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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 due to the forecast of inclement weather the meeting of the Missouri Housing Development Commission originally scheduled to begin at 8:30 a.m. on Friday, December 6, 2013 will begin at 1:00 p.m. on Friday, December 6, 2013.
Stoney Creek Inn & Conference Center 2601 S. Providence Road
Salon C Columbia, Missouri 65203
The tentative agenda of this meeting is attached to this notice.
The agenda of this meeting may include a vote to close part of this meeting pursuant to
RSMo §610.021(1) for discussion of issues involving legal actions, causes of action or litigation; or pursuant to RSMo §610.021(2) for discussion of issues involving the lease, purchase or sale of real
estate.
The news media may obtain copies of this notice by contacting:
Lynn Sigler Missouri Housing Development Commission
3435 Broadway Kansas City, MO 64111
(816)759-6822 [email protected]
AMENDED NOTICE
REGULAR MEETING
OF THE
MISSOURI HOUSING DEVELOPMENT COMMISSION
FRIDAY, DECEMBER 6, 2013 AT 1:00 P.M.
REGULAR MEETING OF THE
MISSOURI HOUSING DEVELOPMENT COMMISSION FRIDAY, DECEMBER 6, 2013 AT 1:00 P.M.
STONEY CREEK INN & CONFERENCE CENTER, 2601 S. PROVIDENCE RD., COLUMBIA, MO 65203
Regular Meeting1
1. Roll call
2. Approval of Minutes a. Approval of minutes for the regular meeting of September 20, 2013
3. Report of Chairman a. Facilities Committee Report and request for authorization to enter a lease for Kansas
City Operations
4. Report of Staff a. Financial Report b. Request for approval of RFP for Single Family Market Rate Program Administrator
and Mortgage Credit Certificate (MCC) Program c. Request for approval of Resolution 877, as revised d. Request for approval of 2013 Home Repair Opportunity Program (HeRO) applications e. Recommendation for approval of funding recommendations for the Missouri Housing
Trust Fund f. Recommendation for approval of funding recommendations for Homeless Missourians
Information System (HMIS) g. Recommendation for approval of funding recommendations for Housing First Program
(HFP) h. Request for approval of Rental Production 2014 Round 1 applications i. Request for approval of the 2014 Tax Exempt Bond NOFA j. Request for approval of RFP for Housing Needs Assessment k. Rental Production Update l. Asset Management Watch List Update m. Flood Plain Policy n. FedEx Notice of Proposed Class Action
5. Such other matters that may come before the commission
6. Adjourn
1 The agenda of this meeting may include a vote to close part of this meeting pursuant to RSMo §610.021(1) for discussion of issues involving legal actions, causes of action or litigation; or pursuant to RSMo §610.021(2) for discussion of issues involving the lease, purchase or sale of real estate.
TAB 1
Roll Call
Page 1 of 1 Rev. 09/11/13
Governor:
Jeremiah W. (Jay) Nixon
Governor
State Capitol Building
P.O. Box 720
Jefferson City, MO 65102
573.751.3222
Attn: Ted Ardini
Brian May
State of Missouri
Office of the Governor
Wainwright Building, Room 929
111 North 7th
Street
St. Louis, MO 63101
314.340.7518
Lieutenant Governor:
Peter Kinder
Lieutenant Governor
State Capitol Building
Room 224
Jefferson City, MO 65101
573.751.4727
Attn: Brian Bunten
Treasurer:
Clint Zweifel
State Treasurer
State Capitol Building
P.O. Box 210
Jefferson City, MO 65102
573.751.8533
Attn: Angie Heffner Robyn
Sarah Swoboda
Attorney General:
Chris Koster
Attorney General
Supreme Court Building
207 W. High Street
P.O. Box 899
Jefferson City, MO 65102
573.751.3321
Attn: Jim Farnsworth
Chairman:
Jeffrey S. Bay (Chairman)
Van Osdol and Magruder, P.C.
911 Main St., Suite 2400
Kansas City, MO 64105
816.421.0644
Vice Chairman:
Troy L. Nash (Vice Chairman)
Zimmer Real Estate
1220 Washington Street, Suite 100
Kansas City, MO 64105
816.268.4230
Secretary Treasurer:
David B. Cosgrove (Secretary-Treasurer)
Cosgrove Law Group, LLC
8021 Forsyth Boulevard
St. Louis, MO 63105
314.563.2490
Commissioners:
Greg L. Roberts
The Roberts Law Firm
215 Chesterfield Business Parkway, Suite A
Chesterfield, MO 63005
636.489.4187
Missouri Housing Development Commission Roster
TAB 2
Approval of Minutes
MISSOURI HOUSING DEVELOPMENT COMMISSION Regular Meeting
Minutes of Meeting Held on Friday, September 20, 2013
The regular meeting of the Missouri Housing Development Commission was held on Friday, September 20, 2013 at 9 a.m., at Stoney Creek Inn, 2601 S. Providence Road, Columbia, Missouri. Those present were:
Commissioners and Persons Present to Vote for Ex-Officio Members
Jeffrey S. Bay, Chairman Peter Kinder, Lieutenant Governor Angie Robyn, Deputy State Treasurer (telephone) Jim Farnsworth, Assistant Attorney General Troy Nash, Vice Chairman (telephone) David Cosgrove, Secretary/Treasurer Greg Roberts, Commissioner
Commissioners Absent Jay Nixon, Governor Clint Zweifel, State Treasurer Chris Koster, Attorney General
Staff Members Kip Stetzler, Interim Executive Director Greg Canuteson, Senior Deputy Director Tina Beer, Director of Operations Heather Bradley-Geary, Community Initiatives
Manager Marian Campbell, Director of Asset Management Ron Hill, Fiscal & Accounting Manager Marilyn Lappin, Director of Finance Lynn Sigler, Operations Supervisor Jennifer Tidwell, Director of Policy and
Government Frank Quagraine, Senior Underwriter Weylin Watson, General Counsel Darnell Busch, Information Technologist Sheldon White, Information Technologist
Other Meeting Participants Brian May, Governor Nixon’s Office Sarah Swoboda, State Treasurer’s Office Brian Bunten, Lieutenant Governor’s Office Dr. Mark Tranel, University of Missouri – St. Louis
Chairman Bay called the meeting to order and roll call was taken by Ms. Sigler. A quorum was present. Kip Stetzler presented the minutes from the Commission meeting held on Friday, June 21, 2013 for approval. A motion was made by Commissioner Cosgrove and seconded by Commissioner Roberts to approve the minutes. The motion passed unanimously with a vote of 7-0.
The next item on the agenda was the report of the chairman. Kip Stetzler asked Audit Committee Chairman Cosgrove to report. Mr. Cosgrove reported that the auditors gave an extensive report to the Audit Committee who met prior to this meeting. The committee went into executive session to see if the auditors had any concerns and they had none. Ms. Lappin reported that two new accounting standards, Governmental Accounting Standards Board, Statement No. 63 and Statement No. 65, were adopted. Ms. Lappin also reported that the equity section has been renamed. Instead of Net Assets; the new name is Net Position. There are also new financial statement items on the balance sheet called Deferred Inflows and Outflows that represent the deferred amounts or costs related to refunding of bonds. Those are items that were previously included with bonds payable. Mr. Cosgrove asked the representatives from RubinBrown if they had anything to report. Mr. Lilly from RubinBrown reported that the audit opinions were unmodified (clean) and there were no issues with the audit. Mr. Stetzler stated that the next item on the agenda was the Facilities Committee Report. Tina Beer reported that the current office space lease for 3435 Broadway in Kansas City expires February 1, 2015. Ms. Beer requested the Commission approval for the release of the RFP for Office Space Lease to allow staff to solicit proposals for potential office space. A motion was made by Commissioner Cosgrove and seconded by Chairman Bay. The motion was passed unanimously with a vote of 7-0. The Report of Staff followed. Ron Hill presented the financial report as of July 2013. Marilyn Lappin requested the approval of selection of Banking Institutions for Depository and Safekeeping Services. Ms. Lappin reported that proposals from five qualified banking institutions were received in response to the RFP for Depository and Safekeeping Services. Those firms are Bank of Kansas City, BMO Harris Bank, Commerce Bank, UMB Bank and US Bank. Ms. Lappin presented the recommendation to select Commerce Bank for the production account group and safekeeping services and US Bank for the operations and contract administration account groups, with selection of the banks for a three-year period with one additional two-year option. A motion was made by Commissioner Cosgrove and seconded by Commissioner Roberts. The motion was passed unanimously with a vote of 7-0. Dr. Mark Tranel from the University of Missouri St. Louis gave a presentation on 2013 Homeless Study. Heather Bradley-Geary requested the approval of the 2013 Homeless Study. A motion was made by Commissioner Nash and seconded by Commissioner Cosgrove. The motion passed unanimously with a vote of 7-0. Heather Bradley-Geary requested the approval of the Emergency Solutions Grant Notice of Funding Availability. A motion was made by Commissioner Cosgrove and seconded by Commissioner Roberts. The motion passed unanimously with a vote of 7-0. Heather Bradley-Geary requested the approval of the Emergency Solutions Grant Allocation Plan. A motion was made by Commissioner Nash and seconded by Commissioner Roberts. The motion passed unanimously with a vote of 7-0.
Heather Bradley-Geary requested the approval of the Foreclosure Assistance Program Notice of Funding Availability. A motion was made by Commissioner Cosgrove and seconded by Commissioner Roberts. The motion passed unanimously with a vote of 7-0. Heather Bradley-Geary requested the approval of $250,000 from the Missouri Housing Trust Fund for Disaster Relief Funding. A motion was made by Commissioner Cosgrove and seconded by Commissioner Nash. The motion passed unanimously with a vote of 7-0. Frank Quagraine presented the rental production update. Marian Campbell presented the asset management watch list update. Ms. Campbell presented the update on Ashley Park. Ms. Campbell reported that Ashley Park Apartments is a project that is currently on the Commission’s watch list under the concerns category. This project was declared in default in January of this year as a result of failure to make their December mortgage payment. Staff received Commission approval to work with the owner to complete and submit to HUD a partial payment of claim application in accordance with the FHA Risk Share Program. That application was submitted in February and staff has recently learned that HUD’s approval process has progressed to the point where HUD is working to close on that application. Prior to closing, HUD will provide a yield term sheet and an approval letter that the owner and MHDC will have less than two weeks approximately to review and approve. Once the term sheet and approval letter are received, staff anticipates requesting the Commission to convene an emergency meeting to consider HUD’s proposed terms for the project and staff’s recommendation. Mr. Stetzler presented Rental Production changes. Mr. Stetzler explained that this is the time of year when MHDC receives applications for the production and preservation of affordable housing. We have received 99 applications and 5 of those applications included a letter of intent from Mrs. Ulm, Bill Ulm’s wife. Mrs. Ulm currently works for Great Southern Bank. Her title is Vice President and Commercial Loan Officer. She began her employment with Great Southern on May 20th of this year, and it is on behalf of Great Southern that Mrs. Ulm provided the letters of intent for the five applications mentioned. Her husband, Mr. Ulm is the Director of Rental Production. Mr. Stetzler reported that some changes have been made regarding Mr. Ulm’s responsibilities. Mr. Ulm has been reassigned to direct the Needs Assessment Project. Rental Production employees will now report to Mr. Quagraine, Chief Underwriter. Mr. Ulm has no responsibilities, supervisory or otherwise, with respect to the Rental Production division, including the LIHTC application review and recommendation process. Mr. Stetzler reported that the Rental Production staff and all MHDC staff members who participate in the LIHTC process have been advised that Mr. Ulm has been reassigned to the Needs Assessment project and he no longer supervises the LITHC recommendation process. With respect to the 2014 applications, Mr. Ulm has visited sites in St. Louis and St. Louis County. These sites will be revisited. Mr. Ulm also emailed a list of applications received. This list was also generated by Gus Metz using a report writer that pulls data from a data warehouse which is auto populated as applications are submitted. Mr. Ulm’s site visits, and any work product that has been performed by Mr. Ulm to date with respect to the 2014 applications will be disregarded.
Mr. Stetzler has discussed the above with Mr. Ulm and Mr. Ulm has agreed to his reassignment of duties. Mr. Stetzler then asked General Counsel Weylin Watson to walk through his analysis of Missouri Law, Federal Law, MHDC policies, and MHDC Standards of Conduct as they related to the situation. Weylin Watson stated that the reason this decision was made was based upon multiple areas of concern where a potential for conflict could exist or a potential existed for the appearance of impropriety. As a result, we determined it was best practice to make these changes. Mr. Watson stated that he notified the commission a few days ago, indicating there was a potential conflict and that we were making some changes. This was based on the Standards of Conduct that require counsel, upon determining that potential conflicts exists, to notify all the Commissioners within 24 hours of that determination so that was the purpose of the email. Mr. Watson stated that there were multiple areas of concern ranging from federal regulatory restrictions, state statutory restriction and commission and staff level policies. There were two state statutes that were of particular note to us, Missouri Revised Statutes Sections 105.452 and 105.454. Both of those effectively deal with situations where a violation could result in reporting to the Missouri Ethics Commission. Section 105.452 prohibits a public employee from, among other things, acting or failing to act in his/her official capacity due to potential financial benefits to him/herself or his/her spouses, using confidential information obtained in the course of employment as a state employee for financial gain for him/herself or his/position for potential financial gain. Section 105.454 prohibits a public employee from participating in or attempting to influence the decision of a state agency where he/she attempts to influence the agency’s decision while knowing the result of such decision may provide financial benefit to the employee or his/her spouse. Mr. Watson stated that in the MHDC Employee Handbook, conflicts and potential conflicts are strictly prohibited. So, in the event one arises, measures need to be taken to avoid the conflict. Mr. Watson stated that on a federal level the HOME regs prohibit certain actions by employees in participating jurisdictions administering HOME funds. If an individual has a conflict or potential conflict, they are not allowed to participate in the administration or the award of those HOME funds. Mr. Bay asked if there was anything further that needed to be brought before the Commission. There was no response from anyone. Mr. Stetzler stated that the last agenda item was the PBCA update. Mr. Watson stated that because we will be discussing what would be privileged communication between Counsel and the Commission, I would recommend that we consider going into closed session for that component of this meeting under section 610.021.1. A motion was made by Commissioner Roberts and seconded by Chairman Bay. The motion passed unanimously with a vote of 7-0. The meeting went into Executive Session and no votes were taken during the Executive Session. Upon the conclusion of the Executive Session, there was no longer a quorum present to allow the Commission to move back into open session so the meeting adjourned at 10:18 a.m.
TAB 3
Report of Chairman Facilities Committee Report and request for authorization to enter a lease for Kansas City Operations
TAB 4 (a)
Report of Staff Financial Report
FINANCIAL REPORT
FOR THE MONTH OF OCTOBER 2013
Financial Reporting Package
for the month of October 2013 and the period then ended
Index Page: 1 – 2 Executive Summary for the month 3 Key Financial Information 4 Asset Quality 5 Balance Sheet
6 Budget for Use of Net Position (Fund Balances) for Fiscal Year 2014 Mortgage Revenue Bond Activity HUD Purchase Loan Program
7 Condensed Statement of Revenue and Expenses for the month,
including the effects of GASB Statement No. 31 7a Condensed Statement of Revenues and Expenses for the month, actual
compared to budget (excluding the effects of GASB Statement No. 31)
8 Condensed Statement of Revenue and Expenses for the period July 1,
2013 to October 31, 2013, including the effects of GASB Statement No. 31
8a Condensed Statement of Revenue and Expenses for the period July 1,
2013 to October 31, 2013, actual compared to budget (excluding the effects of GASB Statement No. 31)
9 Loan Servicing Report
1
MISSOURI HOUSING DEVELOPMENT COMMISSION FINANCIAL REPORT - EXECUTIVE SUMMARY
October 2013
Assets Total assets, as reported, were $1,862,448,000 as compared to $1,945,079,000 at the end of the previous fiscal year. Excluding the effects of GASB Statement No. 31, assets totaled $1,818,737,000 at October 31, 2013, as compared to $1,898,627,000 at June 30, 2013. MHDC’s asset base continues to have a high-quality and low-risk profile. Approximately 41% of total assets are comprised of guaranteed mortgage-backed securities (page 4). MHDC has no subprime loans, no variable rate debt and no interest rate swaps or similar instruments. MHDC’s conservative asset base and careful management has MHDC well positioned in the current economic environment. Mortgages and Mortgage-Backed Securities The cost basis of new homeownership mortgage-backed securities purchased total $69.3 million in October. Net of scheduled principal payments and loan prepayments, the cost basis of homeownership bond-financed mortgage-backed securities and loan portfolio has decreased $90.8 million in the fiscal year. In the Rental bond-financed program, one rental project loan has been funded in the fiscal year totaling $11.9 million. Principal pay-downs and prepayments in the Single Family Homeownership portfolio are 26% annualized (25% in 2013 and 14% in 2012). In the Multifamily Rental portfolio, principal pay-downs and prepayments are 10% annualized (4% in 2013 and 16% in 2012). Bond Issues and Other Debt During the fiscal year, two Multifamily bond issues totaling $14.6 million were closed, including one in November (page 6). Bond pay downs have totaled $122.5 million. During this fiscal year, new FHLB advances totaling $29.5 million have financed the MBS Warehousing Program. Results of Operations: Month of October For the month of October (page 7a), net operating results amounted to an increase of $1,934,000 before including the effects of GASB Statement No. 31, (see additional information below). Operating Revenue over Expenses is $1,737,000 more than budget. Results of Operations: Year-to-Date Fiscal 2014 Year-to-date for this fiscal year (page 8a), net operating results amounted to an increase of $16,078,000 before including the effects of GASB Statement No. 31, (see additional information below). Operating Revenue over Expenses is $11,283,000 more than budget.
2
Federal Programs Year-to-date, Federal Grant Revenues include $44.4 million in Project Based Section 8 Housing Assistance Payments and $7.6 million in HOME Investment Partnership Program funds. These federal programs provide important resources for achieving the objectives of the Commission. The Commission’s efforts to preserve affordable housing, including preservation of the Housing Assistance Payment Contracts, are vital for continuing this economic resource for the State of Missouri. Effects of GASB 31 Governmental Accounting Standards Board (GASB) Statement No. 31 “Accounting and Financial Reporting for Certain Investments and for External Investment Pools” was instituted in 1998 and established fair value accounting for investment securities; such as U.S. government and agency securities, and GNMA, Fannie Mae and FHLMC mortgage-backed securities. GASB Statement No. 31 requires that these investments be reported at fair value on the balance sheet and that changes in fair value be reported as revenue in the operating statement. During periods of rising market interest rates relative to the stated rates of our portfolio, the fair value of our investments and mortgage-backed securities will decline. Conversely, when market interest rates fall below those of the stated rates of our portfolio, the fair value of our investments and mortgage-backed securities will increase. The required implementation of GASB Statement No. 31 has caused an increase of $2,152,000 in the fair value of investments and our mortgage-backed security portfolio during October (see page 7). During October, interest rate fluctuations have resulted in an increase in the fair value of mortgage-backed securities and other investments. Overall, the required implementation of GASB Statement No. 31 has caused a decrease of $3,406,000 in the fair value of investments and our mortgage-backed security portfolio during the fiscal year (see page 8). During this fiscal year, interest rate fluctuations have resulted in a decrease in the fair value of mortgage-backed securities and other investments. Depending on future financial markets, we can expect interest rate fluctuations to have a continuing material effect on our financial statements.
Missouri Housing Development CommissionKey Financial Information as of October 31, 2013($ in thousands)
2011 2012 2013 10/31/13
Total assets, cost basis, excluding conduit bond issues 2,192,899 2,011,310 1,810,273 1,737,360
% change (2.93) (8.28) (10.00) (4.03)
Total debt, excluding conduit bond issues 1,467,351 1,257,907 1,041,677 947,853
% change (6.79) (14.27) (17.19) (9.01)
Total equity 592,210 627,377 640,060 655,473
% change 5.45 5.94 2.02 2.41
Revenues 102,957 98,722 83,696 75,599
% change 0.23 (4.11) (15.22) (9.67)
Net income 5,714 13,827 15,313 9,285
% change (64.35) 141.98 10.75 (39.37)
Total loans and MBS 1,628,287 1,450,319 1,261,858 1,215,775
% change 4.43 (10.93) (12.99) (3.65)
FHA Risk-Share Loans 201,175 171,962 172,272 180,407
% change 15.69 (14.52) 0.18 4.72
Nonperforming assets 2,453 269 3,013 3,011
% change (5.73) (89.03) 1,020.07 (0.07)
Loan loss reserves 44,362 44,172 43,322 43,312
% change 0.59 (0.43) (1.92) (0.02)
NOTES:Asset values exclude conduit debt issues and are adjusted to eliminate the effects of market value accounting (GASB Statement No. 31).
Growth rate of total assets is -12.08% compared to -10.00% in FY2013. Strategic Plan target is 5% annually.
Equity values are adjusted to exclude the effects of market value accounting (GASB Statement No. 31).
Revenue and net income values also exclude the effects of market value accounting (GASB Statement No. 31) and federal grants and assistance (pass-through revenues and disbursements). These values are projected for FY2014.
Trend Analysis
3
Missouri Housing Development CommissionAsset Quality Information and Summary Effects of GASB Statement No. 31($ in thousands)
Balance Sheet 6/30/2011 6/30/2012 6/30/2013 10/31/2013
Total Assets as Reported 2,378,078$ 2,195,550$ 1,945,079$ 1,862,448$ Unrealized gains/losses (effect of GASB 31) # (87,561) (94,523) (46,452) (43,711)
Total Assets at Cost 2,290,517$ 2,101,027$ 1,898,627$ 1,818,737$
Mortgage-Backed Securities Portfolio 6/30/2011 6/30/2012 6/30/2013 10/31/2013
Mortgage-Backed Securities at cost 1,151,375$ 1,000,022$ 801,535$ 746,448$ as % of Total Assets at Cost 50.3% 47.6% 42.2% 41.0%
Mortgage-Backed Securities Portfolio Composition: % GNMA 83.6% 84.7% 87.6% 88.1% % Fannie Mae 14.3% 13.4% 11.0% 10.5% % FHLMC 2.1% 1.9% 1.4% 1.4%
Loan Portfolio 6/30/2011 6/30/2012 6/30/2013 10/31/2013
Total Loans at par 622,088$ 586,904$ 591,999$ 594,016$ Uninsured loans (includes Risk-Share, HOME & TCAP) 403,791$ 396,110$ 404,257$ 410,462$
as % of Total Assets at Cost 17.6% 18.9% 21.3% 22.6%
Risk-Share loans 201,175$ 171,962$ 172,272$ 180,407$ HOME loans 172,449$ 182,685$ 184,225$ 191,153$ TCAP loans 30,081$ 30,367$ 30,284$ 30,231$ Non-performing assets (uninsured) 2,453$ 269$ 3,013$ 3,011$
Allowance for loan losses 44,362$ 44,172$ 43,322$ 43,312$ as % of Uninsured/Non-guaranteed loans 11.0% 11.2% 10.7% 10.6%
Asset Quality Ratios 6/30/2011 6/30/2012 6/30/2013 10/31/2013
Non-performing assets / Total Loans, MBS and real estate owned 0.150% 0.019% 0.239% 0.248%Loan Loss Reserves / Total Loans and MBS 2.72% 3.05% 3.43% 3.56%Loan Loss Reserves / Risk-Share Loans
and Non-Performing Assets 21.79% 25.65% 24.72% 23.61%
# - Effect of GASB Statement No. 31 reflects the changes in fair value of investments and mortgage-backed securities that result from changes in market interest rates.
4
Missouri Housing Development CommissionSTATEMENT OF NET POSITION, unaudited (in thousands)October 31, 2013
Rental HomeownershipOperating Bond-Financed Bond-Financed
Funds Program Program October 31, 2013 June 30, 2013(audited)
ASSETSCASH AND TEMPORARY INVESTMENTS 22,935$ 36,371$ 119,988$ 179,294$ 204,214$
INVESTMENTSCertificates of Deposit 7,200 6,000 - 13,200 13,600 Investment Agreements - 1,894 21,384 23,278 32,801 U.S. Government and Agency Securities 198,857 89,961 - 288,818 280,900
---------------------------- ---------------------------- ---------------------------- ------------------------------- ------------------------------- Total 206,057 97,855 21,384 325,296 327,301
LOANS RECEIVABLE, net of allowance for loan losses ($43,312) 317,462 269,025 763,014 1,349,501 1,405,181
OTHER ASSETSAccrued Interest Receivable 2,058 1,751 3,105 6,914 6,836 Prepaid Expenses - - - - 10 Fixed Assets, net of accumulated depreciation ($4,137) 637 - - 637 745 Accounts Receivable, Other 823 (23) 6 806 792
---------------------------- ---------------------------- ---------------------------- ------------------------------- ------------------------------- Total 3,518 1,728 3,111 8,357 8,383
---------------------------- ---------------------------- ---------------------------- ------------------------------- ------------------------------- Total Assets 549,972 404,979 907,497 1,862,448 1,945,079
DEFERRED OUTFLOWS OF RESOURCES - 186 199 385 405 ---------------------------- ---------------------------- ---------------------------- ------------------------------- -------------------------------
Total Assets and Deferred Outflows of Resources 549,972$ 405,165$ 907,696$ 1,862,833$ 1,945,484$ ================ ================ ================ ================== ==================
LIABILITIESBonds and Notes Payable 9,650$ 272,205$ 747,375$ 1,029,230$ 1,130,031$ Interest Payable - 2,678 6,567 9,245 12,635 Escrow Deposits 11,168 97,330 - 108,498 102,556 Funds Due Others 602 - - 602 338 Accounts Payable 1,512 3,175 94 4,781 2,074 Unearned Revenue 10,197 - - 10,197 10,225
---------------------------- ---------------------------- ---------------------------- ------------------------------- ------------------------------- Total Liabilities 33,129 375,388 754,036 1,162,553 1,257,859
DEFERRED INFLOWS OF RESOURCES - - 1,096 1,096 1,113
NET POSITIONInvested in Capital Assets 637 - - 637 745 Restricted 274,549 29,777 152,564 456,890 404,886 Commission Designated (Unrestricted) 178,580 - - 178,580 192,424 Unrestricted and Undesignated 63,077 - - 63,077 88,457
---------------------------- ---------------------------- ---------------------------- ------------------------------- ------------------------------- Total Net Position 516,843 29,777 152,564 699,184 686,512
---------------------------- ---------------------------- ---------------------------- ------------------------------- ------------------------------- Total Liabilities, Deferred Inflows of Resources and Net Position 549,972$ 405,165$ 907,696$ 1,862,833$ 1,945,484$
================ ================ ================ ================== ==================
Combined Totals
5
BUDGET DISBURSED
Rental Housing Production and Preservation Program 10,000,000$ -$ Single-Family MRB Program Equity Contribution 2,000,000 - Bellefontaine Habilitation Center Rehabilitation Grant 1,420,174 * - Rental & Operating Assistance Program 427,000 17,259 Housing First Program 884,000 108,039 Disaster Assistance 100,000 12,500 Multifamily and Home Improvement Interest Subsidy Program 4,000 2,209
TOTAL FUND BALANCE PROGRAM BUDGET 14,835,174$ 140,007$
* $9,787,220 funding committed to Bellefontaine Habilitation Center rehabilitation approved 10/8/2010; Disbursements: $2,838,268 in FY 2011, $4,723,592 in FY 2012 and $805,186 in FY 2013.
Authorized AppliedConstruction Lending 30,000,000$ (1) 6,513,000$ Single Family Homeownership Program 20,000,000 (2) 20,000,000 Homeowner Cash Assistance 21,500,000 (3) -
AMOUNT AMOUNT MHDC
BOND ISSUES AUTHORIZED ISSUED CONTRIBUTION
Rental: 2013 Series 3 (Shepard Apts.) closed 7-30-13 12,030,000$ 12,030,000$ -$
As of October 31, 2013 $ 12,030,000 $ -
2013 Series 4 (House Springs Apts.) closed 11-26-13 2,555,000$ 2,555,000 -
As of November 30, 2013 $ 14,585,000 $ -
Mortgage-backed securities are purchased with short-term financing provided by the FHLB. After market bondsare issued, these MBS will be transferred to the SF NIBP and the FHLB advances repaid.
