request for proposals - home forward

Request for Proposals Low Income Housing Tax Credit InvestorLimited Partner

for the Framework Mixed-Use Building (Housing Component Only)

RFP No 0617-337

Documents Available 07102017

Pre-Proposal Teleconference 07182017 1000 AM PDT

Proposals Due August 4 2017 300 PM PDT

0617337 FRAMEWORK INVESTOR PAGE 1

REQUEST FOR PROPOSALS

RFP NO 0617-337

Low Income Housing Tax Credit InvestorLimited Partner for the

Framework Mixed-Use Building (Housing Component Only)

To Prospective InvestorsLimited Partners

Subject Request for Proposals for a Low Income Housing Tax Credit

InvestorLimited Partner for the Framework Mixed-Use Building

(Housing Component Only)

Issue Date July 10 2017

Due Date August 4 2017 300 PM PDT

Proposals will be accepted via email only

RFP Contact Theresa Auld

Finance Manager

Home Forward

135 SW Ash Street 5th Floor

Portland OR 97204

Tel 503-802-8319

Fax 503-802-8579

theresaauldhomeforwardorg

Pre-Proposal Teleconference July 18 2017 1000 AM PDT

Toll-free conference number 1-866-285-7780

Passcode 1665171

Participation is optional

Document Availability Hard copies of the RFP and all associated documents will be available

beginning July 11 2017 from 830 AM to 430 PM PDT from Home

Forwardrsquos Procurement Department at 135 SW Ash Street 5th Floor

Portland OR 97204

Electronic copy of the RFP and all associated documents may also be

obtained by sending an email request to the RFP Contact


TABLE OF CONTENTS

I GENERAL INFORMATION

A Executive Summary

B Investor Scope of Work

II FRAMEWORK

A Development Team

B Banking Entities

C Ownership Structure

D Building Description

E Total Project Cost

F Housing Condo Operating Revenues amp Expenses

G Housing Condo Affordability Restrictions

H Development Schedule

III PROPOSAL CONTENT

IV PROPOSAL REQUIREMENTS

V EXHIBITS

A Receipt of Addenda Form (Submission Requirement)

B Debarment Certificate (Submission Requirement)

C Business Information Form (Submission Requirement)

D Proformas amp Cashflows

E Acquisition amp Development Structure Diagrams

F Site Plan Schematic Floor Plans and Building Elevations



A Executive Summary

Home Forward seeks proposals from Low Income Housing Tax Credit (LIHTC) Investors to

finance the development of the affordable housing condominium within Framework an 11-story

mixed-use building When construction is complete Framework will consist of a condominium

regime with three (3) separate units a bank condo (floors 1-3) an office condo (floors 4-6) and a

housing condo (floors 7-11) The bank and office condos will initially be owned by Framework

Project LLC The housing condo will be owned by the LIHTC partnership formed with Home

Forward The development team is seeking proposals from entities wishing to serve as an

InvestorLimited Partner for $757327 of annual 4 LIHTCs for the housing condo

Financing is expected to close in October 2017

Framework was conceived when Beneficial State Bancorpmdashan unusual bank model seeking to

produce social justice environmental well-being and financial sustainability for allmdashsought to re-

envision its existing property in Portlandrsquos Pearl District (430 NW 10th Avenue Portland OR

97209) Albina Community Bank which is 901 owned by Beneficial State Bancorp has a

branch at this location

Project^ a local values-driven real estate developer and Home Forward joined the effort and the

vision took root as the first-in-the-nation mass timber high-rise The program includes 60 units of

affordable housing a local bank branch small retail space and commercial lease space marketed

to B-corps

In September 2015 Framework was selected as one of two winners of the US Department of

Agriculturersquos (USDA) national Tall Wood Building Prize Competition Framework was awarded the

prize based on the teamrsquos showcasing the safe application practicality and sustainability of a

high-rise structure that uses mass timber composite wood technologies and innovative

sustainable building techniques The $15 million prize allowed supported an exploratory and

testing phase including the research and development necessary to prove cross laminated

timberrsquos (CLT) suitability for high-rise construction in the United States The development team

worked with State of Oregon and City of Portland permitting authorities and testing labs across

the nation to define and perform the necessary testing and peer review That work is now

complete Both the State and City have signed off on construction permits and construction will

mobilize immediately following the financial closing

The development team is currently pursuing gap funding from the State of Oregon and the City of

Portland as shown in the attached budget Funding is expected to be secured in the late summer

of 2017

An RFP for a Construction and Permanent Lender was issued in 2016 Home Forward and

^Project are in the final stages of selecting a single lender to serve as the construction lender for

the entire building and the permanent lender for the affordable housing condo


The Tax Credit Investor will be required to do the following

Develop a partnership agreement purchase option and right of first refusal and other

ancillary agreements to govern the operation of the proposed partnership and investment

of the Investorrsquos capital contributions

Work in conjunction with Home Forward and their legal and financial advisors

Review and comment on elements of the overall financing

Coordinate with its own counsel in preparing the tax opinion for the transaction

Share third-party reports with the lender(s) to streamline due diligence and minimize

related costs


II FRAMEWORK

A Development Team

Home Forward Co-Developer

On Framework Home Forwardrsquos responsibilities include

Financing the housing condo

Issuing Private Activity Bonds (PABs)

Participating in oversight of pre-development design and construction activities

Acting as General Partner in an LIHTC partnership that will (1) lease airspace equivalent to

the housing condo during construction and (2) obtain ownership of the fee simple

housing condo prior to placing in service and

Asset managing the housing

Background

Home Forward formerly the Housing Authority of Portland provides housing solutions for

individuals and families who cannot find affordable safe and appropriate housing Home Forward

has a special responsibility to those who encounter barriers to housing because of income

disability or special need

Home Forward currently owns and operates approximately 6500 affordable housing units and

administers more than 9000 Section 8 Housing Choice Vouchers

Home Forward is a municipal corporation authorized by the State of Oregon under the Oregon

Revised Statutes sect456055 to sect456235 Home Forward was established on December 11 1941

by Resolution of the Council of the City of Portland Home Forwards jurisdiction was expanded to

include all of Multnomah County in 1992 A nine-member Board of Commissioners appointed by

the Mayor of Portland the Mayor of Gresham and the Chairperson of the Multnomah County

Commission and confirmed by the Portland City Council governs Home Forward Members of the

Board are volunteers and serve without pay

Website httpwwwhomeforwardorg

Development Expertise

Home Forward has significant affordable housing development experience Either functioning as

its own developer or working with a private developer Home Forward has utilized Low Income

Housing Tax Credits New Market Tax Credits tax exempt debt HOPE VI funds conventional

loans and state and local resources for building affordable housing Home Forwardrsquos

Development and Community Revitalization department is experienced in managing the design

construction finance and community involvement of large developments Recent notable

developments include

DEVELOPMENT NAME

LOCATION

POPULATION

SERVED

QTY UNITS

OTHER USES

COST

FUNDING

St Francis Park Apartments

Portland OR

30 and 60 MFI 106 $232M

LIHTC TIF PBV

85 Stories Groups 1 amp 2

Portland OR

0 to 60 MFI 655

$1247M

LIHTC PBV

Stephens Creek Crossing

Portland OR

0 to 60 MFI 122

Head Start

$495M

LIHTC NMTC

Humboldt Gardens

Portland OR

0 to 60 MFI 130 $351M

LIHTC TIF


Property Management Expertise

Home Forward has been managing multi-family properties since its inception in 1941 Currently

Home Forward manages 34 Public Housing properties with more than 2000 housing units and

seven mixed-financeLIHTC properties with more than 1000 housing units Home Forward has

received approvals to manage properties from HUD Oregon Housing amp Community Services and

the Portland Housing Bureau Home Forward also contracts with private property management

firms to manage some of its properties Currently Home Forward oversees contracts with

property management companies for the management of more than 40 properties Framework

will be managed by a private property management company

Financial Strength

Home Forward has a long track record of prudent financial management As of March 31 2016

Home Forward had net assets of over $220 million and unrestricted net assets of over $140

million The organization also had $50 million of current assets and $14 million of current liabilities

which equals a current ratio of 357 For the fiscal year ending March 31 2016 Home Forward

had total operating revenues of $124 million and operating income of $35 million

Home Forwardrsquos 2016 audit reports are available here

httpwwwhomeforwardorgsitesdefaultfilesHome20Forward20FY1620-

20Single20Audit20Reports2028Secured29pdf

Project^ Co-Developer

On Framework Project^rsquos responsibilities include

Managing financing of the bank and office condos


Managing the Tall Wood Building Prize Competition award (USDA grant) and

Coordinating the entities of the Framework Project LLC

Background

Project^ is a values-driven real estate developer providing resources practices and stewardship

for their partners They maximize the triple bottom line of environmental social and economic

benefits inherent in meaningful places developing lasting high-quality projects through careful

planning and execution and attention to detail Project^ partners with individuals companies and

investors that share the vision of maximizing their triple-bottom line Community context is

important and design matters Their goal is for every project^ development to be relevant today

and far into the future

Website httpprojectpdxcom


Project^ has planned financed and executed more than 20 projects with skills that fall at the

intersection of the public and private spheres They work with a diverse mix of stakeholders in a

multi-disciplinary setting to achieve both institutional values and private enterprise They have

