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Governor Price Residences Funding Application
December 1, 2016 Prepared by: Stratford Capital Group, LLC community development partnership ICON Architecture, inc. Community Preservation Committee Application Brewster, MA Governor Prence Residences APPLICATION FOR COMMUNITY PRESERVATION ACT FUNDING Date Application Submitted: December 1, 2016 Name of Project Applicant: Community Development Partnership Name of Co-Applicant(s), if applicable: SCG Development Partners, LLC’s Name of Contact Person: Jay Coburn Contact Person’s Mailing Address: 3 Main Street, Unit 7, Eastham, MA 02642 Contact Person’s Daytime Phone Number: 508-240-7873 ext. 16 Contact Person’s email Address: jay@capecdp.org Proposed Project Name: Governor Prence Residences Project Address (or assessor’s parcel ID): 4790 State Highway, Eastham Project Synopsis: The Applicant proposes to develop 50 new housing units of which 44 will be affordable at the site of the former Tee Time Golf Range on Route 6 in Eastham. The Property is designed to serve the Outer Cape’s family and senior population, particularly the many housing cost burdened low to moderate income households cited in the Housing Production Plans of many of the Towns on the Outer and Lower Cape. This unit mix is designed to provide for an orientation toward the family and senior population. Of the Property’s 50 apartment units, 44 apartments will be restricted to residents making 60% or less of the area median income (“AMI”) and the balance will be rented to market rate residents earning more than 60% of AMI. This $17,487,354 project will be financed through the Massachusetts Department of Housing and Community Development (“DHCD”) Low Income Housing Tax Credit Program as well as other State, Federal and private sources. The proposed development is a significant undertaking and will greatly benefit the Outer/Lower Cape Region and not just the Town of Eastham. The Applicant will need support from not only the Town of Eastham but also from the neighboring Towns of Truro, Wellfleet, Orleans and Brewster. While this regional request for CPC Funds from multiple town is unusual, it is not without precedent for the Town of Brewster having in 2015 approved CPC affordable housing funding for Cape Cod Village in Orleans. The Island Housing Trust on Martha’s Vineyard has completed two affordable housing projects with CPC funding from multiple towns on the Vineyard and is currently proposing a project with support from all six Vineyard towns. In addition to a request for $600,000 in CPC Funds from the Town of Eastham, the Applicant is requesting $100,000 in CPC Funds from the Town of Truro, $100,000 from Wellfleet, $200,000 from Orleans and $200,000 from Brewster. If the funds are not fully available this fiscal year, we hope to either obtain a “forward commitment” of future year’s funds or request additional funds in future rounds to accumulate the full amount of $200,000 from the Town of Brewster. Category: ☐ Open Space ☐ Historic Preservation ☐ Recreation X Community Housing CPA funding requested $ 200,000.00 Total Cost of Proposed Project $ 17,487,354.00 Town of Brewster Community Preservation Committee CATEGORY SPECIFIC CRITERIA (Identify which of the following criteria apply to your project.) Open Space Proposals Permanently protect important wildlife habitat, including areas of significance for biodiversity, diversity of geological features and types of vegetation, contain a habitat type that is in danger of vanishing from Brewster or preserve habitat for threatened or endangered species of plants or animals. Provide opportunities for passive recreation and environmental education. Enhance or protect wildlife corridors, promote connectivity of habitat and prevent fragmentation of habitats. Provide connections with existing trails or potential trail linkages. Preserve scenic views or border a scenic road. Protect drinking water quantity and quality. Provide flood control/storage. Preserve important surface water bodies, including wetlands, vernal pools or riparian zones. Preserve priority parcels in the Town’s Open Space Plan/maximize the amount of open land owned by the Town of Brewster. Historical Preservation Proposals MANDATORY: Must be on the State Register of Historic Places or have a letter from the Brewster Historic Commission indicating that the resource has been determined to be significant in the history, archaeology, architecture, or culture of Brewster. MANDATORY: Project must meet Secretary of the Interior Standards for rehabilitation and/or restoration of Historic Preservation Properties. Protect, preserve, enhance, restore and/or rehabilitate historic, cultural, architectural or archaeological resources of significance, especially those that are threatened; Protect, preserve, enhance, restore and/or rehabilitate town-owned properties, features or resources of historical significance; Protect, preserve, enhance, restore and/or rehabilitate the historical function of a property or site; Demonstrate a public benefit and/or public access, or Otherwise provide permanent protection for maintaining the historic resource. Project site should not be privately owned unless there is demonstrable public access and benefit. Community Housing Proposals Contribute to the goal of achieving 10 percent affordable housing; Promote a socioeconomic environment that encourages diversity; Provide housing that is harmonious in design and scale with the surrounding neighborhood; Ensure long-term affordability; Promote use of existing buildings or construction on previously-developed or Town-owned sites; Convert market rate to public subsidized units; Provide an appropriate mix of rental and ownership housing; Give priority to local residents, town employees, employees of local businesses as allowed by law. Recreation Proposals Support multiple active and passive recreation uses; Serve a significant number of residents and visitors; Expand the range of recreational opportunities available to all ages of Brewster residents and visitors; Benefit other Brewster committees providing recreational resources to residents; Promote the use of alternative corridors that provide safe and healthy non-motorized transportation Governor Prence Residences Community Preservation Committee Application Cover Letter - CPC Request Table of Contents I. Cover Letter II. Project Narrative A. Introduction B. Unit Mix C. Property Description D. Meeting Community Needs a. Creating Affordable Rental Housing Units – a regional approach b. Local Preference c. Meeting Local Needs E. Frequently Asked Questions III. Plans, Maps, Design & Construction A. Compliance B. Sustainable Materials/Energy Reduction Measures C. Site Plans, Floor Plans, and Elevations, Site & Map (s) IV. Development Team Profile V. Site Control VI. Development Pro-Forma/Operating Budget VII. Letters of Support Application to the Town of Brewster Community Preservation Committee Dec. 1, 2016 SCG Development Partners & Community Development Partnership 1 | P a g e 100 Corporate Place, Suite 404 3 Main Street, Unit 7 Peabody, MA 01960 Eastham, MA 02642 December 1, 2016 Paul Ruchinskas Community Preservation Committee Town of Brewster Town Hall 2198 Main St, Brewster, MA 02631 Re: Application for Community Preservation Committee Funds Dear Mr. Ruchinskas: Enclosed please find Community Development Partnership (“CDP”), a non-profit organization, and SCG Development Partners, LLC’s (“Stratford”) (collectively CDP and Stratford are referred to as the “Applicant”) Community Preservation Committee Application (“Application”) for the proposed new construction development of the Governor Prence Residences (the “Property”) located at 4790 State Highway, Eastham. Request The proposed development is a significant undertaking and will greatly benefit Brewster, the Outer/Lower Cape Region and not just the Town of Eastham. The Applicant will need support from not only the Town of Eastham but also from the neighboring Towns of Truro, Wellfleet, Orleans and Brewster. While this regional request for CPC Funds from multiple towns is unusual, it is not without precedent. As you know, in 2016, Town Meetings in Brewster and Wellfleet approved CPC affordable housing funding for Cape Cod Village in Orleans. The Island Housing Trust on Martha’s Vineyard has completed two affordable housing projects with CPC funding from multiple towns on the Vineyard and is currently proposing a project with support from all six Vineyard towns. In addition to a request for $600,000 in CPC Funds from the Town of Eastham, the Applicant is requesting $100,000 in CPC Funds from the Town of Truro, $100,000 from Wellfleet, $200,000 from Orleans and $200,000 from Brewster. If the funds are not fully available this fiscal year, we hope to either obtain a “forward commitment” of future year’s funds or request additional funds in future rounds to accumulate the full amount of $200,000 from the Town of Brewster. Application to the Town of Brewster Community Preservation Committee Dec. 1, 2016 SCG Development Partners & Community Development Partnership 2 | P a g e Introduction The Applicant will form the Governor Prence Residences Limited Partnership (the “Partnership”), a Massachusetts Limited Partnership that is qualified to undertake the planning, design, development, construction, ownership and operation of the proposed residential project known as the Property. As part of the Applicant’s proposal, the proposed development will provide 50 new respectable housing units pursuant to the Massachusetts Comprehensive Permit (M.G.L. c.40B, Section 20-23, or “Chapter 40B”) and the Town of Eastham (the “Town”) Permit Rules and Regulations of the Zoning Board of Appeals (the “Local Rules”). Financing will be provided through the Massachusetts Department of Housing and Community Development (“DHCD”) Low Income Housing Tax Credit Program. The Property is designed to serve the Outer Cape’s family and senior population, particularly the many housing cost burdened low to moderate income households cited in the Housing Production Plans of each of the Towns on the Outer and Lower Cape. This unit mix is designed to provide for an orientation toward the family and senior population. Of the Property’s 50 apartment units, 44 apartments will be restricted to residents making 60% or less of the area median income (“AMI”) and the balance will be rented to market rate residents - which is well in excess of the affordability requirements of Chapter 40B, the regulations of the Housing Appeals Committee set forth at 760 CMR 31.00 et seq., the Federal Low Incoming Housing Credit Program, and program requirements of DHCD. Property Units Building 1 (with community room and offices) 27 Building 2 23 Total 50 Unit Mix The development of the Property is new construction that provides a total of 50 family housing units located at 4790 State Highway, Barnstable County, Eastham, MA. The Property will contain 17 one bedroom units, 28 two bedroom units, and 5 three bedroom units. Of the Property’s 50 apartment units, 44 apartments units will be set-aside for residents making no more than 60% of the AMI, of which 5 apartment units will be set aside for residents making no more than 30% of the AMI, and the remaining 6 apartment units will be market rate units. The Property’s unit mix will consist of the following: Unit Type Number Of Units Income/Rent Limit (% of AMI) 1 BD 1 30% AMI 1 BD 13 60% AMI 1 BD 3 Market Rate 2 BD 3 30% AMI 2 BD 23 60% AMI 2 BD 2 Market Rate 3 BD 1 30% AMI 3 BD 3 60% AMI 3 BD 1 Market Rate 50 Application to the Town of Brewster Community Preservation Committee Dec. 1, 2016 SCG Development Partners & Community Development Partnership 3 | P a g e Property Description The Property proposed for the northern portion of the now abandoned T-Time property is thoughtfully sited setback from its more public face along State Highway. A proposed bus stop is conveniently located at the front entry providing access to regional transit as well as school. Designed with a focus on community, different living environments are offered from the convenient smaller units for singles and smaller households in the larger building to the front that includes community and management functions to a smaller building to the rear of the site for families with 2&3 BR units. The bulk of the site’s existing vegetation and tree mass exists along the perimeter will remain untouched, particularly toward the rear of the site along the bike path. The introduction of community garden plots at the back of site encourages families and others via easy access from the bike path or convenient parking, to engage in opportunities for exercise, recreation and therapy; fresh and nutritious foods as well as occasions for social interaction. Relationship to adjacent properties: The initial presentation of the Property is setback behind the access road, thereby providing a separation of the residential multi-family apartment buildings from the busy highway with the presentation of a formal open green sheltered by the articulated façade of the community spaces of the main building. This amenity wing supports daily activities off the main lobby such as mail collection, laundry, communication with on-site Management; or more causal lounging in the warmth of the sun on from the trellised deck. This L–shaped building embraces the common green as the formal face of the community and opportunity for gathering on the sun-filled patio. The two buildings face each other across the central landscaped entry loop with convenient parking, play area, community garden, management and amenity wing all accessed off this drive. The on-site water treatment facility is also nearby with its leeching fields in the central green. Servicing all units, the wastewater treatment system is designed to meet the Cape’s tight criteria for nitrogen removal. Internal to the site, walks along the central roadway provide a protected place for pedestrians to feel safe walking, young children to bike along and provide value to the street front. The walkways connect the apartment buildings and allow easy access to a central play area and; the bus stop toward the front of the site or the community garden plots toward the bike path, all with an emphasis on social interaction. Parking is offered throughout the site at a 2:1 ratio in clusters about both buildings and the planted central island. Visitor parking is provided throughout the development for access to a play area and the Property. The apartment buildings offer surface parking conveniently located along the green. A total of 108 spaces are provided for the 50 units for an overall parking ratio exceeding 2.0 per unit. Approach to building massing: The multi-family buildings are positioned advantageously along the north-south alignment of the site for integration of solar strategies, and setback from the highway and access road off the State Hwy. The 2-3-story L-shaped building includes community and amenity functions and is primarily one & two bedroom units, thereby oriented toward a senior population. The common area | community wing steps back from one story to the residential core. This elevator building provides visit-ability throughout and efficient independent mechanical systems for maximum climate control. The smaller building toward the rail trail contains larger family units with ground floor patios at all 3-BR units. The massing reflects a variety Application to the Town of Brewster Community Preservation Committee Dec. 1, 2016 SCG Development Partners & Community Development Partnership 4 | P a g e of roof forms and dormers, bracketed overhangs and bays giving interest and articulation of each facade. Proposed Exterior Materials: The buildings are all straightforward wood frame structures and include details that recall a traditional character with durable exterior cementitious siding, natural cedar shingles, composite pvc window and fascia trim boards, Energy Star appliances, Architectural roof shingles, and high performance envelope assembly. Emphasis on durable products with low-maintenance is preferred in order to withstand the strong coastal environment and reduce maintenance costs. Approach to Accessibility: The development is intended to provide affordable options for mixed ages and need. Of the fifty apartments, three units will be built out to meet MAAB 521 CMR Group 2 criteria for accessibility within the unit interiors. All remaining units will meet MAAB 521 CMR Group 1 criteria for accessibility with a number of extra features provided in select 1- bedroom units to accommodate the needs of an older demographic such as walk-in showers and convenience grab bars. Project’s consistency with the goals and policies of Brewster’s 2009 Housing Production Plan The proposed project is consistent with the Goals contained in the Town of Brewster’s 2009 Housing Production Plan: Goal 1: Strive to meet 10% state affordable housing goal. While the proposed project will not create additional units for the town’s SHI (subsidized housing inventory), it will help to meet present and future housing needs of the region. Brewster residents will be eligible for the local preference set aside of 70% of the units for the initial rent- up lottery. Goal 2: Serve a variety of housing needs. The proposed project contains 50 affordable rental units of which 44 units (88%) are affordable for residents earning less than 60% of AMI (Area Median Income). Ten percent (five) of the units are affordable for families earning less than 30% of AMI. Different living environments are offered from the convenient smaller units for singles and smaller households in the larger building to the front that includes community and management functions to a smaller building to the rear of the site for families with 2&3 BR units. Three of the units will be fully accessible for disabled residents. Goal 3: Promote affordable housing that is consistent with smart growth whenever possible. The proposed Project is well designed and compatible with other structures in the area as described above. The new construction will be energy efficient and utilize energy star appliances. The project preserves significant portions of the site as open space. The proposed project will be built on a previously developed site, the home of the Tee Time Golf Range on Rt. 6 in Eastham and the proposed density is consistent with the Town of Eastham’s zoning for the Application to the Town of Brewster Community Preservation Committee Dec. 1, 2016 SCG Development Partners & Community Development Partnership 5 | P a g e North Eastham Overlay District. The site is served by public transportation, has access to the Cape Cod Rail Trail and is within walking distance of numerous businesses. In addition, the project will utilize a sophisticated on-site wastewater treatment facility that will significantly reduce nitrogen loading. Goal 4: Preserve existing affordable housing. Brewster will establish programs and provide resources to preserve the affordability of its existing affordable housing units. The 44 affordable units in the proposed project will be deed restricted affordable units in perpetuity thereby eliminating the need to utilize scarce resources to preserve the affordability of existing affordable housing units. Goal 6: Encourage Partnerships The proposed project provides a unique opportunity for the Town of Brewster to "work with other towns and with state and agencies to support affordable housing at the regional level.” The Applicant has applied for Community Preservation Act funding from the Towns of Eastham, Wellfleet, Orleans and Truro in addition to the Town of Brewster. Meeting the Affordable Housing Needs of Brewster and the Outer Cape While the Town of Brewster has made progress in reaching the goal of 10% of year round housing being affordable, the region’s lack of affordable housing is well documented and a significant challenge. Town 2010 Census Year Round Housing Units Total Development Units SHI Units % Brewster 4803 293 246 5.1% Eastham 2632 59 50 1.9% Orleans 3290 337 307 9.3% Truro 1090 27 27 2.5% Wellfleet 1550 34 34 2.2% In December 2014, the Mass Housing Partnership published a White Paper on Rural Housing Issues in Massachusetts. One of six recommendations was to “Encourage, facilitate, and support regional collaborations to increase housing affordability.” Given the lack of water and sewer infrastructure and appropriate parcels of land available for multi-family housing on the Outer Cape, this proposed project presents an opportunity for Towns to join forces in creating a development that meets regional needs. The Applicant has a portfolio of successful 40B developments that are similar in size and scope as the Governor Prence Residences located in the Commonwealth as well as developments in many other states as further detailed in our proposal. And the Community Application to the Town of Brewster Community Preservation Committee Dec. 1, 2016 SCG Development Partners & Community Development Partnership 6 | P a g e Development Partnership has a storng record of developing and managing affordable rental homes on the Lower Cape. We look forward to working with the Community Preservation Committee and the Lower Cape commuity on this exciting project. Respectfully, Richard Hayden Ex.Vice President SCG Development Partners, LLC Jay Coburn Executive Director Community Development Partnership Governor Prence Residences Community Preservation Committee Application I. COVER LETTER Governor Prence Residences Community Preservation Committee Application II. PROJECT NARRATIVE (Purpose and Scope of the Project) Enclosed please find Community Development Partnership (“CDP”), an Eastham-based non-profit community development corporation, and SCG Development Partners, LLC’s (“Stratford”) (collectively CDP and Stratford are referred to as the “Applicant”) Community Preservation Committee Application (“Application”) for the proposed new affordable housing development of the Governor Prence Residences (the “Property”) in Eastham. A. Introduction The Applicant will form the Governor Prence Residences Limited Partnership (the “Partnership”), a Massachusetts Limited Partnership that is qualified to undertake the planning, design, development, construction, ownership and operation of the proposed residential project known as the Property. As part of the Applicant’s proposal, the proposed development will provide 50 new respectable housing units pursuant to the Massachusetts Comprehensive Permit (M.G.L. c.40B, Section 20-23, or “Chapter 40B”) and the Town of Eastham (the “Town”) Permit Rules and Regulations of the Zoning Board of Appeals (the “Local Rules”). Financing will be provided through the Massachusetts Department of Housing and Community Development (“DHCD”) Low Income Housing Tax Credit Program. The Property will serve seniors and families in Eastham and the Lower Cape. This unit mix is designed to serve families and seniors. Of the Property’s 50 apartment units, 44 apartments will be reserved for residents making 60% or less of the area median income (“AMI”). Current income limits as published by the U.S. Department of Housing & Urban Development (HUD) in April 2016 are: Size of Houshold Income 1 person 2 person 3 person 4 person 5 person 60% of AMI $35,700 $40.800 $45,900 $50,940 $55,020 30% of AMI $17,850 $20,200 $22,950 $25,450 $27,500 The balance of the units, a total of 6, will be rented to market rate residents at rents that are affordable for working families whose incomes are too high for them to qualify for traditional Affordable Housing. The 44 Affordable units proposed are well in excess of the affordability requirements of Chapter 40B, the regulations of the Housing Appeals Committee set forth at 760 CMR 31.00 et seq., the Federal Low Incoming Housing Credit Program, and program requirements of DHCD. Property Units Building 1 (with community room and offices) 27 Building 2 23 Total 50 B. Unit Mix The development of the Property is new construction that provides a total of 50 family housing units located at 4790 State Highway, Eastham, MA. The bedroom mix of the proposed apartments is responsive to the needs outlined in the Housing Needs Assessments and Housing Production Plans of the Outer Cape Towns that call for more one and two bedroom units. The Property will contain 17 one bedroom units, 28 two bedroom units, and 5 three bedroom units. Of the Property’s 50 apartment units, 44 apartments units will be set-aside for tenants making no more than 60% of the AMI, of which 5 apartment units will be set aside for tenants making no more than 30% of the AMI, and the remaining 6 apartment units will be market rate units. Governor Prence Residences Community Preservation Committee Application The Property’s unit mix will consist of the following: Unit Type Number Of Units Income/Rent Limit (% of AMI) 1 BD 1 30% AMI 1 BD 13 60% AMI 1 BD 3 Market Rate 2 BD 3 30% AMI 2 BD 23 60% AMI 2 BD 2 Market Rate 3 BD 1 30% AMI 3 BD 3 60% AMI 3 BD 1 Market Rate 50 C. Property Description The Property proposed for the northern portion of the now abandoned T-Time property is thoughtfully sited setback from its more public face along State Highway. A proposed bus stop is conveniently located at the front entry providing access to regional transit as well as school. Designed with a focus on community, different living environments are offered from the convenient smaller units for singles and smaller households in the larger building to the front that includes community and management functions to a smaller building to the rear of the site for families with 2&3 BR units. The bulk of the site’s existing vegetation and tree mass exists along the perimeter will remain untouched, particularly toward the rear of the site along the bike path. The introduction of community garden plots at the back of site encourages families and others via easy access from the bike path or convenient parking, to engage in opportunities for exercise, recreation and therapy; fresh and nutritious foods as well as occasions for social interaction. Relationship to adjacent properties: The initial presentation of the Property is setback behind the access road, thereby providing a separation of the residential multi-family apartment buildings from the busy highway with the presentation of a formal open green sheltered by the articulated façade of the community spaces of the main building. This amenity wing supports daily activities off the main lobby such as mail collection, laundry, communication with on-site Management; or more causal lounging in the warmth of the sun on from the trellised deck. This L–shaped building embraces the common green as the formal face of the community and opportunity for gathering on the sun-filled patio. The two buildings face each other across the central landscaped entry loop with convenient parking, play area, community garden, management and amenity wing all accessed off this drive. The on-site water treatment facility is also nearby with its leeching fields in the central green. Servicing all units, the water treatment system is designed to meet the Cape’s tight criteria for nitrogen removal. Internal to the site, walks along the central roadway provide a protected place for pedestrians to feel safe walking, young children to bike along and provide value to the street front. The walkways connect the apartment buildings and allow easy access to a central play area and; the bus stop toward the front of the site or the community garden plots toward the bike path, all with an emphasis on social interaction. Parking is offered throughout the site at a 2:1 ratio in clusters about both buildings and the planted central island. Visitor parking is provided throughout the development for access to a play area and the Property. Governor Prence Residences Community Preservation Committee Application The apartment buildings offer surface parking conveniently located along the green. A total of 108 spaces are provided for the 50 units for an overall parking ratio exceeding 2.0 per unit. Approach to building massing: The multi-family buildings are positioned advantageously along the north-south alignment of the site for integration of solar strategies, and setback from the highway and access road off the State Hwy. The 2-3-story L-shaped building includes community and amenity functions and is primarily one & two bedroom units, thereby oriented toward a senior population. The common area | community wing steps back from one story to the residential core. This elevator building provides visit- ability throughout and efficient independent mechanical systems for maximum climate control. The smaller building toward the rail trail contains larger family units with ground floor patios at all 3-BR units. The massing reflects a variety of roof forms and dormers, bracketed overhangs and bays giving interest and articulation of each facade. Proposed Exterior Materials: The buildings are all straightforward wood frame structures and include details that recall a traditional character with durable exterior cementitious siding, natural cedar shingles, composite pvc window and fascia trim boards, Energy Star Architectural roof shingles, and high performance envelope assembly. Emphasis on durable products with low-maintenance is preferred in order to withstand the strong coastal environment. Approach to Accessibility: The development is intended to provide affordable options for mixed ages and need. Of the fifty apartments, three units will be full accessible for a resident in a wheel chair and built out to meet MAAB 521 CMR Group 2 criteria for accessibility within the unit interiors. All remaining units will meet MAAB 521 CMR Group 1 criteria for accessibility with a number of extra features provided in select 1-bedroom units to accommodate the needs of an older demographic such as walk-in showers and convenience grab bars. The Property is located within the North Eastham Overlay District (“NEOD”), which encourages flexibility and variety in future developments while ensuring high quality materials and appearance of new buildings. Of note is a commentary of enhancing the vitality of this zone requiring strong residential neighborhoods, new higher density development and a pedestrian friendly and safe core. The Property meets these goals of the NEOD district including the targeted densities and goals for workforce housing. The Property will (i) be consistent with a municipally supported plan, (ii) have a measurable public benefit beyond the applicant community, (iii) involve a concerted public participation effort (beyond the minimally required public hearing), including the involvement of community members, residents of the development and/or key stakeholders in the planning and design of the project, (iv) create affordable housing in a town that meets a regional need, and (v) promote diversity and social equity and improve the neighborhood. The Applicant has a portfolio of successful 40B developments that are similar in size and scope as the Governor Prence Residences located in the Commonwealth as well as developments in many other states as further detailed in our proposal. We look forward to working with the State, the Town, the Community Preservation Committee and the commuity on this exciting project. D. Meeting Community Needs The Governor Prence Residences compliments and achieves many the goals and priorities described in multiple planning documents, including housing production plans, produced by the towns of Brewster, Eastham, Orleans, Truro and Wellfleet. The size and location of the proposed Governor Prence residences will fill a regional need and benefit neighboring towns. Governor Prence Residences Community Preservation Committee Application a. Creating Affordable Rental Housing Units – a regional approach The Governor Prence Residences will create affordable rental housing units that will serve the Town of Eastham as well as the neighboring towns of Brewster, Orleans, Truro and Wellfleet. According to the latest Massachusetts Department of Housing and Community Development (DHCD) Subsidized Housing Inventory (December 2014), none of the Lower and Outer Cape towns has achieved the goal of 10% of a Town’s year round housing stock being affordable to families earning less than eighty percent of AMI (Area Median Income). Town 2010 Census Year Round Housing Units Total Development Units SHI Units % Brewster 4803 293 246 5.1% Eastham 2632 59 50 1.9% Orleans 3290 337 307 9.3% Truro 1090 27 27 2.5% Wellfleet 1550 34 34 2.2% All units at the Property will count on the State’s Subsidized Housing Inventory (SHI) list. While DHCD policy requires that the units be credited to the SHI list in which they are built, the proposed Property creates a range of housing opportunities and choices, by providing housing for residents at or below 30%, 60% of AMI, as well as market rate units and helps to address a regional shortage of affordable rental housing. In a 2014 White Paper on Rural Housing Issues in Massachusetts, The Mass Housing Partnership has recommended that the State “Encourage, facilitate and support regional collaborations to increase housing affordability.” In October 2014, housing advocates from across the Lower and Outer Cape gathered at an Affordable Housing Summit, organized by Senator Dan Wolf and Representatives Sarah Peake and Cleon Turner. Housing Advocates supported the need to work across town borders to address the region’s affordable needs. The Island Housing Trust, based on Martha’s Vineyard, has used a regional Community Preservation funding approach on three affordable housing projects. Community Preservation Committees have joined together to provide funding for a single project in one of the participating towns. The first project involved two towns and the second project involved five towns. Island Housing Trust is currently working on an Island wide project for 20 units and is submitting requests to all six towns on Martha’s Vineyard. b. Local Preference The initial rent up for the 44 affordable units will be conducted by a lottery as required by the Massachusetts Department of Housing and Community Development. There will be a preference for both families and seniors who live or work in Eastham. This preference will also apply to residents of Outer & Lower Cape Towns that have contributed Community Preservation Funds to the project. The local preference will be defined/documented in the marketing plan/lottery system and approved by the Town and various lenders including the Department of Housing & Community Development (DHCD). Governor Prence Residences Community Preservation Committee Application c. Meeting Local Needs The need for affordable housing on the Lower and Outer Cape at multiple income levels has been well documented in multiple Affordable Housing Needs Assessments and Affordable Housing Productions Plans. The high cost of housing due to second home buyers and retirees, combined with the fact that most rental housing is rented seasonally to take advantage of the premium rents charged to weekly vacation renters, conspire to create a severe shortage of affordable housing. Home purchase and rental prices are driven by these off cape market forces and are not accessible to working families. Affordability: The proposed development will provide multiple rent options to households with incomes up to 80% AMI. The proposed Governor Prence Residences creates a range of housing opportunities and choices, by providing housing for residents at or below 30%, 60% of AMI, as well as market rate units with rents affordable for residents between 60% and 110% of AMI. Six of the units are reserved for residents making 30% of less of AMI and will help meet the needs of the community’s most citizens. Housing for Seniors: The Property has been designed to accommodate seniors. All of the units are designed for single floor living and all of the units are on the ground-floor level or accessible via elevators. The bedroom mix of the proposed apartments is senior friendly with the Property containing 17 one bedroom units, 28 two bedroom units, and 5 three bedroom units. Designed with a focus on community, different living environments are offered from the convenient smaller units for singles and smaller households in the larger building to the front that includes community and management functions to a smaller building to the rear of the site for families with 2&3 BR units. Housing that is consistent with community character: The Governor Prence Residences have been designed to create a residential neighbor that is integrated into the local community. The Property is on Route 6 with access to year-round public transportation and within walking distance of restaurants, convenience stores and other services. A number of features make this an attractive community for the residents: Bike Trail Extension. The Property will provide users access to the bike trail. Design/Road. Internal to the site, walks and trees along the roadway provide a protected place for pedestrians to feel safe walking, young children to bike along and provide value to the street front. Playground. The Property will have a playground designed for multiple age groups. Garden. The Property will offer a garden area. Community Room. The Property has a community room available for use by residents as well as for meetings and events for the Lower/Outer Cape community. E. Frequently Asked Questions about the Project 1. Is this project a component of a broader and/or phased plan? If so, describe the scope and sequencing of the full project plan and how this project contributes. Do you expect to request additional CPC funds in future years for this project? The proposed development is a significant undertaking and will need the support of the Towns of Brewster, Eastham, Orleans, Truro and Wellfleet as well as the state, and local authorities. If the funds are not fully available this fiscal year, we hope to either obtain a “forward commitment” of future year’s funds or request additional funds in future rounds to accumulate the full request Governor Prence Residences Community Preservation Committee Application 2. Provide a project schedule showing all major project milestones. Timeline Anticipated Date Comments CPC Application November 2016 **Tax Credit Application (1st Funding Application) March/April 2017 **Recorded Comprehensive Permit Final Decision May 2017 Recording Decision with Conditions; approx. 1 month after approval. 1st Tax Credit Decision July 2017 The assumptions is the Partnership will not be awarded an allocation * 2nd Tax Credit Application November 2017 2nd Tax Credit Decision March 2018 The assumption is the Partnership will be awarded an allocation of tax credits. Anticipated Construction Closing/Financing Closing July 2018 Construction Completion (ant. 12 month construction period) July 2019 100% Leased up July 2020 *Please note the tax credit application process is competitive. The Applicant envisions at least two tax credit application rounds. The tax credit application dates are tentative dates based on the Applicant’s past experience with similar submissions. The DHCD issues the deadline dates only month(s) in advance of each tax credit submission deadline. **The Property must be permitted/ zoned prior to a Tax Credit Decision. 3. How will this project leverage funds from other sources? Will there be any in-kind contributions, donations, or volunteer labor? Are there fundraising plans? If seeking grants/loans from other funding sources please include commitment letters from funders or letters of inquiry to funders. All the Applicant’s developments (completed, under construction, and or proposed) located in Massachusetts are very similar in size and scope utilizing/leveraging the same financing mechanisms compared to the Property. Governor Prence Residences Community Preservation Committee Application Financing will be provided through the Massachusetts DHCD’s Low Income Housing Tax Credit Program. A summary of the Property’s anticipated funding sources is as follows: Financing Sources Provider Amount Type Term Rate Investor Capital* Stratford $10,000,000 Equity N/A N/A First Mortgage Loan TD Bank $1,610,000 Conventional 18 Years 6.25% AHT Funds State Agency $1,000,000 Junior Loan 30 Years 0.00% HOME Funds State Agency $550,000 Junior Loan 30 Years 0.00% Barnstable HOME Funds Barnstable HOME Consortium $250,000 Junior Loan 30 Years 0.00% CPC Funds Eastham CPC $600,000 TBD TBD TBD HSF Loan MassHousing $1,000,000 Junior Loan 50 Years 0.00% State LIHTC Funds DHCD $1,800,000 Junior Loan 0.00% Deferred Dev. Fee Developer $677,354 Deferred Fee 13 Years 0.00% Total Sources $17,487,354 *The Partnership will request approximately $1,000,000 of Low IncomeTax Credits per year from the State Agency. A detailed sources & uses statement and a 15 year operating proforma are attached hereto in Tab V. 4. Provide a detailed budget. Identify all sources and uses of funds. Clearly distinguish among costs to be paid from CPA funds versus other sources of funding. Identify hard and soft costs, contingencies, and project management time (from contracted managers or existing staff). Please see Tab V for the detailed source and use of funds. 5. What are your project costs based on? The Applicant calculated its total development costs based on experience with similar affordable housing developments (under construction and completed) and received a bid for the hard construction costs from a respectable general contractor, Dellbrook Construction. Governor Prence Residences Community Preservation Committee Application 6. What maintenance responsibilities will be required to sufficiently maintain the resource? How much will annual and long-term maintenance cost? What entity will be responsible for these responsibilities and costs? How will this revenue be generated? The Property will be managed by the Community Development Partnership through an on-site management office. The CDP has extensive experience in managing affordable housing properties on the Lower Cape. The CDP currently manages 75 units in 21 different locations on the Lower and Outer Cape. The CDP’s staff includes an experienced Property Manager, who has over 20 years of experience managing affordable housing multi-family apartments and is respected/well known by the Department of Housing and Community Development/State Agency. The CDP also has highly skilled maintenance staff and will hire additional staff to manage the Property. Please see Tab V for the detail operating proforma (revenue and expenses). 7. Are there any legal ramifications/impediments to this project? What permits/variances will be needed? The Design meets or exceeds all building codes, accessibility requirements, and all other applicable laws and regulations. The Applicant recently filed a Comprehensive Permit Application Chapter 40B of the Massachusetts General Laws. The Applicant and the Town of Eastham (including the Zoning Board of Appeals and the Board of Selectmen) will work closely in refining the proposed development, ultimately hoping to reach a approval by the Eastham ZBA. Please see the Project Eligibility Letter (Tab VI) from DHCD indicating their support for the project. 