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MHDC will make reasonable accommodations for persons with disabilities at the public site. To
request an accommodation, please contact Lynn Sigler at (816) 759-6822 or [email protected].
Notice is hereby given that the Missouri Housing Development Commission will conduct its
Regular Meeting on Thursday, December 17, 2020:
Capitol Plaza Hotel
New Room Location: Jefferson Room
415 W. McCarty Street
Jefferson City, MO 65101
Toll Free Conference Line: 800-201-5203
Kansas City: 816-897-0010
St. Louis: 314-627-1157
Access Code: 264716
The agenda of this meeting is attached to this notice.
The news media may obtain copies of this notice by contacting:
Lynn Sigler
Missouri Housing Development Commission
920 Main Street, Suite 1400
Kansas City, MO 64105
(816)759-6822
REGULAR MEETING
OF THE
MISSOURI HOUSING DEVELOPMENT COMMISSION
THURSDAY, DECEMBER 17, AT 9:00 A.M.
REGULAR MEETING OF THE
MISSOURI HOUSING DEVELOPMENT COMMISSION
THURSDAY, DECEMBER 17, 2020 AT 9:00 A.M.
AGENDA
CAPITOL PLAZA HOTEL
JEFFERSON ROOM
415 W. MCCARTY STREET
JEFFERSON CITY, MO 65101
TOLL FREE CONFERENCE LINE: 800-201-5203
KANSAS CITY: 816-897-0010
ST. LOUIS: 314-627-1157
ACCESS CODE: 264716
Regular Meeting
1. Roll Call
2. Approval of minutes for the November 13 and November 24 Regular Meeting
3. Report of Chairman
4. Report of Staff
a. RFP for Bond Underwriters
b. 2020 Rental Production Recommended Applications
5. Such other matters that may come before the Commission
Governor:
Mike Parson
Governor
Lieutenant Governor:
Mike Kehoe
Lieutenant Governor
Treasurer:
Scott Fitzpatrick
State Treasurer
Attorney General:
Eric Schmitt
Attorney General
Chairman:
Jeffrey S. Bay
Secretary/Treasurer:
Bill Miller
Commissioner:
Mark Elliff
Commissioner:
Rick McDowell
Commissioner:
Garrick Hamilton
Commissioner:
Tracey S.C. Lewis
Missouri Housing Development Commission Roster
MISSOURI HOUSING DEVELOPMENT COMMISSION Regular Meeting
Minutes of Meeting Held Friday, November 13, 2020 The regular meeting of the Missouri Housing Development Commission was held by phone on Friday, November 13, 2020 at 9:00am. Those present were:
Commissioners and Persons Present to Vote for Ex-Officio Members
Jeffrey S. Bay, Chairman Mike Kehoe, Lieutenant Governor (via telephone) Scott Fitzpatrick, State Treasurer (via
telephone) Jonathan Hensley, on behalf of Attorney General Schmitt Bill Miller, Secretary-Treasurer Rick McDowell, Commissioner Mark Elliff, Commissioner Garrick Hamilton, Commissioner Tracey Lewis, Commissioner
Others Present Henry Herschel, Governor Parson’s Office (via telephone) Leslie Korte, State Treasurer Fitzpatrick’s Office
Commissioners Absent Mike Parson, Governor Eric Schmitt, Attorney General
Staff Members Kip Stetzler, Executive Director Marilyn Lappin, Director of Finance Frank Quagraine, Director of Rental
Production (via telephone) Katie Jeter-Boldt, General Counsel Jennifer Schmidt, Deputy Director of
Operations Scott Hanak, Director of Asset Management
(via telephone) David Nickum, Director of Information
Technology Sara Turk, Fiscal and Accounting Manager (via
telephone) Gus Metz, Chief Underwriter (via telephone) Steve Whitson, Community Initiatives
Manager Megan Word, Legislative Coordinator (via telephone) Lynn Sigler, Operations Manager Anne Powell, Attorney (via telephone)
Chairman Bay called the meeting to order.
Commission meeting roll call was taken by Ms. Sigler; a quorum was present.
Commissioner Miller gave a report on the Audit Committee Meeting held on September 25, 2020.
Steve Whitson requested approval for the CARES Act CV-2 Notice of Funding Availability and Allocation Plan, including MHDC’s direct administration of federal reimbursable assistance. A motion to approve was made by Commissioner Elliff and seconded by Lieutenant Governor Kehoe. The motion passed unanimously with vote of 9-0.
Chairman Bay reminded the board that at the last meeting held on September 25, 2020 there was an interest from board members to serve on a committee to study the accelerated redemption of the low-income housing tax credit. A motion was made by Commissioner Miller to form the Accelerated Redemption Study Committee and to appoint the following to the committee: State Treasurer Scott Fitzpatrick as Chair, Lieutenant Governor Mike Kehoe, Commissioner Mark Elliff, Commissioner Garrick Hamilton, Commissioner Tracey Lewis, and Commissioner Rick McDowell. Commissioner Hamilton seconded the motion. The motion passed unanimously with a vote of 9-0.
Kip Stetzler requested approval of the Rental Production Recommendation for Funding Federal 4% Rolling Application. A motion to approve the 4% application was made by Commissioner Hamilton and seconded by Commissioner Miller. The motion passed with a vote of 9-0.
Mr. Whitson requested approval of the Missouri Housing Trust Fund 2021 Allocation Plan and Notice of Funding Availability. A motion to approve the Allocation Plan and NOFA was made by Commissioner Miller and seconded by Commissioner Elliff. The motion passed with a vote of 9-0.
After inquiring of Commissioners and staff if there were other matters for the Commission to take up, and upon hearing none, Commissioner Miller made a motion to adjourn and it was seconded by Commissioner Elliff. The motion passed unanimously with a vote of ayes.
_________________________________________ Jeffrey S. Bay, Chairman
MISSOURI HOUSING DEVELOPMENT COMMISSION Regular Meeting
Minutes of Meeting Held Tuesday, November 24, 2020 The regular meeting of the Missouri Housing Development Commission was held by phone on Tuesday, November 24, 2020 at 9:30am. Those present were:
Commissioners and Persons Present to Vote for Ex-Officio Members
Jeffrey S. Bay, Chairman (via telephone) Mike Kehoe, Lieutenant Governor (via telephone) Scott Fitzpatrick, State Treasurer (via
telephone) Justin Smith, on behalf of Attorney General Schmitt (via telephone) Bill Miller, Secretary-Treasurer (via telephone) Rick McDowell, Commissioner (via telephone) Mark Elliff, Commissioner (via telephone) Garrick Hamilton, Commissioner (via telephone) Tracey Lewis, Commissioner (via telephone)
Others Present Kayla Hahn, Governor Parson’s Office (via telephone) Leslie Korte, State Treasurer Fitzpatrick’s Office (via telephone)
Commissioners Absent Mike Parson, Governor Eric Schmitt, Attorney General
Staff Members Kip Stetzler, Executive Director (via telephone) Tina Beer, Director of Operations (via
telephone) Marilyn Lappin, Director of Finance (via
telephone) Frank Quagraine, Director of Rental
Production (via telephone) Katie Jeter-Boldt, General Counsel (via
telephone) Jennifer Schmidt, Deputy Director of
Operations (via telephone) Scott Hanak, Director of Asset Management
(via telephone) David Nickum, Director of Information
Technology (via telephone) Sara Turk, Fiscal and Accounting Manager (via
telephone) Sarah Parsons, Disaster Program Manager (via
telephone) Gus Metz, Chief Underwriter (via telephone)
Megan Word, Legislative Coordinator (via telephone) Lynn Sigler, Operations Manager (via telephone) Anne Powell, Attorney (via telephone)
Chairman Bay called the meeting to order.
Commission meeting roll call was taken by Ms. Sigler; a quorum was present.
A motion to approve the minutes of the Regular Meeting held on September 25, 2020 was made by Commissioner Miller and seconded by Commissioner Elliff. The motion passed unanimously with a vote of 9-0.
A motion to ratify any prior actions with respect to the Qualified Allocation Plan ("QAP") and confirm that the board has adopted the QAP, as amended by discussion at the September 25 meeting, was made by Commissioner McDowell and seconded by Commissioner Miller. The motion passed unanimously with a vote of 9-0.
After inquiring of Commissioners and staff if there were other matters for the Commission to take up, and upon hearing none, Chairman Bay made a motion to adjourn and it was seconded by all Commissioners with “aye” in unison. The motion passed unanimously with a vote of ayes.
_________________________________________ Jeffrey S. Bay, Chairman
Mike Parson Governor
Mike Kehoe Lieutenant Governor
Scott Fitzpatrick State Treasurer
Eric Schmitt Attorney General
Jeffrey S. Bay Chairman
Bill Miller Secretary-Treasurer
Mark Eliff Commissioner
Rick McDowell Commissioner
Garrick Hamilton Commissioner
Tracey S.C. Lewis Commissioner Kip Stetzler Executive Director
Kansas City 920 Main, Suite 1400 Kansas City, MO 64105 816-759-6600 Fax 816-301-7000 Mailing Address: P.O. Box 239 Liberty, MO 64069
St. Louis 505 N. 7th Street 20th Floor, Suite 2000 St. Louis, MO 63101 Mailing Address: 7450 Natural Bridge Rd. P.O. Box 210567 St. Louis, MO 63121-9998
www.mhdc.com
December 17, 2020 TO: Board of Commissioners Missouri Housing Development Commission FROM: Marilyn Lappin
Director of Finance
SUBJECT: RFP for Bond Underwriters The Commission’s agreement with the Commission’s current bond underwriting team is approaching the end of the five-year term which began in spring 2016. Attached for your review is a draft Request for Qualifications and Proposals (RFP), which will request proposals from investment banking and broker/dealer firms to serve as senior managers and co-managers to underwrite, sell and distribute the Commission’s single family mortgage revenue bonds and multifamily housing revenue bonds and selling group members to sell and distribute bonds. Staff requests approval to release the RFP for Underwriters and Selling Group Members so the bond underwriting team selection process can begin.
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MISSOURI HOUSING DEVELOPMENT COMMISSION
Request for Qualifications and Proposals
for Underwriters and Selling Group Members
Released: January 5, 2021
Responses Due: February 8, 2021 Noon Central Time via email to: [email protected]
SECTION I: INTRODUCTION The Missouri Housing Development Commission (“MHDC” or the “Commission”) was established in 1969 in order to increase the availability of decent, safe and sanitary housing at prices within the means of low and moderate-income persons. The Commission is a governmental instrumentality of the state of Missouri and a body corporate and politic. The Commission’s authority is derived from Section 215.030, et seq., of the Revised Statutes of Missouri, as amended and supplemented. Purpose of the Request for Qualifications and Proposals (RFP) The purpose of this Request for Qualifications and Proposals (“RFP”) is to request proposals from investment banking and broker/dealer firms to serve as senior managers, co-senior managers and co-managers of a syndicate to underwrite, sell and distribute its single family mortgage revenue bonds and multifamily mortgage revenue bonds and selling group members to sell and distribute its single family mortgage revenue bonds and multifamily mortgage revenue bonds. Interested firms should respond in accordance with this RFP. Term of Service It is anticipated that the selected firms will be retained by the Commission for three years commencing with the first mortgage revenue bond issue sold after the Commission’s selection process is completed. This three year term is subject to satisfactory performance. At its option the Commission may extend the relationship for one additional two-year period. MHDC reserves the right, at its sole discretion, to end the term of service or change the status and role for any firm selected pursuant to this RFP, at any time prior to the expiration of the stated term of service and to add one or more firms not initially selected pursuant to this RFP to its underwriting team at any time during the stated term of service. This right reserved to MHDC to add or remove one or more firms is a unilateral right in the sole discretion of MHDC and may be undertaken at any time with or without cause. Selection of firms to be added at such time may be made from among respondents to this RFP or pursuant to such other selection process as MHDC shall determine. Anticipated Timetable for RFP and Proposals
Release RFP Proposals Due Evaluation Committee Recommendation Selection by Commissioners
January 5, 2021 February 8, 2021 Noon Central Time Spring 2021 Spring 2021
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SECTION II: GUIDELINES AND INSTRUCTIONS Form of Response The Commission desires to consider responses to this RFP in a consistent and easily-comparable format. Proposals not organized in the manner set forth in this RFP may be considered, at the Commission’s sole discretion, as unresponsive. Respondents should not refer to other parts of their proposal, to information that may be publicly available elsewhere, or to the submitting entity’s website or another website in lieu of answering a specific question. The proposal must be accompanied by a cover letter stating that: (a) the information submitted in and with the proposal is true and accurate, and (b) the person signing the letter is authorized to submit the proposal on behalf of the firm. Interested firms are requested to submit proposals that contain information submitted in the order of Section VI below. Proposal Submission Completed proposals must be submitted electronically by email to [email protected] in searchable PDF file format along with the spreadsheet listing in Excel file format of the bidding firm’s owners pursuant to Section VI.B.3. The “Subject” line of the email should state “[insert firm name] Proposal for Underwriters and Selling Group Members.”
