MISSOURI HOUSING DEVELOPMENT COMMISSION REGULAR COMMISSION MEETING FRIDAY, MARCH 14, :00 A.M. SALON A COLUMBIA, MO 65203

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1 MISSOURI HOUSING DEVELOPMENT COMMISSION REGULAR COMMISSION MEETING FRIDAY, MARCH 14, :00 A.M. STONEY 2601 CREEK S. PROVIDENCE INN & CONVENTION ROAD SALON CENTER A 2601 COLUMBIA, S. PROVIDENCE MO ROAD SALON A COLUMBIA, MO 65203

2 REGULAR MEETING OF THE MISSOURI HOUSING DEVELOPMENT COMMISSION FRIDAY, MARCH 14, 2014 AT 9:00 A.M. Notice is hereby given that the Missouri Housing Development Commission will conduct its meeting at 9:00 A.M. on Friday, March 14, 2014: Stoney Creek Inn 2601 S. Providence Rd. Columbia, MO The tentative 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 3435 Broadway Kansas City, MO (816) MHDC will make reasonable accommodations for persons with disabilities at the public site. To request an accommodation, please contact Lynn Sigler at (816) or

3 REGULAR MEETING OF THE MISSOURI HOUSING DEVELOPMENT COMMISSION FRIDAY, MARCH 14, :00 A.M. SECOND AMENDED AGENDA 1 STONEY CREEK INN, 2601 S. PROVIDENCE, COLUMBIA, MO Regular Meeting 1. Roll call 2. Approval of Minutes a. Approval of minutes for the regular meeting of the December 6, Report of Staff a. Request for approval of funding for the 2014 Rental Production Project List b. Request for approval of the 2014 Tax Exempt Bond Round NOFA c. Request for approval of Bond Resolution No. 1036, Single Family Mortgage Refunding Revenue Bonds, 2014 Series A d. Request for approval of Bond Resolution No. 1037, Single Family Mortgage Revenue Bonds, 2014 Series B e. Request for approval of selection of Single Family Market Rate Program Administrator f. Request for approval of Bond Resolution No. 1038, Multifamily Housing Refunding Revenue Bonds, 2014 Series 1 g. Request for approval of RFP for Bond Counsel h. Staff recommendations for Emergency Solutions Grant funding approvals i. Request for approval of Resolution No. 877, revised j. Financial Report and Budget Update k. Rental Production Update l. Asset Management Update 4. Such other matters that may come before the commission 5. Adjourn 1 The agenda for this meeting was originally published on Tuesday, March 4, 2014, but was amended on Friday, March 7, The amended agenda includes a change to agenda item number 3(a) and an additional matter, agenda item number 3(l)

4 TAB 1 Roll Call

5 Missouri Housing Development Commission Roster Chairman: Governor: Jeremiah W. (Jay) Nixon Governor State Capitol Building P.O. Box 720 Jefferson City, MO Attn: Ted Ardini Brian May State of Missouri Office of the Governor Wainwright Building, Room North 7 th Street St. Louis, MO Lieutenant Governor: Peter Kinder Lieutenant Governor State Capitol Building Room 224 Jefferson City, MO Attn: Brian Bunten Jeffrey S. Bay (Chairman) Van Osdol and Magruder, P.C. 911 Main St., Suite 2400 Kansas City, MO Vice Chairman: Troy L. Nash (Vice Chairman) Zimmer Real Estate 1220 Washington Street, Suite 100 Kansas City, MO Secretary Treasurer: Greg L. Roberts (Secretary-Treasurer) The Roberts Law Firm 215 Chesterfield Business Parkway, Suite A Chesterfield, MO Treasurer: Clint Zweifel State Treasurer State Capitol Building P.O. Box 210 Jefferson City, MO Attn: Angie Heffner Robyn Sarah Swoboda Attorney General: Chris Koster Attorney General Supreme Court Building 207 W. High Street P.O. Box 899 Jefferson City, MO Attn: Jim Farnsworth Page 1 of 1 Rev. 09/11/13

6 TAB 2 Approval of Minutes

7 MISSOURI HOUSING DEVELOPMENT COMMISSION Regular Meeting Minutes of Meeting Held on Friday, December 6, 2013 The regular meeting of the Missouri Housing Development Commission was held on Friday, December 6, 2013 at 1 p.m., at Stoney Creek Inn, 2601 S. Providence Road, Columbia, Missouri. Those present were: Commissioners and Persons Present to Vote for Ex-Officio Members Commissioners Absent Staff Members Other Meeting Participants Jeffrey S. Bay, Chairman Peter Kinder, Lieutenant Governor (telephone) Angie Robyn, Deputy State Treasurer Jim Farnsworth, Assistant Attorney General Troy Nash, Vice Chairman (telephone) David Cosgrove, Secretary/Treasurer Greg Roberts, Commissioner Jay Nixon, Governor Clint Zweifel, State Treasurer Chris Koster, Attorney General Kip Stetzler, Interim Executive Director Greg Canuteson, Senior Deputy Director Tina Beer, Director of Operations Heather Bradley-Geary, Community Initiatives Manager Marian Campbell, Director of Asset Management Sara Turk, Fiscal & Accounting Manager Marilyn Lappin, Director of Finance Lynn Sigler, Operations Supervisor Megan Word, Legislative Coordinator August Metz, AHAP Administrator Frank Quagraine, Senior Underwriter Weylin Watson, General Counsel Darnell Busch, Information Technologist Terrence Sullivan, Business Process Systems Analyst Debbie Stevens, Administrative Clerk Joselyn Pfliegier, Community Initiatives Coordinator Katie Buckner, Community Initiatives Coordinator John Watson, Governor Nixon s Chief of Staff Brian May, Governor Nixon s Office Sarah Swoboda, State Treasurer s Office Brian Bunten, Lieutenant Governor s Office Chairman Bay called the meeting to order and roll call was taken by Ms. Sigler. A quorum was present.

8 Kip Stetzler presented the minutes from the Commission meeting held on Friday, September 20, 2013 for approval. A motion was made by Lt. Governor Kinder and seconded by Commissioner Cosgrove to approve the minutes. The motion passed unanimously with a vote of 7-0. The next item on the agenda was the report of the chairman. Chairman Bay recognized the Governor s Chief of Staff John Watson and invited Mr. Watson to address the Commission. Mr. Watson made a request of the Commission concerning agenda item -- the approval of Rental Production 2014 Round 1 applications. The next item on the agenda was the report of the Facilities Committee. Ms. Tina Beer reported that the Facilities Committee met on November 21 to discuss options for a lease for operations for the Kansas City office. The committee looked at the 8 responses to the RFP and determined that 10 Main Center, which is located at 920 Main, was the best financial option. The Facilities Committee requested the Commission to approve staff to move forward with that lease. A motion was made by Commissioner Nash and seconded by Commissioner Cosgrove to move forward with the 10 Main Center lease. The motion passed unanimously with a vote of 7-0. The Report of Staff followed. Marilyn Lappin, Director of Finance presented the Financial Report for the month of October Marilyn Lappin requested approval of the RFP for the Single Family Market Rate Program Administrator and Resolution No to establish a Mortgage Credit Certificate Program. A motion was made by Commissioner Cosgrove to approve both components of the recommendation and it was seconded by Commissioner Roberts. The motion passed unanimously with a vote of 7-0. Tina Beer, Director of Operations asked for approval of Resolution 877. Ms. Beer presented that Sara Turk replaced Ron Hill, Greg Canuteson was added and Emily Blakey was added to replace Gary Meyer. A motion was made by Commissioner Roberts to approve Resolution No. 877 and it was seconded by Chairman Bay. The motion passed unanimously with a vote of 7-0. Tina Beer requested the approval of the 2013 HOME Repair Opportunity Program funding recommendations. A motion was made by Commissioner Cosgrove and seconded by Commissioner Roberts. The motion passed unanimously with a vote of 7-0. Heather Bradley-Geary, Community Initiatives Manager, requested approval of funding recommendations for Missouri Housing Trust Fund. A motion was made by Commissioner Roberts and seconded by Commissioner Cosgrove. The motion passed unanimously with a vote of 7-0. Heather Bradley-Geary requested approval of funding recommendations for the Homeless Management Information System. A motion was made by Commissioner Nash and seconded by Deputy State Treasurer Robyn. The motion passed unanimously with a vote of 7-0. Heather Bradley-Geary requested approval of funding recommendations for the Housing First Program. A motion was made by Commissioner Cosgrove and seconded by Commissioner Nash. The motion passed unanimously with a vote of 7-0.

9 Kip Stetzler requested that the Commission approve those developments reflected on the spreadsheets titled 2014 Round 1 Rental Production Recommended Applications included in the meeting material. A motion was made by Chairman Bay to approve the adoption of the list of developments recommended by staff as a final project list, and that the developments on the project list shall be subject to a subsequent motion on or after March 13, 2014 for final approval and authorization by the Commission including approval and authorization of tax credits. The motion was seconded by Commissioner Cosgrove. The motion passed with a vote of 6-1, with Lt. Governor Kinder voting no. There was a motion made by Chairman Bay to table Agenda Item 4i 2014 Tax Exempt Bond NOFA until the next meeting. Commissioner Cosgrove seconded the motion. The motion passed with a vote of 6-1, with Lt. Governor Kinder voting no. There was a motion made by Chairman Bay to move the February 21, 2014 regular meeting to March 14, Commissioner Roberts seconded the motion. The motion passed with a vote of 6-1, with Lt. Governor Kinder voting no. Megan Word requested approval of the RFP for the Housing Needs Assessment. A motion was made by Commissioner Nash and seconded by Commissioner Cosgrove. The motion passed unanimously with a vote of 7-0. Kip Stetzler presented the Rental Production update. Marian Campbell presented the Asset Management update. Kip Stetzler informed the Commission that he will present to the Commission a revised 10-year Flood Plain Policy at the next Commission Meeting. Weylin Watson informed the Commission that MHDC received notice of a class action lawsuit against Federal Express. The Commission acknowledged that the staff can handle this notice and any future class action notices without seeking advice from outside counsel and without bringing the matter to the Commission for approval. No formal vote was taken. A motion was made to adjourn by Chairman Bay and seconded by Commissioner Cosgrove; the meeting was adjourned. Jeffrey S. Bay, Chairman

10 TAB 3 (a) Report of Staff Request for approval of funding for the 2014 Round 1 Approved Applications

11

12 2014 Round 1 - Rental Production Project List 9% LIHTC / HOME / Fund Balance Kansas City Region Project # Units New Rehab Conv Senior / Family HOME CHDO Nonprofit TC Set-aside Set-aside (Y) (Y) Development Name Developer City Federal 9% Tax Credits State 9% Tax Credits HOME MHDC PERMANENT PARTICIPATION LOAN AHAP Credits New Family New Family Yes Ridgeway Villas at the Legends North Star Housing LLC Raymore 620, ,000 1,600,000 St. Michael's Housing Phase II Yarco Company, Inc. Kansas City 592, , , , New Senior Briar Creek Villas Housing Investment Partners, II Belton 545, , , New Senior Yes Ivanhoe Gateway at 39th Ivanhoe Neighborhood Council Kansas City 178, , New Family Yes Rose Hill Townhomes Affordable Housing of Kansas City, Inc. Kansas City 505, ,000 St. Louis Region Project # Units New Rehab Conv Senior / Family HOME CHDO Nonprofit TC Set-aside Set-aside (Y) (Y) Development Name Developer City Federal 9% Tax Credits State 9% Tax Credits HOME MHDC PERMANENT PARTICIPATION LOAN AHAP Credits New Senior Yes Bluff View Apartments Arapaho Development LLC Festus 570, , , New Senior Woodbury Place II JES Dev Co, Inc. O'Fallon 515, , New Senior Yes Covenant House McCormack Baron Salazar St. Louis 630, , , , New + Rehab Family Yes DeSales Impact 2014 DeSales Community Housing Corporation St. Louis 417, , , , New Family New Senior New Senior Yes Town Square Apartments Gardner Development, LLC Dardenne Prairie 619, , ,000 West Clay Senior Living Phoenix Real Estate Services, LLC St. Charles 657, ,000 1,000,000 Pine Lawn Senior Apartments Beyond Housing Pine Lawn 609, ,000 1,250, New Family Yes Lemay Homes Lemay Homes Developer, KKC St. Louis 526, , ,000

13 2014 Round 1 - Rental Production Project List 9% LIHTC / HOME / Fund Balance Outstate Region Project # Units New Rehab Conv Senior / Family HOME CHDO Nonprofit TC Set-aside Set-aside (Y) (Y) Development Name Developer City Federal 9% Tax Credits State 9% Tax Credits HOME MHDC PERMANENT PARTICIPATION LOAN AHAP Credits New Senior Yes Mary Street Seniors Community Action Partnership of Greater St. Joseph St. Joseph 800, New Family New Senior Sullivan Heights Apartments Midcontinent Equity Holdings, LLC Sullivan 452, ,500 1,450, ,000 Silver Springs Apartments MACO Development Company, LLC Cape Girardeau 465, , , Rehab Senior Rose Park Estates Red-Wood Development, Inc. Bolivar 630, , New Family Oakwood Place Affordable Homes Development, Inc. Republic 590, , , Rehab Family Brookdale East Hughes Development Company, Inc. St. Joseph 555, ,000 1,300,000 2,400, New Family Fish Haven Apts. Legacy Property Developments, LLC Lake Ozark 660, , ,000 1,300, New Family Fox Fiver Estates Four Corners Development LLC Willard 570, ,000 1,200, Rehab Family Yes Shawnee Place Chillicothe Housing Authority Development Corporation Chillicothe 345, , New Family Yes James Place O'Reilly Development Co, LLC Springfield 423, , , Rehab Senior Yes St. Francis/King Hill Interfaith Community Services DBA Interserv St. Joseph 481, , New Family Yes Lancaster Duplex Housing Project Northeast Missouri Community Action Agency Lancaster 380, New Senior Fox Creek Villas MBL Development Marshall 470, , Rehab Senior Yes Bloomsdale Estates/ Pleasant View Estates East Missouri Action Agency, Inc. Bloomsdale and Park Hills 364, , New Senior Yes Yes Hawthorne Senior Housing Missouri Valley Community Action Agency Warrensburg 351, , , New Family McKee Street New Horizons Community Support Services Columbia 1,610, Rehab Family Holman Place Iceberg Development Hannibal 389, , ,000

