conference call toll free conference line: 800-201-5203

MHDC will make reasonable accommodations for persons with disabilities at the public site. To

request an accommodation, please contact Lynn Sigler at (816) 759-6822 or [email protected].

Notice is hereby given that the Missouri Housing Development Commission will conduct its

Regular Meeting on Tuesday, June 16, 2020:

Conference Call

Toll Free Conference Line: 800-201-5203

Kansas City: 816-897-0010

St. Louis: 314-627-1157

Access Code: 264716

The agenda of this meeting is attached to this notice.

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

Lynn Sigler

Missouri Housing Development Commission

P.O. Box 239

Liberty, MO 64069

(816)759-6822

[email protected]

REGULAR MEETING

OF THE

MISSOURI HOUSING DEVELOPMENT COMMISSION

TUESDAY, JUNE 16, AT 9:00 A.M.

REGULAR MEETING OF THE


TUESDAY, JUNE 16, 2020 AT 9:00 A.M.

AGENDA

TOLL FREE CONFERENCE LINE: 800-201-5203

KANSAS CITY: 816-897-0010

ST. LOUIS 314-627-1157

ACCESS CODE: 264716

Regular Meeting

1. Roll Call

2. Approval of minutes of the April 8 and April 24, 2020 Regular Meetings

3. Report of Chairman

4. Report of Staff a) Budget for Year Ending June 30, 2021

b) Resolution No. 1062 – Authorizing the Issuance of Single Family Mortgage

Revenue Bonds (First Place Homeownership Loan Program)

c) FY2020 Emergency Solutions Grant (ESG) Draft Allocation Plan and Notice of

Funding Availability (NOFA)

d) Funding decisions for the CARES Act Emergency Solutions Grant (ESG)

e) Rental Production Recommendation for Funding Federal 4% Rolling

Application

5. Such other matters that may come before the Commission

of 1 Rev. 9.23.19

Governor:

Mike Parson

Governor

Lieutenant Governor:

Mike Kehoe

Lieutenant Governor

Treasurer:

Scott Fitzpatrick

State Treasurer

Attorney General:

Eric Schmitt

Attorney General

Chairman:

Jeffrey S. Bay

Secretary/Treasurer:

Bill Miller

Commissioner:

Mark Elliff

Commissioner:

Rick McDowell

Commissioner:

Garrick Hamilton

Commissioner:

Tracey S.C. Lewis

Missouri Housing Development Commission Roster

MISSOURI HOUSING DEVELOPMENT COMMISSION Regular Meeting

Minutes of Meeting Held Wednesday, April 8, 2020 The regular meeting of the Missouri Housing Development Commission was held by phone on Wednesday, April 8, 2020 at 9am. Those present were:

Commissioners and Persons Present to Vote for Ex-Officio Members

Jeffrey S. Bay, Chairman (via telephone) Mike Kehoe, Lieutenant Governor (via telephone) Scott Fitzpatrick, State Treasurer (via

telephone) Jonathan Hensley, on behalf of Attorney General Schmitt (via telephone) Bill Miller, Secretary-Treasurer (via telephone) Rick McDowell, Commissioner (via telephone) Mark Elliff, Commissioner (via telephone) Garrick Hamilton, Commissioner (via telephone) Tracey Lewis, Commissioner (via telephone)

Others Present Kayla Hahn, Governor Parson’s Office (via telephone Henry Hershel, Lieutenant Governor’s Office (via telephone) Leslie Korte, State Treasurer Fitzpatrick’s Office (via telephone)

Commissioners Absent Mike Parson, Governor Eric Schmitt, Attorney General

Staff Members Kip Stetzler, Executive Director (via telephone) Tina Beer, Director of Operations (via

telephone) Marilyn Lappin, Director of Finance (via

telephone) Frank Quagraine, Director of Rental

Production (via telephone) Katie Jeter-Boldt, General Counsel (via

telephone) Jennifer Schmidt, Deputy Director of

Operations (via telephone) David Nickum, Director of Information

Technology (via telephone) Rick Laughrey, Homeownership Manager (via

telephone) Steve Whitson, Community Initiatives

Manager (via telephone) Lynn Sigler, Operations Manager (via telephone)

Gus Metz, Chief Underwriter (via telephone) Anne Powell, Attorney (via telephone) Megan Word, Legislative Coordinator (via

telephone) Denise Greenbaum, Information Services

Administrator (via telephone)

Chairman Bay called the meeting to order.

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

A motion to approve the minutes of the Regular Meeting held December 2, 2019 was made by Commissioner Elliff and seconded by State Treasurer Fitzpatrick. The motion passed unanimously with a vote of 9-0.

A motion to approve the minutes of the Regular Meeting held December 12, 2019 was made by State Treasurer Fitzpatrick and seconded by Commissioner Miller. The motion passed unanimously with a vote of 9-0.

A motion to approve US Bank as the Master Servicer for the First Place and Next Step programs as recommended by staff was made by Commissioner Miller and seconded by Commissioner McDowell. The motion passed unanimously with a vote of 9-0.

A motion to approve the 2019 Federal 4% LIHTC Rolling Applications as recommended by staff was made by Commissioner Miller and seconded by Commissioner McDowell. The motion passed with a vote of 9-0.

After inquiring of Commissioners and staff if there were other matters for the Commission to take up, and upon hearing none, Chairman Bay made a motion to adjourn. The motion passed unanimously with a vote of ayes.

_________________________________________ Jeffrey S. Bay, Chairman

MISSOURI HOUSING DEVELOPMENT COMMISSION Regular Meeting

Minutes of Meeting Held Friday, April 24, 2020 The regular meeting of the Missouri Housing Development Commission was held by phone on Wednesday, April 24, 2020 at 9:30am. Those present were:

Commissioners and Persons Present to Vote for Ex-Officio Members

Jeffrey S. Bay, Chairman (via telephone) Mike Kehoe, Lieutenant Governor (via telephone) Scott Fitzpatrick, State Treasurer (via

telephone) Jonathan Hensley, on behalf of Attorney General Schmitt (via telephone) Bill Miller, Secretary-Treasurer (via telephone) Rick McDowell, Commissioner (via telephone) Mark Elliff, Commissioner (via telephone) Garrick Hamilton, Commissioner (via telephone)

Others Present Kayla Hahn, Governor Parson’s Office (via telephone Henry Hershel, Lieutenant Governor’s Office (via telephone) Leslie Korte, State Treasurer Fitzpatrick’s Office (via telephone)

Commissioners Absent Mike Parson, Governor Eric Schmitt, Attorney General Tracey Lewis, Commissioner

Staff Members Kip Stetzler, Executive Director (via telephone) Tina Beer, Director of Operations (via

telephone) Marilyn Lappin, Director of Finance (via

telephone) Frank Quagraine, Director of Rental

Production (via telephone) Katie Jeter-Boldt, General Counsel (via

telephone) Jennifer Schmidt, Deputy Director of

Operations (via telephone) Scott Hanak, Director of Asset Management

(via telephone) David Nickum, Director of Information

Technology (via telephone) Rick Laughrey, Homeownership Manager (via

telephone) Steve Whitson, Community Initiatives

Manager (via telephone)

Lynn Sigler, Operations Manager (via telephone) Anne Powell, Attorney (via telephone)

Chairman Bay called the meeting to order.

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

A motion to approve CARES Act Emergency Solutions Grant Notice of Funding Availability and Allocation Plan as recommended by staff was made by State Treasurer Fitzpatrick and seconded by Commissioner McDowell. The motion passed unanimously with a vote of 8-0.

After inquiring of Commissioners and staff if there were other matters for the Commission to take up, and upon hearing none, Chairman Bay made a motion to adjourn. The motion passed unanimously with a vote of ayes.

_________________________________________ Jeffrey S. Bay, Chairman

3) Report of Chairman

4) Report of Staff

Mike Parson Governor

Mike Kehoe Lieutenant Governor

Scott Fitzpatrick State Treasurer

Eric Schmitt Attorney General

Jeffrey S. Bay Chairman

Bill Miller Secretary-Treasurer

Mark Eliff Commissioner

Rick McDowell Commissioner

Garrick Hamilton Commissioner

Tracey S.C. Lewis Commissioner

Kip Stetzler Executive Director

Kansas City 920 Main, Suite 1400 Kansas City, MO 64105 816-759-6600 Fax 816-301-7000 Mailing Address: P.O. Box 239 Liberty, MO 64069

St. Louis 505 N. 7th Street 20th Floor, Suite 2000 St. Louis, MO 63101 Mailing Address: 7450 Natural Bridge Rd. P.O. Box 210567 St. Louis, MO 63121-9998

www.mhdc.com

June 16, 2020

TO: Commissioners

FROM: Marilyn Lappin, Director of Finance Sara Turk, Fiscal & Accounting Manager

SUBJECT: Budget for the Year Ending June 30, 2021

The proposed budget for Fiscal Year 2021 for the period July 1, 2020 through June 30,

2021 is attached for consideration. The Executive Summary included provides an

overview of significant observations.

The proposed Fiscal Year 2021 budget includes total revenues of 248.9 million, expenses

at $229.6 million and subsidy programs at $4.0 million. The budgeted activity includes

federal and grant program revenues of $179.4 million and expenses of $175.4 million.

Recommendation:

Staff requests approval of the Fiscal Year 2021 budget, with the budgeted

expenditure levels for Fiscal Year 2021 to continue beyond Fiscal Year 2021 for

purposes of conducting ongoing operations until a subsequent fiscal budget is

adopted.

