THURSDAY APRIL 29, 2021 AT 10:00 A M

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 virtually on Thursday, April 29, 2021. Members of the public may attend

this meeting via telephone:

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

920 Main Street, Suite 1400

Kansas City, MO 64105

(816)759-6822

[email protected]

REGULAR MEETING

OF THE

MISSOURI HOUSING DEVELOPMENT COMMISSION

THURSDAY, APRIL 29, 2021 AT 10:00 A.M.

REGULAR MEETING OF THE

MISSOURI HOUSING DEVELOPMENT COMMISSION

THURSDAY, APRIL 29, 2021 AT 10:00 A.M.

AGENDA

MEETING WILL BE CONDUCTED VIRTUALLY

PUBLIC ACCESS TO THE MEETING IS AVAILABLE BY TELEPHONE:

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 for the March 31, 2021 Regular Meeting

3. Report of Chairman

4. Report of Staff

a. SAFHR Update

b. Recommendation for AHAP Approvals

c. Recommendation for Selection of Bond Underwriters

d. Recommendation to Fund 4% Rolling Applications

e. Recommendation to Extend Master Servicer Agreement

5. Such other matters that may come before the Commission

1) Roll Call

Page 1 of 1 Rev. 1.28.21

Governor:

Mike Parson

Governor

Lieutenant Governor and Chairman:

Mike Kehoe

Lieutenant Governor

Treasurer:

Scott Fitzpatrick

State Treasurer

Attorney General:

Eric Schmitt

Attorney General

Vice Chairman:

Tracey S.C. Lewis

Secretary/Treasurer:

Mark Elliff

Commissioner:

Rick McDowell

Commissioner:

Garrick Hamilton

Commissioner:

Danny P. Chadakhtzian

Commissioner:

Stephen J. Parshall

Missouri Housing Development Commission Roster

2) Approval of Minutes for the March 31, 2021 Regular Meeting

MISSOURI HOUSING DEVELOPMENT COMMISSION Regular Meeting

Minutes of Meeting Held Friday, March 31, 2021 The Regular Meeting of the Missouri Housing Development Commission was held virtually on Wednesday, March 31, 2021 at 10:00am. Those present were:

Commissioners and Persons Present to Vote for Ex-Officio Members

Mike Kehoe, Lieutenant Governor and Chairman

Scott Fitzpatrick, State Treasurer Justin Smith, on behalf of Attorney General Schmitt Tracey Lewis, Vice Chairman Mark Elliff, Secretary-Treasurer Rick McDowell, Commissioner Garrick Hamilton, Commissioner Danny Chadakhtzian, Commissioner

Others Present Kayla Hahn, Governor Parson’s Office Leslie Korte, State Treasurer Fitzpatrick’s Office Henry Herschel, Lieutenant Governor Kehoe’s Office

Commissioners Absent Mike Parson, Governor Eric Schmitt, Attorney General Stephen Parshall, Commissioner

Staff Members Kip Stetzler, Executive Director Tina Beer, Director of Operations Marilyn Lappin, Director of Finance Frank Quagraine, Director of Rental

Production Katie Jeter-Boldt, General Counsel Jennifer Schmidt, Deputy Director of

Operations Scott Hanak, Director of Asset Management David Nickum, Director of Information

Technology Sara Turk, Fiscal and Accounting Manager Gus Metz, Chief Underwriter Steve Whitson, Community Initiatives

Manager Jenni Miller, Manager of HUD Programs Lynn Sigler, Operations Manager Anne Powell, Senior Staff Attorney Megan Word, Legislative Coordinator

Chairman Lieutenant Governor Kehoe 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 on February 19, 2021 was made by Vice Chairman Lewis and seconded by Commissioner McDowell. The motion passed unanimously with a vote of 8-0.

Staff presented the State Assistance for Housing Relief (SAFHR) Program. A motion was made by Chairman Lieutenant Governor Kehoe to approve the four organizations presented to provide housing stability services. The motion was seconded by Secretary-Treasurer Elliff. The motion passed unanimously with a vote of 8-0.

A motion to approve Resolution No. 1064 authorizing the issuance of multifamily housing refunding revenue bonds was made by Chairman Lieutenant Governor Kehoe and seconded by Secretary-Treasurer Elliff. The motion passed unanimously with a vote of 8-0.

A motion to approve the 2020 Round 2, 4% Low-Income Housing Tax Credit Notice of Funding Availability was made by Chairman Lieutenant Governor Kehoe and seconded by State Treasurer Fitzpatrick. The motion passed unanimously with a vote of 8-0.

