MISSOURI HOUSING DEVELOPMENT COMMISSION FRIDAY, DECEMBER 4, 2015 AT 9:00 A.M.

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1 REGULAR MEETING OF THE MISSOURI HOUSING DEVELOPMENT COMMISSION FRIDAY, DECEMBER 4, 2015 AT 9:00 A.M. Notice is hereby given that the Missouri Housing Development Commission will conduct its Regular Meeting on Friday, December 4, 2015: Stoney Creek Inn & Conference Center Salon C 2601 S. Providence Columbia, MO The agenda of this meeting is attached to this notice. The agenda of this meeting may include a vote to close part of this meeting pursuant to RSMo (1) for discussion of issues involving legal actions, causes of action or litigation; or pursuant to RSMo (2) for discussion of issues involving the lease, purchase or sale of real estate. The news media may obtain copies of this notice by contacting: Lynn Sigler Missouri Housing Development Commission 920 Main, Suite 1400 Kansas City, MO (816) lsigler@mhdc.com MHDC will make reasonable accommodations for persons with disabilities at the public site. To request an accommodation, please contact Lynn Sigler at (816) or lsigler@mhdc.com.

2 REGULAR MEETING OF THE MISSOURI HOUSING DEVELOPMENT COMMISSION FRIDAY, DECEMBER 4, 2015 AT 9:00 A.M. AGENDA 1. Roll Call STONEY CREEK INN, 2601 S. PROVIDENCE, COLUMBIA, MO 65203EETING Regular Meeting 1 2. Approval of Minutes a. Approval of minutes for the regular meeting of September 18, Report of Chairman 4. Report of Staff a. Financial Report b. Request for approval of RFP for Underwriters and Selling Group Members c. Request for approval of additional authority for the Mortgage Credit Certificate (MCC) Program d. Request for approval of funding recommendations for Home Repair Opportunity Program (HeRO) e. Request for approval to negotiate and enter into a lease for the St. Louis office facility f. Request for approval of 2016 MHTF funding recommendations g. Request for approval of 2016 HFP funding recommendations h. Request for approval of 2016 ESG funding recommendations i. Request for approval of 2016 HMIS funding recommendations j. Request for approval of 2016 Round 1 Rental Production recommended applications k. Request for approval of 2016 Tax Exempt Bond NOFA l. Request for approval of AHAP Credits - Family Violence Center, D/B/A Harmony House m. Rental Production update n. Asset Management update, including update previously provided to the Asset Management Committee and report of same. 5. Such other matters that may come before the Commission 1 The agenda of this meeting may include a vote to close part of this meeting pursuant to RSMo (1) for discussion of issues involving legal actions, causes of action or litigation; or pursuant to RSMo (2) for discussion of issues involving the lease, purchase or sale of real estate.

3 1) Roll

4 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: Treasurer: Peter Kinder Lieutenant Governor State Capitol Building Room 224 Jefferson City, MO Jeffrey S. Bay (Chairman) Eagle Lane Parkville, MO Vice Chairman: Troy L. Nash (Vice Chairman) Zimmer Real Estate 1220 Washington Street, Suite 100 Kansas City, MO Secretary Treasurer: Commissioner: Greg L. Roberts (Secretary-Treasurer) The Roberts Law Firm 215 Chesterfield Business Parkway, Suite A Chesterfield, MO Bill Miller Bielefeld Court Florissant, MO Clint Zweifel State Treasurer State Capitol Building P.O. Box 210 Jefferson City, MO Attn: 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. 02/18/15

5 2) Approval of Minutes a. Approval of minutes for the regular meeting of September 18, 2015

6 MISSOURI HOUSING DEVELOPMENT COMMISSION Regular Meeting Minutes of Meeting Held on Friday, September 18, 2015 The regular meeting of the Missouri Housing Development Commission was held on Friday September 18, 2015 at 9:00 a.m. at Stoney Creek Inn, 2601 S. Providence, Columbia, MO 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 Clint Zweifel, State Treasurer Jim Farnsworth, Assistant Attorney General Greg Roberts, Secretary/Treasurer Bill Miller, Commissioner Jay Nixon, Governor Chris Koster, Attorney General Troy Nash, Vice Chairman Kip Stetzler, Executive Director Greg Canuteson, Senior Deputy Director Tina Beer, Director of Operations Marilyn Lappin, Director of Finance Katie Jeter-Boldt, Acting General Counsel Marian Campbell, Director of Asset Management Frank Quagraine, Director of Rental Production Sara Turk, Fiscal & Accounting Manager Sarah Parsons, Community Initiatives Manager Gus Metz, Chief Underwriter Lynn Sigler, Operations Manager Tom Green, Legislative Liaison Rita Days, Community Affairs Liaison Megan Word, Legislative Coordinator Darnell Busch, Information Technologist Terence Sullivan, Information Services Analyst Kaleb Lilly, RubinBrown LLP (auditor) Chairman Bay called the meeting to order and roll call was taken by Ms. Sigler. A quorum was present.

7 Chairman Bay called for approval of the minutes from the Commission meeting held on Friday, June 26, A motion to approve the minutes was made by Commissioner Miller and seconded by Commissioner Roberts. The motion passed with a vote of 6-0. The next item on the agenda was the Report of Chairman. Chairman Bay asked Audit Committee Chairman Roberts to give a report. Committee Chairman Roberts reported that the Audit Committee met with RubinBrown prior to the Commission Meeting. Marilyn Lappin informed the Commission of the draft audit reports that were in their Commission meeting books. Marilyn introduced Kaleb Lilly with RubinBrown LLP to give a brief report of the audit. Mr. Lilly reported that the audit went smoothly and that clean opinions for Missouri Housing Development Commission and the Missouri Housing Trust Fund were issued. No vote was taken. The next item was the Report of Staff. Marilyn Lappin presented the Financial Report for July No vote was taken. Marilyn Lappin requested approval of Bond Resolution 1046 authorizing the issuance of single-family mortgage revenue bonds for the purpose of providing additional funding for MHDC s First Place Program. A motion was made by Lieutenant Governor Kinder and seconded by Commissioner Miller. The motion passed with a vote of 6-0. Sarah Parsons requested approval of the 2014 Missouri Housing Trust Fund Recaptured Funds recommendations. A motion was made by Commissioner Miller and seconded by Commissioner Roberts. The motion passed with a vote of 6-0. Sarah Parsons requested approval of the Service Coordinator recommendations. The Kansas City region recommendation was United Services Action Agency and the St. Louis region was Community Action Agency of St. Louis County and Rainbow Housing Assistance Corporation. A motion was made by Commissioner Roberts and seconded by Commissioner Miller. The motion did not pass with a vote of 5-1, with Treasurer Zweifel voting no. Gus Metz requested approval of AHAP Credits for Neighborhood Housing Services of Kansas City, Inc. Oak Tree Square Apartments. A motion was made by Commissioner Roberts and seconded by Commissioner Miller. The motion passed with a vote of 6-0. Frank Quagraine presented the Rental Production update. Marian Campbell presented the Asset Management update. Chairman Bay made a motion to adjourn and it was seconded by Commissioner Roberts. The motion passed unanimously with a vote of ayes. Jeffrey S. Bay, Chairman

8 3) Report of Chairman

9 4) Report of Staff a. Financial Report

10 FINANCIAL REPORT OCTOBER 2015

11 Financial Reporting Package for the month of October 2015 and the period then ended Index Page: 1 2 Executive Summary for the month 3 4 Key Financial Information 5 Asset Quality 6 Statement of Net Position 7 Charts Assets by Program and Asset Composition 8 Charts Liability Composition and MBS Portfolio Composition 9 Budget for Use of Net Position (Fund Balances) for Fiscal Year 2016 Mortgage Revenue Bond Activity HUD Purchase Loan Program 10 Condensed Statement of Revenues and Expenses for the month (including the effects of fair value reporting) 10a Condensed Statement of Revenues and Expenses for the month, actual compared to budget (excluding the effects of fair value reporting) 11 Condensed Statement of Revenues and Expenses for the period July 1, 2015 to October 31, 2015 (including the effects of fair value reporting) 11a Condensed Statement of Revenues and Expenses for the period July 1, 2015 to October 31, 2015, actual compared to budget (excluding the effects of fair value reporting) 12 Loan Servicing Report

12 Missouri Housing Development Commission Financial Report Executive Summary October 2015 Assets Total assets, as reported, were $1,794,453,000 as compared to $1,754,796,000 at the end of the previous fiscal year. Excluding the effects of fair value reporting, assets totaled $1,740,240,000 at October 31, 2015 as compared to $1,699,457,000 at June 30, MHDC s asset base continues to have a high-quality and low-risk profile. Approximately 41% of total assets are comprised of guaranteed mortgage-backed securities (page 5). MHDC has no subprime loans, no variable rate debt and no interest rate swaps or similar instruments. MHDC s conservative asset base and careful management has MHDC well positioned in the current economic environment. Mortgages and Mortgage-Backed Securities The cost basis of new homeownership mortgage-backed securities purchased total $62.2 million in the fiscal year. Net of scheduled principal payments and loan prepayments, the cost basis of homeownership bond-financed mortgage-backed securities portfolio has increased $3.6 million in the fiscal year. Principal pay-downs and prepayments in the Single Family portfolio are 19% annualized (17% in 2015 and 19% in 2014). In the Multifamily portfolio, principal pay-downs and prepayments are 9% annualized (8% in 2015 and 14% in 2014). Bond Issues and Other Debt During the fiscal year, one Multifamily refunding bond series closed totaling $13.7 million and two Single Family Homeownership bond series were sold totaling $129.1 million, including one series scheduled to close on December 16, 2015 (page 9). Bond pay downs have totaled $80.0 million. During this fiscal year, new FHLB advances totaling $59.7 million have financed the MBS warehousing program. Results of Operations: Month of October For the month of October (page 10a), net operating results amounted to an increase of $2,849,000 before including the effects of fair value reporting (see additional information below). Operating Revenues over Expenses is $1,953,000 more than budget. Results of Operations: Year-to-Date Fiscal 2016 Year-to-date for this fiscal year (page 11a), net operating results amounted to an increase of $13,072,000 before including the effects of fair value reporting, (see additional information below). Operating Revenues over Expenses is $6,137,000 more than budget. 1

13 Federal Programs This fiscal year Federal Grant Revenues include $47.6 million in Project Based Section 8 Housing Assistance Payments and $5.4 million in HOME Investment Partnership Program funds. These federal programs provide important resources for achieving the objectives of the Commission. The Commission s efforts to preserve affordable housing, including preservation of the Housing Assistance Payment Contracts, are vital for continuing this economic resource for the state of Missouri. Effects of Fair Value Reporting Investment securities, including U.S. government and agency securities and GNMA, Fannie Mae and FHLMC mortgage-backed securities, are reported at fair value on the balance sheet and changes in fair value are reported as revenue in the operating statement in accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools. During periods of rising market interest rates relative to the stated rates of MHDC s portfolio, the fair value of investments and mortgage-backed securities will decline. Conversely, when market interest rates fall below those of the stated rates of the portfolio, the fair value of investments and mortgagebacked securities will increase. During October, interest rate fluctuations have resulted in a decrease of $2,062,000 in the fair value of mortgage-backed securities and other investments as reported (page 10). Year-to-date, interest rate fluctuations have resulted in a decrease of $1,252,000 in the fair value of mortgage-backed securities and other investments as reported (page 11). Depending on future financial markets, interest rate fluctuations are expected to have a continuing material effect on the financial statements. 2

14 Missouri Housing Development Commission Key Financial Information as of October 31, 2015 ($ in thousands) Trend Analysis Total assets, cost basis, excluding conduit bond issues 2,011,310 1,810,273 1,633,157 1,626,018 1,667,304 % change (8.28) (10.00) (9.78) (0.44) 2.54 Total debt, excluding conduit bond issues 1,257,907 1,041, , , ,167 % change (14.27) (17.19) (19.30) (2.97) 2.63 Total equity 626, , , , ,087 % change Revenues 98,722 83,696 74,193 65,718 61,000 % change (4.11) (15.22) (11.35) (11.42) (7.18) Net income 13,827 15,313 20,272 15,174 11,400 % change (25.15) (24.87) Total loans and MBS 1,450,319 1,261,858 1,109,818 1,126,423 1,152,300 % change (10.93) (12.99) (12.05) FHA Risk-Share Loans 171, , , , ,707 % change (14.52) 0.18 (6.90) (7.45) (3.86) Nonperforming assets 269 3,013 3,008 3,313 4,183 % change (89.03) 1, (0.17) Loan loss reserves 44,172 43,322 43,094 42,965 42,907 % change (0.43) (1.92) (0.53) (0.30) (0.13) NOTES: Asset values exclude conduit debt issues and are adjusted to eliminate the effects of fair value accounting (GASB Statement No. 31). Total assets increased 2.54% compared to a 0.44% decline in FY2015. Equity values are adjusted to exclude the effects of fair value accounting (GASB Statement No. 31) and net deferred outflows and inflows. Revenue and net income values also exclude the effects of fair value accounting (GASB Statement No. 31) and federal grants and assistance (pass-through revenues and disbursements). These values are projected for FY

15 Missouri Housing Development Commission Key Financial Information as of October 31, 2015 Financial Ratio Analysis Five Year Average Financial Ratios ( ) 2 PROFITABILITY 1 FY 2016 FY 2016 Budget 5-year average MHDC All 'AA+' HFAs All 'AA' HFAs All 'AAA' HFAs All HFAs Return on Average Assets Return on Average Assets, Excluding Subsidy Programs & Special Initiatives Return on Assets Before Loan Loss Provision and Extraordinary item Return on Assets Before Loan Loss Provision and Extraordinary Item, Excluding Subsidy Programs & Special Initiatives Return on Average Equity Net Interest Margin ASSET QUALITY (%) FY 2016 FY 2016 Budget 5-year average MHDC All 'AA+' HFAs All 'AA' HFAs All 'AAA' HFAs All HFAs Non-Performing Assets / Total Loans and Real Estate Owned Loan Loss Reserves / Total Loans and MBS Loan Loss Reserves/Risk-Share Loans and Non-Performing Assets LEVERAGE (%) FY 2016 FY 2016 Budget 5-year average MHDC All 'AA+' HFAs All 'AA' HFAs All 'AAA' HFAs All HFAs Total Equity / Total Assets Total Equity and Reserves / Total Loans and MBS NOTES 1. MHDC's profitability ratios trend is reflective of the limited risk profile of MHDC's asset base. 2. Historical financial ratio data per Standard and Poor's Ratings Services. 4

16 Missouri Housing Development Commission Asset Quality Information and Summary Effects of Fair Value Reporting ($ in thousands) Balance Sheet 6/30/2013 6/30/2014 6/30/ /31/2015 Total Assets as Reported $ 1,945,079 $ 1,758,734 $ 1,754,796 $ 1,794,453 Unrealized Gains/Losses (effect of GASB 31) # (46,452) (50,869) (55,339) (54,213) Total Assets at Cost $ 1,898,627 $ 1,707,865 $ 1,699,457 $ 1,740,240 Mortgage-Backed Securities Portfolio 6/30/2013 6/30/2014 6/30/ /31/2015 Mortgage-Backed Securities at Cost $ 801,535 $ 666,876 $ 685,723 $ 704,576 as % of Total Assets at Cost 42.2% 39.0% 40.3% 40.5% Mortgage-Backed Securities Portfolio Composition: % GNMA 87.6% 89.0% 90.0% 90.5% % Fannie Mae 11.0% 9.8% 9.2% 8.8% % FHLMC 1.4% 1.2% 0.8% 0.7% Loan Portfolio 6/30/2013 6/30/2014 6/30/ /31/2015 Total Loans at Par $ 591,999 $ 560,743 $ 557,104 $ 563,567 Uninsured Loans (Includes Risk-Share, HOME & TCAP) $ 405,233 $ 396,460 $ 401,631 $ 411,865 as % of Total Assets at Cost 21.3% 23.2% 23.6% 23.7% Risk-Share Loans $ 172,272 $ 160,385 $ 148,440 $ 142,707 HOME Loans $ 184,225 $ 194,583 $ 201,652 $ 206,686 TCAP Loans $ 30,284 $ 30,119 $ 29,798 $ 29,559 Non-Performing Assets (Uninsured) $ 3,013 $ 3,008 $ 3,313 $ 4,183 Allowance for Loan Losses $ 43,322 $ 43,094 $ 42,965 $ 42,907 as % of Uninsured/Non-Guaranteed Loans 10.7% 10.9% 10.7% 10.4% Asset Quality Ratios 6/30/2013 6/30/2014 6/30/ /31/2015 Non-Performing Assets / Total Loans, MBS and Real Estate Owned 0.239% 0.271% 0.294% 0.363% Loan Loss Reserves / Total Loans and MBS 3.43% 3.88% 3.81% 3.72% Loan Loss Reserves / Risk-Share Loans and Non-Performing Assets 24.72% 26.37% 28.31% 29.21% # - Effect of GASB Statement No. 31 reflects the changes in fair value of investments and mortgage-backed securities that result from changes in market interest rates. 5

17 Missouri Housing Development Commission STATEMENT OF NET POSITION, unaudited (in thousands) ASSETS Multifamily Single Family Operating Bond-Financed Bond-Financed Combined Totals Funds Program Program October 31, 2015 June 30, 2015 (audited) CASH AND TEMPORARY INVESTMENTS $ 42,030 $ 16,170 $ 95,527 $ 153,727 $ 122,655 INVESTMENTS Investment Agreements - - 1,317 1,317 2,680 U.S. Government and Agency Securities 339,527 8,161 5, , ,824 Total 339,527 8,161 7, , ,504 LOANS RECEIVABLE, net of allowance for loan losses ($42,907) 345, , ,383 1,277,331 1,255,659 OTHER ASSETS Accrued Interest Receivable 3, ,558 6,848 6,349 Prepaid Expenses Fixed Assets, net of accumulated depreciation ($4,254) Accounts Receivable, Other Total 5, ,558 8,446 7,978 Total Assets 731, , ,729 1,794,453 1,754,796 DEFERRED OUTFLOWS OF RESOURCES Refunding of Debt Pension 1, ,022 1,022 Total Deferred Outflows of Resources 1, ,032 1,032 Total Assets and Deferred Outflows of Resources $ 732,960 $ 236,796 $ 825,729 $ 1,795,485 $ 1,755,828 LIABILITIES Bonds and Notes Payable 39, , , , ,151 Pension 7, ,178 7,178 Interest Payable 231 1,489 6,366 8,086 6,929 Escrow Deposits 111, , ,489 Funds Due Others Accounts Payable 1, ,561 1,944 Unearned Revenue 10, ,096 9,928 Total Liabilities 170, , ,707 1,049,153 1,021,943 DEFERRED INFLOWS OF RESOURCES Refunding of Debt - - 2,247 2,247 1,620 Pension 2, ,093 2,093 Total Deferred Inflows of Resources 2,093-2,247 4,340 3,713 NET POSITION Invested in Capital Assets Restricted 303,398 18, , , ,761 Commission Designated (Unrestricted) 190, , ,951 Unrestricted and Undesignated 65, ,048 83,786 Total Net Position 559,907 18, , , ,172 Total Liabilities, Deferred Inflows of Resources and Net Position $ 732,960 $ 236,796 $ 825,729 $ 1,795,485 $ 1,755,828 6

18 Assets by Program Mortgage Assets, Investments, Cash and Other June 2006 to October 2015 $1,600,000,000 $1,400,000,000 $1,200,000,000 $1,000,000,000 $800,000,000 $600,000,000 $400,000,000 $200,000,000 $- Single Family Multifamily Operating Fund HOME & TCAP NOTE: change at 9/30/14 due to reclassification of escrow assets from Multifamily to Operating Fund as of 7/1/14 MHDC Assets - October 31, $1.7 billion U.S. Government & Agency Securities 20.20% Mortgage-Backed Securities 40.49% Bank Deposits, CDs, Money Market Accounts and Guaranteed Investment Contracts 8.75% Conduit Bond Issue Assets 4.19% Other Assets 0.47% Insured Loans 0.43% Uninsured Fund Balance Loans 5.01% Risk-Share Loans 8.20% HOME & TCAP Program Assets (uninsured loans) 12.27% NOTE: asset information presented excludes the effects of fair value accounting (GASB Statement No. 31) 7

