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Agenda_HAB_01.14.2016
Notice of Meeting for the Housing Advisory Board of the City of Georgetown January 14, 2016 at 3:30 PM at Williamson Room, Georgetown Municipal Complex, 300-1 Industrial Ave., Georgetown, Texas 78626 The City of Georgetown is committed to compliance with the Americans with Disabilities Act (ADA). If you require assistance in participating at a public meeting due to a disability, as defined under the ADA, reasonable assistance, adaptations, or accommodations will be provided upon request. Please contact the City at least four (4) days prior to the scheduled meeting date, at (512) 930-3652 or City Hall at 113 East 8th Street for additional information; TTY users route through Relay Texas at 711. Public Wishing to Address the Board On a subject that is posted on this agenda: Please fill out a speaker registration form which can be found at the Board meeting. Clearly print your name, the letter of the item on which you wish to speak, and present it to the Staff Liaison, preferably prior to the start of the meeting. You will be called forward to speak when the Board considers that item. On a subject not posted on the agenda: Persons may add an item to a future Board agenda by filing a written request with the Staff Liaison no later than one week prior to the Board meeting. The request must include the speaker's name and the specific topic to be addressed with sufficient information to inform the board and the public. For Board Liaison contact information, please logon to http://government.georgetown.org/category/boards-commissions/. A Welcome to guests. Legislative Regular Agenda B Welcome to new board member Nikki Brennan. C Consideration and possible action to approve the minutes from the November 19, 2015 regular meeting. D Consideration and possible action to recommend approval a resolution of support for Saigebrook Development to apply for Housing Tax Credits for the construction of 104 units to be known as the Kaia Pointe, located at 4800 Williams Drive. --Jennifer C. Bills, Housing Coordinator E Consideration and possible action to recommend approval a resolution of support for Pedcor Investments to apply for Housing Tax Credits for the construction of 108 units to be known as the Live Oak Apartments, located at 4121 Williams Drive. --Jennifer C. Bills, Housing Coordinator F Consideration and possible action to recommend approval a resolution of support for DDC Merritt Heritage, Ltd. to apply for Housing Tax Credits for the construction of 220 units to house seniors, to be known as the Merritt Heritage Apartments, located at 4700 Williams Drive. --Jennifer C. Bills, Housing Coordinator G Update on Workforce Housing incentives and UDC amendments. --Jennifer C. Bills, Housing Coordinator Page 1 of 176 H Discussion and possible action on assessing the last presentation to City Council; what we did well and what we needed to do differently.--Walt Doering, Board Chair I Next Steps: Reminder that the next regular meeting will be on February 18, 2016 in the Williamson Conference Room. Update from the Georgetown Housing Authority.--Nikki Brennan Discussion on the direction of the board for 2016. Adjournment CERTIFICATE OF POSTING I, Shelley Nowling, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the ______ day of __________________, 2016, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. ____________________________________ Shelley Nowling, City Secretary Page 2 of 176 City of Georgetown, Texas Housing Advisory Board January 14, 2016 SUBJECT: Welcome to new board member Nikki Brennan. ITEM SUMMARY: FINANCIAL IMPACT: None. SUBMITTED BY: Jennifer C. Bills, Housing Coordinator Page 3 of 176 City of Georgetown, Texas Housing Advisory Board January 14, 2016 SUBJECT: Consideration and possible action to approve the minutes from the November 19, 2015 regular meeting. ITEM SUMMARY: FINANCIAL IMPACT: None. SUBMITTED BY: ATTACHMENTS: Description Type Draft Housing Advisory Board Minutes_November 19, 2015 Cover Memo Page 4 of 176 Housing Advisory Board Page 1 Minutes November 19, 2015 City of Georgetown Housing Advisory Board Minutes November 19, 2015, at 3:30 p.m. Williamson Conference Room, Georgetown Municipal Complex 300-1 Industrial Ave., Georgetown, Texas 78626 Members present: Brenda Baxter; Walt Doering; Chair, Richard Glasco, Jim Mann Members absent: Monica Martin; Secretary, Joe Ruiz Staff present: Jennifer Bills, Housing Coordinator; Tammy Glanville, Recording Secretary This is a regular meeting of the Housing Advisory Board of the City of Georgetown. The Board, appointed by the Mayor and the City Council, makes recommendations to the City Council on affordable housing matters. A. Welcome to guests. Jean Latsha with Pedcor Investments. Legislative Regular Agenda B. Consideration and possible action to approve the minutes from the October 15, 2015 regular meeting and the October 29, 2015 special meeting Motion by Baxter to approve the minutes from the October 15, 2015 regular meeting. Second by Glasco. Approved (4-0) Motion by Glasco to approve the minutes from the October 29, 2015 special meeting. Second by Baxter. Approved (4-0) C. Update: Workforce Housing Incentives and Accessory Dwelling Unit Unified Development Code Amendments.--Jennifer C. Bills, Housing Coordinator. Bills explained to the board the Unified Development Code Amendments which included Workforce Housing Incentives and Accessory Dwelling Units may not go before Council until January however no definite date has been set. Doering suggested once the Unified Development Code Amendments are approved by Council, the board send an acknowledgement letter to our prior Housing Advisory Board members thanking them for their involvement and indicate our progress moving forward with Workforce Housing Incentives. Page 5 of 176 Housing Advisory Board Page 2 Minutes November 19, 2015 D. Mini-Information Session: Low-Income Housing Tax Credits.--Jean Latsha, Land Acquisition Manager, Pedcor Investments, former Director of Multifamily Finance, Texas Department of Housing and Community Affairs (TDHCA) Jean Latsha was introduced and explained her involvement with Texas Department of Housing and Community Affairs. Discussion between Latsha and board members on how Housing Tax Credit works and what’s involved. E. Discussion and possible action on the November 10, 2015 City Council Workshop presentation: Funding Request to Address Workforce Housing Deficit. --Walt Doering, Board Chair. Board members discussed the presentation and made recommendations to address Councils comments in preparation for December 8th City Council meeting. F. Discussion and possible action on the next steps for the strategic plan funding request and team appointments.--Jennifer C. Bills, Housing Coordinator Doering stated based on funding being approved by Council board needs to have team member recommendations and summary statements prepared. G. Discussion and feedback on the University of Texas Law School presentation by Michael Allen, partner at Relman, Dan, & Colfax, a civil rights law firm based in Washington, D.C.: "Affirming the use of disparate impact liability under the federal Fair Housing Act." --Brenda Baxter, Walt Doering, and Joe Ruiz. Doering and Baxter discussed Michael Allen’s presentation on how to stop the gentrification through homestead exemptions and the interpretation of the Supreme Court’s decision on discrimination with the Fair Housing Act. H. Reminder that the next regular meeting will be on December 10, 2015 in the Convention and Visitors Bureau Conference Room. • Upcoming topics: o Timeline for first quarter activity on Phase 1: Gathering Data and Education the Public. o Review and discuss "Expectation of Team Members for Making Teams Productive." Page 6 of 176 Housing Advisory Board Page 3 Minutes November 19, 2015 o Information on locations for team meetings. o Orientation for team members. o Scope and requirements for Request for Proposal for a consultant. Adjournment Motion by Baxter to adjourn, Second by Glasco. Approved (4-0) Board adjourned at 5:20 p.m. __________________________________ _______________________________________ Approved, Walt Doering, Chair Attest, Monica Martin, Secretary Page 7 of 176 City of Georgetown, Texas Housing Advisory Board January 14, 2016 SUBJECT: Consideration and possible action to recommend approval a resolution of support for Saigebrook Development to apply for Housing Tax Credits for the construction of 104 units to be known as the Kaia Pointe, located at 4800 Williams Drive. --Jennifer C. Bills, Housing Coordinator ITEM SUMMARY: See attached staff report. FINANCIAL IMPACT: The development will pay all property taxes. After development, it is expected to generate $128,034 a year at current tax rates. Additionally, $418,646 will be generated through sales tax during construction. The applicant is requesting a nominal fee waiver ($100-500) to fulfill the TDHCA points requirement of receiving a fee waiver, grant or loan from the local jurisdiction. SUBMITTED BY: Jennifer C. Bills, Housing Coordinator ATTACHMENTS: Description Type Exhibit 1--Location and Zoning Map Exhibit Exhibit 2--Surrounding Apartments Map Exhibit Exhibit 3--Site Plan and Examples of Architectural Details Exhibit Exhibit 4--Financial Breakdown Exhibit Exhibit 5--Saigebrook Request and Background Information Exhibit Exhibit 6--Self-Scoring Points Breakdown for TDHCA Exhibit Exhibit 7--TDHCA Housing Tax Credit FAQ Exhibit Page 8 of 176 C I T Y O F G E O R G E T O W N C I T Y O F G E O R G E T O W N C I T Y O F G E O R G E T O W N C I T Y O F G E O R G E T O W N WILLIAMS DR TRAILOFTHEFLOWERS L A K E S I D E R A N C H R D GATLINCREEKBLVD Y E L L O W R O S E T R L SE D R O T R L VINCAD R A C A CIA W A Y P L O V E R P A S S J I M H O GG PARKR D T HIS T L E T R L BLUESTEM DR RED P O P P Y T R L DEWBERRY DR L A K E C A V E R N C T LI A T R I S L N BLAZINGSTARDR DAN D E L I O N DR LAK E RI M CIR L A K E V IEWLN W HITEWING WA Y HESTER H O L W L A K E S P R I N G C I RLIMESTONELAKEDR DEL WEBB BLVD D E L W E B B B L V D O L D E O A K D R CA S A L O M A C I R JIMHOGGPARKRD A LLENCI R Zoning InformationKaia Pointe ApartmentsExhibit #1 ¯ Coordinate System: Texas State Plane/Central Zone/NAD 83/US FeetCartographic Data For General Planning Purposes Only 0 1,200 2,400 Feet Le ge ndSiteParcelsCity LimitsGeorgetown ETJ Page 9 of 176 CITY OF GEORGETO W N CIT Y O F G E O R GETOWN C I T Y O F G E O R G E T O W N C A N Y O N VISTA L N VERDEVISTA CAMP D R WILLIAMS DR D B W O O D R D TRAILOF THEFLOWERS JIM H O G G R DSTARLIGHTTRL D U R ANGOTRL Y E L L O W R O S E TRL RODEO D R L I Z L N P E N N Y L N T A N A G E R T R L L I Z L N VINCAD R T E R I C T A C A C I A W A Y L A R K S P U R L N W IL D W O O D D R LANTA N A D R B O S B N D LAKE S I D E R A N C H R D DIAMOND TRL P L O V E R P A S S W O O D L A N D P A R K S E D R O T R L BIG B E N D T R L D E WBERRY DR SHELL RD JIMHOGG PARK RD L E A N N E D R A U D R A L N EGRET CV P A I N T E D B U N T I NGLN D E L W EBBBLVD N L A K E W O O D S D R BLAZIN G S T A RDR L A U R E N L N SANDPIPERCV T E X A S D R C A P R O C K C A N Y O NTRL REBECCARD WOODLAKE DR R A I N LILY LNGRAPEVINE LN B O N N I E R O S E ALLENCIR M E L A N I E C V D O M E P E AKLN A G A V E L N LAKEVIEW L N S L A KEWOODSDR W A R B L ER SHADYELMD R WMAJESTICOAK L N L I M E S T ONE L A KEDR WHIPPOORWILLWAY JIMHOGG D R B E R R Y W O O D L N FOU N T AIN W O O D D R C H E R R Y W O O D L N N I C O L E W A Y DELWEBBBLVD H E S T E R HO L W R USSELL PARK RD C A S A L O M ACI R A LLE N C I R Surro unding ApartmentsKaia Pointe ApartmentsExhibit #2 ¯ Coordinate System: Texas State Plane/Central Zone/NAD 83/US FeetCartographic Data For General Planning Purposes Only 0 2,600 5,200 Feet Le ge ndSiteParcelsCity LimitsGeorgetown ETJ Merritt Heritage Oaks atWildwood Page 10 of 176 Page 11 of 176 Residences TOTAL UNITS: 120 •32 - 1Bdr/1 Bath •64 - 2Bdr/1 Bath •20 - 3Bdr/2 Bath • 4 - 4Bdr/2 Bath Affordability •100% affordable •30%-60% AMI •Texas Green Built •Fitness center •Computer lab •Full-size washers and dryers •Community/Game room •Playground & splash pad •Gazebo and picnic area •TDHCA •Wells Fargo •CAHFC Public Art Local artist to be selected. BEFORE NEARLY COMPLETE Kaia Pointe Renderings Page 12 of 176 1 bedroom floor plan *Please note, this project design is conceptual in nature and subject to change during the application, design and permitting processes in accordance with TDHCA rules Page 13 of 176 2 bedroom floor plan *Please note, this project design is conceptual in nature and subject to change during the application, design and permitting processes in accordance with TDHCA rules Page 14 of 176 3 bedroom floor plan *Please note, this project design is conceptual in nature and subject to change during the application, design and permitting processes in accordance with TDHCA rules Page 15 of 176 DECEMBER 28, 2015 ACQUISITION:Acquisition New/Rehab. Site acquisition cost 1,742,000 Existing building acquisition cost Closing costs & acq. legal fees Other (specify) Other (specify) Subtotal Acquisition Cost $1,742,000 $0 $0 OFF-SITES:2 Off-site concrete 0 Storm drains & devices 0 Water & fire hydrants 0 Off-site utilities 0 Sewer lateral(s)0 Off-site paving 150,000 Off-site electrical 0 Other (specify)0 Other (specify)0 Subtotal Off-Sites Cost $150,000 $0 $0 SITE WORK:3 Demolition 2,183 Asbestos Abatement (Demo Only)0 Detention 0 Rough grading 120,255 95,255 Fine grading 123,262 123,262 On-site concrete 93,080 93,080 On-site electrical 72,291 72,291 On-site paving 473,300 473,300 On-site utilities 305,661 270,661 Decorative masonry 0 0 Bumper stops, striping & signs 25,632 25,632 Other (specify)344,337 256,520 Subtotal Site Work Cost $1,560,000 $0 $1,410,000 DEVELOPMENT COST SCHEDULE KAIA POINTE Total Development Summary Total Cost Eligible Basis This Development Cost Schedule must be consistent with the Summary Sources and Uses of Funds Statement.All Applications must co development cost column and the Tax Payer Identification column.Only HTC applications must complete the Eligible Basis columns an Credit calculation below: Page 16 of 176 SITE AMENITIES: Landscaping 200,000 200,000 Pool and decking 0 0 Athletic court(s), playground(s)72,000 72,000 Fencing 18,500 18,500 Other (specify)45,000 45,000 Subtotal Site Amenities Cost $335,500 $0 $335,500 BUILDING COSTS*: Concrete 682,790 682,790 Masonry 550,256 550,256 Metals 312,143 312,143 Woods and Plastics 1,377,883 1,377,883 Thermal and Moisture Protection 209,254 209,254 Roof Covering 154,201 154,201 Doors and Windows 347,063 347,063 Finishes 1,331,639 1,331,639 Specialties 99,491 99,491 Equipment 212,267 212,267 Furnishings 219,816 219,816 Special Construction 175,986 175,986 Conveying Systems (Elevators)0 0 Mechanical (HVAC; Plumbing)1,045,818 1,045,818 Electrical 721,161 721,161 Detached Comm Facilities/Bldg 0 0 Carports and/or Garages Lead-Based Paint Abatement Asbestos Abatement (Rehab only) Structured Parking 0 Commercial Space Costs Other (specify)0 0 Subtotal Building Costs $7,439,768 $0 $7,439,768 TOTAL BUILDING COSTS & SITE WORK (including site amenities)$9,335,268 $0 $9,185,268 Contingency 7.00%663,969 642,969 TOTAL HARD COSTS $10,149,237 $0 $9,828,237 Page 17 of 176 OTHER CONSTRUCTION COSTS: General requirements (<6%)6.00%608,954 589,694 Field supervision (within GR limit) Contractor overhead (<2%)2.00%202,985 196,565 G & A Field (within overhead limit) Contractor profit (<6%)6.00%608,954 589,694 Total Contractor Fees 1,420,893 1,375,953 TOTAL CONSTRUCTION CONTRACT $11,570,130 $0 $11,204,190 SOFT COSTS3 Architectural - Design fees 300,000 300,000 Architectural - Supervision fees 75,000 75,000 Engineering fees 275,000 275,000 Real estate attorney/other legal fees 300,000 225,000 Accounting fees 69,000 69,000 Impact Fees 0 0 Building permits & related costs 205,938 205,938 Appraisal 7,500 7,500 Market analysis 7,500 7,500 Environmental assessment 18,150 18,150 Soils report 18,150 18,150 Survey 18,700 18,700 Marketing 100,000 Hazard & liability insurance 54,600 0 Real property taxes 232,302 60,453 Personal property taxes Other (specify) Other (specify)156,796 156,796 Other (specify)175,000 175,000 Subtotal Soft Cost $2,013,636 $0 $1,612,187 FINANCING: CONSTRUCTION LOAN3 Interest 654,743 491,057 Loan origination fees 142,500 142,500 Title & recording fees 150,000 150,000 Closing costs & legal fees 153,056 0 Inspection fees 85,000 85,000 Credit Report Discount Points Other - Letter of Credit 16,359 16,359 Other (specify) Page 18 of 176 PERMANENT LOAN Loan origination fees 22,500 Title & recording fees Closing costs & legal Bond premium Credit report Discount points Credit enhancement fees Prepaid MIP Other (specify) Other (specify) BRIDGE LOAN Interest Loan origination fees Title & recording fees Closing costs & legal fees Other (specify) Other (specify) OTHER FINANCING COSTS3 Tax credit fees 70,850 Tax and/or bond counsel Payment bonds Performance bonds Credit enhancement fees Mortgage insurance premiums Cost of underwriting & issuance Syndication organizational cost Tax opinion Other (specify) Other (specify) Other (specify) Other (specify) Subtotal Financing Cost $1,295,009 $0 $884,916 DEVELOPER FEES:3 Housing consultant fees4 150,000 150,000 General & administrative Profit or fee 1,953,344 1,905,194 Subtotal Developer's Fees 15.00%$2,103,344 $0 $2,055,194 RESERVES: Rent-up 120,195 Operating 444,401 Replacement Escrows 0 Subtotal Reserves $564,597 $0 $0 TOTAL HOUSING DEVELOPMENT COSTS $19,288,716 $0 $15,756,488 Page 19 of 176 1st KAIA POINTEDECEMBER 28, 2015 SOURCES AND USES Financing Participants Funding Description Construction Period Lien Position Permanent Period Lien PositionLoan/Equity Amount Debt Interes t Rate (%) Loan/Equity Amount Interes t Rate (%) Amort - ization Term (Yrs) Syndication Rate TDHCA Multifamily Direct Loan TDHCA Mortgage Revenue Bond Wells Fargo Conventional Loan $9,500,000 7.00%4,500,000$ 7.00%30 18 1st Third Party Equity Wells Fargo HTC 11,398,860$ 14,248,575$ 0.95 Grant Deferred Developer Fee Saigebrook Development, LLC -$ 540,141$ -$ Other -$ Total Sources of Funds 20,898,860$ 19,288,716$ Total Uses of Funds 19,288,716$ Page 20 of 176 CITY OF GEORGETOWN LOW-INCOME HOUSING TAX CREDIT RESOLUTION OF SUPPORT REQUEST Kaia Pointe Williams Drive within the Gatlin Creek Planned Development Georgetown, TX SUBMITTED BY: Saigebrook Development Contact: Megan Lasch 421 West 3rd Street, Suite 1504 Austin, Texas 78701 (830) 330-0762 Submitted: December 30, 2015 Page 21 of 176 Low-Income Housing Tax Credit/HOME Resolution of Support Request Application Form $OODSSOLFDWLRQVPXVWEHVXEPLWWHGZLWKDFRPSOHWH$SSOLFDWLRQ)RUPDFRPSOHWHGDSSOLFDWLRQFKHFNOLVWDQGDOO PDWHULDOVOLVWHGLQWKHDSSURSULDWHFKHFNOLVW 7KH+RXVLQJ&RRUGLQDWRULVDYDLODEOHWRDGYLVH\RXRQDQ\ UHTXLUHPHQWV 3OHDVHFDOO IRUDQDSSRLQWPHQWWRVXEPLW\RXUDSSOLFDWLRQ$SSOLFDWLRQVPD\EH VXEPLWWHGDWDQ\WLPH %DVHGRQWKHVXEPLVVLRQGDWHWKHDSSOLFDWLRQZLOOEHWHQWDWLYHO\VFKHGXOHGIRUWKHQH[W DYDLODEOH+RXVLQJ$GYLVRU\%RDUGPHHWLQJZKLFKQRUPDOO\RFFXUVRQWKHWKLUG:HGQHVGD\RIHDFKPRQWK 3URMHFW1DPH Property Information 3URSHUW\$GGUHVV /HJDO'HVFULSWLRQ =RQLQJ'LVWULFW 5HTXHVWLQJVXSSRUWIRU /,+7& BBBBB +20(3DUWQHUVKLS3URJUDPBBBBB Applicant Information (SURSHUW\RZQHURUDXWKRUL]HGDJHQW Applicant will be used as the City ’s Official Contact 1DPH $GGUHVV &LW\6WDWH=LS :RUN3KRQH &HOO3KRQH (PDLO Do you have site control or owner’s consent to apply for LIHTC/HOME funding on this site? <HVBB1RBBBB Property Owner Information 2ZQHU1DPH V $GGUHVV &LW\6WDWH=LS :RUN3KRQH &HOO3KRQH (PDLO $SSOLFDQWV6LJQDWXUH 3ULQWHG1DPH 'DWH %\VLJQLQJWKLVIRUPWKHRZQHURIWKHSURSHUW\DXWKRUL]HVWKH&LW\RI*HRUJHWRZQWR EHJLQSURFHHGLQJLQ DFFRUGDQFHZLWKWKHSURFHVVIRUWKLVUHTXHVW7KHRZQHUIXUWKHUDFNQRZOHGJHVWKDWVXEPLVVLRQRIDQ DSSOLFDWLRQGRHVQRWLQDQ\ZD\REOLJDWHWKH&LW\WRDSSURYHWKHDSSOLFDWLRQDQGWKDWDOWKRXJK&LW\VWD II PD\PDNHFHUWDLQUHFRPPHQGDWLRQVUHJDUGLQJWKLVDSSOLFDWLRQWKHGHFLVLRQPDNLQJDXWKRULW\PD\QRW IROORZWKDWUHFRPPHQGDWLRQDQGPD\PDNHDILQDOGHFLVLRQWKDWGRHVQRWFRQIRUPWRWKHVWD II ’V UHFRPPHQGDWLRQ ,BJB1PJOUF --$ 8JMMJBNT%SJWF (FPSHFUPXO 5FYBT "8"8+POFT *4VS "$3&4 (BUMJO$SFFL16%0SE 9 4BJHFCSPPL%FWFMPQNFOU 8FTUSE4USFFU4UF "VTUJO 59 NFHBO!QJOOBDMFIPVTJOHDPN 9 -JTB.4UFQIFOT (FPSHFUPXO(BUMJO$SFFL -5% *OEJHP-BOF (FPSHFUPXO 59 EBWJE!KEXPMGDPN Page 22 of 176 Page 23 of 176 Page 24 of 176 December 30, 2015 Jennifer Bills City of Georgetown - Housing Coordinator 809 Martin Luther King St 2nd Floor Georgetown, TX 78626 Re: Kaia Pointe – City of Georgetown Application for LIHTC Resolution of Support Dear Ms. Bills, Saigebrook Development, LLC (“Saigebrook”) is most pleased on behalf of the Owner Kaia Pointe, LLC and its development team to submit this Response to the City of Georgetown’s Low-Income Housing Tax Credit Resolution of Support Request for the 2016 TDHCA application cycle. Saigebrook specializes in providing affordable housing for the workforce, including mixed income and mixed use concepts in several communities. The Saigebrook team is proficient in creating outdoor amenities that encourage connectivity and walkability throughout the development site and surrounding community as well as creating recreational and community living spaces in garden style, podium style and mid-rise developments. Through strategic design of the proposed development project, the goal is to create urban style housing that is affordable to the local workforce while also providing options for market rate rental units within the community. The 2030 Housing Element of the City of Georgetown Comprehensive Plan outlines housing and community needs, particularly for workforce housing. A resolution in favor of Kaia Pointe will help the City of Georgetown reach its objective of supporting developer efforts to increase the number of affordable units for families, persons with disabilities, and elderly. The Kaia Pointe community will provide high quality affordable housing for residents earning between 30%, 50%, and 60% AMI by creating an affordable housing option in a location that has close proximity to community resources, employment centers and highly rated schools. Site Location Kaia Pointe is the proposed new construction of a mixed income, garden style development to be located on the south side of Williams Drive within the Gatlin Creek Planned Development in Georgetown, TX. A location map is located below and in Exhibit A. . Page 25 of 176 The 5.0 acre site is located within Census Tract Number 48491020109 where the Average Household Income is $104,832 with a poverty rate of 1.4%. The proposed project is located within a first quartile census tract as defined by TDHCA. Kaia Pointe is within the Georgetown ISD, a MET Standard rated district. The residents of Kaia Pointe will have the opportunity to attend the excellent schools of Ford Elementary, Benold Middle, and Georgetown High School. Students who attend highly rated schools of this caliber often see greater opportunity for continued education yielding additional employment possibilities. The community surrounding Kaia Pointe offers accessibility to recreation, commercial, services and many employment opportunities. Kaia Pointe is located in close proximity to Ford Elementary, Scott and White Healthcare Clinic, Walgreens, Jim Hogg Park and HEB Grocery. Under the provisions of the 2016 QAP, the site receives maximum points for both Opportunity Index and Educational Excellence scoring criteria. As mentioned above, the site is located in a census tract with 1.4% poverty. There is priority given under the 2016 QAP to developments within low poverty census tracts. Therefore, Kaia Pointe will be highly competitive within the TDHCA Region 7 funding process. Project Description and Site Development This 5.0 acre multi-family development is estimated to consist of 104 units of which 86 are targeted as affordable housing available for residents making between 30 and 60% Area Median Income and 18 are unrestricted market rate units. The property will have a mix of one, two and three bedroom units in two and three-story buildings with onsite surface parking and a clubhouse/amenities center. Please see Exhibit B for architectural renderings, unit floor plans and preliminary site plan layout. Please note, this project design is conceptual in nature and subject to change during the application, design and permitting processes in accordance with TDHCA rules. PROPOSED UNIT MIX (SF are approximate): 22 - 1bed/1bath units at 725 square feet 58 - 2bed/2bath units at 950 square feet 24 - 3bed/2bath units at 1175 square feet Using a conventional first mortgage and 9% housing tax credits, the development would create a true mixed income community by targeting 17% of its units to unrestricted, market rate units. The breakdown of the number of units proposed in each area median income is shown in the table below. The exact number of units in each category is subject to change during the application, design and permitting processes in accordance with TDHCA rules. 30% AMI 50% AMI 60% AMI Market Rate 9 units 35 units 42 units 18 units The proposed Kaia Pointe helps to achieve the City’s goal of insuring that there is a variety of housing in Georgetown that is financially attainable at all income levels. The 2015 program rent limits for each area median income are shown in the table below. These rent and income limits are generated by the U.S. Department of Housing and Urban Development each year. These are gross rents before deduction of any allowance for tenant paid utilities. Estimates of utility costs (known as utility allowances) will be deducted from these gross rents to determine net tenant paid rents. Utility allowances are either provided by an engineer in accordance with a HUD approved model or by the local housing authority and they are also updated annually. 1 Bedroom 2 Bedroom 3 Bedroom 30% AMI $432 $519 $599 50% AMI $720 $865 $998 60% AMI $864 $1038 $1198 Page 26 of 176 Accessible Housing To the best of our knowledge and ability, all of Saigebrook's developments comply with the Equal Opportunity Housing regulations as well as Fair Housing, ADA and UFAS standards. This Development will be designed to meet or exceed the accessibility requirements of the Federal Fair Housing Act. At least 10 units will be reserved for persons with disabilities as defined by the Section 811 Project Rental Assistance Program. A minimum of 5% of all units and all community amenity space will be designed and constructed to allow for accessibility to persons with limited mobility. An additional 2% of the units will be also designed for hearing and visual disabilities. ADA features for the units will include but are not limited to: All passage doors to be 36” wide Knee space in both bathrooms ( if applicable) for wheelchair access Under counter knee space in kitchen for wheelchair access 34” height countertop in bathroom and kitchen work area All individual rooms are made fully accessible by providing adequate turn radius Fully accessible bathtub/shower combination Strobe light alarms and doorbells for HV units Temperature controlled water valves Accessible light switches and outlets Furthermore, all ground floor units will be adaptable, as required by the Fair Housing Act, to accommodate those with disabilities and may be modified as needed by resident request. An accessible route will connect the accessible parking spaces to the building entry as well as the common areas of the development. Saigebrook will hire an Accessibility and Compliance Consultant to provide plan review and inspection services for compliance with the Texas Accessibility Standards (TAS), the Uniform Federal Accessibility Standards (UFAS), Fair Housing Act (FHA), and the International Building Code (IBC) Chapter 11. The scope of work for the review will include project registration with TDLR, technical assistance during the design phase, preliminary plan reviews, and final plan review of the 100% CD Submittal, preliminary inspections, and a final construction inspection. Listing of amenities and services Amenities at Kaia Pointe will include items such as a fully furnished leasing center with a media room, fitness center, cyber lounge, outdoor terrace, children’s playroom, amenity center, BBQ grill stations with picnic tables and onsite parking building. Unit amenities will include an Energy Star appliance package, solid surface countertops, high efficiency lighting, hard surface flooring, walk-in closets and tile tub surrounds. The affordable and market rate units will have the same high quality, long- life cycle finishes however; different product selections might be made for the market rate units. These product modifications could include, but are not limited to: accent colors, kitchen backsplash materials/colors, cabinet countertop selections, accent lighting and trim package upgrades. Resident services at the property will be determined as dictated by resident needs and desires. Saigebrook will work in concert with the Management Agent, Accolade Property Management, and local provider agencies to tailor onsite services that best fit the population’s needs. During the TDHCA Application process Saigebrook will obtain several letters of community support, from local non-profits and potential service providers to help jump-start the identification process. Typical resident services will include items such as monthly on-site social activities, financial counseling services, language classes, homebuyer education, credit counseling, financial planning courses, health screening services, computer classes, and health and nutritional seminars. In addition to working with the above mentioned service providers, Accolade will leverage their existing relationships with multiple outside agencies (non-profit, faith-based and others) to come into the Page 27 of 176 communities and serve our residents at no charge. Accolade will provide the following resident services in accordance with the terms of the LURA as required such as: • Provide Resident Activities on a monthly basis such as movie nights, energy conservation seminars, family game night, Saturday breakfasts; and • Homeownership Opportunity Program • Literacy Training • Employment Assistance Program-writing a resume, internet job search, dress for success, how to interview • On-site Health and Nutrition Programs-vital screenings, educational seminars, cooking for life, diabetes cookbooks, hygiene • Financial Counseling Program-how to improve your credit scores, maintain a bank account • Life Safety Training-CPR, First Aid classes, Child seat safety education Utilizing local non-profits, city agencies and county agencies, the management team will tailor resident services and enrichment programs to the needs of the residents. Resume writing and interview skills have been taught to residents by nonprofit organizations, as well as, programs that relay information on utility cost savings and economical nutritious practices have been well received in communities nearby and might be a good option for residents of the proposed Kaia Pointe. Working closely with community organizations like The Sustainable Food Center, Any Baby Can, American Youth Works and Skillpoint Alliance, management will be able to provide additional resources to the residents, such as career counseling, youth education services and cost-effective purchasing advice. In the past the management team has successfully provided backpacks filled with school