A motion to approve funding the Federal 4% rolling application presented was made by Commissioner McDowell and seconded by Vice Chairman Lewis. 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 Lieutenant Governor Kehoe concluded the meeting.

_____________________________________________ Lieutenant Governor Mike Kehoe, Chairman

3) Report of Chairman

4) Report of Staff a. State Assistance for Housing Relief (SAFHR) Update

Mike Parson Governor

Mike Kehoe Lieutenant Governor Chairman

Scott Fitzpatrick State Treasurer

Eric Schmitt Attorney General

Mark Elliff Secretary-Treasurer

Rick McDowell Commissioner

Garrick Hamilton Commissioner

Tracey S.C. Lewis Vice Chairman

Danny P. Chadakhtzian Commissioner

Stephen J. Parshall Commissioner

Kip Stetzler Executive Director

Kansas City 920 Main, Suite 1400 Kansas City, MO 64105 816-759-6600 Fax 816-301-7000

St. Louis 505 N. 7th Street 20th Floor, Suite 2000 St. Louis, MO 63101

www.mhdc.com

April 29, 2021

TO: Commissioners


FROM: Jenni Miller

Manager of HUD Programs

SUBJECT: State Assistance for Housing Relief (SAFHR) Update

Staff developed the State Assistance for Housing Relief Program (the “SAFHR

Program”) to administer the state share of federal Emergency Rental Assistance funds

authorized by the Consolidated Appropriations Act, 2021 and distributed by the U.S.

Department of the Treasury. The SAFHR Program assists qualifying households unable

to pay rent and utilities due to the COVID-19 pandemic. Staff provides the following

SAFHR updates on marketing, funding, duplication of benefits clearinghouse, housing

stability services and general stimulus funding.

Marketing

Website/Social Media

Landlord and Renter Brochures

Targeted Outreach Efforts

Housing Stability Agencies Outreach

Comprehensive Report of Activities

Schedule of Future Outreach

Coordinated Outreach Event

Funding

SAFHR Awards Approved

Landlord Portal Open

Duplication of Benefits Clearing House

Database Now Operating

SAFHR Opened to entire State April 1, 2021

Housing Stability Services RFP Responses

Brought on Two New Service Providers

RFP Remains Open

Service Coverage

General Stimulus Funding

Federal Funding Summaries

Evaluating New Eligible Activities to Plan for Future

American Rescue Plan: Homeowner Assistance Funds

4) Report of Staff b. Recommendation for AHAP Approvals

Project # Non-Profit Name Agency City Purpose

AHAP Credits

Recommended

21-001-AHAP Habitat for Humanity of St. Francois County, Inc. Farmington New construciton of Habitat for Humanity single family homes. $ 70,000

21-003-AHAP Drumm Center for Children Kansas CityNew construction of a building to house 11 aged out of foster care children. $ 345,615

21-004-AHAP Council Apts., Inc University City New construction of senior center in Crown Center Apartments. $ 550,000

21-005-AHAP The Kitchen, Inc Springfield

Funds will be used to help fund 2 buildings that focus on housing and services for individuals, families, youth and veterans of an emergency shelter.

21-006-AHAP Hope Haven of Cass County INC HarrisonvilleNew construction of a building to house victims of domestic and sexual violence. $ 55,000

21-007-AHAP River of Refuge Kansas CityRehabilitation of the 2nd floor of a facility which will add 11 ADA apartments for families that are homeless. $ 1,000,000

2021 - Recommended AHAP Production Applications

$ 400,000

4) Report of Staff c. Recommendation for Selection of Bond Underwriters






Mark Elliff Secretary‐Treasurer






Kansas City 920 Main, Suite 1400 Kansas City, MO 64105 816‐759‐6600 Fax 816‐301‐7000


www.mhdc.com

April 29, 2021 TO: Board of Commissioners Missouri Housing Development Commission FROM: Marilyn Lappin Director of Finance

SUBJECT: Recommendation to Select Bond Underwriters and Selling Group Members

Proposals were received from twenty-two firms in response to the RFP for Bond Underwriters and Selling Group Members. The responses include eight proposals to serve as senior manager/book-runner to underwrite and sell MHDC’s single family and multifamily mortgage revenue bonds. Currently, the bond underwriting team as selected in 2016 includes the following firms:

Rotating Senior Managers/Book-Runners George K. Baum & Company1 and Stifel, Nicolaus & Company

Co-Managers BoA Securities, RBC Capital Markets, Stern Brothers & Co. and UMB Bank

Rotating Co-Managers/Selling Group Members: Drexel Hamilton, Fidelity Capital Markets, and Raymond James & Associates

Selling Group2 FTN Financial Capital Markets, Great Pacific Securities, Piper Sandler and Robert W. Baird & Co.

