BOARD AGENDA
• INTRODUCTION
• COMMISSIONER INTRODUCTION
• IMPACT OF PARTIAL GOV’T SHUTDOWN
• 2019 RENTAL ASSISTANCE UPDATE
• ENVISION RECAPITALIZATION UPDATE
• FINANCING THE FUTURE

 MDHA MISSION
To create quality affordable
housing opportunities, support
neighborhoods, strengthen
communities and help build a
greater Nashville.

 MDHA’S INTENT
 Preserve and grow affordable housing while caring for our

residents and improving their quality of life

 Retain and improve key community assets and existing

affordable housing

 When developing: Mixed Use; Mixed Income; Provide Equity

and Opportunity in Housing

 Maximize neighborhood potential
 Retain and improve green and open space
 Self Develop to the fullest extent possible; No public housing

land disposal; no outsourcing of current capabilities

 Use all tools available to advance Residents to self-sufficiency:

Movement To Work, Jobs Plus, Section 3…
3

 2019 Strategic Background
•

National Affordable Housing Environment
•

Divided Federal Governance

•

Federal Budget Uncertainty
•

•

Administration’s FY20 Budget due to Congress in February

Decreased HUD funding
•

2018 Section 9 Public and Indian Housing Annual Contribution Contract changes

•

HUD Office of Inspector General scrutiny of De-Federalized Fund usage for local
governance activities

•
•

Community Planning and Development Funds at risk

Aging Housing Stock
•

MDHA: 6197 apartments now
•

253 market rate; 5944 (96%) affordable/rent and income restricted/subsidy

•

2703 apartments in 6 properties over 65 years old
•

1789 in three Envision Plans; 914 in three properties remaining

 MDHA Strategic Vision (10 years)
•

Housing:
•

Maintain HUD High Performer Status & Finish RAD Portfolio Conversion

•

Moving To Work (MTW) Expansion and Conversion of $48M of Housing Voucher subsidy
•

Congressionally approved in 2016 with RAD Portfolio conversion MTW set aside

•

“Federal funds fungibility to provide:” Stable, safe mixed income apartments for those of
low income; and Opportunity with job training and wage growth
•

•

Resources: Equity capital support to financing recapitalization

RAD and Envision Recapitalization and Remediation of Concentrated Poverty
•

Grow from 6197 (96% low income apartments) to 12,495 mixed income apartments
•

6944 (80% AMI/low income); 3051 (80% - 120% AMI/workforce); 2500 market

•

9000 new mixed income apartments replacing 2702 legacy (80% AMI & below) apartments with
3702 (80% AMI & below); 3051 (80% - 120% AMI); 2247 market

•

Development: Support Housing Vision & meet program requirements

 MDHA Portfolio Plan
Complete RAD conversion of public housing to Fee Simple ownership with no debt
 MDHA $43M in equity reserve funds address Capital Needs for 40 year sustainability
 All properties recently completed a capital needs assessment (CNA) conducted by a
third party subject matter expert, Dominion Due Diligence
 $43M MDHA equity reserve funds capital repairs & reserve for repair (R4R) escrow






Each property budget makes monthly payments to R4R escrow to fund future Capital Needs

Properties converting without debt and not needing recapitalization: John Henry
Hale, Preston Taylor, Levy Place, Edgefield Manor, Hadley Park Towers, Madison
Towers, Parkway Terrace, Parthenon Towers, Vine Hill Towers, Carleen Waller, Vine
Hill Apartments
 Potential use for equity capital


John Henry Hale example: $19.3M @ 3.4% 40 year, non-recourse, HUD insured loan closed 07/20/2017



Levy Place: $2.8M proceeds from 9% LIHTC award for rehabilitation

New equity estimate from properties not needing recapitalization = $40M
 Recapitalize all aged properties through Envision Process (8 “aged” properties)




Cayce, Napier/Sudekum, Edgehill, Andrew Jackson, Cumberland, Cheatham, Neighborhood Housing (178
Duplexes/Planning TBD)

 Partial Government Shutdown
 HUD Contingency Plan and Jan 4 HUD Memo:
 Spending Authority expired December 21, 2018





PIH - Rental Assistance/Vouchers: “Payment contingent on Budget
Authority from prior appropriations and recaptures…”





MDHA received January payment of $4.2M
HUD intends to pay February if possible; no funding likely after this payment