New Columbia Phases 2 amp 3

Portland OR

0 to 60 MFI 314 $39M

LIHTC TIF PBV

Beech Street Apartments

Portland OR

Families in recovery 32

Treatment center

$11M

LIHTC PBV

Bud Clark Commons

Portland OR

0 to 30 MFI

Chronically homeless

130

Shelter Day Center

$43M

LIHTC TIF PBV

Martha Washington Apts

Portland OR

0 to 60 MFI 108 $179M

LIHTC PBV


specific experience developing property for the private sector in a manner that enables institutions

to progress in the context of their key objectives Recent notable developments include

Lever Architecture (Lever)

Lever is the prime design consultant LEVER is a progressive practice dedicated to realizing

transformative development and strengthening communities They utilize a research-based

approach to leverage clientsrsquo goals and aspirations and create distinctive architecture for housing

creative office and mixed-use programs that have received national attention Recent work

includes Albina Yards the first commercial office building in the US to use domestically

fabricated Cross Laminated Timber Lever has been involved in Framework since the USDA grant

application phase and has played a critical role in developing CLT construction methodologies

Website httpsleverarchitecturecom

Walsh Construction Co (WCC)

WCC is the construction managergeneral contractor (CMGC) WCC has extensive experience in

pre-construction and construction of a broad spectrum of housing and mixed-use developments

WCC is responsible for managing the guaranteed maximum price (GMP) minimizing risk

maximizing savings and meeting Home Forwardrsquos 20 target business participation goal WCC

has been involved in Framework since the USDA grant application phase and has played a critical

role in developing CLT construction methodologies

Website httpswalshconstructioncomcompany

Kantor Taylor and Foster Pepper

Kantor Taylor in Seattle Washington will provide legal to support real estate transactions LIHTCs

and other regulatory compliance related to the development and financing Foster Pepper PLLC

will also serve as Home Forwardrsquos bond counsel

Website httpwwwfostercom

B Ownership Structure

Due to the nature of the parties involved the development and ownership structure of Framework

is complex The following is a high-level overview of condo-specific development entities land and

long-term ownership entities

DEVELOPMENT NAME

LOCATION

POPULATION

SERVED

QTY UNITS

OTHER USES

COST

FUNDING

K14

Eugene OR

Students 45 units (145 beds) $137M

ArtHouse

Portland OR

Students 50 units (130 beds)

Retail

$117M

Skybox

Eugene OR


Retail

$170M

The Emery

Portland OR

Unrestricted 118 units

Retail

$212M

Treehouse

Portland OR

Unrestricted serves OHCS

medical campus

69 units

Retail

$128M

Courtside

Eugene OR


Retail

$110M

The Union

Corvallis OR



Framework Housing LP

Member(s) Home Forward as general partner Home Forward Development Enterprises (HFDE)

as initial limited partner Investor Limited Partner (TBD)

Role(s) A new (to-be-formed) Oregon limited partnership that will be the

construction period airspace lessee of the housing program area

long-term owner of the housing condo (floors 7-11) Home Forward will be the General

Partner HFDE will be the initial Limited Partner HFDE is wholly controlled by Home

Forward and will withdraw from the Limited Partnership upon entry of the Investor Limited

Partner selected through this RFP

Beneficial Framework LLC

Member(s) Project^ Tomkat Foundation (TKF)1

Role(s) Manager of the Framework Project LLC and the Wood Building LLC

Framework Project LLC

Managing Member Beneficial Framework LLC

Role(s) An Oregon limited liability company that will be the

construction period airspace lessee of the bank and office program area

long-term ownership of the office condo (floors 4-6)

Note that ownership of the bank condo (floors 1-3) will transfer to BSB after construction if BSB

exercises its option to purchase Otherwise Framework Project LLC will retain ownership of the

bank condo

Wood Building LLC


Role(s) a new (to-be-formed) Oregon limited liability entity Wood Building LLC will

own the land during construction

lease the appropriate airspace to both Framework Project LLC and Framework Housing LP

during construction

declare the three condos prior to loan conversion

transfer (quitclaim) its interest to the condos post construction

Wood Building LLC will have no interest in long-term ownership or operations

C Building Description

Mass Timber

Framework will be the first mass timber all-wood high-rise constructed in the US Mass timber

technologymdashsimilar in performance to heavy timbermdashhas experienced an international surge over

the last 20 years due to its inherent environmental and economic sustainability the speed and

safety of construction and its long-term resiliency

1 TFK is a private foundation established by Tom Steyer and Kat Taylor the Founders of Beneficial

State Bancorp (Bancorp) Bancorp in turn owns Beneficial State Foundation and Beneficial

State Bank along with Framework site and 901 Albina Community Bank Upon Frameworkrsquos

completion Albina Community Bank will be the occupant of the bank condo

Website httpstomkatfoundationorg


Frameworkrsquos structural design is a CLT central core surrounded by a glulam post-and-beam

(GLT) structure Floor panels are CLT topped with gypsum concrete The structure is ldquoresilientrdquo

meaning it can be quickly and easily returned to service following a major seismic event

The USDA awarded Framework a $15 million grant to catalyze the first tall wood building in the

United States Since the award Framework has passed all the tests necessary to demonstrate

mass timberrsquos exemplary compliance with local state and federal building codes Testing has

addressed structural safety fire safety and acoustical performance The State of Oregon and City

of Portland have both participated in the permit review process review is complete and both

entities are ready to issue construction permits

DR Johnson Wood Innovations in Riddle Oregon will produce Frameworkrsquos CLT components At

least 50 of the wood used in the structure of the building has been sourced from local forests

Program

Framework is a 90000 square foot 11-story building on a 10000 square foot lot (quarter block)

in Portlandrsquos Pearl District The neighborhood is amenity-rich and well-served by multi-modal

transit options that provide ready access to the regionrsquos job and education centers

1st floor Lobby property management office branch office of Albina Community Bank

retail kiosk (coffee bar or similar) CLT exhibit space loading waste and recycling

building utilities

2nd floor Albina Community Bankrsquos administrative offices community meeting room and

roof deck serving commercial tenants

3rd floor Beneficial State Bank administrative offices

4th ndash 6th floors Commercial lease space targeting B Corps

7th ndash 11th floors 60 housing units for households at or below 60 Median Family Income

(MFI)

o 40 studios ~ 385 square feet

o 10 one-bedrooms ~570 square feet

o 10 two-bedrooms ~660 square feet

Roof Roof deck serving residential tenants mechanical and utility rooms

Albina Community Bank have committed to providing resources and programs to build residentsrsquo

financial capacity Programs include savings and budgeting workshops homebuyer education

one-on-one advisory services and Individual Development Accounts (IDAs)

Environmental Responsibility

Engineering work completed to date estimates an embodied carbon savings in the structure alone

of over 60 when Frameworkrsquos mass timber system is compared to a conventional concrete and

steel system with the potential for a carbon negative structure if sourcing end-of-life and

transport are managed stringently Framework is aggressively targeting these strategies to reduce

the buildingrsquos long term environmental impact and save money during operations

Energy savings of 60 when compared to code the equivalent to 33 single-family homes

being powered for a year

Water savings of 30 compared to code the equivalent to the yearly water needs of 19

single-family homes and

Energy and water savings will result in 1824 tons of CO2 emissions offsets the equivalent

to taking 348 cars off the road for a year

D Total Project Cost

The total project cost is $46705534 WCC provided a detailed construction cost estimate at

50 construction documents Costs were split into an estimated prorata share for the housing


condo and combined bankoffice condos Preliminary proformas are attached as Exhibit 4 Note

that the proformas and information summarized below are estimates only and are subject to

change

Project Costs Total Housing Bank amp Office

Acquisition Costs $5300000 $2151000 $3149000

Construction Costs $31926489 $18252150 $13674339

Development Costs $9487045 $6014287 $3464759

Total Costs $46705534 26417437

57 of total

20288098

43 of total

E Housing Condo Operating Revenues amp Expenses

Revenues

The housing condo will include 60 units All 60 units will be restricted to households at 60 MFI

The proforma uses the following 2017 rents before utility allowances

$784 = studio

$840 = one-bedroom

$1008 = two-bedroom

The vacancy rate is assumed to be 7

Other income includes projected laundry income of $50 per unit per year

Expenses

Operating expenses are expected to be $5416 per unit per year in Year 1 This includes $300 per

unit for replacement reserves and a total of $17000 for presumed General Partner Partnership

