Exhibit E Page 1 of 13

August 25, 2020

Mr. Tim Kennedy Assistant Director of Multifamily Programs Florida Housing Finance Corporation 227 N. Bronough Street, Suite 5000 Tallahassee, FL 32301

RE: Babe’s RFA 2019-117 (2020-067G) Financing to Build Smaller Permanent Supportive Housing Properties for Persons with Developmental Disabilities

Dear Mr. Kennedy:

At the request of Florida Housing Finance Corporation (“Florida Housing” or “FHFC”), First Housing Development Corporation of Florida (“First Housing”, “Servicer”, or “FHDC”) has reviewed the response to the Request for Applications (“RFA”) 2019-117 provided by the Autism Project of Palm Beach County, Inc. (“Applicant” or “APPBC”) for the construction of a new development to be known as Babe’s House (“Development”). The Applicant is requesting Grant funding in the amount of $588,000 to construct a Community Residential (“CRH”) with the sole intent to provide affordable, permanent, and supportive housing to individuals with developmental disabilities.

The Applicant is committed to providing 100% of the newly constructed units to persons with developmental disabilities. For the Development, 33% of the (2 bedrooms) will be set aside for residents classified as being Extremely Low Income (“ELI”) with incomes that are at or below 28% of the Area Median Income (“AMI”); the four (4) remaining bedrooms, or 67%, will be set aside for residents with incomes that are at or below 60% of AMI; all set asides will remain in place for an Compliance period of 10 years.

The newly constructed development will be located at 18420 Limestone Creek Road, Jupiter, Palm Beach County, FL 33458, and will be situated on approximately 0.92 acres of land. The application stated the address as 18450 Limestone Creek Road, however the address is 18420 Limestone Creek Road. As proposed, the single-story, shared dwelling unit will consist of approximately 6,415 square feet of living space, six (6) bedrooms and seven (7) to house up to six (6) developmentally disabled individuals. There will be a covered entry, exercise at the rear, foyer, great , two (2) caretaker offices, game room, , , storage , Exhibit E Page 2 of 13 FHDC utility closets, 6 bedrooms with individual bathrooms for residents, one unisex , and oversized 2-car with laundry area.

Applicant

The Applicant is a Florida 501(c)(3) not-for-profit corporation, formed in 1996, having a Board of Directors comprised of 8-members. APPBC was formed by small group of parents to help address the needs of local individuals with autism spectrum disorder and their families. The Development will be managed by the Palm Beach Habilitation Center (“PBHC”) and its personnel upon completion of construction. Construction of the Development will be completed by D&D Constantakos, Inc.

Development Name: Babe's House

RFA/Program Numbers: RFA 2019-117 / 2020-067G

Address:18420 Limestone Creek Road

City: Jupiter Zip Code: 33458 County: Palm Beach County Size: Large

Development Category: New Construction Development Type: Single Family

Demographic Commitment: Primary: Persons with Developmental Disabilities for 100% of the Units

Unit Composition: # of ELI Units: 2 ELI Units Are Restricted to 28% AMI, or less. Total # of units with PBRA? 0

Set Asides: Program % of Units # of Units % AMI Term (Years) Grant 33.0% 2 28% 10 Grant 67.0% 4 60% 10 Site Acreage: 0.92 Density: N/A Flood Zone Designation: X Zoning: MR-5 - Medium Residential Flood Insurance Required?: No DEVELOPMENT TEAM Applicant/Borrower: APPBC % Ownership Construction Completion Guarantor(s): CC Guarantor 1: APPBC Developer: APPBC General Contractor 1: D&D Constantakos, Inc. Architect: ACI Architectural Consultants Inc

Credit Underwriter: First Housing Date of Final CUR: 8.25.2020

Babe’s House Page 2 August 25, 2020

Exhibit E Page 3 of 13 FHDC

Source of Funds

Interest Annual Debt Lender Revised Applicant Underwriter Term Yrs. Amort. Yrs. Rate Service FHFC - Grant $588,000 $588,000 10 0 0.00% $0 Developer Equity $1,344,241 $1,343,873 N/A N/A N/A N/A $1,932,241 $1,931,873 $0

FHFC Grant:

The Applicant has requested funding in the amount of $588,000 via FHFC RFA 2019-117. Terms and conditions of Grant funding will be clearly defined in the Restrictive Covenant and Grant Agreement issued by FHFC, and will be recorded in the public records of the county in which the newly constructed development is located. In the event of a violation of any of the terms and conditions set forth in the Restrictive Covenant and Grant Agreement, or the awarded Grant Funds be used for any purpose other than those stated in the Request For Application submitted by the Applicant, or if funds awarded or disbursed to Grantee were based upon fraud or misrepresentation committed by the Grantee during the Compliance Period, Grant Funds may be revoked.