PBRA: “activities that impact life and safety and ongoing viability of
assets… binding obligations… under terms of contracts… payment
contingent on budget authority…”




No new FHA Loan applications
Excepted and Intermittent Staff only; not more than 15% staff
 No RAD staff; limited Multifamily and PIH staffs

PRAC’s: “on an as needed basis to ensure asset viability”
 12 of 19 contracts funded in January (automated payments)
 All 2018 RAD converting contracts require HUD staff financial action
 HUD intends to pay February automated contracts

HUD CPD – MDHA Community Development: Funded to August 2018
from FY18

7

 Impact
 Now: MDHA drawing on $6M operating contingency fund in 2019

budget to cover Federal funding shortfalls


MDHA coordinating with HUD POC’s to activate 2018 RAD converted PBRA
contracts




HUD limited staff; not initially seen as safety or asset viability related

Assuming HUD funds in February as in January, MDHA operating contingency
sufficient to meet all obligations through February 28

 Future if Partial Shutdown continues past February




Voucher payments at risk
Operating Expenses at risk
MDHA reserves sufficient to cover all operating expenses, including voucher
commitments and operating expenses to end of April



No certainty of HUD reimbursement of MDHA advanced funds
Negative impact to cash/equity to close recapitalization financing and to Reserve
for Repair escrows

 Future when FY19 HUD budget is approved



1 full fiscal year of rental assistance voucher funds must be expended in 8 months
or less
HUD budget figures still uncertain; new House T-HUD budget meets Senate’s

8

 Senate 2019
2018

Trump 2019

House 2019

$22,015

$20,550

$22,477

$22,781

$19,600

$18,749

$20,107

$20,520

Administration

$1,760

$1,550

$1,800

$1,957

New Vouchers

$445

-

$330

$94

Section 8 Project-Based Rental Assistance

$11,515

$11,147

$11,747

$11,747

Public Housing

$7,300

$3,279

$7,300

$7,531

Homeless Assistance

$2,513

$2,383

$2,571

$2,612

Housing for the Elderly

$678

$601

$678

$678

Housing for People with Disabilities

$230

$140

$154

$154

Housing Opportunities for People with HIVAIDs

$375

$330

$393

$375

$1,362

-

$1,200

$1,362

Housing Choice Vouchers, total

Renewals

HOME

HUD total

$52,748

$41,423

$53,194

9

$54,049

 MDHA Rental Assistance
 The Rental Assistance Department administers the Section 8

Voucher, Moderate Rehabilitation and Shelter Plus Care programs,
federally funded rent supplement programs designed to help
families find decent, safe and sanitary housing in the private
market and to help those families with the cost of rent and
utilities.
 Under these programs the family pays between 30-40 percent of its
adjusted income or a minimum of $50.00 per month for rent and
utilities. MDHA with HUD funding pays the difference. The private
owner and renter both benefit. The owner receives fair market rent
for his/her property, and the family gets a decent, affordable place
to live.
 Property in these programs must meet local code and HUD
housing quality standards. Assisted dwelling units must pass a
Housing Quality Standards inspection conducted by MDHA. Once
the unit is approved, the Rental Assistance office executes the
Housing Assistance Payments Contract with the owner and
provides assistance on behalf of qualified families.

 MDHA Rental Assistance
7493 TOTAL VOUCHERS/OTHER
FORMS OF ASSISTANCE ALLOCATED
6646 TENANT-BASED AND
PROJECT-BASED VOUCHERS
485
TENANT-BASED VASH
VOUCHERS – HOMELESS VETERANS
32
PROJECT-BASED VASH
VOUCHERS – PATRIOT PLACE HOMELESS
VETERANS
212
SHELTER PLUS CARE –
HOMELESS INDIVIDUALS AND FAMILIES
WITH DISABILITIES
118
SINGLE ROOM OCCUPANCY
(SRO) – HOMELESS INDIVIDUALS

 MDHA Rental Assistance
Annual Rental Assistance Funding
 $46.5 million ($3,879,021 per month)

(Potentially $49.5 for 2019).
 For 2018, funded at $555 per unit. However,
actual per unit cost was around $595. This
means we are unable to support every voucher
allocated. We are currently expending all
funding utilizing 91% of our vouchers.
 $1.6 million for 212 Shelter Plus Care Vouchers
 $865,000 for 118 SRO units

Total Potential Annual Funding for 2019
$51.9 million per year.