14 2014 Round 1 - Rental Production Project List 4% LIHTC / HOME / AHAP Project # Units New Rehab Conv Senior / Family Development Name Developer City Federal 4% Tax Credits State 4% Tax Credits Exempt Bond - Const. HOME AHAP Credits TE 87 Rehab Family Station Plaza Lofts Sherman Associates St. Louis 500, ,000 12,000, TE 67 New + Rehab Senior Life Skills Rehab Project Renaissance Property Group Kirkwood, Overland, Riverview 248, ,000 5,300,000 1,690,000

15 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Reasons for Recommendations: 1. Competitive total development costs 2. Numerous priorities 3. Strong demographics 4. Very low rents for special needs units Loan Information Kansas City Ridgeway Villas at the Legends North Star Housing LLC Raymore Family New Construction Special Needs, MBE/WBE, 50% AMI Description of Property: The new construction of 56 family townhomes/duplexes in Raymore with 11% of units set aside for special needs tenants. Rents for special needs units will be substantially lower than rents for non-special needs units. Project will include a conference room where the special needs lead referral agency can meet with clients. Permanent Sources Construction Sources MHDC Fund Balance $1,600,000 MHDC Participation Fund Balan $7,400,000 Tax Credit Equity $1,511,603 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator $7,873,479 $181,724 $9,655,203 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $6,529,537 $123,200 $263,625 $364,200 $16,000 $56,000 $707,000 $1,010,000 $87,500 $269,600 $218,541 $9,655,203 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $9,655,203 $269,600 $87,500 $9,298,103 $172,414 $4,814 $1,563 $166,038

16 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed/2 Bath $300 - $650 $850 35% - 76% 3 Bed/2 Bath $350 - $700 $925 38% - 76% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $393,468 $7,026 $258,196 $4,611 $135,272 $2,416 $94,452 $1,687 $40,820 $729 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $620, $11,071 $11,071 $620, $11,071 $11,

17 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Kansas City St. Michael's Housing Phase II Yarco Company, Inc. Kansas City Family New Construction Non-Profit, Service Enriched, Special Needs Description of Property: The 2nd phase of the development of the St. Michael Veterans Campus, a 22 acre complex located adjacent to the VA Hospital in Kansas City that will market to Homeless veterans. This is a 59 unit, one building that will be four stories high, with a Supportive Services Center. Reasons for Recommendations: 1. This is number one on the City's priority list. 2. The City has committed $2.5 million to fund infrasrtucture and site improvements on the campus and over $1 milion to fund the Supportive Services Center. 3. It's a 100% special needs proposal. Permanent Sources Construction Sources CDBG $1,067,716 MHDC HOME $195,000 MHDC HOME $200,000 Tax Credit Equity $1,598,291 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Conventional $5,580,000 $7,991,455 CDBG $1,067,716 AHAP Donation Proceeds $1,596,364 $1,596,364 $95,823 $10,951,358 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $8,151,583 $260,000 $188,325 $478,000 $70,000 $200,000 $50,000 $950,000 $12,000 $289,400 $302,050 $10,951,358 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $10,951,358 $289,400 $12,000 $10,649,958 $185,616 $4,905 $203 $180,508

18 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bdrm/1 bath $650 $725 90% 2 Bdrm/1 bath $750 $800 94% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $432,450 $7,330 $317,388 $5,379 $115,062 $1,950 $115,062 $1,950 Year 1 Year 15 N/A N/A Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $592, $10,034 $10,034 $592, $10,034 $10, $878,000 $14,881 $14,881

19 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Kansas City Briar Creek Villas, LP Houisng Investment Partners, II Belton Elderly New Construction Service Enriched, AMI50, Extended Use Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: A 48 unit 3-story building with a central elevator, and multiple community spaces on each floor that will include an exercise room, community room with kitchenette and a Library with computer workstations. Reasons for Recommendations: 1. Great location for this senior property. 2. Very reasonable development cost and rental rates, comparatively, in the Kansas City MSA. 3. An area that is in need of affordable housing as echoed by the Mayor for the City of Belton at the public hearing. Loan Information Permanent Sources Construction Sources MHDC - Fund Balance $200,000 MHDC - Participation Loan $3,600,000 GP Equity $100 Tax Credit Equity $2,906,570 GP Equity $100 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $6,920,584 $88,884 $7,209,568 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $4,920,000 $110,000 $89,775 $250,000 $50,000 $473,000 $810,000 $29,400 $230,808 $246,585 $7,209,568 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $7,209,568 $230,808 $29,400 $6,949,360 $150,199 $4,809 $613 $144,778

20 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bdrm/ 1 Bath $475 - $500 $725 66% - 69% 2 Bdrm/ 2 Bath $575 $825 70% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $292,342 $6,090 $242,445 $5,051 $49,897 $1,040 $11,458 $239 $38,439 $801 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $545, $11,354 $11,354 $545, $11,354 $11,

21 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Kansas City Ivanhoe Gateway at 39th Ivanhoe Neighborhood Council Kansas City Elderly New Construction Non-Profit, Extended Use, MBE/WBE Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: A 12 unit infill proposal in three four-plex buildings in an established neighborhood with single family residences and multifamly properies that has direct access from US Hwy. 71 which provides access to the city. Reasons for Recommendations: 1. Proposal will trully help further revitalize "The Green Impact Zone" of the city of Kansas City. 2. Number two priority for the City of Kansas City requiring only $178,000 in Fed. & State credits. 3. Very reasonble rents at $495 for an elderly 4-plex housing in the Kansas City metro area. Loan Information Permanent Sources Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Construction Sources $2,278,097 Participation Const Loan $1,600,000 Tax Credit Equity $455,619 $22,504 $2,300,602 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $1,522,425 $65,000 $50,667 $80,000 $30,000 $35,000 $240,000 $26,810 $69,200 $181,500 $2,300,602 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $2,300,602 $69,200 $26,810 $2,204,592 $191,717 $5,767 $2,234 $183,716

22 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bdrm/ 1 Bath $495 $675 73% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $67,716 $5,643 $50,272 $4,189 $17,444 $1,454 $17,444 $1,454 Year 1 Year 15 Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $178, $14,833 $14,833 $178, $14,833 $14,

23 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Kansas City Rose Hill Townhomes Affordable Housing of Kansas City, Inc. Kansas City Family New Construction Non-Profit, Special Needs, Extended Use, MBE/WBE Duplexes Single Story Row Building without Elevator Description of Property: A 33 unit urban, townhouse design concept with 2 and 3 bedroom, one bath units with all the amenities and feel of a single family residence. Reasons for Recommendations: 1. A 100% special needs proposal for the formerly homeless. 2. Centrally located within the City of Kansas City MSA and ideally situated near transit, schools and employment centers. 3. The lead referral agency is located just 2 blocks away and will provide services on-site. 4. The Housing Authority's development arm is the sponsor and will ensure rental assistance for the tenants. Permanent Sources Construction Sources GP Equity $100 MHDC/Great Southern Participa $4,680,000 Tax Credit Equity $1,146,774 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator $6,413,076 GP Equity $100 $59,058 $6,472,234 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $4,374,991 $220,000 $153,387 $220,000 $35,000 $50,000 $6,000 $273,300 $634,000 $17,750 $172,800 $315,006 $6,472,234 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $6,472,234 $172,800 $17,750 $6,281,684 $196,128 $5,236 $538 $190,354

24 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $450 $600 75% 2 Bed $525 $700 75% 3 Bed $625 $800 78% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $203,670 $6,172 $168,152 $5,096 $35,518 $1,076 $35,518 $1,076 Year 1 Year 15 N/A N/A Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $505, $15,303 $15,303 $505, $15,303 $15,

25 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Saint Louis Bluff View Apartments Arapaho Development LLC Festus Elderly New Construction Non Profit, Service Enriched, Special Needs, Extended Use Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: A 40 unit 3 story brick & hardy cement siding 2bdrm/1 bath building with all units wheelchair accessible to meet the needs of special needs tenants. Developer proposes to add solar panels to reduce utility bills for the common areas if budget allows. Reasons for Recommendations: 1. A special needs proposal in an area with documented waiting list for this type of development. 2. Great location. 3. Has full support from the community as well as a Resolution of Support Letter from the City. Permanent Sources Construction Sources MHDC $300,000 MHDC Particiapation Loan $5,170,000 GP Equity $100 Tax Credit Equity $1,449,413 GP Equity $100 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $7,247,066 $71,348 $7,618,513 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $5,404,200 $145,100 $176,472 $255,976 $30,000 $35,000 $326,700 $750,000 $18,000 $269,000 $208,065 $7,618,513 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $7,618,513 $269,000 $18,000 $7,331,513 $190,463 $6,725 $450 $183,288

26 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bdrm/ 1 bath $430 $513 84% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage Total Per Unit $196,080 $4,902 $155,565 $3,889 $40,515 $1,013 $15,178 $379 $25,337 $633 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $570, $14,250 $14,250 $570, $14,250 $14,

27 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Saint Louis Woodbury Place II JES Dev Co, Inc. O'Fallon Elderly New Construction Special Needs, AMI50 Description of Property: This is a new construction of 28 two bedroom and 14 one bedroom units in 7 buildings with 6 units in each building for seniors. It is located in O'Fallon. Reasons for Recommendations: 1) Reasonable costs for St. Charles county area. 2) Dire need for senior housing in area indicated by long waiting lists for other LIHTC projects 3) Good public support 4) 2nd on the list of supported proposals by the County of St. Charles Loan Information Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Permanent Sources Construction Sources Conventional $1,000,000 Tax Credit Equity $1,345,004 Owner Equity $110 Conventional $5,500,000 Owner Equity $110 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $6,591,125 $67,804 $7,659,038 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $5,354,999 $168,000 $203,740 $267,750 $25,000 $370,000 $835,000 $12,000 $185,924 $236,625 $7,659,038 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $7,659,038 $185,924 $12,000 $7,461,114 $182,358 $4,427 $286 $177,646

28 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $490 $580 $725 68% 80% 2 Bed $520 $620 $825 63% 75% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage Total Per Unit $278,502 $6,631 $187,789 $4,471 $90,713 $2,160 $64,419 $1,534 $26,294 $626 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $515, $12,262 $12,262 $515, $12,262 $12,

29 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Reasons for Recommendations: 1. Competitive total development costs 2. Preserving Section 8 3. Strong rehabilitation demographics 4. Extensive tenant services Loan Information Saint Louis Covenant House McCormack Baron Salazar, Inc. St. Louis Elderly New Construction Non-Profit, Service Enriched, Preservation, MBE/WBE, Description of Property: The new construction of 101 elderly tax credit and market rate units in St. Louis County. The project will incorporate universal design principles. Permanent Sources Construction Sources Gershman Mortgage Loan $4,650,000 Gershman Mortgage Loan $4,650,000 MHDC HOME $750,000 Tax Credit Equity $7,430,266 CDBG $1,000,000 AHAP $1,817,000 MHDC HOME $750,000 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator $8,370,621 CDBG $1,000,000 $1,817,000 $415,045 $17,002,666 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $12,547,513 $637,000 $190,069 $627,721 $75,000 $133,766 $50,000 $1,670,000 $10,000 $545,400 $516,197 $17,002,666 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $17,002,666 $545,400 $10,000 $16,447,266 $168,343 $5,400 $99 $162,844

30 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $750 - $994 $800 94% - 124% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $1,053,532 $10,431 $576,683 $5,710 $476,849 $4,721 $315,078 $3,120 $161,771 $1,602 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $630, $9,545 $6,238 $630, $9,545 $6, $999,350 $15,142 $9,895

31 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Saint Louis DeSales Impact 2014 DeSales Community Housing Corporation St. Louis Family New Construction + Acquisition/Rehabilitation Non-Profit Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Proposal will be comprised of 35 apartments and townhomes located within 14 buildings in St. Louis City. There will be a mix of 1, 2, and 3 bedroom units and a mix of new construction and rehabilitation of existing units. Reasons for Recommendations: 1. Scattered-site development is part of a larger neighborhood revitilization effort. 2. St. Louis City fully supports this project - Number one priority on the list from the City of St. Louis 3. It is within the cost limits. 4. Provides rents at a competitive rate. Permanent Sources Great Southern/MHDC Participation Federal and State LIHTC Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: Construction Sources $930,000 Great Southern/MHDC Participa $5,150,000 Tax Credit Equity $1,130,832 $5,378,946 $598,057 $98,105 $7,005,107 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer\Construction Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $4,716,336 $140,000 $183,469 $323,000 $35,000 $418,500 $720,000 $20,050 $156,600 $292,153 $7,005,107 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $7,005,107 $156,600 $20,050 $6,828,457 $194,586 $4,350 $557 $189,679

32 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed/1 Bath $450 - $475 $600 75% - 79% 2 Bed/1-2 Bath $540 - $700 $800 68% - 88% 3 Bed/1.5-2 Bath $730 - $825 $1,050 70% - 79% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Operating Income Debt Service Net Operating Income Debt Service Coverage Total Per Unit $260,586 $7,239 $169,578 $4,710 $91,008 $2,528 $60,662 $1,685 $30,346 $843 Year 1 Year Tax Credit Information Federal Low Income State Low Income Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $417, $11,583 $11,583 $417, $11,583 $11,583 $327, $9,096 $9,096 $388, $10,801 $10,801