1

Missouri Housing Development Commission

Budget for Fiscal Year Ending June 30, 2021

Executive Summary

The proposed Financial Budget for the Fiscal Year ending June 30, 2021 includes

information on Fiscal Year 2019 (actual results), Fiscal Year 2020 (projected results and

budget), and the proposed Fiscal Year 2021 budget. The budget information is organized

by Multifamily mortgage programs, Single Family mortgage programs, and the Operating

Fund, including more detailed information on certain Operating Fund revenues and

administrative expenses.1

Total Operations (Page 1 of Financial Budget)

For Fiscal Year 2021, results from operations before subsidy programs and special

initiatives (Revenues over Expenses from Operations) are budgeted at $19.3 million.

Year-to-year trends reflect the levels of federal assistance, investment earnings, bond-

financed mortgage income, interest expense on debt and costs to administer MHDC’s

housing programs.

Compared to the prior year, Fiscal Year 2020 is projected to include improved earnings

resulting from increased interest income and an increase in grants and federal assistance.

The Fiscal Year 2020 activity of the bond-financed programs reflect an increase in the

single family bond-financed asset base and a decrease in the multifamily bond-financed

asset base. The Fiscal Year 2021 budget anticipates total operating revenues greater than

Fiscal Year 2020 due to an increase in federal funding offset by a decline in interest

income due to continued very low short-term interest rates, continued decline in

multifamily bond-financed programs and expected decline in single family bond-financed

asset volume. Federal programs for Fiscal Year 2021 are anticipated to increase from

Fiscal Year 2020 levels as a result of additional funding of the Emergency Solutions

Grants (ESG) program and an increase in the National Housing Trust Fund transaction

activity. The federal programs included in the budget presume continuation of the HUD

Section 8 Project-Based Rental Assistance administration contract. With respect to the

Operating Fund, the Fiscal Year 2021 budget anticipates increased revenues for grants

and federal assistance offset by a decrease in mortgage interest. Compensation costs

budgeted for Fiscal Year 2021 are 1.0% higher than budgeted for Fiscal Year 2020 with

level salary costs and increased benefit costs anticipated. Total budgeted administrative

1 The effects of fair value reporting (GASB Statement No. 31) are removed from the Financial Budget in

order to provide a more meaningful comparative analysis.

2

expenses for Fiscal Year 2021 are limited to a modest increase of 2.5% compared to the

Fiscal Year 2020 budgeted amounts. Administrative and financing fees provide for

recovery of a portion of applicable compensation and administrative expenses.

Grants and federal program revenues (Revenues - Grants and Federal Assistance) are

budgeted at $179.4 million in Fiscal Year 2021, an increase from the projected $166.8

million in Fiscal Year 2020. Core programs include the Section 8 Project-Based Rental

Assistance and the HOME Investment Partnerships Program. Expenses from grants and

federal programs (Expenses – Grants and Federal Assistance) are budgeted at $175.4

million in Fiscal Year 2021, an increase from $158.2 million projected in Fiscal Year

2020. The Fiscal Year 2021 federal program budget includes additional Emergency

Solutions Grants (ESG) funding of $9.6 million as provided by the Coronavirus Aid,

Relief, and Economic Security (CARES) Act. The difference between the revenue and

expense amounts is due to funding disbursements being accounted for as loans and

capitalized. The HUD Section 8 Project-Based Rental Assistance contract is effective

through January 31, 2021, with subsequent extensions anticipated. The Fiscal Year 2021

budget anticipates continuation of the contract through the year. The National Housing

Trust Fund is a federal program established pursuant to the Housing and Economic

Recovery Act of 2008 with projected funding activity in Fiscal Year 2020 of $1.6 million

and budgeted Fiscal Year 2021 funding activity of $6.0 million.

Subsidy Programs and Special Initiatives are budgeted at $4.0 million for Fiscal Year

2021 and incorporate disbursement of the remaining Fiscal Year 2020 awards for Project-

Based Rental & Operating Assistance, the Missouri Housing Innovation Program

(MoHIP), Disaster Assistance, and Emergency Solutions Grant (ESG) supplemental

funds. These programs also include the HUD Note Sale program assistance available for

certain multifamily housing projects. Resulting Revenues from Operations after Subsidy

Programs and Special Initiatives is budgeted at $15.3 million for Fiscal Year 2021.

The net return from operations excluding special initiatives and subsidy programs

(Revenues Over Expenses from Operations) is budgeted at 7.7% for Fiscal Year 2021.

Including special initiatives and subsidy programs, the return from operations (Revenues

from Operations after Subsidy Programs and Special Initiatives) is budgeted at 6.1% for

Fiscal Year 2021.

3

Asset Base (Page 3 of Financial Budget)

MHDC’s asset base totaled approximately $2.2 billion as of March 31, 2020 and has

increased 8% from the prior year end. As depicted in the graph on Page 3 of the Financial

Budget, the Single Family bond-financed assets (Homeownership) increased 21% during

Fiscal Year 2020. Mortgage assets, including mortgage-backed securities (MBS), total

$1.6 billion, comprising 76% of MHDC’s total assets. MHDC’s asset base continues to

feature a high-quality, low-risk profile. Approximately 53% of total assets are comprised

of guaranteed MBS. MHDC has no subprime loans, no variable rate debt, and no interest

rate swaps or similar instruments.

Operating Fund (Page 6 of Financial Budget)

Operating Fund assets, including mortgage loans financed with federal funding,

decreased 4% in Fiscal Year 2020. Excluding the MBS warehousing program discussed

below, Operating Fund assets increased 2% and total $783.9 million as of March 31,

2020. Operating Fund revenues including federal programs (Total Revenues – Operating

Fund) are projected at $194.3 million for Fiscal Year 2020, as compared to $182.8

million for Fiscal Year 2019, primarily reflecting an increase in federal funding. An

increase in Operating Fund revenues to $203.4 million is budgeted for Fiscal Year 2021,

principally due to anticipated increased federal assistance. Operating Fund expenses,

including grants and federal assistance, are budgeted at $197.4 million for Fiscal Year

2021, as compared to $184.1 million budgeted for Fiscal Year 2020, with the increase

attributable to anticipated increased federal assistance activity.

Included in the Operating Fund is the mortgage-backed securities warehouse program

financed primarily with Federal Home Loan Bank (FHLB) advances. This program

resulted in $714,000 in net earnings in Fiscal Year 2019 and $892,000 in earnings

projected for Fiscal Year 2020. The increase resulted primarily from a decrease in FHLB

advance rates. Anticipated earnings of $567,000 are included in the Fiscal Year 2021

budget. The warehouse program provides an important tool for homeownership

financing. This program coupled with the Single Family mortgage programs is expected

to provide mortgages to 2,585 homeowners in Fiscal Year 2020. For Fiscal Year 2021,

homeownership mortgages are anticipated to be financed through continued use of the

warehouse program, mortgage revenue bonds and the To-Be-Announced (TBA) market.

Similar to the warehouse and bond-financed programs, financing provided by the TBA

market provides homebuyer loans for Missouri citizens, with pricing designed to cover

program costs, including replenishment of cash assistance, while at the same time

limiting risks associated with interest rate changes and non-delivery of mortgages.

4

Administrative expenses include office and information technology costs along with

professional costs and travel to support MHDC’s programs. Efforts are made to carefully

manage these costs for administering MHDC’s housing programs with the Fiscal Year

2021 budget amounts 2.5% more than the Fiscal Year 2020 budget with the increase

primarily for information technology costs. Compensation budgeted for Fiscal Year 2021

reflects a consistent number of employees, level salary costs and anticipated increased

benefit costs. Special initiatives budgeted for Fiscal Year 2021 include continuation of

rental and operating assistance programs, the Missouri Housing Innovation Program

(MoHIP) and disaster relief funding. The proposed Fiscal Year 2021 Notice of Funds

Availability (NOFA) includes Fund Balance subsidy for MoHIP of $810,000, as shown

on page 12 of the Financial Budget.

As detailed on page 13 of the Financial Budget, the Operating Fund resources will also

continue to provide for low-rate lending for rental housing production and preservation

which is budgeted at $10 million for Fiscal Year 2021; continue revolving funds for

multifamily construction loans and single family homeownership; and includes funding

for homeowner cash assistance and the upfront costs for mortgage revenue bond issues.

Multifamily Mortgage Programs (Page 7 of Financial Budget)

Multifamily assets total $149.7 million as of March 31, 2020 and have decreased $19.6

million since the prior fiscal year end as the result of scheduled mortgage payments and

mortgage prepayments. During Fiscal Year 2020 there were no new risk-share bond-

financed projects and three mortgage loans prepaid. Overall, Revenues over Expenses

from Operations in Fiscal Year 2020 is $355,000 less than Fiscal Year 2019. The budget

for Fiscal Year 2021 reflects scheduled principal payments on mortgages and related

bond issues. In addition, the budget for Fiscal Year 2021 incorporates reduced interest

resulting from redemption of three bond series totaling $7.8 million at fiscal year end

2020 and five series totaling $8.4 million in the first quarter of fiscal year 2021, with the

corresponding mortgage loans transferred to the Operating Fund. Net results of $1.3

million are expected for Fiscal Year 2021, continuing as an important resource for

providing affordable rental units to Missourians while, at the same time, continuing to

provide a healthy return to the Commission for the purposes of supporting general

operations and Fund Balance programs.

