Notice and Agenda & Materials

REGULAR MEETING OF THE MISSOURI HOUSING DEVELOPMENT COMMISSION THURSDAY, DECEMBER 17, AT 9:00 A.M.

Notice is hereby given that the Missouri Housing Development Commission will conduct its Regular Meeting on Thursday, December 17, 2020:

Capitol Plaza Hotel New Room Location: Jefferson Room 415 W. McCarty Street Jefferson City, MO 65101

Toll Free Conference Line: 800-201-5203 Kansas City: 816-897-0010 St. Louis: 314-627-1157 Access Code: 264716

The agenda of this meeting is attached to this notice.

The news media may obtain copies of this notice by contacting:

Lynn Sigler Missouri Housing Development Commission 920 Main Street, Suite 1400 Kansas City, MO 64105 (816)759-6822 [email protected]

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].

REGULAR MEETING OF THE MISSOURI HOUSING DEVELOPMENT COMMISSION THURSDAY, DECEMBER 17, 2020 AT 9:00 A.M.

AGENDA

CAPITOL PLAZA HOTEL JEFFERSON ROOM 415 W. MCCARTY STREET JEFFERSON CITY, MO 65101

TOLL FREE CONFERENCE LINE: 800-201-5203 KANSAS CITY: 816-897-0010 ST. LOUIS: 314-627-1157 ACCESS CODE: 264716 Regular Meeting

1. Roll Call

2. Approval of minutes for the November 13 and November 24 Regular Meeting

3. Report of Chairman

4. Report of Staff a. RFP for Bond Underwriters b. 2020 Rental Production Recommended Applications

5. Such other matters that may come before the Commission

1) Roll

Missouri Housing Development Commission Roster

Governor: Commissioner: Mike Parson Governor Garrick Hamilton

Lieutenant Governor: Commissioner: Mike Kehoe Lieutenant Governor Tracey S.C. Lewis

Treasurer:

Scott Fitzpatrick State Treasurer

Attorney General:

Eric Schmitt Attorney General

Chairman:

Jeffrey S. Bay

Secretary/Treasurer:

Bill Miller

Commissioner:

Mark Elliff

Commissioner:

Rick McDowell

2) Approval of minutes for the November 13 and November 24 Regular Meetings

MISSOURI HOUSING DEVELOPMENT COMMISSION Regular Meeting Minutes of Meeting Held Friday, November 13, 2020

The regular meeting of the Missouri Housing Development Commission was held by phone on Friday, November 13, 2020 at 9:00am.

Those present were: Commissioners and Persons Present to Vote for Jeffrey S. Bay, Chairman Ex-Officio Members Mike Kehoe, Lieutenant Governor (via telephone) Scott Fitzpatrick, State Treasurer (via telephone) Jonathan Hensley, on behalf of Attorney General Schmitt Bill Miller, Secretary-Treasurer Rick McDowell, Commissioner Mark Elliff, Commissioner Garrick Hamilton, Commissioner Tracey Lewis, Commissioner Others Present Henry Herschel, Governor Parson’s Office (via telephone) Leslie Korte, State Treasurer Fitzpatrick’s Office Commissioners Absent Mike Parson, Governor Eric Schmitt, Attorney General Staff Members Kip Stetzler, Executive Director Marilyn Lappin, Director of Finance Frank Quagraine, Director of Rental Production (via telephone) Katie Jeter-Boldt, General Counsel Jennifer Schmidt, Deputy Director of Operations Scott Hanak, Director of Asset Management (via telephone) David Nickum, Director of Information Technology Sara Turk, Fiscal and Accounting Manager (via telephone) Gus Metz, Chief Underwriter (via telephone) Steve Whitson, Community Initiatives Manager Megan Word, Legislative Coordinator (via telephone) Lynn Sigler, Operations Manager Anne Powell, Attorney (via telephone) Chairman Bay called the meeting to order.

Commission meeting roll call was taken by Ms. Sigler; a quorum was present.

Commissioner Miller gave a report on the Audit Committee Meeting held on September 25, 2020.

Steve Whitson requested approval for the CARES Act CV-2 Notice of Funding Availability and Allocation Plan, including MHDC’s direct administration of federal reimbursable assistance. A motion to approve was made by Commissioner Elliff and seconded by Lieutenant Governor Kehoe. The motion passed unanimously with vote of 9-0.

Chairman Bay reminded the board that at the last meeting held on September 25, 2020 there was an interest from board members to serve on a committee to study the accelerated redemption of the low- income housing tax credit. A motion was made by Commissioner Miller to form the Accelerated Redemption Study Committee and to appoint the following to the committee: State Treasurer Scott Fitzpatrick as Chair, Lieutenant Governor Mike Kehoe, Commissioner Mark Elliff, Commissioner Garrick Hamilton, Commissioner Tracey Lewis, and Commissioner Rick McDowell. Commissioner Hamilton seconded the motion. The motion passed unanimously with a vote of 9-0.

Kip Stetzler requested approval of the Rental Production Recommendation for Funding Federal 4% Rolling Application. A motion to approve the 4% application was made by Commissioner Hamilton and seconded by Commissioner Miller. The motion passed with a vote of 9-0.

Mr. Whitson requested approval of the Missouri Housing Trust Fund 2021 Allocation Plan and Notice of Funding Availability. A motion to approve the Allocation Plan and NOFA was made by Commissioner Miller and seconded by Commissioner Elliff. The motion passed with a vote of 9-0.

After inquiring of Commissioners and staff if there were other matters for the Commission to take up, and upon hearing none, Commissioner Miller made a motion to adjourn and it was seconded by Commissioner Elliff. The motion passed unanimously with a vote of ayes.

______Jeffrey S. Bay, Chairman MISSOURI HOUSING DEVELOPMENT COMMISSION Regular Meeting Minutes of Meeting Held Tuesday, November 24, 2020

The regular meeting of the Missouri Housing Development Commission was held by phone on Tuesday, November 24, 2020 at 9:30am.

Those present were: Commissioners and Persons Present to Vote for Jeffrey S. Bay, Chairman (via telephone) Ex-Officio Members Mike Kehoe, Lieutenant Governor (via telephone) Scott Fitzpatrick, State Treasurer (via telephone) Justin Smith, on behalf of Attorney General Schmitt (via telephone) Bill Miller, Secretary-Treasurer (via telephone) Rick McDowell, Commissioner (via telephone) Mark Elliff, Commissioner (via telephone) Garrick Hamilton, Commissioner (via telephone) Tracey Lewis, Commissioner (via telephone) Others Present Kayla Hahn, Governor Parson’s Office (via telephone) Leslie Korte, State Treasurer Fitzpatrick’s Office (via telephone) Commissioners Absent Mike Parson, Governor Eric Schmitt, Attorney General Staff Members Kip Stetzler, Executive Director (via telephone) Tina Beer, Director of Operations (via telephone) Marilyn Lappin, Director of Finance (via telephone) Frank Quagraine, Director of Rental Production (via telephone) Katie Jeter-Boldt, General Counsel (via telephone) Jennifer Schmidt, Deputy Director of Operations (via telephone) Scott Hanak, Director of Asset Management (via telephone) David Nickum, Director of Information Technology (via telephone) Sara Turk, Fiscal and Accounting Manager (via telephone) Sarah Parsons, Disaster Program Manager (via telephone) Gus Metz, Chief Underwriter (via telephone)

Megan Word, Legislative Coordinator (via telephone) Lynn Sigler, Operations Manager (via telephone) Anne Powell, Attorney (via telephone)

Chairman Bay called the meeting to order.

Commission meeting roll call was taken by Ms. Sigler; a quorum was present.

A motion to approve the minutes of the Regular Meeting held on September 25, 2020 was made by Commissioner Miller and seconded by Commissioner Elliff. The motion passed unanimously with a vote of 9-0.

A motion to ratify any prior actions with respect to the Qualified Allocation Plan ("QAP") and confirm that the board has adopted the QAP, as amended by discussion at the September 25 meeting, was made by Commissioner McDowell and seconded by Commissioner Miller. The motion passed unanimously with a vote of 9-0.

After inquiring of Commissioners and staff if there were other matters for the Commission to take up, and upon hearing none, Chairman Bay made a motion to adjourn and it was seconded by all Commissioners with “aye” in unison. The motion passed unanimously with a vote of ayes.

______Jeffrey S. Bay, Chairman 3) Report of Chairman

4) Report of staff a. RFP for Bond Underwriters

December 17, 2020

TO: Board of Commissioners Missouri Housing Development Commission

Mike Parson FROM: Marilyn Lappin Governor Director of Finance Mike Kehoe Lieutenant Governor SUBJECT: RFP for Bond Underwriters Scott Fitzpatrick State Treasurer Eric Schmitt Attorney General The Commission’s agreement with the Commission’s current bond underwriting team is Jeffrey S. Bay approaching the end of the five-year term which began in spring 2016. Chairman Bill Miller Attached for your review is a draft Request for Qualifications and Proposals (RFP), which Secretary-Treasurer will request proposals from investment banking and broker/dealer firms to serve as senior Mark Eliff managers and co-managers to underwrite, sell and distribute the Commission’s single Commissioner family mortgage revenue bonds and multifamily housing revenue bonds and selling group Rick McDowell members to sell and distribute bonds. Commissioner Garrick Hamilton Staff requests approval to release the RFP for Underwriters and Selling Group Commissioner Members so the bond underwriting team selection process can begin. Tracey S.C. Lewis Commissioner

Kip Stetzler Executive Director

Kansas City 920 Main, Suite 1400 Kansas City, MO 64105 816-759-6600 Fax 816-301-7000

Mailing Address: P.O. Box 239 Liberty, MO 64069

St. Louis 505 N. 7th Street 20th Floor, Suite 2000 St. Louis, MO 63101

Mailing Address: 7450 Natural Bridge Rd. P.O. Box 210567 St. Louis, MO 63121-9998 www.mhdc.com

MISSOURI HOUSING DEVELOPMENT COMMISSION

Request for Qualifications and Proposals for Underwriters and Selling Group Members Released: January 5, 2021

Responses Due: February 8, 2021 Noon Central Time via email to: [email protected]

SECTION I: INTRODUCTION

The Missouri Housing Development Commission (“MHDC” or the “Commission”) was established in 1969 in order to increase the availability of decent, safe and sanitary housing at prices within the means of low and moderate-income persons. The Commission is a governmental instrumentality of the state of Missouri and a body corporate and politic. The Commission’s authority is derived from Section 215.030, et seq., of the Revised Statutes of Missouri, as amended and supplemented.

Purpose of the Request for Qualifications and Proposals (RFP) The purpose of this Request for Qualifications and Proposals (“RFP”) is to request proposals from investment banking and broker/dealer firms to serve as senior managers, co-senior managers and co- managers of a syndicate to underwrite, sell and distribute its single family mortgage revenue bonds and multifamily mortgage revenue bonds and selling group members to sell and distribute its single family mortgage revenue bonds and multifamily mortgage revenue bonds. Interested firms should respond in accordance with this RFP.

Term of Service It is anticipated that the selected firms will be retained by the Commission for three years commencing with the first mortgage revenue bond issue sold after the Commission’s selection process is completed. This three year term is subject to satisfactory performance. At its option the Commission may extend the relationship for one additional two-year period. MHDC reserves the right, at its sole discretion, to end the term of service or change the status and role for any firm selected pursuant to this RFP, at any time prior to the expiration of the stated term of service and to add one or more firms not initially selected pursuant to this RFP to its underwriting team at any time during the stated term of service. This right reserved to MHDC to add or remove one or more firms is a unilateral right in the sole discretion of MHDC and may be undertaken at any time with or without cause. Selection of firms to be added at such time may be made from among respondents to this RFP or pursuant to such other selection process as MHDC shall determine.

Anticipated Timetable for RFP and Proposals Release RFP January 5, 2021 Proposals Due February 8, 2021 Noon Central Time Evaluation Committee Recommendation Spring 2021 Selection by Commissioners Spring 2021

SECTION II: GUIDELINES AND INSTRUCTIONS

Form of Response The Commission desires to consider responses to this RFP in a consistent and easily-comparable format. Proposals not organized in the manner set forth in this RFP may be considered, at the Commission’s sole discretion, as unresponsive. Respondents should not refer to other parts of their proposal, to information that may be publicly available elsewhere, or to the submitting entity’s website or another website in lieu of answering a specific question. The proposal must be accompanied by a cover letter stating that: (a) the information submitted in and with the proposal is true and accurate, and (b) the person signing the letter is authorized to submit the proposal on behalf of the firm.

Interested firms are requested to submit proposals that contain information submitted in the order of Section VI below.

Proposal Submission Completed proposals must be submitted electronically by email to [email protected] in searchable PDF file format along with the spreadsheet listing in Excel file format of the bidding firm’s owners pursuant to Section VI.B.3. The “Subject” line of the email should state “[insert firm name] Proposal for Underwriters and Selling Group Members.”

Proposal Due Date Monday, February 8, 2021 by Noon Central Time

Standards of Conduct Please refer to the Commission’s “Standards of Conduct” Policy for information regarding contact with MHDC commissioners or staff in connection with this RFP, necessary disclosures thereunder and other policies regulating the actions of interested parties, employees and commissioners during a competitive matter. The Commission’s Standards of Conduct Policy is available on MHDC’s website at http://www.mhdc.com/about/commission/policies/index.htm,

Furthermore, pursuant to the Standards of Conduct, any Response under this RFP shall disclose the name of the individual, entity and/or entities having ownership interests in the Respondent as set forth in Section VI.B.3 below.

Inquiries The Commission will provide responses to inquiries submitted by firms to the Commission’s contact person, Marilyn Lappin, Director of Finance. All questions must be submitted in writing via email to Ms. Lappin at [email protected] and received no later than Thursday, January 14, 2021, 3:00 p.m. CT. The “Subject” line of the email should be, “RFP for Underwriters and Selling Group Members Questions.” Questions submitted after the deadline will not receive a response. Responses will be provided by January 25, 2021, 5:00 p.m. CT to all interested bidders that have provided an email address to Ms. Lappin prior to the above deadline for the submission of questions

All inquiries must be submitted by email, citing the particular RFP section and paragraph number, if applicable. Respondents should note that all clarifications and exceptions are to be resolved prior to submission of the proposal.

Other than the contact person identified herein and except as provided in Sections VI.B.3 and VI.B.16 below, prospective proposers shall not approach the Commission’s employees, managers, board

members or bond finance professionals after the publication of this RFP until the board of Commissioners complete their selection.

Public Records Firms responding to this RFP should be aware that the Proposals are public records under state law after the evaluation and selection process has been completed.

Modifications to Proposals Respondents may not modify or correct its Proposal any time after the Proposal Due Date, except in direct response to a request from the Commission for clarification.

Revisions to this RFP In the event that it becomes necessary to revise any part of the RFP, MHDC will provide notice of an addendum to each firm receiving notice of this RFP. Any additional information required to clarify portions of this RFP will be issued in the form of an addendum.

Visits and Interviews All firms responding to this RFP must be prepared to schedule a telephone/video conference or a visit to its offices or to another location upon request by the Commission. In addition, firms responding to this RFP may be interviewed via a telephone/video conference or at a location determined by MHDC as a part of the selection process.

Expense Relating to Proposals The Commission is not responsible for any expense incurred in preparing and submitting a Proposal or taking any action in connection with the selection process, or for the costs of any services performed in connection with submission of a Proposal.

Reservation of Rights The Commission reserves the right to conduct any investigation of the qualifications of any firm that it deems appropriate; negotiate modifications to any of the items proposed in the Proposal; request additional information from any firm; reject any or all Proposals; and waive any irregularities in any Proposal. The Commission retains the right to negotiate the fees and compensation arrangements for its underwriting services. The engagement described in this RFP is not exclusive and MHDC expressly retains the right at any time to retain any other firm or firms to provide any of the services described herein without violating the engagement contemplated by this RFP or to sell any issue of its bonds by competitive sale or private placement or such other means it shall deem appropriate.

