loans
-
Remarks
FHA Insured
lncludes FHA Insured, Section 8, Market Rate & Risk Share.
FNMA
lncludes FNMA Participation Loans.
US Bank
lncludes US Bank Participation Loans
Uninsured
lncludes AcquisitionlConstructionlPermanentFinancing for Special Needs, Elderly & Family housing
using MHDC fund balances.
HUD Purchased Loans
lncludes HUD Purchased Loans, special financing relating to the HUD Purchased Loan Program.
HOME Funds
Federal HOME Funds Construction Preservation non-profit and for profit and Federal HOME Funds
Emergency Relief.
HousingTrust Fund
lncludes permanent financing for Family housing.
Subdivision Loans
Subdivision Loans units are based on lots.
Rural lnitiative Loans
Rural lnitiative Loan units are based on lots.
Rental Program Totals
home owners hi^ Programs
GNMA Master Servicer
Serviced by Master Servicer, MHDC funded through MRB.
FNMA Master Servicer
FHLMC Master Servicer
MRB Issues
Serviced by Participantlservicers.MHDC reconciles bank accounts, audits foreclosures and processes assumptions.
GNMA MRB Issues
Serviced by GNMA Contract Servicers. MHDC processes assumptions, servicing fees and audits foreclosures.
Rural Growth Master Servicer
Resolution 853 Serviced by Master Servicer, MHDC funded through MRB.
HOME Fundslother
lncludes MHDC DPAIMRB IssueslFlood Program Funds and Federal HOME FundsIFmHA, Weatherization and
Home Improvement, Habitat for Humanity. MHDC performs all servicing functions.
Homeownership Program Totals
TOTALS
MISSOURI
HOUSING
TAB
December 12,2008
Strength, Dignity, Qualiy of Liji
MISSOURI HOUSINC
TO:
Commissioners
FROM:
Pete Ramsel
Executive Director
SUBJECT:
Southernside
Matt Blunt
Governor
Peter Kinder
Lieutenant Governor
Sarah Steelman
State Treasurer
JayNixon
Attorney General
Claudia L.
Oiiate Greim
Chairman
Richad F.
Baalmann Sr.
Vice Chairman
Cale Bradford
Loren Cook II
Commissioner
Bill Luetkenhaus
Staff is again bringing this development back to the Commission because we need to
issue the 8609s as required by Section 42 of the federal program regulations.
Staff met with the developerlgeneral contractor, Hennessey Development, Inc., and
its attorney on December 3rd. At the conclusion of those conversations we came to a
conditional agreement that Hennessey Development, Inc. and its principals would
agree to a five year debarment from participation in MHDC funded developments
andfor participation in any MHDC program. Furthermore, if there is a finding from a
court of competent jurisdiction that Hennessey did violate the Immigration Reform
and Control Act of 1986, as amended, then the 5 year debarment shall become a
lifetime debarment. Acceptance of this voluntary debarment is conditioned upon
Commission approval of the 4% tax credits in the following amounts: federal $729,5 16 and state - $652,311.
The recommended federal credits follow the federal regulations, the cost certification
procedure and the IRS instructions as presented on the IRS Form 8609 at the
commission meeting.
Commissioner
Allen Shirley
Commissioner
Pete Ramsel
Executive Director
K a n w City
3435 Broadway
64111
v. 8 16.759.6600
f. 8 16.759.6828
tty. 8 16.759.6839
St. Louis
S t Louis, Missouri
63 108
v. 3 14.877.1 350
f. 3 14.877.1360
tty. 3 14.877.1 303
The state credit amount being recommended is the original amount approved in
November of 2005. The buildings were placed in service on 12/26/07.
Staff feels it is necessary to express our concern for the future of the state tax credit
program and the pricing for the state credit if you choose not to approve these credits
today. You have heard several times about the significance of the state tax credit
equity in the underwriting and feasibility of these developments. If you say no to
Safeco, the state tax credit investor, you are sending the wrong message to every
potential purchaser of our state credit. The negative impact of that decision could be
extremely far-reaching.
We thank you for your considered vote, and we ask you to put the state credit first
and foremost in your decision.
The state credit equates to construction jobs that will benefit Missouri residents today
and in the future.
TAB
Strength, DigniN Qualiy of L$
MISSOURI HOUSINCI
December 12,2008
Matt Blunt
Governor
To:
Peter Kinder
Lieutenant Governor
Sarah Steelman
State Treasurer
Commissioners
From: Pete Ramsel, Executive Director
Re:
First Place Bond Issue 2009 A
Jay Nixon
Attorney General
Claudia L.
Oiiate Greim
Chairman
Richard F.
Baalmann Sr.
Vice Chairman
Cale Bradford
Loren Cook II
Commissioner
Bill Luetkenhaus
Commissioner
Allen Shirley
Commissioner
Pete Ramsel
Executive Director
Kansas City
3435 Broadway
64111
v. 8 16.759.6600
f. 8 1 6.759.6828
tty. 8 1 6.759.6839
St. Louis
S t Louis, Missouri
63 108
v. 3 14.877.1350
f. 3 14.877.1360
tty. 3 14.877.1 303
Our First Place program continues to be an important product available to
Missouri first time home buyers. With this memo, we are requesting
approval for our first single family bond issue for calendar year 2009.
During calendar year 2008 we issued $123 million in single family mortgage
revenue bonds as compared to $301 million in 2007. With these resources
we financed approximately 1,200 first time homebuyer loans in 2008 as
compared to 3,000 in 2007. The capital markets have been unsettled during
2008 and posed a challenge with increased borrowing costs, particularly for
long-term housing bonds. However, we were able to execute a bond sale in
August 2008 and we have continued an active program through effective use
of the FHLB private placement taxable bond resources.
With sufficient private activity bond cap, particularly with passage of the
Housing Economic Recovery Act of 2008, we want to be well positioned to
market bonds in early 2009. As we have used the FHLB private placement
bond resources, we are cognizant of the demand for first time homebuyer
resources in the state of Missouri.
With that in mind we are presenting Resolution No. 998, which is attached,
asking for authorization to issue bonds in an amount not to exceed $100
million. We anticipate using carry-forward bond allocation from DED. The
size and timing of this bond deal will be shaped by market conditions, giving
consideration to anticipated demand and the extent to which tax-exempt
housing bonds can be effectively sold at levels to result in reasonable
mortgage rates.
We request approval of Resolution #998 to begin the 2009 funding of our
First Place single family program.
MISSOURI
HOUSING
TAB
Strength, DigniQ Qualiy of Liji
MISSOURI HOUSING
Matt Blunt
Governor
Peter Kinder
Lieutenant Governor
Sarah Steelman
State Treasurer
Jay Nixon
Attorney General
Claudia L.
Oiiate Greim
Chairman
Richad F.
Baalmann Sr.
Vice Chairman
Cale Bradford
Loren Cook 11
Commissioner
Bill Luetkenhaus
Commissioner
Allen Shirley
Commissioner
Pete Ramsel
Executive Director
Kansas City
3435 Broadway
641 1 1
v. 8 1 6.759.6600
f. 8 16.759.6828
tty.8 16.759.6839
St. Louis
S t Louis, Missouri
63 108
v. 3 14.877.1 350
f. 3 14.877.1 360
tty. 3 14.877.1 303
December 12,2008
TO:
Commissioners
FROM:
Janell Thome
Director of Rental Production
SUBJECT:
Recommendations for Funding
9% Low-Income Housing Tax Credits, HOME, Fund Balance
When we issued the NOFA in June for our main Rental Production Programs, we had no
idea how interesting the journey would be to arrive at the point where we stand today.
By the time applications were received in early September, we had received an
additional $0.20 per capita in federal credit allocation through the Housing & Economic
Recovery Act. As you know, Disaster Tax Relief legislation signed in early October
gifted Missouri with a significant amount of additional credits for counties receiving
certain types of disaster declarations. We have revised our NOFA and our QAP with
your approval to implement the program changes legislated by both events.
In the meantime, we have been reviewing and evaluating 108 applications for 9% lowincome housing tax credits, HOME, and Fund Balance. We applied the criteria in the
QAP to assess the market need, community impact, feasibility, and development team
experience. Staff members visited each site and reviewed proposed scopes of work. We
gathered written and verbal comments from community leaders, agencies, and ordinary
citizens from public hearings and daily mail.
At the end of our evaluation process, we were faced with the unusual task of sorting the
results into a set of recommendations that tap into two pools of 9% tax credits: our
existing 2009 pool, and the 2008 disaster housing credits. Once we identified the
applications that best met our criteria, we split the list to assign those developments
located in eligible counties to the disaster housing credit pool. We utilized the federal
credit to the greatest extent possible and calculated the amount of state credit necessary
to fill the remaining gap.
The result is this:
21 developments totaling $14 million in federal Existing Housing Credits and $8.4
million in state tax credits (some with HOME and Fund Balance as well)
13 developments totaling $6.9 million in 2008 federal Disaster Housing Credits and