8. If this project entails work done on property owned/controlled by another entity, demonstrate authorization from the property owner. The Applicant has site control through an option and will own the Property long term. Please see the executed option to purchase agreement in Tab IV. 9. What are the qualifications/experience of the project’s sponsoring organization? Provide mission statement, experience of the project manager, track record with summary of similar projects completed by the project manager and by the sponsoring organization. The Applicant has demonstrated a vast amount of experience in development, ownership, investment banking and asset management in multi-family housing. Please see Tab III for additional information on Developer Experience. Governor Prence Residences Community Preservation Committee Application III. PLANS, MAPS, DESIGN, & COSNTRUCTION a. Compliance. Demonstrate compliance with all relevant building codes, zoning, accessibility requirements, and all other applicable laws and regulations. The Design meets or exceeds all building codes, accessibility requirements, and all other applicable laws and regulations. The Applicant recently filed a Comprehensive Permit Application Chapter 40B of the Massachusetts General Laws. The Applicant and the Town (including the Board of Selectmen) will work closely in refining the proposed development, ultimately hoping to reach a positive decision from the ZBA. Enclosed please find the zoning exemption list that was recently submitted to the Town within the Comprehensive Permit Application. b. Sustainable Materials/Energy Reduction Measures. Describe any sustainable materials and/or techniques and/or energy reduction measures that will be used It is proposed the following sustainable details, principles and standards will be incorporated in the project: The US Green Building Council LEED for Homes Rating System will be used as a guide in design, system selections, and construction. The Owner does not intend to formally apply for LEED certification due to the increased cost of the certification process. The project will manage debris and waste by recycling and or salvaging 75% percent by weight of demolition debris and construction waste. The project will use, whenever possible, wood based materials certified in accordance with the Forest Stewardship Council Guidelines. The project will use Low Emitting Materials such as low VOC paints, adhesives, and flooring. Energy Star Certified appliances and energy efficient lighting. Energy Star construction detailing to enhance the buildings energy performance. High performing materials will be utilized to maximize the thermal envelope and meet or exceed requirements of the Energy code. Opportunities for increased insulation are available particularly at the roof level. High Solar Reflectance at Roof Materials. High energy efficiency in heating equipment such as air-source heat pumps. Water conserving fixtures Select areas of pervious pavement. c. Site Plans, Floor Plans, and Elevations, Site & Map (s) Enclosed please find the site plan, site survey, aerial views, renderings, and elevations/floor plans. PROJECT SITE DATA FROM ONLINE FEMA FIRM MAP 25001C0426J EFFECTIVE JULY 16, 2014 AND DOWNLOADED JULY 25, 2016 THE PARCEL IS LOCATED COMPLETELY WITHIN ZONE X - AREA OF MINIMAL FLOOD HAZARD Governor Prence Residences Community Preservation Committee Application IV. DEVELOPMENT TEAM PROFILE The development team below will be the main members through the design phase, the zoning and permitting phase, the financing phase, and the construction phase of the development. Firm profiles and resumes for CDP, Stratford, ICON, DTI, and CHA are located at the end of this Tab. Principal Members Applicant Phone # Email Address Developer/Owner/ Applicant Jay Coburn (Community Development Partnership) 508 240-7873 x16 jay@capecdp.org Executive Director Rich Hayden (Stratford) 978 535-5600 x114 rah@stratfordcapitalgroup.com Partner/EVP/Director of Development Keith McDonald (Stratford) 978 535-5600 x119 kjm@stratfordcapitalgroup.com Vice President Support Members ICON (Women Owned Business) Phone # Email Address Architect Janis Mamayek 617 939 0715 jmamayek@iconarch.com Principal/ Director of Architecture Michael Gardenier 617 939 0716 mgardenier@iconarch.com Architect CHA Phone # Email Address Civil Engineer Kelly Killeen 781 982 5434 KKilleen@chacompanies.com Partner DTI Phone # Email Address Owners Rep Gordon Schaaf 603 860-3253 godons@designtechnique.com Site Representative Dellbrook | JK Skanlan Construction Phone # Email Address General Contractor Mike Fish 781 380 1675 MFish@dellbrook.com President Governor Prence Residences Community Preservation Committee Application Principal Members/Applicants Developer/Applicant/General Partner. Community Development Partnership (“CDP”), a non- profit organization, and SCG Development Partner’s, LLC (“Stratford”) (collectively CDP and Stratford are referred to as the “Applicant” and the “General Partner”) will be co-owners and co-general partner’s in the proposal to construct a new affordable housing development named the Purcell Residences (“Property”). 1. SCG Development Partners, LLC (“Applicant” or “Stratford”) was formed to leverage the expertise and resources of Stratford Capital Group’s (“SCG”) principals to develop multi-family properties that benefit from low income housing tax credits across selected markets in the United States. Stratford is managed by SCG Development Manager, LLC, whose sole member is SCG Capital Corp (the managing member of Stratford Capital Group, LLC). The Company was formed for the purpose of acquiring and developing affordable multifamily residential rental properties. The Company’s investment strategy is to identify and invest in development opportunities of rental properties located primarily throughout the Northeast, Mid- West, Mid-Atlantic and Southeastern United States, that will be eligible for low income housing tax credits under Code Section 42 or historic rehabilitation tax credits under Code Section 47. As real estate professionals first and foremost, the principals of Stratford have extensive experience in identifying unique opportunities, site selection, diligently underwriting and ultimately acquiring and financing rental apartment properties. Leveraging off of this skill set, the principals of Stratford Capital Group have been involved in the successful development of 50 properties using tax credits in the role of developer or co-developer. The development team has been successful in permitting, constructing, leasing up, and owning/operating similar affordable housing development located in Massachusetts. The below table captures similar affordable housing developments located in Massachusetts: Massachusetts recent developments by Stratford Units Location Status Chelmsford Woods Residences I 58 Chelmsford, MA Completed/100% Leased Chapter 40B (fully permitted) Chelmsford Woods Residences II 58 Chelmsford, MA Applying for financing Chapter 40B (fully permitted) Brown School Residences 61 Peabody, MA Completed on time and under budget and fully leased up. Fulton School Residences 63 Weymouth, MA Completed on time and under budget and fully leased up. School Street Residences 50 Athol, MA Completed on time and under budget and fully leased up. Simpkins School Residences 65 Yarmouth, MA Completed and fully lease up Coady School Residences 58 Bourne, MA Received an allocation of LIHTC. Completion started June 2016. Chapter 40B (fully permitted) Governor Prence Residences Community Preservation Committee Application In addition to the affordable housing developments located in Massachusetts, other recent affordable housing developments that the development team has been a member in include, but not limited to: Development Units Location Construction/Type The Residences at the Government Center I 150 Fairfax, VA New Construction The Residences at the Government Center II 120 Fairfax, VA New Construction Park Heights Apartments 100 Baltimore, MD Acq./Rehab The Reserve at Sugar Mill 70 St. Mary’s, GA Acq./Rehab 3 Tree Flats 130 Washington, DC New Construction Appian Way 204 Charleston, SC Acq./ Rehab Griffin Heights 100 Tallahassee, FL Acq./ Rehab Lakeside Apartments 110 Columbia, SC Acq./ Rehab Sand Dunes 104 Panama City, FL Acq./ Rehab Cypress Place 132 Marrero, LA Acq./ Rehab Pine Meadow 78 Gainesville, FL Acq./ Rehab Ashley House Apartments 61 Valdosta, GA Acq./ Rehab Elm Drive Apartments 60 Baton Rouge, LA Acq./ Rehab Tangi Village 96 Hammond, LA Acq./ Rehab Parkside at Boulevard 44 Orangeburg, SC New Construction Eureka Heights 56 Ashburn, GA New Construction Southfork Apartments 96 Camilla, GA Acq./Rehab & NC Cypress Parc Apartments 63 New Orleans, LA New Construction 2. Community Development Partnership (“Applicant” or “CDP”), headquartered in Eastham, is a non-profit community development corporation serving the eight towns of the Lower Cape. For more than two decades, the CDP has worked to create opportunities for people to live, work and thrive in the region by developing & managing affordable homes, launching entrepreneurs and strengthening local businesses. CDP aims to protect the natural environment around us—preserving the character and sustaining the future of this unique region. The CDP administers housing rehabilitation loan programs in Dennis, Eastham, Harwich, Provincetown, Truro and Wellfleet. The CDP provides training, technical assistance and micro-loans to small businesses. The programs and priorities of the CDP are deeply rooted in addressing community needs and the organization is governed by a sixteen member Board of Directors comprised of business/community leaders and representatives of low- to moderate-income residents. The CDP has developed and rehabilitated 12 projects comprised of a total of 61 affordable rental and ownership units over the past 20 years. The CDP’s most recent development, the Platinum LEED Certified Thankful Chases Pathway in Harwich, received national recognition in HUD’s Door Knocker Award competition for Sustainable Housing. Currently, the CDP owns and manages 59 units of affordable rental housing and manages an additional 16 units for the Eastham Affordable Housing Trust (7 units), Town of Eastham (1), Highland Affordable Housing in Truro (4), Town of Truro (1), and 26 Alden Street in Provincetown (3). Governor Prence Residences Community Preservation Committee Application Properties managed by the CDP Units Location Robert Lane 4 West Harwich, MA Little Homesteads 8 Harwich Port, MA Thankful Chases Pathway 12 West Harwich, MA Nickerson Park Condo 1 Brewster, MA Canal House 9 Orleans, MA Nauset Road (owned by Town of Eastham) 1 Eastham, MA Gull Cottages 5 Eastham, MA 1475 State Highway 2 Eastham, MA Bracket Landing (owned by Eastham Affordable Housing Trust) 4 Eastham, MA Wampum Lane (owned by Eastham Affordable Housing Trust) 2 Eastham, MA Massasoit Road (owned by Eastham Affordable Housing Trust) 1 Eastham, MA Fred Bell Way 12 Wellfleet, MA Old Firehouse Road (owned by Town of Truro) 1 Truro, MA Helens Way (Owned by Highland Affordable Housing) 2 Truro, MA Shore Road (Owned by Highland Affordable Housing) 2 Truro, MA Harry Kemp Way 4 Provincetown, MA 26 Alden Street (Owned by 26 Alden St. LLC) 3 Provincetown, MA Nelson Avenue 2 Provincetown, MA Governor Prence Residences Community Preservation Committee Application Support Members Below please find a description of the relationship and responsibilities of several support members/participants/ development team members. Each participant below has successfully collaborated in the undertaking of the development and or management one of the Applicant’s successfully completed Massachusetts developments. Architect. ICON Architecture (“ICON”), based in Boston, MA, will be the design and supervising architect for the Property. ICON is widely recognized for its award winning residential designs, specifically in the area of affordable housing. Stratford’s established relationship with ICON provides a decided advantage during the design and construction process. ICON has been and is the architect for Stratford’s recent developments located in the North East. ICON is certified by the State Office of Minority and Women Business Assistance. Civil Engineer. CHA, based in Norwell, MA is a full service engineering firm with the in-house capabilities to supply all the engineering, planning, surveying, permitting, environmental (including floodplain services), and construction inspection and administration services. The technical staff possesses a strong sustainable design ethic that has been ingrained in its culture for decades. CHA has managed the design and installation of on-site wastewater treatment systems at several properties developed by Stratford. Throughout the 50-plus years in the business, CHA has led the way in developing innovative green designs. From CHA’s early work on America’s most scenic highways to its recent award-winning environmentally- friendly projects, CHA is proud of its green approach to planning and design. Owner’s Representation. Design Technique Incorporated (“DTI”), based in Newburyport, MA, is an established on-site construction administration company. DTI offers developers, owners and institutions, owner’s representation and quality assurance services to manage risk and add value to their design and construction projects. DTI offers total program management, project support and site representation by providing personal, hands-on attention and staying fully engaged throughout the process. Legal. Klein Hornig LLP (“Klein”), based in Boston, MA is counsel to the Sponsor. Klein is one of the nation’s premier firms concentrating exclusively on affordable housing and community development. The firm focuses on structuring, managing and closing all types of multilayered affordable housing transactions for both new development and housing preservation/revitalization, under a myriad of federal and local programs including HOPE VI/mixed-finance, Affordable Housing Tax Credits, Section 202, and many more. Accountant. CohnReznick, based in Bethesda, MD (offices nationwide, including Boston), is a leading national accounting firm which has one of the most extensive and experienced affordable housing industry practices in the United States. As such, CohnReznick provides input into the review and development of government affordable housing programs. CohnReznick provides for-profit and nonprofit developers, public housing authorities, state housing credit agencies, syndicators, investors, and lenders with a range of accounting, tax and business advisory services. General Contractor. It is anticipated that Dellbrook | JK Scanlon Construction LLC, (“Dellbrook | JK Scanlon”), based in Quincy, MA, will be the third-party general contractor for the Property. Dellbrook | JK Scanlon was established in 2005 by Michael Fish and currently employs a staff of 147 persons. The firm’s profile of Federal Tax Credit developments includes: eleven occupied rehabilitation projects (930 apartment units), twelve new construction projects (450 apartment units), and sixteen historic rehabilitation projects (1,126 apartment units). Dellbrook | JKScanlon’s aggregate bonding capacity is $300,000,000 with approximately $147,000,000 of remaining capacity. Dellbrook |JK Scanlan has successfully Governor Prence Residences Community Preservation Committee Application completed over 300 units of affordable housing development on time and on budget located on the Cape and Islands. Dvelopments include: 815 Main Street Residences, Stage Coach Residences Hyannis, MA (12 Units), Veterans Park Apartments Falmouth MA (39 Units), Sachems Path Housing Nantucket, MA (40 Units), Ashers Path Housing Mashpee, MA (56 Units), 704 Main Street Falmouth, MA (58 Units), and Canal Crossing Apartments Buzzards Bay, MA (16 Units). Property Manager. The property will be managed by the Eastham-based Community Development Partnership (“CDP”), a local, non-profit provider of affordable rental apartments on the Lower Cape. CDP owns 59 units and manages a total of 75 affordable rental homes at 21 different sites. CDP has extensive experience in creating, marketing, managing and maintaining apartments. CDP’s property management staff are responsible for developing and implementing budgets, staffing, annual audits, and maintenance of a diverse portfolio of rental apartments. Staff have over 30 years of property management experience including resident income certification and ensuring compliance with affordable housing restrictions. CDP currently manages eight affordable units for the Town of Eastham and its Town’s Affordable Housing Trust. _________________________________ 3 Main Street Mercantile, Unit 7 Eastham, MA 02642 P 508.240.7873 F 508.240.5085 E contact@capecdp.org www.capecdp.org Creating opportunities for people to live, work, & thrive on the Lower Cape The Community Development Partnership (CDP) supports an array of programs that strengthen our Lower Cape community, providing greater opportunities for all who live here to thrive. Our work starts with creating affordable homes—so essential to a healthy economy, but a real challenge in communities like ours where seasonal and vacation dynamics drive the market beyond the reach of many who live and work locally all year round. We also work to launch entrepreneurs and strengthen local businesses. We believe a vibrant future depends on sustaining traditional industries and inspiring new ones—especially when they’re based on renewable natural resources such as fishing, farming, art and hospitality. In all that we do, we aim to protect the natural environment around us—preserving the character and sustaining the future of this special place we call home. Background Since its inception in 1992, the CDP has become a leader in developing and delivering innovative programs that foster an economically and environmentally sustainable Lower Cape Cod community. As a community development corporation, we value economic diversity and foster a sense of inclusion and participation of local area residents, business owners and leaders. Throughout our twenty-three year history, the CDP has continued to adapt to the ever-shifting economic and demographic landscape of our area while maintaining our commitment to strengthening and expanding the building blocks of a vibrant local economy. The CDP is a steward for critical community resources such as decent and safe rental housing for low and moderate residents, micro- loan funds that help unleash the entrepreneurial spirit in the region and fishing quota that has preserved our small scale fishing fleet. More recently, we’ve developed a model to increase the production of local renewable energy and lower the cost of electricity for low income families. Major Accomplishments include: o Developing, owning and managing 75 affordable rental homes including the Platinum LEED Certified Thankful Chases Pathway which recently received national recognition in HUD’s Door Knocker Award competition for Sustainable Housing. o Providing business assistance and/or loan capital to over 1,570 locally owned small businesses. o Lending over $2,675,000 in micro-loans to help start and sustain local small businesses. _________________________________ 3 Main Street Mercantile, Unit 7 Eastham, MA 02642 P 508.240.7873 F 508.240.5085 E contact@capecdp.org www.capecdp.org o Developing 28 affordable homeownership opportunities for low and moderate income families. o Developing the nationally recognized Cape Cod Fisheries Trust that retains over $10,000,000 in fishing revenues in the local economy each year and provides direct technical assistance support to the local day-boat fishing fleet. o Repairing and upgrading 333 homes for low and moderate income families while putting local contractors to work with contracts totaling $7,122,000. By focusing our efforts on a variety of program initiatives that are synergistically aligned, the organization has been able to develop a deep bench of expertise and skills that can be utilized in flexible ways to fulfill our strategic objectives which include: o Strengthen business sectors with competitive regional advantage, especially traditional and renewable natural resource based businesses such as fishing and the arts. o Increase the affordability and the availability of safe, stable year round housing. o Increase energy efficiency and local renewable energy generation. Key Staff Jay Coburn, Executive Director He has extensive experience in non-profit management, public speaking, marketing and fundraising. Jay has been a lobbyist, ran a national HIV prevention training program, and managed several successful political campaigns. His career took a ten year detour while he co-founded and ran one of Cape Cod’s most highly acclaimed restaurants. After serving as Political Director for State Senator Dan Wolf, Jay joined the CDP as Executive Director in 2012. Under his leadership, the CDP’s Annual Budget has grown from $1.6M to $3.6M, staff have increased from 9 to 15 and financial support from individuals and businesses has grown by over 1000%. Jay is an elected member of the Select Board for the Town of Truro and was recently appointed by Governor Baker to the Massachusetts Rural Policy Commission. Jay has a B.S. in Human Ecology from Cornell University. Alice Demoracski, Director of Property Management Alice has over 30 years of experience managing affordable rental housing in Connecticut and Massachusetts. Prior to working for the CDP, she was a property manager for MB Management. She joined the CDP in 2013 when the CDP returned to self-management of its affordable housing portfolio. During Alice’s tenure, the number of units managed by the CDP has grown from sixty-five to seventy-five units in 21 locations. Abigail Chapman, Director of Housing & Energy Efficiency Programs Abigail has worked for the CDP for five years, and has 15 years of experience in the construction trade, including eight years in the field. While working at the CDP she oversaw the new construction of 12 affordable rental units located in Harwich, MA. The $3.7 million project was completed on time and on budget and has received national recognition in HUD’s Door Knocker Award competition for Sustainable Housing. The project is also Platinum LEED Certified. Abigail is also the Rehab Supervisor for Massachusetts _________________________________ 3 Main Street Mercantile, Unit 7 Eastham, MA 02642 P 508.240.7873 F 508.240.5085 E contact@capecdp.org www.capecdp.org Department of Housing and Community Development Housing Support Programs for the towns of Dennis, Eastham and Truro. Abigail holds a Massachusetts Construction Supervisor’s License, a Home Improvement Contractor’s License and has Building Performance Institute’s (BPI) Building Analyst and Envelope Certification. Abigail has degree in communications from the University of Texas at Austin. Judith Valverde, Fiscal & Operations Director Judy has worked for the CDP for over 15 years and has successfully managed over 50 federal and state housing development, housing rehab and economic development grants. Currently, she manages CDP’s $3.6M annual budget. Prior to joining the CDC, Judy managed accounts payable for the Housing Assistance Corporation on Cape Cod. Judy has been a real estate appraiser, real estate agent and is a veteran of the U.S. Air Force. Board of Directors Lori Meads, President Vice President, Seaman’s Bank Heather Kotel, Vice-President Vice President, Cape Cod Five Cents Savings Bank Ben deRuyter, Treasurer Commercial Real Estate Developer & Manager Claudia Williams, Clerk Human Resources Consultant Angelina Bologna Small Business Owner and CDP Resident Matt Cole President & CEO, Cape Associates Liza Cox Partner - Nutter, McClennen & Fish, LLP Lisa Guyon Director of Community Benefits, Cape Cod Healthcare Michael MacIntyre Retired Hospitality Executive Fran McClennen Environmentalist Leslie Richardson Chief Economic Development Officer, Cape Cod Commission John Simonian Founder & Co-Owner, Bean Stock Coffee J’aime Sparrow Sunbird Kitchen & CDP Loan Client Jane Teixeira-Henry Retired US House of Representatives Budget Committee Staff Beth Wade Executive Director, CHAMP Homes Barbara Wood Retired IBM Executive STRATFORDCAPITALGROUP.COM Stephen P. Wilson 8245 Boone Boulevard, Suite 640 Vienna, Virginia 22182 703.942.6610 For more information relating to Stratford Capital Group, please contact: FIRM PROFILE MARCH 2016 John M. Nelson, IV Benjamin D. Mottola 100 Corporate Place, Suite 404 Peabody, Massachusetts 01960 978.535.5600 STRATFORDCAPITALGROUP.COMSTRATFORDCAPITALGROUP.COM TABLE OF CONTENTS I. Introduction II. Executive Management Team/Key Staff III. Affordable Housing Tax Credit Syndication IV. Corporate Advisors V. Organizational Diagram STRATFORDCAPITALGROUP.COM I. INTRODUCTION Stratford Capital Group, LLC (“Stratford Capital”) is a recognized leader in the multifamily investment industry with a particular focus on the Low-Income Housing Tax Credit industry. Stratford Capital, along with its affiliated companies, including SCG Capital Corp., SCG Development Co. LLC, SCG Development Partners, LLC and Stratford Asset Management Co., LLC are involved in various facets of multifamily real estate investment, development and asset management. Since 2007, Stratford Capital Group has successfully underwritten, sponsored and syndicated private equity in 146 multifamily rental apartment properties totaling approximately 17,700 apartment units in 28 states with a capitalized value of approximately $2.35 billion. Stratford Capital’s multifamily focus centers on the following activities: Tax Credit Syndication & Development The principals of Stratford Capital have an extensive 20 year track record in the syndication and development of affordable housing utilizing Low-Income Housing Tax Credits alone, or in combination with Federal and State Historic Tax Credits (collectively the “Tax Credits”). Over the past 20 years, the principals of Stratford Capital have raised over $1.1 billion in equity for Tax Credit transactions. Also, the principals of Stratford Capital have been involved in the successful development and/or redevelopment of over 50 properties utilizing Tax Credits. Asset & Fund Management Stratford Capital’s experienced multifamily asset management and fund management teams are comprised of seasoned real estate, Tax Credit and accounting professionals that provide in-house, hands-on oversight for all of our multifamily investments from the time of each property’s acquisition, throughout each property’s holding period and finally, through each property’s eventual disposition. Our investor’s benefit from Stratford Capital’s comprehensive asset management supervision, fund management oversight and proprietary risk management database. The mission of Stratford Capital’s asset management and fund management teams is to (i) ensure investment quality and safety, (ii) establish strong working relationships with local developers/property managers, (iii) protect the financial and physical condition of the investment, (iv) achieve superior investment performance at or above projected levels and (v) provide investors with timely and accurate information regarding their investment. Stratford Capital’s primary asset management and fund management functions include: ■ Participating in the initial underwriting of potential property acquisitions; ■ Monitoring construction and initial lease-up activities; ■ Monitoring Tax Credit compliance and reporting; STRATFORDCAPITALGROUP.COM ■ Monitoring Property operations and review property reporting; ■ Maintaining the internal Stratford Capital CRM based risk management database; ■ Regularly evaluating property risk ratings and reporting to Senior Management; ■ Actively participating, on an as-needed basis, in solving any material problems; ■ Fund level cash management and accounting; and ■ Generating periodic, quarterly and annual reports to investors. Stratford Capital currently asset manages approximately 17,700 apartment units on behalf of its investor clients. STRATFORDCAPITALGROUP.COM II. EXECUTIVE MANAGEMENT TEAM The management team of Stratford Capital is comprised of John (“Jerry”) M. Nelson, IV, Benjamin D. Mottola, Stephen P. Wilson, Richard A. Hayden and Kyle F. Wolff. Combined, the executive management team of Stratford Capital has over 100 years of experience in acquiring, financing, developing and asset managing residential rental apartment communities across the United States JOHN M. (‘‘JERRY’’) NELSON, IV u Chairman / Principal A founding member and owner of Stratford Capital, Mr. Nelson’s primary responsibilities include strategic planning, business development and supervision of marketing activities. Prior to forming Stratford Capital, from 1995 to 2006, he was Chief Executive Officer of Franklin Capital Group, a real estate investment company specializing in the financing and development of affordable rental housing nationwide. During his tenure, Franklin Capital Group placed more than $350 million in equity capital in over 115 residential rental properties consisting of more than 13,500 apartment units. From 1987 to 1994, he was Executive Vice President of Sumner Development Company, a real estate company, and president of an affiliated entity, Mount Vernon Financial Corporation, where he arranged debt and equity financing and participated in project acquisition and development. From 1975 to 1987, he was Managing Director of First Winthrop Corporation and subsequently Chief Executive Officer of Winthrop Financial Associates, both Boston, Massachusetts based real estate companies. As one of the founders of Winthrop, he was responsible for the acquisition and syndication to private investors of over $5.5 billion dollars of property, including over 40,000 rental apartment units. From 1967 to 1969, he served as an officer in the United States Navy. He is a graduate of Yale University and holds an MBA from the Harvard Business School. BENJAMIN D. MOTTOLA u President / Principal and Chief Operating Officer A founding member and owner of Stratford Capital, Mr. Mottola is responsible for the day-to-day operations of the company and his primary responsibilities include strategic planning, business development and the supervision and coordination of Stratford Capital's various business units. Prior to forming Stratford Capital and since 1996, he was the senior member of the real estate investment acquisitions staff for the Franklin Capital Group where he was primarily involved with its real estate investment and affordable housing acquisition activities. During that time, he was involved in the acquisition of over 9,000 apartment units with a development value in excess of $600 million. He also oversaw most investment analysis, real estate underwriting and other transactional activities. Prior to joining Franklin Capital Group, Mr. Mottola spent six years with Copley Real Estate Advisors, a Boston, Massachusetts based institutional real estate investment advisory firm. He received a Bachelor’s degree in Business Administration from St. Michael’s College. STRATFORDCAPITALGROUP.COM STEPHEN P. WILSON u President (Virginia Office) / Principal A founding member and owner of Stratford Capital, Mr. Wilson is responsible for identifying, coordinating and closing affordable housing development and acquisition opportunities. Prior to forming Stratford Capital, he was a senior member with the Franklin Capital Group where he was primarily responsible for the supervision of development projects. He has a broad development experience managing numerous types of projects that include new construction, moderate and substantial rehabilitation and adaptive re-use of historic structures. Prior to joining Franklin Capital Group in 1997, he served as president of Dulles Real Estate Corporation, a private Washington, D.C. area firm that specialized in commercial real estate and provided general advisory services to its clients, including project feasibility analysis, financing, budgetary review, marketing, development management and leasing and sales. He was an appointed Board Member of the Loudoun County Housing Advisory Board. He is a graduate of the University of Richmond with a Bachelor’s degree in Finance and holds an MBA from The George Washington University. RICHARD A. HAYDEN u Executive Vice-President / Principal Director of Development A founding member and owner of Stratford Capital, Mr. Hayden is responsible for identifying, coordinating and closing affordable housing development and acquisition opportunities. Prior to joining Stratford Capital, he was co-founder and principal of Baran Partners, LLC, a multi-family real estate investment and development firm. Prior to Baran, he was senior vice president and director of asset management for Boston Capital Partners, Inc. where his responsibilities included management of the department, which oversaw the operation of 1,800 properties comprising 78,000 apartment units. He is a graduate of the University of Massachusetts, Amherst with a B.S. in Accounting. KYLE F. WOLFF u Executive Vice-President / Principal Director of Acquisitions A founding member and owner of Stratford Capital, Mr. Wolff is Stratford Capital’s Director of Acquisitions and is primarily responsible for managing and overseeing Stratford Capital Group's effort to acquire affordable apartment properties that benefit from various federal and state tax credits. Day-to-day activities also include project risk management, business development, asset management and general marketing. Other responsibilities include working in tandem with the investor marketing group to facilitate the review, approval and investment by institutions in Stratford Capital's proprietary and multi-investor funds. Prior to forming Stratford Capital, he was a senior member of the Franklin Capital Group, where he was employed by BankBoston, N.A. as well as Berkshire Mortgage Finance. Mr. Wolff received a Bachelor's degree in Industrial Engineering from Lehigh University and holds an MBA from Boston University. STRATFORDCAPITALGROUP.COM KEY STAFF MILES M. HAPGOOD, III u Senior Vice-President Mr. Hapgood is a senior member of the acquisition department primarily respon- sible for the origination, acquisition and analysis of affordable housing invest- ments. He has over 36 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he was a principal at MMA Financial responsible for analyzing, negotiating and closing acquisitions of affordable mul- tifamily properties financed with low income housing tax credits. While at MMA Financial, Mr. Hapgood was involved in numerous other aspects of the real estate investment indus- try including senior housing development, acquisitions of general partner interests and real estate operating companies, asset management, and real estate workouts. Prior to MMA Financial, he was a Senior Accountant with PricewaterhouseCoopers. He received a Bachelor’s degree in Finance and Accounting from Babson College and is a Certified Public Accountant. DEREK N. FOSTER u Senior Vice-President Mr. Foster is the senior member and head of the asset management department. He has over 20 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he held the position of asset manager at MMA Financial, where he was responsible for overseeing a portfolio of multifamily debt and equity investments valued in excess of $350 million. Prior to joining MMA Financial, he was a Real Estate Analyst at CW Capital (formerly Continental Wingate Companies), where he analyzed and helped process new multifamily and commercial real estate loans. He received a Bachelor’s degree in Management from the University of Massachusetts, Amherst. JEFFREY C. ABBOTT, CPA u Senior Vice-President Mr. Abbott is the senior member of the Portfolio Management department. He has over 21 years of experience in the affordable housing industry. Prior to joining Stratford Capital, Mr. Abbot was the director of portfolio management at Boston Capital. Prior to joining Boston Capital, he was a vice president at Boston Financial Investment Management (formerly MMA Financial) where his responsibilities included the oversight of both multi-investor and proprietary corporate tax credit funds. He also held various roles at Boston Financial (and predecessor companies) and was responsible for managing efforts to achieve portfolio investment objectives, performance reporting and investor servicing. Prior to the management role, he provided analytical and organizational support as a senior fund analyst to the institutional tax credit portfolio. Mr. Abbott spent the earlier part of his career as a senior portfolio accountant in the Boston Financial Property Management Group, as well as for Berkshire Realty Company. He worked at the accounting firm of Robert, Finnegan & Lynah and received his Certified Public Accounting designation. He received a Bachelor’s degree in Business Administration specializing in accounting from Boston College. STRATFORDCAPITALGROUP.COM ELIZABETH C. RONAYNE u Senior Vice-President Ms. Ronayne is a senior member of the investor service and marketing departments primarily responsible for the marketing activities associated with the sponsorship of low income housing tax credit investments in our multi- investor and proprietary funds as well as other real estate related activities. Prior to joining Stratford Capital, from 2004-2013, she served as managing director for Michel Associates, Ltd. where she managed and developed the investor client base, coordinated all marketing activities and successfully closed 10 investment partnerships representing $260 million of equity. Prior to joining Michel Associates, she held various executive positions in commercial banks including RBS Citizens Bank, Capital Crossing Bank and BankBoston Financial. She received a Bachelor’s of Science degree from Salem State University. ROBERT Y. WONG u Senior Vice-President Mr. Wong is a senior member of the acquisition department primarily responsible for the origination, acquisition and analysis of multifamily real estate investments. He has over 23 years experience working in the multifamily and commercial real estate industry. Prior to joining Stratford Capital, he held senior acquisitions positions at City Real Estate Advisors and MMA Financial where he was responsible for analyzing, negotiating and closing acquisitions of multifamily properties financed with low income housing tax credits. Mr. Wong has also been involved in numerous other aspects of institutional real estate investment and was co-founder of John Hancock’s low income housing tax credit program. Mr. Wong received a Bachelor’s of Architecture degree from the Rhode Island School of Design and holds an MBA from Boston University. BRUCE R. SOROTA u Senior Vice-President Mr. Sorota is a senior member of the acquisitions department primarily responsible for the origination, acquisition, and analysis of affordable rental housing investments. He has over 23 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he was responsible for the opening the Boston office for Red Capital Markets, Inc where he originated, underwrote and closed tax credit investments throughout the northeastern U.S. He also co-founded Housing Advisors a consulting firm that provided due diligence services for developers, syndicators and investors in affordable housing. From 2003 through 2008 he served on the Andover Housing Partnership Committee. He received a Bachelor of Arts in Economics from Tufts University and an MBA from the Helsinki School of Economics. STRATFORDCAPITALGROUP.COM JOHN J. SOREL u Senior Vice-President Mr. Sorel is a senior member of the acquisition department primarily responsible for the origination, acquisition and analysis of affordable housing investments. He has over 26 years of experience working in the commercial real estate debt and equity finance industry, with a particular focus on multifamily and affordable housing investments. Prior to joining Stratford Capital, he was Managing Director at Berkeley Point Capital where he was responsible for a range of asset management, special asset management and risk management functions. Mr. Sorel was previously a Managing Director at Centerline Capital and its predecessor companies in New York where he specialized in affordable multifamily equity and debt finance. Mr. Sorel has a Bachelor’s degree in Economics from Syracuse University. VERONICA D. GOMINHO u Vice-President Ms. Gominho is a member of the acquisition department primarily involved with the analysis, underwriting, and acquisition of real estate investments. She has over 25 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, she was a senior underwriter at Hunt Capital Partners. She also held various senior investment positions at Tax Credit Asset Management, John Hancock, and Boston Financial Group, involving various aspects of tax credit investing, including acquisition, underwriting, disposition, asset management, and portfolio management. She received an MBA from the University of Massachusetts. GAIL SEVERT u Senior Vice-President Ms. Severt is a member of the corporate administration and fund management departments. She has over 23 years of accounting and information infrastructure experience. Prior to joining Stratford Capital, she was a Manager, Business Process Outsourcing at McGladrey, LLP, where she was responsible for accounting, system implementation, and management consulting for a variety of small to mid-size businesses. Her real estate experience extends from the 8 years working as a partnership controller for the Equity Group Investment Limited Partnership Syndication portfolio. She was involved with the initial public offerings of Equity Lifestyle Properties (fka Manufactured Home Communities, Inc. ("MHC")) and Equity Residential Properties, and subsequently served as Corporate Controller for MHC. She received a Bachelor's degree in Accounting from St. Joseph's College and her CPA designation in Indiana and Illinois. STRATFORDCAPITALGROUP.COM BRENDAN P. POWER u Vice-President Mr. Power is a member of the asset management department. He has over 12 years of experience working in the multifamily housing and residential management industry and over 9 years of direct experience working in the affordable housing industry. Prior to joining Stratford Capital, he was a portfolio manager for Housing Management Resources, Inc. where he oversaw the day-to-day operations of the company’s New England affordable housing portfolio. Prior to Housing Management Resources, Mr. Power was an asset manager for Boston Capital where he was responsible for overseeing a portfolio of multifamily partnerships. He received a Bachelor’s degree in Business Administration from Northeastern University. JONATHAN S. MILTON u Vice-President Mr. Milton is a member of the asset management department. He has over 15 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he was an asset manager at Freddie Mac, where he was responsible for overseeing a portfolio of multifamily loans in excess of $11 billion. Prior to Freddie Mac, he was an associate at Franklin Capital Group, where he was responsible for the analysis of affordable housing investments. He received a Bachelor’s degree from Bucknell University, a Master’s degree in Philosophy from Temple University and an MBA from American University. ALEXANDRA E. KASPRZAK u Assistant Vice-President Ms. Kasprzak is primarily involved with the analysis of real estate investments and asset management activities. She has over 8 years of experience working in the affordable housing industry. She is also responsible for coordinating Stratford’s third party vendor relationships and overseeing Stratford's proprietary property database. Prior to joining Stratford Capital, she served as litigation paralegal with the Boston office of Proskauer Rose. Prior to joining Proskauer Rose, she worked for MMA Financial, Inc. in the Affordable Housing Group’s legal department. She received a Bachelor’s degree in Paralegal Studies from Suffolk University. STRATFORDCAPITALGROUP.COM JARED V. RAND u Vice-President Mr. Rand is primarily involved with the analysis and underwriting of real estate investments. He has over 11 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he served as an asset manager and analyst working in a variety of business units including asset management, development risk management, and capital transactions at MMA Financial. He was responsible for overseeing a portfolio of multifamily investments and providing analytical support to deals in workout. Prior to joining MMA Financial, he worked in Morgan Stanley’s brokerage division. He received a Bachelor’s degree in Accounting from Northeastern University. RENÉE B. TANGUAY u Vice-President Ms. Tanguay is primarily involved with the analysis and underwriting of affordable housing investments. She has over 17 years of experience working in the affordable housing industry in the areas of asset management, market analysis, and project underwriting. Prior to joining Stratford Capital, she served as an underwriter at Michel Associates where her primary responsibilities involved underwriting all aspects of proposed affordable housing investments. Prior to joining Michel, she was a vice president of investment valuation at MMA Financial where her responsibilities included completing feasibility analyses for proposed affordable housing investments located across the country. Prior to joining MMA Financial, she also spent five years as an asset manager at Boston Capital overseeing a portfolio of approximately 125 affordable housing properties in various stages of their life cycle. She holds a Massachusetts Real Estate Salesperson License, and has completed over 150 classroom hours in real estate appraisal. She received a Bachelor of Arts degree in International Business from Assumption College. JASON B. DUGUAY u Vice-President Mr. Duguay is primarily responsible for assisting in the analysis and underwriting of affordable housing investments. He has over 6 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he worked for a Massachusetts-based real estate brokerage firm where he was involved with the analysis and brokerage of commercial