It should be noted that a portion of the Total Grant Awarded ($18,000), may be used for predevelopment costs such as underwriting fees, plan and costs analysis, accessibility review, etc. In the event that the predevelopment costs are not fully expended at the completion of construction, the Applicant may be reimbursed up to the total amount remaining of these costs.

Applicant Equity:

In order to balance the sources and uses of funds, First Housing estimates that APPBC must contribute $1,343,873 to partially offset the construction costs of the Development. Funds required to complete construction of the Development over and above Grant funds, will be provided by APPBC as cash deposited at initial closing. Cash deposited will be in an amount less those expenses already paid by APPBC, and will be verified by First Housing.

It should be noted that First Housing has included a 5% hard cost contingency and a 5% soft cost contingency to the budget. In the event that the total hard cost and soft cost contingencies are not fully expended at the completion of construction, the Applicant may be reimbursed up to the total amount remaining of these contingencies. In no event shall the total reimbursement of the contingencies and the predevelopment costs exceed the developer equity required in order for the Applicant to maintain the Qualifying Financing Assistance Preference obtained during the application process. For the Development, the Applicant must provide Developer Equity in the minimum amount of $58,800. Babe’s House Page 3 August 25, 2020

Exhibit E Page 4 of 13 FHDC

Use of Funds

CONSTRUCTION COSTS: Revised Underwriters Applicant Costs Total Costs - CUR New Rental Units $1,103,683 $1,103,683 Site Work $192,853 $192,853 Constr. Contr. Costs subject to GC Fee $1,296,536 $1,296,536 General Conditions $157,071 $157,071 Profit $43,608 $43,608 Total Construction Contract/Costs $1,497,216 $1,497,216 Hard Cost Contingency $74,860 $74,860 Total Construction Costs: $1,572,076 $1,572,076

Notes to Construction Costs:

1. First Housing reviewed an executed contract, dated April 14, 2020, and an addendum dated June 17, 2020 between Autism Project of Palm Beach County, Inc. (“Owner”) and D&D Constantakos, Inc. (“Contractor”). The guaranteed maximum price is $1,497,215.77. The projected completion date is December 9, 2020. Retainage in the amount of 10% will be withheld until such time as 50% completion is achieved and 0% retainage thereafter is required.

2. General Conditions and General Contractor (“GC”) Fee were indicated in the summary of hard construction costs at a total of $200,679.66 which is approximately 15.48% of the total construction contract minus the GC Fee, which meets the requirement of no more than 18%. General Conditions is in the amount of $157,071.43 and GC Fee is in the amount of $43,608.23. When added to the Construction Contract Costs of $1,296,536.11, the result is equal to the total construction contract amount of $1,497,215.77. The figures in the table above are rounded, and therefore the total construction costs appear as $1,497,216.

3. Hard cost contingency is within the allowable 5% of total hard costs for new construction by the applicable RFA.

Babe’s House Page 4 August 25, 2020

Exhibit E Page 5 of 13 FHDC

GENERAL DEVELOPMENT COSTS: Revised Underwriters Applicant Costs Total Costs - CUR Accounting Fees $750 $750 Appraisal $1,950 $1,950 Permits $39,760 $39,760 Builder's Risk Insurance $10,709 $10,709 Engineering Fees $37,938 $37,938 Environmental Report $1,500 $1,500 FHFC Application Fee $800 $800 FHFC Credit Underwriting Fee $8,506 $8,506 FHFC Compliance Fee $1,000 $1,000 Lender Inspection Fees / Const Admin $4,888 $4,520 Insurance $10,000 $10,000 Legal Fees - Organizational Costs $800 $800 Plan and Cost Review Analysis $2,300 $2,300 Soil Test $125 $125 Survey $5,433 $5,433 Title Insurance and Recording Fees $1,122 $1,122 Utility Connection Fees $17,367 $17,367 Soft Cost Contingency $7,228 $7,228 Total General Development Costs: $152,176 $151,808

