Exhibit J Page 1 of 16 SELTZER MANAGEMENT GROUP, INC. 17633 ASHLEY DRIVE PANAMA CITY BEACH, FL 32413 TEL: (850) 233-3616 FAX: (850) 233-1429

July 6, 2018

VIA EMAIL Ms. Melissa Levy Florida Housing Finance Corporation City Centre Building 227 North Bronough Street, Suite 5000 Tallahassee, Florida 32301‐1329

RE: RFA 2016‐107 – Financing to Build or Rehabilitate Smaller Permanent Supportive Housing Properties for Persons with Developmental Disabilities Home at Tamarind – 2016‐406G

Dear Ms. Levy: At the request of the Florida Housing Finance Corporation (“FHFC” or “Florida Housing”), Seltzer Management Group, Inc. (“SMG” or “Seltzer”) has reviewed the response to Request for Application from the Applicant, Gulfstream Goodwill Industries, Inc. (“GGI”, “Gulfstream Goodwill”, or “Applicant”). The Applicant is requesting funding in the amount of $592,000 for the purpose of adding to the supply of units that serve persons with Developmental Disabilities through new construction. The Applicant commits to provide 100% of the units to persons with Developmental Disabilities. The Applicant proposes to construct a total of six residential units contained within two buildings (one duplex and one quadplex) on lots located at 2100 and 2108 North Tamarind Avenue, West Palm Beach, Palm Beach County, Florida. The Supportive Housing Properties offer non‐shared housing to six residents; therefore, the Applicant will serve three extremely low income (“ELI”) residents earning 30% or less of the area median income (“AMI”) and will serve the remaining three low income residents earning 60% or less of the AMI for an affordability period of ten years. It should be noted that subsequent to the submission of the application, the Applicant changed the development site one block north. The overall size and shape of the proposed site did not change. The change in site was approved by FHFC on February 2, 2018. The Applicant also changed the development type from two triplex buildings in the application to one duplex and one quadraplex building. The total number and sizes of units were not changed. On or before FHFC’s Board votes on this transaction, FHFC will review and rule on the change from two triplex buildings to one duplex and one quadraplex. Seltzer’s recommendation within this report is contingent upon FHFC’s approval of the change to the development type. Ms. Melissa Levy RE: Home at Tamarind July 6, 2018 Exhibit J Page 2 Page 2 of 16

DEVELOPMENT & SET‐ASIDES Development Name: Home at Tamarind

RFA/Program Numbers:2016‐107 / 2016‐406G

Address:2100 N. Tamarind Avenue and 2108 N. Tamarind Avenue

City:West Palm Beach Zip Code:33407 County:Palm Beach County Size: Large

Development Category:New Construction Development Type: Other

Construction Type: Concrete block structures w/shingled roofs

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

Unit Composition: # of ELI Units:3 ELI Units Are Restricted to33% AMI, or less. Total # of units with PBRA? 0 # of Link Units:0 Are the Link Units Demographically Restricted? # of NHTF Units: 0

Set Asides: Program % of Units# of Units % AMI Term (Years) Grant/ELI 50.0% 3 30% 10 Grant/ELI50.0% 3 60% 10

Notes to Set‐Aside Commitments Per the application, the Applicant has committed to ensuring a minimum of 50 percent of the total units shall be fully accessible in accordance with the 2010 ADA Standards for Accessible Design. The Applicant has designed all six (6) units to be fully accessible.

Sources of Funds Revised Interest Term Annual Source Lender Applicant Applicant Underwriter Rate Yrs. Debt Grant FHFC $575,000 $575,000 $575,000 0.00% N/A $0 Grant ‐ Predevelopment FHFC $17,000 $17,000 $17,000 0.00% N/A $0 Third ‐ SHIP Palm Beach County $0 $100,000 $100,000 1.00% N/A $1,000 Fourth ‐ SHIP and/or HTF City of West Palm Beach $0 $250,000 $120,902 1.00% N/A $1,209 Grant ‐ UCC / No Mortgage Quantum Foundation $0 $50,000 $50,000 0.00%N/A $0 Deferred Developer Fee GGI $0 $0 $0 Total $592,000 $992,000 $862,902 $2,209 Grant Terms and conditions of the Grant funding will be embodied in the Restrictive Covenant and Grant Agreement and recorded in the public records of the County wherein the development is located. Violation of any material term or condition of the documents evidencing or securing the Grant shall constitute a default. The Grant funding is revocable if the Grant funds are used for any purpose not permitted under the Request for Application or Restrictive Covenant and Grant Agreement or if funds were awarded or disbursed to Grantee based upon fraud or misrepresentation committed by the Grantee during the Compliance Period. Exhibit J Page 3 of 16 Ms. Melissa Levy RE: Home at Tamarind July 6, 2018 Page 3