Proposal Due Date Monday, February 8, 2021 by Noon Central Time
Standards of Conduct Please refer to the Commission’s “Standards of Conduct” Policy for information regarding contact with MHDC commissioners or staff in connection with this RFP, necessary disclosures thereunder and other policies regulating the actions of interested parties, employees and commissioners during a competitive matter. The Commission’s Standards of Conduct Policy is available on MHDC’s website at http://www.mhdc.com/about/commission/policies/index.htm, Furthermore, pursuant to the Standards of Conduct, any Response under this RFP shall disclose the name of the individual, entity and/or entities having ownership interests in the Respondent as set forth in Section VI.B.3 below. Inquiries The Commission will provide responses to inquiries submitted by firms to the Commission’s contact person, Marilyn Lappin, Director of Finance. All questions must be submitted in writing via email to Ms. Lappin at [email protected] and received no later than Thursday, January 14, 2021, 3:00 p.m. CT. The “Subject” line of the email should be, “RFP for Underwriters and Selling Group Members Questions.” Questions submitted after the deadline will not receive a response. Responses will be provided by January 25, 2021, 5:00 p.m. CT to all interested bidders that have provided an email address to Ms. Lappin prior to the above deadline for the submission of questions All inquiries must be submitted by email, citing the particular RFP section and paragraph number, if applicable. Respondents should note that all clarifications and exceptions are to be resolved prior to submission of the proposal. Other than the contact person identified herein and except as provided in Sections VI.B.3 and VI.B.16 below, prospective proposers shall not approach the Commission’s employees, managers, board
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members or bond finance professionals after the publication of this RFP until the board of Commissioners complete their selection. Public Records Firms responding to this RFP should be aware that the Proposals are public records under state law after the evaluation and selection process has been completed. Modifications to Proposals Respondents may not modify or correct its Proposal any time after the Proposal Due Date, except in direct response to a request from the Commission for clarification. Revisions to this RFP In the event that it becomes necessary to revise any part of the RFP, MHDC will provide notice of an addendum to each firm receiving notice of this RFP. Any additional information required to clarify portions of this RFP will be issued in the form of an addendum. Visits and Interviews All firms responding to this RFP must be prepared to schedule a telephone/video conference or a visit to its offices or to another location upon request by the Commission. In addition, firms responding to this RFP may be interviewed via a telephone/video conference or at a location determined by MHDC as a part of the selection process. Expense Relating to Proposals The Commission is not responsible for any expense incurred in preparing and submitting a Proposal or taking any action in connection with the selection process, or for the costs of any services performed in connection with submission of a Proposal. Reservation of Rights The Commission reserves the right to conduct any investigation of the qualifications of any firm that it deems appropriate; negotiate modifications to any of the items proposed in the Proposal; request additional information from any firm; reject any or all Proposals; and waive any irregularities in any Proposal. The Commission retains the right to negotiate the fees and compensation arrangements for its underwriting services. The engagement described in this RFP is not exclusive and MHDC expressly retains the right at any time to retain any other firm or firms to provide any of the services described herein without violating the engagement contemplated by this RFP or to sell any issue of its bonds by competitive sale or private placement or such other means it shall deem appropriate.
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SECTION III: UNDERWRITING TEAM MHDC intends to designate one or two firms as Senior Manager(s) and approximately four to six firms as Co-Managers, which may include one or two Co-Senior Managers, for its single family mortgage revenue bonds. If more than one Senior Manager is selected, it is possible that the Senior Managers will alternate roles as book-running manager of the account on single-family bond issues, with the Senior Manager not serving a particular transaction as book-running manager of the account serving as a Co-Senior Manager, along with the other firm or firms selected as Co-Senior Manager, if any. In addition, MHDC expects to appoint additional firms as members of a selling group in connection with its single-family mortgage revenue bonds. MHDC anticipates that the firm(s) selected as Senior Manager(s) for the single-family mortgage revenue bond issues will serve as Senior Manager(s) for its multifamily mortgage revenue bonds as well. MHDC may designate one Senior Manager as book-running manager of the multifamily account or may alternate roles as book-running manager of the account at its discretion. Firms selected as Co-Senior Managers (if any), Co-Managers and selling group members may participate in those capacities for multifamily mortgage revenue bonds from time to time in the judgment of MHDC for those issues of sufficient size or other characteristics to justify a larger underwriting team. Compensation of all firms, including Senior Managers, Co-Senior Managers (if any), Co-Managers and selling group members, will be determined by the fee arrangements negotiated with the Senior Managers. MHDC will direct the order priorities, member liabilities and designation rules for priority orders to be included in the Agreement Among Underwriters (AAU) and in the Selling Group Agreement. MHDC reserves the right in its sole discretion to change the order priorities, member liabilities and designation rules for priority orders at any time during the term of the engagement contemplated by this RFP. MHDC has typically sold its single family mortgage revenue bonds using a one day retail order period followed by institutional pricing the subsequent morning. During the retail order period the priority of orders is Missouri retail orders followed by national retail orders. During the institutional pricing the priority of orders is net designated orders followed by member orders. MHDC expects to continue to follow these practices but is open to suggestions to enhance distribution of its bonds. Respondents may apply for selection as a Senior Manager, Co-Manager or Selling Group Member. Applicants for Senior Manager will automatically be considered for selection as a Co-Manager or Selling Group Member and applicants for Co-Manager will be considered as Selling Group Member.
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SECTION IV: SCOPE OF SERVICES The Scope of Services will differ for those firms chosen as Senior Manager compared to Co-Managers and Selling Group Members. Due to their alternating position as the book-running senior manager, the Senior Managers will provide MHDC a broader range of services, as follows. Senior Managers. The Senior Managers will be primarily responsible for the following scope of services relating to the issuance of bonds:
1. Assist in the development of the overall bond financing strategy, including the sizing and timing of each long term bond issue.
2. Provide recommendations regarding the structure of each issue of bonds to best achieve
MHDC’s objectives for that transaction. This will include ideas regarding the marketing of taxable bonds, ideas for economic refunding issues, planned amortization class bonds, super-sinker maturities, pass-through structures and other concepts that will enable MHDC to maximize the funds available for loans to homebuyers at the lowest reasonable mortgage rates.
3. Review and comment on the bond documents, disclosure documents, program agreements
and other documents relating to each transaction. This will include timely review by the Senior Manager of the Supplemental Indenture, the official statement or other disclosure documents and the closing documents for each series of bonds issued.
4. Coordinate with underwriter’s counsel in making arrangements with financial printers for
printing and mailing of disclosure documents and related materials. 5. Assist in obtaining the rating for each bond transaction and any bond insurance commitment
or other form of credit enhancement desired to secure the bonds. 6. Work with MHDC and its Financial Advisors to develop the underwriting, distribution and
marketing strategy for each issue of bonds and arrange for the preparation of an Agreement Among Underwriters (AAU) containing appropriate order priorities, syndicate rules and restrictions to implement that strategy and a Selling Group Agreement, as appropriate, detailing the rules and priorities applicable for the members of the Selling Group, if any.
7. When serving as book-runner, manage the syndicate in such a way as to adhere to the
constraints imposed by the AAU and to ensure a fair and equitable allocation of bonds among the managing underwriters and Selling Group, as applicable.
8. When serving as book-runner, have the capabilities to prepare all quantitative analyses and
yield calculations relating to each new issue. (Note that computer-related services are currently, at the discretion of MHDC, provided by MHDC's Financial Advisors.)
9. As requested, assist MHDC and its Financial Advisors in the development and
implementation of the bond proceeds reinvestment strategy. 10. Provide a comprehensive and detailed Analysis of Distribution to document the level of
participation and performance of each member of the underwriting team in selling and distributing MHDC’s bonds.
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11. Underwrite maturities of bonds, individually or as members of the syndicate, as appropriate, to effectuate the successful distribution of the Commission’s bonds at the lowest possible interest rate.
Co-Senior Managers and Co-Managers. The Co-Senior Managers, if any, and Co-Managers will be primarily responsible for the following scope of services relating to the issuance of bonds:
1. Work with the book-running Senior Manager by providing recommendations regarding the pricing, marketing and distribution strategy.
2. Review and comment on the draft AAU prepared and distributed by the book-running Senior Manager.
3. Utilize the firm’s institutional and retail sales capabilities to aggressively market bonds in support of the pricing and distribution strategy.
Selling Group Members. The Selling Group Members will utilize the firm’s institutional and/or retail sales capabilities to aggressively market bonds in support of the pricing and distribution strategy. Selling group members are not eligible for designations of takedown for net designated orders. SECTION V: EVALUATION CRITERIA The criteria to be used in evaluating the Proposals will include, but are not limited to, the following:
1. Housing finance experience and expertise of the personnel to be assigned to the Commission’s engagement as well as the housing finance experience and expertise of the firm.
2. Sales and distribution capabilities, which shall include both retail and institutional distribution capabilities, demonstrated distribution efforts on prior MHDC issues as well as on behalf of other state and local issuers of single family and multifamily mortgage revenue bonds.
3. The location, extent and capabilities of the firm’s offices and employees in Missouri, and
economic impact to Missouri.
4. Suggestions regarding innovative financing ideas for MHDC.
5. The firm’s capital adequacy and capacity to perform the services described under Scope of Services above in a prompt, responsive manner with excellent quality of work product.
6. The firm’s certification as a minority, woman or veteran-owned firm and/or the firm’s inclusion of minority and women participation, including the firm’s employees.
7. Related investigations and regulatory proceedings and litigation involving the firm will be taken into account, depending upon the nature and significance of the proceedings.
8. The Commission’s prior experiences, if any, with the firm and any other factors the Commission believes would be in its best interest to consider.
9. Quality and thoroughness of RFP response and special capabilities of the firm outlined in the response to the RFP.
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In addition, those firms seeking consideration as Senior Manager will also be evaluated on the following additional factors relevant to the broader scope of services and responsibilities of the Senior Managers, which will include, but are not limited to, the following:
1. Recommended strategies for providing financing for and/or enhancing MHDC’s single family
mortgage revenue bonds program. 2. Recommended strategies for providing financing for and/or enhancing MHDC’s multifamily
mortgage revenue bonds program. 3. Demonstrated computer analytical capabilities to model bond structures and generate
cashflow analyses, including analyses required by S&P and bond and loan yield analyses required to satisfy federal tax law as required by bond counsel.
4. Proposed fees and charges for services.
SECTION VI: PROPOSAL DETAILS Respondents interested in responding to this RFP should submit the following information. A. Cover Letter (limit to 1 page) stating that: (a) the information submitted in and with the
proposal is true and accurate, and (b) the person signing the letter is authorized to submit the proposal on behalf of the Respondent.
B. Proposal (limited to 25 pages, excluding exhibits) including the following information:
1. Proposed Role. State the role for which you wish your firm to be considered: (a) Senior Manager, or (b) Co-Senior Manager, (c) Co-Manager or (d) Selling Group Member.
2. Firm Information. Provide a description of your firm that includes the length of time
your firm has been in business, an overview of the public finance department and a discussion of any substantive changes in its management and housing banking group, in its municipal securities trading group, and in any other area of its public finance practice in the last three (3) years.
3. Firm Ownership. Pursuant to the Standards of Conduct (see Section II of this RFP),
any response under this RFP shall disclose the name of the individual, entity and/or entities having ownership interests in the Respondent. All entities identified in this disclosure shall be reduced to their human being level irrespective of the number of entity layers which may be present for any disclosed entity. Notwithstanding the previous sentence, to the extent any Respondent under this RFP is a publicly traded corporation, such a Respondent may limit this disclosure to all board members, officers (and other key employees) and any shareholders owning or controlling ten percent (10%) or more of the corporation. For purposes of providing firm ownership information, please complete Attachment 1 in spreadsheet format to include a listing of your firm’s owners/shareholders. Questions regarding these requirements or any other requirements or restrictions imposed by the Standards of
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Conduct may be directed to the Commission’s General Counsel, Katherine (Katie) Jeter-Boldt, by phone at 816-759-6835 or email at [email protected].
4. Public Finance Department. Provide an overview of your public finance department and your firm’s financial wherewithal to underwrite housing bonds. Include the following information:
Number of professionals in public finance department
Number of professionals assigned full-time to tax-exempt housing
Number of institutional sales personnel assigned exclusively to marketing tax-exempt bonds and notes
Firm’s net capital Firm’s excess net capital Net capital allocated to Public Finance Excess net capital allocated to Public Finance
5. Housing Professionals. Provide the number of professionals who are dedicated to
banking for state HFAs, including their names, titles and a brief description of their background and experience. Describe any changes, including additions and departures, in your housing group staff in the last two years and the impact on serving clients. In addition, please describe plans for any upcoming anticipated changes, such as retirements, in your housing group staff.
6. Contact Person and Staffing. Provide the name, address, phone number, and email
address of the primary contact person for your firm’s proposal. Identify the personnel, and provide a brief resume for each such person, who would be assigned to the MHDC account if your firm is selected pursuant to this RFP to serve in any capacity. Identify the location and key personnel of the municipal trading desk that will have primary responsibility for the Commission’s bond sales. Note that if the firm is selected in any capacity no change to this staffing will be permitted without the permission of MHDC.
7. Sales and Distribution Capability. Describe the in-State, regional and national sales
and distribution capabilities of your firm both as to (a) retail sales, and (b) institutional sales. Discuss the proposed role of your firm in implementing a pricing and marketing strategy to take maximum advantage of strong in-State retail demand for MHDC bonds. Describe any other sales and distribution capabilities of the firm that will enhance the distribution of MHDC’s bonds.