Notes to General Development Costs:

1. Lender Inspection Fees includes the costs of 4 construction inspection fees. Each inspection fee is $670 per the Plan and Cost Analysis (“PCA”) engagement letter. Lender Inspection Fees also includes 5 draw approval fees of $368 each; fees are calculated at $184/hr. at a minimum of 2 hours per draw.

2. No architect’s fees have been included. First Housing has received a letter from the architect indicating services will be provided pro bono.

3. Soft cost contingency to be approximately 5% of the General Development Costs less the contingency, as allowed by RFA 2019-117.

FINANCIAL COSTS: Revised Underwriters Applicant Costs Total Costs - CUR Other: Grant Commitment Fee $2,000 $2,000 Total Financial Costs: $2,000 $2,000 Dev. Costs before Acq., Dev. Fee & Reserves $1,726,252 $1,725,884

Notes on Financial Costs:

1. The Grant Commitment Fee is limited to 1% of the amount of the final Grant award, up to a maximum of $2,000 per RFA 2019-117. Babe’s House Page 5 August 25, 2020

Exhibit E Page 6 of 13 FHDC

NON-LAND ACQUISITION COSTS Revised Underwriters Applicant Costs Total Costs - CUR Building Acquisition Cost $0 $0 Total Non-Land Acquisition Costs: $0 $0

Notes on Non-Land Acquisition Costs:

1. As this is new construction, there are no non-land acquisition costs.

DEVELOPER FEE ON NON-ACQUISTION COSTS Revised Underwriters Applicant Costs Total Costs - CUR Developer Fee - Unapportioned $50,000 $50,000 Total Other Development Costs: $50,000 $50,000

Notes to Other Development Costs:

1. Developer Fee is limited to 10% of Development Cost per the RFA.

LAND ACQUISITION COSTS Revised Underwriters Applicant Costs Total Costs - CUR Land Acquisition Cost $155,990 $155,990 Total Acquisition Costs: $155,990 $155,990

Notes to Land Acquisition Costs:

1. First Housing reviewed a Settlement Statement, dated September 21, 2016, between Jade Development Enterprises, LLC and APPBC. The Statement indicates that the Applicant paid $155,989.84 for the parcel of land.

RESERVE ACCOUNTS Revised Underwriters Applicant Costs Total Costs - CUR Total Reserve Accounts: $0 $0

Notes to Reserve Accounts:

1. No Reserve Accounts have been included in the TDC.

TOTAL DEVELOPMENT COSTS Revised Underwriters Applicant Costs Total Costs - CUR TOTAL DEVELOPMENT COSTS: $1,932,241 $1,931,873

Babe’s House Page 6 August 25, 2020 Exhibit E Page 7 of 13 FHDC

Third Party Reports/Approvals

Per an email from Elaine Roberts, dated June 11, 2020, FHFC approved the submitted Resident Community Service Plan for Babe’s House.

Receipt and review of a satisfactory final appraisal is a condition to closing.

First Housing reviewed a Phase I Environmental Site Assessment (“ESA”), dated April 23, 2020, prepared by Solutech, Inc. (“Solutech”), in accordance with ASTM Standard E 1527-13. Based on the ESA conducted at the site, Solutech found no recognized environmental conditions associated with the property.

First Housing reviewed a Geotechnical Engineering Service Reports prepared by Tierra South Florida, Inc. (“TSF”), dated February 19, 2019. TSF performed three soil borings at the site to depths of approximately fifteen feet below the existing grade in the proposed residence building area. Based on the soil borings performed, the topsoils typically consisted of sandy soils extending to the depth of the borings, in loose to medium dense condition. The geotechnical completed confirms that the site is suitable for the planned construction. TSF recommends that the structural footprint of the proposed building area should be compacted until the subsoils achieve 95 percent of maximum dry density to a depth of at least 12 inches.