SECTION III: UNDERWRITING TEAM

MHDC intends to designate one or two firms as Senior Manager(s) and approximately four to six firms as Co-Managers, which may include one or two Co-Senior Managers, for its single family mortgage revenue bonds. If more than one Senior Manager is selected, it is possible that the Senior Managers will alternate roles as book-running manager of the account on single-family bond issues, with the Senior Manager not serving a particular transaction as book-running manager of the account serving as a Co-Senior Manager, along with the other firm or firms selected as Co-Senior Manager, if any. In addition, MHDC expects to appoint additional firms as members of a selling group in connection with its single-family mortgage revenue bonds.

MHDC anticipates that the firm(s) selected as Senior Manager(s) for the single-family mortgage revenue bond issues will serve as Senior Manager(s) for its multifamily mortgage revenue bonds as well. MHDC may designate one Senior Manager as book-running manager of the multifamily account or may alternate roles as book-running manager of the account at its discretion. Firms selected as Co- Senior Managers (if any), Co-Managers and selling group members may participate in those capacities for multifamily mortgage revenue bonds from time to time in the judgment of MHDC for those issues of sufficient size or other characteristics to justify a larger underwriting team.

Compensation of all firms, including Senior Managers, Co-Senior Managers (if any), Co-Managers and selling group members, will be determined by the fee arrangements negotiated with the Senior Managers. MHDC will direct the order priorities, member liabilities and designation rules for priority orders to be included in the Agreement Among Underwriters (AAU) and in the Selling Group Agreement. MHDC reserves the right in its sole discretion to change the order priorities, member liabilities and designation rules for priority orders at any time during the term of the engagement contemplated by this RFP.

MHDC has typically sold its single family mortgage revenue bonds using a one day retail order period followed by institutional pricing the subsequent morning. During the retail order period the priority of orders is Missouri retail orders followed by national retail orders. During the institutional pricing the priority of orders is net designated orders followed by member orders. MHDC expects to continue to follow these practices but is open to suggestions to enhance distribution of its bonds.

Respondents may apply for selection as a Senior Manager, Co-Manager or Selling Group Member. Applicants for Senior Manager will automatically be considered for selection as a Co-Manager or Selling Group Member and applicants for Co-Manager will be considered as Selling Group Member.

SECTION IV: SCOPE OF SERVICES

The Scope of Services will differ for those firms chosen as Senior Manager compared to Co-Managers and Selling Group Members. Due to their alternating position as the book-running senior manager, the Senior Managers will provide MHDC a broader range of services, as follows.

Senior Managers. The Senior Managers will be primarily responsible for the following scope of services relating to the issuance of bonds:

1. Assist in the development of the overall bond financing strategy, including the sizing and timing of each long term bond issue.

2. Provide recommendations regarding the structure of each issue of bonds to best achieve MHDC’s objectives for that transaction. This will include ideas regarding the marketing of taxable bonds, ideas for economic refunding issues, planned amortization class bonds, super- sinker maturities, pass-through structures and other concepts that will enable MHDC to maximize the funds available for loans to homebuyers at the lowest reasonable mortgage rates.

3. Review and comment on the bond documents, disclosure documents, program agreements and other documents relating to each transaction. This will include timely review by the Senior Manager of the Supplemental Indenture, the official statement or other disclosure documents and the closing documents for each series of bonds issued.

4. Coordinate with underwriter’s counsel in making arrangements with financial printers for printing and mailing of disclosure documents and related materials.

5. Assist in obtaining the rating for each bond transaction and any bond insurance commitment or other form of credit enhancement desired to secure the bonds.

6. Work with MHDC and its Financial Advisors to develop the underwriting, distribution and marketing strategy for each issue of bonds and arrange for the preparation of an Agreement Among Underwriters (AAU) containing appropriate order priorities, syndicate rules and restrictions to implement that strategy and a Selling Group Agreement, as appropriate, detailing the rules and priorities applicable for the members of the Selling Group, if any.

7. When serving as book-runner, manage the syndicate in such a way as to adhere to the constraints imposed by the AAU and to ensure a fair and equitable allocation of bonds among the managing underwriters and Selling Group, as applicable.

8. When serving as book-runner, have the capabilities to prepare all quantitative analyses and yield calculations relating to each new issue. (Note that computer-related services are currently, at the discretion of MHDC, provided by MHDC's Financial Advisors.)

9. As requested, assist MHDC and its Financial Advisors in the development and implementation of the bond proceeds reinvestment strategy.

10. Provide a comprehensive and detailed Analysis of Distribution to document the level of participation and performance of each member of the underwriting team in selling and distributing MHDC’s bonds.

11. Underwrite maturities of bonds, individually or as members of the syndicate, as appropriate, to effectuate the successful distribution of the Commission’s bonds at the lowest possible interest rate.

Co-Senior Managers and Co-Managers. The Co-Senior Managers, if any, and Co-Managers will be primarily responsible for the following scope of services relating to the issuance of bonds:

1. Work with the book-running Senior Manager by providing recommendations regarding the pricing, marketing and distribution strategy.

2. Review and comment on the draft AAU prepared and distributed by the book-running Senior Manager.

3. Utilize the firm’s institutional and retail sales capabilities to aggressively market bonds in support of the pricing and distribution strategy.

Selling Group Members. The Selling Group Members will utilize the firm’s institutional and/or retail sales capabilities to aggressively market bonds in support of the pricing and distribution strategy. Selling group members are not eligible for designations of takedown for net designated orders.

SECTION V: EVALUATION CRITERIA

The criteria to be used in evaluating the Proposals will include, but are not limited to, the following:

1. Housing finance experience and expertise of the personnel to be assigned to the Commission’s engagement as well as the housing finance experience and expertise of the firm.

2. Sales and distribution capabilities, which shall include both retail and institutional distribution capabilities, demonstrated distribution efforts on prior MHDC issues as well as on behalf of other state and local issuers of single family and multifamily mortgage revenue bonds.

3. The location, extent and capabilities of the firm’s offices and employees in Missouri, and economic impact to Missouri.

4. Suggestions regarding innovative financing ideas for MHDC.

5. The firm’s capital adequacy and capacity to perform the services described under Scope of Services above in a prompt, responsive manner with excellent quality of work product.

6. The firm’s certification as a minority, woman or veteran-owned firm and/or the firm’s inclusion of minority and women participation, including the firm’s employees.

7. Related investigations and regulatory proceedings and litigation involving the firm will be taken into account, depending upon the nature and significance of the proceedings.

8. The Commission’s prior experiences, if any, with the firm and any other factors the Commission believes would be in its best interest to consider.

9. Quality and thoroughness of RFP response and special capabilities of the firm outlined in the response to the RFP.

In addition, those firms seeking consideration as Senior Manager will also be evaluated on the following additional factors relevant to the broader scope of services and responsibilities of the Senior Managers, which will include, but are not limited to, the following:

1. Recommended strategies for providing financing for and/or enhancing MHDC’s single family mortgage revenue bonds program.

2. Recommended strategies for providing financing for and/or enhancing MHDC’s multifamily mortgage revenue bonds program.

3. Demonstrated computer analytical capabilities to model bond structures and generate cashflow analyses, including analyses required by S&P and bond and loan yield analyses required to satisfy federal tax law as required by bond counsel.

4. Proposed fees and charges for services.

SECTION VI: PROPOSAL DETAILS

Respondents interested in responding to this RFP should submit the following information.

A. Cover Letter (limit to 1 page) stating that: (a) the information submitted in and with the proposal is true and accurate, and (b) the person signing the letter is authorized to submit the proposal on behalf of the Respondent.

B. Proposal (limited to 25 pages, excluding exhibits) including the following information:

1. Proposed Role. State the role for which you wish your firm to be considered: (a) Senior Manager, or (b) Co-Senior Manager, (c) Co-Manager or (d) Selling Group Member.

2. Firm Information. Provide a description of your firm that includes the length of time your firm has been in business, an overview of the public finance department and a discussion of any substantive changes in its management and housing banking group, in its municipal securities trading group, and in any other area of its public finance practice in the last three (3) years.

3. Firm Ownership. Pursuant to the Standards of Conduct (see Section II of this RFP), any response under this RFP shall disclose the name of the individual, entity and/or entities having ownership interests in the Respondent. All entities identified in this disclosure shall be reduced to their human being level irrespective of the number of entity layers which may be present for any disclosed entity. Notwithstanding the previous sentence, to the extent any Respondent under this RFP is a publicly traded corporation, such a Respondent may limit this disclosure to all board members, officers (and other key employees) and any shareholders owning or controlling ten percent (10%) or more of the corporation. For purposes of providing firm ownership information, please complete Attachment 1 in spreadsheet format to include a listing of your firm’s owners/shareholders. Questions regarding these requirements or any other requirements or restrictions imposed by the Standards of

Conduct may be directed to the Commission’s General Counsel, Katherine (Katie) Jeter-Boldt, by phone at 816-759-6835 or email at [email protected].

4. Public Finance Department. Provide an overview of your public finance department and your firm’s financial wherewithal to underwrite housing bonds. Include the following information:

Number of professionals in public finance department Number of professionals assigned full-time to tax-exempt housing Number of institutional sales personnel assigned exclusively to marketing tax-exempt bonds and notes Firm’s net capital Firm’s excess net capital Net capital allocated to Public Finance Excess net capital allocated to Public Finance

5. Housing Professionals. Provide the number of professionals who are dedicated to banking for state HFAs, including their names, titles and a brief description of their background and experience. Describe any changes, including additions and departures, in your housing group staff in the last two years and the impact on serving clients. In addition, please describe plans for any upcoming anticipated changes, such as retirements, in your housing group staff.

6. Contact Person and Staffing. Provide the name, address, phone number, and email address of the primary contact person for your firm’s proposal. Identify the personnel, and provide a brief resume for each such person, who would be assigned to the MHDC account if your firm is selected pursuant to this RFP to serve in any capacity. Identify the location and key personnel of the municipal trading desk that will have primary responsibility for the Commission’s bond sales. Note that if the firm is selected in any capacity no change to this staffing will be permitted without the permission of MHDC.

7. Sales and Distribution Capability. Describe the in-State, regional and national sales and distribution capabilities of your firm both as to (a) retail sales, and (b) institutional sales. Discuss the proposed role of your firm in implementing a pricing and marketing strategy to take maximum advantage of strong in-State retail demand for MHDC bonds. Describe any other sales and distribution capabilities of the firm that will enhance the distribution of MHDC’s bonds.

8. Qualifications and Experience. Provide the following summary data with respect to housing revenue bond transactions (both tax exempt and taxable) for which your firm served as book-running senior manager, co-senior manager, co-manager, or selling group member, for each of the periods indicated in the table, below. Provide a separate table for Single Family and for Multifamily bond issues.

Lead Manager Co-Senior Manager Co-Manager Selling Group Member YEAR # Issues $ Amount # Issues $ Amount # Issues $ Amount # Issues $ Amount 2018 2019 2020

In a separate appendix list each transaction incorporated into the table above, grouped by the firm’s role, in chronological order providing general information about the transaction including the issuer name, the dollar amount of the issue, the name of the issue, the series designation and the settlement date.

For those firms that have previously served as an underwriter or selling group member to MHDC during the same periods in the table, please complete the following table and for those firms not previously serving MHDC during that period select another comparable state agency client and complete the following table. When completing the table, institutional designations received by firms may serve as the basis for the amount of allotments.

Retail Distribution Institutional Distribution YEAR Orders ($) Allotments ($) Orders ($) Allotments ($) 2018 2019 2020

9. State HFA Clients. List the state housing finance agencies for which your firm currently serves as book-running Senior Manager, Co-Senior Manager, Co-Manager or selling group member, the firm’s role and a contact with the agency for reference purposes. Identify any state housing finance authority for which your firm was added to the underwriting team or for which the firm’s role was elevated since January 1, 2018. Identify any state housing finance authority for which your firm served as a member of the underwriting team subsequent to January 1, 2018, but for which your firm is not currently serving in that capacity or is serving in a diminished capacity. Please explain the basis for the change.

10. State HFA References. Provide contact names, phone numbers and email addresses for three state-level HFA references.

11. Operation of the Underwriting Syndicate. State your firm’s recommendations regarding bond order priority, retention and designation policies which should be included in the Agreement Among Underwriters to govern the operation of the underwriting syndicate in order to (a) first and foremost, best implement and control a balanced sale designed to minimize TIC by taking advantage of in-State retail demand for certain maturities and institutional demand for bonds (including premium bonds), and (b) to the extent not inconsistent with (a) above, result in fair and equitable

compensation and bond allocations among the underwriters. State your recommendations regarding the minimum time needed between POS distribution and the start of the order period to permit an orderly and efficient sale, and comment on impacts of incorporating a retail order period.

12. Special Strengths and/or Minority Representation. Describe any special strengths or capabilities of your firm (which may include selling group performance for MHDC or other state housing finance agencies, special expertise with single and multifamily housing bonds, the firm’s status as a minority, woman or veteran-owned firm, the presence of offices or headquarters in Missouri, the number of employees of the firm within Missouri or any other special services or assistance your firm may provide to MHDC) that you believe may be relevant to or helpful to MHDC in structuring, financing or administering its Homeownership Loan Program and/or its multifamily lending initiatives.

13. Economic Impact to Missouri. The Respondent must provide information and data concerning the economic impact of any contract entered into pursuant to this RFP. At minimum, the Respondent must provide: a) a description of proposed services that will be performed and/or the proposed products that will be provided by Missourians; b) a description of the economic impact returned to the State of Missouri through tax revenue obligations and otherwise; and c) a description of the Respondent’s economic presence within the State of Missouri, including Missouri employee statistics.

14. Litigation, Investigations and Regulatory Proceedings. Provide a summary of all inquiries, investigations, or civil litigation initiated, in progress or closed by any federal or Missouri agency during the past five years regarding the conduct of your firm, your firm’s management or public finance personnel. Describe with specificity those actions related to the firm’s public finance department or the distribution of tax- exempt bonds. Describe any related actions taken against your firm or any employees of the firm resulting in fines, suspensions, censure, or similar resolution. Provide a summary of any criminal inquiries, investigations, indictments or convictions against your firm or any employee of your firm (in connection with the employee’s work responsibilities for the firm) initiated, in progress or closed during the past five years. Provide a summary of any civil litigation initiated, in progress or closed during the past five years involving the firm’s public finance practice or any employee’s work responsibilities for the firm in connection with the firm’s public finance practice. Failure to respond fully to this question or to refer to public filings rather than provide the information directly may result in disqualification. (If necessary, responses to this question may be included in as a separate appendix to the proposal.)

15. Authorization to Do Business in Missouri. Respondent should explain its authorization to do business in Missouri and include a copy of relevant public documents, such as a Missouri certificate of good standing, a foreign business registration, a fictitious name filing, or a copy of filed organizational documents. Likewise, Respondent must explain authorization to do business in Missouri and include like documents for all third-party agreements, joint venture arrangements, and/or relationships that will result in the provision of any services in whole or in part by outside parties, third-party contractors, affiliates, or subcontractors. In the event the Respondent or other entities included in the Response is not currently authorized to do business in Missouri, include Respondent’s proposed method and timeline for gaining authorization. 10

16. Undocumented Workers. Pursuant to Mo.Rev.Stat. §285.530.2, firm(s) selected pursuant to this RFP shall provide MHDC with an affidavit stating that the firm does not employ any person who is an unauthorized alien in conjunction with the contracted services, and that the firm is enrolled in and participating in a federal work authorization program with respect to the employees working in connection with the contracted services. Prior to execution of any agreement contemplated herein, the firm shall provide evidence of participation in a federal work authorization program. Questions regarding this requirement may be directed to the Commission’s General Counsel, Katherine (Katie) Jeter-Boldt, by phone at 816-759-6835 or email at [email protected]. In your proposal, please indicate whether your firm is currently enrolled in and participating in a federal work authorization program such as E-Verify.