Mortgage-backed Securities warehoused as of October 31, 2013 34,741,000$
FHLB Advances as of October 31, 2013 9,649,000$
Pledged general investments 35,785,000$
Since the purchase of 26 loans from HUD during 1996, we have collected principal and interest paymentfunds, which are available for rehabilitation work and tenant initiatives. These are restricted funds.
Program Receipts, since 1996 26,235,239$ Grants and Loans, since 1996 (17,644,385) Available for Rehab/Tenant Initiatives as of October 31, 2013 8,590,854$
Fund Balance Revolving Funds as of October 31, 2013
HUD Purchase Loan Program
FY2014 Fund Balance Budget
Mortgage Revenue Bond Activity
October 31, 2013
MBS Warehousing Program as of October 31, 2013
(1) This revolving fund is used to make market‐rate multifamily construction loans.
(2) This established a $20 million fund to finance GNMA, Fannie Mae or FHLMC mortgage‐backed securities (MBS) in conjunction with MHDC's First Place bond program, or direct sale including forward delivery, as a source of continuous lending as approved at the April 17, 2009 Commission meeting. In addition, this fund will be utilized to finance MBS in conjunction with first‐time and repeat buyers from disaster areas as approved at the May 26, 2011 Commission meeting.
(3) This established funding totaling $21,500,000 for 3% cash assistance to fund homeownership closing costs and down payment. This cash assistance is recovered by means of the first loan rate or amortizing seconds. Recovered funds are recycled and reused for this same purpose. These funds include $1,000,000 earmarked for 5% cash assistance funding for borrowers from disaster areas as approved at the May 26, 2011 Commission meeting. Amounts applied to cash assistance funding have been fully recovered to date primarily through the sale of pools of assisted loans.
6
Missouri Housing Development CommissionCONDENSED STATEMENT OF REVENUE AND EXPENSES, unaudited (in thousands)Includes the effects of GASB Statement No. 31For the Month Ending October 31, 2013
Rental HomeownershipOperating Bond-Financed Bond-Financed
Funds Program Program Combined UnauditedREVENUES:Interest on Mortgage Loans 561$ 840$ 3,026$ 4,427$ Interest on Investments 368 33 66 467 Fair Market Value of Investments 1,277 318 557 2,152 Administrative Fees 481 - - 481 Financing Fees and Other 236 - 45 281 Housing Trust Fund Receipts - - - - Grants & Federal Assistance 12,295 - - 12,295
--------------------- --------------------- --------------------- ---------------------Total Revenues 15,218 1,191 3,694 20,103
EXPENSES:Interest Expense on Bonds and Notes 4 674 2,426 3,104 Miscellaneous Bond Debt Expense 1 1 38 40 Compensation 748 - - 748 Administrative Expenses 339 - - 339 Provision for Loan Losses - - - - Housing Trust Fund Grants 103 - - 103 Grants & Federal Assistance 11,679 - - 11,679
--------------------- --------------------- --------------------- ---------------------Total expenses 12,874 675 2,464 16,013
--------------------- --------------------- --------------------- ---------------------REVENUES OVER (UNDER) EXPENSES 2,344 516 1,230 4,090 FROM OPERATIONS
Subsidy Programs and Special Initiatives 4 - - 4 --------------------- --------------------- --------------------- ---------------------
REVENUE FROM OPERATIONS AFTER SUBSIDY PROGRAMS & SPECIAL INITIATIVES 2,340$ 516$ 1,230$ 4,086$
============ ============ ============ ============
7
Missouri Housing Development CommissionCONDENSED STATEMENT OF REVENUE AND EXPENSES, unaudited (in thousands)Excludes the effects of GASB Statement No. 31For the Month Ending October 31, 2013
Actual Budget Actual Budget Actual Budget Actual Budget UnauditedREVENUES:Interest on Mortgage Loans 561$ 527$ 840$ 874$ 3,026$ 3,417$ 4,427$ 4,818$ Interest on Investments 368 279 33 29 66 75 467 383 Administrative Fees 481 483 - - - - 481 483 Financing Fees and Other 236 239 - - 45 10 281 249 Housing Trust Fund Receipts - - - - - - - - Grants & Federal Assistance 12,295 11,615 - - - - 12,295 11,615
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------Total Revenues 13,941 13,143 873 903 3,137 3,502 17,951 17,548
EXPENSES:Interest Expense on Bonds and Notes 4 6 674 720 2,426 3,084 3,104 3,810 Miscellaneous Bond Debt Expense 1 4 1 44 38 100 40 148 Compensation 748 787 - - - - 748 787 Administrative Expenses 339 397 - - - - 339 397 Provision for Loan Losses - 62 - - - - - 62 Housing Trust Fund Grants 103 308 - - - - 103 308 Grants & Federal Assistance 11,679 11,554 - - - - 11,679 11,554
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------Total expenses 12,874 13,118 675 764 2,464 3,184 16,013 17,066
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------REVENUES OVER (UNDER) EXPENSES 1,067 25 198 139 673 318 1,938 482 FROM OPERATIONS
Subsidy Programs and Special Initiatives 4 285 - - - - 4 285 --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
REVENUE FROM OPERATIONS AFTER SUBSIDY PROGRAMS & SPECIAL INITIATIVES 1,063$ (260)$ 198$ 139$ 673$ 318$ 1,934$ 197$
======== ======== ======== ======== ======== ======== ======== ========
Number of Employees: 116Number of Employees at Prior Year End: 113Compensation and administrative expenses as percentage of Total Revenue - actual 6.06%; budget 6.75%
CombinedOperating
Funds
RentalBond-Financed
Program
HomeownershipBond-Financed
Program
7a
Missouri Housing Development CommissionCONDENSED STATEMENT OF REVENUE AND EXPENSES, unaudited (in thousands)Includes the effects of GASB Statement No. 31For the Four Months Ending October 31, 2013
Rental HomeownershipOperating Bond-Financed Bond-Financed
Funds Program Program Combined UnauditedREVENUES:Interest on Mortgage Loans 2,211$ 3,531$ 12,611$ 18,353$ Interest on Investments 1,468 135 358 1,961 Fair Market Value of Investments (178) 114 (3,342) (3,406) Administrative Fees 1,981 - - 1,981 Financing Fees and Other 1,320 2 1,850 3,172 Housing Trust Fund Receipts 3,800 - - 3,800 Grants & Federal Assistance 52,725 - - 52,725
--------------------- --------------------- --------------------- ---------------------Total Revenues 63,327 3,782 11,477 78,586
EXPENSES:Interest Expense on Bonds and Notes 9 2,663 10,375 13,047 Miscellaneous Bond Debt Expense 10 59 82 151 Compensation 2,942 - - 2,942 Administrative Expenses 1,239 - - 1,239 Provision for Loan Losses - - - - Housing Trust Fund Grants 1,130 - - 1,130 Grants & Federal Assistance 47,169 - - 47,169
--------------------- --------------------- --------------------- ---------------------Total expenses 52,499 2,722 10,457 65,678
--------------------- --------------------- --------------------- ---------------------REVENUES OVER (UNDER) EXPENSES 10,828 1,060 1,020 12,908 FROM OPERATIONS
Subsidy Programs and Special Initiatives 236 - - 236 --------------------- --------------------- --------------------- ---------------------
REVENUE FROM OPERATIONS AFTER SUBSIDY PROGRAMS & SPECIAL INITIATIVES 10,592$ 1,060$ 1,020$ 12,672$
============ ============ ============ ============
8
Missouri Housing Development CommissionCONDENSED STATEMENT OF REVENUE AND EXPENSES, unaudited (in thousands)Excludes the Effects of GASB Statement No. 31For the Four Months Ending October 31, 2013
Actual Budget Actual Budget Actual Budget Actual Budget UnauditedREVENUES:Interest on Mortgage Loans 2,211$ 2,108$ 3,531$ 3,495$ 12,611$ 13,668$ 18,353$ 19,271$ Interest on Investments 1,468 1,116 135 116 358 300 1,961 1,532 Administrative Fees 1,981 1,915 - - - - 1,981 1,915 Financing Fees and Other 1,320 957 2 - 1,850 360 3,172 1,317 Housing Trust Fund Receipts 3,800 3,700 - - - - 3,800 3,700 Grants & Federal Assistance 52,725 46,460 - - - - 52,725 46,460
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------Total Revenues 63,505 56,256 3,668 3,611 14,819 14,328 81,992 74,195
EXPENSES:Interest Expense on Bonds and Notes 9 22 2,663 2,880 10,375 12,336 13,047 15,238 Miscellaneous Bond Debt Expense 10 13 59 176 82 400 151 589 Compensation 2,942 3,144 - - - - 2,942 3,144 Administrative Expenses 1,239 1,593 - - - - 1,239 1,593 Provision for Loan Losses - 248 - - - - - 248 Housing Trust Fund Grants 1,130 1,233 - - - - 1,130 1,233 Grants & Federal Assistance 47,169 46,215 - - - - 47,169 46,215
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------Total expenses 52,499 52,468 2,722 3,056 10,457 12,736 65,678 68,260
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------REVENUES OVER (UNDER) EXPENSES 11,006 3,788 946 555 4,362 1,592 16,314 5,935 FROM OPERATIONS
Subsidy Programs and Special Initiatives 236 1,140 - - - - 236 1,140 --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
REVENUE FROM OPERATIONS AFTER SUBSIDY PROGRAMS & SPECIAL INITIATIVES 10,770$ 2,648$ 946$ 555$ 4,362$ 1,592$ 16,078$ 4,795$
======== ======== ======== ======== ======== ======== ======== ========
Compensation and administrative expenses as a percentage of Total Revenue - actual 5.10%; budget 6.38%
CombinedOperating
Funds
RentalBond-Financed
Program
HomeownershipBond-Financed
Program
8a
Loans Units RemarksRental Programs
FHA Insured 85 8,032 Includes FHA Insured, Section 8, Market Rate & Risk Share.
FNMA 20 675 Includes FNMA Participation Loans.
US Bank 53 - Includes US Bank Participation Loans
Uninsured 205 7,138 Includes Acquisition/Construction/Permanent Financing for Special Needs, Elderly & Family housingusing MHDC fund balances.
HUD Purchased Loans 28 712 Includes HUD Purchased Loans, special financing relating to the HUD Purchased Loan Program.
HOME Funds 405 12,366 Federal HOME Funds Construction Preservation non-profit and for profit and Federal HOME FundsEmergency Relief.
Housing Trust Fund 21 - Includes permanent financing for Family housing.
Rural Development Guaranteed 1 40 Includes a multifamily permanent financing.
Rural Initiative Loans 3 40 Rural Initiative Loan units are based on lots.
TCAP 24 709 Tax Credit Assistance Program.
TC Exchange 25 709 Low-income Housing Tax Credit Exchange Program.
Rental Program Totals 870 30,421
Homeownership Programs
GNMA Master Servicer 7,045 7,045 Serviced by Master Servicer, MHDC funded through MRB.
FNMA Master Servicer 995 995 Serviced by Master Servicer, MHDC funded through MRB.
FHLMC Master Servicer 111 111 Serviced by Master Servicer, MHDC funded through MRB.
MRB Issues 54 54 Serviced by Participant/Servicers. MHDC reconciles bank accounts, audits foreclosures and processes assumptions.
GNMA MRB Issues 647 647 Serviced by GNMA Contract Servicers. MHDC processes assumptions, servicing fees and audits foreclosures.
Rural Growth Master Servicer 8 8 Resolution 853 Serviced by Master Servicer, MHDC funded through MRB.
Cash Assistance Loans (CAL) 7,310 - Serviced by Master Servicer, MHDC funded; convert to grants over 60 months.
Tax Credit Advance Loans (TCAL) 520 - Serviced by Master Servicer, MHDC funded.
HOME Funds/Other 1,196 1,196 Includes MHDC DPA/MRB Issues/Flood Program Funds and Federal HOME Funds/FmHA, Weatherization andHome Improvement, Habitat for Humanity. MHDC performs all servicing functions.
Homeownership Program Totals 17,886 10,056
TOTALS 18,756 40,477
LOAN SERVICING REPORTAs of October 31, 2013
9
TAB 4(b)
Report of Staff Request for approval of RFP for Single Family
Market Rate Administrator and Mortgage Credit Certificate (MCC) Program
RequestforQualificationsandProposalsfor
SingleFamilyMarketRateProgramAdministrator
MISSOURIHOUSINGDEVELOPMENTCOMMISSION
RESPONSEDEADLINE:
Five(5)hardcopiesandOne(1)electroniccopybyemailnolaterthan3:00p.m.onTuesday,January14,2013
SUBMITRESPONSESTO:
MarilynLappinDirectorofFinance
MissouriHousingDevelopmentCommission3435Broadway
KansasCity,Missouri64111‐2403Sendelectroniccopybyemailto:[email protected]
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MISSOURIHOUSINGDEVELOPMENTCOMMISSION
RequestforQualificationsandProposalsfor
SingleFamilyMarketRateProgramAdministrator
I.INTRODUCTIONThe Missouri Housing Development Commission (“MHDC” or the “Commission”) is agovernmental instrumentalityof thestateofMissouriandabodycorporateandpolitic.In1969,the75thGeneralAssemblyofMissouri,inthefaceofageneralhousingshortageseverely affecting low and moderate income persons, established the Commission inordertoincreasetheavailabilityofdecent,safeandsanitaryhousingatpriceswithinthemeansoflowandmoderateincomepersons.TheCommission’sauthorityisderivedfromChapter215oftheRevisedStatutesofMissouri,asamendedandsupplemented.Chapter215 provides general information about the Commission and is available on‐line atwww.moga.mo.gov/statutes/c215.htm. Further information about the Commission anditsprogramsisavailableontheCommission’swebsiteatwww.mhdc.com.Acoremissionof the Commission is to provide affordable homeownership opportunities for low‐ tomoderate‐incomehomebuyers. TheCommissionoriginatesandfinancesapproximately$200to$250millionofsinglefamilyloansannually.
PurposeofRequestforQualificationsandProposals(RFP)MHDC is seeking the services of a Single Family Market Rate Program Administrator(“Administrator”) to provide a range of services, which include, agreeing to purchaseeach mortgage‐backed securities backed by eligible single family mortgage loans(“Mortgage Loans”) at pre‐determinedprices,managing andhedging theCommission’sMortgage Loan pipeline,monitoring theMortgage Loan pipeline and fallout, providingtraining and information to Commission staff on the means to manage, hedge andmonitor the Commission’s Mortgage Loan pipeline, and sell and arrange delivery ofmortgagebackedsecurities(MBS)toinvestors.TheAdministratorwillagreetoprovidethe range of services for a fixed percentage of the Mortgage Loans. Inherent in theoperation of the program, the Administrator will bear the financial risks and costsassociatedwithtimelyMortgageLoandeliveriesandpipelinefallout.TheAdministratorshould have a background in administering similar or other innovative programs forhousingfinanceagencies.TermofServiceIt isanticipated that theselected firmwillbe retainedby theCommission foroneyearwithtwoadditionalone‐yearrenewaloptions,foratotalofthreeyears.MHDCreservestheright,atitssolediscretion,toendthetermofserviceorchangethestatusandroleforanyfirmselectedpursuanttothisRFP,atanytimepriortotheexpirationofthestatedtermofservicewithorwithoutcause.
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II.GUIDELINESANDINSTRUCTIONSAnticipatedTimetableforRFPandProposals
ReleaseRFP ProposalsDueEvaluationCommitteeRecommendationSelectionbyCommissioners
December10,2013January14,2014February14,2014February21,2014
ProposalDueDate: Tuesday,January14,2014by3:00P.M.Centraltime
FormofResponseThe Commission desires to consider responses to this RFP in a consistent and easilycomparableformat.ProposalsnotorganizedinthemannersetforthinthisRFPmaybeconsidered,attheCommission’ssolediscretion,asunresponsive. Pleasedonotrefertootherpartsofyourproposal,toinformationthatmaybepubliclyavailableelsewhere,orto the submitting entity’s website or another website in lieu of answering a specificquestion. The proposal must be accompanied by a cover letter stating that: (a) theinformationsubmittedinandwiththeproposalistrueandaccurate,and(b)thepersonsigningtheletterisauthorizedtosubmittheproposalonbehalfofthefirm.
Interested qualified firms are invited to submit proposals that contain informationsubmittedintheorderofSectionIV.Bbelow.Pleaselimityourresponsetothissolicitationtoamaximumof12pagesoftextwithminimum font size of 11with additional requested information such as exhibits,sample work, financial statements, insurance coverage, resumes and referencessubmittedinappendixform.Completed proposalsmust be submitted to the Commission electronically and in hardcopy. Prospective bidders shall transmit completed proposals to the Commission byemail [email protected] inPDF file format. The “Subject” lineof theemail shouldstate, “2013 Single Family Market Rate Program Administrator Proposal.” Five (5)printedcopiesofthefirm’sproposal—markedas,“ResponsetoRequestforProposalforSingle Family Market Rate Program Administrator” – must also be submitted by theProposalDueDateto:
Ms.MarilynLappinDirectorofFinanceMissouriHousingDevelopmentCommission3435BroadwayKansasCity,MO64111‐2403
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CompletedresponsestotheRFPmustbereceivedbytheCommissionnolaterthan3:00p.m.CentralTimeonTuesday,January14,2014. Proposalsmustbereceivedbythebid submission deadline. Proposers are responsible for ensuring actual receipt of theproposalbytheCommissionbythetimedesignatedabove.AllcostsdirectlyorindirectlyrelatedtothepreparationofaresponsetothisRFPshallbethesoleresponsibilityofandshallbebornebytherespondent.StandardsofConductThisRFPisconsidereda“CompetitiveMatter”asthattermisdefinedintheCommission’s“StandardsofConduct”Policy(the“StandardsofConduct”).Further,everyRespondent,including,butnotlimitedto,theirrespectiveprincipals,keyemployeesandagentsactingon their behalf are considered “Interested Parties” (as defined in the Standards ofConduct).Asaresult,everyRespondent(including,butnotlimitedto,itsprincipals,keyemployeesandagents)underthisRFPisobligatedtoabidebytherulesandrestrictionsimposed by the Standards of Conduct, including the rules governing contact withCommissioners andMHDC employees. The failure of any Respondent to abide by therules and restrictions established by the Standards of Conduct may result in thedisqualificationofthatRespondent’sResponse. Therefore,youarestronglyencouragedto review and familiarize yourself with the Standards of Conduct. The Standards ofConduct is available on MHDC’s website atwww.mhdc.com/about/commission/policies/standards_of_conduct.htm.Furthermore,pursuant to theStandardsofConduct,anyResponseunderthisRFPshalldisclosethenameoftheindividual,entityand/orentitieshavingownershipinterestsintheRespondent.Allentitiesidentifiedinthisdisclosureshallbereducedtotheirhumanbeing level irrespective of the number of entity layers which may be present for anydisclosedentity. Notwithstanding theprevioussentence, to theextentanyRespondentunder this RFP is a publicly traded corporation, such a Respondent may limit thisdisclosure to all board members, officers (and other key employees) and anyshareholders owning or controlling ten percent (10%) or more of the corporation.Questionsregardingthisrequirementoranyotherrequirementsorrestrictionsimposedby the Standards of Conduct may be directed to the Commission’s General Counsel,WeylinWatson,byphoneat816‐759‐[email protected] Commissionwill provide responses to inquiries submitted by firms to theCommission’scontactperson,MarilynLappin. AllquestionsmustbesubmittedinwritingviaemailtoMs.Lappinatmlappin@mhdc.comandreceivednolaterthanTuesday,December31,2013,3:00p.m.CT. The“Subject”lineoftheemailshouldbe,“2013SingleFamilyMarketRateProgramAdministratorQuestions.”Questionssubmittedafterthedeadlinewillnotreceivearesponse.ResponseswillbeprovidedbyJanuary 7, 2014, 5:00 p.m. CT to all interested bidders that have provided an emailaddresstoMs.Lappinpriortotheabovedeadlineforthesubmissionofquestions.
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IfyouhaveinquiriesregardingthisRFPorwouldliketocontacttheCommission,pleasecontact:
Ms.MarilynLappinDirectorofFinanceMissouriHousingDevelopmentCommission3435BroadwayKansasCity,MO64111‐2403(816)759‐[email protected]
All inquiries must be submitted by email, citing the particular proposal section andparagraphnumber.Proposersshouldnotethatallclarificationsandexceptionsaretoberesolvedpriortosubmissionoftheproposal. Alistofallsubstantiveinquiriesreceivedwithrelevantresponseswillbeprovidedtointerestedbidders.Other than the contact persons identified herein, prospective proposers shall notapproach theCommission’s employees after thepublicationof thisRFPandbefore theannouncement of a selection about any matters related to the RFP or any proposalsubmittedpursuantthereto.PublicRecordsFirmsresponding to thisRFPshouldbeaware that theProposalsarepublic records inaccordancewithstatelaw,aftertheevaluationandselectionprocessiscompleted.VisitsandInterviewsAllfirmsrespondingtothisRFPmustbepreparedtoscheduleavisittoitsofficesortoanotherlocationuponrequestbytheCommission.Inaddition,firmsrespondingtothisRFPmaybeinterviewedbytheCommissionasapartoftheselectionprocess.ReservationofRightsTheCommissionreserves the right to conductany investigationof thequalificationsofanyfirmthatitdeemsappropriate;negotiatemodificationstoanyoftheitemsproposedintheProposal;requestadditionalinformationfromanyfirm;rejectanyorallProposals;and waive any irregularities in any Proposal. The Commission retains the right tonegotiate the fees and compensation arrangements for its Single FamilyMarketRateProgramAdministratorservices. The engagementdescribed in thisRFP is notexclusiveandMHDCexpressly retains the rightatany time to retainanyother firmorfirms to provide other Single Family Market Rate Program Administrator serviceswithoutviolating theengagementcontemplatedby thisRFP. At theCommission’s solediscretion, theselectionofaproposalby theCommissionmaybecancelledatany timepriortothecompleteexecutionofacontractoragreement.IftheCommissioncancelsitsselection of a proposal, the Commissionmay repost this or a similar RFP and re‐seekproposals.
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III.BACKGROUNDINFORMATIONA.PROGRAMDESCRIPTION
MHDC seeks to develop an alternativemeans of hedgingMortgage Loans intended forsaleasitscurrenthedgingstrategiesbasedonacquisitionofcertainMortgageLoanswithproceedsraisedthroughthefederalNewIssueBondProgramandinthemunicipalbondmarketruntheircourse.TheCommissionseekstoengageanAdministratorforMortgageLoans eligible for GNMA, FannieMae, and FreddieMac securitization (the “Program”).TheProgramcurrentlyservesthesameeligiblehomebuyersasMHDC’sstandardbond‐financedprograms.TheProgramwillbeopentofirst‐timehomebuyers,andmayevolvetoincludenon‐first‐timehomebuyersandrefinancingloans.MHDCmaydecidetomakeMortgageCreditCertificatesavailabletoeligibleborrowers.MHDC reserves the right to use alternate approaches to fund the Program, includingissuingtaxableandtax‐exemptdebt,ifitisinthebestinterestofMHDC.
GNMAProgramMHDC is permitted by the Federal Housing Administration (“FHA”) to provide downpayment and closing cost assistance to recipients ofMortgage Loans through a secondmortgageloans(“CALs”)asdescribedbelowunderCashAssistance.MHDCbelievesthatcompetitively priced FHA loans coupled with CALs add a significant benefit tohomebuyersinMissouri.
TheMortgageLoanswillbeunderwrittenandservicedinconformancewithallapplicableMHDC and FHA, VA, and RD guides and will be pooled and certificated as GNMAsecurities. The size of the GNMA Program will depend on the extent of lenderparticipation and is not otherwise limited, except for any funding limitations thatmayapplytotheCommission,FHA,HUDortheGNMAprogramgenerally.
ConventionalProgramBecause MHDC is a state housing finance agency, Fannie Mae and Freddie Mac offerproducts that enable the Commission to take advantage of certain pricing andunderwriting advantages not offered to conventional lenders. Borrowers under thisProgrammayalsoreceiveCALsofferedbyMHDC.TheCommissionmayprovideFannieMae/FreddieMac‐eligible conventional loans to be packaged into FannieMae/FreddieMac securities (the “Conventional Program”). Eligible Mortgage Loans include thefollowing:
1. Standard Fannie Mae fixed‐rate fully‐amortizing conventional MortgageLoanswithtermsupto30‐years;or
2. MyCommunityMortgage® (“MCMMortgages”) products that are up to 30‐years,fixed‐ratefully‐amortizingMortgageLoans;or
3. FreddieMacHomePossible®Mortgagesthatareupto30‐years,fixed‐ratefully‐amortizingMortgageLoans.
4. Other30yearfixed‐rateloansapprovedbyFannieMaeorFreddieMac.
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Eligible Mortgage Loans must meet the criteria of a special variance agreement thatFannieMae/FreddieMacwillincorporateintoamortgagesellingandservicingcontractwiththeMasterServicer.TheConventionalProgramwillofferthefollowingbenefits:
1. Special pricing and advantageous underwriting guidelines from FannieMae/FreddieMacundertermsavailabletoMHDC;
2. Lenders do NOT need to be approved Fannie Mae or Freddie MacSeller/Servicers;and
3. Lowermortgageinsurancecoveragerequirements.
OriginationMortgageLoanswillbeoriginatedbyMHDCparticipatinglenders(“Lenders”)andsoldtoServiSolutions, a department of the Alabama Housing Finance Authority, or any othermasterserviceselectedbyMHDC(the“MasterServicer”)inaccordancewiththeMasterServicer’sMortgageLoandeliveryrequirementsatratesestablishedbytheCommissionbasedupontheratesandpricesprovidedbytheAdministrator.TheMasterServicerwillpoolandsecuritizetheMortgageLoansintoGNMA,FannieMae,orFreddieMacMBSthataresoldatthedirectionofMHDCinconjunctionwiththeAdministrator.SeeAttachment1foralistofcurrentparticipatingLenders.
CashAssistanceMHDCwillprovidecashassistanceloans(CALs)fordownpaymentandclosingcoststoeligiblehomebuyersobtainingaMortgageLoanunderthePrograms.The CALs are secured by a secondmortgage on the residence and currently have thefollowingfeatures:
1. Themaximumassistanceis3%ofthefirstmortgages(upto5%forcertain
disasterassistance). Assistanceamountscanbenogreater thanamountsdeterminedbyMHDC,atitssolediscretion;
2. Nomonthlypayments;3. Norateofinterest;4. RepaymenttoMHDC,iftheassociatedMortgageLoanispaidinfullpriorto
itsmaturitydate,unlesstheCALshallhavebeenforgiven;and5. CALsareforgivenratablyoveraperiodof60months.
ServicingTheMasterServicerwillservicetheMortgageLoans.
B.MASTERSERVICERFORTHEPROGRAMS
Under the Programs, Mortgage Loan purchase and servicing functions will be inaccordancewithamortgagepurchaseandservicingagreementbetweenMHDCandtheMaster Servicer (the “ProgramAdministration and Servicing Agreement”). The GNMAProgramOriginationGuidelinesandtheConventionalProgramOriginationGuidelinesareincorporatedbyreferencetotheProgramAdministrationandServicingAgreement,alongwithallapplicablelaws,regulationsandrules.
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IV. SINGLE FAMILY MARKET RATE PROGRAM ADMINISTRATOR REQUEST FORPROPOSALSAsdescribedbelowunderScopeofServices,MHDCseeksanAdministratorthatwill:
Provideadailymortgageratesheet(“RateSheet”)forLendersparticipatinginthe
Programs,subjecttoadjustmentinconsultationwithMHDC. Commit to take at forward prices set in mortgage rate sheets all respective
Mortgage Loans reserved pursuant to the Administrator’s Rate Sheet anddelivered by Lenders and pooled intoMBS securities for timely delivery by theMaster Servicer, subject only to offset in the amounts of Lender extension fees,whenappropriate.