First Housing has reviewed a draft PCA, dated June 23, 2020, prepared by On Solid Ground, LLC (“OSG”). Receipt and review of a satisfactory final PCA is a condition to closing. The Development will consist of new construction of a single-story, 6 /7 bathroom residential home. Construction will consist of shallow concrete systems, CMU exterior , aluminum standing seam panels over wood trusses, aluminum-framed , and stucco- finished exterior walls. Interior finishes include gypsum board walls and . Kitchen appliances will be provided as well as standard residential grade, low-flow fixtures and bathroom accessories. Central air-conditioning is provided via a split system with 4 condenser units set on a concrete pad outside the immediate perimeter of the house and the air-handler units are set in mechanical closets in the house.

The drawings provided to OSG were not signed and sealed and have not been approved by Palm Beach County. Revisions and clarifications can be expected during permit review. OSG recommends that a copy of the County’s approved drawings be provided for their review once available. Receipt and satisfactory review of the final signed, sealed “approved for construction” plans and specifications by the Construction Consultant is a condition to closing.

A separate Description of Features and Amenities is attached to this report as Exhibit A.

Babe’s House Page 7 August 25, 2020

Exhibit E Page 8 of 13 FHDC

Recommendation

First Housing recommends a Grant in the amount of $588,000 to be awarded to this Development for its new construction of Babe’s House. This recommendation is contingent upon the review and approval of the following items by Florida Housing, its Legal Counsel and Servicer, at least two weeks prior to real estate loan closing. Failure to submit and to receive approval of these items within this time frame may result in postponement of the loan closing date.

Conditions

1. Review and approval of all Grant documents by FHFC, its Legal Counsel, and Servicer.

2. Payment of all costs and fees to FHFC, its Legal Counsel, and Servicer.

3. Payment of Grant Commitment Fee to FHFC at closing.

4. Payment of required Compliance Fee to FHFC at closing.

5. The Applicant will provide a Construction Completion Guaranty to be released at 100% lien free completion of construction.

6. Evidence of insurance coverage pursuant to the Request for Application governing this proposed transaction and, as applicable, the FHFC Insurance Guide.

7. Confirmation that all features and amenities are provided during construction by the construction inspector, OSG.

8. Satisfactory receipt and review of a final PCA.

9. Satisfactory receipt and review of a final Appraisal.

10. Satisfactory receipt and review of a signed and sealed survey which is acceptable to FHDC, FHFC, and its Legal Counsel.

11. Receipt and satisfactory review of the final signed, sealed “approved for construction” plans and specifications by the Construction Consultant and Servicer.

12. OSG is to act as construction inspector during the construction phase and the Applicant is to comply with any and all recommendations noted in the PCA, prepared by OSG.

Babe’s House Page 10 August 25, 2020

Exhibit E Page 9 of 13 FHDC

13. Termite prevention and pest control must be provided throughout the entire compliance period.

14. A minimum of 10% retainage holdback on all construction draws until the Development is 50% complete; and 0% retainage thereafter is required. Retainage will not be released until successful completion of construction.

15. Secure building permits issued in the name of the General Contractor prior to closing or provide a letter from the local permitting and approval authority stating that the above referenced permits and approvals will be issued upon receipt of applicable fees (with no other conditions). If a letter is provided, copies of all permits will be required as a condition of the first post-closing draw.

16. Satisfactory receipt and review of updated financials for the Applicant, which are dated within 90 days of closing, if un-audited and dated within one year of closing, if audited, if applicable.

17. Final “as permitted” (signed and sealed) site plans, building plans and specifications. The geotechnical report must be bound within the final plans and specifications, if applicable.

18. Final sources and uses of funds schedule itemized by source and line item, in a format and in amounts approved by the Servicer and a final construction draw schedule showing itemized sources and uses of funds for each monthly draw. The closing draw must include appropriate backup and ACH wiring instructions.

19. Any required Applicant equity, as applicable, must be deposited into a separate account prior to closing, which will be verified by First Housing. Construction costs associated with the Development are to be withdrawn from the separate account first. Once the account is depleted, Applicant will request funds from the Grant award to complete construction on the Development. Invoices must be submitted to First Housing for approval of all funds associated with the construction of the Development.