19 MHDC Liabilities October 31, 2015 $1.0 billion Operating Fund 16% Multifamily 21% Single Family 63% Homeownership Guaranteed Mortgage Backed Securities Portfolio Composition October 31, 2015 Fannie Mae 9% FHLMC 1% GNMA 90% Types of Mortgage-Backed Securities GNMA: mortgage-backed securities with payments guaranteed by the Government National Mortgage Association (GNMA) which is a government corporation within the U.S. Department of Housing and Urban Development (HUD). GNMA (also known as Ginnie Mae) provides explicit "full faith and credit of the federal government" guarantees of timely payment on these securities backed by FHA and VA loans. Fannie Mae: mortgage-backed securities with payments guaranteed by Fannie Mae, a federally charted and stockholder-owned government-sponsored enterprise organized in accordance with the Federal National Mortgage Association Charter Act. FHLMC: mortgage-backed securities with payments guaranteed by the Federal Home Loan Mortgage Corporation (FHLMC), a stockholder-owned government-sponsored enterprise (also known as Freddie Mac). 8

20 FY2016 Fund Balance Budget October 31, 2015 BUDGET DISBURSED Multifamily Housing Production and Preservation Program $ 15,000,000 $ - Single-Family MRB Program Equity Contribution 3,000,000 1,575,000 Supplemental Emergency Solutions Grant 832, ,427 Rental & Operating Assistance Program 590,000 8,000 Housing First Program 497, ,214 Homeless Management Information System (HMIS) 91,984 17,614 Disaster Assistance 100,000 - Project Homeless Connect 12,000 2,500 Multifamily and Home Improvement Interest Subsidy Program 4,000 1,495 TOTAL FUND BALANCE PROGRAM BUDGET $ 20,128,264 $ 1,949,250 Fund Balance Revolving Funds as of October 31, 2015 Authorized Applied Construction Lending $ 30,000,000 (1) $ 5,034,000 Single Family Homeownership Program 20,000,000 (2) 1,641,000 Homeowner Cash Assistance 21,500,000 (3) - (1) This revolving fund is used to make market rate multifamily construction loans. (2) This established a $20 million fund to finance GNMA, Fannie Mae or FHLMC mortgage backed securities (MBS) in conjunction with MHDC's First Place bond program, or direct sale including forward delivery, as a source of continuous lending as approved at the April 17, 2009 Commission meeting. In addition, this fund is utilized to finance MBS in conjunction with first time and repeat buyers from disaster areas as approved at the May 26, 2011 Commission meeting. (3) This established funding totaling $21,500,000 for 3% cash assistance to fund homeownership closing costs and down payment. This cash assistance is recovered by means of the first loan rate or amortizing seconds. Recovered funds are recycled and reused for this same purpose. Amounts applied to cash assistance funding have been fully recovered to date primarily through the sale of pools of assisted loans. Mortgage Revenue Bond Activity AMOUNT AMOUNT MHDC BOND ISSUES AUTHORIZED ISSUED CONTRIBUTION Single Family: 2015 Series B closed $ 73,090,000 $ 73,090,000 $ 1,575,000 As of October 31, ,090,000 1,575, Series C to close $ 56,000,000 56,000,000 1,300,000 As of December 31, 2015 $ 129,090,000 $ 2,875,000 Multifamily: 2015 Series 2 Refunding Bonds closed $ 13,654,098 $ 13,654,098 $ - * As of October 31, 2015 $ 13,654,098 $ - * - financing costs funded from available program funds (no additional MHDC contribution required) MBS Warehousing Program as of October 31, 2015 Mortgage-backed securities are purchased with short-term financing provided by the FHLB. After market bonds are issued, these MBS will be transferred to the SF NIBP and the FHLB advances repaid. Mortgage-backed Securities warehoused as of October 31, 2015 $ 35,513,000 FHLB Advances as of September 30, 2015 $ 33,946,000 Pledged general investments $ 47,981,000 Debenture Issued under HUD FHA Risk-Share Program Ashley Park Apts. Risk-Share Claim Maturity Date 1/15/2020 $ 5,895,000 In December 2014 proceeds of the initial FHA Risk Share insurance claim were received and the related bonds redeemed in full. The debenture was executed in February and will be repaid upon the earlier of the final mortgage claim settlement or the debenture maturity date. HUD Purchase Loan Program Since the purchase of 26 loans from HUD during 1996, we have collected principal and interest payment funds, which are available for rehabilitation work and tenant initiatives. These are restricted funds. Program Receipts, since 1996 $ 27,367,000 Grants and Loans, since 1996 (18,434,000) Available for Rehab/Tenant Initiatives as of October 31, 2015 $ 8,933,000 9

21 Missouri Housing Development Commission CONDENSED STATEMENT OF REVENUES AND EXPENSES, unaudited (in thousands) Includes the Effects of Fair Value Reporting For the Month Ending October 31, 2015 Multifamily Single Family Operating Bond-Financed Bond-Financed Funds Program Program Combined Unaudited REVENUES: Interest on Mortgage Loans $ 477 $ 641 $ 2,546 $ 3,664 Interest on Investments Fair Market Value of Investments (478) (78) (1,506) (2,062) Administrative Fees Financing Fees and Other Housing Trust Fund Receipts Grants & Federal Assistance 13, ,893 Total Revenues 15, ,120 16,788 EXPENSES: Interest Expense on Bonds and Notes ,769 2,202 Miscellaneous Bond Debt Expense Compensation Administrative Expenses Provision for Loan Losses Housing Trust Fund Grants Grants & Federal Assistance 12, ,318 Total Expenses 13, ,772 15,854 REVENUES OVER (UNDER) EXPENSES FROM OPERATIONS 1, (652) 934 Subsidy Programs and Special Initiatives REVENUE FROM OPERATIONS AFTER SUBSIDY PROGRAMS & SPECIAL INITIATIVES $ 1,268 $ 171 $ (652) $

22 Missouri Housing Development Commission CONDENSED STATEMENT OF REVENUES AND EXPENSES, unaudited (in thousands) Excludes the Effects of Fair Value Reporting For the Month Ending October 31, 2015 Multifamily Operating Bond-Financed Funds Program Program Combined Actual Budget Actual Budget Actual Budget Actual Budget Unaudited REVENUES: Interest on Mortgage Loans $ 477 $ 509 $ 641 $ 648 $ 2,546 $ 2,292 $ 3,664 $ 3,449 Interest on Investments Administrative Fees Financing Fees and Other Housing Trust Fund Receipts Grants & Federal Assistance 13,893 12, ,893 12,386 Total Revenues 15,559 14, ,626 2,357 18,850 17,084 EXPENSES: Interest Expense on Bonds and Notes ,769 1,742 2,202 2,261 Miscellaneous Bond Debt Expense Compensation Administrative Expenses Provision for Loan Losses Housing Trust Fund Grants Grants & Federal Assistance 12,318 12, ,318 12,049 Total Expenses 13,666 13, ,772 1,884 15,854 15,994 REVENUES OVER (UNDER) EXPENSES FROM OPERATIONS 1, ,996 1,090 Subsidy Programs and Special Initiatives REVENUE FROM OPERATIONS AFTER SUBSIDY PROGRAMS & SPECIAL INITIATIVES $ 1,746 $ 280 $ 249 $ 143 $ 854 $ 473 $ 2,849 $ 896 Number of Employees: 116 Number of Employees at Prior Year End: 114 Compensation and Administrative Expenses as percentage of Total Revenues - actual 5.62%; budget 7.01% Single Family Bond-Financed 10a

23 Missouri Housing Development Commission CONDENSED STATEMENT OF REVENUES AND EXPENSES, unaudited (in thousands) Includes the Effects of Fair Value Reporting For the Four Months Ending October 31, 2015 Multifamily Single Family Operating Bond-Financed Bond-Financed Funds Program Program Combined Unaudited REVENUES: Interest on Mortgage Loans $ 2,053 $ 2,593 $ 10,160 $ 14,806 Interest on Investments 1, ,945 Fair Market Value of Investments 2, (4,136) (1,252) Administrative Fees 1, ,957 Financing Fees and Other 1, ,920 Housing Trust Fund Receipts 3, ,056 Grants & Federal Assistance 53, ,941 Total Revenues 66,986 2,872 6,515 76,373 EXPENSES: Interest Expense on Bonds and Notes 69 1,903 7,152 9,124 Miscellaneous Bond Debt Expense ,048 Compensation 2, ,980 Administrative Expenses 1, ,252 Provision for Loan Losses Housing Trust Fund Grants Grants & Federal Assistance 48, ,929 Total Expenses 54,091 2,133 7,946 64,170 REVENUES OVER (UNDER) EXPENSES FROM OPERATIONS 12, (1,431) 12,203 Subsidy Programs and Special Initiatives REVENUE FROM OPERATIONS AFTER SUBSIDY PROGRAMS & SPECIAL INITIATIVES $ 12,512 $ 739 $ (1,431) $ 11,820 11

24 Missouri Housing Development Commission CONDENSED STATEMENT OF REVENUES AND EXPENSES, unaudited (in thousands) Excludes the Effects of Fair Value Reporting For the Four Months Ending October 31, 2015 Multifamily Operating Bond-Financed Funds Program Program Combined Actual Budget Actual Budget Actual Budget Actual Budget Unaudited REVENUES: Interest on Mortgage Loans $ 2,053 $ 2,034 $ 2,593 $ 2,593 $ 10,160 $ 9,168 $ 14,806 $ 13,795 Interest on Investments 1,782 1, ,945 2,013 Administrative Fees 1,957 1, ,957 1,932 Financing Fees and Other 1, ,920 1,394 Housing Trust Fund Receipts 3,056 3, ,056 3,000 Grants & Federal Assistance 53,941 49, ,941 49,546 Total Revenues 64,282 59,216 2,692 2,680 10,651 9,784 77,625 71,680 EXPENSES: Interest Expense on Bonds and Notes ,903 1,995 7,152 6,967 9,124 9,040 Miscellaneous Bond Debt Expense , Compensation 2,980 3, ,980 3,172 Administrative Expenses 1,252 1, ,252 1,617 Provision for Loan Losses Housing Trust Fund Grants 837 1, ,000 Grants & Federal Assistance 48,929 48, ,929 48,194 Total Expenses 54,091 54,325 2,133 2,107 7,946 7,534 64,170 63,966 REVENUES OVER (UNDER) EXPENSES FROM OPERATIONS 10,191 4, ,705 2,250 13,455 7,714 Subsidy Programs and Special Initiatives REVENUE FROM OPERATIONS AFTER SUBSIDY PROGRAMS & SPECIAL INITIATIVES $ 9,808 $ 4,112 $ 559 $ 573 $ 2,705 $ 2,250 $ 13,072 $ 6,935 Compensation and Administrative Expenses as percentage of Total Revenues - actual 5.45%; budget 6.68% Single Family Bond-Financed 11a

25 Loans Units Remarks Multifamily Programs FHA Insured 77 6,767 Includes FHA Insured, Section 8, Market Rate & Risk Share. FNMA FNMA Participation Loans. US Bank 52 - US Bank Participation Loans. Uninsured 223 7,702 Includes Acquisition/Construction/Permanent Financing for Special Needs, Elderly & Family housing using MHDC fund balances. HUD Purchased Loans Includes HUD Purchased Loans, special financing relating to the HUD Purchased Loan Program. HOME Funds ,241 Federal HOME Funds Construction Preservation non-profit and for profit and Federal HOME Funds Emergency Relief. Housing Trust Fund 21 - Includes permanent financing for Family housing. Rural Development Guaranteed 1 40 Includes multifamily permanent financing. Rural Initiative Loans 3 40 Rural Initiative Loan units are based on lots. TCAP Tax Credit Assistance Program. TC Exchange Low-income Housing Tax Credit Exchange Program. Multifamily Program Totals ,595 Single Family Programs GNMA Master Servicer 6,864 6,864 Serviced by Master Servicer, MHDC funded through MRB. FNMA Master Servicer Serviced by Master Servicer, MHDC funded through MRB. FHLMC Master Servicer Serviced by Master Servicer, MHDC funded through MRB. MRB Issues Serviced by Participant/Servicers. MHDC reconciles bank accounts, audits foreclosures and processes assumptions. GNMA MRB Issues Serviced by GNMA Contract Servicers. MHDC processes assumptions, servicing fees and audits foreclosures. Rural Growth Master Servicer 6 6 Resolution 853 Serviced by Master Servicer, MHDC funded through MRB. Cash Assistance Loans (CAL) 6,769 - Serviced by Master Servicer, MHDC funded; convert to grants over 60 months. Tax Credit Advance Loans (TCAL) Serviced by Master Servicer, MHDC funded. HOME Funds/Other Includes MHDC DPA/MRB Issues/Flood Program Funds and Federal HOME Funds/FmHA, Weatherization and Home Improvement, Habitat for Humanity. MHDC performs all servicing functions. Single Family Program Totals 16,304 9,130 TOTALS 17,197 39,725 LOAN SERVICING REPORT As of October 31,

26 4) Report of Staff b. Request for approval of RFP for Underwriters and Selling Group Members

27

28 MISSOURI HOUSING DEVELOPMENT COMMISSION Request for Qualifications and Proposals for Underwriters and Selling Group Members Released: January 7, 2016 Responses Due: February 16, 2016 Noon Central Time via to: SECTION I: INTRODUCTION The Missouri Housing Development Commission ( MHDC or the Commission ) was established in 1969 in order to increase the availability of decent, safe and sanitary housing at prices within the means of low and moderate-income persons. The Commission is a governmental instrumentality of the state of Missouri and a body corporate and politic. The Commission s authority is derived from Section , et seq., of the Revised Statutes of Missouri, as amended and supplemented. Purpose of the Request for Qualifications and Proposals (RFP) The purpose of this Request for Qualifications and Proposals ( RFP ) is to request proposals from investment banking and broker/dealer firms to serve as senior managers, co-senior managers and co-managers of a syndicate to underwrite, sell and distribute its single family mortgage revenue bonds and multifamily mortgage revenue bonds and selling group members to sell and distribute its single family mortgage revenue bonds and multifamily mortgage revenue bonds. Interested firms should respond in accordance with this RFP. Term of Service It is anticipated that the selected firms will be retained by the Commission for three years commencing with the first mortgage revenue bond issue sold after the Commission s selection process is completed. This three year term is subject to satisfactory performance. At its option the Commission may extend the relationship for one additional two-year period. MHDC reserves the right, at its sole discretion, to end the term of service or change the status and role for any firm selected pursuant to this RFP, at any time prior to the expiration of the stated term of service and to add one or more firms not initially selected pursuant to this RFP to its underwriting team at any time during the stated term of service. This right reserved to MHDC to add or remove one or more firms is a unilateral right in the sole discretion of MHDC and may be undertaken at any time with or without cause. Selection of firms to be added at such time may be made from among respondents to this RFP or pursuant to such other selection process as MHDC shall determine. Anticipated Timetable for RFP and Proposals Release RFP Proposals Due Evaluation Committee Recommendation Selection by Commissioners January 7, 2016 February 16, 2016 Noon Central Time March 11, 2016 March 18,

29 SECTION II: GUIDELINES AND INSTRUCTIONS Form of Response The Commission desires to consider responses to this RFP in a consistent and easily-comparable format. Proposals not organized in the manner set forth in this RFP may be considered, at the Commission s sole discretion, as unresponsive. Respondents should not refer to other parts of their proposal, to information that may be publicly available elsewhere, or to the submitting entity s website or another website in lieu of answering a specific question. The proposal must be accompanied by a cover letter stating that: (a) the information submitted in and with the proposal is true and accurate, and (b) the person signing the letter is authorized to submit the proposal on behalf of the firm. Proposals are limited to twenty (20) 8½ x 11 pages in 12 point font (excluding exhibits). A one page cover letter and exhibits will not be included in the 20 page count limit. Interested firms are invited to submit proposals that contain information submitted in the order of Section VI below. Proposal Submission Completed proposals must be submitted to the Commission electronically. Prospective bidders shall transmit completed proposals to the Commission by to mlappin@mhdc.com in PDF file format along with the spreadsheet listing in Excel file format of the bidding firm s owners pursuant to Section VI.B.3. The Subject line of the should state [insert firm name] Proposal for Underwriters and Selling Group Members. Proposal Due Date Tuesday, February 16, 2016 by noon central time Proposals must be received by the bid submission deadline, which is noon central time on Tuesday, February 16, Standards of Conduct Please refer to the Commission s Standards of Conduct Policy for information regarding contact with MHDC commissioners or staff in connection with this RFP, necessary disclosures thereunder and other policies regulating the actions of interested parties, employees and commissioners during a competitive matter. The Commission s Standards of Conduct Policy is available on MHDC s website at Furthermore, pursuant to the Standards of Conduct, any Response under this RFP shall disclose the name of the individual, entity and/or entities having ownership interests in the Respondent as set forth in Section VI.B.3 below. Inquiries The Commission will provide responses to inquiries submitted by firms to the Commission s contact person, Marilyn Lappin, Director of Finance. All questions must be submitted in writing via to Ms. Lappin at mlappin@mhdc.com and received no later than Thursday, January 21, 2016, 3:00 p.m. CT. The Subject line of the should be, RFP for Underwriters and Selling Group Members Questions. Questions submitted after the deadline will not receive a response. Responses will be provided by January 28, 2016, 5:00 p.m. 2

30 CT to all interested bidders that have provided an address to Ms. Lappin prior to the above deadline for the submission of questions. All inquiries must be submitted by , citing the particular RFP section and paragraph number, if applicable. Respondents should note that all clarifications and exceptions are to be resolved prior to submission of the proposal. Other than the contact person identified herein and except as provided in Sections VI.B.3 and VI.B.13 below, prospective proposers shall not approach the Commission s employees, managers or board members after the publication of this RFP until the board of Commissioners complete their selection. Public Records Firms responding to this RFP should be aware that the Proposals are public records under state law after the evaluation and selection process has been completed. Modifications to Proposals Respondents may not modify or correct its Proposal any time after the Proposal Due Date, except in direct response to a request from the Commission for clarification. Revisions to this RFP In the event that it becomes necessary to revise any part of the RFP, MHDC will provide 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. 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 at a location determined by MHDC as a part of the selection process. Expense Relating to Proposals The Commission is not responsible for any expense incurred in preparing and submitting a Proposal or taking any action in connection with the selection process, or for the costs of any services performed in connection with submission of a Proposal. Reservation of Rights The Commission reserves the right to conduct any investigation of the qualifications of any firm that it deems appropriate; negotiate modifications to any of the items proposed in the Proposal; request additional information from any firm; reject any or all Proposals; and waive any irregularities in any Proposal. The Commission retains the right to negotiate the fees and compensation arrangements for its underwriting services. The engagement described in this RFP is not exclusive and MHDC expressly retains the right at any time to retain any other firm or firms to provide any of the services described herein without violating the engagement contemplated by this RFP or to sell any issue of its bonds by competitive sale or private placement or such other means it shall deem appropriate. 3