Staff reviewed and evaluated the proposals taking into consideration qualifications and experience, including housing finance experience, sales and distribution capabilities, state housing finance agencies served, prior experience with MHDC, and presence in the state of Missouri. Proposals for Senior Manager were also considered for selection as a Co-Manager or Selling Group Member and applicants for Co-Manager were also considered as Selling Group Member. 1 Stifel, Nicolaus & Company acquired George K. Baum & Company in September 2019. 2 In 2020 FTN Financial Capital Markets declined further participation and Great Pacific Securities submitted no orders (2016-2021).

RECOMMENDATION Staff completed review of the proposals and makes the following recommendations. Rotating Senior Managers/Book-Runners: Stifel, Nicolaus & Company and Raymond James & Associates Staff recommends the book running responsibility be rotated between Stifel, Nicolaus & Company (Stifel) and Raymond James & Associates (RJ). These firms are among the top ten housing senior bond underwriters and have significant experience, serving as senior book-runners for a number of state housing finance agencies. Stifel, headquartered in Missouri, has provided quality service as MHDC’s current senior book-runner. RJ has performed well as a rotating co-manager and selling group member, providing orders for MHDC’s bonds. These firms have extensive experience in municipal housing finance and together have 35 full-time tax-exempt housing professionals on staff. The leadership and depth of expertise of these firms should serve MHDC well in the current market environment. The sales and distribution capabilities of the two firms align well for successful retail and institutional bond sales. Co-Managers: BofA Securities, RBC Capital Markets, Stern Brothers & Co. (WBE), and UMB Bank The co-managers share in a portion of the underwriting responsibility and liability with the senior firms. These firms consist of Missouri firms, including one woman-owned firm, and firms with a significant number of Missouri accounts that provide additional access to Missouri retail markets, as well as national firms, providing expanded access to national retail sales. Each of these firms has provided sales support for MHDC bond issues as current co-managers. Rotating Co-Managers/Selling Group Members: Drexel Hamilton (SDVOB) and Robert W. Baird & Co. A rotation of firms to serve as co-manager or selling group member is proposed so that a fifth firm is included as a co-manager in the underwriting syndicate for each bond series marketed. These rotating firms will share in a portion of the underwriting responsibility and liability when serving in the co-manager capacity. Plans are to rotate these firms in the co-manager and selling group capacities with any adjustments to the rotation role of these firms, if warranted, based on staff’s assessment of performance. Drexel Hamilton has been active in the Commission’s underwriting syndicate as a rotating co-manager/selling group member and R.W. Baird has served as a selling group member. Drexel Hamilton, a service disabled veteran owned firm, has continued to expand its municipal expertise. R.W. Baird is a top underwriter of municipal bonds.

Selling Group: Bancroft Capital (SDVOB), Mischler Financial Group (SDVOSB/MBE), Piper Sandler, Hilltop Securities, Morgan Stanley, Siebert Williams Shank & Co. (MWBE), and UBS Financial Services These firms, including two service-disabled veteran-owned businesses and a minority & women-owned business enterprise, provide additional access to Missouri retail markets as well as expanded access to national retail sales. This selling group is proposed to provide an opportunity to firms and to enhance the distribution of MHDC bonds. Based on evaluation of sales performance, staff may terminate non-performing members of the selling group on future bond transactions, if warranted. As stated in the RFP, MHDC reserves the right to end the term of service or change the status and role of any firm selected pursuant to this RFP at any time prior to the expiration of the stated term of service. Staff does not recommend the following firms: 280 Securities, American Veterans Group, AmeriVet Securities, DA Davidson & Co., Great Pacific Securities, J.P. Morgan, and KeyBanc Capital Markets due to past limited participation on MHDC bond issues, lack of Missouri presence and missing information from the proposal such as standard of conduct and federal work authorization requirements. Staff recommends the above firms as listed for senior underwriters, co-managers, rotating co-managers/selling group members and selling group members for a period of three years with the Commission’s option to extend for one additional two-year period. In addition, the recommendation includes authorizing staff to change the status of the rotating co-managers/selling group members and terminating any non-performing members of the selling group on future bond transactions, if warranted.