$3.3 million in state tax credits (some include HOME and Fund Balance as well)
5 CHDO-sponsored developments receiving HOME funds only
We are presenting our recommendations to you in two lists. The first is the list of
applications recommended for federal 2009 Existing Housing Credits, state tax credits,
9% Low-Income Housing Tax Credits, HOME, Fund Balance
Page 2
December 12,2008
HOME and/or Fund Balance funds, divided into our three geographic regions. The
second is the list of applications recommended for federal 2008 Disaster Housing
Credits, state tax credits, and HOME or Fund Balance as the case may be. Following the
lists is additional information about the applicants.
Once the board has approved the lists of applicants and the recommended funding
amounts, staff will issue conditional reservation letters and carryover allocation
agreements to be executed and returned by the awardees no later than December 3 1
(2008 Disaster Housing Credits) or January 3 1 (all other awardees). The documents
shall contain two major deadlines to maintain carryover allocation of credits and
commitment for loan funds: (1) all documents related to firm commitment must be
submitted to MHDC no later than July 1,2009, and (2) all developments must close their
construction financing and fully form the ownership entity including the admittance of
the investor(s) no later than September 1,2009. We will recapture funds from
developments unable to meet these deadlines. All recaptured funds will be added to the
total pool available for the 2010 NOFA with the exception of federal 2008 Disaster
Housing Credits which may not be carried forward. This means that unused state credits
from the total pool of $1 1,700,000 will not be lost but may be considered for allocation
in 2010.
We request the commissioners approve staffs recommendations for 2009 Existing
Housing Credits, state tax credits, HOME andlor Fund Balance program funding
in the amounts noted for the listed applicants in the Kansas City Region, St. Louis
Region, and Outstate Region.
We also request the commissioners approve staffs recommendations for 2008
Disaster Housing Credits, state tax credits, HOME and Fund Balance program
funding in the amounts noted for the listed applicants.
--
2009 Rental Production Fundina Recommendations Pendinq Commission A ~ ~ r o v a l
Existina Housina Credits/HOME/Fund Balance
Kansas City Metro Region
Project#
Unlb
Naw
Rehab
Conv
09-004
55
N
09-028
09-049
09-095
23
69
54
09-108
45
Region Totals
246
12/5/2008
NonprofltTC HOME
Elderly Set-aside CHDO Set
Famlly
arlde (Yl
(Y)
E
N
F
C
E
N
N
Y
city
Federal 9%
Tax Credits
State 9%
Tax Credits
EastwoodApartments
MAC0 (K. Maddox)
Keamey
$608.000
$608.000
Carriage Lofts
DLS Historic Dev. IV
(D.Schulte)
Kansas City
1121,000
$389,000
Palestine CDClCougar
Capital (B.Rousey)
Kansas City
$1,000,000
$0
Summit Grove Senior
Church of ChrisVCascade
Housing Grp. (P. Hedrick)
Lee's Summit
$745.000
$675.000
Beacon Park Townhomes
Omni Dev. GrouplHousing
Authority of Kansas City
Kansas City
$820,000
Palestine Commons
N
Y
F
N
N
Y
E
N
N
N
Developer
Development Name
N
MHDC
HOME
US Bank
PARTICIPATION
$600,000
$3,594,000
St. Louis Region
NonpmfltTC HOME
Elderly Set-arlds CHDO Sat
(Yl
arlde CI)
Famlly
Development Name
Developer
City
Arapaho Dev. (P. Werner)
I
I
F
1
Y
I
1
1
Y
1
N
l~orlh
NewsteadV
I
I
Y
'
I
]corpus Christi Aparlments
I
Paclfic
I
I North NewsteadAssoc.
I
I Alexian Bros./RHCDA I
Dick Gregory Place Apts.
F
F
(
1
I
Y
Y
I
1
I
N
N
ISalisbuly Park Ill
1~illsdale2009
I
St LOUIS
I
Jennlngs
St. Louis
I
I
Better Living
Beyond Housing
I
I
St. Louis
Hillsdale
MHDC
I I
HOME
US Bank
PARTICIPATION
--
2009 Rental Production Fundina Recommendations Pendinu Commission Approval
Existins Housins Credits/HOME/Fund Balance
-
Out State Region
Project#
New
Rehab
Units Conv
NonprofitTC HOME
Elderly L t u l d e CHDO Set
asids (Y)
Family
(Y)
Development Name
09405
36
N
E
N
N
Sycamore Village
09-014
44
N
E
N
N
Country Villas
09417
5
N
F
N
Y
Faiwiew Estates
09419
44
R
E
N
N
Ozark Meadows
09-027
2
N
F
N
Y
Willow Springs SF
04030
42
N
E
N
N
Bethel RidaeII
09469
56
N
F
Y
Y
Orchard View Apartments II
09476
6
N
F
N
Y
North Joplin II
Region Totals
579
Developer
cb
Fedsral 9%
Tax Credlts
State 9%
lax Cmdlts
MAC0 (K. Maddox)
Perryville
$360,000
$360.000
$550.000
MBL Dev. Co. (K. L~ngle)
Moberlv
$670,000
$630,000
$750.000
NECAC
Red Wood Dev.
(R.Schroeder)
Willow Springs Comm.
Foundation
Montgomery City
Bear Land (J. Smith)
Columbia
$775,000
$685,000
$750.000
550.000
Pmperty Group (K. Vitor)
Fanington
$612.000
$550,000
$420,000
420.000
H a w S. Truman CDC
Joplin
Ozark
MHDC
HOME
US Bank
PARTICIPATION
$960,000
$360,000
$260.000
Willow Springs
$350.000
$995,000
$5,775,000
$4,159,000
$0
$7,148,000
$970,000
--
Rental Production Funding Recommendations Pending Commission Approval
2008 Disaster Housing Credits/HOME/Fund Balance
9% Disaster Credits
121512000
Project I
Units
New
Rehab
Conv
Elderly
Family
08420
80
R
F
N
N
Spnnqview Gardens
09415
34
C
F
N
N
09421
48
N
F
N
09422
32
N
F
09424
32
N
09429
42
09435
Non-pmflt TC HOME CHDO
Setaside (Y) Setaside M
Developer
city
Federal 9%
Tax Credits
State 9%
Tax Credits
HJS Development
(J. Schulte)
Joplin
$535,000
$205.000
Travelers Hotel
Gardner Development
(M. Gardner)
Kirksville
$608,000
$478,000
N
Val:ey Ridge Residences II
Country Ridge Dev. Co
(CataneseIHuffman)
Branson
$500,000
$350,000
N
N
Sllver Brook Estates
Affordable Homes Dev.
(M. Carmichael)
Spnndeld
$640,000
$1 15.000
F
Y
Y
Woodlands
OACACIAffordableHomes
(M. Carmichael)
Forsyth
$527,000
$470.000
$525,000
N
E
N
N
Gentemann Manor ill
Bear Land (J. Smith)
O'Fallon
$1,000,000
$345.000
850.000
18
R
F
Y
N
Kirksville Apartments
NECACIL. Gruebel
Kirksville
$183.000
$85.000
09450
48
N
F
N
N
Callaway Villaqe II
Z mmerman Properties
Fulton
$460,000
$115.000
$650,000
09458
34
N
E
N
N
ViNas at P e ~ q u eHills
GHL Development
(Gundaker)
Wentzville
$550,000
$275,000
$300,000
09464
42
R
E
Y
N
Hannibal Arms Apts
DAEOC
Hannibal
$235.000
$225,000
$850,000
09477
44
R
E
N
N
Massey Park
Missouri Housing Partners
(M. Fulson)
Marshfield
$264,000
$164.000
$650.000
09480
36
N
F
N
N
Fulbright Springs
Springfield
$655.000
$130,000
09484
43
N
F
Y
N
Rock Ridge Villas
Branson
$780.000
$345.000
Region Totals
533
$6,917,000
$3,302,000
Development Name
Sustainable Housing
Solutions (8. Selle)
Branson Housing Authority1
MRE Capital
(D. SaillerIJ. Mooney)
MHDC
HOME
US Bank
PARTICIPATION
$800,000
$800,000
$500.000
500,000
-
$450.000
$425,000
$650,000
$1,000,000
$1.450,000
$850.000
$850.000
$5,975,000
$3,225.000
MISSOURI HOUSING
DEVELOPMENT
COMMISSION
TAB
Strength, Digniy, Qualiy of L$!
MISSOURI
HOUSING
December 12,2008
TO:
Commissioners
Peter Kinder
Lieutenant Governor
FROM:
Janell Thome
Sarah Steelman
State Treasurer
SUBJECT:
4% Low-Income Housing Tax Credits, HOME
Matt Blunt
Governor
Jay Nixon
Attorney General
Claudia L.
Oiiate Greim
Chairman
Richad F.
Baalmann Sr.
Vice Chairman
Cale Bradford
Loren Cook I 1
Commissioner
Bill Luetkenhaus
Commissioner
Allen Shirley
Commissioner
Pete Ramsel
Executive Director
Kansas City
3435 Broadway
641 1 1
v. 8 16.759.6600
f. 8 16.759.6828
tty. 8 1 6.759.6839
St. Louis
S t Louis, Missouri
63 108
v. 3 14.877.1 350
f. 3 14.877.1 360
tty. 3 14.877.1 303
As you are aware, the approval process for 4% LIHTCItax-exempt bonds is a two-part
process that involves approval for credits from MHDC and an allocation of tax-exempt
bonds from DED. The first step involves submitting an application to MHDC to have
the proposed development evaluated according to the criteria set forth in the Qualified
Allocation Plan. Recommended applications are then ranked in order of priority based
upon evaluation results. Following commission approval of the ranked recommendation
list, staff forwards the list to DED for their consideration when approving applications
for the allocation of tax-exempt bonds. In 2008, decreased competition for tax-exempt
bonds made it possible for DED to open access to bond allocation to all recommended
developments at the same time. Those developments that are moving forward but are
unable to close by 12131 due to market conditions will be granted a carryforward
allocation of 2008 bonds by DED so they will not be competing for 2009 bond cap.
Staff has reviewed and evaluated 28 applications for 2009 tax-exempt bond transactions:
27 were submitted in response to our NOFA for 4% low-income housing tax credits, and
one seeking only bond allocation was submitted by a developer for rating and ranking
along with all multifamily housing transactions. We have arrived at a recommended list
of the top candidates and have ranked the top five that stand out above the rest. Limiting
the list to these nine applications totaling $1 10.6 million in bond allocation allows bond
cap to be available for other state industries and to be shared with potential additional
multifamily applications submitted in Round 2 this spring. Further, the list results in a
total amount of state tax credits roughly equivalent to the 2008 total in recognition of
budget challenges Missouri expects to face in the coming year. It should be noted that
4% tax credit proposals are not feasible without state tax credit equity or some