17. Prohibition to Boycott Israel. Pursuant to Mo.Rev.Stat. §34.600, MHDC shall not enter into a contract with any firm that boycotts Israel. In your proposal, state whether your firm is or is not currently engaged in a boycott of (i) goods or services from the State of Israel; (ii) companies doing business in or with Israel or authorized by, licensed by, or organized under the laws of the State of Israel; or (iii) persons or entities doing business in the State of Israel. “Boycott” means refusing to deal with, terminating business activities with, or otherwise taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations, but does not include an action made for ordinary business purposes.

In addition, only those firms seeking consideration as Senior Manager should respond to the following additional information requests:

18. Strategies for Funding Single Family Mortgage Loan Programs with Bond Financing and Other Financing (such as MBS Sales). Based on prevailing interest rates and market conditions, recommend strategies (e.g., bond finance sizing, structure, marketing or pricing, forward delivery or MBS sales) designed to enable MHDC to (a) offer a mix of regular low interest rate loans and higher rate down payment assistance loans with the most affordable interest rates and terms, (b) minimize total transaction costs (including negative arbitrage costs for bond financing), (c) maximize the total amount of lendable proceeds for first time homebuyers and (d) maximize the Net Present Value economic benefit to MHDC of each transaction. Identify any element of your recommended strategy which your firm views as being “proprietary” or otherwise effectively available to MHDC primarily (or exclusively) from your firm.

19. Strategies for Funding Multifamily Mortgage Loans. Based on your recent experience as a managing underwriter for multifamily mortgage revenue bonds, briefly describe those bond structures and credit enhancement mechanisms which, in the opinion of your firm, currently provide the most cost-effective strategy for funding mortgage loans on rental apartment projects (particularly smaller to medium sized projects).

20. Proposed Fees. State the amount of the management fee (in dollars per thousand) your firm proposes to be paid for serving as book-running Senior Manager for (a) a $50 million new issue of long term single family mortgage revenue bonds (assuming ‘AA+’ bond rating) and (b) $5 million new issue of long term fixed rate multifamily mortgage revenue bonds (assuming ‘AA+’ bond rating). Provide the quotation of the full amount of the management fee; however, assume this fee will be apportioned with

60% of the management fee allocated to the book-running Senior Manager and the remaining 40% allocated to any other rotating Senior firm serving as a Co-Senior Manager. MHDC may approve a different allocation of the management fee among the Senior Managers but the total amount will be based upon the quoted fee.

MHDC understands the Takedown and Risk components of underwriter discount are “market-driven” costs and may fluctuate depending upon market conditions. Based upon market conditions as of January 20, 2021, provide estimates of the Takedown (in dollars per thousand) your firm would recommend for a typical issue of $50 million long term, fixed rate tax-exempt single family mortgage revenue bonds consisting of (a) par serial bond maturities out to 12 years, (b) par term bond maturities of 15, 20, 25 and 30 to 32 years, and (c) premium PAC bonds maturing in approximately 31 or 32 years with an average life of five to six years. For each of the par term bonds, indicate the extent to which the Takedowns could be reduced by offering those bonds only to institutional investors (it is assumed the premium PAC bonds would be offered only to institutional investors).

In addition, provide an estimate of the Takedown (in dollars per thousand) your firm would recommend for a pass-through $50 million single family bond issue.

Please provide a listing of other estimated underwriter expenses that you would charge, including underwriter’s counsel.

21. Computer Analytical Capability. Describe the capabilities and experience of your firm in providing all of the quantitative analyses, including analyses required by S&P (both on a single series, stand-alone basis and on a consolidated basis for all parity bonds outstanding under a master indenture) and the bond/mortgage yield computations required by bond counsel. State the fee your firm would propose to charge for providing the cash flow analyses and yield computations for a typical issue of (a) fixed rate single family mortgage revenue bonds, and (b) fixed rate multifamily mortgage revenue bonds. State your firm’s willingness to coordinate bond structuring and cash flow analyses with CSG Advisors Incorporated and Columbia Capital Management, MHDC's Co-Financial Advisors, if these firms continue to be directed to perform the required quantitative analyses.

22. Underwriters’ Counsel. Presently underwriters’ counsel prepares the disclosure documents for MHDC’s single family issues and prepares the bond purchase agreement, agreement among underwriters and selling group agreement for all bond issues. In addition, bond counsel prepares the disclosure documents on MHDC’s multifamily mortgage revenue bonds and underwriters’ counsel prepares the bond purchase agreement and agreement among underwriters. MHDC expects that a single law firm, or a single team of law firms, will serve as underwriters’ counsel for all single family mortgage revenue bond issues, regardless of the firm appointed book-running senior manager on a particular issue. As a result, MHDC will expect that if two firms are selected as rotating Senior Managers, the Senior Managers will agree on the firm(s) designated as underwriters’ counsel. MHDC expressly reserves the right to disapprove any firm so selected and to require the Senior Managers to agree upon a firm acceptable to MHDC. In the future, MHDC may consider a different approach to its legal services and provide that its disclosure documents be prepared by disclosure counsel selected by MHDC. Indicate your willingness to abide by these terms. Furthermore identify the law firm(s), including the names and resumes of the principal attorneys,

including participation with a minority, woman or veteran-owned firm, if any, you would propose or consider as a candidate to serve as Underwriters’ Counsel on transactions for which your firm would be designated as book-running Senior Manager.

There is no additional information requested. Thank you for reviewing this RFP. We look forward to your response.

ATTACHMENT 1

MHDC - Underwriters and Selling Group Members - RFP Firm Information

Proposing Firm Owners/Partners/Shareholders *

[Firm Name]

* For publicly traded firms, disclosure may be limited to all board members, officers (and other key employees) and any shareholders owning or controlling ten percent (10%) or more of the corporation 4) Report of staff b. 2020 Rental Production Recommended Applications

2020 - 4% & 9% Rental Production Recommended Applications

Kansas City Region

Parker Square 20-404 204 Rehab Family No No Yes Apartments CRG Developers LLC Kansas City $ 912,300 $ 181,768 N/A N/A $ - $ - $ - $ - $ 18,600,000 Palestine Gardens _ Senior Palestine Gardens Palestine Gardens / Palestine Gardens, 20-419 118 Rehab 62+ No No Yes North Inc Kansas City $ 384,212 $ 384,212 N/A N/A $ - $ - $ - $ - $ 8,840,000

Senior 20-014 50 New 55+ No No Yes Logan Villas, LP Raga Properties, LLC Raytown N/A N/A $ 638,000 $ 446,600 $ 1,200,000 $ - $ - $ - N/A

20-051 53 New Family No Yes Yes Bodhi Kansas City Vecino Group, LLC Kansas City N/A N/A $ 671,000 $ 469,700 $ 700,000 $ - $ - $ - N/A

20-052 62 New Family No No Yes Libertad Grandview Vecino Group, LLC Grandview N/A N/A $ 786,000 $ 550,200 $ 1,300,000 $ - $ - $ - N/A

20-077 80 Rehab Family Yes Yes Yes The Cleveland Community Builders of Kansas City Kansas City N/A N/A $ 482,000 $ 337,400 $ 725,000 $ 2,100,000 $ - $ - N/A

20-100 62 New Family No Yes Yes Sam Rodgers Place Brinshore Development, LLC Kansas City N/A N/A $ 655,000 $ 458,500 $ - $ 2,700,000 $ 1,600,000 $ - N/A

St. Louis Region

Senior Winter Garden Winter Garden Senior Housing 20-402 112 Rehab 62+ No No Yes Apartments Developer, LLC St. Louis $ 664,506 $ 640,000 N/A N/A $ - $ - $ - $ - $ 12,000,000

Senior 20-408 155 Rehab 62+ No No Yes Covenant Place III Community Housing Management Corp. St. Louis $ 865,885 $ 620,000 N/A N/A $ 500,000 $ - $ - $ - $ 17,052,309

Etzel Place VI 20-413 88 Rehab Family No No Yes Apartments K-M Housing, LLC St. Louis $ 424,515 $ 350,000 N/A N/A $ 860,000 $ - $ - $ - $ 7,445,000

Preservation Square 20-013 137 New Family No No Yes Phase IIA McCormack Baron Salazar, Inc. St. Louis N/A N/A $ 1,575,000 $ 1,102,500 $ - $ - $ 2,274,000 $ - N/A

Senior 20-045 60 New 55+ No No Yes Sunridge Meadows Ring Property Company, L.L.C. Festus N/A N/A $ 790,000 $ 553,000 $ 970,000 $ 1,500,000 $ - $ - N/A

Nash Group, LLC 51% and Vecino 20-050 60 New Family No No Yes Alumnus Gardens Group, LLC 49%, Jointly St. Louis N/A N/A $ 775,000 $ 542,500 $ 500,000 $ - $ - $ - N/A

Senior Scott Manor II Senior 20-075 50 New 55+ No Yes Yes Apartments Scott Manor II Developer LLC St. Louis N/A N/A $ 688,500 $ 481,950 $ 817,000 $ - $ - $ - N/A

20-079 23 Rehab Family No No Yes Francies Place Gateway Housing First, Inc. St. Louis N/A N/A $ - $ - $ - $ 1,650,000 $ - $ 455,000 N/A

Senior Elm Ridge Senior 20-083 50 New 55+ No Yes Yes Apartments Elm Ridge Developer LLC Hazelwood N/A N/A $ 689,000 $ 482,300 $ 820,000 $ - $ - $ - N/A

Senior 20-098 42 New 55+ No No Yes Vandeventer Place II RR Jennings Developer, L.L.C. St. Louis N/A N/A $ 704,000 $ 492,800 $ - $ - $ 500,000 $ - N/A 2020 - 4% & 9% Rental Production Recommended Applications

MSA-Rural Region

Mid-Missouri Barrier Free Housing for 20-407 13 New Family No No No Freedom House I the Physically Handicapped, Inc. Columbia $ 110,750 $ 110,750 N/A N/A $ - $ - $ 1,070,000 $ - $ 1,750,000 Cape Area Comm. Housing Dev. Corp. Senior Lindenwood Senior CDC and 1105 Development Partners, 20-001 67 Rehab 62+ No Yes Yes Apartments LLC Cape Girardeau N/A N/A $ 525,000 $ 367,500 $ 450,000 $ - $ - $ - N/A

Senior 20-064 40 New 55+ No No Yes Sinclair Estates II JES Dev Co, Inc. Columbia N/A N/A $ 640,000 $ 448,000 $ - $ - $ 715,000 $ - N/A

Senior 20-084 60 New 55+ No Yes Yes Scenic Meadows Terravest Development Corp. Springfield N/A N/A $ 780,000 $ 546,000 $ 1,150,000 $ - $ - $ - N/A

Senior 20-087 54 New 55+ No No Yes Memorial Hills II Parker Development, L.L.C. Joplin N/A N/A $ 750,000 $ 525,000 $ - $ - $ 640,000 $ - N/A

Senior 20-088 42 New 55+ No No Yes Frisco Senior Village II Parker Development, L.L.C. Bolivar N/A N/A $ 540,000 $ 378,000 $ 400,000 $ - $ - $ - N/A

Rural Region

Set-Aside HOME Non- Preference / National New Senior / CHDO profit TC Service Enriched / Federal 4% State 4% Tax Federal 9% State 9% Tax MHDC Fund Housing Trust Tax Exempt Project # Units Rehab Family Set-aside Set-aside Veteran's Services Development Name Developer City Tax Credits Credits Tax Credits Credits HOME Balance - Perm. Fund TCAP Bond - Const. Diamond Apartments (formerly Oak Tree 20-403 80 Rehab Family No No Yes Apartments) 3 Diamond Development, LLC Rolla $ 263,247 $ 263,247 N/A N/A $ 700,000 $ - $ - $ - $ 5,879,037

20-410 60 Rehab Family No No No Deerfield Village Preservation of Affordable Housing, LLC Carthage $ 374,784 $ 374,784 N/A N/A $ - $ - $ - $ - $ 6,060,000 Madison County Affordable Housing The Meadows Of Partnership and RCH Development, 20-002 40 New Family No Yes Yes Fredericktown INC. Fredericktown N/A N/A $ 563,000 $ 394,100 $ 700,000 $ - $ - $ - N/A

20-019 16 Rehab Family No Yes Yes Woodridge Apartments Central Missouri Community Action Brunswick N/A N/A $ 177,000 $ 123,900 $ - $ - $ - $ - N/A

20-021 24 Rehab Family No No Yes Martin Groves Snider Development, LLC Ava N/A N/A $ 207,000 $ 144,900 $ - $ - $ - N/A

20-024 24 Rehab Family No No Yes Arden Groves Cydecton Investments, LLC Thayer N/A N/A $ 197,000 $ 137,900 $ - $ - $ - $ - N/A

Missouri Valley Community Action 20-026 52 Rehab Family Yes Yes Yes Springridge Highlands Agency Warrensburg N/A N/A $ 373,000 $ 261,100 $ 300,000 $ - $ - $ - N/A

Senior Delta Area Economic Opportunity 20-027 20 Rehab 55+ Yes No Yes Highland Groves Corporation Sikeston N/A N/A $ - $ - $ 1,845,000 $ - $ - $ - N/A

20-041 39 New Family No No Yes Woodlands II Affordable Homes Development, Inc. Forsyth N/A N/A $ 565,000 $ 395,500 $ 1,180,000 $ - $ - $ - N/A

Senior 20-046 48 Rehab 55+ Yes Yes Yes Tannehill Apartments The Siedlund Company, LLC Moberly N/A N/A $ 670,000 $ 469,000 $ 920,000 $ - $ - $ - N/A

20-085 48 New Family No No Yes Parkview Terrace Terravest Development Corp. Kirksville N/A N/A $ 765,000 $ 535,500 $ 970,000 $ - $ - $ - N/A

Senior 20-092 36 New 55+ No No Yes Weatherby Ridge Turnberry Developers, L.L.C. Macon N/A N/A $ 525,000 $ 367,500 $ - $ - $ - $ - N/A

Senior 20-095 65 Rehab 55+ No No Yes Vernon Heights Missouri Housing Partners Lebanon N/A N/A $ 457,000 $ 319,900 $ 450,000 $ - $ - $ - N/A Salient Facts:

Region Kansas City MHDC Property Number 20-404 Property Name Parker Square Apartments Developer Name CRG Developers LLC Location Kansas City Occupancy Family Construction Acquisition/Rehab Priority (if applicable) Non-Profit, Service Enriched, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Project-Based Section 8 property constructed in 1973 with 204 family two-story row house units. Security enhancements will include gated entry with one-way in and one-way out, new surveillance cameras.

Reasons for Recommendations: 1. Preservation of Section 8 property with larger unit sizes, including 4BR units which are rare in the area. 2. Reasonable State tax credit request. 3. Good location, near KCATA bus stops. 4. Currently 100% occupied and many households on waiting list. 5. Good services provided for the tenant population.

Loan Information

Permanent Sources Construction Sources 223(f) Perm Loan $18,000,000 Seller Note $3,700,000 Seller Note $3,700,000 Tax Credit Equity $6,133,567 TE Construction Bonds $18,600,000 Federal and State LIHTC Equity $8,954,113 Costs/Fees Post Construction $2,793,145 Federal and State Historic $0 Total Construction Sources $31,226,712 AHAP Donation $0 Deferred Developer Fee $572,599 Total Sources: $31,226,712

Uses: Construction Costs $8,555,088 Architect and Engineering $246,000 Construction Interest $483,600 Contingency $652,133 Closing Legal $100,000 Environmental Abatement Relocation Expense $500,000 Furniture and Fixtures $0 Acquisition Costs $16,000,000 Developer\Construction Fee $1,806,704 MHDC and Related Costs $2,000 Reserves $1,367,400 Other Development Costs $1,513,787 Total Uses: $31,226,712 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $31,226,712 $1,367,400 $2,000 $29,857,312 Costs per Unit $153,072 $6,703 $10 $146,359 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed 48 950 $940 $1,100 85% 3 Bed 108 1120 $1,215 $1,375 88% 4 Bed 48 1250 $1,360 $1,520 89%

Total Number of Units 204 Total LIHTC Units 204 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $2,696,479 $13,218 Underwritten Expenses $1,415,535 $6,939 Operating Income $1,280,944 $6,279 Debt Service $1,032,578 $5,062 Net Operating Income $248,366 $1,217

Year 1 Year 15 Debt Service Coverage 1.24 1.37

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $912,300 $0.87 $4,472 $4,472 State Low Income $181,768 $0.56 $891 $891 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Kansas City MHDC Property Number 20-419 Property Name Palestine Gardens _ Palestine Gardens North Developer Name Palestine Gardens / Palestine Gardens, Inc Location Kansas City Occupancy Senior 62+ Construction Rehabilitation Priority (if applicable) Service Enriched Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Two 3-story elevator buildings with 118 units for seniors originally built in 1988 and 1994.