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8. Qualifications and Experience. Provide the following summary data with respect to housing revenue bond transactions (both tax exempt and taxable) for which your firm served as book-running senior manager, co-senior manager, co-manager, or selling group member, for each of the periods indicated in the table, below. Provide a separate table for Single Family and for Multifamily bond issues.
Lead Manager Co-Senior Manager Co-Manager Selling Group Member YEAR # Issues $ Amount # Issues $ Amount # Issues $ Amount # Issues $ Amount 2018 2019 2020
In a separate appendix list each transaction incorporated into the table above, grouped
by the firm’s role, in chronological order providing general information about the transaction including the issuer name, the dollar amount of the issue, the name of the issue, the series designation and the settlement date.
For those firms that have previously served as an underwriter or selling group member
to MHDC during the same periods in the table, please complete the following table and for those firms not previously serving MHDC during that period select another comparable state agency client and complete the following table. When completing the table, institutional designations received by firms may serve as the basis for the amount of allotments.
Retail Distribution Institutional Distribution YEAR Orders ($) Allotments ($) Orders ($) Allotments ($) 2018 2019 2020
9. State HFA Clients. List the state housing finance agencies for which your firm
currently serves as book-running Senior Manager, Co-Senior Manager, Co-Manager or selling group member, the firm’s role and a contact with the agency for reference purposes. Identify any state housing finance authority for which your firm was added to the underwriting team or for which the firm’s role was elevated since January 1, 2018. Identify any state housing finance authority for which your firm served as a member of the underwriting team subsequent to January 1, 2018, but for which your firm is not currently serving in that capacity or is serving in a diminished capacity. Please explain the basis for the change.
10. State HFA References. Provide contact names, phone numbers and email addresses
for three state-level HFA references.
11. Operation of the Underwriting Syndicate. State your firm’s recommendations regarding bond order priority, retention and designation policies which should be included in the Agreement Among Underwriters to govern the operation of the underwriting syndicate in order to (a) first and foremost, best implement and control a balanced sale designed to minimize TIC by taking advantage of in-State retail demand for certain maturities and institutional demand for bonds (including premium bonds), and (b) to the extent not inconsistent with (a) above, result in fair and equitable
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compensation and bond allocations among the underwriters. State your recommendations regarding the minimum time needed between POS distribution and the start of the order period to permit an orderly and efficient sale, and comment on impacts of incorporating a retail order period.
12. Special Strengths and/or Minority Representation. Describe any special strengths or
capabilities of your firm (which may include selling group performance for MHDC or other state housing finance agencies, special expertise with single and multifamily housing bonds, the firm’s status as a minority, woman or veteran-owned firm, the presence of offices or headquarters in Missouri, the number of employees of the firm within Missouri or any other special services or assistance your firm may provide to MHDC) that you believe may be relevant to or helpful to MHDC in structuring, financing or administering its Homeownership Loan Program and/or its multifamily lending initiatives.
13. Economic Impact to Missouri. The Respondent must provide information and data
concerning the economic impact of any contract entered into pursuant to this RFP. At minimum, the Respondent must provide: a) a description of proposed services that will be performed and/or the proposed products that will be provided by Missourians; b) a description of the economic impact returned to the State of Missouri through tax revenue obligations and otherwise; and c) a description of the Respondent’s economic presence within the State of Missouri, including Missouri employee statistics.
14. Litigation, Investigations and Regulatory Proceedings. Provide a summary of all
inquiries, investigations, or civil litigation initiated, in progress or closed by any federal or Missouri agency during the past five years regarding the conduct of your firm, your firm’s management or public finance personnel. Describe with specificity those actions related to the firm’s public finance department or the distribution of tax-exempt bonds. Describe any related actions taken against your firm or any employees of the firm resulting in fines, suspensions, censure, or similar resolution. Provide a summary of any criminal inquiries, investigations, indictments or convictions against your firm or any employee of your firm (in connection with the employee’s work responsibilities for the firm) initiated, in progress or closed during the past five years. Provide a summary of any civil litigation initiated, in progress or closed during the past five years involving the firm’s public finance practice or any employee’s work responsibilities for the firm in connection with the firm’s public finance practice. Failure to respond fully to this question or to refer to public filings rather than provide the information directly may result in disqualification. (If necessary, responses to this question may be included in as a separate appendix to the proposal.)
15. Authorization to Do Business in Missouri. Respondent should explain its authorization to do business in Missouri and include a copy of relevant public documents, such as a Missouri certificate of good standing, a foreign business registration, a fictitious name filing, or a copy of filed organizational documents. Likewise, Respondent must explain authorization to do business in Missouri and include like documents for all third-party agreements, joint venture arrangements, and/or relationships that will result in the provision of any services in whole or in part by outside parties, third-party contractors, affiliates, or subcontractors. In the event the Respondent or other entities included in the Response is not currently authorized to do business in Missouri, include Respondent’s proposed method and timeline for gaining authorization.
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16. Undocumented Workers. Pursuant to Mo.Rev.Stat. §285.530.2, firm(s) selected
pursuant to this RFP shall provide MHDC with an affidavit stating that the firm does not employ any person who is an unauthorized alien in conjunction with the contracted services, and that the firm is enrolled in and participating in a federal work authorization program with respect to the employees working in connection with the contracted services. Prior to execution of any agreement contemplated herein, the firm shall provide evidence of participation in a federal work authorization program. Questions regarding this requirement may be directed to the Commission’s General Counsel, Katherine (Katie) Jeter-Boldt, by phone at 816-759-6835 or email at [email protected]. In your proposal, please indicate whether your firm is currently enrolled in and participating in a federal work authorization program such as E-Verify.
17. Prohibition to Boycott Israel. Pursuant to Mo.Rev.Stat. §34.600, MHDC shall not
enter into a contract with any firm that boycotts Israel. In your proposal, state whether your firm is or is not currently engaged in a boycott of (i) goods or services from the State of Israel; (ii) companies doing business in or with Israel or authorized by, licensed by, or organized under the laws of the State of Israel; or (iii) persons or entities doing business in the State of Israel. “Boycott” means refusing to deal with, terminating business activities with, or otherwise taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations, but does not include an action made for ordinary business purposes.
In addition, only those firms seeking consideration as Senior Manager should respond to the following additional information requests:
18. Strategies for Funding Single Family Mortgage Loan Programs with Bond Financing and Other Financing (such as MBS Sales). Based on prevailing interest rates and market conditions, recommend strategies (e.g., bond finance sizing, structure, marketing or pricing, forward delivery or MBS sales) designed to enable MHDC to (a) offer a mix of regular low interest rate loans and higher rate down payment assistance loans with the most affordable interest rates and terms, (b) minimize total transaction costs (including negative arbitrage costs for bond financing), (c) maximize the total amount of lendable proceeds for first time homebuyers and (d) maximize the Net Present Value economic benefit to MHDC of each transaction. Identify any element of your recommended strategy which your firm views as being “proprietary” or otherwise effectively available to MHDC primarily (or exclusively) from your firm.
19. Strategies for Funding Multifamily Mortgage Loans. Based on your recent experience
as a managing underwriter for multifamily mortgage revenue bonds, briefly describe those bond structures and credit enhancement mechanisms which, in the opinion of your firm, currently provide the most cost-effective strategy for funding mortgage loans on rental apartment projects (particularly smaller to medium sized projects).
20. Proposed Fees. State the amount of the management fee (in dollars per thousand)
your firm proposes to be paid for serving as book-running Senior Manager for (a) a $50 million new issue of long term single family mortgage revenue bonds (assuming ‘AA+’ bond rating) and (b) $5 million new issue of long term fixed rate multifamily mortgage revenue bonds (assuming ‘AA+’ bond rating). Provide the quotation of the full amount of the management fee; however, assume this fee will be apportioned with
12
60% of the management fee allocated to the book-running Senior Manager and the remaining 40% allocated to any other rotating Senior firm serving as a Co-Senior Manager. MHDC may approve a different allocation of the management fee among the Senior Managers but the total amount will be based upon the quoted fee.
MHDC understands the Takedown and Risk components of underwriter discount are “market-driven” costs and may fluctuate depending upon market conditions. Based upon market conditions as of January 20, 2021, provide estimates of the Takedown (in dollars per thousand) your firm would recommend for a typical issue of $50 million long term, fixed rate tax-exempt single family mortgage revenue bonds consisting of (a) par serial bond maturities out to 12 years, (b) par term bond maturities of 15, 20, 25 and 30 to 32 years, and (c) premium PAC bonds maturing in approximately 31 or 32 years with an average life of five to six years. For each of the par term bonds, indicate the extent to which the Takedowns could be reduced by offering those bonds only to institutional investors (it is assumed the premium PAC bonds would be offered only to institutional investors). In addition, provide an estimate of the Takedown (in dollars per thousand) your firm would recommend for a pass-through $50 million single family bond issue. Please provide a listing of other estimated underwriter expenses that you would charge, including underwriter’s counsel.
21. Computer Analytical Capability. Describe the capabilities and experience of your firm
in providing all of the quantitative analyses, including analyses required by S&P (both on a single series, stand-alone basis and on a consolidated basis for all parity bonds outstanding under a master indenture) and the bond/mortgage yield computations required by bond counsel. State the fee your firm would propose to charge for providing the cash flow analyses and yield computations for a typical issue of (a) fixed rate single family mortgage revenue bonds, and (b) fixed rate multifamily mortgage revenue bonds. State your firm’s willingness to coordinate bond structuring and cash flow analyses with CSG Advisors Incorporated and Columbia Capital Management, MHDC's Co-Financial Advisors, if these firms continue to be directed to perform the required quantitative analyses.
22. Underwriters’ Counsel. Presently underwriters’ counsel prepares the disclosure
documents for MHDC’s single family issues and prepares the bond purchase agreement, agreement among underwriters and selling group agreement for all bond issues. In addition, bond counsel prepares the disclosure documents on MHDC’s multifamily mortgage revenue bonds and underwriters’ counsel prepares the bond purchase agreement and agreement among underwriters. MHDC expects that a single law firm, or a single team of law firms, will serve as underwriters’ counsel for all single family mortgage revenue bond issues, regardless of the firm appointed book-running senior manager on a particular issue. As a result, MHDC will expect that if two firms are selected as rotating Senior Managers, the Senior Managers will agree on the firm(s) designated as underwriters’ counsel. MHDC expressly reserves the right to disapprove any firm so selected and to require the Senior Managers to agree upon a firm acceptable to MHDC. In the future, MHDC may consider a different approach to its legal services and provide that its disclosure documents be prepared by disclosure counsel selected by MHDC. Indicate your willingness to abide by these terms. Furthermore identify the law firm(s), including the names and resumes of the principal attorneys,
13
including participation with a minority, woman or veteran-owned firm, if any, you would propose or consider as a candidate to serve as Underwriters’ Counsel on transactions for which your firm would be designated as book-running Senior Manager.
There is no additional information requested. Thank you for reviewing this RFP. We look forward to your response.
MHDC - Underwriters and Selling Group Members - RFPFirm Information
Proposing Firm Owners/Partners/Shareholders *
[Firm Name]
ATTACHMENT 1
* For publicly traded firms, disclosure may be limited to all board members, officers (and other key employees) and any shareholders owning or controlling ten percent (10%) or more of the corporation
Kansas City Region
Project # Units
New
Rehab
Senior /
Family
HOME
CHDO
Set-aside
Non-
profit TC
Set-aside
Set-Aside
Preference /
Service Enriched /
Veteran's Services Development Name Developer City
Federal 4%
Tax Credits
State 4% Tax
Credits
Federal 9%
Tax Credits
State 9% Tax
Credits HOME
MHDC Fund
Balance - Perm.
National
Housing Trust
Fund TCAP
Tax Exempt
Bond - Const.
20-404 204 Rehab Family No No YesParker Square Apartments CRG Developers LLC Kansas City $ 912,300 $ 181,768 N/A N/A $ - $ - $ - $ - $ 18,600,000
20-419 118 RehabSenior
62+ No No Yes
Palestine Gardens _ Palestine Gardens North
Palestine Gardens / Palestine Gardens, Inc Kansas City $ 384,212 $ 384,212 N/A N/A $ - $ - $ - $ - $ 8,840,000
20-014 50 NewSenior
55+ No No Yes Logan Villas, LP Raga Properties, LLC Raytown N/A N/A $ 638,000 $ 446,600 $ 1,200,000 $ - $ - $ - N/A
20-051 53 New Family No Yes Yes Bodhi Kansas City Vecino Group, LLC Kansas City N/A N/A $ 671,000 $ 469,700 $ 700,000 $ - $ - $ - N/A
20-052 62 New Family No No Yes Libertad Grandview Vecino Group, LLC Grandview N/A N/A $ 786,000 $ 550,200 $ 1,300,000 $ - $ - $ - N/A
20-077 80 Rehab Family Yes Yes Yes The Cleveland Community Builders of Kansas City Kansas City N/A N/A $ 482,000 $ 337,400 $ 725,000 $ 2,100,000 $ - $ - N/A
20-100 62 New Family No Yes Yes Sam Rodgers Place Brinshore Development, LLC Kansas City N/A N/A $ 655,000 $ 458,500 $ - $ 2,700,000 $ 1,600,000 $ - N/A
St. Louis Region
Project # Units
New
Rehab
Senior /
Family
HOME
CHDO
Set-aside
Non-
profit TC
Set-aside
Set-Aside
Preference /
Service Enriched /
Veteran's Services Development Name Developer City
Federal 4%
Tax Credits
State 4% Tax
Credits
Federal 9%
Tax Credits
State 9% Tax
Credits HOME
MHDC Fund
Balance - Perm.