20. If applicable, an Ownership and Encumbrance Report satisfactory to FHFC and its Legal Counsel.

21. Any other due diligence required by FHFC, its Legal Counsel or Servicer.

22. Executed Construction Consultant Certification form 130, if applicable.

23. Satisfactory resolution of any outstanding past due and/or noncompliance items. Babe’s House Page 11 August 25, 2020

Exhibit E Page 10 of 13 FHDC

24. Payment of any outstanding arrearages to the Corporation, its Legal Counsel, Servicer or any agent or assignee of the Corporation for past due issues applicable to the Development team (Applicant or Developer or Principal, Affiliate or Financial Beneficiary of an Applicant or a Developer).

Prepared by:

Elizabeth Loisel Financial Analyst

Reviewed by:

Edward Busansky Senior Vice President

The United States is currently under a national emergency due to the spread of the virus known as COVID-19. The extent of the virus’ impact to the overall economy is unknown. More specifically, it is unknown as to the magnitude and timeframe the residential rental market (e.g. absorption rates, vacancy rates, collection losses, appraised value, etc.) and the construction industry (e.g. construction schedules, construction costs, subcontractors, insurance, etc.) will be impacted. Recommendations made by First Housing in this report, in part, rely upon assumptions made by third-party reports that are unable to predict the impacts of the virus.

Babe’s House Page 12 August 25, 2020

Exhibit E Page 11 of 13 Exhibit A RFA 2019-117 Financing to Build Smaller Permanent Supportive Housing Properties for Persons with Developmental Disabilities (BABE’S HOUSE / 2020-067G) DESCRIPTION OF FEATURES AND AMENITIES

A. The development will consist of 6 bedrooms and 7 bathrooms.

1. Each Resident shall have a private Bedroom with a locking ; 2. For every two Residents, there must be at least one full bathroom with a locking door that is accessible to those Residents; and 3. Community Residential must have no more than six (6) Residents per Unit.

B. The Development is to be constructed in accordance with the final plans and specifications approved by the authority having jurisdiction, and approved as reflected in the Pre-Construction Analysis prepared for Florida Housing or its Servicer, unless a change has been approved in writing by Florida Housing. The Development will conform to requirements of local, state & federal laws, rules, regulations, ordinances, orders and codes.

All proposed Developments must meet all federal requirements and state building code requirements, including, but not limited to:

• Florida Accessibility Code for Building Construction as adopted pursuant to Section 553.503, F.S.; • The Fair Housing Act as implemented by 24 CFR 100 regardless of the age of the Development*; and • Titles II and III of the Americans with Disabilities Act of 1990 as implemented by 28 CFR 35, incorporating the most recent amendments, regulations and rules.

*To the extent that a Development is not otherwise subject to The Fair Housing Act as implemented by 24 CFR 100, the Development shall nevertheless comply with The Fair Housing Act as implemented by 24 CFR 100 as requirements of the Corporation funding program to the same extent as if the Development were subject to The Fair Housing Act as implemented by 24 CFR 100 in all respects. To that end, when certain construction features standards and requirements are otherwise not applicable due to the age of the building, all Developments receiving Corporation funding will be treated as if they are applicable.

C. The Development must provide the following General and Green Building Features listed below:

1. Termite prevention and pest control throughout the entire Compliance Period; 2. covering for each window and glass door inside each unit; 3. Cable or satellite TV hook-up in each unit and, if the Development offers cable or satellite TV service to the residents, the price cannot exceed the market rate for Exhibit E Page 12 of 13 Exhibit A RFA 2019-117 Financing to Build Smaller Permanent Supportive Housing Properties for Persons with Developmental Disabilities (BABE’S HOUSE / 2020-067G) DESCRIPTION OF FEATURES AND AMENITIES