Reasons for Recommendations: 1. Tenants will pay only 30% of income for rent. 2. Preservation of Section 8 property for seniors. 3. Project will include enhanced services for tenants.

Loan Information

Permanent Sources Construction Sources HUD 221(d) 4 $5,105,950 TE Bonds Construction $8,840,000 Tax Credit Equity $1,167,936 Federal and State LIHTC Equity $5,839,679 Costs/Fees Post Construction $1,038,184 Federal and State Historic $0 Total Construction Sources $11,046,120 AHAP Donation $0 Deferred Developer Fee $100,491 Total Sources: $11,046,120

Uses: Construction Costs $6,124,780 Architect and Engineering $149,000 Construction Interest $226,929 Contingency $462,395 Closing Legal $50,000 Environmental Abatement $20,000 Relocation Expense $325,150 Furniture and Fixtures $50,000 Acquisition Costs $1,669,330 Developer\Construction Fee $810,000 MHDC and Related Costs $15,500 Reserves $505,733 Other Development Costs $637,303 Total Uses: $11,046,120 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $11,046,120 $505,733 $15,500 $10,524,887 Costs per Unit $93,611 $4,286 $131 $89,194 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market Efficiency 14 415 $646 $640 101% 1 Bed 104 528 - 650 $760 $790 96%

Total Number of Units 118 Total LIHTC Units 118 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $1,004,158 $8,510 Underwritten Expenses $567,871 $4,812 Operating Income $436,287 $3,697 Debt Service $237,360 $2,012 Net Operating Income $198,927 $1,686

Year 1 Year 15 Debt Service Coverage 1.84 1.96

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $384,212 $0.90 $3,256 $3,256 State Low Income $384,212 $0.62 $3,256 $3,256 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Kansas City MHDC Property Number 20-014 Property Name Logan Villas, LP Developer Name Raga Properties, LLC Location Raytown Occupancy Senior 55+ Construction New Construction Priority (if applicable) Service Enriched, Veterans Housing, Special Needs Population Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction of senior (55+) four and six-plexes with 1 and 2 bedrooms. 50 units total with 7 being market rate and 8 being reserved for set-aside.

Reasons for Recommendations: 1. Excellent location - much of the infrastructure is in place, next door to HyVee and Urgent Care. 2. Reasonable rents - Mixed Income proposal. 3. Strong need for senior housing in area - 1000+ on waiting lists in 4 mile radius of site. 4. Many priorities - Set Aside Preference, Service Enriched, Veteran's Housing.

Loan Information

Permanent Sources Construction Sources MHDC HOME $1,200,000 MHDC HOME $1,200,000 Legacy Bank $1,300,000 Tax Credit Equity $1,667,565 Legacy Bank $7,150,000 Federal and State LIHTC Equity $8,337,826 Costs/Fees Post Construction $885,535 Federal and State Historic $0 Total Construction Sources $10,903,100 AHAP Donation $0 Deferred Developer Fee $65,274 Total Sources: $10,903,100

Uses: Construction Costs $7,906,330 Architect and Engineering $150,000 Construction Interest $163,964 Contingency $356,158 Closing Legal $42,500 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $25,000 Acquisition Costs $812,000 Developer\Construction Fee $745,000 MHDC and Related Costs $15,500 Reserves $328,000 Other Development Costs $358,648 Total Uses: $10,903,100 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $10,903,100 $328,000 $15,500 $10,559,600 Costs per Unit $218,062 $6,560 $310 $211,192 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 8 595 $235 - $855 $1,050 22% - 81% 2 Bed 42 875 $265 - $980 $1,100 24% - 89%

Total Number of Units 50 Total LIHTC Units 43 Total Market Units 7

Income and Expense Data Total Per Unit Gross Income $369,451 $7,389 Underwritten Expenses $245,291 $4,906 Operating Income $124,160 $2,483 Debt Service $103,517 $2,070 Net Operating Income $20,643 $413

Year 1 Year 15 Debt Service Coverage 1.20 1.13

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $638,000 $0.88 $14,837 $12,760 State Low Income $446,600 $0.61 $10,386 $8,932 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Kansas City MHDC Property Number 20-051 Property Name Bodhi Kansas City Developer Name Vecino Group, LLC Location Kansas City Occupancy Family Construction New Construction Priority (if applicable) Non-Profit, Service Enriched, Special Needs Population Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 53 family units in walk-up apartments. Amenities include community space with meeting room and computer workstations.

Reasons for Recommendations: 1. 15 units set aside for households experiencing homelessness and mental health disorders. 2. Well documented need for affordable housing in the area. 3. Good services for the tenant population.

Loan Information

Permanent Sources Construction Sources Legacy Bank $360,000 MHDC HOME $700,000 MHDC HOME $700,000 Tax Credit Equity $2,198,911 Construction Loan, Legacy Bank $6,202,000 Federal and State LIHTC Equity $8,795,642 Costs/Fees Post Construction $821,800 Federal and State Historic $0 Total Construction Sources $9,922,711 AHAP Donation $0 Deferred Developer Fee $67,069 Total Sources: $9,922,711

Uses: Construction Costs $7,154,013 Architect and Engineering $266,447 Construction Interest $160,783 Contingency $298,978 Closing Legal $60,000 Environmental Abatement $15,000 Relocation Expense $0 Furniture and Fixtures $75,000 Acquisition Costs $355,000 Developer\Construction Fee $800,000 MHDC and Related Costs $15,500 Reserves $201,800 Other Development Costs $520,190 Total Uses: $9,922,711 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $9,922,711 $201,800 $15,500 $9,705,411 Costs per Unit $187,221 $3,808 $292 $183,121 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market Efficiency 13 464 $369 - $665 $825 45% - 81% 1 Bed 25 592 - 621 $389 - $750 $935 42% - 80% 2 Bed 15 779 $460 - $850 $1,050 44% - 81%

Total Number of Units 53 Total LIHTC Units 47 Total Market Units 6

Income and Expense Data Total Per Unit Gross Income $341,329 $6,440 Underwritten Expenses $280,229 $5,287 Operating Income $61,100 $1,153 Debt Service $17,453 $329 Net Operating Income $43,646 $824

Year 1 Year 15 Debt Service Coverage 3.50 1.52

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $671,000 $0.87 $14,277 $12,660 State Low Income $469,700 $0.63 $9,994 $8,862 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Kansas City MHDC Property Number 20-052 Property Name Libertad Grandview Developer Name Vecino Group, LLC Location Grandview Occupancy Family Construction New Construction Priority (if applicable) Service Enriched, Special Needs Population, Vulnerable Population Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 62 units in 3-story elevator building. Amenities include community building with fitness room, kitchenette, computer workstations, and a playround.

Reasons for Recommendations: 1. Low capture rate. 2. Competitive pricing on LIHTC and on interest rates for bank loans. 3. 16 set-aside units for families and invidivuals with children at-risk of homelessness.

Loan Information

Permanent Sources Construction Sources Legacy Bank $700,000 MHDC HOME $1,300,000 MHDC HOME $1,300,000 Tax Credit Equity $2,575,773 Legacy Bank $7,507,000 Federal LIHTC Equity $10,303,092 Costs/Fees Post Construction $965,647 Federal and State Historic $0 Total Construction Sources $12,348,420 AHAP Donation $0 Deferred Developer Fee $45,328 Total Sources: $12,348,420

Uses: Construction Costs $9,142,497 Architect and Engineering $305,000 Construction Interest $200,047 Contingency $367,286 Closing Legal $65,000 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $30,000 Acquisition Costs $500,000 Developer\Construction Fee $890,000 MHDC and Related Costs $15,500 Reserves $261,500 Other Development Costs $571,590 Total Uses: $12,348,420 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $12,348,420 $261,500 $15,500 $12,071,420 Costs per Unit $199,168 $4,218 $250 $194,700 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 46 621 $389 - $805 $925 42% - 87% 2 Bed 16 779 $460 $1,000 46%

Total Number of Units 62 Total LIHTC Units 55 Total Market Units 7

Income and Expense Data Total Per Unit Gross Income $414,985 $6,693 Underwritten Expenses $334,798 $5,400 Operating Income $80,187 $1,293 Debt Service $33,937 $547 Net Operating Income $46,249 $746

Year 1 Year 15 Debt Service Coverage 2.36 1.21

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $786,000 $0.87 $14,291 $12,677 State Low Income $550,200 $0.63 $10,004 $8,874 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Kansas City MHDC Property Number 20-077 Property Name The Cleveland Developer Name Community Builders of Kansas City Location Kansas City Occupancy Family Construction Acquisition/Rehab Priority (if applicable) Non-Profit, Service Enriched, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Acquisition/Rehab of existing family development consisting of 80 units. 3 units will be 30% AMI and 8 will be market rate units.

Reasons for Recommendations: 1. Conservative total development costs. 2. 18 units will be reserved as KC Housing Authority units with rental assistance. 3. Very affordable rents. 4. Good location - adjacent to bus stop, close to schools and grocery stores. 5. Service enriched application and working with a CHDO Non Profit.

Loan Information

Permanent Sources Construction Sources MHDC Fund Balance $2,100,000 MHDC Fund Balance $2,100,000 HAKC & HEDFC LOANS $2,685,000 Tax Credit Equity $1,300,351 MHDC HOME $725,000 HAKC & HEDFC subordinated loans $2,685,000 Construction period - reserves/cash $375,000 Construction period - reserves/cash $375,000 UMB Bank Bridge Loan $4,310,000 Federal and State LIHTC Equity $6,501,756 MHDC HOME $725,000 Federal and State Historic $0 Costs/Fees Post Construction $1,060,249 AHAP Donation $0 Total Construction Sources $12,555,600 Deferred Developer Fee $168,845 Total Sources: $12,555,600

Uses: Construction Costs $5,555,668 Architect and Engineering $175,000 Construction Interest $156,234 Contingency $355,523 Closing Legal $60,000 Environmental Abatement $0 Relocation Expense $130,260 Furniture and Fixtures $50,000 Acquisition Costs $4,405,010 Developer\Construction Fee $941,345 MHDC and Related Costs $56,250 Reserves $349,370 Other Development Costs $320,940 Total Uses: $12,555,600 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $12,555,600 $349,370 $56,250 $12,149,980 Costs per Unit $156,945 $4,367 $703 $151,875 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 3 Bed 80 1039 - 1279 $340 - $941 $1,300 26% - 72%

Total Number of Units 80 Total LIHTC Units 72 Total Market Units 8

Income and Expense Data Total Per Unit Gross Income $706,037 $8,825 Underwritten Expenses $490,084 $6,126 Operating Income $215,953 $2,699 Debt Service $106,244 $1,328 Net Operating Income $109,709 $1,371

Year 1 Year 15 Debt Service Coverage 2.03 1.79

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $482,000 $0.88 $6,694 $6,025 State Low Income $337,400 $0.67 $4,686 $4,218 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Kansas City MHDC Property Number 20-100 Property Name Sam Rodgers Place Developer Name Brinshore Development, LLC Location Kansas City Occupancy Family Construction New Construction Priority (if applicable) Non-Profit, Service Enriched, Preservation, MBE/WBE Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 62 - one, two, three, four and five bedroom units in three buildings for families. Amenites will include washers/dryers in units and community space with meetings rooms, office space, computer lab and kitchenette. Samuel L. Rodgers Health Center is adjacent to site. Reasons for Recommendations: 1. Located in an important redevelopment area of Kansas City (Choice Neighborhood Initiative). 2. Mixed income development with 20 market units and 42 affordable units. 3. 27 of the 42 affordable units will have RAD vouchers from the Housing Authority of Kansas City. 4. Excellent service enriched priority application. 5. Additional funding from HUD to supplement project financing.

Loan Information

Permanent Sources Construction Sources MHDC Fund Balance $2,700,000 MHDC NHTF $1,600,000 MHDC Housing Trust Fund $1,600,000 Tax Credit Equity $1,767,075 CHOICE Funds - HAKC Soft Loan $1,750,000 CHOICE $1,750,000 and RAP $250,000 $2,000,000 Rebab Assistance Payments (RAP) $250,000 MHDC Fund Balance $8,700,000 Costs/Fees Post Construction $1,271,700 Federal LIHTC Equity $8,835,374 Total Construction Sources $15,338,775 Federal and State Historic $0 AHAP Donation $0 Deferred Developer Fee $203,401 Total Sources: $15,338,775

Uses: Construction Costs $11,700,000 Architect and Engineering $430,000 Construction Interest $235,000 Contingency $591,374 Closing Legal $0 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $60,000 Acquisition Costs $1 Developer\Construction Fee $1,185,000 MHDC and Related Costs $128,250 Reserves $358,700 Other Development Costs $650,450 Total Uses: $15,338,775 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $15,338,775 $358,700 $128,250 $14,851,825 Costs per Unit $247,400 $5,785 $2,069 $239,546 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 18 657 $550 - $700 $800 69% - 88% 2 Bed 15 886 - 986 $660 - $800 $1,000 66% - 80% 3 Bed 22 1105 - 1425 $850 - $941 $1,250 68% - 75% 4 Bed 5 1485 $1,068 $1,400 76% 5 Bed 2 1886 $1,227 $0 0%

Total Number of Units 62 Total LIHTC Units 42 Total Market Units 20

Income and Expense Data Total Per Unit Gross Income $571,693 $9,221 Underwritten Expenses $390,562 $6,299 Operating Income $181,131 $2,921 Debt Service $136,600 $2,203 Net Operating Income $44,532 $718

Year 1 Year 15 Debt Service Coverage 1.33 1.20

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $655,000 $0.88 $15,595 $10,565 State Low Income $458,500 $0.67 $10,917 $7,395 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Saint Louis MHDC Property Number 20-402 Property Name Winter Garden Apartments Developer Name Winter Garden Senior Housing Developer, LLC Location St. Louis Occupancy Senior 62+ Construction Acquisition/Rehab Priority (if applicable) Service Enriched, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 6 story elevator building with 112 units for seniors. 94 1 - bedroom and 18 - 2 bedroom with community room.

Reasons for Recommendations: 1. Senior tenants only pay up to 30% of their income for rent. 2. Office for on-site resident service coordinator. 3. Many amenities for seniors in the area. 4. Development has proven need for preservation and rehabilitation.

Loan Information

Permanent Sources Construction Sources Income from Operations $493,000 TE Bonds $12,000,000 TE Bonds $12,000,000 Tax Credit Equity $8,620,525 Income from Operations $493,000 Federal and State LIHTC Equity $10,141,794 Costs/Fees Post Construction $2,007,955 Federal and State Historic $0 Total Construction Sources $23,121,480 AHAP Donation $0 Deferred Developer Fee $486,686 Total Sources: $23,121,480

Uses: Construction Costs $7,341,866 Architect and Engineering $286,000 Construction Interest $384,000 Contingency $650,000 Closing Legal $0 Environmental Abatement $0 Relocation Expense $196,000 Furniture and Fixtures $0 Acquisition Costs $10,870,000 Developer\Construction Fee $1,800,000 MHDC and Related Costs $15,500 Reserves $713,803 Other Development Costs $864,311 Total Uses: $23,121,480 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $23,121,480 $713,803 $15,500 $22,392,177 Costs per Unit $206,442 $6,373 $138 $199,930 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 94 448 - 570 $940 $0 0% 2 Bed 18 742 $1,275 $0 0%

Total Number of Units 112 Total LIHTC Units 112 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $1,429,309 $12,762 Underwritten Expenses $618,310 $5,521 Operating Income $810,999 $7,241 Debt Service $574,470 $5,129 Net Operating Income $236,530 $2,112

Year 1 Year 15 Debt Service Coverage 1.41 1.65

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $664,506 $0.91 $5,933 $5,933 State Low Income $640,000 $0.64 $5,714 $5,714 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Saint Louis MHDC Property Number 20-408 Property Name Covenant Place III Developer Name Community Housing Management Corp. Location St. Louis Occupancy Senior 62+ Construction Acquisition/Rehab Priority (if applicable) Non-Profit, Service Enriched, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 150 1 - bedroom units in a 5 story elevator building that is almost 40 years old and in need of rehab. It creates 5 new one bedroom units on the lower floor.