supplies for resident families through donations from Walmart and Office Depot. Health screenings of residents has provided critical indications of significant medical conditions that if left unattended could result in a serious health condition. These services are usually provided by the county health agency or American Red Cross. Weaving community agencies and local companies into residents’ lives is an important way to build the community while providing basic needs. Energy Efficiency Even before the current emphasis on green building methods, the Saigebrook team strived to promote energy and natural resource conservation in its communities. These efforts have had a significant positive impact in the cost of operations and the out of pocket costs for the residents. Saigebrook will commit to creating an energy-efficient community certified under the Nation Green Building Standard program. Green features at Kaia Pointe will include, but not be limited to, the following energy efficiency features: Low or no VOC paint Use of native landscape plantings to reduce use of water resources; Attic insulation of R-30 or greater; Windows with a shading coefficient of .67 or greater; Energy conserving lighting; Low-flow fixtures and water conserving faucets, shower heads, etc.; High efficiency (1.28 gpf) toilets; Installation of formaldehyde free insulation Healthy flooring materials. Background of Saigebrook Development and Prior Municipality Collaboration The principal of Saigebrook Development, Lisa Stephens has specialized in providing first-class affordable and workforce housing communities in urban core and suburban areas since 1996. Saigebrook Development has not had any changes in company names or re-organizations since incorporating in 2000. Ms. Stephens has secured 13 allocations of Housing Tax Credits in the last 6 application cycles in Texas and has financed and closed approximately 5,000 units in the southeastern United States. Page 28 of 176 While this would be Saigebrook’s first venture with the City of Georgetown, this development team has collaborated with other city municipalities for the purpose of building and rehabilitating housing. Most notably, in 2011, Saigebrook was selected to spearhead the redevelopment of the former Parkside Village Apartments in Waco, Texas. The City had a goal of revitalizing the surrounding neighborhood through the reconstruction of a previously failed HUD apartment community. The property, now known as Barron’s Branch, consists of 168 units that serves residents earning between 30% and 120% Area Median Income and includes 12 unrestricted market rate units. The Saigebrook team worked hand in hand with the City of Waco to ensure a successful development will be created that will be a true asset to the surrounding neighborhood. Please see the attached letter of support from the Housing & Economic Development Director of the City of Waco attached as Exhibit C. Saigebrook’s dedicated team includes Lisa Stephens, Team Leader and Consultant for the project and Megan Lasch, Project Manager and Primary Contact for the Kaia Pointe venture. The development team has built its reputation not as the biggest or the busiest in the field, but as a premier affordable housing developer based on consistent quality, innovation in design and long-term viability of each development. Saigebrook will specifically oversee the Development Plan including but not limited to planning, environmental testing, design oversight, financing, permitting, construction, lease-up, and stabilization of the property. Collectively, the Saigebrook team has extensive experience in all aspects of housing development including market analysis, site selection and control, planning, design, construction, financing, management and compliance. More information on each individual is included below. Profile of Principals and Staff The Team Leader for Kaia Pointe, LISA STEPHENS, has more than 15 years of experience in the affordable housing arena, has secured thirteen allocations of 9% Housing Tax Credits in the last six application cycles in Texas and has financed and closed approximately 5,000 units in the southeastern United States. Ms. Stephens is the Owner and President of Saigebrook Development, LLC, a WBE/Texas HUB certified real estate development firm. Ms. Stephens was named by Affordable Housing Finance magazine as one of twelve 2009 "Young Leaders," a prestigious award honoring individuals under the age of 40 who have been nominated by their peers and colleagues as the next generation of affordable housing and community development leaders. Ms. Stephens received her BA in Accounting and Finance from the University of Florida and is certified by the US Green Building Council as a LEED Green Associate. She currently serves on the National Green Building Standards’ Green Advisory Council. MEGAN LASCH- Originally from Grove, Oklahoma, Ms. Lasch has ten years of experience in the project management/consulting industry. Having received her Bachelor’s degree in Biosystems Engineering from Oklahoma State University, Ms. Lasch began her career as an engineering consultant where she helped design a variety of public and private development projects. Ms. Lasch is the Owner and President of O-SDA Industries, LLC, a City of Austin MBE/WBE/Texas HUB certified real estate development firm. Ms. Lasch is based in Austin, Texas and serves as the project manager/developer for all Saigebrook developments. Ms. Lasch helps to manage all aspects of the project life cycle from site identification, TDHCA application, to managing third party consultants throughout the design process and ultimately to project completion. Ms. Lasch serves on the Board of Directors for Skillpoint Alliance, a non-profit providing technology based workforce training, and is a member of the Real Estate Council of Austin. Project History and Complexes Managed The three most recent developments are summarized as follows. A list of recent development experience is attached at Exhibit D. Barron’s Branch – Waco, Texas Barron’s Branch is a two-phase community redevelopment partnership with the City of Waco. Barron’s Branch will be a luxury styled, mixed income community located at Colcord Avenue and 9th Street. The amenity rich development will offer Page 29 of 176 one, two, three and four bedroom apartments with a total of 168 units. The units will include spacious floor plans, covered entries, patios and balconies, energy star rated appliances, granite countertops and spacious closets. The first phase will complete construction in January 2016 and is currently 95% leased. The second phase will begin leasing in the summer of 2016. The rent for these high quality units will be held to affordable levels with the intent of alleviating some of the resident’s financial burdens and allowing them a more comfortable life style. This family community encourages an active lifestyle and will connect to an improved city park via a bridge across Brazos Creek. Barron’s Branch will offer a First Time Homebuyer Down Payment Assistance Program to its residents. Other community amenities will include: a fully furnished clubhouse with fitness center and cyber lounge, a pool, a children’s playground, a pavilion with BBQ grill and picnic tables and monthly social activities. The complex will also include a retail space that will house Skillpoint Alliance, a non-profit organization whose mission is to build partnerships that lead to college and career success for Central Texans while meeting employers' workforce needs. Skillpoint will provide resident education programs, as well as, skills and job training to the community free of cost. Skillpoint Alliance connects industry & education for workforce development through 4 programs. Empower is a computer proficiency course that will increase the number of computer proficient adults through a 10-week proficiency series. The second program is called Gateway. Gateway is a Rapid Employment Training course that will increase the number of career-ready individuals by providing technical and professional skill training in Electrical, Plumbing, HV/AC, Machine Operator and Nurse Aide. The third program is Velocity Prep, a Youth Internship Program. This program will introduce high school students to the day-to-day realities of working in STEM careers, including training to run a business, presentation skills, and more. The last program is called STEM Summer Camps. This program provides a minimum of two week long summer camps for area resident children aged 5-12 years old with a primary science, technology, engineering and math focus. Saige Meadows – Tyler, Texas Created with working families in mind, Saige Meadows offers a number of spacious 1, 2, and 3 bedroom apartments/townhomes and encourages active community engagement with a multitude of outdoor amenities. Consisting of 92 mixed-income units, there are ten residential buildings, a clubhouse with amenity and leasing office space and a separate fitness center. Saige Meadows serves families at 30%, 50% and 60% of AMI, as well as market rate households. This community is the second of its kind in Tyler by this development team. The first project, Pinnacle at North Chase, opened its doors to residents in August of 2012. The City of Tyler expressed how happy they were with the outstanding quality of the North Chase property. As a result they invited Saigebrook Development to explore a second development opportunity in Tyler; to provide quality, affordably priced, luxury- styled apartment homes to working class families operating on a budget in north Tyler. Located within the City’s North End Revitalization plan, Saige Meadows was the result of that invitation to explore growth in North Tyler and the community will be a catalyst for future investment in the area. The property began pre-leasing in late 2014 while still under construction. There were no units to show, only projected floor plans. The property opened its doors in March of 2015, at which point about 50% of the units had been leased sight unseen. Just three months later, the property was 100% leased and remains so today with a Page 30 of 176 significant waiting list. On-site amenities include: a fully-furnished clubhouse with entertainment room and Wi-Fi throughout, swimming pool, playground, fitness center, cyber lounge, picnic area with BBQ grills, and is located within Lindale ISD, a MET Standard rated district. There are multiple supportive services offered to the residents of Saige Meadows, such as monthly on-site social activities, financial counseling services, language classes, homebuyer education, credit counseling, financial planning courses, health screening services, computer classes, and health and nutritional seminars. Unit features include spacious floor plans, Energy-Star appliances and fixtures, granite countertops, resilient flooring, plentiful storage, covered entries and patios/balconies. Saige Meadows commissioned the work of Texas sculptor George Tobolowsky out of Dallas, Texas. The sculpture called “Reaching Up” is made of painted steel and stainless steel recycled parts and materials. Creating an energy-efficient community was an important goal for the development of Saige Meadows, and the property received a NGBS Green Certified Bronze status. Another important goal in the development of Saige Meadows was to help create jobs within the community, allow opportunities for apprenticeships and building experience, and ultimately support economic development in the City of Tyler. In order to do so, Saige Meadows hosted a Job Fair/Outreach Event for DBE/WBE/HUB’s, local firms and prime contractors to learn about the Saige Meadows project, understand the schedule and time-frame, and network with other firms to seek out partnership opportunities. The goal was to choose subcontractors from the area to support Tyler and reinvest in the community. Additionally, job opportunities were created indirectly through the subcontractor base. TDHCA anticipated that Saige Meadows would create $6.4 M in local income and over 100 jobs through construction and management. Summit Parque – Dallas, Texas Located in North Dallas is a mid-rise, family oriented community consisting of 100 mixed-income units. With 25% market rate units, Summit Parque is a true mixed-income community. This seven story residential development was designed with energy efficiency in mind. Summit offers its residents comfortable living with all the conveniences of an urban location. Summit Parque is located near the Medical City Hospital, which provides a significant employment base as well as health care services. Medical City’s facilities consist of several hospitals including Medical City Children’s Hospital, Green Oaks Hospital, and Texas Institute for Robotic Surgery. Additionally, the residents of Summit Parque will have the opportunity to attend Richardson ISD, a MET Standard rated district. Residents live between one and three miles from the assigned schools: Hamilton Park Pacecenter Elementary, Westwood Junior High and Richardson High School. The clubhouse and leasing spaces are located at ground level, along with a two story parking garage, with residential units above. Amenity centers are located on multiple levels including an indoor/outdoor terrace space for residential use, gatherings and other community functions. Specific amenities at Summit Parque include a fully furnished clubhouse with a media room, fitness center, cyber lounge, children’s play area, community room, covered BBQ, and roof top terrace. Unit amenities will include a dishwasher, microwave, solid surface countertops, high efficiency appliances and lighting, hard surface flooring, walk-in closets and tile tub surrounds. Creating an energy-efficient community was an important goal for the development of Summit Parque. The Page 31 of 176 community will have several arrays of solar panels mounted on the roof of the building. The clean renewable energy produced will help to offset the amount of energy used by the common areas. This property is anticipated to achieve an NGBS Silver Level Certification. Art in Public Places The principals of both Saigebrook Development and Kaia Pointe recognize the importance of art education and are strong believers of public artwork as an integral part of communities. In each community, a local artist is commissioned to create an original sculpture, mosaic, or other form of art work for the property. The continued commitment to Art in Public Places aims to provide a sense of community for each property, encouraging pride and satisfaction towards the residence they call home. Quite often local children are provided the opportunity to participate in the artist’s creation, thereby creating a sense of pride and achievement within their neighborhood. Property Management Company and Experience Accolade Property Management, Inc. has been selected to manage the proposed Kaia Pointe development. Headquartered in Irving, Texas, this firm is an experienced real estate management firm with extensive experience in multifamily management. Accolade’s principals believe that local market expertise and knowledge coupled with proven management practices will result in superior performance for the ownership and a first class living environment for its residents. Formed in 2002 by one its principals, Accolade Property Management is a joint venture to take advantage of an ever changing real estate market. Accolade Property Management became a firm dedicated to its success by ensuring the success of its clients’ investments. Ms. Stephanie Baker, managing partner, knew that her breadth of knowledge, marketing savvy and hands on experience with assets primarily in Florida, Texas and New Mexico could create an organization strictly focused on superior property management services. The genesis of the firm commenced by Ms. Baker hand picking Accolade’s Key Management. Accolade’s success is led by professionals with extensive experience in Real Estate Management with over 150 years combined management expertise. Over the years the management team at Accolade has been effective in the management of low income/affordable assets with bond programs and other land use restrictions, assets that required significant physical rehabilitation and new Class A+ developments with construction management and specialized marketing needs. Current Portfolio of Assets Years # Year Asset Location Managed Units Built Type Occupancy Alta Westgate Orlando, FL 1 240 2007 LIHTC-40/60, Bond 95% Amberwood Place Longview, TX 1 78 2014 LIHTC 99% Ash Lane Euless, TX 13 250 1997 LIHTC-40/60 98% Barron's Branch Waco, TX 1 92 2015 LIHTC-40/60 35% (in lease up) Casa Bandera LasCruces, NM 3 232 2002 Market Rate 95% Colonial Commons Ft. Myers, FL 1 332 2015 Market Rate 60% (in lease up) East Pointe Place Ft. Myers, FL 1 86 2014 LIHTC-40/60 PBV Sec.8 100% Page 32 of 176 Fountains of Rosemead Dallas, TX 13 382 1997 LIHTC-40/60 95% Garland Meadows Garland, TX 3 152 1996 LIHTC-40/60 98% Gulf Breeze Punta Gorda, FL 8 171 2008 ACC/LIHTC-SHIP, BOND, RRLP 99% High Range Village Las Cruces, NM 17 144 1985 Market Rate-Rehab 94% Landings at East Pointe Ft. Myers, FL 1 126 2014 LIHTC/Proj Based Section 8 98% Lakes at Collier Commons Land O' Lakes, FL 7 252 2003 Conventional-Hud 221 (d) 4 98% Lakes of Eldorado McKinney, TX 13 220 1997 LIHTC-40/60 95% Landings at Cross Bayou St. Petersburg, FL 1 182 2014 LIHTC-40/60 PBV Sec.8- Lease up 40% (in lease up) La Ventana Abilene, TX 1 84 2014 LIHTC -40/60 99% Liberty Pass Selma, TX 1 104 2015 LIHTC -40/60 0% (in lease up) Norstar at Bear Creek Euless, TX 13 256 1998 Market Rate 95% Oakridge Estates Tarpon Springs, FL 1 62 2011 ACC/LIHTC-Lease Up 100% Park Place Las Cruces, NM 8 292 1986 Market Rate-Rehab 94% Parkridge Place Abilene, TX 22 170 1982 AHDP-Rehab 96% Pinellas Heights Largo, FL 1 153 2014 LIHTC/ PBV Sec. 8 Lease Up 100% Pinnacle at North Chase Tyler, TX 1 120 2012 LIHTC-40/60 98% Renaissance Preserve Senior Ft. Myers, FL 5 120 2009 ACC/LIHTC-SHIP, BOND 98% Renaissance Preserve Homes Ft. Myers, FL 4 96 2011 ACC/LIHTC- PBV Sec.8 Lease Up 99% Renaissance Preserve III Ft. Myers, FL 4 88 2011 ACC/LIHTC- PBV Sec.8 Lease Up 99% Renaissance Preserve IV Ft. Myers, FL 3 16 2012 ACC Lease Up 100% Roxton Denton, TX 1 126 2013 LIHTC -40/60 92% Saige Meadows Tyler, TX 1 92 2015 LIHTC -30/50/60/Market 100% Silver Creek I N. Richland Hills, TX 14 216 1999 Market Rate 221(d)4 95% Silver Creek II N. Richland Hills, TX 14 208 2001 Mkt Rate 221(d)4 94% Summit Irving, TX 13 267 2001 Market Rate 92% Summit Parque Dallas, TX 1 100 2015 LIHTC-40/60 20% (in lease up) Sunrise Park Lake Wales, FL 3 72 2011 ACC/LIHTC Lease Up 100% Tylor Grand Abilene, TX 1 120 2012 LIHTC-40/60 100% Venetian Walk Venice, FL 3 61 2014 ACC/ LIHTC Lease Up 100% Villages at Tarpon Springs Tarpon Springs, FL 1 95 2015 Acq.Rehab LIHTC, RAD conversion 0% (in lease up) Page 33 of 176 Westchester I & II Grand Prairie, TX 13 316 2001- 15 Market Rate 98% TOTAL 6173 Financing Sources To finance Kaia Pointe, Saigebrook will apply for 9% housing tax credits from Texas Department of Housing and Community Affairs (TDHCA) in the 2016 application cycle. Tax credit equity is anticipated to provide approximately $14.25M in proceeds. The first mortgage is anticipated to be a conventional loan in the amount of approximately $4.5M. Please see Exhibit E for the breakdown of development costs, sources and uses, and Pro Forma statement for the proposed Kaia Pointe. The property is not under contract with any other funding programs. Kaia Pointe will not be tax exempt after development and units will remain affordable for a minimum of 35 years. Once complete, the property taxes generated by the Kaia Pointe community are estimated at $128,043 based on the existing tax rate. Additionally, $418,646 will be generated through sale tax during construction. The proposed development of Kaia Pointe will not require extensive capital improvements. Georgetown ISD Impact The applicant does not anticipate the proposed development will have a significant impact on GISD. The school district will be notified by January 8th to inform them of the site location and the proposed development. TDHCA Scoring Criteria Under the provisions of the 2016 QAP, the site receives maximum points for both Opportunity Index and Educational Excellence scoring criteria. As mentioned above, the site is located in a census tract with 1.4% poverty. The 2016 QAP gives priority to developments within extremely low poverty census tracts therefore Kaia Pointe will be highly competitive within the TDHCA Region 7 funding allocation. A self- score for the proposed development based on the 2016 QAP is included as Exhibit F. Development Requests With this application, Saigebrook is requesting placement on the City of Georgetown’s January 26th City Council agenda and request that the resolution, attached as Exhibit G be considered for support at the council meeting. The resolution of support, includes a $10 minimum grant, waived fee, or contribution for the benefit of the development. The resolution of support as drafted is the only Council action item needed before the March 1, 2016 TDHCA deadline. A zoning verification letter will also be requested from City staff by March 1. Currently, no other approvals or letters from the City are expected to be needed. Securing Housing Tax Credits has been and continues to be the linchpin to financing development opportunities in affordable rental housing. Saigebrook Development and its partners are unparalleled in preparing and executing this type of funding mechanism. This reputation is based upon the ability to positively implement a development initiative with the lowest possible financial exposure. Such efforts have been a hallmark of these ventures and have led to consistent positive working relationships with both financial institutions and public entities. Thank you for the opportunity to submit this LIHTC Resolution of Support Request. We look forward to answering any questions you may have. Please contact Megan Lasch at megan@pinnaclehousing.com or at (830) 330-0762 concerning this Response. Sincerely, Lisa M. Stephens, President Saigebrook Development 421 West 3rd Street, Ste. 1504 Austin, TX 78701 Page 34 of 176 Exhibit C Letter of Support Page 35 of 176 Page 36 of 176 Exhibit D Complete list of Developer Experience Page 37 of 176 PROPERTY TYPE , STYLE & TENANT MIX CONSULTANTS UNIT TYPE UNIT TYPE/ SIZE (Sq. Ft.) FINANCING SOURCES TOTAL DEVELOPMENT COST TAX CREDIT INVESTOR PUBLIC AGENCY PARTNER / NON-PROFIT PARTNER COMPLETION TIMEFRAME TAX-CREDIT PRICING GREEN CERTIFICATION Pre-Development NOT AVAILABLE La Madrid 11320 MANCHACA RD Austin, TX 78748 New Construction Garden Style & Townhomes Family Affordable & Market Rate 30%, 50% & 60% AMI Architect: Miller Slayton Architects Civil Engineer: Kimbell-Bruehl General Contractor: TBD Management: Accolade Property Managment 18 - 1 BR 53 - 2 BR 24 - 3 BR Total: 95 1 BR - 750 sq. ft. 2 BR - 950 sq. ft. 3 BR - 1150 sq. ft. LIHTC - 9% (TDHCA) $13,380,000 City of Austin RHDA $20,400,000 Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 N/A Start: 7/1/16 Completion: 7/1/17 1.00 NGBS Stillhouse Flats 2926 Cedar Knob Road Harker Heights, TX 76548 New Construction Garden Style & Townhomes Family Affordable & Market Rate 30%, 50% & 60% AMI Architect: Miller Slayton Architects Civil Engineer: General Contractor: TBD Management: Accolade Property Managment 22 - 1 BR 50 - 2 BR 24 - 3 BR Total: 96 1 BR - 737/762 sq. ft. 2 BR - 93/958 sq. ft. 3 BR - 1159 sq. ft. LIHTC - 9% (TDHCA) $14,180,000 Local Government Contribution $16,800,000 Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com N/A Start: 3/1/16 Completion: 3/1/17 1.06 NGBS Liberty Pass Lookout Rd and Jordan Rd Selma, TX New Construction Garden Style Family Affordable & Market Rate 30%, 50% & 60% AMI Architect: Miller Slayton Architects Civil Engineer: Pape-Dawson Engineers General Contractor: Pinroc Construction Management: Accolade Property Managment 12 - 1 BR 62 - 2 BR 26 - 3 BR 4 - 4 BR Total: 104 1 BR - 750 sq. ft. 2 BR - 975 sq. ft. 3 BR - 1175sq. ft. 4 BR - 1298 sq. ft. LIHTC - 9% (TDHCA) Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com N/A Start: 3/1/15 Completion: 3/1/16 N/A Art at Bratton's Edge Long Vista Dr and Bratton Ln Austin, TX New Construction Garden Style Family Affordable & Market Rate 30%, 50% & 60% AMI Architect: Miller Slayton Architects Civil Engineer: KBGE General Contractor: Pinroc Construction Management: Accolade Property Managment 16 - 1 BR 44 - 2 BR 16 - 3 BR Total: 76 1 BR - 750 sq. ft. 2 BR - 975 sq. ft. 3 BR - 1175sq. ft. LIHTC - 9% (TDHCA) Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com N/A Start: 3/1/15 Completion: 3/1/16 N/A Summit Parque Merit Drive and LBJ Fwy Dallas, TX 75251 New Construction Mid-rise Family Affordable & Market Rate 30%, 50% & 60% AMI Architect: 5G Studio Collaborative Civil Engineer: Cole Engineering General Contractor: KWA Construction Management: Capstone Management 31 - 1 BR 49 - 2 BR 20 - 3 BR Total: 100 1 BR - 750 sq. ft. 2 BR - 950 sq. ft. 3 BR - 1150 sq. ft. LIHTC - 9% (TDHCA) $14,870,000 $2,390,000 Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com N/A Start: 3/1/14 Completion: 3/1/15 0.99 N/A Villages at Tarpon: Walton Village Lemon Village Pine Village North Ring Village Rehabilitation Garden Style Elderly Architect: Miller Slayton Architects Civil Engineer: AVID General Contractor: PHG Construction Management: TBD 26 - 0 BR 69 - 1 BR Total = 95 0 BR - 396/435 sq. ft. 1 BR - 544/560/580 sq. ft. Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com Tarpon Springs Housing Authority Start: 10/2015 Completion: 12/2016 1.02 N/A Barron's Branch Phase I & II 817 Colcord Ave Waco, TX 76707 New Construction Garden Style Family Affordable & Market Rate 30%, 50% & 60% AMI Architect: Galier, Tolson, French Design Civil Engineer: Bannister Engineering General Contractor: Wm. Taylor & Co. Management: TBD 30- 1 BR 86 - 2 BR 48 - 3 BR 4 - 4 BR Total: 168 1 BR - 750 sq. ft. 2 BR - 975 sq. ft. 3 BR - 1175 sq. ft. 4 BR - 1298 sq. ft. LIHTC - 9% (TDHCA) $20,331,756 $16,741,808 Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com N/A Start: 7/1/14 Completion: 3/31/16 1.01 N/A Tupelo Vue Avenue H NW and 5th St NW Winter Haven, FL 33881 New Construction Garden Style Family Affordable & Market Rate 30%, 50% & 60% AMI Architect: Miller Slayton Architects Civil Engineer: Poulos & Bennett General Contractor: PHG Construction Management: TBD 16- 1 BR 38 - 2 BR 16 - 3 BR 4 - 4 BR Total: 70 1 BR - 651 sq. ft. 2 BR - 938/985 sq. ft. 3 BR - 1115 sq. ft. LIHTC - 9% (FHFC) $12,200,380 $8,083,739 Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com N/A Start: 1/31/15 Completion: 3/1/16 0.96 N/A Page 38 of 176 PROPERTY TYPE , STYLE & TENANT MIX CONSULTANTS UNIT TYPE UNIT TYPE/ SIZE (Sq. Ft.) FINANCING SOURCES TOTAL DEVELOPMENT COST TAX CREDIT INVESTOR PUBLIC AGENCY PARTNER / NON-PROFIT PARTNER COMPLETION TIMEFRAME TAX-CREDIT PRICING GREEN CERTIFICATION Saige Meadows 13488 Hwy 69N Tyler, TX 75706 New Construction Garden Style Family Affordable & Market Rate 30%, 50% & 60% AMI Architect: Miller Slayton Architects Civil Engineer: Cole Engineering General Contractor: Pinroc Construction Management: Accolade Property Managment Flats: 22 - 1 BR 44 - 2 BR 4 - 3 BR Townhomes: 6 - 2 BR 16 - 3 BR Total: 92 1 BR - 706/760 sq.ft 2 BR - 919 sq. ft. 2 BR TH - 1156 sq.ft 3 BR - 1085 sq. ft. 3 BR TH - 1440 sq. ft. LIHTC - 9% (TDHCA) $11,870,348 $9,401,010 Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com N/A Start: 4/1/14 Completion: 1/31/15 1.02 N/A N/A La Ventana 2109 Texas 351 Abilene, TX 79601 New Construction Garden Style Family Affordable and Market Rate 30%,50%,60% AMI Architect: Miller Slayton Architects, Inc. Civil Engineer: Jacob & Martin, LTD General Contractor: Journeyman Construction, Inc. Management: Capstone Management 16 - 1BR 36 - 2 BR 28 - 3 BR 4 - 4 BR Total: 84 1 BR - 849 sq. ft 2 BR - 1102 sq. ft 3 BR - 1303 sq. ft 4 BR - 1561 sq. ft LIHTC - 9% (TDHCA) $6,462,643 $9.5M Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com N/A Start: 03/2012 Completion: 05/2014 0.99 N/A N/A Amberwood Place 411 W Hawkins Pkwy Longview, TX 75604 New Construction Garden Style Family Affordable and Market Rate 30%,50%,60% AMI Architect: Miller Slayton Architects, Inc. Civil Engineer: Jacob & Martin, Ltd. General Contractor: Journeyman Construction, Inc. 12 - 1 BR 32 - 2 BR 32 - 3 BR 2 - 4 BR Total Unit 78 1 BR - 849 sq. ft 2 BR - 1102 sq. ft 3 BR - 1303 sq. ft 4 BR - 1561 sq. ft LIHTC - 9% (TDHCA) $8,740,526 $10M Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com N/A Start: 03/2012 Completion: 5/2014 0.99 N/A N/A Tylor Grand 3702 Rolling Green Dr. Abilene, TX 79606 New Construction Garden Style Family Affordable 30%,50%,60% AMI Architect: Miller Slayton Architects, Inc. Civil Engineer: Jacob & Martin, Ltd. General Contractor: Journeyman Construction, Inc. 32 - 1 BR 64 - 2 BR 20 - 3 BR 4 - 4 BR Total Unit 120 1 BR - 849 sq. ft 2 BR - 1102 sq. ft 3 BR - 1303 sq. ft 4 BR - 1561 sq. ft LIHTC - 9% (TDHCA) $13,914,133 $16M Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com N/A Start: 3/29/12 Completion: 4/2/13 0.99 NGBS N/A The Roxton 307 N. Loop 288 Denton, TX 76209 Rehab Garden Style Family Affordable & Market Rate 30%, 50% & 60% AMI Architect: Miller Slayton Architects, Inc. Civil Engineer: Cole and Associates General Contractor: Journeyman Construction, Inc. Management: Capstone Management 16 - 1 BR 86 - 2 BR 24 - 3 BR Total: 126 1 BR - 613 sq. ft. 2 BR - 803 sq. ft. 3 BR - 1004 sq. ft. LIHTC - 9% (TDHCA) $14,500,717 $18,558,613 Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com N/A Start: 3/29/12 Completion: 3/26/13 1.06 N/A Pinnacle at North Chase 3851 N. Broadway Avenue Tyler, TX 75702 New Construction Garden Style Family Affordable 30%, 50% & 60% AMI Architect: Miller Slayton Architects, Inc. Civil Engineer: Ballard & Braughton Engineering General Contractor: Journeyman Construction, Inc. Management: Capstone Management 32 -1 BR 64 - 2 BR 20 - 3 BR 4 - 4 BR Total: 120 1 BR - 883 sq. ft. 2 BR - 1188 sq. ft. 3 BR - 1314 sq. ft. 4 BR - 1552 sq. ft. LIHTC - 9% (TDHCA) $12,596,114 $14,793,000 Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com City of Tyler Contact: Mark McDaniel Ph: 903-531-1250 Start: 5/2/11 Completion: 6/18/12 0.86 N/A Oak Ridge Estates 343 S. Gross Avenue Tarpon Springs, FL 34689 New Construction Townhouses / Garden Style Family Affordable 30%, 35% & 60% AMI Architect: Miller Slayton Architects, Inc. Civil Engineer: The Avid Group General Contractor: PHG Builders, LLC Management: Picerne Management Corporation 8 - 1BR 42 - 2BR 12 - 3BR Total: 62 1 BR - 720 sq. ft. 2 BR - 1032 sq. ft. 3 BR - 1258 sq. ft. LIHTC - 9% (FHFC) $7,495,050 Pinellas County Grant Program $600,000 Tax Credit Exchange Program (TCEP) $3,100,000 $11,373,000 Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com Housing Authority of Tarpon Springs Contact: Pat Weber Ph: 727-937-4411 Start: 11/1/10 Completion: 9/14/11 0.78 FGBC DEVELOPMENTS COMPLETED Page 39 of 176 PROPERTY TYPE , STYLE & TENANT MIX CONSULTANTS UNIT TYPE UNIT TYPE/ SIZE (Sq. Ft.) FINANCING SOURCES TOTAL DEVELOPMENT COST TAX CREDIT INVESTOR PUBLIC AGENCY PARTNER / NON-PROFIT PARTNER COMPLETION TIMEFRAME TAX-CREDIT PRICING GREEN CERTIFICATION Pinnacle at Mariner's Village 