significant source of subordinate financing. Some of these applications include requests
for HOME funds and AHAP tax credits as additional financing sources.
Following is the list of recommended 4% LIHTCItax-exempt bond applications ranked
in order of priority to be presented to DED accompanied by additional information.
We request the commissioners approve staffs ranked recommendation list for a
reservation of 4% low-income housing tax credits, HOME, and AHAP tax credits
to be presented to DED for priority for tax-exempt bond allocation.
2009 Rental Production Fundina Recommendations
4% LIHTC/HOME/AHAP
-- Pendina Commission A ~ ~ r o v a l
Recommended4% Developments
Ranklng
Order
Project#
1
09-402-TE
2
09-405-TE
New
Rehab
Conv
Units
117
103
N
R
12/5/2008
Eldsrly
Family
E
E
Oevelopment Name
4%
4%
Tax Credits Federal Tax Cmdlts Stata
Oevelopar
citv
Cambndge Helghts
McCormack Baron Salazar
St. Louis
$775.000
Chanton Apaftments
Delphi Community Housing
(D. O'Dea)
St. L w i s
$361,000
Tax-Exempt Bond
Amount
HOME
AHAP
$700,000
$9.600.000
$900.000
$450.000
$361,000
$4,500.000
MISSOURI
HOUSING
TAB
Strength, Dgnlg
Qualip of b>
MISSOURI HOUSING
December 12,2008
Matt Blunt
Governor
TO:
Commissioners
FROM:
Mary Helen Murphy, Director of Operations
Heather Bradley-Geary, Trust Fund and Community Initiatives
Manager
SUBJECT:
Trust Fund Applications
Peter Kinder
Lieutenant Governor
Sarah Steelman
State Treasurer
Jay Nixon
Attorney General
Claudia L.
Oiiate Greim
Chairman
Richard F.
Baalmann Sr.
Vice Chairman
Cale Bradford
Loren Cook II
Commissioner
Bill Luetkenhaus
Commissioner
Allen Shirley
Commissioner
Pete Ramsel
Executive Director
Kansas City
3435 Broadway
641 1 1
v. 8 1 6.759.6600
f. 8 1 6.759.6828
tty. 8 16.759.6839
St. Louis
St Louis, Missouri
63 108
v. 3 14.877.1 350
f. 3 14.877.1 360
tty. 3 14.877.1 303
Enclosed is staffs funding recommendations for 2009 Trust Fund applications. The
funding process was very competitive this year with more that $15 million in requests
submitted and only $4.2 million available for funding. Staff utilized a scoring system
that allocated points based on information contained in the submitted applications.
This allowed for an objective approach in determining which agencies submitted the
best applications for the limited funding available within each region and grant type.
Behind the funding recommendations is a brief description of the agency and the
program/services that will be provided through the allocated funds.
Also enclosed is a list of fundable agencies which would be eligible for a funding
allocation if additional funds were to become available through the Missouri Housing
Trust Fund. As with the agencies on the recommended list, agencies from the
fundable list would be allocated the available funds based on their application's score
within the appropriate region and grant type. Included behind the fundable list is
information relating to issues contained in the grant applications that contributed to a
lower score and rendered applications less competitive in the funding allocation
process.
Staff requests that you approve the recommended and fundable lists for funding in the
2009 Missouri Housing Trust Fund grant cycle.
Funding Recommendations-Missouri Housing Trust Fund 2009
Central Region
Kansas City Metro
ConstructionlRehab
Operating Match Funds
Rental Assistance
North
Rental Assistance
$
103,847.00
South
ConstructionlRehab
Rental Assistance
$
$
338.670.00
160,000.00
St. Louis Metro
Fundable Applications-Missouri Housing Trust Fund 2009
Central Region
Grant Number:
09-200-F
09-203-F
09-205-F
09-206-F
09-231-F
09-241-F
09-262-F
09-263-F
09-265-F
09-308-F
09-321-F
09-348-F
09-349-F
09-351-F
09-357-F
09-360-F
09-363-F
09-364-F
09-371-F
09-373-F
09-378-F
Agency Name:
Northeast Community Action Corporation (NECAC)
4-Sight Counseling
4-Sight Counseling
Rainbow House
On My Own, Inc.
Missouri Valley Community Action Agency
Phoenix Programs, Inc.
Vision House of Cape Girardeau
West Central Missouri Community Action Agency
Phoenix Family Housing Corporation
Johnson County HELP
Johnson County HELP
FTC Ministries Lighthouse Transitional Housing
Missouri Association for Social Welfare
Recovery Prison Ministries
Site City:
Bowling Green
Cape Girardeau
Bowling Green
Cape Girardeau
Columbia
Nevada
Marshall
Marshall
Marshall
Columbia
Columbia
Cape Girardeau
Cape Girardeau
Columbia
Appleton City
Kansas City
Warrensburg
Warrensburg
Linn Creek
Jefferson City
Sedalia
Totals:
Central Region by Category
Homeless Prevention
ConstructionlRehab
Home Repair
Rental Assistance
)totals:
Amount Requested:
$
22,100.00
$
24,510.00
$
2,500.00
$
18,900.00
$
50,000.00
$
4,800.00
$
150,000.00
$
29,400.00
$
35,250.00
$
106,805.00
$
250,000.00
$
41,000.00
$
59,763.00
$
53,525.00
$
40,000.00
$
24,750.00
$
53,500.00
$
100,000.00
$
18,000.00
$
35,335.00
$
40,800.00
$
1,160,938.00
$
$
$
$
$
$
428,968.00
250,000.00
40,050.00
383,120.00
58,800.00
1,160,938.00
Grant Type:
Match Funds
Match Funds
Match Funds
Homeless Prevention
Match Funds
Home Repair
Homeless Prevention
Match Funds
Home Repair
Homeless Prevention
ConstructionIRehab
Match Funds
Homeless Prevention
Match Funds
Homeless Prevention
Match Funds
Homeless Prevention
Match Funds
Rental Assistance
Match Funds
Rental Assistance
Kansas City Metro
North
Grant Number:
09-200-F
09-204-F
09-205-F
09-209-F
09-210-F
09-21 1-F
09-238-F
09-245-F
09-262-F
09-263-F
09-264-F
09-265-F
09-316-F
09-373-F
Agency Name:
Green Hills Community Action Agency
Green Hills Community Action Agency
Gallatin Plaza Apartments, LP
Children & Family Center of NW Missouri
AVENUES
M
$
~
High Hope Employment Services, Inc.
Site City:
Bowling Green
Bowling Green
Bowling Green
Trenton
Trenton
King City
Maryville
Hannibal
Marshall
Marshall
Marshall
Marshall
Milan
Jefferson City
Totals:
North Region by Category
Homeless Prevention
ConstructionIRehab
Home Repair
Rental Assistance
I~otals:
Amount Requested:
$
36,400.00
$
26,000.00
$
22,500.00
15,000.00
$
$
15,000.00
18,000.00
$
$
15,000.00
25,000.00
$
$
50,000.00
$
2,400.00
25,000.00
$
$
4,500.00
$
34,808.00
$
15,402.00
$
305,010.00
$
$
$
$
$
$
91,000.00
4,500.00
136,510.00
73,000.00
305,010.00
Grant Type:
Match Funds
Homeless Prevention
Match Funds
Rental Assistance
Rental Assistance
Rental Assistance
Homeless Prevention
Match Funds
Homeless Prevention
Match Funds
Rental Assistance
Home Repair
Match Funds
Match Funds
South
Grant Number:
09-203-F
09-206-F
09-2 17-F
09-226-F
09-236-F
09-241-F
09-244-F
09-249-F
09-259-F
09-267-F
09-270-F
09-276-F
09-277-F
09-278-F
09-283-F
09-291-F
09-292-F
09-296-F
09-311-F
09-317-F
09-318-F
09-329-F
09-330-F
09-332-F
09-338-F
09-342-F
09-347-F
09-365-F
09-371-F
09-373-F
-
-
Agency Name:
4-Sight Counseling
4-Sight Counseling
Catholic Charities-Springfield
Samaritan Outreach Center
The HOUSE, Inc.
On My Own, Inc.
Ozarks Area Community Action Corporation
Family Violence Center
Consumer Credit Counseling Service of Springfield
Agape House Inc. of Mountain View
Samaritan Outreach Center
MOACTION
The Guardian Angel Overnight Shelter
Ripley County Community Partnership
SEMO Christian Restoration Center
The Kitchen, Inc.
The Kitchen, Inc.
Christos House, Inc.
Salvation Army-Midland Division
Christos House, Inc.
The Hiding Place Ministry
Delta Area Economic Opportunity Corporation (DAEOC)
The Arc of the Ozarks
Ozarks Area Community Action Agency Corporation
Boys & Girls Town of Missouri
Good Samaritan Boys Ranch
Cape Girardeau Community Caring Council
Monett Meadows, LP
- FTC Ministries ~ i g h t h z ~ r a x o n~ao u
l sing
-
Site City:
Cape Girardeau
Cape Girardeau
Springfield
West Plains
Webb City
Nevada
Springfield
Springfield
Springfield
Mountain View
West Plains
Nevada
Sikeston
Doniphan
Poplar Bluff
Springfield
Springfield
West Plains
St. Louis
West Plains
Branson
Portageville
Springfield
Springfield
Springfield
Brighton
Cape Girardeau
Columbia
Linn Creek
Jefferson City
Totals:
South Region by Category
Homeless Prevention
ConstructionIRehab
Home Repair
Rental Assistance
I~otals:
7-
Amount Requested:
$
18,490.00
$
16,100.00
$
60,000.00
$
40,000.00
$
24,500.00
$
7,200.00
$
32,000.00
$
90,000.00
$
80,000.00
$
48,164.00
$
25,000.00
$
284,360.00
$
251,206.00
$
45,000.00
$
10,000.00
$
32,660.00
$
15,000.00
$
40,000.00
$
95,000.00
$
25,000.00
$
80,000.00
$
85,000.00
$
50,000.00
$
250,000.00
$
35,000.00
$
250,000.00
$
1,000.00
$
50,000.00
$
12,000.00
$
26,275.00
$
2,078,955.00
$
$
$
$
$
$
627,100.00
702,020.00
7,200.00
648,635.00
94,000.00
2,078,955.00
Grant Type:
Match Funds
Homeless Prevention
Homeless Prevention
Homeless Prevention
Match Funds
Home Repair
Rental Assistance
Match Funds
Homeless Prevention
Match Funds
Match Funds
ConstructionIRehab
Match Funds
Homeless Prevention
Match Funds
ConstructionlRehab
Match Funds
Homeless Prevention
Homeless Prevention
Match Funds
Match Funds
ConstructionlRehab
ConstructionlRehab
Homeless Prevention
Match Funds
ConstructionIRehab
Homeless Prevention
Rental Assistance
Rental Assistance
Match Funds
09-366-F
09-373-F
IBetter Family Life
IMissouriAssociation for Social Welfare
St. Louis
Jefferson City
Totals:
I$
1$
$
88,000.00 Homeless Prevention