National
Housing Trust
Fund TCAP
Tax Exempt
Bond - Const.
20-402 112 RehabSenior
62+ No No YesWinter Garden Apartments
Winter Garden Senior Housing Developer, LLC St. Louis $ 664,506 $ 640,000 N/A N/A $ - $ - $ - $ - $ 12,000,000
20-408 155 RehabSenior
62+ No No Yes Covenant Place III Community Housing Management Corp. St. Louis $ 865,885 $ 620,000 N/A N/A $ 500,000 $ - $ - $ - $ 17,052,309
20-413 88 Rehab Family No No YesEtzel Place VI Apartments K-M Housing, LLC St. Louis $ 424,515 $ 350,000 N/A N/A $ 860,000 $ - $ - $ - $ 7,445,000
20-013 137 New Family No No YesPreservation Square Phase IIA McCormack Baron Salazar, Inc. St. Louis N/A N/A $ 1,575,000 $ 1,102,500 $ - $ - $ 2,274,000 $ - N/A
20-045 60 NewSenior
55+ No No Yes Sunridge Meadows Ring Property Company, L.L.C. Festus N/A N/A $ 790,000 $ 553,000 $ 970,000 $ 1,500,000 $ - $ - N/A
20-050 60 New Family No No Yes Alumnus GardensNash Group, LLC 51% and Vecino Group, LLC 49%, Jointly St. Louis N/A N/A $ 775,000 $ 542,500 $ 500,000 $ - $ - $ - N/A
20-075 50 NewSenior
55+ No Yes YesScott Manor II Senior Apartments Scott Manor II Developer LLC St. Louis N/A N/A $ 688,500 $ 481,950 $ 817,000 $ - $ - $ - N/A
20-079 23 Rehab Family No No Yes Francies Place Gateway Housing First, Inc. St. Louis N/A N/A $ - $ - $ - $ 1,650,000 $ - $ 455,000 N/A
20-083 50 NewSenior
55+ No Yes YesElm Ridge Senior Apartments Elm Ridge Developer LLC Hazelwood N/A N/A $ 689,000 $ 482,300 $ 820,000 $ - $ - $ - N/A
20-098 42 NewSenior
55+ No No Yes Vandeventer Place II RR Jennings Developer, L.L.C. St. Louis N/A N/A $ 704,000 $ 492,800 $ - $ - $ 500,000 $ - N/A
2020 - 4% & 9% Rental Production Recommended Applications
2020 - 4% & 9% Rental Production Recommended Applications
MSA-Rural Region
Project # Units
New
Rehab
Senior /
Family
HOME
CHDO
Set-aside
Non-
profit TC
Set-aside
Set-Aside
Preference /
Service Enriched /
Veteran's Services Development Name Developer City
Federal 4%
Tax Credits
State 4% Tax
Credits
Federal 9%
Tax Credits
State 9% Tax
Credits HOME
MHDC Fund
Balance - Perm.
National
Housing Trust
Fund TCAP
Tax Exempt
Bond - Const.
20-407 13 New Family No No No Freedom House IMid-Missouri Barrier Free Housing for the Physically Handicapped, Inc. Columbia $ 110,750 $ 110,750 N/A N/A $ - $ - $ 1,070,000 $ - $ 1,750,000
20-001 67 RehabSenior
62+ No Yes YesLindenwood Senior Apartments
Cape Area Comm. Housing Dev. Corp. CDC and 1105 Development Partners, LLC Cape Girardeau N/A N/A $ 525,000 $ 367,500 $ 450,000 $ - $ - $ - N/A
20-064 40 NewSenior
55+ No No Yes Sinclair Estates II JES Dev Co, Inc. Columbia N/A N/A $ 640,000 $ 448,000 $ - $ - $ 715,000 $ - N/A
20-084 60 NewSenior
55+ No Yes Yes Scenic Meadows Terravest Development Corp. Springfield N/A N/A $ 780,000 $ 546,000 $ 1,150,000 $ - $ - $ - N/A
20-087 54 NewSenior
55+ No No Yes Memorial Hills II Parker Development, L.L.C. Joplin N/A N/A $ 750,000 $ 525,000 $ - $ - $ 640,000 $ - N/A
20-088 42 NewSenior
55+ No No Yes Frisco Senior Village II Parker Development, L.L.C. Bolivar N/A N/A $ 540,000 $ 378,000 $ 400,000 $ - $ - $ - N/A
Rural Region
Project # Units
New
Rehab
Senior /
Family
HOME
CHDO
Set-aside
Non-
profit TC
Set-aside
Set-Aside
Preference /
Service Enriched /
Veteran's Services Development Name Developer City
Federal 4%
Tax Credits
State 4% Tax
Credits
Federal 9%
Tax Credits
State 9% Tax
Credits HOME
MHDC Fund
Balance - Perm.
National
Housing Trust
Fund TCAP
Tax Exempt
Bond - Const.
20-403 80 Rehab Family No No Yes
Diamond Apartments (formerly Oak Tree Apartments) 3 Diamond Development, LLC Rolla $ 263,247 $ 263,247 N/A N/A $ 700,000 $ - $ - $ - $ 5,879,037
20-410 60 Rehab Family No No No Deerfield Village Preservation of Affordable Housing, LLC Carthage $ 374,784 $ 374,784 N/A N/A $ - $ - $ - $ - $ 6,060,000
20-002 40 New Family No Yes YesThe Meadows Of Fredericktown
Madison County Affordable Housing Partnership and RCH Development, INC. Fredericktown N/A N/A $ 563,000 $ 394,100 $ 700,000 $ - $ - $ - N/A
20-019 16 Rehab Family No Yes Yes Woodridge Apartments Central Missouri Community Action Brunswick N/A N/A $ 177,000 $ 123,900 $ - $ - $ - $ - N/A
20-021 24 Rehab Family No No Yes Martin Groves Snider Development, LLC Ava N/A N/A $ 207,000 $ 144,900 $ - $ - $ - N/A
20-024 24 Rehab Family No No Yes Arden Groves Cydecton Investments, LLC Thayer N/A N/A $ 197,000 $ 137,900 $ - $ - $ - $ - N/A
20-026 52 Rehab Family Yes Yes Yes Springridge HighlandsMissouri Valley Community Action Agency Warrensburg N/A N/A $ 373,000 $ 261,100 $ 300,000 $ - $ - $ - N/A
20-027 20 RehabSenior
55+ Yes No Yes Highland GrovesDelta Area Economic Opportunity Corporation Sikeston N/A N/A $ - $ - $ 1,845,000 $ - $ - $ - N/A
20-041 39 New Family No No Yes Woodlands II Affordable Homes Development, Inc. Forsyth N/A N/A $ 565,000 $ 395,500 $ 1,180,000 $ - $ - $ - N/A
20-046 48 RehabSenior
55+ Yes Yes Yes Tannehill Apartments The Siedlund Company, LLC Moberly N/A N/A $ 670,000 $ 469,000 $ 920,000 $ - $ - $ - N/A
20-085 48 New Family No No Yes Parkview Terrace Terravest Development Corp. Kirksville N/A N/A $ 765,000 $ 535,500 $ 970,000 $ - $ - $ - N/A
20-092 36 NewSenior
55+ No No Yes Weatherby Ridge Turnberry Developers, L.L.C. Macon N/A N/A $ 525,000 $ 367,500 $ - $ - $ - $ - N/A
20-095 65 RehabSenior
55+ No No Yes Vernon Heights Missouri Housing Partners Lebanon N/A N/A $ 457,000 $ 319,900 $ 450,000 $ - $ - $ - N/A
Kansas City
20-404
Parker Square Apartments
CRG Developers LLC
Kansas City
Family
Acquisition/Rehab
Non-Profit, Service Enriched, Preservation
Loan Information
223(f) Perm Loan $18,000,000 Seller Note $3,700,000
Seller Note $3,700,000 Tax Credit Equity $6,133,567
TE Construction Bonds $18,600,000
$8,954,113 Costs/Fees Post Construction $2,793,145
$0 Total Construction Sources $31,226,712
$0
$572,599
$31,226,712
$8,555,088
$246,000
$483,600
$652,133
$100,000
$500,000
$0
$16,000,000
$1,806,704
$2,000
$1,367,400
$1,513,787
$31,226,712
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$31,226,712 $1,367,400 $2,000 $29,857,312
$153,072 $6,703 $10 $146,359
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
Project-Based Section 8 property constructed in 1973 with 204 family two-story row house units. Security enhancements
will include gated entry with one-way in and one-way out, new surveillance cameras.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Preservation of Section 8 property with larger unit sizes, including 4BR units which are rare in the area.
2. Reasonable State tax credit request.
3. Good location, near KCATA bus stops.
4. Currently 100% occupied and many households on waiting list.
5. Good services provided for the tenant population.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
2 Bed 48 950 $940 $1,100 85%
3 Bed 108 1120 $1,215 $1,375 88%
4 Bed 48 1250 $1,360 $1,520 89%
204
204
0
Total Per Unit
$2,696,479 $13,218
$1,415,535 $6,939
$1,280,944 $6,279
$1,032,578 $5,062
$248,366 $1,217
Year 1 Year 15
1.24 1.37
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$912,300 $0.87 $4,472 $4,472
$181,768 $0.56 $891 $891
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Kansas City
20-419
Palestine Gardens _ Palestine Gardens North
Palestine Gardens / Palestine Gardens, Inc
Kansas City
Senior 62+
Rehabilitation
Service Enriched
Loan Information
HUD 221(d) 4 $5,105,950 TE Bonds Construction $8,840,000
Tax Credit Equity $1,167,936
$5,839,679 Costs/Fees Post Construction $1,038,184
$0 Total Construction Sources $11,046,120
$0
$100,491
$11,046,120
$6,124,780
$149,000
$226,929
$462,395
$50,000
$20,000
$325,150
$50,000
$1,669,330
$810,000
$15,500
$505,733
$637,303
$11,046,120
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$11,046,120 $505,733 $15,500 $10,524,887
$93,611 $4,286 $131 $89,194
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
Two 3-story elevator buildings with 118 units for seniors originally built in 1988 and 1994.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Tenants will pay only 30% of income for rent.
2. Preservation of Section 8 property for seniors.
3. Project will include enhanced services for tenants.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
Efficiency 14 415 $646 $640 101%
1 Bed 104 528 - 650 $760 $790 96%
118
118
0
Total Per Unit
$1,004,158 $8,510
$567,871 $4,812
$436,287 $3,697
$237,360 $2,012
$198,927 $1,686
Year 1 Year 15
1.84 1.96
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$384,212 $0.90 $3,256 $3,256
$384,212 $0.62 $3,256 $3,256
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Kansas City
20-014
Logan Villas, LP
Raga Properties, LLC
Raytown
Senior 55+
New Construction
Service Enriched, Veterans Housing, Special Needs Population
Loan Information
MHDC HOME $1,200,000 MHDC HOME $1,200,000
Legacy Bank $1,300,000 Tax Credit Equity $1,667,565
Legacy Bank $7,150,000
$8,337,826 Costs/Fees Post Construction $885,535
$0 Total Construction Sources $10,903,100
$0
$65,274
$10,903,100
$7,906,330
$150,000
$163,964
$356,158
$42,500
$0
$0
$25,000
$812,000
$745,000
$15,500
$328,000
$358,648
$10,903,100
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$10,903,100 $328,000 $15,500 $10,559,600
$218,062 $6,560 $310 $211,192
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
New construction of senior (55+) four and six-plexes with 1 and 2 bedrooms. 50 units total with 7 being market rate and 8
being reserved for set-aside.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Excellent location - much of the infrastructure is in place, next door to HyVee and Urgent Care.
2. Reasonable rents - Mixed Income proposal.
3. Strong need for senior housing in area - 1000+ on waiting lists in 4 mile radius of site.
4. Many priorities - Set Aside Preference, Service Enriched, Veteran's Housing.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 8 595 $235 - $855 $1,050 22% - 81%
2 Bed 42 875 $265 - $980 $1,100 24% - 89%
50
43
7
Total Per Unit
$369,451 $7,389
$245,291 $4,906
$124,160 $2,483
$103,517 $2,070
$20,643 $413
Year 1 Year 15
1.20 1.13
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$638,000 $0.88 $14,837 $12,760
$446,600 $0.61 $10,386 $8,932
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Kansas City
20-051
Bodhi Kansas City
Vecino Group, LLC
Kansas City
Family
New Construction
Non-Profit, Service Enriched, Special Needs Population
Loan Information
Legacy Bank $360,000 MHDC HOME $700,000
MHDC HOME $700,000 Tax Credit Equity $2,198,911
Construction Loan, Legacy Bank $6,202,000
$8,795,642 Costs/Fees Post Construction $821,800
$0 Total Construction Sources $9,922,711
$0
$67,069
$9,922,711
$7,154,013
$266,447
$160,783
$298,978
$60,000
$15,000
$0
$75,000
$355,000
$800,000
$15,500
$201,800
$520,190
$9,922,711
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$9,922,711 $201,800 $15,500 $9,705,411
$187,221 $3,808 $292 $183,121
1. 15 units set aside for households experiencing homelessness and mental health disorders.