18400 28th Street Long Beach, MS 39560 New Construction Garden Style Family Affordable & Market Rate 80% & 120% AMI Architect: Moran-Machado, PLLC Civil Engineer: Moran-Machado, PLLC General Contractor: CB Constructors, Inc. Management: Ledic Management Group, LLC 18 - 1BR 54 - 2BR 36 - 3BR Total: 108 1 BR - 698 sq. ft. 2 BR - 916 sq. ft. 3 BR - 1151 sq. ft. CDBG Disaster Recovery (Mississippi Development Authority) $7,020,000 $12,900,000 Wells Fargo Community Lending & Investment Contact: Rick Davis 301 South College Street, 17th Floor MAC D1043-170 Charlotte, NC 28288-0173 Work: 704.383.9705 Cell: 704.607.9795 Rick.davis@wachovia.com N/A Start: 8/4/10 Completion: 7/29/11 N/A N/A Cypress Cove 930 5th Street Winter Haven, FL 33881 New Construction Garden Style Family Affordable 40% & 60% AMI Architect: Miller Slayton Architects, Inc. Civil Engineer: Engineers Of Central Florida, Inc. General Contractor: PHG Builders, LLC Management: Professional Management, Inc. 12 -1 BR 40- 2 BR 24 - 3 BR 4 - 4BR Total: 80 1 BR - 733 sq. ft. 2 BR - 1009 sq. ft. 3 BR - 1212 sq. ft. 4 BR - 1492 sq. ft Tax Credit Exchange Program (TCEP) $10,242,500 Tax Credit Assistance Program (TCAP) $2,995,167 HOME (FHFC) $130,000 $14,500,000 N/A Rural Neighborhoods Contact: Steven Kirk Ph.: (305) 242-2142 Start: 4/14/10 Completion: 12/23/10 0.85 FGBC Pinnacle at Magnolia Pointe 1240 Parlane Dr. McComb, MS 39648 New Construction Garden Style Family Affordable 50% & 60% AMI Architect: Miller Slayton Architects, Inc. Civil Engineer: Rutter & Associates, Inc. General Contractor: Heritage Const. Co. Management: Ledic Management Group, LLC 12 - 1BR 60 - 2BR 36 - 3BR Total: 108 1 BR - 757 sq. ft. 2 BR - 916 sq. ft. 3 BR - 1151 sq. ft. LIHTC - 9% (FHFC) $14,293,662 $16,691,000 Hudson Housing Capital Contact: Beth Greene 630 Fifth Avenue Suite 2850 New York, NY 10111 212-218-4481 (direct line) 212-218-4467 (fax) beth.greene@hudsonhousing.com N/A Start: 10/26/07 Completion: 12/08/08 1.00 N/A Page 40 of 176 Resolution No. Page 1 of 1 RESOLUTION NO. ****** A RESOLUTION OF THE CITY COUNCIL OF GEORGETOWN, TEXAS, SUPPORTING AN APPLICATION FOR 2016 HOUSING TAX CREDITS BY KAIA POINTE, LLC, NAMED KAIA POINTE TO THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS (TDHCA) TO DEVELOP AFFORDABLE RENTAL HOUSING WHEREAS, KAIA POINTE,LLC has proposed a development for affordable rental housing named Kaia Pointe, in the City of Georgetown, Texas; and WHEREAS, KAIA POINTE,LLC has advised it intends to submit an application to the Texas Department of Housing and Community Affairs (TDHCA) for 2016 Competitive 9% Housing Tax Credits for Kaia Pointe; and WHEREAS, the City of Georgetown finds the need for such affordable housing for citizens within the City’s boundaries and supports the Kaia Pointe development WHEREAS, Confirms the City of Georgetown will provide a grant, reduced fee or contribution of other value for the benefit of the development in the amount of $10. WHEREAS, As provided for in 10 Texas Administrative Code §11.3(b), it is expressly acknowledged and confirmed that the City of Georgetown located in Williamson County has more than twice the state average of units per capita supported by Housing Tax Credits or Private Activity Bonds and FURTHER RESOLVED, that the City of Georgetown, Williamson County hereby supports the proposed Kaia Pointe, and confirms that its governing body has voted specifically to support of the Development and to authorize an allocation of Housing Tax Credits for the Development pursuant to Texas Government Code §2306.6703(A)(4), and FURTHER RESOLVED that for and on behalf of the Governing Body, [name, position of authorized person] are hereby authorized, empowered, and directed to certify these resolutions to the Texas Department of Housing and Community Affairs. Page 41 of 176 Total Application Self Score 124 Efficient Use of Limited Resources and Applicant Accountability Total 43 Point Deductions §11.9(f) §11.9(b)(1)(B)7 10 §11.9(e)(8)1Funding Request Amount QAP Reference Points Selected Declared Disaster Area Financial Feasibility Competitive Housing Tax Credit Selection Self-‐Score Commitment of Development Funding by Local Political Subdivision Point Item Description §11.9(d)(2)1 8 Opportunity Index §11.9(c)(5) 1 Unit Features Community Support and Engagement Total 11 Quantifiable Community Participation §11.9(d)(6) N/A Community Support from State Representative §11.9(d)(5) 10 54 §11.9(c)(8) §11.9(d)(4) §11.9(d)(3) QAP Reference Points Selected Sponsor Characteristics §11.9(b)(2)1 High Quality Housing Total Criteria to Serve and Support Texans Most In Need §11.9(c)(1) Point Item Description 16 Income Levels of Tenants QAP Reference Criteria Promoting Development of High Quality Housing Points SelectedQAP ReferencePoint Item Description Unit Sizes §11.9(b)(1)(A) Tenant Services §11.9(c)(3) §11.9(c)(4) Local Government Support §11.9(d)(1) 7 2 Point Item Description Serve and Support Texans Most in Need Total Points Selected Rent Levels of Tenants 5 16 Tenant Populations with Special Needs §11.9(c)(7)2 §11.9(c)(6) Educational Excellence Underserved Area §11.9(c)(2)11 Criteria Promoting Community Support and Engagement Proximity to Important Services Cost of Development per Square Foot §11.9(e)(2)12 §11.9(d)(7) Input from Community Organizations Right of First Refusal §11.9(e)(7)1 Extended Affordability §11.9(e)(5)2 Historic Preservation §11.9(e)(6)0 §11.9(e)(3) §11.9(e)(1) Criteria Promoting the Efficient Use of Limited Resources and Applicant Accountability Concerted Revitalization Plan Leveraging of Private, State, and Federal Resources §11.9(e)(4)3 6 18 Pre-application Participation 8 4 4 44 17 157 Page 42 of 176 Exhibit 7 TDHCA Housing Tax Credit Program FAQs 1 of 6 TDHCA Question/Answer on Housing Tax Credits Q. What are Housing Tax Credits? A. The federal housing tax credit program is a means of directing private capital toward the creation of affordable rental housing. Owners and investors in qualified affordable multifamily residential developments can use the housing tax credits as a dollar‐for‐dollar reduction of federal income tax liability. The value associated with the housing tax credits allows residences to be leased to qualified families at below market rate rents. The Texas Department of Housing and Community Affairs (TDHCA) is the only entity in the state of Texas with the authority to allocate housing tax credits under this program. To qualify for housing tax credits, the proposed development must involve new construction or undergo substantial rehabilitation of residential units (at least $15,000/unit). The credit amount a development may receive depends on the total amount of depreciable capital improvements and the funding sources available to finance the total development cost. Q. What must an applicant do to apply for housing tax credits? A. Developers apply for housing tax credits through an application process administered by TDHCA. This process is fully described in the Qualified Allocation Plan and Rules (QAP) which governs the programʹs operation. The QAP is revised annually in a process that involves public input, Board approval and ultimately approval by the Governor. Under the competitive HTC program, to be considered for an award of housing tax credits, an application must be submitted to TDHCA during the annual application acceptance period as published in the QAP. All applications must provide the required fee, application and supporting documentation as required by the QAP. The competition for housing tax credits is very high. Therefore, in addition to submitting an application that meets the minimum threshold, applicants must achieve a high enough score to be competitive to receive an award. Tax Exempt Bond applications applying for 4% housing tax credits are submitted to the Department once the Reservation of Allocation is issued by the Texas Bond Review Board. It is required under Section 1372 of the Texas Government Code, for Priority 1 and 2 applications to apply for housing tax credits. Priority 3 applications are not required to have housing tax credits; however, most developments are not financially feasible without them. Q. Does TDHCA have geographical preferences or specific types of developments that it prefers? A. Under the competitive HTC program, housing tax credits are allocated in accordance with Section 2306.111 of the Texas Government Code, which requires that the credits be allocated on a regional basis. There are thirteen state service regions; each of the thirteen state service regions is further divided into Rural and Urban/Exurban areas each of which is targeted to receive a pre‐determined amount of the housing tax credits for each year. The amount per area is based on a regional allocation formula which is generated, with public input, by the Housing Page 43 of 176 Exhibit 7 TDHCA Housing Tax Credit Program FAQs 2 of 6 Resource Center of TDHCA. Upon finalization of the formula, the targeted allocations will be released. Additionally, the HTC Program has several allocations and/or set‐asides which it strives to meet: at least 10% of all credits must be awarded to Qualified Nonprofits, at least 15% of each regionʹs credit allocation is targeted to At‐Risk Developments and at least 5% of each regionʹs credit allocation is targeted to developments funded by the U.S. Department of Agriculture. Q. What evaluation criteria is used to review submitted applications? A. It is the goal of TDHCA to encourage diversity through broad geographic allocation of housing tax credits within the state, and to promote maximum utilization of the available housing tax credit amount. The criteria utilized to realize this goal includes a point based scoring system (competitive HTC only) and an evaluation of the developmentʹs: cost and financial feasibility; geographic location within the state as compared to other developments applying for housing tax credits; impact on the concentration of existing housing tax credit developments and other affordable housing developments within specific markets and sub‐markets; site conditions; development team experience; and consistency with the goal of awarding credits to as many different applicants as possible. Those applications which are deemed to have a high priority based on the review criteria (competitive HTC only) are subject to an underwriting review which evaluates the developmentʹs projected construction costs and financial feasibility. Applications which pass the underwriting process and are determined to have the highest priority will be presented to TDHCAʹs Board of Directors for consideration. For Tax Exempt Bond developments, the applications are recommended for approval to the Departmentʹs Governing Board of Directors based on the underwriting review which evaluates the developmentʹs projected construction costs and financial feasibility and the ability of the application to meet the threshold and compliance requirements of the Department. Q. How is the scoring system used to prioritize the applications? (Competitive HTC only) A. The QAP defines a series of point based ʺSelection Criteriaʺ items. To generate a ʺSelection Criteriaʺ score, applicants request points for those criteria items for which their development is qualified. These scoring criteria change annually and can be reviewed in the QAP. While it is a significant factor, an applicationʹs score is not the sole determining factor as to whether or not it will be recommended for an award of credits. However, the score serves as one of the primary criteria (as described in the previous section) used to assess how well an application fulfills the programʹs goals. Page 44 of 176 Exhibit 7 TDHCA Housing Tax Credit Program FAQs 3 of 6 Q. Can the public comment on a proposed tax credit development or on the development of the QAP? A. For the competitive HTC program, prior to the award of the credits, TDHCA will hold at least three public hearings in metropolitan and rural areas across the state. The public is encouraged to attend one of these scheduled hearings or to submit written comments to the HTC Program. When submitting comments, the application under discussion should be clearly identified by name, address, and city. Including the TDHCA application identification number in the correspondence is also helpful. Based on the provided comment, an indication of the level of support or opposition for an application will be included in the recommendation documentation presented to TDHCAʹs Board of Directors. For Tax Exempt Bond applications which utilize TDHCA as the issuer, the Department will conduct development‐specific public hearings in the community in which the development is to be located. The public is encouraged to attend these public hearings or submit written comments to the Department. For tax exempt bond applications which utilize a local issuer, interested individuals are encouraged to contact the Issuer for the public hearing information. Public hearings are also held for the development of the QAP, which governs the administration of the HTC Program. The public is encouraged to attend or provide written comment. Written comment, on either a specific application or on the QAP, can be sent to: Multifamily Finance Production, P.O. Box 13941, Austin, TX 78711‐3941 or transmitted via fax to (512) 475‐0764 or (512) 475‐3340 or by email to Sharon.Gamble@tdhca.state.tx.us. Q. How can local residents impact the development process? A. Because of their significant long‐term financial investment in the development and community, developers in most cases want to work with area citizens and be a good neighbor. Therefore it is not uncommon for developers to make reasonable alterations to the planned development in response to the concerns of area neighbors. In addition to attending and commenting at public hearings on a particular development such as this, individuals and neighborhood organizations are encouraged to work directly with the developer to gain a better understanding of a particular development. Open community meetings offer an opportunity to ask questions, express concerns, and have a productive dialogue between the developer and community. Q. What questions should residents ask of the property developer? A. Below are some common questions that will help you gain a better understanding of the developer’s goals and intentions regarding a proposed property: What other developments has the developer built and where are they are located? What are the developer’s long‐term goals for the property? How will the development fit in with the existing neighbor‐hood? Who is the management company and what is its track record? What types of supportive services will be provided to residents? Page 45 of 176 Exhibit 7 TDHCA Housing Tax Credit Program FAQs 4 of 6 Who are the proposed tenants and how will they be screened? Q. What is the minimum percentage of units that must be set aside for eligible low income tenants? A. Each development must include a minimum percentage of units to be set aside for eligible low income tenants. The rent charged for these units is restricted according to federal guidelines which correspond to the householdʹs income level. While rental rates are restricted, they are not subsidized (i.e., Section 8 housing) by the HTC Program. A low income housing development will be eligible to apply for housing tax credits if it meets either of the following criteria: a) Twenty percent (20%) or more of the residential units in the project are both rent restricted and occupied by individuals whose income is fifty percent (50%) or less of Area Median Family Income (AMFI); b) Forty percent (40%) or more of the residential units in the project are both rent restricted and occupied by individuals whose income is sixty percent (60%) or less of AMFI. Housing tax credits may only be claimed for the affordable units that have been set aside for participation under the program. Although a developer only needs to set aside a minimum of twenty percent (20%) of a projectʹs units for qualified tenants, applicants will typically set aside between 60% and 100% of the units for scoring purposes and to claim a higher amount of housing tax credits. In addition to these set aside requirements, under the Bond program there are additional set‐ asides the development must meet based on the Priority that is assigned by the Texas Bond Review Board. Q. How are the rent limits calculated? A. The rent limits for housing tax credit units are based on the household income level and the number of bedrooms in the unit. These rent and income limits are generated by the U.S. Department of Housing and Urban Development each year. HTC rent limits include an allowance for the cost of utilities (heat, lights, air conditioning, water, sewer, oil or gas). In projects where the owner pays all utilities, no adjustment in the HTC rent limits are needed to determine the maximum rent that can be charged for a housing tax credit unit. In projects where tenants pay all or a portion of their own utilities, the rent established for a housing tax credit unit must not exceed the applicable HTC rent limit for that unit. The Department can provide interested parties with specific rent limits for their area, or a complete set of income and rent limits can be found on the Departmentʹs Web site. Households will be required by the property owner to periodically document their income level so that the owner may continue to claim the housing tax credits for their unit. Q. How do tax credits benefit the development owner? A. Under the federal income tax code, a credit is a dollar‐for‐dollar reduction in the income tax Page 46 of 176 Exhibit 7 TDHCA Housing Tax Credit Program FAQs 5 of 6 liability for the investor. It is important to note that only the owners of a housing tax credit property may utilize the benefits of the housing tax credits over time. A credit is subtracted after the amount of tax is calculated. In this form, a credit differs from a deduction or adjustment to income, which is then subtracted from income before the tax rate is applied and the amount of tax is calculated. Q. Why are developers given an incentive to develop affordable rental housing? A. Many private developers and builders concentrate their efforts in larger metropolitan areas and target higher income individuals and families. However, demographic studies show that lower and moderate income individuals and families are the fastest growing segment of our population. As the population grows, so will the need for affordable housing. Q. How do tax credit developments compare with non‐tax credit developments? A. Properties that receive housing tax credits must compete with nearby market developments for tenants. The properties are safe, secure, and well maintained. They have amenities similar to other apartment complexes, and may offer swimming pools, community centers and reception areas. Newer developments may include daytime childcare, evening GED classes, on‐site medical care and credit counseling. These supportive services are provided without charge to the tenants. Q. How do ʺlow income/affordable housingʺ units differ from ʺhousing projects?ʺ A. Unlike most publicly‐subsidized housing which is designed to assist the elderly, disabled, minimum wage workers or the unemployed, the housing tax credit program does not provide tenants with governmental rent subsidies. It provides equity to build the development which allows the developer to charge lower rents to the tenants. The programʹs rent and income levels vary from county to county. In Houston, for example, the maximum allowable rent (which includes a utility allowance) for a three bedroom housing tax credit apartment would be $953. To be eligible to reside in the housing tax credit unit, a family of fourʹs annual income could not exceed $36,660 at the time they signed the lease. In Lubbock, the maximum allowable rent for a three‐bedroom apartment would be $783 a month. A family of fourʹs annual income could not exceed $30,120. Tenants must pay their rents in full. Thus, the tenants are most likely working Texans or retirees seeking an affordable place to live. Q. Who lives in a tax credit development? A. Typically, tenants may include: school teachers; police officers; firefighters; mechanics; single parents who are balancing career and family while attending night school; city employees; sales clerks; and retirees. Affordable housing and low income units are quite different from public housing projects. Q. Are existing developments renovated under the Housing Tax Credit Program? A. Many of the apartments built during the boom years of the 1980ʹs which were abandoned and boarded‐up during the stateʹs real estate bust, are today fully renovated and leased. Hundreds of sprawling apartment complexes that had for years been both eyesores and Page 47 of 176 Exhibit 7 TDHCA Housing Tax Credit Program FAQs 6 of 6 occasional drug refuges, now provide thousands of working Texans with quality, affordable housing, including the elderly and persons with disabilities. Q. Are tax credit properties monitored? A. Housing tax credit benefits are lost if a development fails to meet state and federal standards every year for each of the 15 years of the compliance period. Properties are then monitored for an additional 15 years to maintain affordability. Page 48 of 176 City of Georgetown, Texas Housing Advisory Board January 14, 2016 SUBJECT: Consideration and possible action to recommend approval a resolution of support for Pedcor Investments to apply for Housing Tax Credits for the construction of 108 units to be known as the Live Oak Apartments, located at 4121 Williams Drive. --Jennifer C. Bills, Housing Coordinator ITEM SUMMARY: See attached staff report. FINANCIAL IMPACT: The property will pay all property taxes. The property is anticipated to generate over $87,000 in property taxes in the first year. The applicant is requesting a nominal fee waiver ($100-500) to fulfill the TDHCA points requirement of receiving a fee waiver, grant or loan from the local jurisdiction. SUBMITTED BY: Jennifer C. Bills, Housing Coordinator ATTACHMENTS: Description Type Exhibit 1--Location and Zoning Map Exhibit Exhibit 2--Surrounding apartments-condos map Exhibit Exhibit 3--Site Plan and Examples of Architectural Details Exhibit Exhibit 4--Funding Breakdown Exhibit Exhibit 5--Pedcor Request and Resume Exhibit Exhibit 6--Self-scoring Points Breakdown for TDHCA Exhibit Exhibit 7--TDHCA Housing Tax Credit FAQ Exhibit Page 49 of 176 C I T Y O F G E O R G E T O W N CITY OF GEORGETOWN S E R E N A D A D R W S E Q U O I A S P U R MADRID DR T U R T L E B N D SHELL RD MIRIQUITA RD L A V A C A L N VALVERDE DR LA P A L O M ADR S N A P P E R C V C O U N T RYRD ENCLAVE TRL S A B I N E D R T E R L I N G U A T R L C O N C H O T R L E RUSTLE CV BRAZOSD R RUSTLE CV W ESPA R A D A D RMANZANITA DR OAK RIDGE CIR WINDFLOWERLN SUTTON PL L A S P LUMAS DR M ALAGA DRVERDE VISTA SEVILLA DR M I R A MARDR WILLIAMSDR E S TRELLAXING Zoning InformationLive Oak ApartmentsExhibit #1 ¯ Coordinate System: Texas State Plane/Central Zone/NAD 83/US FeetCartographic Data For General Planning Purposes Only 0 1,200 2,400 Feet Le ge ndSiteParcelsCity LimitsGeorgetown ETJ Page 50 of 176 C I T Y O F G E O R G E T O W N C I T Y O F G E O R G E T O W N CITY OF GEORGETOWN CITYOFGEORGETOWN BOOTYSCROSSING RD W S E Q U O I A S P U R O A K C R E S T L N L A K E W A Y D R S H ELLRD OLD MILL RD HED GE W O ODDR B I R C H D RPLUM CT S O N O R A T R C E P R O S P E R I T Y H I L L S D R P E N N Y L N P I N O N C V T E R I C T NARANJ O D R C L E A R S P R I N G R D VERDE CT L A V A C A L N MADRID DR B UFFA L O S P RIN G S T R L W IL D W O O D D R O A K LN B O Q U IL L A T R L TUR T L E B N D ROSEDALEB L V D W E S T E R N T R L O R O C T LAPALO M A DR FO UST TRL S E R E N A D A D R N A M B O C A W A Y SYCAMORE ST A Z U L C T GABRIELVIEW D R ROSEBUD LN RIV E R B E N D D R L O G A N R A N C H RD STACEY LN B I G BENDTRL PA R KER DRJOHN T H O M A S D R S E D R O T R L L E A N N E D R E S EQUOIATR L S O L O N A C I R D A W A N A L N B E L LO CIR L O V I E L N E S E Q U O I A S P UR SHELL RD VAL VERDE DR R A M A D A TRL ROBLE CIR DBWOODRD R I V E R W A L K T R L B I G D R BELLAIREDR SI N U S O D R C A P R O C K C A N YONTR L D A W N D R WEST B U R YLN BRAN D Y L N RUSTLE CV E E S P A R A D A D R WES P A R A DADR D B WOOD RD WINDFLOWER LN T I F F A N Y L N R O C K Y H O LL O W T R L OAK RIDGE CIR S I N U S O D R L A S P L U M A S D R WILLIAMSDR T O R T O ISELN S A B I N E D R L O N E S O M E T R L M ALA G ADR S P A N I S H O A K D R ADDIELNW O O D L A N D RD VERDEVISTA ALG ERITA D R SKINN E R L N O A K CRES T LN M I RAMARDR RIVERRD M E S A D R LUCI N D A T ER R I D G E CRESTRD LAK E O V E R L O O K R D GR A N ADA D R SEVILLA DR ESTRELLAXI N G Surrounding Apartments/CondosLive Oak ApartmentsExhibit #2 ¯ Coordinate System: Texas State Plane/Central Zone/NAD 83/US FeetCartographic Data For General Planning Purposes Only 0 2,600 5,200 Feet Le ge ndSiteParcelsCity LimitsGeorgetown ETJ Merritt Heritage Oaks atWildwood The Wesleyan Page 51 of 176 Page 52 of 176 Pedcor- Plum Creek, Kyle Clubhouse- Front 2015-12-01 Page 53 of 176 Pedcor- Plum Creek, Kyle Clubhouse- Pool 2015-12-01 Page 54 of 176 Pedcor- Plum Creek, Kyle Building Type I 2015-12-01 Page 55 of 176 Pedcor- Plum Creek, Kyle Building Type II 2015-12-01 Page 56 of 176 Pedcor- Plum Creek, Kyle Building Type III 2015-12-01 Page 57 of 176 Pedcor- Plum Creek, Kyle Building Type IV 2015-12-01 Page 58 of 176 Pedcor- William Cannon/ Parmer Place CLUBHOUSE 2015-03-26 • 2808 Rockwood Dark Brown- columns and rear entry • 6213 Halcyon- interior, exterior stucco • 7035 Aesthetic White- trim, door & window trim, fascia, soffits • Hardwhite Limestone • Roof- GAF Timberline Cool Series- Barkwood Page 59 of 176 Pedcor- William Cannon OPTION 1 2015-03-03 • 6340- Baked Clay- stair tower stucco, balcony siding • 7035- Aesthetic White- trim, door & window trim, fascia, soffits, inner siding, outer stucco • 6185- Escape Grey- siding • 7605 Gale Force- all railing • Hardwhite Limestone • Roof- GAF Timberline Cool Series- Weathered Wood Page 60 of 176 Pedcor- William Cannon OPTION 2 2015-03-03 • 7605 Gale Force- stair tower stucco, all railing • 6011- Chinchilla- siding • 7035- Aesthetic White- trim, door & window trim, fascia, soffits, siding @ stair tower • 6185- Escape Grey- balcony siding • Hardwhite Limestone • Roof- GAF Timberline Cool Series- Weathered Wood Page 61 of 176 Pedcor- William Cannon OPTION 3 2015-03-03 • 6060- Moroccan Brown- stair tower stucco, outer stucco, inner stucco • 6375- Honeycomb- siding • 7035- Aesthetic White- trim, door & window trim, fascia, soffits, siding at stair tower • 6185- Escape Grey- balcony siding • 7605 Gale Force- all railing • Hardwhite Limestone • Roof- GAF Timberline Cool Series- Weathered Wood Page 62 of 176 Pedcor- William Cannon OPTION 4 2015-03-03 • 6437- Haven- stair tower stucco, stucco • 7035- Aesthetic White- trim, door & window trim, fascia, soffits, inner siding • 6185- Escape Grey- balcony siding • 7605 Gale Force- siding, all railing • Hardwhite Limestone • Roof- GAF Timberline Cool Series- Weathered Wood Page 63 of 176 GEORGETOWN PEDCOR 12/2/2015 BUILDING TYPE STORIES QTY A1 B1 B2 C1 TOTAL I3124 24 II 3 1 12 12 24 III 2‐‐3‐‐2 3 36 12 12 60 TOTAL 5 36 48 12 12 108 NOTE: THE B2 SITS ABOVE THE C1 AND IS A 2BR VARIATION OF THE C1 CODE PARKING UNIT TYPE QTY RATIO SPACES A1 1BR 36 1.5 54 B1 2BR 48 2 96 B2 2BR 12 2 24 C1 3BR 12 2.5 30 TOTAL 108 204 5% FOR VISITORS 11 TOTAL CODE PARKING REQUIRED 215 PEDCOR PARKING IN ADDITION TO CODE PARKING: 16 GARAGES 16 20 CARPORTS 20 TOTAL PARKING REQUIRED: (code + Pedcor) 251 TOTAL PARKING PROVIDED: GARAGES 16 CARPORTS 20 SURFACE 227 263 Page 64 of 176 * Revised 5/31/2013 Use the list of links or goto link navigation Project: Instructions: (1) County:Williamson INCOME LIMITS 2015 Area Median Income:$76,800 (2) Place:2 Georgetown 1 2 3 4 5 6 7 8 30 16,140$ 18,450$ 20,760$ 23,040$ 24,900$ 26,730$ 28,590$ 30,420$ (3) Financing:9% Housing Tax Credits 40 21,520$ 24,600$ 27,680$ 30,720$ 33,200$ 35,640$ 38,120$ 40,560$ 50 26,900$ 30,750$ 34,600$ 38,400$ 41,500$ 44,550$ 47,650$ 50,700$ (4) Project PIS Date:On or After 4/21/2015 60 32,280$ 36,900$ 41,520$ 46,080$ 49,800$ 53,460$ 57,180$ 60,840$ 80 43,040$ 49,200$ 55,360$ 61,440$ 66,400$ 71,280$ 76,240$ 81,120$ 120 -$ -$ -$ -$ -$ -$ -$ -$ RENT LIMITS 0 1 2 3 4 5 (6) For HOME/NSP ONLY:30 $403 $432 $519 $599 $668 $737 40 $538 $576 $692 $799 $891 $983 50 $672 $720 $865 $998 $1,113 $1,229 On or After 6/1/2015 60 $807 $864 $1,038 $1,198 $1,336 $1,475 65 80 $1,076 $1,153 $1,384 $1,598 $1,782 $1,967 5. For Housing Tax Credit project(s) that place in service or execute a Carryover Agreement within 45 days after HUD releases the MTSP Income limits where the newly released limits reflect a decrease, IRS Revenue Ruling 94-57 allows the owner to rely on either limit. PLEASE COMPLETE ALL FIELDS. Number of Bedrooms Texas Department of Housing and Community Affairs Rent and Income Limits1 (As of 6/1/2015) 3. The 'Carryover / Determination Notice / Subaward Agreement Date' field is used to determine whether the property's gross rent floor is based upon a different set of income limits than those used to qualify tenants. For 1. This information is being provided to assist in the determining the rents and incomes applicable given a set of assumptions you select. You are encouraged to independently verify the results or contact the Department if you have concerns. 