A portion of the Grant ($17,000) may be used for predevelopment costs such as underwriting fees, physical needs assessments, blower door tests, HVAC inspections, accessibility review, and plan and costs analysis, as necessary. Other Funds Per an Award Letter and Grant Agreement dated May 25, 2018, the Quantum Foundation will provide a one‐time grant of $50,000 to Gulfstream Goodwill Industries for the Home at Tamarind. Quantum Foundation will secure a security interest in all tangible and intangible personal property (no real estate) belonging to the Home at Tamarind. Seltzer was provided with a copy of the Agenda for Palm Beach County’s (“County”) Board of County Commissioners upcoming July 10, 2018 meeting. The Agenda includes a motion to provide a Conditional Loan Agreement in the amount of $100,000 of State Housing Initiative Partnership (“SHIP”) funds to Gulfstream Goodwill Industries for the purpose of constructing Home at Tamarind. The County’s SHIP loan funding would be contingent on Goodwill securing all other funding for the development prior to the release of any funds by the County. Receipt of the funds will require a 15 year affordability period for all units, which will be recorded against the property. While not indicated in the Agenda, the Applicant has indicated that the County’s funds will be used for vertical construction and soft costs. The loan will be cash flow dependent. The proposed interest rate for the loan was not included in the Agenda. Therefore, based on Seltzer’s experience underwriting similar loans for Counties, Seltzer utilized a rate of 0.00% during construction and 1.00% interest‐only during the permanent period. Per the City Commission of the City of West Palm Beach’s (“City”) Resolution Number 162‐18, the City has proposed approval of the Resolution at their upcoming July 16, 2018 meeting. The Resolution proposes the contribution of up to $250,000 for construction costs. The loan will be a deferred payment loan, with an amount of principal forgiveness to be determined upon completion of the City’s underwriting review that will establish the finance gaps necessary to make the development sustainable. The City’s loan will be secured by a Loan Agreement, a Promissory Note, and a Mortgage. The funds to support the development will be made available from SHIP and/or the City’s Housing Trust Fund. While not indicated in the proposed Resolution, the Applicant has indicated the City’s funds will be used for off‐site / land development related work needed to prepare the site for vertical construction. The proposed interest rate for the loan was not included in the Agenda. Therefore, based on Seltzer’s experience underwriting similar loans for Counties, Seltzer utilized a rate of 0.00% during construction and 1.00% interest‐only during the permanent period. Exhibit J Page 4 of 16 Ms. Melissa Levy RE: Home at Tamarind July 6, 2018 Page 4