33 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Saint Louis Towne Square Apartments Gardner Development, LLC Dardenne Prairie Family New Construction Special Needs, AMI50 Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 48 units of new construction family development with two 3 story buildings and a clubhouse Reasons for Recommendations: 1) Very low and affordable rents 2) Development costs per unit competitive relative to other family proposals in the St. Louis region 3) Great location with close proximity to nice, newer services and community amenities Loan Information Permanent Sources Construction Sources MHDC Fund Balance $725,000 MHDC Fund Balance $725,000 Tax Credit Equity $1,584,432 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $7,922,160 Great Southern $5,700,000 $81,815 $8,728,975 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $5,870,000 $144,000 $210,000 $293,500 $15,000 $30,000 $770,000 $934,000 $62,000 $172,800 $227,675 $8,728,975 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $8,728,975 $172,800 $62,000 $8,494,175 $181,854 $3,600 $1,292 $176,962

34 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed $400 $475 $990 40% 48% 3 Bed $465 $550 $1,160 40% 47% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage Total Per Unit $266,054 $5,543 $202,968 $4,229 $63,086 $1,314 $36,680 $764 $26,407 $550 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $619, $12,896 $12,896 $619, $12,896 $12,

35 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Saint Louis West Clay Senior Living Phoenix Real Estate Services, LLC St. Charles Elderly New Construction Service Enriched, AMI50 Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction of a 3 story elevator apartment building with 60 units of housing intended for elderly tenants. Reasons for Recommendations: 1) Strong feasibility with ability to service permanent participation loan and a reasonable tax credit request; 2) Good location for an elderly proposal 3) Strong support from public officials 4) Development costs per unit highly competitive, particularly for new construction in the St. Louis region Loan Information Permanent Sources Construction Sources MHDC Fund Balance $1,000,000 MHDC Fund Balance (Participat $1,000,000 Tax Credit Equity $1,689,777 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $8,473,887 USB Participation Portion $6,100,000 $106,552 $9,580,439 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $6,707,782 $67,000 $247,000 $335,000 $50,000 $50,000 $540,000 $993,617 $32,000 $229,300 $328,740 $9,580,439 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $9,580,439 $229,300 $32,000 $9,319,139 $159,674 $3,822 $533 $155,319

36 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $400 $475 $715 56% 66% 2 Bed $485 $600 $800 61% 75% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage Total Per Unit $361,551 $6,026 $265,975 $4,433 $95,576 $1,593 $60,802 $1,013 $34,774 $580 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $657, $10,950 $10,950 $657, $10,950 $10,

37 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Saint Louis Pine Lawn Senior Apartments Beyond Housing Pine Lawn Elderly New Construction Non-Profit, Service Enriched, Extended Use, MBE/WBE Description of Property: A very appealing 53 one & two bedroom elevator building with a community room that has an exercise room, a large resident living room with computers/media and a space for community events. A garden area will be to the rear of the building for relaxation and resident activities. Reasons for Recommendations: 1. An ideal location that adds momentum to the on-going revitalization efforts in the community. 2. Third priority on St. Louis County's list with very strong support at the hearing from the community and Mayors from neighboring communities. 3. An MBE/WBE and Service Enriched designated non-profit entity that is highly regarded. Permanent Sources Construction Sources MHDC - Fund Balance $1,250,000 MHDC - Participation Loan - US $7,035,000 GP Equity $100 Tax Credit Equity $1,619,821 GP Equity $100 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator $8,099,104 $99,423 $9,448,627 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $7,106,375 $214,000 $235,585 $300,000 $20,000 $40,000 $900,000 $35,750 $214,300 $382,618 $9,448,627 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $9,448,627 $214,300 $35,750 $9,198,577 $178,276 $4,043 $675 $173,558

38 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bdrm/ 1 bath $550 - $560 $620 89% - 90% 2 Bdrm/ 1 bath $615 $710 87% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $338,352 $6,384 $233,226 $4,400 $105,126 $1,984 $63,241 $1,193 $41,885 $790 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $609, $11,491 $11,491 $609, $11,491 $11,

39 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Saint Louis Lemay Homes Lemay Homes Developer, LLC St. Louis Family New Construction Non Profit, AMI50 Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 40 units of new construction of relatively large 3 and 4 bedroom, single family detached units, urban infill on scattered sites in Lemay, which is a small suburb in southern St. Louis. Reasons for Recommendations: 1) Good location with close proximity to employment and community services and amenities 2) Strong community support 3) Strong feasibility with reasonable total development costs for 3 and 4 bedroom units with homeownership opportunity. Permanent Sources Construction Sources MHDC Fund Balance $850,000 MHDC Fund Balance (Participat $850,000 HOME St. Louis County $800,000 Tax Credit Equity $2,767,928 USB Loan (Participation Portion $4,325,000 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $6,890,600 $87,285 $8,627,885 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $5,983,877 $90,000 $180,000 $300,000 $46,000 $612,000 $800,000 $27,750 $186,500 $401,758 $8,627,885 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $8,627,885 $186,500 $27,750 $8,413,635 $215,697 $4,663 $694 $210,341

40 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 3 Bed $570 $675 $1,000 57% 68% 4 Bed $655 $775 $1,100 60% 70% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage Total Per Unit $299,479 $7,487 $215,024 $5,376 $84,455 $2,111 $56,695 $1,417 $27,760 $694 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $526, $13,150 $13,150 $526, $13,150 $13,

41 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Reasons for Recommendations: Out State Mary Street Seniors Community Action Partnership of Greater St. Joseph St. Joseph Elderly New Construction Non Profit Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Utilizing architectural plans that are compatible with the surrounding neighborhood to build a duplex and a triplex with 2 bdrm/ 1 bath utilizing MHDC HOME CHDO funds. 1. An ideal infill proposal in an area needing this type of re investment. 2. Proposal has support from the community and a Resolution of Support Letter from the City. 3. The developer entity is an arm of the Community Action Agency with the primary mission of helping to provide safe, affordable and decent housing in areas that are most needed. Loan Information Permanent Sources Construction Sources MHDC HOME CHDO $800,000 MHDC HOME CHDO $800,000 Comm. Action Partnership of St. Joseph $5,000 Tax Credit Equity Comm. Action Partnership $5,000 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: of St. Joseph $7,000 $812,000 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $644,760 $31,000 $35,960 $2,500 $2,080 $70,000 $25,700 $812,000 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $812,000 $812,000 $162,400 $162,400

42 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bdrm/1 bath $420 $500 84% Total Number of Units 5 Total LIHTC Units 0 Total HOME Units 5 Total Market Units 0 Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage Total Per Unit $23,940 $4,788 $19,315 $3,863 $4,625 $925 $4,625 $925 Year 1 Year 15 N/A N/A Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All)

43 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State Sullivan Heights Apartments Midcontinent Equity Holdings, LLC Sullivan Family New Construction Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction of multi family housing located on the Crawford County side of Sullivan. Reasons for Recommendations: 1) City of Sullivan supports the constuction of new multi family housing 2) Highly competitive development costs per unit for a Family proposal 3) Excellent service provider for special needs households Loan Information Permanent Sources Construction Sources MHDC Fund Balance $300,000 MHDC Fund Balance $300,000 MHDC HOME $1,450,000 Tax Credit Equity $351,239 Participation Fund Balance $4,900,000 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $5,791,421 MHDC HOME $1,450,000 $61,930 $7,603,351 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $5,622,000 $94,000 $170,683 $281,100 $30,000 $190,000 $818,000 $18,000 $165,743 $213,825 $7,603,351 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $7,603,351 $165,743 $18,000 $7,419,608 $158,403 $3,453 $375 $154,575

44 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed $400 $490 82% 3 Bed $450 $520 87% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage Total Per Unit $225,432 $4,697 $184,708 $3,848 $40,724 $848 $15,178 $316 $25,547 $532 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $452, $9,427 $9,427 $452, $9,427 $9,

45 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Out State Silver Springs Apartments MACO Development Company, L.L.C. Cape Girardeau Elderly New Construction Special Needs, AMI50, Extended Use Description of Property: Proposal will be comprised of 30 2-bedroom 2 baths and 10 1-bedroom one bath apartments marketed exclusively to seniors ages 55 and over. Exterior will be brick and vinyl with a community building that will include a fitness facility, and laundry area. Reasons for Recommendations: 1. Has a deep rent skewing and varied unit size configuration. 2. A good senior proposal that has a Resolution of Support Letter from the City. 3. Proposal will help revitalize the neighborhood. 4. Developer manages a senior proposal in Cape Girardeau that maintains a lenghty waiting list. Permanent Sources Construction Sources MHDC $235,000 MHDC Participation loan $4,475,000 Owner Equity $100 Tax Credit Equity $1,195,522 Owner Equity $100 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator $5,905,109 $93,567 $6,233,777 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $4,376,070 $80,000 $97,779 $138,000 $27,000 $10,000 $400,000 $725,000 $16,700 $154,878 $208,350 $6,233,777 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $6,233,777 $154,878 $16,700 $6,062,199 $155,844 $3,872 $418 $151,555

46 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bdrm/ 1 bath $265 - $400 $500 53% - 80% 2 Bdrm/ 2 baths $320 - $500 $600 53% - 83% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $207,214 $5,180 $168,123 $4,203 $39,091 $977 $11,889 $297 $27,202 $680 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $465, $11,625 $11,625 $465, $11,625 $11,

47 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State Rose Park Estates, LP Red-Wood Development, Inc. Bolivar Elderly Acquisition/Rehabilitation Preservation Description of Property: The acquisition/rehabilitation of 76 elderly units in Bolivar. The project was constructed in three phases starting in It has a Rural Development loan and Rural Development rental subsidy agreement. Bus routes have scheduled stops at the project and it will include FEMA EF-5 rated storm shelters. Reasons for Recommendations: 1. Competitive total development cost 2. Preservation of Rural Development project 3. Has Rural Development rental subsidy agreement 4. Strong rehabilitation demographics Loan Information Permanent Sources Construction Sources Rural Development $280,000 Arvest Bank $5,591,500 Replacement Reserves $153,200 Tax Credit Equity $1,402,735 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Replacement Reserves $153,200 $8,126,471 Rose Park Association $78,794 Rural Development $280,000 $57,814 $8,617,485 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $6,106,500 $106,400 $105,539 $150,000 $18,000 $210,000 $90,000 $25,000 $284,000 $905,656 $12,000 $349,200 $255,190 $8,617,485 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $8,617,485 $349,200 $12,000 $8,256,285 $113,388 $4,595 $158 $108,635

48 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed/1 Bath $311 $375 83% 2 Bed/1 Bath $341 $445 77% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $280,018 $3,684 $246,710 $3,246 $33,308 $438 $7,118 $94 $26,190 $345 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $630, $8,289 $8,289 $630, $8,289 $8,

49 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Out State Oakwood Place Affordable Homes Development, Inc. Republic Family New Construction Special Needs Description of Property: 47 units of new construction with units set aside for workforce housing; located in Republic, which is roughly minutes east of Springfield Reasons for Recommendations: 1) Strong feasibility with competitive development costs per unit for a new construction family proposal outside of Springfield. 2) Clost proximity to emloyment and services, both in Republic and Springfield 3) Rents for both types of units tax credit and workforce are very low and highly affordable Permanent Sources Construction Sources MHDC Fund Balance $850,000 MHDC Fund Balance $850,000 Tax Credit Equity $1,466,550 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator $7,492,009 Participation $5,400,000 $90,129 $8,432,138 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $6,329,638 $49,200 $154,000 $317,000 $30,000 $196,500 $902,500 $29,000 $187,400 $236,900 $8,432,138 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $8,432,138 $187,400 $29,000 $8,215,738 $179,407 $3,987 $617 $174,803

50 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $365 $450 $540 68% 83% 2 Bed $440 $540 $640 69% 84% 3 Bed $510 $600 $740 69% 81% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage (Workforce Housing units restricted at 80% AMI) Total Per Unit $248,645 $5,290 $183,413 $3,902 $65,232 $1,388 $43,004 $915 $22,228 $473 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $590, $12,553 $12,553 $590, $12,553 $12,

51 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State Brookdale East Apartments Hughes Development Company, Inc. St. Joseph Family Acquisition/Rehabilitation MBE/WBE Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: The acquisition/rehabilitation of 102 family units in St. Joseph. The project includes a large community center building. Reasons for Recommendations: 1. Competitive total development costs 2. Strong demographics for rehabilitation 3. Preserving ex-hud 236 property Loan Information Permanent Sources Construction Sources MHDC Fund Balance $2,400,000 MHDC Participation Fund Balan $7,300,000 MHDC HOME $1,300,000 Tax Credit Equity $1,548,210 Construction Period Income $105,198 Construction Period Income $105,198 Owner Equity $110 Owner Equity $110 MHDC HOME $1,300,000 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $7,159,034 $140,376 $11,104,718 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $5,932,312 $296,615 $231,167 $444,924 $37,500 $110,000 $76,500 $2,115,000 $1,110,000 $36,000 $351,200 $363,500 $11,104,718 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $11,104,718 $351,200 $36,000 $10,717,518 $108,870 $3,443 $353 $105,074

52 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed/ 1 Bath $390 $520 75% 2 Bed/1.5 Bath $475 - $640 $640 75% - 100% 3 Bed/1.5 Bath $540 - $725 $725 74% - 100% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $602,975 $5,912 $433,586 $4,251 $169,389 $1,661 $121,422 $1,190 $45,460 $445 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $555, $6,768 $5,441 $555, $6,768 $5,

53 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State Fish Haven Apartments Legacy Property Development, LLC Lake Ozark Family New Construction Description of Property: Sixty four family apartment units that will provide 2 and 3 bedrooms with 2 baths for the much needed workforce housing in an area where local employers and business owners have become concerned about the lack of affordable housing in the community. Reasons for Recommendations: 1. A strong Letter of support from Mayor as well as a Resolution of Support from the city. 2. Competitive development costs and rental rates. 3. Market demographics supports the dire need of affordable housing for the working families in this area. Loan Information Permanent Sources Construction Sources MHDC Fund Balance $1,300,000 MHDC Fund Balance Participati $7,270,000 MHDC Soft HOME $700,000 Tax Credit Equity $1,949,841 Conventional Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator $8,513,446 MHDC Soft HOME $700,000 $154,129 $10,667,575 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $7,680,000 $180,000 $230,000 $350,000 $30,000 $20,000 $600,000 $950,000 $38,000 $229,400 $360,175 $10,667,575 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $10,667,575 $229,400 $38,000 $10,400,175 $166,681 $3,584 $594 $162,503