and residential real estate. He received a Bachelor’s degree in Finance and Economics from Bentley University. STRATFORDCAPITALGROUP.COM KEITH J. MCDONALD u Vice-President Mr. McDonald is primarily responsible for assisting in affordable housing development and acquisition activities. He has over 13 years of experience working in the affordable housing business. Prior to joining Stratford Capital, he served as Vice President at Focustar Capital, a boutique capital market firm responsible for originating and placing debt and equity on multiple real estate and energy market product types. Prior to joining Focustar Capital, he was a Senior Analyst at Carpenter & Company, Inc, assisting development and acquisitions activities. Prior to Carpenter & Co., he was employed at the Reznick Group as a senior analyst where he assisted in structuring historic, new market, and low income housing tax credit transactions. He received a Bachelor’s degree in Accounting from the Boston College. ROBERT F. SHEEHY u Assistant Vice-President Mr. Sheehy has over 10 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he served as Assistant Vice-President in the special assets group at Boston Capital where he was tasked with developing and implementing work-out strategies for a portfolio of affordable multifamily real estate assets with a value of $800mm in total development cost. While at Boston Capital, Mr. Sheehy’s varied responsibilities included dispositions, asset management, structured finance and portfolio management of affordable multifamily properties financed with low income housing tax credits. He received a Bachelor’s degree in Business Administration from Northeastern University and a Master’s degree in Investment Management from Boston University Graduate School of Management.. NICHOLAS C. BRACCO u Vice-President Mr. Bracco is primarily responsible for the acquisition and development of affordable housing investments. He has over 10 years of experience in the real estate development industry. Prior to joining Stratford Capital, Mr. Bracco worked for AHC Inc., a leading non- profit developer of affordable housing, where he managed the development activities for a substantial portfolio of real estate assets. Prior to joining AHC Inc., he was a Development Director at Miller & Smith, a boutique real estate development firm, where he assisted in the development of a 5 million square foot mixed-use town center project. He holds a BS in Finance from George Mason University and an MS in Real Estate Development and Finance from the Carey Business School at Johns Hopkins University. STRATFORDCAPITALGROUP.COM MARC C. SALOTTI u Vice-President Mr. Salotti is primarily responsible for the underwriting and development of affordable housing investments. He has over 10 years of financial analysis experience, with 4 years in the real estate industry. Prior to joining Stratford Capital, Mr. Salotti worked for Fannie Mae where he was responsible for the analysis and underwriting of multifamily real estate assets. Prior to joining Fannie Mae, he was a consultant with AlixPartners, a boutique consulting firm, where he assisted in the financial and operational restructuring of distressed companies. He received a Bachelor’s degree in Business Administration from Mary Washington College and an MBA from Vanderbilt University. NANCY A. NOTO u Investor Relations Manager Ms. Noto is primarily involved with investor relations. Her primary responsibilities include coordination of investor closings, investor reporting and relationships with outside professionals. She has been involved in investor relations for over 13 years. She received a Bachelor’s degree in Design and Environmental Analysis from Cornell University. MEREDITH B. MANOS u Corporate Administrator Ms. Manos is primarily involved in the day-to-day management of Stratford Capital’s bookkeeping, vendor relations and facilities management activities. She has been involved with corporate administration for over 13 years. She attended Syracuse University and the University of New Hampshire. KAREN A.WESTER u Senior Accountant Ms. Wester is a member of the corporate administration and fund management departments. She is primarily responsible for assisting in Stratford’s accounting, fund management and financial reporting. Prior to joining Stratford Capital she had worked as a property accountant for over 11 years. She received her Bachelor’s degree in Business Administration with a concentration in Accounting from Salem State University. STRATFORDCAPITALGROUP.COM ROBERT M. BARNARD u Analyst Mr. Barnard is primarily responsible for assisting in the analysis and underwriting of affordable housing investments. Prior to joining Stratford Capital he worked for a Northern Virginia based real estate appraisal company. Before that, Mr. Barnard interned with Vornado Realty Trust in their Acquisitions department. He received a Bachelor’s degree in Business and Political Science from the University of Rochester and is currently pursuing his Master’s degree in Real Estate from Georgetown University. JOHN-PAUL VACHON u Analyst Mr. Vachon is primarily responsible for assisting in the analysis and underwriting of affordable housing investments. Prior to joining Stratford Capital, he worked for Merrick Towle Communications in Washington, D.C where he was involved in strategic positioning and lease-up of multifamily residential communities. He received a Bachelor’s degree from The George Washington University and an MBA from Babson College. JOHN J. BINIERIS u Analyst Mr. Binieris is primarily responsible for assisting in the analysis and underwriting of affordable housing investments. Prior to joining Stratford Capital, he was a Senior Analyst with the City of Boston’s Tax Policy Unit where he was primarily involved in the administration of payment in-lieu-of tax programs. Prior to the City of Boston, he conducted feasibility studies and obtained entitlements for commercial construction projects throughout the country for a full services architectural and engineering firm, WD Partners. He received a Bachelor’s degree in Environmental Design specializing in Urban Studies from the University of Massachusetts, Amherst and a Master’s degree in Financial Economics from Boston University. STRATFORDCAPITALGROUP.COM III. AFFORDABLE HOUSING TAX CREDIT SYNDICATION Over the last 19 years, the principals of Stratford Capital have syndicated over $1 billion in equity in Tax Credit transactions from over 60 corporate and institutional investor clients. Stratford Capital takes pride in our long history of providing both our developer partners and investor clients with the highest level of responsiveness and personal service that has become our hallmark. A few examples of our recent Tax Credit syndication activities are as follows: Stratford Fund I Limited Partnership Stratford Fund I Limited Partnership is a $40 million single investor multi-property Low Income Housing Tax Credit fund comprised of 16 affordable apartment properties located in Virginia, North Carolina and South Carolina totaling approximately 1,300 rental apartment units. Stratford Fund II Limited Partnership Stratford Fund II Limited Partnership is a $100 million single investor multi-property Low Income Housing Tax Credit fund comprised of 21 affordable apartment properties located in South Carolina, Florida, Massachusetts, Maryland, Michigan, Mississippi, Missouri, Louisiana, Minnesota and Washington, D.C. totaling approximately 2,400 rental apartment units. Stratford Fund III Limited Partnership Stratford Fund III Limited Partnership is a $43 million Low-Income Housing Tax Credit fund comprised of six institutional investors, including an affiliate of Stratford Capital (“Fund III”). Fund III is comprised of 6 affordable apartment properties located in Iowa, Wisconsin, Kentucky, Louisiana and Florida totaling approximately 1,000 rental apartment units. Stratford Fund V Limited Partnership Stratford Fund V Limited Partnership is an $81 million Low-Income Housing Tax Credit fund comprised of nine institutional investors, including an affiliate of Stratford Capital (“Fund V”). Fund V is comprised of 15 affordable apartment properties located in Iowa, Arkansas, Texas, California, Florida, Virginia, Louisiana, New York, Rhode Island, Nebraska, Utah, Tennessee and Florida totaling approximately 1,500 rental apartment units. Stratford Fund VII Limited Partnership Stratford Fund VII Limited Partnership is an $90 million Low-Income Housing Tax Credit fund comprised of six institutional investors, including an affiliate of Stratford Capital (“Fund VII”). Fund VII is comprised of 12 affordable apartment properties located in Arkansas, Connecticut, Florida, Georgia, Indiana, Louisiana, Minnesota, New York, Rhode Island, Washington and Wisconsin totaling approximately 1,334 rental apartment units. STRATFORDCAPITALGROUP.COM Stratford Fund XI Limited Partnership Stratford Fund XI Limited Partnership is a $83 million Low-Income Housing Tax Credit fund comprised of seven institutional investors, including an affiliate of Stratford Capital (“Fund XI”). Fund XI is comprised of 17 affordable apartment properties located in Arkansas, Georgia, Indiana, Louisiana, Massachusetts, Michigan, Missouri, Mississippi, Minnesota, New York and Tennessee totaling approximately 1,500 rental apartment units. Stratford Fund XV Limited Partnership Stratford Fund XV Limited Partnership is a $100 million Low-Income Housing Tax Credit fund comprised of 10 institutional investors, including an affiliate of Stratford Capital ("Fund XV"). Fund XV is comprised of 18 affordable apartment properties located in Arkansas, Connecticut, Georgia, Illinois, Louisiana, Massachusetts, Michigan, Mississippi, Missouri, Pennsylvania, Tennessee and New York totaling approximately 2,000 rental apartment units. Stratford Fund XVII Limited Partnership Stratford Fund XVII is a $110 million Low-Income Housing Tax Credit fund comprised of 8 institutional investors, including an affiliate of Stratford Capital ("Fund XVII"). Fund XVII is comprised of 14 affordable apartment properties located in Florida, Illinois, Louisiana, Michigan, Nebraska, Oklahoma, Pennsylvania, Tennessee and Virginia totaling approximately 1,610 apartment units. Proprietary Individual Tax Credit Investments The principals of Stratford Capital have a long and successful history of executing Tax Credit property acquisitions that were custom tailored to the specific needs of its investors. STRATFORDCAPITALGROUP.COM V. ORGANIZATIONAL DIAGRAM SCG DEVELOPMENT PARTNERS, LLC John M. Nelson IV Co-Founder Chairman Benjamin D. Motola Co-Founder President and Chief Operating Officer Kyle F. Wolff Co-Founder Director of Acquisitions Robert Wong Senior Vice- President Bruce R. Sorota Senior Vice- President Mile M. Hapgood III Senior Vice- President Elizabeth C. Ronayne Senior Vice- President Nancy A. Noto Investor Relations Brendan P. Power Vice-President Alexandra E. Kasprzak Assistant Vice-President Jon S. Milton Vice-President Jared V. Rand Vice-President Veronica Gominho Vice-President John-Paul Vachon Analyst Marketing/Investor Relations Gail N. Severt Senior Vice- President Controller Jeffrey C. Abbott Senior Vice- President Fund Manager Derek N.Foster Senior Vice- President Director Asset Management Meredith B. Manos Corporate Administrator Corporate/Fund Management/Asset Management Origination and Acquisitions Stratford Capital Group, LLC John J. Sorel Senior Vice- President Karen Wester Senior Accountant John Binieris Analyst Renee Tanguay Vice-President Robert Sheehy Assistant Vice- President Richard A. Hayden Co-Founder Executive VP of Development SCG Development Partners, LLC Gail N. Severt Senior Vice-President Controller Keith J. McDonald Vice-President Development Stephen P Wilson Co-Founder President Virginia Office Jason B Duguay Vice-President Nicholas Bracco Vice-President Marc Salotti Vice-President Robert Barnard Senior Analyst ICON overview Boston-based ICON architecture, inc., a women-owned SDO-certified firm with 40 staff, provides award-winning work that has long focused on planning and design in the public interest, bringing depth of experience in public work and residential developments along with a combination of creative and cost-conscious design capability. Our work is COLLABORATIVE --- through our malleable design process we collaborate with our clients, resident user groups, operations managers, community stakeholders and others to embody a shared vision. Our work is TRANSFORMATIVE --- at all scales- from repairs to infill projects to re-use or full Master Planned communities – our projects transform and renew their surroundings, along with the lives of those touched by these changes. Our work is SUSTAINABLE --- it is intrinsic to our practice and good design. We believe in the on-going repairs, renovations and repositioning of neighborhood infrastructure – reinforcing communities that work --- providing sustainable healthy housing solutions --- essentially preserving existing buildings – the most basic of all sustainable goals and what we call “sensible green”. Current make-up of the firm includes five principals and thirty technical staff. ICON’s staff includes thirteen (13) registered architects and twelve (12) LEED Accredited Professionals. The firm has been ranked on Boston Business Journal’s List of Massachusetts’ Top 100 Women-Led Businesses for two consecutive years. ICON’S OFFICERS Nancy Ludwig, President MA #6048 Discipline: Architecture Janis Mamayek, Principal MA# 7399 Discipline: Architecture Ned Collier, Principal MA# 6560 Discipline: Architecture Judith Jorgensen, Principal Discipline: Finance PRINCIPAL + DIRECTOR OF ARCHITECTURE Education Bachelor of Architecture, University of Minnesota, 1985 Bachelor of Environmental Design, University of Minnesota, 1985 Registration Massachusetts (7399) Affiliations AIA MA Government Affairs Committee, Member Boston Society of Architects BSA Renovate for Recovery Registered Design Professional U.S. Green Building Council Speaking Engagements ABX 2012: Survival Strategies for Existing Buildings ABX 2012: Living on Track Relevant Experience Principal-in-Charge, Cambridge Housing Authority: Washington Elms Modernization, Cambridge (MA): Extensive Existing Conditions and Schematic design programming through construction for modernization of an occupied 15 residential + 2 support building site; $24M construction budget for broad and varied scope addressing most critical need across the housing development for the next 20 years; funded through HUD’s Rental Assistance Demonstration program. Project Manager, Maverick Landing, East Boston (MA): Award-winning $150M project on a nine- acre waterfront site near the Maverick MBTA station. A multi-phase, multi-ownership, multi-family residential development built as a prototype for affordable green development. 426 sustainable units in lowrise and midrise structures, incorporating Healthy Homes and Energy Star standards. LEED-certified. Project Manager, Washington Beech (Phase II), Roslindale (MA): Transformation of a severely distressed development into a HOPE VI community of over 200 housing units in a range of types, incorporating leading edge energy and air quality strategies; all units take advantage of passive solar energy; LEED-H gold certified Principal-in-Charge, Chelmsford Woods Residences, Chelmsford (MA): Comprehensive permitting and design of new 116 unit multi-family development consisting of affordable low-rise townhomes, 3-story apartment structures and clubhouse. Principal-in-Charge, Smith House, Boston (MA): Renovation and modernization of 132 one-bedroom affordable occupied apartments in a 12-story, 1970’s era concrete high-rise for seniors. Renovations will be made to the interiors of common spaces and units. Principal-in-Charge, North Point Microlofts, Cambridge (MA): Adaptive Reuse of 1926 concrete meat packing plant, 103 units of transit-oriented microloft housing as part of the Northpoint District. Principal-in-Charge , Avenir, Boston (MA): A 241-unit, mixed-use residential development on a former MBTA parcel in Boston’s Bulfinch Triangle above the MBTA’s North Station, integrating vibration isolation systems to structural frame. Principal-in-Charge, Walden Fire House, Chelsea (MA): Adaptive reuse of a historic fire house to 7 units of affordable senior housing in a charming masonry building. Principal-in-Charge, ROXSE Homes Rehabilitation, Boston (MA): $35M rehabilitation of 364 occupied housing units in high-rise and low-rise housing structures under HUD’s Demonstration Disposition Program for Mass Housing. Principal-in-Charge, Whitney Tower, Watertown (MA): Renovation of a 91-unit existing high-rise apartment to update units with open kitchens, focusing on envelope improvements for increased weather protection and energy efficiency. Principal-in-Charge, MSBA’s Green and Accelerated Repair Program: 26 different projects across 11 districts, 19 schools. Sustainable energy saving measures that include mechanical system upgrades, window and door replacement, roof and insulation repairs. All projects incorporate principles and standards of sustainable design ranging from $400k to $2M in construction cost. Principal-in-Charge, North Quad Infrastructure Renewal, University of Massachusetts Lowell, Lowell (MA): Infrastructure upgrades to the North Quad courtyard complex of existing buildings on the UMass Lowell North Campus. Includes new main entrance additions to address accessibility issues and other programmatic code deficiencies. These “pod”additions will enable the future phased renovation of the North Quad complex. JANIS B. MAMAYEK AIA, LEED AP BD+C, SENIOR ASSOCIATE | PROJECT MANAGER Education Master of Architecture, Washington University, St. Louis, Missouri, 1996 Design Studio Abroad, Washington University Affiliate, Barcelona, Spain, 1995 Bachelor of Science, University of Northwestern, St. Paul, Minnesota, 1992 Registration Massachusetts (20328) Affiliations American Institute of Architects Boston Society of Architects (BSA) Society for College and University Planning (SCUP) American Planning Association American Institute of Certified Planners US Green Building Council Upham’s Corner Main Streets Design Committee + Board of Directors Fairmount Indigo Planning Initiative Corridor Wide Advisory Group (CAG) Relevant Experience Project Manager, Smith House, Boston (MA): Renovation and modernization of 132 one-bedroom affordable apartments in a 12-story, 1970’s era concrete high-rise for seniors. Renovations will be made to the interiors of common spaces and units to meet today’s accessibility code while the building is occupied. Project Manager, Temple Landing, New Bedford (MA): 173-unit, 35-year-old affordable housing development formerly known as United Front Homes. Work included a dramatic reconfiguration and enhancement of the 11-acre site and a majority of the existing buildings. Project Manager, Chelmsford Woods Residences, Chelmsford (MA): Phase 1 construction for new multi-family development consisiting of affordable low-rise townhomes, 3-story apartment structure with garden and clubhouse. Project Manager, Olney Village Apartments, Providence (RI): Implementing a key goal of the Olneyville Master Plan, Olney Village is a 39-unit scattered-site affordable housing development, comprised of 14 units of new construction in five new buildings, and 25 units in 10 two- and three- family existing foreclosed structures acquired by the Olneyville Housing Corporation. The project also provides space for the neighborhood food bank and a local community service organization. Project Manager, Clay Pond Cove & The Residences at Canal Bluffs, Bourne (MA): High efficiency Energy Star Rated wood-frame, four-story building housing 45 one- and two-bedroom affordable rental units and community spaces. Phase 1, The Residences at Canal Bluffs, with 28 affordable rental units completed in July 2009, which included on-site sewage treatment and recreation areas to accommodate the next two phases. Project Architect, Maverick Landing, East Boston (MA): Situated along Boston’s Inner Harbor, this transit-oriented neighborhood of 426 mixed-income units is replacing an obsolete 1940s public housing “superblock”. Despite its density of 44 units per acre, the site blends substantial public open space with restoration of the historic street grid. Being the first LEED certified affordable housing development in New England. Maverick Landing offers rental townhouses, midrise apartment buildings, and a seven-story condominium building at the water’s edge. Project Manager, Cambridge Housing Authority: Washington Elms Modernization, Cambridge (MA): Extensive Existing Conditions and Schematic design programming through construction for modernization of an occupied 15 residential + 2 support building site; $16.8M construction budget for broad and varied scope addressing most critical need across the housing development for the next 20 years; funded through HUD’s RAD program. Construction Administrator, ROXSE Homes Rehabilitation, Boston (MA): $35M rehabilitation of 364 housing units in high-rise and low-rise housing structures under HUD’s Demonstration Disposition Program for Mass Housing. Project Manager, Dartmouth Hotel, Roxbury (MA): Illustrator renderings for renovation of an historic hotel listed on the National Register of Historic Places. The $12M project includes the rehabilitation of an existing hotel and construction of an addition, totaling 70,000 SF. Project Architect, Ruggles Supportive Apartments, Boston (MA): $3.3M adaptive use and addition to former school for 48 units of elderly SRO housing for the Committee to End Elder Homelessness. Project Manager, Whitney Tower, Watertown (MA): Renovation of a 91-unit existing high-rise apartment complex to update units with open kitchens, modern kitchen and bath fixtures, as well as focusing on envelope improvements for increased weather protection and energy efficiency. The original 1980’s lobby, community spaces, and business center were also updated to be more inviting and meet modern needs. MICHELLE WALDON AIA, AICP, LEED AP BD+C, MCPPO PROJECT MANAGER Education Bachelor of Architecture, Wentworth Institute of Technology, 2002 Associate, Architectural Engineering Technology, Wentworth Institute of Technology, 1994 Relevant Experience Project Designer, Coady School Residences, Bourne (MA): Adaptive reuse of historic school with new construction; schematic design of approximately 58 units of affordable senior housing under Special Permit Review of a friendly 40B process. Project Manager, Simpkins School Residences, South Yarmouth (MA): Adaptive reuse of historic school with new construction ; schematic design of approximately 65 units of affordable senior housing designed within the Cape Cod Commission's Regional Plan. Project Designer, Fulton School Residences, Weymouth (MA): Adaptive reuse of 1928 historic school with new construction, 63 units of affordable senior housing. Project Designer, School Street Residences, Athol (MA): Adaptive reuse of 1915 historic school with new construction, 50 units of 55+ senior housing. Project Manager, McElwain School Residences, Bridgewater (MA): School adaptive reuse and new construction; schematic design of 60 units of affordable senior housing with support spaces. Project Designer, Olmsted Green, Boston (MA): Design development / construction documentation for the design of 520 units of new mixed-income housing on the former Boston State Hospital Site. Focused on bathroom, kitchen, and unit interior compliance with MAAB and FHA. Project Designer, Emerson College Atrium, Boston (MA): Design of an infill project for the existing light well in Emerson College’s Walker Building. Project Designer, Stonehill College Dormitory, North Easton (MA): Detailer and CAD Drafter for design for a new 100-bed college dormitory. Duties included the planning of the suite layout and the ornamental egress stairs located at the end of each wing. Project Designer, The George Robert White Nature Center, Mattapan (MA): Designer, Detailer and CAD Drafter for a new 10,300 SF wildlife sanctuary offices, visitor center, classrooms, exhibit hall and community space for Massachusetts Audubon Society integrating sustainable features throughout. Project Designer, DCAMM Springfield State Office Building, Springfield (MA): Renovations, MEP upgrades and architectural impacts. Project Designer, The Plant & Cuban Revolution, Providence (RI): An adaptive reuse project that includes the conversion of a 19th century Fabric Dying and Bleaching calendaring facility into artist live/work housing and a mixed use office park. Project Designer, Science Building Renovations, Regis College, Weston (MA): Designer, Detailer and CAD Drafter for programming of and renovations to major science building complex focusing on chemistry, biology and math disciplines. Duties included the re-design of the main auditorium space for the science center, as well as the design of an ADA compliant and aesthetically pleasing hand rail that could be attached to the existing rail, saving the owner considerable construction costs. Project Designer, Marlin Fitzwater Center for Mass Communication, Franklin Pierce College, Rindge (NH): Designer, Detailer and CAD Drafter for programming of addition and renovations to existing library. Duties included the design of the new main auditorium space, TV control room and redesign of the main stacks area of the library. Project Designer, Central Boston Elder Services, Roxbury (MA): Designer, Detailer and CAD Drafter for a new 24,000 SF corporate headquarters. Project Designer, ArtBlock 731, Boston (MA): A new $18M construction of a 54-unit, 50% affordable, artist live/work loft development split between two buildings in the arts district of Boston’s South End. The development includes a cooperative gallery and underground private parking below both buildings. MICHAEL GARDENIER STATE TAX CREDIT/ AFFORDABLE HOUSING SPENCER ROW, CHELSEA MA: Spencer Row provides 32 units of affordable rental housing on a 1/2- acre site that sits one mile from downtown with multiple bus routes available just blocks away. The development consists of a three-story building above parking, with a community room for residents on the first floor. Townhouses with stoops offer private entries to several of the residences and create an active streetscape. EGLESTON CROSSING, JAMAICA PLAIN MA: Rejuvenating former brownfield sites, Egleston Crossing integrates new retail and housing into two new mixed-use buildings in a key Boston neighborhood commercial center. Highlighting numerous green building features, including a 64.8 kilowatt photovoltaic array, Egleston Crossing has achieved 50% overall energy savings. BROWN SCHOOL RESIDENCES, PEABODY MA: Originally constructed in 1911 with additions in 1920 and 1950, this distinctive structure incorporates elements of the Colonial Revival and Craftsman styles with Renaissance Revival entrance arches. The transformed site consists of a total of 61 active adult units. The reuse of the 30,000 SF historic school structure includes 20 units with community facilities and management space provided on the ground level. Immediately to the east of the school building sits a 41-unit, four-story, 50,000 SF new construction addition. 33 SYLVAN AVENUE, NEW HAVEN CT: Located near the Yale/New Haven Hospital and Yale Medical School, the nine-story apartment building provides 104 apartments in a mix of 65 market-rate apartments and 39 affordable supportive units. Large windows provide sweeping views of downtown New Haven and the picturesque Sleeping Giant State Park. Retail space combines with comfortable amenity areas at the ground floor to transition between hospitals and surrounding neighborhood. FULTON SCHOOL RESIDENCES, WEYMOUTH, MA: The 1928 Nationally Registered Alice E. Fulton School has been reborn as an affordable, active senior community. The adaptive reuse and historically-sensitive addition to the Colonial Revival structure provides 63 apartments, many preserving original detail. This development is one of many ICON renovations putting historic tax credits to work to create senior housing within surplus schools in Massachusetts. Spencer Row 33 Sylvan Avenue Fulton School Residences Egleston Crossing Brown School Residences STATE TAX CREDIT/ AFFORDABLE HOUSING WALDEN FIRE HOUSE RESIDENCES, REVERE MA: Built in 1907 in a restrained Classical Revival style, this former fire station provides home to seven units of senior housing. Former fire truck bays now serve as a first floor community space for the broader neighborhood. Original staircases were retained, and still wrap around the fire house pole that was once used for quick passage. Wood wainscoting and trim have been retained and replicated, while historic images have been reproduced as artwork in the hallways. Funded by both historic and low-income housing tax credits, this new use rejuvenates a historic TOD neighborhood, within a walk of both the MBTA Blue Line and the Revere Beach waterfront. 525 BEACH STREET, REVERE MA: This 30-unit, affordable rental development includes below- grade parking, a community space, and great access to public transportation, neighborhood amenities and Revere Beach. The design features rhythmic bays and a landscaped courtyard for residents, while emulating the surrounding triple-decker context. The building is anticipating LEED for Homes Mid-Rise certification. Several apartments feature private outdoor space via decks and stoops. Transom windows allow additional daylight into top floor units. OLMSTED GREEN, MATTAPAN MA: Olmsted Green is a mixed-use, mixed-income development on 42 acres of the former Boston State Hospital site, and shares a property line with the 65-acre Mass Audubon Boston Nature Center. Clustered around a series of intimate garden courts and parking courts, small townhouse groupings achieve densities of 15 to 20 units an acre, while preserving existing, healthy mature trees throughout the site and maintains a visual connection with the adjacent Boston Nature Center. SIMPKINS SCHOOL RESIDENCES, SOUTH YARMOUTH MA: Nestled in the historic district of South Yarmouth, the 1930 John Simpkins School has been redesigned to offer 65 senior housing units. The adaptive reuse includes a historically-sensitive addition, and extensive review by the Cape Cod Commission’s Regional Policy Plan. Features include a community room and expansive green space. APPLETON MILLS, LOWELL MA: The 130 artist live/work lofts at Appleton Mills is located on an “island” bounded by canals that once powered former industries. This adaptive reuse restores the extant masonry mill remains, reuses the cast iron columns, and reengages bridges linking across canals. At the heart of the complex lies a light-filled, four-story atrium serving as a communal gallery. Units offer a range of open loft layouts, including those that array along the “loading dock” terrace, allowing residents to roll up garage doors to open their studios to the beautiful view outside. The space also features a community lounge, fitness center, a green roof and collaborative raw workshop space. Olmsted Green 525 Beach Street Walden Fire House Simpkins School Residences Appleton Mills MASTER PLANNED MIXED INCOME COMMUNITIES MAXWELL’S GREEN, SOMERVILLE MA: Adjacent to the future Lowell Street Station on Boston’s Green line Extension, Maxwell’s Green is a new transit oriented community. The 184 market rate units are arrayed around a central park, in four separate buildings, each with below-grade parking. The design character varies across the buildings, creating a rich, diverse neighborhood setting. The development connects to the Somerville Community Path, a popular public way for alternate means of transit, including bicycling and walking. OAK GROVE VILLAGE, MELROSE/MALDEN MA: Oak Grove Village sits on 16 acres of land and marries 550 one- and two-bedroom apartments with a Main Street retail center and clubhouse. Although the bulk of parking is hidden in garages underneath every building, streets are designed to allow parallel parking near unit front doors. The abundantly landscaped commons, interior courtyards, patios, walking paths and bridges along the canal edge establish a rich pedestrian-oriented neighborhood, all within a 10-minute transit ride into Boston. OLMSTED GREEN, MATTAPAN MA: Olmsted Green is a mixed-use, mixed-income development on 42 acres of the former Boston State Hospital site, and shares a property line with the 65-acre Mass Audubon Boston Nature Center. Clustered around a series of intimate garden courts and parking courts, small townhouse groupings achieve densities of 15 to 20 units an acre, while preserving existing, healthy mature trees throughout the site and maintains a visual connection with the adjacent Boston Nature Center. HAMILTON CANAL DISTRICT, LOWELL MA: Situated amidst Lowell’s historic canal system, the 15-acre Hamilton Canal District is a new transit-oriented, mixed-use neighborhood engaging Massachusetts’ creative economy. The plan combines the adaptive reuse of historic mills with 500,000 SF Office space, a 900-car parking garage, 50,000 SF ground level retail, and up to 800 units of housing. New streets and canal crossings have been designed and built. The first development phase, Appleton Mills, was completed in 2011. THE BOX DISTRICT, CHELSEA MA: This former industrial district has been transformed into a new 250+ unit, multi-block residential neighborhood. ICON has designed four new infill developments positioned amidst existing residential and retail structures, and worked with the City of Chelsea to design and build new streets and public parks. Highland Homes mixes rental apartments with home ownership condominiums. Nearby, Janus Homes wraps around a large, native species flowering garden. Spencer Row combines private entry townhouses with apartment flats, while Highland Terrace overlooks a new city park. Maxwell’s Green Oak Grove Village Olmsted Green Hamilton Canal District Box District MASTER PLANNED MIXED INCOME COMMUNITIES WASHINGTON BEECH, ROSLINDALE MA: Transformed as a HOPE VI community, this revitalized housing centers on a new park that connects back into the surrounding Roslindale neighborhood with new streets and sidewalks. The 216 apartments range in housing types, and engage this new public realm. A five-story apartment building marks the primary corner of the site with one- and two-bedroom units and a community center. Townhouses consist of two-, three-, four-, and five-bedroom units. These houses are spread out around the central park and bounding new streets. With its inviting front door stoops and private rear yards, these homes are energy efficient. Incorporating a photovoltaic array and leading edge energy and air quality strategies, Washington Beech earned LEED for Homes Gold and LEED-H Midrise Gold. MAVERICK LANDING, EAST BOSTON MA: Situated along Boston’s Inner Harbor, this nine acre, transit- oriented neighborhood replaces an obsolete 1940’s public housing “superblock”. Despite its density of 44 units per acre, the site blends substantial public open space with the restoration of the historic street grid; reconnecting the site to the surrounding community and providing both visual and physical connections to its magnificent waterfront. Maverick Landing’s 426 mixed-income units offer a wide variety of unit types, including rental townhouses, mid-rise apartment buildings, and a seven-story condominium building at the water’s edge. With rooftop photovoltaic panels and a cogeneration system, Maverick Landing is the first LEED certified affordable housing development in New England, engaging “healthy home” design and construction practices. QUINNIPIAC TERRACE, NEW HAVEN CT: The award-winning 226-unit Quinnipiac Terrace transformes an obsolete housing project into a “community of choice,” blending both rental and homeownership opportunities. Taking advantage of its attractive riverfront site, the plan reintroduced the neighborhood street grid, relinking the adjacent Fairhaven neighborhood, and creating views to the river with its enhanced riverfront park. Building design takes cues from this riverfront community’s historic prototypical “Oyster House,” lifting housing above brick flood-proof lower levels. PARK SQUARE WEST, STAMFORD CT: Park Square West is a $140 million mixeduse luxury housing and destination retail development on a 4.4 acre urban renewal site in the historic downtown core of Stamford. Situated adjacent to the city’s entertainment district and “Restaurant Row”, Park Square West enhances the economic development of downtown Stamford while meeting strong demand for housing in the city center. Phase Two includes 209 apartments over ground-level retail spaces. Cafes and other convenience uses will complement the overall retail mix of the downtown area. Phase Three will add another 220 apartments and a contemporary look to the city center. Washington Beech Maverick Landing Quinnipiac Terrace Park Square West LOW-RISES 3-4 STORY (podium and stick-frame) COLUMBIA WEST, BOSTON MA: Located along a major urban boulevard, Columbia West includes 40 affordable apartments and SRO units with below-grade parking in an elegant, brick-clad structure that combines traditional forms with a contemporary style in a dense urban context. Residents enjoy a sunfilled courtyard behind the building. HIGHLAND TERRACE, CHELSEA MA: As part of The Box District, Highland Terrace has helped transform a prominent, overgrown corner into an inviting community for 32 families. Straddling two city streets and an extreme grade change, these three new buildings overlook the new community-designed hillside park. This LEED Platinum-certified project features a community gathering space, laundry, a playground, and resident parking. SPENCER ROW, CHELSEA MA: Spencer Row provides 32 units of affordable rental housing on a 1/2- acre site that sits one mile from downtown with multiple bus routes available just blocks away. The development consists of a three-story building above parking, with a community room for residents on the first floor. Townhouses with stoops offer private entries to several of the residences and create an active streetscape. PUTNAM GREEN, CAMBRIDGE MA: Putnam Green is made up of 40 apartments that surround a sunny, landscaped courtyard to maximize passive solar design.Photovoltaic and solar thermal panels cover the roof to reduce energy use. A separate six-family structure is built with structural insulated panel system to achieve an R-30 envelope with individual unit ERVs. Although designed to save energy, the buildings are warm and inviting, featuring a curved entry porch and bays that playfully engage the more traditional neighboring residences. The front porch includes a mural to commemorate a local housing advocate. Putnam Green Spencer Row Columbia West Highland Terrace LOW-RISES 3-4 STORY (podium and stick-frame) THE BOX DISTRICT, CHELSEA MA: This former industrial box manufacturing district has been transformed into a new 250+ unit, multi-block residential neighborhood. ICON has designed four new infill developments positioned amidst existing residential and retail structures, and worked with the City of Chelsea to design and build new streets and public parks. Highland Homes comprises 49 units in three separate buildings, mixing rental apartments with home ownership condominiums. Nearby, Janus Homes is made up of 18 units that wrap around a large, native species flowering garden. The 32-apartment Spencer Row sits above a parking podium and combines private entry townhouses with apartment flats. Highland Terrace adds 30 new flats and townhouses overlooking a new city park, and achieves LEED for Homes Platinum. RESIDENCES AT CANAL BLUFFS, BOURNE MA: Canal Bluffs is a 17-acre development that is comprised of 117 apartments, including 41 upscale condominiums in one- and two-bedroom configurations, and a nearby wood-frame, three-story building that houses 28 apartments. The project also includes 44 townhouses. LAKEWAY COMMONS, SHREWSBURY MA: This new 250-unit, mixed-use development is comprised of five commercial/retail buildings and five residential buildings that mix studio, one-, two-, and three-bedroom apartments. Residents will enjoy a 8,500 SF clubhouse with fitness center, screening/game room, and large club room with full kitchen, with direct access to an outdoor patio with a grill and pool area. Lakeway Commons Box District Residences at Canal Bluffs ADAPTIVE REUSE SCHOOL STREET RESIDENCES, ATHOL MA: Originally constructed in 1915, and later expanded in 1937, the historic Athol Middle School is a 66,600 SF Art Deco style structure that has been completely renovated to provide 50 units for active adults. Utilizing Historic Tax Credit financing, the School Street Residences provides a much needed affordable, locally-available retirement community that preserves an important historic structure. Simpkins School Residences School Street Residences FULTON SCHOOL RESIDENCES, WEYMOUTH MA: The 1928 Nationally Registered Alice E. Fulton School has been reborn as an affordable, active senior community. The adaptive reuse and historically-sensitive addition to the Colonial Revival structure provides 63 apartments, many preserving original detail. This development is one of many ICON renovations putting historic tax credits to work to create senior housing within surplus schools in Massachusetts. SIMPKINS SCHOOL RESIDENCES, SOUTH YARMOUTH MA: Nestled in the historic district of South Yarmouth, the 1930 John Simpkins School has been redesigned to offer 65 senior housing units. The adaptive reuse includes a historically-sensitive addition, and extensive review by the Cape Cod Commission’s Regional Policy Plan. Features include a community room and expansive green space. ADAPTIVE REUSE 8 WINTER STREET, BOSTON MA: 8 Winter street is an adaptive reuse of an early 20th-century office building into 48 micro-units. The design incorporates a new lobby, full interior renovations, complete building systems modernization, and addition of a second egress stair. Located at the heart of Boston’s Downtown Crossing, the building sits directly on the MBTA station entry with commercial retail space on the first two floors. WALDEN FIRE HOUSE RESIDENCES, REVERE MA: Built in 1907 in a restrained Classical Revival style, this former fire station provides home to seven units of senior housing. Former fire truck bays now serve as a first floor community space for the broader neighborhood. Original staircases were retained, and still wrap around the fire house pole that was once used for quick passage. Wood wainscoting and trim have been retained and replicated, while historic images have been reproduced as artwork in the hallways. Funded by both historic and low-income housing tax credits, this new use rejuvenates a historic TOD neighborhood, within a walk of both the MBTA Blue Line and the Revere Beach waterfront. ENTERPRISE BUILDING, BROCKTON MA: Built in 1890, the original Enterprise Building housed the Brockton Enterprise Newspaper and later expanded into the adjacent building in 1894. In the 1970’s, a modern steel and concrete addition was completed and the historic facades were covered. By 2000, the building was empty and the Brockton Enterprise Newspaper had left. ICON’s renovation restored the building’s original historic facade and upgraded the building’s envelope. Scope includes installation of a new elevator, building systems,and window replacements. The interiors have been fit-out for new office and retail use. TEACHERS CORNER, HARTFORD CT: Located two blocks from Hartford Union Station, this adaptive reuse will transform a former downtown, six-story office building into 60 mixed-income efficiency apartments, marketed to teachers. Ground floor uses will include a Performance & Learning Space and a day care with additional programmed amenity spaces on upper floors. The renovation includes elevator modernization, system upgrades, recladding of exterior bays with a new curtainwall system, and a contemporary new image for this prime property. 