Housing Authority of the City of Boulder, Colorado
d/b/a Boulder Housing Partners (BHP)

Broadway East and Broadway West Communities

Project:
Broadway East and West, 3120 Broadway, Boulder, CO 80304

Description of Scope:
Comprehensive financial advisory services to BHP for disposition and rehabilitation of public housing units (Broadway East) and for development of affordable rental housing adjacent to the former public housing on land previously used by BHP as its administrative offices (Broadway West).

Project Size:
Broadway East included disposition and substantial rehabilitation of 44 public housing units owned and operated by BHP by means of a 4% low income housing tax credit (LIHTC) and private activity bond financing using project-based Section 8 vouchers to ensure that the rehabbed units remain available for 30% and below AMI families; Broadway West is being redeveloped on adjacent land also being released from the public housing ACC; the new development consists of 26 units for families in the 40% and 50% AMI category and uses competitive 9% LIHTC and taxable commercial financing.

Services Performed:
Broadway East services included assisting in the disposition application and process of obtaining relocation vouchers, preparation of the plan of finance using 4% LIHTC and private activity bonds, solicitation of equity and debt partners, negotiation of terms and conditions, sale of the variable rate demand bonds through negotiated sale and negotiation of an interest rate swap with the letter of credit provider; Broadway West services included development of a plan of finance, preparation of the competitive 9% LIHTC application, solicitation for debt and equity partners, negotiation of terms and conditions of the financing, and oversight of closing upon final approval of the building permit.

Housing Authority of the City of Spartanburg (SHA), South Carolina

Southside Project - Portion of Phyllis Goins HOPE VI

Project:
The Southside Project (Collins Park, Camp Croft, Ridge at Southport, and Cedar Springs Townhomes) included mixed income rental and for-sale housing redevelopment of outdated public housing stock in connection with SHA’s $20 million Phyllis Goins’ HOPE VI grant from HUD; specifically a $29 million financing of four scattered site multi-family rental projects.

Description of Scope:
To assist with the financial advisory services involved in developing proforma sources and uses, development and operating budgets, plans of finance and tax credit modeling; preparing solicitations for competitive placement of tax-exempt debt and tax-credit investment.

Project Size:
Southside Project’s financing included a total of 180 new constructions with a community center, and 44 units of acquisition/rehabilitation. Financing sources included $13.9 million private activity bonds, $11 million tax credit equity (used to pay down $9 million of the bonds after construction and to fund developer’s fee and reserves), $8 million of the $20 million HOPE VI grant funds, $1.3 million grants from State Housing Finance and Development Authority and County HOME funds, and re-investment of $5.7 million of HOPE VI program income from single-family home sales; permanent portion of the private activity bonds term for 35 years with Authority option to refinance at the 17-year mark post tax credit compliance period.

Services Performed:
S.B. Clark Companies prepared the comprehensive plan of finance and proforma models, the private activity bond lender and tax credit investor RFPs; reviewed, ranked, and recommended selected respondents; obtained firm commitments from debt and equity providers; assisted with all tasks necessary for submittal to and successful approval from the State Budget and Control Board of the subject financings; assisted in completing the financings transactions including legal document negotiation and proceeds investment.

Housing Authority of the City of Pittsburgh, PA (HACP)

Capital Fund Financing - Garfield Community Redevelopment and Unit Accessibility Project

Projects:
Capital Fund Financing transactions to provide 1) a portion of financing for a public housing redevelopment project, and 2) to provide funds for modernizing public housing units to meet the required 5% accessibility standard.

Description of Scope:
S.B. Clark Companies was hired as financial advisor to HACP to assist in the evaluation of proposals from CFFP lenders, to advise the Authority throughout the process of both CFF transactions, and to provide fairness opinions for both transactions.

Project Size: HACP is redeveloping its Garfield Community through use of a development partnership whose principals were competitively selected. The project has been awarded a 9% LIHTC allocation from the Pennsylvania Housing Finance Authority for the first phase of an approximately 89-unit mixed income redevelopment with 50% public housing, 25% tax credit units and 25% market rate units. In order to fill the gap financing, HACP plans to invest approximately $16 million from a CFF transaction as a subordinated loan to the tax credit partnership; additionally, in 2009 HACP plans a second CFF transaction in the approximate amount of $9 million to fund modernization of its other public housing units to meet 5% accessibility requirements. The first CFF will be taxable and the second a general governmental purpose tax-exempt financing. Fannie Mae was selected as the direct lender for the CFF loans.

Peak Properties and Development Corp. (Peak) - 9% Low Income Housing Tax Credit Project:

S.B. Clark Companies helped Peak assemble and submit their competitive 9% LIHTC application for the following property: A development located on a 5-acre site on the western edge of Lafayette, Colorado with direct access to Boulder, Highway 287 and has an existing bus stop on the site. 60 family oriented townhouse units with an overall density of 12 units

per acre and allowing for the creation of 2.7 acres of open space, including a playground area and a clubhouse. Each building contains six townhomes offering 3-BR/2-BA on each end and 2-BR/2-BA in the middle; all units are two-story with street level front and back entries, washer/dryer hook-ups, outdoor rear patios, and energy-star ratings. Upon allocation of the tax credits, S.B. Clark Companies helped place the tax credits with an equity partner. During the tax credit carryover allocation application, the firm assisted in confirming increased tax credit assignment to facilitate solar panels and to counteract increased construction costs.