54 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bdrm/ 2 Bath $450 $525 $600 75% 88% 3 Bdrm/ 2 Bath $500 $590 $725 69% 81% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage Total Per Unit $355,502 $5,555 $257,600 $4,025 $97,902 $1,530 $65,770 $1,028 $32,132 $502 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $660, $10,313 $10,313 $660, $10,313 $10,

55 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State Fox River Estates Four Corners Development L.L.C. Willard Family New Construction Workforce Housing Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: 48 unit apartment/duplex complex with workforce housing units located on the outskirts of Willard, which is roughly minutes northeast of Springfield. Reasons for Recommendations: 1) Strong feasibility with fairly cometitive development costs for a new construction family proposal 2) Good access for transportation and employment, and located close to community amenities Loan Information Permanent Sources Construction Sources MHDC Fund Balance $1,200,000 MHDC Fund Balance $1,000,000 Tax Credit Equity $1,499,363 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $7,295,521 Great Southern $5,475,000 $93,689 $8,589,210 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $5,880,000 $200,000 $200,000 $294,000 $35,000 $30,000 $550,000 $937,627 $36,000 $187,220 $239,363 $8,589,210 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $8,589,210 $187,220 $36,000 $8,365,990 $178,942 $3,900 $750 $174,291

56 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed $475 $550 $625 76% 88% 3 Bed $545 $630 $740 74% 85% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage (Workforce housing units set aside for 80% AMI) Total Per Unit $277,884 $5,789 $198,130 $4,128 $79,754 $1,662 $60,711 $1,265 $19,043 $397 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $570, $15,000 $11,875 $570, $15,000 $11,

57 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State Shawnee Place Chillicothe Housing Authority Development Corporation Chillicothe Family Rehabilitation Non Profit, Preservation Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: This is a 48 unit Rural Development property in Chillicothe that consists of 1 bedroom units that is in serious need of rehab. Currently almost 20% of the units are unable to be rented because they are in need of repair. Reasons for Recommendations: 1. Very reasonable rehab costs. 2. High on the priority list submitted by Rural Development. 3. Rental assistance is availible for nearly every unit through either Rural Development or the Chillicothe Housing Authority. 4. Good location for senior living. Loan Information Permanent Sources Construction Sources Reserves $62,000 Reserves $62,000 Rural Development $107,000 Tax Credit Equity $868,370 Conventional $2,850,000 Federal and State LIHTC Equity $4,415,710 Rural Development $520,000 Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $39,960 $4,624,670 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $2,263,400 $100,000 $100,000 $150,000 $25,000 $50,000 $55,000 $5,000 $700,000 $515,000 $12,000 $388,800 $260,470 $4,624,670 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $4,624,670 $388,800 $12,000 $4,223,870 $96,347 $8,100 $250 $87,997

58 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $390 $500 78% 1 Bed $450 $500 90% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage Total Per Unit $209,585 $4,366 $178,950 $3,728 $30,635 $638 $2,720 $57 $27,915 $582 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $345, $7,340 $7,188 $345, $7,340 $7,

59 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State James Place O'Reilly Development Co., LLC Springfield Family New Construction Non Profit, Service Enriched, Special Needs, AMI50 Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction of moderate sized 1 and 2 BR apartments in a residential neighborhood; Reasons for Recommendations: 1) Good location with close proximity to nearby services 2) Burrell, Inc. has excellent reputation as service provider for special needs households and service enriched housing Loan Information Permanent Sources Construction Sources MHDC HOME $195,000 Tax Credit Equity $1,121,497 MHDC HOME $195,000 Federal and State LIHTC Equity $5,414,045 Great Southern $4,085,000 Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $58,432 $5,667,477 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $3,931,108 $226,554 $120,000 $200,000 $30,000 $40,000 $80,000 $676,030 $42,360 $153,000 $168,425 $5,667,477 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $5,667,477 $153,000 $42,360 $5,472,117 $141,687 $3,825 $1,059 $136,803

60 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $350 $415 $600 58% 69% 2 Bed $380 $450 $650 58% 69% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage Total Per Unit $189,497 $4,737 $164,665 $4,117 $24,832 $621 $24,832 $621 Year 1 Year 15 N/A N/A Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $423, $10,575 $10,575 $423, $10,575 $10,

61 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State St. Francis/King Hill Interfaith Community Services St. Joseph Elderly Acquisition/Rehabilitation Non-Profit, Preservation, MBE/WBE Description of Property: The acquisition/rehabilitation of two separate Section 8 elderly projects in St. Joseph. The projects, St. Francis Apartments (built 1977) and King Hill Apartments (built 1989), are approximately 4 miles apart. Wesley Community Center, which will be partially financed with donated developer fee proceeds, will serve as the Interfaith Community Services base for outreach into northwest Missouri. Reasons for Recommendations: 1. Competitive total development costs 2. Preserve Section 8 3. Strong rehabilitation demographics 4. Developer donating developer fee proceeds to partially finance new community center Loan Information Permanent Sources Construction Sources Construction Period Income $337,201 Tax Credit Equity $1,247,601 Reserves $1,082,481 CRA Loan $4,080,000 Gershman Mortgage $3,800,000 Reserves $1,082,481 Gershman Mortgage $3,800,000 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator $6,156,396 Construction Period Income $337,201 $265,405 $11,641,483 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $4,788,500 $239,425 $326,100 $372,954 $40,000 $178,000 $60,000 $3,572,084 $1,085,000 $10,750 $504,200 $464,470 $11,641,483 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $11,641,483 $504,200 $10,750 $11,126,533 $74,150 $3,211 $68 $70,870

62 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market Efficiency $418 $450 93% 1 Bed/1 Bath $459 - $508 $500 92% - 102% 2 Bed/1 Bath $509 - $561 $600 85% - 94% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $880,123 $5,606 $583,401 $3,716 $296,722 $1,890 $219,882 $1,401 $76,841 $489 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $481, $3,083 $3,064 $481, $3,083 $3,

63 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Out State Lancaster Duplex Housing Project Northeast Missouri Community Action Agency Lancaster Family New Construction Nonprofit Reasons for Recommendations: 1) The site is in an ideal location within the community. 2) The nonprofit/chdo is experienced with small developments. 3) The duplex is within the cost limits. 4) The nonprofit will be able to house families at a low annual cost. Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: A two unit infill proposal on a corner lot in Lancaster, Missouri. The three-bedroom units will sit in a well-maintained single-family neighborhood that is a couple of blocks away from the town center. Permanent Sources MHDC - HOME/CHDO Federal and State LIHTC Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: Construction Sources $380,000 MHDC - HOME/CHDO $380,000 Tax Credit Equity $380,000 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer\Construction Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $296,000 $14,000 $14,220 $3,000 $7,500 $27,180 $1,200 $16,900 $380,000 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $380,000 $1,200 $378,800 $190,000 $600 $189,400

64 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 3 Bed/2 Bath $415 $550 75% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Operating Income Debt Service Net Operating Income Debt Service Coverage Total Per Unit $9,263 $4,631 $6,771 $3,385 $2,492 $1,246 $2,492 $1,246 Year 1 Year 15 N/A N/A Tax Credit Information Federal Low Income State Low Income Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All)

65 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Reasons for Recommendations: 1. Reasonable development costs 2. Is a good special needs and service enriched proposal 3. Near Hwy 65 bypass and many amenities 4. No LIHTC projects completed in city within last 20 years 5. Target population growing in area Loan Information Outstate Fox Creek Villas L.P. MBL Marshall Elderly New Construction Service Enriched, Special Needs Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction in Marshall located near the Hwy 65 bypass. There are 34 two bedroom units distributed between duplexes, 4 plexes, and 6 plexes. Permanent Sources Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Construction Sources $5,920,816 Coventional $4,300,000 Tax Credit Equity $1,245,212 $52,297 $5,973,112 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $4,103,904 $85,000 $143,333 $215,700 $25,000 $25,000 $300,000 $680,000 $27,200 $130,900 $237,075 $5,973,112 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $5,973,112 $130,900 $27,200 $5,815,012 $175,679 $3,850 $800 $171,030

66 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed $410 $510 80% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage Total Per Unit $158,916 $4,674 $138,472 $4,073 $20,444 $601 $20,444 $601 Year 1 Year 15 N/A N/A Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $470, $13,824 $13,824 $470, $13,824 $13,

67 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Out State Bloomsdale Estates and Pleasant View Estates East Missouri Action Agency, Inc. Bloomsdale and Park Hills Elderly Acquisition/Rehabilitation Non-Profit, Preservation, Extended Use Description of Property: Acquisition and rehab of 2 USDA Rural Development properites with a total of 56 one bdrm/ 1 bath located in Bloomsdale & Park Hills. There will be a clubhouse/community/computer lab/ business center, courtyard, on-site management, picnic area and recreational area on both sites. Reasons for Recommendations: 1. Two medium sized RD properties in need of renovation that are being merged to allow for efficiency. 2. Strong RD support and rental assistance. 3. Very reasonable development costs. Permanent Sources Construction Sources Rural Development $100,000 FHLB Grant $331,725 Existing Reserves $93,482 Tax Credit Equity $924,500 GP Equity $100 Conventional $2,575,000 FHLB Grant $331,725 Rural Development $525,000 Existing Reserves $93,482 Federal and State LIHTC Equity $4,622,498 GP Equity $100 Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator $51,439 $5,199,244 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $2,667,600 $120,000 $80,469 $150,000 $35,000 $127,850 $135,000 $20,000 $527,000 $550,000 $12,000 $498,600 $275,725 $5,199,244 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $5,199,244 $498,600 $12,000 $4,688,644 $92,844 $8,904 $214 $83,726

68 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bdrm/ 1 Bath $395 $450 88% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $252,168 $4,503 $213,182 $3,807 $38,986 $696 $2,542 $45 $36,444 $651 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $364, $6,500 $6,500 $364, $6,500 $6,

69 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Out State Hawthorne Senior Apartments Missouri Valley Community Action Agency Warrensburg Elderly New Construction Non-Profit, AMI50 Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Proposal will be comprised of thirty-six 2-bedroom 1-bathroom units marketed to seniors. There will be seven garden level residential buildings and a community building that will include meeting rooms, office space, computer workstations and a kitchenette. Reasons for Recommendations: 1) Development is in a great location in Warrensburg - close to many amenties. 2) The Total Development Costs per unit are very competitive in the region. 3) The project will also house senior households at 50% and 60% of the Area Median Income in addition to a few market rate units. Permanent Sources MHDC - HOME/CHDO MHDC - HOME/CHDO Federal and State LIHTC Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: Construction Sources $230,000 MHDC - HOME/CHDO $960,000 $730,000 Tax Credit Equity $905,521 Conventional $3,250,000 $4,527,605 $87,932 $5,575,537 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer\Construction Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $3,945,540 $95,000 $90,052 $134,000 $25,000 $10,000 $275,000 $670,000 $10,750 $121,600 $198,595 $5,575,537 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $5,575,537 $121,600 $10,750 $5,443,187 $154,876 $3,378 $299 $151,200

70 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed/1 Bath $395 - $570 $600 66% - 95% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Operating Income Debt Service Net Operating Income Debt Service Coverage Total Per Unit $187,245 $5,201 $142,970 $3,971 $44,275 $1,230 $11,500 $319 $32,775 $910 Year 1 Year Tax Credit Information Federal Low Income State Low Income Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $351, $10,636 $9,750 $351, $10,636 $9,

71 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State McKee Street Apartments New Horizons Community Support Services, Inc. Columbia Family New Construction Non-Profit, Special Needs Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: The new construction of 12 family units in Columbia. 100% of units will be set aside for tenants with special needs. The project will include office and programming space for on-site supportive services. The project will incorporate universal design principles. Reasons for Recommendations: % specials needs 2. Extensive services will be provided to tenants 3. Numerous sources of tenant rental assistance Loan Information Permanent Sources Construction Sources MHDC HOME $1,610,877 MHDC HOME $1,610,877 Federal Home Loan Bank of Des Moines $180,000 Tax Credit Equity Owner Equity-Fundraising $100,000 Federal Home Loan Bank of Des $180,000 Missouri Department of Mental Health $40,000 Owner Equity-Fundraising $24,800 Missouri Department of Menta $40,000 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $1,930,877 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $1,557,327 $63,500 $95,000 $5,000 $15,000 $100 $65,000 $10,750 $62,200 $57,000 $1,930,877 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $1,930,877 $62,200 $10,750 $1,857,927 $160,906 $5,183 $896 $154,827

72 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed/1 Bath $575 0% Total Number of Units Total HOME Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $77,272 $6,439 $65,188 $5,432 $12,083 $1,007 $12,083 $1,007 Year 1 Year 15 N/A N/A Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All)

73 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Reasons for Recommendations: 1. Competitive total development costs 2. Preservation 3. Strong rehabilitation demographics Out State Holman Place Apartments Iceberg Development Hannibal Family Acquisition/Rehabilitation Preservation and MBE/WBE Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: The acquisition/rehabilitation of 48 family units in Hannibal. The project was built in The project will include a new community/common area and new exterior playground. The project will be constructed to achieve NAHB green building bronze certification. Loan Information Permanent Sources Construction Sources MHDC HOME $350,000 Valley Bank $3,550,000 Replacement Reserves $30,000 Tax Credit Equity $993,517 Income During Construction $23,600 Replacement Reserves $30,000 Income During Construction $23,600 Federal and State LIHTC Equity $4,900,420 MHDC HOME $350,000 Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $80,027 $5,384,046 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $2,884,200 $46,500 $107,656 $225,000 $35,000 $96,000 $40,000 $975,000 $596,260 $12,000 $158,800 $207,630 $5,384,046 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $5,384,046 $158,800 $12,000 $5,213,246 $112,168 $3,308 $250 $108,609