2. The "Place" field is used to determine whether the property is eligible to use the National Non-Metropolitan Median Income limits. Not all Places or Cities in Texas are shown. If you are located outside of the boundaries of a designated Place then select "Not Listed" even if your mailing address reflects the place name. Live Oak Apartments AMFI % Number of Household MembersAMFI % New leases and lease renewals (including month to month leases): 4. The 2015 Housing Tax Credit income limits are effective 3/6/2015. The 2015 NSP income limits are effective 3/2015. The Community Planning Division (CPD) of HUD released the 2015 HOME Program income limits effective 6/1/2015 and rent limits that are effective for all new leases and lease renewals after 6/1/2015. (5) Select the date based on the execution date of your property's Carryover Agreement, Determination Notice, Subaward Agreement Date. For Housing Trust Fund, select the date of your LURA. For HOME or NSP select "N/A." See footnote 3 for more details. On or After 4/21/2015 (1) Choose the county in which your project is located. (2) If your project is located within the boundaries of one of the designated places listed in the drop down menu then make the appropriate selection. If the location is not listed, then choose the "Not Listed" option. (3) Please select the financing applicable for your project. Units financed with HOME, NSP, or tax exempt bonds and 4% tax credits are not eligible to use the National Non-Metro limits. (4) Choose the date the first building in the project (as defined on line 8b of the 8609) was placed in service or for Housing Trust Fund, the date of your LURA. For HOME or NSP, select "N/A." (5) Carryover / Determination Notice / Subaward Agreement Date: Page 65 of 176 Live Oak Apartments 4121 Williams Dr Georgetown, TX USES OF FUNDS Total Land 2,000,000 Hard Construction Costs 13,087,096 Architectural and Engineering Fees 515,000 Other Construction Period Costs 1,196,763 Permanent Financing Costs/Soft Costs 144,099 Syndication Costs 73,310 Developer Fee 2,240,000 Operating Reserve 420,000 TOTAL 19,676,268 SOURCES OF FUNDS Deferred Developer Fee 276,268 Limited Partner Equity 14,400,000 First Mortgage 5,000,000 TOTAL 19,676,268 Page 66 of 176 Page 67 of 176 Page 68 of 176 Page 69 of 176 Page 70 of 176 January 4, 2015 Jennifer Bills Housing Coordinator Downtown & Community Services City of Georgetown 809 Martin Luther King Street Georgetown, TX 78626 Re: Request for Consideration of Resolutions of Support and Authorization of an Allocation of Housing Tax Credits for Live Oak Apartments to be placed on the Georgetown City Council Agenda Dear Ms. Bills: Please accept this letter on behalf of Pedcor Investments, A Limited Liability Company (“Pedcor”) as a formal request to place on the agenda for the Georgetown City Council meeting currently scheduled for January 26, 2016, an item that calls for the adoption of a Resolution of Support for Live Oak Apartments. Pedcor is currently under contract to purchase approximately 7.36 acres located at 4121 Williams Drive in order to construct approximately 108 units of affordable housing. This development will be financed with competitive (9%) housing tax credits (“HTCs”) administered by the Texas Department of Housing and Community Affairs (“TDHCA”) and conventional debt. The resolution is being requested in accordance with Texas Government Code, §2306.6710, which calls for applications for HTCs to be evaluated partly on quantifiable community participation, which is specifically assessed on the basis of a resolution concerning the development that is voted on by the governing body of the municipality in which the development is located. In addition, the 2016 Qualified Allocation Plan, which governs the HTC program states the following (10 TAC §11.9(d)(1)): “In providing a resolution a municipality or county should consult its own staff and legal counsel as to whether such resolution will be consistent with Fair Housing laws as they may apply, including, as applicable, consistency with any Fair Housing Activity Statement-Texas (“FHAST”) form on file, any current Analysis of Impediments to Fair Housing Choice, or any current plans such as one year action plans or five year consolidated plans for HUD block grant funds, such as HOME or CDBG funds.” Pedcor also requests that an item be placed on the same agenda that calls for the adoption of a Resolution Authorizing the Allocation of Housing Tax Credits. This is being requested in accordance with Texas Government Code, §2306.6703(a)(4), which requires HTC applicants proposing developments in municipalities with more than twice the state average of units per capita supported by HTCs or private activity bonds to obtain a resolution from the municipality indicating support and authorizing an allocation of HTCs. Sample resolutions for both are attached. Site Development Attached to this request is a map of the property showing numerous community assets within less than a mile of the site. They include a pharmacy, grocery store, bank, and medical offices. Also located near the site are dental offices, the fire department, restaurants, churches, and public schools. A preliminary site plan is also attached, which shows five 3-story buildings, two with 24 units and the other three with 20 units, as well as a community center and leasing office. While final determinations regarding common amenities have not been made, our properties typically include a swimming pool with a splash pad, playground, fully furnished clubhouse with business center, and exercise room. The development is also proposed to have approximately 16 garages and 20 carports. Final architectural plans for this development are still being finalized, but attached are renderings from two Pedcor projects currently being developed with the same architect. The development will comply with all applicable federal, state, and local requirements regarding accessibility, including but not limited to fair housing laws, the Civil Rights Act, the Americans with Disabilities Act, Fair Housing Accessibility, One Pedcor Square 770 3rd Avenue, S.W. Carmel, IN 46032 (317) 587-0320 (317) 587-0340 fax Page 71 of 176 Texas Fair Housing, and the Rehabilitation Act of 1973 (including §504). The development will also meet 2010 ADA standards with the exceptions listed in “Nondiscrimination on the Basis of Disability in Federally Assisted Programs and Activities” Federal Register 79 FR 29671. In general this requires that 5% of the units will meet Uniform Accessibility Standards (“UFAS”) and 2% of the units will be accessible to the hearing and visually impaired. The development team has already attended a planning session with several city staff, including those from the planning, fire, electric, water/wastewater, and building departments, to discuss the project. In addition, a utility evaluation request was submitted to the City of Georgetown in early December, and a utility analysis is currently being conducted by the civil engineer in order to confirm capacity, although it has already been determined that there are utility lines to the site. No additional letters are being requested from the City of Georgetown Utility Systems in order to meet the requirements of the HTC application with respect to project feasibility. Unit Mix/Features and Impact on Schools A unit mix is attached, indicating that the development is proposed to have 36 1-bedroom/1-bath, 60 2-bedroom/2-bath, and 12 3-bedroom/2-bath units. According to the Naperville model, a matrix that is widely used to predict the number of school-age children that will live in a multifamily development, this unit mix will result in approximately 20 school-age children living in the apartment complex. The analysis which utilizes this model is also attached. The final array of unit amenities and energy-saving features at the development are also being finalized, but the current proposal includes those typically available at Pedcor properties, namely covered entries, storage rooms, covered patios or balconies, R-15 walls and R-30 ceilings, 14 SEER HVAC, and 30 year shingle roofing. In addition, all units are being proposed to have a number of additional amenities, including but not limited to washer/dryer hook-ups, self-cleaning oven, disposal, Energy-Star rated dishwasher and refrigerator, at least one Energy-Star rated ceiling fan, Energy-Star rated lighting and windows, and plumbing that meets performance standards of Texas Health and Safety Code, Chapter 372. Additional green building features proposed are native trees and plants installed that reduce irrigation requirements; water-conserving fixtures that meet the EPA’s WaterSense Label; daylight, motion sensors or timers on all exterior lighting; and a sprinkler system with rain sensors. Income and Rent Restrictions The property will be 100% income and rent restricted, with approximately 50% of the units set aside for individuals and families with incomes at or below 60% of the Area Median Income (“AMI”), 40% set aside for those at or below 50% of AMI, and 10% set aside for those at or below 30% AMI. No market rate units are proposed. Attached is a schedule that indicates both income and rent limits for various household sizes. These limits incorporate the FY 2015 Multifamily Tax Subsidy Income Limits published by the Department of Housing and Urban Development (“HUD”) for the HTC and Tax Exempt Bond programs released March 6, 2015. While the total number of units set aside at various percentages of AMI will not change, it is expected that the actual limits associated with each one of those percentages will be adjusted by HUD annually. Financial A development cost schedule is attached, indicating approximately $19.7 million in total costs. Sources include proceeds from HTC syndication, conventional debt, and some deferred developer fee. The property is currently vacant land and so does not require capital improvements. The development site is not under contract with any other funding programs. No tax exemptions are being proposed or sought. However, we will be seeking a nominal contribution in the form of reduced fees or a loan or grant, in order to maximize the score on the HTC application. The property will remain affordable for at least 35 years and is anticipated to generate over $87,000 in property taxes in the first year. This equates to well over $3 million in property taxes to the various taxing entities without taking into account any potential increases in tax rates. One Pedcor Square 770 3rd Avenue, S.W. Carmel, IN 46032 (317) 587-0320 (317) 587-0340 fax Page 72 of 176 TDHCA Scoring Criteria Attached is a scoring matrix, listing all 25 scoring criteria, the maximum possible score for each, and the anticipated score for this application. Of note is the fact that this site scores the maximum number of points under the Opportunity Index and Educational Excellence, as well as scoring one point under Underserved Area. This makes the application very competitive with respect to scoring items that are solely related to the location of the development site. The scoring of the application also relies heavily on support from the local government, community organizations, and the state representative. Pedcor representatives have met with city council members Ty Gipson, John Hesser, and Tommy Gonzalez to discuss the development, along with Mayor Ross and the Housing Advisory Board. In addition, Pedcor has reached out to Georgetown ISD Superintendent Fred Brent and the other council members as well as State Representative Marsha Farney. Although the site is not located within the boundaries of any homeowners associations or neighborhood organizations, Pedcor will continue to reach out to the community as plans for the development progress and will provide updates to the city as meetings with other individuals and organizations take place. Background of Development Company and Management Company Pedcor has been developing, constructing and managing affordable rental housing communities since the inception of the tax credit program in 1987; there have been no name changes or re-organizations since its formation. We have a portfolio of over 15,000 units across 16 states, the vast majority of which were financed with tax-exempt bonds and 4% HTCs or competitive (9%) HTCs, with some units financed conventionally, providing unrestricted market rate units. We are vertically integrated, managing the architecture and engineering in-house through our plan production and engineering departments. We are also long term partners in the community; we continue to own and manage the properties that we develop throughout the period that they are income and rent restricted, and in many cases even longer. In addition, while affordable housing is our primary business, we have two financial institutions that are part of our ownership structure. We have submitted our corporate resume as a separate file, and it includes a list of all the properties in our portfolio. We are excited to be entering the Georgetown market and appreciate all of the consideration already given us by staff. Please let me know if you need any additional information in order to place these items on the agenda. Sincerely, Jean Latsha Jean Latsha Land Acquisition Manager Attachments: Sample Resolutions Map of Property Preliminary Site Plan Renderings of Pedcor developments Unit Mix Naperville Model Schedule of Income and Rent Limits Development Cost Schedule Scoring Matrix One Pedcor Square 770 3rd Avenue, S.W. Carmel, IN 46032 (317) 587-0320 (317) 587-0340 fax Page 73 of 176 Naperville Model average number of children per unit type: Unit Type Grades K - 6 Grades 7 - 9 Grades 10 - 12 1-bedroom 0.003 0.001 0.001 2-bedroom 0.128 0.042 0.046 3-bedroom 0.357 0.123 0.118 Live Oak Apartments estimated number of children by grade and unit type: # units Grades K - 6 Grades 7-9 Grades 10-12 Total 1-bedroom 36 0.11 0.04 0.04 0 2-bedroom 60 7.68 2.52 2.76 13 3-bedroom 12 4.28 1.48 1.42 7 Total 108 12 4 4 20 Page 74 of 176 Pedcor Investments, A Limited Liability Company One Pedcor Square, 770 3rd Avenue, S.W. Carmel, Indiana 46032 (317) 587-0320 FAX (317) 587-0340 www.pedcorcompanies.com Page 75 of 176 1 PEDCOR INVESTMENTS, A LIMITED LIABILITY COMPANY 2 PEDCOR MANAGEMENT 3 PEDCOR GROUP ORGANIZATION 4 MARKETING AMENITIES 5 DEVELOPMENT PORTFOLIO Table of Contents Page 76 of 176 PEDCOR INVESTMENTS, A LIMITED LIABILITY COMPANY Page 77 of 176 M:\MS\Internal Pedcor LISTS\Resume of Pedcor Investments.doc1 PEDCOR INVESTMENTS, A Limited Liability Company Pedcor Investments, A Limited Liability Company ("Pedcor") was founded in 1987 when its original principals, Gerald K. Pedigo and Bruce A. Cordingley, developed and constructed the first for profit IRC Section 42 Low Income Housing Tax Credit (“LIHTC”) rental housing project in central Indiana. Today, Pedcor is one of the largest developers of affordable housing within the multifamily housing tax credit program and with reference to Affordable Housing Finance Magazine Pedcor consistently remains one of the Top 50 developers and owners/managers of LIHTC units in the country. Pedcor has established a reputation as an innovative development company with a solid history of identifying active rental housing markets with a demonstrated ability to construct and manage affordable housing developments in compliance with IRC Section 42 (9% LIHTC transactions) and IRC Section 142 (4% LIHTC tax-exempt bond transactions) as enacted by the Tax Reform Act of 1986. Pedcor has used a combination of various construction and permanent loan structures. Construction financing has been provided by various community and national lending institutions offering traditional construction loan programs and letter of credit enhancements. Permanent financing for Pedcor’s developments has been provided by Federal National Mortgage Association, HUD/FHA 223(f), HUD/FHA 221(d)(4), Rural Housing Program, the Federal Home Loan Bank with the assistance of a consortium of member banks, thrifts and savings and loans utilizing various conventional and tax- exempt financing structures. Equity participants include numerous national banks, savings and loans, regional and national syndicators, as well as individuals and large publicly held or privately owned corporations. In aggregate, Pedcor has raised over $950 million in debt and $618 million in LIHTC equity proceeds since its inception funding in excess of $1.56 billion in real estate assets. Pedcor’s development portfolio is comprised of 52 conventionally financed 9% tax credit partnerships, 58 tax-exempt 4% bond financed partnerships and 13 market rate partnerships, in addition to a special use facility providing a safe haven for women who have been victims of domestic violence. In summary, since its inception, Pedcor has successfully closed 123 partnerships consisting of 16,311 units (13,014 tax credit and 3,297 market) located within 83 communities throughout 15 states including Indiana, Ohio, Michigan, Illinois, Kentucky, Missouri, Nebraska, Tennessee, Alabama, Virginia, Iowa, South Carolina, Colorado, Texas and Oregon. The Pedcor Investments development team consists of: Gerald K. Pedigo, Chairman. Mr. Pedigo has been involved in residential and commercial real estate development since 1958. He attended Butler University and subsequently was employed by his father in the business of single-family construction and sales. In 1962, Mr. Pedigo started his own firm and while constructing approximately 400 homes, expanded his business to include commercial and industrial activities. Beginning in 1966, Mr. Pedigo concentrated on the commercial side of the construction business forming Gerald K. Pedigo Corporation to provide real estate development services, Pedigo Construction Company, Inc. for construction and Pedigo & Associates to provide management services. He completed over 100 commercial and office buildings from $100,000 to $8,000,000. His involvement included all facets of the industry including construction, ownership, marketing/leasing and management. He was also a partner in several partnerships owning and developing commercial and residential properties in Indiana, Florida and Tennessee. Page 78 of 176 M:\MS\Internal Pedcor LISTS\Resume of Pedcor Investments.doc2 In 1986, as the tax shelter incentives were being revised, Mr. Pedigo sold the majority of his holdings and concentrated on general construction. In 1987, he joined Bruce Cordingley in forming Pedcor Investments to pursue the development of IRC Section 42 affordable rental housing. Mr. Pedigo currently resides in Rancho Santa Fe, California. Mr. Pedigo is a member/director of the executive committee of International City Bank, N. A. with branches in Long Beach and San Diego, California and director of United Fidelity Bank of Evansville, Indiana. He is Chairman of Pedcor Bancorp, the bank holding company for International City Bank and Chairman of Pedcor Financial Bancorp, the bank holding company for United Fidelity Bank. He is also a director of Fidelity Federal Bancorp and its subsidiaries. He is Chairman of Pedcor Investments, A Limited Liability Company located in Indianapolis, Indiana, the principal business of which is real estate oriented investments and developments. He is a member of the Murat Shrine in Indianapolis, godfather in St. Mary’s Child Center and various trade associations. He enjoys golf and is a member of Fairbanks Country Club and the Bridges Golf Club in San Diego, and Woodland Country Club in Carmel, Indiana. Bruce A. Cordingley, President & CEO. Mr. Cordingley has been involved in commercial and residential development and financing since 1971. He graduated in 1968 from Purdue University (BS- Industrial Management) with Distinction and Honors in Economics. In 1971 he graduated from the Harvard Law School with a Juris Doctor degree. After a two-year affiliation with Bingham Dana & Gould, Boston, Massachusetts, Mr. Cordingley joined Ice Miller Donadio & Ryan, Indianapolis, Indiana, in 1973 as an associate, becoming a partner in the firm’s Real Estate Section in 1980. His legal practice focused on representation of real estate developers in all aspects of the development process (zoning, construction and permanent financing, acquisition, sales, joint ventures, syndications and tax matters). In 1973, Mr. Cordingley began investing in real estate for his own account through International Enterprises, Inc., which owns and manages apartment communities and farms in central and southern Indiana. In 1986, he started the development of the Bridlebourne subdivision which subsequently became the highest priced residential development in the State of Indiana. In 1987, he joined with Jerry Pedigo in forming Pedcor Investments to develop affordable rental housing. In 1992, Mr. Cordingley formally withdrew from Ice Miller to devote his efforts to the development activities of Pedcor Investments full time. In addition to President and CEO of Pedcor Investments, Mr. Cordingley is a director of United Fidelity Bank of Evansville, Indiana and a director/member of the executive committee of International City Bank, N.A. of Long Beach and San Diego, California. He is President and CEO of Pedcor Bancorp, the holding company for International City Bank and President of Pedcor Financial, LLC, the holding company for United Fidelity Bank. He is also a director of Fidelity Federal Bancorp and its subsidiaries. He was a director of Eastside Community Investments, Inc. from 1983 to 1996. Mr. Cordingley was a director of the Indianapolis Economic Development Corporation, a city development corporation, from 1985 to 1988. He was also Commissioner (1983-1986) and President (1984-1986) of the Indianapolis Historic Preservation Commission, a governmental body that regulates historic districts and promotes preservation and a board member of the Riley Area Revitalization Program, a community development corporation from 1982 to 1987. Page 79 of 176 M:\MS\Internal Pedcor LISTS\Resume of Pedcor Investments.doc3 Phillip J. Stoffregen, Executive Vice President & COO. Mr. Stoffregen has been involved in commercial and residential development and financing since 1984. He graduated in 1980 from Indiana University (BS-Business Finance) with departmental honors. In 1981 he received his MBA degree from Indiana University (Financial Economics). In 1984 he graduated with Honors from the Indiana University School of Law and joined Ice Miller Donadio and Ryan, Indianapolis, Indiana, as an associate, becoming a partner active in both the Real Estate and Municipal Finance Sections of the firm in 1991. His legal practice focused on taxable and tax-exempt financing for, and development of, single-family and multifamily housing. Mr. Stoffregen served in a bond counsel capacity to the Indiana Housing Finance Authority and other Indiana issuers for various housing related tax -exempt bond- financing programs. He represented numerous for-profit and not-for-profit multifamily housing developers, lenders and investors, primarily in the area of low income housing tax credit, financing and development issues. In 1992, Mr. Stoffregen withdrew from Ice Miller and joined Pedcor Investments, LLC as a Principal where he is directly responsible for apartment development, construction and financing activities. Pedcor Investments, LLC and its affiliates have developed in excess of 15,000 apartments since inception, most of which participate in the low income housing tax credit program. He is currently Executive Vice President and COO of Pedcor Investments, LLC. Mr. Stoffregen is a Director/Member of the Executive Committee/Executive Vice President of Fidelity Federal Bancorp which is the holding company for United Fidelity Bank, Evansville, Indiana and a Director/Executive Vice President of Pedcor Capital, LLC and Pedcor Financial, LLC, which are upper tier bank holding companies for International City Bank, Long Beach, California and United Fidelity Bank, respectively. Mr. Stoffregen and his partners in Pedcor Investments, LLC own and control such bank holding companies. In 2012, Mr. Stoffregen joined the Urban Land Institute (ULI), a nationally recognized organization in the fields of development, land use and urban planning, where he is a member of the Affordable/Workforce Housing Council. Mr. Stoffregen has also served as a director of the Martin Luther King Community Development Corporation (1991 to 2000), and as a member of the board of directors for Coburn Place Safehaven, Inc., a not-for-profit operating transitional housing for victims of domestic violence (1996 to 2012). Thomas E. Koontz, CPA, Executive Vice President – Construction & Development. Mr. Koontz has over 20 years of financial accounting experience with more than 15 years experience as chief financial officer in the areas of construction, real estate development and property management. He received his Bachelor of Science in Accounting and Management from Ball State University in 1976 and completed his Certified Public Accountant Certification in 1981. Mr. Koontz spent two years as a senior tax accountant with National Homes Corporation, Lafayette, Indiana and four years as a controller with Duke Associates, Indianapolis, Indiana. In 1984, Mr. Koontz joined Gerald K. Pedigo as controller of Mr. Pedigo’s affiliated companies. He was controller of Pedcor Investments and its related affiliates from its inception in 1987 through May of 1993. Mr. Koontz is currently President of Signature Construction, LLC which is the construction management affiliate of Pedcor Investments, LLC. Mr. Koontz remains a member in good standing with the Indiana CPA Society. Page 80 of 176 M:\MS\Internal Pedcor LISTS\Resume of Pedcor Investments.doc4 Thomas G. Crowe, Executive Vice President – Development & Finance. Mr. Crowe graduated from the University of Notre Dame in 1988 (BA – Accounting). He worked for NBD – First Chicago Corporation for approximately eight years as a commercial lender in several departments, leaving as a Second Vice President. His responsibilities during his tenure at the bank included lending to real estate developers, builders, commercial contractors and architects/engineers. Additionally, Mr. Crowe was responsible for underwriting of the bank’s investment in limited partnership interests for affordable housing. Mr. Crowe joined Pedcor Investments in 1996 and has since advanced to Executive Vice President. During his tenure with Pedcor, Mr. Crowe has been responsible for the development and financing of thousands of apartment units in multiple states. Mr. Crowe has served as a guest panelist for the Urban Land Institute, the Nebraska Investment Finance Authority, and the Illinois Housing Development Authority. His responsibilities include oversight of all aspects of apartment development transactions, including site selection, financial feasibility, plan production, debt and equity procurement, partnership agreement negotiation, legal documentation and investor relations. Douglas Boggs, Senior Vice President & CFO. Mr. Boggs graduated from Ball State University in 1992 (BS-Accounting). In 1993, Mr. Boggs joined Pedcor Financial Services, a division of Pedcor Investments which provides financial management and accounting services to affiliates of Pedcor Investments. He worked as a Staff Accountant for one and a half years and then took a position with Simon Property Group, the largest REIT on North America. Mr. Boggs worked for Simon Property Group for 3 years in the Operational Accounting Department where he handled accounting for shopping malls, office buildings and community centers throughout the United States. In 1998, he rejoined Pedcor Financial Services as an Assistant Controller and has since been promoted to his current title. Mr. Boggs has been involved in real estate accounting dealing with residential and commercial properties since 1993. Maureen M. Hougland, Senior Vice President & Secretary. Ms. Hougland has over 23 years real estate experience since graduating from Indiana University in 1980 (BS-Biology). Her real estate background began when she was hired as the pilot employee for Monroe County Land Title Co., Inc. upon its formation in 1980, where she performed a multitude of duties which included searching titles, examining chains of title, reviewing surveys, closing residential and commercial transactions and serving as escrow agent for financial institutions distributing draws on behalf of res idential and commercial developers. Ms. Hougland joined the Real Estate Section of Ice Miller Donadio & Ryan in 1984, where she provided paralegal support for the Section which represented commercial and multi- family real estate developers, lenders and investors, primarily in the areas of financing and development issues. Ms. Hougland obtained her Paralegal Degree from Indiana University in 1988. She is a member of the Indiana Paralegal Association. In 1994, Ms. Hougland joined Pedcor Investments where she provides paralegal support to Pedcor and its related affiliates. Ms. Hougland is responsible for tax appeals in the State of Indiana and serves as a corporate officer for Pedcor and several of its affiliates. She has been a charter member of the Indianapolis Chapter of CREW (Commercial Real Estate Women). Page 81 of 176 M:\MS\Internal Pedcor LISTS\Resume of Pedcor Investments.doc5 Andrew H. Burroughs, Senior Vice President – Finance. Mr. Burroughs graduated from Indiana University in 1978 with a B.S. in Real Estate Administration. Mr. Burroughs worked for Merchants Bank/National City Bank of Indianapolis for over 9 years primarily responsible for placing construction and FNMA DUS permanent debt financing for market rate and affordable LIHTC rental housing. In 1995, he joined Bank One, Indianapolis, as Vice President of Community Development. His responsibilities included facilitating debt and equity investments for affordable 9% LIHTC rental housing, 4% LIHTC tax-exempt bond transactions and historic tax credit renovations for Community Reinvestment Act (CRA) purposes on behalf of Bank One and its related subsidiaries. In May, 2000, Mr. Burroughs joined Pedcor Investments as Senior Vice President to manage and service existing debt and equity relationships, manage bond arbitrage investments and establish new debt and equity relationships for each of Pedcor’s proposed developments. He is currently an independent Indiana licensed real estate broker and a Certified Commercial Investment Member (CCIM) candidate. He is also a past Chairman of the Local Advisory Council and member of the Project Review Committee for the Local Initiatives Support Corporation (LISC). LISC is a not-for-profit organization established to provide interim funding and/or grants to facilitate inter- city affordable housing, community development and economic development initiatives for independent community development corporations located within the Indianapolis MSA. Jared M. Houser, Vice President – Operations & Finance. Mr. Houser graduated from the University of Indianapolis in May 2002 and received his M.A. in Economics from Indiana University (Indianapolis) in 2007. Prior to joining Pedcor his experiences include 2-years as an analyst with a local community bank and serving the 2005 session as an intern financial analyst for the Indiana House Ways & Means Committee. Mr. Houser joined Pedcor as an intern during graduate school in April 2005 and accepted a full time position as a financial analyst with Pedcor Bancorp, a bank holding company, in August 2005. He accepted the position of Vice President with Pedcor Investments in October 2007. His responsibilities include financial management, corporate and property budgeting, portfolio management and various analytical activities in connection with Pedcor Investments and its entire portfolio of multifamily properties. Kathleen M. Ramey, Vice President – Finance. Prior to joining Pedcor, Ms. Ramey had over 23 years of financial and accounting experience in the areas of construction, real estate development and property management. She received her Bachelor of Science in Accounting, with a minor in Computer Science, from Indiana State University in 1980. Kathleen served on the local chapter board of the institute of Management Accountants from 1984-1989, and as chapter president from 1990-1991. Susan M. Janssen, Assistant Vice President – Finance. Ms. Janssen graduated from the Indiana University Kelley School of Business in 1990 with a BS in Accounting. Immediately following graduation, she spent five months in Accra, Ghana West Africa working as a student intern for a local public accounting firm. Ms. Janssen has over 20 years of accounting and finance experience, having held various positions with Fortune 500 companies, including Plant Controller for The Gatorade Company (then a division of The Quaker Oats Company) and Financial Analyst at Stanley Black & Decker (formerly known as The Stanley Works) in Indianapolis. Ms. Janssen began her employment with Pedcor Investments in December, 2011. Page 82 of 176 M:\MS\Internal Pedcor LISTS\Resume of Pedcor Investments.doc6 Dusty A. Israel, Assistant Vice President – Finance. Mr. Israel graduated from the University