8 Winter Street Walden Fire House Residences Enterprise Building Teachers Corner (370 Asylum Street) Lofts at North Point ADAPTIVE REUSE LOFTS AT NORTH POINT, CAMBRIDGE MA: This former industrial building creates 103 new “micro” lofts, an emerging new housing prototype for urban dwellers, conveniently located near the new Lechmere station on the Green Line extension. These studio apartments range in size from 330 to nearly 700 square feet, each with floor-to-ceiling windows, independent HVAC systems, and contemporary loft interiors. The project is designed to meet LEED-NC silver criteria. APPLETON MILLS, LOWELL MA: The 130 artist live/work lofts at Appleton Mills establishes the 15-acre, mixed-use Hamilton Canal District as one of Massachusetts preeminent creative communities. Located on an “island” bounded by canals that once powered former industries, this adaptive reuse restores the extant masonry mill remains, reuses the cast iron columns, and reengages bridges linking across canals. Site walkways trace the historic mill worker paths. At the heart of the complex lies a light-filled, four-story atrium serving as a communal gallery. Units offer a range of open loft layouts, including those that array along the “loading dock” terrace, allowing residents to roll up garage doors to open their studios to the beautiful view outside. The space also features a community lounge, fitness center, a green roof and collaborative raw workshop space. THE PLANT, PROVIDENCE RI: The Plant mixes a new blend of commercial and restaurant space with residential and live/work lofts in two 19th century industrial buildings. Live/work units range from affordable 500 SF studios with a wall of windows, to multi-story lofts with “wow,” and full floor-thru communal “nests.” Adaptive reuse is redefined through a blend of artistic integrity with aplomb. Via selective demolition, the underutilized and overbuilt site was opened up to create parking areas and an award-winning dance courtyard. Although in some areas the internal structure was deteriorated beyond repair, exterior walls were selectively preserved, maintaining the traditional street wall at the back of the sidewalk. New construction is clearly identified in contemporary materials and details. THE LOFTS AT WESTINGHOUSE, HYDE PARK MA: Just a short walk from the Readville Commuter rail stop, Westinghouse Lofts are a key component in the adaptation of the former Westinghouse Fan manufacturing mill into a mixed-use complex featuring light industrial tenants, a charter school, and artist live/work lofts. The live/work lofts appeal to a diverse group of artistically-inclined residents – with units sculpted to accommodate a range of unit sizes, including multi-level lofts rising up into the clerestory spaces of the mill building. For those with a desire to “live only”, they can choose to “work nearby” in the studio-only space carved out of the north facing wing. Units feature exposed original brick, beam lofts, and custom historic windows that provide plenty of natural light. Appleton Mills The Plant The Lofts at Westinghouse ADAPTIVE REUSE (MILLS) 110 CANAL, LOWELL MA: As part of the Hamilton Canal District Redevelopment, this reuse of a 1930’s former industrial building provides historic appeal with downtown convenience. Located at the intersection of three historic waterways, 110 Canal offers open floor plans and visually stunning interiors profiling the raw, concrete frame of the original structure. The historic renovation of the exterior envelope replaced the original factory window sashes with energy-efficient contemporary windows, providing excellent daylighting for the commercial space on five floors. ICON is currently fitting out the top two floors for the University of Massachusetts Lowell Innovation Hub + M2D2 Labs. BROOKSIDE ARTISTS LIVE/WORK, JAMAICA PLAIN MA: Creative and selective demolition allowed this former rubber factory to be molded into new use as artist live/work housing. ICON specifically designed units to fit each resident’s needs, making way for pottery kilns, a circus trapeze, a dance studio, and even a taxidermy shop. The complex now houses a range of unit types, including townhouses, open lofts reaching up into historic light monitors, and flats with private courtyards wrapped around the historic smokestack, exposing the original Roxbury puddingstone foundation. These spacious, sunny units enjoy a TOD location within steps of two transit stops, and contribute to the well-established artist-friendly community in Jamaica Plain. SWIFT FACTORY, HARTFORD CT: The historic and former gold-plating Swift Factory will become a new neighborhood health and employment center in the dense residential neighborhood of Hartford. With a local organic farm already established on site, the complex of buildings will be anchored by a local community food center and a public branch library. An urgent care health center will be situated in one set of buildings, while the sponsor organization occupies the original historic homes. In addition to the anchor programs, community space will be available, including teaching spaces and flexible tenant spaces for incubator startup businesses. The site will feature geothermal wells, permeable paving, and an intimate interior courtyard. ICON’s scope includes program development, pedestrian and vehicle movement throughout the site and buildings, and new elevators will be installed as part of the Core and Shell improvements. New windows, doors, and insulation comprise the shell improvements, and high efficiency building systems will be installed, with a goal to create a self-sustaining site for the future. 110 Canal Brookside Artists Live/Work Swift Factory SENIOR HOUSING MORVILLE HOUSE, BOSTON MA: Morville House, located in Boston’s active Fenway and Symphony Hall area, blends 33 new residential units into an upgraded senior living complex. The new tower was designed to reduce shadow impacts on neighboring historic housing. High-tech window and wall systems combined with new mechanical systems throughout the existing complex contribute to a highly energy-efficient design. Relocation of the mechanical systems allowed expansion of resident facilities, including better connected library and meeting rooms, an Arts & Crafts Studio, and information and Fitness Centers. BROOKS SCHOOL APARTMENTS, WESTON MA: Blending this new 23-unit addition into an independent senior housing community required reorganizing the site to accommodate additional parking, on-site sewage treatment, and improved access to the entire facility. A new porch comfortably engages residents and serves as a clever link between housing components, and an octagonal lobby, complete with skylight. BROWN SCHOOL RESIDENCES, PEABODY MA: Originally constructed in 1911 with additions in 1920 and 1950, this distinctive structure incorporates elements of the Colonial Revival and Craftsman styles with Renaissance Revival entrance arches. The transformed site consists of a total of 61 active adult units. The reuse of the 30,000 SF historic school structure includes 20 units with community facilities and management space provided on the ground level. Immediately to the east of the school building sits a 41-unit, four-story, 50,000 SF new construction addition. FULTON SCHOOL RESIDENCES, WEYMOUTH MA: The 1928 Nationally Registered Alice E. Fulton School has been reborn as an affordable, active senior community. The adaptive reuse and historically-sensitive addition to the Colonial Revival structure provides 63 apartments, many preserving original detail. This development is one of many ICON renovations putting historic tax credits to work to create senior housing within surplus schools in Massachusetts. RUGGLES STREET SUPPORTIVE HOUSING, BOSTON MA: This former schoolhouse has been rejuvenated as an assisted living facility for at-risk and homeless elders, providing both housing and social services to a highly vulnerable population. The 43-unit facility is affordable and includes common living areas on each floor, a floor specializing in the care of those with Alzheimer’s and Dementia- related diseases, and a protected outdoor garden. 25 Ruggles Street was the first assisted living residence to be developed in an inner- city neighborhood in Boston. The project scope included both the adaptive reuse and addition to this early 1900’s schoolhouse. Fulton School Residences Brown School Residences Ruggles Street Supportive Housing Morville House Brooks School Apartments School Street Residences SENIOR HOUSING SCHOOL STREET RESIDENCES, ATHOL MA: Originally constructed in 1915, and later expanded in 1937, this 66,600 SF Art Deco style structure has been completely renovated to provide 50 units to this affordable, active adult community. ICON assisted the developer in seeking Historic Tax Credit financing. The School Street Residences provide a much needed affordable, locally- available retirement community while preserving an important historic structure. SMITH HOUSE, BOSTON MA: The Smith House is a 132-unit senior housing development in a 12-story 1970’s era concrete building. Capital improvements will increase energy efficiency, and units will be adapted to meet today’s accessibility code. Upgrades to common areas include elements to improve the residents’ lifestyle, such as improved lighting in common spaces, handrails to make independent movement easier, and comfortable furniture with bright colors in the lobby and amenity rooms. With input from the residents throughout the study process, the team is weighing the design and cost implications which range from minimal intervention, for example, potentially enlarging the laundry room, to maximal intervention, potentially relocating the laundry room from the ground floor to the 12th floor. Currently in the analysis phase, construction is scheduled to begin in 2016. Work will be coordinated while the building is occupied. SIMPKINS SCHOOL RESIDENCES, SOUTH YARMOUTH MA: Nestled in the historic district of South Yarmouth, the 1930 John Simpkins School has been redesigned to offer 65 senior housing units. The adaptive reuse includes a historically-sensitive addition, and extensive review by the Cape Cod Commission’s Regional Policy Plan. Features include a community room and expansive green space. WALDEN FIRE HOUSE RESIDENCES, REVERE MA: Built in 1907 in a restrained Classical Revival style, this former Fire Station provides home to seven units of senior housing. Former fire truck bays now serve as a first floor community space for the broader neighborhood. Original staircases were retained, and still wrap around the fire house pole that once had been used for quick passage. Wood wainscoting and trim have been retained and replicated, while historic images have been reproduced as artwork in the hallways. Funded by both historic and low-income housing tax credits, this new use helps rejuvenate a historic TOD neighborhood, within a walk of both the Blue Line MBTA station and the Revere Beach waterfront. Simpkins School Residences Walden Fire House Residences Smith House ARTIST’S LIVE/WORK ICON brings a long and successful track-record of completing adaptive reuse, live/work projects in historic buildings to meet the needs and modern code requirements of working artists. These projects often incorporate significant sustainable strategies and materials to create healthy, efficient, and environmentally friendly homes that are sensitive to historical context. WESTINGHOUSE LIVE/WORK LOFTS, HYDE PARK MA: This adaptive reuse of a former industrial mill complex into a truly mixed-use community is now home to a mix of light industrial tenants, a charter school, gallery and 64 artist live/work lofts. The upper two levels of this mill have been sculpted to accommodate a range of unit sizes, accommodating the needs of a variety of artists, including separate studio space. Common spaces offer wide hallways and highlight building features. APPLETON MILLS, LOWELL MA: This market loft style and live/work housing engages a contemporary mill yard interpretation, creating a community core on the central “island” of the 15-acre Hamilton Canal mixed-use district. With a gallery at street level, live/sell units along the new “loading dock,” a four-story atrium at the heart of the complex, and a green roof, the project incorporates the extant masonry remains of the Appleton Mill complex into a contemporary design. Working within the existing regular column grid, an efficient “pod” includes kitchen, bath and storage, while allowing maximum flexibility in each apartment studio space. BROOKSIDE ARTISTS LIVE/WORK, JAMAICA PLAIN MA: Creative and selective demolition allowed this former rubber factory to be molded into new use as artist live/work housing. ICON specifically designed units to fit each resident’s needs, making way for pottery kilns, a circus trapeze, a dance studio, and even a taxidermy shop. The complex now houses a range of unit types, including townhouses, open lofts reaching up into historic light monitors, and flats with private courtyards wrapped around the historic smokestack, exposing the original Roxbury puddingstone foundation. These spacious, sunny units enjoy a TOD location within steps of two transit stops, and contribute to the well-established artist-friendly community in Jamaica Plain. DARTMOUTH HOTEL, ROXBURY MA: Melding the restoration of this neglected 1871 National Register hotel with the new addition of artist live/work housing, Dartmouth Hotel has regained its elegance at the heart of Roxbury’s Dudley Square. After sitting vacant for 30 years, restoration required painstaking renewal of the rare marble façade and meticulous rebuilding of ornate wood-trimmed dormers and slate roofing. Combined with its contemporary addition, this mixed-use project has acted as a catalyst for new development in the Dudley Square area, including substantial new retail and restaurant space in its ground floor. Artist live work apartments feature lofted bedrooms and 16 foot high ceilings, as a result of design intent to align features with the adjacent historic building. The Lofts at Westinghouse Appleton Mills Artist Live/Work Lofts Brookside Artist Live/Work Lofts Dartmouth Hotel Mobius Gallery at ArtBlock Artist Live/Work Housing ARTIST’S LIVE/WORK ARTBLOCK 731, BOSTON MA: Developed in response to Boston’s “Artist Space Initiative, ArtBlock 731 includes two new live/work loft buildings wrapped around an historic school converted to artist studios. The contemporary exterior emulates the surrounding rhythms and materials of the historic South End and expresses the community-of-arts within. The public experience of ArtBlock 731 revolves around Mobius gallery at street level and its terrace and sculpture garden that enrich the neighborhood. Each open plan loft unit is thoughtfully designed to allow privacy for the sleeping area and openness in the living and working space. THE PLANT, PROVIDENCE RI: Through adaptive reuse, this 19th century Fabric Dying & Bleaching industrial facility was transformed into a mixed-use development; including office space, retail, and artist live/work housing. The project was awarded the 2007 Providence Preservation Society Award for Adaptive Reuse/Neighborhood Revitalization. Units range from affordable 500 SF studios with a wall of windows, to multi- story lofts with “wow”, and full floor-thru communal “nests”. The project redefines adaptive use with its blend of artistic integrity. Via selective demolition, the underutilized and overbuilt site was opened up to create parking areas to support retail spaces as well as a landscape design award-winning exterior dance courtyard. THE DISTILLERY, SOUTH BOSTON MA: ICON’s design for 65 new units at The Distillery in South Boston will be the first multifamily Passive House structure to be built in New England, and will be separately certified at the Platinum level for LEED for Homes. The new building will support and enhance an existing, vibrant artist and business community created in an historic distillery mill. The new development will add additional artist live/ work loft spaces, commercial/retail space, a community roof top garden, two stories of parking, a large shared courtyard, and a small grocery, café, and gallery. BF BROWN ARTIST LIVE/WORK COMMUNITY: Adjacent to the Fitchburg Art Museum and a few steps from the commuter rail station, the adaptive reuse of three underutilized buildings will revitalize and reinforce this arts district. ICON is working with the local community development corporation and the Museum to develop an exciting vision for this artist community. Program elements include 50 new affordable apartments in the former B.F. Brown Middle School, with ground level artist live/work units opening onto a plaza and outdoor workspace. The former stable may become a shared workshop or gallery space for local artists, while the Annex, across the street, will also be adaptively re-used. The B.F. Brown Artist Live/Work Community will be the only artist housing linked to a major museum in New England and provide artists a unique place to live, work and showcase their art. The Plant The Distillery HIGH STREETAC A D E M Y S T R E E TELM STREETENTRY FORMAL SCULPTURE YARD BUFFE R P U B L I C F O O T P A T H 49 PARKING SPACES 13 PARKING SPACES A C C ES SI BL E P U BLICRESIDENT 6 2 3 4 1 5 PRIVATE YARD LOAD ENRTY P UB LI C CAFE Proximity to FAM easy access to studio/classroom resources Individual private unit entrances Outdoor Art display PV Potential at roof Community gathering/outdoor artist work/play Integrated historic detail 3 1 2 6 4 5 Re-Visioning BF Brown + Stables + AnnexConceptual Plan BF Brown Artist Live/ Work Community LEADING-EDGE SUSTAINABLE PROJECTS At the core of our philosophy and mission is a commitment to sustainable and green design. ICON’s staff of 35 is well represented by its 14 LEED Accredited Professionals. Our projects are typically Energy Star certified and designed to meet LEED-certification requirements and Enterprise Green Criteria. We ensure that, even if a client prefers not to take on the process of LEED certification, the result of our work often meets LEED Gold or Silver standards. With the accompanying costs, we put the added value into the project, not the paperwork. We also pay close attention to the “Healthy Homes” concept, which focuses on the quality (and durability) of the indoor environment through the careful selection of materials, finishes, and construction details. THE DISTILLERY PASSIVE HOUSE, SOUTH BOSTON MA: ICON’s design for 65 new units at The Distillery in South Boston will be the first multifamily Passive House structure to be built in the New England. Passive House is the leading standard for energy-saving construction in the world—offering heating energy savings of 80% over conventional construction. Separately certified for LEED for Homes at the Platinum level, the new building will support and enhance an existing, vibrant artist and business community created in an historic distillery mill. The new development will also add additional artist live/work loft spaces, commercial/retail space, a community roof top garden and deck space, two stories of parking, a large shared courtyard, and a small grocery cafe, and gallery. MAVERICK LANDING, LEED Certified (426 Apartments) This 426- unit mixed-income development on Boston’s Inner Harbor is the first LEED- certified affordable housing development in New England, and was awarded the 2009 Donald Terner Prize for most innovative affordable housing in the nation. A grant from the Mass Technology Council incorporated photovoltaic panels and a cogeneration system into the design. The site blends substantial public open space with restoration of the historic street grid, and offersa wide array of unit types, including rental townhouses, mid-rise apartment buildings, and a seven-story condominium building at the water’s edge. With its views to the harbor Maverick Landing features renewable energy systems, fresh air directly ducted into each unit, heat recovery systems, cogeneration plant, gas-powered chiller, smart mechanical drives, and water- saving plumbing fixtures—as well as a high performance exterior envelope with fiberglass windows. WASHINGTON BEECH, LEED-H Gold (206 Apartments): Washington Beech combines a 70-unit steel-framed mid-rise with 136 townhouse style three-, four-, and five-bedroom units arrayed around a new 1/2- acre central park and bounding new streets, with inviting front door stoops and private rear yards for each unit. Transformed as a HOPE VI community, this revitalized community centers on a new park and reconnect with the surrounding Roslindale neighborhood. A range of housing types engage this new public realm. Incorporating a photovoltaic array, and leading edge energy and air quality strategies, Washington Beech earned LEED for Homes Gold and LEED-H Midrise Gold. Washington Beech Maverick Landing The Distillery HOPE VI + CHOICE NEIGHBORHOOD REDEVELOPMENTS WASHINGTON VILLAGE, SOUTH NORWALK CT: Hurricane Sandy-impacted Washington Village is the focus of a large-scale CHOICE Neighborhoods Transformation Plan in South Norwalk whose goals include the replacement of the existing 136 Washington Village public housing project, one of the oldest remaining such developments in Connecticut. The project, within walking distance of the SoNo train station, is being designed to conform to the recently adopted TOD zoning guidelines for the area. The scope includes creation of a vibrant 273-unit mixed-income community, with amenities and social programs, a renovated and reprogrammed city park, and new streetscapes and pocket parks for residents. Washington Village has recieved a $30 million Implementation Grant from the US Department of Housing and Urban Development to help rebuild the complex. MAVERICK LANDING, EAST BOSTON MA: This 426- unit mixed-income development on Boston’s Inner Harbor is the first LEED- certified affordable housing development in New England, and was awarded the 2009 Donald Terner Prize for most innovative affordable housing in the nation. A grant from the Mass Technology Council incorporated photovoltaic panels and a cogeneration system into the design. The site blends substantial public open space with restoration of the historic street grid, and offers a wide array of unit types, including rental townhouses, mid-rise apartment buildings, and a seven-story condominium building at the water’s edge. With its views to the harbor Maverick Landing features renewable energy systems, fresh air directly ducted into each unit, heat recovery systems, cogeneration plant, gas-powered chiller, smart mechanical drives, and water- saving plumbing fixtures—as well as a high performance exterior envelope with fiberglass windows. WASHINGTON BEECH, ROSLINDALE MA: Washington Beech combines a 70-unit steel-framed mid-rise with 136 townhouse style three-, four-, and five-bedroom units arrayed around a new 1/2- acre central park and bounding new streets, with inviting front door stoops and private rear yards for each unit. Transformed as a HOPE VI community, this revitalized community centers on a new park and reconnects with the surrounding Roslindale neighborhood. A range of housing types engage this new public realm. Incorporating a photovoltaic array, and leading edge energy and air quality strategies, Washington Beech earned LEED for Homes Gold and LEED-H Midrise Gold. NORTH JACKSON WARD, RICHMOND VA: ICON led a multi-disciplinary team for the mixed-use redevelopment plan for Richmond’s North Jackson Ward and three other large housing sites in the nearby Highland Park neighborhood. Working with the Richmond Redevelopment and Housing Authority, project and neighborhood residents, and a wide variety of community stakeholders, the goal was to create a master plan for over 2500 new units of mixed-income housing among the four sites, serving to deconcentrate poverty, strengthen the community, and to reestablish, reintegrate and relink these isolated sites back into the city. This sustainable, transformational master plan was developed through a six month process, consisting of numerous community and resident meetings, engaging public interest and building consensus around a compelling vision which is grounded in reality and implementable in the future. Maverick Landing Washington Village Washington Beech North Jackson Ward INTRODUCTION Established in 1952, CHA is a diversified, full-service engineering firm in both market and service delivery. With more than 1,100 staff in 40 offices globally, we are recognized for providing our clients with innovative approaches to planning and design in the built environment. The central core of our business philosophy is one that promotes a collaborative working relationship with our clients supported by experience and best practices. DISCIPLINES The multi-disciplined nature of CHA allows us to provide a broad range of expertise to our clients so that the need for multiple sub consultants involved in a project is minimized. Our commitment to maintaining this technical expertise allows CHA to drive project schedules resulting in reduced costs to our clients. Technical disciplines include: • Civil • Structural • Mechanical • Electrical • Landscape Architecture • Sports Architecture • Environmental • Geotechnical • Survey • Planning EXPERTISE Our technical expertise for municipal building projects is focused in the following areas: • Infrastructure/utility design • Facility condition assess- ments • Mechanical, electrical, plumbing design • Structural design • Power generation • Cogeneration • Fire protection • Site/stormwater management • Traffic calming & circulation • Environmental compliance • Program management & commissioning • Environmental compliance FIRM PROFILE LEAD OFFICE 101 Accord Park Drive Norwell, MA 02061 Phone: (781) 982-5400 Fax: (781) 982-5490 CHA AT A GLANCE Founded in 1952 40 offices globally 1,100 personnel Design Firm of the Year - ENR NY 2013 Ranked #60 on ENR’s List of the Top 500 Design Firms Full service engineering, environmental and planning firm DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES CORPORATE PROFILE 1 Who We Are (1) (2) (3) (4) (5) Design Technique was established in 1980 for the sole purpose of providing on-site construction administration support and technical know-how to local architects. Initially, Design Technique represented a number of large Boston-area architectural firms, analyzing and resolving day-to-day design and construction challenges on some of Boston’s large and complex mixed-use projects. In time, a number of municipalities, institutions, and private developers who were proposing construction projects recognized the need for professional assistance in order to manage risk and add value for these increasingly complex undertakings. Design Technique, Inc, was uniquely positioned to provide these services, and in fact was at the forefront of the construction project management profession. We continue to provide consulting services to our clients, which now include public libraries and schools, private secondary schools, and private individuals. What We Do Design Technique, Inc. consists of a group of individuals with professional backgrounds in architecture, planning, environmental management, and construction, as well as construction management techniques such as scheduling and budgeting. A construction project of any size can be a demanding and time-consuming process, even for experienced owners. Our task is to guide and assist owners throughout this process. We apply our professional expertise to all phases of a construction project, starting at its inception and then carrying through construction to final completion and move-in. We facilitate your project by preparing and managing the project budget, schedule, and quality assurance process. We assist you with procuring the services of other consultants such as architects and engineers, general contractors, and service providers. We promote communications with the Owner and the other parties to the project in order to identify goals and issues, all of which are necessary to anticipate and therefore prevent problems. Design Technique provides the personal, hands-on attention that our clients and their projects need and deserve. Our goal is to help you navigate the complex construction project process, minimize risk, and at the end to provide you with a building that fully meets your expectations. Images: 1. Post Office Square, Boston, MA 2. Heritage on the Garden, Boston, MA 3. Harvard Public Library, Harvard, MA 4. Milton Public Library, Milton, MA 5. Boston Public Library, Boston, MA DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES QUALIFICATIONS & PORTFOLIO 1 Design Technique, Inc. was established in 1980 for the express purpose of assisting our clients with the design and construction of building projects of all sizes. Design Technique currently consists of a group of individuals with professional backgrounds in architecture, planning, environmental management, and construction, as well as construction management techniques such as scheduling and budgeting. We apply our professional expertise to all phases of a construction project, starting at its inception and then carrying through design and construction to final completion and move-in. We facilitate your project by preparing and managing the project budget, schedule, and site inspections and quality review. We assist you with procuring the services of other consultants such as architects and engineers, general contractors, and service providers. We facilitate effective communications with the Owner and the other parties to the project in order to establish common goals, expedite decision-making, and identify problems and issues. We have found that this approach is most effective at ensuring that the finished project best meets the owner’s needs and expectations. ______________________ DTI is particularly well - qualified to undertake your project for the following reasons: • We have acquired 35 years of experience as Owner’s Project Managers. • We specialize in construction project management. We are not an engineering firm or cost estimators (although we can provide cost estimating services through sub-consultants if required). • Our staff includes the following professionals: Two Licensed Architects, LEED AP, and Licensed Construction Supervisor. • We have proven track record & experienced OPM in public library and independent school building projects. • We are a Massachusetts-based firm. • We have extensive experience providing OPM services to public entities in the Commonwealth of Massachusetts, including 25 public-sector construction projects. • We have completed three LEED-Certified library projects. A fourth LEED-pending library project is currently under construction. • We have a thorough knowledge of MGL Chapters 30 and 149, the Massachusetts State Building Code, regulations of the Massachusetts Architectural Barriers Board and the Americans with Disabilities Act. • We are specialist in public bid (MGL Ch. 149) process. • We have experience with the Construction-Manager-at-Risk process. • We have experience with negotiating consulting services for public awarding authorities. • We have experience working with town regulatory agencies and with local community groups. ______________________ Our portfolio of current and completed projects includes the following: Affordable, Senior, Multifamily Housing – Historic Adaptive Use and New Housing Projects • Chelmsford Woods Residences: ($11/0M / 116 Units) New multi-phase family development of affordable housing in Chelmsford, MA. 40B development includes apartments, townhouses and central clubhouse. • Simpkins School Residences: (9.8M / 65 Units) Adaptive reuse of the John Simpkins School in South Yarmouth, MA. Designed for Senior Housing. (Paul E. Tsongas Award winner from Preservation Mass) • School Street Residences: ($9.0M / 50 Units) Adaptive reuse of the Athol Middle School in Athol, MA. Project includes affordable and active adult housing (Paul E. Tsongas Award winner from Preservation Mass) DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES QUALIFICATIONS & PORTFOLIO 2 • Fulton School Residences: ($8.9M / 63 Units) Adaptive reuse renovation at the historic Alice E. Fulton School in Wayland, MA. Housing for active seniors. Includes a mix of affordable senior housing. • Brown School Residences – ($9.2M / 61Units) Adaptive reuse and new construction of affordable housing at the “old” Brown School in Peabody, MA Independent School Projects • The Governor’s Academy, Byfield – ($20M) Campus Master Plan Implementation including new Library, Math / Science Building • Milton Academy, Milton – ($30M) Campus Master Plan Implementation; renovations to historic Straus and Cox Libraries • St. John’s Preparatory School, Danvers – ($30M) Campus Master Plan Implementation including new state-of-the-art Library, renovations to science building and classrooms • The Winsor School, Boston – ($7M) New dining hall & science laboratory renovations • St. Mark’s School, Southborough – ($35M) Campus Master Plan Implementation. Including new Student Center, STEM, and Administrative Office renovations. • Shady Hill School, Cambridge – ($28M) Arts Center and Gymnasium complex • Shore Country Day School, Beverly, MA – ($15M) Campus Master Plan Implementation, including new 375-seat Center for Creativity and Classrooms Addition. Public-Funded School Projects (Chapter 149) • Christa McAuliffe Regional Charter Public School (Framingham, MA) – ($3M) Renovation of existing business office space and temporary modular classrooms. Including utilities and site work. Includes an “Adventure Center”, science classrooms and student activity areas. • Manchester/Essex Regional School – ($49M) New Middle/High School with MA-CHPS designation, including Feasibility of 18 different sites in 2 towns. Project budget had to be locked-in 5 years in advance of completion. Completion on schedule as planned with a healthy contingency remaining. (OPM/Site Rep. for design & construction) • Masconomet Regional School District – ($54M) Renovation/Addition of Middle/High School including a new library with current library technology at that time. (OPM/Site Rep. for design & construction) • Ipswich Public Schools ($35M) New Middle/High School on environmentally sensitive site. (OPM/Site Rep. for design & construction) MA State Funded Public Library Projects (Chapter 149) (* indicates LEED Certification) • Christa McAuliffe Branch Library * – ($8.6M) Construction of new library, OPM/Site Rep. for design & construction. Assistance with MBLC Grant Application. Designer selection. (In construction: submitting for LEED Certification) • Millis Public Library * – ($7.8M) new library, Designer selection, OPM/Site Rep. for design & construction LEED Certified • Westwood Public Library * – ($15M) new library, Designer selection, OPM for design & construction LEED Certified • Walpole Public Library * – ($11M) new library, OPM/Site Rep. for design & construction LEED Certified Gold • Woburn Public Library – (MBLC Grant Round) addition & renovation project, historic library. Assistance with MBLC Grant Application. Designer selection. DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES QUALIFICATIONS & PORTFOLIO 3 • Sherborn Library – (MBLC Grant Round) addition/renovation project Assistance with MBLC Grant Application. Designer selection. • Shrewsbury Public Library – (MBLC Grant Round) addition &renovation project. Assistance with MBLC Grant Application. Designer selection. • Milton Public Library – ($13M) addition/renovation project, historic library, OPM/Site Rep. for design & construction • Harvard Public Library – ($7M) addition/renovation project, historic library, OPM/Site Rep. for design & construction • Flint (Middleton) Public Library – ($7M) addition & renovation project, historic library, OPM/Site Rep. for design & construction • Georgetown Peabody Public Library – ($4M) addition & renovation project, historic library, OPM/Site Rep. for design & construction • Merrimac Public Library – ($4M) new library, OPM design & construction, OPM/Site Rep. for design & construction • Newburyport Public Library – ($7.8M) addition & renovation project, historic library, OPM/Site Rep. for design & construction • Hamilton Wenham Library and Recreation Center – ($4.8M) new library with renovations of existing building into Recreation Center • Boston Public Library / McKim Building Restoration – ($15M) historic restoration of Bates Hall DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES REPRESENTATIVE AFFORDABLE HOUSING PROJECTS 1 Brown School Residences Peabody, MA The former "old" Brown School, a Peabody landmark, has been beautifully restored, and meticulously renovated into apartment homes. Conveniently located in the picturesque community of Peabody, Massachusetts. The Brown School Residences’ 61 units feature modern and convenient living. Construction Cost: $9.2M 67K SQFT Fulton School Residences Wayland, MA The 1928 National Registered Alice E. Fulton School has been reborn as the Fulton School Residences. The adaptive reuse and historically sensitive addition to the Colonial Revival structure provides 63 apartments for active seniors. Many original details were preserved, including broad corridors with wood wainscoting, high ceilings, and large windows. Original character giving elements such as historic wainscoting and classroom cloak rooms were incorporated into the residential units as niches for resident display. After 75 years of service, the school had become a landmark and cornerstone in the Weymouth community. Its historical renovation and adaptive reuse has allowed local active seniors with incomes less than 50% of the area’s median to live affordably, and for long-time Weymouth residents to see the valued building come back to life. Construction Cost: $8.9M 57K SQFT School Street Residences Athol, MA The Art Deco style Athol Middle School, Constructed in 1915, has been brought back to life as a 50-unit affordable, active adult community. The original two-story gymnasium was subdivided into eight units, incorporating the original stage and proscenium detailing into the units. This project was awarded the Paul Tsongas Award for Preservation by Mass Historic. Construction Cost: $9.0M 72K SQFT Paul E. Tsongas Award winner from Preservation Mass DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES REPRESENTATIVE AFFORDABLE HOUSING PROJECTS 2 Simpkins School Residences South Yarmouth, MA Nestled in the historic district of South Yarmouth, the 1930 John Simpkins School has been redesigned to offer 65 senior housing units. The adaptive reuse includes a historically- sensitive addition per the Cape Cod Commission’s Regional Policy Plan. Amenities include a community room and expansive green space. Construction Cost: $9.8M 78K SQFT Paul E. Tsongas Award winner from Preservation Mass Chelmsford Woods Residences Chelmsford, MA The Chelmsford Woods Residences is a multi-phase family development providing 116 affordable units in a variety of building types arrayed along a meandering entry drive. This 40B development includes garden apartments, townhomes and central clubhouse. Phase I - Construction Cost: $11.0M Phase I - 62K SQFT DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES SITE REPRESENTATIVE QUALIFICATIONS 1 Gordon M. Schaaf Years with Firm / With Others 11 / 22 Clerk-of-the-Works (Site Representative) (Construction Supervisor License #CS092554) Education: MS /Construction Mgmt/ Northeastern Univ. BS / Mathematics / Regis University Gordon Schaaf is a specialist with over 20 years’ experience in the field of construction including public construction projects. Gordon recently completed an assignment as Site Representative for: the Shalin Liu Performance Center for Rockport Music; a new temple; and for rehab of school buildings into senior housing for the Stratford Capital Group. He also just completed six faculty houses on the campus of Northfield Mount Herman. Gordon’s completed assignments include: Site Representative services for the rehab of a school building and new construction for affordable housing (Brown School Residences, Fulton Street Residences, School Street Residences, Simpkins School Residences and the Chelmsford Woods Residences); Clerk-of-the- Works for the new Christa McAuliffe Branch Library, Millis Public Library, Walpole Public Library; Milton Public Library renovation and expansion project; Flint (Middleton) Public Library historic restoration, renovation and expansion project; Georgetown Public Library building addition and renovation project. Other completed projects include: oversight of the relocation and installation of temporary buildings for the Francis W. Parker Charter School; Site Representative for the demolition phase of a renovation project at St. John’s Episcopal Church in Beverly, MA; and a new $9.5M highway maintenance facility for the Town of Westford. The Westford project involved extensive site work and infrastructure improvements; parking lot and entrance road construction; conservation related site work including detention and retention pond review; and utilities installation. The project also entailed quality inspections for 64,800 SF of administrative, vehicle storage and maintenance facilities, and an 8,000 SF pre- engineered storage facility. Prior to joining Design Technique, Gordon served as Senior Field Representative with Geotechnical Services, Inc., Goffstown, NH where he was responsible for on-site evaluation of steel erection, earthwork, concrete, asphalt, rebar, masonry, welding, fireproofing, roofing, and finishes. Assignments have included: Ipswich Public Schools – geotechnical and structural field inspections for new high/middle school complex; Endicott College – geotechnical and structural finish inspections for residence hall and library addition; geotechnical and structural field inspections for projects at Oxford High School, Northbridge High School, and Wrentham Elementary School. At Brookstone Builders, Inc., Manchester, NH Gordon served as an Estimator. As Project Manager/Estimator with North Branch Construction, Henniker, NH Gordon performed design reviews, developed bid packages, managed subcontractors, controlled contract documents, estimated labor materials, managed budgets and submittals, ordered materials, directed site superintendents, and tracked progress. In the USAF Gordon was a Project Manager at Schriever AFB, CO. His projects there included new construction, capital improvements and environmental projects for 120 facilities with utilities and infrastructure valued at $45M. He managed budgets and submittals, performed design reviews and authored project specifications. In addition, Gordon served as Facilities/Construction Manager at the USAF in Izmir AS, Turkey; Construction Management Supervisor at Malmstrom AFB, MT, and Construction Manager at Pease AB, NH. Gordon is a Licensed Construction Supervisor. He holds an MS in Construction Management from Northeastern University; BS in Mathematics, from Regis University, CO; and an AAS, in Engineering Technologies, from Community College of the Air Force. Gordon has taken additional management, engineering technician, and quality assurance training courses. Governor Prence Residences Community Preservation Committee Application V. SITE CONTROL Governor Prence Residences Community Preservation Committee Application VI. DEVELOPMENT BUDGET/ OPERATING PROFORMA (One Stop) One Stop2000 Affordable Housing Finance Application [Version 1.21] © Page 1 Section 1 PROJECT DESCRIPTION Name and Address of Project 1.Project Name: 1a . Application Completed By: 1b . Successful Application Date:10/1/2016 Application Revision Date: 2 . Project Address: 3 . Neighborhood 4 . City/ Town MA (state) (zip code) 5.County BARNSTABLE 6 . Scattered Sites?No 7.Is this a qualified census tract? No Enter a census tract 8.Difficult to develop area Yes QCT information last updated on: Development Plan 9.Development Type (Please check all that apply.) Yes New construction No Acquisition, substantial rehab of existing housing No Acquisition, moderate rehab of existing housing No Acquisition, minimal or no rehab of existing housing No Adaptive re-use of non-residential structure 10 .Proposed Housing Type Rental (except SRO or Assisted Living, see below) 11 .Project Description:Number of buildings: 2 12 .Development Schedule: Successful Application Date: Application Date 10/1/2016 Construction Loan Closing 4/1/2017 Initial Loan Closing (MHFA only)4/1/2017 Construction Start 4/1/2017 50% Construction Completion 10/1/2017 Construction Completion 4/1/2018 First Certificate of Occupancy 4/1/2018 Final Certificate of Occupancy 4/1/2018 Sustained Occupancy 4/1/2019 Permanent Loan Closing 4/1/2019 Governor Prence Residences Application Date: 10/1/2016 © Massachusetts Housing Investment Corporation, 1993, 1994, 1995, 1999 in its own name and on behalf of MHFA, DHCD, and the MHP Fund. All rights reserved. #VALUE! Community Development Partnership and SCG Development Partners, LLC/ Keith McDonald Governor Prence Residences 4790 State Highway, Eastham, MA Eastham Community Development Partnership (“CDP”), a non-profit organization, and SCG Development Partner’s, LLC (“Stratford”) (collectively CDP and Stratford are referred to as the “Applicant”) will be co-owners and co-general partners in this proposal to construct a new affordable housing development named the Governor Prence Residences (the “Property”). The Applicant will form the Governor Prence Residences Limited Partnership (the “Partnership”), a Massachusetts Limited Partnership that is qualified to undertake the planning, design, development, construction, ownership and operation of the proposed residential project known as the Property. As part of the Applicant’s proposal, the proposed development will provide 50 new respectable affordable housing family units pursuant to the Massachusetts Comprehensive Permit. Of the Property’s 50 apartment units, 44 apartments will be restricted to tenants making 60% or less of the area median income (“AMI”) and the balance will be rented to market rate tenants - which is well in excess of the affordability requirements of Chapter 40B, the regulations of the Housing Appeals Committee set forth at 760 CMR 31.00 et seq., the Federal Low Incoming H i C dit P d i t f DHCD Optional user comments Section 1. Project Description Page 2 13 .Unit Mix: Low-Income Low-Income Low-Income below 60% AMI Market Total Rental Assisted below 50% below 60% Rent Assisted Rate Units SRO 0 0 bedroom 0 1 bedroom 113 317 2 bedrooms 3 20 3 2 28 3 bedrooms 1 3 1 5 4 bedrooms 0 Total Units 50363650 Home Units* 0 *HOME units included in the above totals.Other Income=Below of median income 14 . Unit Size in square feet: Low-Income Low-Income Low-Income Other Income Market Average Rental Assisted below 50% below 60% Rent Assisted Rate All Incomes SRO N/A 0 bedroom N/A 1 bedroom 660.0 660.0 660.0 660 2 bedrooms 775.0 775.0 775.0 775.0 775 3 bedrooms 950.0 950.0 950.0 950 4 bedrooms N/A 15 .Number of bathrooms in each unit: Low-Income Low-Income Low-Income Other Income Market Average Rental Assisted below 50% below 60% Rent Assisted Rate All Incomes SRO N/A 0 bedroom N/A 1 bedroom 1.0 1.0 1.0 1.0 2 bedrooms 1.0 1.0 1.0 1.0 1.0 3 bedrooms 1.0 1.0 1.0 1.0 4 bedrooms N/A 16 .Funding Applied For: Please check all the funding that is being applied for at this time, with this application: DHCD Tax Credit Allocation ................................................. Yes Category ..............