Bear the cost, expense and risk that Mortgage Loans reserved pursuant to theAdministrator’sRateSheetarenotdeliveredforanyreasonwithoutcost,expenseor risk to the Commission, provided that the Commission will agree that anyMortgage Loan reserved pursuant to the Administrator’s Rate Sheet timelydelivered to it as a part of mortgage‐backed security will be delivered to theAdministrator.
Monitor reservations andMBS deliveries in close coordinationwith theMasterServicerandMHDC.
Commitandadjusthedgesandmanageextensions,asnecessary. Provide training and information to Commission staff on themeans tomanage,
hedgeandmonitortheCommission’sMortgageLoanpipeline. ArrangethesaleanddeliveryofMBSincoordinationwiththeMasterServicerand
MHDC.
Mortgage Loans will be made available on a first‐come, first‐served basis to MHDC’sparticipating Lenders. No lender participation fee will be required, although deliveryextension fees may be instituted, as may be approved by MHDC. Commission staff,working with the Master Servicer, will monitor the ongoing compliance with any set‐asidesorcreditoverlays.A. ScopeofServicesTheAdministratormustmanage theprogramwith soundpractices andas requiredbythe terms and conditions of a Single Family Market Rate Program AdministratorAgreement (the "Agreement"). It shall be the sole discretion of MHDC to renew andextend the Agreement at the end of the initial one‐year term. The Agreementwill beterminable by either party upon 30‐day notice. MHDC reserves the right to issue aRequestforProposalforSingleFamilyMarketRateProgramAdministratoratanytime.The Administrator will be required to assist MHDC in establishing the necessaryproceduresandguidelinestofacilitateefficientoperationofthePrograms.
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GeneralRequirementsInadditiontothespecificdutiesoutlinedabove,theAdministratorwillalsoberequiredto:
a. Assist in informationalmeetings for participating Lenders. In conjunctionwithMHDC and the Master Servicer, provide training workshops for participatingLenders and provide program informational materials to each Lender, asapplicable.
b. CoordinatewithMHDCandtheMasterServicertomaintaincompliancewithloandeliveryguidelinesandexpectedlevelofservice.
c. Identify pipeline management issues and notify MHDC as to recommended
programmaticchanges.
d. Publishmortgage rate sheets asoftenasnecessarybasedonapricing structurepreviouslyagreedtobytheParties,sothattheAdministratorwilltakeallinterestrate and financial risk inherent in the making of reservations and the futuredeliveryofMBS.MHDCpreferslimitingpublishingofratesheetstoonceperday.
e. Monitorreservations,managehedges,andrecommendtheprocessandtimingfor
thepooling,saleanddeliveriesofMBS.
f. Purchase at prices set in mortgage Rate Sheets all respective Mortgage LoansreservedpursuanttotheAdministrator’sRateSheetanddeliveredbyLendersandpooledintoMBSsecuritiesfortimelydeliverybytheMasterServicer,subjectonlytooffsetintheamountsofLenderextensionfees,whenappropriate.
g. Bear the cost, expense and risk that Mortgage Loans reserved pursuant to the
Administrator’sRateSheetarenotdeliveredforanyreasonwithoutcost,expenseor risk to the Commission, provided that the Commission will agree that anyMortgage Loan reserved pursuant to the Administrator’s Rate Sheet timelydelivered to it as a part of mortgage‐backed security will be delivered to theAdministrator.
h. Submit weekly reports to MHDC detailing pool purchase commitment and
deliveries and any additional information thatmay be required in a format andtimeframe prescribed by MHDC. These reports should include informationregarding the current status of the pipeline, the amount of Mortgage Loansexpectedfordeliveryasmortgage‐backedsecuritiesonorbeforeeachsettlementor delivery date for forward commitment MBS, any pair‐off receipts andexpenditures in connection with forward commitment MBS subject to pair‐off,currentandhistoricpull‐throughrateforreservedMortgageLoans,anaccountingof current and historic receipts from sale of mortgage‐backed securities, pricespaidforthemortgage‐backedsecurities,feesreceivedbytheAdministratorandallother profits, losses and receipts retained by the Administrator. Administrator
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compliance with the terms of the agreement and performancewill be assessedfromsubmittedreports.
i. Maintain transaction records, and prepare and present detailed monthly status
reportstoMHDCregardingProgramperformanceincluding:i. ThenumberanddollaramountofMBSpooledandpurchasedtodate.ii. Additional information or analysis deemed necessary by MHDC. All
information shall be submitted in a form and timeframe designated byMHDC.
j. Perform all other duties as set forth in the Single FamilyMarket Rate ProgramAdministratorAgreement.
B. StructureandContentofProposal1. BackgroundandExperience
ThefollowinginformationmustbesubmittedwiththeproposalinthefollowingordertobeconsideredbytheCommission:
a. FirmInformation.Statefullnameandaddressofyourfirmandidentifytheparent
companyifyouareasubsidiary. Specifytheofficethatwillperform,orassistinperforming, the work. Indicate whether you operate as a partnership,corporation, or sole proprietorship. Indicate where your company isheadquarteredandwhereincorporatedasapplicable.Youmustsubmitevidenceof authorization todobusinessoroperate in theStateofMissouri. Provide thelocation(s),extentandcapabilitiesofthefirm’sofficesandemployeesinMissouri.Discussanysubstantivechangesinfirmorganizationorownershipwithinthelastthree(3)years.Pursuant to theStandardsofConduct (seeSection IIof thisRFP), anyResponseunder this RFP shall disclose the name of the individual, entity and/or entitieshaving ownership interests in the Respondent. All entities identified in thisdisclosureshallbereducedtotheirhumanbeinglevelirrespectiveofthenumberofentity layerswhichmaybepresent foranydisclosedentity. Notwithstandingtheprevioussentence,totheextentanyRespondentunderthisRFPisapubliclytraded corporation, such a Respondent may limit this disclosure to all boardmembers, officers (and other key employees) and any shareholders owning orcontrolling ten percent (10%) ormore of the corporation. Questions regardingthis requirement or any other requirements or restrictions imposed by theStandards of Conduct may be directed to the Commission’s General Counsel,WeylinWatson,byphoneat816‐759‐[email protected].
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b. QualificationsandExperience. Provideevidenceofqualificationsandexperience
in mortgage‐backed securities programs, FHA, VA, RD, and conventionalmortgages, and single‐family programs operated by housing finance agencies,includingtax‐exemptbondprograms.
c. HFA Experience. Provide evidence of qualifications and experience operatingmarketrateprogramsforhousingfinanceagenciesorothergovernmentalentitiesprovidingsimilarfunctions.
d. References.Providenames,addresses,telephonenumbersandemailaddressesof
up to three clients we can contact concerning your firm’s performance asAdministratorforsimilarmortgageloanprograms.Listreferencesforwhichyouhave acted as Administrator, currently or in the past, including name, address,telephone number and contact person including email address. Please providethis information for all housing finance agencies for which you have providedtheseservices.
e. ContactPersonandStaffing.Providenamesandbriefresumesofallkeypersonnel
whowillbeassignedto thisprojectandtheprimaryresponsibilitiesassignedtoeach person. Provide the name, address and telephone number for the contactpersoninyourfirmauthorizedtonegotiateagreementtermsandrenderbindingdecisionsoncontractmatters.
f. OfficeLocationandCapacity.Providethelocationoftheofficethatwilladministertheprogram.Indicatethenumberofandidentifythepositionsofpersonnelthatwillbeavailabletoanswerquestionsduringthetermofthecontract.
g. ProgramParticipation.Ifyourfirmwillbe,orintendstobecome,aparticipating
Lender in the Programs, indicate howmany branch officeswill be participatingandanestimateofthevolumeofMortgageLoansyouwillbeoriginating.
h. ExperiencewithMasterServicer.Describeyourfirm’spastexperienceprovidinga
market rate and hedging programwith the Commission’sMaster Servicer. Arethere any unique characteristics or considerations of the Master Servicer as itrelatestothemarketrateandhedgingprogramthatMHDCshouldconsider.
i. AuditReports. Submittheauditedfinancialstatementsforthemostrecentfiscal
yearofthefirmproposingtoactasAdministrator,andiftheproposingcompanyisa subsidiary and/or has any guarantor arrangements, the most recent auditedfinancialstatementsofitsparentcompanyandanyapplicableguarantorsaswell.Include the most recent Service Organization Control Report prepared inaccordance with ACIPA Statement on Standards for Attestation Engagements(SSAE)No.16.
j. CapitalSufficiency.Describetheassets,liabilitiesandnetassetpositionofthefirm
andthenatureofanycapitalarrangementsavailabletothefirm.BecauseMHDCis
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12
relying on the Administrator to acquire all respectiveMortgage Loans reservedpursuanttotheAdministrator’sRateSheetanddeliveredbyLendersandpooledintoMBSsecuritiesfortimelydeliverybytheMasterServicer,describethesourceof financial assurance to the Commission that the proposer can honor itsobligationstoMHDC.
Specifytheamountofthefirm’scapitalposition,theamountofhedgesobligatedfor its loan pipeline for similar program, the amount of capital pledged tocounterparties for those hedges and the total amount of loans reserved orotherwiseobligatedwithinitsloanpipeline,allasofJanuary8,2014.Describetheamountofcapitalavailableatanyonetimetohedgethefirm’sentireloanpipelineforallitsclients.Assumingmarketpricesmovedownthreepointsonthehedgesfor the firm’s entire loanpipeline at one time,what is themaximum size of thepipelineyourfirmcanhedgewiththeavailablecapitalasdescribedabove?Whatisthelargestpipelineyourfirmhasmanagedtodate?
k. Litigation, Investigations and Regulatory Proceedings. Provide a summary of allinquiries, investigations or civil litigation initiated, in progress or closed by anyfederal orMissouri agencyduring thepast threeyears regarding the conductofyour firm, your firm’s management or personnel, and that of any guarantor oraffiliate, andmanagement and personnel of any guarantor or affiliate. Describewith specificity those actions taken against your firm, any guarantor, or anyaffiliateoranyemployeesof the firm,anyguarantor,oranyaffiliateresulting infines,suspensions,censure,orsimilarresolution.Inaddition,provideasummaryof any criminal inquiries, investigations, indictmentsor convictions against yourfirm or any employee of your firm (in connection with the employee’s workresponsibilities for the firm) initiated, inprogressorclosedduring thepast fouryears. Provide a summary of any civil litigation initiated, in progress or closedduring the past three years involving the firm or any employee’s workresponsibilitiesforthefirm.Failuretorespondfullytothisquestionortorefertopublic filings rather than provide the information directly may result indisqualification.(Ifnecessary,responsestothisquestionmaybeincludedinasaseparateappendixtotheproposal.)
l. Federal Work Authorization Program. Pursuant toMo.Rev.Stat. §285.530.2, the
firm selected pursuant to this RFP shall provideMHDCwith an affidavit statingthat the firm does not employ any person who is an unauthorized alien inconjunction with the contracted services, and that the firm is enrolled in andparticipating in a federal work authorization program with respect to theemployeesworkinginconnectionwiththecontractedservices.Priortoexecutionof any agreement contemplated herein, the firm shall provide evidence ofparticipation ina federalworkauthorizationprogram. Questions regarding thisrequirement may be directed to the Commission’s General Counsel, WeylinWatson, by phone at 816‐759‐6624 or email at [email protected]. In yourproposal, please indicatewhether your firm is currently enrolled in andparticipatinginafederalworkauthorizationprogramsuchasE‐Verify.
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13
m. SampleAgreement. Provideasampleof the firm’s formofSingleFamilyMarketRateProgramAdministratorAgreement.
n. SampleReports.Providecopiesorsamplesoftheweeklyandmonthlyreportsthefirm would provide to MHDC as described in sections IV.A.h and IV.A.i above.Provide copies of a reconciliation report the firm would provide MHDC eachmonth showing the amounts received by and paid by the Administrator andpaymentstoMHDC.
o. Special Strengths and/or Minority Representation. Include any additionalinformationthatwillbehelpfultotheCommissioninmakingadecision,includingany special strengths or capabilities of your firm (which may includeadministeringprogramsforotherstatehousingfinanceagencies,specialexpertisewithsingle family finance, the firm’sstatusasaminorityorwoman‐ownedfirm,thepresenceofofficesorheadquarters inMissouri, thenumberofemployeesofthefirmwithinMissourioranyotherspecialservicesorassistanceyourfirmmayprovide to MHDC) that you believe may be relevant to or helpful to MHDC infinancing or administering its Homeownership Loan Program andhomeownershiplendinginitiatives.
2. WorkPlanandApproach
a. Pooling Process and Hedging. Outline and explain the process from loan
reservationtothepurchaseof the loansand issuanceof theMBS. Describehowyou would propose to hedge the Commission’s Mortgage Loan rates under thePrograms. Describe any provisions for extensions. Please provide a detailedexampleofamortgageratechartyourfirmwouldprovideasof9:00a.m.CTonWednesday, January8,2014 for30‐yearMortgageLoanstobe included inthePrograms,showing:
i. theproposedpricetobereceivedbyMHDCforsuchMortgageLoanssecuritizedanddeliveredpursuanttothemortgageratechart,
ii. the timeframe within which any Mortgage Loans securitized anddeliveredpursuanttothemortgageratechartmustbedeliveredinordertoobtainthepricing,
iii. all applicable delivery dates, purchase dates, underwritercertification dates and any other timing restrictions applicable totheMortgage Loan reservation and delivery process applicable totheborrower,thelender,MHDCoranyotherparty,
iv. anyproposedextensionfeesandtherelatedextensionperiods,andv. all other information needed to determine such price and
restrictions applicable to the reservation and Mortgage Loandeliveryprocess.
Provide a copy of the computer screen or other pricing source confirming thepricesuponwhichthemortgageratechartforJanuary8,2014,isbased.IndicatehowyouwilldetermineandMHDCwillevaluatepricingonfuturedatestoassure
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14
thepremiumisasattractivetoMHDCaspossible,givenmarketchangesfromtheillustrativedate.Whatdateeachmonthdoesthepricingforthedailymortgageratechartshiftonemonthfurtherintothefuture?
b. RisksandResponsibilities. Basedonyourproposal,pleasedescribe indetail allrisks and responsibilities from the proposed transactions that will remainwithMHDCundertheProgram.Whatrisksdoesyourfirmproposetotake?Describeanyguaranteesyourfirmwillbeproviding.
c. Technology. Provide a description of your organizational and technologicalapproachtoperformingyourfirm’sresponsibilitiesasAdministrator.Identifythesoftware used by your firm to manage and monitor its total pipeline and thepipeline applicable toMHDC. How does your firm interface with the Emphasyssoftware utilized by MHDC to monitor loan reservations, loan closings,cancellationsandotheractivitiesrelatedtotheMortgageLoans?
d. Subcontracting. If your organization plans to subcontract any of the servicesrequired to be provided as Administrator, please indicatewhich, if any, will besubcontracted. Also note which services will be subcontracted to minority orwomen‐owned businesses and indicatewhat percentage of total revenues thesecomprise.Pleaseidentifythosefirmswithwhichyouproposetosubcontractanddescribethesubcontractor’sexperiencewiththeservicesbeingprovided.
e. Contingencies. Describeanycontingenciesinyourabilitytofullyperformallthe
servicessetforthforAdministratorinthisRFP.3. ProposedFees
ProvideaproposeditemizedcostschedulefortheservicesdescribedinthisRFP.
a. AdministratorServiceFees. PleaseprovideafeeproposalforyourSingleFamily
Market Rate Program Administrator services. Under the fee proposal will theAdministrator receive, potentially receive or have the opportunity to receive orotherwiseobtainanyotherrevenues,profitsorassetsthroughitsservicestotheCommission. Describe in detail. To the extent the Administrator may realizeadditional revenues fromearlydeliveryofMortgageLoansorsecuritization intoCustomPoolsorotherstructureswithabove‐marketvalue,whatportion,ifany,ofthoseadditionalrevenueswillthefirmsharewithMHDC?
b. Legal Expenses. If your institution is selected and will need counsel for the
Agreement and any other documents related to the Program or the Agreement,what is the name and location of the firm and howwill they be compensated?MHDCwill not bear the cost of any legal fees or expenses of the Administratorwithoutpriorwrittenagreement.
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15
c. OtherFees.State,describe,andestimateanyotherfeesyourfirmwillrequiretoactasAdministrator.
d. OtherCompensationandPotentialConflictsofInterest.Indicateanyotherforms
oramountofcompensationorprofit theAdministratorwillormayreceivefromany other party in conjunctionwith the services hereunder and the sale of theMBS, including from the Investor, Master Servicer, MHDC or any other party.IndicateanypotentialactualorperceivedconflictsofinterestthatmayoccurasaresultofyourservingasAdministrator.
C. EvaluationCriteriaIn evaluating proposals submitted by firms pursuant to this RFP, the Commission placeshighvalueonthefollowingfactors,amongothers,notnecessarilyinorderofimportance:
QualificationsandexperienceofthefirmandpersonnelassignedtodevelopandmanagetheSingleFamilyMarketRateProgramAdministratorservices;
Financialsoundnessofthefirm,necessarycapitalresourcesandabilitytomeetalleligibilityrequirements;
Prior experience managing mortgage rate and hedging programs for otherhousingagenciesandsinglefamilymortgagerevenuebondexperience;
Theproposedfeesforservices; AbilitytoworkwiththeMasterServicer; PresenceinMissouri; AbilitytomeettheCommission’sreportingrequirements; Thefirm’sinclusionofminorityandwomenparticipation,includingthefirm’s
employees and/or any participationwith aminority orwoman‐owned firm.;and
Avoidanceofanypotentialconflictofinterest,orappearanceofimpropriety,andpoliciesdesignedtoensuretheavoidanceofsuchconflictsinthefuture.
Inaddition,relatedinvestigationsandregulatoryproceedingsandlitigationinvolvingthefirm will be taken into account, depending upon the nature and significance of theproceedings.
Thereisnoadditionalinformationrequested.ThankyouforreviewingthisRFP.Welookforwardtoyourresponse.
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MissouriHousingDevelopmentCommissionRFPforSingleFamilyMarketRateProgramAdministrator
Attachment1
ListofParticipatingLenders
ArvestMortgageCo.NBHBank,N.A./dbaBankMidwestBOKFNA,dbaBankofKansasCityBooneCountyNationalBankCitizensNationalBankofGreaterSt.LouisFirstBankMortgageFirstFederalBankFirstIntegrityMortgageServices,Inc.FirstNationalBankofSt.LouisGershmanInvestmentCorp.GreatSouthernBankLibertyBankNorthAmericanSavingsBank,FSBParamountMortgageCo.,Inc.PeoplesBankPulaskiBankSouthwestMissouriBankThirdNationalBankU.S.Bank,N.A.UnitedBankofUnionWellsFargoBank,N.A.CornerstoneMortgage,Inc.PlatteValleyBankofMissouriIberiaBankMortgageCompanyBankofSullivan
JeffersonBankMetropolitanNationalBankRealEstateMortgageNetwork,Inc.BancorpsouthBankDASAcquisitionCo.,dbaUSAMortgageCaliberHomeLoansRegionsBankEagleBank&TrustCo.InlantaMortgageInc.StifelBank&TrustGatewayMortgageGroup,LLCWintrustMortgageGuadalupeNationalBankEnterpriseBankandTrustBNCNationalBankPrimeLendingMidwestMortgageCapitalFlatBranchMortgage,Inc.FirstStateBankMortgagePulteMortgageMegaStarFinancialCorp.FrontierFinancialIncDBAFrontierMortgageCommunityMortgageFirstrustMortgageCo.FairwayIndependentMortgageCorp.
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MCC Program
Due to the dislocation in the market to sell tax‐exempt bonds, staff is trying to create ways to
help more potential borrowers purchase single family homes. The market rate program
coupled with an MCC Program can help keep our single family program operational and should
even increase production and help more Missourians.
The Mortgage Credit Certificate Program (MCC) was authorized by Congress as a means of
providing home buying assistance to low and moderate‐income families. A Mortgage Credit
Certificate (commonly called a “MCC”) enables a first‐time homebuyer subject to the same
income and purchase price limits as MHDC tax‐exempt bond program to claim a tax credit for a
portion of mortgage interest paid during a tax year, effectively reducing the first‐time
homebuyer’s cost of borrowing. The credit must have a rate of at least 10% but no more than
50% of the mortgage interest paid. However, if the credit rate exceeds 20% the amount of the
credit claimed by the taxpayer in a single year may not exceed $2,000. This credit can only be
taken on the borrowers’ federal tax returns; this is not a state tax credit for the borrower. The
following table illustrates the impact the tax credit has on a first time homebuyer’s effective
monthly mortgage payment during the first year of borrowing:
Without MCC With MCC
Mortgage Amount $100,000 $100,000
Mortgage Interest Rate 4.875% 4.875%
Monthly Mortgage Payment $529.21 $529.21
MCC Rate N/A 30%
Monthly Credit Amount (First Year Average) N/A $121.04
"Effective" Monthly Mortgage Payment $529.21 $408.17
A MCC program can further the Commission’s mission and provide another tool to serve low
and moderate‐income homebuyers. In the current bond market, staff and our consultants are
concerned that interest rates on tax‐exempt bonds may prove too high to fund mortgage loans
at attractive rates to homebuyers. Coupling a MCC program with other lender loans or MHDC
mortgage loans financed through the sale of taxable mortgage‐backed securities as previously
authorized by the Commission can provide an important tool for providing meaningful
homeowner assistance to first‐time homebuyers.
Below are charts of how the programs can be set up to offer the homebuyer a variety of
options, including MHDC’s CAL (cash assistance loan) and NON CAL Programs and loans with
lenders outside of MHDC’s programs.
MCC Program
In conjunction with TBA CAL Program
In conjunction with TBA NON CAL Program
Market loan without any MHDC program
First time Homebuyer Required Yes Yes Yes
Income Limit Yes Yes Yes
Purchase Price Limit Yes Yes Yes
Downpayment Assistance Yes No No
MCC Credit Percentage* 30% 40% 20%*The difference in credit percentage is for incentive for borrowers to use MHDC’s first mortgage program to help regulate fees and interest rate
to the borrower.
Below is an example of how a borrower’s federal income tax return may look with and without
an MCC.
With a MCC Without a MCC
Adjusted Gross Income $65,000 $65,000
Itemized Deduction $6,200 $8,200
1 Exemption $3,900 $3,900
Taxable Income $54,900 $52,900
Tax $9,761 $9,261
Tax Credit for MCC $2,000 0
Total Tax Liability $7,761 $9,261
RESOLUTION NO. 1035 OF THE MISSOURI HOUSING DEVELOPMENT COMMISSION Authorizing the Establishment of Qualified Mortgage Credit Certificate Programs
RESOLUTION NO. 1035 A RESOLUTION AUTHORIZING AND PROVIDING FOR ESTABLISHMENT OF ONE OR MORE QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF ONE OR MORE ELECTIONS NOT TO ISSUE QUALIFIED MORTGAGE BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $100,000,000, A NOTICE OF MORTGAGE CREDIT CERTIFICATE PROGRAMS, OPERATIONS MANUAL, PARTICIPATION AGREEMENT, COMPLIANCE CERTIFICATES AND OTHER DOCUMENTS RELATED THERETO AND IN CONNECTION THEREWITH; AND AUTHORIZING THE OFFICERS, EMPLOYEES AND REPRESENTATIVES OF THE MISSOURI HOUSING DEVELOPMENT COMMISSION TO DO AND PERFORM ALL THINGS NECESSARY, APPROPRIATE AND INCIDENTAL THERETO UNDER THE AUTHORITY OF CHAPTER 215, REVISED STATUTES OF MISSOURI, AND APPENDIX B(1) THERETO, AS AMENDED. WHEREAS, the Missouri Housing Development Commission (the "Commission") is a governmental instrumentality of the State of Missouri (the "State"); and WHEREAS, the Commission has received multiple allocations of the state ceiling of private activity bonds pursuant to Section 108.510, Revised Statutes of Missouri, as amended, for the purpose of issuing qualified mortgage bonds or qualified mortgage credit certificates, including allocations which were the subject of Carryforward Elections pursuant to Section 146(f) of the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS, the Commission has determined that it is desirable for the Commission to elect not to issue qualified mortgage bonds in a maximum aggregate principal amount not to exceed $100,000,000, and, in lieu thereof, to establish one or more Qualified Mortgage Credit Certificate Programs in accordance with Section 25 of the Code in order to provide for home ownership by persons and families of low and moderate income residing within the State. NOW, THEREFORE, BE IT RESOLVED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION: Section 1. Definitions. All words and phrases not otherwise defined herein shall have the respective meanings set forth in the Operations Manual hereinafter authorized and approved unless a different meaning clearly appears in context. Section 2. Declaration of Purposes. It is hereby declared and determined that the purpose of this Resolution is to provide a means of reducing the costs of financing the acquisition and purchase of single family residential property to provide adequate, safe and sanitary housing which persons and families of low and moderate income can afford. Section 3. Authorization of the Programs. There are hereby authorized to be created, established and implemented one or more Qualified Mortgage Credit Certificate Programs (the "Programs") pursuant to Section 25 of the Code and the regulations promulgated thereunder (collectively, the "Federal Mortgage Credit Certificate Act") to encourage and assist in financing the acquisition of decent, safe and sanitary residential housing facilities for low and moderate income persons and families residing within the State. The Programs shall be implemented, administered and created in accordance
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with this Resolution, the Federal Mortgage Credit Certificate Act and the Operations Manual hereinafter authorized. Section 4. Authorization of Elections Not to Issue Qualified Mortgage Bonds. For the purpose of providing for establishment of the Programs, the Chairman of the Commission (the "Chairman"), the Executive Director or the Deputy Director are hereby authorized to execute one or more Mortgage Credit Certificate Elections (the "Elections") in a maximum non-issued bond amount not to exceed $100,000,000, substantially in the form attached hereto as Exhibit A with such changes or amendments thereto as the officer executing an Election shall approve, such officer's execution thereof being conclusive evidence of such approval, and to file each such Election with the Internal Revenue Service at the time and in the manner specified in the Federal Mortgage Credit Certificate Act. Section 5. Approval of Notice of Mortgage Credit Certificate Program, Operations Manual, Participation Agreement and Compliance Certificates. The Chairman, the Executive Director or the Deputy Director are hereby authorized to execute and deliver, for and on behalf of the Commission, the Notice of Mortgage Credit Certificate Program (the "Notice"), the Operations Manual for the Programs (the "Manual"), Participation Agreement among the Commission and the participating Mortgage Lenders that are signatories thereto (the "Agreement") and the Compliance Certificate of the Commission relating to each Program (collectively, the "Certificates") in substantially the forms presented at this meeting, with any changes therein as the Chairman, the Executive Director or the Deputy Director shall approve, such officer's execution thereof being conclusive evidence of such approval. The Director of Finance is hereby further directed to publish the Notice in such newspapers of general circulation in the State as required by the Federal Mortgage Credit Certificate Act. Section 6. Further Authority. The Chairman, the Executive Director and the Deputy Director are hereby further authorized and directed to execute any and all documents and agreements necessary or convenient for implementation of the Programs, including operations manuals and related agreements with respect to the procedures for review of applications for Mortgage Credit Certificates and the collection and disbursements of fees collected from homebuyers to administer the Programs. The Chairman and other officers of the Commission, its attorneys and other agents, consultants or employees are hereby authorized and directed to do and perform all acts and things required of them by the provisions of this Resolution, the Elections, the Notice, the Manual, the Agreement and the Certificates, necessary or incidental for the purpose of implementing and carrying out the Programs, and for the full, punctual and complete performance of all of the terms, covenants, provisions and agreements set forth herein. Section 7. Authority. This Resolution is adopted under the authority of Chapter 215, Revised Statutes of Missouri, and Appendix B(1) thereto, as amended, and the Federal Mortgage Credit Certificate Act. Section 8. Severability. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any remaining provisions of this Resolution. Section 9. Effective Date. This Resolution shall be in full force and effect from and after its adoption.