74 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed/1 Bath $410 $555 74% 3 Bed/2 Bath $500 $722 69% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $233,769 $4,870 $188,438 $3,926 $45,330 $944 $19,316 $402 $26,015 $542 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $389, $8,104 $8,104 $389, $8,104 $8,

75 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Saint Louis Station Plaza Lofts Sherman Asociates, Inc. St. Louis Family Rehabilitation/Historic (Conversion) N/A Description of Property: This is an adaptive reuse of a historic building in the Locust Business District in St. Louis. The single building will have a total of 87 units consisting of studio, 1 bedroom and 2 bedroom units. Reasons for Recommendations: 1) On the city of St. Louis list of recommended projects 2) Costs are very reasonable for a historic conversion 3) Demonstrated need for affordable housing eveidenced by the high occupancy of other LIHTC projects in the area. Loan Information Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Permanent Sources Construction Sources Conventional $3,200,000 Tax Credit Equity $2,558,676 Conventional $566,111 Conventional $3,800,000 Conventional $8,200,000 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: $6,612,241 $5,279,465 $286,369 $15,944,186 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $10,345,319 $258,633 $597,000 $740,000 $150,000 $50,000 $1,575,000 $1,100,000 $10,000 $413,721 $704,513 $15,944,186 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $15,944,186 $413,721 $10,000 $15,520,465 $183,267 $4,755 $115 $178,396

76 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market Efficiency $525 $650 81% 1 Bed $650 $900 72% 2 Bed $780 $1,100 71% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre distribution Cash Flow Debt Service Coverage Total Per Unit $768,314 $8,831 $417,788 $4,802 $350,526 $4,029 $283,436 $3,258 $67,090 $771 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $500, $5,748 $5,748 $480, $5,517 $5,517 $2,625, $30,175 $30,175 $3,281, $37,719 $37,719

77 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Reasons for Recommendations: 1. Competitive total development costs 2. Specials Needs 3. Preservation of Section 8 4. Extensive resident services Loan Information Saint Louis Life Skills Rehab Project Renaissance Property Group LLC Kirkwood, Overland, and Riverview Elderly New Construction + Acquisition/Rehabilitation Non-Profit, Special Needs, Preservation Description of Property: The acquisition/rehabilitation of 48 elderly units in the cities of Kirkwood, Overland, and Riverview. The new construction of 19 elderly units adjacent to the Kirkwood acquisition/rehabilitation site. 48 of 67 units have Section 8 and will be set aside for special needs tenants. The new construction portion will include space to provide on-site supportive services. Permanent Sources Construction Sources Non-MHDC Tax Exempt Bonds $3,600,000 Non-MHDC Tax Exempt Bonds $5,300,000 MHDC HOME $1,690,000 Tax Credit Equity $812,980 Income During Construction $259,371 MHDC HOME $1,690,000 Income During Construction $259,371 Federal and State LIHTC Equity Federal and State Historic Equity AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator $3,174,189 $223,991 $8,947,552 Uses: Construction Costs Architect and Engineering Construction Interest Contingency Closing Legal Environmental Abatement Relocation Expense Furniture and Fixtures Acquisition Costs Developer/Consultant Fee MHDC and Related Costs Reserves Other Development Costs Development Costs Costs per Unit Total Uses: $3,447,000 $250,000 $364,375 $257,000 $45,000 $28,800 $2,850,000 $813,404 $12,000 $403,200 $476,773 $8,947,552 Total Reserves MHDC Fees w/o Reserves & MHDC Fees $8,947,552 $403,200 $12,000 $8,532,352 $133,546 $6,018 $179 $127,349

78 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed/1 Bath $600 - $853 $950 63% - 90% 2 Bed/1 Bath and 2 Bath $825 - $1027 $1,125 73% - 91% Total Number of Units Total LIHTC Units Total Market Units Income and Expense Data Gross Income Underwritten Expenses Net Operating Income Debt Service Pre-distribution Cash-Flow Debt Service Coverage Total Per Unit $639,805 $9,549 $345,907 $5,163 $293,898 $4,387 $245,285 $3,661 $48,613 $726 Year 1 Year Tax Credit Information Federal LIHTC State LIHTC Federal Historic State Historic AHAP Credits Amount Price Per Credit Per LIHTC Unit Per Unit (All) $248, $3,701 $3,701 $248, $3,701 $3,

79 TAB 3 (b) Report of Staff Request for approval of the 2014 Tax Exempt Bond Round NOFA

80

81 March 14, 2014 NOTICE OF FUNDING AVAILABILITY Tax Exempt Bonds Round Two 2014 FEDERAL LOW INCOME HOUSING TAX CREDITS (4% CREDITS) Missouri Housing Development Commission (MHDC) hereby notifies interested parties of the availability of the following funding sources for the rehabilitation or construction of rental housing units for low and moderate income families and individuals in the state of Missouri: Federal 4% Low Income Housing Tax Credits; State 4% Credits in the amount of $5,272,000 Applications for funding will be accepted by MHDC until 4:30 PM CST on Tuesday, May 20, It is anticipated that recommendations regarding the proposed developments will be brought before the commission in June Deadlines are subject to change at the discretion of MHDC. If an applicant is requesting Federal and/or State Historic Tax Credits, they should be listed on the application as a source of funds; however, approval of these tax credits will be made by the Department of Economic Development (DED). An approved proposal will not become eligible for tax credits until it applies and receives an allocation of private activity bonds from the Department of Economic Development. We ask all applicants to visit our web site at to obtain the fiscal year 2014 Qualified Allocation Plan, Developer s Guide, and Application Forms and Checklist. The documents are also available on CD R. To request an electronic or printed copy, contact Frank Quagraine at ; and please contact Gus Metz at for questions regarding the completion of the web based online application. A separate application must be submitted to request AHAP credits as part of the financing package for any proposed development. All proposals must be prepared using the application on the MHDC web site and must be submitted to the office of the Missouri Housing Development Commission: 3435 Broadway Kansas City, Missouri 64111

82 TAB 3(c) Report of Staff Request for approval of Bond Resolution No. 1036, Single Family Mortgage Refunding Revenue Bonds, 2014 Series A

83

84 -2 MISSOURI HOUSING DEVELOPMENT COMMISSION RESOLUTION NO Approved March 14, 2014 Single Family Mortgage Refunding Revenue Bonds

85 RESOLUTION NO A RESOLUTION AUTHORIZING AND PROVIDING FOR CONTINUATION OF A SPECIAL HOMEOWNERSHIP LOAN PROGRAM; AUTHORIZING THE ISSUANCE BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION OF ITS SINGLE FAMILY MORTGAGE REFUNDING REVENUE BONDS IN ONE OR MORE SERIES IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $45,000,000 FOR THE PURPOSE OF REFUNDING CERTAIN PRIOR BONDS OF THE COMMISSION; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT AND SERIES SUPPLEMENTS AND/OR MASTER INDENTURE AND OTHER DOCUMENTS RELATED THERETO; APPROVING THE FORMS AND AUTHORIZING THE EXECUTION AND DELIVERY OF SAID BONDS; APPROVING THE USE OF THE PRELIMINARY OFFICIAL STATEMENT AND THE USE AND EXECUTION OF THE OFFICIAL STATEMENT IN CONNECTION WITH THE SALE OF SAID BONDS; AND AUTHORIZING THE OFFICERS, EMPLOYEES AND REPRESENTATIVES OF THE COMMISSION TO DO AND PERFORM ALL THINGS NECESSARY, APPROPRIATE AND INCIDENTAL THERETO. WHEREAS, there exists within the State of Missouri (the "State") a recognized shortage of decent, safe and sanitary housing for low and moderate income persons and families; and WHEREAS, pursuant to Sections to , inclusive, Revised Statutes of Missouri, and Appendix B(l) thereto, as amended (collectively, the "Act"), the Missouri Housing Development Commission (the "Commission") is authorized to issue and sell revenue bonds in order to aid in providing an adequate supply of residential housing for low and moderate income persons or families and for the purpose of purchasing mortgages and notes evidencing loans for the construction, rehabilitation or purchase of single family residential housing and to refund revenue bonds previously issued for such purposes; and WHEREAS, the Commission, pursuant to prior resolutions of the Commission (collectively, the "Resolution"), and the Indentures of Trust, dated as of June 15, 1995 and December 1, 2009, (as amended and supplemented, the "Master Indentures"), between the Commission and UMB Bank & Trust, N.A., (the "Trustee"), authorized the establishment of a homeownership loan program and special homeownership loan program and has issued multiple series of bonds thereunder, including, but not limited to, the 2004A Bonds, the 2004B Bonds, the 2004C Bonds and the 2004D Bonds (the Prior Bonds ); and WHEREAS, the Commission hereby deems and determines it necessary, desirable and in the public interest to provide for the continuation of the homeownership loan program and the special homeownership loan program and the issuance of one or more additional series of revenue bonds in accordance with the Master Indentures or a separate master indenture in substantially the form of the Master Indentures for the purpose of refunding one or more maturities of the outstanding Prior Bonds (collectively, the Refunded Bonds ).

86 NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION AS FOLLOWS: Section 1. Definitions. All words and phrases not otherwise defined herein shall have the respective meanings set forth in the Master Indentures, unless a different meaning clearly appears in context. Section 2. Declaration of Purposes. It is hereby declared and determined that the purpose of this Resolution is to provide a means of financing and refinancing the costs of acquiring single family residential property to provide adequate, safe and sanitary housing for low and moderate income persons and families in accordance with the Act. Section 3. Continuation of Homeownership Loan Program and Special Homeownership Loan Program. The Homeownership Loan Program and the Special Homeownership Loan Program (jointly, the "Program") created and established pursuant to the Act, the Resolution and the Master Indentures shall be further implemented and administered as provided in this Resolution, the Master Indentures and the other financing documents authorized pursuant to this Resolution. Section 4. Execution of the Series Supplements; Designation of Trustee. For the purposes of providing for the continuation of the Program and the refunding of the Refunded Bonds, the Chairman, Vice Chairman, Interim Executive Director or Assistant Secretary are hereby authorized to execute and affix the official seal of the Commission to the Series Supplements relating to each series of bonds (the "Series Supplements"). The Series Supplements shall be in substantially the form submitted to this meeting with such changes or amendments thereto as the officer executing such Series Supplements shall approve, which approval shall be conclusively evidenced by his or her execution of said document. UMB Bank & Trust, N.A., is hereby designated to serve in the capacity of Trustee under and pursuant to the terms of each of the Series Supplements. Section 5. Authorization for Issuance of Bonds; Execution of the Bonds. For the purpose of (i) providing funds necessary for the Program and (ii) refunding of the Refunded Bonds in order to achieve interest cost savings or other lawful purposes, there are hereby authorized to be issued and delivered pursuant to the Act and this Resolution and under and in accordance with the Master Indentures and related Series Supplements one or more series of refunding revenue bonds to be designated "Missouri Housing Development Commission Single Family Mortgage Refunding Revenue Bonds (Homeownership Loan Program)" with appropriate series designation in the maximum aggregate principal amount of not to exceed $45,000,000 (the "Bonds"). The Bonds may be issued in one or more series or subseries and shall mature on the respective dates (not later than September 1, 2036) and in the amounts specified in the applicable Series Supplement, and shall be payable on the dates, bear interest at the rates (not to exceed an average interest rate of 5.50% per annum) and be dated as set forth in the applicable Series Supplement and shall be in the form and shall be subject to redemption and payment prior to their respective maturities, all as set forth and specified in the Master Indentures and the applicable Series Supplement. The Chairman or Vice Chairman, Interim Executive Director, Secretary and/or Assistant Secretary are hereby authorized to execute the Bonds by their manual or facsimile signatures in the manner specified in the Master Indentures and to affix or cause to be imprinted thereon the official seal of the Commission. Section 6. Sale of the Bonds; Approval of Official Statement. The Bonds shall be sold and delivered to the order of the purchasers thereof (collectively, the "Purchasers") in accordance with the -2-