2,718.00 Match Funds
3,548,934.00
Totals:
$
$
$
$
$
$
1,259,800.00
452,035.00
493,750.00
1,293,349.00
50,000.00
3,548,934.00
Grand Totals:
8
8,593,203.00
S t Louis Metro Region by Category
Homeless Prevention
ConstructionlRehab
Home Repair
Rental Assistance
MISSOURI
HOUSING
TAB
Strength, Digniiy, QualiIy of D$5
MISSOURI
HOUSING
Matt Blunt
Governor
Peter Kinder
Lieutenant Governor
Sarah Steelman
State Treasurer
Jay Nixon
Attorney General
Claudia L.
Oiiate Greim
Chairman
Richard F.
Baalmann Sr.
Vice Chairman
Cale Bradford
Loren Cook II
Commissioner
Bill Luetkenhaus
Commissioner
Allen Shirley
Commissioner
Pete Ramsel
Executive Director
Kansas City
3435 Broadway
6411 1
v. 8 16.759.6600
f. 8 16.759.6828
tty. 8 16.759.6839
St. Louis
S t Louis, Missouri
63 108
v. 3 14.877.1350
f. 3 14.877.1360
tty. 3 14.877.1 303
December 12,2008
TO:
Commissioners
FROM:
Jane11 Thome
SUBJECT:
Recommendations for Funding - HOME Repair Program
In FY2009, we increased our HOME Repair Program budget from $4 million to
$5 million to provide funds for lead-based paint remediation, rehabilitation, general
home repair, weatherization, and accessibility improvements for households who earn
80% or less of the area median income. Improvements funded by the program allow
seniors to age in place, prevent homelessness by addressing safety issues, and provide
repairs for homes in downtown areas of DREAM communities.
In the 2009 NOFA published in June, we designated $2 million for non-metropolitan
communities and $3 million for the 2006 and 2007 DREAM communities. Twenty-one
non-profit agencies, regional planning commissions, and municipalities responded by the
September deadline with application requests totaling nearly $7.9 million.
Staff has reviewed the applicants and their proposals, evaluating their experience,
participation in training sessions, performance with past allocations, and the size and
need of their coverage area. Because these funds originate with HUD, the recipient's
compliance with federal requirements for environmental review, eligible uses of funds,
documentation, and monitoring is critical. Entities receiving an allocation of HOME
Repair funds must have the capacity and commitment to follow the rules carefully.
Having just completed our first round of administering these funds to both nonmetropolitan and DREAM communities, we have adjusted slightly the original division
of funds between the two categories. The reality of the demand and day-to-day
processing of requests and the size of the coverage area demonstrate that the need is
stronger in non-metropolitan areas (defined as all areas outside St. Louis, Kansas City,
St. Joseph, Columbia, Joplin and Springfield). Therefore, we are recommending
splitting the total budget to allocate $2.5 million for non-metropolitan areas and $2.5
million for DREAM communities.
Following is the list of recommended allocations of HOME Repair funds to the agencies,
regional planning commissions, and municipalities that responded to our NOFA.
We request the commissioners approve staffs recommended allocation of funds to
the specified entities for HOME Repair activities in non-metropolitan and DREAM
communities.
FY2009 HOME Repair Recommendations
Pending Commission Approval
HC...L Reb,ir
- Non-metropolitan Areas
Amount
Requested
Agency Name
City of Aurora
City of Cape Girardeau
City of Mexico
Community Action Partnership of St. Joseph
Community Services, Inc of Northwest MO
Delta Area Economic Opportunity Corp.
East MO Action Agency
Economic Security Corp. of Southwest Area
Green Hills Community Action
Harry S. Truman Comm. Devlp.Corp.
Meramec Community Enhancement Corp.
North East Community Development Agency
Northeast MO Rural Development (NEMO)
Ozark Action, Inc.
South Central MO Community Action
West Central Community Action
Amount
Recommended
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
110,000.00
60,000.00
350,000.00
300,000.00
66,000.00
400,000.00
330,000.00
302,500.00
110,000.00
400,000.00
203,500.00
330,000.00
226,875.00
220,000.00
100,000.00
264,000.00
$
3,772,875.00 $
-
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
44,000.00
20,000.00
22,000.00
132,000.00
66,000.00
308,000.00
242,000.00
302,500.00
66,000.00
308,000.00
203,500.00
264,000.00
214,000.00
44,000.00
44,000.00
220,000.00
2,500,000.00
HOME Repair DREAM Communities
Amount
Requested
-
Agency Name Dream City
City of Aurora - Aurora
City of Cape Girardeau - Cape Girardeau
City of Kirksville - Kirksville
City of Maryville - MaryviIIe
City of Mexico - Mexico
City of Sedalia - Sedalia
City of St. Joseph - St. Joseph
Delta Area Economic Opportunity Corp. - Caruthersville, Kennett, Sikeston
Green Hills Community Action - Chillicothe, Trenton
Harry S. Truman Comm. Devlp.Corp. - Neosho
Meramec Community Enhancement Corp. - Hermann
North East Community Development Agency - Hannibal
Ozark Action, Inc. - West Plains
South Central MO Community Action - Poplar Bluff
United Services Community Action - Excelsior Springs
West Central Community Action - Clinton
Total Requested
Total Allocated
Amount
Recommended
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
220,000.00
102,000.00
240,000.00
154,000.00
350,000.00
66,000.00
330,000.00
600,000.00
220,000.00
500,000.00
214,500.00
165,000.00
220,000.0C
50,000.0C
220,000.0C
440,000.00
$
4,091,500.00 $
$
7,864,375.00
$
$
$
$
$
$
$
3
$
$
$
$
?
:
$
$
110,000.00
100,000.00
132,000.00
132,000.00
110,000.00
66,000.00
176,000.00
526,000.00
220,000.00
110,000.00
132,000.00
7 54,000.00
154,000.00
50,000.00
130,000.00
198,000.00
2,500,000.00
5,000,000.00
TAB
Strength, Dignik Qualiv oJLV
MISSOURI HOUSINC
DNELOPMENT COMMISSION
Matt Blunt
December 12,2008
TO:
Commissioners
FROM:
Jane11 Thome
SUBJECT:
Round 2 NOFA - 9% LIHTC/HOME/Fund Balance
Governor
Peter Kinder
Lieutenant Governor
Sarah Steelman
State Treasurer
Jay Nixon
Attorney General
Claudia L.
Oiiate Greim
Chairman
Richard F.
Baalmann Sr.
Vice Chairman
Cale Bradford
Loren Cook II
Commissioner
Bill Luetkenhaus
Commissioner
Allen Shirley
Commissioner
Pete Ramsel
Following this memo is a draft Notice of Funding Availability establishing program funding
for Round 2 (which was scheduled for the purpose of receiving and approving applications
for 2009 Disaster Housing Credits). Based upon staffs current recommendations for the
approval of 9% federal and state credits (2008 Disaster Housing Credits and 2009 Existing
Credits), HOME, and Fund Balance for your approval at today's commission meeting, we
have calculated the following balances remain for Round 2:
$1 1,300,000 of Federal 9% 2009 Disaster Housing Credits
$5,000,000 of HOME funds (to be utilized with 9% or 4% credit transactions)
$1,000,000 of Fund Balance
The recommendations for 2008 Disaster Housing Credits and 2009 Existing Housing Credits
included in today's agenda deplete the state 9% LIHTC pool of $1 1,700,000. Therefore,
there are currently no state tax credits available for funding in Round 2. With federal tax
credit equity pricing at the lowest levels in over a decade, it will be difficult for developers
to make a proposal feasible without some type of gap financing. While applicants will be
greatly limited by the lack of state LIHTC, there are still HOME funds available to be used
as subordinate financing. It is highly possible that we will not receive enough quality
applications in Round 2 to utilize the entire pool of 2009 Disaster Housing Credits. Any
2009 Disaster Housing Credits remaining after Round 2 may be included in the 2010 NOFA
with a fresh pool of state credits for applications submitted in September for approval in
December.
Executive Director
Kansas City
3435 Broadway
64111
v. 8 16.759.6600
f. 8 16.759.6828
tty. 8 1 6.759.6839
St. Louis
S t Louis. Missouri
63 108
v. 3 14.877.1350
f. 3 14.877.1360
tty. 3 14.877.1 303
With your approval of the Round 2 NOFA, staff is prepared to publish it the week of
December 15. The timetable sets the deadline for applications for March 20,2009, followed
by two months of staff review. Recommendations for approval of Round 2 applications will
be presented to the board for approval at the May 2009 meeting.
We request that the commissioners approve staffs proposed Round 2 Notice of
Funding Availability for 2009 9% Disaster Housing Credits and MHDC and HOME
Rental Production Programs.
December 12,2008
NOTICE OF FUNDING AVAILABILITY
ROUND 2
MHDC & HOME RENTAL HOUSING PRODUCTION PROGRAMS
FEDERAL LOW INCOME HOUSING TAX CREDITS
(9% CREDITS)
The Missouri Housing Development Commission (MHDC) hereby notifies interested parties of
the availability of funds for production or preservation of rental housing,& follows:
$1 1,300,000 (approximately) of 2009 Disaster Federal Law h o m e Housing Tax Credits
$0 of State Low Income Housing Tax Credits
$5,000,000 of FY 2009 HOME* Funds for primary or%ubordin&@ifjnancingwith 2009
Disaster Federal Low Income Housing Tax Cre* or+s subordinate4pancing with taxexempt bond transactions
$1,000,000 of FY 2009 MHDC Fund Bala$&for the production of sing&-%wily rental
homes for eventual homeownership opportunitks,(funded in conjunction wfth 9% Low
Income Housing Tax Credits)