 MDHA Rental Assistance
Administrative Budget
 Administrative salaries and all other associated costs for

program operations are supported by administrative fees earned
or allowed under each funding source.
 Under HCV, we earn fees based on the number of voucher
families under contract on the first fay of each month, or leaseup rate. The fees currently earned are prorated at 80% of what
we are eligible for based on our lease-up rate. We currently
earn fees of about $350,733 per month for HCV.
 Under the SRO and Shelter Plus Care programs, we charge
administrative fees in the amount of 6% of annual funding to
supplement the costs to administer those programs.
 We receive a Family Self-Sufficiency grant to support two fulltime FSS Coordinator positions.
Total Administrative Budget - $4.5 million

 MDHA Rental Assistance
Program Utilization
 In order to fully utilize funding, there are several factors that must be

considered on an ongoing basis. Primarily:
 Response rate to waiting list selections – anywhere from 60-80%;
 Number of vouchers to be issued based on the number selected;
 Success rate of the new vouchers issued - currently between 55% and
60% - was 50% or less for the last 18 months;
 When a new voucher is leased – because of the market in Nashville,
we previously issued new vouchers with a 120-day term. Since
resuming issuing vouchers in July, all vouchers are issued with a 60
day term, but families remain eligible for an extension. A twelve
month average shows that about 20% of new vouchers will lease in
first 30 days, 25% in 31-60 days, 20% in 61-90 days, 14% in 91-120
days; and about 20% beyond 120 days;
 Number of terminations each month – currently 10.6% or between
60-70 per month

 MDHA Rental Assistance
Program Utilization (cont’d)
Taking the above into consideration, we plan activity on a monthly
basis – the number needed be selected from the waiting list in order
to obtain a certain number of eligibility determinations, in order to
determine the number of vouchers needing to be issued, in order to
obtain number of lease ups, in order to fully utilize funding.
HUD has developed an automated Two-Year Tool that takes these
data points into consideration for PHAs to use to track and plan for
funding utilization. The tool is pre-loaded with the anticipated
funding for each PHA and previous months activity to reflect actual
costs and trends. PHAs can then plug in a number of vouchers to be
issued each month and the tool will calculate anticipated
expenditures for the months remaining in the 24 month period. An
example of the tool follows.

 MDHA Rental Assistance
Utilization Report:
Fals
e
Fals
e
Fals
e

PHA Name

Metropolitan Development & Housing Agency

PHA Number

False

UtilizationReport

Two-Year Tool Guide

**This PHA has PBV activity. Please see the comments
section.**

TN005

Funding
Proration/Offset
Levels

ACC/Funding Information

Leasing and Spending Outcomes:
Current and Following Year Projections

Program Projection Variables

Annual
Turnover Rate

ACC

Current Year
(2018)

Year 2
(2019)

Year 3
(2020)

Beginning ACC Vouchers

7,016

7,033

7,033

Year 2 (2019) Rebenchmark

100.0%

Funding Components

Current Year
(2018)

Year 2
(2019)

Year 3
(2020)

Year 3 (2020) Rebenchmark

100.0%

Initial BA Funding
(net offset)

$45,153,969

$49,377,483

$48,977,361

Year 2 (2019) % 'Excess'
Reserves Offset

0.0%

% leased in 30 days

18%

*NOT FINAL* Inflation
Estimate

Offset of HAP Reserves

$0

$0

$0

Year 3 (2020) % 'Excess'
Reserves Offset

0.0%

% leased in 30 to 60 days

40%

7.9%

Set Aside Funding

$622

$0

% leased in 60 to 90 days

38%

Projected 12/31 Total HAP
Reserves

-$19,313

$488,081

New ACC Units Funding

$7,408

$87,959

$0

Year 1 (2018)

80.0%

% leased in 90 to 120 days

4%

HAP Reserves as % of ABA
(Start: 0.9%)

0.0%

1.0%

Total ABA Funding Provided

$45,161,999

$49,465,442

$48,977,361

Year 2 (2019)

80.0%

% leased in 120 to 150 days

0%

''Excess" Reserves Subject To
Offset

$0

$0

PHA Income

$153,232

$0

Total Cash-Supported Prior
Year-End Reserves

$410,863

$0

HAP

Success Rate

2019

UML % of ACC (UMA)