of Cincinnati’s College of Engineering with a BS in Civil & Environmental Engineering. Immediately following graduation, he became an onsite engineer for a major General Contractor on multiple hospital construction jobs around the country. He then joined the Procter and Gamble Company as a Global Facility Engineer supporting the company’s Fabric Care plants. While at P&G, Mr. Israel transitioned into a Finance career path and became an analyst for the company’s Chemical’s & Ingredients Purchases organization and in 2014 he earned his MBA from Xavier University with a focus in Finance. Mr. Israel joined Pedcor in the summer of 2014 as a Financial Analyst and is responsible for cash flow and capital management, cash and tax modeling, property budgeting and NOI analysis. Bruce E. Hagen, PE/RLS, Senior Vice President – Development. Mr. Hagen has been involved in civil engineering and surveying since 1980. He graduated from the university of Wisconsin-Madison in 1980 with a B.S. in Civil and Environmental Engineering and Surveying and joined Aerometric Engineering in Sheboygan, WI as a project surveyor where he worked in both the surveying and photogrammetric departments. From 1993 to 2005, Mr. Hagen worked at Mid-States Engineering, Paul I. Cripe and EMH&T Engineers, all of Indianapolis, IN, in various capacities ranging from Project Engineer to Department Head. Most recently, he was the Manager of the Surveying Department at EMH&T Engineers where he directed the day to day activities of the surveying department and acted as the lead engineering designer and project manager for single family developments. In 2005, Mr. Hagen joined Pedcor where he is responsible for the coordination and review of the civil engineering design for all multifamily developments. Susan E. Krohne, Senior Vice President – Legal Counsel. Ms. Krohne graduated from Indiana University/Purdue University of Indianapolis in 1994 and earned a Juris Doctor degree from the Indiana University School of Law of Indianapolis in 1998. Prior to joining Pedcor in January of 2003, Ms. Krohne worked as a Vice President & Trust Officer in the Wealth Management Departments of both Bank One and National City Bank. Ms. Krohne is a member of the Indiana State Bar Association and Indianapolis Bar Association (IBA), and is a Distinguished Fellow of the Indianapolis Bar Foundation. She has served on the executive councils of both the IBA’s Women and the Law Division and the Young Lawyers’ Division and served on the Executive Council for the IBA in 2005. In 2004, Ms. Krohne was named Young Lawyer of the Year by the IBA. Jeremy R. Buchanan, Vice President – Legal Counsel. Mr. Buchanan graduated from Indiana University – Bloomington in 2004 and earned his Doctor of Jurisprudence from Indiana University School of Law – Indianapolis in 2008, where was the recipient of the Mitzi H. Martin Moot Court Award for Best Oral Advocate. Mr. Buchanan joined Pedcor Companies in 2004 as a member of Pedcor Bancorp. In that role, Mr. Buchanan assisted with numerous real estate development projects involving the City of Carmel including the Carmel City Center, Indiana Design Center and Old Town Shops I & II. In addition, he has experience with retail lease negotiation, drafting and landlord/tenant issues. Mr. Buchanan joined Pedcor Investments as Vice President – Legal Counsel in July, 2014. His responsibilities include assisting the development team with land acquisitions, drafting and review of finance agreements for the construction and development of multi-family housing projects, and advising developers on other project-based issues. Page 83 of 176 M:\MS\Internal Pedcor LISTS\Resume of Pedcor Investments.doc7 Carolina M. Rashidfarokhi, Vice President – Assistant Legal Counsel. Ms. Rashidfarokhi obtained her first law degree in 2002 from the Universidad Privada Boliviana, that nation’s No. 1 university. She graduated at the top of her class. She received her Masters of Law Degree (LL.M.) in 2005 and Juris Doctor Degree in 2010 from Indiana University School of Law - Indianapolis. She is admitted to practice law in the State of Indiana. Prior to joining Pedcor in 2011, Ms. Rashidfarokhi was a summer associate at Carlton Fields, a Florida based firm. From 2006 to 2009, she worked as a Contract Specialist at Wolters Kluwer Health, a Dutch holding company. During her legal practice in Bolivia, Ms. Rashidfarokhi worked as a Project Manager for the Contract Analysis Group at the Registry of Commerce. Ms. Rashidfarokhi is a member of the American Bar Association, Hispanic Bar Association and Indianapolis Bar Association. Ms. Rashidfarokhi is fluent in Spanish. Tracey L. Da Silva, Vice President & Executive Legal Assistant. Ms. Da Silva graduated Summa Cum Laude from Indiana Wesleyan University in 2014 with a Bachelor of Science in Business Administration. She previously attended Indiana University-Purdue University at Indianapolis and International Business College. She joined Pedcor Investments in May, 1993 as an Administrative Assistant, was later promoted to Development Assistant and then to Vice President of Development. In 2002, Ms. Da Silva started her own real estate business and became a real estate agent for RE/MAX Preferred and the Sycamore Group. She returned to Pedcor in 2005. All of these positions have given her experience and insight into multiple aspects of real estate transactions and the development process, and she currently utilizes these skills as a member of the legal department. Prior to working for Pedcor, she worked in the auditing and actuarial departments of the American United Life Insurance Company. W.W. (Bill) Parrish, Senior Vice President – Development. Prior to joining Pedcor Investments in January, 2002, Mr. Parrish was employed for 8 years as Vice President of Multifamily Development for a privately owned developer and builder of single family and multifamily housing. His responsibilities were to establish and grow the multifamily division, developing over 1,000 rental units utilizing the IRC Section 42 LIHTC program, HUD insured financing and conventional financing. Mr. Parrish’s experience in the multifamily industry originally began in 1983 working for the Anderson Housing Authority, a public housing authority as the Housing Control Officer for federally subsidized housing. After four years in that capacity Mr. Parrish was recruited by the City of Anderson, a designated HUD “entitlement community,” to implement and administer the various federally funded housing rehabilitation programs for that community. Mr. Parrish continued in that capacity until 1990 when he began working in the Federal Programs Division of the Indiana Department of Commerce. During his tenure at the Department of Commerce, the State of Indiana initiated a reorganization of the state agencies that administered the various federally funded housing programs on behalf of the State. Mr. Parrish was assigned to the Indiana Housing Finance Authority where he served in the capacity as the IRC Section 42 LIHTC Administrator until 1993. Michael S. Smith, Senior Vice President – Development. Mr. Smith is a graduate of Michigan State University, School of Business. He has nearly 30 years of real estate experience with various Midwest development and property management firms including Cardinal Industries Inc., Lexford Realty, Equity Residential Trust, Thompson and Thrift Management Inc., and J.C. Hart Apartments. Mike’s experience includes site and market evaluations, site development, entitlements, construction turnover, asset management and property management of a portfolio of over 10,000 units in 9 states. In November 2003, he joined Pedcor Investments as a Vice President of Development and holds both an Indiana real estate sales license and CPM designation from IREM. Page 84 of 176 M:\MS\Internal Pedcor LISTS\Resume of Pedcor Investments.doc8 Craig H. Lintner, Senior Vice President – Development. Mr. Lintner has been involved in residential development and engineering since 1994. He graduated from Iowa State University in 1994 with a BS in Civil Engineering and joined Landplan Engineering of Lawrence, KS working as a Project Engineer and Project Manager. In 1997, Mr. Lintner began working at Simmons Development Corporation as Vice President of Development developing residential and master- planned communities in the Kansas City metropolitan area. From 2001 to 2004, Mr. Lintner worked for Dura Builders, Inc. in Indianapolis, IN as Land Development Coordinator. In 2004, Dura Builders was acquired by KB Homes and Mr. Lintner’s responsibility expanded to Director and eventually Vice President of Land Acquisition and Planning. During this time, he directed all aspects of acquisition, purchase agreements, entitlement, due diligence, corporate land packages and development. Mr. Lintner joined Pedcor in 2007 and has since advanced to Senior Vice President. During his tenure with Pedcor, Mr. Lintner has been responsible for the development of thousands of apartment units in multiple states. In 2013, Mr. Lintner was appointed Vice President of Village Capital Corporation where he assists in the development of their real estate. Mr. Lintner is a registered Professional Engineer in Indiana and holds a State of Indiana Real Estate Salesperson License. He is a Board Member of the Hawthorne Community Center in Indianapolis. Michael S. Byron, Vice President – Development. Mr. Byron graduated from Indiana University in 1995 and earned a J.D. from the Valparaiso University School of Law in 1999. Mr. Byron joined Pedcor in October, 2007, having previously worked as a staff attorney for the Indiana Department of Environmental Management, Office of Legal Counsel, Department of Enforcement, as well as an associate in the private practice of law for a local law firm focusing on litigation, real estate and environmental law. Mr. Byron currently serves as the Director of Down Syndrome Indiana, Dads Appreciating Down Syndrome (DSI D.A.D.S.) and also currently serves as a member on the Indiana Advisory Board of Best Buddies Indiana. Brandon C. Delk, Vice President – Development. Mr. Delk graduated from Indiana University Kelley School of Business – Bloomington in 2010 with a B.S. in Real Estate Finance and Business Management. While attending Indiana University, he received a first place honor for his involvement in the Stanley E. Hunt Development Case Study competition in the fall of 2009. Brandon joined Pedcor Investments in July, 2010. Mr. Delk is currently working on his Masters of Business Administration at the Kelley School of Business – Indianapolis with a concentration in Finance. Ryan M. Rodgers, Vice President – Development. Mr. Rodgers graduated from Purdue University in 1998 and earned a Juris Doctor degree in 2001 from Indiana University Maurer School of Law. Prior to joining Pedcor, Mr. Rodgers worked in the private practice of law in the areas of real estate and corporate litigation. Additionally, Mr. Rodgers was a principal in a local residential real estate company and holds a State of Indiana Real Estate Salesperson License. Patrick J. Stoffregen, Vice President – Development. Mr. Stoffregen graduated with distinction from Indiana University – Bloomington in 2009 with a BA in East Asian Languages and Cultures and a Music Minor. A recipient of the Alpine Prize for Japanese Studies, he spent one year in Suzaka City, Nagano Prefecture on the Japan Exchange and Teaching Program as an Assistant Language Teacher where he team-taught high school English Oral Communications classes with Japanese Teachers of English. After returning to Indiana in August, Mr. Stoffregen joined Pedcor Investments in September, 2011. Page 85 of 176 M:\MS\Internal Pedcor LISTS\Resume of Pedcor Investments.doc9 Jean Latsha, Land Acquisition Manager. Ms. Latsha holds a Bachelor’s Degree in Philosophy from the University of Texas at Austin and has been involved in affordable housing development since 2005. She was employed by the Cesar Chavez Foundation, a non-profit corporation, for six years as a project manager and new business manager. There she was responsible for the production of affordable housing development in Texas, from site selection through financing, construction, and lease-up, utilizing several different funding sources including LIHTC, HOME, USDA Section 514/516 funds, Neighborhood Stabilization Program, and HUD Section 202 funds. She joined the Texas Department of Housing and Community Affairs in February, 2012 as the Competitive (9%) HTC Administrator, and was promoted to Director of Multifamily Finance. In that capacity she was responsible for the application process and review, allocation, award and closing on all multifamily funding sources administered by the agency, including multifamily revenue bonds, low income housing tax credits, and direct loan (including HOME) funds. Ms. Latsha will be responsible for development activities on behalf of Pedcor in Texas. Page 86 of 176 Name Location Total Units LIHTC Units Market Units Completion DateEnglish Village SOLD 4/07 Indianapolis, IN 208 208 0 Apr-88 Emerson Village SOLD 1/08 Indianapolis, IN 144 144 0 Nov-87 Emerson Lakes SOLD 1/08 Indianapolis, IN 208 0 208 Dec-88 Mann Village I SOLD 4/08 Indianapolis, IN 204 192 12 Jan-89 Thompson Village SOLD 4/07 Indianapolis, IN 240 240 0 Sep-89 Greenfield Village SOLD 11/08 Greenfield, IN 256 112 144 Jul-90 Port Crossing I Portage, IN 160 160 0 Dec-89 Round Barn Manor Greencastle, IN 112 49 63 Dec-89 Golfview Valparaiso, IN 240 0 240 Jun-90 Mann Village II SOLD 4/08 Indianapolis, IN 132 123 9 Dec-90 Shady Knoll I Crawfordsville, IN 112 48 64 Jan-91 Lakeview I Franklin, IN 160 70 90 Apr-92 Shady Knoll II Crawfordsville, IN 48 48 0 Jul-94 Bittersweet Pointe SOLD 1/12 Mishawaka, IN 116 116 0 Dec-93 Ohio Street Townhomes1 Indianapolis, IN 20 20 0 Dec-94 Port Crossing II Portage, IN 96 96 0 Jun-95 Cedar Run Huntington, IN 104 104 0 Jun-95 Woodland Crossing II Michigan City, IN 80 80 0 Aug-95 Shady Knoll III Crawfordsville, IN 48 48 0 Mar-95 Lakeview II Franklin, IN 64 64 0 Oct-95 Woodland Crossing I Michigan City, IN 64 64 0 Jun-96 Port Crossing III Portage, IN 176 96 80 Aug-96 Sycamore Springs I Seymour, IN 128 128 0 Jul-97 Lyons Gate Miamisburg, OH 240 176 64 Feb-98 Coburn Place2 Indianapolis, IN 35 35 0 Mar-97 Willow Lake Lima, OH 192 192 0 Jan-99 Berrien Woods I Niles, MI 72 72 0 Apr-99 Cumberland Crossing Fishers, IN 232 232 0 Aug-99 Crystal Glen I Findlay, OH 192 192 0 Mar-00 Berrien Woods II Niles, MI 56 56 0 Aug-99 Ravenbrook2 Indianapolis, IN 15 15 0 Dec-99 Sycamore Springs II Seymour, IN 80 0 80 Jun-00 Waterfront Pointe Indianapolis, IN 192 182 10 Mar-01 Crystal Glen II3 Findlay, OH 64 48 16 Oct-00 Knollwood Crossing I3 Hamilton, OH 240 180 60 Sep-01 Autumn Woods I3 Crawfordsville, IN 96 72 24 Jul-00 Teal Run I Battle Creek, MI 150 100 50 Nov-02 Crooked Creek I Kansas City, MO 176 176 0 Nov-02 Brownsburg Pointe I Brownsburg, IN 80 64 16 Aug-02 The Overlook Elkhart, IN 188 188 0 Jul-02 Golf Pointe Columbus, OH 228 228 0 Jul-02 Berrien Woods III Niles, MI 128 77 51 Sep-02 Whispering Pines I Coldwater, MI 112 112 0 Nov-02 Autumn Woods II3 Crawfordsville, IN 96 72 24 Jun-02 Lake Pointe SOLD 10/07 Portage, IN 192 0 192 Dec-02 Riverbend I Grand Island, NE 160 128 32 Feb-04 Lakes of Georgetown Indianapolis, IN 208 156 52 Dec-03 Sand Creek II Adrian, MI 126 76 50 Sep-03 The Masters I Valparaiso, IN 176 88 88 Sep-03 Danbury Court I Bloomington, IL 128 96 32 Apr-04 Ashton Pines I Elkhart, IN 144 106 38 Dec-03 North Lake Elkhart, IN 192 167 25 Mar-04 Brownsburg Pointe II Brownsburg, IN 80 71 9 Dec-03 Brainard Landings I Lincoln, IL 56 56 0 Aug-04 Princeton Lakes Noblesville, IN 208 208 0 Apr-05 Knollwood Crossing II Hamilton, OH 128 128 0 Jan-05 Cedars at Rivers Bend South Lebanon, OH 176 176 0 Aug-06 Whispering Pines II Coldwater, MI 44 44 0 Aug-04 Heights at Knollwood Crossing Hamilton, OH 192 0 192 May-06 Crooked Creek II Kansas City, MO 112 112 0 May-07 Danbury Court II Bloomington, IL 128 96 32 Jul-06 Saddlebrook III Henderson, KY 48 48 0 Dec-05 Springview II Newburgh, IN 66 66 0 Aug-06 Lakes of Beavercreek Beavercreek, OH 212 0 212 Jan-08 Southwind Lakes I Memphis, TN 200 200 0 Apr-07 Teal Run II Battle Creek, MI 76 0 76 Jun-06 Preserve of Avon Avon, IN 128 113 15 Aug-06 Trotters Pointe I Greenwood, IN 256 0 256 May-07 Stoneridge I Kearney, NE 80 70 10 Nov-06 Alderwood Estates Bay City, MI 150 150 0 May-07 Trotters Pointe II Greenwood, IN 120 106 14 Apr-07 GreyStone I Noblesville, IN 236 236 0 Jan-08 PEDCOR INVESTMENTS MULTIFAMILY DEVELOPMENT PORTFOLIO Page 87 of 176 Name Location Total Units LIHTC Units Market Units Completion Date PEDCOR INVESTMENTS MULTIFAMILY DEVELOPMENT PORTFOLIO Clay Terrace I Kansas City, MO 210 210 0 Sep-08 Southwind Lakes II Memphis, TN 76 0 76 Aug-08 Ashland Lakes I Memphis, TN 200 200 0 Nov-07 Avalon Lakes Marion, OH 176 176 0 Apr-08 Riverbend II Grand Island, NE 96 81 15 Feb-08 Masters II Valparaiso, IN 64 54 10 Jan-08 Weatherly Ridge I Antioch, TN 192 192 0 Jan-09 Delaware Trace I Evansville, IN 112 95 17 Mar-08 Alison Pointe I Foley, AL 128 128 0 Jun-08 Brainard Landings II Lincoln, IL 46 46 0 Dec-07 Valley View I Moline, IL 192 192 0 May-09 Timber Ridge I Lynchburg, VA 96 96 0 Jul-08 Retreat at Dry Creek Farms I Goodlettsville, TN 176 176 0 Feb-09 Cross Creek I Davenport, IA 192 192 0 May-09 Alison Pointe II Foley, AL 128 0 128 Jun-08 Irvington Heights I Omaha, NE 160 160 0 Oct-09 Timber Ridge II Lynchburg, VA 72 72 0 Nov-09 Forest Ridge Indianapolis, IN 220 220 0 Jan-10 Ashland Lakes II Memphis, TN 212 212 0 Oct-09 GreyStone II SOLD 7/12 Noblesville, IN 216 0 216 Dec-09 Ashton Pines II Elkhart, IN 144 144 0 Jan-10 Weatherly Ridge II Antioch, TN 48 48 0 Dec-09 Residences at Carmel City Center Carmel, IN 106 0 106 Sep-10 Cross Creek II Davenport, IA 144 144 0 Aug-10 Whisper Ridge West Des Moines, IA 208 208 0 Sep-10 Bradford Park Indianapolis, IN 96 81 15 Sep-10 Prairie Meadows I Greenfield, IN 100 85 15 Dec-10 Franklin Cove I Indianapolis, IN 100 85 15 Oct-10 Stoneridge II Kearney, NE 24 24 0 Oct-10 Irvington Heights II Omaha, NE 32 32 0 Nov-10 Trotters Pointe III Greenwood, IN 96 96 0 Jun-11 Village Park Waukegan, IL 126 113 13 Oct-11 Appleton I Lincoln, NE 84 84 0 Oct-11 Cimarron Terrace I La Vista, NE 84 84 0 Nov-11 May River Village4 Bluffton, SC 68 68 0 Jan-12 Steeples on Washington Indianapolis, IN 144 144 0 Dec-12 Cimarron Terrace II La Vista, NE 48 38 10 Aug-12 Fletcher Estates I Ankeny, IA 48 48 0 Nov-12 Retreat at Dry Creek Farms II Goodlettsville, TN 92 92 0 Sep-13 Congress Parkway Crystal Lake, IL 60 60 0 Nov-14 Franklin Cove II 5 Indianapolis, IN 64 64 0 Jul-14 Trotters Pointe IV 5 Greenwood, IN 24 24 0 May-14 Nash Building Carmel, IN 30 0 30 Feb-15 Retreat on Washington Indianapolis, IN 62 62 0 May-15 Appleton II Lincoln, NE 56 56 0 Sep-14 Meadows at Dunkirk Aurora, CO 204 204 0 3rd Qtr. 15 Ashley Estates Loveland, CO 224 224 0 1st Qtr 16 William Cannon Austin, TX 252 252 0 2nd Qtr 16 Delaware Trace II 5 Evansville, IN 80 80 0 1st Qtr 16 Heights on Parmer Austin, TX 252 252 0 3rd Qtr 16 Sunset View Beaverton, OR 236 236 0 1st Qtr 17 Totals 16,306 13,010 3,296 1 Co-developed and constructed as a joint venture with Eastside Community Investments, Inc., a 501©3. 2 Developed and constructed for the sole benefit of Martin Luther King Community Development Corporation, a 501©3. 3 Developed and constructed for the sole benefit of Affordable Housing Partners, Inc. a 501©3. 4 Co-developed as a joint venture with Bennett & Reindl, LLC. 5 Developed and constructed for the sole benefit of United Fidelity Bank d/b/a Village Capital Corporation. In aggregate, Pedcor's affiliated management companies currently manage 16,025 units. NOTE: Aggregate total does not include 8 apartment communities developed by Village Community Development consisting of 916 units (736 LIHTC and 180 market units) that were acquired in June 2000 from United Fidelity Bank of Evansville, IN. Also excluded are 5 apartment communities acquired and currently managed by Pedcor Homes Corp. consisting of an additional 1,388 units and 2 communities under management contract totaling 160 units. Page 88 of 176 PEDCOR MANAGEMENT Page 89 of 176 M:\MS\Internal Pedcor LISTS\Resume of Pedcor Management.doc1 PEDCOR PROPERTY MANAGEMENT Pedcor Investments currently has three full service property management companies. Pedcor Management Corp. was formed in October of 1987 and is owned 50% by Gerald K. Pedigo and 50% by Bruce A. Cordingley. Pedcor Management Corp. was established to manage multifamily properties developed by Pedcor Investments and its related entities. In addition to managing properties developed by Pedcor Investments, in June of 2000, Pedcor Investments purchased, and Pedcor Management Corp. assumed management responsibilities of, the Village Community Development Corporation (“Village”) affordable housing portfolio from United Fidelity Bank of Evansville, IN. The Village portfolio includes 8 properties consisting of 17 different partnerships with 900 units located within Indiana, Kentucky and Illinois. Management of the overall day-to-day operations of Pedcor Management Corp. is split between two Division Presidents, Kim Losacker and Margie Williamson. Kim Losacker, CPM, Division President, obtained her BS from DePauw University in Greencastle, IN. She started her property management career in 1985 in southern California as a part time leasing representative. She has been leasing and marketing, and eventually managing, tax credit developments since inception of the IRC Section 42 tax credit program. She joined Pedcor Management Corp. in 1993 as Property Site Manager and has since worked her way to Division President. Her professional designations include being a Certified Property Manager (“CPM”) under IREM Chapter 24 in Indianapolis and a Housing Credit Certified Professional (“HCCP”) as certified by the National Association of Home Builders (“NAHB”) Multifamily Division. Margie Williamson, CPM, Division President, obtained her BS from Indiana University in Bloomington, IN. Her career in property management began in 1988 with a new construction lease up in downtown Indianapolis. In 1989 she joined Pedcor Management Corporation as site manager at a Southside property beginning its tax credit lease up. From there she was promoted to Area Manager covering several different regions within the Pedcor portfolio, with a concentration in managing IRC Section 42 Tax Credit units. From Area Manager she was promoted to EVP covering a larger portfolio, and now holds the position of Division President. She received her CPM designation in 1995, and has served on the Executive Council with the Indianapolis chapter of the Institute of Real Estate Management (IREM). In addition, she currently serves on the board with the Apartment Association of Indiana, and holds a Broker’s license in both Indiana and Nebraska. Pedcor Affordable Management, Inc. was formed in March of 1993. Prior to the unexpected death of Sarah “Sally” A. Lentz-Crouse, Pedcor Affordable Management was owned 51.0% by Sally with 24.5% owned by Gerald K. Pedigo and 24.5% by Bruce A. Cordingley, establishing Pedcor Affordable Management, Inc. as a Woman Business Enterprise (“WBE”) to further facilitate and compliment the effort of providing affordable housing and to manage special needs programs. With settlement of the Sarah A. Lentz estate, ownership was ultimately transferred 50% to Gerald K. Pedigo and 50% to Bruce A. Cordingley and the WBE status discontinued. Pedcor Homes Corporation was formed in October 1997 as a subsidiary of International City Bank (“ICB”) of Long Beach, CA for the purpose of managing acquisitions of multifamily communities for the benefit of ICB and its bank holding company, Pedcor Bancorp, in addition to select multifamily properties developed and/or acquired by Pedcor Investments. The current Pedcor Page 90 of 176 M:\MS\Internal Pedcor LISTS\Resume of Pedcor Management.doc2 Homes Corp. management portfolio consists of 19 properties with 30 different partnerships consisting of 4,304 units located in Indiana, Michigan, Illinois, Tennessee, Arizona and California under the auspices of Richard B. McCool. Richard B. McCool, CPM, Executive Vice President, has over 20 years of experience in the management, acquisition, disposition, development and construction of commercial properties with a primary focus on multifamily. Before joining Pedcor, this included supervising all aspects of asset management for over 3,500 units in five states for both a family owned business and Cornerstone Properties, Inc., a large property management firm located in Carmel, Indiana. He received his BS degree in Business Administration with a minor in Management from the University of Arizona in 1981. He received his CPM designation in 1987 and National Compliance Professional Executive in 2001. In August of 1999, Mr. McCool joined Pedcor Community Development Corporation as its Asset Manager with the responsibility of acquisition/rehabilitation and management of apartments primarily in the southern California area. Since then his management responsibilities include properties in California, Arizona, Indiana, Illinois and Tennessee. Summary of Operations Pedcor’s property management group in aggregate is responsible for 16,262 units including the collection and accounting of more than $135 million in gross annual rental proceeds. Management provides the formulation and implementation of marketing and leasing strategies, new product delivery, absorption, income and expense projections, insurance coverage coordination, completion analysis, capital expenditure projections, personnel selection, training and direction, maintenance and formulation of management systems and procedures. This process has made it possible for Pedcor to maintain an average occupancy level above 92% overall for the portfolio. In addition, Pedcor provides feasibility input for site selection and unit design and acts as construction liaison for ownership in the areas of quality control and interim operations management. Pedcor’s property management operation employs over 250 people to market, administer and maintain each Pedcor managed property. The on-site resident managers are Certified Apartment Managers (“CAM”) or Accredited Resident Managers (“ARM”), or are in the process of obtaining such certifications. They are responsible for property marketing, revenue and expense control and supervision of additional property staff, including leasing and maintenance personnel. The leasing representatives are primarily responsible for apartment leasing, resident relations and retention. The maintenance personnel are responsible for property service and preventive maintenance. HUD REAC Scoring HUD’s Real Estate Assessment Center (“REAC”) conducts physical property inspections of multifamily properties that are financed by HUD/FHA insured loans. Over 20,000 such inspections are conducted each year using a 100 point scoring system with the intent to ensure that HUD residents have housing that is safe, decent, sanitary and maintained in good condition. Such site inspections are conducted by HUD to monitor the physical condition of their rental housing portfolio; therefore, holding property owners and/or property managers accountable for deficiencies in housing quality. Pedcor is proud to claim that with over $335 million in HUD 223(f) financings consisting of over 75 multifamily partnerships our average REAC score exceeds 93 points which is considered a very high standard within the overall HUD REAC scoring system. Page 91 of 176 Market Units English Village SOLD 4/07 Indianapolis, IN 208 208 0 Apr-88 Emerson Village SOLD 1/08 Indianapolis, IN 144 144 0 Nov-87 Emerson Lakes SOLD 1/08 Indianapolis, IN 208 0 208 Dec-88 Mann Village I SOLD 4/08 Indianapolis, IN 204 192 12 Jan-89 Thompson Village SOLD 4/07 Indianapolis, IN 240 240 0 Sep-89 Greenfield Village SOLD 11/08 Greenfield, IN 256 112 144 Jul-90 Port Crossing I Portage, IN 160 160 0 Dec-89 Round Barn Manor Greencastle, IN 112 49 63 Dec-89 Golfview Valparaiso, IN 240 0 240 Jun-90 Mann Village II SOLD 4/08 Indianapolis, IN 132 123 9 Dec-90 Shady Knoll I Crawfordsville, IN 112 48 64 Jan-91 Lakeview I Franklin, IN 160 70 90 Apr-92 **Shady Knoll II Crawfordsville, IN 48 48 0 Jul-94 Bittersweet Pointe SOLD 1/12 Mishawaka, IN 116 116 0 Dec-93 +Ohio Street Townhomes (1)Indianapolis, IN 20 20 0 Dec-94 **Port Crossing II Portage, IN 96 96 0 Jun-95 **Cedar Run Huntington, IN 104 104 0 Jun-95 Woodland Crossing II Michigan City, IN 80 80 0 Aug-95 Shady Knoll III Crawfordsville, IN 48 48 0 Mar-95 Lakeview II Franklin, IN 64 64 0 Oct-95 Woodland Crossing I Michigan City, IN 64 64 0 Jun-96 Port Crossing III Portage, IN 176 96 80 Aug-96 Sycamore Springs I Seymour, IN 128 128 0 July-97 Lyons Gate Miamisburg, OH 240 176 64 Feb-98 +Bella Vista El Cajon, CA 150 150 0 Apr-98 acquisition Coburn Place Safehaven (2) T'd Dec- 12 Indianapolis, IN 35 35 0 Mar-97 mgt. contract Willow Lake Lima, OH 192 192 0 Jan-99 Berrien Woods I Niles, MI 72 72 0 Apr-99 **Cumberland Crossing Fishers, IN 232 232 0 Aug-99 Crystal Glen I Findlay, OH 192 192 0 Mar-00 Berrien Woods II Niles, MI 56 56 0 Aug-99 +Hickory Knoll Anderson, IN 64 64 0 May-00 mgt. contract Sycamore Springs II Seymour, IN 80 0 80 Jun-00 Vann Park I Evansville, IN 44 40 4 Jun-00 acquisition Vann Park II Evansville, IN 48 48 0 Jun-00 acquisition Vann Park III Evansville, IN 64 32 32 Jun-00 acquisition Vann Park IV Evansville, IN 40 40 0 Jun-00 acquisition +Prairie Green I Urbana, IL 56 56 0 Jun-00 acquisition +Prairie Green II Urbana, IL 48 24 24 Jun-00 acquisition +Prairie Green III Urbana, IL 48 48 0 Jun-00 acquisition Autumn Trace I Kokomo, IN 64 64 0 Jun-00 acquisition Autumn Trace II Kokomo, IN 64 32 32 Jun-00 acquisition Deerfield I Kendallville, IN 40 40 0 Jun-00 acquisition Deerfield II Kendallville, IN 40 40 0 Jun-00 acquisition +Fox Hill I Bloomington, IL 40 40 0 Jun-00 acquisition +Fox Hill II Bloomington, IL 48 48 0 Jun-00 acquisition Saddlebrook I Henderson, KY 40 40 0 Jun-00 acquisition Saddlebrook II Henderson, KY 40 40 0 Jun-00 acquisition Edgewater Greensburg, IN 80 40 40 Jun-00 acquisition Springview I Newburgh, IN 96 48 48 Jun-00 acquisition **Waterfront Pointe Indianapolis, IN 192 182 10 Mar-01 **Crystal Glen, Phase II (3)Findlay, OH 64 48 16 Oct-00 **Knollwood Crossing I (3)Hamilton, OH 240 180 60 Sep-01 PEDCOR COMPANIES PROPERTY MANAGEMENT PORTFOLIO Completion DateNameLocationTotal Units Tax Credit Units Page 92 of 176 **Autumn Woods I (3)Crawfordsville, IN 96 72 24 Jul-00 Teal Run I Battle Creek, MI 150 100 50 Nov-02 Crooked Creek I Kansas City, MO 176 176 0 Nov-02 **Brownsburg Pointe I Brownsburg, IN 80 64 16 Aug-01 **The Overlook Elkhart, IN 188 188 0 Jul-02 Golf Pointe Columbus, OH 228 228 0 Jul-02 Sand Creek I Adrian, MI 96 96 0 Oct-01 acquisition Berrien Woods III Niles, MI 128 77 51 Sep-02 Whispering Pines I Coldwater, MI 112 112 0 Nov-02 **Autumn Woods II (3)Crawfordsville, IN 96 72 24 Jun-02 Lake Pointe SOLD 10/07 Portage, IN 192 0 192 Dec-02 Riverbend I Grand Island, NE 160 128 32 Feb-04 **Lakes of Georgetown Indianapolis, IN 208 156 52 Dec-03 Sand Creek II Adrian, MI 126 76 50 Sep-03 **The Masters I Valparaiso, IN 176 88 88 Sept-03 +Danbury Court I Bloomington, IL 128 96 32 Apr-04 **Ashton Pines I Elkhart, IN 144 106 38 Dec-03 **North