5

Single Family Mortgage Programs (Page 8 of Financial Budget)

The Single Family bond-financed asset base increased 21% through March in Fiscal Year

2020 and 9% in Fiscal Year 2019 due to increased lending, slowed mortgage

prepayments and related bond redemptions. Single Family bond-financed assets total $1.2

billion as of March 31, 2020, an increase of $210 million during the fiscal year. Single

Family bond-financed assets represent 56% of the Commission's total asset base. Loan

balances, at cost, consisting of mortgage-backed securities, total $1.1 billion. Principal

pay-downs and prepayments were 11% in Fiscal Year 2020, as compared to 13% in

Fiscal Year 2019.

The Single Family programs are significant to the Commission’s operations. During

Fiscal Year 2020, approximately $340 million in homebuyer mortgages are projected to

be provided by the Commission’s bond-financed programs, the Operating Fund

mortgage-backed securities warehouse program as discussed above and by sale of

mortgage-backed securities via the TBA program.

The Single Family mortgage programs are projected to result in $13.9 million in

Revenues over Expenses from Operations in Fiscal Year 2020, representing 43% of the

Commission’s total operations. The Fiscal Year 2021 budget amount is $11.9 million

based on the following assumptions: continued very low short-term interest rates; a

decrease in mortgage assets with slowed mortgage production and consistent mortgage

paydowns. The Fiscal Year 2021 budget volumes reflect $140 million in new lending

using bond-financed capital as incorporated in the Strategic Financial Plan "base case."

Additional mortgage production is expected to be financed via sale of mortgage-backed

securities outside of the bond-financed program. Economic factors may cause

fluctuations in mortgage production, however, impacting projected mortgage asset and

bond financing levels.

Compensation and Administrative Expenses (Page 11 of Financial Budget)

Compensation and administrative expenses include salaries, fringe benefits, office

occupancy, technology and professional services. Administrative fee revenues (Total

Administrative Fees), as shown on Page 9 of the Financial Budget, allow MHDC to

recover some of the costs incurred for employee compensation and other expenses,

including those related to administering certain federal programs.

Salaries are budgeted for Fiscal Year 2021 at the same level as budgeted for Fiscal Year

2020. The budgeted benefit costs include an increase in rates for retirement and

healthcare costs.

6

Information Technology costs in Fiscal Years 2019 and 2020 included maintenance of

the existing technology infrastructure and line-of-business applications. Also included

during this period were continued development of improved and enhanced multifamily

data management systems. Fiscal Year 2020 included the second phase of the agency’s

asset management systems rewrite. In addition, technology costs incorporated improved

systems safeguards which included continued management of the secured co-location

data center, storage area network improvements and server systems upgrades. Additional

costs in Fiscal Year 2020 included systems tools allowing for a secure remote workforce

during the COVID-19 crisis. The budget for Fiscal Year 2021 includes ongoing

technology systems maintenance of infrastructure, data communications, networking,

network hardware upgrades and/or replacements and continued software license and

maintenance fees. Fiscal Year 2021 will also see continued improvements of multifamily

data management systems and content management; and the development of additional

enhancements and functionality of the agency’s asset management system. The

Information Technology division will continue to focus on the engineering and support of

current and future system configurations. Ongoing emphasis will be on expanding cyber

security initiatives to keep pace with the ever growing and more complex risks.

Travel and related expenses include the costs related to inspections, meetings, public

hearings, recipient educational forums and training conferences. The costs of rental cars,

mileage, airfare, hotel and meals are included in these costs. Costs related to commission

and staff travel are budgeted for Fiscal Year 2021 at 3.6% less than the Fiscal Year 2020

budget, reflecting an anticipated reduction in staff travel related to training and programs

work: asset management inspections, compliance inspections, rental production site visits

and community initiatives.

Professional and technical expenses include legal, financial advisors, audit, third party

inspections and other consulting fees along with costs for temporary staffing and

educational training conferences. The costs budgeted for Fiscal Year 2021 are 1.8% more

than budgeted for Fiscal Year 2020, including some increase for studies and research.

MHDC strives to manage the compensation and administrative expenses required to

administer its programs. The charts attached in Exhibit 1 provide comparative

information about MHDC’s operating costs and revenue volume as compared to those of

peer housing finance agencies (HFAs). These are the same HFAs that Standard & Poor's

has compared MHDC to in past presentations. MHDC's compensation and administrative

expenses are budgeted at 7.1% of revenues for Fiscal Year 2021, and are in line with its

peers.

7

Overview/Key Financial Ratios

Fiscal Year 2019 and Fiscal Year 2020 showed continued positive performance in

MHDC’s programs, with solid profitability reflecting the results of loan programs, bond

financings and careful management of resources. Budget Year 2021 projects Revenues

from Operations after Subsidy Programs and Special Initiatives at $15.3 million. Key

financial ratio information is included on page two of the Financial Budget. Return on

assets is anticipated at 0.52% for Budget Year 2021, and net interest margin is budgeted

at 1.19%. These ratios illustrate MHDC's thin operating margins.

MHDC has maintained its AA+ issuer credit rating (ICR) with stable outlook. Important

factors to maintaining this high issuer credit rating are MHDC’s quality asset base, strong

equity base, experienced management team, and continued careful management of

resources. With continued conservative and prudent management of programs and

resources, MHDC is well-positioned in the current economic environment and positive

returns are expected in Fiscal Year 2021.

EXHIBIT 1

7.06% 6.41% 6.38%

11.12%12.93% 12.26% 12.32%

32.23%

8.97%

6.49%

16.16%

19.13%

5.24%6.78%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

MHDC21

Budget

MHDC20

MHDC19

AR IL IA KY MA MI MN NE NM NV WI

Operating Costs as Percent of Revenues

The following charts compare MHDC actual Fiscal Years 2019 and projected 2020 and Budget Year 2021 to peer housing finance agencies (HFAs). These are the same HFAs that Standard & Poor's has compared to MHDC in past presentations.

Source: HFA FY2019 Financial Statements

‐

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

MHDC21

Budget

MHDC20

MHDC19

AR IL IA KY MA MI MN NE NM NV WI

Revenue Volume per Employee

Source: HFA FY2019 Financial Statements and State HFA Factbook ‐ 2018 NCSHA Annual Survey Results

Missouri Housing Development Commission Financial Budget for the Year Ending June 30, 2021


FINANCIAL BUDGET

FOR THE YEAR ENDING JUNE 30, 2021

i

MISSOURI HOUSING DEVELOPMENT COMMISSION FINANCIAL BUDGET

FOR THE YEAR ENDING JUNE 30, 2021

INDEX: Summary – All Programs – 2019, 2020 and 2021 ..............................................................................................1 Financial Ratios ...................................................................................................................................................2 Line Graph – Assets by Program – September 2017 through March 2020 ........................................................3 Summary – All Programs 2021 ...........................................................................................................................4 Pie Charts – All Programs 2021 ..........................................................................................................................5 Operating Fund – Summary ................................................................................................................................6 Multifamily Mortgage Programs – Summary (Bond-Financed) .........................................................................7 Single Family Mortgage Programs – Summary (Bond-Financed & MBS Sales) ...............................................8 Operating Fund – Administrative Fees & Financing Fees and Other .................................................................9 Operating Fund – Grants and Federal Assistance .............................................................................................10 Operating Fund – Compensation and Administrative Expenses Summary ......................................................11 Operating Fund – Subsidy Programs and Special Initiatives ............................................................................12

ii

Program Budget – Capitalized Items .................................................................................................................13 Operating Fund – Compensation .......................................................................................................................14 Administrative Expenses (Office Expenses) .....................................................................................................15 Administrative Expenses (Information Technology) ........................................................................................15 Administrative Expenses (Commission Meetings, Notices and Travel Expenses) ...........................................16 Administrative Expenses (Professional and Technical Expenses) ....................................................................16 Capital Assets ....................................................................................................................................................17

Prior Projected Budget BudgetYear Year Year Year

REVENUES AND EXPENSES (in thousands) 2019 2020 2020 2021

REVENUES:Interest Income - Mortgage Loans 51,505$ 57,978$ 51,600$ 49,900$ Income - Investments 8,705 6,512 8,385 5,500 Income - MBS Sales 714 790 700 650 Administrative Fees 6,038 5,949 6,459 6,374 Financing Fees and Other 4,987 4,956 4,179 3,905 Missouri Housing Trust Fund Receipts 3,132 2,931 2,900 3,170 Grants and Federal Assistance (page 10) 156,001 166,754 168,318 179,364

Total Revenues 231,082 245,870 242,541 248,863

EXPENSES:Interest Expense on Bonds & Notes 30,994 32,895 32,735 30,344 Bond Debt Expense, Banking Fees & Other 2,464 3,916 2,631 2,627 Compensation (page 11) 10,666 10,790 11,389 11,509 Administrative Expenses (page 11) 3,679 4,607 5,475 5,613 Depreciation (non-cash expense) 393 356 471 458 Provision for Loan Losses - - 500 500 Missouri Housing Trust Fund Grants 3,630 2,971 2,900 3,170 Grants and Federal Assistance (page 10) 153,501 158,201 162,318 175,364

Total Expenses 205,327 213,736 218,419 229,585

REVENUES OVER EXPENSES FROM OPERATIONS 25,755 32,134 24,122 19,278

SUBSIDY PROGRAMS AND SPECIAL INITIATIVES (page 12) 1,938 3,456 3,599 3,973 *

REVENUES FROM OPERATIONS AFTER SUBSIDY PROGRAMS AND SPECIAL INITIATIVES 23,817$ 28,678$ 20,523$ 15,305$

The Fiscal Year 2021 budget will continue for purposes of conducting ongoing operations until a subsequent fiscal budget is adopted.