Management Fees and Limited Partner Asset Management Fees

Respondents to this RFP are encouraged to propose their lowest possible fee The fee is a factor

in the evaluation process

F Housing Condo Affordability Restrictions

All 60 housing units will be Low Income Housing Tax Credit units with tenant-paid rents Incomes

will be restricted to 60 MFI for 60 years

G Development Schedule

Home Forward and Project^ have established the following development schedule All dates are

subject to change

Activity Complete Date

City of Portland Type III Design Review 082016

Structural Testing Complete 102016

Fire Testing Complete 102016



Acoustical Testing Complete 102016

Construction Permit Review Complete 062017

Submit 4 Tax Credit Pre-Application 062017

Request Allocation of Tax Exempt Bonds 072017

Select Construction Lender for Entire Project and Perm

Lender for Housing Condo 072017

Sign LOITerm sheets 082017

Submit 4 Tax Credit Application 082017

Lender Orders Appraisal 082017

Receive Lender-Ordered Appraisal 92017

Receive Reservation of 4 Tax Credits 102017

Receive Commitment Letters 102017

Receive Construction Permit 102017

Financial Closing (sign 1017 record 1019) 102017

Demolition Start 102017

Construction Start 112017

Certificate of Occupancy 122018

Commissioning and FFampE Installation Complete 012019

Lease Up Start 012019

Lease Up Complete 042019

Conversion 102019



As further described in Section E Submission Procedures and Requirements proposals must

address each of the items below Please follow the order shown below or less preferably use a

different order but provide an index cross-referencing the order below to that of your letter

Respondents should set out any assumptions that differ from those included in this Solicitation

A Pay-In Amount

State the total proposed capital contribution quoted as both a total dollar amount and a price per

tax credit assuming the following credit amounts

$757327 total $757251 investorrsquos 9999 share of annual 4 credits

The attached proforma reflects conservative dollar amounts of tax credit equity to be raised

However Home Forward anticipates receiving offers in excess of those shown in the proforma

and will use any additional equity to reduce the amount of its capital contribution

B Credit Delivery Assumptions

State assumptions for the amounts of credits delivered to the limited partner for each year prior to

full annual credit delivery Home Forward projects 70 first year credit delivery for 2019

Construction will complete in January 2019 the housing units will be fully leased in April 2019

Describe early credit delivery adjusters upward timing adjusters and equity caps

C Pay-In Schedule

Provide the proposed pay-in schedule stating the percentage of total equity that each payment

represents the calendar date assumed for each pay-in and all conditions (including any

administrative ones) precedent to each pay-in

Describe the purpose restrictions placed on the spending of each pay-in if any (eg construction

costs reserves developer fee etc)

Home Forward requests all Respondents provide a ldquobase caserdquo pay-in schedule of 20 at

closing 5 at construction completion and 70 at stabilized occupancy and permanent loan

conversion (which conversion is expected to be accomplished in part by the equity proceeds)

and 5 at delivery of 8609s and tax returns and audits Respondents may provide additional pay-

in scenarios as alternates to the base case

D Adjusters

Describe capital contribution adjustment provisions if there is an increase or reduction in credits

andor acceleration or delay in credit delivery Note whether there are limits on any adjustments

E Fees and Expenses

Describe the amount and type of upfront andor ongoing fees to the Investor (ie annual asset

management fee) Note whether fees would escalate over time and if so by what percentage

For ongoing fees if the payment source andor priority are not described in the cash flow

distribution provided elsewhere in the proposal describe the relevant provisions here

Describe the amount and character of upfront or ongoing expenses that require reimbursement

Assume the Investorrsquos legal counsel will provide the tax opinion

F Guarantees and Net Worth Requirements

Describe the terms of each required guarantee State the name of the guarantor guarantee

amount (including cap) timing and conditions for reduction andor termination of the guarantee

and reimbursement provisions for payments made on the guarantee

State the net worth requirement for the guarantor


Home Forward intends to be the sole guarantor A link to Home Forwardrsquos most recent audited

financial statements is provided in Section II above

Under no circumstances will Home Forward guarantee losses or pay for ldquoprojected lossesrdquo

G Reserves

Describe required reserves Indicate the amount of each reserve the timing of funding each

reserve escalators in annual funding requirements conditions for reducing or eliminating the

reserve holder of the reserve and to whom the reserve will be released at liquidation and at sale

or refinancing

The reserves reflected in the attached financial projections are conservative initial assumptions

Proposals for lower amounts will be viewed favorably in the evaluation process Respondents are

encouraged to propose their minimum requirements

For the purposes of determining a purchase option price Home Forward prefers reserves be

either fully released through the cash flow waterfall prior to the end of the compliance period or

clearly excluded from any calculation of the fair market value of the development

H Cash Flow

Home Forward prefers to retain as much of the net cash flow after obligations as possible

Indicate the proposed split of the remaining cash flow between Home Forward and the Investor

both during the compliance period and upon sale or refinancing

I Back-End Tax Projection

Provide assumptions for depreciation capital accounts and capital reserves Explain projected

back-end tax liability and resulting forecast of exit tax

Home Forward prefers no back-end tax liability and is open to alternative structures to maximize

yield while still having no liability

J Insurance Requirements

Describe insurance requirements and specifically whether any special insurance coverage (eg

earthquake mold terrorism) will be required

K Property Management Requirements

Home Forward may serve as Property Manager for the development or may arrange

management by a third-party firm through a competitive process Indicate requirements related to

the property management firm Home Forward prefers to select and contract with the Property

Manager at the time the property has reached 50 construction completion and to establish

management plan tenant selection and leasing forms within 6 months before construction

completion Please indicate whether this timeline meets your underwriting requirements

L End of Compliance Period

State willingness to provide Home Forward or any potential 501(c)(3) nonprofit affiliate with a

purchase option and right of first refusal and the terms of each Include both the prices and the

timing limits on exercise and state the impact on the purchase option and right of first refusal if

Home Forward were removed as general partner

Home Forwardrsquos preferred purchase option price is the balance of debt A specific purchase

option price is negotiable In no instance will Home Forward pay more than the propertyrsquos fair

market value assuming ongoing affordability restrictions and deducting customary brokerage

commissions Home Forward will not accept any purchase option provisions that would require it

to pay for projected losses


Home Forward prefers an option to purchase the property that continues for at least three years

beginning in year 15 and a right of first refusal at any time following the end of the 15-year initial

compliance period

Home Forward prefers there not be a put option requiring the sale of the property if the option to

purchase is not exercised and will not accept a put option with an exercise term beginning before

the expiration of Home Forwardrsquos purchase option

For public policy reasons Home Forward or its non-profit affiliate must retain its purchase option

and right of first refusal even in the extremely unlikely event Home Forward were removed as

general partner Home Forward will consider a proposal that requires Home Forward to reimburse

an Investorrsquos direct costs of removing Home Forward as general partner for Home Forward to

retain the purchase option and right of first refusal

M Reporting and Audit Requirements

Provided a detailed summary of reporting requirements including due dates and penalty

provisions if any

Home Forwardrsquos preferred cycle times for recurring reports are quarterly reports within 30 days

from the end of the quarter and annual audits within 75 days of the end of the Partnershiprsquos fiscal

year The General Partnerrsquos audited financial statements will be provided within 180 days of the

end of its fiscal year

Home Forwardrsquos accounting for the limited partnership(s) will be performed on the accrual basis

N Due Diligence and Closing Requirements

Home Forward intends to close the financings on the date noted in Section IIH Indicate your

ability and willingness to meet the projected closing date

Describe your internal approval process due diligence requirements and all other requirements or

processes that Home Forward should anticipate as a requisite to closing

Describe limiting conditions on your proposal (eg time required to obtain approvals from the

ultimate investor or internal committees)

Home Forward prefers that no investor be included in the limited partnership that has a separate

review and approval of deal terms beyond those of the syndicator If such an investor is proposed

for this transaction name them and describe that investorrsquos review and approval rights

O Investor Counsel

Provide the name of the firm(s) and the individual lawyer(s) that will be used to represent the

Investor Include a detailed summary of the individual lawyerrsquos experience relevant to this

development


A Proposal Review Timeline

Home Forward reserves the right to analyze examine and interpret any proposal for a period of

not more than 30 days commencing from the proposal due date and time

B Content of Proposals

To be considered responsive and responsible each Proposer shall respond to the following

requirements Responses must be specific and complete unto themselves Any submittal that in

the opinion of Home Forward does not fully and completely address these requirements will not

be reviewed

Brevity is encouraged The Committee will look favorably upon succinct and direct language


Responses to the submittal items listed below should not exceed 20 pages The required forms in

Exhibits 1-4 resumes and proforma financials are not counted within the 20-page limitation

The minimum requirements for all proposals are set forth below Failure to submit proposals in

accordance with these requirements may render the proposal unacceptable Respond only to the

items listed below and include only relevant information The Selection Committee will not review

materials that are not requested below

1 Introductory Email Letter

This email subject line must reference the RFP by name and number The body of the email

must state that the proposal is valid for a minimum of 90 days The email must also

acknowledge receipt of addenda if any If no addendum issued communicate that no

addenda were received Respondents may provide a concise summary of the Proposerrsquos

organization and generally introduce Home Forward to the capabilities of the firm