…………….................. Category ...........................................……… HOME Funding through DHCD ............................................ Yes Massachusetts Housing Finance Agency (select all that apply): Official Action Status ........................................................No Construction Financing/Bridge Financing..........................No Permanent Financing ......................................................... No Massachusetts Housing Partnership (MHP) Fund: Permanent Rental Financing Program ............................... No Massachusetts Housing Investment Corporation (select all that apply): Debt Financing .................................................................. No Tax Credit Equity Investment ............................................No Boston Department of Neighborhood Development (DND):No Other Yes Other……………………… Other……………………… Other………………………………………… Financing from MassDevelopment Governor Prence Residences Application Date: 10/1/2016 Affordable Housing Trust Funds Housing Stabilization Funds 9% TC Application No #VALUE! Section 1. Project Description Page 3 New 17 .Number of buildings planned Total Construction Rehabilitation a. Single-Family 0 b. 2-4 Family 0 c. Townhouse 0 0 d. Low/Mid rise 2 2 e. High-rise 0 f. Other 0 TOTAL 220 18 .Number of units: 50 50 19 .Gross Square Footage a. Residential 50,466 50,466 b. Commercial - 20 .Net Rentable Square Footage:Total Percent of Gross a. Residential ` 37,670 s.f. 75% b. Commercial s.f. N/A 21 .Number of handicapped accessible units 3 Percent of total 6% 22 .Fire Code Type 23 .Will building(s) include elevators?Yes How many?1 24 .Are the following provided with the housing units: a. Range? ................................ Yes Gas or electric?Electric b. Refrigerator? .......................Yes c. Microwave? .........................No d. Dishwasher? ........................Yes e. Disposal? .............................No f. Washer/Dryer Hookup? .......No g. Washer & Dryer? ................ Yes h. Wall-to-wall Carpet? ...........No i. Window Air Conditioner? ... No j. Central Air Conditioning? ... Yes 25 .Are the following included in the rent: a. Heat? ................................... No b. Domestic Electricity? ..........No c. Cooking Fuel? ..................... No d. Hot Water? ..........................Yes e. Central A/C, if any? ............ No 26 .Type of heating fuel: 27 .Total no. of parking spaces:104 Outdoor: 104 Enclosed: 0 28 .Number of parking spaces exclusively for the use of tenants: a. Residential Total: 104 Outdoor: 104 Enclosed: 0 b. Commercial Total: 0 Outdoor: Enclosed: Governor Prence Residences Application Date: 10/1/2016 Electric Optional user comments Wood frame #VALUE! Section 1. Project Description Page 4 29 .Will rehabilitation require the relocation of existing tenants? 30 .Scope of rehabilitation: Please describe the following (or type N/A). a. Major systems to be replaced: b. Substandard conditions and structural deficiencies to be repaired: c. Special features/adaptations for special needs clients to be housed: 31 .Are energy conservation materials in excess of the Building Code? a. Insulation ............................ Yes R-Value or type? b. Windows .............................Yes R-Value or type? c. Heating system ....................Yes R-Value or type? Information On Site And Existing Buildings Square Feet Acres 32 .Size of Site: 266,000 6.11 33 .Wetlands area: 0 34 .Buildable area: 266,000 6.11 Existing Conditions: 35 .What is the present use of the property? 36 .Number of existing structures: - 37 .Gross s.f. of existing structures: 38 .If rehabilitation:number of units num. of bedrooms a. Number of existing residential units/bedrooms: b. Number of units/bedrooms currently occupied: 39 .If site includes commercial space: a. Square footage of existing commercial space: square feet b. Square footage currently occupied: square feet 40 .What are the surrounding land uses? Utilities: 41 .Are the following utilities available on the site: a. Sanitary sewer? No b. Storm sewer? No c. Public water? Yes d. Electricity?Yes e. Gas? Yes If any of the above are not available, is plan attached explaining how such service will be extended to the site? Governor Prence Residences Application Date: 10/1/2016 Distance from site (ft.) Distance from site (ft.) Not applicable Not applicable Not applicable Not applicable #VALUE! Land Section 1. Project Description Page 5 Zoning: 42 .Does the present zoning allow the proposed development? No 43 . Have you applied for a zoning variance, change,special permit or subdivision?No 44 .Do you anticipate applying for a comprehensive permit under Chapter 774?Yes Site Control: 45 .What form of site control do you have? Include copies of the appropriate site control documents as part of Exhibit 4. 46 .Please provide details about your site control agreement. a. Name of Seller: b. Principals of seller corporation: c. Type of Agreement: d. Agreement Date: 7/1/2015 e. Expiration Date: 12/31/2017 f. Purchase price if under agreement: g. Is there any identity of interest between buyer and seller? 47 .In the past three years, have there been any defaults on any mortgage on the property or any other forms of financial distress?No 48 .Are there any outstanding liens on the property? No Amenities and Services: 49 . Please indicate distance from site and locate on city/town map (Exhibit 1). Distance a. Shopping facilities .......................................0.25 miles b. Schools ........................................................1.50 miles c. Hospitals ......................................................7.00 miles d. Parks and recreational facilities .................. 0.10 miles e. Police station ............................................... 2.40 miles f. Fire station ................................................... 2.30 miles g. Public transportation ................................... 2.40 miles h. Houses of worship .......................................1.00 miles i. City/Town Hall ............................................ 2.40 miles Governor Prence Residences Application Date: 10/1/2016 Please include information on the property zoning in Exhibit 3. This should include a zoning map, highlighting any special use or dimensional restrictions on the property. If the present zoning does not allow for the proposed use, please explain current status and how approvals will be obtained. #VALUE! P&S Purchase & Sale Agreement Stop & Shop Eastham Range, LLC Section 1. Project Description Page 6 Environmental Information 50 .Is there any evidence of underground storage tanks or releases of oil No or hazardous materials, including hazardous wastes, on the site or within close proximity to the site? 51 .Has a Chapter 21E assessment been performed?No 52 .Does the project consist of either: (a) new construction of more than No 100 units; or (b) substantial rehabilitation of more than 200 units, or where more than 10% new floor space is added? 53 .Does the building require lead paint abatement?No 54 .Does the building require asbestos abatement?No 55 .Do radon tests show radon levels exceeding four picocuries/liter?No 56 .Is there any evidence that the premises are insulated with urea No formaldehyde foam (UFFI)? 57 .Is the site located in an historic district, or contain buildings listed or No eligible for listing in the State Register of Historic Places? 58 .Are there any above ground storage containers with flammable or No explosive petroleum products or chemicals within 1/2 mile of the site? 59 .Is the site located in a floodplain or wetlands area?No 60 .Does the site contain endangered animal or plant species?No 61 .Is the site subject to noise impact from jet airports within five miles, major highways within 1,000 feet, or rail traffic within 3,000 feet?No Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page 7 Section 2 DEVELOPMENT TEAM SUMMARY 62 .Developer/Sponsor Type 63 .Developer/Sponsor: Form of Legal Entity Legal Name Address Contact Person E-mail 64 .Owner/Mortgagor: Legal Name Address Has this entity already been formed? No Soc. Sec. or Tax ID # Principals Principals Contact Person Telephone No. / Fax. No. E-mail 65 .General Partner: Legal Name Address Has this entity already been formed? No Soc. Sec. or Tax ID # Principal (if corporate) Contact Person % of Ownership Telephone No. / Fax. No. E-mail 66 .General Partner: Legal Name Address Has this entity already been formed? No Principal (if corporate) Contact Person % of Ownership Telephone No. / Fax. No. E-mail Governor Prence Residences Application Date: 10/1/2016 Jay Coburn jay@capecdp.org 508 240 7873 rah@stratfordcapitalgroup. Com rah@stratfordcapitalgroup.com SCG Eastham GP, LLC 100 Corporate Place, Suite 404 Peabody, MA 01960 Jay Coburn Richard Hayden (978)-535-5600 978-535-1141 Kyle Wolff, Richard Hayden, Ben Mottola, Steve Wilson (978)-535-5600 978-535-1141 Richard Hayden, John Nelson, Ben Mottola, Community Development Partnership 3 Main Street Mercantile, Unit 7 Eastham, MA Limited dividend partnership #VALUE! rah@stratfordcapitalgroup.com (978)-535-5600 Corporation SCG Development Partners, LLC 100 Corporate Place Peabody, MA 01960 Richard Hayden 978-535-1141 Governor Prence Residences Limited Partnership 100 Corporate Place, Suite 404 Peabody, MA 01960 Section 2. Development Team Summary Page 8 67 .Development Consultant: Legal Name Address Contact Person Telephone No. / Fax. No. E-mail 68 .Contractor: Name Address Fed Tax ID # Contact Person Telephone No. / Fax. No. E-mail 69 .Architect: Name Address Contact Person Telephone No. / Fax. No. E-mail jmamayek@iconarch.com 70 .Management Agent: Name Address Contact Person Telephone No. / Fax. No. E-mail 71 .Attorney (Real Estate): Name Address Contact Person Telephone No. / Fax. No. E-mail 72 .Attorney (Tax): Name Address Contact Person Telephone No. / Fax. No. E-mail 73 .Syndicator: Name Address Contact Person Telephone No. / Fax. No. E-mail Governor Prence Residences Application Date: 10/1/2016 Mary Beth Norwood marybeth.norwood@reznickgroup.com Stratford Capital Group (410) 783-4900 (410) 727-0460 Klein Hornig LLP 3 Main Street Mercantile, Unit 7 Eastham, MA Baltimore, MD 21201 clong@kleinhornig.com 145 Tremont Street Boston, MA 02111 Chrysa Long Jay Coburn jay@capecdp.org 508 240 7873 Community Development Partnership Boston, MA 021110 Janis Mamayek ICON Architecture Dellbrook Construction LLC/JK Scanlan Company, LLC 15 Research RD 100 Corporate Place rah@stratfordcapitalgroup.com (617) 224-0626 (617) 224-0601 978-535-5600 978-535-1141 Peabody, MA 01960 Ben Mottola CohnReznick 400 East Pratt Street East Falmouth, MA, 02536 781 380 1620 101 Summer Street Mike Fish MFish@dellbrook.com #VALUE! (617) 451- 3333 Section 2. Development Team Summary Page 9 74 .Guarantor: Name Address Contact Person Telephone No. / Fax. No. E-mail 75 .Service Provider or Coordinator: Name Address Contact Person Telephone No. / Fax. No. E-mail 76 .Marketing Agent: Name Address Contact Person Telephone No. / Fax. No. E-mail 77 . Other role Name Address Contact Person Telephone No. / Fax. No. E-mail 78 . Other role Name Address Contact Person Telephone No. / Fax. No. E-mail 79 .Is there any identity of interest between any members of the development team? Yes 80 .Please describe the relationship of the development entity to sponsoring organizations. Is the entity newly-formed or to-be-formed? Is it a single-purpose corporation? How will the parent corporation provide support to this entity? Include an organizational chart showing other affiliates of the parent corporation, as appropriate, and principals of each. Governor Prence Residences Application Date: 10/1/2016 SCG Development Partners, LLC 100 Corporate Place Peabody, MA 01960 Richard Hayden rah@stratfordcapitalgroup.com 978-535-5600 978-535-1141 #VALUE! Stratford Capital Group, LLC is a natiowide syndicator of low income housing tax credits. Stratford will place the low income housing tax credits through an arms length transaction with investors at market pricing. In addition, CDP is a general partner in the owner as well as the management agent for the Property. The developing entity is a single purpose limited partnership, of which the general partners and the sponsor are the same entities, and newly formed. Upon syndication a new investment limited partner will be admitted to the partnership. The general partners have significant tax credit experience and will provide support to the entity. One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page 10 Section 3 SOURCES AND USES OF FUNDS Sources of Funds Private Equity:Optional user calculations 81 .Developer's Cash Equity $LIHTC 1.00$ 1,000,000 82 .Tax Credit Equity (net amount) (See line 360, Section 5, page 18.)$10,000,000 SLIHTC 0.72$ 500,000 83 .Developer's Fee/Overhead, Contributed or Loaned $677,354 84 .Other Source: $ Public Equity: 85 .Town of Eastham Infrastructer Loan $0 86 .Grant:$ 87 .Grant:$ 88 .Total Public Equity $0 Subordinate Debt (see definition):Amount Rate Amortiz. Term 89 . Home Funds-DHCD, as Subordinate Debt $550,000 0.00% 360 yrs. Source: 90 . Home Funds-Local, as Subordinate Debt $600,000 0.00% 600 yrs. Source: 91 . Subordinate Debt $2,000,000 0.00% 600 yrs. Source: 92 . Subordinate Debt $250,000 0.00% 360 yrs. Source: 93 . Subordinate Debt $1,800,000 0.00% 360 yrs. Source: 94 . Total Subordinate Debt $5,200,000 Permanent Debt (Senior):Amount Rate Override Amortiz. Term MIP 95 .MHFA $ % % yrs. yrs. % 96 .MHFA $ % % yrs. yrs. % 97 .MHP Fund Permanent Loan $ % yrs. yrs. % 98 .Other Permanent Senior Mortgage $1,610,000 6.25% 360.00 180.00 % Source: 99 .Other Permanent Senior Mortgage $ % yrs. yrs. % Source: 100 .Total Permanent Senior Debt $1,610,000 $9,913.05 101 .Total Permanent Sources $17,487,354 Construction Period Financing:Amount Rate Term 102 .Construction Loan $10,000,000 5.00% 30.0 Source: Repaid at: (event) 103 .Other Interim Loan $0 % mos. Source: Repaid at: (event) 104 .Syndication Bridge Loan $0 % mos. Source: Repaid at: (event) Governor Prence Residences Application Date: 10/1/2016 #VALUE! Federal HOME Loan TD Bank CPC, AHT, CDBG, and HOME AHT & HSF Loan Barnstable HOME Loan State LIHTC Loan MHFA Program 1 MHFA Program 2 TD Bank Section 3. Sources and Uses of Funds Page 11 Uses of Funds The Contractor certifies that, to the best of their knowledge, the construction Direct Construction:estimates, and trade-item breakdown on this page are complete and accurate. 105 .Who prepared the estimates? Name Signature 106 .Basis for estimates? DV Trade Item Amount Description 107 . 3 Concrete $357,013 108 . 4 Masonry $16,500 109 . 5 Metals $13,547 110 . 6 Rough Carpentry $1,039,959 111 . 6 Finish Carpentry $190,000 112 . 7 Waterproofing $23,236 113 . 7 Insulation $229,300 114 . 7 Roofing $159,240 115 . 7 Sheet Metal and Flashing $12,500 116 . 7 Exterior Siding $339,725 117 . 8 Doors $177,650 118 . 8 Windows $145,728 119 . 8 Glass $44,800 120 . 9 Lath & Plaster $0 121 . 9 Drywall $554,807 122 . 9 Tile Work $20,900 123 . 9 Acoustical $10,887 124 . 9 Wood Flooring $0 125 . 9 Resilient Flooring $158,896 126 9 Carpet $89,208 127 . 9 Paint & Decorating $129,458 128 . 10 Specialties $40,840 129 . 11 Special Equipment $0 130 . 11 Cabinets $169,775 131 . 11 Appliances $129,500 132 . 12 Blinds & Shades $16,870 133 . 13 Modular/Manufactured $0 134 . 13 Special Construction $0 135 . 14 Elevators or Conveying Syst. $180,000 136 . 15 Plumbing & Hot Water $735,000 137 . 15 Heat & Ventilation $548,600 138 . 15 Air Conditioning $0 139 15 Fire Protection $123,569 140 . 16 Electrical $816,500 141 . Accessory Buildings $0 142 . Other/misc $0 143 .Subtotal Structural $6,474,008 144 . 2 Earth Work $965,055 145 . 2 Site Utilities $338,276 146 . 2 Roads & Walks $276,771 147 . 2 Site Improvement $75,300 148 . 2 Lawns & Planting $115,434 149 2 WWTF $1,000,001 150 2 Environmental Remediation $7,500 151 2 Demolition $7,500 152 . 2 Unusual Site Cond 153 .Subtotal Site Work $2,785,837 154 .Total Improvements $9,259,845 155 . 1 General Conditions $648,189 156 .Subtotal $9,908,034 157 . 1 Builders Overhead $495,402 158 . 1 Builders Profit $198,160 159 .TOTAL $10,601,596 160 Total Cost/square foot: $210.07 Residential Cost/s.f.: $210.07 Governor Prence Residences Application Date: 10/1/2016 #VALUE! Dellbrook Construction Design Plans Section 3. Sources and Uses of Funds Page 12 Development Budget: Total Residential Commercial Comments 161 .Acquisition: Land $1,400,000 $1,400,000 162 .Acquisition: Building $0 $0 163 .Acquisition Subtotal $1,400,000 $1,400,000 $0 164 .Direct Construction Budget $10,601,596 $10,601,596 165 .Construction Contingency $530,080 $530,080 5.0% of construction 166 .Subtotal: Construction $11,131,676 $11,131,676 $0 General Development Costs: 167 .Architecture & Engineering $873,752 $873,752 168 .Survey and Permits $25,000 $25,000 169 .Clerk of the Works $144,440 $144,440 170 .Environmental Engineer $50,000 $50,000 171 .Bond Premium $0 $0 172 .Legal $250,000 $250,000 173 .Title and Recording $50,000 $50,000 174 .Accounting & Cost Cert. $37,000 $37,000 175 .Marketing and Rent Up $75,000 $75,000 176 .Real Estate Taxes $50,000 $50,000 177 .Insurance $152,500 $152,500 178 .Relocation $0 $0 179 .Appraisal $40,000 $40,000 180 .Security $0 $0 181 .Construction Loan Interest $577,386 $577,386 182 .Inspecting Engineer $17,400 $17,400 183 .Fees to: Financing Fees $149,100 $149,100 184 .Fees to: Tax Credit Fees $90,250 $90,250 185 .MIP $0 186 .Credit Enhancement Fees $0 187 .Letter of Credit Fees $0 188 .Other Financing Fees $0 189 .Development Consultant $0 190 .Other: Furnishings $200,000 $200,000 191 .Other: $0 192 .Soft Cost Contingency $75,000 $75,000 2.7% of soft costs 193 .Subtotal: Gen. Dev.$2,856,828 $2,856,828 $0 194 .Subtotal: Acquis., Const.,$15,388,504 $15,388,504 $0 and Gen. Dev. 195 .Capitalized Reserves $430,000 $430,000 196 .Developer Overhead $834,425 $834,425 197 .Developer Fee $834,425 $834,425 198 .Total Development Cost $17,487,354 $17,487,354 $0 TDC per unit $349,747 199 .TDC, Net $16,380,000 $16,380,000 $0 TDC, Net per unit $327,600 Governor Prence Residences Application Date: 10/1/2016 #VALUE! Includes lease up reserve. (from line 159) Section 3. Sources and Uses of Funds Page 13 Additional Detail on Development Pro-Forma: 200 .Gross Syndication Investment Off-Budget Costs: Syndication Costs: 201 . Syndication Legal 202 . Syndication Fees 203 . Syndication Consultants 204 . Bridge Financing Costs 205 . Investor Servicing (capitalized) 206 . Other Syndication Expenses 207 . Total Syndication Expense $0 208 . Current Reserve Balance Reserves (capitalized): 209 . Development Reserves 210 . Initial Rent-Up Reserves $150,000 211 . Operating Reserves $280,000 212 . Net Worth Account 213 . Other Capitalized Reserves 214 . Subtotal: Capitalized Reserves $430,000 215 . Letter of Credit Requirements 216 .Total of the Above $430,000 Check: Line 214 is the same as line 195. Please Answer The Following Dev. Reserves Initial Rent-Up Op. Reserves Net Worth Other Letter of Credit Who requires the reserves? Who administers the reserves? When and how are they used? Unit Sales (For Sale Projects Only): 217 .Gross Sales From Units $ 218 .Cost of Sales (Commissions, etc.) $ 219 .Net Receipt from Sales $0 Debt Service Requirements: 220 .Minimum Debt Service Coverage 221 .Is this Project subject to HUD Subsidy Layering Review? No Optional user comments Governor Prence Residences Application Date: 10/1/2016 #VALUE! Under what circumstances can they be released? One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page 14 Section 4 OPERATING PRO-FORMA Operating Income Rent Schedule:Contract Utility Total No. of 222 .Low-Income (Rental Assisted):Rent Allowance Gross Rent Units SRO $0 0 0 bedroom $0 0 1 bedroom $840 $80 $920 1 2 bedrooms $1,129 $105 $1,234 3 3 bedrooms $1,479 $135 $1,614 1 4 bedrooms $0 0 223 .Low-Income (below 50%): SRO $0 0 0 bedroom $0 0 1 bedroom $0 0 2 bedrooms $0 0 3 bedrooms $0 0 4 bedrooms $0 0 224 .Low-Income (below 60%): SRO $0 0 0 bedroom $0 0 1 bedroom $869 $80 $949 13 2 bedrooms $1,042 $105 $1,147 20 3 bedrooms $1,189 $135 $1,324 3 4 bedrooms $0 0 225 .Other Income Rent Assisted SRO $0 0 0 bedroom $0 0 1 bedroom $0 0 2 bedrooms $1,129 $105 $1,234 3 3 bedrooms $0 0 4 bedrooms $0 0 226 .Market Rate (unrestricted occupancy): SRO 0 0 bedroom 0 1 bedroom $920 3 2 bedrooms $1,234 2 3 bedrooms $1,453 1 4 bedrooms 0 Commercial Income:(average) 227 .Square Feet: 0 @ /square foot =$0 Parking Income:(average) 228 .Spaces: 104 @ /month x 12 =$0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! Section 4. Operating Pro-Forma Page 15 Other Operating Income Assumptions: 229 .Laundry Income (annual): 5,000$ Optional user calculations 230 .Other Income:a. b. c. d. e. f. Vacancy Allowance: 231 .Low-Income (Rental Assistance) 7.0% 232 .Low-Income (below 50%) 233 .Low-Income (below 60%) 7.0% 234 .Other Income Rent Assisted 7.0% 235 .Market Rate 7.0% 236 .Commercial Trending Assumptions for Rents:Year 2 Year 3 Years 4-5 Years 6-20 237 .Low-Income (Rental Assistance) 2.0% 2.0% 2.0% 2.0% 238 .Low-Income (below 50%) %%%% 239 .Low-Income (below 60%) 2.0% 2.0% 2.0% 2.0% 240 .Other Income Rent Assisted 2.0% 2.0% 2.0% 2.0% 241 .Market Rate 2.0% 2.0% 2.0% 2.0% 242 .Commercial Space Rental %%%% 243 .Laundry Income 2.0% 2.0% 2.0% 2.0% 244 a Other Income - %%%% b Other Income - %%%% c Other Income - %%%% d Other Income - %%%% e Other Income - %%%% f.Other Income - %%%% Operating Subsidy and Capitalized Operating Reserves: 245 .Subsidy Source I .......................... 246 .Subsidy Source II ......................... 247 .Capitalized Operating Reserve Amount:$Source: 248 .Yearly Draws on Subsidies and Reserves: Subsidy Subsidy Draw on Source I Source II Oper. Reserve 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 15 $ $ $ Year 16 $ $ $ Year 17 $ $ $ Year 18 $ $ $ Year 19 $ $ $ Year 20 $ $ $ Year 21 $ $ $ 249 .Annual Operating Income (year 1)$579,494 Governor Prence Residences Application Date: 10/1/2016 #VALUE! Section 4. Operating Pro-Forma Page 16 Operating Expenses Annual Operating Exp.:Total Residential Commercial Comments 250 .Management Fee $28,975 $28,975 251 .Payroll, Administrative $50,000 $50,000 252 .Payroll Taxes & Benefits, Admin. $14,000 $14,000 253 .Legal $2,500 $2,500 254 .Audit $13,600 $13,600 255 .Marketing $5,000 $5,000 256 .Telephone $4,400 $4,400 257 .Office Supplies $6,600 $6,600 258 .Accounting & Data Processing $3,500 $3,500 259 .Investor Servicing $0 260 .DHCD Monitoring Fee $2,000 $2,000 261 .$1,500 $1,500 262 .$3,400 $3,400 263 .Subtotal: Administrative $106,500 $106,500 $0 264 .Payroll, Maintenance $30,000 $30,000 265 .Payroll Taxes & Benefits, Admin. $8,400 $8,400 266 .Janitorial Materials $6,300 $6,300 267 .Landscaping $12,000 $12,000 268 .Decorating (inter. only) $12,500 $12,500 269 .Repairs (inter. & ext.) $18,700 $18,700 270 .Elevator Maintenance $17,400 $17,400 271 .Trash Removal $9,000 $9,000 272 .Snow Removal $10,000 $10,000 273 .Extermination $2,000 $2,000 274 .Recreation $0 275 .$24,000 $24,000 276 .Subtotal: Maintenance $150,300 $150,300 $0 277 .Resident Services $0 $0 278 .Security $0 $0 279 .Electricity $32,500 $32,500 280 .Oil $12,500 $12,500 281 .Gas $0 282 .Water & Sewer $24,000 $24,000 283 .Subtotal: Utilities $69,000 $69,000 $0 284 .Replacement Reserve $16,250 $16,250 285 .Operating Reserve $0 $0 286 .Real Estate Taxes $15,000 $15,000 287 .Other Taxes $0 288 .Insurance $45,000 $45,000 289 .MIP $0 $0 290 .$0 291 .Subtotal:Taxes, Insurance $60,000 $60,000 $0 292 .TOTAL EXPENSES $431,025 $431,025 $0 Governor Prence Residences Application Date: 10/1/2016 Full time property manager Assumes 28% of Payroll #VALUE! 5% of Annual Operating Income Barnstable HOME Monitoring Fee Other: WWTF Maintenance included in admin - cameras/monitoring Assumes 28% of Payroll Full time maintenance Other: Assumes $40 per unit per month Assumes 2 elevators Assumes $15 per unit per month Based on 50 units (90 bedrooms) Per Eastern Insurance - quote. Per net operating income method. Section 4. Operating Pro-Forma Page 17 Other Operating Expense Assumptions Trending Assumptions for Expenses Year 2 Year 3 Years 4-5 Years 6-20 293 .Sewer & Water ......................................................... 3.0% 3.0% 3.0% 3.0% 294 .Real Estate Taxes .................................................. 3.0% 3.0% 3.0% 3.0% 295 .All Other Operating Expenses ........................................... 3.0% 3.0% 3.0% 3.0% Reserve Requirements: 296 .Replacement Reserve Requirement $325.00 per unit per year 297 .Operating Reserve Requirement $0.00 per unit per year Debt Service:Annual Payment 298 .MHFA N/A 299 .MHFA N/A 300 .MHP Fund Permanent Loan N/A 301 .Other Permanent Senior Mortgage $118,957 Source: N/A 302 .Other Permanent Senior Mortgage N/A Source: N/A 303 .Total Debt Service (Annual)$118,957 304 .Net Operating Income $148,470 (in year one) 305 .Debt Service Coverage 1.25 (in year one) MHFA Program 1 MHFA Program 2 One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page 18 Section 5 LOW INCOME HOUSING TAX CREDITS Percent of Project Which Qualifies for Tax Credit 332 .Low-Income Units ......................44 Total Units: 50 333 .Percent of Units ..........................88.0% 334 .Low-Income Square Feet ........... 33,190 s.f. Total Area: 37,670 s.f. 335 .Percent of Area ........................... 88.1% 336 .Applicable Percentage ................ 88.0% (This is the lower of lines 333 and 335 above.) 337 .Is the project utilizing tax-exempt financing? No 338 .Does the project qualify for an acquisition credit? No 339 .Does the rehabilitation qualify for a 9% rather than 4% credit? Yes 340 .How much financing is nonqualified (federally subsidized?) $2,000,000 341 .What grant funds must be subtracted from acquisition basis? $ 342 .What grant funds must be subtracted from rehabilitation basis? $ 343 .Will the project have a minimum of 20% of units for households earning less than 50% of median, or 40% for less than 60% of median? 40% Of Units Historic Tax Credit: 344 .Does the project qualify for historic tax credits? No 345 .What are the rehabilitation costs which are not qualified for historic credits?Not Applicable Project Qualification for 130%: 346 .Is the project located in a "qualified census tract" or in a "difficult to Yes develop" area? Acquisition Rehabilitation Calculation of Maximum Tax Credit Amount Credit Credit 347 .Total Eligible Development Costs $0 $13,953,871 348 .Less: Portion of Grants Allocated to Basis $0 $0 349 .Less: 20% Historic Rehab Credit Basis Reduction $0 $0 350 .Less: Nonqualified source of financing $0 $2,000,000 351 .Subtotal: Eligible Basis $0 $11,953,871 352 ."Hard to develop" area 100% 130% 353 .Percent Low-Income 88.0% 88.0% 354 .Applicable Rate 3.66% 9.00% 355 .Maximum Annual Tax Credit Amount $0 $1,230,771 356 .Total Annual Tax Credit Amount $1,000,000 357 .Estimated Net LIHTC Syndication Yield 1.00$ rate per $ $10,000,000 358 .Est. Net Historic Tax Credit Syndication Yield -$ rate per $ $0 359 .Total Estimated Net Tax Credit Syndication Yield (based on above)$10,000,000 360 .Applicant's Estimate of Net Tax Credit Equity. $10,000,000 (from line 82) Governor Prence Residences Application Date: 10/1/2016 [Note: This page represents a rough estimate of low income credits for which this project may be eligible. It does not represent a final determination.] #VALUE! Section 5. Low Income Housing Tax Credits Page 19 Percentage of Costs Not Total in Depreciable Acquisition Rehabilitation Not In Residential Basis Credit Basis Credit Basis Basis 361 . Acquisition: Land $1,400,000 $1,400,000 362 . Acquisition: Building $0 $0 $0 $0 363 .Acquisition Subtotal $1,400,000 $0 $0 $1,400,000 364 . Direct Construction Budget $10,601,596 $0 $10,323,012 $278,584 365 . Construction Contingency $530,080 $0 $0 $530,080 366 .Subtotal: Construction $11,131,676 $0 $10,323,012 $808,664 General Development Costs: 367 . Architecture & Engineering $873,752 0% $873,752 $0 368 . Survey and Permits $25,000 0% $25,000 $0 369 . Clerk of the Works $144,440 0% $144,440 $0 370 . Environmental Engineer $50,000 0% $50,000 $0 371 . Bond Premium $0 0% $0 $0 372 . Legal* $250,000 50% $0 $125,000 $125,000 373 . Title and Recording $50,000 100% $0 $0 $50,000 374 . Accounting & Cost Certificat. $37,000 0% $0 $37,000 $0 375 . Marketing and Rent Up* $75,000 100% $75,000 376 . Real Estate Taxes* $50,000 100% $0 $0 $50,000 377 . Insurance $152,500 28% $0 $110,000 $42,500 378 . Relocation $0 0% $0 $0 $0 379 . Appraisal $40,000 0% $0 $40,000 $0 380 . Security $0 0% $0 $0 $0 381 . Construction Loan Interest* $577,386 57% $0 $249,417 $327,969 382 . Inspecting Engineer $17,400 0% $0 $17,400 $0 383 . Financing Fees* Financing Fees $149,100 40% $0 $90,000 $59,100 384 . Financing Fees* Tax Credit Fees $90,250 100% $0 $0 $90,250 385 . MIP $0 0% $0 $0 $0 386 . Credit Enhancement Fees $0 0% $0 $0 $0 387 . Letter of Credit Fees* $0 0% $0 $0 $0 388 . Other Financing Fees* $00%$0$0$0 389 . Development Consultant $0 0% $0 $0 $0 390 . Other* ................Furnishings $200,000 0% $0 $200,000 $0 391 . Other* ................ $0 0% $0 $0 $0 392 . Soft Cost Contingency* $75,000 100% $0 $0 $75,000 393 .Subtotal: Gen. Dev.$2,856,828 $0 $1,962,009 $894,819 394 .Subtotal: Acquis., Const.,$15,388,504 $0 $12,285,021 $3,103,483 and Gen. Dev. 395 . Developer Overhead $834,425 $0 $834,425 $0 396 . Developer Fee/Profit $834,425 $0 $834,425 $0 397 . Capitalized Reserves $430,000 $0 $0 $430,000 398 .Total Development Cost $17,487,354 399 .Total Net Development Cost $16,380,000 400 .Total Eligible Tax Credit Basis $13,953,871 $0 $13,953,871 * Some or all of these costs will typically be allocated to intangible assets or expensed. Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] © Page A-1 Project Summary Information NOTE: Do not fill out this section. It is automatically filled in by program. Project Name Governor Prence Residences Developer SCG Development Partners, LLC Community Eastham Number of Units 50 SRO 0 Low-Income, Rental Assisted 5 0 bedroom 0 Low-Income, Below 50%0 1 bedroom 17 Low-Income, Below 60%36 2 bedrooms 28 Other Income Rent Assisted 3 3 bedrooms 5 Market Rate 6 4 bedrooms 0 This is an application for:DHCD Tax Credit Allocation ...................................................Yes HOME Funding through DHCD .............................................. Yes MHFA Official Action Status...................................................No MHFA Construction Financing.................................................No MHFA Permanent Financing ...................................................No MHP Fund Financing ...............................................................No MHIC Construction Loan……………………….No MHIC Tax Credit Equity ..........................................................No Boston: DND……………………………………..No Other……………………………………………………………Affordable Housing Trust Funds Other……………………………………………………………Housing Stabilization Funds Other……………………………………………………………0 Financing from Massdevelopment……………………………No Sources of Funds: Uses of Funds: Developer's Equity ................................. $677,354 Acquisition .............................................. $1,400,000 Tax Credit Equity ...................................$10,000,000 Construction ............................................ $11,131,676 Public Equity ..........................................$0 General Development ..............................$2,856,828 Subordinate Debt ....................................$5,200,000 Developer Overhead ................................$834,425 Permanent Debt ......................................$1,610,000 Developer Fee ......................................... $834,425 Total All Sources ..................................$17,487,354 Capitalized Reserves................................ $430,000 Total All Uses ...........................$17,487,354 Uses Exceed Sources by ........................ $0 Rent Levels:BR (aver.) SF (aver.) Low-Income, Rental Assisted ................ $1,141 2.0 787 Low-Income, Below 50% ......................N/A N/A N/A Low-Income, Below 60% ...................... $992 1.7 748 Other Income Rent Assisted……….……$1,129 2.0 775 Market Rate ............................................$1,114 1.7 747 Average, All Units ..................................$1,030 1.8 753 Annual Operating Income (year 1): Annual Operating Expense (year 1): Gross rental income (residential)$617,736 Management Fee $28,975 Vacancy (resid.)7.00% $43,242 Administrative $106,500 Other Income (net of vacancies)$5,000 Maintenance $150,300 Subtotal $579,494 Res. Service, Security $0 Operating Subsidies $0 Utilities $69,000 Draw on Operating Reserves $0 Repl. Reserve $16,250 Total Annual Income $579,494 Oper. Reserve $0 Taxes, Insurance $60,000 Net Operating Income $148,470 Total $431,025 Debt Service $118,957 Debt Service Coverage 1.25 Total per Unit $8,620 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-2 Rent Profile Analysis NOTE: Do not fill out this section. It is automatically filled in by program. Contract Size of No. of Gross Rent/Rent per Units Rent Unit Bathrooms Maximum square foot Low-Income (Rental Assisted): SRO 0 N/A N/A N/A N/A N/A 0 bedroom 0 N/A N/A N/A N/A N/A 1 bedroom 1 $840 660 1 98.5% $1.27 2 bedrooms 3 $1,129 775 1 100.4% $1.46 3 bedrooms 1 $1,479 950 1 110.1% $1.56 4 bedrooms 0 N/A N/A N/A N/A N/A Low-Income (below 50%): SRO 0 N/A N/A N/A N/A N/A 0 bedroom 0 N/A N/A N/A N/A N/A 1 bedroom 0 N/A N/A N/A N/A N/A 2 bedrooms 0 N/A N/A N/A N/A N/A 3 bedrooms 0 N/A N/A N/A N/A N/A 4 bedrooms 0 N/A N/A N/A N/A N/A Low-Income (below 60%): SRO 0 N/A N/A N/A N/A N/A 0 bedroom 0 N/A N/A N/A N/A N/A 1 bedroom 13 $869 660 1 105.4% $1.32 2 bedrooms 20 $1,042 775 1 106.2% $1.34 3 bedrooms 3 $1,189 950 1 106.1% $1.25 4 bedrooms 0 N/A N/A N/A N/A N/A Other Income Rent Assisted SRO 0 N/A N/A N/A N/A N/A 0 bedroom 0 N/A N/A N/A N/A N/A 1 bedroom 0 N/A N/A N/A N/A N/A 2 bedrooms 3 $1,129 775 1 N/A $1.46 3 bedrooms 0 N/A N/A N/A N/A N/A 4 bedrooms 0 N/A N/A N/A N/A N/A Market Rate (unrestricted occupancy): SRO 0 N/A N/A N/A N/A 0 bedroom 0 N/A N/A N/A N/A 1 bedroom 3 $920 660 1 $1.39 2 bedrooms 2 $1,234 775 1 $1.59 3 bedrooms 1 $1,453 950 1 $1.53 4 bedrooms 0 N/A N/A N/A N/A Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-3 21-Year Operating Proforma (Years 1-5) NOTE: Do not fill out this section. It is automatically filled in by program. Year 1 Year 2 Year 3 Year 4 Year 5 Calendar Year: 2019 2020 2021 2022 2023 INCOME: Low-Income, Rental Assisted $68,472 $69,841 $71,238 $72,663 $74,116 Low-Income, Below 50%00000 Low-Income, Below 60%428,448 437,017 445,757 454,672 463,766 Other Income Rent Assisted 40,644 41,457 42,286 43,132 43,994 Market Rate 80,172 81,775 83,411 85,079 86,781 Gross Potential Income 617,736 630,091 642,693 655,546 668,657 Less vacancy 43,242 44,106 44,988 45,888 46,806 Effective Gross Residential Income 574,494 585,984 597,704 609,658 621,851 Commercial (includes parking)00000 Less vacancy 00000 Net Commercial Income 00000 Effective Rental Income 574,494 585,984 597,704 609,658 621,851 Other Income: Laundry 5,000 5,100 5,202 5,306 5,412 Other Income:000000 Other Income:000000 Other Income:000000 Other Income:000000 Other Income:000000 Other Income:000000 Total Gross Income 579,494 591,084 602,906 614,964 627,263 Operating Subsidies 00000 Draw on Operating Reserves 00000 Total Effective Income $579,494 $591,084 $602,906 $614,964 $627,263 EXPENSES: Management Fee 28,975 29,554 30,145 30,748 31,363 Administrative 106,500 109,695 112,986 116,375 119,867 Maintenance 150,300 154,809 159,453 164,237 169,164 Resident Services 00000 Security 00000 Electrical 32,500 33,475 34,479 35,514 36,579 Natural Gas 12,500 12,875 13,261 13,659 14,069 Oil (heat)00000 Water & Sewer 24,000 24,720 25,462 26,225 27,012 Replacement Reserve 16,250 16,738 17,240 17,757 18,290 Operating Reserve 00000 Real Estate Taxes 15,000 15,450 15,914 16,391 16,883 Other Taxes 00000 Insurance 45,000 46,350 47,741 49,173 50,648 MIP 00000 Other:00000 Total Operating Expenses $431,025 $443,666 $456,680 $470,079 $483,874 NET OPERATING INCOME $148,470 $147,419 $146,226 $144,885 $143,389 Debt Service $118,957 $118,957 $118,957 $118,957 $118,957 Debt Service Coverage 1.25 1.24 1.23 1.22 1.21 Project Cash Flow $29,513 $28,462 $27,269 $25,929 $24,433 Required Debt Coverage $0 $0 $0 $0 $0 (Gap)/Surplus for Cov.$148,470 $147,419 $146,226 $144,885 $143,389 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-4 21-Year Operating Proforma (Years 6-10) NOTE: Do not fill out this section. It is automatically filled in by program. Year 6 Year 7 Year 8 Year 9 Year 10 Calendar Year: 2024 2025 2026 2027 2028 INCOME: Low-Income, Rental Assisted $75,599 $77,111 $78,653 $80,226 $81,830 Low-Income, Below 50%00000 Low-Income, Below 60%473,041 482,502 492,152 501,995 512,035 Other Income Rent Assisted 44,874 45,772 46,687 47,621 48,573 Market Rate 88,516 90,287 92,092 93,934 95,813 Gross Potential Income 682,030 695,671 709,584 723,776 738,252 Less vacancy 47,742 48,697 49,671 50,664 51,678 Effective Gross Residential Income 634,288 646,974 659,914 673,112 686,574 Commercial Income 00000 Less vacancy 00000 Net Commercial Income 00000 Effective Rental Income 634,288 646,974 659,914 673,112 686,574 Laundry Income 5,520 5,631 5,743 5,858 5,975 Other Income:- 00000 Other Income:- 00000 Other Income:- 00000 Other Income:- 00000 Other Income:- 00000 Other Income:- 00000 Total Gross Income 639,809 652,605 665,657 678,970 692,550 Operating Subsidies 00000 Draw on Operating Reserves 00000 Total Effective Income $639,809 $652,605 $665,657 $678,970 $692,550 EXPENSES: Management Fee 31,990 32,630 33,283 33,949 34,627 Administrative 123,463 127,167 130,982 134,911 138,958 Maintenance 174,239 179,466 184,850 190,396 196,107 Resident Services 00000 Security 00000 Electrical 37,676 38,807 39,971 41,170 42,405 Natural Gas 14,491 14,926 15,373 15,835 16,310 Oil (heat)00000 Water & Sewer 27,823 28,657 29,517 30,402 31,315 Replacement Reserve 18,838 19,403 19,985 20,585 21,203 Operating Reserve 00000 Real Estate Taxes 17,389 17,911 18,448 19,002 19,572 Other Taxes 00000 Insurance 52,167 53,732 55,344 57,005 58,715 MIP 00000 Other:00000 Total Operating Expenses $498,077 $512,699 $527,754 $543,253 $559,212 NET OPERATING INCOME $141,732 $139,906 $137,903 $135,717 $133,338 Debt Service $118,957 $118,957 $118,957 $118,957 $118,957 Debt Service Coverage 1.19 1.18 1.16 1.14 1.12 Project Cash Flow $22,776 $20,949 $18,947 $16,760 $14,381 Required Debt Coverage $0 $0 $0 $0 $0 (Gap)/Surplus for Cov.$141,732 $139,906 $137,903 $135,717 $133,338 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-5 21-Year Operating Proforma (Years 11-15) NOTE: Do not fill out this section. It is automatically filled in by program. Year 11 Year 12 Year 13 Year 14 Year 15 Calendar Year: 2029 2030 2031 2032 2033 INCOME: Low-Income, Rental Assisted $83,467 $85,136 $86,839 $88,576 $90,347 Low-Income, Below 50%00000 Low-Income, Below 60%522,276 532,721 543,376 554,243 565,328 Other Income Rent Assisted 49,545 50,536 51,546 52,577 53,629 Market Rate 97,729 99,684 101,677 103,711 105,785 Gross Potential Income 753,017 768,077 783,439 799,107 815,090 Less vacancy 52,711 53,765 54,841 55,938 57,056 Effective Gross Residential Income 700,306 714,312 728,598 743,170 758,033 Commercial (includes parking)00000 Less vacancy 00000 Net Commercial Income 00000 Effective Rental Income 700,306 714,312 728,598 743,170 758,033 Other Income: Laundry 6,095 6,217 6,341 6,468 6,597 Other Income:000000 Other Income:000000 Other Income:000000 Other Income:000000 Other Income:000000 Other Income:000000 Total Gross Income 706,401 720,529 734,939 749,638 764,631 Operating Subsidies 00000 Draw on Operating Reserves 00000 Total Effective Income $706,401 $720,529 $734,939 $749,638 $764,631 EXPENSES: Management Fee 35,320 36,026 36,747 37,482 38,232 Administrative 143,127 147,421 151,844 156,399 161,091 Maintenance 201,991 208,050 214,292 220,721 227,342 Resident Services 00000 Security 00000 Electrical 43,677 44,988 46,337 47,727 49,159 Natural Gas 16,799 17,303 17,822 18,357 18,907 Oil (heat)00000 Water & Sewer 32,254 33,222 34,218 35,245 36,302 Replacement Reserve 21,839 22,494 23,169 23,864 24,580 Operating Reserve 00000 Real Estate Taxes 20,159 20,764 21,386 22,028 22,689 Other Taxes 00000 Insurance 60,476 62,291 64,159 66,084 68,067 MIP 00000 Other:00000 Total Operating Expenses $575,642 $592,558 $609,974 $627,906 $646,368 NET OPERATING INCOME $130,759 $127,971 $124,965 $121,732 $118,262 Debt Service $118,957 $118,957 $118,957 $118,957 $118,957 Debt Service Coverage 1.10 1.08 1.05 1.02 0.99 Project Cash Flow $11,802 $9,014 $6,008 $2,775 ($694) Required Debt Coverage $0 $0 $0 $0 $0 (Gap)/Surplus for Cov.$130,759 $127,971 $124,965 $121,732 $118,262 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-6 21-Year Operating Proforma (Years 16-21) NOTE: Do not fill out this section. It is automatically filled in by program. Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Calendar Year: 2034 2035 2036 2037 2038 2039 INCOME: Low-Income, Rent. Astd. $92,154 $93,997 $95,877 $97,795 $99,751 $101,746 Low-Income, Below 50%000000 Low-Income, Below 60%576,635 588,167 599,931 611,929 624,168 636,651 Other Income Rent Assiste 54,701 55,796 56,911 58,050 59,211 60,395 Market Rate 107,901 110,059 112,260 114,505 116,795 119,131 Gross Potential Income 831,391 848,019 864,980 882,279 899,925 917,923 Less vacancy 58,197 59,361 60,549 61,760 62,995 64,255 Eff. Gross Res. Income 773,194 788,658 804,431 820,520 836,930 853,669 Commercial Income 000000 Less vacancy 000000 Net Commercial Income 000000 Effective Rental Income 773,194 788,658 804,431 820,520 836,930 853,669 Other Income: Laundry 6,729 6,864 7,001 7,141 7,284 7,430 Other 0 000000 Other 0 000000 Other 0 000000 Other 0 000000 Other 0 000000 Other 0 000000 Total Gross Income 779,923 795,522 811,432 827,661 844,214 861,098 Operating Subsidies 000000 Draw on Operating Res.000000 Total Effective Income $779,923 $795,522 $811,432 $827,661 $844,214 $861,098 EXPENSES: Management Fee 38,996 39,776 40,572 41,383 42,211 43,055 Administrative 165,924 170,901 176,028 181,309 186,748 192,351 Maintenance 234,163 241,187 248,423 255,876 263,552 271,459 Resident Services 000000 Security 000000 Electrical 50,634 52,153 53,718 55,329 56,989 58,699 Natural Gas 19,475 20,059 20,661 21,280 21,919 22,576 Oil (heat)000000 Water & Sewer 37,391 38,513 39,668 40,858 42,084 43,347 Replacement Reserve 25,317 26,076 26,859 27,665 28,494 29,349 Operating Reserve 000000 Real Estate Taxes 23,370 24,071 24,793 25,536 26,303 27,092 Other Taxes 000000 Insurance 70,109 72,212 74,378 76,609 78,908 81,275 MIP 000000 Other:000000 Total Operating Expenses $665,377 $684,948 $705,099 $725,846 $747,208 $769,202 NET OPER. INC.