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PASSED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION, THIS 6TH DAY OF DECEMBER, 2013. (Seal) Chairman ATTEST: Secretary
Exhibit A Mortgage Credit Certificate Election In accordance with Section 25(c)(2)(A) of the Internal Revenue Code of 1986, as amended (the "Code") and, to the extent applicable, Temporary Regs. Section 1.25-4T(c), the Missouri Housing Development Commission (the "Issuer") hereby elects not to issue an amount of qualified mortgage bonds that it may otherwise issue during the calendar year 2014. This election is made to enable the Issuer to distribute mortgage credit certificates in accordance with Section 25 of the Code and the regulations thereunder. 1. Name, Address and TIN of Issuer: Missouri Housing Development Commission 3435 Broadway Kansas City, Missouri 64111 TIN: 43-0979983 2. Issuer's Applicable Limit as Determined Under Section 146 and Regulations Sec.
1.25-4T(c)(5): Pursuant to Section 146 of the Code, the State of Missouri allocated to the Issuer the amount of
$___________ for the purposes of issuing qualified mortgage bonds and mortgage credit certificates for [calendar years ____ and ____]. See attached allocation letters [and carryforward elections] from the Director of the Missouri Department of Economic Development (Appendix A).
3. Aggregate Amount of Qualified Mortgage Bonds Issued by Issuer During Calendar Year
2014: $_____________ 4. Amount of Issuer's Applicable Limit that it has Surrendered to Other Issuers during
Calendar Year 2014: None. 5. Date and Amount of any Previous Elections not to issue Qualified Mortgage Bonds for
Calendar Year 2014: [None]. 6. Amount of Qualified Mortgage Bonds that the Issuer Elects not to Issue: The Issuer hereby elects not to issue $100,000,000 principal amount of qualified mortgage bonds
that it is otherwise authorized to issue for calendar year 2014.
Dated: ______________, 2014 MISSOURI HOUSING DEVELOPMENT COMMISSION By: Name: Title:
APPENDIX A ALLOCATION LETTERS AND CARRYFORWARD ELECTIONS
CERTIFICATE The undersigned [Deputy] Director of the Missouri Department of Economic Development hereby certifies, based on information provided to me by the Missouri Housing Development Commission, that the election by the Missouri Housing Development Commission not to issue $100,000,000 of private activity bonds which it is otherwise authorized to issue for calendar year 2014, and any subsequent issuance of mortgage credit certificates in lieu thereof, meets the requirements of Section 146 of the Internal Revenue Code of 1986, as amended, and the applicable regulations thereunder. [Deputy] Director Missouri Department of Economic Development Date: _____________, 2014
TAB 4(c)
Report of Staff Request for approval of Resolution 877, as
revised
RESOLUTION NO. 877
AUTHORIZED SIGNATORIES OF MISSOURI HOUSING DEVELOPMENT COMMISSION
REVISED: DECEMBER 6, 2013
RESOLVED, that within the course and scope of their duties, each of the following shall be an authorized officer for the purpose of signing
certifications and other instruments provided by Resolution of the Commission.
FURTHER RESOLVED, that all prior instruments made by any of the hereinafter named officers are hereby ratified:
Jeffrey S. Bay Chairman
David B. Cosgrove Secretary-Treasurer
Tina Beer
Marilyn V. Lappin
Director of Operations/Assistant Secretary
Director of Finance
Greg Canuteson Deputy Director
Sara Turk Fiscal & Accounting Manager
FURTHER RESOLVED, that the following officers be authorized to sign all bond financing documents:
Jeffrey S. Bay Chairman
Marilyn V. Lappin Director of Finance
Tina Beer Director of Operations
FURTHER RESOLVED, that for the purposes of authorized signers on all bank accounts and investments, the following named shall be an
authorized officer:
Marilyn V. Lappin Director of Finance
Sara Turk Fiscal & Accounting Manager
Cynthia Flood Accounting Manager
Tina Beer Director of Operations
FURTHER RESOLVED, that all of the above-named officers and the following named be authorized to sign Section 8 Annual Contributions
Contracts, Emergency Solutions Grant and Missouri Housing Trust Fund disbursements:
Marian Campbell Director of Asset Management
FURTHER RESOLVED, that for the purposes of the Asset Management Department and Loan Servicing Department, the following named
shall also be an authorized officer:
Marian Campbell Director of Asset Management
Cheri Baker Loan Servicing Officer
FURTHER RESOLVED, that for the purposes of the Information Technology Division, the following named shall also be an authorized officer:
James Kalthoff Director of Information Technology
FURTHER RESOLVED, that for the purposes of the funding, the following named shall also be an authorized officer:
Emily Blakey Tax Credit Attorney (LIHTC documents only)
Lorenzo Rice HOME Administrator (Construction Disbursement, HOME & HeRO documents only)
Sandy Middleton Construction Manager (Construction Disbursement, HOME & HeRO documents only)
FURTHER RESOLVED, that for the purposes of the Homeownership Department, the following named shall also be an authorized officer:
Don Brinker Single Family Homeownership Manager
CERTIFICATION
I HEREBY CERTIFY that the foregoing is a true and correct copy of a Resolution regularly presented to, and duly adopted by, the commissioners of
Missouri Housing Development Commission at a meeting duly called and held in Columbia, Missouri on the 6th day of December, 2013, at which a
quorum was present and voted, and that such Resolution is duly recorded in the minutes of the commission.
______________________________________________
Secretary-Treasurer
TAB 4(d)
Report of Staff Request for approval of 2013 Home Repair Opportunity Program (HeRO) applications
2014 Home Repair Opportunity (HeRO) Recommendations
Number Organization Amount
14‐HERO‐01 Economic Security Corporation of Southwest Area 289,103
14‐HERO‐02 Delta Area Economic Opportunity Corporation 229,776
14‐HERO‐03 Community Action Partnership of Greater St. Joseph (Plattsburg) 24,750
14‐HERO‐04 Community Services, Inc. of Maryville 57,904
14‐HERO‐05 Green Hills Community Action 88,000
14‐HERO‐06 Ozark Action, Inc. 198,000
14‐HERO‐07 North East Community Action Corporation 209,795
14‐HERO‐08 East Missouri Action Agency, Inc. 288,571
14‐HERO‐09 West Central Missouri Community Action Agency 364,100
14‐HERO‐10 Ozark Area Community Action Corporation 250,000
Totals 2,000,000
TAB 4(e)
Report of Staff Recommendation for approval of funding
recommendations for the Missouri Housing Trust Fund
2014 Missouri Housing Trust Fund Recommendations
St. Louis Metropolitan RegionGrant Number Agency Name City Grant Type Amount Requested Recommended
14-200-F North East Community Action Corporation Bowling Green Operating Funds 26,400.00$ 17,160.00$
14-215-F Paraquad, Inc. St. Louis Home Repair / Modification 100,000.00$ 100,000.00$
14-216-F Paraquad, Inc. St. Louis Rental Assistance 40,000.00$ 40,000.00$
14-217-F Paraquad, Inc. St. Louis Emergency Assistance 50,000.00$ 50,000.00$
14-249-F Sts. Joachim and Ann Care Service St. Charles Rental Assistance 220,000.00$ 176,000.00$
14-250-F Sts. Joachim and Ann Care Service St. Charles Operating Funds 40,000.00$ 40,000.00$
14-322-F YWCA Metro St. Louis St. Louis Construction / Rehabilitation 250,000.00$ 200,000.00$
14-323-F YWCA Metro St. Louis St. Louis Operating Funds 100,000.00$ 80,000.00$
14-333-F Catholic Charities Community Services St. Louis Rental Assistance 120,000.00$ 78,000.00$
Total 946,400.00$ 781,160.00$
St. Louis Metro Region by Category
Rental Assistance 294,000.00$
Operating Funds 137,160.00$
Home Repair / Modification 100,000.00$
Construction / Rehabilitation 200,000.00$
Emergency Assistance 50,000.00$
Total Requested in Region 781,160.00$
Kansas City Metropolitan RegionGrant Number Agency Name City Grant Type Amount Requested Recommended
14-301-F Amethyst Place, Inc. Kansas City Operating Funds 75,000.00$ 75,000.00$
14-311-F reStart Kansas City Construction / Rehabilitation 250,000.00$ 200,000.00$
14-317-F Northland Neighborhoods, Inc. Kansas City Home Repair / Modification 120,000.00$ 120,000.00$
14-330-F Phoenix Family Housing Corporation Kansas City Rental Assistance 20,000.00$ 16,000.00$
14-339-F Catholic Charities of Kansas City - St. Joseph, Inc. Kansas City Emergency Assistance 54,000.00$ 27,000.00$
14-345-F SAVE, Inc. Kansas City Rental Assistance 88,000.00$ 88,000.00$
Total 607,000.00$ 526,000.00$
Kansas City Metro Region by Category
Rental Assistance 104,000.00$
Operating Funds 75,000.00$
Home Repair / Modification 120,000.00$
Construction / Rehabilitation 200,000.00$
Emergency Assistance 27,000.00$
Total Requested in Region 526,000.00$
Page 1 of 3
2014 Missouri Housing Trust Fund Recommendations
North RegionGrant Number Agency Name City Grant Type Amount Requested Recommended
14-200-F North East Community Action Corporation Bowling Green Operating Funds 25,300.00$ 25,300.00$
14-201-F North East Community Action Corporation Bowling Green Emergency Assistance 55,200.00$ 35,880.00$
14-205-F North East Community Action Corporation Bowling Green Home Repair / Modification 138,000.00$ 138,000.00$
14-237-F Kirksville Senior Living LP Kirksville Operating Funds 15,000.00$ 9,750.00$
14-238-F Kirksville Senior Living LP Kirksville Rental Assistance 18,500.00$ 18,500.00$
14-325-F Interfaith Community Services, dba InterServ St. Joseph Emergency Assistance 100,000.00$ 80,000.00$
14-326-F Interfaith Community Services, dba InterServ St. Joseph Rental Assistance 65,000.00$ 65,000.00$
14-338-F Catholic Charities of Kansas City - St. Joseph, Inc. Kansas City Operating Funds 79,800.00$ 63,840.00$
14-339-F Catholic Charities of Kansas City - St. Joseph, Inc. Kansas City Emergency Assistance 46,000.00$ 46,000.00$
14-342-F Salvation Army Midland Division St. Louis Rental Assistance 34,000.00$ 27,200.00$
Total 576,800.00$ 509,470.00$
North Region by Category
Rental Assistance 110,700.00$
Operating Funds 98,890.00$
Home Repair / Modification 138,000.00$
Construction / Rehabilitation -$
Emergency Assistance 161,880.00$
Total Requested in Region 509,470.00$
Central RegionGrant Number Agency Name City Grant Type Amount Requested Recommended
14-200-F North East Community Action Corporation Bowling Green Operating Funds 3,300.00$ 2,145.00$
14-201-F North East Community Action Corporation Bowling Green Emergency Assistance 7,200.00$ 4,680.00$
14-212-F Disabled Citizens Alliance for Independence Viburnum Home Repair / Modification 70,000.00$ 56,000.00$
14-233-F Meramec Community Enhancement Corporation St. James Home Repair / Modification 45,302.40$ 45,302.40$
14-265-F Phoenix Programs, Inc. Columbia Rental Assistance 52,298.40$ 52,298.40$
14-266-F Phoenix Programs, Inc. Columbia Operating Funds 29,150.00$ 29,150.00$
14-267-F Phoenix Programs, Inc. Columbia Emergency Assistance 85,909.00$ 85,909.00$
14-268-F Phoenix Programs, Inc. Columbia Construction / Rehabilitation 130,000.00$ 130,000.00$
14-269-F Phoenix Programs, Inc. Columbia Operating Funds 51,875.00$ 41,500.00$
14-293-F East Missouri Action Agency, Inc. Park Hills Rental Assistance 200,000.00$ 160,000.00$
14-327-F Pettis County Community Partnership Sedalia Emergency Assistance 85,000.00$ 68,000.00$
14-328-F Pettis County Community Partnership Sedalia Operating Funds 55,000.00$ 27,500.00$
14-331-F New Horizons Community Support Services Jefferson City Construction / Rehabilitation 150,000.00$ 120,000.00$
14-338-F Catholic Charities of Kansas City - St. Joseph, Inc. Kansas City Operating Funds 21,000.00$ 10,500.00$
Total 986,034.80$ 832,984.80$
Central Region by Category
Rental Assistance 212,298.40$
Operating Funds 110,795.00$
Home Repair / Modification 101,302.40$
Construction / Rehabilitation 250,000.00$
Emergency Assistance 158,589.00$
Total Requested in Region 832,984.80$
Page 2 of 3
2014 Missouri Housing Trust Fund Recommendations
South RegionGrant Number Agency Name City Grant Type Amount Requested Recommended
14-213-F Disabled Citizens Alliance for Independence Viburnum Rental Assistance 170,000.00$ 110,500.00$
14-219-F Texas County Food Pantry, Inc. Houston Emergency Assistance 100,000.00$ 80,000.00$
14-220-F Texas County Food Pantry, Inc. Houston Operating Funds 100,000.00$ 50,000.00$
14-221-F South Central Missouri Community Action Agency Winona Operating Funds 75,000.00$ 60,000.00$
14-222-F South Central Missouri Community Action Agency Winona Emergency Assistance 99,000.00$ 99,000.00$
14-223-F South Central Missouri Community Action Agency Winona Home Repair / Modification 176,000.00$ 176,000.00$
14-234-F Economic Security Corporation of Southwest Area Joplin Operating Funds 170,000.00$ 170,000.00$
14-235-F Economic Security Corporation of Southwest Area Joplin Rental Assistance 50,000.00$ 50,000.00$
14-240-F Catholic Charities of Southern Missouri Springfield Home Repair / Modification 200,000.00$ 160,000.00$
14-294-F Catholic Charities of Southern Missouri Springfield Operating Funds 98,000.00$ 63,700.00$
14-298-F Ozark Center Joplin Rental Assistance 78,210.00$ 62,568.00$
14-307-F Ripley County Family Resource Center Doniphan Operating Funds 66,540.00$ 33,270.00$
14-341-F Salvation Army Midland Division St. Louis Rental Assistance 52,000.00$ 26,000.00$
Total 1,434,750.00$ 1,141,038.00$
South Region by Category
Rental Assistance 249,068.00$
Operating Funds 376,970.00$
Home Repair / Modification 336,000.00$
Construction / Rehabilitation -$
Emergency Assistance 179,000.00$
Total Requested in Region 1,141,038.00$
Grand Totals
Rental Assistance 970,066.40$
Operating Funds 798,815.00$
Home Repair / Modification 795,302.40$
Construction / Rehabilitation 650,000.00$
Emergency Assistance 576,469.00$
Total Requested in Region 3,790,652.80$
Page 3 of 3
TAB 4(f)
Report of Staff Recommendation for approval of funding
recommendations for Homeless Missourians Information System (HMIS)
2014 HMIS Recommendations
Balance of State Continuum of Care
Grant Number Agency Name City Amount Requested Recommended
14-600-CI Missouri Association for Social Welfare Jefferson City 30,506.76$ 30,506.70$
Total 30,506.70$
Jasper/Newton Counties Continuum of Care
Grant Number Agency Name City Amount Requested Recommended
14-601-CI Economic Security Corporation of Southwest Area Joplin 5,000.00$ 4,000.00$
Total 4,000.00$
Springfield/Greene, Christian, Webster Counties Continuum of Care
Grant Number Agency Name City Amount Requested Recommended
14-600-CI Missouri Association for Social Welfare Jefferson City 1,947.24$ 1,947.24$
Total 1,947.24$
St. Charles, Lincoln, Warren Counties Continuum of Care
Grant Number Agency Name City Amount Requested Recommended
14-602-CI Community Council of St. Charles County St. Peters 16,500.00$ 10,725.00$
Total 10,725.00$
Total Recommended 47,178.94$
TAB 4(g)
Report of Staff Recommendation for approval of funding
recommendations for Housing First Program
(HFP)
2014 Housing First Recommendations
Balance of State Region
Grant Number Agency Name Agency City Requested Recommended
14-500-CI North East Community Action Corporation Bowling Green 52,000.00$ 33,800.00$
14-509-CI Pettis County Community Partnership Sedalia 70,440.00$ 35,220.00$
Totals 122,440.00$ 69,020.00$
Kansas City Metro
Grant Number Agency Name Agency City Requested Recommended
14-506-CI reStart, Inc. Kansas City 133,456.00$ 106,764.80$
14-510-CI Rose Brooks Center, Inc. Kansas City 53,900.00$ 26,950.00$
14-512-CI SAVE, Inc. Kansas City 120,000.00$ 60,000.00$
Totals 307,356.00$ 193,714.80$
St. Louis Metro
Grant Number Agency Name Agency City Requested Recommended
14-500-CI North East Community Action Corporation Bowling Green 48,000.00$ 31,200.00$
14-502-CI Sts. Joachim and Ann Care Service St. Charles 98,560.00$ 98,560.00$
Totals 146,560.00$ 129,760.00$
Totals 576,356.00$ 392,494.80$
TAB 4(h)
Report of Staff Request for approval of Rental Production 2014
Round 1 Applications
Kansas City Region
Project # Units
NewRehabConv
Senior / Family
HOME CHDO
Set-aside (Y)
Non-profit TC Set-aside
(Y) Development Name Developer City
Federal 9%
Tax Credits
State 9%Tax
Credits HOME MHDC
PERMANENT PARTICIPATION
LOANAHAP
Credits
14-018 56 New FamilyRidgeway Villas at the Legends North Star Housing LLC Raymore 620,000 620,000 1,600,000
14-022 59 New Family YesSt. Michael's Housing Phase II Yarco Company, Inc. Kansas City 592,000 592,000 195,000 878,000
14-070 48 New Senior Briar Creek Villas Housing Investment Partners, II Belton 545,000 545,000 200,000
14-091 12 New Senior YesIvanhoe Gateway at 39th Ivanhoe Neighborhood Council Kansas City 178,000 178,000
14-095 33 New Family Yes Rose Hill Townhomes Affordable Housing of Kansas City, Inc. Kansas City 505,000 505,000
St. Louis Region
Project # Units
NewRehabConv
Senior / Family
HOME CHDO
Set-aside (Y)
Non-profit TC Set-aside
(Y) Development Name Developer City
Federal 9%
Tax Credits
State 9%Tax
Credits HOME MHDC
PERMANENT PARTICIPATION
LOANAHAP
Credits
14-013 40 New Senior Yes Bluff View Apartments Arapaho Development LLC Festus 570,000 570,000 300,000
14-019 42 New Senior Woodbury Place II JES Dev Co, Inc. O'Fallon 515,000 515,000
14-028 101 New Senior Yes Covenant House McCormack Baron Salazar St. Louis 630,000 630,000 750,000 999,350
14-034 36 New + Rehab Family Yes DeSales Impact 2014
DeSales Community Housing Corporation St. Louis 417,000 417,000 465,000 465,000
14-036 48 New FamilyTown Square Apartments Gardner Development, LLC Dardenne Prairie 619,000 619,000 725,000
14-048 60 New SeniorWest Clay Senior Living Phoenix Real Estate Services, LLC St. Charles 657,000 657,000 1,000,000
14-067 53 New Senior YesPine Lawn Senior Apartments Beyond Housing Pine Lawn 609,000 609,000 1,250,000
14-100 40 New Family Yes Lemay Homes Lemay Homes Developer, KKC St. Louis 526,000 526,000 850,000
2014 Round 1 - Rental Production Recommended Applications
9% LIHTC / HOME / Fund Balance
2014 Round 1 - Rental Production Recommended Applications
9% LIHTC / HOME / Fund Balance
Outstate Region
Project # Units
NewRehabConv
Senior / Family
HOME CHDO
Set-aside (Y)
Non-profit TC Set-aside
(Y) Development Name Developer City
Federal 9%
Tax Credits
State 9%Tax
Credits HOME MHDC
PERMANENT PARTICIPATION
LOANAHAP
Credits
14-007 5 New Senior Yes Mary Street SeniorsCommunity Action Partnership of Greater St. Joseph St. Joseph 800,000
14-010 48 New FamilySullivan Heights Apartments Midcontinent Equity Holdings, LLC Sullivan 452,500 452,500 1,450,000 300,000
14-015 40 New SeniorSilver Springs Apartments MACO Development Company, LLC Cape Girardeau 465,000 465,000 235,000
14-023 76 Rehab Senior Rose Park Estates Red-Wood Development, Inc. Bolivar 630,000 630,000
14-042 47 New Family Oakwood Place Affordable Homes Development, Inc. Republic 590,000 590,000 850,000
14-044 102 Rehab Family Brookdale East Hughes Development Company, Inc. St. Joseph 555,000 555,000 1,300,000 2,400,000
14-046 64 New Family Fish Haven Apts. Legacy Property Developments, LLC Lake Ozark 660,000 660,000 700,000 1,300,000
14-052 48 New Family Fox Fiver Estates Four Corners Development LLC Willard 570,000 570,000 1,200,000
14-053 48 Rehab Family Yes Shawnee PlaceChillicothe Housing Authority Development Corporation Chillicothe 345,000 345,000
14-055 40 New Family Yes James Place O'Reilly Development Co, LLC Springfield 423,000 423,000 195,000
14-057 157 Rehab Senior Yes St. Francis/King HillInterfaith Community Services DBA Interserv St. Joseph 481,000 481,000
14-063 2 New Family YesLancaster Duplex Housing Project
Northeast Missouri Community Action Agency Lancaster 380,000
14-071 34 New Senior Fox Creek Villas MBL Development Marshall 470,000 470,000
14-093 56 Rehab Senior YesBloomsdale Estates/ Pleasant View Estates East Missouri Action Agency, Inc.
Bloomsdale and Park Hills 364,000 364,000
14-105 36 New Senior Yes YesHawthorne Senior Housing
Missouri Valley Community Action Agency Warrensburg 351,000 351,000 960,000
14-107 12 New Family McKee StreetNew Horizons Community Support Services Columbia 1,610,877
14-110 48 Rehab Family Holman Place Iceberg Development Hannibal 389,000 389,000 350,000
Project # Units
NewRehabConv
Senior / Family Development Name Developer City
Federal 4%Tax Credits
State 4%Tax Credits
Exempt Bond - Const. HOME
AHAP Credits
14-404 TE 87 Rehab Family Station Plaza Lofts Sherman Associates St. Louis 500,077 480,000 12,000,000
14-405 TE 67 New + Rehab Senior
Life Skills Rehab Project Renaissance Property Group
Kirkwood, Overland, Riverview 248,000 248,000 5,300,000 1,690,000
4% LIHTC / HOME / AHAP
2014 Round 1 - Rental Production Recommended Applications
Kansas City
14-018
Ridgeway Villas at the Legends
North Star Housing LLC
Raymore
Family
New Construction
Special Needs, MBE/WBE, 50% AMI
1. Competitive total development costs
2. Numerous priorities
3. Strong demographics
4. Very low rents for special needs units
Loan Information
MHDC Fund Balance $1,600,000 MHDC Participation Fund Balance $7,400,000
Tax Credit Equity $1,511,603
$7,873,479
$0
$0
$181,724
$9,655,203
$6,529,537
$123,200
$263,625
$364,200
$16,000
$0
$0
$56,000
$707,000
$1,010,000
$87,500
$269,600
$218,541
$9,655,203
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$9,655,203 $269,600 $87,500 $9,298,103
$172,414 $4,814 $1,563 $166,038
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer/Consultant Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:The new construction of 56 family townhomes/duplexes in Raymore with 11% of units set aside for special needs
tenants. Rents for special needs units will be substantially lower than rents for non-special needs units. Project will
include a conference room where the special needs lead referral agency can meet with clients.
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 Equity
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/2 Bath 14 984 $300 - $650 $850 35% - 76%
3 Bed/2 Bath 42 1081 - 1294 $350 - $700 $925 38% - 76%
56
56
0
Total Per Unit
$393,468 $7,026
$258,196 $4,611
$135,272 $2,416
$94,452 $1,687
$40,820 $729
Year 1 Year 15
1.43 1.36
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$620,000 $0.84 $11,071 $11,071
$620,000 $0.43 $11,071 $11,071
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0AHAP Credits
Tax Credit Information
Property Data:
State LIHTC
Federal Historic
State Historic
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Kansas City
14-022
St. Michael's Housing Phase II
Yarco Company, Inc.
Kansas City
Family
New Construction
Non-Profit, Service Enriched, Special Needs
Loan Information
CDBG $1,067,716 MHDC HOME $195,000
MHDC HOME $200,000 Tax Credit Equity $1,598,291
Conventional $5,580,000
$7,991,455 CDBG $1,067,716
$0 AHAP Donation Proceeds $1,596,364
$1,596,364
$95,823
$10,951,358
$8,151,583
$260,000
$188,325
$478,000
$70,000
$0
$0
$200,000
$50,000
$950,000
$12,000
$289,400
$302,050
$10,951,358
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$10,951,358 $289,400 $12,000 $10,649,958
$185,616 $4,905 $203 $180,508
Federal and State LIHTC Equity
Federal and State Historic Equity
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:The 2nd phase of the development of the St. Michael Veterans Campus, a 22 acre complex located adjacent to the VA
Hospital in Kansas City that will market to Homeless veterans. This is a 59 unit, one building that will be four stories
high, with a Supportive Services Center.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. This is number one on the City's priority list.
2. The City has committed $2.5 million to fund infrasrtucture and site improvements on the
campus and over $1 milion to fund the Supportive Services Center.
3. It's a 100% special needs proposal.
Reserves
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer/Consultant Fee
MHDC and Related 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 Bdrm/1 bath 55 580 $650 $725 90%
2 Bdrm/1 bath 4 817 $750 $800 94%
59
59
0
Total Per Unit
$432,450 $7,330
$317,388 $5,379
$115,062 $1,950
$0 $0
$115,062 $1,950
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$592,000 $0.92 $10,034 $10,034
$592,000 $0.43 $10,034 $10,034
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$878,000 $14,881 $14,881
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Kansas City
14-070
Briar Creek Villas, LP
Houisng Investment Partners, II
Belton
Elderly
New Construction
Service Enriched, AMI50, Extended Use
Loan Information
MHDC - Fund Balance $200,000 MHDC - Participation Loan $3,600,000
GP Equity $100 Tax Credit Equity $2,906,570
GP Equity $100
$6,920,584
$0
$0
$88,884
$7,209,568
$4,920,000
$110,000
$89,775
$250,000
$50,000
$0
$0
$0
$473,000
$810,000
$29,400
$230,808
$246,585
$7,209,568
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$7,209,568 $230,808 $29,400 $6,949,360
$150,199 $4,809 $613 $144,778
Federal and State LIHTC Equity
Federal and State Historic Equity
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:A 48 unit 3-story building with a central elevator, and multiple community spaces on each floor that will include an
exercise room, community room with kitchenette and a Library with computer workstations.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. Great location for this senior property.
2. Very reasonable development cost and rental rates, comparatively, in the Kansas City MSA.
3. An area that is in need of affordable housing as echoed by the Mayor for the City of Belton at
the public hearing.