91.1%

91.5%

HAP Exp as % All Funds

100.0%

99.0%

HAP Exp as % of Eligibility only

101.3%

99.0%

End of Year Results

End of Year 3 Results (2020)

12.31.2017 Reconciliation

$134,481

0.3%

Projected Total HAP Reserves
=========
Reserves % BA

2018

2019

$488,081

HUD-estimated Net Excess
Cash (Recon Line 19)

Total Funding

$49,465,442

2018

Time from Issuance
to HAP Effective Date
(Current: 2.28 months)

Administrative Fees

HUD-established CYE HHR
(Recon Line 19)

$45,726,094

10.5%

PIC EOP % as of 10/31/2018
(682 EOPs) 10.80%

HUD-Held Reconciliation
Cash Sufficiency Check

Total Funding Available

70%

$49,465,442

HUD-

Reconciled

Lower of H17/I17 (May
Override)

HUD-established CYE HHR
(Recon Line 19)

$274,588

$136,275

$1,549,487

PHA-Held Cash 12/31/2017
(VMS)

$410,863

$1,824,075

HUD-Reconciled (Cash
Capped)

<= 7,200 UMLs (No Proration)

> 7,200 UMLs (No Proration)

Admin Fees Earned (PY:
$4,065,263)

$4,071,374

$4,098,050

Lower of H17/I17 (May
Override)

$71.91

$67.12

Expense

$4,684,187

$4,779,948

Expense %

115.1%

116.6%

$410,863

False Administrative Fees Analysis

HUD-Reconciled Excess Cash v PHA RNP (12/31/2017)
$108,158

HUD v. PHA difference:
$28,117.00 or 0.1% of Eligibility

TN005 has a cost per UML of $63.35 compared to its
Earnings/UML & Size peer group of $56.73 (a difference of
10.4%) and its state peer group (of all PHAs in the state) of
$50.51 (a difference of 20.3%).

<--VMS EOY RNP
=============
EOY Excess Cash -->
$136,275

Based on the most recent, official (end of fiscal year) UNP, TN005 has a projected 2018
Calendar Year-End (CYE) UNP of $238,704 (or 5.9% of CY 2018 Earned Admin Fees) and a
2019 CYE UNP of ($443,194) (or -10.8% of CY 2019 Earned Admin Fees).