$114,546 $110,573 $106,333 $101,815 $97,006 $91,896 Debt Service N/A N/A N/A N/A N/A N/A Debt Service Coverage N/A N/A N/A N/A N/A N/A Project Cash Flow N/A N/A N/A N/A N/A N/A Required Debt Coverage N/A N/A N/A N/A N/A N/A (Gap)/Surplus for Cov.N/A N/A N/A N/A N/A N/A Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-7 Operating Expense Analysis NOTE: Do not fill out this section. It is automatically filled in by program. Residential Residential Residential Commercial Commercial Total Per Unit Per S. F. Total Per S. F. Management Fee $28,975 $579.49 $0.57 $0 N/A Payroll, Administrative $50,000 $1,000.00 $0.99 $0 N/A Payroll Taxes & Benefits, Admin.$14,000 $280.00 $0.28 $0 N/A Legal $2,500 $50.00 $0.05 $0 N/A Audit $13,600 $272.00 $0.27 $0 N/A Marketing $5,000 $100.00 $0.10 $0 N/A Telephone $4,400 $88.00 $0.09 $0 N/A Office Supplies $6,600 $132.00 $0.13 $0 N/A Accounting & Data Processing $3,500 $70.00 $0.07 $0 N/A Investor Servicing $0 $0.00 $0.00 $0 N/A DHCD Monitoring Fee $2,000 $40.00 $0.04 $0 N/A Other: $1,500 $30.00 $0.03 $0 N/A Other: $3,400 $68.00 $0.07 $0 N/A Subtotal: Administrative $106,500 $2,130.00 $2.11 $0 N/A Payroll, Maintenance $30,000 $600.00 $0.59 $0 N/A Payroll Taxes & Benefits, Admin.$8,400 $168.00 $0.17 $0 N/A Janitorial Materials $6,300 $126.00 $0.12 $0 N/A Landscaping $12,000 $240.00 $0.24 $0 N/A Decorating (inter. only)$12,500 $250.00 $0.25 $0 N/A Repairs (inter. & ext.)$18,700 $374.00 $0.37 $0 N/A Elevator Maintenance $17,400 $348.00 $0.34 $0 N/A Trash Removal $9,000 $180.00 $0.18 $0 N/A Snow Removal $10,000 $200.00 $0.20 $0 N/A Extermination $2,000 $40.00 $0.04 $0 N/A Recreation $0 $0.00 $0.00 $0 N/A Other: $24,000 $480.00 $0.48 $0 N/A Subtotal: Maintenance $150,300 $3,006.00 $2.98 $0 N/A Resident Services $0 $0.00 $0.00 $0 N/A Security $0 $0.00 $0.00 $0 N/A Electricity $32,500 $650.00 $0.64 $0 N/A Natural Gas $12,500 $250.00 $0.25 $0 N/A Oil $0 $0.00 $0.00 $0 N/A Water & Sewer $24,000 $480.00 $0.48 $0 N/A Subtotal: Utilities $69,000 $1,380.00 $1.37 $0 N/A Replacement Reserve $16,250 $325.00 $0.32 $0 N/A Operating Reserve $0 $0.00 $0.00 $0 N/A Real Estate Taxes $15,000 $300.00 $0.30 $0 N/A Other Taxes $0 $0.00 $0.00 $0 N/A Insurance $45,000 $900.00 $0.89 $0 N/A MIP $0 $0.00 $0.00 $0 N/A Other: $0 $0.00 $0.00 $0 N/A Subtotal:Taxes, Insurance $60,000 $1,200.00 $1.19 $0 N/A TOTAL EXPENSES $431,025 $8,620.49 $8.54 $0 N/A Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-8 Development Cost Analysis NOTE: Do not fill out this section. It is automatically filled in by program. Residential Residential Residential Commercial Commercial Total Per Unit Per S. F. Total Per S. F. Acquisition: Land $1,400,000 $28,000 $27.74 $0 N/A Acquisition: Building $0 $0 $0.00 $0 N/A Acquisition Subtotal $1,400,000 $28,000 $27.74 $0 N/A Direct Construction Budget $10,601,596 $212,032 $210.07 $0 N/A Construction Contingency $530,080 $10,602 $10.50 $0 N/A Subtotal: Construction $11,131,676 $222,634 $220.58 $0 N/A General Development Costs: Architecture & Engineering $873,752 $17,475 $17.31 $0 N/A Survey and Permits $25,000 $500 $0.50 $0 N/A Clerk of the Works $144,440 $2,889 $2.86 $0 N/A Environmental Engineer $50,000 $1,000 $0.99 $0 N/A Bond Premium $0 $0 $0.00 $0 N/A Legal $250,000 $5,000 $4.95 $0 N/A Title and Recording $50,000 $1,000 $0.99 $0 N/A Accounting & Cost Certificat.$37,000 $740 $0.73 $0 N/A Marketing and Rent Up $75,000 $1,500 $1.49 $0 N/A Real Estate Taxes $50,000 $1,000 $0.99 $0 N/A Insurance $152,500 $3,050 $3.02 $0 N/A Relocation $0 $0 $0.00 $0 N/A Appraisal $40,000 $800 $0.79 $0 N/A Security $0 $0 $0.00 $0 N/A Construction Loan Interest $577,386 $11,548 $11.44 $0 N/A Inspecting Engineer $17,400 $348 $0.34 $0 N/A Fees to: Financing Fees $149,100 $2,982 $2.95 $0 N/A Fees to: Tax Credit Fees $90,250 $1,805 $1.79 $0 N/A MIP $0 $0 $0.00 $0 N/A Credit Enhancement Fees $0 $0 $0.00 $0 N/A Letter of Credit Fees $0 $0 $0.00 $0 N/A Other Financing Fees $0 $0 $0.00 $0 N/A Development Consultant $0 $0 $0.00 $0 N/A Other: $200,000 $4,000 $3.96 $0 N/A Other: $0 $0 $0.00 $0 N/A Soft Cost Contingency $75,000 $1,500 $1.49 $0 N/A Subtotal: Gen. Dev.$2,856,828 $57,137 $56.61 $0 N/A Subtotal: Acquis., Const.,$15,388,504 $307,770 $304.93 $0 N/A and Gen. Dev. Capitalized Reserves $430,000 $8,600 $8.52 $0 N/A Developer Overhead $834,425 $16,689 $16.53 $0 N/A Developer Fee $834,425 $16,689 $16.53 $0 N/A Total Development Cost $17,487,354 $349,747 $346.52 $0 N/A Total Net* Development Cost $16,380,000 $327,600 $324.57 $0 N/A (*Does not include any capitalized reserves nor any developer's fees or overhead which are contributed or loaned to the project.) One Stop2000 Affordable Housing Finance Application [Version 1.21] © Exhibit 11 Construction Period Sources and Uses Please fill out the following table with information on each month for which the project will be under construction. "Sources" and "Uses" should equal each other every month. Indicate loan repayment during the construction period. Sources of Cash:Total Closing Month 1 Month 2 Month 3 Month 4 Construction Loan $10,000,000 $1,158,999 $988,235 $992,352 $196,487 $997,306 Proceeds from Sale (Net)* $0 $ $ $ $ $ Equity: Cash $0 $0 $ $ $ $ Equity: Tax Credit (Net)$10,000,000 $2,000,000 $ $ $ $ Subordinate Debt $5,200,000 $0 $ $ $800,000 $ Permanent Debt $1,610,000 $ $ $ $ $ Syndication Bridge Loan $0 $ $ $ $ $ Other Interim Loan $0 $ $ $ $ $ SUBTOTAL $26,810,000 $3,158,999 $988,235 $992,352 $996,487 $997,306 Repayment: Construction Loan $10,000,000 $ $ $ $ $ Repayment: Syndication Loan $ $ $ $ $ $ Repayment: Interim Loan $ $ $ $ $ $ TOTAL SOURCES, NET $16,810,000 $3,158,999 $988,235 $992,352 $996,487 $997,306 Cumulative Sources $3,158,999 $4,147,234 $5,139,586 $6,136,074 $7,133,379 * Only relevant in the case of for-sale projects. Uses of Cash (Expenses):Total Closing Month 1 Month 2 Month 3 Month 4 Acquisition $1,400,000 $1,400,000 $ $ $ $ Hard Costs: Direct Construction $10,601,596 $ $883,466 $883,466 $883,466 $883,466 Contingency $530,080 $ $44,173 $44,173 $44,173 $44,173 Total Hard Costs $11,131,676 $0 $927,640 $927,640 $927,640 $927,640 Soft Costs: Construction Loan Interest $577,386 $ $4,829 $8,947 $13,082 $13,900 Architecture & Engineering $873,752 $678,506 $16,271 $16,271 $16,271 $16,271 Survey and Permits $25,000 $25,000 $ $ $ $ Clerk of the Works $144,440 $2,000 $11,870 $11,870 $11,870 $11,870 Environmental Engineer $50,000 $50,000 $ $ $ $ Bond Premium $0 $ $ $ $ $ Legal $250,000 $250,000 $ $ $ $ Title and Recording $50,000 $50,000 $ $ $ $ Accounting & Cost Certificat.$37,000 $15,000 $ $ $ $ Marketing and Rent Up $75,000 $ $ $ $ $ Real Estate Taxes $50,000 $0 $ $ $ $ Insurance $152,500 $152,500 $ $ $ $ Relocation $0 $ $ $ $ $ Appraisal $40,000 $40,000 $ $ $ $ Security $0 $ $ $ $ $ Inspecting Engineer $17,400 $3,000 $1,200 $1,200 $1,200 $1,200 Financing Fees $239,350 $239,350 $ $ $ $ Development Consultant $0 $0 $ $ $ $ Furnishings $200,000 $ $ $ $ $ Other $0 $ $ $ $ $ Developer's Overhead $834,425 $247,874 $20,656.17 $20,656 $20,656 $20,656 Developer's Fee (Net)$157,071 $ $ $ $ $ Soft Cost Contingency $75,000 $5,769.23 $5,769 $5,769 $5,769 $5,769 Contribution to Reserves $430,000 $ $ $ $ $ Subtotal Soft Costs, Fees $4,278,324 $1,758,999 $60,595 $64,713 $68,848 $69,666 TOTAL USES $16,810,000 $3,158,999 $988,235 $992,352 $996,487 $997,306 Cumulative Uses $3,158,999 $4,147,234 $5,139,586 $6,136,074 $7,133,379 Budget: Percentage of Funds Expended 18.8% 5.9% 5.9% 5.9% 5.9% Construction Loan Balance $0 $1,158,999 $2,147,234 $3,139,586 $3,336,074 $4,333,379 Syndication Loan Balance $0 $0 $0 $0 $0 $0 Interim Loan Balance $0 $0 $0 $0 $0 $0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] © Exhibit 11 Construction Period Sources and Uses Page 2 Please fill out the following table with information on each month for which the project will be under construction. "Sources" and "Uses" should equal each other every month. Indicate loan repayment during the construction period. Sources of Cash:Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Construction Loan $1,001,461 ($1,019,366)$1,001,387 $1,005,559 $814,749 $1,013,144 Proceeds from Sale (Net)* $ $ $ $ $ $ Equity: Cash $ $ $ $ $ $ Equity: Tax Credit $ $2,000,000 $ $ $ $ Subordinate Debt $ $500,000 $ $ $195,000 $ Permanent Debt $ $ $ $ $ $ Syndication Bridge Loan $ $ $ $ $ $ Other Interim Loan $ $ $ $ $ $ SUBTOTAL $1,001,461 $1,480,634 $1,001,387 $1,005,559 $1,009,749 $1,013,144 Repayment: Construction Loan $ $ $ $ $ $ Repayment: Syndication Loan $ $ $ $ $ $ Repayment: Interim Loan $ $ $ $ $ $ TOTAL SOURCES, NET $1,001,461 $1,480,634 $1,001,387 $1,005,559 $1,009,749 $1,013,144 Cumulative Sources $8,134,841 $9,615,475 $10,616,861 $11,622,421 $12,632,170 $13,645,313 * Only relevant in the case of for-sale projects. Uses of Cash (Expenses):Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Acquisition $ $ $ $ $ $ Hard Costs: Direct Construction $883,466 $883,466 $883,466 $883,466 $883,466 $883,466 Contingency $44,173 $44,173 $44,173 $44,173 $44,173 $44,173 Total Hard Costs $927,640 $927,640 $927,640 $927,640 $927,640 $927,640 Soft Costs: Construction Loan Interest $18,056 $22,229 $17,981 $22,154 $26,343 $29,738 Architecture & Engineering $16,271 $16,271 $16,271 $16,271 $16,271 $16,271 Survey and Permits $ $ $ $ $ $ Clerk of the Works $11,870 $11,870 $11,870 $11,870 $11,870 $11,870 Environmental Engineer $ $ $ $ $ $ Bond Premium $ $ $ $ $ $ Legal $ $ $ $ $ $ Title and Recording $ $ $ $ $ $ Accounting & Cost Certificat. $ $ $ $ $ $ Marketing and Rent Up $ $75,000 $ $ $ $ Real Estate Taxes $ $50,000 $ $ $ $ Insurance $ $ $ $ $ $ Relocation $ $ $ $ $ $ Appraisal $ $ $ $ $ $ Security $ $ $ $ $ $ Inspecting Engineer $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 Financing Fees $ $ $ $ $ $ Development Consultant $ $ $ $ $ $ Furnishings $ $200,000 $ $ $ $ Other $ $ $ $ $ $ Developer's Overhead $20,656 $20,656 $20,656 $20,656 $20,656 $20,656 Developer's Fee (Net) $ $ $ $ $ $ Soft Cost Contingency $5,769 $5,769 $5,769 $5,769 $5,769 $5,769 Contribution to Reserves $ $150,000 $ $ $ $ Sub-Total Soft Costs $73,822 $552,994 $73,747 $77,919 $82,109 $85,504 TOTAL $1,001,461 $1,480,634 $1,001,387 $1,005,559 $1,009,749 $1,013,144 Cumulative Uses $8,134,841 $9,615,475 $10,616,861 $11,622,421 $12,632,170 $13,645,313 Percentage of Funds Expended 6.0% 8.8% 6.0% 6.0% 6.0% 6.0% Construction Loan Balance $5,334,841 $4,315,475 $5,316,861 $6,322,421 $7,137,170 $8,150,313 Syndication Loan Balance $0 $0 $0 $0 $0 $0 Interim Loan Balance $0 $0 $0 $0 $0 $0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] © Exhibit 11 Construction Period Sources and Uses Page 3 Please fill out the following table with information on each month for which the project will be under construction. "Sources" and "Uses" should equal each other every month. Indicate loan repayment during the construction period. Sources of Cash:Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 Construction Loan $1,017,365 ($1,778,396)$30,789 $30,917 $31,046 $31,175 Proceeds from Sale (Net)* $ $ $ $ $ $ Equity: Cash $ $ $ $ $ $ Equity: Tax Credit $ $2,000,000 $ $ $ $ Subordinate Debt $ $800,000 $ $ $ $ Permanent Debt $ $ $ $ $ $ Syndication Bridge Loan $ $ $ $ $ $ Other Interim Loan $ $ $ $ $ $ SUBTOTAL $1,017,365 $1,021,604 $30,789 $30,917 $31,046 $31,175 Repayment: Construction Loan $ $ $ $ $ $ Repayment: Syndication Loan $ $ $ $ $ $ Repayment: Interim Loan $ $ $ $ $ $ TOTAL SOURCES, NET $1,017,365 $1,021,604 $30,789 $30,917 $31,046 $31,175 Cumulative Sources $14,662,678 $15,684,283 $15,715,071 $15,745,988 $15,777,034 $15,808,209 * Only relevant in the case of for-sale projects. Uses of Cash (Expenses):Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 Acquisition $ $ $ $ $ $ Hard Costs: Direct Construction $883,466 $883,466 $ $ $ $ Contingency $44,173 $44,173 $ $ $ $ Total Hard Costs $927,640 $927,640 $0 $0 $0 $0 Soft Costs: Construction Loan Interest $33,960 $38,199 $30,789 $30,917 $31,046 $31,175 Architecture & Engineering $16,271 $16,271 $ $ $ $ Survey and Permits $ $ $ $ $ $ Clerk of the Works $11,870 $11,870 $ $ $ $ Environmental Engineer $ $ $ $ $ $ Bond Premium $ $ $ $ $ $ Legal $ $ $ $ $ $ Title and Recording $ $ $ $ $ $ Accounting & Cost Certificat. $ $ $ $ $ $ Marketing and Rent Up $ $ $ $ $ $ Real Estate Taxes $ $ $ $ $ $ Insurance $ $ $ $ $ $ Relocation $ $ $ $ $ $ Appraisal $ $ $ $ $ $ Security $ $ $ $ $ $ Inspecting Engineer $1,200 $1,200 $ $ $ $ Financing Fees $ $ $ $ $ $ Development Consultant $ $ $ $ $ $ Furnishings $ $ $ $ $ $ Other $ $ $ $ $ $ Developer's Overhead $20,656 $20,656 $ $ $ $ Developer's Fee (Net) $ $ $ $ $ $ Soft Cost Contingency $5,769 $5,769 $ $ $ $ Contribution to Reserves $ $ $ $ $ $ Sub-Total Soft Costs $89,726 $93,965 $30,789 $30,917 $31,046 $31,175 TOTAL $1,017,365 $1,021,604 $30,789 $30,917 $31,046 $31,175 Cumulative Uses $14,662,678 $15,684,283 $15,715,071 $15,745,988 $15,777,034 $15,808,209 Percentage of Funds Expended 6.1% 6.1% 0.2% 0.2% 0.2% 0.2% Construction Loan Balance $9,167,678 $7,389,283 $7,420,071 $7,450,988 $7,482,034 $7,513,209 Syndication Loan Balance $0 $0 $0 $0 $0 $0 Interim Loan Balance $0 $0 $0 $0 $0 $0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] © Exhibit 11 Construction Period Sources and Uses Page 4 Please fill out the following table with information on each month for which the project will be under construction. "Sources" and "Uses" should equal each other every month. Indicate loan repayment during the construction period. Sources of Cash:Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Construction Loan $46,305 ($1,968,502)$23,296 $23,393 $23,490 $23,588 Proceeds from Sale (Net)* $ $ $ $ $ $ Equity: Cash $ $ $ $ $ $ Equity: Tax Credit $ $2,000,000 $ $ $0 $ Subordinate Debt $ $ $ $ $0 $ Permanent Debt $ $ $ $ $0 $ Syndication Bridge Loan $ $ $ $ $ $ Other Interim Loan $ $ $ $ $ $ SUBTOTAL $46,305 $31,498 $23,296 $23,393 $23,490 $23,588 Repayment: Construction Loan $ $ $ $ $ $ Repayment: Syndication Loan $ $ $ $ $ $ Repayment: Interim Loan $ $ $ $ $ $ TOTAL SOURCES, NET $46,305 $31,498 $23,296 $23,393 $23,490 $23,588 Cumulative Sources $15,854,514 $15,886,012 $15,909,308 $15,932,701 $15,956,192 $15,979,780 * Only relevant in the case of for-sale projects. Uses of Cash (Expenses)Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Acquisition $ $ $ $ $$ Hard Costs: Direct Construction $ $ $ $ $0$ Contingency $ $ $ $ $0$ Total Hard Costs $0 $0 $0 $0 $0 $0 Soft Costs: Construction Loan Interest $31,305 $31,498 $23,296 $23,393 $23,490 $23,588 Architecture & Engineering $ $ $ $ $0 $ Survey and Permits $ $ $ $ $0 $ Clerk of the Works $ $ $ $ $0 $ Environmental Engineer $ $ $ $ $0 $ Bond Premium $ $ $ $ $0 $ Legal $ $ $ $ $0 $ Title and Recording $ $ $ $ $0 $ Accounting & Cost Certificat.$15,000 $ $ $ $0 $ Marketing and Rent Up $ $ $ $ $0 $ Real Estate Taxes $ $ $ $ $0 $ Insurance $ $ $ $ $0 $ Relocation $ $ $ $ $0 $ Appraisal $ $ $ $ $0 $ Security $ $ $ $ $0 $ Inspecting Engineer $ $ $ $ $0 $ Financing Fees $ $ $ $ $0 $ Development Consultant $ $ $ $ $0 $ Furnishings $ $ $ $ $0 $ Other $ $ $ $ $0 $ Developer's Overhead $ $ $ $ $0 $ Developer's Fee (Net) $ $ $ $ $0 $ Soft Cost Contingency $ $ $ $ $0 $ Contribution to Reserves $ $ $ $ $0 $ Sub-Total Soft Costs $46,305 $31,498 $23,296 $23,393 $23,490 $23,588 TOTAL $46,305 $31,498 $23,296 $23,393 $23,490 $23,588 Cumulative Uses $15,854,514 $15,886,012 $15,909,308 $15,932,701 $15,956,192 $15,979,780 Percentage of Funds Expended 0.3% 0.2% 0.1% 0.1% 0.1% 0.1% Construction Loan Balance $7,559,514 $5,591,012 $5,614,308 $5,637,701 $5,661,192 $5,684,780 Syndication Loan Balance $0 $0 $0 $0 $0 $0 Interim Loan Balance $0 $0 $0 $0 $0 $0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] © Exhibit 11 Construction Period Sources and Uses Page 5 Please fill out the following table with information on each month for which the project will be under construction. "Sources" and "Uses" should equal each other every month. Indicate loan repayment during the construction period. Sources of Cash:Month 23 Month 24 Month 25 Month 26 Month 27 Month 28 Construction Loan $23,687 ($5,954,215)$0 $0 $245,748 $0 Proceeds from Sale (Net)* Equity: Cash Equity: Tax Credit $1,750,000 $250,000 Subordinate Debt $2,905,000 Permanent Debt $1,610,000 Syndication Bridge Loan $0 Other Interim Loan $0 SUBTOTAL $23,687 $310,785 $0 $0 $495,748 $0 Repayment: Construction Loan Repayment: Syndication Loan Repayment: Interim Loan TOTAL SOURCES, NET $23,687 $310,785 $0 $0 $495,748 $0 Cumulative Sources $16,003,466 $16,314,252 $16,314,252 $16,314,252 $16,810,000 $16,810,000 * Only relevant in the case of for-sale projects. Uses of Cash (Expenses):Month 23 Month 24 Month 25 Month 26 Month 27 Month 28 Acquisition Hard Costs: Direct Construction $0 Contingency $0 Total Hard Costs $0 $0 $0 $0 $0 $0 Soft Costs: Construction Loan Interest $23,687 $23,785 $0 $0 $0 $0 Architecture & Engineering $0 Survey and Permits $0 Clerk of the Works $0 Environmental Engineer $0 Bond Premium $0 Legal $0 Title and Recording $0 Accounting & Cost Certificat.$7,000 Marketing and Rent Up $0 Real Estate Taxes $0 Insurance $0 Relocation $0 Appraisal $0 Security $0 Inspecting Engineer $0 Financing Fees $0 Development Consultant $0 Furnishings $0 Other $0 Developer's Overhead $0 $338,677 Developer's Fee (Net)$0 $157,071 Soft Cost Contingency $0 Contribution to Reserves $280,000 Sub-Total Soft Costs $23,687 $310,785 $0 $0 $495,748 $0 TOTAL $23,687 $310,785 $0 $0 $495,748 $0 Cumulative Uses $16,003,466 $16,314,252 $16,314,252 $16,314,252 $16,810,000 $16,810,000 Percentage of Funds Expended 0.1% 1.8% 0.0% 0.0% 2.9% 0.0% Construction Loan Balance $5,708,466 ($245,748)($245,748)($245,748)($0)$0 Syndication Loan Balance $0 $0 $0 $0 $0 $0 Interim Loan Balance $0 $0 $0 $0 $0 $0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] © Exhibit 11 Construction Period Sources and Uses Page 6 Please fill out the following table with information on each month for which the project will be under construction. "Sources" and "Uses" should equal each other every month. Indicate loan repayment during the construction period. Net Sources of Cash:Month 29 Month 30 Month 31 Month 32 Month 33 Balance Construction Loan $10,000,000 Proceeds from Sale (Net)*$0 Equity: Cash $0 Equity: Tax Credit $0 Subordinate Debt $0 Permanent Debt $0 Syndication Bridge Loan $0 Other Interim Loan $0 SUBTOTAL $0 $0 $0 $0 $0 $10,000,000 Repayment: Construction Loan $0 Repayment: Syndication Loan $0 Repayment: Interim Loan $0 TOTAL SOURCES, NET $0 $0 $0 $0 $0 $10,000,000 Cumulative Sources $16,810,000 $16,810,000 $16,810,000 $16,810,000 $16,810,000 * Only relevant in the case of for-sale projects. Net Uses of Cash (Expenses)Month 29 Month 30 Month 31 Month 32 Month 33 Balance Acquisition $0 Hard Costs: Direct Construction $0 Contingency $0 Total Hard Costs $0 $0 $0 $0 $0 $0 Soft Costs: Construction Loan Interest $0 $0 $0 $0 $0 $0 Architecture & Engineering $0 Survey and Permits $0 Clerk of the Works $0 Environmental Engineer $0 Bond Premium $0 Legal $0 Title and Recording $0 Accounting & Cost Certificat.$0 Marketing and Rent Up $0 Real Estate Taxes $0 Insurance $0 Relocation $0 Appraisal $0 Security $0 Inspecting Engineer $0 Financing Fees $0 Development Consultant $0 Furnishings $0 Other $0 Developer's Overhead $0 Developer's Fee (Net)$0 Soft Cost Contingency $0 Contribution to Reserves $0 Sub-Total Soft Costs $0 $0 $0 $0 $0 $0 TOTAL $0 $0 $0 $0 $0 $0 Cumulative Uses $16,810,000 $16,810,000 $16,810,000 $16,810,000 $16,810,000 Percentage of Funds Expended 0.0% 0.0% 0.0% 0.0% 0.0% Construction Loan Balance $0 $0 $0 $0 $0 Syndication Loan Balance $0 $0 $0 $0 $0 Interim Loan Balance $0 $0 $0 $0 $0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! Governor Prence Residences Community Preservation Committee Application VII. LETTERS OF SUPPORT Empowering Women to Achieve Lasting Positive Change Board of Directors Sharon K. Hawkins President Pam Kukla Vice President Jane Teixeira-Henry Clerk Daniel A.P. Schwenk Treasurer Cate Casey-Lane Teri Cavanagh Margie Huggard Linda Markham Mary Morgan Russell P. Morris David Oppenheim Lori J. Pinard Janet Taylor Debbie Todd David Willard Executive Director Andrea Genser Special Advisors Carroll Beegan Follas Judith Cornwell Suz Karchmer Anne D. LeClaire Ro Morrissey WE CAN Corporation 783 Route 28 Harwich Port MA 02646 Phone: 508-430-8111 Fax: 888-694-6199 info@wecancenter.org www.wecancenter.org 9 August, 2016 Robert Sheldon Chair Zoning Board of Appeals Town of Eastham 2500 State Highway Eastham, MA 02642 Dear Mr. Sheldon: On behalf of WE CAN I am writing to express our strong support for the proposed Governor Prence Residences, a fifty unit affordable housing neighborhood proposed for 4790 State Highway in Eastham. The need for affordable housing in Eastham and throughout the Lower Cape is well documented. As a non-profit agency serving women and families cape-wide, we hear about the challenges our clients face in securing a year-round, safe and affordable place to live on a daily basis. And, we are hard pressed to offer many alternatives to our participants—many who are at risk of homelessness or experiencing a housing crisis. This proposed project will help our community make a significant step forward in meeting the needs of working families who can’t compete with second home owners and retirees in finding an affordable home. The Governor Prence Residences will accommodate fifty families in one, two and three bedroom apartments. Forty-six of the units will be for families earning 60% or below of Area Median Income (AMI). A family with a single parent and child working full time for $20 an hour will qualify to live at the Governor Prence Residences. Forty-five of the units are one or two bedrooms and all of the units are accessible via an elevator making them ideal for seniors living on a fixed income. Six of the apartments will be open to families earning more than 60% of AMI. The Community Development Partnership and Stratford Capital Partners have formed a partnership to develop this project ensuring that it will be locally managed and responsive to community needs. This is an exciting and much needed project. We urge the Town of Eastham’s Zoning Board of Appeals to approve the comprehensive permit application without delay. It will be an important step in helping to support and keep our working families on Cape Cod. If you wish further information, please don’t hesitate to contact me. Sincerely, Andrea Genser, Executive Director Governor Prence Residences Community Preservation Committee Application I. COVER LETTER Governor Prence Residences Community Preservation Committee Application II. PROJECT NARRATIVE (Purpose and Scope of the Project) Enclosed please find Community Development Partnership (“CDP”), an Eastham-based non-profit community development corporation, and SCG Development Partners, LLC’s (“Stratford”) (collectively CDP and Stratford are referred to as the “Applicant”) Community Preservation Committee Application (“Application”) for the proposed new affordable housing development of the Governor Prence Residences (the “Property”) in Eastham. A. Introduction The Applicant will form the Governor Prence Residences Limited Partnership (the “Partnership”), a Massachusetts Limited Partnership that is qualified to undertake the planning, design, development, construction, ownership and operation of the proposed residential project known as the Property. As part of the Applicant’s proposal, the proposed development will provide 50 new respectable housing units pursuant to the Massachusetts Comprehensive Permit (M.G.L. c.40B, Section 20-23, or “Chapter 40B”) and the Town of Eastham (the “Town”) Permit Rules and Regulations of the Zoning Board of Appeals (the “Local Rules”). Financing will be provided through the Massachusetts Department of Housing and Community Development (“DHCD”) Low Income Housing Tax Credit Program. The Property will serve seniors and families in Eastham and the Lower Cape. This unit mix is designed to serve families and seniors. Of the Property’s 50 apartment units, 44 apartments will be reserved for residents making 60% or less of the area median income (“AMI”). Current income limits as published by the U.S. Department of Housing & Urban Development (HUD) in April 2016 are: Size of Houshold Income 1 person 2 person 3 person 4 person 5 person 60% of AMI $35,700 $40.800 $45,900 $50,940 $55,020 30% of AMI $17,850 $20,200 $22,950 $25,450 $27,500 The balance of the units, a total of 6, will be rented to market rate residents at rents that are affordable for working families whose incomes are too high for them to qualify for traditional Affordable Housing. The 44 Affordable units proposed are well in excess of the affordability requirements of Chapter 40B, the regulations of the Housing Appeals Committee set forth at 760 CMR 31.00 et seq., the Federal Low Incoming Housing Credit Program, and program requirements of DHCD. Property Units Building 1 (with community room and offices) 27 Building 2 23 Total 50 B. Unit Mix The development of the Property is new construction that provides a total of 50 family housing units located at 4790 State Highway, Eastham, MA. The bedroom mix of the proposed apartments is responsive to the needs outlined in the Housing Needs Assessments and Housing Production Plans of the Outer Cape Towns that call for more one and two bedroom units. The Property will contain 17 one bedroom units, 28 two bedroom units, and 5 three bedroom units. Of the Property’s 50 apartment units, 44 apartments units will be set-aside for tenants making no more than 60% of the AMI, of which 5 apartment units will be set aside for tenants making no more than 30% of the AMI, and the remaining 6 apartment units will be market rate units. Governor Prence Residences Community Preservation Committee Application The Property’s unit mix will consist of the following: Unit Type Number Of Units Income/Rent Limit (% of AMI) 1 BD 1 30% AMI 1 BD 13 60% AMI 1 BD 3 Market Rate 2 BD 3 30% AMI 2 BD 23 60% AMI 2 BD 2 Market Rate 3 BD 1 30% AMI 3 BD 3 60% AMI 3 BD 1 Market Rate 50 C. Property Description The Property proposed for the northern portion of the now abandoned T-Time property is thoughtfully sited setback from its more public face along State Highway. A proposed bus stop is conveniently located at the front entry providing access to regional transit as well as school. Designed with a focus on community, different living environments are offered from the convenient smaller units for singles and smaller households in the larger building to the front that includes community and management functions to a smaller building to the rear of the site for families with 2&3 BR units. The bulk of the site’s existing vegetation and tree mass exists along the perimeter will remain untouched, particularly toward the rear of the site along the bike path. The introduction of community garden plots at the back of site encourages families and others via easy access from the bike path or convenient parking, to engage in opportunities for exercise, recreation and therapy; fresh and nutritious foods as well as occasions for social interaction. Relationship to adjacent properties: The initial presentation of the Property is setback behind the access road, thereby providing a separation of the residential multi-family apartment buildings from the busy highway with the presentation of a formal open green sheltered by the articulated façade of the community spaces of the main building. This amenity wing supports daily activities off the main lobby such as mail collection, laundry, communication with on-site Management; or more causal lounging in the warmth of the sun on from the trellised deck. This L–shaped building embraces the common green as the formal face of the community and opportunity for gathering on the sun-filled patio. The two buildings face each other across the central landscaped entry loop with convenient parking, play area, community garden, management and amenity wing all accessed off this drive. The on-site water treatment facility is also nearby with its leeching fields in the central green. Servicing all units, the water treatment system is designed to meet the Cape’s tight criteria for nitrogen removal. Internal to the site, walks along the central roadway provide a protected place for pedestrians to feel safe walking, young children to bike along and provide value to the street front. The walkways connect the apartment buildings and allow easy access to a central play area and; the bus stop toward the front of the site or the community garden plots toward the bike path, all with an emphasis on social interaction. Parking is offered throughout the site at a 2:1 ratio in clusters about both buildings and the planted central island. Visitor parking is provided throughout the development for access to a play area and the Property. Governor Prence Residences Community Preservation Committee Application The apartment buildings offer surface parking conveniently located along the green. A total of 108 spaces are provided for the 50 units for an overall parking ratio exceeding 2.0 per unit. Approach to building massing: The multi-family buildings are positioned advantageously along the north-south alignment of the site for integration of solar strategies, and setback from the highway and access road off the State Hwy. The 2-3-story L-shaped building includes community and amenity functions and is primarily one & two bedroom units, thereby oriented toward a senior population. The common area | community wing steps back from one story to the residential core. This elevator building provides visit- ability throughout and efficient independent mechanical systems for maximum climate control. The smaller building toward the rail trail contains larger family units with ground floor patios at all 3-BR units. The massing reflects a variety of roof forms and dormers, bracketed overhangs and bays giving interest and articulation of each facade. Proposed Exterior Materials: The buildings are all straightforward wood frame structures and include details that recall a traditional character with durable exterior cementitious siding, natural cedar shingles, composite pvc window and fascia trim boards, Energy Star Architectural roof shingles, and high performance envelope assembly. Emphasis on durable products with low-maintenance is preferred in order to withstand the strong coastal environment. Approach to Accessibility: The development is intended to provide affordable options for mixed ages and need. Of the fifty apartments, three units will be full accessible for a resident in a wheel chair and built out to meet MAAB 521 CMR Group 2 criteria for accessibility within the unit interiors. All remaining units will meet MAAB 521 CMR Group 1 criteria for accessibility with a number of extra features provided in select 1-bedroom units to accommodate the needs of an older demographic such as walk-in showers and convenience grab bars. The Property is located within the North Eastham Overlay District (“NEOD”), which encourages flexibility and variety in future developments while ensuring high quality materials and appearance of new buildings. Of note is a commentary of enhancing the vitality of this zone requiring strong residential neighborhoods, new higher density development and a pedestrian friendly and safe core. The Property meets these goals of the NEOD district including the targeted densities and goals for workforce housing. The Property will (i) be consistent with a municipally supported plan, (ii) have a measurable public benefit beyond the applicant community, (iii) involve a concerted public participation effort (beyond the minimally required public hearing), including the involvement of community members, residents of the development and/or key stakeholders in the planning and design of the project, (iv) create affordable housing in a town that meets a regional need, and (v) promote diversity and social equity and improve the neighborhood. The Applicant has a portfolio of successful 40B developments that are similar in size and scope as the Governor Prence Residences located in the Commonwealth as well as developments in many other states as further detailed in our proposal. We look forward to working with the State, the Town, the Community Preservation Committee and the commuity on this exciting project. D. Meeting Community Needs The Governor Prence Residences compliments and achieves many the goals and priorities described in multiple planning documents, including housing production plans, produced by the towns of Brewster, Eastham, Orleans, Truro and Wellfleet. The size and location of the proposed Governor Prence residences will fill a regional need and benefit neighboring towns. Governor Prence Residences Community Preservation Committee Application a. Creating Affordable Rental Housing Units – a regional approach The Governor Prence Residences will create affordable rental housing units that will serve the Town of Eastham as well as the neighboring towns of Brewster, Orleans, Truro and Wellfleet. According to the latest Massachusetts Department of Housing and Community Development (DHCD) Subsidized Housing Inventory (December 2014), none of the Lower and Outer Cape towns has achieved the goal of 10% of a Town’s year round housing stock being affordable to families earning less than eighty percent of AMI (Area Median Income). Town 2010 Census Year Round Housing Units Total Development Units SHI Units % Brewster 4803 293 246 5.1% Eastham 2632 59 50 1.9% Orleans 3290 337 307 9.3% Truro 1090 27 27 2.5% Wellfleet 1550 34 34 2.2% All units at the Property will count on the State’s Subsidized Housing Inventory (SHI) list. While DHCD policy requires that the units be credited to the SHI list in which they are built, the proposed Property creates a range of housing opportunities and choices, by providing housing for residents at or below 30%, 60% of AMI, as well as market rate units and helps to address a regional shortage of affordable rental housing. In a 2014 White Paper on Rural Housing Issues in Massachusetts, The Mass Housing Partnership has recommended that the State “Encourage, facilitate and support regional collaborations to increase housing affordability.” In October 2014, housing advocates from across the Lower and Outer Cape gathered at an Affordable Housing Summit, organized by Senator Dan Wolf and Representatives Sarah Peake and Cleon Turner. Housing Advocates supported the need to work across town borders to address the region’s affordable needs. The Island Housing Trust, based on Martha’s Vineyard, has used a regional Community Preservation funding approach on three affordable housing projects. Community Preservation Committees have joined together to provide funding for a single project in one of the participating towns. The first project involved two towns and the second project involved five towns. Island Housing Trust is currently working on an Island wide project for 20 units and is submitting requests to all six towns on Martha’s Vineyard. b. Local Preference The initial rent up for the 44 affordable units will be conducted by a lottery as required by the Massachusetts Department of Housing and Community Development. There will be a preference for both families and seniors who live or work in Eastham. This preference will also apply to residents of Outer & Lower Cape Towns that have contributed Community Preservation Funds to the project. The local preference will be defined/documented in the marketing plan/lottery system and approved by the Town and various lenders including the Department of Housing & Community Development (DHCD). Governor Prence Residences Community Preservation Committee Application c. Meeting Local Needs The need for affordable housing on the Lower and Outer Cape at multiple income levels has been well documented in multiple Affordable Housing Needs Assessments and Affordable Housing Productions Plans. The high cost of housing due to second home buyers and retirees, combined with the fact that most rental housing is rented seasonally to take advantage of the premium rents charged to weekly vacation renters, conspire to create a severe shortage of affordable housing. Home purchase and rental prices are driven by these off cape market forces and are not accessible to working families. Affordability: The proposed development will provide multiple rent options to households with incomes up to 80% AMI. The proposed Governor Prence Residences creates a range of housing opportunities and choices, by providing housing for residents at or below 30%, 60% of AMI, as well as market rate units with rents affordable for residents between 60% and 110% of AMI. Six of the units are reserved for residents making 30% of less of AMI and will help meet the needs of the community’s most citizens. Housing for Seniors: The Property has been designed to accommodate seniors. All of the units are designed for single floor living and all of the units are on the ground-floor level or accessible via elevators. The bedroom mix of the proposed apartments is senior friendly with the Property containing 17 one bedroom units, 28 two bedroom units, and 5 three bedroom units. Designed with a focus on community, different living environments are offered from the convenient smaller units for singles and smaller households in the larger building to the front that includes community and management functions to a smaller building to the rear of the site for families with 2&3 BR units. Housing that is consistent with community character: The Governor Prence Residences have been designed to create a residential neighbor that is integrated into the local community. The Property is on Route 6 with access to year-round public transportation and within walking distance of restaurants, convenience stores and other services. A number of features make this an attractive community for the residents: Bike Trail Extension. The Property will provide users access to the bike trail. Design/Road. Internal to the site, walks and trees along the roadway provide a protected place for pedestrians to feel safe walking, young children to bike along and provide value to the street front. Playground. The Property will have a playground designed for multiple age groups. Garden. The Property will offer a garden area. Community Room. The Property has a community room available for use by residents as well as for meetings and events for the Lower/Outer Cape community. E. Frequently Asked Questions about the Project 1. Is this project a component of a broader and/or phased plan? If so, describe the scope and sequencing of the full project plan and how this project contributes. Do you expect to request additional CPC funds in future years for this project? The proposed development is a significant undertaking and will need the support of the Towns of Brewster, Eastham, Orleans, Truro and Wellfleet as well as the state, and local authorities. If the funds are not fully available this fiscal year, we hope to either obtain a “forward commitment” of future year’s funds or request additional funds in future rounds to accumulate the full request Governor Prence Residences Community Preservation Committee Application 2. Provide a project schedule showing all major project milestones. Timeline Anticipated Date Comments CPC Application November 2016 **Tax Credit Application (1st Funding Application) March/April 2017 **Recorded Comprehensive Permit Final Decision May 2017 Recording Decision with Conditions; approx. 1 month after approval. 1st Tax Credit Decision July 2017 The assumptions is the Partnership will not be awarded an allocation * 2nd Tax Credit Application November 2017 2nd Tax Credit Decision March 2018 The assumption is the Partnership will be awarded an allocation of tax credits. Anticipated Construction Closing/Financing Closing July 2018 Construction Completion (ant. 12 month construction period) July 2019 100% Leased up July 2020 *Please note the tax credit application process is competitive. The Applicant envisions at least two tax credit application rounds. The tax credit application dates are tentative dates based on the Applicant’s past experience with similar submissions. The DHCD issues the deadline dates only month(s) in advance of each tax credit submission deadline. **The Property must be permitted/ zoned prior to a Tax Credit Decision. 3. How will this project leverage funds from other sources? Will there be any in-kind contributions, donations, or volunteer labor? Are there fundraising plans? If seeking grants/loans from other funding sources please include commitment letters from funders or letters of inquiry to funders. All the Applicant’s developments (completed, under construction, and or proposed) located in Massachusetts are very similar in size and scope utilizing/leveraging the same financing mechanisms compared to the Property. Governor Prence Residences Community Preservation Committee Application Financing will be provided through the Massachusetts DHCD’s Low Income Housing Tax Credit Program. A summary of the Property’s anticipated funding sources is as follows: Financing Sources Provider Amount Type Term Rate Investor Capital* Stratford $10,000,000 Equity N/A N/A First Mortgage Loan TD Bank $1,610,000 Conventional 18 Years 6.25% AHT Funds State Agency $1,000,000 Junior Loan 30 Years 0.00% HOME Funds State Agency $550,000 Junior Loan 30 Years 0.00% Barnstable HOME Funds Barnstable HOME Consortium $250,000 Junior Loan 30 Years 0.00% CPC Funds Eastham CPC $600,000 TBD TBD TBD HSF Loan MassHousing $1,000,000 Junior Loan 50 Years 0.00% State LIHTC Funds DHCD $1,800,000 Junior Loan 0.00% Deferred Dev. Fee Developer $677,354 Deferred Fee 13 Years 0.00% Total Sources $17,487,354 *The Partnership will request approximately $1,000,000 of Low IncomeTax Credits per year from the State Agency. A detailed sources & uses statement and a 15 year operating proforma are attached hereto in Tab V. 4. Provide a detailed budget. Identify all sources and uses of funds. Clearly distinguish among costs to be paid from CPA funds versus other sources of funding. Identify hard and soft costs, contingencies, and project management time (from contracted managers or existing staff). Please see Tab V for the detailed source and use of funds. 5. What are your project costs based on? The Applicant calculated its total development costs based on experience with similar affordable housing developments (under construction and completed) and received a bid for the hard construction costs from a respectable general contractor, Dellbrook Construction. Governor Prence Residences Community Preservation Committee Application 6. What maintenance responsibilities will be required to sufficiently maintain the resource? How much will annual and long-term maintenance cost? What entity will be responsible for these responsibilities and costs? How will this revenue be generated? The Property will be managed by the Community Development Partnership through an on-site management office. The CDP has extensive experience in managing affordable housing properties on the Lower Cape. The CDP currently manages 75 units in 21 different locations on the Lower and Outer Cape. The CDP’s staff includes an experienced Property Manager, who has over 20 years of experience managing affordable housing multi-family apartments and is respected/well known by the Department of Housing and Community Development/State Agency. The CDP also has highly skilled maintenance staff and will hire additional staff to manage the Property. Please see Tab V for the detail operating proforma (revenue and expenses). 7. Are there any legal ramifications/impediments to this project? What permits/variances will be needed? The Design meets or exceeds all building codes, accessibility requirements, and all other applicable laws and regulations. The Applicant recently filed a Comprehensive Permit Application Chapter 40B of the Massachusetts General Laws. The Applicant and the Town of Eastham (including the Zoning Board of Appeals and the Board of Selectmen) will work closely in refining the proposed development, ultimately hoping to reach a approval by the Eastham ZBA. Please see the Project Eligibility Letter (Tab VI) from DHCD indicating their support for the project. 