Reserves
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer/Consultant Fee
MHDC and Related 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 Bdrm/ 1 Bath 24 751 - 820 $475 - $500 $725 66% - 69%
2 Bdrm/ 2 Bath 24 1023 $575 $825 70%
48
48
0
Total Per Unit
$292,342 $6,090
$242,445 $5,051
$49,897 $1,040
$11,458 $239
$38,439 $801
Year 1 Year 15
4.35 1.66
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$545,000 $0.84 $11,354 $11,354
$545,000 $0.43 $11,354 $11,354
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Kansas City
14-091
Ivanhoe Gateway at 39th
Ivanhoe Neighborhood Council
Kansas City
Elderly
New Construction
Non-Profit, Extended Use, MBE/WBE
Loan Information
$2,278,097 Participation Const Loan $1,600,000
$0 Tax Credit Equity $455,619
$0
$22,504
$2,300,602
$1,522,425
$65,000
$50,667
$80,000
$30,000
$0
$0
$0
$35,000
$240,000
$26,810
$69,200
$181,500
$2,300,602
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$2,300,602 $69,200 $26,810 $2,204,592
$191,717 $5,767 $2,234 $183,716
Reasons for Recommendations:
Description of Property:A 12 unit infill proposal in three four-plex buildings in an established neighborhood with single family residences and
multifamly properies that has direct access from US Hwy. 71 which provides access to the city.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Furniture and Fixtures
Acquisition Costs
Federal and State LIHTC Equity
Federal and State Historic Equity
Salient Facts:
1. Proposal will trully help further revitalize "The Green Impact Zone" of the city of Kansas City.
2. Number two priority for the City of Kansas City requiring only $178,000 in Fed. & State credits.
3. Very reasonble rents at $495 for an elderly 4-plex housing in the Kansas City metro area.
Developer/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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
2 Bdrm/ 1 Bath 12 1041 $495 $675 73%
12
12
0
Total Per Unit
$67,716 $5,643
$50,272 $4,189
$17,444 $1,454
$0 $0
$17,444 $1,454
Year 1 Year 15
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$178,000 $0.85 $14,833 $14,833
$178,000 $0.43 $14,833 $14,833
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0AHAP Credits
Tax Credit Information
State LIHTC
Federal Historic
State Historic
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
Total Number of Units
Kansas City
14-095
Rose Hill Townhomes
Affordable Housing of Kansas City, Inc.
Kansas City
Family
New Construction
Non-Profit, Special Needs, Extended Use, MBE/WBE
Loan Information
GP Equity $100 MHDC/Great Southern Participation $4,680,000
Tax Credit Equity $1,146,774
$6,413,076 GP Equity $100
$0
$0
$59,058
$6,472,234
$4,374,991
$220,000
$153,387
$220,000
$35,000
$50,000
$0
$6,000
$273,300
$634,000
$17,750
$172,800
$315,006
$6,472,234
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$6,472,234 $172,800 $17,750 $6,281,684
$196,128 $5,236 $538 $190,354
Federal and State LIHTC Equity
Federal and State Historic Equity
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:A 33 unit urban, townhouse design concept with 2 and 3 bedroom , one bath units with all the amenities and feel of a
single family residence.
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
the tenants.
1. A 100% special needs proposal for the formerly homeless.
2. Centrally located within the City of Kansas City MSA and ideally situated near transit, schools
and employment centers.
3. The lead referral agency is located just 2 blocks away and will provide services on-site.
4. The Housing Authority's development arm is the sponsor and will ensure rental assistance for
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 1 805 $450 $600 75%
2 Bed 22 900 $525 $700 75%
3 Bed 10 1090 $625 $800 78%
33
33
0
Total Per Unit
$203,670 $6,172
$168,152 $5,096
$35,518 $1,076
$0 $0
$35,518 $1,076
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$505,000 $0.84 $15,303 $15,303
$505,000 $0.43 $15,303 $15,303
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Saint Louis
14‐013
Bluff View Apartments
Arapaho Development LLC
Festus
Elderly
New Construction
Non‐Profit, Service Enriched, Special Needs, Extended Use
Loan Information
MHDC $300,000 MHDC Particiapation Loan $5,170,000
GP Equity $100 Tax Credit Equity $1,449,413
GP Equity $100
$7,247,066
$0
$0
$71,348
$7,618,513
$5,404,200
$145,100
$176,472
$255,976
$30,000
$0
$0
$35,000
$326,700
$750,000
$18,000
$269,000
$208,065
$7,618,513
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$7,618,513 $269,000 $18,000 $7,331,513
$190,463 $6,725 $450 $183,288
Federal and State LIHTC Equity
Federal and State Historic Equity
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:A 40 unit 3‐story brick & hardy cement siding 2bdrm/1 bath building with all units wheelchair accessible to meet the
needs of special needs tenants. Developer proposes to add solar panels to reduce utility bills for the common areas if
budget allows.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. A special needs proposal in an area with documented waiting list for this type of development.
2. Great location.
3. Has full support from the community as well as a Resolution of Support Letter from the City.
Reserves
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer/Consultant Fee
MHDC and Related 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
2 Bdrm/ 1 bath 40 852 $430 $513 84%
40
40
0
Total Per Unit
$196,080 $4,902
$155,565 $3,889
$40,515 $1,013
$15,178 $379
$25,337 $633
Year 1 Year 15
2.67 1.54
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$570,000 $0.85 $14,250 $14,250
$570,000 $0.43 $14,250 $14,250
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Saint Louis
14‐019
Woodbury Place II
JES Dev Co, Inc.
O'Fallon
Elderly
New Construction
Special Needs, AMI50
1) Reasonable costs for St. Charles county area.
2) Dire need for senior housing in area indicated by long waiting lists for other LIHTC projects
3) Good public support
4) 2nd on the list of supported proposals by the County of St. Charles
Loan Information
Conventional $1,000,000 Tax Credit Equity $1,345,004
Owner Equity $110 Conventional $5,500,000
Owner Equity $110
$6,591,125
$0
$0
$67,804
$7,659,038
$5,354,999
$168,000
$203,740
$267,750
$25,000
$0
$0
$0
$370,000
$835,000
$12,000
$185,924
$236,625
$7,659,038
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$7,659,038 $185,924 $12,000 $7,461,114
$182,358 $4,427 $286 $177,646
Federal and State LIHTC Equity
Federal and State Historic Equity
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:This is a new construction of 28 two bedroom and 14 one bedroom units in 7 buildings with 6 units in each building
for seniors. It is located in O'Fallon.
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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 14 768 $490 ‐ $580 $725 68% ‐ 80%
2 Bed 28 980 $520 ‐ $620 $825 63% ‐ 75%
42
42
0
Total Per Unit
$278,502 $6,631
$187,789 $4,471
$90,713 $2,160
$64,419 $1,534
$26,294 $626
Year 1 Year 15
1.41 1.30
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$515,000 $0.85 $12,262 $12,262
$515,000 $0.43 $12,262 $12,262
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Saint Louis
14-028
Covenant House
McCormack Baron Salazar, Inc.
St. Louis
Elderly
New Construction
Non-Profit, Service Enriched, Preservation, MBE/WBE,
1. Competitive total development costs
2. Preserving Section 8
3. Strong rehabilitation demographics
4. Extensive tenant services
Loan Information
Gershman Mortgage Loan $4,650,000 Gershman Mortgage Loan $4,650,000
MHDC HOME $750,000 Tax Credit Equity $7,430,266
CDBG $1,000,000 AHAP $1,817,000
MHDC HOME $750,000
$8,370,621 CDBG $1,000,000
$0
$1,817,000
$415,045
$17,002,666
$12,547,513
$637,000
$190,069
$627,721
$75,000
$0
$133,766
$50,000
$0
$1,670,000
$10,000
$545,400
$516,197
$17,002,666
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$17,002,666 $545,400 $10,000 $16,447,266
$168,343 $5,400 $99 $162,844
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer/Consultant Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:The new construction of 101 elderly tax credit and market rate units in St. Louis County. The project will incorporate
universal design principles.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Relocation Expense
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 Equity
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 101 650 $750 - $994 $800 94% - 124%
101
66
35
Total Per Unit
$1,053,532 $10,431
$576,683 $5,710
$476,849 $4,721
$315,078 $3,120
$161,771 $1,602
Year 1 Year 15
1.51 1.64
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$630,000 $0.90 $9,545 $6,238
$630,000 $0.43 $9,545 $6,238
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$999,350 $15,142 $9,895AHAP Credits
Tax Credit Information
Property Data:
State LIHTC
Federal Historic
State Historic
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Saint Louis
14-034
DeSales Impact 2014
DeSales Community Housing Corporation
St. Louis
Family
New Construction + Acquisition/Rehabilitation
Non-Profit
Loan Information
$930,000 Great Southern/MHDC Participation $5,150,000
Tax Credit Equity $1,130,832
$5,378,946
$598,057
$0
$98,105
$7,005,107
$4,716,336
$140,000
$183,469
$323,000
$35,000
$0
$0
$0
$418,500
$720,000
$20,050
$156,600
$292,153
$7,005,107
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$7,005,107 $156,600 $20,050 $6,828,457
$194,586 $4,350 $557 $189,679
Developer\Construction Fee
Reasons for Recommendations:
Description of Property:Proposal will be comprised of 35 apartments and townhomes located within 14 buildings in St. Louis City. There will
be a mix of 1, 2, and 3 bedroom units and a mix of new construction and rehabilitation of existing units.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
4. Provides rents at a competitive rate.
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Federal and State Historic
Salient Facts:
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Great Southern/MHDC Participation
1. Scattered-site development is part of a larger neighborhood revitilization effort.
2. St. Louis City fully supports this project - Number one priority on the list from the City of St. Louis
3. It is within the cost limits.
Federal and State LIHTC
Single Family Two Story Row Building with Elevator
Duplexes Single Story Row Building without Elevator
Type # of Units Sq Ft Net Rent Market % of Market
1 Bed/1 Bath 2 523 - 592 $450 - $475 $600 75% - 79%
2 Bed/1 - 2 Bath 26 720 - 1570 $540 - $700 $800 68% - 88%
3 Bed/1.5 - 2 Bath 8 1266 - 1696 $730 - $825 $1,050 70% - 79%
36
36
0
Total Per Unit
$260,586 $7,239
$169,578 $4,710
$91,008 $2,528
$60,662 $1,685
$30,346 $843
Year 1 Year 15
1.50 1.44
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$417,000 $0.85 $11,583 $11,583
$417,000 $0.44 $11,583 $11,583
$327,452 $0.85 $9,096 $9,096
$388,849 $0.82 $10,801 $10,801
$0 $0AHAP Credits
Tax Credit Information
State Historic
Property Data:
State Low Income
Federal 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
14‐036
Towne Square Apartments
Gardner Development, LLC
Dardenne Prairie
Family
New Construction
Special Needs, AMI50
Loan Information
MHDC ‐ Fund Balance $725,000 MHDC ‐ Fund Balance $725,000
Tax Credit Equity $1,584,432
$7,922,160 Great Southern $5,700,000
$0
$0
$81,815
$8,728,975
$5,870,000
$144,000
$210,000
$293,500
$15,000
$0
$0
$30,000
$770,000
$934,000
$62,000
$172,800
$227,675
$8,728,975
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$8,728,975 $172,800 $62,000 $8,494,175
$181,854 $3,600 $1,292 $176,962
Federal and State LIHTC Equity
Federal and State Historic Equity
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:
1) Very low and affordable rents
2) Development costs per unit competitive relative to other family proposals in the St. Louis region
3) Great location with close proximity to nice, newer services and community amenities
48 units of new construction family development with two 3‐story buildings and a clubhouse
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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
2 Bed 24 1018 $400 ‐ $475 $990 40% ‐ 48%
3 Bed 24 1218 $465 ‐ $550 $1,160 40% ‐ 47%
48
48
0
Total Per Unit
$266,054 $5,543
$202,968 $4,229
$63,086 $1,314
$36,680 $764
$26,407 $550
Year 1 Year 15
1.72 1.20
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$619,000 $0.84 $12,896 $12,896
$619,000 $0.44 $12,896 $12,896
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Saint Louis
14‐048
West Clay Senior Living
Phoenix Real Estate Services, LLC
St. Charles
Elderly
New Construction
Service Enriched, AMI50
Loan Information
MHDC Fund Balance $1,000,000 MHDC Fund Balance (Participat $1,000,000
Tax Credit Equity $1,689,777
$8,473,887 USB Participation Portion $6,100,000
$0
$0
$106,552
$9,580,439
$6,707,782
$67,000
$247,000
$335,000
$50,000
$0
$0
$50,000
$540,000
$993,617
$32,000
$229,300
$328,740
$9,580,439
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$9,580,439 $229,300 $32,000 $9,319,139
$159,674 $3,822 $533 $155,319
Federal and State LIHTC Equity
Federal and State Historic Equity
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:
1) Strong feasibility with ability to service permanent participation loan and a reasonable tax credit request;
2) Good location for an elderly proposal
3) Strong support from public officials
4) Development costs per unit highly competitive, particularly for new construction in the St. Louis region
New construction of a 3‐story elevator apartment building with 60 units of housing intended for elderly 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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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 25 715 $400 ‐ $475 $715 56% ‐ 66%
2 Bed 35 885 ‐ 1275 $485 ‐ $600 $800 61% ‐ 75%
60
60
0
Total Per Unit
$361,551 $6,026
$265,975 $4,433
$95,576 $1,593
$60,802 $1,013
$34,774 $580
Year 1 Year 15
1.57 1.23
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$657,000 $0.86 $10,950 $10,950
$657,000 $0.43 $10,950 $10,950
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Saint Louis
14-067
Pine Lawn Senior Apartments
Beyond Housing
Pine Lawn
Elderly
New Construction
Non-Profit, Service Enriched, Extended Use, MBE/WBE
Loan Information
MHDC - Fund Balance $1,250,000 MHDC - Participation Loan - US Bank $7,035,000
GP Equity $100 Tax Credit Equity $1,619,821
GP Equity $100
$8,099,104
$0
$0
$99,423
$9,448,627
$7,106,375
$214,000
$235,585
$300,000
$20,000
$0
$0
$40,000
$0
$900,000
$35,750
$214,300
$382,618
$9,448,627
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$9,448,627 $214,300 $35,750 $9,198,577
$178,276 $4,043 $675 $173,558
Federal and State LIHTC Equity
Federal and State Historic Equity
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:A very appealing 53 one & two bedroom elevator building with a community room that has an exercise room, a large
resident living room with computers/media and a space for community events. A garden area will be to the rear of
the building for relaxation and resident activities.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
1. An ideal location that adds momentum to the on-going revitalization efforts in the community.
2. Third priority on St. Louis County's list with very strong support at the hearing from the
community and Mayors from neighboring communities.
3. An MBE/WBE and Service Enriched designated non-profit entity that is highly regarded.
Reserves
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer/Consultant Fee
MHDC and Related 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 Bdrm/ 1 bath 45 620 $550 - $560 $620 89% - 90%
2 Bdrm/ 1 bath 8 845 $615 $710 87%
53
53
0
Total Per Unit
$338,352 $6,384
$233,226 $4,400
$105,126 $1,984
$63,241 $1,193
$41,885 $790
Year 1 Year 15
1.66 1.48
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$609,000 $0.89 $11,491 $11,491
$609,000 $0.44 $11,491 $11,491
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Saint Louis
14‐100
Lemay Homes
Lemay Homes Developer, LLC
St. Louis
Family
New Construction
Non‐Profit, AMI50
Loan Information
MHDC Fund Balance $850,000 MHDC Fund Balance (Participat $850,000
HOME ‐ St. Louis County $800,000 Tax Credit Equity $2,767,928
USB Loan (Participation Portion $4,325,000
$6,890,600
$0
$0
$87,285
$8,627,885
$5,983,877
$90,000
$180,000
$300,000
$46,000
$0
$0
$0
$612,000
$800,000
$27,750
$186,500
$401,758
$8,627,885
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$8,627,885 $186,500 $27,750 $8,413,635
$215,697 $4,663 $694 $210,341
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer/Consultant Fee
MHDC and Related Costs
Reasons for Recommendations:
Description of Property:
1) Good location with close proximity to employment and community services and amenities
2) Strong community support
3) Strong feasibility with reasonable total development costs for 3 and 4 bedroom units with homeownership
opportunity.
40 units of new construction of relatively large 3 and 4 bedroom, single‐family detached units, urban‐infill on
scattered sites in Lemay, which is a small suburb in southern St. Louis.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
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 Equity
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 36 1235 $570 ‐ $675 $1,000 57% ‐ 68%
4 Bed 4 1358 $655 ‐ $775 $1,100 60% ‐ 70%
40
40
0
Total Per Unit
$299,479 $7,487
$215,024 $5,376
$84,455 $2,111
$56,695 $1,417
$27,760 $694
Year 1 Year 15
1.49 1.23
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$526,000 $0.88 $13,150 $13,150
$526,000 $0.43 $13,150 $13,150
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0AHAP Credits
Tax Credit Information
Property Data:
State LIHTC
Federal Historic
State Historic
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Out State
14‐007
Mary Street Seniors
Community Action Partnership of Greater St. Joseph
St. Joseph
Elderly
New Construction
Non‐Profit
Loan Information
MHDC HOME CHDO $800,000 MHDC HOME CHDO $800,000
Comm. Action Partnership of St. Joseph $5,000 Tax Credit Equity $0
Comm. Action Partnership $5,000
$0 of St. Joseph
$0
$0
$7,000
$812,000
$644,760
$31,000
$0
$35,960
$2,500
$0
$0
$0
$2,080
$70,000
$0
$0
$25,700
$812,000
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$812,000 $0 $0 $812,000
$162,400 $0 $0 $162,400
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer/Consultant Fee
MHDC and Related Costs
Reasons for Recommendations:
Description of Property:Utilizing architectural plans that are compatible with the surrounding neighborhood to build a duplex and a triplex
with 2 bdrm/ 1 bath utilizing MHDC HOME CHDO funds.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
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 Equity
1. An ideal infill proposal in an area needing this type of re‐investment.
2. Proposal has support from the community and a Resolution of Support Letter from the City.
3. The developer entity is an arm of the Community Action Agency with the primary mission of
helping to provide safe, affordable and decent housing in areas that are most needed.
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 Bdrm/1 bath 5 1012 $420 $500 84%
5
0
Total HOME Units 5
0
Total Per Unit
$23,940 $4,788
$19,315 $3,863
$4,625 $925
$0 $0
$4,625 $925
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
$0 $0AHAP Credits
Tax Credit Information
Property Data:
State LIHTC
Federal Historic
State Historic
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Out State
14‐010
Sullivan Heights Apartments
Midcontinent Equity Holdings, LLC
Sullivan
Family
New Construction
Loan Information
MHDC Fund Balance $300,000 MHDC Fund Balance $300,000
MHDC HOME $1,450,000 Tax Credit Equity $351,239
Participation ‐ Fund Balance $4,900,000
$5,791,421 MHDC HOME $1,450,000
$0
$0
$61,930
$7,603,351
$5,622,000
$94,000
$170,683
$281,100
$30,000
$0
$0
$0
$190,000
$818,000
$18,000
$165,743
$213,825
$7,603,351
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$7,603,351 $165,743 $18,000 $7,419,608
$158,403 $3,453 $375 $154,575
Federal and State LIHTC Equity
Federal and State Historic Equity
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:
1) City of Sullivan supports the constuction of new multi‐family housing
2) Highly competitive development costs per unit for a Family proposal
3) Excellent service provider for special needs households
New construction of multi‐family housing located on the Crawford County side of Sullivan.
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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
2 Bed 32 950 $400 $490 82%
3 Bed 16 1162 $450 $520 87%
48
48
0
Total Per Unit
$225,432 $4,697
$184,708 $3,848
$40,724 $848
$15,178 $316
$25,547 $532
Year 1 Year 15
2.68 1.19
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$452,500 $0.84 $9,427 $9,427
$452,500 $0.44 $9,427 $9,427
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Out State
14-015
Silver Springs Apartments
MACO Development Company, L.L.C.
Cape Girardeau
Elderly
New Construction
Special Needs, AMI50, Extended Use
Loan Information
MHDC $235,000 MHDC Participation loan $4,475,000
Owner Equity $100 Tax Credit Equity $1,195,522
Owner Equity $100
$5,905,109
$0
$0
$93,567
$6,233,777
$4,376,070
$80,000
$97,779
$138,000
$27,000
$0
$0
$10,000
$400,000
$725,000
$16,700
$154,878
$208,350
$6,233,777
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$6,233,777 $154,878 $16,700 $6,062,199
$155,844 $3,872 $418 $151,555
Federal and State LIHTC Equity
Federal and State Historic Equity
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:Proposal will be comprised of 30 2-bedroom 2 baths and 10 1-bedroom one bath apartments marketed exclusively to
seniors ages 55 and over. Exterior will be brick and vinyl with a community building that will include a fitness facility,
and laundry area.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
4. Developer manages a senior proposal in Cape Girardeau that maintains a lenghty waiting list.
1. Has a deep rent skewing and varied unit size configuration.
2. A good senior proposal that has a Resolution of Support Letter from the City.
3. Proposal will help revitalize the neighborhood.
Reserves
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer/Consultant Fee
MHDC and Related 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 Bdrm/ 1 bath 10 775 $265 - $400 $500 53% - 80%
2 Bdrm/ 2 baths 30 981 $320 - $500 $600 53% - 83%
40
40
0
Total Per Unit
$207,214 $5,180
$168,123 $4,203
$39,091 $977
$11,889 $297
$27,202 $680
Year 1 Year 15
3.29 1.61
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$465,000 $0.84 $11,625 $11,625
$465,000 $0.43 $11,625 $11,625
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Out State
14-023
Rose Park Estates, LP
Red-Wood Development, Inc.
Bolivar
Elderly
Acquisition/Rehabilitation
Preservation
1. Competitive total development cost
2. Preservation of Rural Development project
3. Has Rural Development rental subsidy agreement
4. Strong rehabilitation demographics
Loan Information
Rural Development $280,000 Arvest Bank $5,591,500
Replacement Reserves $153,200 Tax Credit Equity $1,402,735
Replacement Reserves $153,200
$8,126,471 Rose Park Association $78,794
$0 Rural Development $280,000
$0
$57,814
$8,617,485
$6,106,500
$106,400
$105,539
$150,000
$18,000
$210,000
$90,000
$25,000
$284,000
$905,656
$12,000
$349,200
$255,190
$8,617,485
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$8,617,485 $349,200 $12,000 $8,256,285
$113,388 $4,595 $158 $108,635
Federal and State LIHTC Equity
Federal and State Historic Equity
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:The acquisition/rehabilitation of 76 elderly units in Bolivar. The project was constructed in three phases starting in
1973. It has a Rural Development loan and Rural Development rental subsidy agreement. Bus routes have scheduled
stops at the project and it will include FEMA EF-5 rated storm shelters.
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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/1 Bath 66 572 - 590 $311 $375 83%
2 Bed/1 Bath 10 784 - 804 $341 $445 77%
76
76
0
Total Per Unit
$280,018 $3,684
$246,710 $3,246
$33,308 $438
$7,118 $94
$26,190 $345
Year 1 Year 15
4.68 -0.52
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$630,000 $0.84 $8,289 $8,289
$630,000 $0.45 $8,289 $8,289
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Out State
14‐042
Oakwood Place
Affordable Homes Development, Inc.
Republic
Family
New Construction
Special Needs
Loan Information
MHDC Fund Balance $850,000 MHDC Fund Balance $850,000
Tax Credit Equity $1,466,550
$7,492,009 Participation $5,400,000
$0
$0
$90,129
$8,432,138
$6,329,638
$49,200
$154,000
$317,000
$30,000
$0
$0
$0
$196,500
$902,500
$29,000
$187,400
$236,900
$8,432,138
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$8,432,138 $187,400 $29,000 $8,215,738
$179,407 $3,987 $617 $174,803
Federal and State LIHTC Equity
Federal and State Historic Equity
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:
1) Strong feasibility with competitive development costs per unit for a new construction family proposal outside of
Springfield.
2) Clost proximity to emloyment and services, both in Republic and Springfield
3) Rents for both types of units‐‐tax credit and workforce‐‐are very low and highly affordable
47 units of new construction with units set aside for workforce housing; located in Republic, which is roughly 10‐15
minutes east of Springfield
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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 8 918 $365 ‐ $450 $540 68% ‐ 83%
2 Bed 24 1153 $440 ‐ $540 $640 69% ‐ 84%
3 Bed 15 1351 $510 ‐ $600 $740 69% ‐ 81%
47
37
10 (Workforce Housing units restricted at 80% AMI)
Total Per Unit
$248,645 $5,290
$183,413 $3,902
$65,232 $1,388
$43,004 $915
$22,228 $473
Year 1 Year 15
1.52 1.18
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$590,000 $0.84 $12,553 $12,553
$590,000 $0.43 $12,553 $12,553
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Out State
14-044
Brookdale East Apartments
Hughes Development Company, Inc.
St. Joseph
Family
Acquisition/Rehabilitation
MBE/WBE
Loan Information
MHDC Fund Balance $2,400,000 MHDC Participation Fund Balance $7,300,000
MHDC HOME $1,300,000 Tax Credit Equity $1,548,210
Construction Period Income $105,198 Construction Period Income $105,198
Owner Equity $110 Owner Equity $110
MHDC HOME $1,300,000
$7,159,034
$0
$0
$140,376
$11,104,718
$5,932,312
$296,615
$231,167
$444,924
$37,500
$0
$110,000
$76,500
$2,115,000
$1,110,000
$36,000
$351,200
$363,500
$11,104,718
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$11,104,718 $351,200 $36,000 $10,717,518
$108,870 $3,443 $353 $105,074
Federal and State LIHTC Equity
Federal and State Historic Equity
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:
1. Competitive total development costs
2. Strong demographics for rehabilitation
3. Preserving ex-HUD 236 property
The acquisition/rehabilitation of 102 family units in St. Joseph. The project includes a large community center
building.
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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/ 1 Bath 12 600 $390 $520 75%
2 Bed/1.5 Bath 60 850 $475 - $640 $640 75% - 100%
3 Bed/1.5 Bath 30 900 $540 - $725 $725 74% - 100%
102
82
20
Total Per Unit
$602,975 $5,912
$433,586 $4,251
$169,389 $1,661
$121,422 $1,190
$45,460 $445
Year 1 Year 15
1.37 1.12
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$555,000 $0.84 $6,768 $5,441
$555,000 $0.45 $6,768 $5,441
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Out State
14‐046
Fish Haven Apartments
Legacy Property Development, LLC
Lake Ozark
Family
New Construction
1. A strong Letter of support from Mayor as well as a Resolution of Support from the city.
2. Competitive development costs and rental rates.
3. Market demographics supports the dire need of affordable housing for the working families
in this area.
Loan Information
MHDC ‐ Fund Balance $1,300,000 MHDC Fund Balance Participati $7,270,000
MHDC Soft HOME $700,000 Tax Credit Equity $1,949,841
Conventional
$8,513,446 MHDC Soft HOME $700,000
$0
$0
$154,129
$10,667,575
$7,680,000
$180,000
$230,000
$350,000
$30,000
$0
$0
$20,000
$600,000
$950,000
$38,000
$229,400
$360,175
$10,667,575
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$10,667,575 $229,400 $38,000 $10,400,175
$166,681 $3,584 $594 $162,503
Federal and State LIHTC Equity
Federal and State Historic Equity
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:Sixty‐four family apartment units that will provide 2 and 3 bedrooms with 2 baths for the much needed workforce
housing in an area where local employers and business owners have become concerned about the lack of affordable
housing in the community.
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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
2 Bdrm/ 2 Bath 32 977 $450 ‐ $525 $600 75% ‐ 88%
3 Bdrm/ 2 Bath 32 1170 $500 ‐ $590 $725 69% ‐ 81%
64
64
0
Total Per Unit
$355,502 $5,555
$257,600 $4,025
$97,902 $1,530
$65,770 $1,028
$32,132 $502
Year 1 Year 15
1.49 1.21
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$660,000 $0.84 $10,313 $10,313
$660,000 $0.45 $10,313 $10,313
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Out State
14‐052
Fox River Estates
Four Corners Development L.L.C.