31 SECTION III: UNDERWRITING TEAM MHDC intends to designate two firms as Senior Managers and approximately three to six firms as Co-Managers, which may include one or two Co-Senior Managers, for its single family mortgage revenue bonds. The Senior Managers will alternate roles as book-running manager of the account on single-family bond issues, with the Senior Manager not serving a particular transaction as bookrunning manager of the account serving as a Co-Senior Manager, along with the other firm or firms selected as Co-Senior Manager, if any. In addition, MHDC expects to appoint approximately three to six firms as members of a selling group in connection with its single-family mortgage revenue bonds. MHDC anticipates that the two firms selected as Senior Managers for the single-family mortgage revenue bond issues will serve as Senior Managers for its multifamily mortgage revenue bonds as well. MHDC may designate one Senior Manager as book-running manager of the multifamily account or may alternate roles as book-running manager of the account at its discretion. Firms selected as Co-Senior Managers, Co-Managers and selling group members may participate in those capacities for multifamily mortgage revenue bonds from time to time in the judgment of MHDC for those issues of sufficient size or other characteristics to justify a larger underwriting team. Compensation of all firms, including Senior Managers, Co-Senior Managers, Co-Managers and selling group members, will be determined by the fee arrangements negotiated with the Senior Managers. MHDC will direct the order priorities, member liabilities and designation rules for priority orders to be included in the Agreement Among Underwriters (AAU) and in the Selling Group Agreement. MHDC reserves the right in its sole discretion to change the order priorities, member liabilities and designation rules for priority orders at any time during the term of the engagement contemplated by this RFP. MHDC has typically sold its single family mortgage revenue bonds using a one day retail order period followed by institutional pricing the subsequent morning. During the retail order period the priority of orders is Missouri retail orders followed by national retail orders. During the institutional pricing the priority of orders is net designated orders followed by member orders. MHDC expects to continue to follow these practices but is open to suggestions to enhance distribution of its bonds. Respondents may apply for selection as a Senior Manager, Co-Manager or Selling Group Member. Applicants for Senior Manager will automatically be considered for selection as a Co-Manager or Selling Group Member and applicants for Co-Manager will be considered as Selling Group Member. 4

32 SECTION IV: SCOPE OF SERVICES The Scope of Services will differ for those firms chosen as Senior Manager compared to Co- Managers and Selling Group Members. Due to their alternating position as the book-running senior manager, the Senior Managers will provide MHDC a broader range of services, as follows. Senior Managers. The Senior Managers will be primarily responsible for the following scope of services relating to the issuance of bonds: 1. Assist in the development of the overall bond financing strategy, including the sizing and timing of each long term bond issue. 2. Provide recommendations regarding the structure of each issue of bonds to best achieve MHDC s objectives for that transaction. This will include ideas regarding the marketing of taxable bonds, ideas for economic refunding issues, planned amortization class bonds, supersinker maturities, pass-through structures and other concepts that will enable MHDC to maximize the funds available for loans to homebuyers at the lowest reasonable mortgage rates. 3. Review and comment on the bond documents, disclosure documents, program agreements and other documents relating to each transaction. This will include timely review by the Senior Manager of the Supplemental Indenture, the official statement or other disclosure documents and the closing documents for each series of bonds issued. 4. As requested, assist MHDC or its Financial Advisors in making arrangements with financial printers for printing and mailing of disclosure documents and related materials. 5. Assist in obtaining the rating for each bond transaction and any bond insurance commitment or other form of credit enhancement desired to secure the bonds. 6. Work with MHDC and its Financial Advisors to develop the underwriting, distribution and marketing strategy for each issue of bonds and arrange for the preparation of an Agreement Among Underwriters (AAU) containing appropriate order priorities, syndicate rules and restrictions to implement that strategy and a Selling Group Agreement, as appropriate, detailing the rules and priorities applicable for the members of the Selling Group, if any. 7. When serving as book-runner, manage the syndicate in such a way as to adhere to the constraints imposed by the AAU and to ensure a fair and equitable allocation of bonds among the managing underwriters and Selling Group, as applicable. 8. When serving as book-runner, have the capabilities to prepare all quantitative analyses and yield calculations relating to each new issue. (Note that computer-related services are currently, at the discretion of MHDC, provided by MHDC's Financial Advisors.) 9. As requested, assist MHDC and its Financial Advisors in the development and implementation of the bond proceeds reinvestment strategy. 10. Provide a comprehensive and detailed Analysis of Distribution to document the level of participation and performance of each member of the underwriting team in selling and distributing MHDC s bonds. 5

33 11. Underwrite maturities of bonds, individually or as members of the syndicate, as appropriate, to effectuate the successful distribution of the Commission s bonds at the lowest possible interest rate. Co-Senior Managers and Co-Managers. The Co-Senior Managers, if any, and Co-Managers will be primarily responsible for the following scope of services relating to the issuance of bonds: 1. Work with the book-running Senior Manager by providing recommendations regarding the pricing, marketing and distribution strategy. 2. Review and comment on the draft AAU prepared and distributed by the book-running Senior Manager. 3. Utilize the firm s institutional and retail sales capabilities to aggressively market bonds in support of the pricing and distribution strategy. Selling Group Members. The Selling Group Members will utilize the firm s institutional and/or retail sales capabilities to aggressively market bonds in support of the pricing and distribution strategy. SECTION V: EVALUATION CRITERIA The criteria to be used in evaluating the Proposals will include, but are not limited to, the following: 1. Housing finance experience and expertise of the personnel to be assigned to the Commission s engagement as well as the housing finance experience and expertise of the firm. 2. The location, extent and capabilities of the firm s offices and employees in Missouri. Sales and distribution capabilities, which shall include both retail and institutional distribution capabilities, sales personnel in Missouri, demonstrated distribution efforts on prior MHDC issues as well as on behalf of other state and local issuers of single family and multifamily mortgage revenue bonds. 3. Innovation of applicable financing ideas for MHDC. 4. The firm s capital adequacy and capacity to perform the services described under Scope of Services above in a prompt, responsive manner with excellent quality of work product. 5. 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. 6. Related investigations and regulatory proceedings and litigation involving the firm will be taken into account, depending upon the nature and significance of the proceedings. 7. 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. 8. Quality and thoroughness of RFP response and special capabilities of the firm outlined in the response to the RFP. 6

34 In addition, those firms seeking consideration as Senior Manager will also be evaluated on the following additional factors relevant to the broader scope of services and responsibilities of the Senior Managers, which will include, but are not limited to, the following: 1. Recommended strategies for providing financing for and/or enhancing MHDC s single family mortgage revenue bonds program. 2. Recommended strategies for providing financing for and/or enhancing MHDC s multifamily mortgage revenue bonds program. 3. Demonstrated computer analytical capabilities to model bond structures and generate cashflow analyses, including analyses required by S&P and bond and loan yield analyses required to satisfy federal tax law as required by bond counsel. 4. Proposed fees and charges for services. SECTION VI: PROPOSAL DETAILS Respondents interested in responding to this RFP should submit the following information. A. Cover Letter (limit to 1 page) stating that: (a) the information submitted in and with the proposal is true and accurate, and (b) the person signing the letter is authorized to submit the proposal on behalf of the Respondent. B. Proposal (limited to 20 pages, excluding exhibits) including the following information: 1. Proposed Role. State the role for which you wish your firm to be considered: (a) Senior Manager, or (b) Co-Senior Manager, (c) Co-Manager or (d) Selling Group Member. 2. Firm Information. Provide a description of your firm that includes the length of time your firm has been in business, an overview of the public finance department and a discussion of any substantive changes in its management and housing banking group, in its municipal securities trading group, and in any other area of its public finance practice in the last three (3) years. 3. Firm Ownership. Pursuant to the Standards of Conduct (see Section II of this RFP), any response under this RFP shall disclose the name of the individual, entity and/or entities having ownership interests in the Respondent. All entities identified in this disclosure shall be reduced to their human being level irrespective of the number of entity layers which may be present for any disclosed entity. Notwithstanding the previous sentence, to the extent any Respondent under this RFP is a publicly traded corporation, such a Respondent may limit this disclosure to all board members, officers (and other key employees) and any shareholders owning or controlling ten percent (10%) or more of the corporation. For purposes of providing firm ownership information, please complete Attachment 1 in spreadsheet format to include a listing of your firm s owners/shareholders. Questions regarding these requirements or any other requirements or restrictions imposed by the 7

35 Standards of Conduct may be directed to the Commission s Acting General Counsel, Katherine (Katie) Jeter-Boldt, by phone at or at kjeterboldt@mhdc.com. 4. Public Finance Department. Provide an overview of your public finance department and your firm s financial wherewithal to underwrite housing bonds. Include the following information: Number of professionals in public finance department Number of professionals assigned full-time to tax-exempt housing Number of institutional sales personnel assigned exclusively to marketing tax-exempt bonds and notes Firm s net capital Firm s excess net capital Net capital allocated to Public Finance Excess net capital allocated to Public Finance 5. Housing Professionals. Provide the number of professionals who are dedicated to banking for state HFAs, including their names, titles and a brief description of their background and experience. Describe any changes, including additions and departures, in your housing group staff in the last two years and the impact on serving clients. In addition, please describe plans for any upcoming anticipated changes, such as retirements, in your housing group staff. 6. Contact Person and Staffing. Provide the name, address, phone number, and address of the primary contact person for your firm s proposal. Identify the personnel, and provide a brief resume for each such person, who would be assigned to the MHDC account if your firm is selected pursuant to this RFP to serve in any capacity. Identify the location and key personnel of the municipal trading desk that will have primary responsibility for the Commission s bond sales. Note that if the firm is selected in any capacity no change to this staffing will be permitted without the permission of MHDC. 7. Sales and Distribution Capability. Describe the in-state, regional and national sales and distribution capabilities of your firm both as to (a) retail sales, and (b) institutional sales. Discuss the proposed role of your firm in implementing a pricing and marketing strategy to take maximum advantage of strong in-state retail demand for MHDC bonds. Describe any other sales and distribution capabilities of the firm that will enhance the distribution of MHDC s bonds. 8

36 8. Qualifications and Experience. Provide the following summary data with respect to housing revenue bond transactions (both tax exempt and taxable) for which your firm served as book-running senior manager, co-senior manager, co-manager, or selling group member, for each of the periods indicated in the table, below. Provide a separate table for Single Family and for Multifamily bond issues. Lead Manager Co-Senior Manager Co-Manager Selling Group Member YEAR # Issues $ Amount # Issues $ Amount # Issues $ Amount # Issues $ Amount In a separate appendix list each transaction, grouped by the firm s role, in chronological order providing general information about the transaction including the issuer name, the dollar amount of the issue, the name of the issue, the series designation and the settlement date. For those firms that have previously served as an underwriter or selling group member to MHDC during the same periods in the table, please complete the following table and for those firms not previously serving MHDC during that period select another comparable state agency client and complete the following table. When completing the table, institutional designations received by firms may serve as the basis for the amount of allotments. Retail Distribution Institutional Distribution YEAR Orders ($) Allotments ($) Orders ($) Allotments ($) State HFA Clients. List the state housing finance agencies for which your firm currently serves as book-running Senior Manager, Co-Senior Manager, Co-Manager or selling group member, the firm s role and a contact with the agency for reference purposes. Identify any state housing finance authority for which your firm was added to the underwriting team or for which the firm s role was elevated since January 1, Identify any state housing finance authority for which your firm served as a member of the underwriting team subsequent to January 1, 2013, but for which your firm is not currently serving in that capacity or is serving in a diminished capacity. Please explain the basis for the change. 10. State HFA References. Provide contact names, phone numbers and addresses for three state-level HFA references. 11. Operation of the Underwriting Syndicate. State your firm s recommendations regarding bond order priority, retention and designation policies which should be included in the Agreement Among Underwriters to govern the operation of the underwriting syndicate in order to (a) first and foremost, best implement and control a balanced sale designed to minimize TIC by taking advantage of in-state retail demand for certain maturities and institutional demand for longer term bonds 9

37 (including premium bonds), and (b) to the extent not inconsistent with (a) above, result in fair and equitable compensation and bond allocations among the underwriters. State your recommendations regarding the minimum time needed between POS distribution and the start of the order period to permit an orderly and efficient sale, and comment on impacts of incorporating a retail order period. 12. Litigation, Investigations and Regulatory Proceedings. Provide a summary of all inquiries, investigations, or civil litigation initiated, in progress or closed by any federal or Missouri agency during the past three years regarding the conduct of your firm, your firm s management or public finance personnel. Describe with specificity those actions related to the firm s public finance department or the distribution of tax-exempt bonds. Describe any related actions taken against your firm or any employees of the firm resulting in fines, suspensions, censure, or similar resolution. Provide a summary of your firm s self-reporting in accordance with the SEC s Municipalities Continuing Disclosure Cooperation (MCDC) initiative, including any related settlements. Provide a summary of any criminal inquiries, investigations, indictments or convictions against your firm or any employee of your firm (in connection with the employee s work responsibilities for the firm) initiated, in progress or closed during the past three years. Provide a summary of any civil litigation initiated, in progress or closed during the past three years involving the firm s public finance practice or any employee s work responsibilities for the firm in connection with the firm s public finance practice. Failure to respond fully to this question or to refer to public filings rather than provide the information directly may result in disqualification. (If necessary, responses to this question may be included in as a separate appendix to the proposal.) 13. Undocumented Workers. Pursuant to Mo.Rev.Stat , firm(s) selected pursuant to this RFP shall provide MHDC with an affidavit stating that the firm does not employ any person who is an unauthorized alien in conjunction with the contracted services, and that the firm is enrolled in and participating in a federal work authorization program with respect to the employees working in connection with the contracted services. Prior to execution of any agreement contemplated herein, the firm shall provide evidence of participation in a federal work authorization program. Questions regarding this requirement may be directed to the Commission s Acting General Counsel, Katherine (Katie) Jeter-Boldt, by phone at or at kjeterboldt@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. 14. Special Strengths and/or Minority Representation. Describe any special strengths or capabilities of your firm (which may include selling group performance for MHDC or other state housing finance agencies, special expertise with single and multifamily housing bonds, the firm s status as a minority or woman-owned firm, the presence of offices or headquarters in Missouri, the number of employees of the firm within Missouri or any other special services or assistance your firm may provide to MHDC) that you believe may be relevant to or helpful to MHDC in structuring, financing or administering its Homeownership Loan Program and/or its multifamily lending initiatives. 10

38 In addition, only those firms seeking consideration as Senior Manager should respond to the following additional information requests: 15. Strategies for Funding Single Family Mortgage Loan Programs with Bond Financing and Other Financing (such as MBS Sales). Based on prevailing interest rates and market conditions, recommend strategies (e.g., bond finance sizing, structure, marketing or pricing, forward delivery or MBS sales) designed to enable MHDC to (a) offer a mix of regular low interest rate loans and higher rate down payment assistance loans with the most affordable interest rates and terms, (b) minimize total transaction costs (including negative arbitrage costs for bond financing), (c) maximize the total amount of lendable proceeds for first time homebuyers and (d) maximize the Net Present Value economic benefit to MHDC of each transaction. Identify any element of your recommended strategy which your firm views as being proprietary or otherwise effectively available to MHDC primarily (or exclusively) from your firm. 16. Strategies for Funding Multifamily Mortgage Loans. Based on your recent experience as a managing underwriter for multifamily mortgage revenue bonds, briefly describe those bond structures and credit enhancement mechanisms which, in the opinion of your firm, currently provide the most cost-effective strategy for funding mortgage loans on rental apartment projects (particularly smaller to medium sized projects). 17. Proposed Fees. State the amount of the management fee (in dollars per thousand) your firm proposes to be paid for serving as book-running Senior Manager for (a) a $50 million new issue of long term single family mortgage revenue bonds (assuming AA+ bond rating) and (b) $5 million new issue of long term fixed rate multifamily mortgage revenue bonds (assuming AA bond rating). Provide the quotation of the full amount of the management fee; however, assume this fee will be apportioned with 60% of the management fee allocated to the book-running Senior Manager and the remaining 40% allocated to the other rotating Senior firm serving as a Co-Senior Manager. MHDC may approve a different allocation of the management fee among the Senior Managers but the total amount will be based upon the quoted fee. MHDC understands the Takedown and Risk components of underwriter discount are market-driven costs and may fluctuate depending upon market conditions. Based upon market conditions as of January 20, 2016, provide estimates of the Takedown (in dollars per thousand) your firm would recommend for a typical issue of $50 million long term, fixed rate tax-exempt single family mortgage revenue bonds consisting of (a) par serial bond maturities out to 12 years, (b) par term bond maturities of 15, 20, 26 and 32 years, and (c) premium PAC bonds maturing in approximately 32 years with an average life of five to six years. For each of the par term bonds, indicate the extent to which the Takedowns could be reduced by offering those bonds only to institutional investors (it is assumed the premium PAC bonds would be offered only to institutional investors). In addition, provide an estimate of the Takedown (in dollars per thousand) your firm would recommend for a pass-through $50 million single family bond issue. Please provide a listing of other estimated underwriter expenses that you would charge, including underwriter s counsel. 11

39 18. Computer Analytical Capability. Describe the capabilities and experience of your firm in providing all of the quantitative analyses, including analyses required by S&P (both on a single series, stand-alone basis and on a consolidated basis for all parity bonds outstanding under a master indenture) and the bond/mortgage yield computations required by bond counsel. State the fee your firm would propose to charge for providing the cash flow analyses and yield computations for a typical issue of (a) fixed rate single family mortgage revenue bonds, and (b) fixed rate multifamily mortgage revenue bonds. State your firm s willingness to coordinate bond structuring and cash flow analyses with CSG Advisors Incorporated and Columbia Capital Management, MHDC's Co-Financial Advisors, if these firms continue to be directed to perform the required quantitative analyses. 19. Underwriters Counsel. Presently underwriters counsel prepares the disclosure documents for MHDC s single family issues and prepares the bond purchase agreement, agreement among underwriters and selling group agreement for all bond issues. In addition, bond counsel prepares the disclosure documents on MHDC s multifamily mortgage revenue bonds and underwriters counsel prepares the bond purchase agreement and agreement among underwriters. MHDC expects that a single law firm will serve as underwriters counsel for all single family mortgage revenue bond issues, regardless of the firm appointed book-running senior manager on a particular issue. As a result, MHDC will expect the Senior Managers to agree on the firm designated as underwriters counsel. MHDC expressly reserves the right to disapprove any firm so selected and to require the Senior Managers to agree upon a firm acceptable to MHDC. In the future, MHDC may consider a different approach to its legal services and provide that its disclosure documents be prepared by disclosure counsel selected by MHDC. Indicate your willingness to abide by these terms. Furthermore identify the law firm(s), including the names and resumes of the principal attorneys, including participation with a minority or woman-owned firm, if any, you would propose or consider as a candidate to serve as Underwriters Counsel on transactions for which your firm would be designated as book-running Senior Manager. There is no additional information requested. Thank you for reviewing this RFP. We look forward to your response. 12

40 MHDC - Underwriters and Selling Group Members - RFP Firm Information Proposing Firm Owners/Partners/Shareholders * [Firm Name] ATTACHMENT 1 * For publicly traded firms, disclosure may be limited to all board members, officers (and other key employees) and any shareholders owning or controlling ten percent (10%) or more of the corporation

41 4) Report of Staff c. Request for approval of additional authority for the Mortgage Credit Certificate (MCC) Program

42

43 MCC Program The Mortgage Credit Certificate Program (MCC) was authorized by Congress as a means of providing home buying assistance to low and moderate-income families. A Mortgage Credit Certificate (commonly called a MCC ) enables a first-time homebuyer subject to the same income and purchase price limits as MHDC tax-exempt bond program to claim a tax credit for a portion of mortgage interest paid during a tax year, effectively reducing the first-time homebuyer s cost of borrowing. The credit must have a rate of at least 10% but no more than 50% of the mortgage interest paid. However, if the credit rate exceeds 20%, the amount of the credit claimed by the taxpayer in a single year may not exceed $2,000. This credit can only be taken on the borrowers federal tax returns; this is not a state tax credit for the borrower. The following table illustrates the impact the tax credit has on a first time homebuyer s effective monthly mortgage payment during the first year of borrowing: Without MCC With MCC Mortgage Amount $100,000 $100,000 Mortgage Interest Rate 4.875% 4.875% Monthly Mortgage Payment $ $ MCC Rate N/A 25% Monthly Credit Amount (First Year Average) N/A $ "Effective" Monthly Mortgage Payment $ $ A MCC program can further the Commission s mission and provide another tool to serve low and moderate-income homebuyers. In certain market conditions interest rates on tax-exempt bonds may prove too high to fund mortgage loans at attractive rates to homebuyers. Coupling a MCC program with other lender loans or MHDC mortgage loans financed through the sale of taxable mortgage-backed securities can provide an important tool for providing meaningful homeowner assistance to first-time homebuyers. Below is an example of how a borrower s federal income tax return may look with and without a MCC. Without MCC With MCC Adjusted Gross Income $65,000 $65,000 Itemized Deduction $8,300 $6,300 1 Exemption $4,000 $4,000 Taxable Income $52,700 $54,700 Tax $8,969 $9,469 Tax Credit for MCC 0 $2,000 Total Tax Liability $8,969 $7,469