4) Report of Staff d. Recommendation to Fund 4% Rolling Applications

Project # Units

New

Rehab

Conv

Senior /

Family

Set-Aside preference /

Service Enriched /

Veteran's Services Development Name Developer City

Federal 4%

Tax Credits

Tax Exempt

Bond - Const.

20-422 186 Rehab Family YesWellington Family Homes

Wellston Community Empowerment Corp. w/BGC Advantage St. Louis $ 1,461,000 $ 19,350,000

20-424 242 RehabSenior 62+ Yes Park Place Apartments

Park Place Senior Housing Developer, LLC St. Louis $ 2,405,792 $ 35,500,000

20-425 192 Rehab Family NoRidgeview Heights Apartments EPD Series 3, LLC Kansas City $ 750,609 $ 10,500,000

20-426 204 Rehab Family No Cloverleaf Apartments EPD Series 3, LLC Kansas City $ 1,118,579 $ 17,200,000

* Rolling Applications are "applications for 4% Credits that do not include a request for other MHDC-administered funds..." (Page 3, MHDC FY2020 Qualified Allocation Plan)

2020 - Recommended Tax Exempt Bond *Rolling Applications

4% Federal LIHTC

Saint Louis

20-422

Wellington Family Homes

Wellston Community Empowerment Corp. w/BGC Advantage (Master Develooper)

St. Louis

Family

Acquisition/Rehab

Non-Profit, Service Enriched, Special Needs Population

Loan Information

Dwight Capital 221d4 Mortgage $19,350,000 MHDCSeller Financing $2,000,000 Tax Credit Equity $2,512,669

Seller Financing $2,000,000

$12,563,344 Const. Tax Exempt Bond Loan $19,350,000

$0 Dwight Capital Const. Loan $6,950,000

$0 Costs/Fees Post Construction $3,360,750

$260,075 Total Construction Sources $34,173,419

$34,173,419

$19,000,000

$465,000

$1,264,989

$1,900,000

$200,000

$200,000

$465,000

$30,000

$4,710,010

$2,325,000

$32,000

$1,647,000

$1,934,420

$34,173,419

Total Reserves MHDC Fees

w/o Reserves &

MHDC Fees

$34,173,419 $1,647,000 $32,000 $32,494,419

$183,728 $8,855 $172 $174,701

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

AHAP Donation

Reasons for Recommendations:

Description of Property:Acquisition/Rehab of 186 studio, one, two, three, four and five bedroom apartments for families in 76 buildings in Wellston,

Missouri. The development will offer services to the residences and the proposal will set aside 28 units for special needs

housing.

Construction Sources

Deferred Developer Fee

Total Sources:

Uses:

Construction Costs

Architect and Engineering

Construction Interest

Contingency

Closing Legal

Environmental Abatement

Relocation Expense

Costs per Unit

Total Uses:

Development Costs

Furniture and Fixtures

Acquisition Costs

Developer\Construction Fee

MHDC and Related Costs

Reserves

1. Development has 100% rental subsidy so tenants only pay 30% of their income in rent.

2. Service enriched proposal with services for families with children and formerly homeless individuals.

3. Set-aside preference proposal with 28 units set aside for special needs population.

Other Development Costs

Single Family Two Story Row Building with Elevator

Duplexes Single Story Row Building without Elevator

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

Efficiency 20 341 $671 $450 149%

1 Bed 40 565 $731 $550 133%

2 Bed 26 930 $938 $650 144%

3 Bed 45 1475 $1,224 $930 132%

4 Bed 27 1285 $1,440 $958 150%

5 Bed 28 1630 $1,656 $1,110 149%

186

186

0

Total Per Unit

$2,314,751 $12,445

$1,318,542 $7,089

$996,209 $5,356

$899,522 $4,836

$96,688 $520

Year 1 Year 15

1.11 1.18

Amount Price Per Credit Per LIHTC Unit Per Unit (All)

$1,461,000 $0.86 $7,855 $7,855

$0 $0.00 $0 $0

$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 Units

Total Market Units

Breakdown by Unit Type

Property Data:

State Low Income

Federal Historic

State Historic

Tax Credit Information

Saint Louis

20-424

Park Place Apartments

Park Place Senior Housing Developer, LLC

St. Louis

Senior 62+

Acquisition/Rehab

Service Enriched, Preservation

2. Great service package with two full-time service coordinators.

Loan Information

Income from Operations $1,978,000 Tax-Exempt Bond Mortgage $35,500,000

Tax-Exempt Bond Mortgage $35,500,000 Tax Credit Equity $17,319,970

Income from Operations $1,978,000

$21,649,963 Costs/Fees Post Construction $4,480,376

$0 Total Construction Sources $59,278,346

$0

$150,383

$59,278,346

$12,517,023

$375,000

$1,513,188

$1,136,162

$0

$423,500

$75,000

$35,770,500

$3,750,000

$15,500

$1,798,068

$1,904,405

$59,278,346


w/o Reserves &

MHDC Fees

$59,278,346 $1,798,068 $15,500 $57,464,778

$244,952 $7,430 $64 $237,458


3. Preserves 242 quality post-rehab affordable units for seniors


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves


Description of Property:Acquisition/Rehab of a 242, one bedroom unit, 4-story elevator building for seniors 62 and older with project-based Section

8 rental assistance.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






1 Bed 242 497 $1,295 $1,295 100%

242

242

0

Total Per Unit

$3,899,644 $16,114

$1,463,442 $6,047

$2,436,202 $10,067

$1,738,476 $7,184

$697,726 $2,883

Year 1 Year 15

1.40 1.69


$2,405,792 $0.90 $9,941 $9,941

$0.00 $0 $0

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income




Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Kansas City

20-425

Ridgeview Heights Apartments

EPD Series 3, LLC

Kansas City

Family

Acquisition/Rehab

Preservation

Loan Information

Cash Flow from Operations $500,000 MHDCPerm Tax Exempt Bond Mortgage $10,500,000 Tax Credit Equity $4,623,643

Const. Tax Exempt Bond Loan $10,500,000

$6,604,699 Income from Operations $500,000



$532,369

$18,137,068

$8,200,000

$230,000

$445,000

$820,000

$75,000

$0

$100,000

$10,000

$4,625,000

$1,560,875

$15,500

$1,077,550

$978,143

$18,137,068


w/o Reserves &

MHDC Fees

$18,137,068 $1,077,550 $15,500 $17,044,018

$94,464 $5,612 $81 $88,771



Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation


Description of Property:Acquisition/Rehab of 192 one, two and three bedroom apartments for families in 18 garden style residential buildings in

Kansas City near the VA Medical Center.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves

1. Property includes 45 project based vouchers so tenants only pay 30% of their income toward rent.

2. Healthcare, retail and recreational uses are located in close proximately to site.

3. Property provides good quality affordable housing for families that is in strong demand in the area.

4. Preserves 192 quality post-rehab affordable units for families.





1 Bed 20 734 $635 $735 86%

2 Bed 152 861 $735 $860 85%

3 Bed 20 990 $895 $1,060 84%

192

192

0

Total Per Unit

$1,616,191 $8,418

$949,130 $4,943

$667,061 $3,474

$546,361 $2,846

$120,700 $629

Year 1 Year 15

1.22 1.28


$750,609 $0.88 $3,909 $3,909

$0 $0.60 $0 $0

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Federal Low Income




Operating Income

Debt Service


Total LIHTC Units

Total Market Units


Property Data:

State Low Income

Federal Historic

State Historic


Kansas City

20-426

Cloverleaf Apartments

EPD Series 3, LLC

Kansas City

Family

Acquisition/Rehab

Preservation

Loan Information

Cash Flow from Operations $250,000 MHDC $0

Tax Exempt Bond Loan $17,200,000 Tax Credit Equity $7,392,155

Cash Flow from Operations $250,000

$9,842,512 Tax Exempt Bond Loan $17,200,000



$632,243

$27,924,755

$10,500,000

$245,000

$718,100

$1,050,000

$100,000

$0

$175,000

$0

$10,137,500

$2,144,456

$15,500

$1,453,144

$1,386,055

$27,924,755


w/o Reserves & MHDC

Fees

$27,924,755 $1,453,144 $15,500 $26,456,111

$136,886 $7,123 $76 $129,687


2. Preserves 204 quality post-rehab affordable units for families.

3. Demonstrates need of rehabilitation and updates


Costs per Unit

Total Uses:

Development Costs


Acquisition Costs



Reserves


Description of Property:Acquisition/Rehab of 204 units (108 two-bedroom and 96 three-bedroom) in 17 residential buildings. The property was

originaly built in 1972.