* Budget amounts incorporated for the Missouri Housing Innovation Program (MoHIP), Disaster Assistance, Emergency Solutions Grant (ESG) Supplementand Project-Based Rental & Operating Assistance awards that were approved in previous years will be adjusted to reflect undisbursed funds as of June 30,2020.

SUMMARY

Missouri Housing Development Commission 1 Financial Budget for the Year Ending June 30, 2021

(2015-2019)

PROFITABILITY 1 2016 2017 2018 2019FY 2020 Budget

Projected FY 2020

FY 2021 Budget

5-year average 2016-2020 MHDC

All 'AA' HFAs

All 'AA+' HFAs All HFAs

Return on Average Assets 1.01 1.04 1.13 1.11 0.75 0.98 0.52 1.06 1.04 1.00 0.97 1.24Return on Assets Before Loan Loss Provision and Extraordinary Item 0.98 1.03 1.11 1.08 0.76 0.95 0.55 1.03 1.03 1.12 0.95 1.31

Net Interest Margin 1.47 1.44 1.50 1.54 1.41 1.56 1.19 1.50 1.47 1.32 1.91 1.51

ASSET QUALITY (%) 2016 2017 2018 2019FY 2020 Budget

Projected FY 2020

FY 2021 Budget


All 'AA' HFAs


Non-Performing Assets / Total Loans and Real Estate Owned 0.37 0.31 0.25 0.28 0.24 0.06 0.06 0.25 0.30 2.88 2.82 2.96 Loan Loss Reserves / Total Loans and MBS 3.42 3.25 3.12 2.91 2.95 2.58 2.62 3.06 3.30 4.61 5.70 4.48

LEVERAGE (%) 2016 2017 2018 2019FY 2020 Budget

Projected FY 2020

FY 2021 Budget


All 'AA' HFAs


Total Equity / Total Assets 40.41 40.43 40.16 38.88 38.32 37.13 38.42 39.40 40.28 29.00 35.51 28.33 Total Equity and Reserves / Total Loans and MBS 59.84 58.83 58.08 55.74 57.41 52.93 54.70 57.08 59.25 47.67 60.55 49.42

Five Year Average Financial Ratios2

Financial Ratio Analysis

Key Financial Ratios

(2014-2018)

NOTES1. MHDC's profitability ratios trend is reflective of the limited risk profile of MHDC's asset base.2. Historical ratio data per Standard and Poor's Ratings Services.

Missouri Housing Development Commission 2 Budget for the Year Ending June 30, 2021

NOTE: Operating Fund includes MBS financed by Federal Home Loan Bank advances

$‐

$200,000,000

$400,000,000

$600,000,000

$800,000,000

$1,000,000,000

$1,200,000,000

$1,400,000,000

Assets by ProgramMortgage Assets, Investments, Cash and Other

Excludes the Effects of Fair Value ReportingSeptember 2017 to March 2020

Single Family Multifamily Operating Fund HOME & TCAP

Missouri Housing Development Commission 3 Budget for the Year Ending June 30, 2021

Operating Multifamily Single Family CombinedREVENUES AND EXPENSES (in thousands) Fund Programs Programs Totals

page 6 page 7 page 8REVENUES:

Interest Income - Mortgage Loans 7,500$ 3,600$ 38,800$ 49,900$ Income - Investments 4,100 450 950 5,500 Income - MBS Sales - - 650 650 Administrative Fees 6,374 - - 6,374 Financing Fees and Other 2,905 - 1,000 3,905 Missouri Housing Trust Fund Receipts 3,170 - - 3,170 Grants & Federal Assistance 179,364 - - 179,364

TOTAL REVENUES 203,413 4,050 41,400 248,863

EXPENSES:Interest Expense on Bonds & Notes 672 2,672 27,000 30,344 Bond Debt Expense, Banking Fees & Other 65 62 2,500 2,627 Compensation 11,509 - - 11,509 Administrative Expenses 5,613 - - 5,613 Depreciation (non-cash expense) 458 - - 458 Provision for Loan Losses 500 - - 500 Missouri Housing Trust Fund Grants 3,170 - - 3,170 Grants and Federal Assistance 175,364 - - 175,364

TOTAL EXPENSES 197,351 2,734 29,500 229,585


SUBSIDY PROGRAMS AND SPECIAL INITIATIVES (page 12) 3,973 - - 3,973


BUDGET YEAR 2021 -- ALL PROGRAMS -- SUMMARY


Budget Summary - All Programs

Operating Funds10%

Single Family Mortgage Programs

17%

Federal Assistance

72%

Multifamily Mortgage Programs

1%

Revenues

Operating Funds11%

Single Family Mortgage Programs

13%

Federal Assistance

75%

Multifamily Mortgage Programs

1%

Expenses




REVENUES:Interest Income - Mortgage Loans * 7,981$ 10,900$ 6,700$ 7,500$ Income - Investments 7,010 4,900 6,800 4,100 Administrative Fees (page 9) 6,038 5,949 6,459 6,374 Financing Fees and Other (page 9) 2,644 2,816 3,179 2,905 Missouri Housing Trust Fund Receipts 3,132 2,931 2,900 3,170 Grants and Federal Assistance (page 10) 156,001 166,754 168,318 179,364

TOTAL REVENUES 182,806 194,250 194,356 203,413

EXPENSES:Interest Expense on Bonds & Notes ** 949 555 975 672 Bond Debt Expense, Banking Fees & Other 58 66 65 65 Compensation (page 11) 10,666 10,790 11,389 11,509 Administrative Expenses (page 11) 3,679 4,607 5,475 5,613 Depreciation (non-cash expense) 393 356 471 458 Provision for Loan Losses - - 500 500 Missouri Housing Trust Fund Grants *** 3,630 2,971 2,900 3,170 Grants and Federal Assistance (page 10) 153,501 158,201 162,318 175,364

TOTAL EXPENSES 172,876 177,546 184,093 197,351


SUBSIDY PROGRAMS AND SPECIAL INITIATIVES (page 12) 1,938 3,456 3,599 3,973


* Fiscal Year 2020 projected includes a $3.3 million cash flow note payoff.

** Includes Federal Home Loan Bank advances and interest expense on HUD debenture.

OPERATING FUND -- SUMMARY

*** The timing of Missouri Housing Trust Fund expenditures follows receipts by 15-18 months.


Projected Budget BudgetYear Year Year Year


REVENUES:Interest Income - Mortgage Loans 6,070$ 5,148$ 5,400$ 3,600$ Income - Investments 556 472 485 450 Financing Fees and Other 3 - - -

TOTAL REVENUES 6,629 5,620 5,885 4,050

EXPENSES:Interest Expense on Bonds & Notes 4,705 4,050 4,260 2,672 Bond Debt Expense, Banking Fees & Other 59 60 66 62

TOTAL EXPENSES 4,764 4,110 4,326 2,734

REVENUES OVER EXPENSES FROM OPERATIONS 1,865$ 1,510$ 1,559$ 1,316$

In Fiscal Year 2020 no new bond financings were issued while bonds were redeemed as a result of prepayment of three loans.Budget Year 2021 anticipates scheduled mortgage payments and bond debt service with no additional bonds issued. In addition, Budget Year 2021

totaling $8.4 million in the first quarter of fiscal year 2021, with the corresponding mortgage loans transferred to the Operating Fund.incorporates reduced volume as a result of redemptions of three bond series totaling $7.8 million at fiscal year end 2020 and five series

MULTIFAMILY MORTGAGE PROGRAMS -- SUMMARY(Bond-Financed)




REVENUES:Interest Income - Mortgage Loans 37,454$ 41,930$ 39,500$ 38,800$ Income - Investments 1,139 1,140 1,100 950 Income - MBS Sales 714 790 700 650 Financing Fees and Other * 2,340 2,140 1,000 1,000

TOTAL REVENUES 41,647 46,000 42,300 41,400

EXPENSES:Interest Expense on Bonds & Notes 25,340 28,290 27,500 27,000 Bond Debt Expense, Banking Fees & Other 2,347 3,790 2,500 2,500

TOTAL EXPENSES 27,687 32,080 30,000 29,500

REVENUES OVER EXPENSES FROM OPERATIONS 13,960$ 13,920$ 12,300$ 11,900$

Single Family Mortgage Revenue Bonds and Mortgage Backed Security Sales

New Loans 254,000$ 340,000$ 250,000$ 185,000$ Approximate Number Loans Made 2,090 2,585 2,050 1,400

The Single Family asset base has increased in Fiscal Years 2019 and 2020 as shown in the graph on page 3. Loan balances increased 20% to $1.1 billion in 2020 as of 3/31/20. Principal pay downs and prepayments are 15% in 2020 compared to 13% paydowns in 2019. Mortgage revenue bonds totaling $375 million were issued in FY2020 while approximately $214 million in bond principal is expected to be paid by fiscal year end. The FY2021 budget anticipates $185 million in new lending to be funded by $140 million mortgage revenue bonds and $45 million mortgage-backed security sales. In addition, the FY2021 budget anticipates continued prepayment activity and low interest rates. Economic factors may result in lower mortgage production, reducing mortgage asset and bond financing levels diminishing interest income and bond interest expense levels.

included for Budget Years 2020 and 2021.* - Includes gain on debt extinguishment of approximately $2.1 million in FY2020 ($2.3 million in FY2019). Limited gains on debt extinguishment are