44 -6 (2015) RESOLUTION NO OF THE MISSOURI HOUSING DEVELOPMENT COMMISSION Authorizing the Establishment of Qualified Mortgage Credit Certificate Programs

45 RESOLUTION NO A RESOLUTION AUTHORIZING AND PROVIDING FOR ESTABLISHMENT OF ONE OR MORE QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF ONE OR MORE ELECTIONS NOT TO ISSUE QUALIFIED MORTGAGE BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $100,000,000, A NOTICE OF MORTGAGE CREDIT CERTIFICATE PROGRAMS, OPERATIONS MANUAL, PARTICIPATION AGREEMENT, COMPLIANCE CERTIFICATES AND OTHER DOCUMENTS RELATED THERETO AND IN CONNECTION THEREWITH; AND AUTHORIZING THE OFFICERS, EMPLOYEES AND REPRESENTATIVES OF THE MISSOURI HOUSING DEVELOPMENT COMMISSION TO DO AND PERFORM ALL THINGS NECESSARY, APPROPRIATE AND INCIDENTAL THERETO UNDER THE AUTHORITY OF CHAPTER 215, REVISED STATUTES OF MISSOURI, AND APPENDIX B(1) THERETO, AS AMENDED. WHEREAS, the Missouri Housing Development Commission (the "Commission") is a governmental instrumentality of the State of Missouri (the "State"); and WHEREAS, the Commission has received multiple allocations of the state ceiling of private activity bonds pursuant to Section , Revised Statutes of Missouri, as amended, for the purpose of issuing qualified mortgage bonds or qualified mortgage credit certificates, including allocations which were the subject of Carryforward Elections pursuant to Section 146(f) of the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS, the Commission has determined that it is desirable for the Commission to elect not to issue qualified mortgage bonds in a maximum aggregate principal amount not to exceed $100,000,000, and, in lieu thereof, to establish one or more Qualified Mortgage Credit Certificate Programs in accordance with Section 25 of the Code in order to provide for home ownership by persons and families of low and moderate income residing within the State. NOW, THEREFORE, BE IT RESOLVED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION: Section 1. Definitions. All words and phrases not otherwise defined herein shall have the respective meanings set forth in the Operations Manual hereinafter authorized and approved unless a different meaning clearly appears in context. Section 2. Declaration of Purposes. It is hereby declared and determined that the purpose of this Resolution is to provide a means of reducing the costs of financing the acquisition and purchase of single family residential property to provide adequate, safe and sanitary housing which persons and families of low and moderate income can afford. Section 3. Authorization of the Programs. There are hereby authorized to be created, established and implemented one or more Qualified Mortgage Credit Certificate Programs (the "Programs") pursuant to Section 25 of the Code and the regulations promulgated thereunder (collectively, the "Federal Mortgage Credit Certificate Act") to encourage and assist in financing the acquisition of decent, safe and sanitary residential housing facilities for low and moderate income persons and families residing within the State. The Programs shall be implemented, administered and created in accordance

46 with this Resolution, the Federal Mortgage Credit Certificate Act and the Operations Manual hereinafter authorized. Section 4. Authorization of Elections Not to Issue Qualified Mortgage Bonds. For the purpose of providing for establishment of the Programs, the Chairman of the Commission (the "Chairman"), the Executive Director, Director of Finance or the Deputy Director are hereby authorized to execute one or more Mortgage Credit Certificate Elections (the "Elections") in a maximum non-issued bond amount not to exceed $100,000,000, substantially in the form attached hereto as Exhibit A with such changes or amendments thereto as the officer executing an Election shall approve, such officer's execution thereof being conclusive evidence of such approval, and to file each such Election with the Internal Revenue Service at the time and in the manner specified in the Federal Mortgage Credit Certificate Act. Section 5. Approval of Notice of Mortgage Credit Certificate Program, Operations Manual, Participation Agreement and Compliance Certificates. The Chairman, the Executive Director, the Director of Finance or the Deputy Director are hereby authorized to execute and deliver, for and on behalf of the Commission, the Notice of Mortgage Credit Certificate Program (the "Notice"), the Operations Manual for the Programs (the "Manual"), Participation Agreement among the Commission and the participating Mortgage Lenders that are signatories thereto (the "Agreement") and the Compliance Certificate of the Commission relating to each Program (collectively, the "Certificates") in substantially the forms presented at this meeting, with any changes therein as the Chairman, the Executive Director, the Director of Finance or the Deputy Director shall approve, such officer's execution thereof being conclusive evidence of such approval. The Director of Finance is hereby further directed to publish the Notice in such newspapers of general circulation in the State as required by the Federal Mortgage Credit Certificate Act. Section 6. Further Authority. The Chairman, the Executive Director, the Director of Finance and the Deputy Director are hereby further authorized and directed to execute any and all documents and agreements necessary or convenient for implementation of the Programs, including operations manuals and related agreements with respect to the procedures for review of applications for Mortgage Credit Certificates and the collection and disbursements of fees collected from homebuyers to administer the Programs. The Chairman, the Executive Director, the Director of Finance and other officers of the Commission, its attorneys and other agents, consultants or employees are hereby authorized and directed to do and perform all acts and things required of them by the provisions of this Resolution, the Elections, the Notice, the Manual, the Agreement and the Certificates, necessary or incidental for the purpose of implementing and carrying out the Programs, and for the full, punctual and complete performance of all of the terms, covenants, provisions and agreements set forth herein. Section 7. Authority. This Resolution is adopted under the authority of Chapter 215, Revised Statutes of Missouri, and Appendix B(1) thereto, as amended, and the Federal Mortgage Credit Certificate Act. Section 8. Severability. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any remaining provisions of this Resolution. Section 9. Effective Date. This Resolution shall be in full force and effect from and after its adoption. -2-

47 PASSED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION, THIS 4TH DAY OF DECEMBER, (Seal) Chairman ATTEST: Secretary -3-

48 Exhibit A Mortgage Credit Certificate Election In accordance with Section 25(c)(2)(A) of the Internal Revenue Code of 1986, as amended (the "Code") and, to the extent applicable, Temporary Regs. Section T(c), the Missouri Housing Development Commission (the "Issuer") hereby elects not to issue an amount of qualified mortgage bonds that it may otherwise issue during the calendar year This election is made to enable the Issuer to distribute mortgage credit certificates in accordance with Section 25 of the Code and the regulations thereunder. 1. Name, Address and TIN of Issuer: Missouri Housing Development Commission 920 Main Street, Suite 1400 Kansas City, Missouri TIN: Issuer's Applicable Limit as Determined Under Section 146 and Regulations Sec T(c)(5): Pursuant to Section 146 of the Code, the State of Missouri allocated to the Issuer the amount of $495,595, for the purposes of issuing qualified mortgage bonds and mortgage credit certificates for calendar year 2012, which was the subject of a carryforward election. See attached allocation letters and carryforward elections from the Director of the Missouri Department of Economic Development (Appendix A). The calendar year 2012 carryforward election is available for the issuance of qualified mortgage bonds or an election to issue mortgage credit certificates made on or before December 31, Aggregate Amount of Qualified Mortgage Bonds Issued by Issuer During Calendar Year 2015: $137,675, [Issued in Calendar Year 2015 pursuant to Calendar Year 2012 Carryforward Election described in 2 above]. 4. Amount of Issuer's Applicable Limit that it has Surrendered to Other Issuers during Calendar Year 2015: None. 5. Date and Amount of any Previous Elections not to issue Qualified Mortgage Bonds for Calendar Year 2015: None.

49 6. Amount of Qualified Mortgage Bonds that the Issuer Elects not to Issue: The Issuer hereby elects not to issue $100,000,000 principal amount of qualified mortgage bonds that it is otherwise authorized to issue for calendar year Dated:, 2015 MISSOURI HOUSING DEVELOPMENT COMMISSION By: Name: Title:

50 APPENDIX A ALLOCATION LETTERS AND CARRYFORWARD ELECTIONS

51 CERTIFICATE The undersigned [Deputy] Director of the Missouri Department of Economic Development hereby certifies, based on information provided to me by the Missouri Housing Development Commission, that the election by the Missouri Housing Development Commission not to issue $100,000,000 of private activity bonds which it is otherwise authorized to issue for calendar year 2015, and any subsequent issuance of mortgage credit certificates in lieu thereof, meets the requirements of Section 146 of the Internal Revenue Code of 1986, as amended, and the applicable regulations thereunder. Date:, 2015 [Deputy] Director Missouri Department of Economic Development

52 4) Report of Staff d. Request for approval of funding recommendations for Home Repair Opportunity Program (HeRO)

53

54 2016 HOME Repair Opportunity Program (HeRO) Recommendations Number Organization Amount 2016 HeRO 001 City of Jefferson 49, HeRO 002 East Missouri Action Agency, Inc. 400, HeRO 003 City of Maryville 49, HeRO 004 Ozarks Area Community Action Corporation 99, HeRO 005 Green Hills Community Action Agency 110, HeRO 006 Economic Security Corporation of Southwest Area 400, HeRO 007 North East Community Action Corp. 300, HeRO 008 Ozark Action, Inc. 99, HeRO 009 Community Services, Inc. 99, HeRO 010 West Central Missouri Community Action Agency 400, HeRO 011 Delta Area Economic Opportunity Corporation 247,500 $2,253,500

55 4) Report of Staff e. Request for approval to negotiate and enter into a lease for the St. Louis office facility

56

57 CBRE, Inc. / Eckert/Bacon/Messey / 4520 MAIN STREET / KANSAS CITY,MO / MHDC Assumptions & totals Currency Type = $ Date: 11/20/2015 Page #: 10:06 AM Assumptions 505 N. 7th Street 4625 Lindell Commence 7/1/2016 8/1/2016 Expiration 6/30/2027 1/1/2027 Term 11 Yrs 0 Mos 10 Yrs 6 Mos Floor 20 2 & 3 Rentable Sq Feet 14,305 17,077 Loss factor 13.04% 13.04% Usable Sq Feet 12,439 14,850 Add on factor Avg base rent $19.55 $21.89 # mos of free rent Value of free rent $17.50 $9.88 LL cash contribution $40.00 $33.00 Tenant cash $3.52 Escalation 1 Operating & Taxes Operating & Taxes Escalation 1 base year Totals Tenant rep (Pre) Tenant rep (Pre) Discount Rate = 5.00% Discount Rate = 5.00% Total Amount $4,013,371 $4,663,662 Present value $3,020,525 $3,582,993 Average per annum $364,852 $444,158 Net effective per annum $356,068 $437,486 RSF - Average $25.51 $26.01 RSF - Net effctv rate p/a $24.89 $25.62 USF - Average $29.33 $29.91 USF - Net effctv rate p/a $28.62 $29.46 The Net Effective Rate Per Annum = The present value amortized over the term at the discount rate shown for each deal. Comments: Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is subject to errors, omissions, change of price or other conditions prior sale, lease or financing, or withdrawal notice. Copyright , ProCalc, Inc. N:\everyone\Eckert-Bacon\MHDC\St. Louis\ProCalc\MHDC \[Comparison.xlsm]A

58 CBRE, Inc. / Eckert/Bacon/Messey / 4520 MAIN STREET / KANSAS CITY,MO / MHDC / 505 N. 7th Street Projected costs for leasing space / Billing period is July - June Date: 11/19/2015 Page #: Part 1 - Assumptions Commence 7/1/2016 LL Contribution Operating & Taxes Expire 6/30/2027 Rentable SF $40.00 Base Year 2016 Term (132 Months) 11 Years Agg Contr $572,200 Base Amt $12.33 Usable SF $46.00 Incr % 2.00% Discount rate 5.00% Incr Begins 1/1/2017 Floor/Suite # 20 Tenant Cash Expense Multiple 100% Rentable SF 14,305 Initial Mo $3.52 Gross Escalation Loss Factor 13.04% Usable SF 12,439 Add On Factor Part 2 - Cash Flow Bill Period Year Ending 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026 6/30/2027 Totals BS Rent Pre Free Rent $17.50 $17.50 $18.00 $18.50 $19.00 $19.50 $20.00 $20.50 $21.00 $21.50 $22.00 $3,075,575 Free Rent Months BS Rent Post Free Rent $17.50 $18.00 $18.50 $19.00 $19.50 $20.00 $20.50 $21.00 $21.50 $22.00 $2,825,238 Operating & Taxes $1.15 $1.42 $1.69 $1.98 $2.26 $2.55 $2.85 $227,635 Tenant Cash $3.52 $50,354 Parking $4.75 $4.85 $4.94 $5.04 $5.14 $5.25 $5.35 $5.46 $5.57 $5.68 $5.79 $827,229 Move Costs $3.00 $42,915 IT $2.80 $40,000 Per SF Total $14.19 $22.72 $23.57 $24.43 $25.29 $26.17 $27.05 $27.93 $28.83 $29.73 $30.64 $4,013,371 Monthly Average $16,918 $27,084 $28,098 $29,121 $30,152 $31,193 $32,242 $33,300 $34,367 $35,444 $36,530 Per Annum Total $203,013 $325,005 $337,179 $349,453 $361,830 $374,311 $386,899 $399,596 $412,403 $425,324 $438,360 Cumulative Total $203,013 $528,017 $865,196 $1,214,649 $1,576,478 $1,950,790 $2,337,689 $2,737,284 $3,149,687 $3,575,011 $4,013,371 Part 3 - Totals Comments $4,013,371 Total Rent $3,020,525 Present 5.00% $364,852 Average Cost Per Annum $356,068 Net Effective Rate Per 5.00%* $25.51 RSF - Average Cost Per Annum $24.89 RSF - Net Effective Rate Per 5.00%* $29.33 USF - Average Cost Per Annum $28.62 USF - Net Effective Rate Per 5.00%* (A) If you gave back the mos of free rent, you could reduce your base rent by $2.02 in each year. (PV of months amortized over %) (B) If you gave back the $40.00 contribution from the landlord, you could reduce your base rent by $4.72 in each year. ($40.00 amortized over %) $6.73 Total annual rent due to concessions (Sum of A + B) PV and Amortization is calculated monthly assuming a beginning of month payment *The Net Effective Rate = The present value amortized over % Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, such information has not been verified and no express representations made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, omissions, change of price, rental or other conditions prior sale, lease or financing, or withdrawal notice. Copyright , ProCalc, Inc. N:\everyone\Eckert-Bacon\MHDC\St. Louis\ProCalc\MHDC \[505 North 7th Street xlsm]A

59 CBRE, Inc. / Eckert/Bacon/Messey / 4520 MAIN STREET / KANSAS CITY,MO / MHDC / 4625 Lindell Projected costs for leasing space / Billing period is August - July Date: 11/10/2015 Page #: Part 1 - Assumptions Commence 8/1/2016 LL Contribution Operating & Taxes Expire 1/1/2027 Rentable SF $33.00 Base Year 2016 Term (126 Months) 10 Years Agg Contr $563,541 Base Amt $ Month(s) Usable SF $37.95 Incr % 2.00% Discount rate 5.00% Incr Begins 1/1/2017 Floor/Suite # 2 & 3 Multiple 100% Rentable SF 17,077 Gross Escalation Loss Factor 13.04% Usable SF 14,850 Add On Factor Part 2 - Cash Flow Bill Period Year Ending 7/31/2017 7/31/2018 7/31/2019 7/31/2020 7/31/2021 7/31/2022 7/31/2023 7/31/2024 7/31/2025 7/31/2026 1/1/2027 Totals BS Rent Pre Free Rent $19.75 $20.00 $20.50 $21.00 $21.50 $22.00 $22.50 $23.00 $23.50 $24.00 $12.13 $3,925,575 Free Rent Months BS Rent Post Free Rent $9.88 $20.00 $20.50 $21.00 $21.50 $22.00 $22.50 $23.00 $23.50 $24.00 $12.13 $3,756,940 Operating & Taxes $1.03 $1.27 $1.51 $1.76 $2.02 $2.27 $1.21 $220,775 Parking $1.70 $1.73 $1.77 $1.80 $1.84 $1.88 $1.92 $1.95 $1.99 $2.03 $1.04 $335,680 Move Costs $6.00 $102,462 IT $2.34 $40,000 Security $1.00 $1.02 $1.04 $1.06 $1.08 $1.10 $1.13 $1.15 $1.17 $1.20 $1.22 $207,805 Per SF Total $21.04 $23.10 $23.88 $24.67 $25.46 $26.25 $27.06 $27.86 $28.68 $29.50 $15.59 $4,663,662 Monthly Average $29,948 $32,875 $33,984 $35,102 $36,227 $37,361 $38,503 $39,653 $40,813 $41,981 $44,381 Per Annum Total $359,381 $394,503 $407,814 $421,221 $434,725 $448,329 $462,033 $475,842 $489,755 $503,776 $266,284 Cumulative Total $359,381 $753,883 $1,161,697 $1,582,918 $2,017,643 $2,465,972 $2,928,005 $3,403,846 $3,893,602 $4,397,378 $4,663,662 Part 3 - Totals Comments $4,663,662 Total Rent $3,582,993 Present 5.00% $444,158 Average Cost Per Annum $437,486 Net Effective Rate Per 5.00%* $26.01 RSF - Average Cost Per Annum $25.62 RSF - Net Effective Rate Per 5.00%* $29.91 USF - Average Cost Per Annum $29.46 USF - Net Effective Rate Per 5.00%* (A) If you gave back the 6.00 mos of free rent, you could reduce your base rent by $1.19 in each year. (PV of 6.00 months amortized over %) (B) If you gave back the $33.00 contribution from the landlord, you could reduce your base rent by $4.03 in each year. ($33.00 amortized over %) $5.22 Total annual rent due to concessions (Sum of A + B) PV and Amortization is calculated monthly assuming a beginning of month payment *The Net Effective Rate = The present value amortized over % Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, such information has not been verified and no express representations made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, omissions, change of price, rental or other conditions prior sale, lease or financing, or withdrawal notice. Copyright , ProCalc, Inc. N:\everyone\Eckert-Bacon\MHDC\St. Louis\ProCalc\MHDC \[4625 Lindell xlsm]A

60 4) Report of Staff f. Request for approval of 2016 MHTF funding recommendations

61

62 FY 2016 Missouri Housing Trust Fund Recommendations Central Region Grant Number Agency Name Agency City Grant Type Amount Requested Amount Recommended F North East Community Action Corporation Bowling Green Operating Funds $ 2, $ 2, F North East Community Action Corporation Bowling Green Emergency Assistance $ 6, $ 4, F Community Caring Council Cape Girardeau Rental Assistance $ 225, $ 146, F Phoenix Family Housing Corporation Kansas City Operating Funds $ 35, $ 12, F Phoenix Family Housing Corporation Kansas City Emergency Assistance $ 15, $ 12, F Phoenix Programs, Inc. Columbia Rental Assistance $ 50, $ 50, F Phoenix Programs, Inc. Columbia Operating Funds $ 180, $ 117, F Phoenix Programs, Inc. Columbia Emergency Assistance $ 100, $ 100, F Disabled Citizens Alliance for Independence Foundation, Inc. Viburnum Rental Assistance $ 25, $ 12, F Pettis County Community Partnership Sedalia Rental Assistance $ 27, $ 22, F Pettis County Community Partnership Sedalia Operating Funds $ 75, $ 75, F Pettis County Community Partnership Sedalia Emergency Assistance $ 71, $ 46, F Pettis County Community Partnership Sedalia Home Repair/Modifications $ 27, $ 27, Central Region by Grant Type Rental Assistance $ 230, Operating Funds $ 207, Emergency Assistance $ 163, Home Repairs/Modifications $ 27, Construction/Rehabilitation $ - Total Recommended in Region $ 628, Kansas City Metropolitan Region Grant Number Agency Name Agency City Grant Type Amount Requested Amount Recommended F SAVE, Inc. Kansas City Operating Funds $ 92, $ 75, F SAVE, Inc. Kansas City Emergency Assistance $ 60, $ 48, F restart, Inc. Kansas City Rental Assistance $ 90, $ 45, F restart, Inc. Kansas City Construction/Rehabilitation $ 175, $ 113, F Rose Brooks Center, Inc. Kansas City Emergency Assistance $ 27, $ 17, F Hope House, Inc. Lee's Summit Rental Assistance $ 79, $ 51, F Northland Neighborhoods, Inc. Kansas City Home Repair/Modifications $ 150, $ 97, Kansas City Metropolitan Region by Grant Type Rental Assistance $ 96, Operating Funds $ 75, Emergency Assistance $ 66, Home Repairs/Modifications $ 97, Construction/Rehabilitation $ 113, Total Recommended in Region $ 449,282.36