2. Well documented need for affordable housing in the area.
3. Good services for the tenant population.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
53 family units in walk-up apartments. Amenities include community space with meeting room and computer workstations.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
Efficiency 13 464 $369 - $665 $825 45% - 81%
1 Bed 25 592 - 621 $389 - $750 $935 42% - 80%
2 Bed 15 779 $460 - $850 $1,050 44% - 81%
53
47
6
Total Per Unit
$341,329 $6,440
$280,229 $5,287
$61,100 $1,153
$17,453 $329
$43,646 $824
Year 1 Year 15
3.50 1.52
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$671,000 $0.87 $14,277 $12,660
$469,700 $0.63 $9,994 $8,862
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Kansas City
20-052
Libertad Grandview
Vecino Group, LLC
Grandview
Family
New Construction
Service Enriched, Special Needs Population, Vulnerable Population
Loan Information
Legacy Bank $700,000 MHDC HOME $1,300,000
MHDC HOME $1,300,000 Tax Credit Equity $2,575,773
Legacy Bank $7,507,000
$10,303,092 Costs/Fees Post Construction $965,647
$0 Total Construction Sources $12,348,420
$0
$45,328
$12,348,420
$9,142,497
$305,000
$200,047
$367,286
$65,000
$0
$0
$30,000
$500,000
$890,000
$15,500
$261,500
$571,590
$12,348,420
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$12,348,420 $261,500 $15,500 $12,071,420
$199,168 $4,218 $250 $194,700
1. Low capture rate.
2. Competitive pricing on LIHTC and on interest rates for bank loans.
3. 16 set-aside units for families and invidivuals with children at-risk of homelessness.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
62 units in 3-story elevator building. Amenities include community building with fitness room, kitchenette, computer
workstations, and a playround.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 46 621 $389 - $805 $925 42% - 87%
2 Bed 16 779 $460 $1,000 46%
62
55
7
Total Per Unit
$414,985 $6,693
$334,798 $5,400
$80,187 $1,293
$33,937 $547
$46,249 $746
Year 1 Year 15
2.36 1.21
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$786,000 $0.87 $14,291 $12,677
$550,200 $0.63 $10,004 $8,874
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Kansas City
20-077
The Cleveland
Community Builders of Kansas City
Kansas City
Family
Acquisition/Rehab
Non-Profit, Service Enriched, Preservation
Loan Information
MHDC Fund Balance $2,100,000 MHDC Fund Balance $2,100,000
HAKC & HEDFC LOANS $2,685,000 Tax Credit Equity $1,300,351
MHDC HOME $725,000 HAKC & HEDFC subordinated loans $2,685,000
Construction period - reserves/cash $375,000 Construction period - reserves/cash $375,000
UMB Bank Bridge Loan $4,310,000
$6,501,756 MHDC HOME $725,000
$0 Costs/Fees Post Construction $1,060,249
$0 Total Construction Sources $12,555,600
$168,845
$12,555,600
$5,555,668
$175,000
$156,234
$355,523
$60,000
$0
$130,260
$50,000
$4,405,010
$941,345
$56,250
$349,370
$320,940
$12,555,600
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$12,555,600 $349,370 $56,250 $12,149,980
$156,945 $4,367 $703 $151,875
1. Conservative total development costs.
2. 18 units will be reserved as KC Housing Authority units with rental assistance.
3. Very affordable rents.
4. Good location - adjacent to bus stop, close to schools and grocery stores.
5. Service enriched application and working with a CHDO Non Profit.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
Acquisition/Rehab of existing family development consisting of 80 units. 3 units will be 30% AMI and 8 will be market rate
units.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
3 Bed 80 1039 - 1279 $340 - $941 $1,300 26% - 72%
80
72
8
Total Per Unit
$706,037 $8,825
$490,084 $6,126
$215,953 $2,699
$106,244 $1,328
$109,709 $1,371
Year 1 Year 15
2.03 1.79
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$482,000 $0.88 $6,694 $6,025
$337,400 $0.67 $4,686 $4,218
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Kansas City
20-100
Sam Rodgers Place
Brinshore Development, LLC
Kansas City
Family
New Construction
Non-Profit, Service Enriched, Preservation, MBE/WBE
Loan Information
MHDC Fund Balance $2,700,000 MHDC NHTF $1,600,000
MHDC Housing Trust Fund $1,600,000 Tax Credit Equity $1,767,075
CHOICE Funds - HAKC Soft Loan $1,750,000 CHOICE $1,750,000 and RAP $250,000 $2,000,000
Rebab Assistance Payments (RAP) $250,000 MHDC Fund Balance $8,700,000
Costs/Fees Post Construction $1,271,700
$8,835,374 Total Construction Sources $15,338,775
$0
$0
$203,401
$15,338,775
$11,700,000
$430,000
$235,000
$591,374
$0
$0
$0
$60,000
$1
$1,185,000
$128,250
$358,700
$650,450
$15,338,775
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$15,338,775 $358,700 $128,250 $14,851,825
$247,400 $5,785 $2,069 $239,546
1. Located in an important redevelopment area of Kansas City (Choice Neighborhood Initiative).
2. Mixed income development with 20 market units and 42 affordable units.
3. 27 of the 42 affordable units will have RAD vouchers from the Housing Authority of Kansas City.
4. Excellent service enriched priority application.
5. Additional funding from HUD to supplement project financing.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
62 - one, two, three, four and five bedroom units in three buildings for families. Amenites will include washers/dryers in
units and community space with meetings rooms, office space, computer lab and kitchenette. Samuel L. Rodgers Health
Center is adjacent to site.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 18 657 $550 - $700 $800 69% - 88%
2 Bed 15 886 - 986 $660 - $800 $1,000 66% - 80%
3 Bed 22 1105 - 1425 $850 - $941 $1,250 68% - 75%
4 Bed 5 1485 $1,068 $1,400 76%
5 Bed 2 1886 $1,227 $0 0%
62
42
20
Total Per Unit
$571,693 $9,221
$390,562 $6,299
$181,131 $2,921
$136,600 $2,203
$44,532 $718
Year 1 Year 15
1.33 1.20
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$655,000 $0.88 $15,595 $10,565
$458,500 $0.67 $10,917 $7,395
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Saint Louis
20-402
Winter Garden Apartments
Winter Garden Senior Housing Developer, LLC
St. Louis
Senior 62+
Acquisition/Rehab
Service Enriched, Preservation
Loan Information
Income from Operations $493,000 TE Bonds $12,000,000
TE Bonds $12,000,000 Tax Credit Equity $8,620,525
Income from Operations $493,000
$10,141,794 Costs/Fees Post Construction $2,007,955
$0 Total Construction Sources $23,121,480
$0
$486,686
$23,121,480
$7,341,866
$286,000
$384,000
$650,000
$0
$0
$196,000
$0
$10,870,000
$1,800,000
$15,500
$713,803
$864,311
$23,121,480
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$23,121,480 $713,803 $15,500 $22,392,177
$206,442 $6,373 $138 $199,930
1. Senior tenants only pay up to 30% of their income for rent.
2. Office for on-site resident service coordinator.
3. Many amenities for seniors in the area.
4. Development has proven need for preservation and rehabilitation.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
6 story elevator building with 112 units for seniors. 94 1 - bedroom and 18 - 2 bedroom with community room.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 94 448 - 570 $940 $0 0%
2 Bed 18 742 $1,275 $0 0%
112
112
0
Total Per Unit
$1,429,309 $12,762
$618,310 $5,521
$810,999 $7,241
$574,470 $5,129
$236,530 $2,112
Year 1 Year 15
1.41 1.65
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$664,506 $0.91 $5,933 $5,933
$640,000 $0.64 $5,714 $5,714
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Saint Louis
20-408
Covenant Place III
Community Housing Management Corp.
St. Louis
Senior 62+
Acquisition/Rehab
Non-Profit, Service Enriched, Preservation
Loan Information
FHA 221(d)(4) Loan $10,000,000 MHDC HOME $500,000
MHDC HOME $500,000 Tax Credit Equity $2,304,853
Seller Financing $5,930,000 Construction TE Bonds $7,052,309
R4R Transferred to Project $2,091,547 RR Escrow and Res Recp $2,425,185
Residual Receipts Transferred $333,638 Perm TE Bonds $10,000,000
Seller Financing $5,930,000
$11,524,267 Costs/Fees Post Construction $2,434,180
$0 Total Construction Sources $30,646,527
$0
$267,075
$30,646,527
$16,659,868
$462,500
$570,674
$1,600,000
$105,000
$50,000
$170,000
$75,000
$6,900,000
$2,300,000
$22,000
$663,000
$1,068,485
$30,646,527
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$30,646,527 $663,000 $22,000 $29,961,527
$197,720 $4,277 $142 $193,300
1. Preserves 150 affordable units for seniors located in an area with many amenities for seniors.
2. Has extensive services for the tenants.
3. Will modify units to allow for better accessibility for the senior tenants.
4. Tenants pay only 30% of income for rent.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
150 1 - bedroom units in a 5 story elevator building that is almost 40 years old and in need of rehab. It creates 5 new one
bedroom units on the lower floor.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 155 580 - 742 $650 - $1015 $1,025 63% - 99%
155
155
0
Total Per Unit
$1,774,980 $11,451
$1,227,934 $7,922
$547,046 $3,529
$461,278 $2,976
$85,768 $553
Year 1 Year 15
1.19 1.05
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$865,885 $0.88 $5,586 $5,586
$620,000 $0.63 $4,000 $4,000
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Saint Louis
20-413
Etzel Place VI Apartments
K-M Housing, LLC
St. Louis
Family
New + Acquisition/Rehab
Service Enriched, Special Needs Population, Vulnerable Population, Preservation
Loan Information
MHDC HOME $860,000 MHDC HOME $860,000
Seller Note $1,450,000 Tax Credit Equity $1,285,282
Cedar Rapids Bank $3,400,000 TE Construction Bonds $7,445,000
Income During Operations $75,000 Income from Operations $75,000
Seller Loan $1,450,000
$6,426,412 Costs/Fees Post Construction $1,212,434
$0 Total Construction Sources $12,327,717
$0
$116,304
$12,327,717
$6,872,215
$106,500
$241,356
$449,003
$45,000
$2,500
$37,400
$0
$2,485,000
$1,086,000
$15,500
$446,434
$540,809
$12,327,717
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$12,327,717 $446,434 $15,500 $11,865,783
$140,088 $5,073 $176 $134,838
1. Provides much needed rehab for larger family units that are in high demand.
2. Will offer services to the tenant population.
3. Near amenities that are essential for the family tenants.
4. Will provide additional accessible units to the development.
5. Rental assistance available for special need tenants.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
38 2 - bedroom units, 43 3 - bedroom units and 7 4+ - bedroom units within 13 buildings that will be renovated. There will
be 3 new buildings. There is also a community building.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
2 Bed 38 923 - 1008 $456 - $655 $750 61% - 87%
3 Bed 43 1008 - 1320 $503 - $730 $850 59% - 86%
4 Bed 6 1384 $545 - $850 $1,000 55% - 85%
5 Bed 1 2018 $1,000 $1,175 85%
88
88
0
Total Per Unit
$657,458 $7,471
$452,540 $5,143
$204,918 $2,329
$165,229 $1,878
$39,689 $451
Year 1 Year 15
1.24 1.11
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$425,842 $0.88 $4,839 $4,839
$425,239 $0.63 $4,832 $4,832
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Saint Louis
20-013
Preservation Square Phase IIA
McCormack Baron Salazar, Inc.
St. Louis
Family
New Construction
Service Enriched, Preservation
Loan Information
MHDC NHTF $2,274,000 MHDC NHTF $2,274,000
1st Mortgage - Gershman FHA $7,200,000 Tax Credit Equity $4,063,226
Bank of America $21,662,000
$20,316,130 Costs/Fees Post Construction $2,031,700
$0 Total Construction Sources $30,030,926
$0
$240,796
$30,030,926
$21,295,480
$695,000
$604,370
$1,121,096
$151,500
$0
$0
$0
$1,823,665
$2,405,000
$15,500
$1,029,200
$890,115
$30,030,926
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$30,030,926 $1,029,200 $15,500 $28,986,226
$219,204 $7,512 $113 $211,578
1. Project is located in an important redevelopment area in St. Louis (HUD Choice Neighborhood).
2. 22 of the units will have rents at 30% AMI.
3. Service enriched project for families with children.
4. Mixed income development with 60 market units and 77 affordable units.
5. 51 of the 77 affordable units will have Section 8 vouchers for rental assistance.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
Preservation Square Phase IIA is the construction of 137 new units that are replacement housing for Preservation Square in
St. Louis. This phase includes one, two and three bedroom units in garden style apartments and townhomes for families.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 54 661 - 669 $715 - $791 $800 89% - 99%
2 Bed 65 889 - 962 $793 - $900 $915 87% - 98%
3 Bed 18 1180 - 1258 $941 - $1000 $1,250 75% - 80%
137
77
60
Total Per Unit
$1,279,003 $9,336
$812,658 $5,932
$466,345 $3,404
$327,490 $2,390
$138,855 $1,014
Year 1 Year 15
1.42 1.40
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$1,575,000 $0.87 $20,455 $11,496
$1,102,500 $0.60 $14,318 $8,047
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Saint Louis
20-045
Sunridge Meadows
Ring Property Company, L.L.C.