service of similar quality available to the Development’s residents from a primary provider of cable or satellite TV; 4. Number of full bathrooms in each unit of the proposed Development must be equal to or greater than the number of existing full bathrooms; 5. Installation of a permanent, standby generators in all Community Residential Homes. The permanent, standby generator must be purchased from a manufacturer certified distributor that has certified installers who meet the required product and installation specifications; and 6. A full-size range and oven in all Units; 7. Low or No-VOC paint for all interior walls (Low-VOC means 50 grams per liter or less for flat paint; 150 grams per liter or less for non-flat paint); 8. Low-flow water fixtures in bathrooms-WaterSense labeled products or the following specifications: o Toilets: 1.28 gallons/flush or less; o Urinals: 0.5 gallons/flush; o Lavatory Faucets: 1.5 gallons/minute or less at 60 psi flow rate; o Showerheads: 2.0 gallons/minute or less at 80 psi flow rate; 5. Energy Star certified refrigerator; 6. Energy Star certified dishwasher; 7. Energy Star certified washing machine, if provided; 8. Energy Star certified fans in all bathrooms; and 9. Minimum SEER of 15 for air conditioners.

D. The Developments must provide the Accessibility, Adaptability, Universal Design and Visitability features listed below:

1. In accordance with the Federal and state accessibility codes required above, all Community Residential Homes and Supported Living Units consisting of Shared Housing must provide accessibility features in all common areas, including the kitchen. In addition, for a Community Residential Home, 50 percent of the Bedrooms and a minimum of one (1) bathroom must be fully accessible, in accordance with the 2010 ADA Standards for Accessible Design. These fully accessible Bedrooms and the fully accessible bathroom(s) shall provide mobility features that comply with the Residential Dwelling Units provision of the 2010 ADA Standards for Accessible Design. At least one of the total Bedrooms shall be accessible to persons with visual and hearing impairments in accordance with the 2010 ADA Standards for Accessible Design. The Bedroom(s) that is accessible to persons with visual and hearing impairments shall comply with the communication features described for Residential Dwelling Units with Communication Features in the 2010 ADA Standards for Accessible Design. 2. For Supported Living Units that consist of Non-Shared Housing, a minimum of 50 percent of the total Units shall be fully accessible in accordance with the 2010 Exhibit E Page 13 of 13 Exhibit A RFA 2019-117 Financing to Build Smaller Permanent Supportive Housing Properties for Persons with Developmental Disabilities (BABE’S HOUSE / 2020-067G) DESCRIPTION OF FEATURES AND AMENITIES

ADA Standards for Accessible Design. These fully accessible Units shall provide mobility features that comply with the Residential Dwelling Units provision of the 2010 ADA Standards for Accessible Design. At least one of the total Units shall be accessible to persons with visual and hearing impairments in accordance with the 2010 ADA Standards for Accessible Design. The Unit(s) that is accessible to persons with visual and hearing impairments shall comply with the communication features described for Residential Dwelling Units with Communication Features in the 2010 ADA Standards for Accessible Design. 3. The development must provide an accessible route that meets the 2010 ADA Standards for Accessible Design. A continuous, unobstructed path throughout the site and the building that connects all the accessible features, elements, and spaces shall be provided. This shall include the back yard and all amenities of the Development; 4. The primary entrance door shall have a threshold with no more than a ½-inch rise; 5. Thresholds at doorways of exterior sliding shall not exceed ½-inch in height; 6. When a secondary exterior door exits onto decks, , or surfaces constructed of impervious materials, such as concrete or asphalt, the accessible route may be interrupted. In this case, the outside landing surface may be dropped a maximum of 4 inches below the level of the interior of the dwelling unit to prevent water infiltration at door sills, as allowed in the Fair Housing Act Guidelines; 7. If the exterior surface is constructed of pervious material, such as a wood that will drain adequately, that surface must be maintained to within ½-inch of the interior floor level; 8. All exterior doors shall provide a clear opening of not less than 32 inches. This includes the primary entrance door, all sliding glass doors, French doors, other double-leaf doors, doors that open onto private decks, , and patios, and any other exterior doors; 9. All door handles on primary entrance door and interior doors must have lever handles; 10. Interior doorways shall provide a clear opening of not less than 32 inches; 11. All interior doorways must have flush thresholds; 12. widths must be at least 36 inches wide to allow a person in a wheelchair to make a 90 degree turn into or out of a 32” door opening; 13. Lever handles on all bathroom faucets and kitchen sink faucets; 14. Toilets must be 16.5 inches in height as measured from the finished floor to the top of the seat; and 15. Mid-point on light switches and thermostats shall not be more than 48 inches above finished floor level.