SINGLE FAMILY MORTGAGE PROGRAMS -- SUMMARY(Bond-Financed & MBS Sales)


Prior Projected Budget BudgetADMINISTRATIVE FEES & Year Year Year Year FINANCING FEES AND OTHER (in thousands) 2019 2020 2020 2021

ADMINISTRATIVE FEES: *Section 8 Project-Based Rental Assistance 5,148$ 5,000$ 4,861$ 4,700$ **HOME Investment Partnerships Program 556 700 700 700 Emergency Solutions Grant 44 38 38 259 National Housing Trust Fund 19 53 600 600 Mortgage Credit Certificates 135 77 145 100 IRP Admin & 15 Year Opt-Out Fees 37 29 15 15 Continuum of Care Planning Grant 99 52 100 -

TOTAL ADMINISTRATIVE FEES 6,038$ 5,949$ 6,459$ 6,374$

FINANCING FEES AND OTHER:Tax Credit Application & Monitoring Fees 1,711$ 1,700$ 1,900$ 1,800$ MIP Premium 220 200 250 200 Construction/Rehab Monitoring Fees *** 167 246 450 300 Financing Fees 256 411 320 350 TCAP/TCR Monitoring Fees 132 132 132 132 Servicing Fees 65 35 65 35 Issuer Fees 61 57 57 53 Other 32 35 5 35

TOTAL FINANCING FEES AND OTHER 2,644$ 2,816$ 3,179$ 2,905$

* Administrative Fees allow MHDC to recover a portion of the costs incurred for employee compensation and other expenses, including those related toadministering federal programs.

** Contract with HUD terminates January 31, 2021 with subsequent modifications or extensions anticipated. HUD is expected to competitively bid theprogram administration at a future time. Administrative Fee Revenue assumes contract continuation at a reduced fee level.

*** Projected Fiscal Year 2020 revenues below budget estimates due to timing of project construction commencement.

OPERATING FUND -- ADMINISTRATIVE FEES & FINANCING FEES AND OTHER



GRANTS AND FEDERAL ASSISTANCE (in thousands) 2019 2020 2020 2021

REVENUES:Federal Programs

Section 8 Project-Based Rental Assistance * 147,044$ 152,000$ 147,000$ 152,000$ HOME Investment Partnerships Program ** ◊ 5,165 11,178 12,000 9,000 Emergency Solutions Grant 3,160 1,894 2,500 12,364 Continuum of Care Planning Grant 25 46 168 - National Housing Trust Fund ** ◊ - 1,591 6,000 6,000 Temporary Assistance for Needy Families - - 500 - Community Services Block Grant - 45 150 - TOTAL FEDERAL PROGRAM REVENUES 155,394$ 166,754$ 168,318$ 179,364$

Other Grant Revenues - Missouri Foundation for Health 607 - - - TOTAL GRANTS AND FEDERAL ASSISTANCE REVENUES 156,001$ 166,754$ 168,318$ 179,364$

EXPENSES:Federal Programs

Section 8 Project-Based Rental Assistance * 147,044$ 152,000$ 147,000$ 152,000$ HOME Investment Partnerships Program ** *** ◊ 2,563 2,625 6,000 5,000 Emergency Solutions Grant 3,160 1,894 2,500 12,364 Continuum of Care Planning Grant 25 46 168 - National Housing Trust Fund ** *** ◊ - 1,591 6,000 6,000 Temporary Assistance for Needy Families - - 500 - Community Services Block Grant - 45 150 - TOTAL FEDERAL PROGRAM EXPENSES 152,792$ 158,201$ 162,318$ 175,364$

Other Grant Expenses - Missouri Foundation for Health 709 - - - TOTAL GRANTS AND FEDERAL ASSISTANCE EXPENSES 153,501$ 158,201$ 162,318$ 175,364$

* Contract with HUD terminates January 31, 2021 with subsequent modifications or extensions anticipated. HUD is expected to competitively bid theprogram administration at a future time. Revenue and expense assumes contract continuation.

** The HOME Investment Partnerships Program and National Housing Trust Fund allow MHDC 2 years to commit awarded funds and 4 years in which toexpend those funds. Budget Year 2021 Revenues consist of funds included in the Federal FY 2020 budget expected to be awarded to MHDC. Also includedare prior year allocations awarded and expected to be drawn in Budget Year 2021.

*** Represent grants made. The balance of funds received are considered as loans and capitalized.

◊ Projected Fiscal Year 2020 revenue and expense below budget estimates due to timing of project construction commencement.

OPERATING FUND -- GRANTS AND FEDERAL ASSISTANCE


Prior Projected Budget BudgetCOMPENSATION AND Year Year Year Year ADMINISTRATIVE EXPENSES SUMMARY (in thousands) 2019 2020 2020 2021

COMPENSATION Salaries (see page 14) 5,612$ 5,627$ 5,915$ 5,915$ Fringe Benefits (see page 14) 5,054 5,163 5,474 5,594 TOTAL COMPENSATION 10,666$ 10,790$ 11,389$ 11,509$

ADMINISTRATIVE EXPENSESOffice Expenses (see page 15) 1,530$ 1,730$ 1,804$ 1,807$ Information Technology (see page 15) 753 1,123 1,264 1,386 Commission Meetings, Notices and Travel Expenses (see page 16) 343 465 562 542 Professional and Technical Expenses (see page 16) 1,053 1,289 1,845 1,878 TOTAL ADMINISTRATIVE EXPENSES 3,679$ 4,607$ 5,475$ 5,613$

OPERATING FUND -- COMPENSATION AND ADMINISTRATIVE EXPENSES SUMMARY



SUBSIDY PROGRAMS AND SPECIAL INITIATIVES (in thousands) 2019 2020 2020 2021

Fund Balance Program Expenses: *Project-Based Rental & Operating Assistance ** 132$ 450$ 470$ 470$ Missouri Housing Innovation Program (MoHIP) ** *** 755 952 952 810 Disaster Assistance ** # 91 572 525 1,261 Emergency Solutions Grant Supplement ** 397 805 981 521 Project Homeless Connect 10 - 10 - Interest Subsidy 1 1 1 1

1,386 2,780 2,939 3,063 Grants (HUD Purchase Loan Program and Rural Initiative)

Tenant Initiatives ◊ 294 360 360 480 Rehab and Repairs ◊ 212 143 240 240 Rural Initiative ** 46 173 60 190

552 676 660 910 TOTAL SUBSIDY PROGRAMS AND SPECIAL INITIATIVES 1,938$ 3,456$ 3,599$ 3,973$

Project-Based Rental & Operating Assistance, the Missouri Housing Innovation Program and Interest Subsidy are supported by earnings from restrictedinvestments totaling $66 million, with any excess earnings reinvested for these restricted uses for future anticipated needs. These investments also providecollateral to support the MBS Warehousing Program.

* Additional funds are being expended for Fund Balance programs, as described on page 13, for which MHDC is capitalizing and recovering through loan repayments and other program structure features.

** FY2021 Budget amounts presented will be adjusted to reflect undisbursed funds for approved grants as of June 30, 2020.The funding for these grants is included as projected for FY2020 with the FY2021 budget including amounts anticipated to be expended after July 1, 2020.

# Disaster Assistance provides a ready resource to serve state-declared disaster areas with emergency housing assistance.

*** Includes FY2021 funding for NOFA of $810,000. Grant period expected April 1, 2021 to March 31, 2022. Portion expected to be incurred subsequent to FY2021of $608,000.

◊ Since the purchase of 26 loans from HUD in 1996, principal and interest payment funds ($33 million) have been collected which are available forrehabilitation work and tenant initiatives ($21 million through FY20). $12 million is available to provide continued support of these projects.

OPERATING FUND -- SUBSIDY PROGRAMS AND SPECIAL INITIATIVES(Continuing Programs)


Prior Projected Budget Budget FY 2021Year Year Year Year Available

PROGRAM (in thousands) 2019 2020 2020 2021 Funds

Rental Housing Production and Preservation Program (1) * 10,608$ 7,600$ 15,000$ 10,000$ 10,000$ Construction Loan Program (2) 19,128 14,700 - - 47,000 Single Family Homeownership Program (3) 12,192 8,440 - - 20,000 Homeowner Cash Assistance Funding (4) 8,636 14,190 - - 21,500 First Place MRB Program Cost of Issuance & Capitalized Interest (5) 3,235 4,230 3,600 3,600 3,600 TOTAL 53,799$ 49,160$ 18,600$ 13,600$ 102,100$

(1) These loans are capitalized and are scheduled for repayment.

(2) This revolving fund totaling $47 million program funding, is used to make multifamily construction loans.

(3) This $20 million fund is used to finance GNMA, Fannie Mae or FHLMC mortgage-backed securities (MBS) in conjunction with MHDC's First Place bond program,or direct sale including forward delivery, as a source of continuous lending since 2009.

(4) This established funding totaling $21.5 million is used for cash assistance to fund homeownership closing costs and down payment. This cash assistance isrecovered by means of the first mortgage financing and amortizing seconds. Recovered funds are recycled and reused for this same purpose.

(5) Budgeted amounts for Single Family MRB cost of issuance, capitalized interest and over-collateralization are estimated with issuances consisting of mortgagerevenue bonds. The cost of issuance portion is accounted for as an expense as shown on page 8.

* Commitment and disbursement of permanent multifamily loan funds may occur over multiple fiscal years. In FY2020 $14.1 million of Rental Housing Productionand Preservation Program funds were committed.