Uses of Funds

CONSTRUCTION COSTS: Revised Underwriters Applicant Costs Applicant Costs Total Costs ‐ CUR Accessory Buildings Demolition Installation of Pre Fab Units New Rental Units $581,000 $569,335 $621,749 Off‐Site Work Recreational Amenities Rehab of Existing Common Areas Rehab of Existing Rental Units Site Work Swimming Pool Furniture, Fixture, & Equipment Hard Cost Contingency ‐ in Constr. Cont. Constr. Contr. Costs subject to GC Fee $581,000 $569,335 $621,749 General Conditions $123,653 $71,239 Overhead $34,878 $31,087 Profit Builder's Risk Insurance $4,568 $4,568 General Liability Insurance Payment and Performance Bonds Total Construction Contract/Costs $581,000 $732,434 $728,643 Hard Cost Contingency $36,432 $36,432 PnP Bond paid outside Constr. Contr. Fees for LOC used as Constr. Surety Demolition paid outside Constr. Contr. FF&E paid outside Constr. Contr. Total Construction Costs: $581,000 $768,866 $765,075 Scope of Work and Features and Amenities Gulfstream Goodwill Industries, Inc. plans to construct a total of six residential units contained within two buildings (one duplex and one quadraplex) on lots located east of Tamarind Avenue between 21st and 22nd Streets in the City of West Palm Beach, Florida. This is an existing platted neighborhood with infrastructure available to the property. The buildings will be single‐story so each unit will be accessible from the ground level. Each unit is proposed to be one (1) bedroom and one (1) bathroom with living area and a kitchen, and designed to meet the needs of the future residents as well as local codes and the “Required Design and Construction Features” of RFA 2016‐107. Per the RFA, 50 percent of the total units (three units) shall be fully accessible in accordance with the 2010 ADA Standards for Accessible Design. While not required to do so, the Applicant has designed all six (6) units to be fully accessible. The development will also include a small office/meeting area and common laundry facility for use of all of the residents. The site will include parking, storm drainage, landscaping and other improvements required by the City of West Palm Beach, and to meet the needs of the future residents. Design features will include hurricane impact windows and doors, concrete block structure (“CBS”) construction with shingled roof, green building features outlined in the RFA, and accessibility and Exhibit J Ms. Melissa Levy Page 5 of 16 RE: Home at Tamarind July 6, 2018 Page 5 adaptability features of the RFA. Interiors will include “quality” kitchen and bathroom cabinets and fixtures, EnergyStar appliances, tile floors, wood base and trim with knock‐down ceilings and orange‐ peel wall finishes, and will be fully furnished. Landscaping will feature native and xeriscape plantings, and will include a fully automatic irrigation system with a time clock and rain sensor. Please see Exhibit A of this Report for a complete description of all features and amenities to be included. General Construction Contract On July 2, 2018, the Applicant provided Seltzer with a copy of an undated, unexecuted Construction Agreement (“the Agreement”) with between Applicant and G.L. Building Corporation (“GLB”). The Agreement is guaranteed by the General Contractor not to exceed $728,643 (“Guaranteed Maximum Price”), which consists of $621,749 in hard costs and $102,326 in GC Fee (no profit). The Agreement provides for GC fees that do not exceed 18% per RFA. The Agreement also includes provisions for retainage of 10% until completion. Substantial completion shall be within twelve (12) months from the date of commencement. The date of commencement is defined within the Agreement as ten (10) days following the last to occur of the following: (a) Client acquiring fee simple ownership of the development site, (b) recordation of a Notice of Commencement for the work executed by the Applicant, (c) General Contractor’s receipt of the building permit for the work, (d) Applicant’s closing and receipt of funding necessary to pay the contract sum, and (e) Applicant (or other third‐parties engaged by the Applicant) substantially completing all work and improvements at the development site that are necessary to be completed in order for the Applicant to be able to commence the work, including, without limitation, that all site and underground utility service improvements have been completed and installed (so that the General Contractor can tie into such improvements as part of the work), all retaining walls have been constructed and installed, and all lot pads have been brought to grade (collectively, the “Pre‐Commencement Conditions”). If all of the Pre‐Commencement Conditions, which will be satisfied by the Seller (the City), will occur prior to the Applicant taking ownership, and therefore, excluded from the development budget, have not been satisfied on or before December 31, 2018, the General Contractor shall have the right to terminate this Agreement by delivering written notice thereof to Client. The Contractor shall provide an invoice to the Applicant by the 15th of each month with payment expected within fifteen (15) days following delivery of a request for payment. GLB will provide proof of workers compensation, commercial general liability, and auto insurance coverage for all subcontractors, and will obtain lien waivers on all subcontractors prior to payment. GLB will provide the Applicant certificates of insurance coverage for general liability ($2,000,000 per occurrence) workers compensation (accordance with applicable Florida Statutes, without exemption), and auto liability ($500,000 combined single limit). The contract calls for final payment to be made within fifteen (15) days following the General Contractor’s delivery of the final request for payment to the Applicant (which will be delivered to the Applicant following receipt of the Certificate of Occupancy). Hard cost contingency is outside of the contract and is equal to $36,432 of hard costs, which conforms to the limitations set forth in the RFA. Seltzer recommends monthly progress payments not be made by the Applicant until such time the property has been inspected and monthly progress has been verified by an independent construction inspector, receipt of partial lien releases from all subcontractors and suppliers, retainage of 10%, and final payment be made after final, unconditional lien releases/waivers of lien from all Subcontractors, sub‐subcontractors and material or equipment suppliers have been received. Exhibit J Ms. Melissa Levy Page 6 of 16 RE: Home at Tamarind July 6, 2018 Page 6