Reasons for Recommendations: 1. Preserves 150 affordable units for seniors located in an area with many amenities for seniors. 2. Has extensive services for the tenants. 3. Will modify units to allow for better accessibility for the senior tenants. 4. Tenants pay only 30% of income for rent.

Loan Information

Permanent Sources Construction Sources FHA 221(d)(4) Loan $10,000,000 MHDC HOME $500,000 MHDC HOME $500,000 Tax Credit Equity $2,304,853 Seller Financing $5,930,000 Construction TE Bonds $7,052,309 R4R Transferred to Project $2,091,547 RR Escrow and Res Recp $2,425,185 Residual Receipts Transferred $333,638 Perm TE Bonds $10,000,000 Seller Financing $5,930,000 Federal and State LIHTC Equity $11,524,267 Costs/Fees Post Construction $2,434,180 Federal and State Historic $0 Total Construction Sources $30,646,527 AHAP Donation $0 Deferred Developer Fee $267,075 Total Sources: $30,646,527

Uses: Construction Costs $16,659,868 Architect and Engineering $462,500 Construction Interest $570,674 Contingency $1,600,000 Closing Legal $105,000 Environmental Abatement $50,000 Relocation Expense $170,000 Furniture and Fixtures $75,000 Acquisition Costs $6,900,000 Developer\Construction Fee $2,300,000 MHDC and Related Costs $22,000 Reserves $663,000 Other Development Costs $1,068,485 Total Uses: $30,646,527 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $30,646,527 $663,000 $22,000 $29,961,527 Costs per Unit $197,720 $4,277 $142 $193,300 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 155 580 - 742 $650 - $1015 $1,025 63% - 99%

Total Number of Units 155 Total LIHTC Units 155 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $1,774,980 $11,451 Underwritten Expenses $1,227,934 $7,922 Operating Income $547,046 $3,529 Debt Service $461,278 $2,976 Net Operating Income $85,768 $553

Year 1 Year 15 Debt Service Coverage 1.19 1.05

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $865,885 $0.88 $5,586 $5,586 State Low Income $620,000 $0.63 $4,000 $4,000 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Saint Louis MHDC Property Number 20-413 Property Name Etzel Place VI Apartments Developer Name K-M Housing, LLC Location St. Louis Occupancy Family Construction New + Acquisition/Rehab Priority (if applicable) Service Enriched, Special Needs Population, Vulnerable Population, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 38 2 - bedroom units, 43 3 - bedroom units and 7 4+ - bedroom units within 13 buildings that will be renovated. There will be 3 new buildings. There is also a community building.

Reasons for Recommendations: 1. Provides much needed rehab for larger family units that are in high demand. 2. Will offer services to the tenant population. 3. Near amenities that are essential for the family tenants. 4. Will provide additional accessible units to the development. 5. Rental assistance available for special need tenants.

Loan Information

Permanent Sources Construction Sources MHDC HOME $860,000 MHDC HOME $860,000 Seller Note $1,450,000 Tax Credit Equity $1,285,282 Cedar Rapids Bank $3,400,000 TE Construction Bonds $7,445,000 Income During Operations $75,000 Income from Operations $75,000 Seller Loan $1,450,000 Federal LIHTC Equity $6,426,412 Costs/Fees Post Construction $1,212,434 Federal and State Historic $0 Total Construction Sources $12,327,717 AHAP Donation $0 Deferred Developer Fee $116,304 Total Sources: $12,327,717

Uses: Construction Costs $6,872,215 Architect and Engineering $106,500 Construction Interest $241,356 Contingency $449,003 Closing Legal $45,000 Environmental Abatement $2,500 Relocation Expense $37,400 Furniture and Fixtures $0 Acquisition Costs $2,485,000 Developer\Construction Fee $1,086,000 MHDC and Related Costs $15,500 Reserves $446,434 Other Development Costs $540,809 Total Uses: $12,327,717 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $12,327,717 $446,434 $15,500 $11,865,783 Costs per Unit $140,088 $5,073 $176 $134,838 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed 38 923 - 1008 $456 - $655 $750 61% - 87% 3 Bed 43 1008 - 1320 $503 - $730 $850 59% - 86% 4 Bed 6 1384 $545 - $850 $1,000 55% - 85% 5 Bed 1 2018 $1,000 $1,175 85%

Total Number of Units 88 Total LIHTC Units 88 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $657,458 $7,471 Underwritten Expenses $452,540 $5,143 Operating Income $204,918 $2,329 Debt Service $165,229 $1,878 Net Operating Income $39,689 $451

Year 1 Year 15 Debt Service Coverage 1.24 1.11

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $425,842 $0.88 $4,839 $4,839 State Low Income $425,239 $0.63 $4,832 $4,832 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Saint Louis MHDC Property Number 20-013 Property Name Preservation Square Phase IIA Developer Name McCormack Baron Salazar, Inc. Location St. Louis Occupancy Family Construction New Construction Priority (if applicable) Service Enriched, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Preservation Square Phase IIA is the construction of 137 new units that are replacement housing for Preservation Square in St. Louis. This phase includes one, two and three bedroom units in garden style apartments and townhomes for families.

Reasons for Recommendations: 1. Project is located in an important redevelopment area in St. Louis (HUD Choice Neighborhood). 2. 22 of the units will have rents at 30% AMI. 3. Service enriched project for families with children. 4. Mixed income development with 60 market units and 77 affordable units. 5. 51 of the 77 affordable units will have Section 8 vouchers for rental assistance.

Loan Information

Permanent Sources Construction Sources MHDC NHTF $2,274,000 MHDC NHTF $2,274,000 1st Mortgage - Gershman FHA $7,200,000 Tax Credit Equity $4,063,226 Bank of America $21,662,000 Federal and State LIHTC Equity $20,316,130 Costs/Fees Post Construction $2,031,700 Federal and State Historic $0 Total Construction Sources $30,030,926 AHAP Donation $0 Deferred Developer Fee $240,796 Total Sources: $30,030,926

Uses: Construction Costs $21,295,480 Architect and Engineering $695,000 Construction Interest $604,370 Contingency $1,121,096 Closing Legal $151,500 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $0 Acquisition Costs $1,823,665 Developer\Construction Fee $2,405,000 MHDC and Related Costs $15,500 Reserves $1,029,200 Other Development Costs $890,115 Total Uses: $30,030,926 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $30,030,926 $1,029,200 $15,500 $28,986,226 Costs per Unit $219,204 $7,512 $113 $211,578 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 54 661 - 669 $715 - $791 $800 89% - 99% 2 Bed 65 889 - 962 $793 - $900 $915 87% - 98% 3 Bed 18 1180 - 1258 $941 - $1000 $1,250 75% - 80%

Total Number of Units 137 Total LIHTC Units 77 Total Market Units 60

Income and Expense Data Total Per Unit Gross Income $1,279,003 $9,336 Underwritten Expenses $812,658 $5,932 Operating Income $466,345 $3,404 Debt Service $327,490 $2,390 Net Operating Income $138,855 $1,014

Year 1 Year 15 Debt Service Coverage 1.42 1.40

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $1,575,000 $0.87 $20,455 $11,496 State Low Income $1,102,500 $0.60 $14,318 $8,047 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Saint Louis MHDC Property Number 20-045 Property Name Sunridge Meadows Developer Name Ring Property Company, L.L.C. Location Festus Occupancy Senior 55+ Construction New Construction Priority (if applicable) Service Enriched, Special Needs Population Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 60 - one and two bedroom apartments for seniors 55+ in a three story elevator building. Amenities include computer workstations and kitchen/dining room. All units will have in unit washer and dryer.

Reasons for Recommendations: 1. The development includes nine units with rents at 30% AMI. 2. The development will offer an abundance of service programs. 3. The application included construction financing with low interest rate. 4. Mixed income development with nine market units and 51 affordable units.

Loan Information

Permanent Sources Construction Sources MHDC Fund Balance $1,500,000 MHDC Fund Balance $1,500,000 MHDC HOME $970,000 Tax Credit Equity $1,993,685 GP Equity $110 Federal and State LIHTC Equity $9,968,425 MHDC HOME $970,000 Federal and State Historic $0 Simmons Bank $6,940,000 AHAP Donation $0 Costs/Fees Post Construction $1,158,477 Deferred Developer Fee $123,737 Total Construction Sources $12,562,272 Total Sources: $12,562,272

Uses: Construction Costs $9,469,679 Architect and Engineering $210,000 Construction Interest $135,297 Contingency $374,796 Closing Legal $40,000 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $65,000 Acquisition Costs $460,000 Developer\Construction Fee $1,150,000 MHDC and Related Costs $45,500 Reserves $265,500 Other Development Costs $346,500 Total Uses: $12,562,272 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $12,562,272 $265,500 $45,500 $12,251,272 Costs per Unit $209,371 $4,425 $758 $204,188 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 24 700 $360 - $700 $725 50% - 97% 2 Bed 36 825 $430 - $750 $775 55% - 97%

Total Number of Units 60 Total LIHTC Units 51 Total Market Units 9

Income and Expense Data Total Per Unit Gross Income $390,051 $6,501 Underwritten Expenses $278,425 $4,640 Operating Income $111,626 $1,860 Debt Service $75,889 $1,265 Net Operating Income $35,737 $596

Year 1 Year 15 Debt Service Coverage 1.47 1.23

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $790,000 $0.87 $15,490 $13,167 State Low Income $553,000 $0.56 $10,843 $9,217 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Saint Louis MHDC Property Number 20-050 Property Name Alumnus Gardens Developer Name Nash Group, LLC 51% and Vecino Group, LLC 49%, Jointly Location St. Louis Occupancy Family Construction New Construction Priority (if applicable) Service Enriched Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction of family apartments with 60 units in a 3-story building with elevator. Mixed income property with 9 units at or below 30% AMI; 6 units at market and the remaining for households at or below 60% AMI.

Reasons for Recommendations: 1. Property next to the new health care campus that includes a fitness center, pharmacy and other health resources. 2. Site has good access to public transportation. 3. Service Enriched - provided by CareSTL Health. 4. Mixed income property.

Loan Information

Permanent Sources Construction Sources Legacy Bank $1,140,000 MHDC HOME $500,000 MHDC HOME $500,000 Tax Credit Equity $2,539,725 Legacy Bank $7,890,000 Federal and State LIHTC Equity $10,158,902 Costs/Fees Post Construction $918,486 Federal and State Historic $0 Total Construction Sources $11,848,211 AHAP Donation $0 Deferred Developer Fee $49,310 Total Sources: $11,848,211

Uses: Construction Costs $8,781,599 Architect and Engineering $341,000 Construction Interest $193,857 Contingency $558,249 Closing Legal $67,500 Environmental Abatement $15,000 Relocation Expense $0 Furniture and Fixtures $90,000 Acquisition Costs $0 Developer\Construction Fee $895,000 MHDC and Related Costs $15,500 Reserves $276,000 Other Development Costs $614,506 Total Uses: $11,848,211 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $11,848,211 $276,000 $15,500 $11,556,711 Costs per Unit $197,470 $4,600 $258 $192,612 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 47 595 $380 - $775 $900 42% - 86% 2 Bed 13 779 $455 - $875 $1,150 40% - 76%

Total Number of Units 60 Total LIHTC Units 54 Total Market Units 6

Income and Expense Data Total Per Unit Gross Income $397,798 $6,630 Underwritten Expenses $297,980 $4,966 Operating Income $99,818 $1,664 Debt Service $55,269 $921 Net Operating Income $44,549 $742

Year 1 Year 15 Debt Service Coverage 1.81 1.34

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $775,000 $0.87 $14,352 $12,917 State Low Income $542,500 $0.63 $10,046 $9,042 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Saint Louis MHDC Property Number 20-075 Property Name Scott Manor II Senior Apartments Developer Name Scott Manor II Developer LLC Location St. Louis Occupancy Senior 55+ Construction New Construction Priority (if applicable) Non-Profit, Service Enriched Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction of a three story elevator building for seniors (55+). 50 units total with 8 units reserved for households at or below 30% AMI, 5 units will be market and the remainder will be at 60% AMI.

Reasons for Recommendations: 1. Mixed income proposal. 2. Site has good visability and access - next to Walgreens Pharmacy and successful phase I. 3. Believer's Temple Word Fellowship Urban Initiatives to provide services.

Loan Information

Permanent Sources Construction Sources MHDC HOME $817,000 MHDC HOME $817,000 Legacy Bank and Trust $900,000 Tax Credit Equity $1,805,127 Legacy Bank and Trust $7,500,000 Federal and State LIHTC Equity $9,025,636 Costs/Fees Post Construction $715,909 Federal and State Historic $0 Total Construction Sources $10,838,036 AHAP Donation $0 Deferred Developer Fee $95,400 Total Sources: $10,838,036

Uses: Construction Costs $7,747,000 Architect and Engineering $290,000 Construction Interest $191,100 Contingency $538,000 Closing Legal $22,136 Environmental Abatement $4,000 Relocation Expense $0 Furniture and Fixtures $25,000 Acquisition Costs $417,250 Developer\Construction Fee $975,000 MHDC and Related Costs $14,250 Reserves $249,000 Other Development Costs $365,300 Total Uses: $10,838,036 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $10,838,036 $249,000 $14,250 $10,574,786 Costs per Unit $216,761 $4,980 $285 $211,496 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 14 611 $373 - $651 $651 57% - 100% 2 Bed 36 853 $455 - $788 $788 58% - 100%

Total Number of Units 50 Total LIHTC Units 45 Total Market Units 5

Income and Expense Data Total Per Unit Gross Income $364,652 $7,293 Underwritten Expenses $284,350 $5,687 Operating Income $80,302 $1,606 Debt Service $43,634 $873 Net Operating Income $36,668 $733

Year 1 Year 15 Debt Service Coverage 1.84 1.17

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $688,500 $0.87 $15,300 $13,770 State Low Income $481,950 $0.63 $10,710 $9,639 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Saint Louis MHDC Property Number 20-079 Property Name Francies Place Developer Name Gateway Housing First, Inc. Location St. Louis Occupancy Family Construction Acquisition/Rehab Priority (if applicable) Special Needs Population, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Francies Place is permanent supportive housing with a focus on households impacted by disabling behavioral health conditions. It will be 23 - studio and two bedroom apartments in three buildings. Case management offices will be located on site.

Reasons for Recommendations: 1. The application is not requesting tax credits. 2. Strong preservation proposal. 17 of the 23 units have existing rental vouchers. 3. Excellent special needs housing priority application. 4. The 6 units without a rental subsidy will have very low rents.