2 Letter of Intent (Investors) or Term Sheet (Lenders)

The Letter of Intent must fully respond to the items described in Section III Proposal Content

for Investors The LOI format should follow the order set forth in Section C or at a minimum

should provide an index in the order of Section C that cross references where the requested

information appears in your letter of intent

3 Required Forms

Exhibits A B and C must be completed and included in the proposal

C Submission of Proposals

Submit one (1) electronic copy via email to the RFP Contact Include the RFP name and number

in the email subject line A confirmation reply email will be sent to the email address that

submitted the proposal

All materials must be attached to the email as a Portable Document File (PDF)

If for any reason an electronic submittal is not available inform the RFP Contact immediately

D Changes to the Solicitation

Home Forward reserves the right to make changes to this Solicitation Changes shall be made by

written addendum

A prospective Proposer may request clarification to this Solicitation at any time before the

deadline for written questions Home Forward will answer these questions in the form of a written

addenda

Addenda shall have the same binding effect as though contained in the main body of this

Solicitation Verbal instructions or information concerning this Solicitation or the Development

given out by Home Forward managers employees or agents to prospective Proposers shall not

be binding

Addenda if any will be emailed to the initial distribution list and available by sending a request by

email to the RFP Contact Home Forward may distribute addenda to firms known to be

considering responding but it is the sole responsibility of potential Proposers to confirm receipt of

all addenda with the RFP Contact prior to submitting a proposal

E Cost of Proposals

Costs incurred by any Proposer in the preparation of its response to the Solicitation are the

responsibility of the Proposer and will not be reimbursed by Home Forward Proposers shall not

include any such expenses as part of their proposals

Moreover Home Forward may at any time in its sole discretion and prior to the financial closing

cancel the selection of the Selected Investor In such event Home Forward and the Selected


Investor shall bear their own costs and expenses incurred prior to such termination or

cancellation including without limitation legal fees to the extent not explicitly agreed to in

advance and funded through a deposit by Home Forward prior to any such termination or

cancellation

F Form of Procurement

Acceptance of the Selected Investorrsquos proposal for the investment specified herein will be initially

evidenced by a Letter of Intent (LOI) to be finalized within 10 days of the date that the Selected

Investor is notified of its selection Upon execution of a LOI the parties will work in good faith to

finalize the partnership agreement and other documents effecting the terms of the investment all

in form and content satisfactory to Home Forward and the Selected Investor (collectively

Partnership Documentation)

G Assignment or Transfer

The Investor shall not assign or transfer any interest in the Partnership Documentation in whole or

in part without prior written approval of Home Forward

H Late Proposals

Proposals not received by the deadline stated in this Solicitation will not be considered

I Clarifications to Proposals

Home Forward reserves the right to obtain clarification of any point in a firmrsquos proposal or to

obtain additional information necessary to properly evaluate a proposal Failure of a Proposer to

respond to such a request for additional information or clarification may result in rejection of that

firmrsquos proposal

J Solicitor Options

Home Forward reserves the right at any time without liability in its sole discretion and for any

reason to do any or all of the following

Cancel andor reissue the Solicitation in whole or part andor reject all proposals

Reject in whole or in part any or all proposals received in response to this Solicitation

that are incomplete andor non-responsive

Waive or correct any immaterial defect or technical error in any response proposal or

proposal procedure as part of the Solicitation or any subsequent negotiation process

Request that certain or all respondents to this Solicitation clarify supplement or modify

certain aspects of the information or proposals submitted andor

Extend deadlines for accepting proposals request amendments to proposals after

expiration deadlines or negotiate or approve final agreements

The determination of the criteria and process whereby responses are evaluated the decision as

to who shall be selected or if a selection shall be made as a result of this Solicitation shall be at

the sole and absolute discretion of Home Forward

Home Forward shall not select any entity that is determined not responsible to perform or that has

been suspended debarred or otherwise determined ineligible to receive an award from HUD

K Proposals Are Public RecordConfidentiality

All information submitted by Proposers shall be public record and subject to disclosure pursuant

to the Oregon Public Records Act except such portions of the proposals for which Proposer

requests exception from disclosure consistent with Oregon law All requests shall be in writing

noting specifically which portion of the proposal the Proposer requests exception from disclosure

Proposer shall not copyright or cause to be copyrighted any portion of any said document

submitted to Home Forward as a result of this Solicitation


L Evaluation Process

Home Forward shall appoint a Selection Committee to evaluate proposals The Committee shall

apply the evaluation criteria and scoring set forth in the following sections The Committee shall

determine the most competitive proposals received

After determination of the competitive range only those firms that scored within the competitive

range will advance Interviews may be held at Home Forwardrsquos sole discretion At interviews if

any each firm may be asked to clarify aspects of its proposal and to answer questions on the

proposalrsquos content Home Forward may provide a set of questions in advance of the interview to

be answered by each firm at the interview

Following interviews if any the Committee will re-score the interviewed firmsrsquo proposals based on

both the written proposal and the interview Prior to re-scoring the Committee may request that

Proposers submit written statements amending proposals in the form of a best and final offer

Following re-scoring the Committee will identify the highest scoring proposal and make a

recommendation to enter negotiations with the Selected Investor

Home Forwardrsquos Executive Director shall have full authority over Home Forwardrsquos selection and

decision to award subject to applicable law and Home Forward policy

M Evaluation Criteria for Tax Credit Investor Proposals

Each Investor proposal shall be evaluated using the following criteria

Criteria Points

1 Price and Pricing Considerations

Amount of equity to be invested anticipated pay-in schedule credit amounts

assumed adjusters and fees and expenses

50

2 Non-pricing Considerations

Terms and conditions of the investment including guarantee provisions

operating and other reserve requirements insurance requirements back-end

taxes terms of the Regulatory and Operating Agreement and Ground Lease

terms of purchase option and right of first refusal

20

3 Closing Considerations

Reasonability of due diligence requirements process for getting approvals to

close demonstrated track record of the Respondent and its team members in

closing in a timely and effective manner comprehensiveness of proposal

20

4 Experience

In syndication or placement of Low Income Housing Tax Credits involving public

housing authorities including without limitation experience and interest in the

ownership of housing for the benefit of very low-income residents experience in

Oregon and with Home Forward

10

Total 100

N Required Representations for Low-Income Housing Tax Credit Investors

The Selected Investor must be able to represent the following at closing

1 The Selected Investor will certify they have not been barred from investing in this development

by any federal department or agency


2 The Selected Investor has conducted its own financial and legal analysis of the investment

The Selected Investor understands the risks of the investment has evaluated the merits and

risks of making the investment and has determined that the investment is a suitable

investment for the Investor The Selected Investor acknowledges that no representations or

commitments of any kind (except those expressly contained in the limited partnership

agreement and related documents) relating to the investment have been made by Home

Forward or any person acting on its behalf or have been relied upon by the Selected Investor

3 The Selected Investor can bear the economic risk of losing the entire investment

4 The Selected Investor understands that the investment will not be registered under the

Securities Act of 1933 as amended (the Act) or the securities laws of any state and the

investment will be offered and sold in reliance upon an exemption to such registration subject

to substantial restrictions on transfer

5 The Selected Investor understands that no public or private market for the investment is likely

to develop The Selected Investor further understands that

neither Home Forward nor its limited partnerships have any obligation or intention to

register the investment for resale under any federal or state securities laws or to take

any action (including the filing of reports or the publication of information required by

Rule 144 under the Act) that would make available any exemption from the

registration requirements of such laws and

the Selected Investor may be precluded from selling or otherwise transferring or

disposing of any of the investment for an indefinite period of time or at any time and

may be required to bear the economic risk of the investment for an indefinite period

of time

6 The Selected Investor further acknowledges that the investment may not be sold without

compliance with all relevant provisions of the limited partnership agreement The Selected

Investor also acknowledges that it will be responsible for compliance with all conditions on

transfer imposed by any blue sky or state securities law administrator and will hold the limited

partnership and Home Forward harmless from any breach thereof by the Selected Investor

7 If the Selected Investor is a corporation partnership trust or other entity it is authorized and

qualified to become a limited partner in and authorized to make its capital contribution to the

limited partnership and it has not been formed solely for the purpose of making the

investment or if it has been formed solely for the purpose of making the investment then all

of the beneficial interests in such entity are owned by entities that otherwise would be able to

satisfy the representations required herein of the Selected Investor

8 The Selected Investor has had the opportunity to examine all material books and records and

all material documents relating to the proposed transaction and to ask questions of and

receive answers from the officers and other representatives of Home Forward concerning its

operations the terms and conditions of the investment and any other matter relating to the

limited partnership or the investment and to obtain any additional information which Home

Forward possesses or can acquire without unreasonable effort or expense

9 The Selected Investor has such knowledge and experience in financial and business matters

and specifically in tax credit syndications and Low Income Housing Tax Credits that it can

evaluate the merits and risks of its investment in the Partnership and of making an informed

investment decision and the Selected Investor has obtained in its judgment sufficient

information to evaluate the merits and risks of such investment

10 The Selected Investor acknowledges that if it is making the investment in a fiduciary capacity

the above representations and warranties shall be deemed to have been made on behalf of

the person or persons for whom the Selected Investor is so purchasing


O Solicitation Schedule

The Solicitation schedule is subject to change Home Forward reserves the right to deviate

from the schedule

Activity Date

Solicitation issue date 07102017

Pre-Proposal Teleconference


Passcode 1665171

07182017

1000 AM PDT

Deadline for submitting written questions 07202017

1000 AM PDT

Final addendum to Solicitation issued (if needed) 07262017

Proposals due to Home Forward 08042017

300 PM PDT

Committee evaluation complete 08102017

Phone interviews of short-listed firms (at Home Forwardrsquos

discretion)