Festus
Senior 55+
New Construction
Service Enriched, Special Needs Population
Loan Information
MHDC Fund Balance $1,500,000 MHDC Fund Balance $1,500,000
MHDC HOME $970,000 Tax Credit Equity $1,993,685
GP Equity $110
$9,968,425 MHDC HOME $970,000
$0 Simmons Bank $6,940,000
$0 Costs/Fees Post Construction $1,158,477
$123,737 Total Construction Sources $12,562,272
$12,562,272
$9,469,679
$210,000
$135,297
$374,796
$40,000
$0
$0
$65,000
$460,000
$1,150,000
$45,500
$265,500
$346,500
$12,562,272
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$12,562,272 $265,500 $45,500 $12,251,272
$209,371 $4,425 $758 $204,188
1. The development includes nine units with rents at 30% AMI.
2. The development will offer an abundance of service programs.
3. The application included construction financing with low interest rate.
4. Mixed income development with nine market units and 51 affordable units.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
60 - one and two bedroom apartments for seniors 55+ in a three story elevator building. Amenities include computer
workstations and kitchen/dining room. All units will have in unit washer and dryer.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 24 700 $360 - $700 $725 50% - 97%
2 Bed 36 825 $430 - $750 $775 55% - 97%
60
51
9
Total Per Unit
$390,051 $6,501
$278,425 $4,640
$111,626 $1,860
$75,889 $1,265
$35,737 $596
Year 1 Year 15
1.47 1.23
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$790,000 $0.87 $15,490 $13,167
$553,000 $0.56 $10,843 $9,217
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Saint Louis
20-050
Alumnus Gardens
Nash Group, LLC 51% and Vecino Group, LLC 49%, Jointly
St. Louis
Family
New Construction
Service Enriched
Loan Information
Legacy Bank $1,140,000 MHDC HOME $500,000
MHDC HOME $500,000 Tax Credit Equity $2,539,725
Legacy Bank $7,890,000
$10,158,902 Costs/Fees Post Construction $918,486
$0 Total Construction Sources $11,848,211
$0
$49,310
$11,848,211
$8,781,599
$341,000
$193,857
$558,249
$67,500
$15,000
$0
$90,000
$0
$895,000
$15,500
$276,000
$614,506
$11,848,211
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$11,848,211 $276,000 $15,500 $11,556,711
$197,470 $4,600 $258 $192,612
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
New construction of family apartments with 60 units in a 3-story building with elevator. Mixed income property with 9 units
at or below 30% AMI; 6 units at market and the remaining for households at or below 60% AMI.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Property next to the new health care campus that includes a fitness center, pharmacy and other health resources.
2. Site has good access to public transportation.
3. Service Enriched - provided by CareSTL Health.
4. Mixed income property.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 47 595 $380 - $775 $900 42% - 86%
2 Bed 13 779 $455 - $875 $1,150 40% - 76%
60
54
6
Total Per Unit
$397,798 $6,630
$297,980 $4,966
$99,818 $1,664
$55,269 $921
$44,549 $742
Year 1 Year 15
1.81 1.34
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$775,000 $0.87 $14,352 $12,917
$542,500 $0.63 $10,046 $9,042
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Saint Louis
20-075
Scott Manor II Senior Apartments
Scott Manor II Developer LLC
St. Louis
Senior 55+
New Construction
Non-Profit, Service Enriched
Loan Information
MHDC HOME $817,000 MHDC HOME $817,000
Legacy Bank and Trust $900,000 Tax Credit Equity $1,805,127
Legacy Bank and Trust $7,500,000
$9,025,636 Costs/Fees Post Construction $715,909
$0 Total Construction Sources $10,838,036
$0
$95,400
$10,838,036
$7,747,000
$290,000
$191,100
$538,000
$22,136
$4,000
$0
$25,000
$417,250
$975,000
$14,250
$249,000
$365,300
$10,838,036
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$10,838,036 $249,000 $14,250 $10,574,786
$216,761 $4,980 $285 $211,496
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
New construction of a three story elevator building for seniors (55+). 50 units total with 8 units reserved for households at
or below 30% AMI, 5 units will be market and the remainder will be at 60% AMI.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Mixed income proposal.
2. Site has good visability and access - next to Walgreens Pharmacy and successful phase I.
3. Believer's Temple Word Fellowship Urban Initiatives to provide services.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 14 611 $373 - $651 $651 57% - 100%
2 Bed 36 853 $455 - $788 $788 58% - 100%
50
45
5
Total Per Unit
$364,652 $7,293
$284,350 $5,687
$80,302 $1,606
$43,634 $873
$36,668 $733
Year 1 Year 15
1.84 1.17
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$688,500 $0.87 $15,300 $13,770
$481,950 $0.63 $10,710 $9,639
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Saint Louis
20-079
Francies Place
Gateway Housing First, Inc.
St. Louis
Family
Acquisition/Rehab
Special Needs Population, Preservation
Loan Information
MHDC Fund Balance $1,650,000 MHDC TCAP $455,000
MHDC TCAP $455,000 Tax Credit Equity
St. Louis AHTF $900,000 MHDC Fund Balance $1,650,000
Profit From Sale of Existing Property $250,000 Profit From Sale of Existing Property $250,000
St. Louis Mental Health Board $250,000 St. Louis Affordable Housing Commission $900,000
St. Louis Mental Health Board $250,000
$0 Costs/Fees Post Construction $133,323
$0 Total Construction Sources $3,638,323
$0
$133,323
$3,638,323
$2,216,518
$60,000
$18,000
$220,000
$17,500
$0
$17,000
$0
$360,000
$430,000
$47,250
$155,800
$96,255
$3,638,323
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$3,638,323 $155,800 $47,250 $3,435,273
$158,188 $6,774 $2,054 $149,360
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
Francies Place is permanent supportive housing with a focus on households impacted by disabling behavioral health
conditions. It will be 23 - studio and two bedroom apartments in three buildings. Case management offices will be
located on site.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. The application is not requesting tax credits.
2. Strong preservation proposal. 17 of the 23 units have existing rental vouchers.
3. Excellent special needs housing priority application.
4. The 6 units without a rental subsidy will have very low rents.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
Efficiency 15 269 - 528 $250 - $1157 $650 38% - 178%
2 Bed 8 1079 - 1192 $1,404 $1,200 117%
23
23
0
Total Per Unit
$262,204 $11,400
$146,288 $6,360
$115,916 $5,040
$83,478 $3,629
$32,439 $1,410
Year 1 Year 15
1.39 1.49
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Saint Louis
20-083
Elm Ridge Senior Apartments
Elm Ridge Developer LLC
Hazelwood
Senior 55+
New Construction
Non-Profit, Service Enriched, MBE/WBE
Loan Information
MHDC HOME $820,000 MHDC HOME $820,000
Legacy Bank $755,000 Tax Credit Equity $1,806,438
Legacy Bank Construction Loan $7,357,000
$9,032,191 Costs/Fees Post Construction $730,000
$0 Total Construction Sources $10,713,438
$0
$106,247
$10,713,438
$7,747,000
$250,000
$254,135
$456,752
$22,783
$4,000
$0
$25,000
$345,275
$975,000
$14,250
$220,000
$399,243
$10,713,438
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$10,713,438 $220,000 $14,250 $10,479,188
$214,269 $4,400 $285 $209,584
Federal LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
50 units in 3-story elevator building. Amenities include community room with computer workstations and fitness center,
secure entry and off-street parking.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Good capture rate; strong demand for affordable sr housing in N. STL Cty, especially in Hazelwood
2. Competitive pricing and bank loan interest rates.
3. Good site location
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 14 611 $373 - $651 $825 45% - 79%
2 Bed 36 853 $455 - $788 $950 48% - 83%
50
45
5
Total Per Unit
$359,214 $7,184
$284,350 $5,687
$74,864 $1,497
$36,604 $732
$38,260 $765
Year 1 Year 15
2.05 1.20
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$689,000 $0.87 $15,311 $13,780
$482,300 $0.63 $10,718 $9,646
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Saint Louis
20-098
Vandeventer Place II
RR Jennings Developer, L.L.C.
St. Louis
Senior 55+
New Construction
Service Enriched, Special Needs Population
Loan Information
NHTF $500,000 NHTF $500,000
Tax Credit Equity $1,776,651
$8,883,255 General Partner Equity $110
$0 Simmons Bank Leveraged Loan $6,388,000
$0 Costs/Fees Post Construction $832,200
$113,706 Total Construction Sources $9,496,961
$9,496,961
$7,334,929
$178,500
$83,859
$289,313
$40,000
$0
$0
$65,000
$130,000
$835,000
$15,500
$189,200
$335,660
$9,496,961
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$9,496,961 $189,200 $15,500 $9,292,261
$226,118 $4,505 $369 $221,244
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
42 - one and two bedroom apartments for seniors 55+ in a three story elevator building. Amenities include computer
workstations and kitchen/dining room. The successful, Vandeventer Place, is across the street.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. The development includes seven units with 30% AMI rents.
2. Per the market study, there is an extensive wait list at Vandeventer Place.
3. The application included construction financing with low interest rate.
4. Mixed income development with seven market units and 35 affordable units.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 12 700 $317 - $665 $675 47% - 99%
2 Bed 30 825 $362 - $770 $775 47% - 99%
42
35
7
Total Per Unit
$282,902 $6,736
$235,986 $5,619
$46,916 $1,117
$0 $0
$46,916 $1,117
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$704,000 $0.87 $20,114 $16,762
$492,800 $0.56 $14,080 $11,733
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
MSA-Rural Region
20-407
Freedom House I
Mid-Missouri Barrier Free Housing for the Physically Handicapped, Inc.
Columbia
Family
New Construction
Non-Profit, Special Needs Population, Preservation
Loan Information
MHDC NHTF $1,070,000 MHDC NHTF $1,070,000
City of Columiba - HOME $45,000 Tax Credit Equity $310,065
FHLB - AHP Loan $455,000 Tax Exempt Bonds- Central Bank $1,750,000
R4R Transferred to Project $19,550 Costs/Fees Post Construction $11,121
Total Construction Sources $3,141,187
$1,550,326
$0
$0
$1,311
$3,141,187
$2,054,734
$92,000
$45,500
$200,000
$50,000
$0
$30,000
$0
$60,800
$260,000
$15,500
$95,800
$236,853
$3,141,187
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$3,141,187 $95,800 $15,500 $3,029,887
$241,630 $7,369 $1,192 $233,068
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
13 1 - bedroom units within one building. 100% special needs housing under the HUD 811 program. There are areas for
staff to provide services for the special need tenants.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Provides a much needed updated facility for special need tenants.
2. Preserves 13 units for very-low income tenants.
3. Extensive support services for the special need tenants.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 9 604 $899 $725 124%
2 Bed 4 837 $1,076 $825 130%
13
13
0
Total Per Unit
$138,328 $10,641
$101,997 $7,846
$36,331 $2,795
$0 $0
$36,331 $2,795
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$110,750 $0.80 $8,519 $8,519
$110,750 $0.60 $8,519 $8,519
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
MSA-Rural Region
20-001
Lindenwood Senior Apartments
Cape Area Comm. Housing Dev. Corp. CDC and 1105 Development Partners, LLC
Cape Girardeau
Senior 62+
Acquisition/Rehab
Non-Profit, Service Enriched, Special Needs Population, Preservation
Loan Information
MHDC HOME $450,000 MHDC HOME $450,000
HUD 221 d4 $3,500,000 Tax Credit Equity $1,336,908
Conventional Construction Loan $4,325,000
$6,684,538 Hud 221 d4 $3,500,000
$0 Costs/Fees Post Construction $1,126,405
$0 Total Construction Sources $10,738,313
$103,775
$10,738,313
$5,255,583
$134,000
$234,990
$500,000
$100,000
$0
$259,800
$35,000
$2,365,000
$1,055,000
$14,250
$352,700
$431,990
$10,738,313
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$10,738,313 $352,700 $14,250 $10,371,363
$160,273 $5,264 $213 $154,796
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
Acquisition/rehab of 6-story building with elevator. Senior (62+) property consisting of 67 units. Studio and 1 bedroom
units. 100% are PBS8 with 17 units reserved as set-aside for vulnerable populations.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
1. Preservation project with strong need of rehabilitation and accessibiity compliance measures.
2. Numerous priorities - Nonprofit, set-aside, service enriched, preservation.
3. Will offer a full-time Case Worker/Service Coordinator.
Other Development Costs
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
Efficiency 6 443 $648 $495 131%
1 Bed 61 564 $687 $575 119%
67
67
0
Total Per Unit
$525,483 $7,843
$344,762 $5,146
$180,721 $2,697
$155,235 $2,317
$25,486 $380
Year 1 Year 15
1.16 1.11
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$525,000 $0.85 $7,836 $7,836
$367,500 $0.61 $5,485 $5,485
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
MSA-Rural Region
20-064
Sinclair Estates II
JES Dev Co, Inc.