 MDHA Rental Assistance
2018

Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Total

Vouchers
Issued/Projected
To Be Issued

Other Planned
Additions/
Reductions

Cumulative %
Annual Leased

Cumulative %
Eligibility
Expended

Monthly UML %

Monthly ABA
Expended %

$580

93.1%

100.7%

93.1%

100.7%

$590

93.0%

101.5%

93.0%

102.2%

$3,739,682

$578

92.8%

100.8%

92.3%

99.4%

6,480

$3,823,854

$590

92.7%

101.0%

92.4%

101.6%

$3,827,761

6,470

$3,827,761

$592

92.6%

101.1%

92.2%

101.7%

$3,826,143

6,444

$3,826,143

$594

92.5%

101.2%

91.8%

101.7%

6,402

$3,816,221

6,402

$3,816,221

$596

92.3%

101.2%

91.2%

101.4%

7,016

6,372

$3,815,370

6,372

$3,815,370

$599

92.1%

101.3%

90.8%

101.4%

7,016

6,314

$3,812,286

6,314

$3,812,286

$604

91.9%

101.3%

90.0%

101.3%

7,016

6,262

$3,809,532

0

6,262

$3,809,532

$608

91.6%

101.3%

89.3%

101.2%

7,016

6,225

$3,831,044

0

6,225

$3,831,044

$615

91.3%

101.3%

88.7%

101.8%

7,033

6,208

$3,806,312

221

0

6,208

$3,806,312

$613

91.1%

101.3%

88.3%

101.1%

84,209

76,703

$45,745,407

221

1

$45,745,407

$596

91.1%

101.3%

7,033

6,210

$3,829,213

HAP:
Actual/Projected

PUC:
Actual/Projected

6,530

$3,789,434

6,523

$3,847,768

$3,739,682

6,473

6,480

$3,823,854

7,016

6,470

7,016

6,444

7,016

UMAs

Actual UMLs

Actual HAP

7,016

6,530

$3,789,434

7,016

6,523

$3,847,768

7,016

6,473

7,016

New Leasing from
UMLs:
Estimated Attrition
Issued Vouchers
Actual/Projected

HUD Two Year Tool

0

0.0

76,703

Manual PUC
Override

2019
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Total

50

0

6,210

$3,829,213

$617

88.3%

92.9%

88.3%

92.9%

7,033

150

11

68

-54.1

6,235

$3,864,299

$620

$620

88.5%

93.3%

88.7%

93.7%

7,033

100

44

92

-54.3

6,316

$3,934,707

$623

$623

88.9%

94.0%

89.8%

95.5%

7,033

100

52

74

-55.0

6,388

$3,999,279

$626

$626

89.4%

94.8%

90.8%

97.0%

7,033

100

23

82

-55.6

6,437

$4,050,684

$629

$629

89.8%

95.5%

91.5%

98.3%

7,033

100

0

71

-56.1

6,453

$4,081,358

$633

$633

90.1%

96.1%

91.7%

99.0%

7,033

100

0

70

-56.2

6,467

$4,111,262

$636

$636

90.4%

96.6%

92.0%

99.7%

7,033

50

13

70

-56.3

6,494

$4,149,281

$639

$639

90.6%

97.1%

92.3%

100.7%

7,033

50

0

64

-56.6

6,501

$4,175,349

$642

$642

90.8%

97.6%

92.4%

101.3%

7,033

50

0

50

-56.6

6,495

$4,192,495

$646

$646

91.0%

98.0%

92.3%

101.7%

7,033

50

139

36

-56.6

6,614

$4,290,983

$649

$649

91.3%

98.5%

94.0%

104.1%

$652

91.5%

99.0%

93.7%

104.3%

91.5%

99.0%

7,033
84,396

6,210

$3,829,213

50

0

35

-57.6

6,591

$4,298,452

$652

950

285

712

-615.1

77,200

$48,977,361

$634

 MDHA Rental Assistance
Program Highlights – For FY 2018, we scored a 100% on
our Section Eight Management Assessment Program (SEMAP)
certification, ranking MDHA as a High Performer PHA.
During the calendar year 2018, we:
 Provided rental assistance on behalf of over 7600
households;
 Issued 1914 vouchers;
 Executed over 1300 New HAP Contracts;
 Had four families graduate the Family Self-Sufficiency (FSS)
Program and purchase a home;
 Housed 223 formerly homeless individuals and families, of
which 96 were Veterans; and
 Added 99 new landlords to our program.

 MDHA Rental Assistance
Project Based Vouchers (PBVs)
The MDHA Board has approved the conversion
of up to 900 of our tenant-based vouchers to
project-based vouchers.
To date we have received 22 proposals that
include existing units, units to be rehabbed and
new construction that are at various stages.

 MDHA Rental Assistance
Project Based Vouchers (PBVs) – cont’d

Total Units Awarded/Pending Award

0BR

1BR

2BR

3BR

4BR

41

400

253

143

0

238

212

143

593

76

8

0

125

86

33

New Construction
Existing
Substantial Rehab

41

837

119
837

 John Henry Hale
Preston Taylor
Sam Levy
Vine Hill
10th and Jefferson
Arts Garage
Rolling Mill Hill
Sanderling Dialysis Clinic
Barrett Manor
Urban Flats
Ryman Lofts
Nance Place

Recapitalization
Update
Intent Realized:
Mixed-Income
Communities

 RENTAL ASSISTANCE DEMONSTRATION
RAD Conversions
Complete (5101 Units)
Andrew Jackson Courts
Cumberland View
Edgefield Manor
J. Henry Hale Apartments
Levy Place
Madison Towers
Napier Place
Parkway Terrace
Sudekum Apartments
Edgehill Apartments
Gernert Studio Apartments
Carleen Batson Waller Manor
Hadley Park Towers
Parthenon Towers
Cayce Place
Cheatham Place
Vine Hill Studio Apartments
Vine Hill Apartments
Historic Preston Taylor Apartments

RAD Conversions
In Process (368 Units)
Neighborhood Housing (March 2019)

4

 ENVISION LEGACY PROPERTIES
2723 units on five former Hope VI sites
and seven towers including 125 market
rate units on 227 acres in exceptional
condition in the core of Nashville