08152017

Best and final offers due from short-listed firms (at Home

Forwardrsquos discretion)

08232017

400 PM PDT

Committee recommendation 08252017

Notice of Intent to Award 08282017

V EXHIBITS




D Proforma amp Cashflows

E SITE PLAN SCHEMATIC FLOOR PLANS AND BUILDING ELEVATIONS

ndash END ndash

Exhibit 1 Receipt of Addenda

ADDENDA RECEIVED Addendum No ____ Date Received____________________ Addendum No ____ Date Received____________________ Addendum No ____ Date Received____________________ Addendum No ____ Date Received____________________ Addendum No ____ Date Received____________________ Addendum No ____ Date Received____________________ If no addendum was received write ldquoNone Receivedrdquo________________ Date______________________ Signature__________________ Name_____________________ (please print) Title______________________

End Exhibit 1

Debarment Certificate

Regarding Ineligible Contractors

CERTIFICATION OF LOWER-TIER PARTICIPANTS REGARDING DEBARMENT SUSPENSION AND OTHER INELIGIBILLLITY AND VOLUNTARY EXCLUSION The Lower Tier Participant (potential sub-grantee or sub-recipient under a HUD project potential third party contractor or potential subcontractor under a major third party contract) certifies by submission of this proposal that neither it nor its principals are presently debarred suspended proposed for debarment declared ineligible or voluntarily excluded from participation in this transaction by any Federal department or agency (If the Lower Tier Participant (potential sub-grantee or sub-recipient under a HUD project potential third party contractor or potential subcontractor under a major third party contract) is unable to certify to any of the statements in this certification such participant shall attach an explanation to this proposal) THE LOWER-TIER PARTICIPANT (POTENTIAL SUB-GRANTEE OR SUB-RECIPIENT UNDER A HUD PROJECT POTENTIAL THIRD PARTY CONTRACTOR OR POTENTIAL SUBCONTRACTOR UNDER A MAJOR THIRD PARTY CONTRACT) CERTIFIES OR AFFIRMS THE TRUTHFULNESS AND ACCURACY OF THE CONTENTS OF THE STATEMENTS SUBMITTED ON OR WITH THIS CERTIFICATION AND UNDERSTANDS THAT THE PROVISONS OF 31 USC SECTIONS 3801 ET SEQ ARE APPLICABLE THERETO ______________________________________________________ Signature and Title of Authorized Official ______________________________________________________ Date CHECK APPROPRIATE BOX [ ] The undersigned chief legal counsel for __________________hereby certifies that

________________________ has authority under State and local law to comply with the subject assurances and that the certification above has been legally made

________________________________ Signature of Participantrsquos Attorney [ ] Bidder or Offeror does not have a chief legal counsel

Business Information Form

Submission Requirement Name of Firm_____________________________________________

Principle Business Address__________________________________

Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________

1 What form of business is your organization (check one)

___ Sole Proprietorship

___ Partnership (___Limited ___General)

___ Corporation (___Limited ___General)

2 If a corporation when and where was your organization incorporated

3 If a limited partnership when and where is your organization certified

4 State of Oregon Certified MWESB Organization [ ] Yes [ ] No

If yes please provide State certification number_____________

5 Federal Tax ID No or Soc Sec No_________________________

Framework

45143 60 44401Total Project Commercial Residential of Res TPC Per Res Unit Per Res SF

Sources

LI Housing Tax Credit equity (LIHTC)$0970TC 7345337 0 7345337 28 122422 165

First Housing Permanent Loan 2600000 0 2600000 10 43333 59

Deferred Developer Fee 350000 0 350000 1 5833 8

Pdx Housing Bureau TIF Loan 6000000 0 6000000 23 100000 135

Home Forward Cash (Loan or Equity) 3617518 0 3617518 14 60292 81

Home Forward Cash (at conversion) 1000000 0 1000000 4 16667 23

State of Oregon (Donated to Home Forward) 2000000 0 2000000 8 33333 45

Fundraising Loans (Donated to Home Forward) 3504582 0 3504582 13 58410 79

System Development Charge Waivers 0 0 0 0 0 0

Class C Investor TomKat Foundation 1715000 1715000

Construction Loan Office-Retail 11802000 11802000

Commerical Equity Office-Retail 6771098 6771098

Total Sources 46705535 20288098 26417437 100 440291 595

Uses

Acquisition Costs 5300000 3149000 2151000 8 35850 48

Construction Costs 31926489 13674339 18252150 69 304203 411

Development Costs 1548817 1135055 413762 2 6896 9

General Fees 5764068 1562224 4201844 16 70031 95

Construction Loan CostsFees 598056 313455 284601 1 4743 6

Bridge Loan Fees 0 0 0 0 0 0

Permanent Loan Fees 0 0 0 0 0 0

Tax Credit Fees 132379 0 132379 1 2206 3

Bond Issuance Fees 87500 0 87500 0 1458 2

Interest 963799 349626 614173 2 10236 14

ReservesContingency 384427 104399 280028 1 4667 6

Total Uses 46705535 20288098 26417437 100 440291 595

Surplus or (Gap) 0 (0) 0 0 0 0

Framework Proforma Short OWCB 09-15 2017-06-28 R2 - S and UPrinted 7102017

of 4

Framework Tall Wood Building 11 Stories 60 units 4 TC

SOURCES AND USES OF FUNDS OPERATING EXPENSE ASSUMPTIONS

Sources of Funds Amort Term Type Amount Rate $Unit Start DateNo Pmts

1st YrMnthly

Pmt Annual Pmt CF Pmt PUM PUPY TotalLI Housing Tax Credit equity (LIHTC) 7345337 122422 28 Insurance 25 300 18000First Housing Permanent Loan 35 18 Amort 2600000 495 43333 10 912019 4 13039 156469 UtilitiesDeferred Developer Fee 10 10 CF 350000 000 5833 1 912019 4 - - 100 Gasoil 9 108 6500Pdx Housing Bureau TIF Loan 35 35 CF 6000000 000 100000 23 912019 4 - - 50 Electric (residential) 0 0 0Home Forward Cash (Loan or Equity)35 35 CF 3617518 000 60292 14 912019 4 - - 100 Electric (common areas multi-use) 19 233 14000Home Forward Cash (at conversion) 0 35 CF 1000000 000 16667 4 Water amp sewer (common) 49 583 35000State of Oregon (Donated to Home Forward) 2000000 000 33333 8 Water amp sewer (tenant) 0 0 0Fundraising Loans (Donated to Home Forward) 3504582 000 58410 13 Garbage removal 10 125 7500System Development Charge Waivers - 000 - Cable TV Internet Connection Fee 0 0 0 Total Sources 26417437 440291 100 DCR Goal 125x Repairs amp general maintenance 49 582 34920 Total Uses of Funds 26417437 440291 100 Minimum NOI after Reserves 195949 Contracts 0 0 0 +Surplus-Gap 0 0 Maximum perm loan amount 2600828 Landscape Maintenance 0 0 0

Elevator 0 0 0RESIDENTIAL RENTAL UNITS Security 0 0 0

Net LIHTC LIHTC Oper Rental Income Comparative Rent Measurements 2017 Internet Connection Fee 0 0 0Square Unit Rent Subs Gross Utility Net Total FMR Tax PBSec8 Net AMI Property management 0 0 0

Description Feet 1=Y Restr Type Units Rent Allow Rent Annual Rent Credit Pmt Std Mkt 74700 Payroll - Admin (On-site) 58 700 420000BR Studios 383 1 60 NA 40 784 50 734 352488 946 784 1045 78 60 Payroll - Maintenance (On-site) 71 850 510001BR 562 1 60 NA 10 840 64 776 93165 1050 840 1204 74 60 Property management central (Off-site) 40 484 290402BR 660 1 60 NA 10 1008 78 930 111654 1242 1008 1395 75 60 Professional services 0 0 0 Total 27540 60 557307 Resident self sufficiency costs 0 0 0

Legal 0 0 0RESIDENTIAL CONSTRUCTION LEASE-UP AND TAX CREDIT DELIVERY Accounting-Audit 10 125 7500

Completion Initial Lease up Tax Credit Delivery Annual Tax Credit Delivery 0 0 0 0Month Date 2019 Date 2020 2019 2020 2019 2020 Year TC Delivery OHCS fees LIHTC Compl Fees ($35Unit) 3 35 2100

January 2 60 0 15 0 0 0 1 2019 662661 Tax credit compliance contract 0 0 0February 15 0 30 0 2 2020 757327 Tenant screening 0 0 0