Lake Elkhart, IN 192 167 25 Mar-04 **Brownsburg Pointe II Brownsburg, IN 80 71 9 Dec-03 +Brainard Landings I Lincoln, IL 56 56 0 Aug-04 **Princeton Lakes Noblesville, IN 208 208 0 Apr-05 Knollwood Crossing II Hamilton, OH 128 128 0 Jan-05 Cedars at Rivers Bend South Lebanon, OH 176 176 0 Aug-06 Whispering Pines II Coldwater, MI 44 44 0 Aug-04 +Allegro SOLD 7/07 Phoenix, AZ 264 0 264 Dec-03 acquisition +Lions Creek Noblesville, IN 502 0 502 Jun-04 acquisition +Echo Ridge (PCD) T'd Jul-13 Indianapolis, IN 208 0 208 Aug-04 acquisition Heights at Knollwood Crossing Hamilton, OH 192 0 192 May-06 Crooked Creek II Kansas City, MO 112 112 0 May-07 +Palm Valley (PCD) T'd Jul-13 Goodyear, AZ 264 0 264 Nov-04 acquisition +Danbury Court II Bloomington, IL 128 96 32 Jul-06 **Saddlebrook III Henderson, KY 48 48 0 Dec-05 **Springview II Newburg, IN 66 66 0 Sep-06 Lakes of Beavercreek Beavercreek, OH 212 0 212 Jan-08 +Southwind Lakes I Memphis, TN 200 200 0 Apr-07 Teal Run II Battle Creek, MI 76 0 76 Jun-06 Preserve of Avon Avon, IN 128 113 15 Aug-06 +Trotters Pointe I Greenwood, IN 256 0 256 May-07 Stoneridge I Kearney, NE 80 70 10 Nov-06 Alderwood Estates Bay City, MI 150 150 0 May-07 +Trotters Pointe II Greenwood, IN 120 106 14 Apr-07 +GreyStone I Noblesville, IN 236 236 0 Jan-08 Clay Terrace I Kansas City, MO 210 210 0 Sep-08 +Southwind Lakes II Memphis, TN 76 0 76 Aug-07 +Ashland Lakes I Memphis, TN 200 200 0 Nov-07 Avalon Lakes Marion, OH 176 176 0 Apr-08 Riverbend II Grand Island, NE 96 81 15 Feb-08 **Masters II Valparaiso, IN 64 54 10 Jan-08 +Weatherly Ridge I Antioch, TN 192 192 0 Jan-09 **Delaware Trace I Evansville, IN 112 95 17 Mar-08 Alison Pointe I Foley, AL 128 128 0 Jun-08 +Brainard Landings II Lincoln, IL 46 46 0 Dec-07 Valley View I Moline, IL 192 192 0 May-09 Timber Ridge I Lynchburg, VA 96 96 0 Jul-08 +Retreat at Dry Creek Farms I Goodlettsville, TN 176 176 0 Feb-09 Cross Creek I Davenport, IA 192 192 0 May-09 Page 93 of 176 Alison Pointe II Foley, AL 128 0 128 Jun-08 Irvington Heights I Omaha, NE 160 160 0 Oct-09 Timber Ridge II Lynchburg, VA 72 72 0 Nov-09 Forest Ridge Indianapolis, IN 220 220 0 Jan-10 +Ashland Lakes II Memphis, TN 212 212 0 Oct-09 +GreyStone II SOLD 7/12 Noblesville, IN 216 0 216 Dec-09 Ashton Pines II Elkhart, IN 144 144 0 Jan-10 +Weatherly Ridge II Antioch, TN 48 48 0 Dec-09 +Residences at Carmel City Center Carmel, IN 106 0 106 Sep-10 Cross Creek II Davenport, IA 144 144 0 Aug-10 Whisper Ridge West Des Moines, IA 208 208 0 Sep-10 Bradford Park Indianapolis, IN 96 81 15 Sep-10 Prairie Meadows I Greenfield, IN 100 85 15 Dec-10 +Franklin Cove I Indianapolis, IN 100 85 15 Oct-10 Stoneridge II Kearney, NE 24 24 0 Oct-10 Irvington Heights II Omaha, NE 32 32 0 Nov-10 +Trotters Pointe III Greenwood, IN 96 96 0 Jun-11 Village Park Waukegan, IL 126 113 13 Oct-11 Appleton I Lincoln, NE 84 84 0 Oct-11 Cimarron Terrace I La Vista, NE 84 84 0 Nov-11 Steeples on Washington Indianapolis, IN 144 144 0 Dec-12 Cimarron Terrace II La Vista, NE 48 38 10 Aug-12 Fletcher Estates I Ankeny, IA 48 48 0 Nov-12 Walnut Manor (PCD) T'd Jul-13 Muncie, IN 120 120 0 Nov-11 acquisition Single Family Rentals (PCD)Evansville, IN 57 0 57 Dec-11 acquisition +Harborview (PCD) T'd Jul-13 National City, CA 75 0 75 Jan-12 acquisition +The Cove (PCD) T'd Jul-13 Bear Valley, CA 24 0 24 Jan-12 acquisition Foxbrook (PCD) T'd Jul-13 Muncie, IN 40 0 40 Mar-12 acquisition +Centro (PCD) T'd Jul-13 National City, CA 60 0 60 Apr-12 acquisition +Retreat at Dry Creek Farms II Goodlettsville, TN 92 92 0 Sep-13 Congress Parkway Crystal Lake, IL 60 60 0 Nov-14 +Franklin Cove II (4)Indianapolis, IN 64 64 0 Jul-14 +Trotters Pointe IV (4)Greenwood, IN 24 24 0 May-14 +Nash Building Carmel, IN 30 0 30 Feb-15 Retreat on Washington Indianapolis, IN 62 62 0 May-15 Appleton II Lincoln, NE 56 56 0 Sep-14 Meadows at Dunkirk Aurora, CO 204 204 0 3rd Qtr. 15 Ashley Estates Loveland, CO 228 228 0 1st Qtr 16 William Cannon Austin, TX 252 252 0 2nd Qtr 16 Delaware Trace II Evansville, IN 80 80 0 1st Qtr 16 Heights on Parmer Austin, TX 252 252 0 3rd Qtr 16 Sunset View Beaverton, OR 236 236 0 1st Qtr 17 TOTALS 19,051 14,081 4,970 Page 94 of 176 PROPERTIES SOLD / CONTRACT TERMINATION English Village Indianapolis, IN (208)(208)0 SOLD Apr-07 Thompson Village Indianapolis, IN (240)(240)0 SOLD Apr-07 +Allegro Phoenix, AZ (264)0 (264)SOLD Jul-07 Lake Pointe Portage, IN (192)0 (192)SOLD Oct-07 Emerson Village Indianapolis, IN (144)(144)0 SOLD Jan-08 Emerson Lakes Indianapolis, IN (208)0 (208)SOLD Jan-08 Mann Village I Indianapolis, IN (204)(192)(12)SOLD Apr-08 Mann Village II Indianapolis, IN (132)(123)(9)SOLD Apr-08 Greenfield Village Greenfield, IN (256)(112)(144)SOLD Nov-08 Bittersweet Pointe Mishawaka, IN (116)(116)0 SOLD Jan-12 Coburn Place Safehaven Indianapolis, IN (35)(35)0 TERMINATED Dec-12 +Echo Ridge (PCD)Indianapolis, IN (208)0 (208)TERMINATED Jul-13 +Palm Valley (PCD)Goodyear, AZ (264)0 (264)TERMINATED Jul-13 Walnut Manor (PCD)Muncie, IN (120)(120)0 TERMINATED Jul-13 +Harborview (PCD)National City, CA (75)0 (75)TERMINATED Jul-13 +The Cove (PCD)Bear Valley, CA (24)0 (24)TERMINATED Jul-13 Foxbrook (PCD)Muncie, IN (40)0 (40)TERMINATED Jul-13 +Centro (PCD)National City, CA (60)0 (60)TERMINATED Jul-13 ADJUSTED TOTAL 16,261 12,791 3,470 All properties are managed by Pedcor Management Corp. unless otherwise indicated per the following: ** Managed by Pedcor Affordable Management, Inc. + Managed by Pedcor Homes Corporation. (1) Co-developed and managed for the benefit of Eastside Community Investments, Inc. (2) Developed and managed for the sole benefit of Martin Luther King Community Development Corporation. (3) Developed and managed for the sole benefit of Affordable Housing Partners, Inc. (4) Developed and managed for the sole benefit of United Fidelity Bank d/b/a Village Capital Corporation. PCD is a Pedcor affiliate specializing in acquisition/rehab opportunities. Page 95 of 176 PEDCOR GROUP ORGANIZATION Page 96 of 176 THE PEDCOR COMPANIES Organizational Summary PEDCOR INVESTMENTS, A LIMITED LIABILITY COMPANY PEDCOR CAPITAL, LLC PEDCOR FINANCIAL, LLC The Pedcor Companies are owned and controlled by Gerald K. Pedigo, Bruce A. Cordingley and Phillip J. Stoffregen. The Pedcor Companies are principally and actively involved in banking, multifamily and commercial real estate development, construction, management, accounting, financing, insurance, law, architecture and engineering. Page 97 of 176 PEDCOR INVESTMENTS COMPANIES PEDCOR INVESTMENTS, A Limited Liability Company (PILLC) PEDCOR AFFORDABLE MANAGEMENT, INC. (PAM) SIGNATURE CONSTRUCTION, LLC PROVIDES DEVELOPMENT SERVICES FOR PEDCOR INVESTMENTS MULTIFAMILY PROPERTIES PROVIDES CONSTRUCTION MANAGEMENT SERVICES FOR PROPERTIES DEVELOPED BY PEDCOR INVESTMENTS PROVIDES PROPERTY MANAGEMENT SERVICES FOR PROPERTIES DEVELOPED BY PEDCOR INVESTMENTS PROVIDES GENERAL CONTRACTOR SERVICES FOR PROPERTIES DEVELOPED BY PEDCOR INVESTMENTS 125+ SINGLE ASSET LIMITED PARTNERSHIPS PDC, PDS, PDA, PCC, PCM, PMC, PAM & PEDCOR OFFICE ARE AFFILIATES, NOT SUBSIDIARIES, OF PEDCOR INVESTMENTS PEDCOR OFFICE, LLC CARMEL, INDIANA MIXED USE DEVELOPMENTS PEDCOR MANAGEMENT CORPORATION (PMC) PEDCOR CONSTRUCTION CORPORATION (PCC) PEDCOR CONSTRUCTION MANAGEMENT, LLC (PCM) PEDCOR DEVELOPMENT CORPORATION (PDC) PEDCOR DEVELOPMENT SERVICES, LLC (PDS) PEDCOR DEVELOPMENT ASSOCIATES, LLC (PDA) Page 98 of 176 PEDCOR CAPITAL COMPANIES INTERNATIONAL CITY BANK (ICB) (84.08% owned by PB)PEDCOR FUNDING CORP. (PFC) (100% owned by PB) VILLAGE HOUSING CORPORATION (VHC) (100% owned by PFC) PEDCOR BANCORP (PB) (Financial Holding Company –100% owned by PCAP) PEDCOR HOMES CORPORATION (100% owned by ICB) PEDCOR HOUSING CORPORATION (100% owned by ICB) PEDCOR CAPITAL CORPORATION (100% owned by ICB) PEDCOR COMMUNITY DEVELOPMENT CORPORATION (100% owned by ICB) PEDCOR COMMUNITY INVESTMENTS, LLC (PCI) (100% owned by PCAP) PEDCOR CAPITAL, LLC (PCAP) (Financial Holding Company) PEDCOR ASSURANCE COMPANY (PAC) (100% owned by PB) HARBOR VIEW ACQUISITION, LLC (100% owned by ICB) PSJ, LLC (50% owned by PB) Page 99 of 176 PEDCOR FINANCIAL COMPANIES PEDCOR FINANCIAL, LLC (PFIN) (Savings & Loan Holding Company) Pedcor Financial Bancorp (PFB) (100% owned by PFIN) Pedcor Insurance Company (PIC) (51% owned by PFB) Pedcor Residential, LLC (PRES) (100% owned by PFIN) CCC Kent, LLC (100% owned by PRES) Fidelity Federal Bancorp (FFB) (95.65% owned by PFB) United Fidelity Bank, fsb (UFB) (100% owned by FFB) Pedcor Commons, LLC (PCOM) (100% owned by PFB) Village Capital Corporation (VCC) (100% owned by UFB) Evansville Management, LLC (100% owned by FFB) PSJ, LLC (50% owned by PFB) Page 100 of 176 MARKETING AMENITIES Page 101 of 176 MARKETING AMENITIES Pedcor Investments, A Limited Liability Company ("Pedcor") is Indiana's leader in the development and management of affordable housing under the IRC Section 42 federal housing tax credit program. Pedcor's success is the direct result of comprehensive planning in the areas of marketing research and construction techniques. Timely demographic studies are an integral part of the planning process. These tools, combined with Title 8 requirements, are used to develop an apartment community that is appealing to everyone. Our overall property design evolves and improves with each new community. Pedcor has always followed the highest industry standards for construction and energy efficiency. Most Pedcor properties today receive federally-designated Energy Star certification. Pedcor properties include all standard necessities, plus upgrades and amenities not common in many competing affordable housing projects. In most of the communities we build today, our standard amenities package is extensive and impressive. Individual Entryways Instead of a common area hallway, we give our tenants individual access to their units. This provides private ingress and egress, and eliminates hallway maintenance and noise. Separate Dining Area The separate area for dining provides a comfortable space conducive to family dining, just like in modern homes. Large Closet Space Our residents appreciate large closet spaces for clothing, supplies, and other storage. Our newer units have walk-in closets with built-in shelves. Page 102 of 176 Large Private Storage Room Because of the emphasis on recreation and exercise, our units feature individual private storage for bicycles, toys, tools and/or patio belongings. Private Patios and Balconies Every Pedcor unit includes a patio or balcony that is ideal for sunning, relaxing or decorating. Patio Doors Insulated doors with an Energy Star rating and five (5) year warranty are now standard. Room Design Room sizes are designed to easily accommodate one to six occupants. Careful space planning is necessary to accommodate furniture, beds and appliances. Phone jacks and electrical outlets are placed for easy access. Washer/Dryer Closet Hook-ups Residents preferring not to transport laundry away from their apartments can have washers and dryers installed in their units. This is especially convenient in bad weather. The utility closet can also be used for additional storage. On-site laundry facilities are also provided at each community. Bathrooms Residents desire plenty of vanity space and large mirrors. Our vanities have several drawers for storage, and all bathrooms feature large wall-mounted vanity mirrors. Page 103 of 176 Standard Unit Amenities Dishwasher Garbage disposal Frost-free refrigerator Electric range with self-cleaning oven Range hood Double kitchen sinks Pantry Wood-paneled kitchen cabinets Separate dining area Vanity/dressing area Washer/dryer hook-ups Mini and vertical blinds Wall to wall carpeting Ceramic tile bathroom and kitchen Built-in light fixtures Linen closet Walk-in closets Built-in shelving in closets Patio or balcony Private exterior storage Central air conditioning Energy Star certified heating and cooling systems Energy Star windows and sliding glass doors Cable ready High-speed Internet Deadbolt locks and peepholes Smoke detectors Lake views Curb Appeal Abundant landscaping is provided and maintained by professional landscape companies to enhance appeal. Each property is inspected and cleaned on a daily basis to provide a favorable first impression. Additionally, detailed inspections are performed quarterly, and any necessary maintenance is performed on a timely basis. Page 104 of 176 Standard Community Amenities Swimming pool with sundeck Clubhouse Central laundry area Playground/tot lot Fitness center Business center Picnic tables and BBQ grills Carports and/or parking garages Lake Clubhouse Building Each Pedcor project includes a full service clubhouse facility including rental office, community room with complete kitchen amenities, computer center, exercise room, swimming pool, playground area and maintenance facility. Building Design Every Pedcor building is designed to enhance curb appeal and constructed to provide long-term durability. Brick, aluminum fascia and soffit are almost maintenance free. The fiber cement siding or vinyl siding has a fifty (50) year non-prorated warranty that is transferable. Windows Double pane Energy Star windows provide above average insulation and little or no condensation. Page 105 of 176 Parking Careful attention goes into the selection of the appropriate number and location of parking spaces. Carports and Garages are built in most of our communities. Specific locations and totals are based on the types of units on each property. Maintenance A qualified person is available to perform routine, preventative and 24-hour emergency maintenance. Procedures are available in a Standard Operating Manual. Market Surveys Market surveys are performed by management prior to opening, then quarterly during the operation of the community. This serves as a development feasibility indicator and a reference for comparing the competition. Marketing Pedcor pre-markets its properties prior to the completion of the first building. Pedcor goes beyond the normal marketing concept. Prospects can talk with a representative months before construction is complete. These prospects receive a personal opening announcement and brochure. Dozens of employers receive brochures prior to opening via a specifically designed outreach program. Our goal is to have pre-leasing in place as each building becomes ready for occupancy. Page 106 of 176 DEVELOPMENT PORTFOLIO Page 107 of 176 Page 108 of 176 Page 109 of 176 Page 110 of 176 Page 111 of 176 Page 112 of 176 Page 113 of 176 Page 114 of 176 Page 115 of 176 Page 116 of 176 Page 117 of 176 Page 118 of 176 Page 119 of 176 scoring criteria max points available max possible for Live Oak notes Local Government Support 17 17 requires resolution of support from the City of Georgetown Declared Disaster Area 10 10 based on county in which site is located Quantifiable Community Participation 9 4 points "coupled" with Input from Community Organizations; site not within the boundary of a neighborhood organization Community Support from State Representative 8 8 requires letter of support from Representative Marsha Farney Opportunity Index 7 7 based on income level and poverty rate of census tract along with attendance zones of high- performing elementary school Concerted Revitalization Plan 6 0 no points available if scoring on Opportunity Index Educational Excellence 5 5 site in attendance zones of 3 high-performing schools Historic Preservation 3 0 no points available for new construction Input from Community Organizations 4 4 requires letters of support from local non-profits Underserved Area 2 1 site in census tract with no other HTC developments (max points for sites in cities with no other Proximity to Important Services 2 2 site within 1.5 miles of grocery store and pharmacy Financial Feasibility 18 18 based on 15-year pro forma and lender review of owner Income Levels of Tenants 16 16 at least 40% of the units set aside for households at or below 50% AMI Siza and Quality of Units 15 15 minimum requirements for size of units and available amenities Rent Levels of Tenants 13 11 at least 10% of the units set aside for housholds at 30% AMI (additional 2 points only available for supportive housing) Cost of Development per Square Foot 12 12 building cost is less than $75 per square foot Tenant Services 11 10 variety of tenant services provided (additional 1 point only available to supportive housing) Pre-Application Participation 6 6 requires submission of pre-application on January 8 Leveraging of Private, State, and Federal Resources 3 3 HTC funding request is less than 8 percent of total housing development costs Tenant Populations with Special Housing Needs 2 2 requires participation in TDHCA's Section 811 Program Extended Affordability 2 2 requires affordability period of 35 years Sponsor Characteristics 1 1 requires partnership with HUB or non-profit Commitment of Development Funding from Local Political Subdivision 1 1 requires letter from City of Georgetown providing a loan, grant, or in-kind contribution (no specific dollar amount required) Right of First Refusal 1 1 requires agreement to proivide right of first refusal at end of compliance period Funding Request Amount 1 1 HTC request amount does not exceeed what is available in region Page 120 of 176 Exhibit 7 TDHCA Housing Tax Credit Program FAQs 1 of 6 TDHCA Question/Answer on Housing Tax Credits Q. What are Housing Tax Credits? A. The federal housing tax credit program is a means of directing private capital toward the creation of affordable rental housing. Owners and investors in qualified affordable multifamily residential developments can use the housing tax credits as a dollar‐for‐dollar reduction of federal income tax liability. The value associated with the housing tax credits allows residences to be leased to qualified families at below market rate rents. The Texas Department of Housing and Community Affairs (TDHCA) is the only entity in the state of Texas with the authority to allocate housing tax credits under this program. To qualify for housing tax credits, the proposed development must involve new construction or undergo substantial rehabilitation of residential units (at least $15,000/unit). The credit amount a development may receive depends on the total amount of depreciable capital improvements and the funding sources available to finance the total development cost. Q. What must an applicant do to apply for housing tax credits? A. Developers apply for housing tax credits through an application process administered by TDHCA. This process is fully described in the Qualified Allocation Plan and Rules (QAP) which governs the programʹs operation. The QAP is revised annually in a process that involves public input, Board approval and ultimately approval by the Governor. Under the competitive HTC program, to be considered for an award of housing tax credits, an application must be submitted to TDHCA during the annual application acceptance period as published in the QAP. All applications must provide the required fee, application and supporting documentation as required by the QAP. The competition for housing tax credits is very high. Therefore, in addition to submitting an application that meets the minimum threshold, applicants must achieve a high enough score to be competitive to receive an award. Tax Exempt Bond applications applying for 4% housing tax credits are submitted to the Department once the Reservation of Allocation is issued by the Texas Bond Review Board. It is required under Section 1372 of the Texas Government Code, for Priority 1 and 2 applications to apply for housing tax credits. Priority 3 applications are not required to have housing tax credits; however, most developments are not financially feasible without them. Q. Does TDHCA have geographical preferences or specific types of developments that it prefers? A. Under the competitive HTC program, housing tax credits are allocated in accordance with Section 2306.111 of the Texas Government Code, which requires that the credits be allocated on a regional basis. There are thirteen state service regions; each of the thirteen state service regions is further divided into Rural and Urban/Exurban areas each of which is targeted to receive a pre‐determined amount of the housing tax credits for each year. The amount per area is based on a regional allocation formula which is generated, with public input, by the Housing Page 121 of 176 Exhibit 7 TDHCA Housing Tax Credit Program FAQs 2 of 6 Resource Center of TDHCA. Upon finalization of the formula, the targeted allocations will be released. Additionally, the HTC Program has several allocations and/or set‐asides which it strives to meet: at least 10% of all credits must be awarded to Qualified Nonprofits, at least 15% of each regionʹs credit allocation is targeted to At‐Risk Developments and at least 5% of each regionʹs credit allocation is targeted to developments funded by the U.S. Department of Agriculture. Q. What evaluation criteria is used to review submitted applications? A. It is the goal of TDHCA to encourage diversity through broad geographic allocation of housing tax credits within the state, and to promote maximum utilization of the available housing tax credit amount. The criteria utilized to realize this goal includes a point based scoring system (competitive HTC only) and an evaluation of the developmentʹs: cost and financial feasibility; geographic location within the state as compared to other developments applying for housing tax credits; impact on the concentration of existing housing tax credit developments and other affordable housing developments within specific markets and sub‐markets; site conditions; development team experience; and consistency with the goal of awarding credits to as many different applicants as possible. Those applications which are deemed to have a high priority based on the review criteria (competitive HTC only) are subject to an underwriting review which evaluates the developmentʹs projected construction costs and financial feasibility. Applications which pass the underwriting process and are determined to have the highest priority will be presented to TDHCAʹs Board of Directors for consideration. For Tax Exempt Bond developments, the applications are recommended for approval to the Departmentʹs Governing Board of Directors based on the underwriting review which evaluates the developmentʹs projected construction costs and financial feasibility and the ability of the application to meet the threshold and compliance requirements of the Department. Q. How is the scoring system used to prioritize the applications? (Competitive HTC only) A. The QAP defines a series of point based ʺSelection Criteriaʺ items. To generate a ʺSelection Criteriaʺ score, applicants request points for those criteria items for which their development is qualified. These scoring criteria change annually and can be reviewed in the QAP. While it is a significant factor, an applicationʹs score is not the sole determining factor as to whether or not it will be recommended for an award of credits. However, the score serves as one of the primary criteria (as described in the previous section) used to assess how well an application fulfills the programʹs goals. Page 122 of 176 Exhibit 7 TDHCA Housing Tax Credit Program FAQs 3 of 6 Q. Can the public comment on a proposed tax credit development or on the development of the QAP? A. For the competitive HTC program, prior to the award of the credits, TDHCA will hold at least three public hearings in metropolitan and rural areas across the state. The public is encouraged to attend one of these scheduled hearings or to submit written comments to the HTC Program. When submitting comments, the application under discussion should be clearly identified by name, address, and city. Including the TDHCA application identification number in the correspondence is also helpful. Based on the provided comment, an indication of the level of support or opposition for an application will be included in the recommendation documentation presented to TDHCAʹs Board of Directors. For Tax Exempt Bond applications which utilize TDHCA as the issuer, the Department will conduct development‐specific public hearings in the community in which the development is to be located. The public is encouraged to attend these public hearings or submit written comments to the Department. For tax exempt bond applications which utilize a local issuer, interested individuals are encouraged to contact the Issuer for the public hearing information. Public hearings are also held for the development of the QAP, which governs the administration of the HTC Program. The public is encouraged to attend or provide written comment. Written comment, on either a specific application or on the QAP, can be sent to: Multifamily Finance Production, P.O. Box 13941, Austin, TX 78711‐3941 or transmitted via fax to (512) 475‐0764 or (512) 475‐3340 or by email to Sharon.Gamble@tdhca.state.tx.us. Q. How can local residents impact the development process? A. Because of their significant long‐term financial investment in the development and community, developers in most cases want to work with area citizens and be a good neighbor. Therefore it is not uncommon for developers to make reasonable alterations to the planned development in response to the concerns of area neighbors. In addition to attending and commenting at public hearings on a particular development such as this, individuals and neighborhood organizations are encouraged to work directly with the developer to gain a better understanding of a particular development. Open community meetings offer an opportunity to ask questions, express concerns, and have a productive dialogue between the developer and community. Q. What questions should residents ask of the property developer? A. Below are some common questions that will help you gain a better understanding of the developer’s goals and intentions regarding a proposed property: What other developments has the developer built and where are they are located? What are the developer’s long‐term goals for the property? How will the development fit in with the existing neighbor‐hood? Who is the management company and what is its track record? What types of supportive services will be provided to residents? Page 123 of 176 Exhibit 7 TDHCA Housing Tax Credit Program FAQs 4 of 6 Who are the proposed tenants and how will they be screened? Q. What is the minimum percentage of units that must be set aside for eligible low income tenants? A. Each development must include a minimum percentage of units to be set aside for eligible low income tenants. The rent charged for these units is restricted according to federal guidelines which correspond to the householdʹs income level. While rental rates are restricted, they are not subsidized (i.e., Section 8 housing) by the HTC Program. A low income housing development will be eligible to apply for housing tax credits if it meets either of the following criteria: a) Twenty percent (20%) or more of the residential units in the project are both rent restricted and occupied by individuals whose income is fifty percent (50%) or less of Area Median Family Income (AMFI); b) Forty percent (40%) or more of the residential units in the project are both rent restricted and occupied by individuals whose income is sixty percent (60%) or less of AMFI. Housing tax credits may only be claimed for the affordable units that have been set aside for participation under the program. Although a developer only needs to set aside a minimum of twenty percent (20%) of a projectʹs units for qualified tenants, applicants will typically set aside between 60% and 100% of the units for scoring purposes and to claim a higher amount of housing tax credits. In addition to these set aside requirements, under the Bond program there are additional set‐ asides the development must meet based on the Priority that is assigned by the Texas Bond Review Board. Q. How are the rent limits calculated? A. The rent limits for housing tax credit units are based on the household income level and the number of bedrooms in the unit. These rent and income limits are generated by the U.S. Department of Housing and Urban Development each year. HTC rent limits include an allowance for the cost of utilities (heat, lights, air conditioning, water, sewer, oil or gas). In projects where the owner pays all utilities, no adjustment in the HTC rent limits are needed to determine the maximum rent that can be charged for a housing tax credit unit. In projects where tenants pay all or a portion of their own utilities, the rent established for a housing tax credit unit must not exceed the applicable HTC rent limit for that unit. The Department can provide interested parties with specific rent limits for their area, or a complete set of income and rent limits can be found on the Departmentʹs Web site. Households will be required by the property owner to periodically document their income level so that the owner may continue to claim the housing tax credits for their unit. Q. How do tax credits benefit the development owner? A. Under the federal income tax code, a credit is a dollar‐for‐dollar reduction in the income tax Page 124 of 176 Exhibit 7 TDHCA Housing Tax Credit Program FAQs 5 of 6 liability for the investor. It is important to note that only the owners of a housing tax credit property may utilize the benefits of the housing tax credits over time. A credit is subtracted after the amount of tax is calculated. In this form, a credit differs from a deduction or adjustment to income, which is then subtracted from income before the tax rate is applied and the amount of tax is calculated. Q. Why are developers given an incentive to develop affordable rental housing? A. Many private developers and builders concentrate their efforts in larger metropolitan areas and target higher income individuals and families. However, demographic studies show that lower and moderate income individuals and families are the fastest growing segment of our population. As the population grows, so will the need for affordable housing. Q. How do tax credit developments compare with non‐tax credit developments? A. Properties that receive housing tax credits must compete with nearby market developments for tenants. The properties are safe, secure, and well maintained. They have amenities similar to other apartment complexes, and may offer swimming pools, community centers and reception areas. Newer developments may include daytime childcare, evening GED classes, on‐site medical care and credit counseling. These supportive services are provided without charge to the tenants. Q. How do ʺlow income/affordable housingʺ units differ from ʺhousing projects?