8. If this project entails work done on property owned/controlled by another entity, demonstrate authorization from the property owner. The Applicant has site control through an option and will own the Property long term. Please see the executed option to purchase agreement in Tab IV. 9. What are the qualifications/experience of the project’s sponsoring organization? Provide mission statement, experience of the project manager, track record with summary of similar projects completed by the project manager and by the sponsoring organization. The Applicant has demonstrated a vast amount of experience in development, ownership, investment banking and asset management in multi-family housing. Please see Tab III for additional information on Developer Experience. Governor Prence Residences Community Preservation Committee Application III. PLANS, MAPS, DESIGN, & COSNTRUCTION a. Compliance. Demonstrate compliance with all relevant building codes, zoning, accessibility requirements, and all other applicable laws and regulations. The Design meets or exceeds all building codes, accessibility requirements, and all other applicable laws and regulations. The Applicant recently filed a Comprehensive Permit Application Chapter 40B of the Massachusetts General Laws. The Applicant and the Town (including the Board of Selectmen) will work closely in refining the proposed development, ultimately hoping to reach a positive decision from the ZBA. Enclosed please find the zoning exemption list that was recently submitted to the Town within the Comprehensive Permit Application. b. Sustainable Materials/Energy Reduction Measures. Describe any sustainable materials and/or techniques and/or energy reduction measures that will be used It is proposed the following sustainable details, principles and standards will be incorporated in the project: The US Green Building Council LEED for Homes Rating System will be used as a guide in design, system selections, and construction. The Owner does not intend to formally apply for LEED certification due to the increased cost of the certification process. The project will manage debris and waste by recycling and or salvaging 75% percent by weight of demolition debris and construction waste. The project will use, whenever possible, wood based materials certified in accordance with the Forest Stewardship Council Guidelines. The project will use Low Emitting Materials such as low VOC paints, adhesives, and flooring. Energy Star Certified appliances and energy efficient lighting. Energy Star construction detailing to enhance the buildings energy performance. High performing materials will be utilized to maximize the thermal envelope and meet or exceed requirements of the Energy code. Opportunities for increased insulation are available particularly at the roof level. High Solar Reflectance at Roof Materials. High energy efficiency in heating equipment such as air-source heat pumps. Water conserving fixtures Select areas of pervious pavement. c. Site Plans, Floor Plans, and Elevations, Site & Map (s) Enclosed please find the site plan, site survey, aerial views, renderings, and elevations/floor plans. PROJECT SITE DATA FROM ONLINE FEMA FIRM MAP 25001C0426J EFFECTIVE JULY 16, 2014 AND DOWNLOADED JULY 25, 2016 THE PARCEL IS LOCATED COMPLETELY WITHIN ZONE X - AREA OF MINIMAL FLOOD HAZARD _________________________________ 3 Main Street Mercantile, Unit 7 Eastham, MA 02642 P 508.240.7873 F 508.240.5085 E contact@capecdp.org www.capecdp.org Creating opportunities for people to live, work, & thrive on the Lower Cape The Community Development Partnership (CDP) supports an array of programs that strengthen our Lower Cape community, providing greater opportunities for all who live here to thrive. Our work starts with creating affordable homes—so essential to a healthy economy, but a real challenge in communities like ours where seasonal and vacation dynamics drive the market beyond the reach of many who live and work locally all year round. We also work to launch entrepreneurs and strengthen local businesses. We believe a vibrant future depends on sustaining traditional industries and inspiring new ones—especially when they’re based on renewable natural resources such as fishing, farming, art and hospitality. In all that we do, we aim to protect the natural environment around us—preserving the character and sustaining the future of this special place we call home. Background Since its inception in 1992, the CDP has become a leader in developing and delivering innovative programs that foster an economically and environmentally sustainable Lower Cape Cod community. As a community development corporation, we value economic diversity and foster a sense of inclusion and participation of local area residents, business owners and leaders. Throughout our twenty-three year history, the CDP has continued to adapt to the ever-shifting economic and demographic landscape of our area while maintaining our commitment to strengthening and expanding the building blocks of a vibrant local economy. The CDP is a steward for critical community resources such as decent and safe rental housing for low and moderate residents, micro- loan funds that help unleash the entrepreneurial spirit in the region and fishing quota that has preserved our small scale fishing fleet. More recently, we’ve developed a model to increase the production of local renewable energy and lower the cost of electricity for low income families. Major Accomplishments include: o Developing, owning and managing 75 affordable rental homes including the Platinum LEED Certified Thankful Chases Pathway which recently received national recognition in HUD’s Door Knocker Award competition for Sustainable Housing. o Providing business assistance and/or loan capital to over 1,570 locally owned small businesses. o Lending over $2,675,000 in micro-loans to help start and sustain local small businesses. _________________________________ 3 Main Street Mercantile, Unit 7 Eastham, MA 02642 P 508.240.7873 F 508.240.5085 E contact@capecdp.org www.capecdp.org o Developing 28 affordable homeownership opportunities for low and moderate income families. o Developing the nationally recognized Cape Cod Fisheries Trust that retains over $10,000,000 in fishing revenues in the local economy each year and provides direct technical assistance support to the local day-boat fishing fleet. o Repairing and upgrading 333 homes for low and moderate income families while putting local contractors to work with contracts totaling $7,122,000. By focusing our efforts on a variety of program initiatives that are synergistically aligned, the organization has been able to develop a deep bench of expertise and skills that can be utilized in flexible ways to fulfill our strategic objectives which include: o Strengthen business sectors with competitive regional advantage, especially traditional and renewable natural resource based businesses such as fishing and the arts. o Increase the affordability and the availability of safe, stable year round housing. o Increase energy efficiency and local renewable energy generation. Key Staff Jay Coburn, Executive Director He has extensive experience in non-profit management, public speaking, marketing and fundraising. Jay has been a lobbyist, ran a national HIV prevention training program, and managed several successful political campaigns. His career took a ten year detour while he co-founded and ran one of Cape Cod’s most highly acclaimed restaurants. After serving as Political Director for State Senator Dan Wolf, Jay joined the CDP as Executive Director in 2012. Under his leadership, the CDP’s Annual Budget has grown from $1.6M to $3.6M, staff have increased from 9 to 15 and financial support from individuals and businesses has grown by over 1000%. Jay is an elected member of the Select Board for the Town of Truro and was recently appointed by Governor Baker to the Massachusetts Rural Policy Commission. Jay has a B.S. in Human Ecology from Cornell University. Alice Demoracski, Director of Property Management Alice has over 30 years of experience managing affordable rental housing in Connecticut and Massachusetts. Prior to working for the CDP, she was a property manager for MB Management. She joined the CDP in 2013 when the CDP returned to self-management of its affordable housing portfolio. During Alice’s tenure, the number of units managed by the CDP has grown from sixty-five to seventy-five units in 21 locations. Abigail Chapman, Director of Housing & Energy Efficiency Programs Abigail has worked for the CDP for five years, and has 15 years of experience in the construction trade, including eight years in the field. While working at the CDP she oversaw the new construction of 12 affordable rental units located in Harwich, MA. The $3.7 million project was completed on time and on budget and has received national recognition in HUD’s Door Knocker Award competition for Sustainable Housing. The project is also Platinum LEED Certified. Abigail is also the Rehab Supervisor for Massachusetts _________________________________ 3 Main Street Mercantile, Unit 7 Eastham, MA 02642 P 508.240.7873 F 508.240.5085 E contact@capecdp.org www.capecdp.org Department of Housing and Community Development Housing Support Programs for the towns of Dennis, Eastham and Truro. Abigail holds a Massachusetts Construction Supervisor’s License, a Home Improvement Contractor’s License and has Building Performance Institute’s (BPI) Building Analyst and Envelope Certification. Abigail has degree in communications from the University of Texas at Austin. Judith Valverde, Fiscal & Operations Director Judy has worked for the CDP for over 15 years and has successfully managed over 50 federal and state housing development, housing rehab and economic development grants. Currently, she manages CDP’s $3.6M annual budget. Prior to joining the CDC, Judy managed accounts payable for the Housing Assistance Corporation on Cape Cod. Judy has been a real estate appraiser, real estate agent and is a veteran of the U.S. Air Force. Board of Directors Lori Meads, President Vice President, Seaman’s Bank Heather Kotel, Vice-President Vice President, Cape Cod Five Cents Savings Bank Ben deRuyter, Treasurer Commercial Real Estate Developer & Manager Claudia Williams, Clerk Human Resources Consultant Angelina Bologna Small Business Owner and CDP Resident Matt Cole President & CEO, Cape Associates Liza Cox Partner - Nutter, McClennen & Fish, LLP Lisa Guyon Director of Community Benefits, Cape Cod Healthcare Michael MacIntyre Retired Hospitality Executive Fran McClennen Environmentalist Leslie Richardson Chief Economic Development Officer, Cape Cod Commission John Simonian Founder & Co-Owner, Bean Stock Coffee J’aime Sparrow Sunbird Kitchen & CDP Loan Client Jane Teixeira-Henry Retired US House of Representatives Budget Committee Staff Beth Wade Executive Director, CHAMP Homes Barbara Wood Retired IBM Executive STRATFORDCAPITALGROUP.COM Stephen P. Wilson 8245 Boone Boulevard, Suite 640 Vienna, Virginia 22182 703.942.6610 For more information relating to Stratford Capital Group, please contact: FIRM PROFILE MARCH 2016 John M. Nelson, IV Benjamin D. Mottola 100 Corporate Place, Suite 404 Peabody, Massachusetts 01960 978.535.5600 STRATFORDCAPITALGROUP.COMSTRATFORDCAPITALGROUP.COM TABLE OF CONTENTS I. Introduction II. Executive Management Team/Key Staff III. Affordable Housing Tax Credit Syndication IV. Corporate Advisors V. Organizational Diagram STRATFORDCAPITALGROUP.COM I. INTRODUCTION Stratford Capital Group, LLC (“Stratford Capital”) is a recognized leader in the multifamily investment industry with a particular focus on the Low-Income Housing Tax Credit industry. Stratford Capital, along with its affiliated companies, including SCG Capital Corp., SCG Development Co. LLC, SCG Development Partners, LLC and Stratford Asset Management Co., LLC are involved in various facets of multifamily real estate investment, development and asset management. Since 2007, Stratford Capital Group has successfully underwritten, sponsored and syndicated private equity in 146 multifamily rental apartment properties totaling approximately 17,700 apartment units in 28 states with a capitalized value of approximately $2.35 billion. Stratford Capital’s multifamily focus centers on the following activities: Tax Credit Syndication & Development The principals of Stratford Capital have an extensive 20 year track record in the syndication and development of affordable housing utilizing Low-Income Housing Tax Credits alone, or in combination with Federal and State Historic Tax Credits (collectively the “Tax Credits”). Over the past 20 years, the principals of Stratford Capital have raised over $1.1 billion in equity for Tax Credit transactions. Also, the principals of Stratford Capital have been involved in the successful development and/or redevelopment of over 50 properties utilizing Tax Credits. Asset & Fund Management Stratford Capital’s experienced multifamily asset management and fund management teams are comprised of seasoned real estate, Tax Credit and accounting professionals that provide in-house, hands-on oversight for all of our multifamily investments from the time of each property’s acquisition, throughout each property’s holding period and finally, through each property’s eventual disposition. Our investor’s benefit from Stratford Capital’s comprehensive asset management supervision, fund management oversight and proprietary risk management database. The mission of Stratford Capital’s asset management and fund management teams is to (i) ensure investment quality and safety, (ii) establish strong working relationships with local developers/property managers, (iii) protect the financial and physical condition of the investment, (iv) achieve superior investment performance at or above projected levels and (v) provide investors with timely and accurate information regarding their investment. Stratford Capital’s primary asset management and fund management functions include: ■ Participating in the initial underwriting of potential property acquisitions; ■ Monitoring construction and initial lease-up activities; ■ Monitoring Tax Credit compliance and reporting; STRATFORDCAPITALGROUP.COM ■ Monitoring Property operations and review property reporting; ■ Maintaining the internal Stratford Capital CRM based risk management database; ■ Regularly evaluating property risk ratings and reporting to Senior Management; ■ Actively participating, on an as-needed basis, in solving any material problems; ■ Fund level cash management and accounting; and ■ Generating periodic, quarterly and annual reports to investors. Stratford Capital currently asset manages approximately 17,700 apartment units on behalf of its investor clients. STRATFORDCAPITALGROUP.COM II. EXECUTIVE MANAGEMENT TEAM The management team of Stratford Capital is comprised of John (“Jerry”) M. Nelson, IV, Benjamin D. Mottola, Stephen P. Wilson, Richard A. Hayden and Kyle F. Wolff. Combined, the executive management team of Stratford Capital has over 100 years of experience in acquiring, financing, developing and asset managing residential rental apartment communities across the United States JOHN M. (‘‘JERRY’’) NELSON, IV u Chairman / Principal A founding member and owner of Stratford Capital, Mr. Nelson’s primary responsibilities include strategic planning, business development and supervision of marketing activities. Prior to forming Stratford Capital, from 1995 to 2006, he was Chief Executive Officer of Franklin Capital Group, a real estate investment company specializing in the financing and development of affordable rental housing nationwide. During his tenure, Franklin Capital Group placed more than $350 million in equity capital in over 115 residential rental properties consisting of more than 13,500 apartment units. From 1987 to 1994, he was Executive Vice President of Sumner Development Company, a real estate company, and president of an affiliated entity, Mount Vernon Financial Corporation, where he arranged debt and equity financing and participated in project acquisition and development. From 1975 to 1987, he was Managing Director of First Winthrop Corporation and subsequently Chief Executive Officer of Winthrop Financial Associates, both Boston, Massachusetts based real estate companies. As one of the founders of Winthrop, he was responsible for the acquisition and syndication to private investors of over $5.5 billion dollars of property, including over 40,000 rental apartment units. From 1967 to 1969, he served as an officer in the United States Navy. He is a graduate of Yale University and holds an MBA from the Harvard Business School. BENJAMIN D. MOTTOLA u President / Principal and Chief Operating Officer A founding member and owner of Stratford Capital, Mr. Mottola is responsible for the day-to-day operations of the company and his primary responsibilities include strategic planning, business development and the supervision and coordination of Stratford Capital's various business units. Prior to forming Stratford Capital and since 1996, he was the senior member of the real estate investment acquisitions staff for the Franklin Capital Group where he was primarily involved with its real estate investment and affordable housing acquisition activities. During that time, he was involved in the acquisition of over 9,000 apartment units with a development value in excess of $600 million. He also oversaw most investment analysis, real estate underwriting and other transactional activities. Prior to joining Franklin Capital Group, Mr. Mottola spent six years with Copley Real Estate Advisors, a Boston, Massachusetts based institutional real estate investment advisory firm. He received a Bachelor’s degree in Business Administration from St. Michael’s College. STRATFORDCAPITALGROUP.COM STEPHEN P. WILSON u President (Virginia Office) / Principal A founding member and owner of Stratford Capital, Mr. Wilson is responsible for identifying, coordinating and closing affordable housing development and acquisition opportunities. Prior to forming Stratford Capital, he was a senior member with the Franklin Capital Group where he was primarily responsible for the supervision of development projects. He has a broad development experience managing numerous types of projects that include new construction, moderate and substantial rehabilitation and adaptive re-use of historic structures. Prior to joining Franklin Capital Group in 1997, he served as president of Dulles Real Estate Corporation, a private Washington, D.C. area firm that specialized in commercial real estate and provided general advisory services to its clients, including project feasibility analysis, financing, budgetary review, marketing, development management and leasing and sales. He was an appointed Board Member of the Loudoun County Housing Advisory Board. He is a graduate of the University of Richmond with a Bachelor’s degree in Finance and holds an MBA from The George Washington University. RICHARD A. HAYDEN u Executive Vice-President / Principal Director of Development A founding member and owner of Stratford Capital, Mr. Hayden is responsible for identifying, coordinating and closing affordable housing development and acquisition opportunities. Prior to joining Stratford Capital, he was co-founder and principal of Baran Partners, LLC, a multi-family real estate investment and development firm. Prior to Baran, he was senior vice president and director of asset management for Boston Capital Partners, Inc. where his responsibilities included management of the department, which oversaw the operation of 1,800 properties comprising 78,000 apartment units. He is a graduate of the University of Massachusetts, Amherst with a B.S. in Accounting. KYLE F. WOLFF u Executive Vice-President / Principal Director of Acquisitions A founding member and owner of Stratford Capital, Mr. Wolff is Stratford Capital’s Director of Acquisitions and is primarily responsible for managing and overseeing Stratford Capital Group's effort to acquire affordable apartment properties that benefit from various federal and state tax credits. Day-to-day activities also include project risk management, business development, asset management and general marketing. Other responsibilities include working in tandem with the investor marketing group to facilitate the review, approval and investment by institutions in Stratford Capital's proprietary and multi-investor funds. Prior to forming Stratford Capital, he was a senior member of the Franklin Capital Group, where he was employed by BankBoston, N.A. as well as Berkshire Mortgage Finance. Mr. Wolff received a Bachelor's degree in Industrial Engineering from Lehigh University and holds an MBA from Boston University. STRATFORDCAPITALGROUP.COM KEY STAFF MILES M. HAPGOOD, III u Senior Vice-President Mr. Hapgood is a senior member of the acquisition department primarily respon- sible for the origination, acquisition and analysis of affordable housing invest- ments. He has over 36 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he was a principal at MMA Financial responsible for analyzing, negotiating and closing acquisitions of affordable mul- tifamily properties financed with low income housing tax credits. While at MMA Financial, Mr. Hapgood was involved in numerous other aspects of the real estate investment indus- try including senior housing development, acquisitions of general partner interests and real estate operating companies, asset management, and real estate workouts. Prior to MMA Financial, he was a Senior Accountant with PricewaterhouseCoopers. He received a Bachelor’s degree in Finance and Accounting from Babson College and is a Certified Public Accountant. DEREK N. FOSTER u Senior Vice-President Mr. Foster is the senior member and head of the asset management department. He has over 20 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he held the position of asset manager at MMA Financial, where he was responsible for overseeing a portfolio of multifamily debt and equity investments valued in excess of $350 million. Prior to joining MMA Financial, he was a Real Estate Analyst at CW Capital (formerly Continental Wingate Companies), where he analyzed and helped process new multifamily and commercial real estate loans. He received a Bachelor’s degree in Management from the University of Massachusetts, Amherst. JEFFREY C. ABBOTT, CPA u Senior Vice-President Mr. Abbott is the senior member of the Portfolio Management department. He has over 21 years of experience in the affordable housing industry. Prior to joining Stratford Capital, Mr. Abbot was the director of portfolio management at Boston Capital. Prior to joining Boston Capital, he was a vice president at Boston Financial Investment Management (formerly MMA Financial) where his responsibilities included the oversight of both multi-investor and proprietary corporate tax credit funds. He also held various roles at Boston Financial (and predecessor companies) and was responsible for managing efforts to achieve portfolio investment objectives, performance reporting and investor servicing. Prior to the management role, he provided analytical and organizational support as a senior fund analyst to the institutional tax credit portfolio. Mr. Abbott spent the earlier part of his career as a senior portfolio accountant in the Boston Financial Property Management Group, as well as for Berkshire Realty Company. He worked at the accounting firm of Robert, Finnegan & Lynah and received his Certified Public Accounting designation. He received a Bachelor’s degree in Business Administration specializing in accounting from Boston College. STRATFORDCAPITALGROUP.COM ELIZABETH C. RONAYNE u Senior Vice-President Ms. Ronayne is a senior member of the investor service and marketing departments primarily responsible for the marketing activities associated with the sponsorship of low income housing tax credit investments in our multi- investor and proprietary funds as well as other real estate related activities. Prior to joining Stratford Capital, from 2004-2013, she served as managing director for Michel Associates, Ltd. where she managed and developed the investor client base, coordinated all marketing activities and successfully closed 10 investment partnerships representing $260 million of equity. Prior to joining Michel Associates, she held various executive positions in commercial banks including RBS Citizens Bank, Capital Crossing Bank and BankBoston Financial. She received a Bachelor’s of Science degree from Salem State University. ROBERT Y. WONG u Senior Vice-President Mr. Wong is a senior member of the acquisition department primarily responsible for the origination, acquisition and analysis of multifamily real estate investments. He has over 23 years experience working in the multifamily and commercial real estate industry. Prior to joining Stratford Capital, he held senior acquisitions positions at City Real Estate Advisors and MMA Financial where he was responsible for analyzing, negotiating and closing acquisitions of multifamily properties financed with low income housing tax credits. Mr. Wong has also been involved in numerous other aspects of institutional real estate investment and was co-founder of John Hancock’s low income housing tax credit program. Mr. Wong received a Bachelor’s of Architecture degree from the Rhode Island School of Design and holds an MBA from Boston University. BRUCE R. SOROTA u Senior Vice-President Mr. Sorota is a senior member of the acquisitions department primarily responsible for the origination, acquisition, and analysis of affordable rental housing investments. He has over 23 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he was responsible for the opening the Boston office for Red Capital Markets, Inc where he originated, underwrote and closed tax credit investments throughout the northeastern U.S. He also co-founded Housing Advisors a consulting firm that provided due diligence services for developers, syndicators and investors in affordable housing. From 2003 through 2008 he served on the Andover Housing Partnership Committee. He received a Bachelor of Arts in Economics from Tufts University and an MBA from the Helsinki School of Economics. STRATFORDCAPITALGROUP.COM JOHN J. SOREL u Senior Vice-President Mr. Sorel is a senior member of the acquisition department primarily responsible for the origination, acquisition and analysis of affordable housing investments. He has over 26 years of experience working in the commercial real estate debt and equity finance industry, with a particular focus on multifamily and affordable housing investments. Prior to joining Stratford Capital, he was Managing Director at Berkeley Point Capital where he was responsible for a range of asset management, special asset management and risk management functions. Mr. Sorel was previously a Managing Director at Centerline Capital and its predecessor companies in New York where he specialized in affordable multifamily equity and debt finance. Mr. Sorel has a Bachelor’s degree in Economics from Syracuse University. VERONICA D. GOMINHO u Vice-President Ms. Gominho is a member of the acquisition department primarily involved with the analysis, underwriting, and acquisition of real estate investments. She has over 25 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, she was a senior underwriter at Hunt Capital Partners. She also held various senior investment positions at Tax Credit Asset Management, John Hancock, and Boston Financial Group, involving various aspects of tax credit investing, including acquisition, underwriting, disposition, asset management, and portfolio management. She received an MBA from the University of Massachusetts. GAIL SEVERT u Senior Vice-President Ms. Severt is a member of the corporate administration and fund management departments. She has over 23 years of accounting and information infrastructure experience. Prior to joining Stratford Capital, she was a Manager, Business Process Outsourcing at McGladrey, LLP, where she was responsible for accounting, system implementation, and management consulting for a variety of small to mid-size businesses. Her real estate experience extends from the 8 years working as a partnership controller for the Equity Group Investment Limited Partnership Syndication portfolio. She was involved with the initial public offerings of Equity Lifestyle Properties (fka Manufactured Home Communities, Inc. ("MHC")) and Equity Residential Properties, and subsequently served as Corporate Controller for MHC. She received a Bachelor's degree in Accounting from St. Joseph's College and her CPA designation in Indiana and Illinois. STRATFORDCAPITALGROUP.COM BRENDAN P. POWER u Vice-President Mr. Power is a member of the asset management department. He has over 12 years of experience working in the multifamily housing and residential management industry and over 9 years of direct experience working in the affordable housing industry. Prior to joining Stratford Capital, he was a portfolio manager for Housing Management Resources, Inc. where he oversaw the day-to-day operations of the company’s New England affordable housing portfolio. Prior to Housing Management Resources, Mr. Power was an asset manager for Boston Capital where he was responsible for overseeing a portfolio of multifamily partnerships. He received a Bachelor’s degree in Business Administration from Northeastern University. JONATHAN S. MILTON u Vice-President Mr. Milton is a member of the asset management department. He has over 15 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he was an asset manager at Freddie Mac, where he was responsible for overseeing a portfolio of multifamily loans in excess of $11 billion. Prior to Freddie Mac, he was an associate at Franklin Capital Group, where he was responsible for the analysis of affordable housing investments. He received a Bachelor’s degree from Bucknell University, a Master’s degree in Philosophy from Temple University and an MBA from American University. ALEXANDRA E. KASPRZAK u Assistant Vice-President Ms. Kasprzak is primarily involved with the analysis of real estate investments and asset management activities. She has over 8 years of experience working in the affordable housing industry. She is also responsible for coordinating Stratford’s third party vendor relationships and overseeing Stratford's proprietary property database. Prior to joining Stratford Capital, she served as litigation paralegal with the Boston office of Proskauer Rose. Prior to joining Proskauer Rose, she worked for MMA Financial, Inc. in the Affordable Housing Group’s legal department. She received a Bachelor’s degree in Paralegal Studies from Suffolk University. STRATFORDCAPITALGROUP.COM JARED V. RAND u Vice-President Mr. Rand is primarily involved with the analysis and underwriting of real estate investments. He has over 11 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he served as an asset manager and analyst working in a variety of business units including asset management, development risk management, and capital transactions at MMA Financial. He was responsible for overseeing a portfolio of multifamily investments and providing analytical support to deals in workout. Prior to joining MMA Financial, he worked in Morgan Stanley’s brokerage division. He received a Bachelor’s degree in Accounting from Northeastern University. RENÉE B. TANGUAY u Vice-President Ms. Tanguay is primarily involved with the analysis and underwriting of affordable housing investments. She has over 17 years of experience working in the affordable housing industry in the areas of asset management, market analysis, and project underwriting. Prior to joining Stratford Capital, she served as an underwriter at Michel Associates where her primary responsibilities involved underwriting all aspects of proposed affordable housing investments. Prior to joining Michel, she was a vice president of investment valuation at MMA Financial where her responsibilities included completing feasibility analyses for proposed affordable housing investments located across the country. Prior to joining MMA Financial, she also spent five years as an asset manager at Boston Capital overseeing a portfolio of approximately 125 affordable housing properties in various stages of their life cycle. She holds a Massachusetts Real Estate Salesperson License, and has completed over 150 classroom hours in real estate appraisal. She received a Bachelor of Arts degree in International Business from Assumption College. JASON B. DUGUAY u Vice-President Mr. Duguay is primarily responsible for assisting in the analysis and underwriting of affordable housing investments. He has over 6 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he worked for a Massachusetts-based real estate brokerage firm where he was involved with the analysis and brokerage of commercial and residential real estate. He received a Bachelor’s degree in Finance and Economics from Bentley University. STRATFORDCAPITALGROUP.COM KEITH J. MCDONALD u Vice-President Mr. McDonald is primarily responsible for assisting in affordable housing development and acquisition activities. He has over 13 years of experience working in the affordable housing business. Prior to joining Stratford Capital, he served as Vice President at Focustar Capital, a boutique capital market firm responsible for originating and placing debt and equity on multiple real estate and energy market product types. Prior to joining Focustar Capital, he was a Senior Analyst at Carpenter & Company, Inc, assisting development and acquisitions activities. Prior to Carpenter & Co., he was employed at the Reznick Group as a senior analyst where he assisted in structuring historic, new market, and low income housing tax credit transactions. He received a Bachelor’s degree in Accounting from the Boston College. ROBERT F. SHEEHY u Assistant Vice-President Mr. Sheehy has over 10 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he served as Assistant Vice-President in the special assets group at Boston Capital where he was tasked with developing and implementing work-out strategies for a portfolio of affordable multifamily real estate assets with a value of $800mm in total development cost. While at Boston Capital, Mr. Sheehy’s varied responsibilities included dispositions, asset management, structured finance and portfolio management of affordable multifamily properties financed with low income housing tax credits. He received a Bachelor’s degree in Business Administration from Northeastern University and a Master’s degree in Investment Management from Boston University Graduate School of Management.. NICHOLAS C. BRACCO u Vice-President Mr. Bracco is primarily responsible for the acquisition and development of affordable housing investments. He has over 10 years of experience in the real estate development industry. Prior to joining Stratford Capital, Mr. Bracco worked for AHC Inc., a leading non- profit developer of affordable housing, where he managed the development activities for a substantial portfolio of real estate assets. Prior to joining AHC Inc., he was a Development Director at Miller & Smith, a boutique real estate development firm, where he assisted in the development of a 5 million square foot mixed-use town center project. He holds a BS in Finance from George Mason University and an MS in Real Estate Development and Finance from the Carey Business School at Johns Hopkins University. STRATFORDCAPITALGROUP.COM MARC C. SALOTTI u Vice-President Mr. Salotti is primarily responsible for the underwriting and development of affordable housing investments. He has over 10 years of financial analysis experience, with 4 years in the real estate industry. Prior to joining Stratford Capital, Mr. Salotti worked for Fannie Mae where he was responsible for the analysis and underwriting of multifamily real estate assets. Prior to joining Fannie Mae, he was a consultant with AlixPartners, a boutique consulting firm, where he assisted in the financial and operational restructuring of distressed companies. He received a Bachelor’s degree in Business Administration from Mary Washington College and an MBA from Vanderbilt University. NANCY A. NOTO u Investor Relations Manager Ms. Noto is primarily involved with investor relations. Her primary responsibilities include coordination of investor closings, investor reporting and relationships with outside professionals. She has been involved in investor relations for over 13 years. She received a Bachelor’s degree in Design and Environmental Analysis from Cornell University. MEREDITH B. MANOS u Corporate Administrator Ms. Manos is primarily involved in the day-to-day management of Stratford Capital’s bookkeeping, vendor relations and facilities management activities. She has been involved with corporate administration for over 13 years. She attended Syracuse University and the University of New Hampshire. KAREN A.WESTER u Senior Accountant Ms. Wester is a member of the corporate administration and fund management departments. She is primarily responsible for assisting in Stratford’s accounting, fund management and financial reporting. Prior to joining Stratford Capital she had worked as a property accountant for over 11 years. She received her Bachelor’s degree in Business Administration with a concentration in Accounting from Salem State University. STRATFORDCAPITALGROUP.COM ROBERT M. BARNARD u Analyst Mr. Barnard is primarily responsible for assisting in the analysis and underwriting of affordable housing investments. Prior to joining Stratford Capital he worked for a Northern Virginia based real estate appraisal company. Before that, Mr. Barnard interned with Vornado Realty Trust in their Acquisitions department. He received a Bachelor’s degree in Business and Political Science from the University of Rochester and is currently pursuing his Master’s degree in Real Estate from Georgetown University. JOHN-PAUL VACHON u Analyst Mr. Vachon is primarily responsible for assisting in the analysis and underwriting of affordable housing investments. Prior to joining Stratford Capital, he worked for Merrick Towle Communications in Washington, D.C where he was involved in strategic positioning and lease-up of multifamily residential communities. He received a Bachelor’s degree from The George Washington University and an MBA from Babson College. JOHN J. BINIERIS u Analyst Mr. Binieris is primarily responsible for assisting in the analysis and underwriting of affordable housing investments. Prior to joining Stratford Capital, he was a Senior Analyst with the City of Boston’s Tax Policy Unit where he was primarily involved in the administration of payment in-lieu-of tax programs. Prior to the City of Boston, he conducted feasibility studies and obtained entitlements for commercial construction projects throughout the country for a full services architectural and engineering firm, WD Partners. He received a Bachelor’s degree in Environmental Design specializing in Urban Studies from the University of Massachusetts, Amherst and a Master’s degree in Financial Economics from Boston University. STRATFORDCAPITALGROUP.COM III. AFFORDABLE HOUSING TAX CREDIT SYNDICATION Over the last 19 years, the principals of Stratford Capital have syndicated over $1 billion in equity in Tax Credit transactions from over 60 corporate and institutional investor clients. Stratford Capital takes pride in our long history of providing both our developer partners and investor clients with the highest level of responsiveness and personal service that has become our hallmark. A few examples of our recent Tax Credit syndication activities are as follows: Stratford Fund I Limited Partnership Stratford Fund I Limited Partnership is a $40 million single investor multi-property Low Income Housing Tax Credit fund comprised of 16 affordable apartment properties located in Virginia, North Carolina and South Carolina totaling approximately 1,300 rental apartment units. Stratford Fund II Limited Partnership Stratford Fund II Limited Partnership is a $100 million single investor multi-property Low Income Housing Tax Credit fund comprised of 21 affordable apartment properties located in South Carolina, Florida, Massachusetts, Maryland, Michigan, Mississippi, Missouri, Louisiana, Minnesota and Washington, D.C. totaling approximately 2,400 rental apartment units. Stratford Fund III Limited Partnership Stratford Fund III Limited Partnership is a $43 million Low-Income Housing Tax Credit fund comprised of six institutional investors, including an affiliate of Stratford Capital (“Fund III”). Fund III is comprised of 6 affordable apartment properties located in Iowa, Wisconsin, Kentucky, Louisiana and Florida totaling approximately 1,000 rental apartment units. Stratford Fund V Limited Partnership Stratford Fund V Limited Partnership is an $81 million Low-Income Housing Tax Credit fund comprised of nine institutional investors, including an affiliate of Stratford Capital (“Fund V”). Fund V is comprised of 15 affordable apartment properties located in Iowa, Arkansas, Texas, California, Florida, Virginia, Louisiana, New York, Rhode Island, Nebraska, Utah, Tennessee and Florida totaling approximately 1,500 rental apartment units. Stratford Fund VII Limited Partnership Stratford Fund VII Limited Partnership is an $90 million Low-Income Housing Tax Credit fund comprised of six institutional investors, including an affiliate of Stratford Capital (“Fund VII”). Fund VII is comprised of 12 affordable apartment properties located in Arkansas, Connecticut, Florida, Georgia, Indiana, Louisiana, Minnesota, New York, Rhode Island, Washington and Wisconsin totaling approximately 1,334 rental apartment units. STRATFORDCAPITALGROUP.COM Stratford Fund XI Limited Partnership Stratford Fund XI Limited Partnership is a $83 million Low-Income Housing Tax Credit fund comprised of seven institutional investors, including an affiliate of Stratford Capital (“Fund XI”). Fund XI is comprised of 17 affordable apartment properties located in Arkansas, Georgia, Indiana, Louisiana, Massachusetts, Michigan, Missouri, Mississippi, Minnesota, New York and Tennessee totaling approximately 1,500 rental apartment units. Stratford Fund XV Limited Partnership Stratford Fund XV Limited Partnership is a $100 million Low-Income Housing Tax Credit fund comprised of 10 institutional investors, including an affiliate of Stratford Capital ("Fund XV"). Fund XV is comprised of 18 affordable apartment properties located in Arkansas, Connecticut, Georgia, Illinois, Louisiana, Massachusetts, Michigan, Mississippi, Missouri, Pennsylvania, Tennessee and New York totaling approximately 2,000 rental apartment units. Stratford Fund XVII Limited Partnership Stratford Fund XVII is a $110 million Low-Income Housing Tax Credit fund comprised of 8 institutional investors, including an affiliate of Stratford Capital ("Fund XVII"). Fund XVII is comprised of 14 affordable apartment properties located in Florida, Illinois, Louisiana, Michigan, Nebraska, Oklahoma, Pennsylvania, Tennessee and Virginia totaling approximately 1,610 apartment units. Proprietary Individual Tax Credit Investments The principals of Stratford Capital have a long and successful history of executing Tax Credit property acquisitions that were custom tailored to the specific needs of its investors. STRATFORDCAPITALGROUP.COM V. ORGANIZATIONAL DIAGRAM SCG DEVELOPMENT PARTNERS, LLC John M. Nelson IV Co-Founder Chairman Benjamin D. Motola Co-Founder President and Chief Operating Officer Kyle F. Wolff Co-Founder Director of Acquisitions Robert Wong Senior Vice- President Bruce R. Sorota Senior Vice- President Mile M. Hapgood III Senior Vice- President Elizabeth C. Ronayne Senior Vice- President Nancy A. Noto Investor Relations Brendan P. Power Vice-President Alexandra E. Kasprzak Assistant Vice-President Jon S. Milton Vice-President Jared V. Rand Vice-President Veronica Gominho Vice-President John-Paul Vachon Analyst Marketing/Investor Relations Gail N. Severt Senior Vice- President Controller Jeffrey C. Abbott Senior Vice- President Fund Manager Derek N.Foster Senior Vice- President Director Asset Management Meredith B. Manos Corporate Administrator Corporate/Fund Management/Asset Management Origination and Acquisitions Stratford Capital Group, LLC John J. Sorel Senior Vice- President Karen Wester Senior Accountant John Binieris Analyst Renee Tanguay Vice-President Robert Sheehy Assistant Vice- President Richard A. Hayden Co-Founder Executive VP of Development SCG Development Partners, LLC Gail N. Severt Senior Vice-President Controller Keith J. McDonald Vice-President Development Stephen P Wilson Co-Founder President Virginia Office Jason B Duguay Vice-President Nicholas Bracco Vice-President Marc Salotti Vice-President Robert Barnard Senior Analyst ICON overview Boston-based ICON architecture, inc., a women-owned SDO-certified firm with 40 staff, provides award-winning work that has long focused on planning and design in the public interest, bringing depth of experience in public work and residential developments along with a combination of creative and cost-conscious design capability. Our work is COLLABORATIVE --- through our malleable design process we collaborate with our clients, resident user groups, operations managers, community stakeholders and others to embody a shared vision. Our work is TRANSFORMATIVE --- at all scales- from repairs to infill projects to re-use or full Master Planned communities – our projects transform and renew their surroundings, along with the lives of those touched by these changes. Our work is SUSTAINABLE --- it is intrinsic to our practice and good design. We believe in the on-going repairs, renovations and repositioning of neighborhood infrastructure – reinforcing communities that work --- providing sustainable healthy housing solutions --- essentially preserving existing buildings – the most basic of all sustainable goals and what we call “sensible green”. Current make-up of the firm includes five principals and thirty technical staff. ICON’s staff includes thirteen (13) registered architects and twelve (12) LEED Accredited Professionals. The firm has been ranked on Boston Business Journal’s List of Massachusetts’ Top 100 Women-Led Businesses for two consecutive years. ICON’S OFFICERS Nancy Ludwig, President MA #6048 Discipline: Architecture Janis Mamayek, Principal MA# 7399 Discipline: Architecture Ned Collier, Principal MA# 6560 Discipline: Architecture Judith Jorgensen, Principal Discipline: Finance PRINCIPAL + DIRECTOR OF ARCHITECTURE Education Bachelor of Architecture, University of Minnesota, 1985 Bachelor of Environmental Design, University of Minnesota, 1985 Registration Massachusetts (7399) Affiliations AIA MA Government Affairs Committee, Member Boston Society of Architects BSA Renovate for Recovery Registered Design Professional U.S. Green Building Council Speaking Engagements ABX 2012: Survival Strategies for Existing Buildings ABX 2012: Living on Track Relevant Experience Principal-in-Charge, Cambridge Housing Authority: Washington Elms Modernization, Cambridge (MA): Extensive Existing Conditions and Schematic design programming through construction for modernization of an occupied 15 residential + 2 support building site; $24M construction budget for broad and varied scope addressing most critical need across the housing development for the next 20 years; funded through HUD’s Rental Assistance Demonstration program. Project Manager, Maverick Landing, East Boston (MA): Award-winning $150M project on a nine- acre waterfront site near the Maverick MBTA station. A multi-phase, multi-ownership, multi-family residential development built as a prototype for affordable green development. 