Loan Information

Permanent Sources Construction Sources MHDC Fund Balance $1,650,000 MHDC TCAP $455,000 MHDC TCAP $455,000 Tax Credit Equity St. Louis AHTF $900,000 MHDC Fund Balance $1,650,000 Profit From Sale of Existing Property $250,000 Profit From Sale of Existing Property $250,000 St. Louis Mental Health Board $250,000 St. Louis Affordable Housing Commission $900,000 St. Louis Mental Health Board $250,000 Federal and State LIHTC Equity $0 Costs/Fees Post Construction $133,323 Federal and State Historic $0 Total Construction Sources $3,638,323 AHAP Donation $0 Deferred Developer Fee $133,323 Total Sources: $3,638,323

Uses: Construction Costs $2,216,518 Architect and Engineering $60,000 Construction Interest $18,000 Contingency $220,000 Closing Legal $17,500 Environmental Abatement $0 Relocation Expense $17,000 Furniture and Fixtures $0 Acquisition Costs $360,000 Developer\Construction Fee $430,000 MHDC and Related Costs $47,250 Reserves $155,800 Other Development Costs $96,255 Total Uses: $3,638,323 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $3,638,323 $155,800 $47,250 $3,435,273 Costs per Unit $158,188 $6,774 $2,054 $149,360 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market Efficiency 15 269 - 528 $250 - $1157 $650 38% - 178% 2 Bed 8 1079 - 1192 $1,404 $1,200 117%

Total Number of Units 23 Total LIHTC Units 23 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $262,204 $11,400 Underwritten Expenses $146,288 $6,360 Operating Income $115,916 $5,040 Debt Service $83,478 $3,629 Net Operating Income $32,439 $1,410

Year 1 Year 15 Debt Service Coverage 1.39 1.49

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $0 $0.00 $0 $0 State Low Income $0 $0.00 $0 $0 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Saint Louis MHDC Property Number 20-083 Property Name Elm Ridge Senior Apartments Developer Name Elm Ridge Developer LLC Location Hazelwood Occupancy Senior 55+ Construction New Construction Priority (if applicable) Non-Profit, Service Enriched, MBE/WBE Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 50 units in 3-story elevator building. Amenities include community room with computer workstations and fitness center, secure entry and off-street parking.

Reasons for Recommendations: 1. Good capture rate; strong demand for affordable sr housing in N. STL Cty, especially in Hazelwood 2. Competitive pricing and bank loan interest rates. 3. Good site location

Loan Information

Permanent Sources Construction Sources MHDC HOME $820,000 MHDC HOME $820,000 Legacy Bank $755,000 Tax Credit Equity $1,806,438 Legacy Bank Construction Loan $7,357,000 Federal LIHTC Equity $9,032,191 Costs/Fees Post Construction $730,000 Federal and State Historic $0 Total Construction Sources $10,713,438 AHAP Donation $0 Deferred Developer Fee $106,247 Total Sources: $10,713,438

Uses: Construction Costs $7,747,000 Architect and Engineering $250,000 Construction Interest $254,135 Contingency $456,752 Closing Legal $22,783 Environmental Abatement $4,000 Relocation Expense $0 Furniture and Fixtures $25,000 Acquisition Costs $345,275 Developer\Construction Fee $975,000 MHDC and Related Costs $14,250 Reserves $220,000 Other Development Costs $399,243 Total Uses: $10,713,438 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $10,713,438 $220,000 $14,250 $10,479,188 Costs per Unit $214,269 $4,400 $285 $209,584 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 14 611 $373 - $651 $825 45% - 79% 2 Bed 36 853 $455 - $788 $950 48% - 83%

Total Number of Units 50 Total LIHTC Units 45 Total Market Units 5

Income and Expense Data Total Per Unit Gross Income $359,214 $7,184 Underwritten Expenses $284,350 $5,687 Operating Income $74,864 $1,497 Debt Service $36,604 $732 Net Operating Income $38,260 $765

Year 1 Year 15 Debt Service Coverage 2.05 1.20

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $689,000 $0.87 $15,311 $13,780 State Low Income $482,300 $0.63 $10,718 $9,646 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Saint Louis MHDC Property Number 20-098 Property Name Vandeventer Place II Developer Name RR Jennings Developer, L.L.C. Location St. Louis Occupancy Senior 55+ Construction New Construction Priority (if applicable) Service Enriched, Special Needs Population Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 42 - one and two bedroom apartments for seniors 55+ in a three story elevator building. Amenities include computer workstations and kitchen/dining room. The successful, Vandeventer Place, is across the street.

Reasons for Recommendations: 1. The development includes seven units with 30% AMI rents. 2. Per the market study, there is an extensive wait list at Vandeventer Place. 3. The application included construction financing with low interest rate. 4. Mixed income development with seven market units and 35 affordable units.

Loan Information

Permanent Sources Construction Sources NHTF $500,000 NHTF $500,000 Tax Credit Equity $1,776,651 Federal and State LIHTC Equity $8,883,255 General Partner Equity $110 Federal and State Historic $0 Simmons Bank Leveraged Loan $6,388,000 AHAP Donation $0 Costs/Fees Post Construction $832,200 Deferred Developer Fee $113,706 Total Construction Sources $9,496,961 Total Sources: $9,496,961

Uses: Construction Costs $7,334,929 Architect and Engineering $178,500 Construction Interest $83,859 Contingency $289,313 Closing Legal $40,000 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $65,000 Acquisition Costs $130,000 Developer\Construction Fee $835,000 MHDC and Related Costs $15,500 Reserves $189,200 Other Development Costs $335,660 Total Uses: $9,496,961 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $9,496,961 $189,200 $15,500 $9,292,261 Costs per Unit $226,118 $4,505 $369 $221,244 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 12 700 $317 - $665 $675 47% - 99% 2 Bed 30 825 $362 - $770 $775 47% - 99%

Total Number of Units 42 Total LIHTC Units 35 Total Market Units 7

Income and Expense Data Total Per Unit Gross Income $282,902 $6,736 Underwritten Expenses $235,986 $5,619 Operating Income $46,916 $1,117 Debt Service $0 $0 Net Operating Income $46,916 $1,117

Year 1 Year 15 Debt Service Coverage N/A N/A

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $704,000 $0.87 $20,114 $16,762 State Low Income $492,800 $0.56 $14,080 $11,733 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region MSA-Rural Region MHDC Property Number 20-407 Property Name Freedom House I Developer Name Mid-Missouri Barrier Free Housing for the Physically Handicapped, Inc. Location Columbia Occupancy Family Construction New Construction Priority (if applicable) Non-Profit, Special Needs Population, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 13 1 - bedroom units within one building. 100% special needs housing under the HUD 811 program. There are areas for staff to provide services for the special need tenants.

Reasons for Recommendations: 1. Provides a much needed updated facility for special need tenants. 2. Preserves 13 units for very-low income tenants. 3. Extensive support services for the special need tenants.

Loan Information

Permanent Sources Construction Sources MHDC NHTF $1,070,000 MHDC NHTF $1,070,000 City of Columiba - HOME $45,000 Tax Credit Equity $310,065 FHLB - AHP Loan $455,000 Tax Exempt Bonds- Central Bank $1,750,000 R4R Transferred to Project $19,550 Costs/Fees Post Construction $11,121 Total Construction Sources $3,141,187 Federal and State LIHTC Equity $1,550,326 Federal and State Historic $0 AHAP Donation $0 Deferred Developer Fee $1,311 Total Sources: $3,141,187

Uses: Construction Costs $2,054,734 Architect and Engineering $92,000 Construction Interest $45,500 Contingency $200,000 Closing Legal $50,000 Environmental Abatement $0 Relocation Expense $30,000 Furniture and Fixtures $0 Acquisition Costs $60,800 Developer\Construction Fee $260,000 MHDC and Related Costs $15,500 Reserves $95,800 Other Development Costs $236,853 Total Uses: $3,141,187 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $3,141,187 $95,800 $15,500 $3,029,887 Costs per Unit $241,630 $7,369 $1,192 $233,068 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 9 604 $899 $725 124% 2 Bed 4 837 $1,076 $825 130%

Total Number of Units 13 Total LIHTC Units 13 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $138,328 $10,641 Underwritten Expenses $101,997 $7,846 Operating Income $36,331 $2,795 Debt Service $0 $0 Net Operating Income $36,331 $2,795

Year 1 Year 15 Debt Service Coverage N/A N/A

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $110,750 $0.80 $8,519 $8,519 State Low Income $110,750 $0.60 $8,519 $8,519 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region MSA-Rural Region MHDC Property Number 20-001 Property Name Lindenwood Senior Apartments Developer Name Cape Area Comm. Housing Dev. Corp. CDC and 1105 Development Partners, LLC Location Cape Girardeau Occupancy Senior 62+ Construction Acquisition/Rehab Priority (if applicable) Non-Profit, Service Enriched, Special Needs Population, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Acquisition/rehab of 6-story building with elevator. Senior (62+) property consisting of 67 units. Studio and 1 bedroom units. 100% are PBS8 with 17 units reserved as set-aside for vulnerable populations.

Reasons for Recommendations: 1. Preservation project with strong need of rehabilitation and accessibiity compliance measures. 2. Numerous priorities - Nonprofit, set-aside, service enriched, preservation. 3. Will offer a full-time Case Worker/Service Coordinator.

Loan Information

Permanent Sources Construction Sources MHDC HOME $450,000 MHDC HOME $450,000 HUD 221 d4 $3,500,000 Tax Credit Equity $1,336,908 Conventional Construction Loan $4,325,000 Federal and State LIHTC Equity $6,684,538 Hud 221 d4 $3,500,000 Federal and State Historic $0 Costs/Fees Post Construction $1,126,405 AHAP Donation $0 Total Construction Sources $10,738,313 Deferred Developer Fee $103,775 Total Sources: $10,738,313

Uses: Construction Costs $5,255,583 Architect and Engineering $134,000 Construction Interest $234,990 Contingency $500,000 Closing Legal $100,000 Environmental Abatement $0 Relocation Expense $259,800 Furniture and Fixtures $35,000 Acquisition Costs $2,365,000 Developer\Construction Fee $1,055,000 MHDC and Related Costs $14,250 Reserves $352,700 Other Development Costs $431,990 Total Uses: $10,738,313 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $10,738,313 $352,700 $14,250 $10,371,363 Costs per Unit $160,273 $5,264 $213 $154,796 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market Efficiency 6 443 $648 $495 131% 1 Bed 61 564 $687 $575 119%

Total Number of Units 67 Total LIHTC Units 67 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $525,483 $7,843 Underwritten Expenses $344,762 $5,146 Operating Income $180,721 $2,697 Debt Service $155,235 $2,317 Net Operating Income $25,486 $380

Year 1 Year 15 Debt Service Coverage 1.16 1.11

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $525,000 $0.85 $7,836 $7,836 State Low Income $367,500 $0.61 $5,485 $5,485 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region MSA-Rural Region MHDC Property Number 20-064 Property Name Sinclair Estates II Developer Name JES Dev Co, Inc. Location Columbia Occupancy Senior 55+ Construction New Construction Priority (if applicable) Service Enriched, Special Needs Population Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 40-units for seniors 55+ in 3-story elevator building. Amenities include business center, computer lab and off-street parking.

Reasons for Recommendations: 1. Good site location. 2. Well documented and supported need for affordable housing in the area. 3. Mixed unit development with 6 units for special needs tenants. 4. Low interest rate for construction bank loan.

Loan Information

Permanent Sources Construction Sources MHDC NHTF $715,000 MHDC NHTF $715,000 Tax Credit Equity $1,589,542 Federal and State LIHTC Equity $7,947,712 Simmons Bank $5,640,000 Federal and State Historic $0 Costs/Fees Post Construction $796,542 AHAP Donation $0 Total Construction Sources $8,741,084 Deferred Developer Fee $78,372 Total Sources: $8,741,084

Uses: Construction Costs $6,169,224 Architect and Engineering $140,000 Construction Interest $97,410 Contingency $244,258 Closing Legal $30,000 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $30,000 Acquisition Costs $725,000 Developer\Construction Fee $800,000 MHDC and Related Costs $15,500 Reserves $181,542 Other Development Costs $308,150 Total Uses: $8,741,084 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $8,741,084 $181,542 $15,500 $8,544,042 Costs per Unit $218,527 $4,539 $388 $213,601 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed 40 825 $362 - $755 $950 38% - 79%

Total Number of Units 40 Total LIHTC Units 34 Total Market Units 6

Income and Expense Data Total Per Unit Gross Income $286,106 $7,153 Underwritten Expenses $219,015 $5,475 Operating Income $67,091 $1,677 Debt Service $0 $0 Net Operating Income $67,091 $1,677

Year 1 Year 15 Debt Service Coverage N/A N/A

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $640,000 $0.85 $18,824 $16,000 State Low Income $448,000 $0.56 $13,176 $11,200 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region MSA-Rural Region MHDC Property Number 20-084 Property Name Scenic Meadows Developer Name Terravest Development Corp. Location Springfield Occupancy Senior 55+ Construction New Construction Priority (if applicable) Non-Profit, Service Enriched, Special Needs Population Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 60 - one and two bedroom apartments for seniors 55+ in a three story elevator building. Amenities include meeting room, computer workstations and kitchen/dining room.

Reasons for Recommendations: 1. The development includes 15 units with rents at 30% AMI. 2. Application included permanent financing with low interest rate. 3. Mixed income development with six market units and 54 affordable units.

Loan Information

Permanent Sources Construction Sources Legacy Bank and Trust $975,000 MHDC $0 MHDC HOME $1,150,000 Tax Credit Equity $1,937,255 Legacy Bank and Trust $7,715,000 Federal and State LIHTC Equity $9,686,274 MHDC HOME $1,150,000 Federal and State Historic $0 Costs/Fees Post Construction $1,140,000 AHAP Donation $0 Total Construction Sources $11,942,255 Deferred Developer Fee $130,981 Total Sources: $11,942,255

Uses: Construction Costs $9,056,969 Architect and Engineering $210,000 Construction Interest $211,834 Contingency $358,102 Closing Legal $35,000 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $65,000 Acquisition Costs $248,000 Developer\Construction Fee $1,150,000 MHDC and Related Costs $15,500 Reserves $245,000 Other Development Costs $346,850 Total Uses: $11,942,255 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $11,942,255 $245,000 $15,500 $11,681,755 Costs per Unit $199,038 $4,083 $258 $194,696 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 20 700 $270 - $650 $675 40% - 96% 2 Bed 40 825 $324 - $725 $750 43% - 97%

Total Number of Units 60 Total LIHTC Units 54 Total Market Units 6

Income and Expense Data Total Per Unit Gross Income $358,302 $5,972 Underwritten Expenses $270,076 $4,501 Operating Income $88,226 $1,470 Debt Service $47,270 $788 Net Operating Income $40,956 $683

Year 1 Year 15 Debt Service Coverage 1.87 1.36

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $780,000 $0.85 $14,444 $13,000 State Low Income $546,000 $0.56 $10,111 $9,100 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region MSA-Rural Region MHDC Property Number 20-087 Property Name Memorial Hills II Developer Name Parker Development, L.L.C. Location Joplin Occupancy Senior 55+ Construction New Construction Priority (if applicable) Service Enriched, Special Needs Population Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 54 - two bedroom apartments for seniors 55+ in a three story elevator building. Amenities include computer workstations, kitchen/dining room and meeting rooms.

Reasons for Recommendations: 1. The development includes eleven units with 30% AMI rents. 2. Per the market study, there is a significant waiting list for Memorial Hills I. 3. Application included permanent financing with low interest rate. 4. Mixed income development with six market units and 48 affordable units.

Loan Information

Permanent Sources Construction Sources MHDC NHTF $640,000 MHDC NHTF $640,000 Legacy Bank $820,000 Tax Credit Equity $1,862,745 Legacy Bank $7,360,000 Federal and State LIHTC Equity $9,313,725 Costs/Fees Post Construction $1,032,400 Federal and State Historic $0 Total Construction Sources $10,895,145 AHAP Donation $0 Deferred Developer Fee $121,420 Total Sources: $10,895,145

Uses: Construction Costs $8,126,287 Architect and Engineering $189,000 Construction Interest $191,019 Contingency $321,239 Closing Legal $30,000 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $65,000 Acquisition Costs $350,000 Developer\Construction Fee $1,045,000 MHDC and Related Costs $15,500 Reserves $221,400 Other Development Costs $340,700 Total Uses: $10,895,145 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $10,895,145 $221,400 $15,500 $10,658,245 Costs per Unit $201,762 $4,100 $287 $197,375 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed 54 825 $212 - $685 $800 26% - 86%

Total Number of Units 54 Total LIHTC Units 48 Total Market Units 6

Income and Expense Data Total Per Unit Gross Income $317,992 $5,889 Underwritten Expenses $241,104 $4,465 Operating Income $76,888 $1,424 Debt Service $39,755 $736 Net Operating Income $37,132 $688

Year 1 Year 15 Debt Service Coverage 1.93 1.38

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $750,000 $0.85 $15,625 $13,889 State Low Income $525,000 $0.56 $10,938 $9,722 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region MSA-Rural Region MHDC Property Number 20-088 Property Name Frisco Senior Village II Developer Name Parker Development, L.L.C. Location Bolivar Occupancy Senior 55+ Construction New Construction Priority (if applicable) Service Enriched, Special Needs Population Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 42 - one and two bedroom units for seniors 55+ in 8 single story buildings. Amenities will include a community room with kitchen, computer workstations and offices.