Columbia
Senior 55+
New Construction
Service Enriched, Special Needs Population
Loan Information
MHDC NHTF $715,000 MHDC NHTF $715,000
Tax Credit Equity $1,589,542
$7,947,712 Simmons Bank $5,640,000
$0 Costs/Fees Post Construction $796,542
$0 Total Construction Sources $8,741,084
$78,372
$8,741,084
$6,169,224
$140,000
$97,410
$244,258
$30,000
$0
$0
$30,000
$725,000
$800,000
$15,500
$181,542
$308,150
$8,741,084
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$8,741,084 $181,542 $15,500 $8,544,042
$218,527 $4,539 $388 $213,601
1. Good site location.
2. Well documented and supported need for affordable housing in the area.
3. Mixed unit development with 6 units for special needs tenants.
4. Low interest rate for construction bank loan.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
40-units for seniors 55+ in 3-story elevator building. Amenities include business center, computer lab and off-street
parking.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
2 Bed 40 825 $362 - $755 $950 38% - 79%
40
34
6
Total Per Unit
$286,106 $7,153
$219,015 $5,475
$67,091 $1,677
$0 $0
$67,091 $1,677
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$640,000 $0.85 $18,824 $16,000
$448,000 $0.56 $13,176 $11,200
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
MSA-Rural Region
20-084
Scenic Meadows
Terravest Development Corp.
Springfield
Senior 55+
New Construction
Non-Profit, Service Enriched, Special Needs Population
Loan Information
Legacy Bank and Trust $975,000 MHDC $0
MHDC HOME $1,150,000 Tax Credit Equity $1,937,255
Legacy Bank and Trust $7,715,000
$9,686,274 MHDC HOME $1,150,000
$0 Costs/Fees Post Construction $1,140,000
$0 Total Construction Sources $11,942,255
$130,981
$11,942,255
$9,056,969
$210,000
$211,834
$358,102
$35,000
$0
$0
$65,000
$248,000
$1,150,000
$15,500
$245,000
$346,850
$11,942,255
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$11,942,255 $245,000 $15,500 $11,681,755
$199,038 $4,083 $258 $194,696
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
60 - one and two bedroom apartments for seniors 55+ in a three story elevator building. Amenities include meeting room,
computer workstations and kitchen/dining room.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. The development includes 15 units with rents at 30% AMI.
2. Application included permanent financing with low interest rate.
3. Mixed income development with six market units and 54 affordable units.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 20 700 $270 - $650 $675 40% - 96%
2 Bed 40 825 $324 - $725 $750 43% - 97%
60
54
6
Total Per Unit
$358,302 $5,972
$270,076 $4,501
$88,226 $1,470
$47,270 $788
$40,956 $683
Year 1 Year 15
1.87 1.36
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$780,000 $0.85 $14,444 $13,000
$546,000 $0.56 $10,111 $9,100
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
MSA-Rural Region
20-087
Memorial Hills II
Parker Development, L.L.C.
Joplin
Senior 55+
New Construction
Service Enriched, Special Needs Population
Loan Information
MHDC NHTF $640,000 MHDC NHTF $640,000
Legacy Bank $820,000 Tax Credit Equity $1,862,745
Legacy Bank $7,360,000
$9,313,725 Costs/Fees Post Construction $1,032,400
$0 Total Construction Sources $10,895,145
$0
$121,420
$10,895,145
$8,126,287
$189,000
$191,019
$321,239
$30,000
$0
$0
$65,000
$350,000
$1,045,000
$15,500
$221,400
$340,700
$10,895,145
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$10,895,145 $221,400 $15,500 $10,658,245
$201,762 $4,100 $287 $197,375
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
54 - two bedroom apartments for seniors 55+ in a three story elevator building. Amenities include computer
workstations, kitchen/dining room and meeting rooms.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. The development includes eleven units with 30% AMI rents.
2. Per the market study, there is a significant waiting list for Memorial Hills I.
3. Application included permanent financing with low interest rate.
4. Mixed income development with six market units and 48 affordable units.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
2 Bed 54 825 $212 - $685 $800 26% - 86%
54
48
6
Total Per Unit
$317,992 $5,889
$241,104 $4,465
$76,888 $1,424
$39,755 $736
$37,132 $688
Year 1 Year 15
1.93 1.38
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$750,000 $0.85 $15,625 $13,889
$525,000 $0.56 $10,938 $9,722
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
MSA-Rural Region
20-088
Frisco Senior Village II
Parker Development, L.L.C.
Bolivar
Senior 55+
New Construction
Service Enriched, Special Needs Population
Loan Information
MHDC HOME $400,000 MHDC HOME $400,000
Legacy Bank $925,000 Tax Credit Equity $1,341,176
Legacy Bank $5,545,000
$6,705,882 Costs/Fees Post Construction $830,200
$0 Total Construction Sources $8,116,376
$0
$85,494
$8,116,376
$6,080,525
$147,000
$144,673
$242,678
$30,000
$0
$0
$30,000
$100,000
$835,000
$15,500
$187,200
$303,800
$8,116,376
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$8,116,376 $187,200 $15,500 $7,913,676
$193,247 $4,457 $369 $188,421
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
42 - one and two bedroom units for seniors 55+ in 8 single story buildings. Amenities will include a community room with
kitchen, computer workstations and offices.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. The development includes nine units with 30% AMI rents.
2. Per the market study, there is a significant waiting list for Frisco Senior Village.
3. Application included permanent financing with low interest rate.
4. Mixed income development with six market units and 36 affordable units.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 16 735 $271 - $595 $700 39% - 85%
2 Bed 26 875 $320 - $695 $750 43% - 93%
42
36
6
Total Per Unit
$253,240 $6,030
$183,255 $4,363
$69,985 $1,666
$44,846 $1,068
$25,139 $599
Year 1 Year 15
1.56 1.27
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$540,000 $0.85 $15,000 $12,857
$378,000 $0.56 $10,500 $9,000
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Rural Region
20-403
Diamond Apartments (formerly Oak Tree Apartments)
3 Diamond Development, LLC
Rolla
Family
Acquisition/Rehab
Service Enriched, Preservation
Loan Information
TE Bonds Perm $3,200,000 MHDC HOME $700,000
MHDC HOME $700,000 Tax Credit Equity $821,286
TE Bonds Construction $5,879,037
$4,106,429 Costs/Fees Post Construction $686,750
$0 Total Construction Sources $8,087,073
$0
$80,644
$8,087,073
$3,327,000
$140,000
$91,686
$300,000
$30,000
$6,000
$20,000
$20,000
$2,400,000
$757,000
$15,500
$428,000
$551,887
$8,087,073
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$8,087,073 $428,000 $15,500 $7,643,573
$101,088 $5,350 $194 $95,545
1. Close to amenities for family tenants.
2. Site visit showed strong need for preservation/rehab.
3. Low total development costs per unit.
4. Near employment opportunities.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
10 buildings with 80 units and a community building. There are 40 - 2 bedroom units and 40 - 3 bedroom units.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
2 Bed 40 627 $345 - $600 $825 42% - 73%
3 Bed 40 770 $395 - $690 $1,000 40% - 69%
80
80
0
Total Per Unit
$542,376 $6,780
$337,292 $4,216
$205,084 $2,564
$147,782 $1,847
$57,301 $716
Year 1 Year 15
1.39 1.39
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$263,247 $0.88 $3,656 $3,291
$263,247 $0.68 $3,656 $3,291
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
MSA-Rural Region
20-410
Deerfield Village
Preservation of Affordable Housing, LLC
Carthage
Family
Acquisition/Rehab
Non-Profit, Preservation
Loan Information
Operating/Replacement Reserves $31,687 POAH Resale Note $2,119,316
Operating Income $131,986 Tax Credit Equity $1,124,240
POAH Resale Note $2,119,316 Bridge Bonds $3,280,000
TE Bonds $2,780,000 TE Bonds $2,780,000
Operating/Replacement reserves $31,687
$5,621,199 Operating Income $131,986
$0 Costs/Fees Post Construction $1,248,003
$0 Total Construction Sources $10,715,232
$31,044
$10,715,232
$4,923,378
$217,402
$109,080
$375,895
$75,000
$0
$91,107
$30,000
$2,866,357
$926,198
$14,250
$321,805
$764,760
$10,715,232
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$10,715,232 $321,805 $14,250 $10,379,177
$178,587 $5,363 $238 $172,986
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
60-unit family property originally built in 1979 with 100% project-based section 8. Amenities include community building
and playground.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Demonstrated need for affordable housing in area.
2. Competitive pricing and low loan interest rates.
3. Preservation of Section 8 property in need of rehab.
4. Tenants only pay 30% of income for rent.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 10 600 $600 $575 104%
2 Bed 34 825 $695 $700 99%
3 Bed 16 999 $785 $800 98%
60
60
0
Total Per Unit
$475,304 $7,922
$280,521 $4,675
$194,783 $3,246
$159,266 $2,654
$35,518 $592
Year 1 Year 15
1.22 1.27
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$374,784 $0.86 $6,246 $6,246
$374,784 $0.64 $6,246 $6,246
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Rural Region
20-002
The Meadows Of Fredericktown
Madison County Affordable Housing Partnership and RCH Development, INC.
Fredericktown
Family
New Construction
Non-Profit, Service Enriched, Special Needs Population, MBE/WBE
Loan Information
MHDC HOME $700,000 MHDC HOME $700,000
Tax Credit Equity $1,433,674
$7,168,371 MHDC Fund Balance $5,240,000
$0 Costs/Fees Post Construction $517,538
$0 Total Construction Sources $7,891,212
$22,841
$7,891,212
$6,061,602
$85,000
$99,183
$371,382
$53,000
$0
$0
$25,000
$1,000
$800,000
$14,250
$142,105
$238,690
$7,891,212
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$7,891,212 $142,105 $14,250 $7,734,857
$197,280 $3,553 $356 $193,371
1. Madison County Service Coordination pledging rental asst for the 10 set-aside units.
2. Very competitive rents for a 2 and 3 bedroom duplex with garage.
3. Good location - all schools under 1.5 miles and less than 1 mile to park and library.
4. Service enriched, set-aside, and nonprofit priority application.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
New construction of duplexes with a one car garage for family occupancy. 40 units total with 10 units reserved for set aside
at 30% AMI. 5 units will be market and the remainder will be for households at or under 60% AMI.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
2 Bed 25 1132 - 1168 $320 - $495 $665 48% - 74%
3 Bed 15 1447 - 1483 $320 - $595 $825 39% - 72%
40
36
4
Total Per Unit
$193,291 $4,832
$152,580 $3,815
$40,711 $1,018
$0 $0
$40,711 $1,018
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$563,000 $0.85 $15,639 $14,075
$394,100 $0.61 $10,947 $9,853
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Rural Region
20-019
Woodridge Apartments
Central Missouri Community Action
Brunswick
Family
Acquisition/Rehab
Non-Profit, Service Enriched, Preservation
Loan Information
Assumed HOME Loan $426,324 MHDC Fund Balance $1,495,000
Existing Reserves $35,000 Tax Credit Equity $462,295
Existing reserves $35,000
$2,311,473 Assumed HOME Loan $426,324
$0 Costs/Fees Post Construction $365,350
$0 Total Construction Sources $2,783,969
$11,172
$2,783,969
$1,418,674
$52,000
$20,556
$130,925
$20,000
$5,000
$30,000
$10,000
$426,324
$255,000
$29,200
$259,100
$127,190
$2,783,969
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$2,783,969 $259,100 $29,200 $2,495,669
$173,998 $16,194 $1,825 $155,979
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
16 units in walk-up apartments with 12 2 - bedroom and 4 3 - bedroom units. Amenities include community building and
play ground.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Stong need for housing in this small rural community.
2. Reasonable tax credit request.
3. Preservation of rural property in need of rehab.
4. Project will include services not currently available to tenants.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
2 Bed 12 732 $335 - $550 $615 54% - 89%
3 Bed 4 1143 $580 - $600 $700 83% - 86%
16
16
0
Total Per Unit
$94,748 $5,922
$80,161 $5,010
$14,587 $912
$0 $0
$14,587 $912
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$177,000 $0.83 $11,063 $11,063
$123,900 $0.68 $7,744 $7,744
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Rural Region
20-021
Martin Groves
Snider Development, LLC
Ava
Family
Rehabilitation
Service Enriched, Preservation
Loan Information
Assume Existing HOME funds $100,000 MHDC Fund Balance $1,933,000
Existing Reserves $90,000 Tax Credit Equity $548,929
Assume Existing HOME funds $100,000
$2,744,644 Existing Reserves $90,000
$0 Costs/Fees Post Construction $276,150
$0 Total Construction Sources $2,948,079
$13,435
$2,948,079
$1,439,600
$68,000
$27,579
$113,100
$23,000
$36,000
$15,000
$600,000
$305,000
$34,830
$132,400
$153,570
$2,948,079
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$2,948,079 $132,400 $34,830 $2,780,849
$122,837 $5,517 $1,451 $115,869
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
24 family units; walk-up apartments in 6 buildings. Amenities will include community building with meeting room,
computer workstations, full kitchen, and playground.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Preservation of rural property in need of rehab.