Willard
Family
New Construction
Workforce Housing
Loan Information
MHDC ‐ Fund Balance $1,200,000 MHDC ‐ Fund Balance $1,000,000
Tax Credit Equity $1,499,363
$7,295,521 Great Southern $5,475,000
$0
$0
$93,689
$8,589,210
$5,880,000
$200,000
$200,000
$294,000
$35,000
$0
$0
$30,000
$550,000
$937,627
$36,000
$187,220
$239,363
$8,589,210
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$8,589,210 $187,220 $36,000 $8,365,990
$178,942 $3,900 $750 $174,291
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer/Consultant Fee
MHDC and Related Costs
Reasons for Recommendations:
Description of Property:
1) Strong feasibility with fairly cometitive development costs for a new construction family proposal
2) Good access for transportation and employment, and located close to community amenities
48 unit apartment/duplex complex with workforce housing units located on the outskirts of Willard, which is roughly
10‐15 minutes northeast of Springfield.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
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 Equity
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 32 950 $475 ‐ $550 $625 76% ‐ 88%
3 Bed 16 1375 $545 ‐ $630 $740 74% ‐ 85%
48
38
10 (Workforce housing units set aside for 80% AMI)
Total Per Unit
$277,884 $5,789
$198,130 $4,128
$79,754 $1,662
$60,711 $1,265
$19,043 $397
Year 1 Year 15
1.31 1.10
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$570,000 $0.84 $15,000 $11,875
$570,000 $0.44 $15,000 $11,875
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0AHAP Credits
Tax Credit Information
Property Data:
State LIHTC
Federal Historic
State Historic
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Out State
14‐053
Shawnee Place
Chillicothe Housing Authority Development Corporation
Chillicothe
Family
Rehabilitation
Non‐Profit, Preservation
1. Very reasonable rehab costs.
2. High on the priority list submitted by Rural Development.
3. Rental assistance is availible for nearly every unit through either Rural Development
or the Chillicothe Housing Authority.
4. Good location for senior living.
Loan Information
Reserves $62,000 Reserves $62,000
Rural Development $107,000 Tax Credit Equity $868,370
Conventional $2,850,000
$4,415,710 Rural Development $520,000
$0
$0
$39,960
$4,624,670
$2,263,400
$100,000
$100,000
$150,000
$25,000
$50,000
$55,000
$5,000
$700,000
$515,000
$12,000
$388,800
$260,470
$4,624,670
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$4,624,670 $388,800 $12,000 $4,223,870
$96,347 $8,100 $250 $87,997
Federal and State LIHTC Equity
Federal and State Historic Equity
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:This is a 48 unit Rural Development property in Chillicothe that consists of 1 bedroom units that is in serious need of
rehab. Currently almost 20% of the units are unable to be rented because they are in need of repair.
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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 47 576 $390 $500 78%
1 Bed 1 576 $450 $500 90%
48
47
1
Total Per Unit
$209,585 $4,366
$178,950 $3,728
$30,635 $638
$2,720 $57
$27,915 $582
Year 1 Year 15
11.26 2.16
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$345,000 $0.84 $7,340 $7,188
$345,000 $0.44 $7,340 $7,188
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Out State
14‐055
James Place
O'Reilly Development Co., LLC
Springfield
Family
New Construction
Non‐Profit, Service Enriched, Special Needs, AMI50
Loan Information
MHDC HOME $195,000 Tax Credit Equity $1,121,497
MHDC HOME $195,000
$5,414,045 Great Southern $4,085,000
$58,432
$5,667,477
$3,931,108
$226,554
$120,000
$200,000
$30,000
$0
$0
$40,000
$80,000
$676,030
$42,360
$153,000
$168,425
$5,667,477
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$5,667,477 $153,000 $42,360 $5,472,117
$141,687 $3,825 $1,059 $136,803
Federal and State LIHTC Equity
Federal and State Historic Equity
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:
1) Good location with close proximity to nearby services
2) Burrell, Inc. has excellent reputation as service provider for special needs households and service‐enriched housing
New construction of moderate‐sized 1‐ and 2‐BR apartments in a residential neighborhood;
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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 16 803 $350 ‐ $415 $600 58% ‐ 69%
2 Bed 24 857 $380 ‐ $450 $650 58% ‐ 69%
40
40
0
Total Per Unit
$189,497 $4,737
$164,665 $4,117
$24,832 $621
$0 $0
$24,832 $621
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$423,000 $0.84 $10,575 $10,575
$423,000 $0.44 $10,575 $10,575
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Out State
14-057
St. Francis/King Hill
Interfaith Community Services
St. Joseph
Elderly
Acquisition/Rehabilitation
Non-Profit, Preservation, MBE/WBE
1. Competitive total development costs
2. Preserve Section 8
3. Strong rehabilitation demographics
4. Developer donating developer fee proceeds to partially finance new community center
Loan Information
Construction Period Income $337,201 Tax Credit Equity $1,247,601
Reserves $1,082,481 CRA Loan $4,080,000
Gershman Mortgage $3,800,000 Reserves $1,082,481
Gershman Mortgage $3,800,000
$6,156,396 Construction Period Income $337,201
$0
$0
$265,405
$11,641,483
$4,788,500
$239,425
$326,100
$372,954
$40,000
$0
$178,000
$60,000
$3,572,084
$1,085,000
$10,750
$504,200
$464,470
$11,641,483
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$11,641,483 $504,200 $10,750 $11,126,533
$74,150 $3,211 $68 $70,870
Federal and State LIHTC Equity
Federal and State Historic Equity
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:The acquisition/rehabilitation of two separate Section 8 elderly projects in St. Joseph. The projects, St. Francis
Apartments (built 1977) and King Hill Apartments (built 1989), are approximately 4 miles apart. Wesley Community
Center, which will be partially financed with donated developer fee proceeds, will serve as the Interfaith Community
Services base for outreach into northwest Missouri.
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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 12 579 $418 $450 93%
1 Bed/1 Bath 139 550 - 840 $459 - $508 $500 92% - 102%
2 Bed/1 Bath 6 600 $509 - $561 $600 85% - 94%
157
156
1
Total Per Unit
$880,123 $5,606
$583,401 $3,716
$296,722 $1,890
$219,882 $1,401
$76,841 $489
Year 1 Year 15
1.35 1.27
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$481,000 $0.84 $3,083 $3,064
$481,000 $0.44 $3,083 $3,064
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Out State
14-063
Lancaster Duplex Housing Project
Northeast Missouri Community Action Agency
Lancaster
Family
New Construction
Nonprofit
Loan Information
$380,000 MHDC - HOME/CHDO $380,000
Tax Credit Equity $0
$0
$0
$0
$0
$380,000
$296,000
$14,000
$0
$14,220
$3,000
$0
$0
$0
$7,500
$27,180
$0
$1,200
$16,900
$380,000
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$380,000 $1,200 $0 $378,800
$190,000 $600 $0 $189,400
Federal and State LIHTC
Federal and State Historic
Salient Facts:
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
MHDC - HOME/CHDO
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Relocation Expense
Furniture and Fixtures
Acquisition Costs
Developer\Construction Fee
Reasons for Recommendations:
Description of Property:
1) The site is in an ideal location within the community.
2) The nonprofit/CHDO is experienced with small developments.
3) The duplex is within the cost limits.
4) The nonprofit will be able to house families at a low annual cost.
A two unit infill proposal on a corner lot in Lancaster, Missouri. The three-bedroom units will sit in a well-maintained
single-family neighborhood that is a couple of blocks away from the town center.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
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/2 Bath 2 1650 $415 $550 75%
2
2
0
Total Per Unit
$9,263 $4,631
$6,771 $3,385
$2,492 $1,246
$0 $0
$2,492 $1,246
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
$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
AHAP Credits
Tax Credit Information
Outstate
14‐071
Fox Creek Villas L.P.
MBL
Marshall
Elderly
New Construction
Service Enriched, Special Needs
1. Reasonable development costs
2. Is a good special needs and service enriched proposal
3. Near Hwy 65 bypass and many amenities
4. No LIHTC projects completed in city within last 20 years
5. Target population growing in area
Loan Information
$5,920,816 Coventional $4,300,000
$0 Tax Credit Equity $1,245,212
$0
$52,297
$5,973,112
$4,103,904
$85,000
$143,333
$215,700
$25,000
$0
$0
$25,000
$300,000
$680,000
$27,200
$130,900
$237,075
$5,973,112
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$5,973,112 $130,900 $27,200 $5,815,012
$175,679 $3,850 $800 $171,030
Federal and State LIHTC Equity
Federal and State Historic Equity
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 in Marshall located near the Hwy 65 bypass. There are 34 two bedroom units distributed between
duplexes, 4‐plexes, and 6‐plexes.
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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
2 Bed 34 908 $410 $510 80%
34
34
0
Total Per Unit
$158,916 $4,674
$138,472 $4,073
$20,444 $601
$0 $0
$20,444 $601
Year 1 Year 15
N/A N/A
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$470,000 $0.83 $13,824 $13,824
$470,000 $0.43 $13,824 $13,824
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Out State
14-093
Bloomsdale Estates and Pleasant View Estates
East Missouri Action Agency, Inc.
Bloomsdale and Park Hills
Elderly
Acquisition/Rehabilitation
Non-Profit, Preservation, Extended Use
Loan Information
Rural Development $100,000 FHLB Grant $331,725
Existing Reserves $93,482 Tax Credit Equity $924,500
GP Equity $100 Conventional $2,575,000
FHLB Grant $331,725 Rural Development $525,000
Existing Reserves $93,482
$4,622,498 GP Equity $100
$0
$0
$51,439
$5,199,244
$2,667,600
$120,000
$80,469
$150,000
$35,000
$127,850
$135,000
$20,000
$527,000
$550,000
$12,000
$498,600
$275,725
$5,199,244
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$5,199,244 $498,600 $12,000 $4,688,644
$92,844 $8,904 $214 $83,726
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer/Consultant Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:Acquisition and rehab of 2 USDA Rural Development properites with a total of 56 one bdrm/ 1 bath located in
Bloomsdale & Park Hills. There will be a clubhouse/community/computer lab/ business center, courtyard, on-site
management, picnic area and recreational area on both sites.
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 Equity
1. Two medium sized RD properties in need of renovation that are being merged to allow for
2. Strong RD support and rental assistance.
3. Very reasonable development costs.
efficiency.
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 Bdrm/ 1 Bath 56 613 - 636 $395 $450 88%
56
56
0
Total Per Unit
$252,168 $4,503
$213,182 $3,807
$38,986 $696
$2,542 $45
$36,444 $651
Year 1 Year 15
15.33 4.04
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$364,000 $0.83 $6,500 $6,500
$364,000 $0.44 $6,500 $6,500
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0AHAP Credits
Tax Credit Information
Property Data:
State LIHTC
Federal Historic
State Historic
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Out State
14-105
Hawthorne Senior Apartments
Missouri Valley Community Action Agency
Warrensburg
Elderly
New Construction
Non-Profit, AMI50
Loan Information
$230,000 MHDC - HOME/CHDO $960,000
$730,000 Tax Credit Equity $905,521
Conventional $3,250,000
$4,527,605
$0
$0
$87,932
$5,575,537
$3,945,540
$95,000
$90,052
$134,000
$25,000
$0
$0
$10,000
$275,000
$670,000
$10,750
$121,600
$198,595
$5,575,537
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$5,575,537 $121,600 $10,750 $5,443,187
$154,876 $3,378 $299 $151,200
Reasons for Recommendations:
Description of Property:
1) Development is in a great location in Warrensburg - close to many amenties.
2) The Total Development Costs per unit are very competitive in the region.
3) The project will also house senior households at 50% and 60% of the Area Median Income in addition to a few
market rate units.
Proposal will be comprised of thirty-six 2-bedroom 1-bathroom units marketed to seniors. There will be seven garden
level residential buildings and a community building that will include meeting rooms, office space, computer
workstations and a kitchenette.
Construction Sources
Deferred Developer Fee
Total Sources:
Uses:
Construction Costs
Architect and Engineering
Construction Interest
Contingency
Closing Legal
Environmental Abatement
Region
MHDC Property Number
Property Name
Developer Name
Location
Property Type
Occupancy
Construction
Priority (if applicable)
Permanent Sources
AHAP Donation
Relocation Expense
Furniture and Fixtures
Federal and State LIHTC
Federal and State Historic
Acquisition Costs
Developer\Construction Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
MHDC - HOME/CHDOMHDC - HOME/CHDO
Salient Facts:
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/1 Bath 36 865 $395 - $570 $600 66% - 95%
36
33
3
Total Per Unit
$187,245 $5,201
$142,970 $3,971
$44,275 $1,230
$11,500 $319
$32,775 $910
Year 1 Year 15
3.85 2.68
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$351,000 $0.84 $10,636 $9,750
$351,000 $0.45 $10,636 $9,750
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0AHAP Credits
Tax Credit Information
State Low Income
Federal Historic
State Historic
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
Federal Low Income
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Operating Income
Debt Service
Net Operating Income
Total Number of Units
Out State
14-107
McKee Street Apartments
New Horizons Community Support Services, Inc.
Columbia
Family
New Construction
Non-Profit, Special Needs
1. 100% specials needs
2. Extensive services will be provided to tenants
3. Numerous sources of tenant rental assistance
Loan Information
MHDC HOME $1,610,877 MHDC HOME $1,610,877
Federal Home Loan Bank of Des Moines $180,000 Tax Credit Equity $0
Owner Equity-Fundraising $100,000 Federal Home Loan Bank of Des Moines $180,000
Missouri Department of Mental Health $40,000 Owner Equity-Fundraising $24,800
Missouri Department of Mental Health $40,000
$0
$0
$0
$0
$1,930,877
$1,557,327
$63,500
$0
$95,000
$5,000
$0
$0
$15,000
$100
$65,000
$10,750
$62,200
$57,000
$1,930,877
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$1,930,877 $62,200 $10,750 $1,857,927
$160,906 $5,183 $896 $154,827
Federal and State LIHTC Equity
Federal and State Historic Equity
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:The new construction of 12 family units in Columbia. 100% of units will be set aside for tenants with special needs.
The project will include office and programming space for on-site supportive services. The project will incorporate
universal design principles.
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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/1 Bath 12 650 - 700 $575 $0 0%
12
12
0
Total Per Unit
$77,272 $6,439
$65,188 $5,432
$12,083 $1,007
$0 $0
$12,083 $1,007
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
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total HOME Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Out State
14-110
Holman Place Apartments
Iceberg Development
Hannibal
Family
Acquisition/Rehabilitation
Preservation and MBE/WBE
1. Competitive total development costs
2. Preservation
3. Strong rehabilitation demographics
Loan Information
MHDC HOME $350,000 Valley Bank $3,550,000
Replacement Reserves $30,000 Tax Credit Equity $993,517
Income During Construction $23,600 Replacement Reserves $30,000
Income During Construction $23,600
$4,900,420 MHDC HOME $350,000
$0
$0
$80,027
$5,384,046
$2,884,200
$46,500
$107,656
$225,000
$35,000
$0
$96,000
$40,000
$975,000
$596,260
$12,000
$158,800
$207,630
$5,384,046
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$5,384,046 $158,800 $12,000 $5,213,246
$112,168 $3,308 $250 $108,609
Federal and State LIHTC Equity
Federal and State Historic Equity
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:The acquisition/rehabilitation of 48 family units in Hannibal. The project was built in 1995. The project will include a
new community/common area and new exterior playground. The project will be constructed to achieve NAHB green
building bronze certification.
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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
2 Bed/1 Bath 40 880 $410 $555 74%
3 Bed/2 Bath 8 1125 $500 $722 69%
48
48
0
Total Per Unit
$233,769 $4,870
$188,438 $3,926
$45,330 $944
$19,316 $402
$26,015 $542
Year 1 Year 15
2.35 1.21
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$389,000 $0.83 $8,104 $8,104
$389,000 $0.43 $8,104 $8,104
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Saint Louis
14‐404
Station Plaza Lofts
Sherman Asociates, Inc.
St. Louis
Family
Rehabilitation/Historic (Conversion)
N/A
1) On the city of St. Louis list of recommended projects
2) Costs are very reasonable for a historic conversion
3) Demonstrated need for affordable housing eveidenced by the high occupancy of
other LIHTC projects in the area.
Loan Information
Conventional $3,200,000 Tax Credit Equity $2,558,676
Conventional $566,111 Conventional $3,800,000
Conventional $8,200,000
$6,612,241
$5,279,465
$0
$286,369
$15,944,186
$10,345,319
$258,633
$597,000
$740,000
$150,000
$0
$0
$50,000
$1,575,000
$1,100,000
$10,000
$413,721
$704,513
$15,944,186
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$15,944,186 $413,721 $10,000 $15,520,465
$183,267 $4,755 $115 $178,396
Federal and State LIHTC Equity
Federal and State Historic Equity
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:This is an adaptive reuse of a historic building in the Locust Business District in St. Louis. The single building will have a
total of 87 units consisting of studio, 1 bedroom and 2 bedroom units.
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/Consultant Fee
MHDC and Related Costs
Reserves
Other Development Costs
Costs per Unit
Total Uses:
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 20 415 $525 $650 81%
1 Bed 44 685 $650 $900 72%
2 Bed 23 1035 $780 $1,100 71%
87
87
0
Total Per Unit
$768,314 $8,831
$417,788 $4,802
$350,526 $4,029
$283,436 $3,258
$67,090 $771
Year 1 Year 15
1.24 1.32
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$500,077 $0.90 $5,748 $5,748
$480,000 $0.44 $5,517 $5,517
$2,625,230 $0.88 $30,175 $30,175
$3,281,537 $0.91 $37,719 $37,719
$0 $0
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre‐distribution Cash‐Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Property Data:
State LIHTC
Federal Historic
State Historic
AHAP Credits
Tax Credit Information
Saint Louis
14-405
Life Skills Rehab Project
Renaissance Property Group LLC
Kirkwood, Overland, and Riverview
Elderly
New Construction + Acquisition/Rehabilitation
Non-Profit, Special Needs, Preservation
1. Competitive total development costs
2. Specials Needs
3. Preservation of Section 8
4. Extensive resident services
Loan Information
Non-MHDC Tax Exempt Bonds $3,600,000 Non-MHDC Tax Exempt Bonds $5,300,000
MHDC HOME $1,690,000 Tax Credit Equity $812,980
Income During Construction $259,371 MHDC HOME $1,690,000
Income During Construction $259,371
$3,174,189
$0
$0
$223,991
$8,947,552
$3,447,000
$250,000
$364,375
$257,000
$45,000
$0
$28,800
$0
$2,850,000
$813,404
$12,000
$403,200
$476,773
$8,947,552
Total Reserves MHDC Fees
w/o Reserves &
MHDC Fees
$8,947,552 $403,200 $12,000 $8,532,352
$133,546 $6,018 $179 $127,349
Other Development Costs
Costs per Unit
Total Uses:
Development Costs
Furniture and Fixtures
Acquisition Costs
Developer/Consultant Fee
MHDC and Related Costs
Reserves
Reasons for Recommendations:
Description of Property:The acquisition/rehabilitation of 48 elderly units in the cities of Kirkwood, Overland, and Riverview. The new
construction of 19 elderly units adjacent to the Kirkwood acquisition/rehabilitation site. 48 of 67 units have Section 8
and will be set aside for special needs tenants. The new construction portion will include space to provide on-site
supportive services.
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 Equity
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/1 Bath 51 624 $600 - $853 $950 63% - 90%
2 Bed/1 Bath and 2 Bath 16 912 - 930 $825 - $1027 $1,125 73% - 91%
67
67
0
Total Per Unit
$639,805 $9,549
$345,907 $5,163
$293,898 $4,387
$245,285 $3,661
$48,613 $726
Year 1 Year 15
1.20 1.31
Amount Price Per Credit Per LIHTC Unit Per Unit (All)
$248,000 $0.85 $3,701 $3,701
$248,000 $0.43 $3,701 $3,701
$0 $0.00 $0 $0
$0 $0.00 $0 $0
$0 $0AHAP Credits
Tax Credit Information
Property Data:
State LIHTC
Federal Historic
State Historic
Total Number of Units
Federal LIHTC
Debt Service Coverage
Income and Expense DataGross Income
Underwritten Expenses
Net Operating Income
Debt Service
Pre-distribution Cash-Flow
Total LIHTC Units
Total Market Units
Breakdown by Unit Type
Dev No Development Name City County Developer Name Comments
14-003 Hampshire Landing II Joplin Jasper MV Residential Development LLCThis is a good proposal; however, there are not enough funds available.
14-004 Odessa Senior Living Odessa Lafayette Prairie Fire Development Group, LLCDevelopment cost exceeded Cost Limits by a large amount. Proposal also had some underwriting issues with the historic tax credit.
14-006 Intrada Lofts
St. Louis St Louis City
The Vecino Group, LLCStaff viewed the extensive social services favorably; however development cost exceeded cost limits, and developer has two MHDC approved developments in the "pipeline".
14-008River Heritage Apartments
Cape GirardeauCape Girardeau
RCH Development, INC.Good proposal with competitive rents; however, a big part of the proposed site is in a 100 year flood plain.
14-011Gardens of Blue Springs
Blue Springs Jackson Rainen Companies, Inc.This is a good proposal; however, there are not enough funds available.
14-012 Oak View Phase 2 Union Franklin Golden Management, Inc.Good proposal; however other proposals in the region were deemed to have higher funding priorities.
14-016Oaklawn Estates Phase II
Roggersville Webster Zimmerman Properties, LLC Good proposal; however, there are not enough funds availible.
14-017The Magnolia Duplexes
Kansas City Jackson Busara Development, LLCDevelopment cost per unit are not competitive with other rahab proposals.
14-020 Hillmann Place II O'Fallon St Charles JES Dev Co, Inc.Development cost per unit are not competitive with other new construction elderly proposals in the St. Louis Region.
14-021 Gentry Estates II Columbia Boone JES Dev Co, Inc. Development cost per unit are not competitive for area.
14-024 Fountain Estates, LP Webb City Jasper Red-Wood Development, Inc.Good proposal, competitive development cost per unit; however there are not enough funds available.
14-025Grant Beach Development
Springfield Greene The Vecino Group, LLCStaff felt the site was poor and the Tax Credit request was very high.
14-026 Blair Homes St. Louis St Louis City ND Consulting GroupGood development proposal that will contribute to the on-going revitalization efforts, but too expensive and a similar project was submitted that was more competitive.
14-027 Maple Ridge Macon Macon Missouri National Guard FoundationStaff felt the site was relatively poor for the intended target population, and the total development costs per unit appears highfor the rural development proposal.
14-029Heritage House Apartments
Independence Jackson Heritage Green Developer LLCGood rehabilitation project; however, tax credit and MHDC Fund Balance request was very high, and proposal did not cash-flow well.
14-031 Friendship Manor Blue Springs Jackson National Church Residences Good proposal; however, there are not enough funds available.
2014 Round 1 Applications Not Recommended9% AND 4% Low Income Housing Tax Credits / HOME
1
Dev No Development Name City County Developer Name Comments
14-037Northwest Village Apartments
St AnnSt Louis County
Gardner Development, LLCGood proposal; however other proposals in the region were deemed to have higher funding priorities.
14-038 Magic City Estates Moberly RandolphNorth East Community Action Corporation
Staff felt proposal's site was relatively poor due to environmental concerns.
14-039 Lake Ridge Senior Lake St. Louis St Charles Blattel DevelopmentNot very competitive development cost per unit and other proposals in the region were deemed to have higher funding priorities.
14-040 Stone Ridge Villas Wentzville St Charles Blattel Development Good proposal; however, there are not enough funds available.
14-043 Opera House Lofts St. Joseph Buchanan TerraVest Development Corp. Development cost exceeded Cost Limits by a very large amount.
14-047St. Ferdinand Homes II
St. Louis St Louis City Northside Community Housing, Inc. Staff felt other proposals in the region are more competitive.
14-049 North Sarah Phase III St. Louis St Louis City McCormack Baron Salazar, Inc.Development cost were not competitive with other new construction proposals in the St. Louis Region.
14-050SavannahPark of Kirksville and Kahoka
Kirksville and Kahoka Adair Belmont Development Company, LLCDevelopment costs per unit are not competitive compared to similar rehab proposals, particularly for Rural Development projects.
14-051Carter House at Walnut Park
St. Louis St Louis City Missouri Housing Partners, LLCAttractive historic building and well-maintained site; however, development costs exceeded Cost Limits by a large amount.
14-054South Pointe Apartments
Poplar Bluff ButlerMACO Development Company, L.L.C.
Good proposal; however, there are not enough funds available.
14-056 Sullivan House Sullivan Franklin Missouri Housing Partners, LLCProperty did not compete well with another property in the same city.
14-058 Jenny Lind Hall Springfield Greene Security PropertiesVery good proposal; however, there are not enough funds available.
14-059 Centerville Cottages Kearney Clay Gardner Development, LLC Good project; however, there are not enough funds available.
14-065 Martin City Villas Kansas City Jackson Entrepreneurs Enterprises, LLCDevelopment costs per unit are not competitive with other new construction elderly proposals in the Kansas City Region.
14-066Believer's Temple Senior Apartments
St. LouisSt Louis County
Missouri Housing Partners, LLCProperty did not compete well with other properties in the region. Also other proposals in the region were deemed to have higher funding priorities.
14-072Cloy Estates Phase II L.P.
Clinton Henry MBL Development Co.Good proposal but other out state developments were more competitive.
14-074 Villas of Maple Creek Grain Valley Jackson Dalmark Development Group, LLC Total development costs are not competitive.
2
Dev No Development Name City County Developer Name Comments
14-075SOAR Housing Project
Cabool Texas Ozark Action, Inc. Good proposal; however, there are not enough funds available.
14-076 Englewood Kansas City PlatteKansas City Leased Housing Development II, LLC
Withdrawn by developer.
14-079Charless Home (to be renamed Heritage Village)
St. Louis St Louis City Hart Development Group, LLC Good proposal; however, there are not enough funds available.
14-081Harrisonville Heights II
Harrisonville Cass Turnberry Developers, LLCGood site and good proposal; however, there are not enough funds available.
14-083Camden Crossing Subdivision
Osage Beach Camden Capstone Development Group Total development costs are not competitive.
14-084The Highlands at Troy
Troy Lincoln Capstone Development Group Total development costs are not competitive.
14-085 Aldrich Creek Estates Bolivar Polk Four Corners Development, L.L.C.Proposed rents are not competitive with nearby comparable elderly tax credit projects in Bolivar.
14-087 Greenway Estates Liberty Clay Miller Commerce, LLC Good proposal; however, there are not enough funds available.
14-088 Pickwick Place Ozark Christian Miller Commerce, LLCGood proposal of new construction apartments for seniors, however, there were more competitive proposals located in Greene County, both in Springfield and neighboring communities.
14-089Greenridge Homestead
Cameron Clinton HRM Services, LLCStaff felt the site was relatively poor and the total development cost per unit are high.
14-090Village at Union Place
St. LouisSt Louis County
Lutheran Senior Services
Good project and location; however, State Tax Credit request exceeded the maximum and the development costs per unit are not competitive with other elderly apartment proposals in the St. Louis Region.
14-092 Lancelot Village Springfield Greene RCH Development, INC.Good proposal; however, there are not enough funds available.
14-094Harrison School Senior Apartments
St. Louis St Louis City HS Developer, L.L.C.Development cost are not competitive with similar proposals in the St. Louis Region.
14-096 Country HillsRolla Phelps Housing Plus, LLC
Good proposal; however; there, are not enough funds availible.
14-097 Spring Hill Senior Buffalo Dallas Housing Plus, LLCCompetitive project costs; however, there are not enough funds availible.
14-098The Reserves at Greystone Place
Grain Valley Jackson Overland Property GroupGood propsal; however there were more competitive proposals located in the Kansas City region outside of the Kansas City limits.
3
Dev No Development Name City County Developer Name Comments
14-099 Park Avenue Lofts St. Louis St Louis City RR Jennings Developer, LLCAttractive historic building in a great neighborhood; however, proposal exceeded Cost Limits by a very large amount.
14-101Kirksville Heights Apartments
Kirksville Adair Millennia Housing Development, Ltd.Good proposal but was not as competitive as other proposals in the area.