87 terms and conditions of the Bond Purchase Agreement relating to the Bonds between the Commission and the Purchasers (the "Purchase Contract"). The Chairman, Vice Chairman, Interim Executive Director, Assistant Secretary or Director of Finance are hereby authorized to execute and deliver such Purchase Contract in substantially the form submitted to this meeting with such changes or amendments thereto as the officer executing such Purchase Contract shall approve, which approval shall be conclusively evidenced by his or her execution of said Purchase Contract. The Preliminary Official Statement (the "Preliminary Official Statement") and the final Official Statement (the "Official Statement") and the use and distribution thereof by the Purchasers in connection with the offering and sale of the Bonds are hereby ratified and approved in substantially the forms presented to this meeting. The Chairman, Vice Chairman, Interim Executive Director or Assistant Secretary are hereby authorized to execute and deliver the Official Statement, with such changes or amendments thereto as the officer executing such Official Statement shall approve, which approval shall be conclusively evidenced by the such officer's execution of said Official Statement. Section 7. Continuing Disclosure Agreement. The Chairman, Vice Chairman, Interim Executive Director or Assistant Secretary are hereby authorized to execute and deliver, for and on behalf of the Commission, the Continuing Disclosure Agreement, relating to the Bonds, between the Commission and UMB Bank & Trust, N.A., as dissemination agent (the "Disclosure Agreement"), each in substantially the form presented to this meeting with any changes therein as the officer executing such Disclosure Agreement shall approve, his or her execution being conclusive evidence of such approval. Section 8. Further Authority. The Chairman, the Vice Chairman, Interim Executive Director and/or Director of Finance are hereby further authorized and directed to execute any and all documents and agreements required to be executed pursuant to the Master Indentures and the Series Supplements or necessary or convenient for the Program, including any agreements authorized by the Master Indentures or the Series Supplements with respect to the investment of moneys held in the funds and accounts under the Master Indentures, agreements relating to the servicing of the mortgage loans and documents relating to the sale of Guaranteed Mortgage Securities financed with the proceeds of prior bonds of the Commission. The Chairman, the Vice Chairman, the Interim Executive Director, the Director of Finance, the Secretary, the Assistant Secretary and other officers of the Commission, its attorneys and other agents, consultants or employees and the officers and employees of the Trustee are hereby authorized and directed to (i) furnish such information, execute such instruments and take such other action in cooperation with the Purchasers as the Purchasers may reasonably request to qualify the Bonds for offer and sale under the Blue Sky or other securities laws and regulations of such states and other jurisdictions of the United States as the Purchasers may designate (provided, however, the Commission shall not be required to register as a dealer or broker in any such state or jurisdiction or make any additional representations or warranties in connection with the sale of securities, or to subject itself to service of process in any state or jurisdiction in which it is not already so subject) and (ii) do and perform all acts and things required of them by the provisions of this Resolution, the Purchase Contract, the Master Indentures and the Series Supplements necessary or incidental for the purpose of implementing and carrying out the Program, the refunding of the Refunded Bonds (including modifications to the financing documents relating to the Refunded Bonds necessary to protect the interest of the bondholders), the issuance and delivery of the Bonds, and for the full, punctual and complete performance of all of the terms, covenants, provisions and agreements set forth herein, in the Bonds, the Purchase Contract, the Master Indentures, the Series Supplements and the Disclosure Agreement. Section 9. Authority. This Resolution is adopted under the authority of the Act. -3-

88 Section 10. Severability. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any remaining provisions of this Resolution. Section 11. Authority to Modify Series Designation. The Chairman, Vice Chairman, Interim Executive Director and/or Assistant Secretary are hereby authorized to cause the series or subseries designation of the Bonds to be modified such that Bonds issued under the Master Indentures are assigned series or subseries designations in accordance with the chronological order of issuance of such Bonds or otherwise at the discretion of the Chairman, Vice Chairman, Interim Executive Director or Assistant Secretary. Section 12. Effective Date. This Resolution shall be in full force and effect from and after its adoption by the Commission. -4-

89 PASSED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION THIS 14 th DAY OF MARCH, MISSOURI HOUSING DEVELOPMENT COMMISSION By: Chairman ATTEST: Secretary MHDC/2004 REFUNDING Resolution S-1

90 TAB 3(d) Report of Staff Request for approval of Bond Resolution No. 1037, Single Family Mortgage Revenue Bonds, 2014 Series B

91

92 -2 MISSOURI HOUSING DEVELOPMENT COMMISSION RESOLUTION NO Approved March 14, 2014 With Respect to a Special Homeownership Loan Program and Authorizing the Issuance of Single Family Mortgage Revenue Bonds (Special Homeownership Loan Program)

93 RESOLUTION NO A RESOLUTION AUTHORIZING AND PROVIDING FOR CONTINUATION OF A SPECIAL HOMEOWNERSHIP LOAN PROGRAM; AUTHORIZING THE ISSUANCE BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION OF ITS SINGLE FAMILY MORTGAGE REVENUE BONDS (SPECIAL HOMEOWNERSHIP LOAN PROGRAM), IN ONE OR MORE SERIES, IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $125,000,000; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF ONE OR MORE BOND PURCHASE AGREEMENTS, SERIES SUPPLEMENTS FOR EACH SERIES, LENDER/SERVICER AGREEMENTS AND OTHER DOCUMENTS RELATED THERETO; APPROVING THE FORMS AND AUTHORIZING THE EXECUTION AND DELIVERY OF SAID BONDS; APPROVING THE USE OF ONE OR MORE PRELIMINARY OFFICIAL STATEMENTS AND THE USE AND EXECUTION OF ONE OR MORE OFFICIAL STATEMENTS IN CONNECTION WITH THE SALE OF SAID BONDS; AND AUTHORIZING THE OFFICERS, EMPLOYEES AND REPRESENTATIVES OF THE COMMISSION TO DO AND PERFORM ALL THINGS NECESSARY, APPROPRIATE AND INCIDENTAL THERETO. WHEREAS, there exists within the State of Missouri (the "State") a recognized shortage of decent, safe and sanitary housing for low and moderate income persons and families; and WHEREAS, pursuant to Sections to , inclusive, Revised Statutes of Missouri, and Appendix B(l) thereto, as amended (collectively, the "Act"), the Missouri Housing Development Commission (the "Commission") is authorized to issue and sell revenue bonds in order to aid in providing an adequate supply of residential housing for low and moderate income persons or families and for the purpose of purchasing mortgages and notes evidencing loans for the construction, rehabilitation or purchase of single family residential housing and to refund revenue bonds previously issued for such purposes; and WHEREAS, the Commission, pursuant to Resolution No. 1004, approved November 5, 2009, as amended (the "November 2009 Resolution"), and the Indenture of Trust, dated as of December 1, 2009, as amended (the "Master Indenture"), between the Commission and UMB Bank & Trust, N.A.(the "Trustee"), has authorized the establishment of a special homeownership loan program; and WHEREAS, the Commission hereby deems and determines it necessary, desirable and in the public interest to provide for the continuation of said special homeownership loan program and the issuance of one or more additional series of revenue bonds in accordance with the Master Indenture for the aforementioned purposes. NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION AS FOLLOWS: Section 1. Definitions. All words and phrases not otherwise defined herein shall have the respective meanings set forth in the Master Indenture, the applicable Series Supplement (each, a "Series Supplement") between the Commission and the Trustee hereinafter authorized and approved, unless a different meaning clearly appears in context.

94 Section 2. Declaration of Purposes. It is hereby declared and determined that the purpose of this Resolution is to provide a means of financing the costs of acquiring single family residential property to provide adequate, safe and sanitary housing for low and moderate income persons and families in accordance with the Act. Section 3. Continuation of Special Homeownership Loan Program. The Special Homeownership Loan Program (the "Program") created and established pursuant to the Act, the November 2009 Resolution and the Master Indenture shall be further implemented and administered as provided in this Resolution, the Master Indenture, the Series Supplements and the other financing documents authorized pursuant to this Resolution. Section 4. Execution of the Series Supplements; Designation of Trustee. For the purposes of providing for the continuation of the Program, the Chairman, Vice Chairman or Executive Director are hereby authorized to execute and affix the official seal of the Commission to the Series Supplements. The Series Supplements shall be in substantially the form submitted to this meeting with such changes or amendments thereto as the officer executing each such Series Supplement shall approve, which approval shall be conclusively evidenced by his or her execution of said document. UMB Bank & Trust, N.A., is hereby designated to serve in the capacity of Trustee under and pursuant to the terms of the Series Supplements. Section 5. Authorization for Issuance of Bonds; Execution of the Bonds. For the purpose of providing funds necessary for the Program there is hereby authorized to be issued and delivered pursuant to the Act and this Resolution and under and in accordance with the Master Indenture and the applicable Series Supplement revenue bonds to be designated "Missouri Housing Development Commission Single Family Mortgage Revenue Bonds (Special Homeownership Loan Program)" in the aggregate principal amount of not to exceed $125,000,000 (the "Bonds"), with series designations as provided in Section 11. The Bonds may be issued in one or more series and shall mature on the respective dates (not later than September 1, 2047) and in the amounts specified in the applicable Series Supplement, and shall be payable on the dates, bear interest at the rates (not to exceed an average interest rate of 5.50% per annum) and be dated as set forth in the applicable Series Supplement and shall be in the form and shall be subject to redemption and payment prior to their respective maturities, all as set forth and specified in the Master Indenture and the applicable Series Supplement. The Chairman or Vice Chairman and Executive Director are hereby authorized to execute the Bonds by their manual or facsimile signatures in the manner specified in the Master Indenture and to affix or cause to be imprinted thereon the official seal of the Commission. Section 6. Sale of the Bonds; Approval of Official Statement. The Bonds shall be sold and delivered to the order of the purchasers thereof (collectively, the "Purchasers") in accordance with the terms and conditions of the Bond Purchase Agreements relating to each series of Bonds between the Commission and the Purchasers (each, a "Purchase Contract"). The Chairman, Vice Chairman, Executive Director or Director of Finance are hereby authorized to execute and deliver such Purchase Contracts in substantially the form submitted to this meeting with such changes or amendments thereto as the officer executing such Purchase Contracts shall approve, which approval shall be conclusively evidenced by his or her execution of said Purchase Contracts. The form of Preliminary Official Statement (the "Preliminary Official Statement") and the final Official Statement (the "Official Statement") and the use and distribution thereof by the Purchasers in connection with the offering and sale of each series of Bonds are hereby ratified and approved in -2-

95 substantially the forms presented to this meeting. The Chairman, Vice Chairman, Executive Director or Director of Finance are hereby authorized to execute and deliver the Official Statements, with such changes or amendments thereto as the officer executing such Official Statements shall approve, which approval shall be conclusively evidenced by the such officer's execution of said Official Statements. Section 7. Approval of Lender/Servicer Agreements and Continuing Disclosure Agreement. The Chairman, Vice Chairman, Executive Director or Director of Finance are hereby authorized to execute and deliver, for and on behalf of the Commission, origination, servicing and administration agreements with the mortgage lending institutions signatory thereto relating to the Bonds (the "Lender/Servicer Agreements") and the Continuing Disclosure Agreement, relating to the Bonds, between the Commission and UMB Bank & Trust, N.A., as dissemination agent (the "Disclosure Agreement"), each in substantially the form presented to this meeting with any changes therein as the officer executing such Lender/Servicer Agreements and Disclosure Agreement shall approve, his or her execution being conclusive evidence of such approval. Section 8. Further Authority. The Chairman, the Vice Chairman, Executive Director and Director of Finance are hereby further authorized and directed to execute any and all documents and agreements required to be executed pursuant to the Master Indenture and the Series Supplements or necessary or convenient for the Program, including any agreements authorized by the Master Indenture or the Series Supplements with respect to the investment of moneys held in the funds and accounts under the Master Indenture, agreements relating to the servicing of the mortgage loans and documents relating to the sale of Guaranteed Mortgage Securities financed with the proceeds of prior bonds of the Commission (provided that as a result of such sale, the lendable proceeds of the Bonds are increased). The Chairman, the Vice Chairman, the Secretary, the Assistant Secretary, the Executive Director, the Director of Finance and other officers of the Commission, its attorneys and other agents, consultants or employees and the officers and employees of the Trustee are hereby authorized and directed to (i) furnish such information, execute such instruments and take such other action in cooperation with the Purchasers as the Purchasers may reasonably request to qualify the Bonds for offer and sale under the Blue Sky or other securities laws and regulations of such states and other jurisdictions of the United States as the Purchasers may designate (provided, however, the Commission shall not be required to register as a dealer or broker in any such state or jurisdiction or make any additional representations or warranties in connection with the sale of securities, or to subject itself to service of process in any state or jurisdiction in which it is not already so subject) and (ii) do and perform all acts and things required of them by the provisions of this Resolution, the Purchase Contract, the Master Indenture, the Series Supplements and the Lender/Servicer Agreements necessary or incidental for the purpose of implementing and carrying out the Program, the issuance and delivery of the Bonds, and for the full, punctual and complete performance of all of the terms, covenants, provisions and agreements set forth herein, in the Bonds, the Purchase Contract, the Master Indenture, the Series Supplements, the Lender/Servicer Agreements and the Disclosure Agreement. Section 9. Authority. This Resolution is adopted under the authority of the Act. Section 10. Severability. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any remaining provisions of this Resolution. Section 11. Series Designations; Authority to Modify. The Chairman, Vice Chairman, Executive Director and/or Director of Finance are hereby authorized to cause each series of the Bonds to be designated by the year in which issued and by alphabetical order within such year; provided, that such series designations may be further modified such that Bonds issued under the Master Indenture are -3-

96 assigned series designations in accordance with the chronological order of issuance of such Bonds or otherwise at the discretion of the Chairman, Vice Chairman, Executive Director or Director of Finance. Section 12. Effective Date. This Resolution shall be in full force and effect from and after its adoption by the Commission. -4-

97 PASSED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION THIS 14TH DAY OF MARCH, MISSOURI HOUSING DEVELOPMENT COMMISSION By: Chairman ATTEST: Secretary MHDC/2014B Bond Resolution S-1

98 TAB 3(e) Report of Staff Request for approval of selection of Single Family Market Rate Program Administrator

99

100

101 TAB 3(f) Report of Staff Request for approval of Bond Resolution No. 1038, Multifamily Housing Refunding Revenue Bonds, 2014 Series 1

102

103 Resolution No Multifamily Housing Refunding Revenue Bonds, 2014 Series 1 Bond Series Project Name Mortgage Rate Original Mortgage Loan Balance Mortgage Balance as of 2/28/2014 Maturity Date 2003 Series 5 Kensington Heights 6.25 $ 4,900,000 $ 4,419,627 12/1/ Series 8 Stratford Commons ,300,000 1,905,668 4/1/ Series 9 Apple Court Apts , ,571 6/1/2034 Apple Plaza Apts , ,623 6/1/2034 Montgomery City Apts , ,139 6/1/2034 Bell City Apts , ,840 6/1/2034 Dexter II Apts , ,840 6/1/2034 Licking I Apts , ,335 6/1/2034 Mountain Grove I Apts , ,243 6/1/2034 Parma Apts , ,024 6/1/2034 Scott City I Apts , ,588 6/1/2034 Senath Apts , ,446 6/1/2034 Sikeston I Apts , ,132 6/1/ Series 10 Hidden Valley Apts ,500,000 9,138,693 8/1/ Series 1 Hickory Townhomes ,050,000 2,671,045 10/1/ Series 2 Winter Garden Apts ,050,000 3,501,492 3/1/ Series 3 Woodlen Place Apts ,300,000 1,123,938 3/1/ Series 4 Festus Gardens Apts ,300,000 3,766,409 10/1/2035 $ 35,900,000 $ 29,499,653