GENERAL DEVELOPMENT COSTS: Revised Underwriters Applicant Costs Applicant Costs Total Costs ‐ CUR Accounting Fees $2,500 $2,500 Appraisal Architect's and Planning Fees Architect's Fee ‐ Green Initiative Architect's Fee ‐ Landscape Architect's Fee ‐ Site/Building Design Architect's Fee ‐ Supervision Building Permits $11,888 $11,888 Builder's Risk Insurance Capital Needs Assessment/Rehab Engineering Fees Environmental Report $4,394 $4,394 Federal Labor Standards Monitoring FHFC Administrative Fees FHFC Application Fee $3,000 $800 $800 FHFC Credit Underwriting Fee $8,000 $8,000 FHFC Compliance Fee $1,000 FHFC Other Processing Fee(s) Impact Fee $1,232 $1,232 Lender Inspection Fees / Const Admin $6,704 $6,704 Green Building Cert. (LEED, FGBC, NAHB) Home Energy Rating System (HERS) Insurance $5,000 $5,000 Legal Fees ‐ Organizational Costs Local Subsidy Underwriting Fee Market Study Marketing and Advertising Plan and Cost Review Analysis $2,500 $950 Property Taxes Soil Test $2,200 $2,200 Survey $4,430 $4,430 Tenant Relocation Costs Title Insurance and Recording Fees $2,500 $2,500 Traffic Study $500 $500 Utility Connection Fees Soft Cost Contingency $2,729 $2,729 Other: Total General Development Costs: $11,000 $47,377 $54,827 General Development Costs The Credit Underwriting Fee is paid through the predevelopment budget per the RFA. The Application Fee is paid by the Applicant and will be reimbursed by non‐FHFC grant funds. The Plan and Cost Review Analysis Fee reflects the actual cost of the report engaged by Seltzer. Soft Cost Contingency does not exceed 5% of soft costs as required by the RFA. Exhibit J Ms. Melissa Levy Page 7 of 16 RE: Home at Tamarind July 6, 2018 Page 7

All other General Development Costs were provided by the Applicant and appear reasonable.

FINANCIAL COSTS: Revised Underwriters Applicant Costs Applicant Costs Total Costs ‐ CUR Construction Loan Application Fee Construction Loan Underwriting Fee Construction Loan Origination Fee Construction Loan Commitment Fee $2,000 $2,000 Construction Loan Closing Costs Construction Loan Interest Construction Loan Servicing Fees $1,000 $1,000 Total Financial Costs: $0 $3,000 $3,000 Financial Costs A grant commitment fee equal to 1% of the amount of the entire funding request, up to a maximum of $2,000, is to be paid at closing.

NON‐LAND ACQUISITION COSTS Revised Underwriters Applicant Costs Applicant Costs Total Costs ‐ CUR Brokerage Fees ‐ Building Building Acquisition Cost Developer Fee on Non‐Land Acq. Costs $0 Other: Other: Other: Total Non‐Land Acquisition Costs: $0 $0 $0

DEVELOPER FEE ON NON‐ACQUISTION COSTS Revised Underwriters Applicant Costs Applicant Costs Total Costs ‐ CUR Developer Fee ‐ Unapportioned $40,000 $40,000 DF to fund Operating Debt Reserve DF to Brokerage Fees ‐ Land DF to Excess Land Costs DF to Excess Bldg Acquisition Costs DF to Consultant Fees DF to Guaranty Fees Other: Total Other Development Costs: $0 $40,000 $40,000 Developer Overhead The Applicant has estimated Developer Overhead at $40,000. This is approximately 48.61% of the maximum Developer Overhead permitted per the RFA (limited to 10% of Development Cost). Exhibit J Ms. Melissa Levy Page 8 of 16 RE: Home at Tamarind July 6, 2018 Page 8

LAND ACQUISITION COSTS Revised Underwriters Applicant Costs Applicant Costs Total Costs ‐ CUR Brokerage Fees ‐ Land Land Acquisition Cost Land Land Lease Payment Land Carrying Costs Other: Total Acquisition Costs: $0 $0 $0 Acquisition Costs/Site Control The Applicant provided an Agreement for Conveyance of Real Property between The City of West Palm Beach as grantor and Gulfstream Goodwill Industries, Inc. (“Applicant” or “GGI”) as grantee with a closing date to occur simultaneously with the closing on the Florida Housing Finance Corporation (“FHFC”) grant funds, but no later than May 15, 2018 for the consideration of One Dollar ($1.00). The term of the Agreement is the earlier of the final completion of construction or 12 months from the closing date. During underwriting the Agreement expired, resulting the City of West Palm Beach drafting of an Amendment to extend the closing date to November 18, 2018. The Amendment will be voted upon by the City Commission during the City’s July 16, 2018 meeting. Seltzer anticipates the Amendment will be approved; the approval of the Amendment will be a condition to close.