14-102Chloe Place Apartments
Hannibal Marion Preferred Family HealthcareTotal development costs are not competitive. Application rents did not meet MHDC requirements.
14-103Southview Apartments Phase II
Maryville NodawayVolunteer Management & Development Company Inc
This is a good proposal; however, there are not enough funds available.
14-104Keystone Senior Housing
Springfield GreeneOzarks Area Community Action Corporation
Proposed with a negative cash-flow beginning in year 2, also the HOME request was high.
14-106St. Elizabeth Apartments
Hannibal Marion Iceberg Development Good proposal but not enough funds available.
14-108Nathanial Rivers Place
St. Louis St Louis City Tim Person & Associates, LLCDevelopment cost are not competitive with similar proposals in the St. Louis Region.
14-109 Kinney Point Columbia BooneHousing Authority of the City of Columbia, MO
Development cost are not competitive with similar proposals in the region.
14-111 Anderson Apartments Independence Jackson MW Development EnterprisesStaff had underwriting issues with hard construction costs and also site work.
14-112Hansel Lowe Apartments
Blue Springs Jackson Homkor of Missouri, Inc.Development costs per unit are not competitive with other new construction or new construction/rehabilitation elderly proposals in the KC region.
14-113Pathways Apartments- Warrensburg
Warrensburg Johnson Pathways CBH, Inc.Development cost are not competitive with similar proposals in the region.
14-114The Residences at Elk River
Noel McDonald MW Development EnterprisesProject very close to the highway for a family development. Unsure of long term marketablity.
14-115 Hillvale Apartments St. Louis St Louis City Integra Property Group, LLCAcquisition cost are very high, while construction cost per unit was very low. Also, proposal not competitive with other acquisition/ rehabilitation proposals in the state.
14-402 Intrada Lofts St. Louis St Louis City The Vecino Group, LLCDoes not work well as a 4% proposal. Was also presented as 14-006 so additional reasons for non-recommendation is stated under 14-006.
14-406 Artist Lofts Kansas City Jackson Sherman Associates, Inc. Development cost exceeded Cost Limits by a very large amount.
14-407 Forest Place Independence Jackson Truman Forest, LLCStaff liked site visibility and access but not comfortable with rent structure, financial feasibility, and market conclusions.
4
Dev No Development Name City County Developer Name Comments
14-410Stuart Parker Apartments with Paquin Tower
Columbia BooneHousing Authority of the City of Columbia, MO
Structure of proposal had major underwriting issues that made it not viable.
14-414Meadow View Estates Phase II
Peculiar Cass Dean DevelopmentProposal was submitted as a 4% application but structured as a 9% application. Application could therefore not be recommended.
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TAB 4 (i)
Report of Staff Request for approval of the 2014 Tax Exempt
Bond NOFA
December 6, 2013
NOTICE OF FUNDING AVAILABILITY Tax Exempt Bonds – Round Two 2014
FEDERAL LOW INCOME HOUSING TAX CREDITS
(4% CREDITS)
Missouri Housing Development Commission (MHDC) hereby notifies interested parties of the availability of the following funding sources for the rehabilitation or construction of rental housing units for low and moderate income families and individuals in the state of Missouri:
Federal 4% Low Income Housing Tax Credits;
State 4% Credits in the amount of $5,272,000
Applications for funding will be accepted by MHDC until 4:30 PM CST on Monday March 3, 2014. It is anticipated that recommendations regarding the proposed developments will be brought before the commission in April 2014. Deadlines are subject to change at the discretion of MHDC. If an applicant is requesting Federal and/or State Historic Tax Credits, they should be shown on the application as a source of funds; however, approval of these tax credits will be made by the Department of Economic Development (DED). An approved proposal will not become eligible for tax credits until it applies and receives an allocation of private activity bonds from the Department of Economic Development. We ask all applicants to visit our web site at www.mhdc.com to obtain the fiscal year 2014 Qualified Allocation Plan, Developer’s Guide, and Application Forms and Checklist. The documents are also available on CD‐R. To request an electronic or printed copy, contact Frank Quagraine at 816‐759‐7210; and please contact Gus Metz at 816‐759‐6878 for questions regarding the completion of the web‐based Online Application. A separate application must be submitted to request AHAP credits as part of the financing package for any proposed development. All proposals must be prepared using the application on the MHDC web site and must be submitted to the office of the Missouri Housing Development Commission at:
3435 Broadway Kansas City, Missouri 64111
TAB 4 (j)
Report of Staff Request for approval of RFP for Housing Needs
Assessment
Draft
REQUEST FOR PROPOSAL TO CONDUCT A STATEWIDE HOUSING NEEDS
ASSESSMENT FOR THE STATE OF MISSOURI
Missouri Housing Development Commission
RESPONSE DEADLINE:
Five (5) hard copies and One (1) electronic copy on a CD-ROM / flash drive to MHDC no later than 4:30 p.m. on Friday, February 7, 2014
SUBMIT RESPONSES TO:
William Ulm Director of Rental Production
Missouri Housing Development Commission 3435 Broadway
Kansas City, Missouri 64111 [email protected]
Contents SECTION I. INTRODUCTION ............................................................................................................................. 1
SECTION II. TERMS AND CONDITIONS GOVERNING THIS RFP ................................................................................. 1
A. DEFINITIONS ......................................................................................................................................... 1
1. AMI ............................................................................................................................................... 1
2. Best Value Contracting ................................................................................................................. 1
3. Commission .................................................................................................................................. 1
4. Consolidated Plan…………………………………………………………………………………………………………………….1
5. Final Contract ................................................................................................................................ 1
6. Housing Needs Assessment .......................................................................................................... 1
7. HUD ............................................................................................................................................... 1
8. MBE/WBE ...................................................................................................................................... 2
9. MHDC ........................................................................................................................................ 2
10. Proposal .................................................................................................................................... 2
11. Respondent ............................................................................................................................... 2
12. RFP ............................................................................................................................................ 2
13. Scope of Work ........................................................................................................................... 2
14. Standards of Conduct ................................................................................................................ 2
15. State .......................................................................................................................................... 2
16. Will, Must and Shall: ................................................................................................................. 2
B. MHDC STANDARDS OF CONDUCT ..................................................................................................... 2
C. PUBLIC RECORDS DISCLAIMER ................................................................................................................. 3
D. ADVERTISING AND PUBLICITY ................................................................................................................... 3
E. COSTS AND LIABILITY .............................................................................................................................. 3
F. RIGHTS OF MISSOURI HOUSING DEVELOPMENT COMMISSION ...................................................................... 3
G. OTHER LEGAL CONDITIONS ..................................................................................................................... 4
1. Contractual Arrangement ............................................................................................................. 4
2. Notice Regarding Distribution of Questions and Answers ........................................................... 4
3. Interviews, Discussions and Negotiations .................................................................................... 4
4. Waivers ......................................................................................................................................... 5
SECTION III. INSTRUCTIONS TO RESPONDENT ................................................................................................... 5
A. PROPOSAL SUBMISSIONS ........................................................................................................................ 5
1. Number of Copies and Media ....................................................................................................... 5
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2. Delivery Instructions/MHDC Point of Contact .............................................................................. 5
Submission of Questions ...................................................................................................................... 5
3. Deadline for Submission of Proposal ............................................................................................ 5
4. Extensions of Proposal Deadlines ................................................................................................. 6
5. Anticipated Timetable ................................................................................................................... 6
B. RFP REVISIONS ..................................................................................................................................... 6
SECTION IV. PROPOSAL PREPARATION ............................................................................................................ 6
A. MANDATORY PROPOSAL SECTIONS ........................................................................................................... 6
B. PROPOSED SCOPE OF SERVICES ................................................................................................................ 6
1. Housing Needs Assessment .......................................................................................................... 6
C. PROPOSAL DETAILS ................................................................................................................................ 8
D. STRUCTURE OF PROPOSAL ..................................................................................................................... 10
E. EVALUATION CRITERIA .......................................................................................................................... 11
F. PRICE PROPOSAL ................................................................................................................................. 12
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SECTION I. INTRODUCTION
The Missouri Housing Development Commission (“MHDC” or the “Commission”) is a governmental instrumentality of the state of Missouri and a body corporate and politic. The Commission’s authority is derived from Section 215.030 RSMo. The purpose of this Request for Proposal (“RFP”) is to obtain Proposals from qualified individuals/entities (“Respondent(s)”) to conduct a study of the projected housing needs throughout the State of Missouri (the “State”) for a five (5) year period commencing from the date the study is completed. MHDC is required to conduct a statewide housing needs assessment (“Housing Needs Assessment”) pursuant to certain rules and regulations promulgated by the U.S. Department of Housing and Urban Development (“HUD”). The Commission will engage the services of the Respondent(s) that it determines is/are the best qualified based upon the Evaluation Criteria set forth herein.
SECTION II. TERMS AND CONDITIONS GOVERNING THIS RFP
A. DEFINITIONS
1. AMI
Area median gross income, adjusted for family size.
2. Best Value Contracting
The award of a contract to one or more qualified Respondents that is based not solely on the lowest price, but rather on an analysis of multiple factors including but not limited to price, quality of work, capacity, experience and references.
3. Commission
MHDC’s Board of Commissioners.
4. Consolidated Plan
The document submitted by the State to HUD pursuant to the requirements of 24 CFR Part 91 providing the State’s comprehensive housing affordability strategy, community development plan, and submissions for funding under any of the Community Planning and Development formula grant programs
5. Final Contract
The contract ultimately negotiated and entered into by and between MDHC and the successful Respondent pursuant to an award under this RFP.
6. Housing Needs Assessment
The statewide housing needs assessment requested to be conducted under this RFP.
7. HUD
The United States Department of Housing and Urban Development.
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8. MBE/WBE
An entity that is certified as a minority-owned business enterprise (MBE) or certified as a woman-owned business enterprise (WBE) by the State of Missouri or other certifying agency as deemed appropriate by MHDC in consultation with the Office of Equal Opportunity for the State of Missouri (OEO).
9. MHDC
The Missouri Housing Development Commission.
10. Proposal
Proposal refers to the complete response, including any exhibits or attachments, submitted by a Respondent as a result of this RFP.
11. Respondent
Respondent refers to any individual or entity submitting a response to this RFP.
12. RFP
This Request for Proposal.
13. Scope of Work
Scope of Work refers to the instructions and requirements stated in this RFP or portions thereof and any additional, supplementary instructions that are developed, incorporated, or promulgated subsequent to the distribution of this RFP.
14. Standards of Conduct
The Standards of Conduct adopted by the Commission on July 31, 2009, the contents of which may be located on MHDC’s web site at www.mhdc.com/about/commission/policies/standards_of_conduct.htm.
15. State
The State of Missouri.
16. Will, Must and Shall:
The use of the terms “must”, “will”, and “shall” indicate mandatory items and instructions with which Respondents are required to comply.
B. MHDC STANDARDS OF CONDUCT
This RFP is considered a “Competitive Matter” as that term is defined in the Standards of Conduct. Further, every Respondent, including, but not limited to, their respective principals, key employees and agents acting on their behalf are considered “Interested Parties” (as defined in the Standards of Conduct). As a result, every Respondent (including, but not limited to, its principals, key employees and agents) under this RFP is obligated to abide by the rules and restrictions imposed by the Standards of Conduct, including the rules governing contact with Commissioners and MHDC employees. The failure of any Respondent to abide by the rules and restrictions established by the Standards of Conduct may result in the disqualification of that Respondent’s Response. Therefore, you are strongly encouraged to review and familiarize yourself with the Standards of Conduct. The
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Standards of Conduct is available on MHDC’s website at www.mhdc.com/about/commission/policies/standards_of_conduct.htm.
Furthermore, pursuant to the Standards of Conduct, any Response under this RFP shall disclose the name of the individual, entity and/or entities having ownership interests in the Respondent. All entities identified in this disclosure shall be reduced to their human being level irrespective of the number of entity layers which may be present for any disclosed entity. Notwithstanding the previous sentence, to the extent any Respondent under this RFP is a publicly traded corporation, such a Respondent may limit this disclosure to all board members, officers (and other key employees) and any shareholders owning or controlling ten percent (10%) or more of the corporation. Questions regarding this requirement or any other requirements or restrictions imposed by the Standards of Conduct may be directed to the Commission’s General Counsel, Weylin Watson, by phone at 816-759-6624 or email at [email protected].
C. PUBLIC RECORDS DISCLAIMER
MHDC is subject to Missouri Sunshine Law (RSMo Chapter 610) and is required to disclose public records. Upon conclusion of the RFP process and selection of one or more Respondent(s) in connection with this RFP, all Proposals shall become public record and may be published or otherwise distributed to any individual or entity. No Proposal or associated documentation will be returned.
D. ADVERTISING AND PUBLICITY
Respondents may not issue any news release or otherwise seek publicity regarding this RFP. No Respondent shall use the name or logo of MHDC or any adaptation, extension, or abbreviation of such name for advertising, trade display, or other commercial purposes except as specifically approved by MHDC in writing.
E. COSTS AND LIABILITY
This RFP does not commit or obligate MHDC to enter into any contractual agreement with any Respondent. Each Respondent will be responsible for any costs incurred in preparation of its Proposal. MHDC reserves the right to accept or reject any or all Proposals or offers made in response to this RFP.
F. RIGHTS OF MISSOURI HOUSING DEVELOPMENT COMMISSION
MHDC reserves and may exercise one or more of the following rights and options regarding this RFP:
1. Reject any and all Proposals;
2. Seek additional Proposals;
3. Select one or more Respondents based on Best Value Contracting;
4. Enter into negotiations and subsequently enter into a Housing Needs Assessment contract with the successful Respondent, or enter into multiple contracts with multiple Respondents;
5. Choose not to award any contract under this RFP;
6. Add to, delete, modify or enlarge this RFP including any specifications and/or the Statement of Work, or terms or conditions;
Page 4
7. Modify the terms and conditions of any proposed or executed contract awarded pursuant to this RFP;
8. Cancel or withdraw this RFP without the substitution of another RFP, or alter the terms and conditions of this RFP;
9. Conduct credit checks and investigations as to the qualifications of each Respondent at any time prior to the award of a contract; and/or,
10. Extend deadlines or otherwise modify the required schedule at its sole discretion.
G. OTHER LEGAL CONDITIONS
1. Contractual Arrangement
By virtue of its signed Proposal to this RFP, the Respondent agrees that, in the event it is selected to conduct the Housing Needs Assessment for MHDC pursuant to this RFP, it will enter into good faith negotiations in pursuit of an acceptable Final Contract. MHDC, at its sole discretion, may incorporate any and all terms and conditions included in this RFP, the Proposal, and any additional provisions required by MHDC into the Final Contract. Any Respondent selected to proceed toward a contract with MHDC will be required to include in the Final Contract, contractual provisions that address issues of liability, indemnification, insurance, payment terms, and such other terms and conditions as are customary for agreements that address the subject matter of this RFP.
Each Respondent must conspicuously state in its Proposal its inability or unwillingness to accept any of the provisions, terms or conditions in this RFP, including any provisions set forth in exhibits, and must include in its Proposal the reason(s) for any such exceptions. The Final Contract shall become effective on the date it is fully executed by MHDC and the successful Respondent. The Final Contract shall remain in full force and effect until completion of the Scope of Work and approval of the same by MHDC.
MHDC and Respondent may, at any time after a selection is made under this RFP and before the Scope of Work is completed, agree to extend or expand the requirements for the Housing Needs Assessment under the Final Contract to include additional services or duties, and/or to provide additional time to complete the Scope of Services, provided that all such amendments to the final contract must be agreed to in writing by both MHDC and Respondent.
2. Notice Regarding Distribution of Questions and Answers
NOTICE: For the purpose of transparency and in an effort to prevent any real or perceived unfair advantage, all questions or requests for additional information submitted to MHDC regarding this RFP and the corresponding answers will be published on MHDC’s website or otherwise made available to all Respondents.
3. Interviews, Discussions and Negotiations
A Proposal, including any proposed personnel and any required proposal documents may be subject to negotiation by MHDC at any time. MHDC may interview none, one, some, or all of the Respondents who submit a Proposal. RFP responses may be evaluated and the award of a Final Contract may be granted with or without discussions and/or negotiations with Respondents. MHDC reserves the right to request additional information from any or all
Page 5
Respondents. Negotiations by MHDC will not be deemed a counteroffer or a rejection of any Proposal.
4. Waivers
MHDC may waive any requirements imposed in this RFP when failure to grant the waiver will result in an increased cost to MHDC, or when it is in the best interest of MHDC to grant the waiver. Any such waiver will be granted to any and all Respondents which are awarded a Final Contract.
SECTION III. INSTRUCTIONS TO RESPONDENT
A. PROPOSAL SUBMISSIONS
1. Number of Copies and Media
Each Respondent must submit five (5) executed hard copies of its Proposal and one (1) CD Rom and/or flash drive containing the text of its Proposal in searchable Adobe format. In addition, each Respondent must provide a cover letter to its proposal containing the Respondent’s name and address, the contact information (i.e. address, email and phone number) for the Respondent’s primary contact for purposes of any questions MHDC may have of Respondent, and a summary of the Respondent’s price proposal for performing the Scope of Work.
2. Delivery Instructions/MHDC Point of Contact
All questions and requests for additional information must be submitted in writing via email and should include a subject line of “Housing Needs Assessment RFP Inquiry” to [email protected].
Proposals must be submitted as outlined herein and will not be accepted via fax, email or any other form of electronic delivery.
3 Submission of Questions
Questions regarding this RFP should be directed to MHDC in writing by mail, facsimile or electronic mail to:
William Ulm Director of Rental Production Missouri Housing Development Commission
3435 Broadway Kansas city, Missouri 64111 (816)759-6829 (fax) [email protected] NOTICE: No verbal questions will be answered. All questions and inquiries must be in writing and submitted via one of the forms authorized above.
4 Deadline for Submission of Proposal
Proposal is due and must be received by MHDC at its offices at 3435 Broadway, Kansas City, Missouri 64111 no later than 4:30 PM (Central) on Friday, February 7, 2014. Proposals received
Page 6
after 4:30 PM (Central) on Friday, February 7, 2014 will not be accepted. Proposal should be directed to the attention of William Ulm, Director of Rental Production.
No Respondent may modify or correct its Proposal at any time after the Proposal Due Date, except in direct response to a request from MHDC for Clarification.
5 Extensions of Proposal Deadlines
In the event the due date for Proposal is extended or modified, the new date will be published on the MHDC website www.mhdc.com/rfp/ .
6 Anticipated Timetable
RFP Release Date: December 10, 2013
Final date for submission of requests for additional information: January 24, 2014
Proposal Due Date: Friday, February 7, 2014 at 4:30 PM (Central)
Publication of MHDC selections: Monday, April 21, 2014
RFP REVISIONS
In the event MHDC deems it necessary or appropriate to revise or clarify the terms or provisions of this RFP, any such revisions or clarifications will be issued in the form of an addendum. Any such addendum issued by MHDC will also be posted on our web site at www.mhdc.com/rfp/.
SECTION IV. PROPOSAL PREPARATION
A. MANDATORY PROPOSAL SECTIONS
Proposal shall include, at a minimum, the following mandatory, separate sections:
Executive Summary and Conclusions
Proposed Plan for Conducting the Housing Needs Assessment
Qualifications and Experience
References
Price Proposal and Estimated time to complete
Proposal of Terms, Conditions and Other Requirements
Respondents are invited to include additional information or sections in the Proposal which they feel would assist MHDC in the evaluation of the proposal.
B. PROPOSED SCOPE OF SERVICES
1. Housing Needs Assessment
In 1995, HUD implemented rules requiring each state and certain units of local government to submit Consolidated Plans. The purpose of each Consolidated Plan is to (i) serve as the comprehensive housing affordability strategy and community development plan for the jurisdiction submitting it and (ii) serve as the application for funding under any or all of HUD’s Community Planning and Development formula grant programs (i.e. the Community Development Block Grant (CDBG), HOME Investment Partnership (HOME), Emergency Solutions Grants (ESG), and Housing Opportunities for Persons with Aids (HOPWA)). HUD’s regulations
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establishing the requirements for the Consolidated Plan, including the requirements for a Housing Needs Assessment, are set forth in 24 CFR Part 91. This rule is being revised as a result of changes to the Emergency Solutions Grant Program. The ESG Interim Rule includes both changes to the Emergency Shelter Grant regulations at 24 CFR Part 576 and conforming changes to the Consolidated Plan regulations at 24 CFR Part 91. Certain sections of 24 CFR Part 91 establishing or governing specific components of the Housing Needs Assessment are specifically cited herein. However, all such citations are provided purely for the Respondent’s convenience and are not intended to be the sole and exclusive regulatory sections with which the Respondent should be familiar or which the Respondent should seek to comply with. Each Respondent is expected to fully review all applicable statutes and regulations applicable to the Housing Needs Assessment and to factor all such requirements into its proposed plan and cost structure.
The Housing Needs Assessment must be conducted in accordance with the requirements imposed upon MHDC under 24 CFR 91.305. The requirements of this regulation which must be covered in the final Housing Needs Assessment include, but are not limited to, the following:
a) All categories of persons/families specifically identified under 24 CFR 91.305(b)(1)(i) must be covered in the Housing Needs Assessment;
b) All summaries required pursuant to 24 CFR 91.305(b)(1)(ii) must be provided; c) Any disproportionate needs for specific racial or ethnic groups as specifically described in 24
CFR 91.305(b)(2) must be fully addressed; d) The full nature and extent of homelessness within the State must be addressed (as
specifically detailed in 24 CFR 91.305(c)); and, e) Accurate estimates of all supportive housing needs as specifically detailed in 24 CFR
91.305(d) and all lead-based paint hazards as specifically detailed in 24 CFR 91.305(e).
MHDC is seeking a Respondent to conduct a comprehensive housing needs assessment for the State. In the context of conducting the Housing Needs Assessment pursuant to the requirements stipulated above, the successful Respondent must ensure that the final Needs Analysis addresses and fulfills MHDC’s stated goals. Specifically, the successful Respondent must ensure that the Needs Analysis provides all of the following:
a) Identification of populations, demographics and household compositions statewide and by region;
b) Identification of current and long-term housing trends and needs throughout the State as a whole and further broken down by population subsets (elderly, special needs, disabled, veteran, working families (i.e. families with incomes at or below 30%, 50%, 60%, 80% and individuals/families with incomes at or below 125% of AMI);
c) Identification of current and long-term housing needs in all counties; d) Provide detailed analysis on specific communities and populations in need of further
assessment due to their unique nature, while highlighting differences between those communities and their needs;
e) Identification and evaluation of renters and home-owners within the State who are cost burdened (i.e. those whose rent/mortgage payments exceed 30% of their income);
f) Full analysis of housing trends across segments of the regions and populations of the State; g) Determination of availability and condition of existing housing stock throughout the State; h) Analysis of economic and employment realities/challenges if it is determined that there are
communities with unique characteristics.
Page 8
i) Analysis of impacts (both statewide and by region) of residential foreclosures on housing stock and housing needs;
j) Analysis of trends and need for preservation of existing affordable housing units compared to need for construction of new affordable housing units;
k) A statewide rent analysis for properties subsidized by state and/or federal low-income housing tax credits and/or HOME funds (including analysis of how many affordable housing properties are created with MHDC resources versus without MHDC resources);
l) Identification of available tools and resources, as well as opportunities for leveraging existing resources, to further assist in the development of affordable housing throughout the State;
m) Provide data and analysis for the Analysis of Impediments to Fair Housing. This data should include an analysis of the percentage of families living below the poverty line and the percentage of households receiving public assistance (poverty index); the distance to nearest transportation stations; a review of prior and current activities associated with fair housing programs in the state; home mortgage disclosure act (HMDA) data; an evaluation of public policies and practices affecting the provisions of fair housing including but into limited to, public services, planning and zoning laws, land use regulations, community development policies and practices; and identification of existing barriers and/or impediments to fair housing within the State. The review must be conducted in accordance with existing requirements imposed by HUD for an AI Study pursuant to HUD’s Fair Housing Planning Guide, and any updates to the AI Study regulations as published by HUD, located at www.hud.gov/offices/fheo/images/fhpg.pdf;
n) Provide a comprehensive analysis of the housing needs throughout the State, including rural, suburban and urban areas of the State, as well as information on rental, single family, special needs and homeless housing needs;
o) Provide a comprehensive analysis of housing needs as it relates to special needs housing needed throughout the rural, suburban and urban areas of the State including a breakdown by housing type and special needs category including the special needs services needed to enhance the housing stability and independence of the special needs residents including persons who are physically, emotionally or mentally impaired or persons who suffer from mental illness, are developmentally disabled, homeless, or youth aging out of foster care;
p) Factor in economic, transportation, population and demographic data in projecting and analyzing housing needs;
q) Provide a comprehensive analysis of the demand and supply of affordable housing statewide;
r) Conduct public hearings by region, in at least 6 (six) locations throughout the state after the preliminary draft needs assessment has been prepared for public comment.
The final Housing Needs Assessment provided to MHDC should be designed to provide MHDC with clear, accurate and concise data together with conclusions and opportunities that will allow MHDC to strengthen communities and the lives of Missourians through the financing, development and preservation of affordable housing.
C. PROPOSAL DETAILS
Respondents, in responding to this RFP, must provide clear and complete responses to each of the following questions and information requests. Brevity and clarity of responses will be appreciated.
Page 9
1. Location and Personnel. Provide the name, address, telephone number, fax number and email address of the Respondent. Identify a primary contact person regarding the response and the proposed project manager for the engagement. Identify all individuals anticipated to be involved in the preparation of the Housing Needs Assessment and the role each is expected to fill. Provide resumes for each individual so identified and/or a brief summary of each individual’s qualifications to perform the work in question. To the extent students will be utilized in preparing the Housing Needs Assessment describe their roles and anticipated involvement in each project.
2. Organizational Overview and Documentation. Provide an overview of the Respondent’s business entity, including legal structure, full legal name, and state of organization. Provide documentation on Respondent’s business entity including organizational documents, federal employer identification number and evidence of Respondent’s good standing with the State. If Respondent is an MBE/WBE, provide copies of documentation establishing certification as an MBE/WBE. If Respondent is not a certified MBE/WBE, provide information regarding the percentage of the Respondent organization owned by women and/or minorities and also provide information regarding the percentage of persons employed by the Respondent organization that are women and/or minorities.
3. Affiliations and Subcontractors. Respondent must identify and fully explain 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. Respondent must provide documentation regarding the qualification and experience of all third-party firms as a whole, as well as for each staff member proposed to be involved in performing the Scope of Work. In addition, Respondent must clearly delineate the duties and obligations being assumed by which parties in carrying out the Scope of Work In identifying any such parties, Respondent must include each party-s full legal name, state of organization (in the case of an entity), all contact information (e.g. address, phone/fax numbers, email address, primary point of contact, etc.), and must indicate whether the party is an MBE/WBE and provide copies of documentation establishing that certification as an MBE/WBE. Joint ventures are required to designate a single contracting entity with the authority to negotiate, execute and bind the joint venture to any potential future contract and act as the party responsible to MHDC.
4. Ownership Details. Pursuant to the Standards of Conduct, each Proposal submitted under this RFP must disclose the name of the individual, entity and/or entities having an ownership interest in the Respondent. All entities identified in this disclosure must be reduced to their human being level irrespective of the number of entity layers which may be present for any disclosed entity. If a Respondent under this RFP is a publicly held corporation, the disclosure required under this section is limited to disclosure of the names of the members of the Respondent’s board of directors, its key employees (including, but not limited to, its chief executive officer, chief financial officer and chief operating officer), and any shareholders owning or controlling ten percent (10%) or more of the corporation. Questions regarding these requirements may be directed to the Commission’s General Counsel, Weylin Watson, by phone at (816)759-6624 or email at [email protected].
