Preservation Case Study Section 8 Pool Table of Contents Section - PowerPoint PPT Presentation

Preservation Case Study Section 8 Pool

Table of Contents Section Page Number I. Property List 3 II. Property Map and Pictures 4 III. Timeline 6 IV. Sources and Uses 7 V. Key Deal Participants 8 2

I. Property List Name Location Units Donna Village Donna, TX 58 Falfurrias Village Falfurrias, TX 50 Rio Honda Rio Hondo, TX 50 Decatur Meadows Decatur , MS 44 Fieldcrest Apts Waynesboro, MS 60 Oakland City Atlanta, GA 111 Westgate Garden City, GA 94 Swift Creek Apts Hartsville, SC 72 Druid Hills Walterboro, SC 80 Kalmia Graniteville, SC 96 Yadkin House Salisbury, NC 67 California Square II Louisville, KY 48 Portland Plaza Louisville, KY 71 Total Units: 901 3

II. Property Map 4

Property Photos 5

III. Financing Timeline Date Activity 8-9-12 Submit Bond Application to PFA 8-15-12 Issuer inducement 8-28-12 Receive Engagement Letter and SEC 17g-5 Letter from S&P September / October Publish TEFRA Notices & hold TEFRA Hearings 9-12-12 Submit Initial Rating Package to S&P 10-10-12 & 10-11-2012 S&P site Visit 11-7-12 Final Issuer Approval 11-14-12 Approved TEFRAs with Signatures 11-15-12 HUD Assignment of HAP Contract 11-16-12 Receive Rating From S&P 11-16-12 Print and mail POS 11-27-12 Bond Pricing 12-11-12 Pre-closing 6 12-13-12 Closing

IV. Sources and Uses – CHG Section 8 Pool SOURCES Senior Bonds - Series 2012 A $ 24,180,000.00 Senior Bonds - Series 2012 A-T 2,000,000.00 Original Issue Discount (745,400.00) Prior Owner’s Property Reserves 1,150,000.00 Accrued Interest - Total $ 26,584,600.00 USES Acquisition Price $ 18,406,031.00 Debt Service Reserve Fund 758,000.00 Renovations 4,624,799.00 Initial Deposit to Replacement Reserves 262,110.00 Real Estate Reserves and Start-up Costs 892,759.00 Bond Cost of Issuance 1,104,110.00 Real Estate Costs 536,791.00 Surplus / (Deficit) - Total $ 26,584,600.00 7

V. Key Deal Participants Dan Dill Chris Porter Senior Vice President Principal Dan.dill@merchantcapital.com cporter@integraprop.com John Peck Peter Canzano Partner Partner jpeck@peckshaffer.com pcanzanp@sidley.com James Hamill Program Manager jhamill@pfauthority.org 8

Property Map 9