The Esperanza Project

Developer/ ClientConsultant

Esperanza Project TeamConsultants

David Hollis

Lorenzo Reed

Rev. Jerry Nealy

Sean Jones

David is employed by the Tampa Housing Authority where he serves as NSP Grant and Financial Administrator for The Encore Development. He is also an 18 year Banking veteran specializing in acquisition and development packaging, horizontal and vertical funding and all phases of residential lending. Board member of the Hillsborough County Housing Finance Authority for 14 years delivering over 4,600 housing units with over $445 million in development costs delivering $232million in Bonds and $132million in Housing Credit Equity

The Reverend Jerry G. Nealy is the Founder of Brothers-N-Ministry, a prisoner re-entry project which is dedicated to developing a 32 acre agricultural site with a sustainable fish farm and produce operation, The Captain's Seafood Market, Inc. (FDA # 12575764406) and Project MOGG II, as well as, a career development and jobs preparation educational facilitate called the Virtual Vocational Technical Academy VVTA. Reverend Nealy attended USF and Morehouse College: Youth Minister Dr. Ralph David Abernathy, Sr. Civil Rights Leader.

Sean Jones is the Associate Director of Acquisitions for Raymond James Tax Credit Funds. Raymond James Credit Funds has raised more than $3.1Billion in equity for more than 1,300 properties in 46 States. Each of the Funds has met or exceeded earnings targets with no foreclosures or tax credit recaptures. Sean is responsible for New Business Development and Relationship Management for both current and future partners.

Lorenzo Reed- Civil Engineer, I have been designing and overseeing projects in construction worth millions of dollars for over 15 years, I am currently the Development Project Manager for the Tampa Housing Authority overseeing the development of the Encore Project an estimated 400 million dollar development at full build out.

Esperanza Project TeamDeveloper/Client

Sylvia Alvarez

Brian Lamb

Phillip Tagliarini

Walter Walker

Sylvia Alvarez is the Founder and Executive Director of the Housing & Education Alliance (HEA), a HUD Certified Housing Counseling agency serving over 27,000 residents since 2002. She has Co-Authored a book: The American Nightmare: Strategies for Preventing, Surviving and Overcoming Foreclosure. The book has been endorsed by the Federal National Mortgage Association and the National Association of Hispanic Real Estate Professionals. As a leader in the Industry she has participated in meetings with the US Treasury, HUD, Department of Agriculture and Staff Members at the White House.

Mr. Lamb has spent over 20 years in Banking, management and Finance fields. He is currently the Chief Executive Officer of the Meritus Corp. The firm provides financial and management services for both the private and public sectors in over 100 planned communities and associations. His experience with municipalities, special taxing districts, land development, real estate, sustainable home building, homeowner and condominium associations a provides comprehensive leadership regarding community needs and logistics to resolve challenges.

Phillip E. Tagliarini currently serves as the Director of Housing Counselor for the Housing & Educational Alliance (HEA). His experience ranges from management, sales, operations, underwriting and procedures all related to Real Estate. He also has over 11 years’ experience in the Title Insurance Industry. In the past he has served as President of the FHA approved Florida Licensed Correspondent Lender as well as having taught First Time Homebuyer Education and Financial Literacy classes.

Mr. Walker has taught over 20,000 students in First Time Homebuyer Program classes for the City of Tampa, Hillsborough County and the Housing Authority of the City of Tampa’s Homeownership Voucher Program. Mr. Walker is a certified Pre-purchase Train-the-Trainer, Foreclosure Prevention Specialist and Co-Author of: Foreclosure the American Nightmare: Strategies for Preventing, Surviving and Overcoming Foreclosure.

Esperanza Project TeamDeveloper/Client

Joe GibbonsJoe Gibbons has over 20 years’ experience in Real Estate Development including acquisition, development, management, and disposition for both commercial and residential properties. He has experience as a successful real estate Broker and is currently the Broker/Manager with Sunstone Realty LLC responsible for research, review and analysis of potential real estate acquisitions negotiating terms of purchase, sale and management agreements. Joe is currently President of Sunstone Construction Group and is ultimately responsible for all areas of the company’s operations. His past management experience includes successful management positions with Renaissance Housing Group, Miles Development Partners and Waterford Construction and Development.

A PLACE CALLED HOPE.

Esperanza

ESPERANZA a place called Hope

• Over 2,000,000 homeless every night

• Families with children comprise 40% of homeless

• ¼ of our homeless are children

• 1 in four go to bed hungry every night

• Over 20,000 homeless children in Tampa Bay

• Tampa Bay is one of the top 3 cities with fastest

increasing numbers of homeless families with

children

ESPERANZA a place called Hope

• A safe, nurturing, affordable place to heal, rebuild

and empower lives

• Residents must qualify and be approved

• Resident must have suffered a financial hardship,

i.e. loss of job, home, eviction

• Resident must demonstrate a strong desire to

improve their circumstances

• Resident must adhere to lease and contract terms of

their Personal Empowerment Program

ESPERANZA a place called Hope

Who will be ESPERANZA’s residents

• Families with children focusing on those who have

lost a home

• Youth aging out of homelessness – over 1,000 per

year in Florida

• Veterans – focusing on single parent veterans

ESPERANZA a place called Hope

Referral Sources – Metropolitan Ministries,

Department of Children & Families, Family Justice

Center, Florida Home Partnership, Little Red Wagon

Foundation, VA, various non profit agencies

Partners – Tampa Bay WorkForce Alliance, Wheels

of Success, Lazydays Employee Foundation,

Hillsborough Community College

ESPERANZA a place called Hope

• Family – Adults enrolled in Homeownership

Education – Youth, teens and children are enrolled

in Financial Literacy

• Youth (Foster Care) – Enrolled in Financial Literacy –

referred to GED classes – job and skill development

• Veterans – connected with services – all of the

above

• Entrepreneur classes will be provided to all

interested - How to start a business

Financial Analysis

Unit Mix

Total Units: 132 Units

Studio: 24 units @ $565 per month

One Bedroom: 52 units @ $625 per month

Two Bedroom (small): 32 units @ $725 per month

Two Bedroom (large): 24 units @ $780 per month

Cash Flow Analysis

Gross Rental Income $1,055,760

Less: Vacancy Allowance 7% ($73,903)

Equals: Effective Gross Income $981,857

Less: Operating Expenses ($392,634)

Equals: Net Operating Income $589,223

Divided by: Debt Coverage Ratio 1.20

Equals: Amount to Pay Debt Service $491,019

NOI minus Debt Service

Equals: Cash Flow (before taxes) $98,204

Supportable Debt

Debt Service Payment (PMT) =($491,019)

Number of Payments (N) =30

Interest Rate (I) = 5.50%

Supportable Debt (PV) =$7,136,345

Project Cost

Property Acquisition $4,500,000

Rehab Cost ($30K/unit) $3,960,000

Soft Cost ($15K/unit) $1,980,000

Developer Fee (15%) $1,566,000

Total Project Cost $12,006,000

Equity

Total Project Cost ($12,006,000)

Supportable Debt $7,136,345

Required Equity ($4,869,655)

Tax Credit Equity ($0.95) $3,969,642

Gap ($900,013)

THE

DAUPHINEThe Future Esperanza

The Future Esperanza

The Future Esperanza

The Future Esperanza