*
HOME funding awards are w&ject to federal req&ements including Davis-Bacon
prevailing wage r e q u i r e m e n t s ~ r ; t i o n3 of the l%%.smg& Urban Development
Act of 1968, as amended, and thk reg6y&~& in 24 C F m 5 .
Disaster Federal Low Income Housing Tax Credits are avail%%%o interested applicants who will
d h o u s i n g unitggor low and moderate income families and
rehabilitate or construct
individuals in the c o d e s o f
Adair
Andrew
Callawfl
Cass
Chariton
ClarE
Gentry
-me
S m n
Holt
Jasper
Lincoln
Linn
Livingston
Macon
Marion
Monroe
Newton
Nodaway
Pike
Putnam
Ralls
St. Charles
Stone
Taney
Vernon
Webster
Applications fomnding willhe accepted by MHDC until 4:30 p.m. CDT on March 20,2009.
Decisions regardid~poposgFdevelopmentswill be made during the month of May 2009.
We ask all applicants $lth access to the internet to visit our web site at www.mhdc.com to obtain
the FY 2009 Qualified Allocation Plan, Developer's Guide, and Application Forms and
Checklist. These documents are also available on CD-ROM. To request an electronic or printed
copy, please contact Gladys Cardona at 8 16-759-6670.
A separate application must be submitted to request AHAP tax credits as part of the financing
package of a proposed development.
All proposals must be prepared using the application form dated June 2008 and must be
submitted to the office of the Missouri Housing Development Commission at:
3435 Broadway
Kansas City, Missouri 641 11
MISSOURI
HOUSING
DEVELOPMENT
COMMISSION
TAB
Strength, Dignity, Quality of Liji
MISSOURIHOUSING
Matt Blunt
Governor
Peter Kinder
December 12,2008
TO:
Commissioners
FROM:
Janell Thome
SUBJECT:
Round 2 NOFA - 4% LIHTC
Lieutenant Governor
Sarah Steelman
State Treasurer
Jay Nixon
Attorney General
Claudia L.
Oiiate Greim
Chairman
Richard F.
Baalmann Sr.
Vice Chairman
Cale Bradford
Loren Cook II
Commissioner
Bill Luetkenhaus
Commissioner
Allen Shirley
Commissioner
Pete Ramsel
Executive Director
Kansas City
3435 Broadway
641 l l
v. 8 1 6.759.6600
f. 8 1 6.759.6828
tty.8 1 6.759.6839
st. Louis
S t Louis, Missouri
63 108
v. 3 14.877.1 350
f. 3 14.877.1 360
tty. 3 14.877.1303
Following this memo is a draft Notice of Funding Availability requesting applications for
4% low-income housing tax credits for developers considering tax-exempt bond
transactions. The draft currently contemplates offeringfederal 4% LIHTC only. As many
of you are aware, the federal credit is essentially automatic for tax-exempt bond transactions
that meet certain criteria for the use of the bonds and is not capped in any amount. Staff
recommendations for 4% LIHTC included in today's agenda total $5.3 million in state
LIHTC, roughly equivalent to the state 4% LIHTC approved last December. Given
concerns about state budget difficulties in 2009, staff is not proposing to make state LIHTC
available for Round 2 applications.
With the current turmoil in the bond and tax credit market, it is virtually impossible for a
tax-exempt bond/4% LIHTC transaction to be feasible without the use of gap financing.
While state credits may be off the table, there are still HOME funds remaining for potential
subordinate financing for 4% or 9% tax credit transactions (see the Round 2 NOFA - 9%
LIHTCkIOMERund Balance).
Therefore, staff anticipates there will be few quality applications that measure up to our
evaluation criteria. Those that merit recommendation will be brought to you in May for
approval. Staff suggests that approved Round 1 applicants have priority over approved
Round 2 applicants in the quest for tax-exempt bond allocation so that the order of Round 1
ranking may not be interrupted.
With your approval of the Round 2 NOFA for 4% LIHTC, staff is prepared to publish it the
week of December 15. The timetable sets the deadline for applications for March 20, 2009,
followed by two months of staff review. Recommendations for approval of Round 2
applications will be presented to the board for approval at the May 2009 meeting.
We request that the commissioners approve staff's proposed Round 2 Notice of
Funding Availability for 2009 4% Low-Income Housing Tax Credits.
December 12,2008
NOTICE OF FUNDING AVAILABILITY
ROUND 2
FEDERAL LOW INCOME HOUSING TAX CREDITS
(4% CREDITS)
The Missouri Housing Development Commission (MHDC)'h&&by notifies interested
parties of the opportunity to apply for 4% Low-Income %using T p Credits for the
rehabilitation or construction of rental housing units b l o w and m o h a t e income
families and individuals in the State of Missouri.
p.m. CDT oiLRlarch 20,
Applications for funding will be accepted by W E : until/$4!30
$p:.:.>.
2009. Decisions regarding proposed developments"griW,be'made during the month of
May 2009. An approved proposal will not become eligible for the tax credit until it
applies and receives an allocation of p,gv@e activity bonds&~mthe Department of
Economic Development.
We ask all applicants with access to the &&mew vis-web
site at www.rnhdc.com
to obtain the FY 2009 Qq@@ AllocationTJm, Developer's Guide, and Application
Forms and Checklist. ~ h e s e a h m e n t are
s also available on CD-ROM. To request an
electronic or p r i n t e d ~ q ypleaabcontact
,
Glad@ Cardona at 816-759-6670.
A separate apdiqtion musrbe su%d#ed&wequest AHAP tax credits as part of the
financinggackag@&~ropo~e%I
development.
All gtdp~salsmust be pwed
usiY&t$e application form dated June 2008 and must be
submitteBbdhe office of the Missouri Housing Development Commission at:
3435 Broadway
Kansas City, Missouri 641 11
MISSOURI HOUSING
DEVELOPMENT
COMMISSION
TAB
December 12,2008
Strength, Digniy, Qualiy of Li/e
TO:
Commissioners
FROM:
Pete Ramsel
Executive Director
SUBJECT:
Raintree Senior Apartments
MISSOURI HOUSING
Matt Blunt
Governor
Peter Kinder
Lieutenant Governor
Sarah Steelrnan
State Treasurer
Jay Nixon
Attorney General
Claudia L.
Oiiate Greirn
Chairman
Richard F.
Baalrnann Sr.
Vice Chairman
Cale Bradford
Loren Cook II
Commissioner
Bill Luetkenhaus
Commissioner
Allen Shirley
Commissioner
Pete Rarnsel
Executive Director
Kansas City
3435 Broadway
641 1 1
v. 8 16.759.6600
f. 8 16.759.6828
tty. 8 16.759.6839
S t Louis
S t Louis, Missouri
63 108
v. 3 14.877.1350
f. 3 14.877.1360
tty. 3 14.877.1 303
The Raintree Apartment complex is located in the Spanish Lake area of North St.
Louis County. The development team is led by Tim Wolf and Ken Nuernberger. The
original request for 4% tax credits was approved in March of 2006 by the
Commission. The application was for the funding of the acquisition and rehab of 132
units of mixed income senior housing. 112 units were to be tax credit units with the
balance (20 units) being market rate. We have attached the March 17,2006
Commission memo for your review.
When this tax exempt bond/4% credit proposal was finally underwritten by the lender
(US Bank), and the equity investor it was approved with 132 units being affordable
(tax credit units).
The rehab has been completed and the cost certification has been submitted with a
formal request that we allocate $330,686 in federal and state tax credits. This is an
increase of $7 1,740 in federal and state credits that is justified by the additional 20 tax
credit units. Based upon our initial review of the cost certification, the development
appears to qualify for $330,371 in federal and state credits.
Staff recommends the approval of additional federal and state 4% tax credits in an
amount up to $330,371 based upon the 20 additional affordable units.
March 17,2006
MISSOURI H O U S I N G
TO:
Commissioners
FROM:
Pete Ramsel
Acting Executive Director
SUBJECT:
11043 Mollerus Drive
St. Louis County
Matt Blunt
Governor
Peter Kinder
Lieutenant Governor
Sarah Steelman
State Treasurer
Chairman
Jay Nixon
Attorney General
Robert C. Fulp
Vice Chairman
Bill Luetkenhaus
Secretary - Treasurer
(
ichard F.
Baalmann Sr.
Commissioner
Loren Cook II
Commissioner
Anne B. Schmidt
Commissioner
momas Pete Ramsel
k i n g Executive Director
Kansas City
3435 Broadway
641 l l
v. 8 16.759.6600
f. 8 16.759.6828
tty. 8 16.759.6839
St. Louis
ouis, Missouri
C
63108
v. 3 14.877.1 350
f. 3 14.877.1360
tty. 3 14.877.1 303
The Raintree Apartments is currently a complex of apartment and townhome units
located in the Spanish Lake area of North St. Louis County in a prime location with
excellent access to 1-270. Built in the early 1970s, the development has experienced
significant decay in the past several years.
The development team led by Ken Nuernberger and Tim Wolf plans to acquire the
property and divide it into three separate developments to meet the needs of the existing
tenants and the surrounding market. This request is for the financing of the rehab of 132
units into a mixed-income senior apartment development. The developers intend to
continue the current income mix by providing about 85% of the units at affordable rents.
The rest of the units will be divided into an affordable family development and a marketrate townhome development.
The North County market offers numerous Section 8, Section 202 (elderly) and high-end
market-rate developments, but there is a dearth of affordable options for seniors with
