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Financing the Deal

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  1. Page 1 May 20, 2004 Financing the Deal Presented By Rob Curry – Cleveland Housing Network J. David Heller – The NRP Group LLC

  2. Page 2 May 20, 2004 Financing the Deal • Financing with 9% Tax Credits • Financing with 4% Tax Credits and Tax-Exempt Bonds • Pro Forma Analysis • Filling the Gaps

  3. Page 3 May 20, 2004 Glenhaven Senior Apartments

  4. Page 4 May 20, 2004 Financing with 9% Tax Credits • Administered by Ohio Housing Finance Agency (OHFA) • Competitive Application Process • Awarded based on Project Characteristics, Project Location, Local Government Support, Project Costs, and Application Characteristics • Sale of Credits Provides the Equity • Debt is a Minor Component of Project Sources • Gaps are Filled with Creative and Resourceful Partners

  5. Page 5 May 20, 2004 Willowbrook Senior Homes

  6. Page 6 May 20, 2004 Financing with 4% Tax Credits and Tax-Exempt Bonds • Administered by OHFA • Almost All Applicants are Awarded Credit – More Supply than Demand for Volume Cap • Complex Deal Structure • High Transaction Costs • Need Larger Number of Units to Spread Costs

  7. Page 7 May 20, 2004 Falls Pointe at the Park

  8. Page 8 May 20, 2004 Pro Forma Analysis – 9% Tax Credits • Assumptions: • 42 unit development • All two bedroom (855 square feet) • 70% affordable (29 units) • 30% market rate (13 units) • Affordable Rents $570 per month • Market Rents $1,075 per month

  9. Page 9 May 20, 2004 Pro Forma Analysis – 9% Tax Credits

  10. Page 10 May 20, 2004 Pro Forma Analysis – 9% Tax Credits

  11. Page 11 May 20, 2004 Pro Forma Analysis – 9% Tax Credits • Other Sources of Financing • State of Ohio - $290,000 • Cuyahoga County Funds - $300,000 • Misc. - $17,186

  12. Page 12 May 20, 2004 St. Agnes Terrace Apartments

  13. Page 13 May 20, 2004 Pro Forma Analysis – 4% Tax Credits and Tax-Exempt Bonds Assumptions: • 120 unit development • All two bedroom (855 square feet) • 75% affordable (90 units) • 25% market rate (30 units) • Affordable Rents $730 per month • Market Rents $1,000 per month

  14. Page 14 May 20, 2004 Pro Forma Analysis – 4% Tax Credits and Tax-Exempt Bonds

  15. Page 15 May 20, 2004 Pro Forma Analysis – 4% Tax Credits and Tax-Exempt Bonds

  16. Page 16 May 20, 2004 Pro Forma Analysis – 4% Tax Credits and Tax-Exempt Bonds

  17. Page 17 May 20, 2004 Filling the Gaps • Tax Abatement

  18. Page 18 May 20, 2004 Filling the Gaps • Tax Abatement

  19. Page 19 May 20, 2004 Filling the Gaps • Tax Abatement and Land Contribution

  20. Page 20 May 20, 2004 Filling the Gaps • Tax Abatement and Land Contribution

  21. Thank You !