63 FY 2016 Missouri Housing Trust Fund Recommendations North Region Grant Number Agency Name Agency City Grant Type Amount Requested Amount Recommended F North East Community Action Corporation Bowling Green Operating Funds $ 24, $ 12, F North East Community Action Corporation Bowling Green Home Repair/Modifications $ 138, $ 69, F Kirksville Senior Living, L.P. Kirksville Rental Assistance $ 25, $ 12, F Catholic Charities of Kansas City-St. Joseph, Inc. Kansas City Operating Funds $ 66, $ 40, F Catholic Charities of Kansas City-St. Joseph, Inc. Kansas City Emergency Assistance $ 150, $ 125, F Interfaith Community Services, d.b.a. InterServ Saint Joseph Rental Assistance $ 100, $ 100, F Interfaith Community Services, d.b.a. InterServ Saint Joseph Operating Funds $ 10, $ 10, F Interfaith Community Services, d.b.a. InterServ Saint Joseph Emergency Assistance $ 100, $ 80, North Region by Grant Type Rental Assistance $ 112, Operating Funds $ 62, Emergency Assistance $ 205, Home Repairs/Modifications $ 69, Construction/Rehabilitation $ - Total Recommended in Region $ 449, South Region Grant Number Agency Name Agency City Grant Type Amount Requested Amount Recommended F Economic Security Corporation of Southwest Area Joplin Rental Assistance $ 75, $ 60, F Economic Security Corporation of Southwest Area Joplin Operating Funds $ 170, $ 136, F South Central Missouri Community Action Agency Winona Home Repair/Modifications $ 242, $ 121, F Texas County Food Pantry, Inc. Houston Operating Funds $ 60, $ 30, F Texas County Food Pantry, Inc. Houston Emergency Assistance $ 150, $ 120, F Ozark Center Joplin Rental Assistance $ 78, $ 50, F Catholic Charities of Southern Missouri Springfield Rental Assistance $ 25, $ 25, F Catholic Charities of Southern Missouri Springfield Operating Funds $ 98, $ 78, F Catholic Charities of Southern Missouri Springfield Emergency Assistance $ 26, $ 26, F Catholic Charities of Southern Missouri Springfield Home Repair/Modifications $ 200, $ 160, South Region by Grant Type Rental Assistance $ 135, Operating Funds $ 244, Emergency Assistance $ 147, Home Repairs/Modifications $ 281, Construction/Rehabilitation $ - Total Recommended in Region $ 808,708.24

64 FY 2016 Missouri Housing Trust Fund Recommendations St. Louis Metropolitan Region Grant Number Agency Name Agency City Grant Type Amount Requested Amount Recommended F Interfaith Residence dba Doorways St. Louis Rental Assistance $ 230, $ 115, F Peter & Paul Community Services St. Louis Operating Funds $ 250, $ 125, F Lemay Housing Partnership, Inc. St. Louis County Home Repair/Modifications $ 250, $ 125, F Sts. Joachim and Ann Care Service St. Charles Rental Assistance $ 200, $ 160, F Sts. Joachim and Ann Care Service St. Charles Operating Funds $ 60, $ 48, F Sts. Joachim and Ann Care Service St. Charles Emergency Assistance $ 90, $ 72, F Employment Connection St. Louis Operating Funds $ 20, $ 13, St. Louis Metropolitan Region by Grant Type Rental Assistance $ 275, Operating Funds $ 186, Emergency Assistance $ 72, Home Repairs/Modifications $ 125, Construction/Rehabilitation $ - Total Recommended in Region $ 658, Grand Totals Rental Assistance $ 851, Operating Funds $ 775, Emergency Assistance $ 654, Home Repairs/Modifications $ 600, Construction/Rehabilitation $ 113, Grand Total Recommended $ 2,995,215.72

65 4) Report of Staff g. Request for approval of 2016 HFP funding recommendations

66

67 FY 2016 Housing First Program Funding Recommendations Balance of State Continuum of Care Grant Number Agency Agency City Amount Requested Amount Recommended CI Catholic Charities of Southern Missouri, Inc. Springfield $ 50, $ 25, CI Northeast Community Action Corporation Bowling Green $ 55, $ 27, Total: $ 105, $ 52, Kansas City, Independence, Lee's Summit, Jackson County Continuum of Care Grant Number Agency Agency City Amount Requested Amount Recommended CI SAVE, Inc. Kansas City $ 120, $ 66, CI restart, Inc. Kansas City $ 175, $ 175, CI Rose Brooks Center, Inc. Kansas City $ 31, $ 25, Total: $ 326, $ 266, St. Charles, Lincoln, Warren Counties Continuum of Care Grant Number Agency Agency City Amount Requested Amount Recommended CI Saints Joachim and Ann Care Service St. Charles $ 98, $ 78, CI Northeast Community Action Corporation Bowling Green $ 45, $ 22, Total: $ 143, $ 101, Total Recommended: $ 420,000.00

68 4) Report of Staff h. Request for approval of 2016 ESG funding recommendations

69

70 2016 Emergency Solutions Grant Recommended List Balance of State Continuum of Care Grant Number Agency Name Agency City Program Component Total Award E Catholic Charities of Southern Missouri Springfield Homelessness Prevention $ 100, S Child Abuse & Neglect Emergency Shelter, Inc. dba Rainbow House Columbia Emergency Shelter $ 50, S Christian Associates of Table Rock Lake Kimberling City Emergency Shelter Homelessness Prevention $ 86, HMIS E Citizens Against Spouse Abuse, Inc. Sedalia Emergency Shelter $ 34, E City of Cape Girardeau Cape Girardeau Street Outreach EB1 The Salvation Army - Cape Girardeau Cape Girardeau Emergency Shelter EB2 Safe House for Women, Inc. Cape Girardeau Homelessness Prevention EB3 Catholic Charities of Southern Missouri Springfield Rapid Re-housing EB4 Community Caring Council Cape Girardeau $ 139, E Community Resource Center Chillicothe Emergency Shelter $ 50, E COPE, Inc. Lebanon Emergency Shelter $ 35, S Council on Families in Crisis Nevada Emergency Shelter HMIS $ 38, E Douglass Community Services Hannibal Homelessness Prevention HMIS $ 100, E Hillcrest Transitional Housing of MidAmerica Liberty Rapid Re-housing $ 50, S Hope Haven of Cass County Harrisonville Emergency Shelter $ 36, S House of Hope, Inc. Lexington Emergency Shelter HMIS $ 24, E Institute for Community Alliances Jefferson City HMIS $ 73, S Pettis County Community Partnership Sedalia Homelessness Prevention Rapid Re-housing $ 91, HMIS E Phoenix Programs, Inc. Columbia Street Outreach HMIS $ 50, E Polk County House of Hope, Inc. Bolivar Emergency Shelter Homelessness Prevention Rapid Re-housing $ 35, HMIS E Ripley County Family Resource Center Doniphan Emergency Shelter Homelessness Prevention Rapid Re-housing $ 100,000.00

71 2016 Emergency Solutions Grant Recommended List Balance of State Continuum of Care Grant Number Agency Name Agency City Program Component Total Award S Safe Passage Domestic Violence Crisis Intervention Services Moberly Emergency Shelter HMIS $ 13, S Susanna Wesley Family Learning Center East Prairie Emergency Shelter HMIS $ 36, E Synergy Services, Inc. Parkville Street Outreach Emergency Shelter $ 86, E The Salvation Army - Columbia Columbia Emergency Shelter $ 50, E The Salvation Army - Jefferson City Jefferson City Emergency Shelter $ 50, S True North of Columbia, Inc. Columbia Emergency Shelter Homelessness Prevention $ 25, Rapid Re-housing E Voluntary Action Center Columbia Homelessness Prevention Rapid Re-housing $ 50, E Welcome Home, Inc. Columbia Emergency Shelter $ 50, S West Central Missouri Community Action Agency Appleton City Street Outreach Emergency Shelter $ 50, HMIS $ 1,509, Balance of State CoC by Category Street Outreach $ 125, Emergency Shelter $ 623, Homelessness Prevention $ 397, Rapid Re-housing $ 187, HMIS $ 126, Administration $ 48, Total Recommended in CoC $ 1,509,132.11

72 2016 Emergency Solutions Grant Recommended List Joplin Continuum of Care Grant Number Agency Name Agency City Program Component Total Award E Catholic Charities of Southern Missouri Springfield Homelessness Prevention $ 100, S Children's Haven of Southwest Missouri, Inc. Joplin Emergency Shelter $ 50, S Economic Security Corporation of Southwest Area Joplin Emergency Shelter $ 21, E Institute for Community Alliances Jefferson City HMIS $ 18, E Lafayette House Joplin Emergency Shelter HMIS $ 50, E The Salvation Army - Joplin Joplin Emergency Shelter Rapid Re-housing $ 50, $ 289, Joplin CoC by Category Street Outreach $ Emergency Shelter $ Homelessness Prevention $ Rapid Re-housing $ HMIS $ Administration $ Total Recommended in CoC $ - 134, , , , , ,714.00

73 2016 Emergency Solutions Grant Recommended List Kansas City Continuum of Care Grant Number Agency Name Agency City Program Component Total Award S Community Services League Independence Homelessness Prevention $ 50, E Hillcrest Transitional Housing of Eastern Jackson County Independence Emergency Shelter Rapid Re-housing $ 50, E Hope House, Inc. Lee's Summit Emergency Shelter $ 34, E Mid America Assistance Coalition Kansas City HMIS $ 19, E restart, Inc. Kansas City Emergency Shelter $ 50, S Rose Brooks Center Kansas City Emergency Shelter $ 33, E Synergy Services, Inc. Parkville Street Outreach $ 25, E The Salvation Army - Independence Independence Emergency Shelter $ 50, $ 312, Kansas City CoC by Category Street Outreach $ 25, Emergency Shelter $ 166, Homelessness Prevention $ 47, Rapid Re-housing $ 42, HMIS $ 19, Administration $ 11, Total Recommended in CoC $ 312,608.83

74 2016 Emergency Solutions Grant Recommended List Springfield Continuum of Care Grant Number Agency Name Agency City Program Component Total Award E Catholic Charities of Southern Missouri Springfield Homelessness Prevention $ 81, E City of Springfield Springfield EB1 Council of Churches of the Ozarks Springfield Emergency Shelter EB2 Family Violence Center dba Harmony House Springfield Homelessness Prevention EB3 Ozarks Area Community Action Corporation Springfield Rapid Re-housing EB4 The Salvation Army - Springfield Springfield $ 136, EB5 The Kitchen, Inc. Springfield E Institute for Community Alliances Jefferson City HMIS $ 19, $ 237, Springfield CoC by Category Street Outreach $ - Emergency Shelter $ 66, Homelessness Prevention $ 99, Rapid Re-housing $ 40, HMIS $ 19, Administration $ 11, Total Recommended in CoC $ 237,725.97

75 2016 Emergency Solutions Grant Recommended List St. Charles Continuum of Care Grant Number Agency Name Agency City Program Component Total Award E Community Council of St. Charles St. Peters HMIS $ 34, E Our Lady's Inn Defiance Emergency Shelter $ 40, E St. Francis Community Services St. Louis Homelessness Prevention Rapid Re-housing $ 99, HMIS S Sts. Joachim and Ann Care Service St. Charles Street Outreach Homelessness Prevention $ 83, S Youth In Need St. Charles Emergency Shelter $ 40, $ 297, St. Charles CoC by Category Street Outreach $ 32, Emergency Shelter $ 80, Homelessness Prevention $ 81, Rapid Re-housing $ 64, HMIS $ 35, Administration $ 4, Total Recommended in CoC $ 297,352.96

76 2016 Emergency Solutions Grant Recommended List St. Joseph Continuum of Care Grant Number Agency Name Agency City Program Component Total Award E Hillcrest Transitional Housing of Buchanan County St. Joseph Emergency Shelter Rapid Re-housing $ 50, S Interfaith Community Services, Inc. dba InterServ St. Joseph Homelessness Prevention $ 50, E Mid America Assistance Coalition Kansas City HMIS $ 16, E The Salvation Army - St. Joseph St. Joseph Emergency Shelter $ 50, E S YWCA St. Joseph St. Joseph Emergency Shelter $ 34, $ 200, St. Joseph CoC by Category Street Outreach $ - Emergency Shelter $ 109, Homelessness Prevention $ 47, Rapid Re-housing $ 22, HMIS $ 16, Administration $ 5, Total Recommended in CoC $ 200,842.07

77 2016 Emergency Solutions Grant Recommended List St. Louis City Continuum of Care Grant Number Agency Name Agency City Program Component Total Award E ArchCity Defenders, Inc. St. Louis Rapid Re-housing HMIS $ 47, E Employment Connection St. Louis Rapid Re-housing $ 50, E Institute for Community Alliances Jefferson City HMIS $ 33, E Interfaith Residence dba Doorways St. Louis Homelessness Prevention Rapid Re-housing $ 45, E Our Lady's Inn St. Louis Emergency Shelter $ 50, E Peter & Paul Community Services, Inc. St. Louis Emergency Shelter $ 50, $ 276, St. Louis City CoC by Category Street Outreach $ - Emergency Shelter $ 97, Homelessness Prevention $ 18, Rapid Re-housing $ 114, HMIS $ 34, Administration $ 10, Total Recommended in CoC $ 276,100.00

78 2016 Emergency Solutions Grant Recommended List St. Louis County Continuum of Care Grant Number Agency Name Agency City Program Component Total Award E ArchCity Defenders, Inc. St. Louis Rapid Re-housing HMIS $ 50, E Employment Connection St. Louis Rapid Re-housing $ 50, S Loaves and Fishes For St. Louis, Inc. Maryland Heights Emergency Shelter $ 50, E Municipal Information Systems, Inc. St. Louis HMIS $ 34, E The Salvation Army - Family Haven St. Louis Emergency Shelter Rapid Re-housing $ 45, $ 229, St. Louis County CoC by Category Street Outreach $ - Emergency Shelter $ 85, Homelessness Prevention $ - Rapid Re-housing $ 102, HMIS $ 35, Administration $ 6, Total Recommended in CoC $ 229,726.65

79 2016 Emergency Solutions Grant Recommended List Recommended Totals Street Outreach Emergency Shelter Homelessness Prevention Rapid Re-housing HMIS Administration Total Requested $ $ $ $ $ $ $ 182, ,364, , , , , ,353,202.59

80 4) Report of Staff i. Request for approval of 2016 HMIS funding recommendations

81

82 FY2016 Homeless Management Information System (HMIS) Funding Recommendations Balance of State Continuum of Care Grant Number Agency Agency City Amount Requested Amount Recommended CI Institute for Community Alliances Jefferson City $ 40, $ 32, Jasper/Newton County Continuum of Care Grant Number Agency Agency City Amount Requested Amount Recommended CI Economic Security Corporation of Southwest Area Joplin $ 10, $ 5, Springfield/Greene, Christian, Webster Counties Continuum of Care Grant Number Agency Agency City Amount Requested Amount Recommended CI Institute for Community Alliances Jefferson City $ 3, $ 2, St. Charles, Lincoln, and Warren Counties Continuum of Care Grant Number Agency Agency City Amount Requested Amount Recommended CI Community Council of St. Charles County St. Peters $ 16, $ 9, Amount Requested Amount Recommended $ 70, $ 50,000.00

83 4) Report of Staff j. Request for approval of 2016 Round 1 Rental Production recommended applications

84

85

86

87 FY2016 Round 1 - Rental Production Recommended Applications 9% LIHTC / HOME / Fund Balance Amended Effective 12/2/2015 Kansas City Region Project # Units New Rehab Conv Senior / Family HOME Nonprofit TC CHDO Set-aside Set-aside (Y) (Y) Special Needs Development Name Developer City Federal 9% Tax Credits State 9% Tax Credits HOME MHDC Rehab Elderly No Yes No Friendship Manor National Church Residences Blue Springs $ 411,000 $ 411,000 $ 1,000, New Elderly No No No Harrisonville Villas Housing Plus, LLC Harrisonville $ 550,000 $ 550,000 $ 1,000,000 $ 335, New Elderly No No No Harvest Hills Villas Four Corners Development, LLC Richmond $ 492,000 $ 492,000 $ 1,000,000 $ 550, New Elderly No No Yes The Cottages at Bluebird Creek, LP Herman & Kittle Properties, Inc Liberty $ 460,000 $ 460,000 $ 400,000 $ 600, New Elderly No Yes No MorningStar Senior Apartments MorningStar's Development Company, Inc. Kansas City $ 538,000 $ 538,000 $ 800, Rehab Family No Yes No Pendleton Flats Brinshore Development, LLC Kansas City $ 295,000 $ 295,000 $ 400,000 St. Louis Region Project # Units New Rehab Conv Senior / Family HOME Nonprofit TC CHDO Set-aside Set-aside (Y) (Y) Special Needs Development Name Developer City Federal 9% Tax Credits State 9% Tax Credits HOME MHDC New & Rehab Family No No Yes Intrada St. Louis Vecino Group, LLC St. Louis $ 649,000 $ 649,000 $ 600, New Family No Yes Yes Nathanial Rivers Place Tim Person & Associates, LLC St. Louis $ 420,000 $ 420,000 $ 470, New Elderly No Yes No Covenant Place II McCormack Baron Salazar, Inc. St. Louis $ 670,000 $ 670,000 $ 1,000, New + Rehab Family No Yes No Adams Grove St. Louis Public Development Corporation XI St Louis $ 625,000 $ 625,000 $ 2,500, New Elderly No No Yes Hillmann Place II JES Dev Co, Inc. O'Fallon $ 582,000 $ 582,000 $ 2,200, New Elderly No Yes No Dunn Road Manor LIHTC Lutheran Senior Services Florissant $ 463,500 $ 463, New Elderly No No No Avonlea Senior Living Phoenix Real Estate Services, LLC Eureka $ 530,000 $ 530,000 $ 875, New Elderly No No Yes The Residences at Jennings Place II RR Jennings Developer, L.L.C. Jennings $ 612,000 $ 612,000 $ 700,000 $ 1,250, Rehab Family No No No North Webster Village Missouri Housing Partners, LLC Webster Groves $ 206,000 $ 206,000 $ 850, New Elderly No No Yes Riverbend Estates MOCAP Development, LLC Washington $ 475,000 $ 475,000 $ 1,200,000