moderate income seeking independent living communities. The development plan is a
priority for St. Louis County.
Improvements to the buildings include new HVAC systems, bathrooms, kitchens, and
hallway decorations, replacing roofs where necessary, and refinishing the parking lots.
This redevelopment is being restructured with tax-exempt bonds and federal and state
housing credits. The local IDA will issue the bonds; US Bank is underwriting the
transaction and buying the bonds; and Alliant will purchase the tax credits.
Total Development Costs:
Total Replacement Costs:
Maximum Allowable-QAP:
1 Bedroom
$ 99,926 x 140%
2 Bedroom
138,658 x 140%
Page 2
March 17,2006
Sources:
Tax-Exempt Bonds
Federal LIHTC ($258,946)
State LIHTC
($258,946)
General Partner Equity
Deferred Developer's Fee
Total
Unit Rent Information:
No. of Units
Unit Type
56 (LIHTC)
1 Bedroom
10 (market)
1 Bedroom
56 (LIHTC)
2 Bedroom
10 (market)
2 Bedroom
$6,200,000
2,563,309
983,995
257
48,2 16
$9,795,777
Sq. Ft.
679
679
929
929
Rent
$525
$525
$650
$650
Subsidy
0
0
0
0
Total Developer's Fee:
deferred developer's fee
Market Rents pursuant to market study:
$657 (1 Bedroom)
672 (2 Bedroom)
The developer's application requests MHDC to issue the federal and state housing
credits. Staff recommends approval of the federal and state housing credits in the
amounts reflected herein.
TAB 4k
Asset Quality Ratings
December 2008
Asset Management Portfolio
MHDC Financed Portfolio
Federally Funded Portfolio
TOTAL
557,288,440.75
25,548,689.24
582,837,129.99
-
- - .CiW'
ISPECI~MENTION~-
.
'"
Cedar Ridge IAllison
Cedar Ridge Stockton
Columbia Oaks
Gallatin Plaza
Grand Court Apts.
Labadie Apts.
Massey Park
Monett Meadows
Nevada Heights
Oak Meadows Apts.
Pendleton Heights
P.W. Apartments
Richmond Square
Windwood Apts.
-
-
.
%
.W
G
G
B
S
_
-S
r-
11- ~ ~ ~ ~ - & g v l m - ".>LGF+Balaninde
7
Marceline
Stockton
Centralia
Gallatin
B~nswick
St. Louis
Marshfield
Monett
Nevada
Joplin
Kansas Ci
St. Louis
Richmond
Vandalia
Loan 8 Reserve Balances as of
OccupancylPhysical
Occupancy
Occupancy
Occupancy
Occupancy
Occupancy
OccupancylPhysical
Occupancy
Physical
Physical
Physical
OccupancylPhysical
Occupancy
Occupancy
1978
2000
1997
1995
1995
1992
1980
1998
1998
1995
1996
1992
1995
1997
--
328.372.00
370,608.00
360.786.00
694.587.00
426,324.00
190,300.00
475.464.00
771.531.00
548.526.00
2,376,020.00
230.1 45.00
168.566.00
706.318.00
848.227.00
$
$
$
$
t
$
$
$
$
$
$
$
$
$
1113012008
---- -
I.48w - - 7 r ~ f i a i ~ G
P M i el3 iG-i
R~~
-I-~Giiis3ri?l!i~t-I
$
$
$
$
$
$
$
$
$
$
$
$
$
$
8,495.774.00
ICONCERNS:
(Substandard. DoubthrI:I!os)
Quality Heights I
.' '
i
Kansas Ci
WeaKsg-- --I
Occupancy/Physical
-- ~
1988
t
~
~
~
--
a -- j i 1 ~
-0.07%-1
~ l dA ~
379.785.00
$
161,781.00
37,508.00
8,339.00
21,153.00
27,226.00
16,028.00
112,266.00
94.225.00
22,930.00
176,515.00
24.895.00
9,958.00
64,764.00
30,270.00
HUD - insured
Uninsured
Federal Uninsured
Federal - Uninsured
Federal - Uninsured
Uninsured
HUD insured
Uninsured
Federal - Uninsured
Uninsured
Uninsured
Uninsured
Federal - Uninsured
Uninsured
3
7
2
3
7
6
2
11
2
3
2
2
3
3
-
-
807.858.00
~-
- ~ -- 1.- -~;d-,~hx~i
~
ficatjIo~~
33.243.00
Substandard
-~
-- -- -
~
~
13
Special Mention: An asset with potential weaknesses that deserve management's close attention. Special mention assets are not adversely classified and do not expose the Commission to sufficient risk.
Adverse Classifications: (Substandard, Doubtful, Loss)
Substandard: An asset that has a well-defined weakness and is inadequately protected by the current net worth and paying capacity of the obligor. These assets are characterized by the distinct possibility that
the Commission will sustain some loss if the deficiencies are not corrected.
Doubtful: An asset that has the weaknesses of those classified Substandard, with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable.
Loss: An asset that is considered uncollectible and of such little value that continuance as an asset is not warranted. This classification does not necessarily mean that an asset has absolutely no recovery value;
but rather, it is not practical or desirable to defer writing off a basically worthless asset even though partial recovery may be effected in the future.
Program Descriptions:
Risk Share: HUD insures 50% of the loan balance and MHDC assumes the risk on the other 50%. In addition, MHDC collects 50% of the annual mortgage insurance premium to off-set potential claims.
HUD-insured: 100% of the loan balance is guaranteed by HUD in the event of default.
Uninsured: Fund Balance loans in which MHDC is responsible for 100% of the losses incurred.
Federal-uninsured: Funds issued by the federal government for which MHDC administers. Once the affordability period has expired. MHDC no longer has a responsibility to repay the federal funds.
Participation: A portion of the loan is sold to a partcipating lender and MHDC is only liable for the remaining balance.
R
~
-
December 2008
-
Watch List Special Mention
PROPERN:
- -----
CIw -
- Coumy7-
.-
-.WE
'
:-M
' I
-
'TOT~UNITS; -OCCUPANCY-
'
. WEAKNESS
DNELOPER~
'
-
-
--
-
.. .
COMMENTS "
Cedar Ridgs/Allison
Mamline
Linn
Family
$26.640
32
84%
Occupancy1
Physical
Cedar Ridge Stockton
Stockton
Cedar
Family
$26,640
24
67%
Ocwpanq
B w n Jones
(FP)
Owner and Fairway Management mutually agmed to terminate management services effective May 31.2008.
Owner has been managing since June 1.2008. Occupancy has decnased since the Iast n p o r t
Columbia Oaks
Centralia
Boons
Family
$33.480
16
81%
Oaupancy
Central Missouri
CAA
(NFP)
with a third party managementcompany effectiveJanuary 1.2009. Occupancy has increased since the Iast
Gallatin Plaza
Gallatin
Daviess
Family
$26,640
60
40%
Occupancy
Grand Court Apts.
Bwnswick
Chariton
Family
$26,640
20
65%
Occupancy
Labadie Apts.
S t Louis
S t Louis City
Family
$35,580
18
39%
-paw
Massey Park
Marshfield
Webster
Eldedy
Monett Meadows
Monett
Bany
Family
$26.640
48
42%
Occupancy
Nevada Heights
Nevada
Vemon
Family
$26,640
32
88%
Physical
Oak Meadom Apk.
Joplin
Jasper
Family
$25,860
138
84%
Physical
Pendleton Heights
Kansas City
Jackson
Family
$36,960
33
94%
Physical
P.W. Apartments
St. Louis
St. Louis City
Family
$35.580
12
42%
Occupancy1
Physical
RichmondSquam
Richmond
Rsy
Family
$36,960
32
75%
Occupancy
Windwood Apts.
Vandalia
Audmin
- 32
$26.820
Family
78%
Occupancy
U
--
Marcsline Housing This is a HUDinsumd loan. HUD wntmls the replacementmserve acwunts. Units am off-line due to physical
Authority
condition. A physical needs assessment has been conductedby the ormer and submitted to HUD. HUD is now
actively monitoring the status of the property and has mquimd a change in management. In the event of defautt,
(NFP)
100% of the loan balance is guaranteed by HUO. Occupancy has mmained the urn since the last n p o r t
Kim Lingle
(FP)
Central Missouri CAA also serves as the managementagent. Occupancy dedined during a time when the site
manager position was vacant and the ohice was not staffed regularly. Central Missouri has agreed to contract
.(J
w
r'
Action Management began managingthe property in early 2008 and evicted several problem tenants. It has been
dihiwlt leasing the unitr back up . Applicants am denied based on evidence of criminal history, lack of
employment andlor need for rental assistance. Occupancy has remained the same since the last n p o r t
Missouri Valley CAA MHDC mquimd a change in managementby June 1,2008. Action Management is now managing the property.
Occupancy has nmained the same since the last mport Phone and m l k i n tnfflc has increased.
(NFP)
Housing
The units am located in a high crime area. CAMCO management mwnUy experienced a change in senior
Revitaliition. lnC managementstaff. St. Louis Equity Fund would like to exit the partnership and is seeking a nonprofit agency to
take over the pmperty. Occupancy has decmased since the Iast n p o r t
(FP)
80%
$21,600
Jeff Smith
(FP)
Faimay Management mporls that applicants exceed the income limits. Advertising has been increased and ofice
hours have been extendedto offer convenient hours for working families. Faiway is seeking mntal assistance
through the TNst Fund to allractthose applicants that am at a very low income level. All other affordable housing
units in Monen am supported by rental assistance. Occupancy has remained the same since the Iast report
Hamilton Properties The City of Nevada issued a nuisance notice in F e b ~ a r y2008 based on complaints of deferred maintenance.
Staff inspectedthe pmperty in October 2008 and rated the physical wndition as below average. Staff has placed
(FP)
this pmperty on a wrnctive action plan and will monitor the pmgmss monthly.
-
'Median lnmme: @J&
of 3 or Eldsrlvsh#+ hamehold at Ihe ceatu of 60% area median hwme ff ~ 6 m annnmebo
l
median ..Kame
Removed from h e lad report:
Carmllc H-
reached97% occupancy
GrevhoundADIS - reached 92% ocapancy
G r e n t w Place - reached 87% ocapancy
-
Warhhcllon Senior bats reached 95% oawamv
Landex
(FP)
Owner is seeking funds to mhab the pmperty. The earliest opportunityto apply for tax credits is 2010.
Occupancy has decreased since the Iast n p o r t