March 15 0 15 0 3 2021 757327 Office amp Administration (Incl Annual Licenses amp Fees)19 227 13620April 15 0 15 0 4 2022 757327 Advertising marketing amp promotion 0 0 0May 0 0 0 0 5 2023 757327 Unit turnover 15 180 10800

June 0 0 0 0 6 2024 757327 Real estate taxes PILOT 0 0 0July 0 0 0 0 7 2025 757327 CondoHOA CAM Charges 25 300 18000

August 0 0 0 0 8 2026 757327 Bond Trustee or OAHTC fees 0 0 0September 0 0 0 0 9 2027 757327 Investor services fee 7 83 5000

October 0 0 0 0 10 2028 757327 GP Management Fee 17 200 12000November 0 0 0 0 11 2029 94666 Total (not including replacement reserve) 426 5116 306980December 0 0 0 0 12 2030 0Total Units 60 0 60 0 60 0 Total 7573270 Replacement Reserve 25 300 18000

Total Unit-Months 720 720 630 720 615 720 100 Total (including replacement reserve) 451 5416 324980100 100 88 100 85 100

Operating Expenses 4833 289980UTILITY ALLOWANCE AND RENT TABLE Replacement Reserve 300 18000

Unit Size Utility FMR PBS8 Tax Credit Rents GP Management Fee 200 12000Size Factor Allow Rent Pmt Std 60 55 50 45 40 35 30 25 20 15 Investor services fee 83 5000

0 070 50 946 1045 784 719 654 588 523 458 392 326 261 1961 075 64 1050 1204 840 770 700 630 560 490 419 350 280 210 Operating Deficit Reserve 03 mos 812452 090 78 1242 1395 1008 924 840 756 672 587 503 419 336 252 Debt Service 03 mos 39117

Framework Proforma Short OWCB 09-15 2017-06-28 Sources and OperationsPrinted 7102017

Page 2 of 4


DEVELOPMENT BUDGETCurrent Projected in TC FYI PU Current Projected in TC FYI PU Current TC FYI PU

Item Cost TC Basis Basis 60 Item Cost TC Basis Basis 60 Item Cost Basis 60Acquisition Costs General Fees continued Total Project Budget 26417437 440291

Purchase Price Appraisals 6000 6000 100 100 Total Basis Eligible Costs 23446656 390778 Land Air Rights Lease 2151000 0 0 35850 Special InspectionsTesting 48000 48000 100 800 Improvements 0 0 0 0 Developer Fee 2428778 2428778 100 40480 Inflation Factor and Period 00 00 year(s)Liens and Other Taxes 0 0 0 0 Consultant Fee 492222 492222 100 8204 Inflated Total Project Budget 26417437 440291ClosingRecording 0 0 0 0 Lock Rate Fee 0 0 0 0 Inflated Total Basis Eligible Costs 23446656 390778Extension Fees 0 0 0 0 Project Management Fee 0 0 0 0Other 0 0 0 0 Other Sustainability 3000 3000 100 50 FYI OHCS Category Subtotals

Construction Costs Construction Loan CostsFees Acquisition Costs 2151000 0 35850Off-site Work 0 0 0 0 Lender Inspection Fees 13900 13900 100 232 Construction Costs 18252150 18252150 304203On-site Work 0 0 0 0 Lender Title Insurance 87627 87627 100 1460 Development Costs 413762 353762 6896Hazardous Materials Abatement 0 0 100 0 Lender Legal Fees 57500 0 0 958 General Fees 4201844 4201844 70031Demolition 0 0 0 0 Loan Fees 116886 0 0 1948 Construction Loan CostsFees 284601 101527 4743Residential Building 14831034 14831034 100 247184 Loan Closing Fees 8688 0 0 145 Bridge Loan Fees 0 0 0Commercial Spaces 0 0 100 0 Property Taxes (Construction Period) 0 0 0 0 Permanent Loan Fees 0 0 0Signage 21000 21000 100 350 Insurance 0 0 0 0 Tax Credit Fees 132379 92379 2206Landscaping FF amp E 24000 24000 100 400 Bridge Loan Fees Bond Issuance Fees 87500 0 1458Apartment FF amp E and Appliances 118000 118000 100 1967 Bridge Loan Legal 0 0 0 0 Interest 614173 272966 10236Office TI 0 0 100 0 Bridge Loan Trustee 0 0 0 0 ReservesContingency 280028 172028 4667Landscaping 0 0 100 0 Bridge Loan Underwriting 0 0 0 0 Total Development Costs and Basis 26417437 23446656 440291General Conditions 1194483 1194483 100 19908 Permanent Loan FeesContractor Liability Insurance 0 0 100 0 Perm Loan Fee 0 0 0 0 TAX CREDIT CALCULATIONSContractor Overhead 895862 895862 100 14931 Perm Loan Closing Fees 0 0 0 0 Eligible basis 23446656Contractor Profit 298621 298621 100 4977 Perm Lender Title Insurance 0 0 0 0 Less portion of fedl grant used to finance qual devlContingency 869150 869150 100 14486 Perm Lender Legal Fees 0 0 0 0 Less amounts of nonqualified nonrecourse financing FFampE (Common Area Furnishings) 0 0 100 0 Tax Credit Fees Less nonqualifying costs or units of higher quality Performance amp Payment Bonds 0 0 100 0 Tax Credit Fees 92379 92379 100 1540 Less Section 48 Rehabilitation Tax Credit All Risk (Builders) Insurance 0 0 100 0 Tax Credit Equity Investor Fees 0 0 0 0 Less Historic Tax Credit (Residential Portion Only)

Development Costs Tax Credit LegalAdvisor Fee 40000 0 0 667 Total Eligible Basis 23446656Land Use Approvals 0 0 100 0 Bond Issuance Fees (Change to 130 if high cost or QCT) 100Building PermitsFees 198000 198000 100 3300 Cost of Bond Issuance 12500 0 0 208 Adjusted Eligible Basis 23446656System Development Charges 0 0 0 0 Bond Counsel 75000 0 0 1250 Multiplied by the applicable fraction 100Market Study 10000 10000 100 167 Bond Cost Certification 0 0 0 0 Total Qualified Basis 23446656Environmental Report 6000 6000 100 100 Other Underwriting 0 0 0 0 Multiplied by the applicable Jun-17 (4) 323Lead Asbestos Haz-mat Reports 0 0 100 0 Interest Total Amount Of Tax Credit Allowable 757327Other Reports 0 0 100 0 Construction Period 272966 272966 100 4549 Total Amount Of Tax Credit Requested 757327Soils Report (Geotechnical) 9300 9300 100 155 Bridge Loan 0 0 0 0 Total Tax Credits for 10 Years 7573270Survey 21000 21000 100 350 Interest Post Construction - Conversion341207 0 0 5687 Tax Credit Yield 09700Signage 0 0 100 0 Misc development period interest 0 0 100 0 Tax Credit Equity 7346072Insurance - Construction Period 109462 109462 100 1824 ReservesContingency Percentage of Limited Partnership proceeds 9999Leasing Fees Office and Retail 0 0 100 0 Lease UpOperating Working Capital 0 0 0 0 Net Tax Credit Investor Proceeds 7345337MarketingAdvertising 60000 0 0 1000 Development (Soft Cost) Contingency172028 172028 100 2867

General Fees Tenant Relocation 0 0 0 0 Excess Tax Credit Basis 0Architectural 1010944 1010944 100 16849 Deposit to Replacement Reserves 0 0 0 0 Change in Equity for $01 change in TC price 75733SPD Architectural Review Fee 0 0 0 0 Operating Deficit Reserves 108000 0 0 1800Engineering 0 0 100 0 Operating Subsidy Reserves 0 0 0 0LegalAccounting 212900 212900 100 3548 Other 0 0 0 0Cost Certification (10 Bonds amp Final) 0 0 100 0 Other 0 0 0 0

Framework Proforma Short OWCB 09-15 2017-06-28 Uses and Tax CreditsPrinted 7102017

Page 3 of 4


OPERATING PROFORMAMonthsYear 4 12 12 12 12 12 12 12 12 12 12 12 12 12 12Cummulative Month Count 4 16 28 40 52 64 76 88 100 112 124 136 148 160 172Year Count Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033

InflationGross Rent Revenue 2 487644 568453 579822 591419 603247 615312 627618 640171 652974 666033 679354 692941 706800 720936 735355Ancillary Income 2790 2441 2846 2903 2961 3020 3080 3142 3205 3269 3334 3401 3469 3538 3609 3681Gross Potential Residential Income 490085 571299 582725 594379 606267 618392 630760 643375 656243 669368 682755 696410 710338 724545 739036VacancyCollection Loss 7 -34306 -39991 -40791 -41607 -42439 -43287 -44153 -45036 -45937 -46856 -47793 -48749 -49724 -50718 -51733Effective Gross Housing Income 455779 531308 541934 552773 563828 575105 586607 598339 610306 622512 634962 647662 660615 673827 687304

Inflation Operating Expenses 3 268608 316189 325675 335445 345509 355874 366550 377547 388873 400539 412555 424932 437680 450810 464335Replacement Reserve 15750 16223 16709 17210 17727 18259 18806 19371 19952 20550 21167 21802 22456 23129 23823Total Housing Expenses 284358 332412 342384 352656 363235 374133 385356 396917 408825 421089 433722 446734 460136 473940 488158