TOTAL DEVELOPMENT COSTS Revised Underwriters Applicant Costs Applicant Costs Total Costs ‐ CUR TOTAL DEVELOPMENT COSTS: $592,000 $859,243 $862,902 Third Party Reports Appraisal: The Applicant did not reflect any land acquisition costs within the development budget; therefore an appraisal was not required. Transaction Screen Process (“TSP”): A TSP dated June 9, 2017 was performed by Earth Systems, Inc. (“Earth Systems”). The TSP was completed in accordance with the American Society of Testing and Materials (“ASTM”) E1528‐14. The TSP states the subject site is located in the West Palm Beach Downtown Northwood/Pleasant City designated brownfield area. Earth Systems notated that the adjacent site to the east of the subject contained a “Cleaners and dryers” business from 1951‐1965. The TSP states that until additional data is collected, it is not possible to make a statement if the former Cleaners and dryers business contaminated the subject site; therefore, a Phase II was required. Phase II Environmental Site Assessment (“Phase II”): A Phase II dated August 11, 2017 was performed by Earth Systems. They collected and analyzed three soil boring and three groundwater samples near the former Cleaners and dryers business. Earth Systems found no evidence from visual observations, soil screening activities, or the laboratory analytical data that indicated the subject site has been contaminated with chlorinated solvents, and recommended no further assessment is necessary. Soil Test: A Report of Geotechnical Services prepared by Allterra Engineering and Testing (“Allterra”) dated June 23, 2017, was provided. At the time of drilling operations the subject site was vacant. The soil borings were drilled in accordance with ASTM D‐1586. Two Standard Penetration Test (“SPT”) borings were performed within the buildings’ footprints to a depth 10 and 15 feet below the existing ground surface. The results of the borings generally encountered 6 inches of topsoil at the ground Exhibit J Page 9 of 16 Ms. Melissa Levy RE: Home at Tamarind July 6, 2018 Page 9 surface, underlain by loose, light‐gray to light brown, fine sand to approximately 9 feet, over firm, brown, fine sand to 15 feet below grade. Groundwater was not encountered within the depth of exploration at the time of borings. The depth to groundwater may vary at other times due to changes in hydrological conditions. The engineer outlined standard site preparation recommendations and noted that the presence of loose sand and organics in the near subsurface is problematic for shallow foundations such as conventional or monolithic‐slab footings. These problematic soils are subject to excess settlement under applied structural load and possible bearing‐capacity failure. This condition can be corrected by excavating the project building pad to 3 feet below grade, compacting the exposed surface, and then restoring the building pad to construction‐ready grade with well‐compacted clean granular soil. A well‐prepared building pad can develop a net allowable bearing pressure of 2500 pounds per square foot (“psf”) for 24‐inch wide continuous footings bearing 18 inches below grade on well‐compacted soil. Subject to strict adherence to and successful implementation of Allterra’s recommendations, Allterra estimates settlement of approximately 1/2 inch for 20‐inch‐wide continuous footings loaded to 1,600 pounds per linear foot (“plf”) bearing 16 inches below grade on well‐compacted soil. Because the soil is elastic in nature, the dead‐load portion of settlement should be realized promptly upon completion of construction. Pre‐Construction Review Seltzer has received a Pre‐Construction Plan and Cost Review (“PCR”) from C3 Consulting Group, Inc. (“C3”) of Tampa, Florida dated July 2, 2018. C3 states the overall design is typical of residential apartment buildings and should perform well. The plans and specifications submitted for review were considered suitable for pricing, permitting and construction. The information provided appears to be clear and easy to follow, well‐coordinated, and in compliance with applicable codes and standards. Plans certified for compliance with the 2017 building code(s), or the building codes in effect at the time of permitting, will be submitted to the permitting authorities. C3 provided Seltzer an executed Section 504 and ADA Design Certification dated April 14, 2017 certifying the design of the Leesway House conforms to ADA standards. C3 reviewed an Agreement between the Applicant and Contractor, G.L. Building Corporation, which indicated a contract sum of $732,433, to be revised to $728,643, and construction schedule of twelve (12) months from date of the building permit. The contract does not include any allowances. C3’s review of the construction cost breakdown provided by the Contractor indicates a cost per square foot of $130.34 (less $128,011 for site work, bonds, contingencies, and professional services) and appears to fall within the average cost ranges for the total 4,608 square feet to be constructed, noting that properties with small (square footage) units tend to cost more per square foot than larger units. Comparisons have been based on recent, local, similar type construction, and national averages. It is the opinion of C3 that the construction schedule can be achieved, provided adequate supervision is exercised, no major changes are initiated by the Applicant, or the occurrence of unforeseen circumstances. Resident Community‐Based Service Coordination Plan Seltzer has received documentation that the Resident Community‐Based Service Coordination Plan and related documents for the Home at Tamarind has been reviewed by Florida Housing and approved on June 7, 2018. Exhibit J Ms. Melissa Levy Page 10 of 16 RE: Home at Tamarind July 6, 2018 Page 10

Operations The maximum allowable rents shown below, while permissible under the RFA, according to the Applicant’s experience and explanation to Seltzer, are not achievable. Therefore, a lesser rental amount was utilized for both 30% AMI and 60% AMI set‐aside units.