Old Northeast CAA Old Northeastalso serves as the management agent The physical condition is poor yelthe pmperty maintains a
stabilized occupancy level. Old Northeastis interested in exiting the partnership.
(NFP)
Housing
CAMCO serves as the management agent. This pmperty is experiencing a large amount of deferred
Revitalition, lnc maintenance. Vacant units am not market-ma*. Staff inspectedthe pmperty and found the unit. to be in
unsatisfactoryphysical wndition. Staff has placed this pmperty on a corrective action plan and will monitor the
(FP)
pmgmss monthly. Occupancy has nmained the u m a since the Iast mport
Jeff Smith
(FP)
Fairmy mcenUy lost the manager and maintenancepersonnelafter 13 years. Advertising has been increasedand
ohice hours adjustedto bolter serve the needs of the community. Occupancy has nmained the urn since the
last report
p
p
MAC0
(FP)
NECAC serves as the managementagent. Management reports that the majority of applicant. exceed the income
limits. Occupancy has mmained the same since the Iast report
-
December 2008
Watch List Concern
*-~RoPERT~--'
Quality Heights I
' -'CITY"'-'
Kansas City
-mPE"
Uninsured
"'TOTAL
UNITS
39
'
" '- D ~ ~ O P E
'-MANAGEMENTrAGENT~
, W ~ K N E ~- S- ~
Occupancy/
Physical
KCNA
Blue Hills
-I--'-
-- - ~- ,.-
,,.-
7
KCNA is insolvent. Blue Hills is managingthe property but not
charging a fee. 8 units are off-line due to vandalism and structural
damage caused by excessive water damage. According to Blue
Hills, $35,000per unit is needed for basic repairs to bring all down
units back on-line. This property has been submitted for rehab
funding through the '09 NOFA.
TAB
2008 Rental Production Develo~mentStatus ReDort
Conditional Commitment Stage
I
Project #
I
Development Name
Developer
7
08-031-T
l ~ i n Street
e
Apartments
I
08-080-HC
08-106-T
08-401-TE
I
City
poplar luff
MAC0
I
I~ancasterSingle Family
l~embertonPark for
l~randfamilies
I
I
I
l ~ a t eTower
r
Village
I
I
Northeast MO CAC
I
Cougar Capital (Rousey)
North Tower Group
(Kruntchev)
I
08-402-TE
11900 Washington
I
08-406-HTE
110th Street Lofts
I
-
08-407-TE
08-408-TE
08-409-TE
08-420-HTE
1
l~hariton
Apartments
I
Highland Place Apartments
Springview Gardens
Bob Wood
I
1
I
I
I
I
Sherman Associates
1
Sherman Associates
Debhi Affordable Housina
Group (O'Dea)
-
Cougar Capital (Rousey)
HJS Development
(Jon Schulte)
I
I
Lancaster
Kansas City
st. ~ o u i scity
st. ~ o u i scity
Kansas City
I
I
I
I
I
I
1
Kansas City
I
1114/20081
I
1
Received
(due 7/1/08)
Received
1 (due 9/1/08) I
I
41141200;
I
31141200;
Comments
Iwaiver-extension of firm submission
8/22/2008 deadline to 1215
Waiver-extension of firm submission
N/A
deadline to 1/20
I
1/14/20081
4/1/200;
I
1/14/20081
4/4/20O8
I
1/14/20081
3/28/2008
I
1/14/20081
111412008
I
st. ~ o u i scity
, Environmental
Submission
Received
(due 4/1/08)
1/14/2008
I
I
I
Grand Boulevard Lofts
Conditional
Resewation
Issued
N/A
9/15/20081
1
N/A
N/A
N/A
N/A
6/3/200
l ~ a i v eapproved
r
for 9/15 delivery
I
Withdrawn
Waiver-extension of firm submission
deadline to 12/15
I
1114/2008(
2/4/200
N/A
N/A
I
I
(withdrawn
I
Kansas City
1/14/2008
4/29/200
7/1/2008
N/A
Joplin
1/14/2008
200
71112008
N/A
Potential to convert to 2008 9%
Disaster Credits
2008 Rental Production Develo~mentStatus R e ~ o r t
Finn Commitment Stage
I
Project #
08-002-HTUSB
-
-
Development Name
Webb City Senior Apts
08-005-HT
Sand Hills Place
08-006-HC
Green Hills lnfill 49-52
08-009-MT
Chapel Estates Ill
08-013-T
Stratford Manor
08-014-T
Schultz Senior
08-018-HTUSB
Developer
Cardinal Developers
(Hamilton)
Webb City
Arapaho (Werner)
Festus
Green Hills CAA
New Beginnings
[SellelHarpole)
GundakerIHousing Authority
of STL Co
Hamilton
I
I
1
DalmarkIMh District EDF
Country Ridge
(~atanesel~uffman)
Commitment
Issued
City
Construction
Loan Closing
Pine Lawn
5/5/2008
5/22/2008
7111/2008
Cape Girardeau
811212008
8/4/2008
8/25/2008
Construction notice to proceed -9/2/2008 9115/08
1
Kansas City
1
Branson
7/7/2008
711012008
711512008
Springfield
6/3/2008
3/7/2008
611Ol2008
Construction notice to proceed -8/25/2008 6110108
Carl Junction
5/23/2008
6/3/2008
5/29/2008
8/29/2008
Cameron
7/30/2008
911112008
911912008
8/28/2008
Camdenton
611912008
10/21/2008
7/25/2008
8/29/2008
Bolivar
611712008
8/25/2008
5/29/2008
8/29/2008
I
8/26/2008]
I
I
08-041-MTUSB
9/2/2008
8/29/2008
I
Mexico II Apartments
Central MO CAA
Golden Management
(Goldenberg)
Summit Valley Ph 3
Comments
Lebanon
Carlson Gardner
08-034-HCT
Carryover
Package
Received
(due 9/1/08)
Workforce
Eligiblity
Conference
Carthage
RCH Development (Hartle)
MOCAP Development
(Farmer)
Timber Creek Estates
08-024-HTUSB l ~ y d Park
e
Apartments
l ~ a l l e yRidge Residences
08-025-HTUSB (fka Ridgecrest Resid.
I
-
Mexico
Franklin County
\
08-042-MT
Prairie Hills Estates II
,
08-046-HCT
Village Green Apts
,
08-051-HT
Camdenton Apts II
08-053-MT
Simon Place
08-055-MTUSB (~outhtowneApts
I
08-062-T
Hannibal Apartments
08-066-MT
St. Ferdinand Homes
08-069-T
08-071-T
I~illianPark II
I
WCSA IV
Railton Residence
Rehabilitation
08-072-T
~CCRCof O'Fallon
08-070-T
I
Zimmerman
Community Housing Ministry1
HFM (Holmgren)
Red-Wood Development
(Schroeder)
Affordable Homes
(Carmichael)
North Tower G~OUD
(Kruntchev)
1
st. ~ o u i city
s
I
NECAC
Northside Community
Housing
II
Riverview West Flonssant
II
1
8/21/20081
I
I
9/2/20081
I
I
Hannibal
611912008
11/25/2008
7/24/2008
8/27/2008
St. Louis City
7/2112008
10/3/2008
8/26/2008
8/29/2008
9/4/2008(
10/1/2008(
8/2912008(
8/29/2008
St. Louis City
RHCDAMlCSA
Wellston
7/30/2008
11/12/2008
8/28/2008(
I
911612008
Salvation Army
St. Louis City
811512008
10/6/2008
8/27/2008
9/2/2008
St. Mary Institute
O'Fallon
9/25/20081
10/2/2008
9/2/2008
I
I
I
I
1
2008 Rental Production Development Status R e ~ o r t
Project #
Development Name
08-078-HC
Dreamer's Estates
I
08-079-HC
I
08-081-HC
Edina Single Family
I
I
I
Wishcamper
I
Sedalia
Edina
Dean Devmrinity Temple
08-101-T
Deer Creek Apts
l ~ a r t i nLuther King Village
I
I
(
DAEOC
HJS Development (Jon
Schulte)
I
Housing Services of KC
I
08-403-TE
11818 Washington
08-404-TE
Valentine Apartments
Etzel Place Ph 1
CMC Retirement Village
Lawndale Heights
Bob Wood
McCorrnack Baron Salazar
Affordable City Homes
(VatteroWSLACO)
St. Louis Christian Medical
Center (Harvey)
HJS Development
(Jon Schulte)
I
I
Springfield
Grandview
I
1
I
1
Construction
Loan Closing
7118/2008
811512008
811112008I
N/A
7/25/2008
8/21/2008
N/A
7/25/2008
8/20/2008
I
8/20/2008
1
8/21/20081
N/A
I
I
7/1/2008
I
7/31/2008
I
1
Carryover
Package
Received
(due 9/1/08)
Workforce
Eligiblity
Conference
I
I
Comments
I
I
8/5/2008
8/27/2008
I
I
7/10/2008(
7/24/2008
7/24/2008)
8/12/20081
East Prairie
7/1/2008
10/14/2008
7/22/2008
9/2/2008
Marshall
6/23/2008
9/24/2006
6118/2008
9/2/2008
I
Eagles Landing
I
Kahoka
I
I
I
08-095-T
08-421-HTE
City
Northeast MO CAC
Nu Elm Apartments
08-090-HTUSB l~rinity
Village
08-412-TE
Northeast MO CAC
I
I
08-405-HTE
MO Valley CAC
I
l ~ a h o k aSingle Family
08-082-HTUSB
08-105-T
Developer
Firm
Commitment
Issued
Kansas City
st. ~ o u i scity
1
I
1
I
I
10/6/2008(
I
I
9/19/20081
I
I
I
9/2120081~cheduled
to close 1215
I
6/12/20081
N/A
Kansas City
8/25/2008
9/8/2008
8/20/2008
N/A
St. Louis City
9/23/2008
10/31/2008
8/27/2008
N/A
St. Louis City
11/20/2008
9/29/2008
N/A
Kansas City
8/26/2008
7/29/2008
N/A
11117/2008
1
I
MISSOURI
HOUSING
TAB
-
Missouri Housing Trust Fund September 2008 Watch List
Agency Name:
OACAC
Better Family Life
Phelps County Family Crisis Services
Catholic Charities Commu~
vicc
Family Violence Center
Phoenix Programs
Better Family Life
Ade uate Housing
d
-
& Paul Co
ice:
m
shop aulllvan Cenrer
~stinePetersen Housing & Reinvestment Corp.
lstine Petersen Housina & Reinvestment C o r ~ .
Grant #: date of issue: Brief descrtptione
07-282-F 3/7/2008 agency was closed during normal business hours
07-320-F 311312008 3 of 5 files were out of compliance - income & SS#
07-370-F 3/20/2008 2 of 3 files out of compliance & checks don't match report
07-203-F H ? n n 8 missing i~mt-neverification nn 2 files?
U1/,
g
missin ir
verification
,oaf_
' 07-301-F
4/17/2008 ' poor workmanship - door did not fit the
07-286-F 6/19/2008 3 of 5 files missing income verification
08-201-F
8/7/2008 missing 2 Social Security Cards
07-PnA-p
8/7/2008 missing 2 files
B/7/200
-
funds witheld? date back in compliance:
YES
3/26/2008
YES
3/20/2008
YES
8/7/2008
VFC
7/? I13nn8
-
5/29/2008
do^
YES
me file and one proof of need
NO IDSor proot ot ss Numbers
08-224-t IUIZ~IZUU~I
08-214-F 10130/2008 3 of 5 files missing payee information
08-213-F 10/30/2008 3 of 5 files missina various reauired documentation
08-279-F 10/31/2008 income did not match the assistance given
* The shaded boxes signify agencies that are still unable to receive funds.
YES
NO
NO
I
NO
8/20/2008
N/A
NIA
I
N/A
YES
YES
YES
YES
11/25/2008
TAB 4n
Strength, Dignily. Qualiy of lifi
MISSOURI HOUSINC
December 12,2008
Matt Blunt
TO:
Commissioners
FROM:
Tina Beer
Director of Human Resources
SUBJECT:
Workforce Eligibility Update
Governor
Peter Kinder
Lieutenant Governor
Sarah Steelman
State Treasurer
Jay Nixon
Attorney General
Claudia L.
Oiiate Greim
Chairman
Richard F.
Baalmann Sr.
Vice Chairman
Cale Bradford
Loren Cook II
Commissioner