88 FY2016 Round 1 - Rental Production Recommended Applications 9% LIHTC / HOME / Fund Balance Amended Effective 12/2/2015 Outstate Region Project # Units New Rehab Conv Senior / Family HOME Nonprofit TC CHDO Set-aside Set-aside (Y) (Y) Special Needs Development Name Developer City Federal 9% Tax Credits State 9% Tax Credits HOME MHDC New Elderly No No No New Elderly No No Yes Cloy Estates Phase II L.P. MBL Development Co. Clinton $ 358,000 $ 358,000 $ 195,000 The Meadows of Perryville MACO Development Company, L.L.C. Perryville $ 550,000 $ 550,000 $ - $ 300, New Elderly Yes Yes No Fairgrounds Villa North East Community Action Corporation (NECAC) Warrenton $ 420,000 $ 420,000 $ 1,000, New Elderly No No No Warsaw Senior Housing Warsaw Senior Housing Developer, LLC Warsaw $ 411,000 $ 411, New Elderly Yes Yes Yes McClernon Villas The Kitchen, Inc. Springfield $ 363,500 $ 363,500 $ 900, New Family No No Yes Talia Apartments Talia Developers, LLC (to be formed) Springfield $ 555,000 $ 555,000 $ 300, New Elderly No No No Pine Ridge Apartments Midwest Development Professionals, LLC Farmington $ 473,000 $ 473,000 $ 250, Rehab Family Yes Yes No Westport Gardens Missouri Valley Community Action Agency Marshall $ 262,500 $ 262,500 $ 400, Rehab Family No No No California Apartments Southeast Holdings, LLC California $ 355,000 $ 355, New Elderly No No No Fish Haven Estates Cydecton Investments, LLC Lake Ozark $ 492,000 $ 492,000 $ 1,000, Rehab Elderly No No No Rocktree Apartments Holden Communities, LLC Fulton $ 548,000 $ 548,000 $ 350, New Family No No No Chestnut Ridge Blattel Development, LLC Moscow Mills $ 547,500 $ 547,500 $ 800, Rehab Elderly No No No The Lane Apartments IRC Manager, LLC Neosho $ 237,000 $ 237, New Family No No No Finley Cottages Affordable Homes Development, Inc. Ozark $ 536,000 $ 536,000 $ 750, New Family No Yes Yes Boone County Special Needs Affordable Housing Boone County Family Resources and North Star Housing LLC Columbia $ 370,000 $ 370,000

89 FY2016 Round 1 - Rental Production Recommended Applications 4% LIHTC / HOME / Fund Balance Project # Units New Rehab Conv Senior / Family Special Need Development Name Developer City Federal 4% Tax Credits Tax Exempt State 4% Tax Credits Bond - Const. HOME MHDC TE 147 Rehab Elderly Yes Oak Towers CHA Affordable Housing Development, LLC Columbia $ 590,000 $ 590,000 $ 7,940, TE 166 Rehab Elderly No Heritage House Apartments Heritage Green Developer LLC Independence $ 566,016 $ 566,016 $ 7,885,000 $ 1,500,000

90 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Reasons for Recommendations: 1. Excellent Service Enriched application. 2. Property needs renovation and is full with waiting list. 3. Property is part of the Blue Springs Redevelopment Plan. Kansas City Friendship Manor National Church Residences Blue Springs Elderly Acquisition/Rehab Non Profit, Service Enriched, Preservation, Extended Compliance, AMI50, Redevelopm Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: The rehabilitation of 60 units of senior housing in Blue Springs. Fifty nine of the units have Project Based HUD Section 8 Housing Assistance Vouchers. 4. Application has above average credit pricing and large equity amount paid during construction. Loan Information Permanent Sources Construction Sources Acquired Reserves $457,589 MHDC $1,000,000 Construction Period Income $25,839 Tax Credit Equity $5,191,497 FHA 223(a)(7) Assumed $1,151,816 Acquired Reserves $457,589 Subordinated HUD $888,864 Construction Period Income $25,839 MHDC HOME $1,000,000 FHA 223(a)(7) Assumed $1,151,816 Subordinated HUD $888,864 Federal and State LIHTC Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $5,958,711 $181,336 $9,664,155 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: $4,701,100 $302,972 $25,000 $400,000 $86,254 $89,780 $60,000 $2,589,522 $972,977 $10,750 $226,830 $198,970 $9,664,155 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $9,664,155 $226,830 $10,750 $9,426,575 $161,069 $3,781 $179 $157,110

91 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $684 $ % 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 $462,874 $7,715 $327,313 $5,455 $135,561 $2,259 $65,327 $1,089 $70,234 $1,171 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) $411, $6,850 $6,850 $411, $6,850 $6,

92 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Kansas City Harrisonville Villas Housing Plus, LLC Harrisonville Elderly New Construction Service Enriched, AMI50, MBE/WBE Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction of 48 two bedroom, one bath senior units in Harrisonville. All units have attached single car garages. Reasons for Recommendations: 1. Excellent Service Enriched application. 2. Excellent location property is located next to Harrisonville Community Center. 3. Rents have significant advantage over market rate housing. 4. Experienced WBE Developer. Loan Information Permanent Sources Construction Sources Fund Balance $335,000 MHDC HOME $1,000,000 HOME MHDC $1,000,000 Tax Credit Equity $1,550,898 MHDC Participation Fund Bala $335,000 Federal and State LIHTC $7,754,489 MHDC Participation Gre $5,400,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $98,600 $9,188,088 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: $6,805,600 $120,000 $142,607 $340,000 $27,000 $25,000 $350,000 $940,000 $18,700 $160,800 $258,381 $9,188,088 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $9,188,088 $160,800 $18,700 $9,008,588 $191,419 $3,350 $390 $187,679

93 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed $400 $490 $630 63% 78% 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 $255,816 $5,330 $202,521 $4,219 $53,295 $1,110 $17,495 $364 $35,800 $746 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) $550, $11,458 $11,458 $550, $11,458 $11,

94 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Kansas City Harvest Hills Villas Four Corners Development, LLC Richmond Elderly New Construction AMI50, High Opportunity Area Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Twelve buildings consisting of forty eight, two bedroom affordable apartments with single car garages and fenced in back porch. 25% of the units will be for households at or below 50% AMI. Project will also include a community building. Reasons for Recommendations: 1. Competitive total development costs. 2. Great design with two bedrooms, garage, in unit washer and dryers and fenced in patios. 3. Good location off the main artery of Richmond easy access to amenities. 4. Adjacent to new Oak Point Assisted Living and Memory Care facility. 5. County has not been able to fully utilize their vouchers due to lack of housing. Permanent Sources Construction Sources Fund Balance $550,000 GSB Participation loan MHDC $550,000 MHDC HOME $1,000,000 Tax Credit Equity $1,377,509 GSB Participation loan GSB Po $4,994,868 Federal and State LIHTC $6,887,547 MHDC HOME $1,000,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $74,361 $8,511,908 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: $5,951,278 $155,000 $158,029 $300,000 $30,000 $26,000 $470,000 $935,000 $23,000 $172,800 $290,802 $8,511,908 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $8,511,908 $172,800 $23,000 $8,316,108 $177,331 $3,600 $479 $173,252

95 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed $435 $515 $675 64% 76% 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 $270,864 $5,643 $211,196 $4,400 $59,668 $1,243 $28,724 $598 $30,944 $645 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) $492, $10,250 $10,250 $492, $10,250 $10,

96 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Kansas City The Cottages at Bluebird Creek, LP Herman & Kittle Properties, Inc Liberty Elderly New Construction Service Enriched, Special Needs, AMI50, Extended Compliance Period Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Construction of 8 buildings with a mix of 36, 1 bedroom and 12, 2 bedroom affordable senior units. 41% of units for households below 50% AMI with 13 of those units set aside for special needs. Will also include a community building with an EF 5 storm shelter. Reasons for Recommendations: 1. A senior proposal with Special Needs, Service Enriched, and 50% AMI rent options. 2. Great product for the money with large units, community building and walking trails. 3. Property will include EF 5 Storm Shelter very desirable to seniors in Liberty. 4. Good access off of one of Liberty's main arteries. 1.5 miles to Liberty Hospital complex. Permanent Sources Construction Sources Fund Balance $600,000 MHDC Fund Balance $600,000 MHDC HOME $400,000 Tax Credit Equity $1,352,265 Horizon Bank $4,949,073 Federal and State LIHTC Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $6,761,324 $67,757 $7,829,081 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: $5,468,378 $185,000 $126,853 $350,000 $25,000 $264,900 $866,937 $24,000 $187,500 $330,513 $7,829,081 w/o Reserves & MHDC Total Reserves MHDC Fees Fees $7,829,081 $187,500 $24,000 $7,617,581 $163,106 $3,906 $500 $158,700

97 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $300 $550 $850 35% 65% 2 Bed $340 $620 $925 37% 67% 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 $275,196 $5,733 $206,367 $4,299 $68,829 $1,434 $31,335 $653 $37,494 $781 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) $460, $9,583 $9,583 $460, $9,583 $9,

98 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Kansas City MorningStar Senior Apartments MorningStar's Development Company, Inc. Kansas City Elderly New Construction Non Profit, MBE/WBE, Extended Compliance Prd, Redevelopment Plan Description of Property: Construction of 3 story senior elevator residence with forty units all being two bedroom affordable units with in unit washer and dryer. Reasons for Recommendations: 1. A redevelopment area by the city of Kansas City with ongoing investment opportunities. 2. Mixed income development with very reasonable rents. 3. Numerous priorities. 4. Number one on City of Kansas City's priority list. Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Loan Information Permanent Sources Construction Sources MHDC HOME $800,000 MHDC $5,300,000 Tax Credit Equity $1,506,202 Federal and State LIHTC $7,531,010 MHDC HOME $800,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $88,650 $8,419,660 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: $6,200,000 $200,000 $115,000 $300,000 $30,000 $30,000 $310,000 $800,000 $65,000 $147,000 $222,660 $8,419,660 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $8,419,660 $147,000 $65,000 $8,207,660 $210,492 $3,675 $1,625 $205,192

99 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed $475 $560 $850 56% 66% 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 $222,984 $5,575 $184,666 $4,617 $38,318 $958 $38,318 $958 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) $538, $15,824 $13,450 $538, $15,824 $13,

100 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Loan Information Kansas City Pendleton Flats Brinshore Development, LLC Kansas City Family Acquisition/Rehab Non Profit, Service Enriched, Extended Compliance, MBE/WBE, Redevelopment Plan Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Rehabilitation of 30 family apartments. Mixed income development in a HUD designated CHOICE Neighborhood. Twenty four affordable units and 6 market rate units. Reasons for Recommendations: 1. Ten of the 24 affordable units have RAD vouchers from the Kansas City Housing Authority. 2. HAKC and the City received $30 million grant from HUD for CHOICE Neighborhood Program. 3. Part of a larger city overall re development plan The Truman Plaza Area Plan. 4. Seventy-percent (70%) of tax credit equity during construction to lower need for construction financing. 5. Reasonable tax credit request. Permanent Sources Construction Sources Horizon Bank MHDC MHDC HOME $400,000 Tax Credit Equity $2,994,054 Horizon Bank Construction Loa $760,000 Federal and State LIHTC $4,277,220 MHDC HOME $400,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $42,877 $4,720,097 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: $2,739,000 $155,000 $25,000 $268,400 $61,500 $40,000 $60,000 $15,000 $410,000 $564,800 $12,000 $125,147 $244,250 $4,720,097 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $4,720,097 $125,147 $12,000 $4,582,950 $157,337 $4,172 $400 $152,765

101 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $450 $540 $600 75% 90% 2 Bed $550 $650 $725 76% 90% 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 $188,492 $6,283 $155,790 $5,193 $32,702 $1,090 $32,702 $1,090 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) $295, $12,292 $9,833 $295, $12,292 $9,

102 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Saint Louis Intrada St. Louis Vecino Group, LLC St. Louis Family New + Acquisition/Rehab Service Enriched, Special Needs Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Conversion an existing 1928 four story building plus a new addition. It will contain ten studio; thirty two, one bedroom; and eight, two bedroom units. Six units will be at market rate while the remaining will all be affordable units. Ten units will be set aside for youth aging out of foster care. Reasons for Recommendations: 1. Reasonable development costs for a conversion proposal. 2. Good special needs plan; includes youth aging out of foster care first of its kind with MHDC. 3. Well thought out proposal in a great location to integrate youth, family and Sr. populations. Loan Information Permanent Sources Construction Sources MHDC HOME $600,000 MHDC HOME $600,000 Tax Credit Equity $1,868,876 Federal and State LIHTC $9,344,380 Great Southern Bank $6,615,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $54,207 $9,998,587 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: $6,270,134 $320,000 $150,000 $473,500 $40,000 $60,000 $950,000 $965,000 $12,000 $445,710 $312,243 $9,998,587 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $9,998,587 $445,710 $12,000 $9,540,877 $178,546 $7,959 $214 $170,373

103 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market Efficiency $150 $525 29% 1 Bed $445 $700 $700 64% 100% 2 Bed $700 $800 88% 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 $331,028 $5,911 $287,760 $5,139 $43,268 $773 Year 1 Year 15 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) $649, $12,980 $11,589 $649, $12,980 $11,

104 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Saint Louis Nathanial Rivers Place Tim Person & Associates, LLC St. Louis Family New Construction Non Profit, Special Needs, MBE/WBE Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction of family residences consisting of four, two story townhouses and one, two story apartment building. They will have a mix of twelve, one bedroom; twelve, two bedroom; and eight, three bedroom affordable units. Reasons for Recommendations: 1. Extensive services for special need tenants focusing on the homeless with chronic illnesses 2. Rental assistance will be supplied by Department of Mental Health. 3. Extensive local and state support. Loan Information Permanent Sources Construction Sources Federal Home Loan Bank $400,000 MHDC $470,000 HOME MHDC $470,000 Tax Credit Equity $1,213,721 Construction Loan Enterprise $4,275,302 Federal and State LIHTC $6,068,603 Federal Home Loan Bank $400,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $36,923 $6,975,526 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: $5,270,850 $195,000 $110,303 $263,500 $34,000 $26,670 $640,000 $10,750 $156,200 $268,253 $6,975,526 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $6,975,526 $156,200 $10,750 $6,808,576 $217,985 $4,881 $336 $212,768

105 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $560 $575 0% 2 Bed $660 $675 0% 3 Bed $775 $800 0% 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 $238,210 $7,444 $197,582 $6,174 $40,628 $1,270 $40,628 $1,270 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) $420, $13,125 $13,125 $420, $13,125 $13,

106 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Saint Louis Covenant Place II McCormack Baron Salazar, Inc. St. Louis Elderly New Construction Non Profit, Service Enriched, Preservation, MBE/WBE, Extended Compliance Period Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction for a four story senior residence with 102 one bedroom units. All are Section 8 units. Building features a 20,000+ sq ft community and service area for entertainment, medical and therapy offices. Reasons for Recommendations: 1. Existing HAP contracts from demolished building will transfer to new building. 2. Covenant Place Foundation to provide a wealth of services. 3. Located in high opportunity area close to amenities and public transportation. 4. Will be part of the Senior Lifestyle Center that is being built through private donations. Loan Information Permanent Sources Construction Sources Gershman FHA First Mortgage $5,940,000 MHDC $1,000,000 HOME MHDC $1,000,000 Tax Credit Equity $1,875,877 Federal and State LIHTC Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: CHMC AHAP Donation Loan $1,250,000 $9,379,384 Gershman FHA First Mortgage $5,469,097 US Bancorp CDC Equity Bridge L $6,441,451 $1,250,000 $406,491 $17,975,874 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: $12,499,931 $705,000 $500,243 $695,185 $145,000 $136,000 $30,000 $1,727,000 $15,750 $669,200 $852,565 $17,975,874 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $17,975,874 $669,200 $15,750 $17,290,924 $176,234 $6,561 $154 $169,519

107 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $1,425 $1, % 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 $1,662,394 $16,298 $810,837 $7,949 $851,557 $8,349 $355,595 $3,486 $495,962 $4,862 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) $670, $10,806 $6,569 $670, $10,806 $6, $687,500 $11,089 $6,740

108 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Saint Louis Adams Grove St. Louis Public Development Corporation XI St. Louis Family New + Rehab Non Profit, MBE/WBE Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Family development on ten scattered sites. Fifty total units; forty six new construction and four rehabilitation. Reasons for Recommendations: 1. Excellent rent advantage. 2. Good location near many amenities and public transportation. 3. "The Grove" area of St. Louis is experiencing tremendous growth. 4. Good support, including the Metropolitan St. Louis Equal Housing and Opportunity Council. Loan Information Permanent Sources Construction Sources MHDC Fund Balance $2,500,000 MHDC FB $2,500,000 Tax Credit Equity $2,336,120 Sterling Bank $6,000,000 Federal and State LIHTC Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $8,999,406 $68,136 $11,567,542 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: $8,099,440 $306,000 $195,000 $483,488 $56,000 $73,752 $653,000 $975,000 $60,750 $237,500 $427,612 $11,567,542 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $11,567,542 $237,500 $60,750 $11,269,292 $231,351 $4,750 $1,215 $225,386

109 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $515 $800 64% 2 Bed $675 $1,000 68% 3 Bed $775 $1,200 65% 4 Bed $950 $1,400 68% 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 $410,800 $8,216 $251,620 $5,032 $159,180 $3,184 $130,562 $2,611 $28,618 $572 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) $625, $15,625 $12,500 $625, $15,625 $12,

110 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Saint Louis Hillmann Place II JES Dev Co, Inc. O'Fallon Elderly New Construction Special Needs, AMI50, Extended Compliance Period Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Construction of 11 senior residencial buildings containing a mix of 16, one bedroom and 40, two bedroom units. 25% will be set aside for those households at or below 50% AMI. Six units will be market rate and the remaining will all be affordable units. Will be adjacent to Hillman Place I. Reasons for Recommendations: 1. Special needs development with 30% AMI rents with a good mix of market rate units. 2. Adjacent to successful Hillman Place I, and close to amenities useful to seniors. 3. Great need for elderly housing in the area. Project has a large waiting list. Loan Information Permanent Sources Construction Sources Fund Balance $2,200,000 MHDC Fund Balance $2,200,000 Tax Credit Equity $1,629,386 Federal and State LIHTC $8,146,929 Sterling Bank $5,544,952 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $118,206 $10,465,135 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: $7,320,763 $190,000 $251,164 $292,831 $50,000 $30,000 $675,000 $1,080,000 $56,000 $250,688 $268,690 $10,465,135 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $10,465,135 $250,688 $56,000 $10,158,447 $186,877 $4,477 $1,000 $181,401

111 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $286 $675 $735 39% 92% 2 Bed $334 $765 $835 40% 92% 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 $386,095 $6,895 $239,808 $4,282 $146,287 $2,612 $114,894 $2,052 $31,392 $561 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) $582, $11,640 $10,393 $582, $11,640 $10,

112 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Saint Louis Dunn Road Manor LIHTC Lutheran Senior Services Florissant Elderly New Construction Non Profit, Service Enriched, Extended Compliance Period Duplexes Single Story Row Building without Elevator Description of Property: New construction of a three story senior housing development consisting of eighteen, one bedroom and eighteen, two bedroom affordable units. Will be an extension of current HUD 202 building and have access to their extensive services. Reasons for Recommendations: 1. Developer requesting only 10% of total developer fee allowable. 2. Very reasonable costs for the area. 3. Few attractive, affordable rental options for seniors in this area. 4. Extensive service plan targeted to seniors. Single Family Two Story Row Building with Elevator Permanent Sources Construction Sources Lutheran Senior Services $250,000 MHDC Tax Credit Equity $1,297,715 Federal and State LIHTC $6,488,574 Lutheran Senior Services $5,286,732 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $67,473 $6,806,047 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: $5,435,702 $185,000 $158,602 $252,648 $47,000 $20,000 $74,000 $200,000 $10,750 $141,600 $280,745 $6,806,047 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $6,806,047 $141,600 $10,750 $6,653,697 $189,057 $3,933 $299 $184,825

113 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $600 $700 86% 2 Bed $715 $825 87% 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 $269,838 $7,496 $218,656 $6,074 $51,182 $1,422 $12,648 $351 $38,534 $1,070 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) $463, $12,875 $12,875 $463, $12,875 $12,

114 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Saint Louis Avonlea Senior Living Phoenix Real Estate Services, LLC Eureka Elderly New Construction Service Enriched, Extended Compliance, AMI50, MBE/WBE Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction of two, three story buildings for senior residents consisting of 12, one bedroom and 36 two bedroom units. Development will have a community building with full kitchen, fitness center and computer room. Reasons for Recommendations: 1. Good site close to many services and amenities. 2. Very good 50% AMI rents. 3. Very competitive total development cost. Loan Information Permanent Sources Construction Sources MHDC FB $875,000 MHDC FB $875,000 Tax Credit Equity $1,505,005 Federal and State LIHTC $7,525,025 MHDC FB Participation Loan $4,996,888 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $58,902 $8,458,927 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: $5,865,540 $78,000 $175,000 $317,768 $70,000 $40,000 $425,000 $923,234 $29,500 $223,800 $311,085 $8,458,927 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $8,458,927 $223,800 $29,500 $8,205,627 $176,228 $4,663 $615 $170,951