5. Undocumented Workers. Pursuant to Mo. Rev. Stat. § 285.530.2, any Respondent selected pursuant to this RFP must provide MHDC with an affidavit stating that the institution does not employ any person who is an unauthorized alien in conjunction with the contracted services, and that the Respondent is enrolled in or who will enroll in and participating in a federal work
Page 10
authorization program with respect to the employees working in connection with the contracted services. A copy of the requisite affidavit is attached hereto as Exhibit “A” (an original of which must be signed, acknowledged and submitted by each Respondent as part of its Proposal submitted under this RFP. Prior to execution of any agreement contemplated herein, the Respondent selected under this RFP will be required to provide evidence of participation in a federal work authorization program. Additionally, in the event Respondent is utilizing any third-party to carry out a portion of the Scope of Work (whether via a sub-contract arrangement, joint venture agreement, or otherwise) then each third-party entity must also provide an affidavit to MHDC in the form attached hereto, as well as proof of that entity’s enrollment and participation a federal work authorization program and these workforce requirements must be contained in any agreement between the Respondent and said third-party. Questions regarding this requirement may be directed to the Commission’s General Counsel, Weylin Watson, by phone at (816)759-6624 or email at [email protected]. In your proposal, please indicate whether your firm is currently enrolled in and participating in a federal work authorization program such as E-Verify.
6. Scope of Services. Respondent must describe how it will fulfill all requirements and expectations set forth in the Scope of Services, including the processes and procedures it will use to accomplish all tasks required under this RFP. The responses should be as detailed as possible in addressing how all services to be provided.
7. Institutional Resources. Identify all resources being made available to MHDC by Respondent for the purposes of completing the Scope of Work.
8. MHDC Experience. Describe the Respondent’s historical experience in working with or serving MHDC, including descriptions of work previously performed for MHDC.
9. Related Experience. Describe the Respondent’s experience in working with other state or federal governmental entities in carrying out studies similar in nature to the Housing Needs Assessment to be conducted under this RFP and include a list of all such similar studies and assessments conducted by Respondent.
10. References. Respondent must provide MHDC with a minimum of two (2) references from entities for which Respondent has performed research studies in the past.
11. Other Information. Detail and discuss any other information not specifically covered or requested by this RFP which Respondent believes is pertinent to MHDC consideration in selecting a Respondent to carry out the Scope of Work.
D. STRUCTURE OF PROPOSAL
Each Respondent is required to submit a complete Proposal and attest to the accuracy and completeness of its Proposal. In all respects, the Respondent must comply with the instructions, formats and stipulations of this RFP including proper submission, proper format, meeting deadlines, inclusion and presentation of pricing information, and the terms and conditions of the proposed Final Contract.
The Commission desires to consider Proposal in a consistent and easily comparable format as established in this RFP. Proposal not organized as set forth in this RFP may, at the Commission’s discretion, be considered unresponsive. Do not refer to other parts of your Proposal in lieu of answering
Page 11
a specific question. Do not provide references to filings or forms publicly available in lieu of providing specific information in the Proposal.
Each Proposal must include a letter (“Certification Letter”) signed by an authorized representative of the Respondent certifying that:
1. The person executing the letter is authorized execute the Proposal and the Final Contract, on behalf of the Respondent; and
2. The Proposal is a firm offer which will remain valid for a minimum period of sixty (60) days; and
3. All information in the Proposal is true and correct to the best of his or her knowledge; and
4. No owner, principal or employee of the Respondent gave or will give anything of monetary value including a promise of future employment to an MHDC employee or Commissioner, or a relative of an MHDC employee or Commissioner, in an attempt to influence any decision to award a Final Contract or to influence the decision to modify or negotiate any term contained in any such Final Contract; and
5. No elected or appointed official or employee of the Commission is financially interested, directly or indirectly, in the performance of the Scope of Work; and
6. Respondent will fully comply with the provisions of RSMo Chapter 105 addressing Conflicts of Interests; and
7. Respondent will fully comply with the provisions of RSMo Chapter 130 addressing Campaign Finance Disclosure Laws; and
8. Respondents will fully comply with MHDC’s Standards of Conduct.
Proposal must contain all sections required under Section IV (A) of this RFP and should be organized in the same manner as the individual information requested in Section IV(C). Responses to each numbered question shall being on a separate page (e.g. answers to Question 1 should begin on a separate page from the response to Question 2).
Exhibits containing additional information may be attached to provide a more detailed response to a question, but only if clearly identifiable as a response to a specific question.
MHDC may deem any Proposal failing to meet all of these requirements to be unresponsive, resulting in elimination of the Proposal from consideration.
E. EVALUATION CRITERIA
Each Proposal will be evaluated on a variety of factors, including, but not limited to, the following (in no particular order):
1. Experience and expertise of the Respondent and the specific personnel to be assigned to the Housing Needs Assessment;
2. Relevant experience conducting similar studies and assessments with other state or federal governmental entities;
3. The location, extent and capabilities of the Respondent’s offices and number of employees in the State;
4. Participation by a public or private university or college as the lead party conducting the Housing Needs Assessment and Assessment of Fair Housing (please note that MHDC will give a
Page 12
preference to any Respondent that is a public or private college/university and/or any Respondent proposing to utilize a public or private college/university as the lead party in its proposal);
5. Respondent’s ability and willingness to carry out the full Scope of Work and demonstrated understanding of the federal and State statutory and all applicable regulatory requirements associated with each of the Housing Needs Assessment, Consolidated Plan;
6. Innovative ideas or suggestions reflected in the Respondent’s Proposal;
7. The Commission’s prior experience, if any, in working with the Respondent and any other factors the Commission believes would be in its best interest to consider;
8. Respondent’s proposed fees and charges for performing the full Scope of Work;
9. Respondent’s ability to meet the Commission’s desired timelines specified in this RFP;
10. Respondent’s inclusion of the participation of minorities and women, including Respondent’s employees and/or any participation with one or more MBE/WBEs; and,
11. Overall level of professionalism displayed in the Respondent’s Proposal.
F. PRICE PROPOSAL
Provide a price proposal that delineates the following costs:
1. Total fees Respondent intends to charge for conducting the Housing Needs Assessment;
2. Itemization of any expenses or other charges (including any reimbursable costs) which Respondent anticipates will be charged separate from the fees covered by 1 above along with a proposed cap on such additional charges.
TAB 4 (k)
Report of Staff Rental Production Update
Updated: 11/21/2013
Project #
Status / Est.
Closing
Month Development Name Units Type
Senior
Family Developer City
Reg‐
ion
LIHTC
Type Fed State Comments
12‐002‐HC CLOSED Woodridge Single Family 3 New Family North East Community Action
Agency
Kahoka OS
12‐010‐T CLOSED Deer Brook Senior Villas L.P. 44 New Senior MBL Development Sedalia OS 9% $648,000 $648,000
12‐013‐MT CLOSED Brookside Terrace Estates 30 New Family Gardner Development Aurora OS 9% $525,000 $525,000
12‐014‐T CLOSED Jackson Villa 48 Rehab Senior RCH Development Jackson OS 9% $379,500 $379,500
12‐016‐T CLOSED Cedar Valley Apartments 88 Rehab Family Millennia Housing Dev. Ltd DeSoto STL 9% $590,000 $590,000
12‐022‐HC CLOSED Willow Springs Comm. Foundation 2 New Family Willow Springs Community
Foundation
Willow Springs OS
12‐023‐HCT CLOSED Pickett Place Apartments 36 New Senior Community Action Partnership of
St. Joe and Miller O'Reilly
St. Joseph OS 9% $342,500 $342,500
12‐032‐HT CLOSED Westport Park 46 New Family Affordable Homes Development,
Inc.
Springfield OS 9% $612,000 $612,000
12‐036‐T CLOSED Twin Oaks at Stone Ridge 48 New Senior Stone Ridge Trinity, LLC Wentzville STL 9% $735,000 $700,000
12‐040‐MT‐USB CLOSED Pine Lawn Homes 31 New Family Beyond Housing, Inc. Pine Lawn STL 9% $483,000 $483,000
12‐052‐T CLOSED Southview Apartments 40 New Senior Volunteer Management and
Development Company
Maryville OS 9% $540,000 $540,000
12‐053‐T CLOSED The Gardens at Northgate Village
III
78 New Senior Northgate Seniors Apartments ‐
Phase 3 LLC
North Kansas
City
KC 9% $482,000 $482,000
12‐057‐T CLOSED Gentry Estates 42 New Senior JES Development Company Columbia OS 9% $620,000 $620,000
12‐076‐MTO CLOSED The Bancroft School Apartments 50 New Rehab &
Conv
Family Dalmark Development Group, LLC Kansas City KC 9% $715,000 $700,000
12‐082‐T CLOSED Bremen Homes 40 New Family Better Living Communities of St.
Louis
St. Louis STL 9% $690,000 $690,000
12‐090‐T CLOSED Edenton Ridge Apartments 24 New Family Burrell, Inc. Columbia OS 9% $327,000 $327,000
12‐093‐HT‐USB CLOSED St. Michael Housing Phase I 58 New Family YARCO Company, LLC Kansas City KC 9% $786,500 $700,000
12‐403‐HTE CANCELLED Central ‐ Twain Lofts 162 Rehab & Conv Family Archetypes, LLC St. Louis STL 4% $1,054,179 $440,000 Developer unable to close.
12‐407‐TE November The Colonnades at Beacon Hill 30 Rehab & New Family Colonnades at Beacon Hill, LLC Kansas City KC 4% $223,188 $186,810
12‐408‐TE CLOSED CityParc @ Pine 149 Rehab Senior Capstone Development Group St. Louis STL 4% $556,973 $556,973
12‐410‐TE CANCELLED Friendship Village Apartments 145 Rehab Family Southport‐Yarco, LLC Kansas City KC 4% $451,980 $275,000 Resubmitted during 2012 Bond
round and approved ‐ see Bond
Summary #12‐425‐HTE‐RS.12‐411‐HTE CLOSED Garfield Place 25 Rehab & Conv Family Peter and Paul Community
Services, Inc
St. Louis STL 4% $191,753 $191,753
12‐412‐TE CLOSED Minerva Place Apartments 56 Rehab Family New Minerva Place Developer LLC St. Louis STL 4% $227,892 $213,000
12‐413‐HTE CLOSED Southside Station FM Lutz 39 Rehab & Conv Family TLG Southside Station Developer,
LLC
St. Louis STL 4% $190,252 $190,252
2012 Round 2 ‐ 9% Credits, HOME, 4% Credits, Fund Balance
FiscalYear2012ProjectSummaryReport
Updated: 11/21/2013
Project #
Status / Est.
Closing
Month Development Name Units Type
Senior
Family Developer City
Reg‐
ion
LIHTC
Type Fed State Comments
12‐414‐TE CLOSED Seven Oaks Estates 44 Rehab &
Conv
Senior Midcontinent Equity Holdings, LLC Kansas City KC 4% $282,961 $282,961
12‐416‐HTE CLOSED Mt. Washington Snr. Apts. 45 Rehab &
Conv
Senior Sherman Associates Development,
LLC
Independence KC 4% $304,249 $304,249
12‐417‐HTE‐RS CLOSED Hillsboro Elderly/House Springs
Senior
72 Rehab Senior Renaissance Property Group, LLC Hillsboro & House
Springs
OS 4% $153,084 $153,084
12‐418‐HTE CLOSED North Sarah Phase II 103 New Family McCormick Baron Salazar, Inc. St. Louis STL 4% $541,398 $541,398
12‐419‐HTE CLOSED The Frisco 68 Rehab &
Conv
Family The Vecino Group, LLC Springfield OS 4% $284,694 $283,723
12‐420‐HTE December John Calvin Manor 100 Rehab Senior John Calvin Manor‐Yarco, LLC Lee's Summit KC 4% $198,828 $198,828
12‐421‐HTE‐RS CLOSED JVL 17 & JVL 21 172 Rehab Senior Missouri Housing Partners St. Louis STL 4% $443,601 $443,601
12‐425‐HTE‐RS CLOSED Friendship Village Apartments 145 Rehab Family Southport‐Yarco, LLC Kansas City KC 4% $435,701 $275,000
2012 Round 3 ‐ 4% Credit, Tax‐Exempt Bonds
FiscalYear2013ProjectSummaryReport
2013 Round 1 ‐ 9% Credits, HOME, 4% Credits, Fund Balance Updated: 11/21/2013
Project #
Status / Est.
Closing
Month Development Name Units Type
Senior
Family Developer City
Reg‐
ion
LIHTC
Type Fed State Comments
13‐001‐T CLOSED Birch Tree Apartments II 48 Rehab Family RCH Development, INC. Farmington OS 9% $513,000 $513,000
13‐004‐HT CLOSED Villas at the Summit II 24 New Senior MBL Development Co. Maryville OS 9% $335,500 $335,500
13‐007‐HT CLOSED Allgeier Manor Apartments 48 Rehab Senior Midwest Affordable Housing
Educational Opportunities
Aurora OS 9% $335,500 $335,500
13‐010‐MHT‐USBO CLOSED Aspen Trails 48 New Senior Gardner Development, LLC St. Peters STL 9% $610,000 $610,000
13‐015‐MT‐USBO CLOSED The Greens at Branson Hills II, LLC 40 New Senior Country Ridge Development
Company, LLC
Branson OS 9% $523,000 $523,000
13‐020‐HC CLOSED Fairview Estates III 9 New Family North East Community Action
Corporation
Montgomery City OS HOME
only13‐022‐MT‐USB CLOSED Churchill Apartments, LP 48 New Family Zimmerman Properties, LLC Marshfield OS 9% $421,000 $421,000
13‐035‐MT CLOSED Prairie View Estates 27 New Family Affordable Homes Development,
Inc.
Neosho OS 9% $393,000 $393,000
13‐036‐HT CLOSED Beacon Village 44 New Family The Kitchen, Inc. Springfield OS 9% $462,000 $462,000
13‐038‐MT‐USBO CLOSED Webster Groves 30 New Family Housing Plus, LLC West Plains OS 9% $418,000 $418,000
13‐039‐H CANCELLED Mark Twain Hotel Partners,LP 235 Rehab Family Brady Capital, Inc St. Louis STL HOME
only
Borrower is closing with a HUD
loan rather than HOME funds13‐042‐HT CLOSED Richardson Ridge Villas 48 New Senior Patrick W Werner / Arapaho
Development LLC
Arnold STL 9% $616,000 $616,000
13‐043‐MT‐USBO December Windfall Trace II 47 New Family Housing Authority of St. Louis
County
Jennings STL 9% $538,000 $538,000
13‐048‐T December Westridge Apartments 30 Rehab Family Leisure Homes Corporation Gainesville OS 9% $159,000 $159,000
13‐056‐T CLOSED St. Michaels Village 48 Rehab Senior East Missouri Action Agency Fredericktown OS 9% $300,000 $300,000
13‐059‐T December The Residences at Jennings Place 54 New Senior R.R. Jennings Developer, L.L.C. Jennings STL 9% $688,000 $688,000
13‐060‐MT‐USBO December Brookside Senior Residences 46 New Senior RGSR, LLC Kansas City KC 9% $513,000 $513,000
13‐062‐HT‐USBO CLOSED Rock Ridge Villas ‐ Phase II 48 New Family Rock Ridge Developer I, LLC Branson OS 9% $371,000 $371,000
13‐063‐MT‐USBO CLOSED Woodland Hills 48 New Family Four Corners Development, L.L.C. Waynesville OS 9% $532,500 $532,500
13‐064‐HCT CLOSED Katherine Estates 48 New Family Midcontinent Equity Holdings, LLC Duquesne OS 9% $517,500 $517,500
13‐065‐T CLOSED Palmer Place Senior Apartments 41 Rehab Senior DLS Historic Developer IV, LLC Independence KC 9% $462,500 $462,500
13‐069‐T CLOSED Wilshire Hills II 42 New Senior JES Dev Co, Inc. Lee's Summit KC 9% $546,000 $546,000
13‐071‐T CLOSED Stone Meadow Estates 76 Rehab Family Rural Housing Developers, LLC Nixa/Ozark OS 9% $391,000 $391,000
13‐074‐T CLOSED Green Gables II, Phase 2 48 New Senior Phoenix Real Estate Services LLC Wentzville STL 9% $576,000 $576,000
13‐076‐MT CLOSED Willow Bend Villas 40 New Senior Dalmark Development Group, LLC Raytown KC 9% $502,000 $459,000
13‐083‐T December Freedom Place 68 Rehab Family The Vecino Group, LLC St. Louis STL 9% $636,000 $636,000
13‐084‐T December Callyn Heights 25 New Family Preferred Family Healthcare, Inc. Kirksville OS 9% $316,000 $316,000
13‐086‐T CLOSED Oak View Village 46 New Senior Golden Management, Inc. Union STL 9% $416,000 $416,000
13‐088‐HT‐USBO December Village East 20 Rehab Senior AMB Development, LLC Trenton OS 9% $123,000 $123,000
13‐089‐T December 3010 Apartments 58 Conv Family The Salvation Army, an Illinois
corporation
St. Louis STL 9% $515,000 $515,000
13‐092‐HC CLOSED Walnut Estates 34 Rehab Senior West Central Missouri Community
Action Agency
Raymore KC HOME
only13‐096‐H January 2014 Pathways Apartments 8 New Family Pathways Community Behavioral
Healthcare, Inc.
Jefferson City OS HOME
only
FiscalYear2013ProjectSummaryReport
2013 Round 1 ‐ 9% Credits, HOME, 4% Credits, Fund Balance Updated: 11/21/2013
Project #
Status / Est.
Closing
Month Development Name Units Type
Senior
Family Developer City
Reg‐
ion
LIHTC
Type Fed State Comments
13‐098‐HC CLOSED Carl Junction Seniors II 12 New Senior Harry S Truman Community
Development Corp
Carl Junctin OS HOME
only13‐100‐HT December 12th Street Apartments 36 Rehab Family Missouri Housing Partners, LLC Bethany OS 9% $218,000 $218,000
13‐101‐T January 2014 Saint Regis Historical Renovation
Project
85 Rehab Senior Linwood Redevelopment Company
I, LLC
Kansas City KC 9% $545,000 $545,000
13‐401‐TE CANCELLED John B. Hughes Apartments 138 Rehab Family JBH Developer, LLC Springfield OS 4% $297,840 $285,000 Developer unable to secure tax
credit investors.13‐402‐TE January 2014 Blair School Apartments 38 Rehab Family New Blair School Deveoper LLC St. Louis STL 4% $184,418 $184,418
13‐403‐THE January 2014 Loretta Hall Townhomes 39 New Family Capstone Development Group, LLC St. Louis STL 4% $318,243 $318,243
13‐404‐TE May 2014 Eads Square Apartments 104 Rehab Senior Volunteers of America National
Services
St. Louis STL 4% $519,911 $350,000
13‐406‐TE April 2014 Arcade Building 185 Conv Family St. Louis Leased Housing V, LLC St. Louis STL 4% $1,488,656 $0
13‐408‐TE Early 2014 Lemay Manor I & II 129 Rehab Senior Millennia Housing Development,
Ltd
St. Louis STL 4% $301,170 $290,000
13‐412‐TE May 2014 Sycamore Grove Apartments 179 Rehab Family SCB/HDC, LLC Kansas City KC 4% $613,453 $420,000
Updated: 11/21/2013
Project #
Status / Est.
Closing
Month Development Name Units Type
Senior
Family Developer City
Reg‐
ion
LIHTC
Type Fed State Comments
13‐413‐HTE 1st Quarter
Next Year
Oak Point Redevelopment 30 New Family Oak Point Partners, LLC Kansas City KC 4% $229,104 $229,104
13‐415‐TE Early 2014 Union Sarah 100 Rehab Senior Steele Properties St. Louis Stl 4% $345,000 $345,000
13‐416‐TE Late
December
Etzel Place V 62 New
plus
Rehab
Family Affordable City Homes, LLC St. Louis Stl 4% $270,852 $270,852
13‐418‐HMTE 1st Half Next
Year
Villages at Delmar 40 New Family West End Developer, LLC St. Louis Stl 4% $312,666 $312,666
13‐419‐TE 1st Quarter
Next Year
St. John Neumann 100 New
plus
Rehab
Senior Cardinal Ritter Senior Services Jennings Stl 4% $264,022 $264,022
13‐421‐TE 1st Half Next
Year
Faxon School 45 Conv Senior Pioneer Sunflower Development Kansas City KC 4% $257,490 $257,490
FiscalYear2013ProjectSummaryReport2013 Round 2 ‐ 4% Credit, Tax‐Exempt Bonds
TAB 4 (l)
Report of Staff Asset Management Watch List Update
Rental Production Watch List November 2013Asset Management Portfolio
MHDC Financed Portfolio 286,650,506
Federally Funded Portfolio 269,051,110 11/1/2013
TOTAL 555,701,616
Loan Balance 98.21%
545,751,068
Loan Balance
0.64%
Cardinal Apts/Lincoln
Housing
Lincoln Benton 1996 & 2011 Federal -
Uninsured /
Uninsured
756,988$ Occupancy Family 24 79% Market Low Lockwood
Group
90% 8% 5
Cedar Ridge aka Allison
Apts
Marceline Linn 1978 HUD-insured 186,207$ Occupancy /
Physical
Family 32 75% Market Low Housing
Authority of the
City of
Marceline
75% 100% 11
Maple Avenue Independence Jackson 2002 Uninsured 425,470$ Occupancy /
Physical
Family 64 84% Owner/Market Low Cohen-Esrey
Historic Hsg
Rehab
Development
(FP)
90% 33% 13
Meadowview Senior Apts Jamesport Daviess 2006 Federal -
Uninsured
827,913$ Occupancy Elderly 14 79% Market Low GH Community
Development
Corp (NP)
88% 50% 2
Park Gate Townhomes Kansas City Jackson 1999 & 2009 Uninsured 914,799$ Occupancy Family 104 77% Market Med East Meyer
Community
Assoc. (FP)
77% 100% 2
Willow Point Concordia Lafayette 2002 Federal -
Uninsured
436,858$ Occupancy Family 32 84% Market Low Capstone
Development
(Ken Vitor) (FP)
91% 20% 7
3,548,235$
Cohen-Esrey (related party) serves as management agent. Decline in occupancy is primarily due to the decline in economic
conditions causing increased skips and evictions for non payment of rent and unqualified applicants. Management is offering
incentives to attract residents. Staff inspected the property in October 2013 and found the physical condition and overall
management of the property satisfactory. Walk-in traffic and telephone calls continue to be steady. There is one application
pending. Occupancy has increased since the last report.
Cohen-Esrey (related party) serves as management agent. Decline in occupancy is primarily due to the decline in economic
conditions causing increased skips and evictions for non payment of rent. Management is offering incentives to attract
residents. Staff inspected the property in October 2012 and found the physical condition, marketing techniques, and overall
management of the property needing improvement. All inspection items needing correction have been reported by
management as being corrected; staff verified that the work has been completed. 8823s were issued as needed. There are
two applications pending, with two move ins expected for November. Walk-in traffic and telephone calls have increased.
Occupancy has increased since the last report.
New management company, FK Gibbs, began managing the property May 1, 2013. Property was previously managed by National
Management Corporation. Decline in occupancy is primarily due to decline in economy and lack of qualified applicants. Staff last
inspected the property in January 2012 and found the physical condition, marketing techniques, and overall management of the property
needing improvement. Currently, the property remains in noncompliance as the 2012 defficient items are still unresolved. Staff has issued
an 8823 reporting the noncompliance. Walk-in traffic and telephone calls continue to be minimal. Four applications were received in
October. Occupancy has decreased since the last report.
PASS
% of
portfolio
on watch
list
Risk Developer Overall
Portfolio
Occ Rate
ResponsibilitySPECIAL MENTION City County Loan Date Program Weakness
MACO serves as management agent. Decline in occupancy is due to increased evictions due to the non payment of rent, and move-outs
for health and relocation reasons. A new site manager was hired in May 2013, and the property has increased advertising. Staff inspected
the property in November 2013 and found the physical condition, marketing techniques, and overall management of the property
satisfactory. Two applications were received and there are 14 prospects on the waiting list. Walk-in traffic and telephone calls continue to
be minimal. Occupancy has increased since the last report.
YARCO (related party) serves as management agent. Decline in occupancy is due to evictions for lease violations, non payment of rent,
and difficulty finding qualified residents. Staff inspected the property in July 2013 and found the physical condition, marketing techniques,
and overall management of the property needing improvement. Ownership is currently having discussions with the limited investor
regarding possible disposition strategies. Walk-in traffic and telephone calls continue to be minimal. There are five applications pending.
Occupancy has decreased since the last report.
Loan Balances as of
Green Hills CAA (related property) serves as management agent. Decline in occupancy is due to eviction for lease violations,
and two units becoming difficult to lease due to in-unit resident deaths. Staff inspected the property in August 2013 and
found the physical condition, marketing techniques, and overall management of the property satisfactory. Walk-in traffic and
telephone calls continue to be minimal. There are no applications pending. Occupancy has increased since the last
report.
Months
on List
COMMENTSType Total
Units
Occupancy
Rental Production Watch List November 2013
Loan Balance
1.15%
Ashley Park Kansas City Jackson 2006 Risk
Share/Federal
- Uninsured
6,402,313$ Occupancy
/Physical
Family 184 60% Owner/Market High Capstone
Development
(Ken Vitor) (FP)
91% 20% 27
6,402,313$
Months
on List
COMMENTS
The reputation was poor prior to rehabilitation and management continues to struggle to overcome the
negative reputation. Ownership defaulted on the loan in December 2012. In February 2013, ownership
submitted a Partial Payment of Claim application to HUD for consideration. The application is currenlty
being reviewed by HUD. HUD has indicated that a decision is anticipated within the next 30 days. In
October 2013, HUD awarded the property an additional 50 project based Sec 8 Units. Staff inspected
the property in January 2013 and found the physical condition, marketing techniques, and overall
management of the property needing improvement. All inspection items needing correction have been
reported by management as being corrected. Decline in occupancy is due to evictions for non-payment
of rent and illegal activity. In March 2013, MHDC reestablished a security grant with the property to help
with security until a decision is made by HUD. Currently, there are 28 applications pending. Occupancy
has decreased since the last report.
Overall
Portfolio
Occ Rate
Substandard
Adverse
Classification
% of
portfolio
on watch
list
Removed from the last report: Etzel II; Half Moon Village;
CONCERNS:
(Substandard, Doubtful,
Loss)
City DeveloperOccupancyCounty Loan Date Program Weakness Responsibility RiskType Total
Units
TAB 4 (m)
Report of Staff Flood Plain Policy
TAB 4 (n)
Report of Staff FedEx Notice of Proposed Class Action
TAB 5
Such other matters that may come before the
commission
TAB 6
Adjourn
Date Meeting Type and Location Additional Information
December 6, 2013 Friday – 8:30 AM
Regular Commission Meeting Stoney Creek Inn 2601 S. Providence Columbia, MO 65203
Approval of Rental Production Proposals Approval of Trust Fund Proposals
February 21, 2014 Friday – 9:00 AM
Regular Commission Meeting Stoney Creek Inn 2601 S. Providence Columbia, MO 65203
Regularly Scheduled Meeting Approval of 4% NOFA
April 18, 2014 Friday – 9:00 AM
Annual Commission Meeting Stoney Creek Inn 2601 S. Providence Columbia, MO 65203
Annual Election of Officers
May 23, 2014 Friday – 8:00 AM
Audit Committee Meeting Stoney Creek Inn 2601 S. Providence Columbia, MO 65203
May 23, 2014 Friday – 9:00 AM (Full Day Event)
Planning Session and Regular Commission Meeting
Stoney Creek Inn 2601 S. Providence Columbia, MO 65203
Staff presentation regarding proposed operations and financial plan
Full day dedicated to strategic planning
June 20, 2014 Friday – 9:00 AM
Regular Commission Meeting Stoney Creek Inn 2601 S. Providence Columbia, MO 65203
Approval of Rental Production Qualified Allocation Plan and Trust Fund Allocation Plan
Approval of Rental Production 4% Round 2 Proposals
Missouri Housing Development Commission Meeting Calendar
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