Reasons for Recommendations: 1. The development includes nine units with 30% AMI rents. 2. Per the market study, there is a significant waiting list for Frisco Senior Village. 3. Application included permanent financing with low interest rate. 4. Mixed income development with six market units and 36 affordable units.

Loan Information

Permanent Sources Construction Sources MHDC HOME $400,000 MHDC HOME $400,000 Legacy Bank $925,000 Tax Credit Equity $1,341,176 Legacy Bank $5,545,000 Federal and State LIHTC Equity $6,705,882 Costs/Fees Post Construction $830,200 Federal and State Historic $0 Total Construction Sources $8,116,376 AHAP Donation $0 Deferred Developer Fee $85,494 Total Sources: $8,116,376

Uses: Construction Costs $6,080,525 Architect and Engineering $147,000 Construction Interest $144,673 Contingency $242,678 Closing Legal $30,000 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $30,000 Acquisition Costs $100,000 Developer\Construction Fee $835,000 MHDC and Related Costs $15,500 Reserves $187,200 Other Development Costs $303,800 Total Uses: $8,116,376 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $8,116,376 $187,200 $15,500 $7,913,676 Costs per Unit $193,247 $4,457 $369 $188,421 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 16 735 $271 - $595 $700 39% - 85% 2 Bed 26 875 $320 - $695 $750 43% - 93%

Total Number of Units 42 Total LIHTC Units 36 Total Market Units 6

Income and Expense Data Total Per Unit Gross Income $253,240 $6,030 Underwritten Expenses $183,255 $4,363 Operating Income $69,985 $1,666 Debt Service $44,846 $1,068 Net Operating Income $25,139 $599

Year 1 Year 15 Debt Service Coverage 1.56 1.27

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $540,000 $0.85 $15,000 $12,857 State Low Income $378,000 $0.56 $10,500 $9,000 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Rural Region MHDC Property Number 20-403 Property Name Diamond Apartments (formerly Oak Tree Apartments) Developer Name 3 Diamond Development, LLC Location Rolla Occupancy Family Construction Acquisition/Rehab Priority (if applicable) Service Enriched, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 10 buildings with 80 units and a community building. There are 40 - 2 bedroom units and 40 - 3 bedroom units.

Reasons for Recommendations: 1. Close to amenities for family tenants. 2. Site visit showed strong need for preservation/rehab. 3. Low total development costs per unit. 4. Near employment opportunities.

Loan Information

Permanent Sources Construction Sources TE Bonds Perm $3,200,000 MHDC HOME $700,000 MHDC HOME $700,000 Tax Credit Equity $821,286 TE Bonds Construction $5,879,037 Federal and State LIHTC Equity $4,106,429 Costs/Fees Post Construction $686,750 Federal and State Historic $0 Total Construction Sources $8,087,073 AHAP Donation $0 Deferred Developer Fee $80,644 Total Sources: $8,087,073

Uses: Construction Costs $3,327,000 Architect and Engineering $140,000 Construction Interest $91,686 Contingency $300,000 Closing Legal $30,000 Environmental Abatement $6,000 Relocation Expense $20,000 Furniture and Fixtures $20,000 Acquisition Costs $2,400,000 Developer\Construction Fee $757,000 MHDC and Related Costs $15,500 Reserves $428,000 Other Development Costs $551,887 Total Uses: $8,087,073 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $8,087,073 $428,000 $15,500 $7,643,573 Costs per Unit $101,088 $5,350 $194 $95,545 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed 40 627 $345 - $600 $825 42% - 73% 3 Bed 40 770 $395 - $690 $1,000 40% - 69%

Total Number of Units 80 Total LIHTC Units 80 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $542,376 $6,780 Underwritten Expenses $337,292 $4,216 Operating Income $205,084 $2,564 Debt Service $147,782 $1,847 Net Operating Income $57,301 $716

Year 1 Year 15 Debt Service Coverage 1.39 1.39

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $263,247 $0.88 $3,656 $3,291 State Low Income $263,247 $0.68 $3,656 $3,291 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region MSA-Rural Region MHDC Property Number 20-410 Property Name Deerfield Village Developer Name Preservation of Affordable Housing, LLC Location Carthage Occupancy Family Construction Acquisition/Rehab Priority (if applicable) Non-Profit, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 60-unit family property originally built in 1979 with 100% project-based section 8. Amenities include community building and playground.

Reasons for Recommendations: 1. Demonstrated need for affordable housing in area. 2. Competitive pricing and low loan interest rates. 3. Preservation of Section 8 property in need of rehab. 4. Tenants only pay 30% of income for rent.

Loan Information

Permanent Sources Construction Sources Operating/Replacement Reserves $31,687 POAH Resale Note $2,119,316 Operating Income $131,986 Tax Credit Equity $1,124,240 POAH Resale Note $2,119,316 Bridge Bonds $3,280,000 TE Bonds $2,780,000 TE Bonds $2,780,000 Operating/Replacement reserves $31,687 Federal and State LIHTC Equity $5,621,199 Operating Income $131,986 Federal and State Historic $0 Costs/Fees Post Construction $1,248,003 AHAP Donation $0 Total Construction Sources $10,715,232 Deferred Developer Fee $31,044 Total Sources: $10,715,232

Uses: Construction Costs $4,923,378 Architect and Engineering $217,402 Construction Interest $109,080 Contingency $375,895 Closing Legal $75,000 Environmental Abatement $0 Relocation Expense $91,107 Furniture and Fixtures $30,000 Acquisition Costs $2,866,357 Developer\Construction Fee $926,198 MHDC and Related Costs $14,250 Reserves $321,805 Other Development Costs $764,760 Total Uses: $10,715,232 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $10,715,232 $321,805 $14,250 $10,379,177 Costs per Unit $178,587 $5,363 $238 $172,986 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 10 600 $600 $575 104% 2 Bed 34 825 $695 $700 99% 3 Bed 16 999 $785 $800 98%

Total Number of Units 60 Total LIHTC Units 60 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $475,304 $7,922 Underwritten Expenses $280,521 $4,675 Operating Income $194,783 $3,246 Debt Service $159,266 $2,654 Net Operating Income $35,518 $592

Year 1 Year 15 Debt Service Coverage 1.22 1.27

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $374,784 $0.86 $6,246 $6,246 State Low Income $374,784 $0.64 $6,246 $6,246 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Rural Region MHDC Property Number 20-002 Property Name The Meadows Of Fredericktown Developer Name Madison County Affordable Housing Partnership and RCH Development, INC. Location Fredericktown Occupancy Family Construction New Construction Priority (if applicable) Non-Profit, Service Enriched, Special Needs Population, MBE/WBE Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction of duplexes with a one car garage for family occupancy. 40 units total with 10 units reserved for set aside at 30% AMI. 5 units will be market and the remainder will be for households at or under 60% AMI.

Reasons for Recommendations: 1. Madison County Service Coordination pledging rental asst for the 10 set-aside units. 2. Very competitive rents for a 2 and 3 bedroom duplex with garage. 3. Good location - all schools under 1.5 miles and less than 1 mile to park and library. 4. Service enriched, set-aside, and nonprofit priority application.

Loan Information

Permanent Sources Construction Sources MHDC HOME $700,000 MHDC HOME $700,000 Tax Credit Equity $1,433,674 Federal and State LIHTC Equity $7,168,371 MHDC Fund Balance $5,240,000 Federal and State Historic $0 Costs/Fees Post Construction $517,538 AHAP Donation $0 Total Construction Sources $7,891,212 Deferred Developer Fee $22,841 Total Sources: $7,891,212

Uses: Construction Costs $6,061,602 Architect and Engineering $85,000 Construction Interest $99,183 Contingency $371,382 Closing Legal $53,000 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $25,000 Acquisition Costs $1,000 Developer\Construction Fee $800,000 MHDC and Related Costs $14,250 Reserves $142,105 Other Development Costs $238,690 Total Uses: $7,891,212 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $7,891,212 $142,105 $14,250 $7,734,857 Costs per Unit $197,280 $3,553 $356 $193,371 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed 25 1132 - 1168 $320 - $495 $665 48% - 74% 3 Bed 15 1447 - 1483 $320 - $595 $825 39% - 72%

Total Number of Units 40 Total LIHTC Units 36 Total Market Units 4

Income and Expense Data Total Per Unit Gross Income $193,291 $4,832 Underwritten Expenses $152,580 $3,815 Operating Income $40,711 $1,018 Debt Service $0 $0 Net Operating Income $40,711 $1,018

Year 1 Year 15 Debt Service Coverage N/A N/A

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $563,000 $0.85 $15,639 $14,075 State Low Income $394,100 $0.61 $10,947 $9,853 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Rural Region MHDC Property Number 20-019 Property Name Woodridge Apartments Developer Name Central Missouri Community Action Location Brunswick Occupancy Family Construction Acquisition/Rehab Priority (if applicable) Non-Profit, Service Enriched, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 16 units in walk-up apartments with 12 2 - bedroom and 4 3 - bedroom units. Amenities include community building and play ground.

Reasons for Recommendations: 1. Stong need for housing in this small rural community. 2. Reasonable tax credit request. 3. Preservation of rural property in need of rehab. 4. Project will include services not currently available to tenants.

Loan Information

Permanent Sources Construction Sources Assumed HOME Loan $426,324 MHDC Fund Balance $1,495,000 Existing Reserves $35,000 Tax Credit Equity $462,295 Existing reserves $35,000 Federal and State LIHTC Equity $2,311,473 Assumed HOME Loan $426,324 Federal and State Historic $0 Costs/Fees Post Construction $365,350 AHAP Donation $0 Total Construction Sources $2,783,969 Deferred Developer Fee $11,172 Total Sources: $2,783,969

Uses: Construction Costs $1,418,674 Architect and Engineering $52,000 Construction Interest $20,556 Contingency $130,925 Closing Legal $20,000 Environmental Abatement $5,000 Relocation Expense $30,000 Furniture and Fixtures $10,000 Acquisition Costs $426,324 Developer\Construction Fee $255,000 MHDC and Related Costs $29,200 Reserves $259,100 Other Development Costs $127,190 Total Uses: $2,783,969 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $2,783,969 $259,100 $29,200 $2,495,669 Costs per Unit $173,998 $16,194 $1,825 $155,979 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed 12 732 $335 - $550 $615 54% - 89% 3 Bed 4 1143 $580 - $600 $700 83% - 86%

Total Number of Units 16 Total LIHTC Units 16 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $94,748 $5,922 Underwritten Expenses $80,161 $5,010 Operating Income $14,587 $912 Debt Service $0 $0 Net Operating Income $14,587 $912

Year 1 Year 15 Debt Service Coverage N/A N/A

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $177,000 $0.83 $11,063 $11,063 State Low Income $123,900 $0.68 $7,744 $7,744 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Rural Region MHDC Property Number 20-021 Property Name Martin Groves Developer Name Snider Development, LLC Location Ava Occupancy Family Construction Rehabilitation Priority (if applicable) Service Enriched, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 24 family units; walk-up apartments in 6 buildings. Amenities will include community building with meeting room, computer workstations, full kitchen, and playground.

Reasons for Recommendations: 1. Preservation of rural property in need of rehab. 2. Project will add services that are not currently available at this property. 3. Well documented and supported need for affordable housing in the area. 4. Reasonable request for tax credit request.

Loan Information

Permanent Sources Construction Sources Assume Existing HOME funds $100,000 MHDC Fund Balance $1,933,000 Existing Reserves $90,000 Tax Credit Equity $548,929 Assume Existing HOME funds $100,000 Federal and State LIHTC Equity $2,744,644 Existing Reserves $90,000 Federal and State Historic $0 Costs/Fees Post Construction $276,150 AHAP Donation $0 Total Construction Sources $2,948,079 Deferred Developer Fee $13,435 Total Sources: $2,948,079

Uses: Construction Costs $1,439,600 Architect and Engineering $68,000 Construction Interest $27,579 Contingency $113,100 Closing Legal $23,000 Environmental Abatement Relocation Expense $36,000 Furniture and Fixtures $15,000 Acquisition Costs $600,000 Developer\Construction Fee $305,000 MHDC and Related Costs $34,830 Reserves $132,400 Other Development Costs $153,570 Total Uses: $2,948,079 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $2,948,079 $132,400 $34,830 $2,780,849 Costs per Unit $122,837 $5,517 $1,451 $115,869 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed 16 728 $330 - $565 $580 57% - 97% 3 Bed 8 952 $381 - $600 $630 60% - 95%

Total Number of Units 24 Total LIHTC Units 21 Total Market Units 3

Income and Expense Data Total Per Unit Gross Income $141,297 $5,887 Underwritten Expenses $121,289 $5,054 Operating Income $20,008 $834 Debt Service $0 $0 Net Operating Income $20,008 $834

Year 1 Year 15 Debt Service Coverage N/A N/A

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $207,000 $0.85 $9,857 $8,625 State Low Income $144,900 $0.68 $6,900 $6,038 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Rural Region MHDC Property Number 20-024 Property Name Arden Groves Developer Name Cydecton Investments, LLC Location Thayer Occupancy Family Construction Rehabilitation Priority (if applicable) Service Enriched, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 24 family units within a walk-up apartment containing 16 2 - bedroom and 8 3 - bedroom units. Amenities include a community building with meeting room and a playground.

Reasons for Recommendations: 1. Preservation of rural property in need of rehab. 2. Project will includes services not currently available. 3. Reasonable tax credit request.

Loan Information

Permanent Sources Construction Sources Assumed HOME Loan $220,000 MHDC Fund Balance $1,802,000 Existing Reserves $100,000 Tax Credit Equity $514,531 Assumed HOME Loan $220,000 Federal and State LIHTC Equity $2,572,656 MHDC reserves $100,000 Federal and State Historic $0 Costs/Fees Post Construction $271,150 AHAP Donation $0 Total Construction Sources $2,907,681 Deferred Developer Fee $15,024 Total Sources: $2,907,681

Uses: Construction Costs $1,400,750 Architect and Engineering $68,000 Construction Interest $22,300 Contingency $110,921 Closing Legal $25,000 Environmental Abatement $5,000 Relocation Expense $50,000 Furniture and Fixtures $15,000 Acquisition Costs $600,000 Developer\Construction Fee $299,000 MHDC and Related Costs $33,520 Reserves $135,000 Other Development Costs $143,190 Total Uses: $2,907,681 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $2,907,681 $135,000 $33,520 $2,739,161 Costs per Unit $121,153 $5,625 $1,397 $114,132 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed 16 735 $325 - $550 $575 57% - 96% 3 Bed 8 965 $374 - $580 $625 60% - 93%

Total Number of Units 24 Total LIHTC Units 21 Total Market Units 3

Income and Expense Data Total Per Unit Gross Income $134,969 $5,624 Underwritten Expenses $113,036 $4,710 Operating Income $21,933 $914 Debt Service $0 $0 Net Operating Income $21,933 $914

Year 1 Year 15 Debt Service Coverage N/A N/A

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $197,000 $0.83 $9,381 $8,208 State Low Income $137,900 $0.68 $6,567 $5,746 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Rural Region MHDC Property Number 20-026 Property Name Springridge Highlands Developer Name Missouri Valley Community Action Agency Location Warrensburg Occupancy Family Construction Acquisition/Rehab Priority (if applicable) Non-Profit, Service Enriched, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Preservation of 52 family units (41 of these are Rural Development units) in walk-up apartments. Amenities include clubhouse, picnic area, playground, security patrol and video surveillance.