2. Project will add services that are not currently available at this property.
3. Well documented and supported need for affordable housing in the area.
4. Reasonable request for tax credit request.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
2 Bed 16 728 $330 - $565 $580 57% - 97%
3 Bed 8 952 $381 - $600 $630 60% - 95%
24
21
3
Total Per Unit
$141,297 $5,887
$121,289 $5,054
$20,008 $834
$0 $0
$20,008 $834
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$207,000 $0.85 $9,857 $8,625
$144,900 $0.68 $6,900 $6,038
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Rural Region
20-024
Arden Groves
Cydecton Investments, LLC
Thayer
Family
Rehabilitation
Service Enriched, Preservation
Loan Information
Assumed HOME Loan $220,000 MHDC Fund Balance $1,802,000
Existing Reserves $100,000 Tax Credit Equity $514,531
Assumed HOME Loan $220,000
$2,572,656 MHDC reserves $100,000
$0 Costs/Fees Post Construction $271,150
$0 Total Construction Sources $2,907,681
$15,024
$2,907,681
$1,400,750
$68,000
$22,300
$110,921
$25,000
$5,000
$50,000
$15,000
$600,000
$299,000
$33,520
$135,000
$143,190
$2,907,681
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$2,907,681 $135,000 $33,520 $2,739,161
$121,153 $5,625 $1,397 $114,132
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
24 family units within a walk-up apartment containing 16 2 - bedroom and 8 3 - bedroom units. Amenities include a
community building with meeting room and a playground.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Preservation of rural property in need of rehab.
2. Project will includes services not currently available.
3. Reasonable tax credit request.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
2 Bed 16 735 $325 - $550 $575 57% - 96%
3 Bed 8 965 $374 - $580 $625 60% - 93%
24
21
3
Total Per Unit
$134,969 $5,624
$113,036 $4,710
$21,933 $914
$0 $0
$21,933 $914
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$197,000 $0.83 $9,381 $8,208
$137,900 $0.68 $6,567 $5,746
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Rural Region
20-026
Springridge Highlands
Missouri Valley Community Action Agency
Warrensburg
Family
Acquisition/Rehab
Non-Profit, Service Enriched, Preservation
Loan Information
MHDC CHDO $300,000 Tax Credit Equity $948,846
Existing RD escrow $138,130 MHDC Fund Balance $3,085,000
RD $1,400,000 HOME CHDO $300,000
RD escrow $138,130
$4,744,232 RD loan $1,400,000
$0 Costs/Fees Post Construction $751,950
$0 Total Construction Sources $6,623,926
$41,564
$6,623,926
$3,145,000
$124,000
$65,822
$223,860
$25,000
$6,000
$60,000
$10,000
$1,583,251
$655,000
$14,250
$443,200
$268,543
$6,623,926
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$6,623,926 $443,200 $14,250 $6,166,476
$127,383 $8,523 $274 $118,586
1. Project will add services that are not currently available at this property.
2. Very reasonable rents.
3. Preservation of a Rural Development property in need of rehab.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
Preservation of 52 family units (41 of these are Rural Development units) in walk-up apartments. Amenities include
clubhouse, picnic area, playground, security patrol and video surveillance.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 12 586 $465 $615 76%
2 Bed 40 701 $565 $700 81%
52
52
0
Total Per Unit
$314,489 $6,048
$245,555 $4,722
$68,934 $1,326
$35,592 $684
$33,341 $641
Year 1 Year 15
1.94 1.22
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$373,000 $0.88 $7,173 $7,173
$261,100 $0.56 $5,021 $5,021
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Rural Region
20-027
Highland Groves
Delta Area Economic Opportunity Corporation
Sikeston
Senior 55+
Select
Non-Profit, Service Enriched, Preservation
Loan Information
Assumed HOME $388,000 MHDC HOME CHDO $1,845,000
MHDC HOME CHDO $1,845,000 Tax Credit Equity
Existing Reserves $50,000 Assumed HOME $388,000
Existing Reservs $50,000
$0 Costs/Fees Post Construction $20,250
$0 Total Construction Sources $2,303,250
$0
$20,250
$2,303,250
$1,204,000
$60,000
$0
$98,000
$20,000
$6,000
$40,000
$15,000
$413,500
$205,000
$14,250
$117,000
$110,500
$2,303,250
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$2,303,250 $117,000 $14,250 $2,172,000
$115,163 $5,850 $713 $108,600
1. Preservation of rural property in need of rehab.
2. Project will include services for tenants not currently available.
3. Well documented and supported need for affordable housing in the area.
4. Good use of HOME CHDO funds for HOME CHDO-only request.
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:
20-unit walk-up apartments with 16 1 - bedroom and 4 2 - bedroom units. Amenities will include community buiding, in-
unit washer-dryer, and patio.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Federal and State LIHTC Equity
Federal and State Historic
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 16 667 - 795 $283 - $480 $575 49% - 83%
2 Bed 4 795 $535 $665 80%
20
20
0
Total Per Unit
$101,825 $5,091
$87,996 $4,400
$13,829 $691
$0 $0
$13,829 $691
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Tax Credit Information
Property Data:
State Low Income
Federal Historic
State Historic
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Rural Region
20-041
Woodlands II
Affordable Homes Development, Inc.
Forsyth
Family
New Construction
Service Enriched, Special Needs Population, Workforce Housing
Loan Information
MHDC HOME $1,180,000 MHDC HOME $1,180,000
Tax Credit Equity $1,443,377
$7,216,886 Bank $4,970,000
$0 Costs/Fees Post Construction $894,400
$0 Total Construction Sources $8,487,777
$90,891
$8,487,777
$6,489,832
$85,000
$50,000
$295,195
$30,000
$0
$0
$7,500
$365,000
$740,000
$15,500
$173,900
$235,850
$8,487,777
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$8,487,777 $173,900 $15,500 $8,298,377
$217,635 $4,459 $397 $212,779
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
39 - one, two and three bedroom units in two-story walk up apartments for families. Amenities include meeting rooms
and community kitchen.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
1. The development includes four units with 30% AMI rents.
2. Application includes an excellent service enriched plan for families.
3. The development includes seven units with 80% AMI rents for workforce housing.
4. The development has very reasonable affordable rents for families.
Other Development Costs
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 4 911 $225 - $395 $625 36% - 63%
2 Bed 24 1153 $265 - $565 $725 37% - 78%
3 Bed 11 1351 $380 - $620 $825 46% - 75%
39
32
7
Total Per Unit
$207,130 $5,311
$168,236 $4,314
$38,894 $997
$0 $0
$38,894 $997
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$565,000 $0.88 $17,656 $14,487
$395,500 $0.58 $12,359 $10,141
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Rural Region
20-046
Tannehill Apartments
The Siedlund Company, LLC
Moberly
Senior 55+
New + Acquisition/Rehab
Non-Profit, Service Enriched
Loan Information
MHDC HOME CHDO $920,000 MHDC HOME CHDO $920,000
Legacy Bank $275,000 Tax Credit Equity $1,767,250
Legacy Bank $6,484,000
$8,836,252 Costs/Fees Post Construction $948,464
$0 Total Construction Sources $10,119,714
$0
$88,462
$10,119,714
$7,634,934
$285,040
$135,000
$507,000
$40,000
$55,000
$0
$0
$35,000
$940,000
$14,250
$195,800
$277,690
$10,119,714
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$10,119,714 $195,800 $14,250 $9,909,664
$210,827 $4,079 $296 $206,451
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
Historic adaptive reuse project - conversion of 1930 High School with new construction of additional wing. 48 - 1 and 2
bedroom units. Mixed Income Property with 30% of the units for households at or below 30% AMI. Building to have activity
room, community storm shelter and in unit washer dryer hook ups.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Large demand for senior housing in this area.
2. Good location - close to community kitchen, Behavior Health Cntr, Post Office next door.
3. NonProfit, HOME CHDO and Service Enriched priority.
4. City support and investment and strong community support.
5. Part of City of Moberly's Downtown Revitalization efforts.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
Efficiency 48 900 $544 $0 0%
1 Bed 10 654 - 832 $233 - $500 $595 39% - 84%
2 Bed 38 880 - 1198 $550 - $700 $725 76% - 97%
48
43
5
Total Per Unit
$316,054 $6,584
$249,101 $5,190
$66,953 $1,395
$13,333 $278
$53,620 $1,117
Year 1 Year 15
5.02 3.02
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$660,000 $0.87 $15,349 $13,750
$462,000 $0.67 $10,744 $9,625
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Rural Region
20-085
Parkview Terrace
Terravest Development Corp.
Kirksville
Family
New Construction
Service Enriched, Special Needs Population
Loan Information
MHDC HOME $970,000 MHDC HOME $970,000
Legacy Bank $770,000 Tax Credit Equity $1,900,000
Legacy Bank $7,545,000
$9,500,000 Costs/Fees Post Construction $933,200
$0 Total Construction Sources $11,348,200
$0
$108,201
$11,348,200
$8,690,223
$168,000
$204,917
$351,260
$30,000
$0
$0
$30,000
$375,000
$940,000
$15,500
$206,200
$337,100
$11,348,200
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$11,348,200 $206,200 $15,500 $11,126,500
$236,421 $4,296 $323 $231,802
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
48 - two, three and four bedroom units for families in three walk up buildings. Community Building with office space,
kitchen, computer workstations and playground.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. The development includes eight units with 30% AMI rents.
2. Location near many amenities including Rotary Park.
3. The application included permanent financing with low interest rate.
4. Mixed income development with five market units and 43 affordable units.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
2 Bed 12 825 $255 - $655 $665 38% - 98%
3 Bed 24 1025 $284 - $725 $795 36% - 91%
4 Bed 12 1400 $300 - $785 $930 32% - 84%
48
43
5
Total Per Unit
$303,998 $6,333
$223,671 $4,660
$80,327 $1,673
$37,331 $778
$42,996 $896
Year 1 Year 15
2.15 1.68
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$765,000 $0.85 $17,791 $15,938
$535,500 $0.56 $12,453 $11,156
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Rural Region
20-092
Weatherby Ridge
Turnberry Developers, L.L.C.
Macon
Senior 55+
New Construction
Service Enriched, Special Needs Population
Loan Information
MA Bank $550,000 MA Bank $5,150,000
Tax Credit Equity $1,303,922
$6,519,608 Costs/Fees Post Construction $712,029
$0 Total Construction Sources $7,165,951
$0
$96,343
$7,165,951
$5,010,101
$126,000
$118,100
$265,000
$30,000
$0
$0
$30,000
$395,000
$720,000
$15,500
$164,600
$291,650
$7,165,951
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$7,165,951 $164,600 $15,500 $6,985,851
$199,054 $4,572 $431 $194,051
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
New construction of senior 6 and 8-plex row apartments. Mixed income property with 6 units set aside for households at or
under 30% AMI, 6 at market and the remaining for those at or under 60% AMI. 36 units total. All units will have washer and
dryers supplied.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Service Enriched and Set-aside Preference. Services provided by the non-profit NECAC.
2. Good location close to businesses (Wal-Mart, Hospital, Grocery Store, Senior Center less than 1 mile).
3. Reasonable tax credit request.
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed 10 735 $196 - $585 $700 28% - 84%
2 Bed 26 875 $220 - $685 $775 28% - 88%
36
30
6
Total Per Unit
$220,237 $6,118
$167,853 $4,663
$52,384 $1,455
$0 $0
$52,384 $1,455
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$525,000 $0.85 $17,500 $14,583
$367,500 $0.56 $12,250 $10,208
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information
Rural Region
20-095
Vernon Heights
Missouri Housing Partners
Lebanon
Senior 55+
Acquisition/Rehab
Service Enriched, Preservation
Loan Information
MHDC HOME $450,000 MHDC HOME $450,000
Existing Reserves $200,000 Tax Credit Equity $1,173,498
Income from Operations $50,000 Reserves and Income $250,000
MHDF PERM $1,500,000 Horizion Construciton Loan $5,352,610
Costs/Fees Post Construction $935,246
$5,867,492 Total Construction Sources $8,161,354
$0
$0
$93,863
$8,161,354
$2,970,000
$133,650
$151,727
$315,491
$25,000
$10,000
$79,200
$30,000
$3,010,000
$818,000
$13,500
$266,000
$338,786
$8,161,354
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$8,161,354 $266,000 $13,500 $7,881,854
$125,559 $4,092 $208 $121,259
Federal and State LIHTC Equity
Federal and State Historic
Salient Facts:
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Reasons for Recommendations:
Description of Property:
Rehabilitation and consolidation of two properties - Vernon Heights and Madison Manor Apartments. Both are Senior
properties with a total of 65 - studio and 1 bedroom units. All units will have rent subsidies.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
1. Preservation project with a need of rehabilitation and will address accessibility issues.
2. Strong need with large waiting lists in coverage area.
3. Preservation and Service Enriched Priority - Horizons Housing Foundation to provide services.
4. Low costs per unit.
Other Development Costs
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
Efficiency 7 445 - 485 $614 $400 154%
1 Bed 58 545 $614 - $697 $425 144% - 164%
65
65
0
Total Per Unit
$483,360 $7,436
$352,199 $5,418
$131,161 $2,018
$85,186 $1,311
$45,975 $707
Year 1 Year 15
1.54 1.23
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$457,000 $0.85 $7,031 $7,031
$319,900 $0.62 $4,922 $4,922
$0 $0.00 $0 $0
$0 $0.00 $0 $0
Total Number of Units
Federal Low Income
Debt Service Coverage
Income and Expense Data
Gross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State Low Income
Federal Historic
State Historic
Tax Credit Information