Net Operating Income 171421 198896 199550 200117 200593 200972 201250 201422 201481 201423 201240 200928 200479 199887 199145

DEBT PROJECTIONSFirst Housing Permanent Loan Interest Accrued 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest-Paid 495 -707582 89589 86202 82644 78906 74978 70852 66516 61961 57175 52147 46864 41314 35483 29356 Principal Paid 6522186 759739 66880 70267 73825 77563 81491 85617 89953 94508 99294 104322 109605 115155 120986 127113Total Payment 13039 Monthly PMT 52156 156469 156469 156469 156469 156469 156469 156469 156469 156469 156469 156469 156469 156469 156469 Loan Balance 2600000 1840261 1773381 1703115 1629290 1551727 1470236 1384618 1294665 1200157 1100863 996541 886936 771781 650795 523682

DSC Ratio-1st Mortgage 329 127 128 128 128 128 129 129 129 129 129 128 128 128 127Cashflow after DS 119265 42427 43081 43648 44124 44503 44781 44953 45012 44954 44771 44459 44010 43418 42676

Deferred Developer Fee Interest Accrued 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest-Paid 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Principal Paid 350000 119265 42427 43081 43648 44124 44503 12952 0 0 0 0 0 0 0 0Total Payment 100 CF Pmt 119265 42427 43081 43648 44124 44503 12952 0 0 0 0 0 0 0 0 Loan Balance 350000 230735 188308 145227 101579 57455 12952 0 0 0 0 0 0 0 0 0


Pdx Housing Bureau TIF Loan Interest Accrued 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest-Paid 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Principal Paid 407353 0 0 0 0 0 0 15915 22476 22506 22477 22386 22229 22005 21709 21338Total Payment 50 CF Pmt 0 0 0 0 0 0 15915 22476 22506 22477 22386 22229 22005 21709 21338 Loan Balance 6000000 6000000 6000000 6000000 6000000 6000000 6000000 5984085 5961609 5939103 5916626 5894240 5872011 5850006 5828297 5806959


Home Forward Cash (Loan or Equity) Interest Accrued 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest-Paid 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Principal Paid 407353 0 0 0 0 0 0 15915 22476 22506 22477 22386 22229 22005 21709 21338Total Payment 100 CF Pmt 0 0 0 0 0 0 15915 22476 22506 22477 22386 22229 22005 21709 21338 Loan Balance 3617518 3617518 3617518 3617518 3617518 3617518 3617518 3601603 3579127 3556621 3534144 3511758 3489529 3467524 3445815 3424477


HDevAssetGroupPROPERTIESFramework07 Finance amp Legal01 Development Budgets01 Proformas amp CashflowFramework Proforma Short OWCB 09-15 2017-06-28 Residential Cash Flow4 of 4

7102017

Framework RFP 0916-321 Exhibit 6 Page 1 of 58



























































REQUEST FOR PROPOSALS

RFP NO 0617-337

Low Income Housing Tax Credit InvestorLimited Partner for the

Framework Mixed-Use Building (Housing Component Only)

To Prospective InvestorsLimited Partners

Subject Request for Proposals for a Low Income Housing Tax Credit

InvestorLimited Partner for the Framework Mixed-Use Building

(Housing Component Only)

Issue Date July 10 2017

Due Date August 4 2017 300 PM PDT

Proposals will be accepted via email only

RFP Contact Theresa Auld

Finance Manager

Home Forward

135 SW Ash Street 5th Floor

Portland OR 97204

Tel 503-802-8319

Fax 503-802-8579

theresaauldhomeforwardorg

Pre-Proposal Teleconference July 18 2017 1000 AM PDT


Passcode 1665171

Participation is optional

Document Availability Hard copies of the RFP and all associated documents will be available

beginning July 11 2017 from 830 AM to 430 PM PDT from Home

Forwardrsquos Procurement Department at 135 SW Ash Street 5th Floor

Portland OR 97204

Electronic copy of the RFP and all associated documents may also be

obtained by sending an email request to the RFP Contact


TABLE OF CONTENTS


A Executive Summary


II FRAMEWORK

A Development Team

B Banking Entities









V EXHIBITS









A Executive Summary


















to B-corps














of 2017













related costs


II FRAMEWORK

A Development Team










Background























DEVELOPMENT NAME

LOCATION

POPULATION

SERVED

QTY UNITS

OTHER USES

COST

FUNDING


Portland OR

30 and 60 MFI 106 $232M

LIHTC TIF PBV


Portland OR

0 to 60 MFI 655

$1247M

LIHTC PBV


Portland OR

0 to 60 MFI 122

Head Start

$495M

LIHTC NMTC

Humboldt Gardens

Portland OR

0 to 60 MFI 130 $351M

LIHTC TIF











Financial Strength















Background














Portland OR

0 to 60 MFI 314 $39M

LIHTC TIF PBV


Portland OR


Treatment center

$11M

LIHTC PBV

Bud Clark Commons

Portland OR

0 to 30 MFI


130

Shelter Day Center

$43M

LIHTC TIF PBV


Portland OR

0 to 60 MFI 108 $179M

LIHTC PBV






























DEVELOPMENT NAME

LOCATION

POPULATION

SERVED

QTY UNITS

OTHER USES

COST

FUNDING

K14

Eugene OR


ArtHouse

Portland OR


Retail

$117M

Skybox

Eugene OR


Retail

$170M

The Emery

Portland OR


Retail

$212M

Treehouse

Portland OR


medical campus

69 units

Retail

$128M

Courtside

Eugene OR


Retail

$110M

The Union

Corvallis OR






















bank condo

Wood Building LLC





during construction





Mass Timber






















Program






building utilities






(MFI)


























change





Total Costs $46705534 26417437

57 of total

20288098

43 of total


Revenues



$784 = studio

$840 = one-bedroom

$1008 = two-bedroom



Expenses











subject to change



























Conversion 102019







A Pay-In Amount












C Pay-In Schedule











D Adjusters



E Fees and Expenses
















G Reserves




or refinancing







H Cash Flow
































compliance period











provisions if any
















O Investor Counsel



development









be reviewed




















3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















of 4









Page 3 of 4















7102017




























































TABLE OF CONTENTS


A Executive Summary


II FRAMEWORK

A Development Team

B Banking Entities









V EXHIBITS









A Executive Summary


















to B-corps














of 2017













related costs


II FRAMEWORK

A Development Team










Background























DEVELOPMENT NAME

LOCATION

POPULATION

SERVED

QTY UNITS

OTHER USES

COST

FUNDING


Portland OR

30 and 60 MFI 106 $232M

LIHTC TIF PBV


Portland OR

0 to 60 MFI 655

$1247M

LIHTC PBV


Portland OR

0 to 60 MFI 122

Head Start

$495M

LIHTC NMTC

Humboldt Gardens

Portland OR

0 to 60 MFI 130 $351M

LIHTC TIF











Financial Strength















Background














Portland OR

0 to 60 MFI 314 $39M

LIHTC TIF PBV


Portland OR


Treatment center

$11M

LIHTC PBV

Bud Clark Commons

Portland OR

0 to 30 MFI


130

Shelter Day Center

$43M

LIHTC TIF PBV


Portland OR

0 to 60 MFI 108 $179M

LIHTC PBV






























DEVELOPMENT NAME

LOCATION

POPULATION

SERVED

QTY UNITS

OTHER USES

COST

FUNDING

K14

Eugene OR


ArtHouse

Portland OR


Retail

$117M

Skybox

Eugene OR


Retail

$170M

The Emery

Portland OR


Retail

$212M

Treehouse

Portland OR


medical campus

69 units

Retail

$128M

Courtside

Eugene OR


Retail

$110M

The Union

Corvallis OR






















bank condo

Wood Building LLC





during construction





Mass Timber






















Program






building utilities






(MFI)


























change





Total Costs $46705534 26417437

57 of total

20288098

43 of total


Revenues



$784 = studio

$840 = one-bedroom

$1008 = two-bedroom



Expenses











subject to change



























Conversion 102019







A Pay-In Amount












C Pay-In Schedule











D Adjusters



E Fees and Expenses
















G Reserves




or refinancing







H Cash Flow
































compliance period











provisions if any
















O Investor Counsel



development









be reviewed




















3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









of 4















7102017





























































A Executive Summary


















to B-corps














of 2017













related costs


II FRAMEWORK

A Development Team










Background























DEVELOPMENT NAME

LOCATION

POPULATION

SERVED

QTY UNITS

OTHER USES

COST

FUNDING


Portland OR

30 and 60 MFI 106 $232M

LIHTC TIF PBV


Portland OR

0 to 60 MFI 655

$1247M

LIHTC PBV


Portland OR

0 to 60 MFI 122

Head Start

$495M

LIHTC NMTC

Humboldt Gardens

Portland OR

0 to 60 MFI 130 $351M

LIHTC TIF











Financial Strength















Background














Portland OR

0 to 60 MFI 314 $39M

LIHTC TIF PBV


Portland OR


Treatment center

$11M

LIHTC PBV

Bud Clark Commons

Portland OR

0 to 30 MFI


130

Shelter Day Center

$43M

LIHTC TIF PBV


Portland OR

0 to 60 MFI 108 $179M

LIHTC PBV






























DEVELOPMENT NAME

LOCATION

POPULATION

SERVED

QTY UNITS

OTHER USES

COST

FUNDING

K14

Eugene OR


ArtHouse

Portland OR


Retail

$117M

Skybox

Eugene OR


Retail

$170M

The Emery

Portland OR


Retail

$212M

Treehouse

Portland OR


medical campus

69 units

Retail

$128M

Courtside

Eugene OR


Retail

$110M

The Union

Corvallis OR






















bank condo

Wood Building LLC





during construction





Mass Timber






















Program






building utilities






(MFI)


