PROGRAM BUDGET -- CAPITALIZED ITEMS



COMPENSATION (in thousands) 2019 2020 2020 2021

Salaries 5,612$ 5,627$ 5,915$ 5,915$ Fringe Benefits (see below) 5,054 5,163 5,474 5,594 TOTAL COMPENSATION 10,666$ 10,790$ 11,389$ 11,509$

Employee Count 102 98 99 99

FRINGE BENEFITS DETAILRetirement (state pension) * 2,893 2,933 3,024 3,084 Social Security

OASDI 352 357 367 367 Medicare 82 84 86 86

Health Insurance 974 967 1,032 1,092 Life Insurance 333 346 363 363 Long Term Disability 26 26 32 32 Unemployment 1 12 5 5 Retiree Health & Life Insurance Surcharge 393 438 565 565 TOTAL FRINGE BENEFITS 5,054$ 5,163$ 5,474$ 5,594$

For those expenses (salary and other expenses) that are directly related to the administration of federal programs, MHDC is able to recover, throughAdministrative Fees, a portion of those expenses that can be documented. These Administrative Fees are detailed on page 9.

* Required contribution rates are 20.21%, 21.77% and 22.88% for FY2019, FY2020 and FY2021, respectively. In addition, the retirement expense includesthe impact of recognition of MHDC's proportionate share of the net pension plan liability in accordance with governmental accounting standards.

OPERATING FUND -- COMPENSATION



(in thousands) 2019 2020 2020 2021

OFFICE EXPENSESOffice Supplies, Postage and Other Expenses 135$ 178$ 190$ 190$ Bank Service Charges 74 79 75 75 Dues and Subscriptions 69 69 80 80 Office Occupancy 796 805 845 851 Rent - Equipment 6 6 7 7 Insurance Expenses 192 234 245 245 Telephone Expense 103 120 123 120 Administrative Charge (Department of Economic Development) (1) 155 239 239 239 TOTAL OFFICE EXPENSES 1,530$ 1,730$ 1,804$ 1,807$

(1) Administrative charges are allocated by the Department of Economic Development to agencies, such as MHDC, that are within its organizational structure.

INFORMATION TECHNOLOGYHardware (Server/Workstations, Including Leases) 11$ 95$ 44$ 25$ Support Services for Network & Client 173 218 227 215 Software Licensing & System Security (2) 89 148 228 239 Business Application Software (3) 385 557 653 795 Training 6 14 18 18 Communications 89 91 94 94 TOTAL INFORMATION TECHNOLOGY AS EXPENSED 753$ 1,123$ 1,264$ 1,386$

(2) Includes increased licensing and security costs

See page 17 regarding Software & Hardware purchases capitalized.

OPERATING FUND -- ADMINISTRATIVE EXPENSES

(3) Includes annual maintenance on existing software, including increased costs for software added in recent years



(in thousands) 2019 2020 2020 2021

COMMISSION MEETINGS, NOTICES AND TRAVEL EXPENSESCommissioners' Per Diem 1$ 3$ 4$ 4$ Commissioners' Travel 4 7 10 10 Staff Travel Expenses 263 267 360 340 Commission Meeting and Public Hearing Expenses 18 43 43 43 Public Notices and Community Outreach & Education 57 145 145 145 TOTAL COMMISSION MEETINGS, NOTICES AND TRAVEL EXPENSES 343$ 465$ 562$ 542$

Staff travel includes attendance at meetings, training and responsibilities related to asset management and administering the various federal grants andcontracts.

PROFESSIONAL AND TECHNICAL EXPENSESProfessional Services 445$ 654$ 855$ 908$ Construction Services 271 255 490 470 Temporary Services 272 317 350 350 Homeless Studies & Other 20 20 65 65 Conferences and Educational Seminars 45 43 85 85 TOTAL PROFESSIONAL AND TECHNICAL EXPENSES 1,053$ 1,289$ 1,845$ 1,878$

The significant expenditures in professional services include fees for legal services, financial advisors, rating agency services, technical assistance andexternal financial auditors. Construction services includes inspection and other fees. Temporary services reflect temporary stopgap staffing solutions. Theprincipal expenditures for conferences and educational seminars are related to administration of federal programs.

OPERATING FUND -- ADMINISTRATIVE EXPENSES



CAPITAL ASSETS (in thousands) 2019 2020 2020 2021

Software and Equipment 428$ 660$ 875$ 875$

The above represents costs for capital assets with an estimated useful life in excess of one year and includes software systems, office space improvements,furniture and equipment for purchases greater than $5,000. Capitalized software includes initiatives to enhance multifamily software and database systems.Depreciation as reflected on page 6 is calculated using the straight-line method over the estimated useful lives of the assets, which generally range fromthree to ten years.

OPERATING FUND -- CAPITAL ASSETS


Mike Parson Governor

Mike Kehoe Lieutenant Governor

Scott Fitzpatrick State Treasurer

Eric Schmitt Attorney General

Jeffrey S. Bay Chairman

Bill Miller Secretary‐Treasurer

Mark Eliff Commissioner

Rick McDowell Commissioner

Garrick Hamilton Commissioner

Tracey S.C. Lewis Commissioner

Kip Stetzler Executive Director

Kansas City 920 Main, Suite 1400 Kansas City, MO 64105 816‐759‐6600 Fax 816‐301‐7000 Mailing Address: P.O. Box 239 Liberty, MO 64069

St. Louis 505 N. 7th Street 20th Floor, Suite 2000 St. Louis, MO 63101 Mailing Address: 7450 Natural Bridge Rd. P.O. Box 210567 St. Louis, MO 63121‐9998

www.mhdc.com

June 16, 2020 TO: Board of Commissioners Missouri Housing Development Commission FROM: Marilyn Lappin

Director of Finance

SUBJECT: Resolution No. 1062 – Authorizing the Issuance of Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program)

The Commission’s First Place loan program serves an important home buying population in Missouri. The First Place loan program offers first-time homebuyers and veterans competitive 30-year fixed-rate mortgage financing to buy a home. The Commission funds the First Place loan program through the issuance of single family mortgage revenue bonds, which Standard & Poor’s rates AA+ due to the high-quality mortgages pooled as guaranteed Ginnie Mae and Freddie Mac mortgage-backed securities, as well as the strong credit quality investments and cash flow sufficiency. During fiscal year 2020, single family mortgage revenue bonds totaling $375 million were sold, including one refunding bond series totaling $75 million, and provided mortgage financing for approximately 2,300 first time homebuyers. In addition, plans are underway to sell the 2020 Series C bonds in July. Additional bond authority will position the Commission well throughout the next year to utilize bond financing for continued financing of the First Place program. Attached is Resolution No. 1062 which authorizes issuance of single family mortgage revenue bonds in one or more series for a total amount not to exceed $300 million. The bonds are limited obligations of the Commission payable solely from the mortgage assets pledged to the payment of the bonds. The bonds do not constitute a debt or general obligation or a pledge of the faith and credit of the State of Missouri or any political subdivision thereof but constitute limited obligations of the Commission payable solely from the moneys and property specifically pledged to the payment of the bonds. Recommendation: Staff recommends approval of Resolution No. 1062 authorizing the issuance of single family mortgage revenue bonds in an amount not to exceed $300 million.

RESOLUTION NO. 1062

A RESOLUTION AUTHORIZING AND PROVIDING FOR CONTINUATION OF THE FIRST

PLACE HOMEOWNERSHIP LOAN PROGRAM; AUTHORIZING THE ISSUANCE BY THE

MISSOURI HOUSING DEVELOPMENT COMMISSION OF ITS SINGLE FAMILY MORTGAGE

REVENUE BONDS (FIRST PLACE HOMEOWNERSHIP LOAN PROGRAM), IN ONE OR

MORE SERIES, FOR THE PURPOSES OF ACQUIRING NEW GUARANTEED MORTGAGE

SECURITIES AND/OR REFUNDING ONE OR MORE SERIES OF SINGLE FAMILY

MORTGAGE REVENUE BONDS PREVIOUSLY ISSUED BY THE COMMISSION IN AN

AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $300,000,000; APPROVING AND

AUTHORIZING THE EXECUTION AND DELIVERY OF ONE OR MORE BOND PURCHASE

AGREEMENTS, SERIES SUPPLEMENTS FOR EACH SERIES, LENDER/SERVICER

AGREEMENTS, CONTINUING DISCLOSURE AGREEMENTS AND OTHER DOCUMENTS

RELATED THERETO; APPROVING THE FORMS AND AUTHORIZING THE EXECUTION

AND DELIVERY OF SAID BONDS; APPROVING THE USE OF ONE OR MORE PRELIMINARY

OFFICIAL STATEMENTS AND THE USE AND EXECUTION OF ONE OR MORE OFFICIAL

STATEMENTS IN CONNECTION WITH THE SALE OF SAID BONDS; AND AUTHORIZING

THE OFFICERS, EMPLOYEES AND REPRESENTATIVES OF THE COMMISSION TO DO AND

PERFORM ALL THINGS NECESSARY, APPROPRIATE AND INCIDENTAL THERETO.