High Net PBRA Bed Bath Square Low HOME HOME Gross HC Utility Restricted Contr Applicant Appraiser Annual Rental Rooms Rooms Units Feet AMI% Rents Rents Rent Allow. Rents Rents Rents Rents CU Rents Income 1 1.0 2 684 30% 433 0 433 367 367 367 8,808 1 1.0 1 669 30% 433 0 433 367 367 367 4,404 1 1.0 3 716 60% 866 0 866 550 550 550 19,800 6 4,185 33,012

Revenue and expenses for the Home at Tamarind are based on the Applicant’s proposed operating budget for the fiscal year 2018. According to Gulfstream Goodwill, the majority of their tenants are homeless, or about to become homeless, with no income. Gulfstream Goodwill, through the operation of Goodwill stores and receipt of additional grant funding, will augment operations and reserves as necessary. Their Case Managers help to assure that the new residents find employment and/or apply for benefits for which they qualify. Based on the Applicant’s experience related to the long term care for persons with disabilities, Seltzer believes these financial operating projections to be reasonable depictions of revenue and expenses for the subject development. Ability to pay real estate taxes, insurance, and capital replacement reserves The subject is anticipated to be exempt from ad valorem real estate taxes. Property and liability insurance is in place and renewed annually and will be funded through property operations. Capital items are reviewed and approved by the Board of Directors and included in an overall corporate capital budget. GGI operates seven other Small DDs and does not budget or account for replacement reserves on an individual property basis. All required repairs are reviewed and approved by the Board of Directors and are either considered capital, in which case the item is part of the overall corporate capital budget, or the repair/replacement is made as an operational expense of the specific property. Development Team: Applicant Gulfstream Goodwill Industries, Inc. (“Applicant” or “GGI”) is a Florida 501(c)(3) non‐profit corporation registered with the Secretary of State in June 1966. A current Certificate of Status has been provided. The Articles of Incorporation and By‐Laws set forth its mission as a community based organization which utilizes its proceeds from donated goods programs as well as contracts, grants and donations to design and deliver training, employment and other programs which serve persons with disabilities and/or those who have economic disadvantages. The goal of its services is to assist and educate those served to become an integral part of the local workforce and to lead independent lives. Officers are listed as Marvin A. Tanck – Chief Executive Office, Sherry Steff – Chief Financial Officer, and Kathryn Spencer ‐ Vice President. Contact Information: Kathryn Spencer 561‐848‐7200 Ext 2272 [email protected] Exhibit J Page 11 of 16 Ms. Melissa Levy RE: Home at Tamarind July 6, 2018 Page 11

Address: 1715 Tiffany Drive East, West Palm Beach, FL 33407 Federal Employer No: 59‐1197040 Experience: GGI began implementing, operating and managing Permanent Supportive Housing Programs in April of 2002. As a member of the Palm Beach County Continuum of Care they were awarded funding for Project Succeed, their first supportive housing program providing units at scattered sites for the homeless with disabilities. Subsequently, GGI opened 5 additional programs, some of which serve the chronically homeless. GGI is an active member of the Homeless Housing Alliance. Currently GGI leases 118 one‐bedroom apartments from landlords in Palm Beach County through HUD Permanent Supportive Housing programs. They also have a FHFC financed property, Home at J Street. The Applicant also has provided Verification by the State Designated Lead Agency of Inclusion in Local Homeless Continuum of Care Program from the Palm Beach County Human Services Director for the Palm Beach County Board of County Commissioners. Credit Evaluation: Experian Business Report for Gulfstream Goodwill Industries, Inc., dated July 3, 2018, reported satisfactory payment history. Minor derogatory credit history was reported in the form of a State Tax Lien in the amount $1,747 and a Judgement in the amount of $4,859. The Applicant indicated that both issues have been satisfied. There are multiple UCC collateral filings for equipment/vehicles purchased for GGI’s operating needs. Based on the overall credit history of the Applicant, the minor derogatory information does not negatively impact the Applicant’s ability or creditworthiness to proceed with this transaction as presented. Financial Statements: Gulfstream Goodwill Industries, Inc. Cash and Equivalents: $ 3,039,420 Total Assets: $21,671,519 Total Liabilities: $ 8,818,942 Net Asset – Unrestricted $21,148,532 Net Asset – Temporarily Restricted $ 252,290 Net Asset – Permanently Restricted $ 270,697 Net Equity – Unrestricted $12,329,590 Financial information for GGI is based on an Independent Auditors Report, as of December 31 2016, prepared by Holyfield & Thomas, LLC of West Palm Beach, FL. dated June 14, 2017. Contingent Liabilities: A Statement of Financial/Credit Affairs provided by Gulfstream Goodwill Industries, Inc. dated August 1, 2017 reflects no contingent liabilities. Litigation: A Statement of Financial/Credit Affairs provided by Gulfstream Goodwill Industries, Inc. dated August 1, 2017 reflects no liabilities. Summary: The Applicant appears to have the experience and financial resources to manage and operate the subject development. Developer The Applicant is acting as Developer in the transaction and will be paid 100% of the developer fee. Please refer to Applicant information above. Property Manager The Applicant will be the Property Manager. Please refer to Applicant information above. General Contractor Exhibit J Ms. Melissa Levy Page 12 of 16 RE: Home at Tamarind July 6, 2018 Page 12