change





Total Costs $46705534 26417437

57 of total

20288098

43 of total


Revenues



$784 = studio

$840 = one-bedroom

$1008 = two-bedroom



Expenses











subject to change



























Conversion 102019







A Pay-In Amount












C Pay-In Schedule











D Adjusters



E Fees and Expenses
















G Reserves




or refinancing







H Cash Flow
































compliance period











provisions if any
















O Investor Counsel



development









be reviewed




















3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017




Framework RFP 0916-321 Exhibit 6 of 58
























































II FRAMEWORK

A Development Team










Background























DEVELOPMENT NAME

LOCATION

POPULATION

SERVED

QTY UNITS

OTHER USES

COST

FUNDING


Portland OR

30 and 60 MFI 106 $232M

LIHTC TIF PBV


Portland OR

0 to 60 MFI 655

$1247M

LIHTC PBV


Portland OR

0 to 60 MFI 122

Head Start

$495M

LIHTC NMTC

Humboldt Gardens

Portland OR

0 to 60 MFI 130 $351M

LIHTC TIF











Financial Strength















Background














Portland OR

0 to 60 MFI 314 $39M

LIHTC TIF PBV


Portland OR


Treatment center

$11M

LIHTC PBV

Bud Clark Commons

Portland OR

0 to 30 MFI


130

Shelter Day Center

$43M

LIHTC TIF PBV


Portland OR

0 to 60 MFI 108 $179M

LIHTC PBV






























DEVELOPMENT NAME

LOCATION

POPULATION

SERVED

QTY UNITS

OTHER USES

COST

FUNDING

K14

Eugene OR


ArtHouse

Portland OR


Retail

$117M

Skybox

Eugene OR


Retail

$170M

The Emery

Portland OR


Retail

$212M

Treehouse

Portland OR


medical campus

69 units

Retail

$128M

Courtside

Eugene OR


Retail

$110M

The Union

Corvallis OR






















bank condo

Wood Building LLC





during construction





Mass Timber






















Program






building utilities






(MFI)


























change





Total Costs $46705534 26417437

57 of total

20288098

43 of total


Revenues



$784 = studio

$840 = one-bedroom

$1008 = two-bedroom



Expenses











subject to change



























Conversion 102019







A Pay-In Amount












C Pay-In Schedule











D Adjusters



E Fees and Expenses
















G Reserves




or refinancing







H Cash Flow
































compliance period











provisions if any
















O Investor Counsel



development









be reviewed




















3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017





































































Financial Strength















Background














Portland OR

0 to 60 MFI 314 $39M

LIHTC TIF PBV


Portland OR


Treatment center

$11M

LIHTC PBV

Bud Clark Commons

Portland OR

0 to 30 MFI


130

Shelter Day Center

$43M

LIHTC TIF PBV


Portland OR

0 to 60 MFI 108 $179M

LIHTC PBV






























DEVELOPMENT NAME

LOCATION

POPULATION

SERVED

QTY UNITS

OTHER USES

COST

FUNDING

K14

Eugene OR


ArtHouse

Portland OR


Retail

$117M

Skybox

Eugene OR


Retail

$170M

The Emery

Portland OR


Retail

$212M

Treehouse

Portland OR


medical campus

69 units

Retail

$128M

Courtside

Eugene OR


Retail

$110M

The Union

Corvallis OR






















bank condo

Wood Building LLC





during construction





Mass Timber






















Program






building utilities






(MFI)


























change





Total Costs $46705534 26417437

57 of total

20288098

43 of total


Revenues



$784 = studio

$840 = one-bedroom

$1008 = two-bedroom



Expenses











subject to change



























Conversion 102019







A Pay-In Amount












C Pay-In Schedule











D Adjusters



E Fees and Expenses
















G Reserves




or refinancing







H Cash Flow
































compliance period











provisions if any
















O Investor Counsel



development









be reviewed




















3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017
























































































DEVELOPMENT NAME

LOCATION

POPULATION

SERVED

QTY UNITS

OTHER USES

COST

FUNDING

K14

Eugene OR


ArtHouse

Portland OR


Retail

$117M

Skybox

Eugene OR


Retail

$170M

The Emery

Portland OR


Retail

$212M

Treehouse

Portland OR


medical campus

69 units

Retail

$128M

Courtside

Eugene OR


Retail

$110M

The Union

Corvallis OR






















bank condo

Wood Building LLC





during construction





Mass Timber






















Program






building utilities






(MFI)


























change





Total Costs $46705534 26417437

57 of total

20288098

43 of total


Revenues



$784 = studio

$840 = one-bedroom

$1008 = two-bedroom



Expenses











subject to change



























Conversion 102019







A Pay-In Amount












C Pay-In Schedule











D Adjusters



E Fees and Expenses
















G Reserves




or refinancing







H Cash Flow
































compliance period











provisions if any
















O Investor Counsel



development









be reviewed




















3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017















































































bank condo

Wood Building LLC





during construction





Mass Timber






















Program






building utilities






(MFI)


























change





Total Costs $46705534 26417437

57 of total

20288098

43 of total


Revenues



$784 = studio

$840 = one-bedroom

$1008 = two-bedroom



Expenses











subject to change



























Conversion 102019







A Pay-In Amount












C Pay-In Schedule











D Adjusters



E Fees and Expenses
















G Reserves




or refinancing







H Cash Flow
































compliance period











provisions if any
















O Investor Counsel



development









be reviewed




















3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017







































































Program






building utilities






(MFI)


























change





Total Costs $46705534 26417437

57 of total

20288098

43 of total


Revenues



$784 = studio

$840 = one-bedroom

$1008 = two-bedroom



Expenses











subject to change



























Conversion 102019







A Pay-In Amount












C Pay-In Schedule











D Adjusters



E Fees and Expenses
















G Reserves




or refinancing







H Cash Flow
































compliance period











provisions if any
















O Investor Counsel



development









be reviewed




















3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017






























































change





Total Costs $46705534 26417437

57 of total

20288098

43 of total


Revenues



$784 = studio

$840 = one-bedroom

$1008 = two-bedroom



Expenses











subject to change



























Conversion 102019







A Pay-In Amount












C Pay-In Schedule











D Adjusters



E Fees and Expenses
















G Reserves




or refinancing







H Cash Flow
































compliance period











provisions if any
















O Investor Counsel



development









be reviewed




















3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017

















































































Conversion 102019







A Pay-In Amount












C Pay-In Schedule











D Adjusters



E Fees and Expenses
















G Reserves




or refinancing







H Cash Flow
































compliance period











provisions if any
















O Investor Counsel



development









be reviewed




















3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017

































































A Pay-In Amount












C Pay-In Schedule











D Adjusters



E Fees and Expenses
















G Reserves




or refinancing







H Cash Flow
































compliance period











provisions if any
















O Investor Counsel



development









be reviewed




















3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017































































G Reserves




or refinancing







H Cash Flow
































compliance period











provisions if any
















O Investor Counsel



development









be reviewed




















3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017






























































compliance period











provisions if any
















O Investor Counsel



development









be reviewed




















3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017













































































3 Required Forms










written addendum



addenda




be binding





E Cost of Proposals










cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017































































cancellation











H Late Proposals






firmrsquos proposal

J Solicitor Options











































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017














































































Criteria Points




50






20





20

4 Experience





10

Total 100




























of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017


















































































of time





























from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017






























































from the schedule

Activity Date




Passcode 1665171

07182017

1000 AM PDT


1000 AM PDT



300 PM PDT



discretion)

08152017



08232017

400 PM PDT



V EXHIBITS






ndash END ndash



End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017





























































End Exhibit 1









Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017



































































Contact _________________________________________________

Phone __________________________

Fax ___________________________

Email___________________________










Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017



























































Framework


Sources













Total Sources 46705535 20288098 26417437 100 440291 595

Uses




General Fees 5764068 1562224 4201844 16 70031 95




Tax Credit Fees 132379 0 132379 1 2206 3


Interest 963799 349626 614173 2 10236 14


Total Uses 46705535 20288098 26417437 100 440291 595



Page 1 of 4




1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017






























































1st YrMnthly

















Page 2 of 4









Page 3 of 4















7102017



































































Page 3 of 4















7102017









































































7102017

























