115 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $460 $550 $700 66% 79% 2 Bed $510 $610 $800 64% 76% 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 $313,124 $6,523 $235,758 $4,912 $77,366 $1,612 $45,697 $952 $31,669 $660 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) $530, $11,042 $11,042 $530, $11,042 $11,

116 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Saint Louis The Residences at Jennings Place II RR Jennings Developer, L.L.C. Jennings Elderly New Construction Special Needs, AMI50 Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Development consists of a three story, 42 unit elevator building and two single story six plex buildings, for a total of 54 units with washer and dryer in each unit. Has a generous size community room with a fully equipped kitchen, a fitness room, crafts room, computer room, etc. Reasons for Recommendations: 1. Second phase of a very successful Phase I project. 1st phase currently maintains a 300+ waiting list. 2. Mixed income development with 30%, 50% and 60% AMI rents and market rate rents. 4. Has strong support from public officials. Permanent Sources Construction Sources MHDC FB $1,250,000 MHDC FB Participation $7,310,000 MHDC HOME $700,000 Tax Credit Equity $1,713,375 MHDC HOME $700,000 Federal and State LIHTC Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $8,566,874 $177,402 $10,694,276 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: $7,749,862 $216,000 $210,000 $309,995 $40,000 $50,000 $483,298 $1,045,000 $97,600 $247,981 $244,540 $10,694,276 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $10,694,276 $247,981 $97,600 $10,348,695 $198,042 $4,592 $1,807 $191,643

117 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $285 $580 $580 49% 100% 2 Bed $320 $690 $690 46% 100% 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 $343,596 $6,363 $246,902 $4,572 $96,694 $1,791 $65,281 $1,209 $31,413 $582 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) $612, $12,490 $11,333 $612, $12,490 $11,

118 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Saint Louis North Webster Village Missouri Housing Partners, LLC Webster Groves Family Acquisition/Rehab Preservation, MBE/WBE Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: A 24 unit existing Section 8 family development in a high opportunity area built in the early 1980s. It is comprised of six residential buildings containing four, two bedroom apartments each. Property will be replacing functionally obsolete systems and update units to current standards. Reasons for Recommendations: 1. A Project Based Section 8 preservation proposal. 2. Good location close to many services, city park and good school district. 3. Section 8 rents in a high opportunity area; tenants pay only 30% of their income towards rents. 4. Good development costs for the proposed scope of work. Permanent Sources Construction Sources Construction Period Income $10,000 MHDC $2,800,000 Fund Balance $850,000 Tax Credit Equity $585,002 Construction Period Income $10,000 Federal and State LIHTC Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $2,925,010 $36,582 $3,821,592 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: $1,440,000 $108,000 $54,000 $93,600 $28,000 $36,000 $10,000 $1,306,000 $395,500 $48,100 $137,400 $164,992 $3,821,592 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $3,821,592 $137,400 $48,100 $3,636,092 $159,233 $5,725 $2,004 $151,504

119 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed $677 $800 85% 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 $181,328 $7,555 $120,394 $5,016 $60,934 $2,539 $44,391 $1,850 $16,543 $689 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) $206, $8,583 $8,583 $206, $8,583 $8,

120 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Saint Louis Riverbend Estates MOCAP Development Company, LLC Washington Elderly New Construction Special Needs, AMI50, Extended Compliance Period, High Opportunity Area Description of Property: New construction of eight single story row buildings with a mix of 11, 1 bedroom and 31, 2 bedroom elderly units. Five units will be set side for persons with special needs while the remaining units will be at 50% AMI and 60% AMI with 5 units held at market rate. Reasons for Recommendations: 1. Located close to Mercy Hospital and other amenities desirable for seniors. 2. Mixed income proposal with reasonable rents that include 50% AMI units. 3. Special Needs Priority. 4. Leed referral agency to offer services for no charge. 5. Significant need for affordable senior housing in Washington. Permanent Sources Construction Sources Fund Balance $1,200,000 MHDC FB $1,200,000 Tax Credit Equity $1,329,825 Federal and State LIHTC Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator $6,649,126 Sterling Bank $4,560,237 $40,518 $7,889,644 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: $5,502,183 $180,000 $191,708 $280,000 $50,000 $20,000 $378,100 $835,000 $36,000 $159,200 $257,452 $7,889,644 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $7,889,644 $159,200 $36,000 $7,694,444 $187,849 $3,790 $857 $183,201

121 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $300 $535 $575 52% 93% 2 Bed $350 $675 $945 37% 71% 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 $249,535 $5,941 $164,587 $3,919 $84,947 $2,023 $62,670 $1,492 $22,278 $530 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) $475, $12,838 $11,310 $475, $12,838 $11,

122 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Out State Cloy Estates Phase II L.P. MBL Development Co. Clinton Elderly New Construction Service Enriched Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Phase II of the senior oriented Cloy Estates development, featuring 28 two bedroom one bath units with front and back patios and covered car ports. Reasons for Recommendations: 1. Phase II of a successful Outstate MHDC LIHTC project from a proven developer. 2. Competitive costs and tax credit request. 3. Good site close to services, and will have access to all Phase I amenities. 4. Phase I maintains a large waiting list. Loan Information Permanent Sources Construction Sources HOME MHDC $195,000 MHDC $195,000 Tax Credit Equity $980,791 Federal and State LIHTC $4,903,956 Central Bank of the Midwes $3,400,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $3,565 $5,102,521 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: $3,555,290 $70,000 $90,313 $187,000 $25,000 $14,000 $126,158 $560,000 $12,000 $181,800 $280,960 $5,102,521 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $5,102,521 $181,800 $12,000 $4,908,721 $182,233 $6,493 $429 $175,311

123 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed $435 $535 81% 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 $138,852 $4,959 $119,980 $4,285 $18,872 $674 Year 1 Year 15 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) $358, $12,786 $12,786 $358, $12,786 $12,

124 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Out State The Meadows of Perryville MACO Development Company, L.L.C. Perryville Elderly New Construction Special Needs, Extended Compliance Period, AMI50 Duplexes Single Story Row Building without Elevator Description of Property: Proposal is for new construction of senior walk up apartments. It includes nine buildings with a mix of ten, 1 bedroom units and thirty eight, 2 bedroom units in Perryville. Twenty-five percent (25%) of the units will be for households at or below 50% AMI. Reasons for Recommendations: 1. Competitive proposal with decent development costs and good sized units. 2. Very affordable rents set aside for 50% AMI households. 3. Proposal includes a good Special Needs plan extensive network of comm. service providers. 4. Location gives seniors easy access to many amenities. Single Family Two Story Row Building with Elevator Permanent Sources Construction Sources MHDC FB $300,000 MHDC Tax Credit Equity $1,506,901 Federal and State LIHTC $7,534,505 MHDC FB $300,000 Federal and State Historic Sterling Bank $5,502,420 AHAP Donation Deferred Developer Fee Total Sources: $85,751 $7,920,256 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: $5,738,600 $105,600 $206,341 $286,930 $18,000 $24,500 $200,000 $872,861 $18,000 $181,500 $267,924 $7,920,256 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $7,920,256 $181,500 $18,000 $7,720,756 $165,005 $3,781 $375 $160,849

125 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $295 $415 $650 45% 64% 2 Bed $355 $480 $775 46% 62% 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 $244,644 $5,097 $194,735 $4,057 $49,909 $1,040 $15,667 $326 $34,242 $713 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) $550, $11,458 $11,458 $550, $11,458 $11,

126 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Out State Fairgrounds Villa North East Community Action Corporation (NECAC) Warrenton Elderly New Construction Non Profit Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: This is a 40 unit row home style development on the north side of Warrenton, featuring all two bedroom one bath units with in unit washer and dryer. Development will have a community building with an office, fully equiped kitchen, computer workstations and a meeting room. Reasons for Recommendations: 1. Quality proposal from a certified non profit HOME CHDO developer. 2. Well located just outside metro St. Louis with competitive rents for the town and area. 3. Excellent site, close to services and activitites. Loan Information Permanent Sources Construction Sources HOME CHDO $1,000,000 MHDC $4,111,000 Tax Credit Equity $1,150,724 Federal and State LIHTC $5,753,622 mhdc home chdo $1,000,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $44,970 $6,798,592 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: $4,769,760 $100,000 $89,072 $255,000 $25,000 $20,000 $350,000 $750,000 $51,860 $155,000 $232,900 $6,798,592 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $6,798,592 $155,000 $51,860 $6,591,732 $169,965 $3,875 $1,297 $164,793

127 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed $410 $485 $660 62% 73% 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 $219,450 $5,486 $180,844 $4,521 $38,606 $965 $38,606 $965 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) $420, $10,500 $10,500 $420, $10,500 $10,

128 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State Warsaw Senior Housing Warsaw Senior Housing Developer, LLC Warsaw Elderly New Construction Extended Compliance Period Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Proposal consists of seven walk up apartment buildings with a mix of twelve, one bedroom and twenty four, two bedroom affordable units. Site is next to new "award winning" Harbor Village Senior Facility in Warsaw. Reasons for Recommendations: 1. Ideal location for Sr. housing being near the hospital and retail good visibility for marketing. 2. Adjacent to Harbor Village providing services including health care, free and low cost meals. 3. Strong support from state and local public officials. 4. Reasonable rents for seniors in Benton County where housing options are sparse. Loan Information Permanent Sources Construction Sources Sterling Bank $100,000 MHDC Tax Credit Equity $1,146,539 Federal and State LIHTC $5,732,694 Sterling Bank $4,258,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $64,622 $5,897,316 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: $4,150,766 $123,500 $160,000 $210,000 $30,000 $25,000 $90,000 $695,000 $12,000 $129,600 $271,450 $5,897,316 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $5,897,316 $129,600 $12,000 $5,755,716 $163,814 $3,600 $333 $159,881

129 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $390 $465 84% 2 Bed $420 $495 85% 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 $168,264 $4,674 $137,756 $3,827 $30,508 $847 $6,442 $179 $24,066 $669 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) $411, $11,417 $11,417 $411, $11,417 $11,

130 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Out State McClernon Villas The Kitchen, Inc. Springfield Elderly New Construction Non Profit, Service Enriched, Special Needs Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: New construction of 36 two bedroom one bath apartments for seniors. Six units will be for formerly homeless veterans and rent will include furniture and utilties and have rental vouchers. Eight units will be for the physically and developmentally disabled. Reasons for Recommendations: 1. Excellent Service Enriched and Special Needs application. 2. Six units will have rental subsidies VASH vouchers and SSVF vouchers. 3. Location has good access to amenities and services. 4. Tremendous support from public officials, Dept of Veteran Affairs and service providers. 5. Developer has extensive experience working with target population. Permanent Sources Construction Sources HOME CHDO $900,000 MHDC fund balance special $3,285,000 Tax Credit Equity $1,010,463 Federal and State LIHTC $5,052,316 AHAP donation $125,000 Federal and State Historic HOME CHDO $900,000 AHAP Donation Deferred Developer Fee Total Sources: $125,000 $12,247 $6,089,563 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: $4,113,085 $90,000 $38,000 $205,654 $29,000 $45,000 $390,000 $705,848 $43,600 $256,200 $173,176 $6,089,563 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $6,089,563 $256,200 $43,600 $5,789,763 $169,155 $7,117 $1,211 $160,827

131 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed $382 $611 $650 59% 94% 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 $194,507 $5,403 $165,236 $4,590 $29,271 $813 $29,271 $813 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) $363, $10,097 $10,097 $363, $10,097 $10, $68,750 $1,910 $1,910

132 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Out State Talia Apartments Talia Developers, LLC (to be formed) Springfield Family New Construction Service Enriched, Special Needs Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Talia Apartments is a 46 unit, 3 story mixed income apartment complex in western Springfield, intended primarily to provide permanent housing for survivors of domestic violence. Unit configuration will be 33, one bedroom units, 7, two bedroom units and 6, three bedroom units. The market rate units will be special needs units with vouchers, and the LIHTC special needs units will have rents set at 30% of Area Median Income (AMI). Reasons for Recommendations: 1. A very good Special Needs Priority proposal to primarily serve survivors of domestic violence. 2. Good site located close to services and public transit, with appropriate security. 3. Appropriate costs and tax credit request for project of this size, and good public support. Loan Information Permanent Sources Construction Sources MHDC HOME $300,000 MHDC HOME $300,000 Tax Credit Equity $1,565,784 Federal and State LIHTC $7,828,919 Metropolitan National Bank $5,599,189 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $14,121 $8,143,040 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: $5,487,458 $240,000 $188,973 $288,600 $40,000 $100,000 $265,000 $736,890 $12,000 $454,177 $329,942 $8,143,040 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $8,143,040 $454,177 $12,000 $7,676,863 $177,023 $9,873 $261 $166,888

133 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $250 $550 $650 38% 85% 2 Bed $300 $650 $750 40% 87% 3 Bed $700 $776 $950 74% 82% 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 $240,029 $5,218 $218,773 $4,756 $21,256 $462 Year 1 Year 15 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) $555, $13,214 $12,065 $555, $13,214 $12,

134 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Reasons for Recommendations: 1. Competitive development costs. 2. Strong need for senior affordable housing in region. 3. Excellent location near amenities for senior residents. Out State Pine Ridge Apartments Midwest Development Professionals, LLC Farmington Elderly New Construction Service Enriched, AMI50 Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Construction of a senior development consisting of nine buildings with 40, two bedroom affordable units. 25% of the units will be for households at or below 50% AMI. Loan Information Permanent Sources Construction Sources MHDC FB $250,000 MHDC Tax Credit Equity $1,295,935 Federal and State LIHTC $6,479,674 MHDC FB $250,000 Federal and State Historic MRV Banks $4,706,587 AHAP Donation Deferred Developer Fee Total Sources: $58,737 $6,788,411 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: $4,614,720 $105,000 $142,015 $230,000 $25,000 $20,000 $400,000 $750,000 $17,000 $191,000 $293,676 $6,788,411 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $6,788,411 $191,000 $17,000 $6,580,411 $169,710 $4,775 $425 $164,510

135 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed $420 $495 $550 76% 90% 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 $215,745 $5,394 $172,080 $4,302 $43,665 $1,092 $13,056 $326 $30,609 $765 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) $473, $11,825 $11,825 $473, $11,825 $11,

136 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Out State Westport Gardens Missouri Valley Community Action Agency Marshall Elderly Rehabilitation Non Profit, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Rehabilitation of two existing family properties and combining them into one property. Fourteen of the 36 units will have Rural Development rental subsidies. Reasons for Recommendations: 1. Combining two existing projects on contiguous sites into one project to lower operating costs. 2. Preservation of USDA assisted properties. 3. Good non profit developer. 4. Developer not requesting maximum developer fee. Loan Information Permanent Sources Construction Sources HOME CHDO $400,000 MHDC HOME CHDO $400,000 RD Existing Reserve $68,000 Tax Credit Equity $719,203 RD Loan $90,000 Bank Loan $2,390,000 RD existing reserve $68,000 Federal and State LIHTC $3,596,014 RD Loan $90,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $9,399 $4,163,413 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: $1,907,988 $72,000 $75,000 $190,000 $25,000 $28,000 $77,000 $15,000 $800,000 $425,000 $12,000 $306,600 $229,825 $4,163,413 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $4,163,413 $306,600 $12,000 $3,844,813 $115,650 $8,517 $333 $106,800

137 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $410 $435 94% 2 Bed $460 $500 92% 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 $173,650 $4,824 $147,168 $4,088 $26,482 $736 $2,288 $64 $24,194 $672 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) $262, $7,292 $7,292 $262, $7,292 $7,

138 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Out State California Apartments Southeast Holdings, LLC California Family Rehabilitation Preservation Duplexes Single Story Row Building without Elevator Description of Property: Rehab of existing three buildings containing a mix of 16, one bedroom and 24, two bedroom Rural Development affordable units. Proposal also includes the construction of a new community building that will house a leasing office, laundry and maintenance storage area. Reasons for Recommendations: 1. Preservation priority of a Rural Development property with letters of support from the USDA. 2. Property in dire need of rehabilitation has numerous health and safety issues. 3. Reasonable development cost for proposed scope of work. Permanent Sources Construction Sources RD Loan $76,336 MHDC RD Reserve $36,000 Tax Credit Equity $972,636 Federal and State LIHTC Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: Single Family Two Story Row Building with Elevator 4. Adding a community building, laundry, playground and picnic area for family focused activities. MRV Banks $3,546,880 $4,863,181 RD loan $76,336 RD reserve $36,000 $60,336 $5,035,852 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: $2,514,936 $80,000 $104,341 $220,000 $25,000 $20,000 $1,000,000 $550,000 $12,000 $240,256 $269,319 $5,035,852 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $5,035,852 $240,256 $12,000 $4,783,596 $125,896 $6,006 $300 $119,590

139 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $375 $450 83% 2 Bed $435 $500 87% 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 $183,470 $4,587 $155,934 $3,898 $27,536 $688 $1,941 $49 $25,595 $640 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) $355, $8,875 $8,875 $355, $8,875 $8,

140 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State Fish Haven Estates Cydecton Investments, LLC Lake Ozark 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 senior residence containing a mix of 2, 1 bedroom and 42, 2 bedroom affordable units. 25% of which will be designated for households under 50% AMI. Building will also contain the manager office, game room, fitness area, full kitchen and resident lounge. All units equipped with washer and dryer. Reasons for Recommendations: 1. Affordable rents for seniors with 25% of the units set aside for households at or below 50% AMI. 2. Developer only taking 51% of the maximum fee allowed. 3. Competitive tax credit pricing for an outstate proposal. 4. Numerous amenities for seniors. Loan Information Permanent Sources Construction Sources MHDC HOME $1,000,000 MHDC HOME $1,000,000 Tax Credit Equity $1,407,028 Federal and State LIHTC $7,035,142 First Midwest Bank of Poplar Bluff $5,250,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $17,358 $8,052,500 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: $6,260,460 $110,000 $160,000 $300,000 $30,000 $5,000 $250,000 $450,000 $12,000 $169,400 $305,640 $8,052,500 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $8,052,500 $169,400 $12,000 $7,871,100 $183,011 $3,850 $273 $178,889

141 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $425 $500 85% 2 Bed $415 $490 $600 69% 82% 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 $234,897 $5,339 $194,914 $4,430 $39,983 $909 $39,983 $909 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) $492, $11,182 $11,182 $492, $11,182 $11,

142 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Out State Rocktree Apartments Holden Communities, LLC Fulton Elderly Rehabilitation Service Enriched, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: This late 1970's era HUD Section 8 property, located on the north side of Fulton close to retail and services, features 64 one bedroom one bath units in 4 plex and 6 plex style. All units are targeted for households at 60% AMI. Reasons for Recommendations: 1. Quality Preservation project in a rural community with few other affordable housing options. 2. Property is in serious need of rehab. 3. Costs are competitive and tax credit request is reasonable. 4. Excellent site close to retail and services. Loan Information Permanent Sources Construction Sources Income During Construction $50,000 MHDC FB $350,000 MHDC FB $350,000 Tax Credit Equity $1,512,381 Income During construction $50,000 Federal and State LIHTC $7,561,907 Sterling Bank $5,513,418 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $90,293 $8,052,200 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: $4,198,414 $105,000 $167,443 $320,000 $30,000 $128,000 $20,000 $1,632,000 $830,000 $19,000 $197,800 $404,542 $8,052,200 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $8,052,200 $197,800 $19,000 $7,835,400 $125,816 $3,091 $297 $122,428

143 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $425 $550 77% 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 $343,892 $5,373 $276,338 $4,318 $67,554 $1,056 $18,279 $286 $49,275 $770 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) $548, $8,563 $8,563 $548, $8,563 $8,