ʺ A. Unlike most publicly‐subsidized housing which is designed to assist the elderly, disabled, minimum wage workers or the unemployed, the housing tax credit program does not provide tenants with governmental rent subsidies. It provides equity to build the development which allows the developer to charge lower rents to the tenants. The programʹs rent and income levels vary from county to county. In Houston, for example, the maximum allowable rent (which includes a utility allowance) for a three bedroom housing tax credit apartment would be $953. To be eligible to reside in the housing tax credit unit, a family of fourʹs annual income could not exceed $36,660 at the time they signed the lease. In Lubbock, the maximum allowable rent for a three‐bedroom apartment would be $783 a month. A family of fourʹs annual income could not exceed $30,120. Tenants must pay their rents in full. Thus, the tenants are most likely working Texans or retirees seeking an affordable place to live. Q. Who lives in a tax credit development? A. Typically, tenants may include: school teachers; police officers; firefighters; mechanics; single parents who are balancing career and family while attending night school; city employees; sales clerks; and retirees. Affordable housing and low income units are quite different from public housing projects. Q. Are existing developments renovated under the Housing Tax Credit Program? A. Many of the apartments built during the boom years of the 1980ʹs which were abandoned and boarded‐up during the stateʹs real estate bust, are today fully renovated and leased. Hundreds of sprawling apartment complexes that had for years been both eyesores and Page 125 of 176 Exhibit 7 TDHCA Housing Tax Credit Program FAQs 6 of 6 occasional drug refuges, now provide thousands of working Texans with quality, affordable housing, including the elderly and persons with disabilities. Q. Are tax credit properties monitored? A. Housing tax credit benefits are lost if a development fails to meet state and federal standards every year for each of the 15 years of the compliance period. Properties are then monitored for an additional 15 years to maintain affordability. Page 126 of 176 City of Georgetown, Texas Housing Advisory Board January 14, 2016 SUBJECT: Consideration and possible action to recommend approval a resolution of support for DDC Merritt Heritage, Ltd. to apply for Housing Tax Credits for the construction of 220 units to house seniors, to be known as the Merritt Heritage Apartments, located at 4700 Williams Drive. --Jennifer C. Bills, Housing Coordinator ITEM SUMMARY: See attached staff report. FINANCIAL IMPACT: The development will pay all property taxes. The applicant is requesting a nominal fee waiver ($100-500) to fulfill the TDHCA points requirement of receiving a fee waiver, grant or loan from the local jurisdiction. SUBMITTED BY: Jennifer C. Bills, Housing Coordinator ATTACHMENTS: Description Type Exhibit 1--Location and Zoning Map Exhibit Exhibit 2--Surrounding apartments-condos map Exhibit Exhibit 3--Site Plan and Examples of Architecture Exhibit Exhibit 4--DDC Merritt Heritage Request and Resume Exhibit Exhibit 5--Self-scoring Breakdown for TDHCA Exhibit Exhibit 6--TDHCA Housing Tax Credit FAQ Exhibit Page 127 of 176 C I T Y O F G E O R G E T O W N WILLIAMS DR MORELAND DR VE R D E VIS T A SHELL RD CED A R LAKE BLV D P E N N Y L N T E R I C T P A L O D U R O C A N Y O N T R L SEDR O T R L D B WOOD RD W O O D L A K ED R HERITAGE OAKS BND WILDWOOD D R B I G S P R I N G S T A C K E R R D HIDDEN S P R I N G S T R L L A K E S I D E R A N C H R D R I V E R W A L K T R L L E A N N E D R B I G BEND TRL W IN D H O L L O W D R ENCHANTED R O C K TRL CLIFFWOOD D R LAK E RI M CIR C A P R O C K C A N Y O N T R L L O S T M A P L E S T R L LIMESTONE LAKEDR L A K E S P R I N G C I R O L D E O A K D R Zoning InformationMerritt He ritage ApartmentsExhibit #1 ¯ Coordinate System: Texas State Plane/Central Zone/NAD 83/US FeetCartographic Data For General Planning Purposes Only 0 1,200 2,400 Feet Le ge ndSiteParcelsCity LimitsGeorgetown ETJ Page 128 of 176 CITY OF GEORGETO W N C I T Y O F G E O R G E T O W N CIT Y O F G E O R GETOWN C I T Y O F G E O R G E T O W N CITY OF GEORGETOWN W S E Q U O I A S P U R SCISSORTAILTRL B O WLINEDRTRAILOFTHEFLOWERS SHELL RD D U R ANGOTRL B I R C H D RPLUM CT Y E L L O W R O S ETRL S O N O R A T R C E P E N N Y L N VINCAD R P I N O N C V T E R I C T B O O T Y S C R O S S I N G R D W O O DS T O C K D R L A V A C A L N VERDEVISTA W IL D W O O D D R LANTA N A D R R EDP O P PYTRL B O Q U IL L A T R LLAKE S I D E R A N C H R D ROSED A L E BLVD P L O V E R P A S S LAPALO M A DR N A M B O C A W A Y SYCAMORE ST ROSEBUD LN S E D R O T R L COUNT R YRD BIG B E N D T R L D EWBERRY DR SHEL L R D L E A N N E D R BELLAIRE DR DBWOODRD JIM H O G G P A R K R D R I V E R W A L K T R L BLAZIN G S T A RDR C A P R O C K C A N YONTR L WOODLAKE DR RAIN LILY L N WESTBURY LN RUSTLE CV W E S P A R A DADR WE S T B U R YLN MANZANITADR DBWOODRD WILLIAMSDR SUTTONPL A G A V E L N L A S P L U M A S D R MA D R ONEDR S A B I N E D R C L O V E HITCH DR B E R R Y W O O D L N L I M E S TONE L A KEDR M I RAMARDR WHIPPOORWILL WAY SLA K E W O O D S D R D E L W E B B B L V D LAKE O V E R L O O K R D A L L E N CIR C A S A L O M A C I R Surrounding Apartments/CondosMerritt Heritage Senior ApartmentsExhibit #2 ¯ Coordinate System: Texas State Plane/Central Zone/NAD 83/US FeetCartographic Data For General Planning Purposes Only 0 2,700 5,400 Feet Le ge ndSiteParcelsCity LimitsGeorgetown ETJ Kaia Pointe Oaks atWildwood Live Oak Page 129 of 176 W W W W WWW S T C7 C8 C9C10 C11 C12 L1 L2L3 L4 L5 ASPHACULVERTCULVERTCULVERTCULVERTCULVERT WATER TANK SLAB (N6 9 °4 8 '4 2 "W 1 5 5 .0 4 ') (N35°47'43"W 796.11') ( N 4 2 ° 0 9 ' 3 4 " E 3 3 5 . 5 0 ' ) (N 3 7 °1 5 '1 5 "E 1 4 .1 4 ') (N 1 0 °4 5 4 '3 1 "W 5 8 .5 8 ') (S44°05'00"E 370.83') N 68°29'43 " E 252 . 74 ' N 68°29'43 " E 252 . 74 ' P U B L I C R I G H T - O F - W A Y PUBLIC RIGHT-OF-WAY PR IVATE RIGHT-OF-WAY A N D IC E D E V E L O P E M E N T C O . R E M AIN D E R O F C A L L E D 1 1 8 .3 4 A C R E S . D O CU M E N T N U M B E R 9 6 3 6 5 5 8 O .P .R .W .C .3 4 .1 5 8 A C R E S (ROAD TRACT 1.243 ACRES)(SOUTH TRACT16.742 ACRES)PRO POSED C E D AR L AKE BOU LEV ARD TRAFFIC LIGHT FENCE 3.2' NORTHEAST OF THE SOUTHWEST PROPERTY LINE WARNINGUNDERGROUNDGAS SIGNCITY O F G E O R G E 2 5 ' W I D E P U B LI C U TILIT Y D O C U M E N T N U M B E R 2 0 0 9 D O C U M E N T N U M B E R 2 0 0 9 0 6 O .P .R .W .C . C 1 C 2 C 3 W O O D L A K E D R I V E WILLIAMS DRIVE (F.M. 2338) FI N A L P L A T K E P H A S E 3 B E R 2 0 0 3 0 7 0 8 9 7 W C . BLOCK 'C' 29282726122 23 24 25 L P L A T P H A S E 4 2 0 0 4 0 5 5 4 1 8 N 35°49'41" W 795.85'N 6 9 °4 8 '4 2 " W 1 5 5 .0 4 ' N 1 1 °0 7 '3 9 " W 5 8 .8 1 ' N 5 2 °3 3 '1 5 " W 9 6 .8 4 ' N 3 7 °1 5 '1 5 " E 1 4 .1 4 ' N 4 2 ° 0 9 ' 3 4 " E 3 3 5 . 5 0 ' S 44°05'00" E 370.83' WILLIAMS DRIVE (F.M. 2338) WILLIAMS DRIVE (F.M. 2338) 60' 13.24 acres PROPOSED SITE APPROXIMATE CENTERLINE WILLIAMS DRIVE 300' - 0" 220' - 0" 300' - 0" 220' - 0" 9 0.0 0 °9 0.0 0° SPARSE TREES AND SHRUBBERY THROUGHOUT THIS AREA DENSE TREES, UNKNOWN QUALITY NICE TREE NICE TREE NICE TREE GARAGE GARAGE GARAGE GARAGE FDC B3 B3 A3 B3 LEASING/CLUB STAIRS ELEV G A R A G E G A R A G E G A R A G E G A R A G E F D C B 3 B 3 A 3 B 3 GARAGE GARAGE GARAGE GARAGE FDC B3 B3 A3 B3 GARAGE GARAGE GARAGE GARAGE FDC B3 B3 A3 B3 G A R A G E G A R A G E G A R A G E G A R A G E F D C B 3 B 3 A 3 B 3 ELEVSTAIRS TRASH B1A1 B1a STAIRS LDRY TRASH B1A1 B1a B1A1 B1a B1A1 B1aAE1AE1AE1 B1 B1B1 B1 B1 B1 B2B2 G A R A G E G A R A G E G A R A G E G A R A G E F D C B 3 B 3 A 3 B 3 STAIRS GA R GA R GA R HC - G A R GA R GA R A1A1 A1 a A1 a A1 a B1 a B1 a B1 a A2A2A2A2A2A2 ELEVSTAIRS TRASH B1A1 B1a B2 B2 B2 B2 B2 B1A1 B1a B2 B2 B2 B1A1 B1a B2 AE1AE1AE1 STAIRS GA R GA R GA R HC - G A R GA R GA R A1A1 A1 a A1 a A1 a B1 a B1 a B1 a A2A2A2A2A2A2 STAIRS GA R GA R GA R HC - G A R GA R GA R A1A1 A1 a A1 a A1 a B1 a B1 a B1 a A2A2A2A2A2A2 ST A I R S LD R Y TR A S H B1 A1 B1 a B1 A1 B1 a B1 A1 B1 a AE 1 AE 1 AE 1 B1B1B1B1B1B1 B2B2 B2 B2 B2 B2 B2 B1A1 B1a B2 B2 B2 B1A1 B1a B2 AE1AE1AE1 STAIRS GA R GA R GA R HC - G A R GA R GA R B1B1 A1 A1 A1 a A1 a A1 a B1 a B1 a B1 a A2 A2A2A2A2A2 ST A I R S LD R Y TR A S H B1 A1 B1 a B1 A1 B1 a B1 A1 B1 a AE 1 AE 1 AE 1 B1 B1B1B1B1B1 B2B2 ELEVSTAIRS TRASH B1A1 B1a B2 B2 B2 B2 B2 B1A1 B1a B2 B2 B2 B1A1 B1a B2 AE1AE1AE1 18 SPACES 18 SPACES 20 SPACES 36 SPACES29 SPACES 28 SPACES 4 SPACES 32 SPACES 5 SPACES 36 SPACES 6 SPACES 6 SPACES 6 SPACES 6 SPACES 6 SPACES DETENTION POND 235 APARTMENT UNITS 256 SURFACE + 48 GARAGE PARKING SPACES (247 PARKING SPACES REQUIRED) APPROX. IMPERVIOUS COVER: BUILDINGS:100,000 S.F. DRIVE/PARKING:125,000 S.F. SIDEWALKS T.B.D.: 20,000 S.F. MISC. T.B.D.: 20,000 S.F. TOTAL:265,000 S.F. (6 ACRES) REVISIONS ISSUED FOR PERMIT ISSUED FOR BID ISSUED FOR CONSTRUCTION DWG NAME DATE DESCRIPTION SHEET Not for regulatory approval, permitting, or construction. Registrant's Name: Andrea Freiburger Registrant's Number: 19520 Progress Print DRAWN BY: CHECKED BY: PROJECT #: T.B.D. T.B.D. T.B.D. © 2015 Spring Architects, Inc. 1904 W. 35TH STREET AUSTIN, TX 78703 1/ 7 / 2 0 1 6 1 2 : 1 4 : 3 1 A M SD001 PROPOSED SITE AF SAI 155-1215 DENISON DEVELOPMENT & CONSTRUCTION ME R R I T T H E R I T A G E 01/07/16 PL A N N O R T H Scale: 1" = 40'-0"1 PROPOSED SITE Page 130 of 176 DDC Merritt Heritage, Ltd. 1904 W. 35th Street Austin, TX 78703 512/732-1226 colby@denisondevelopment.com MERRITT COMMUNITIES Page 131 of 176 Page 132 of 176 Page 133 of 176 Page 134 of 176 Page 135 of 176 Page 136 of 176 Page 137 of 176 Page 138 of 176 Page 139 of 176 Page 140 of 176 DDC Merritt Heritage, Ltd. 1904 W. 35th Street Austin, TX 78703 512/732-1226 colby@denisondevelopment.com Request for City of Georgetown support For 2016 Low Income Housing Tax Credits Merritt Heritage Page 141 of 176 Low-Income Housing Tax Credit/HOME Resolution of Support Request Application Form All applications must be submitted with a complete Application Form, a completed application checklist, and all materials listed in the appropriate checklist. The Housing Coordinator is available to advise you on any requirements. Please call 512-930-8477 for an appointment to submit your application. Applications may be submitted at any time. Based on the submission date, the application will be tentatively scheduled for the next available Housing Advisory Board meeting, which normally occurs on the third Wednesday of each month. Project Name: Property Information Property Address: Legal Description: Zoning District: Requesting support for: LIHTC _____ HOME Partnership Program _____ Applicant Information (property owner or authorized agent) Applicant will be used as the City’s Official Contact Name: Address: City/State/Zip: Work Phone: Cell Phone: Email: Do you have site control or owner’s consent to apply for LIHTC/HOME funding on this site? Yes__No____ Property Owner Information Owner Name(s): Address: City/State/Zip: Work Phone: Cell Phone: Email: Applicants Signature: Printed Name: Date: By signing this form, the owner of the property authorizes the City of Georgetown to begin proceeding in accordance with the process for this request. The owner further acknowledges that submission of an application does not in any way obligate the City to approve the application and that although City staff may make certain recommendations regarding this application, the decision making authority may not follow that recommendation and may make a final decision that does not conform to the sta ff ’s recommendation. Page 142 of 176 Low-Income Housing Tax Credit/HOME Partnership 1 Resolution of Support Request Checklist Low-Income Housing Tax Credit/HOME Resolution of Support Request Checklist This Checklist is intended to provide the information and data that is necessary to assess the merits of the project proposal. Incomplete applications cannot be accepted for review. If all the information noted in the “Items Required for Submittal” section of this checklist is not provided; the application may not be accepted for processing. Items Required for Submittal Application Form □ Checklist □ Proposed Resolution with language for applicable owners and programs □ Letter of Intent, with Detailed Information listed below: □ Detailed Information Location Map of the property. □ Site Development: List the number of units and different floor plans. □ List the breakdown of rental rates by unit and income restrictions. □ Will rental rates change over time and how are they determined? □ Architectural rendering of buildings. □ Proposed site layout. □ How many accessible units are included. □ What ADA features are included. □ If the development includes market rate units, do these units differ from the income restricted units in anyway? □ List the amenities included in individual units as well as those for the entire site. □ Describe energy efficiency components that will be installed. □ Background of the development company and management company: □ Have there been any changes in company names or re- organizations? □ History of similar projects and complexes managed. □ How many tax credit and/or HOME projects have you developed and managed? □ Not available Page 143 of 176 Low-Income Housing Tax Credit/HOME Partnership 2 Resolution of Support Request Checklist Financial: List the funding sources to be used. □ List any past or current funding programs (state or federal) for which the property is under contract (USDA, Section 8, etc.) □ Provide the anticipated breakdown of the development costs. □ Will the site be tax exempt after development? □ What is the affordability period requirement for this project? □ Provide an analysis of the economic impact to the City (tax increase, utility consumption, sales tax base). □ Will this development require extensive capital improvements? □ Please provide an analysis on how your project will impact the school district and provide any feedback received from school district. □ Provide the TDHCA scoring criteria that you anticipate meeting. □ Please list any additional information or letters that you will be requesting from the City or Georgetown Utility Systems for the TDHCA application requirements. □ Page 144 of 176 DDC Merritt Heritage, Ltd. 1904 W. 35th Street Austin, TX 78703 512/732-1226 colby@denisondevelopment.com Letter of Intent Page 145 of 176 DDC Merritt Heritage, Ltd. 1904 W. 35th Street Austin, TX 78703 512/732‐1226 colby@denisondevelopment.com 1/4/2016 City of Georgetown 300-1 Industrial Ace Georgetown, TX 78626 Dear City of Georgetown Planning Official, Please be advised that DDC Merritt Heritage, Ltd (to be formed) intends to develop Merritt Heritage (development) a 220 unit Senior apartment complex on approximately 13 Acres out of Joseph Fish Survey/Abstract 232 on SE Corner of Williams Dr. and Woodlake, Georgetown, Texas. This development will be funded by the Texas Department of Housing and Community Affairs through competitive 9% tax credits and Multifamily HOME Funds. Please find detailed information attached herein. Sincerely, DDC Merritt Heritage, Ltd Colby Denison, Authorized Representative Page 146 of 176 DDC Merritt Heritage, Ltd. 1904 W. 35th Street Austin, TX 78703 512/732-1226 colby@denisondevelopment.com Location Map of the Property: Attached under this tab Page 147 of 176 Page 148 of 176 W W W W WWW S T C7 C8 C9C10 C11 C12 L1 L2L3 L4 L5 6.51' ASPHALTCULVERTCULVERTCULVERTCULVERTCULVERTCULVERT WATER WELLWATER TANK SLAB S TORM S EWE R I N LE T (N 6 9 °4 8 '4 2 "W 1 5 5 .0 4 ') (N35°47'43"W 796.11') (N ( N 4 2 ° 0 9 ' 3 4 " E 3 3 5 . 5 0 ' ) (N 3 7 °1 5 '1 5 "E 1 4 .1 4 ') (N 5 2 °4 4 '4 5 "W 9 7 .2 5 ') (N 1 0 °4 5 4 '3 1 "W 5 8 .5 8 ') (S44°05'00"E 370.83') N 68°29'43" E 252.74' N 68°29'43" E 252.74' P U B L I C R I G H T - O F - W A Y PUBLIC RIGHT-OF-WAY HT-OF-WAY PRIVATE RIGHT-OF-WAY A N D I C E D E V E L O P E M E N T C O . R E M AI N D E R O F CA L L E D 1 1 8 .3 4 A C R E S . D O CU M E N T N U M B E R 9 6 3 6 5 5 8 O .P .R .W .C .3 4 .1 5 8 A C R E S (NORTH TRACT16.173 ACRES) (ROA D TRACT 1. 243 ACRES)(SOUTH TRACT16.742 ACRES)PROPOSED CEDAR LAKE BOULEVARD TRAFFIC LIGHT FENCE 3.2' NORTHEAST OF THE SOUTHWEST PROPERTY LINE WARNINGUNDERGROUNDGAS SIGNCITY O F G E O R G E T O W N 2 5 ' W I D E P U B LI C U TILIT Y E A S E M E N T D O C U M E N T N U M B E R 2 0 0 9 0 2 1 8 4 0 D O C U M E N T N U M B E R 2 0 0 9 0 6 1 0 3 4 O .P .R .W .C . C 1 C 2 C 3 C4 W O O D L A K E D R I V E WILLIAMS DRIVE (F.M.2338) R LAKE VD. FI N A L P L A T W O O D L A K E P H A S E 3 D O C U M E N T N U M B E R 2 0 0 3 0 7 0 8 9 7 O .P .R .W .C . 2 3 BLOCK BLOCK 'C' C K ' C ' 1 3130292827261 2 21 22 23 24 25 WOODSTOCK DRIVE 32 FI N A L P L A T W O O D L A K E P H A S E 4 D O C U M E N T N U M B E R 2 0 0 4 0 5 5 4 1 8 O .P .R .W .C . N 1 N 35°49'41" W 795.85'N 6 9 °4 8 '4 2 " W 1 5 5 .0 4 ' N 1 1 °0 7 '3 9 " W 5 8 .8 1 ' N 5 2 °3 3 '1 5 " W 9 6 .8 4 ' N 3 7 °1 5 '1 5 " E 1 4 .1 4 ' N 4 2 ° 0 9 ' 3 4 " E 3 3 5 . 5 0 ' S 44°05'00" E 370.83' WILLIAMS DRIVE (F.M.2338) WILLIAMS DRIVE (F.M.2338) 60' 13.24 acres PROPOSED SITE APPROXIMATE CENTERLINE WILLIAMS DRIVE 300' - 0" 220' - 0" 300' - 0" 220' - 0" 9 0.0 0 °9 0.0 0° REVISIONS ISSUED FOR PERMIT ISSUED FOR BID ISSUED FOR CONSTRUCTION DWG NAME DATE DESCRIPTION SHEET Not for regulatory approval, permitting, or construction. Registrant's Name: Andrea Freiburger Registrant's Number: 19520 Progress Print DRAWN BY: CHECKED BY: PROJECT #: T.B.D. T.B.D. T.B.D. © 2015 Spring Architects, Inc. 1904 W. 35TH STREET AUSTIN, TX 78703 1/ 5 / 2 0 1 6 4 : 1 0 : 0 6 P M SD001 PROPOSED SITE AF SAI 155-1215 DENISON DEVELOPMENT & CONSTRUCTION ME R R I T T H E R I T A G E 01/05/16 PL A N N O R T H Scale: 1" = 60'-0"1 PROPOSED SITE Page 149 of 176 DDC Merritt Heritage, Ltd. 1904 W. 35th Street Austin, TX 78703 512/732‐1226 colby@denisondevelopment.com Site Development: 1.List the number of units and different floor plans – 220 units (Tax Credit - 140, Market Rate – 80). Floor plans are not yet available. 2.List the breakdown of rental rates by unit and income restrictions – This information is not yet available. 3.Will rental rates change over time and how are they determined – The rental rates are determined by The Texas Department of Housing and Community Affairs. Market rate units have no restrictions and are determined by the market. 4.Architectural rendering of buildings – This information is not yet available. 5.Proposed site layout – This information is not yet available. 6.How many accessible units are included? 5% will be mobility impaired units and 2% will be hearing and visually impaired. 7.What ADA features are included?- Handicap parking spaces, common area restrooms, common areas passageways, common use kitchens, common use laundry facilities will all be Accessible. 8.If the development includes market rate units, do these units differ from the income restricted units in anyway? No 9.List the amenities included in individual units as well as those for the entire site. –A. Unit Amenities ay include: Covered Entries Nine foot ceilings in living room and all bedrooms Microwave ovens Self‐cleaning or continuous cleaning ovens Refrigerator with ice maker Storage Room or closet (9sf or larger) 30 year shingle roof Covered patios/balconies Greater than 30% stucco/masonry R‐15 Walls/R‐30 Ceilings rating of wall/ceiling system 14 SEER HVAC Page 150 of 176 DDC Merritt Heritage, Ltd. 1904 W. 35th Street Austin, TX 78703 512/732‐1226 colby@denisondevelopment.com All Units wired with RG‐6/U COAX or better and CAT3 phone or better Laundry connections Blinds or window coverings for all windows Screens on all operable windows Disposal and Energy‐Star rated dishwasher Energy‐Star rated refrigerator Oven/Range Exhaust/vent fans vented to the outside in bathrooms At least one Energy‐Star rated ceiling fan per Unit Energy‐Star rated lighting in all Units (including CFL or LED bulbs) Low flow/high efficiency plumbing fixtures Central heating and A/C B.Common Amenities may include Full perimeter fencing with gate Community laundry room Barbecue grills and picnic tables Swimming Pool Furnished fitness center Equipped and functioning business center with computers, printers and a scanner Furnished Community Room Library Enclosed community sun porch or patio Community Theatre Room Enclosed Dog Park Common Area Wi‐Fi 10. Describe energy efficiency components that will be installed – These May include: Energy star rated dishwasher, energy star rated refrigerator, at least one energy star rated ceiling fan per unit, energy star rated lighting in all units, low/ high efficiency plumbing fixtures in all units. Page 151 of 176 DDC Merritt Heritage, Ltd. 1904 W. 35th Street Austin, TX 78703 512/732‐1226 colby@denisondevelopment.com Background of the Development Company and Management Company: 1.Have there been any changes in company names or re- organizations? No 2.History of similar projects and complexes managed – 8 3.How many tax credit and/or HOME projects have you developed and managed? - A. Developed: DDC Investments, Ltd. (Colby Denison) has successfully developed multifamily apartment projects with 9% LIHTC awards since 2004 in the greater Austin MSA and surrounding areas. * 2004 (04047) -Stratton Oaks, a 100-unit community for families in Seguin *2005 (05195) - San Gabriel Senior Village, a 100 unit community for seniors in Georgetown *2007 (07249) - Bluffs Landing Senior Village, a 144 unit community for seniors in Round Rock *2008 (08253) - Creekside Villas Senior Village, a 144 unit community for seniors in Buda *2009 (09138) – Leander Station Senior Village, a 192 unit community for seniors in Leander *2010 (10040) – Merritt Lakeside Senior Village, a 176 unit community for seniors in Schertz *2012 (12345) – Merritt Legacy, a 208 unit community for families in Leander *2015 (15273) – Merritt Hill Country, a 80 unit community for seniors in Dripping Springs, construction to commence in Spring/Summer 2016 *2015 (15234) – Merritt Leisure, a 140 unit community for seniors in Midland, construction to commence in Spring/Summer 2016 Total units: 1,284 These properties exemplify our commitment to quality of design and construction and will offer low income citizens high quality safe housing. We believe that our team makes the difference. Combining complementary skills and aptitudes maximizes production efficiency. And finally, our mission would not be possible without our commitment to excellence, passion for building, and our desire to provide a beautiful living environment to those of limited economic means. Colby Denison, owner of DDC Investments, Ltd., originally started out in the construction industry as a custom home builder after a successful career as a member of the oil services & equipment equity research team at Credit Suisse First Boston (CSFB). He has extensive experience developing custom homes, affordable single-family homes, modular homes and multifamily communities. Mr. Denison’s extensive knowledge of construction and development, combined with his background in corporate finance, is the backbone of his success. Mr. Denison holds a BBA from the Business Honors Program at the University of Texas. Page 152 of 176 DDC Merritt Heritage, Ltd. 1904 W. 35th Street Austin, TX 78703 512/732‐1226 colby@denisondevelopment.com B. Managed: Veritee Property Solutions is a designated Property Management Entity that has documented track record of success managing income-restricted properties of similar size and/or similar unit counts and has the capacity to take on management of the proposed project. The following pages contain the findings of file audits and physical site inspections conducted by the Texas Department of Housing and Community of Affairs on the affordable communities managed by Veritee Property Solutions. This evidence is provided to establish Veritee’s experience and track record in successfully managing income‐restricted properties of similar size and/or unit counts as the proposed Merritt Cornerstone. When Veritee Property Solutions was founded on June 1, 2014, the on‐site property personnel and executive team did not change. The employees all transferred from the previous management company EPMI, a Bayside company, where key personnel were employed since 2010. The resumes of key personnel are provided. 1.Stratton Oaks File Audit on December 20, 2012 2.Stratton Oaks Uniform Physical Condition Standards (UPCS) on March 18, 2013 3.San Gabriel File Audit on May 11, 2011 4.San Gabriel File Audit on April 17, 2014 5.San Gabriel UPCS Inspection on October 25, 2011 6.San Gabriel UPCS Inspection on August 29, 2014 7.Bluffs Landing File Audit on April 25, 2012 8.Bluffs Landing File Audit on April 15, 2013 9.Bluffs Landing File Audit on April 17, 2014 10.Bluffs Landing UPCS Inspection on May 23, 2014 11.Creekside Villas File Audit on May 11, 2012 12.Creekside Villas File Audit on April 26, 2013 13.Creekside Villas UPCS Inspection on June 28, 2012 14.Creekside Villas UPCS Inspection on May 28, 2014 15.Leander Station File Audit on January 18, 2013 16.Leander Station File Audit on January 31, 2014 17.Leander Station UPCS Inspection on October 29, 2014 18.Merritt Lakeside File Audit on August 19, 2013 19.Merritt Lakeside File Audit on August 13, 2014 20.Merritt Lakeside UPCS Inspection on September 28, 2012 21.Vice President Resume 22.Compliance Manager Resume 23.Facilities Manager Resume 24.Community Manager Resume 25.Senior Accountant Resume Page 153 of 176 DDC Merritt Heritage, Ltd. 1904 W. 35th Street Austin, TX 78703 512/732-1226 colby@denisondevelopment.com Veritee Property Solutions Team Resumes Page 154 of 176 JACKIE WEISSMILLER 306 Saddletree Lane Austin, Texas 78620 925-788-1930 cell jackie.weissmiller@yahoo.com Employment Veritee Property Solutions – Austin, TX 2014 - Current Vice President Oversee operations and compliance for seven low income housing tax credit communities in central Texas. Budget forecasting, preparation, and review. Provide monthly operating reports measuring occupancy, NOI, capital expenditures, and overall financial performance in collaboration with the owner. Supervise a portfolio of seven property managers, maintenance staff, and properties in day-to-day and strategic operations. Oversee lease-ups, brand marketing efforts, and achieve targeted occupancy levels on schedule. Update operating procedures for all functional roles from Housekeeper to Community Manager. Develop and propose company capital expenditure planning priorities and ongoing maintenance programs in partnership with the Facilities Department. Prepare staff and facilities to meet requirements of TDHCA and investor inspection standards. Visually inspect grounds, buildings, and apartment units on a regular basis to ensure that all physical aspects of the property are fully functional, safe, and attractive. EPMI, A Bayside Company (formerly know as A. F. Evans Company, Inc). – Oakland, CA 2003 - 2014 Regional Vice President/Portfolio Manager Supervise daily operations of properties located in South/East/North Bay and Sacramento, CA areas till 2009 (conventional, tax credit - garden, mid-rise and mixed use sites). In Jan 2010 began to oversee Senior/Multi Family, tax credit communities in Greater Austin area, TX (7 communities). Prepare annual budgets and reforecast projections. Negotiate and secure commercial leases. Allocate CAM charges Conduct regular property site inspections and audits. Maintain professional levels of communication with both on site and owner/investor relationships. Implement successful marketing plans to increase occupancies above that of competitors. Maintain a high level of employee retention through positive communication and constant motivation. Ensure compliance of LIHTC programs. Maintained excellent relationships with TCAC and TDHCA. Equity Residential Properties – Seattle, WA 1998 - 2003 General Manager/Area Manager May 2002 to March 2003 as District Manager, supervise daily operations of 6 properties with a total of 1350 conventional units. (Fremont, Hayward and San Jose area) October 2001 to May 2002 was trainer/mentor/trouble-shooter for San Francisco and Bay Area portfolio of 6441 units. Working as acting Regional Manager (Portland, OR) from January 2001 to June 2001 overseeing 2100 units in addition to managing local portfolio. September 1998 to October 2001 as General Manager of 3 properties (922 units) in Kent, WA. Page 155 of 176 EPT Management Company – El Paso, TX 1993 - 1998 Regional Manager Supervised up to 4492 units (18 properties) in six states. Prepared annual budgets and quarterly reforecast projections. Created innovative marketing campaigns. Instructing leasing, marketing and customer service seminars. Conducted regular property site inspections and audits. Instrumental in developing company policies and procedures. Negotiated vital company contracts. Exceeded portfolio budgeted NOI by aggressively raising rent and ancillary income and reducing maintenance and make ready expenses. Continued a high level of employee retention through positive communication and constant motivation. Maintained professional levels of communication with both on site and owner relationships. Directed and supervised due diligence and takeover teams on new property acquisitions. Capstone Real Estate Services – Austin, TX 1983 - 1993 Leasing Consultant- Assistant Manager - Property Manager - District Manager Supervised daily operations of 1170 units between 1989 and 1993. Property assignments included five successful lease ups of new properties between 1984 and 1991. Professional Memberships Certified Apartment Manager (CAM- Lapsed). Licensed Real Estate Agent (State of Texas – Inactive). Over 30 Years’ Experience in Property Management. Annual TDHCA training for LIHTC, HOME and UPCS. Multiple Fair Housing Certificates with Grace Hill, CAA and TAA. Leadership Award (1999 and 2000). HCCP Designated (2005). IMAGINE Award (2009 and 2011). El Paso Apartment Association Committee Member (1991 to 1993). El Paso Apartment Association Board of Directors (1992 and 1993). Profile Leadership skills with the ability to learn quickly and train others effectively. Excellent organizational, decision making and creativity skills. Diligent... Resourceful... Stable... Dedicated and Committed to Excellence! Page 156 of 176 Amy M. Lucas HCCP, COS, NCP-E Amlucas2000@aol.com 3100 Meadow Lane * Taylor, TX 76574 512‐412‐0471 Objectives Successfully utilize my knowledge and drive to reach the goals of the company while maintaining my professional ethics. Experience Veritee Property Solutions | Leander Station Sr. Village Senior Community & Compliance Manager June 1, 2014 – Current ~ Maintained an occupancy level of 97.5 or higher since stabilization while exceeding NOI quarterly. ~ Obtained HCCP (Housing Credit Certified Professional) designation. ~ Successfully overseen TDHCA file audits all resulting in 0 findings. ~ Review all move/in files to ensure compliance with IRS codes for all (7) communities in our portfolio. ~ Train/mentor staff on policy as well as LIHTC procedures. EPMI, A Bayside Company | Leander Station Sr. Village/Creekside Villas Senior Village Senior Community Manager November 2010 – Current ~ Have successfully completed (2) lease ups ‐ Creekside Villas Buda, TX 144 units, 55 plus affordable housing; Leander Station Senior Village Leander, TX 192 units, 55 plus mixed rate housing. ~ Maintained an occupancy level of 97.5 or higher since stabilization while exceeding NOI quarterly. ~ Promoted from Property Manager to Senior Manager in October 2011. Have had two Assistant Managers promoted to Community Manager, a Leasing agent promoted to Assistant Manager as well as a Porter promoted to Lead Maintenance positions while I have been supervisor. ~ Successfully overseen (13) TDHCA file audits – 0 findings on all audits. ~ Review all move/in files to ensure compliance with IRS codes for all (7) communities in our portfolio. ~ Train/mentor staff on policy as well as LIHTC procedures. Capstone Real Estate