Cumberland View
North Nashville

21 Acres
226 Units
800 Potential

Cayce + CWA
East Nashville

96 Acres
1038 Units
2700 Potential

Cheatham Place
Germantown

14 Acres
314 Units
700 Potential

Sudekum/Napier

Andrew Jackson

East Nashville

Fisk University Area

56 Acres
821 Units
2200 Potential

15 Acres
374 Units
750 Potential

Edgehill Apartments
Vandy/Belmont Area

33 Acres
380 Units
1485 Potential

23

Potential for 8635 new units
on 235 acres in the core of
Nashville

 ENVISION PROCESS: Community Driven
Highlights
of Process
so Far
•

Meetings with
residents

•

Public meetings +
community charrette

•

Community Advisory
Group (CAG)
meetings

•

Interviews with key
stakeholders

•

Door to door resident
survey

•

Market assessment

•

Existing conditions
assessment

•

Partner with Purpose
Built Communities

•

Continuous updates to
the community

8
8

 MDHA Envision Updates
Envision Cayce
•
•

Master Planning completed July 2014
Recapitalization underway

Envision Napier-Sudekum
•
•
•
•
•
•

Master Planning completed Sept 2018
Over 40 community planning meetings completed to date
3 community engagement events held (Resource Fair, Street Festival, Day out Against
Crime)
Comprehensive Needs Assessment completed with 383 households participating
SP Planning and Zoning documentation and coordination
Research for financing for initial project

Envision Edgehill
•
•
•
•

Master Planning initiated in July 2017, with completion anticipated in March 2019
17 community planning meetings completed to date
Comprehensive Needs Assessment complete Feb 18
Next Step: SP Planning and Zoning

25

 ENVISION CAYCE CONSTRUCTION PHASING 2018-2028

Note: Current Units as of 2018= 1,038
Future Units Projected = 2,700
Units Increase of = 1,662
- Boscobel III possibly starting in early 2019
- Others may start earlier depending on financing

26

 ENVISION CENTER (AMENITIES)
 New School Building for grades K-8


Up to 900 student capacity



Spaces for science, music, art, and life skills
Outdoor play spaces for students to play, learn, and gather



 New Commissary/Library





Market for fresh fruits and vegetables
Coffee shop
Line cook training space
Public Library

 New Public Park





Approximately 9 acres of public space
Large fields for sports
New basketball courts
Pavilions for events

 Community Center

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Community Meeting Rooms
Physical Fitness Facility

 New Clinic


Neighborhood Clinic (services may include medical, dental, and pharmacy)

27

 BARRETT MANOR
New Faircloth
Amendment Units
Location: 510 Summer Pl,
Nashville, TN 37206
Architect: Barge Cauthen &
Associates
Contractor: RG Anderson
• 70 one-bedroom
apartments in 4 stories
with surface parking
• 100% PBRA
• Placed in service
September 2017
Total Cost:

$12,500,000

RHF:
Metro CIB:
THDA Grant:

$9,950,000
$2,050,000
$500,000



 10TH & JEFFERSON
New Mixed-Income
Apartments in
Germantown
Location: 941 Jefferson
Street, Nashville, TN 37208
Architect: Kline Swinney
Associates
Contractor: Levine & Poor,
Inc.
• 54 apartments in 3
stories over 1 level of
parking
•
•

15 Affordable
39 Workforce

• Placed in service March
2018
Total Cost:

$10,818,718

HUD 221(d)4:
MDHA Equity:
TIF:

$7,875,600
$2,853,802
$89,316



 KIRKPATRICK PARK
First Mixed-Income
Development at
Boscobel Heights
Location: 620 S. 9th Street,
Nashville, TN 37206
Architect: Smith Gee
Studios
Contractor: RG Anderson
• 94 one-bedroom 2-story
townhomes and walk-ups
•
•
•

36 PBRA
20 Workforce
38 Market Rate

• First units to be placed in
service February 2019
Total Cost:

$26,751,000

HUD 221(d)4:
MDHA Equity:
Metro CIB:
HOME:

$13,776,500
$8,973,550
$3,500,950
$500,000



 BOSCOBEL I
Second Mixed-Income
Development at
Boscobel Heights
Location: 806 S. 6th Street,
Nashville, TN 37206
Architect: Kline Swinney
Associates
Contractor: Hardaway
Construction Corp.
• 96 apartments in 3
buildings, each 4 stories
over 1 level of parking
•
•
•

50 PBRA
24 Workforce
22 Market Rate

• First units to be placed in
service Fall 2019
Total Cost:
LIHTC Equity:
MDHA Equity:
Perm Financing:
NHTF Grant:

$28,204,872
$10,558,944
$10,351,676
$7,000,000
$294,252



 BOSCOBEL II
Third Mixed-Income
Development at
Boscobel Heights
Location: 891 S. 6th Street,
Nashville, TN 37206
Architect: Kline Swinney
Associates
Contractor: Hardaway
Construction Corp.
101 units:
• 88 apartments in 2
buildings, each 4 stories
over parking
• 13 townhomes
•
•
•

45 PBRA
15 Workforce
41 Market Rate

• First units to be placed in
service Fall 2019
Total Cost:
LIHTC Equity:
MDHA Equity:
Perm Financing:
HOME Grant:

$34,230,000
$10,558,944
$15,771,056
$7,400,000
$500,000



 EXPLORE! SCHOOL
Expanding Access to
High Quality Education
at Boscobel Heights
Location: 701 S. 7th Street,
Nashville, TN 37206
Architect: JJCA
Contractor: RG Anderson
• K-8 School with 4 classes
per grade,
• Specialized classrooms
for science, language,
music, and life skills
• 3-story building with
87,000 SF
• Opening Fall 2019
Total Cost:

$25,000,000

NMTC Equity:
$20,000,000
MDHA Equity: $5,000,000
(Repaid to MDHA over 3 Years)



 BOSCOBEL III
Fourth Mixed-Income
Development at
Boscobel Heights
Location: Corner of Dew
Street & S. 7th Street
Architect: EOA
Contractor: Hardaway
Construction Corp.
• Awarded 9% LIHTC
• In concept planning
• 102 apartments in 4
stories over parking
•
•
•

45 PBRA
15 Workforce
42 Market Rate

• Anticipated to be placed
in service Fall 2020
Total Cost:

$28,000,000

LIHTC Equity:
$10,500,000
MDHA Equity: $10,000,000
Perm Financing: $7,500,000



 BORDEAUX TOWNHOMES
New Townhome
development
Location: Dolan Road &
Camilla Caldwell Lane
Architect: EOA
Contractor: RG Anderson
• 40 townhomes with
surface parking
• 100% Workforce
• Anticipated to be placed
in service Fall 2019
Total Cost:

$9,000,000

MDHA Equity:
Financing:

$4,200,000
$4,800,000



 Curb - VICTORY HALL
Permanent Supportive
House for Homeless
Veterans
Location: 1125 12th Ave
South, Nashville, TN 37203

MDHA: Property Owner/Manager
Giarratanna LLC: Developer and Donor
Operation Stand Down: Veteran Supportive Services
Veterans Administration: VASH vouchers for Homeless Veteran rents
Donors: Closing the Equity Gap

Developer: Giarratana LLC
Architect: ESa
Contractor: RG Anderson
• In Schematic Design: 39
Apartments in 4 stories
over 1 level of parking
• Anticipated to be placed
in service April 2020
Total Cost:

$7,000,000

Bonds:
4% LIHTC:
THDA Grant:
Private Donors:
Total:

$3,000,000
$1,260,125
$500,000
$500,000
$5,260,125

Gap:

$1,739,875



 FINANCING THE FUTURE


Community Investment Tax Credit (CITC)




A Tennessee program providing both construction and mini-perm bank financing at Prime minus 4%

Walker and Dunlop HUD Insured Loans for Permanent Financing
 HUD Mortgage Insurance Program 221(d)4





Kirkpatrick HUD insured loan closed in Nov of last year (94 apartments mixed income)
10th & Jefferson 54 apartments of mixed income

HUD Mortgage Insurance Program 223f



John Henry Hale
Madison Towers debt sizer received

Fannie Mae Tax Exempt Bond Collateral
 Freddie Mac Tax Exempt Loan
Low-Income Housing Tax Credit (LIHTC)
 Won four 9% awards in a row with RAD set aside: Sam Levy significant rehab, Boscobel I, II and III
New Market Tax Credits
 Funds Explore School (28% of project value in tax credit equity)
 Verbal commitment for 2018 credits (Library and Commissary)
Asset Equity
Housing Revenue bonds with Federal Home Loan Bank of Cincinnati Credit Enhancement
Qualified Opportunity Zone (QOZ) investments
Tax Increment Financing (TIF) for public-private partnerships
Metro Funding Assistance under discussion
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37