WHEREAS, there exists within the State of Missouri (the "State") a recognized shortage of decent,

safe and sanitary housing for low and moderate income persons and families; and

WHEREAS, pursuant to Sections 215.010 to 215.250, inclusive, Revised Statutes of Missouri, and

Appendix B(l) thereto, as amended (collectively, the "Act"), the Missouri Housing Development

Commission (the "Commission") is authorized to issue and sell revenue bonds in order to aid in providing

an adequate supply of residential housing for low and moderate income persons or families and for the

purpose of purchasing mortgages and notes evidencing loans for the construction, rehabilitation or purchase

of single family residential housing and to refund revenue bonds previously issued for such purposes; and

WHEREAS, the Commission, pursuant to Resolution No. 1043, approved March 16, 2015, as

amended (the "March 2015 Resolution"), and the Indenture of Trust, dated as of May 1, 2015, as amended

by the Amendatory Supplemental Indenture dated as of June 1, 2019, and as further amended (the "Master

Indenture"), between the Commission and UMB Bank, N.A. (the "Trustee"), has authorized the

establishment of the First Place Homeownership Loan Program; and

WHEREAS, the Commission hereby deems and determines it necessary, desirable and in the public

interest to provide for the continuation of said First Place Homeownership Loan Program and the issuance

of one or more additional series of revenue bonds in accordance with the Master Indenture for the

aforementioned purposes.

NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE MISSOURI HOUSING

DEVELOPMENT COMMISSION AS FOLLOWS:

Section 1. Definitions. All words and phrases not otherwise defined herein shall have the

respective meanings set forth in the Master Indenture and any Series Supplement entered into between the

Commission and the Trustee in connection with the issuance of a series of the hereinafter defined Bonds

(each, a "Series Supplement"), unless a different meaning clearly appears in context.

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Section 2. Declaration of Purposes. It is hereby declared and determined that the purpose of this

Resolution is to provide a means of financing the costs of acquiring single family residential property to

provide adequate, safe and sanitary housing for low and moderate income persons and families in

accordance with the Act.

Section 3. Continuation of First Place Homeownership Loan Program. The First Place

Homeownership Loan Program (the "Program") created and established pursuant to the Act, the March

2015 Resolution and the Master Indenture shall be further implemented and administered as provided in

this Resolution, the Master Indenture, the Series Supplements and the other financing documents authorized

pursuant to this Resolution.

Section 4. Execution of the Series Supplements; Designation of Trustee. For the purposes set

forth in Section 5, the Chairman, Executive Director, Director of Operations, Director of Finance, Secretary

or Assistant Secretary are hereby authorized to execute and affix the official seal of the Commission to the

Series Supplements. The Series Supplements shall be in substantially the same form as the Series

Supplements entered into by the Commission in connection with the issuance of other series of single family

mortgage revenue bonds previously issued by the Commission pursuant to the Master Indenture, with such

changes or amendments thereto as the officer executing each such Series Supplement shall approve, which

approval shall be conclusively evidenced by his or her execution of said document.

UMB Bank, N.A., is hereby designated to serve in the capacity of Trustee under and pursuant to

the terms of the Series Supplements.

Section 5. Authorization for Issuance of Bonds; Execution of the Bonds. In order to provide

funds necessary for continuation of the Program, there are hereby authorized to be issued and delivered

pursuant to the Act and this Resolution and under and in accordance with the Master Indenture and the

applicable Series Supplement revenue bonds to be designated "Missouri Housing Development

Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program)" in an

aggregate principal amount not to exceed $300,000,000, the proceeds of which will be applied to acquire

new Guaranteed Mortgage Securities and/or to refund one or more series of single family mortgage revenue

bonds previously issued by the Commission (jointly the “Bonds”), with series designations as provided in

Section 11. The Bonds may be issued in one or more series and shall mature on the respective dates (not

later than June 1, 2056, and in the amounts specified in the applicable Series Supplement, and shall be

payable on the dates, bear interest at the rates (not to exceed an average interest rate of 6.00% per annum)

and be dated as set forth in the applicable Series Supplement and shall be in the form and shall be subject

to redemption and payment prior to their respective maturities, all as set forth and specified in the Master

Indenture and the applicable Series Supplement. The Chairman or Vice Chairman and the Executive

Director, Secretary or Assistant Secretary are hereby authorized to execute the Bonds by their manual or

facsimile signatures in the manner specified in the Master Indenture and to affix or cause to be imprinted

thereon the official seal of the Commission.

Section 6. Sale of the Bonds; Approval of Official Statement. The Bonds shall be sold and

delivered to the order of the purchasers thereof (collectively, the "Purchasers") in accordance with the terms

and conditions of the Bond Purchase Agreements relating to each series of Bonds between the Commission

and the Purchasers (each, a "Purchase Contract"). The Chairman, Executive Director, Director of

Operations or Director of Finance are hereby authorized to execute and deliver such Purchase Contracts in

substantially the same form as the Purchase Contracts entered into by the Commission in connection with

the issuance of other series of single family mortgage revenue bonds previously issued by the Commission

pursuant to the Master Indenture, with such changes or amendments thereto as the officer executing such

-3-

Purchase Contracts shall approve, which approval shall be conclusively evidenced by his or her execution

of said Purchase Contracts.

The forms of the Preliminary Official Statements (each, a "Preliminary Official Statement") and

the final Official Statements (each, an "Official Statement") and the use and distribution thereof by the

Purchasers in connection with the offering and sale of each series of Bonds are hereby ratified and approved

in substantially the same forms as the Preliminary Official Statements and final Official Statements

distributed by the Commission in connection with the issuance of other series of single family mortgage

revenue bonds previously issued by the Commission pursuant to the Master Indenture. The Chairman,

Executive Director, Director of Operations or Director of Finance are hereby authorized to execute and

deliver the Official Statements, with such changes or amendments thereto as the officer executing such

Official Statements shall approve, which approval shall be conclusively evidenced by such officer's

execution of said Official Statements.

Section 7. Approval of Lender/Servicer Agreements and Continuing Disclosure Agreements.

The Chairman, Executive Director, Director of Operations or Director of Finance are hereby authorized to

execute and deliver, for and on behalf of the Commission, origination, servicing and administration

agreements with the mortgage lending and servicing institutions signatory thereto relating to the Bonds (the

"Lender/Servicer Agreements") and one or more Continuing Disclosure Agreements, relating to the Bonds

(the "Disclosure Agreements"), each in substantially the same forms as the origination, servicing and

administration agreements and Continuing Disclosure Agreements entered into by the Commission in

connection with the issuance of other series of single family mortgage revenue previously issued by the

Commission pursuant to the Master Indenture, with any changes therein as the officer executing such

Lender/Servicer Agreements and Disclosure Agreements shall approve, his or her execution being

conclusive evidence of such approval.

Section 8. Further Authority. The Chairman, Executive Director, Director of Operations or

Director of Finance are hereby further authorized and directed to execute any and all documents and

agreements required to be executed pursuant to the Master Indenture and the Series Supplements or

necessary or convenient for the Program, including any agreements authorized by the Master Indenture or

the Series Supplements with respect to the investment of moneys held in the funds and accounts under the

Master Indenture, agreements relating to the servicing of the mortgage loans and documents relating to the

sale of Guaranteed Mortgage Securities financed with the proceeds of prior bonds of the Commission. The

Chairman, the Secretary, the Assistant Secretary, the Executive Director, the Director of Operations, the

Director of Finance and other officers of the Commission, its attorneys and other agents, consultants or

employees and the officers and employees of the Trustee are hereby authorized and directed to (i) furnish

such information, execute such instruments and take such other action in cooperation with the Purchasers

as the Purchasers may reasonably request to qualify the Bonds for offer and sale under the Blue Sky or

other securities laws and regulations of such states and other jurisdictions of the United States as the

Purchasers may designate (provided, however, the Commission shall not be required to register as a dealer

or broker in any such state or jurisdiction or make any additional representations or warranties in connection

with the sale of securities, or to subject itself to service of process in any state or jurisdiction in which it is

not already so subject) and (ii) do and perform all acts and things required of them by the provisions of this

Resolution, the Purchase Contract, the Master Indenture, the Series Supplements and the Lender/Servicer

Agreements necessary or incidental for the purpose of implementing and carrying out the Program, the

issuance and delivery of the Bonds, and for the full, punctual and complete performance of all of the terms,

covenants, provisions and agreements set forth herein, in the Bonds, the Purchase Contract, the Master

Indenture, the Series Supplements, the Lender/Servicer Agreements and the Disclosure Agreement.

Section 9. Authority. This Resolution is adopted under the authority of the Act.

-4-

Section 10. Severability. If any section, paragraph, clause or provision of this Resolution shall

for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section,

paragraph, clause or provision shall not affect any remaining provisions of this Resolution.

Section 11. Series Designations; Authority to Modify. The Chairman, Executive Director,

Director of Operations and/or Director of Finance are hereby authorized to cause each series of the Bonds

to be designated by the year in which issued and by alphabetical order within such year; provided, that such

series designations may be further modified such that Bonds issued under the Master Indenture are assigned

series designations in accordance with the chronological order of issuance of such Bonds or otherwise at

the discretion of the Chairman, Executive Director, Director of Operations or Director of Finance.

Section 12. Reimbursement of Expenditures; Official Intent. The Commission declares its

intent to borrow the proceeds of the Bonds to finance or refinance the costs of acquisition of mortgage-

backed securities, and to reimburse the Commission for expenditures made by the Commission to acquire

mortgage-backed securities prior to the issuance of the Bonds.

Section 13. Effective Date. This Resolution shall be in full force and effect from and after its

adoption by the Commission.

MHDC SF Bond Resolution

S-1

PASSED BY THE MISSOURI HOUSING DEVELOPMENT COMMISSION THIS 16TH DAY

OF JUNE, 2020.