The GC for the subject development is G.L. Building Corporation is an affiliate of G.L. Redevelopment, LLC (“GLR”) and G.L. Homes (“GLH”). GLH was founded in 1975, specializing in the construction of upscale residential communities. G.L. Building Corporation specializes in all construction related activities of GLH’s affordable housing construction. G.L. Building Corporation is a licenses Florida General Contractor, has constructed over 30,000 homes in Florida during the past 30 years, and manages construction of homes in all G.L. Homes communities. Since 1975, G.L. Homes has created communities and built homes throughout Florida, including Broward, Palm Beach, Collier, Indian River, Lee, Hillsborough, and Pasco counties. Business references for G.L. Building Corporation are satisfactory. Credit Evaluation: Experian Business Report for G.L. Building Corporation, dated July 3, 2018, reported satisfactory payment history and no adverse credit comments, or judgments. Three UCC filings, securing collateral, were reported and do not negatively impact the assessment of the GC’s credit history or creditworthiness. Financial Statements: G.L. Building Corporation and G.L. Redevelopment LLC. Cash and Equivalents: $ 694,348 Total Assets: $ 815,151 Total Liabilities: $ 309,024 Total Equity: $ 506,127 Financial information for G.L. Building Corporation and GLR is based on a combined financial statement, as of May 31, 2017, independently audited by Fuoco Group, LLC. The Company has elected Limited Liability Company status under the provisions of the Internal Revenue Code. GLR will be providing a Payment and Performance Bond (“P&P Bond”) in an amount equal to the construction contract, thereby eliminating the need for Seltzer to review GLR’s tax returns. SMG recommends that G.L. Building Corporation be accepted as the general contractor subject to the conditions, if any, listed in the Summary and Recommendations section of this report. Summary and Recommendation

SMG concludes that the conditions for grant approval as set forth in RFA 2016‐107 and Rule 67‐60 F.A.C. have been met, and therefore, recommends that FHFC approve the grant funding subject to the following:

1. Receipt and satisfactory review of an approved West Palm Beach Amendment, extending the deadline for the real estate closing from May 15, 2018 to November 18, 2018. 2. Receipt and satisfactory review of the Palm Beach County SHIP loan with terms and conditions not substantially different from those utilized herein. 3. Receipt and satisfactory review of the West Palm Beach loan with terms and conditions not substantially different from those utilized herein. 4. Receipt and satisfactory review of an executed GC Contract with terms and conditions not substantially different from those utilized herein. 5. Receipt and satisfactory review of a final Source and Use not substantially different from those utilized herein. Exhibit J Page 13 of 16 Ms. Melissa Levy RE: Home at Tamarind July 6, 2018 Page 13