Bill Luetkenhaus
Commissioner
Allen Shirley
Commissioner
Pete Ramsel
Executive Director
Kansas City
3435 Broadway
641 l l
v. 8 16.759.6600
f. 8 1 6.759.6828
tty. 8 1 6.759.6839
St. Louis
4625 Undell, Suite 300
St Louis, Missouri
63 1 08
v. 3 14.877.1350
f. 3 14.877.1360
tty. 3 14.877.1303
A report is attached detailing the workforce eligibility activity for your review.
The General Contractor and all known Subcontractors of each development are required
to participate in a workforce eligibility meeting prior to commencement of construction.
In each meeting, information is presented detailing the workforce eligibility policy
compliance requirements. Of the 46 approved developments, 2 have withdrawn, and 7
are not ready to proceed. All remaining developments have completed the workforce
eligibility meeting requirement.
Each development is visited by an inspector at least once per month. Twenty-two
developments are actively under construction and all are currently in compliance.
Missouri Housing Development Commission Meeting
December 12,2008
Workforce
Eligibility Meeting
Conducted
Comments
Number
Name
Developer
General Contractor
08-002
Webb City Senior Apts
Cardinal Developer, LLC
Hamilton Contracting. Inc.
09/18/08
Site visits since last report: 11H3/08 -no activity
08-005
Sand Hills Place
Arapaho Development LLC
Double Diamond Construction LLC
06H2108
Site visits since last report: 11/4/08 - i n wmpliance
OW06
Green Hills Infill 49-52
GH Community Development Corp.
GH Community Development Carp
07/01/08
Site visits since last report: 11/4/08 - no activity
08-009
Chapel Estates Ill
New Beginnings, LLC.
Kodiak Resources, Inc.
06/17/08
Site visits since last report: 11/21/08- in wmpliance
08-013
Stratford Manor
Stratford Development, L.L.C
Gundaker Commercial Group. Inc.
07111/08
Site visits since last report: 11120/08 - in wmpliance
08-014
Schultz Senior
RCH Development, INC.
Double Diamond Construction
08/25/08
08-018
Timber Creek Estates
MOCAP Development
Horizon Company
07/25/08
08024
Hyde Park
Dalmark Development Group, LLC
Straub ConstructionCompany, Inc.
08/08/08
Site visits since last report: 11/26/08- in wmpliance
08025
Ridgemest Residences
Country Ridge Development Company, LLC Larry Snyder 8 Co.
07/15/08
On 11/13/08, two persons performing labor were on site with no 1-9s. The
general contractor was notified and MHDC was informedthat both were
contract labor.
08-029
Boonville ~ o f t s
Carlson Gardner, Inc.
DCI Construction, LLP
06110108
Site visits since last report: 11/13/08- i n wmpliance
08-031
Vine Street Apartments
MAC0 Development Company. LLC
MAC0 Construction. Inc
Not Scheduled
Site visits since last report: 11/5/08 -no activity.
08-034
Mexico llApartments
Central Missouri Community Action
MAC0 Construction, Inc.
09/17/08
Site visits since last report: 11/7/08 -no activity.
PlP.l0fS
Missouri Housing DevelopmentCommission Mntlng
December 12,2008
Workforce
Eliaibilitv Meetina
-conducted " Comments
Number
Name
Developer
General Contractor
08041
Summit Valley Phase 3
Golden Management. Inc
Paster. West and Kraner
05/22/08
Site visits since last report: 11/4/08 - in compliance
08442
Prairie Hills Estates II
Zimmeman Properties. LLC
Zimmenan Properties Construction, LLC
05/29/08
Site visits since last report: 11/21/08 in compliance
08446
Village Green Aparts
Community Housing Ministry, Inc.
Licking Constructionand Development Corp
09/19/08
Site visits since last report: 11/4/08 - i n compliance
08051
Camdenton Apts
Red-Wood Development, Inc.
Red-Wwd Development, Inc.
07/25/08
Site visits since last report: 11/6/08 -no activity
08053
Simon Place
Affordable Homes Development. Inc.
Affordable Homes Construction, Inc.
05/29/08
Site visits since last report: 11H4/08 - in compliance
08055
Southtowne Apartments
North Tower Group. LLC
R.G. Ross ConstructionCo.
08/26/08
Site visits since last report: 11/26/08-no activity
08-062
Hannibal Apartments
NECAC and LRG Consulting and
Development
Licking Construction8 Development Inc
07/24/08
Site visits since last report: 11/6/08 no activity
08066
St. Ferdinand Homes
Northside Community Housing, Inc.
R. G. Ross ConstructionCompany. Inc.
08/26/08
OW69
Lillian Park ll
RiverviewWest Florissant Development
Corporation
RG Ross Construction Company
08128108
Site visits since last report: 11/26/08 - i n compliance
08070
WCSA lV
St. Louis Public Development Corporation
XXV
RG Ross ConstructionCompany
09/16/08
Site visits since last report: 11120108-no activity
08071
Railton Residence Rehab
The SalvationArmy
Paric Corporation
08/27/08
-
-
Missouri Housing Dcwlopmsnt Commission Meeting
December 12,2008
Workforce
Eligibilitv Meeting
-conducted - Comments
Number
Name
Developer
General Contractor
08672
CCRC of O'Fallon
SMI Redevelopment LLC
Paric Corporation
10102108
Site visits since last report: 11H9108 - no activity
08-078
Dreamets Estates
MissouriValley Community Action Agency
lnline Construction
08111108
Site visits since last report: 11/3/08. On 11/3/08, three workers were
present on site, but the site super was not available and no documentation
was available for inspection. The general contractor was notified and the
documentation was immediately provided.
08679
Edina Single Family
Northeast Missouri Community Action
Agency (NMCAA)
Double D Construction
08/21/08
08080
Lancaster Single Family
Agency (NMCAA)
Unknown.
Not Scheduled
08681
Kohoka Single Family
Agency (NMCAA)
Deans Construction
08/21/08
08682
Nu Elm Apartments
No Gnus LLC
DCI Construction. LLP
08/05/08
Site visites since last report: 11/13/08- in compliance
08-090
Trinity Village
Dean Development. L.L.C
Woodco. Inc.
07/23/08
S i e visits since last report: 11110108- no workers present on site at the
time of site visit
08095
Eagles Landing
Delta Area Economic Opportunity
Cwporation (DAEOC)
MAC0 Construction. Inc.
07/22/08
08-101
Deer Creek Apts
HJS Development, LLC
ConstructionTechnologies, LLC
06/18/08
Site visits since last report: 11/7/08- in compliance
08-105
Martin Luther King Village
Affordable Housing of Kansas City. Inc.
Neighbors Construction Company. Inc.
08-106
Pemberton Park for Grandfamilies Cougar Capital LLC
Straub ConstructionCompany. Inc.
Not Scheduled
10/08/08
Site visits since last report: 11/24/08- no activity
Missouri Housing Development Commiuion Muting
Decsmbcr 42,2008
Number
Name
Developer
General Contractor
08401-TE
Water Tower Village
North Tower Group. LLC
R.G. Ross Construction Co.
08402-TE
1900 Washington
Robert Wood Realty Company LLC
08403-TE
1818 Washington
08404-TE
Valentine Apts
Workforce
Eligibility Meetina
-conducted - Comments
Not Scheduled
Paric Corporation
06/12/08
Site visits since last report: 1Ill9108 -no activity
Robert Wood Realty Company LLC
Paric Corporation
06/12/08
Site visits since last report: 11125108 -no activity
McCormack Baron Salazar, Inc.
Rau Construction
08/20/08
Site visits since last report: 11/26/08- in compliance
08405-HTE Etzel Place Phase 1
Affordable City Homes of St. Louis, Inc.
CF Vatterott Construction Co
08/27/08
Site visits since last report: 11/26/08 no activity
08406-HTE 10th Street Lofts
Sherman Associates Development. LLC
NIA
08407-TE
Grand Blvd Lofts
Sherman Associates Development, LLC
Unknown.
08408-TE
Chariton Apartments
Delphi Community Housing 2006, L.P.
N(A
08409TE
Highland Place Apts
Cougar Capital LLC
Greenleaf ConstructionCo. Inc,
Not Scheduled
08-412-TE
CMC Retirement Wllage
The St. Louis Christian Medical Center
R.G. Ross ConstructionCo.
Not Scheduled
Site visits since last report: 11/20/08-no activity
HJS Development. LLC
ConstructionTechnologies. LLC
Not Scheduled
08420-HTE Springview Gardens
-
MA
Withdrawn.
Not Scheduled
No Activity.
NIA
Withdrawn.
Missouri Housing Dsvelopmsnt Commission Meeting
kcembar t2.2001)
Number
Name
08421-HTE Lawndale heights
Developer
General Contractor
HJS Development. LLC
ConstructionTechnologies
Workforce
Elirribilitv Meetina
-conducted
Comments
-
07/29/08
Site visites since last report: 11/25/08 - no activity
MISSOURI HOUSING
DEVELOPMENT
COMMISSION
TAB 40
MISSOURI HOUSING
DEVELOPMENT
COMMISSION
TAB 4p
p) Such other matters as may properly
come before the Commission
MISSOURI HOUSING
DEVELOPMENT
COMMISSION
TAB
5. Report of Financial Advisor and
Bond Counsel
Robert Detjen, CSG Advisors, Incorporated
Dennis Lloyd, Columbia Capital Management, L.L.C.
Kim Wells, Gilmore & Bell
Herbert Hardwick, Hardwick Law Firm

9100 - Missouri Housing Development Commission

Transcription

Similar documents

How to spot a fake handbag

January 2015 Communique

the PDF - AIGA Saint Louis

The Baton - Kansas City Police Historical Society

October 8 - In this Issue - The University of Kansas Hospital

Dec. 7, 2009 WWU in the News

CV - Zahran

July 2016 - Foley Publications, Inc.

October 9 - The University of Kansas Hospital

Death of the Challenge to Lethal Injection

Carleton S-D - Collegiate Quizbowl Packet Archive

notice, agenda and materials - Missouri Housing Development

Ag Review 2014 - William H. Darr School of Agriculture

College Catalog 2014-2015 - Norwalk Community College

St. Ambrose University • 518 West Locust • Davenport Iowa 52803

catalog - LaGuardia Community College