By:

Chairman

ATTEST:

Assistant Secretary

1

Emergency Solutions Grant Program

2021 Allocation Plan

General Information:

The Missouri Housing Development Commission (MHDC) is responsible for administering the Missouri State Allocation of the Department of Housing and Urban Development (HUD) Emergency Solutions

Grant (ESG) Program funds granted to MHDC by the Missouri Department of Social Services (DSS).

These funds are provided through a federal grant from the HUD under the ESG program, as amended by

the Homeless Emergency Assistance and Rapid Transition to Housing Act of 2009 (HEARTH Act), the Missouri Department of Social Services under the Temporary Assistance for Needy Families (TANF)

Program, and from other funding sources as they become available.

FY2020 Funds Available:

The Missouri Housing Development Commission, in conjunction with the Missouri Department of Social

Services will make an anticipated amount of up to $2,779,440.00, subject to any upward adjustments in available funds, to Missouri applicants for program year 2021 distributed geographically according to this

Allocation Plan.

Grant Priorities

The purpose of the Emergency Solutions Grant Program is to support programs within Missouri

communities that prevent homelessness and rapidly return households who experience homelessness to stable housing. These funds should be targeted and coordinated with other homeless services in the

Continuum of Care. HUD regulation states that no more than 60 percent of the allocation can be spent on Emergency Shelter and Street Outreach activities. The eligible activities for which funding is available

are as follows:

1. Rapid Re-Housing: to assist individuals and families who are “literally homeless” under the HUD

definition of homelessness to transition quickly into permanent housing and to achieve housing

stability through financial assistance and services.

2. Street Outreach: to provide essential services such as case management and engagement for

unsheltered homeless individuals and families. 3. Emergency Shelter: to provide essential services for shelter participants or for shelter operations.

4. Homelessness Prevention: to assist individuals and families who are imminently homeless under the

HUD definition of homelessness to prevent homelessness and to regain stability in their current housing or other permanent housing through financial assistance and services.

5: Other uses approved by HUD, if any.

*Administration and HMIS activities are also allowable activities

Effective Date: June 16, 2020

2

Geographic Allocation

MHDC will endeavor to award funding in each geographic area as identified below, subject to the quality

of the applications received and the applicant’s ability to meet eligibility criteria. In the event that insufficient applications are received within a geographic area, any remaining funds will be allocated to

other regions. Any funds recaptured will be reallocated at the discretion of MHDC and such reallocated funds shall not be subject to these geographic allocations, though MHDC shall use reasonable best

efforts to ensure an equitable distribution throughout the State.

Missouri Continua of Care Distribution Percentage

Missouri Non-Entitlement Areas 85.00%

Kansas City/Independence/Lee’s Summit/Jackson County 5.00%

St. Louis City 5.00%

St. Louis County 5.00%

Total Amount to be Funded by Geographic Allocation $2,779,440.00

ESG funds are geographically allocated by Missouri Continuum of Care (CoC) in an effort to coordinate

homeless assistance funds with the needs of each CoC.



Emergency Solutions Grant Program

Notice of Funding Availability (NOFA) Purpose:

The Missouri Housing Development Commission (MHDC), in collaboration with the Missouri

Department of Social Services (DSS), hereby notifies interested organizations of the availability of

Emergency Solutions Grant (ESG) funds to provide housing assistance to homeless or nearly homeless Missourians in an anticipated amount up to $2,779,440.00, subject to any upward adjustments in

available funds. The funds will be allocated in a competitive process in accordance with the Allocation Plan. The allocation of FY2020 funds will be awarded for program year 2021 pending an executed ESG

contract from DSS, if any.

Deadline:

Applications for funding will be accepted by MHDC in the Kansas City office until 11:59 p.m. on

Wednesday, July 17, 2020. All applications received after the deadline will not be considered for funding. The anticipated funding period for program year 2021 will run November 1, 2020 to

October 31, 2021. MHDC may, at its discretion, adjust the funding period in order to meet the increased needs of the COVID-19 Virus Pandemic or other circumstances as may be needed.

Requirements:

Applicants must be a city/county or non-profit entity with capacity to administer the funds

directly, eligible to conduct business in Missouri, be an entity in good standing with the state of

Missouri and provide housing or housing services. Funding will not be awarded to individuals.

Funding may not be sub-grantee.

All applications must be in compliance with the 2021 Application Guidance and submitted online

in the Grant Interface software (https://www.grantinterface.com/Home/Logon?urlkey=mhdc).

The 2021 Application Guidance should be reviewed before completing and submitting a

proposal. The 2021 Application Guidance and Grant Interface logon instructions can be found on

the MHDC website.

Applications must comply with the following restrictions on funding requests:

o Cities/Counties are eligible to apply for up to $50,000;

o Direct non-profits are eligible to apply for up to $50,000 per grant application;

o Direct non-profits that serve multiple counties within a Continuum of Care may apply for up

to $50,000 per county up to $100,000.

Submission:

Please submit an application through Grant Interface

(https://www.grantinterface.com/Home/Logon?urlkey=mhdc).

Contact Information: If there are any questions, please contact: Cassie Sipos-Haas, ESG Administrator

Phone: (816) 759-6630

Email: [email protected]

https://www.grantinterface.com/Home/Logon?urlkey=mhdc

https://www.grantinterface.com/Home/Logon?urlkey=mhdc

Number of individual submissions by day:

Funding Requests by week

Average Funding Request by Week

Project # Units

NewRehabConv

Senior / Family

Set-Aside preference / Service Enriched / Veteran's Services Development Name Developer City

Federal 4%Tax Credits

Tax Exempt Bond - Const.

19-409 297 Rehab Family YesKeystone Family Homes

Breckenridge Development Services, Inc. & BGC Advantage, LLC Springfield $ 1,189,000 $ 18,610,000

* Rolling Applications are "Applications for 4% Credits that do not include a request for other MHDC-administered Funds." (Page 2, MHDC FY2019 Qualified Allocation Plan)

2019 - Recommended Tax Exempt Bond *Rolling Application 4% Federal LIHTC

Out State

19‐409

Keystone Family Homes

Breckenridge Development Services, Inc. & BGC Advantage, LLC

Springfield

Family

Acquisition/Rehab

Service Enriched, Preservation

Loan Information

1st Mortgage $17,020,000 MHDC $0

Income During Construction $331,098 Tax Credit Equity $6,186,640

PHA 2nd Mortgage Cash Flow Loan $6,790,000 Construction Loan $18,610,000

HAS Construction Loan $6,790,000

$10,759,374 Income During Construction $331,098

$0

$612,636

$35,513,108

$14,785,200

$653,400

$1,439,808

$1,478,000

$310,000

$0

$594,000

$160,000

$10,440,000

$2,572,170

$52,000

$1,283,200

$1,745,330

$35,513,108

Total Reserves MHDC Fees

w/o Reserves &

MHDC Fees

$35,513,108 $1,283,200 $52,000 $34,177,908

$119,573 $4,321 $175 $115,077

Federal LIHTC Equity

Federal and State Historic

Salient Facts:

Region

MHDC Property Number

Property Name

Developer Name

Location

Property Type

Occupancy

Construction

Priority (if applicable)

Permanent Sources

Reasons for Recommendations:

Description of Property:Keystone Family Homes is the renovation of 297 Public Housing Units, in seven existing developments, owned by

the Housing Authority of Springfield (HAS). All 297 units are converting from Public Housing to HUD's Rental

Assistance Demonstration Program (RAD).

Construction Sources

Deferred Developer Fee

Total Sources:

Uses:Construction Costs

Architect and Engineering

Construction Interest

Contingency

Closing Legal

Environmental Abatement

Relocation Expense

Furniture and Fixtures

Acquisition Costs

Developer\Construction Fee

MHDC and Related Costs

Reserves

Other Development Costs

Costs per Unit

Total Uses:

Development Costs

5. Tenants will only pay 30% of their income toward rent.

1. 100% of the units have housing vouchers from HUD.

2. HAS is contributing over $6,000,000 cash flow note in project financing.

3. HAS is providing services targeted to individuals with children and formerly homeless families.

4. All units will serve tenants at or below 60% AMI with a rental subsidy program preference of

households at 30%‐50% AMI.

Single Family Two Story Row Building with ElevatorDuplexes Single Story Row Building without Elevator

Type # of Units Sq Ft Net Rent Market % of Market

1 Bed 68 549 ‐ 709 $430 ‐ $561 $585 74% ‐ 96%

2 Bed 124 735 ‐ 858 $551 ‐ $723 $695 79% ‐ 104%

3 Bed 83 990 ‐ 1092 $794 ‐ $1045 $840 95% ‐ 124%

4 Bed 20 1200 ‐ 1350 $1,168 $1,145 102%

5 Bed 2 1350 $1,343 $1,350 99%

297

297

0

Total Per Unit

$2,378,442 $8,008

$1,296,997 $4,367

$1,081,445 $3,641

$853,598 $2,874

$227,847 $767

Year 1 Year 15

1.27 1.38

Amount Price Per Credit Per LIHTC Unit Per Unit (All)$1,189,000 $0.91 $4,003 $4,003

$0 $0.00 $0 $0

$0 $0.00 $0 $0

Total Number of Units

Federal Low Income

Debt Service Coverage

Income and Expense DataGross Income

Underwritten Expenses

Operating Income

Debt Service

Net Operating Income

Total LIHTC UnitsTotal Market Units

Breakdown by Unit Type

Property Data:

Federal Historic

State Historic

Tax Credit Information

5) Such other matters that may come before the Commission

conference call toll free conference line: 800-201-5203

Documents