Total Sources:

Uses:

Construction Costs



Contingency

Closing Legal


Relocation Expense

Salient Facts:

Region


Property Name

Developer Name

Location

Property Type

Occupancy

Construction


Permanent Sources

AHAP Donation






2 Bed 108 750 $675 - $985 $805 84% - 122%

3 Bed 96 900 $775 - $1070 $960 81% - 111%

204

204

0

Total Per Unit

$2,344,437 $11,492

$1,281,572 $6,282

$1,062,865 $5,210

$901,531 $4,419

$161,334 $791

Year 1 Year 15

1.18 1.28


$1,118,579 $0.88 $5,483 $5,483

$0 $0.00 $0 $0

$0 $0.00 $0 $0

$0 $0.00 $0 $0


Property Data:

State Low Income

Federal Historic

State Historic


Federal Low Income




Operating Income

Debt Service


Total LIHTC Units

Total Market Units


4) Report of Staff e. Recommendation to Extend Master Servicer Agreement






Mark Elliff Secretary-Treasurer






Kansas City 920 Main, Suite 1400 Kansas City, MO 64105 816-759-6600 Fax 816-301-7000


www.mhdc.com

April 29, 2021

To: Commissioners


From: Rick Laughrey

Homeownership Manager

Subject: Request for Approval to Extend Master Servicer Agreement

In April 2020, the Commission selected a master servicer through a

competitive request for proposal process. At that time, proposals were

received from the following 3 firms:

ServiSolutions, Alabama Housing Finance Authority

U.S. Bank

Lakeview Loan Servicing

The Commission selected U.S. Bank to serve for a period of one year with

the option to extend for two additional one year terms.

Staff recommended U.S. Bank last year due to their financial strength, depth

and experience of HFA loan servicing, competitive pricing, and their vast

banking presence in the state of Missouri. Staff has been pleased with the

service provided by U.S. Bank and servicing rights pricing will remain

consistent and competitive if the term is extended.

Staff recommends exercising the option to extend the term of service an

additional one year with the option of extending another additional one year.

5) Such other matters that may come before the Commission

March 31, 2021 TO: Commissioners Missouri Housing Development Commission FROM: Gus Metz Chief Underwriter SUBJECT: 2021 Affordable Housing Assistance Program Production Credit

Application Funding Recommendations The Affordable Housing Assistance Program (AHAP) credit is governed by Missouri revised statutes 32.105, 32.111, 32.112, 32.115, 32.120 and 32.125. The AHAP Production credit is used as an incentive for Missouri businesses and/or individuals to participate in affordable housing production. The credit is earned by an eligible donor making a donation for this purpose to a qualified non-profit with an allocation of AHAP credits. The donor is issued a tax credit equal to 55% of their qualified donation. Staff has completed the evaluation of 6 AHAP Production applications submitted in response to our 2021 AHAP Notice of Funding Availability (NOFA). Funding recommendations were based on the past performance of the non-profit agency, ability to secure donations, program guidelines and composition of proposals. The applications which are being recommended for approval are shown on the spreadsheet following this memorandum. Based on staff’s review and analysis of the applications, staff recommends and requests approval of the proposals on the attached spreadsheet titled “2021 – Recommended AHAP Production Applications.”


AHAP Credits

Recommended





Funds will be used to help fund 2 buildings that focus on housing and services for individuals, families, youth and veterans of an emergency shelter. $ 500,000




March 31, 2021 TO: Commissioners Missouri Housing Development Commission FROM: Gus Metz Chief Underwriter SUBJECT: 2021 Affordable Housing Assistance Program Production Credit

Application Funding Recommendations The Affordable Housing Assistance Program (AHAP) credit is governed by Missouri revised statutes 32.105, 32.111, 32.112, 32.115, 32.120 and 32.125. The AHAP Production credit is used as an incentive for Missouri businesses and/or individuals to participate in affordable housing production. The credit is earned by an eligible donor making a donation for this purpose to a qualified non-profit with an allocation of AHAP credits. The donor is issued a tax credit equal to 55% of their qualified donation. Staff has completed the evaluation of 6 AHAP Production applications submitted in response to our 2021 AHAP Notice of Funding Availability (NOFA). Funding recommendations were based on the past performance of the non-profit agency, ability to secure donations, program guidelines and composition of proposals. The applications which are being recommended for approval are shown on the spreadsheet following this memorandum. Based on staff’s review and analysis of the applications, staff recommends and requests approval of the proposals on the attached spreadsheet titled “2021 – Recommended AHAP Production Applications.”


AHAP Credits

Recommended





Funds will be used to help fund 2 buildings that focus on housing and services for individuals, families, youth and veterans of an emergency shelter. $ 500,000




Documents

THURSDAY APRIL 29, 2021 AT 10:00 A M