104 -3 MISSOURI HOUSING DEVELOPMENT COMMISSION RESOLUTION NO Approved March 14, 2014 Authorizing the Issuance of Multifamily Housing Refunding Revenue Bonds 2014 Series 1

105 RESOLUTION NO A RESOLUTION AUTHORIZING AND PROVIDING FOR IMPLEMENTATION OF A MULTIFAMILY HOUSING PROGRAM; AUTHORIZING THE ISSUANCE BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION OF A SERIES OF MULTIFAMILY HOUSING REFUNDING REVENUE BONDS, 2014 SERIES 1, IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $30,000,000; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A PURCHASE CONTRACT, TRUST INDENTURE AND SUPPLEMENTAL TRUST INDENTURE AND OTHER DOCUMENTS RELATED THERETO; APPROVING THE FORMS AND AUTHORIZING THE EXECUTION AND DELIVERY OF SAID BONDS; APPROVING THE USE OF AN OFFERING DOCUMENT IN CONNECTION WITH THE SALE OF SAID BONDS; AND AUTHORIZING THE OFFICERS, EMPLOYEES AND REPRESENTATIVES OF THE COMMISSION TO DO AND PERFORM ALL THINGS NECESSARY, APPROPRIATE AND INCIDENTAL THERETO. WHEREAS, there exists within the State of Missouri a recognized shortage of decent, safe and sanitary housing for low income and moderate income persons and families; and WHEREAS, pursuant to Chapter 215, RSMo. 2000, and Appendix B(l) thereto, as amended (collectively, the "Act"), the Missouri Housing Development Commission (the "Commission") is authorized to (a) make or participate in the making of uninsured or insured loans to approved mortgagors (as defined in the Act) to finance the building, rehabilitation or purchase of residential housing designed and planned to be available for rental to low income and moderate income persons or families (as defined in the Act); (b) issue its bonds or other evidences of indebtedness for the purpose of obtaining funds to make such loans, to establish necessary reserve funds and to pay administrative and other costs incurred in connection with the issuance of such bonds; (c) secure such bonds by the pledge of all revenues, mortgages or notes of others, (d) pledge all or any part of the revenues of the Commission to secure the payment or notes or bonds, and (e) refund bonds previously issued by the Commission the proceeds of which were applied to make or participate in the making of uninsured or insured loans to approved mortgagors (as defined in the Act) to finance the building, rehabilitation or purchase of residential housing designed and planned to be available for rental to low income and moderate income persons or families (as defined in the Act); and WHEREAS, the Commission and UMB Bank & Trust, N.A. (formerly known as State Street Bank and Trust Company of Missouri, N.A.) (the "Trustee") have previously entered into the Trust Indenture, dated as of June 1, 2000 (the "Master Indenture"), in order to provide for the issuance of revenue bonds under the Act to finance multifamily housing projects for occupancy by low income and moderate income persons and families in the State of Missouri; and WHEREAS, pursuant to the Master Indenture, as supplemented by Supplemental Trust Indentures between the Commission and the Trustee, the Commission has previously issued multiple series of bonds and notes; and WHEREAS, the Commission hereby deems and determines it necessary, desirable and in the public interest to issue an additional series of revenue bonds under the Master Indenture or a separate trust indenture in substantially the form of the Master Indenture (the 2014 Indenture, together with the Master Indenture, the Indenture ) to be designated Multifamily Housing Refunding Revenue Bonds, 2014 Series 1, in an aggregate principal amount of not to exceed $30,000,000 for the purpose of refunding

106 certain prior bonds of the Commission (the "Prior Bonds") that financed the acquisition, construction and rehabilitation of various multifamily housing projects located in the State of Missouri. NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION AS FOLLOWS: Section 1. Definitions. All words and phrases not otherwise defined herein shall have the respective meanings set forth in the Indenture and the 2014 Series 1 Supplemental Trust Indenture, to be dated as of the first day of the month in which the Series Bonds (as hereinafter defined) are issued thereunder (the "2014 Series 1 Supplemental Indenture") between the Commission and the Trustee hereinafter authorized and approved unless a different meaning clearly appears in context. Section 2. Declaration of Purposes. It is hereby declared and determined that the purpose of this Resolution is to provide a means of financing residential rental housing to provide adequate, safe and sanitary housing for low income and moderate income persons and families in accordance with the Act. Section 3. Continuation of a Multifamily Housing Program. The Multifamily Housing Program (the "Program") previously authorized is hereby authorized to be continued and implemented pursuant to the Act, to encourage and assist in financing the acquisition of decent, safe and sanitary residential rental housing facilities for low income and moderate income persons and families. The Program shall be created, implemented and administered in accordance with the Act, this Resolution and the Indenture and the other documents herein authorized. Section 4. Approval of Staff Recommendation. The staff recommendation with respect to the refunding of the Prior Bonds attached hereto as Exhibit A is hereby approved. Section 5. Execution of the Indenture and 2014 Series 1 Supplemental Trust Indenture; Designation of Trustee. For the purposes of providing for implementation of the Program, the Chairman, Vice Chairman, Executive Director and Director of Finance are hereby authorized to execute the 2014 Indenture, if applicable, and the 2014 Series 1 Supplemental Indenture. The 2014 Series 1 Supplemental Indenture shall be in substantially the form submitted to this meeting with such changes or amendments thereto as the Chairman, Vice Chairman, Executive Director or Director of Finance shall approve, which approval shall be conclusively evidenced by such officer's execution of said document. UMB Bank & Trust, N.A., the banking institution named in the Indenture, is hereby designated to serve in the capacity of Trustee under and pursuant to the terms of the 2014 Series 1 Supplemental Indenture. Section 6. Authorization for Issuance of Series Bonds; Execution of the Series Bonds. For the purpose of providing funds necessary to implement the Program there is hereby authorized to be issued and delivered pursuant to the Act and this Resolution and under and in accordance with the Indenture and the 2014 Series 1 Supplemental Indenture a series of revenue bonds to be designated "Missouri Housing Development Commission Multifamily Housing Refunding Revenue Bonds, 2014 Series 1" in an aggregate principal amount of not to exceed $30,000,000 (the "Series Bonds". The Series Bonds shall be dated, shall mature on the dates and in the amounts, shall interest at the rates (not to exceed an average interest rate of 6.00% per annum) as set forth in the 2014 Series 1 Supplemental Indenture and shall be payable on the dates and shall be in the form and shall be subject to redemption and payment prior to their respective maturities, all as set forth and specified in the Indenture and the 2014 Series 1 Supplemental Indenture. The Chairman, the Secretary, the Executive -2-

107 Director and Director of Finance are hereby authorized to execute the Series Bonds by their manual or facsimile signatures in the manner specified in the Indenture and to affix or cause to be imprinted thereon the official seal of the Commission. Section 7. Sale of the Series Bonds; Approval of Offering Document. The Series Bonds shall be sold and delivered to the order of the purchaser or purchasers thereof (the "Purchaser") in accordance with the terms and conditions of the Bond Purchase Contract relating to the Series Bonds between the Commission and the Purchaser (the "Purchase Contract"). The Chairman, Vice Chairman, Executive Director and Director of Finance are hereby authorized to execute and deliver, for and on behalf of the Commission, the Purchase Contract in substantially the form presented to this meeting with any changes therein as the Chairman, Vice Chairman, Executive Director or Director of Finance shall approve, such execution being conclusive evidence of such approval. The offering document relating to the Series Bonds (the "Offering Document") and the use and distribution thereof by the Purchaser in connection with the offering and sale of the Series Bonds are hereby approved in substantially the form presented to this meeting. The Chairman, Executive Director and Director of Finance are hereby authorized to execute and deliver the Offering Document, with such changes or amendments thereto as the Chairman, Executive Director or Director of Finance shall approve, which approval shall be conclusively evidenced by such officer's execution of said Offering Document. Section 8. Approval of Continuing Disclosure Agreement. The Chairman, Vice Chairman, Executive Director and Director of Finance are hereby authorized to execute and deliver, for and on behalf of the Commission, the Continuing Disclosure Agreement relating to the Series Bonds (the "Continuing Disclosure Agreement"), between the Commission and the Trustee as dissemination agent in substantially the form presented to this meeting with any changes therein as the Chairman, Vice Chairman, Executive Director or Director of Finance shall approve, such execution being conclusive evidence of such approval. Section 9. Further Authority. The Chairman, Vice Chairman, the Secretary, the Executive Director and Director of Finance are hereby further authorized and directed to execute any and all documents and agreements required to be executed pursuant to the Indenture, the 2014 Series 1 Supplemental Indenture or necessary or convenient for implementation of the Program, including any agreements authorized by the Indenture, the 2014 Series 1 Supplemental Indenture with respect to the investment of moneys held in the funds and accounts under the Indenture, the 2014 Series 1 Supplemental Indenture, agreements with the providers of any interest rate caps or collars or similar qualified hedging products, agreements with the providers of bond insurance with respect to the Series Bonds. The Chairman, the Vice Chairman, the Secretary, the Assistant Secretary, the Executive Director, the Director of Finance and other officers of the Commission, its attorneys and other agents, consultants or employees and the officers and employees of the Trustee are hereby authorized and directed to (i) furnish such information, execute such instruments and take such other action in cooperation with the Purchaser as the Purchaser may reasonably request to qualify the Series Bonds for offer and sale under the Blue Sky or other securities laws and regulations of such states and other jurisdictions of the United States as the Purchaser may designate (provided, however, the Commission shall not be required to register as a dealer or broker in any such state or jurisdiction or make any additional representations or warranties in connection with the sale of securities, or to subject itself to service of process in any state or jurisdiction in which it is not already so subject) and (ii) do and perform all acts and things required of them by the provisions of this Resolution, the Purchase Contract, the Indenture and the 2014 Series 1 Supplemental Indenture necessary or incidental for the purpose of implementing and carrying out the Program, the -3-

108 issuance and delivery of the Series Bonds, and for the full, punctual and complete performance of all of the terms, covenants, provisions and agreements set forth herein, in the Series Bonds, the Purchase Contract, the Indenture and the 2014 Series 1 Supplemental Indenture. Section 10. Authority to Combine Bond Issues. In the event that the Executive Director or the Director of Finance of the Commission shall determine that it is necessary and desirable that the Series Bonds be issued simultaneously with additional bonds authorized by the Commission to be issued under the Indenture, the Chairman, Vice Chairman, Executive Director and Director of Finance are hereby authorized to cause the Series Bonds to be issued simultaneously with such additional bonds as a single series of bonds to be issued under the Indenture pursuant to a single supplemental indenture, and in such event the Chairman, Vice Chairman, Executive Director and Director of Finance are hereby authorized and directed to modify the series designation of the Series Bonds and take such other actions and execute and deliver such documents as may be necessary or desirable to accomplish such purpose. Section 11. Authority to Modify Series Designation. The Chairman, Vice Chairman, Secretary, Executive Director and Director of Finance are hereby authorized to cause the series designation of the Series Bonds to be modified such that bonds issued under the Indenture are assigned series designations in accordance with the chronological order of issuance of such bonds. Section 12. Authority. This Resolution is adopted under the authority of the Act. Section 13. Severability. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any remaining provisions of this Resolution. Section 14. Effective Date. This Resolution shall be in full force and effect from and after its adoption by the Commission. -4-

109 PASSED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION THIS 14TH DAY OF MARCH, MISSOURI HOUSING DEVELOPMENT COMMISSION By: Chairman ATTEST: Secretary -5-

110 TAB 3(g) Report of Staff Request for approval of RFP for Bond Counsel

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112 Missouri Housing Development Commission REQUEST FOR PROPOSALS TO SERVE AS BOND COUNSEL RESPONSE DEADLINE: Five (5) hard copies and one (1) electronic copy by Due by Monday, March 31, 2014 by 3:00 P.M. Central time SUBMIT RESONSES TO: Marilyn Lappin, Director of Finance Missouri Housing Development Commission 3435 Broadway Kansas City, Missouri

113 REQUEST FOR PROPOSALS FOR BOND COUNSEL SERVICES I. INTRODUCTION The Missouri Housing Development Commission ( MHDC or the Commission ) is a governmental instrumentality of the state of Missouri and a body corporate and politic. In 1969, the 75th General Assembly of Missouri, in the face of a general housing shortage severely affecting low and moderate income persons, established the Commission 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 s authority is derived from Chapter 215 of the Revised Statutes of Missouri, as amended and supplemented. Chapter 215 provides general information about the Commission and is available on-line at Further information about the Commission and its programs is available on the Commission s website at Purpose of Request for Proposals for Bond Counsel Services (RFP) The Missouri Housing Development Commission (MHDC) is seeking proposals for service as Bond Counsel for MHDC housing bond issues and related program advice and services. Term of Service It is expected that the firm(s) selected pursuant to this Request for Proposals will serve as Bond Counsel for a period of three years with two additional one-year renewal options, for a total of up to five years. Any transaction initiated prior to the ending date of the term of service, for which a material amount of time or expense has been incurred, will be completed by Bond Counsel although the closing might occur following the end of the term of service. MHDC reserves the right, at its sole discretion, to terminate the agreement with any firm selected pursuant to this RFP prior to the expiration of the term of service, or to extend the agreement (with the concurrence of the firm selected) for a maximum of two additional periods of up to one year each. II. GUIDELINES AND INSTRUCTIONS Anticipated Timetable for RFP and Proposals Release RFP Proposals Due Evaluation Committee Recommendation Selection by Commissioners Proposal Due Date: March 17, 2014 March 31, 2014 April 11, 2014 April 18, 2014 Monday, March 31, 2014 by 3:00 P.M. Central time 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. Please do not refer to other parts of your 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. 2