144 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State Chestnut Ridge Blattel Development, LLC Moscow Mills Family New Construction AMI50 Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Construction of 40 single family homes each with three bedrooms, 2 baths and a garage. All units will be affordable with 25% of the homes set aside for households at or below 50% AMI. Reasons for Recommendations: 1. Very competitive costs for single family homes in the St. Louis region. 2. Good sized units with in unit washer and dryer and each unit has a garage. 3. Site has good highway access and close to amenities 4. Reasonable rents for 3 bedroom single family homes in this area. Loan Information Permanent Sources Construction Sources Fund Balance $800,000 MHDC $800,000 Tax Credit Equity $1,511,001 Federal and State LIHTC $7,555,007 Sterling Bank $5,635,247 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $66,310 $8,421,317 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: $6,030,000 $100,000 $164,140 $300,000 $30,000 $500,000 $750,000 $28,000 $199,000 $320,177 $8,421,317 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $8,421,317 $199,000 $28,000 $8,194,317 $210,533 $4,975 $700 $204,858

145 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 3 Bed $510 $600 $775 66% 77% 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 $257,796 $6,445 $185,258 $4,631 $72,538 $1,813 $46,782 $1,170 $25,755 $644 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) $547, $13,688 $13,688 $547, $13,688 $13,

146 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Loan Information Out State The Lane Apartments IRC Manager, LLC Neosho Elderly Acquisition/Rehab Service Enriched, Preservation, AMI50, MBE/WBE Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: This HUD Section 8 property is a 48 unit, late 1970's era 4 story apartment building just blocks from downtown Neosho. All units are one bedroom one bath. The property will feature 12 units set aside for households at 50% AMI, and 36 units set aside for households at 60% AMI. Reasons for Recommendations: 1. An excellent Preservation Priority proposal for an existing 48 unit HUD Section 8 property. 2. Modest tax credit request for a project of this size from a proven developer & property manager. 3. Mechanical systems are over 20+ years old and are clearly at the end of useful life. 4. Located in a quiet residential neighborhood just blocks from downtown Neosho. Permanent Sources Construction Sources HUD 223(f) $860,000 MHDC Reserves $100,000 Tax Credit Equity $663,557 Construction loan $3,181,500 Federal and State LIHTC $3,317,787 Reserves $100,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $94,143 $4,371,929 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: $2,120,731 $40,500 $55,676 $190,000 $6,500 $1,085,000 $380,000 $12,000 $226,880 $254,642 $4,371,929 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $4,371,929 $226,880 $12,000 $4,133,049 $91,082 $4,727 $250 $86,105

147 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $587 $ % 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 $321,206 $6,692 $225,289 $4,694 $95,917 $1,998 $57,307 $1,194 $38,610 $804 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) $237, $4,938 $4,938 $237, $4,938 $4,

148 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State Finley Cottages Affordable Homes Development, Inc. Ozark Family New Construction Extended Compliance, AMI50, MBE/WBE Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Family development consisting of 48 new two and three bedroom duplexes with single car garages. Site already has large lighted outdoor pavilion for community/recreation area. Reasons for Recommendations: 1. Development has good affordable, 50% and workforce housing rents. 2. Good site near many amenities. 3. Experienced WBE developer. 4. All developer fee paid after construction completion. Loan Information Permanent Sources Construction Sources Fund Balance $750,000 MHDC $750,000 Tax Credit Equity $1,479,296 Federal and State LIHTC $7,395,835 Great Southern Bank $4,962,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $40,406 $8,186,241 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: $6,157,800 $110,000 $125,000 $311,181 $22,000 $199,000 $835,000 $27,000 $180,945 $218,315 $8,186,241 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $8,186,241 $180,945 $27,000 $7,978,296 $194,911 $4,308 $643 $189,959

149 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 2 Bed $400 $550 $600 67% 92% 3 Bed $465 $640 $700 66% 91% 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 $233,188 $5,552 $170,020 $4,048 $63,168 $1,504 $39,169 $933 $24,000 $571 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) $536, $16,242 $12,762 $536, $16,242 $12,

150 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Property Type Out State Boone County Special Needs Affordable Housing Boone County Family Resources and North Star Housing LLC Columbia Family New Construction Non Profit, Service Enriched, Special Needs, AMI50, MBE/WBE Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: This 28 unit development is split between two sites in central and southern Columbia, and will primarily provide housing for the mentally disabled. It will have 24, one bedroom units and 4, two bedroom units. Eight of the units wii rent at 30% AMI, nine at 50% AMI, and seven at 60% AMI. Reasons for Recommendations: 1. A good Special Needs Priority proposal for housing for the mentally disabled. 2. Credit request is modest, and development has good public support. 3. Both sites are good; they are well located and close to services. 4. Boone County Family Resources specializes in serving the target population. Loan Information Permanent Sources Construction Sources BCFR Donation $200,000 MHDC $3,831,314 Tax Credit Equity $1,050,732 Federal and State LIHTC $5,253,660 BCFR Donation $200,000 Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $9,186 $5,462,846 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: $3,765,500 $97,160 $51,723 $190,000 $17,500 $207,000 $560,000 $49,063 $310,800 $214,100 $5,462,846 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $5,462,846 $310,800 $49,063 $5,102,983 $195,102 $11,100 $1,752 $182,249

151 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $335 $540 $650 52% 83% 2 Bed $450 $570 $700 64% 81% 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 $141,341 $5,048 $118,520 $4,233 $22,821 $815 $22,821 $815 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) $370, $13,214 $13,214 $370, $13,214 $13,

152 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Loan Information Out State Oak Towers CHA Affordable Housing Development, LLC Columbia Elderly Acquisition/Rehab Non Profit, Special Needs, Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Rehab of existing 8 story building with a mix of 77 studio and 70 one bedroom units which currently operates under the Section 9 program. All units will be be rehabbed and preserved as affordable under the RAD program and switched to Section 8. Reasons for Recommendations: 1. Proposal will help Columbia Housing Authority switch to Section 8 with long term HUD rents. 2. Fifty (50) year old well maintained building in need of renovation to extend its useful economic life. 3. Has a lenghty waiting list. 4. A viable tax exempt bond proposal with special needs priority. Permanent Sources Construction Sources CHA Reserve Funds $130,000 MHDC CHA Seller Financing $4,557,000 Tax Credit Equity $1,675,491 Federal Home Loan Bank CHA $500,000 Fedral Home Loan Bank $500,000 Central Bank of Boone County $2,250,000 CHA Seller Financing $4,557,000 Central Bank of Boone County $7,940,000 Federal and State LIHTC Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $8,377,457 $35,335 $15,849,792 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: $7,009,442 $230,500 $160,000 $702,000 $89,500 $500,000 $100,000 $4,557,000 $1,250,000 $12,000 $543,200 $696,150 $15,849,792 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $15,849,792 $543,200 $12,000 $15,294,592 $107,822 $3,695 $82 $104,045

153 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market Efficiency $513 $ % 1 Bed $525 $550 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 $950,954 $6,469 $713,282 $4,852 $237,672 $1,617 $127,350 $866 $110,321 $750 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) $590, $4,014 $4,014 $590, $4,014 $4,

154 Salient Facts: Region MHDC Property Number Property Name Developer Name Location Occupancy Construction Priority (if applicable) Kansas City Heritage House Apartments Heritage Green Developer LLC Independence Elderly Acquisition/Rehab Preservation Property Type Single Family Two Story Row Building with Elevator Duplexes Single Story Row Building without Elevator Description of Property: Existing apartment complex built in 1975 just off the historic Independence square. Dated, but well maintained, the building has 8 stories and 166, 1 bedroom units. Reasons for Recommendations: 1. Thirty-three (33) units have HAP contract. Developer partnered with PHA for remaining 133 units to receive Sec. 8 vouchers. 2. High demand for senior housing in this area. 3. Second largest source of senior affordable housing in the area in need of rehab. 4. Reasonable development cost for the proposed scope of work. Loan Information Permanent Sources Construction Sources Construction Period Income $599,432 MHDC HOME MHDC $1,500,000 Tax Credit Equity $5,187,192 HUD 221(d)(4) Loan Tranche A $5,595,400 Construction Period Income $599,432 HUD 221(d)(4) Loan Tranche B $509,900 MHDC Home Loan $1,500,000 HUD 221(d)(4) Loan Tranche C $334,200 Tax Exempt Bond Proceeds $7,885,000 HUD 221(d)(4) Loan Tranche D $622,300 Federal and State LIHTC Federal and State Historic AHAP Donation Deferred Developer Fee Total Sources: $7,980,296 $28,098 $17,169,626 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: $6,593,638 $265,600 $503,153 $659,364 $218,000 $150,000 $45,000 $5,437,825 $1,480,394 $12,000 $777,682 $1,026,970 $17,169,626 w/o Reserves & Total Reserves MHDC Fees MHDC Fees $17,169,626 $777,682 $12,000 $16,379,944 $103,431 $4,685 $72 $98,674

155 Property Data: Breakdown by Unit Type Type # of Units Sq Ft Net Rent Market % of Market 1 Bed $650 $690 $ % 106% 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 $1,294,812 $7,800 $813,891 $4,903 $480,921 $2,897 $312,732 $1,884 $42,574 $256 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) $566, $3,628 $3,410 $566, $3,628 $3,

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157 2016 Round 1 Applications Not Recommended 9% AND 4% Low Income Housing Tax Credits / HOME Amended Effective 12/2/2015 Dev No Development Name City County Developer Name Comments North Creek Estates Independence Jackson MACO Development Company, L.L.C. Well intended proposal; however, site was not ideal Terrace View Estates Holts Summit Callaway MACO Development Company, L.L.C. Well intended proposal; however, site was not ideal Fountain Estates, LP Webb City Jasper Red-Wood Development, Inc. Proposal was over cost limits and did not compete well with other proposals in the region Carl Junction Estates II, LP Carl Junction Jasper Red-Wood Development, Inc. Well intended proposal, but over cost limits and did not compete well with other proposals in the region. Country Club Senior Cape Apartments Jackson Girardeau RCH Development, INC. Good proposal, but other Out State region applications were more competitive Blair Homes St. Louis St Louis City ND Consulting Group, LLC Good proposal, but other proposals in the area were more competitive Bryant Walkway Columbia Boone CHA Affordable Housing Development, LLC Good proposal with special needs plan; however, other Out State region proposals were more competitive Sunchase Villa Estates Warsaw Benton Midcontinent Equity Holdings, LLC St Louis Pine Lawn Manor 2016 St. Louis County Beyond Housing, Inc. Proposal did not compete well with other applications submitted in the same area. Good proposal, however there are not enough funds available. Proposal did not compete well with other applications in the region and tax credit request was large Villas at Lark Pointe, LP Springfield Greene Zimmerman Properties, LLC Scott Manor Apartments Sikeston Scott Alco Properties, Inc. Proposal was not a competitive rehabilitation development The Villas of Mt. Vernon Mt. Vernon Lawrence Belmont Development Company, LLC Proposal did not compete well with other applications in the Out State region Hampshire Landing II Joplin Jasper MV Residential Development LLC Concerns with mangement company based on recently discovered information Colonial Cottages O'Fallon St Charles LMAC Holdings, LLC Good proposal but other applications in the area were more competitive. Phillips Development Corporation dba PDC Hawthorn Heights Apartments West Plains Howell Companies Average proposal that did not appear to be financially feasible St. Regis Apartments Kansas Jackson Millennia Housing Development, Ltd. Property in need of rehab; however proposal was well above cost limits and did not compete well with other proposals in the Kansas City region St. Robert Villas St. Robert Pulaski Housing Plus, LLC Average proposal; however, it did not compete well with other proposals in the Out State region and the need for affordable housing was not supported by the market study Cherry Valley Apartments Lebanon Laclede Four Corners Development, llc Average proposal; however, other proposals were more competitive in the area and the site was not ideal Walnut Creek Estates Springfield Greene Four Corners Development, LLC Average proposal, however other proposals were more competitive in the region Tower Village, LP Lebanon Laclede O'Reilly Development Co., LLC Good proposal; however, other Out State region proposals were more competitive Baltimore Meadows Kirksville Adair TerraVest Development Corp. Good proposal, however there are not enough funds available Dogwood Pointe, LP Neosho Newton Herman & Kittle Properties, Inc Good proposal, however there are not enough funds available Boden Place Apartments Fulton Callaway Preferred Family Healthcare, Inc. Proposal was over cost limits and did not compete well with other applications submitted in the region Harbor Heights Apartments Warsaw Benton Compass Health, Inc. Well intended proposal; however, other proposals in the area were more competitive.

158 Woodbridge Apartments Kansas City Jackson Skyline, LLC Proposal was not a competitive rehabilitation development H & S Apartments of Doniphan MO Doniphan Ripley Ozark Family Resource Agency Well intended proposal, however the location was not ideal for the intended tenant population and proposal was over cost limits Cameron Senior Apartments Cameron Dekalb HRM Development, LLC Good proposal; however, site was not ideal. Revelation Construction and Development, Good proposal, but other Out State region proposals were more competitive Sunrise Senior Estates Camdenton Camden LLC Average proposal; however, other area proposals were more competitive within Heritage Place Apartments Bowling Green Pike DowCon, LLC the Out State region Hancock Place Senior Living St. Louis St Louis County Hancock Senior Developer, LLC (to be formed) Proposal was over cost limits and did not compete well with other applications in the region St. Ferdinand Homes II St. Louis St Louis City Northside Community Housing, Inc. Good proposal, but staff had concerns about the scattered site configuration Summit Ridge Residences Branson, MO Taney Country Ridge Development Company, LLC Proposal did not compete well with other applications submitted in the Out State region Woodland Valley Estates Springfield Greene Sullivan Development Company, LLC Average proposal, however other area proposals were more competitive within the region The Villas at Fall Creek Branson Taney JES Dev Co, Inc. Good proposal, however there are not enough funds available The Gardens of Blue Springs Blue Springs Jackson RCI Developers, LLC Good proposal, however there are not enough funds available. St Louis Northgate Village University City County Northgate Developer, LLC (to be formed) Well intended proposal; however, site was not ideal Pointe Lookout Villas St. Roberts Pulaski MONGF-North Star Developer LLC Proposal was not a competitive rehabilitation development. Martin Rucker Development LLC and North Average proposal, but other Kansas City region proposals were more competitive Park Hill Senior Villas Grandview Jackson Star Housing, LLC Saint Charles Place St Joseph Buchanan Catholic Charities of Kansas City- St Joseph Finney Place St. Louis St Louis City Finney Place Developer, LLC Good proposal, however there are not enough funds available. Good proposal with above average services, but other St. Louis region proposals were more competitive The Courtyard Apartments St. Louis St Louis City The Courtyard Developer, LLC Good proposal, but other proposals in the region were more competitive and staff was concerned about the structure of service enrichment programs Affordable Homes of Berkeley St. Louis St Louis County Rubicon, Inc. Well intended proposal, however the proposal was not competitive with other proposals in the region. Anderson Place Senior Apartments Independence Jackson James Bergman - Individual Good proposal, but other proposals in the area were more competitive Parkview Senior Living O'Fallon St Charles James Bergman - Individual Good proposal, but other proposals in the area were more competitive Montana Crossing Joplin Jasper Parker Development, L.L.C. Average proposal, however other area proposals were more competitive Bear Valley Senior Villas West Plains Howell Ozark Action, Inc. Proposal was over the cost limits and other proposals within the Out State area were more competitive Park Place Apartments Kansas City Jackson Hart Development Group. LLC Average proposal with good intentions; however, there are not enough funds available. Proposal was over cost limits and did not compete well with other properties Hawthorn Senior Housing Warrenton Warren Gardner Capital Development Missouri, LLC in the area; also, the site location was not ideal Villas At Wildwood Senior Housing Wildwood St Louis County Proposal was over cost limits and did not compete well with other proposals Gardner Capital Development Missouri, LLC in the St. Louis region. Proposal was over cost limits and did not compete well with other proposals Old North Art Lofts St. Louis St Louis City STL North Loft Apartments, LLC in the region Harrisonville Gardens Harrisonville Cass Turnberry Developers, LLC Average proposal; other proposals within the region were more competitive. Hickory Hills Senior Apartments, LLC Marble Hill Bollinger Ventura Industries LLC Well intended proposal; however, proposal did not appear to be financially feasible.

159 Deerfield Ridge Liberty Clay DLS Historic Developer IV, LLC Average proposal; other proposals in the area were more competitive Pine View Apartments Bethany Harrison AMB Development, LLC Proposal was not a competitive rehabilitation development. New Life Community Development New Life Villas Grandview Jackson Corporation Average proposal; other proposals within the region were more competitive Ozark Senior Villas Ozark Christian Missouri Housing Partners, LLC Average proposal; and site was not ideal Villas at Blue Ridge Kansas City Jackson Missouri Housing Partners, LLC Other proposals in the Kansas City region were more competitive and the site was not ideal Parkway Place Apartments Maryville Nodaway AMB Development, LLC Good proposal; however, there are not enough funds available Ridgeview Apartments Osage Beach Miller MRE Capital, LLC Proposal was not competitive with other proposals in the Outstate region and the site was not ideal Blenheim School Apartments Kansas City Jackson Sunflower Development Group, LLC Orchard Run Senior Apartments Kansas City Jackson MRE Capital, LLC Emanuel Cleaver II Senior Living Dalmark Development Group, LLC / St. Community Kansas City Jackson James United Methodist Church Brookside Senior Residences at Rockhill Greens Phase II Kansas City Jackson Flint Hills Development Group, LLC or affiliate to be formed single-purpose entity Holman Senior Apartments Hannibal Marion MCC Development of Wisconsin, LLC St Louis Windfall Trace Phase III Jennings County Housing Authority of St. Louis County Lexington Senior Villas Lexington Lafayette JK Dameron Development, LLC Fountain Park ArtsBlock St. Louis St Louis City Brinshore Development, LLC Odessa Senior Residences Odessa Lafayette Prairie Fire Development Group, LLC Good historic conversion proposal; however, there are not enough funds available. Proposal was not competitive with other proposals in the Kansas City region and the site topography was not ideal although the location was good. Good proposal, however the site was not ideal and staff was concerned about the structure of service enrichment programs. Good proposal; however, there are not enough funds available. Proposal was over cost limits and did not compete well with other proposals in the Out State region. Average proposal; other St. Louis region proposals were more competitive. Average proposal. The proposed need for affordable housing in the area was not well supported by the market study and the proposal had a large credit request. Proposal was over cost limits and did not compete well with other proposals in the region. Average proposal, other proposals in the Out State region were more competitive DeSales Preservation St. Louis St Louis City DeSales Community Housing Corporation Good proposal, but staff had concerns about the scattered site configuration Centennial Park Apartments Kansas City Jackson MRE Capital, LLC Well intended proposal; however, structure does not fit well with targeted tenant population Chippewa Park St. Louis St Louis City Chippewa Park Developer, LLC Proposal was well over cost limits.

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167 4) Report of Staff k. Request for approval of 2016 Tax Exempt Bond NOFA

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169 December 4, 2015 NOTICE OF FUNDING AVAILABILITY Tax Exempt Bonds Round Two FY2016 FEDERAL & STATE 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; and $4,843,984 State 4% Low Income Housing Tax Credits Applications for funding will be accepted by MHDC until 4:30 PM CST on Tuesday March 1, Decisions regarding proposed developments will be made during the month of April Deadlines are subject to change at the discretion of MHDC. An approved proposal will not become eligible for the tax credit 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 FY 2016 Qualified Allocation Plan, Developer s Guide, Market Study Guidelines, the application, and Checklist (FIN 125). A separate application must be submitted to request Missouri Affordable Housing Assistance Program (AHAP) tax credits or the Missouri Housing Trust Fund if included in the financing package of a proposed development. All applications and checklist items must be received by MHDC no later than 4:30 PM CST on Tuesday, March 1, The items shown on the FIN 125 should be delivered to: MHDC Attention: Gus Metz 920 Main Street, Suite 1400 Kansas City, Missouri 64105

170 4) Report of Staff l. Request for approval of AHAP Credits Family Violence Center, D/B/A Harmony House

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