Reasons for Recommendations: 1. Project will add services that are not currently available at this property. 2. Very reasonable rents. 3. Preservation of a Rural Development property in need of rehab.

Loan Information

Permanent Sources Construction Sources MHDC CHDO $300,000 Tax Credit Equity $948,846 Existing RD escrow $138,130 MHDC Fund Balance $3,085,000 RD $1,400,000 HOME CHDO $300,000 RD escrow $138,130 Federal and State LIHTC Equity $4,744,232 RD loan $1,400,000 Federal and State Historic $0 Costs/Fees Post Construction $751,950 AHAP Donation $0 Total Construction Sources $6,623,926 Deferred Developer Fee $41,564 Total Sources: $6,623,926

Uses: Construction Costs $3,145,000 Architect and Engineering $124,000 Construction Interest $65,822 Contingency $223,860 Closing Legal $25,000 Environmental Abatement $6,000 Relocation Expense $60,000 Furniture and Fixtures $10,000 Acquisition Costs $1,583,251 Developer\Construction Fee $655,000 MHDC and Related Costs $14,250 Reserves $443,200 Other Development Costs $268,543 Total Uses: $6,623,926 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $6,623,926 $443,200 $14,250 $6,166,476 Costs per Unit $127,383 $8,523 $274 $118,586 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 12 586 $465 $615 76% 2 Bed 40 701 $565 $700 81%

Total Number of Units 52 Total LIHTC Units 52 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $314,489 $6,048 Underwritten Expenses $245,555 $4,722 Operating Income $68,934 $1,326 Debt Service $35,592 $684 Net Operating Income $33,341 $641

Year 1 Year 15 Debt Service Coverage 1.94 1.22

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $373,000 $0.88 $7,173 $7,173 State Low Income $261,100 $0.56 $5,021 $5,021 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Rural Region MHDC Property Number 20-027 Property Name Highland Groves Developer Name Delta Area Economic Opportunity Corporation Location Sikeston Occupancy Senior 55+ Construction Select Priority (if applicable) Non-Profit, Service Enriched, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 20-unit walk-up apartments with 16 1 - bedroom and 4 2 - bedroom units. Amenities will include community buiding, in- unit washer-dryer, and patio.

Reasons for Recommendations: 1. Preservation of rural property in need of rehab. 2. Project will include services for tenants not currently available. 3. Well documented and supported need for affordable housing in the area. 4. Good use of HOME CHDO funds for HOME CHDO-only request.

Loan Information

Permanent Sources Construction Sources Assumed HOME $388,000 MHDC HOME CHDO $1,845,000 MHDC HOME CHDO $1,845,000 Tax Credit Equity Existing Reserves $50,000 Assumed HOME $388,000 Existing Reservs $50,000 Federal and State LIHTC Equity $0 Costs/Fees Post Construction $20,250 Federal and State Historic $0 Total Construction Sources $2,303,250 AHAP Donation $0 Deferred Developer Fee $20,250 Total Sources: $2,303,250

Uses: Construction Costs $1,204,000 Architect and Engineering $60,000 Construction Interest $0 Contingency $98,000 Closing Legal $20,000 Environmental Abatement $6,000 Relocation Expense $40,000 Furniture and Fixtures $15,000 Acquisition Costs $413,500 Developer\Construction Fee $205,000 MHDC and Related Costs $14,250 Reserves $117,000 Other Development Costs $110,500 Total Uses: $2,303,250 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $2,303,250 $117,000 $14,250 $2,172,000 Costs per Unit $115,163 $5,850 $713 $108,600 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 16 667 - 795 $283 - $480 $575 49% - 83% 2 Bed 4 795 $535 $665 80%

Total Number of Units 20 Total LIHTC Units 20 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $101,825 $5,091 Underwritten Expenses $87,996 $4,400 Operating Income $13,829 $691 Debt Service $0 $0 Net Operating Income $13,829 $691

Year 1 Year 15 Debt Service Coverage N/A N/A

Region Rural Region MHDC Property Number 20-041 Property Name Woodlands II Developer Name Affordable Homes Development, Inc. Location Forsyth Occupancy Family Construction New Construction Priority (if applicable) Service Enriched, Special Needs Population, Workforce Housing Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 39 - one, two and three bedroom units in two-story walk up apartments for families. Amenities include meeting rooms and community kitchen.

Reasons for Recommendations: 1. The development includes four units with 30% AMI rents. 2. Application includes an excellent service enriched plan for families. 3. The development includes seven units with 80% AMI rents for workforce housing. 4. The development has very reasonable affordable rents for families.

Loan Information

Permanent Sources Construction Sources MHDC HOME $1,180,000 MHDC HOME $1,180,000 Tax Credit Equity $1,443,377 Federal and State LIHTC Equity $7,216,886 Bank $4,970,000 Federal and State Historic $0 Costs/Fees Post Construction $894,400 AHAP Donation $0 Total Construction Sources $8,487,777 Deferred Developer Fee $90,891 Total Sources: $8,487,777

Uses: Construction Costs $6,489,832 Architect and Engineering $85,000 Construction Interest $50,000 Contingency $295,195 Closing Legal $30,000 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $7,500 Acquisition Costs $365,000 Developer\Construction Fee $740,000 MHDC and Related Costs $15,500 Reserves $173,900 Other Development Costs $235,850 Total Uses: $8,487,777 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $8,487,777 $173,900 $15,500 $8,298,377 Costs per Unit $217,635 $4,459 $397 $212,779 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 4 911 $225 - $395 $625 36% - 63% 2 Bed 24 1153 $265 - $565 $725 37% - 78% 3 Bed 11 1351 $380 - $620 $825 46% - 75%

Total Number of Units 39 Total LIHTC Units 32 Total Market Units 7

Income and Expense Data Total Per Unit Gross Income $207,130 $5,311 Underwritten Expenses $168,236 $4,314 Operating Income $38,894 $997 Debt Service $0 $0 Net Operating Income $38,894 $997

Year 1 Year 15 Debt Service Coverage N/A N/A

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $565,000 $0.88 $17,656 $14,487 State Low Income $395,500 $0.58 $12,359 $10,141 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Rural Region MHDC Property Number 20-046 Property Name Tannehill Apartments Developer Name The Siedlund Company, LLC Location Moberly Occupancy Senior 55+ Construction New + Acquisition/Rehab Priority (if applicable) Non-Profit, Service Enriched Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Historic adaptive reuse project - conversion of 1930 High School with new construction of additional wing. 48 - 1 and 2 bedroom units. Mixed Income Property with 30% of the units for households at or below 30% AMI. Building to have activity room, community storm shelter and in unit washer dryer hook ups.

Reasons for Recommendations: 1. Large demand for senior housing in this area. 2. Good location - close to community kitchen, Behavior Health Cntr, Post Office next door. 3. NonProfit, HOME CHDO and Service Enriched priority. 4. City support and investment and strong community support. 5. Part of City of Moberly's Downtown Revitalization efforts.

Loan Information

Permanent Sources Construction Sources MHDC HOME CHDO $920,000 MHDC HOME CHDO $920,000 Legacy Bank $275,000 Tax Credit Equity $1,767,250 Legacy Bank $6,484,000 Federal and State LIHTC Equity $8,836,252 Costs/Fees Post Construction $948,464 Federal and State Historic $0 Total Construction Sources $10,119,714 AHAP Donation $0 Deferred Developer Fee $88,462 Total Sources: $10,119,714

Uses: Construction Costs $7,634,934 Architect and Engineering $285,040 Construction Interest $135,000 Contingency $507,000 Closing Legal $40,000 Environmental Abatement $55,000 Relocation Expense $0 Furniture and Fixtures $0 Acquisition Costs $35,000 Developer\Construction Fee $940,000 MHDC and Related Costs $14,250 Reserves $195,800 Other Development Costs $277,690 Total Uses: $10,119,714 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $10,119,714 $195,800 $14,250 $9,909,664 Costs per Unit $210,827 $4,079 $296 $206,451 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market Efficiency 48 900 $544 $0 0% 1 Bed 10 654 - 832 $233 - $500 $595 39% - 84% 2 Bed 38 880 - 1198 $550 - $700 $725 76% - 97%

Total Number of Units 48 Total LIHTC Units 43 Total Market Units 5

Income and Expense Data Total Per Unit Gross Income $316,054 $6,584 Underwritten Expenses $249,101 $5,190 Operating Income $66,953 $1,395 Debt Service $13,333 $278 Net Operating Income $53,620 $1,117

Year 1 Year 15 Debt Service Coverage 5.02 3.02

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $660,000 $0.87 $15,349 $13,750 State Low Income $462,000 $0.67 $10,744 $9,625 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Rural Region MHDC Property Number 20-085 Property Name Parkview Terrace Developer Name Terravest Development Corp. Location Kirksville Occupancy Family Construction New Construction Priority (if applicable) Service Enriched, Special Needs Population Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 48 - two, three and four bedroom units for families in three walk up buildings. Community Building with office space, kitchen, computer workstations and playground.

Reasons for Recommendations: 1. The development includes eight units with 30% AMI rents. 2. Location near many amenities including Rotary Park. 3. The application included permanent financing with low interest rate. 4. Mixed income development with five market units and 43 affordable units.

Loan Information

Permanent Sources Construction Sources MHDC HOME $970,000 MHDC HOME $970,000 Legacy Bank $770,000 Tax Credit Equity $1,900,000 Legacy Bank $7,545,000 Federal and State LIHTC Equity $9,500,000 Costs/Fees Post Construction $933,200 Federal and State Historic $0 Total Construction Sources $11,348,200 AHAP Donation $0 Deferred Developer Fee $108,201 Total Sources: $11,348,200

Uses: Construction Costs $8,690,223 Architect and Engineering $168,000 Construction Interest $204,917 Contingency $351,260 Closing Legal $30,000 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $30,000 Acquisition Costs $375,000 Developer\Construction Fee $940,000 MHDC and Related Costs $15,500 Reserves $206,200 Other Development Costs $337,100 Total Uses: $11,348,200 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $11,348,200 $206,200 $15,500 $11,126,500 Costs per Unit $236,421 $4,296 $323 $231,802 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed 12 825 $255 - $655 $665 38% - 98% 3 Bed 24 1025 $284 - $725 $795 36% - 91% 4 Bed 12 1400 $300 - $785 $930 32% - 84%

Total Number of Units 48 Total LIHTC Units 43 Total Market Units 5

Income and Expense Data Total Per Unit Gross Income $303,998 $6,333 Underwritten Expenses $223,671 $4,660 Operating Income $80,327 $1,673 Debt Service $37,331 $778 Net Operating Income $42,996 $896

Year 1 Year 15 Debt Service Coverage 2.15 1.68

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $765,000 $0.85 $17,791 $15,938 State Low Income $535,500 $0.56 $12,453 $11,156 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Rural Region MHDC Property Number 20-092 Property Name Weatherby Ridge Developer Name Turnberry Developers, L.L.C. Location Macon Occupancy Senior 55+ Construction New Construction Priority (if applicable) Service Enriched, Special Needs Population Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction of senior 6 and 8-plex row apartments. Mixed income property with 6 units set aside for households at or under 30% AMI, 6 at market and the remaining for those at or under 60% AMI. 36 units total. All units will have washer and dryers supplied.

Reasons for Recommendations: 1. Service Enriched and Set-aside Preference. Services provided by the non-profit NECAC. 2. Good location close to businesses (Wal-Mart, Hospital, Grocery Store, Senior Center less than 1 mile). 3. Reasonable tax credit request.

Loan Information

Permanent Sources Construction Sources MA Bank $550,000 MA Bank $5,150,000 Tax Credit Equity $1,303,922 Federal and State LIHTC Equity $6,519,608 Costs/Fees Post Construction $712,029 Federal and State Historic $0 Total Construction Sources $7,165,951 AHAP Donation $0 Deferred Developer Fee $96,343 Total Sources: $7,165,951

Uses: Construction Costs $5,010,101 Architect and Engineering $126,000 Construction Interest $118,100 Contingency $265,000 Closing Legal $30,000 Environmental Abatement $0 Relocation Expense $0 Furniture and Fixtures $30,000 Acquisition Costs $395,000 Developer\Construction Fee $720,000 MHDC and Related Costs $15,500 Reserves $164,600 Other Development Costs $291,650 Total Uses: $7,165,951 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $7,165,951 $164,600 $15,500 $6,985,851 Costs per Unit $199,054 $4,572 $431 $194,051 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed 10 735 $196 - $585 $700 28% - 84% 2 Bed 26 875 $220 - $685 $775 28% - 88%

Total Number of Units 36 Total LIHTC Units 30 Total Market Units 6

Income and Expense Data Total Per Unit Gross Income $220,237 $6,118 Underwritten Expenses $167,853 $4,663 Operating Income $52,384 $1,455 Debt Service $0 $0 Net Operating Income $52,384 $1,455

Year 1 Year 15 Debt Service Coverage N/A N/A

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $525,000 $0.85 $17,500 $14,583 State Low Income $367,500 $0.56 $12,250 $10,208 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 Salient Facts:

Region Rural Region MHDC Property Number 20-095 Property Name Vernon Heights Developer Name Missouri Housing Partners Location Lebanon Occupancy Senior 55+ Construction Acquisition/Rehab Priority (if applicable) Service Enriched, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Rehabilitation and consolidation of two properties - Vernon Heights and Madison Manor Apartments. Both are Senior properties with a total of 65 - studio and 1 bedroom units. All units will have rent subsidies.

Reasons for Recommendations: 1. Preservation project with a need of rehabilitation and will address accessibility issues. 2. Strong need with large waiting lists in coverage area. 3. Preservation and Service Enriched Priority - Horizons Housing Foundation to provide services. 4. Low costs per unit.

Loan Information

Permanent Sources Construction Sources MHDC HOME $450,000 MHDC HOME $450,000 Existing Reserves $200,000 Tax Credit Equity $1,173,498 Income from Operations $50,000 Reserves and Income $250,000 MHDF PERM $1,500,000 Horizion Construciton Loan $5,352,610 Costs/Fees Post Construction $935,246 Federal and State LIHTC Equity $5,867,492 Total Construction Sources $8,161,354 Federal and State Historic $0 AHAP Donation $0 Deferred Developer Fee $93,863 Total Sources: $8,161,354

Uses: Construction Costs $2,970,000 Architect and Engineering $133,650 Construction Interest $151,727 Contingency $315,491 Closing Legal $25,000 Environmental Abatement $10,000 Relocation Expense $79,200 Furniture and Fixtures $30,000 Acquisition Costs $3,010,000 Developer\Construction Fee $818,000 MHDC and Related Costs $13,500 Reserves $266,000 Other Development Costs $338,786 Total Uses: $8,161,354 w/o Reserves & Total Reserves MHDC Fees MHDC Fees Development Costs $8,161,354 $266,000 $13,500 $7,881,854 Costs per Unit $125,559 $4,092 $208 $121,259 Property Data:

Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market Efficiency 7 445 - 485 $614 $400 154% 1 Bed 58 545 $614 - $697 $425 144% - 164%

Total Number of Units 65 Total LIHTC Units 65 Total Market Units 0

Income and Expense Data Total Per Unit Gross Income $483,360 $7,436 Underwritten Expenses $352,199 $5,418 Operating Income $131,161 $2,018 Debt Service $85,186 $1,311 Net Operating Income $45,975 $707

Year 1 Year 15 Debt Service Coverage 1.54 1.23

Tax Credit Information Amount Price Per Credit Per LIHTC Unit Per Unit (All) Federal Low Income $457,000 $0.85 $7,031 $7,031 State Low Income $319,900 $0.62 $4,922 $4,922 Federal Historic $0 $0.00 $0 $0 State Historic $0 $0.00 $0 $0 5) Such other matters that may come before the Commission