114 Interested qualified firms are invited to submit proposals that contain information submitted in the order of Section IV below. Completed proposals must be submitted to the Commission electronically and in hard copy. Prospective bidders shall transmit completed proposals to the Commission by to in PDF file format. The Subject line of the should state, 2014 Bond Counsel Proposal. Five (5) printed copies of the firm s proposal marked as, Response to Request for Proposal for Bond Counsel must also be submitted by the Proposal Due Date to: Ms. Marilyn Lappin Director of Finance Missouri Housing Development Commission 3435 Broadway Kansas City, MO Completed responses to the RFP must be received by the Commission no later than 3:00 p.m. Central Time on Monday, March 31, Proposals must be received by the bid submission deadline. Proposers are responsible for ensuring actual receipt of the proposal by the Commission by the time designated above. Standards of Conduct This RFP is considered a Competitive Matter as that term is defined in the Commission s Standards of Conduct Policy (the Standards of Conduct ). Further, every Respondent, including, but not limited to, their respective principals, key employees and agents acting on their behalf are considered Interested Parties (as defined in the Standards of Conduct). As a result, every Respondent (including, but not limited to, its principals, key employees and agents) under this RFP is obligated to abide by the rules and restrictions imposed by the Standards of Conduct, including the rules governing contact with Commissioners and MHDC employees. The failure of any Respondent to abide by the rules and restrictions established by the Standards of Conduct may result in the disqualification of that Respondent s Response. Therefore, you are strongly encouraged to review and familiarize yourself with the Standards of Conduct. The Standards of Conduct is available on MHDC s website at Furthermore, pursuant to the Standards of Conduct, any Response under this RFP shall disclose the name of the individual, entity and/or entities having ownership interests in the Respondent. All entities identified in this disclosure shall be reduced to their human being level irrespective of the number of entity layers which may be present for any disclosed entity. Notwithstanding the previous sentence, to the extent any Respondent under this RFP is a publicly traded corporation, such a Respondent may limit this disclosure to all board members, officers (and other key employees) and any shareholders owning or controlling ten percent (10%) or more of the corporation. Questions regarding this requirement or any other requirements or restrictions imposed by the Standards of Conduct may be directed to the Commission s General Counsel, Weylin Watson, by phone at or at wwatson@mhdc.com. 3

115 Inquiries The Commission will provide responses to inquiries submitted by firms to the Commission s contact person, Marilyn Lappin. All questions must be submitted in writing via to Ms. Lappin at mlappin@mhdc.com and received no later than Friday, March 21, 2014, 3:00 p.m. CT. The Subject line of the should be, 2014 RFP for Bond Counsel Questions. Questions submitted after the deadline will not receive a response. Responses will be provided by March 26, 2014, 5:00 p.m. CT to all interested bidders that have provided an address to Ms. Lappin prior to the above deadline for the submission of questions. If you have inquiries regarding this RFP or would like to contact the Commission, please contact: Ms. Marilyn Lappin mlappin@mhdc.com All inquiries must be submitted by , citing the particular proposal section and paragraph number. Proposers should note that all clarifications and exceptions are to be resolved prior to submission of the proposal. A list of all substantive inquiries received with relevant responses will be provided to interested bidders. Other than the contact person identified herein and except as provided in Section IV.A.2 below, prospective proposers shall not approach the Commission s employees, managers or board members after the publication of this RFP and before the announcement of a selection about any matters related to the RFP or any proposal submitted pursuant thereto. Public Records Respondents are advised that all submissions may be made available to the public on request upon completion of the process and award of an Agreement. Accordingly, any information which the respondent thinks benefits from an exception to disclosure under the Missouri Sunshine Law (RSMo ) shall be clearly identified as such and segregated from the rest of the proposal. MHDC, in its own discretion, shall determine which information may be disclosed under the Missouri Sunshine Law. By responding to this RFP, respondent agrees that any determination made regarding disclosure of information contained in the response is satisfactory. 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 an addendum to each firm receiving this RFP. Any additional information required to clarify portions of this RFP will be issued in the form of an addendum. Expenses Relating to Proposals All costs directly or indirectly related to the preparation of a response to this RFP shall be the sole responsibility of and shall be borne by the respondent. MHDC shall not be liable for any expenses incurred by respondents in replying to this Request. 4

116 Visits and Interviews All firms responding to this RFP must be prepared to schedule a visit to its offices or to another location upon request by the Commission. In addition, firms responding to this RFP may be interviewed by the Commission as a part of the selection process. 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 Bond Counsel services. At the Commission s sole discretion, the selection of a proposal by the Commission may be cancelled at any time prior to the complete execution of a contract or agreement. If the Commission cancels its selection of a proposal, the Commission may repost this or a similar RFP and re-seek proposals. III. SCOPE OF SERVICES MHDC anticipates the need for legal services in connection with the issuance of its homeownership bonds, multifamily housing bonds, occasional refunding bonds, and other bonds or notes. It is anticipated that mortgage revenue bonds may possibly be issued one or two times per year during the term of the agreement. Multifamily housing bonds will be issued at various times during the term of the agreement. Bond Counsel is expected to assign those attorneys and professionals employed by the firm who are best suited to advise the Commission in all matters associated with issuance of housing bonds and with ongoing compliance of trust indentures and other documents and agreements integral to the issuance of bonds. In addition, occasionally the Commission may seek legal assistance for contractual and other technical legal matters in conjunction with its housing programs, including Mortgage Credit Certificates. The scope of services to be provided may also include any or all of the following: 1. Preparation of all board resolutions related to bond issues and mortgage credit certificate programs. 2. Preparation of master and supplemental indentures for ongoing single family and multifamily housing bond issues. 3. Preparation and/or review of all official statements and disclosure documents necessary and appropriate to the authorization, issuance, sale or delivery of multifamily housing bonds. 4. Review of all official statements and other disclosure documents necessary and appropriate to the authorization, issuance, sale or delivery of mortgage revenue bonds and other bonds associated with MHDC s homeownership programs. 5. Delivery of legal opinions regarding the due and lawful authorization and issuance of each bond issue, the exemption from federal and state taxes for those bonds issued on a tax-exempt basis, exemption from securities laws, the sufficiency of the disclosure for those portions of the official statement prepared by bond counsel or summarizing documents for which bond counsel is responsible and delivery of such other legal opinions typically provided in connection with similar transactions. 6. Preparation of all closing documents in connection with each bond issue. 5

117 7. Preparation of legal documents and IRS filings in connection with each mortgage credit certificate program. 8. Administration and tracking of private activity volume cap available to the Commission for both homeownership and multifamily transactions. 9. Prepare bond and loan yield analyses and related IRS filings for arbitrage rebate purposes. 10. Participation in meetings and phone conferences regarding specific bond issues and the Commission s bond programs generally. 11. Attendance at meetings with MHDC staff, Commissioners, and others party to MHDC s issuance of bonds, including financial advisors, underwriters and rating agencies. 12. Provision of any other legal services, advice or opinions, as requested, regarding the Commission s bond and other housing finance programs. IV. STRUCTURE AND CONTENT OF PRPOSAL A. BACKGROUND AND EXPERIENCE Provide a brief description of your firm, including but not limited to the following: 1. Firm Information. Provide a description of your firm that includes the location of the firm s office(s), the length of time your firm has been in business, the number of partners and associates, an overview of the housing legal group and the bond arbitrage and related federal tax group and a discussion of any substantive changes in its ownership, management and housing group, and in any other area of its public finance practice in the last three (3) years. 2. 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 Exhibit 1 (attached) in spreadsheet format to include a listing of your firm s owners/shareholders. Questions regarding this requirement or any other requirements or restrictions imposed by the Standards of Conduct may be directed to the Commission s General Counsel, Weylin Watson, by phone at or at wwatson@mhdc.com. 3. Contact Person. Provide the name, address, phone number, fax number and address of the firm s contact person for this engagement. 4. Housing Experience. Include general discussion of your firm s experience in single family and multifamily housing bond work, including the number of partners and associates in your tax exempt housing bond practice. 6

118 5. Federal Tax Law. Describe your firm s experience with federal tax law related to tax-exempt single family and multifamily housing revenue bonds. Include discussion of your firm s experience with the eligibility requirements for single family mortgage revenue bonds, willingness to respond to specific inquiries from lenders, experience with bond and loan yield analysis on both single family and multifamily housing bonds and experience with arbitrage rebate issues on housing bonds. Has your firm ever represented a housing bond issuer on a random audit by the IRS? What was the outcome? Has a federal tax opinion delivered by your firm during the past ten years been invalidated or overturned? Has the firm or any client of the firm entered into any closing or settlement agreements, or similar arrangements, in connection with any federal tax opinions delivered by the firm during the past ten years? 6. Co-counsel and Minority Participation. Describe either your firm s status as a minority or woman-owned firm or describe any relationships that you have with other law firms regarding proposed co-counsel relationships and/or fee splitting arrangements, including the involvement of any minority or woman-owned firms that would assist in any capacity with services to be provided to MHDC. If you have a co-counsel relationship and/or fee splitting arrangement with a minority or woman-owned firm, provide detailed information about your proposed financial and work sharing arrangement with these firms. If none are described, confirm that your firm will provide all services described above without the involvement or assistance of any other firm or lawyers. 7. Professional Liability Insurance. Describe the type and amount of professional liability insurance your firm carries. 8. Investigations and Proceedings. Indicate whether your firm has any knowledge of any active investigations or criminal proceedings by the Internal Revenue Service, the Securities and Exchange Commission or any other state or federal agency with regard to your members or practices. If so, please provide a brief description of such investigation and the name and phone number of a person whom MHDC might contact to obtain more information. Identify any administrative proceeding, investigation or litigation regarding your firm and/or any member of the firm which is ongoing or has been settled or otherwise concluded during the past two years. 9. Federal Work Authorization Program. Pursuant to Mo.Rev.Stat , the firm 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, Weylin Watson, by phone at or at wwatson@mhdc.com. In your proposal, please indicate whether your firm is currently enrolled in and participating in a federal work authorization program such as E-Verify. 7

119 B. SPECIFIC EXPERIENCE AND RESOURCES 1. Tax Exempt Bond Issues. List all tax exempt bond issues for which the firm has acted as bond counsel since January 1, Note issuer, type of issue, dollar amount, and issuance date of each issue. Highlight those issued in Missouri and that are housing bonds (whether within or outside Missouri). In addition, please note those issues for which your firm has given a sole or lead opinion. 2. MHDC Experience. Describe your firm s historical experience in serving MHDC or other state or local issuers of housing bonds. 3. MHDC Staffing. Identify the partners and associates who will serve MHDC (including tax attorneys), including office location, phone number, fax number and address. Provide appropriate resumes and identify their responsibilities in serving MHDC. Please provide evidence that the attorneys that will serve MHDC are licensed to practice law in the state of Missouri and whether or not they are members of the National Association of Bond Lawyers. 4. Analytical Capabilities. Describe the firm s computer capacity with respect to yield verification for mortgage revenue bond issues and multifamily bond issues. 5. IRS Experience. Describe your firm s recent experience in obtaining Internal Revenue Service rulings and clarification of IRS code and regulations. 6. Tax Law Communications. Describe the manner by which your firm regularly communicates changes in tax law to your clients. 7. Federal Legislation Updates. Discuss your firm s ability to monitor and advise MHDC on federal legislation that may affect MHDC s housing operations. 8. Firm Resources. Identify resources of the firm that will be made available to MHDC. 9. Other Information. Discuss any topics not covered in this Request for Proposals that you would like to bring to the attention of MHDC. C. COSTS Describe your proposed fee structure. Please include the hourly rate to be charged by the members of the firm for work on related matters not directly resulting in a bond issue. Also state whether the firm will charge in the event a proposed bond or other financing issue is not successfully sold. State whether the firm will charge for attendance at monthly Commission meetings. Provide an estimate of your firm s fees and expenses under a per-bond rate structure for each of the following types of transactions: a $50,000,000 single family new money issue; a $40,000,000 single family taxable refunding issue; a $5,000,000 multifamily housing issue and a $10,000,000 multifamily housing issue. Note that some mortgage revenue bonds and multifamily housing issues may be privately placed and the related fees negotiated. State whether the proposed fees include expenses, or whether expenses will be charged separately (identify those expenses that will be charged separately, if any). State whether the fees submitted are effective for the duration of the expected service period of three years and the two additional 8

120 optional one year periods. In the event the proposed fees would not extend for the full duration of the contract, describe your process and expected frequency for rate changes, including maximum percentage increases. V. RFP REVIEW AND SELECTION CRITERIA The Bond Counsel Services Agreement will be awarded to the firm(s) which, in the opinion of MHDC, is (are) the best qualified to provide such services. Proposals will be evaluated on a variety of factors, including: 1. The firm s demonstrated willingness to follow the guidelines in this RFP. 2. Experience and qualifications of both the firm and the staff to be assigned to these financings, as evidenced by formal training; education; appropriate professional licensing and related experience. 3. Firm s ability to provide the required services on a timely basis in light of the anticipated workload, and the availability of adequate personnel and resources of the firm. 4. The firm s experience during the past three years as bond or underwriter s counsel on various housing and mortgage revenue bond financings. 5. The firm s expertise in the area of tax law. 6. Involvement and accessibility of staff to be assigned to the financings. 7. Organization, size and structure of firm. The firm s presence in Missouri. 8. The firm s inclusion of minority and women participation, including the firm s employees and/or any participation with a minority or woman-owned firm. 9. Projected costs and proposed fee structure for services performed. 10. 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. 11. Related investigations and regulatory proceedings involving the firm will be taken into account, depending upon the nature and significance of the proceedings. There is no additional information requested. Thank you for reviewing this RFP. We look forward to your response. 9

121 EXHIBIT 1 MHDC Bond Counsel RFP Firm Information Proposing Firm Owners/Partners/Shareholders [Firm Name]

122 TAB 3(h) Report of Staff Staff recommendations for Emergency Solutions Grant funding approvals

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