Services | Cambridge Villas Community Manager November 2009 ‐ November 2010 ~ Stabilized property within 2 months to complete the permanent loan conversion ~ Overcame 28 vacant units to become 99.56% occupied in 60 days ~ Mentor for Community Managers new to position or to Tax Credit ~ Assist sister properties with audits, compliance and daily operations. United Apartment Group | Cypress Creek at River Bend Community Manager March 2008 ‐ October 2009 ~ Promoted from Assistant Manager at Mariposa to Community Manager of Cypress Creek at River Bend with 4 months of being with UAG. ~ Completed the 100% tagging of all 180 units 1 month before end of the specified time frame. ~ Reduced expenses by $31,000 within first 3 months of operation. ~ Stabilized property at 94% meeting budget and completing DCR. Page 157 of 176 Amy M. Lucas HCCP, COS, NCP‐E United Apartment Group | Mariposa at River Bend Assistant Manager November 2007 ‐ March 2008 ~ Executed new accounting software; Obtained 4 of 4 perfect Month End closeouts. ~ Nominated and became a Mentor for employees in need of training for UAG. ~ Assisted in the formation of new documents and procedures for Tax Credit Income and Asset Verification. ~ Maintained $0 delinquency monthly over tenure Capstone Property Management |Mariposa at River Bend LIHTC Compliance/Leasing; Assistant Manager October 2005 ‐ November 2007 ~ Initial lease up on 55 and above Active Adult community totaling 201 units ~ Collect rent, coordinate move‐ins, and execute leases ~ Received promotion to Assistant Manager through diligent work. ~ Maintain zero delinquent rent payments and increase owner revenue. ~ Collect rent, coordinate move‐ins and execute leases ~ Evaluate and review applications for full compliance within the LIHTC program. ~ Conduct on site audits of communities in Capstone’s LIHTC portfolio ~ Evaluate and review applications for full compliance within the LIHTC program Skills ~ Multitasking; project management ~ Able to successfully meet deadlines ~ Obtain designations imperative to LIHTC program: Certified Occupational Specialist, National Compliance Specialist, Site Compliance Specialist, Section 504 Certified and achieved Elizabeth Moreland’s Compliance Diploma Program. Education Stratford College 2001 Paralegal Studies Completed 2 year program in 1 year Completed program with Honors University at Buffalo 2000 Sociology Majored in Social Gerontology with minor in Health and Business Administration Completed Health Care Administration Certification while obtaining BA. Page 158 of 176 Darren R Lewis 9 Valley Trl Round Rock, TX 78664 512-573-7348 lewis.texas9@live.com Facilities Management Maintenance | Operations | Environmental | Health Energetic and quality focused Facilities Manager, expert in management of multiple site locations. Diverse experience and expertise in: Building Management Safety Compliance Preventative Maintenance Project planning Training and development Procedure Development Vendor control and contracts Budget development New Construction turn over Lease up TDHCA physical inspections LURA requirements Operational/Trade Expertise Insulation & drywall work Painting & finishing Plumbing Electrical Heat and Air (EPA Cert) Structural framing Finish/trim carpentry Cabinets & appliances Pools (cpo) Computers and networks Security systems Phone and data Work Experience Veritee Property Solutions- Regional Facilities Director- Bluffs Landing Senior Village | San Gabriel Senior Village | Stratton Oaks Apt. Homes | Creekside Senior Village | Leander Station | Merritt Lakeside | Merritt Legacy, EPMI- Texas Area- Regional Maintenance Manager- Bluffs Landing Senior Village | San Gabriel Senior Village | Stratton Oaks Apt. Homes | Creekside Senior Village, (New construction turn over and lease up) | Leander Station, (New construction turn over and lease up) | Merritt Lakeside , (New construction turn over and lease up) | Merritt Legacy, (New construction turn over and lease up) EPMI-Round Rock, TX- Bluffs Landing-Maintenance (I was hired, as the owner changed management companies from UAH. During the conversion brief times were held with UAH, Capstone and finally the EPMI.) RELATED MANAGEMENT – Austin, TX- Maintenance- Mountain Ranch Apts. 12/08 to 04/10 SOUTHERN CALIFORNIA CUSTOM– Ramona, CA- Owner/ General Contractor 07/95 to 11/08 Education/Licenses THE NATIONAL APARTMENT ASSOCIATION EDUCATIONAL INSTITUTE CAMT, 2012 THE HOUSING CREDIT COLLEGE OF ELIZABETH MORELAND. Site Compliance Specialist 04/10/2011 NATIONAL SWIMMING POOL FOUNDATION CPO registration no. 78-279798, 06/2010 ESCO INSTITUTE PROGRAM EPA, AUSTIN, TX Universal A/C Certified #52719825298, 06/2009 GOLDEN STATE CONTRACTORS SCHOOL, SAN MARCOS, CA General Contractors License #709880, 1995 RAMONA HIGH SCHOOL, RAMONA, CA Diploma Page 159 of 176 Page 160 of 176 Page 161 of 176 Page 162 of 176 1 of 2 Taryn Fujimura 926 Kilkenny Way Pinole, CA 94564 Tfujimura212@gmail.com 415/518-3111 (C) WORK EXPERIENCE VERITEE PROPERTY SOLUTIONS, LLC, AUSTIN, TX 3/14 to Present $91.9M in assets, $8.4M in revenue, 1,064 units SENIOR ACCOUNTANT Perform month end close process for 9 legal entities. Prepare monthly and quarterly financial packages for owner & investors. Set up the OneSite Accounting and OneSite Leasing & Rents software for all legal entities Enter invoices for 2 legal entities Cut checks 2 times a week Monitor the cash for 9 legal entities daily Monitor and track vendor insurance certificates Process 1099/1096 annually Assist with replacement reserve requests annually Supervise, train, and guide 1 accounts payable specialist Create and improve policies and procedures for the accounting department Assist with annual budgets for 9 entities and upload into OneSite Accounting Communicate with outside auditors for preparation of the annual audited financial statements Assist with bi-weekly payroll processing (transfer of funds, posting into financials) Assist in enrolling new employees into our benefits program Assist other departments as needed ABHOW, PLEASANTON, CA 10/12 to 2/14 $520.3M in assets, $11.4M in revenue (Affordable Housing Dept), 2,423 units SENIOR ACCOUNTING ANALYST Perform month end close process for 8 properties (affordable housing, multi-family, tax credit, public housing, development). Prepare monthly and quarterly financial packages for board members. Convert the accounting system from Great Plains to OneSite Accounting for 15 communities Enhance existing procedures, accounting processes, and financial reporting systems Provide training for team members on software, financials, accounting processes, etc. Provide variance explanations for monthly financials Assist with annual budgets for 13 properties and upload 32 budgets into Great Plains/OneSite Accounting Communicate with outside auditors for preparation of the annual audited financial statements Periodically attend board meetings Serve as a backup for team members during department absences EPMI, A BAYSIDE COMPANY (formerly A.F. EVANS COMPANY, INC.), OAKLAND, CA 12/08 to 10/12 $186.9M in assets, $319.3M in managed properties, 7,713 units PORTFOLIO ACCOUNTANT Performed month end close process for 19 multi-family properties. Prepared monthly and quarterly financial packages for owners and investors. Managed the cash daily for 19 legal entities through an online banking system Reviewed variance explanations for accounting accuracy and reasonableness prepared by upper management Cash flow forecast for 6 legal entities Assisted with annual budgets for 19 legal entities Communicated with outside auditors for preparation of the annual audited financial statements Approved check runs twice a week Performed book transfers/monthly recurring wire transfers through an online banking system Served as a backup for team members during department absences Page 163 of 176 2 of 2 EMG PROPERTIES, INC., OAKLAND, CA (DISSOLVED) 8/05 to 11/08 CONSTRUCTION ACCOUNTING SUPERVISOR (7/06 – 11/08) SENIOR ACCOUNTANT (8/05 – 7/06) Supervised, trained, and guided 1 staff accountant. Responsible for all the accounting of 12 properties, which included 1 17-acre project under construction and 1 60-acre project in the entitlement phase. Prepared monthly financials for 2 projects to outside lenders. Audited general contractor’s payment applications on a monthly basis. Traveled monthly to construction sites and monitored their progress. Prepared and sent 2 loan draws to outside lenders monthly Assembled tax work papers for 12 properties Monitored annual/project budgets Cash flow analysis for 1 property weekly Approved invoices for 12 properties weekly Approved check runs for 2 properties weekly Provided analysis for property managers when needed ACTUS LEND LEASE LLC, NAPA, CA 12/03 to 8/05 $98.7M in development, 5,912 homes FINANCIAL ANALYST & TREASURY ANALYST (2/04 – 8/05) Prepared monthly cash flow package for senior management and parent company. Package consisted of detailed analysis for 18 projects, variance analysis, and reforecasting. Performed daily banking activities and monitored the company's cash. Processed approx 20 outgoing wires (domestic & int'l) & 4 book transfers monthly Cash flow analysis and forecast Monitored positive pays daily Performed a thorough credit check on new vendors Maintained and monitored Dunn and Bradstreet transactions against our contract Printed approx 300 A/P checks and approx 500 payroll checks weekly Weekly payroll audit for approx 500 employees Assisted auditors when needed PROJECT ACCOUNTANT (12/03 – 2/04) Reviewed and processed approximately 100 payment applications on a monthly basis for 7 projects. Review process consisted of checking for payment accuracy, correct waivers, and validate certified payroll and insurance. Entered payment applications in the accounting system for payment and prepared for check run. Assisted accounts payable department when needed JONES LANG LASALLE, SAN FRANCISCO, CA 9/02 to 12/03 $813M in assets, 735M square feet ACCOUNTANT Performed monthly financial review package for the client’s 3.5M square foot (7 properties) Critical Facilities portfolio, which included financial reporting, variance analysis, and reforecasting. Prepared high-level analysis to senior management and detailed reporting and analysis to client finance and facility managers. Tracked potential risks and opportunities within the budget. Assisted and prepared budgets for the Critical Facilities portfolio. Prepared budgets for 7 properties Cash flow forecast Bank reconciliations when needed EDUCATION 12/00 University of California, Riverside, Riverside, CA Degree: Bachelors of Science in Business Administration, emphasis in Accounting 11/11 Income Tax Training School of H&R Block, 45 Federal CTEC hours and 15 State CTEC hours SKILLS Microsoft Office (Outlook, Excel, Word, Power Point), OneSite Accounting, OneSite Leasing & Rents, Great Plains, SAP, FRX, CTI Real Estate System, JD Edwards, Yardi Enterprises, MRI. Page 164 of 176 DDC Merritt Heritage, Ltd. 1904 W. 35th Street Austin, TX 78703 512/732‐1226 colby@denisondevelopment.com Financial: 1.List the funding sources to be used – Tax Credit Syndication, HOME funds, First Lien Mortgage, and Local Political Funding. 2.List any past or current funding programs (state or federal) for which he property is under contract (USDA, Section 8, etc.) – NONE 3.Provide the anticipated breakdown of the development costs. This information is not available at this time. 4.Will the site be tax exempt after development? This project will qualify for a 50% ad valorum tax exemption. 5.What is the affordability period requirement for this project? 35 years 6.Provide an analysis of the economic impact to the City (tax increase, utility consumption, sales tax base). – We anticipate substantial increase in the value of the completed project compared to the current value of the land. Because we will be developing a substantial number of unrestricted units, the property will carry a valuation based on conventional valuation methods. included in the anticipated costs are impact fees for utilities just as any other conventional MF development would pay. 7.Will this development require extensive capital improvements? This is a new construction development, so yes, we will expend substantial sums to build it. We do not anticipate capital expenditures by the city. Page 165 of 176 DDC Merritt Heritage, Ltd. 1904 W. 35th Street Austin, TX 78703 512/732‐1226 colby@denisondevelopment.com Please provide an analysis on how your project will impact the school district and provide any feedback received from school district. – This project will be restricted by a LURA to 55 years and older, and thus have no impact on local schools districts. Page 166 of 176 Point Item Description QAP reference Points Selected Unit Sizes §11.9(b)(1)(A)8 Unit Features §11.9(b)(1)(B)7 Sponsor Characteristics §11.9(b)(2)1 16 Point Item Description QAP reference Points Selected Income Levels of Tenants §11.9(c)(1)16 Rent Levels of Tenants §11.9(c)(2)13 Tenants Services §11.9(c)(3)10 Opportunity Index §11.9(c)(4)7 Education Excellence §11.9(c)(5)5 Underserved Area §11.9(c)(6)1 Tenant Populations with Special Needs §11.9(c)(7)2 Proximity to Important Services §11.9(c)(8)2 56 Point Item Description QAP reference Points Selected Local Government Support §11.9(d)(1)17 Commitment of Development Funding by Local Political Subdivision §11.9(d)(2)1 Declared Disaster Area §11.9(d)(3)10 Quantifiable Community Participation §11.9(d)(4)4 Community Support from State Representative §11.9(d)(5)8 Input from Community Organizations §11.9(d)(6)4 Concerted Revitalization Plan §11.9(d)(7)0 44 Point Item Description QAP reference Points Selected Financial Feasibility §11.9(e)(1)18 Cost of Development per Square Foot §11.9(e)(2)12 Pre-application Participation §11.9(e)(3)6 Leveraging of Private, State, and Federal Resources §11.9(e)(4)3 Extended Affordability §11.9(e)(5)2 Historic Preservation §11.9(e)(6)0 Right of First Refusal §11.9(e)(7)1 Funding Request Amount §11.9(e)(8)1 Point Deductions §11.9(f)0 43 159 Total Application Self Score Competitive Housing Tax Credit Selection Self-Score Criteria Promoting Development of High Quality Housing Criteria to Serve and Support Texans Most In Need High Quality Housing Total Serve and Support Texans Most in Need Total Criteria Promoting Community Support and Engagement Community Support and Engagement Total Criteria Promoting the Efficient Use of Limited Resources and Applicant Accountability Efficient Use of Limited Resources and Applicant Accountability Total Page 167 of 176 Exhibit 6 TDHCA Housing Tax Credit Program FAQs 1 of 6 TDHCA Question/Answer on Housing Tax Credits Q. What are Housing Tax Credits? A. The federal housing tax credit program is a means of directing private capital toward the creation of affordable rental housing. Owners and investors in qualified affordable multifamily residential developments can use the housing tax credits as a dollar‐for‐dollar reduction of federal income tax liability. The value associated with the housing tax credits allows residences to be leased to qualified families at below market rate rents. The Texas Department of Housing and Community Affairs (TDHCA) is the only entity in the state of Texas with the authority to allocate housing tax credits under this program. To qualify for housing tax credits, the proposed development must involve new construction or undergo substantial rehabilitation of residential units (at least $15,000/unit). The credit amount a development may receive depends on the total amount of depreciable capital improvements and the funding sources available to finance the total development cost. Q. What must an applicant do to apply for housing tax credits? A. Developers apply for housing tax credits through an application process administered by TDHCA. This process is fully described in the Qualified Allocation Plan and Rules (QAP) which governs the programʹs operation. The QAP is revised annually in a process that involves public input, Board approval and ultimately approval by the Governor. Under the competitive HTC program, to be considered for an award of housing tax credits, an application must be submitted to TDHCA during the annual application acceptance period as published in the QAP. All applications must provide the required fee, application and supporting documentation as required by the QAP. The competition for housing tax credits is very high. Therefore, in addition to submitting an application that meets the minimum threshold, applicants must achieve a high enough score to be competitive to receive an award. Tax Exempt Bond applications applying for 4% housing tax credits are submitted to the Department once the Reservation of Allocation is issued by the Texas Bond Review Board. It is required under Section 1372 of the Texas Government Code, for Priority 1 and 2 applications to apply for housing tax credits. Priority 3 applications are not required to have housing tax credits; however, most developments are not financially feasible without them. Q. Does TDHCA have geographical preferences or specific types of developments that it prefers? A. Under the competitive HTC program, housing tax credits are allocated in accordance with Section 2306.111 of the Texas Government Code, which requires that the credits be allocated on a regional basis. There are thirteen state service regions; each of the thirteen state service regions is further divided into Rural and Urban/Exurban areas each of which is targeted to receive a pre‐determined amount of the housing tax credits for each year. The amount per area is based on a regional allocation formula which is generated, with public input, by the Housing Page 168 of 176 Exhibit 6 TDHCA Housing Tax Credit Program FAQs 2 of 6 Resource Center of TDHCA. Upon finalization of the formula, the targeted allocations will be released. Additionally, the HTC Program has several allocations and/or set‐asides which it strives to meet: at least 10% of all credits must be awarded to Qualified Nonprofits, at least 15% of each regionʹs credit allocation is targeted to At‐Risk Developments and at least 5% of each regionʹs credit allocation is targeted to developments funded by the U.S. Department of Agriculture. Q. What evaluation criteria is used to review submitted applications? A. It is the goal of TDHCA to encourage diversity through broad geographic allocation of housing tax credits within the state, and to promote maximum utilization of the available housing tax credit amount. The criteria utilized to realize this goal includes a point based scoring system (competitive HTC only) and an evaluation of the developmentʹs: cost and financial feasibility; geographic location within the state as compared to other developments applying for housing tax credits; impact on the concentration of existing housing tax credit developments and other affordable housing developments within specific markets and sub‐markets; site conditions; development team experience; and consistency with the goal of awarding credits to as many different applicants as possible. Those applications which are deemed to have a high priority based on the review criteria (competitive HTC only) are subject to an underwriting review which evaluates the developmentʹs projected construction costs and financial feasibility. Applications which pass the underwriting process and are determined to have the highest priority will be presented to TDHCAʹs Board of Directors for consideration. For Tax Exempt Bond developments, the applications are recommended for approval to the Departmentʹs Governing Board of Directors based on the underwriting review which evaluates the developmentʹs projected construction costs and financial feasibility and the ability of the application to meet the threshold and compliance requirements of the Department. Q. How is the scoring system used to prioritize the applications? (Competitive HTC only) A. The QAP defines a series of point based ʺSelection Criteriaʺ items. To generate a ʺSelection Criteriaʺ score, applicants request points for those criteria items for which their development is qualified. These scoring criteria change annually and can be reviewed in the QAP. While it is a significant factor, an applicationʹs score is not the sole determining factor as to whether or not it will be recommended for an award of credits. However, the score serves as one of the primary criteria (as described in the previous section) used to assess how well an application fulfills the programʹs goals. Page 169 of 176 Exhibit 6 TDHCA Housing Tax Credit Program FAQs 3 of 6 Q. Can the public comment on a proposed tax credit development or on the development of the QAP? A. For the competitive HTC program, prior to the award of the credits, TDHCA will hold at least three public hearings in metropolitan and rural areas across the state. The public is encouraged to attend one of these scheduled hearings or to submit written comments to the HTC Program. When submitting comments, the application under discussion should be clearly identified by name, address, and city. Including the TDHCA application identification number in the correspondence is also helpful. Based on the provided comment, an indication of the level of support or opposition for an application will be included in the recommendation documentation presented to TDHCAʹs Board of Directors. For Tax Exempt Bond applications which utilize TDHCA as the issuer, the Department will conduct development‐specific public hearings in the community in which the development is to be located. The public is encouraged to attend these public hearings or submit written comments to the Department. For tax exempt bond applications which utilize a local issuer, interested individuals are encouraged to contact the Issuer for the public hearing information. Public hearings are also held for the development of the QAP, which governs the administration of the HTC Program. The public is encouraged to attend or provide written comment. Written comment, on either a specific application or on the QAP, can be sent to: Multifamily Finance Production, P.O. Box 13941, Austin, TX 78711‐3941 or transmitted via fax to (512) 475‐0764 or (512) 475‐3340 or by email to Sharon.Gamble@tdhca.state.tx.us. Q. How can local residents impact the development process? A. Because of their significant long‐term financial investment in the development and community, developers in most cases want to work with area citizens and be a good neighbor. Therefore it is not uncommon for developers to make reasonable alterations to the planned development in response to the concerns of area neighbors. In addition to attending and commenting at public hearings on a particular development such as this, individuals and neighborhood organizations are encouraged to work directly with the developer to gain a better understanding of a particular development. Open community meetings offer an opportunity to ask questions, express concerns, and have a productive dialogue between the developer and community. Q. What questions should residents ask of the property developer? A. Below are some common questions that will help you gain a better understanding of the developer’s goals and intentions regarding a proposed property: What other developments has the developer built and where are they are located? What are the developer’s long‐term goals for the property? How will the development fit in with the existing neighbor‐hood? Who is the management company and what is its track record? What types of supportive services will be provided to residents? Page 170 of 176 Exhibit 6 TDHCA Housing Tax Credit Program FAQs 4 of 6 Who are the proposed tenants and how will they be screened? Q. What is the minimum percentage of units that must be set aside for eligible low income tenants? A. Each development must include a minimum percentage of units to be set aside for eligible low income tenants. The rent charged for these units is restricted according to federal guidelines which correspond to the householdʹs income level. While rental rates are restricted, they are not subsidized (i.e., Section 8 housing) by the HTC Program. A low income housing development will be eligible to apply for housing tax credits if it meets either of the following criteria: a) Twenty percent (20%) or more of the residential units in the project are both rent restricted and occupied by individuals whose income is fifty percent (50%) or less of Area Median Family Income (AMFI); b) Forty percent (40%) or more of the residential units in the project are both rent restricted and occupied by individuals whose income is sixty percent (60%) or less of AMFI. Housing tax credits may only be claimed for the affordable units that have been set aside for participation under the program. Although a developer only needs to set aside a minimum of twenty percent (20%) of a projectʹs units for qualified tenants, applicants will typically set aside between 60% and 100% of the units for scoring purposes and to claim a higher amount of housing tax credits. In addition to these set aside requirements, under the Bond program there are additional set‐ asides the development must meet based on the Priority that is assigned by the Texas Bond Review Board. Q. How are the rent limits calculated? A. The rent limits for housing tax credit units are based on the household income level and the number of bedrooms in the unit. These rent and income limits are generated by the U.S. Department of Housing and Urban Development each year. HTC rent limits include an allowance for the cost of utilities (heat, lights, air conditioning, water, sewer, oil or gas). In projects where the owner pays all utilities, no adjustment in the HTC rent limits are needed to determine the maximum rent that can be charged for a housing tax credit unit. In projects where tenants pay all or a portion of their own utilities, the rent established for a housing tax credit unit must not exceed the applicable HTC rent limit for that unit. The Department can provide interested parties with specific rent limits for their area, or a complete set of income and rent limits can be found on the Departmentʹs Web site. Households will be required by the property owner to periodically document their income level so that the owner may continue to claim the housing tax credits for their unit. Q. How do tax credits benefit the development owner? A. Under the federal income tax code, a credit is a dollar‐for‐dollar reduction in the income tax Page 171 of 176 Exhibit 6 TDHCA Housing Tax Credit Program FAQs 5 of 6 liability for the investor. It is important to note that only the owners of a housing tax credit property may utilize the benefits of the housing tax credits over time. A credit is subtracted after the amount of tax is calculated. In this form, a credit differs from a deduction or adjustment to income, which is then subtracted from income before the tax rate is applied and the amount of tax is calculated. Q. Why are developers given an incentive to develop affordable rental housing? A. Many private developers and builders concentrate their efforts in larger metropolitan areas and target higher income individuals and families. However, demographic studies show that lower and moderate income individuals and families are the fastest growing segment of our population. As the population grows, so will the need for affordable housing. Q. How do tax credit developments compare with non‐tax credit developments? A. Properties that receive housing tax credits must compete with nearby market developments for tenants. The properties are safe, secure, and well maintained. They have amenities similar to other apartment complexes, and may offer swimming pools, community centers and reception areas. Newer developments may include daytime childcare, evening GED classes, on‐site medical care and credit counseling. These supportive services are provided without charge to the tenants. Q. How do ʺlow income/affordable housingʺ units differ from ʺhousing projects?ʺ A. Unlike most publicly‐subsidized housing which is designed to assist the elderly, disabled, minimum wage workers or the unemployed, the housing tax credit program does not provide tenants with governmental rent subsidies. It provides equity to build the development which allows the developer to charge lower rents to the tenants. The programʹs rent and income levels vary from county to county. In Houston, for example, the maximum allowable rent (which includes a utility allowance) for a three bedroom housing tax credit apartment would be $953. To be eligible to reside in the housing tax credit unit, a family of fourʹs annual income could not exceed $36,660 at the time they signed the lease. In Lubbock, the maximum allowable rent for a three‐bedroom apartment would be $783 a month. A family of fourʹs annual income could not exceed $30,120. Tenants must pay their rents in full. Thus, the tenants are most likely working Texans or retirees seeking an affordable place to live. Q. Who lives in a tax credit development? A. Typically, tenants may include: school teachers; police officers; firefighters; mechanics; single parents who are balancing career and family while attending night school; city employees; sales clerks; and retirees. Affordable housing and low income units are quite different from public housing projects. Q. Are existing developments renovated under the Housing Tax Credit Program? A. Many of the apartments built during the boom years of the 1980ʹs which were abandoned and boarded‐up during the stateʹs real estate bust, are today fully renovated and leased. Hundreds of sprawling apartment complexes that had for years been both eyesores and Page 172 of 176 Exhibit 6 TDHCA Housing Tax Credit Program FAQs 6 of 6 occasional drug refuges, now provide thousands of working Texans with quality, affordable housing, including the elderly and persons with disabilities. Q. Are tax credit properties monitored? A. Housing tax credit benefits are lost if a development fails to meet state and federal standards every year for each of the 15 years of the compliance period. Properties are then monitored for an additional 15 years to maintain affordability. Page 173 of 176 City of Georgetown, Texas Housing Advisory Board January 14, 2016 SUBJECT: Update on Workforce Housing incentives and UDC amendments. --Jennifer C. Bills, Housing Coordinator ITEM SUMMARY: The Housing Coordinator will update the board on the UDC amendments for workforce housing at the meeting. FINANCIAL IMPACT: None. SUBMITTED BY: Jennifer C. Bills, Housing Coordinator Page 174 of 176 City of Georgetown, Texas Housing Advisory Board January 14, 2016 SUBJECT: Discussion and possible action on assessing the last presentation to City Council; what we did well and what we needed to do differently.--Walt Doering, Board Chair ITEM SUMMARY: FINANCIAL IMPACT: None. SUBMITTED BY: Jennifer C. Bills, Housing Coordinator Page 175 of 176 City of Georgetown, Texas Housing Advisory Board January 14, 2016 SUBJECT: Next Steps: Reminder that the next regular meeting will be on February 18, 2016 in the Williamson Conference Room. Update from the Georgetown Housing Authority.--Nikki Brennan Discussion on the direction of the board for 2016. ITEM SUMMARY: FINANCIAL IMPACT: None. SUBMITTED BY: Jennifer C. Bills, Housing Coordinator Page 176 of 176