6. Receipt and satisfactory review of the Payment and Performance Bond. 7. Building permits and any other necessary approvals and permits; or a letter from the local permitting and approval authority that the above referenced permits and approvals will be issued upon receipt of applicable fees. 8. Execution by Applicant of any documents FHFC deems necessary including, but not limited to, the Restrictive Covenant and Grant Agreement, a Construction Completion Guaranty, and an Environmental Indemnity. 9. Evidence of adequate insurance sufficient to be maintained on the Development as determined by FHFC or FHFC’s servicer, sufficient to meet the standards established in the FHFC Insurance Guide (as amended from time to time). Insurance will be reviewed at the time of credit underwriting and then be certified by the Applicant annually thereafter. 10. Satisfactory resolution of any outstanding past due and noncompliance items. 11. Payment of any outstanding arrearages to the Corporation, its legal counsel, Servicer or any agent or assignee of the Corporation for past due issues applicabble to the development team (Applicant or Developer or Principal, Affiliate or Financial Beneficiary, as described iin Exhibit C of RFA 2016‐105). 12. Payment of a grant commitment fee equal to 1.0% of the amount of the entire funding amount up to a maximum of $2,000. 13. Prepayment of compliance monitoring fees at a rate of $$100 per year for 10 years (the Compliance Period). 14. Receipt of a license issued by Florida Agency for Persons with Disabiliities for the development to be provided upon the achievement of construction completion. 15. All other due diligence required by FHFC and its legal counsel. I hope this correspondence has been helpful and please do not hesitate to call if I can be of furtther assistance.

Sincerely, SELTZER MANAGEMENT GROUP, INC.

Joshua Scribner Credit Underwriteer Exhibit J Page 14 of 16 EXHIBIT “A” RFA 2016‐107 Financing to Build or Rehabilitate Smaller Permanent Supportive Housing Properties for Persons with Developmental Disabilities (HOME AT TAMARIND / 2016‐406G) DESCRIPTION OF FEATURES AND AMENITIES

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

1. Each Resident shall have a private Bedroom with a locking door; 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 Homes 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 appropriate city or county building or planning department or equivalent agency, 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 or its Servicer. The Development will conform to requirements of local, state & federal laws, rules, regulations, ordinances, orders and codes, the 2012 Florida Accessibility Code for Building Construction as adopted pursuant to Section 553.503, Florida Statutes, Federal Fair Housing Act as implemented by 24 CFR 100, and Titles II and III of the Americans with Disabilities Act (“ADA”) of 1990 as implemented by 28 CFR 35, incorporating the most recent amendments, regulations and rules, as applicable.

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

1. Termite prevention and pest control throughout the entire affordability period; 2. A full‐size range and oven in all Units; 3. 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); 4. Low‐flow water fixtures in bathrooms‐WaterSense labeled products or the following specifications: o Toilets: 1.28 gallons/flush or less; o Faucets: 1.5 gallons/minute or less; o Showerheads: 2.0 gallons/minute or less; 5. Energy Star qualified refrigerator; 6. Energy Star qualified dishwasher; 7. Energy Star qualified washing machine, if provided; 8. Energy Star qualified fans in all bathrooms; and 9. Minimum SEER of 15 for air conditioners.

D. The Development will provide all the Accessibility, Adaptability, Universal Design and Visitability Features listed below:

Accessibility, Adaptability, Universal Design and Visitability features ONLY for Developments with the Development Category of New Construction or Acquisition/Rehabilitation Developments. Exhibit J Page 15 of 16 EXHIBIT “A” RFA 2016‐107 Financing to Build or Rehabilitate Smaller Permanent Supportive Housing Properties for Persons with Developmental Disabilities (HOME AT TAMARIND / 2016‐406G) DESCRIPTION OF FEATURES AND AMENITIES

1. 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. The 2010 ADA Standard for Accessible Design can be found at http://www.ada.gov/regs2010/2010ADAStandards/2010ADAstandards.htm (also accessible by clicking here); 2. For Supported Living Units, a minimum of 50 percent of the total Units shall be fully accessible in accordance with the 2010 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. The 2010 ADA Standard for Accessible Design can be found at http://www.ada.gov/regs2010/2010ADAStandards/2010ADAstandards.htm (also accessible by clicking here); 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 doors shall not exceed ½‐inch in height; 6. When a secondary exterior door exits onto decks, patios, or balcony 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 floor 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 deck 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, balconies, and patios, and any other exterior doors; 9. All door handles on primary entrance door and interior doors must have level handles; 10. Interior doorways shall provide a clear opening of not less than 32 inches; Exhibit J Page 16 of 16 EXHIBIT “A” RFA 2016‐107 Financing to Build or Rehabilitate Smaller Permanent Supportive Housing Properties for Persons with Developmental Disabilities (HOME AT TAMARIND / 2016‐406G) DESCRIPTION OF FEATURES AND AMENITIES

11. All interior doorways must have flush thresholds; 12. Hall 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 17 inches to 19 inches in height as measured from the finished floor to the top of the toilet seat; and 15. Mid‐point on light switches and thermostats shall not be more than 48 inches above finished floor level.