426 sustainable units in lowrise and midrise structures, incorporating Healthy Homes and Energy Star standards. LEED-certified. Project Manager, Washington Beech (Phase II), Roslindale (MA): Transformation of a severely distressed development into a HOPE VI community of over 200 housing units in a range of types, incorporating leading edge energy and air quality strategies; all units take advantage of passive solar energy; LEED-H gold certified Principal-in-Charge, Chelmsford Woods Residences, Chelmsford (MA): Comprehensive permitting and design of new 116 unit multi-family development consisting of affordable low-rise townhomes, 3-story apartment structures and clubhouse. Principal-in-Charge, Smith House, Boston (MA): Renovation and modernization of 132 one-bedroom affordable occupied apartments in a 12-story, 1970’s era concrete high-rise for seniors. Renovations will be made to the interiors of common spaces and units. Principal-in-Charge, North Point Microlofts, Cambridge (MA): Adaptive Reuse of 1926 concrete meat packing plant, 103 units of transit-oriented microloft housing as part of the Northpoint District. Principal-in-Charge , Avenir, Boston (MA): A 241-unit, mixed-use residential development on a former MBTA parcel in Boston’s Bulfinch Triangle above the MBTA’s North Station, integrating vibration isolation systems to structural frame. Principal-in-Charge, Walden Fire House, Chelsea (MA): Adaptive reuse of a historic fire house to 7 units of affordable senior housing in a charming masonry building. Principal-in-Charge, ROXSE Homes Rehabilitation, Boston (MA): $35M rehabilitation of 364 occupied housing units in high-rise and low-rise housing structures under HUD’s Demonstration Disposition Program for Mass Housing. Principal-in-Charge, Whitney Tower, Watertown (MA): Renovation of a 91-unit existing high-rise apartment to update units with open kitchens, focusing on envelope improvements for increased weather protection and energy efficiency. Principal-in-Charge, MSBA’s Green and Accelerated Repair Program: 26 different projects across 11 districts, 19 schools. Sustainable energy saving measures that include mechanical system upgrades, window and door replacement, roof and insulation repairs. All projects incorporate principles and standards of sustainable design ranging from $400k to $2M in construction cost. Principal-in-Charge, North Quad Infrastructure Renewal, University of Massachusetts Lowell, Lowell (MA): Infrastructure upgrades to the North Quad courtyard complex of existing buildings on the UMass Lowell North Campus. Includes new main entrance additions to address accessibility issues and other programmatic code deficiencies. These “pod”additions will enable the future phased renovation of the North Quad complex. JANIS B. MAMAYEK AIA, LEED AP BD+C, SENIOR ASSOCIATE | PROJECT MANAGER Education Master of Architecture, Washington University, St. Louis, Missouri, 1996 Design Studio Abroad, Washington University Affiliate, Barcelona, Spain, 1995 Bachelor of Science, University of Northwestern, St. Paul, Minnesota, 1992 Registration Massachusetts (20328) Affiliations American Institute of Architects Boston Society of Architects (BSA) Society for College and University Planning (SCUP) American Planning Association American Institute of Certified Planners US Green Building Council Upham’s Corner Main Streets Design Committee + Board of Directors Fairmount Indigo Planning Initiative Corridor Wide Advisory Group (CAG) Relevant Experience Project Manager, Smith House, Boston (MA): Renovation and modernization of 132 one-bedroom affordable apartments in a 12-story, 1970’s era concrete high-rise for seniors. Renovations will be made to the interiors of common spaces and units to meet today’s accessibility code while the building is occupied. Project Manager, Temple Landing, New Bedford (MA): 173-unit, 35-year-old affordable housing development formerly known as United Front Homes. Work included a dramatic reconfiguration and enhancement of the 11-acre site and a majority of the existing buildings. Project Manager, Chelmsford Woods Residences, Chelmsford (MA): Phase 1 construction for new multi-family development consisiting of affordable low-rise townhomes, 3-story apartment structure with garden and clubhouse. Project Manager, Olney Village Apartments, Providence (RI): Implementing a key goal of the Olneyville Master Plan, Olney Village is a 39-unit scattered-site affordable housing development, comprised of 14 units of new construction in five new buildings, and 25 units in 10 two- and three- family existing foreclosed structures acquired by the Olneyville Housing Corporation. The project also provides space for the neighborhood food bank and a local community service organization. Project Manager, Clay Pond Cove & The Residences at Canal Bluffs, Bourne (MA): High efficiency Energy Star Rated wood-frame, four-story building housing 45 one- and two-bedroom affordable rental units and community spaces. Phase 1, The Residences at Canal Bluffs, with 28 affordable rental units completed in July 2009, which included on-site sewage treatment and recreation areas to accommodate the next two phases. Project Architect, Maverick Landing, East Boston (MA): Situated along Boston’s Inner Harbor, this transit-oriented neighborhood of 426 mixed-income units is replacing an obsolete 1940s public housing “superblock”. Despite its density of 44 units per acre, the site blends substantial public open space with restoration of the historic street grid. Being the first LEED certified affordable housing development in New England. Maverick Landing offers rental townhouses, midrise apartment buildings, and a seven-story condominium building at the water’s edge. Project Manager, Cambridge Housing Authority: Washington Elms Modernization, Cambridge (MA): Extensive Existing Conditions and Schematic design programming through construction for modernization of an occupied 15 residential + 2 support building site; $16.8M construction budget for broad and varied scope addressing most critical need across the housing development for the next 20 years; funded through HUD’s RAD program. Construction Administrator, ROXSE Homes Rehabilitation, Boston (MA): $35M rehabilitation of 364 housing units in high-rise and low-rise housing structures under HUD’s Demonstration Disposition Program for Mass Housing. Project Manager, Dartmouth Hotel, Roxbury (MA): Illustrator renderings for renovation of an historic hotel listed on the National Register of Historic Places. The $12M project includes the rehabilitation of an existing hotel and construction of an addition, totaling 70,000 SF. Project Architect, Ruggles Supportive Apartments, Boston (MA): $3.3M adaptive use and addition to former school for 48 units of elderly SRO housing for the Committee to End Elder Homelessness. Project Manager, Whitney Tower, Watertown (MA): Renovation of a 91-unit existing high-rise apartment complex to update units with open kitchens, modern kitchen and bath fixtures, as well as focusing on envelope improvements for increased weather protection and energy efficiency. The original 1980’s lobby, community spaces, and business center were also updated to be more inviting and meet modern needs. MICHELLE WALDON AIA, AICP, LEED AP BD+C, MCPPO PROJECT MANAGER Education Bachelor of Architecture, Wentworth Institute of Technology, 2002 Associate, Architectural Engineering Technology, Wentworth Institute of Technology, 1994 Relevant Experience Project Designer, Coady School Residences, Bourne (MA): Adaptive reuse of historic school with new construction; schematic design of approximately 58 units of affordable senior housing under Special Permit Review of a friendly 40B process. Project Manager, Simpkins School Residences, South Yarmouth (MA): Adaptive reuse of historic school with new construction ; schematic design of approximately 65 units of affordable senior housing designed within the Cape Cod Commission's Regional Plan. Project Designer, Fulton School Residences, Weymouth (MA): Adaptive reuse of 1928 historic school with new construction, 63 units of affordable senior housing. Project Designer, School Street Residences, Athol (MA): Adaptive reuse of 1915 historic school with new construction, 50 units of 55+ senior housing. Project Manager, McElwain School Residences, Bridgewater (MA): School adaptive reuse and new construction; schematic design of 60 units of affordable senior housing with support spaces. Project Designer, Olmsted Green, Boston (MA): Design development / construction documentation for the design of 520 units of new mixed-income housing on the former Boston State Hospital Site. Focused on bathroom, kitchen, and unit interior compliance with MAAB and FHA. Project Designer, Emerson College Atrium, Boston (MA): Design of an infill project for the existing light well in Emerson College’s Walker Building. Project Designer, Stonehill College Dormitory, North Easton (MA): Detailer and CAD Drafter for design for a new 100-bed college dormitory. Duties included the planning of the suite layout and the ornamental egress stairs located at the end of each wing. Project Designer, The George Robert White Nature Center, Mattapan (MA): Designer, Detailer and CAD Drafter for a new 10,300 SF wildlife sanctuary offices, visitor center, classrooms, exhibit hall and community space for Massachusetts Audubon Society integrating sustainable features throughout. Project Designer, DCAMM Springfield State Office Building, Springfield (MA): Renovations, MEP upgrades and architectural impacts. Project Designer, The Plant & Cuban Revolution, Providence (RI): An adaptive reuse project that includes the conversion of a 19th century Fabric Dying and Bleaching calendaring facility into artist live/work housing and a mixed use office park. Project Designer, Science Building Renovations, Regis College, Weston (MA): Designer, Detailer and CAD Drafter for programming of and renovations to major science building complex focusing on chemistry, biology and math disciplines. Duties included the re-design of the main auditorium space for the science center, as well as the design of an ADA compliant and aesthetically pleasing hand rail that could be attached to the existing rail, saving the owner considerable construction costs. Project Designer, Marlin Fitzwater Center for Mass Communication, Franklin Pierce College, Rindge (NH): Designer, Detailer and CAD Drafter for programming of addition and renovations to existing library. Duties included the design of the new main auditorium space, TV control room and redesign of the main stacks area of the library. Project Designer, Central Boston Elder Services, Roxbury (MA): Designer, Detailer and CAD Drafter for a new 24,000 SF corporate headquarters. Project Designer, ArtBlock 731, Boston (MA): A new $18M construction of a 54-unit, 50% affordable, artist live/work loft development split between two buildings in the arts district of Boston’s South End. The development includes a cooperative gallery and underground private parking below both buildings. MICHAEL GARDENIER STATE TAX CREDIT/ AFFORDABLE HOUSING SPENCER ROW, CHELSEA MA: Spencer Row provides 32 units of affordable rental housing on a 1/2- acre site that sits one mile from downtown with multiple bus routes available just blocks away. The development consists of a three-story building above parking, with a community room for residents on the first floor. Townhouses with stoops offer private entries to several of the residences and create an active streetscape. EGLESTON CROSSING, JAMAICA PLAIN MA: Rejuvenating former brownfield sites, Egleston Crossing integrates new retail and housing into two new mixed-use buildings in a key Boston neighborhood commercial center. Highlighting numerous green building features, including a 64.8 kilowatt photovoltaic array, Egleston Crossing has achieved 50% overall energy savings. BROWN SCHOOL RESIDENCES, PEABODY MA: Originally constructed in 1911 with additions in 1920 and 1950, this distinctive structure incorporates elements of the Colonial Revival and Craftsman styles with Renaissance Revival entrance arches. The transformed site consists of a total of 61 active adult units. The reuse of the 30,000 SF historic school structure includes 20 units with community facilities and management space provided on the ground level. Immediately to the east of the school building sits a 41-unit, four-story, 50,000 SF new construction addition. 33 SYLVAN AVENUE, NEW HAVEN CT: Located near the Yale/New Haven Hospital and Yale Medical School, the nine-story apartment building provides 104 apartments in a mix of 65 market-rate apartments and 39 affordable supportive units. Large windows provide sweeping views of downtown New Haven and the picturesque Sleeping Giant State Park. Retail space combines with comfortable amenity areas at the ground floor to transition between hospitals and surrounding neighborhood. FULTON SCHOOL RESIDENCES, WEYMOUTH, MA: The 1928 Nationally Registered Alice E. Fulton School has been reborn as an affordable, active senior community. The adaptive reuse and historically-sensitive addition to the Colonial Revival structure provides 63 apartments, many preserving original detail. This development is one of many ICON renovations putting historic tax credits to work to create senior housing within surplus schools in Massachusetts. Spencer Row 33 Sylvan Avenue Fulton School Residences Egleston Crossing Brown School Residences STATE TAX CREDIT/ AFFORDABLE HOUSING WALDEN FIRE HOUSE RESIDENCES, REVERE MA: Built in 1907 in a restrained Classical Revival style, this former fire station provides home to seven units of senior housing. Former fire truck bays now serve as a first floor community space for the broader neighborhood. Original staircases were retained, and still wrap around the fire house pole that was once used for quick passage. Wood wainscoting and trim have been retained and replicated, while historic images have been reproduced as artwork in the hallways. Funded by both historic and low-income housing tax credits, this new use rejuvenates a historic TOD neighborhood, within a walk of both the MBTA Blue Line and the Revere Beach waterfront. 525 BEACH STREET, REVERE MA: This 30-unit, affordable rental development includes below- grade parking, a community space, and great access to public transportation, neighborhood amenities and Revere Beach. The design features rhythmic bays and a landscaped courtyard for residents, while emulating the surrounding triple-decker context. The building is anticipating LEED for Homes Mid-Rise certification. Several apartments feature private outdoor space via decks and stoops. Transom windows allow additional daylight into top floor units. OLMSTED GREEN, MATTAPAN MA: Olmsted Green is a mixed-use, mixed-income development on 42 acres of the former Boston State Hospital site, and shares a property line with the 65-acre Mass Audubon Boston Nature Center. Clustered around a series of intimate garden courts and parking courts, small townhouse groupings achieve densities of 15 to 20 units an acre, while preserving existing, healthy mature trees throughout the site and maintains a visual connection with the adjacent Boston Nature Center. SIMPKINS SCHOOL RESIDENCES, SOUTH YARMOUTH MA: Nestled in the historic district of South Yarmouth, the 1930 John Simpkins School has been redesigned to offer 65 senior housing units. The adaptive reuse includes a historically-sensitive addition, and extensive review by the Cape Cod Commission’s Regional Policy Plan. Features include a community room and expansive green space. APPLETON MILLS, LOWELL MA: The 130 artist live/work lofts at Appleton Mills is located on an “island” bounded by canals that once powered former industries. This adaptive reuse restores the extant masonry mill remains, reuses the cast iron columns, and reengages bridges linking across canals. At the heart of the complex lies a light-filled, four-story atrium serving as a communal gallery. Units offer a range of open loft layouts, including those that array along the “loading dock” terrace, allowing residents to roll up garage doors to open their studios to the beautiful view outside. The space also features a community lounge, fitness center, a green roof and collaborative raw workshop space. Olmsted Green 525 Beach Street Walden Fire House Simpkins School Residences Appleton Mills MASTER PLANNED MIXED INCOME COMMUNITIES MAXWELL’S GREEN, SOMERVILLE MA: Adjacent to the future Lowell Street Station on Boston’s Green line Extension, Maxwell’s Green is a new transit oriented community. The 184 market rate units are arrayed around a central park, in four separate buildings, each with below-grade parking. The design character varies across the buildings, creating a rich, diverse neighborhood setting. The development connects to the Somerville Community Path, a popular public way for alternate means of transit, including bicycling and walking. OAK GROVE VILLAGE, MELROSE/MALDEN MA: Oak Grove Village sits on 16 acres of land and marries 550 one- and two-bedroom apartments with a Main Street retail center and clubhouse. Although the bulk of parking is hidden in garages underneath every building, streets are designed to allow parallel parking near unit front doors. The abundantly landscaped commons, interior courtyards, patios, walking paths and bridges along the canal edge establish a rich pedestrian-oriented neighborhood, all within a 10-minute transit ride into Boston. OLMSTED GREEN, MATTAPAN MA: Olmsted Green is a mixed-use, mixed-income development on 42 acres of the former Boston State Hospital site, and shares a property line with the 65-acre Mass Audubon Boston Nature Center. Clustered around a series of intimate garden courts and parking courts, small townhouse groupings achieve densities of 15 to 20 units an acre, while preserving existing, healthy mature trees throughout the site and maintains a visual connection with the adjacent Boston Nature Center. HAMILTON CANAL DISTRICT, LOWELL MA: Situated amidst Lowell’s historic canal system, the 15-acre Hamilton Canal District is a new transit-oriented, mixed-use neighborhood engaging Massachusetts’ creative economy. The plan combines the adaptive reuse of historic mills with 500,000 SF Office space, a 900-car parking garage, 50,000 SF ground level retail, and up to 800 units of housing. New streets and canal crossings have been designed and built. The first development phase, Appleton Mills, was completed in 2011. THE BOX DISTRICT, CHELSEA MA: This former industrial district has been transformed into a new 250+ unit, multi-block residential neighborhood. ICON has designed four new infill developments positioned amidst existing residential and retail structures, and worked with the City of Chelsea to design and build new streets and public parks. Highland Homes mixes rental apartments with home ownership condominiums. Nearby, Janus Homes wraps around a large, native species flowering garden. Spencer Row combines private entry townhouses with apartment flats, while Highland Terrace overlooks a new city park. Maxwell’s Green Oak Grove Village Olmsted Green Hamilton Canal District Box District MASTER PLANNED MIXED INCOME COMMUNITIES WASHINGTON BEECH, ROSLINDALE MA: Transformed as a HOPE VI community, this revitalized housing centers on a new park that connects back into the surrounding Roslindale neighborhood with new streets and sidewalks. The 216 apartments range in housing types, and engage this new public realm. A five-story apartment building marks the primary corner of the site with one- and two-bedroom units and a community center. Townhouses consist of two-, three-, four-, and five-bedroom units. These houses are spread out around the central park and bounding new streets. With its inviting front door stoops and private rear yards, these homes are energy efficient. Incorporating a photovoltaic array and leading edge energy and air quality strategies, Washington Beech earned LEED for Homes Gold and LEED-H Midrise Gold. MAVERICK LANDING, EAST BOSTON MA: Situated along Boston’s Inner Harbor, this nine acre, transit- oriented neighborhood replaces an obsolete 1940’s public housing “superblock”. Despite its density of 44 units per acre, the site blends substantial public open space with the restoration of the historic street grid; reconnecting the site to the surrounding community and providing both visual and physical connections to its magnificent waterfront. Maverick Landing’s 426 mixed-income units offer a wide variety of unit types, including rental townhouses, mid-rise apartment buildings, and a seven-story condominium building at the water’s edge. With rooftop photovoltaic panels and a cogeneration system, Maverick Landing is the first LEED certified affordable housing development in New England, engaging “healthy home” design and construction practices. QUINNIPIAC TERRACE, NEW HAVEN CT: The award-winning 226-unit Quinnipiac Terrace transformes an obsolete housing project into a “community of choice,” blending both rental and homeownership opportunities. Taking advantage of its attractive riverfront site, the plan reintroduced the neighborhood street grid, relinking the adjacent Fairhaven neighborhood, and creating views to the river with its enhanced riverfront park. Building design takes cues from this riverfront community’s historic prototypical “Oyster House,” lifting housing above brick flood-proof lower levels. PARK SQUARE WEST, STAMFORD CT: Park Square West is a $140 million mixeduse luxury housing and destination retail development on a 4.4 acre urban renewal site in the historic downtown core of Stamford. Situated adjacent to the city’s entertainment district and “Restaurant Row”, Park Square West enhances the economic development of downtown Stamford while meeting strong demand for housing in the city center. Phase Two includes 209 apartments over ground-level retail spaces. Cafes and other convenience uses will complement the overall retail mix of the downtown area. Phase Three will add another 220 apartments and a contemporary look to the city center. Washington Beech Maverick Landing Quinnipiac Terrace Park Square West LOW-RISES 3-4 STORY (podium and stick-frame) COLUMBIA WEST, BOSTON MA: Located along a major urban boulevard, Columbia West includes 40 affordable apartments and SRO units with below-grade parking in an elegant, brick-clad structure that combines traditional forms with a contemporary style in a dense urban context. Residents enjoy a sunfilled courtyard behind the building. HIGHLAND TERRACE, CHELSEA MA: As part of The Box District, Highland Terrace has helped transform a prominent, overgrown corner into an inviting community for 32 families. Straddling two city streets and an extreme grade change, these three new buildings overlook the new community-designed hillside park. This LEED Platinum-certified project features a community gathering space, laundry, a playground, and resident parking. SPENCER ROW, CHELSEA MA: Spencer Row provides 32 units of affordable rental housing on a 1/2- acre site that sits one mile from downtown with multiple bus routes available just blocks away. The development consists of a three-story building above parking, with a community room for residents on the first floor. Townhouses with stoops offer private entries to several of the residences and create an active streetscape. PUTNAM GREEN, CAMBRIDGE MA: Putnam Green is made up of 40 apartments that surround a sunny, landscaped courtyard to maximize passive solar design.Photovoltaic and solar thermal panels cover the roof to reduce energy use. A separate six-family structure is built with structural insulated panel system to achieve an R-30 envelope with individual unit ERVs. Although designed to save energy, the buildings are warm and inviting, featuring a curved entry porch and bays that playfully engage the more traditional neighboring residences. The front porch includes a mural to commemorate a local housing advocate. Putnam Green Spencer Row Columbia West Highland Terrace LOW-RISES 3-4 STORY (podium and stick-frame) THE BOX DISTRICT, CHELSEA MA: This former industrial box manufacturing district has been transformed into a new 250+ unit, multi-block residential neighborhood. ICON has designed four new infill developments positioned amidst existing residential and retail structures, and worked with the City of Chelsea to design and build new streets and public parks. Highland Homes comprises 49 units in three separate buildings, mixing rental apartments with home ownership condominiums. Nearby, Janus Homes is made up of 18 units that wrap around a large, native species flowering garden. The 32-apartment Spencer Row sits above a parking podium and combines private entry townhouses with apartment flats. Highland Terrace adds 30 new flats and townhouses overlooking a new city park, and achieves LEED for Homes Platinum. RESIDENCES AT CANAL BLUFFS, BOURNE MA: Canal Bluffs is a 17-acre development that is comprised of 117 apartments, including 41 upscale condominiums in one- and two-bedroom configurations, and a nearby wood-frame, three-story building that houses 28 apartments. The project also includes 44 townhouses. LAKEWAY COMMONS, SHREWSBURY MA: This new 250-unit, mixed-use development is comprised of five commercial/retail buildings and five residential buildings that mix studio, one-, two-, and three-bedroom apartments. Residents will enjoy a 8,500 SF clubhouse with fitness center, screening/game room, and large club room with full kitchen, with direct access to an outdoor patio with a grill and pool area. Lakeway Commons Box District Residences at Canal Bluffs ADAPTIVE REUSE SCHOOL STREET RESIDENCES, ATHOL MA: Originally constructed in 1915, and later expanded in 1937, the historic Athol Middle School is a 66,600 SF Art Deco style structure that has been completely renovated to provide 50 units for active adults. Utilizing Historic Tax Credit financing, the School Street Residences provides a much needed affordable, locally-available retirement community that preserves an important historic structure. Simpkins School Residences School Street Residences FULTON SCHOOL RESIDENCES, WEYMOUTH MA: The 1928 Nationally Registered Alice E. Fulton School has been reborn as an affordable, active senior community. The adaptive reuse and historically-sensitive addition to the Colonial Revival structure provides 63 apartments, many preserving original detail. This development is one of many ICON renovations putting historic tax credits to work to create senior housing within surplus schools in Massachusetts. SIMPKINS SCHOOL RESIDENCES, SOUTH YARMOUTH MA: Nestled in the historic district of South Yarmouth, the 1930 John Simpkins School has been redesigned to offer 65 senior housing units. The adaptive reuse includes a historically-sensitive addition, and extensive review by the Cape Cod Commission’s Regional Policy Plan. Features include a community room and expansive green space. ADAPTIVE REUSE 8 WINTER STREET, BOSTON MA: 8 Winter street is an adaptive reuse of an early 20th-century office building into 48 micro-units. The design incorporates a new lobby, full interior renovations, complete building systems modernization, and addition of a second egress stair. Located at the heart of Boston’s Downtown Crossing, the building sits directly on the MBTA station entry with commercial retail space on the first two floors. WALDEN FIRE HOUSE RESIDENCES, REVERE MA: Built in 1907 in a restrained Classical Revival style, this former fire station provides home to seven units of senior housing. Former fire truck bays now serve as a first floor community space for the broader neighborhood. Original staircases were retained, and still wrap around the fire house pole that was once used for quick passage. Wood wainscoting and trim have been retained and replicated, while historic images have been reproduced as artwork in the hallways. Funded by both historic and low-income housing tax credits, this new use rejuvenates a historic TOD neighborhood, within a walk of both the MBTA Blue Line and the Revere Beach waterfront. ENTERPRISE BUILDING, BROCKTON MA: Built in 1890, the original Enterprise Building housed the Brockton Enterprise Newspaper and later expanded into the adjacent building in 1894. In the 1970’s, a modern steel and concrete addition was completed and the historic facades were covered. By 2000, the building was empty and the Brockton Enterprise Newspaper had left. ICON’s renovation restored the building’s original historic facade and upgraded the building’s envelope. Scope includes installation of a new elevator, building systems,and window replacements. The interiors have been fit-out for new office and retail use. TEACHERS CORNER, HARTFORD CT: Located two blocks from Hartford Union Station, this adaptive reuse will transform a former downtown, six-story office building into 60 mixed-income efficiency apartments, marketed to teachers. Ground floor uses will include a Performance & Learning Space and a day care with additional programmed amenity spaces on upper floors. The renovation includes elevator modernization, system upgrades, recladding of exterior bays with a new curtainwall system, and a contemporary new image for this prime property. 8 Winter Street Walden Fire House Residences Enterprise Building Teachers Corner (370 Asylum Street) Lofts at North Point ADAPTIVE REUSE LOFTS AT NORTH POINT, CAMBRIDGE MA: This former industrial building creates 103 new “micro” lofts, an emerging new housing prototype for urban dwellers, conveniently located near the new Lechmere station on the Green Line extension. These studio apartments range in size from 330 to nearly 700 square feet, each with floor-to-ceiling windows, independent HVAC systems, and contemporary loft interiors. The project is designed to meet LEED-NC silver criteria. APPLETON MILLS, LOWELL MA: The 130 artist live/work lofts at Appleton Mills establishes the 15-acre, mixed-use Hamilton Canal District as one of Massachusetts preeminent creative communities. Located on an “island” bounded by canals that once powered former industries, this adaptive reuse restores the extant masonry mill remains, reuses the cast iron columns, and reengages bridges linking across canals. Site walkways trace the historic mill worker paths. At the heart of the complex lies a light-filled, four-story atrium serving as a communal gallery. Units offer a range of open loft layouts, including those that array along the “loading dock” terrace, allowing residents to roll up garage doors to open their studios to the beautiful view outside. The space also features a community lounge, fitness center, a green roof and collaborative raw workshop space. THE PLANT, PROVIDENCE RI: The Plant mixes a new blend of commercial and restaurant space with residential and live/work lofts in two 19th century industrial buildings. Live/work units range from affordable 500 SF studios with a wall of windows, to multi-story lofts with “wow,” and full floor-thru communal “nests.” Adaptive reuse is redefined through a blend of artistic integrity with aplomb. Via selective demolition, the underutilized and overbuilt site was opened up to create parking areas and an award-winning dance courtyard. Although in some areas the internal structure was deteriorated beyond repair, exterior walls were selectively preserved, maintaining the traditional street wall at the back of the sidewalk. New construction is clearly identified in contemporary materials and details. THE LOFTS AT WESTINGHOUSE, HYDE PARK MA: Just a short walk from the Readville Commuter rail stop, Westinghouse Lofts are a key component in the adaptation of the former Westinghouse Fan manufacturing mill into a mixed-use complex featuring light industrial tenants, a charter school, and artist live/work lofts. The live/work lofts appeal to a diverse group of artistically-inclined residents – with units sculpted to accommodate a range of unit sizes, including multi-level lofts rising up into the clerestory spaces of the mill building. For those with a desire to “live only”, they can choose to “work nearby” in the studio-only space carved out of the north facing wing. Units feature exposed original brick, beam lofts, and custom historic windows that provide plenty of natural light. Appleton Mills The Plant The Lofts at Westinghouse ADAPTIVE REUSE (MILLS) 110 CANAL, LOWELL MA: As part of the Hamilton Canal District Redevelopment, this reuse of a 1930’s former industrial building provides historic appeal with downtown convenience. Located at the intersection of three historic waterways, 110 Canal offers open floor plans and visually stunning interiors profiling the raw, concrete frame of the original structure. The historic renovation of the exterior envelope replaced the original factory window sashes with energy-efficient contemporary windows, providing excellent daylighting for the commercial space on five floors. ICON is currently fitting out the top two floors for the University of Massachusetts Lowell Innovation Hub + M2D2 Labs. BROOKSIDE ARTISTS LIVE/WORK, JAMAICA PLAIN MA: Creative and selective demolition allowed this former rubber factory to be molded into new use as artist live/work housing. ICON specifically designed units to fit each resident’s needs, making way for pottery kilns, a circus trapeze, a dance studio, and even a taxidermy shop. The complex now houses a range of unit types, including townhouses, open lofts reaching up into historic light monitors, and flats with private courtyards wrapped around the historic smokestack, exposing the original Roxbury puddingstone foundation. These spacious, sunny units enjoy a TOD location within steps of two transit stops, and contribute to the well-established artist-friendly community in Jamaica Plain. SWIFT FACTORY, HARTFORD CT: The historic and former gold-plating Swift Factory will become a new neighborhood health and employment center in the dense residential neighborhood of Hartford. With a local organic farm already established on site, the complex of buildings will be anchored by a local community food center and a public branch library. An urgent care health center will be situated in one set of buildings, while the sponsor organization occupies the original historic homes. In addition to the anchor programs, community space will be available, including teaching spaces and flexible tenant spaces for incubator startup businesses. The site will feature geothermal wells, permeable paving, and an intimate interior courtyard. ICON’s scope includes program development, pedestrian and vehicle movement throughout the site and buildings, and new elevators will be installed as part of the Core and Shell improvements. New windows, doors, and insulation comprise the shell improvements, and high efficiency building systems will be installed, with a goal to create a self-sustaining site for the future. 110 Canal Brookside Artists Live/Work Swift Factory SENIOR HOUSING MORVILLE HOUSE, BOSTON MA: Morville House, located in Boston’s active Fenway and Symphony Hall area, blends 33 new residential units into an upgraded senior living complex. The new tower was designed to reduce shadow impacts on neighboring historic housing. High-tech window and wall systems combined with new mechanical systems throughout the existing complex contribute to a highly energy-efficient design. Relocation of the mechanical systems allowed expansion of resident facilities, including better connected library and meeting rooms, an Arts & Crafts Studio, and information and Fitness Centers. BROOKS SCHOOL APARTMENTS, WESTON MA: Blending this new 23-unit addition into an independent senior housing community required reorganizing the site to accommodate additional parking, on-site sewage treatment, and improved access to the entire facility. A new porch comfortably engages residents and serves as a clever link between housing components, and an octagonal lobby, complete with skylight. BROWN SCHOOL RESIDENCES, PEABODY MA: Originally constructed in 1911 with additions in 1920 and 1950, this distinctive structure incorporates elements of the Colonial Revival and Craftsman styles with Renaissance Revival entrance arches. The transformed site consists of a total of 61 active adult units. The reuse of the 30,000 SF historic school structure includes 20 units with community facilities and management space provided on the ground level. Immediately to the east of the school building sits a 41-unit, four-story, 50,000 SF new construction addition. FULTON SCHOOL RESIDENCES, WEYMOUTH MA: The 1928 Nationally Registered Alice E. Fulton School has been reborn as an affordable, active senior community. The adaptive reuse and historically-sensitive addition to the Colonial Revival structure provides 63 apartments, many preserving original detail. This development is one of many ICON renovations putting historic tax credits to work to create senior housing within surplus schools in Massachusetts. RUGGLES STREET SUPPORTIVE HOUSING, BOSTON MA: This former schoolhouse has been rejuvenated as an assisted living facility for at-risk and homeless elders, providing both housing and social services to a highly vulnerable population. The 43-unit facility is affordable and includes common living areas on each floor, a floor specializing in the care of those with Alzheimer’s and Dementia- related diseases, and a protected outdoor garden. 25 Ruggles Street was the first assisted living residence to be developed in an inner- city neighborhood in Boston. The project scope included both the adaptive reuse and addition to this early 1900’s schoolhouse. Fulton School Residences Brown School Residences Ruggles Street Supportive Housing Morville House Brooks School Apartments School Street Residences SENIOR HOUSING SCHOOL STREET RESIDENCES, ATHOL MA: Originally constructed in 1915, and later expanded in 1937, this 66,600 SF Art Deco style structure has been completely renovated to provide 50 units to this affordable, active adult community. ICON assisted the developer in seeking Historic Tax Credit financing. The School Street Residences provide a much needed affordable, locally- available retirement community while preserving an important historic structure. SMITH HOUSE, BOSTON MA: The Smith House is a 132-unit senior housing development in a 12-story 1970’s era concrete building. Capital improvements will increase energy efficiency, and units will be adapted to meet today’s accessibility code. Upgrades to common areas include elements to improve the residents’ lifestyle, such as improved lighting in common spaces, handrails to make independent movement easier, and comfortable furniture with bright colors in the lobby and amenity rooms. With input from the residents throughout the study process, the team is weighing the design and cost implications which range from minimal intervention, for example, potentially enlarging the laundry room, to maximal intervention, potentially relocating the laundry room from the ground floor to the 12th floor. Currently in the analysis phase, construction is scheduled to begin in 2016. Work will be coordinated while the building is occupied. SIMPKINS SCHOOL RESIDENCES, SOUTH YARMOUTH MA: Nestled in the historic district of South Yarmouth, the 1930 John Simpkins School has been redesigned to offer 65 senior housing units. The adaptive reuse includes a historically-sensitive addition, and extensive review by the Cape Cod Commission’s Regional Policy Plan. Features include a community room and expansive green space. WALDEN FIRE HOUSE RESIDENCES, REVERE MA: Built in 1907 in a restrained Classical Revival style, this former Fire Station provides home to seven units of senior housing. Former fire truck bays now serve as a first floor community space for the broader neighborhood. Original staircases were retained, and still wrap around the fire house pole that once had been used for quick passage. Wood wainscoting and trim have been retained and replicated, while historic images have been reproduced as artwork in the hallways. Funded by both historic and low-income housing tax credits, this new use helps rejuvenate a historic TOD neighborhood, within a walk of both the Blue Line MBTA station and the Revere Beach waterfront. Simpkins School Residences Walden Fire House Residences Smith House ARTIST’S LIVE/WORK ICON brings a long and successful track-record of completing adaptive reuse, live/work projects in historic buildings to meet the needs and modern code requirements of working artists. These projects often incorporate significant sustainable strategies and materials to create healthy, efficient, and environmentally friendly homes that are sensitive to historical context. WESTINGHOUSE LIVE/WORK LOFTS, HYDE PARK MA: This adaptive reuse of a former industrial mill complex into a truly mixed-use community is now home to a mix of light industrial tenants, a charter school, gallery and 64 artist live/work lofts. The upper two levels of this mill have been sculpted to accommodate a range of unit sizes, accommodating the needs of a variety of artists, including separate studio space. Common spaces offer wide hallways and highlight building features. APPLETON MILLS, LOWELL MA: This market loft style and live/work housing engages a contemporary mill yard interpretation, creating a community core on the central “island” of the 15-acre Hamilton Canal mixed-use district. With a gallery at street level, live/sell units along the new “loading dock,” a four-story atrium at the heart of the complex, and a green roof, the project incorporates the extant masonry remains of the Appleton Mill complex into a contemporary design. Working within the existing regular column grid, an efficient “pod” includes kitchen, bath and storage, while allowing maximum flexibility in each apartment studio space. BROOKSIDE ARTISTS LIVE/WORK, JAMAICA PLAIN MA: Creative and selective demolition allowed this former rubber factory to be molded into new use as artist live/work housing. ICON specifically designed units to fit each resident’s needs, making way for pottery kilns, a circus trapeze, a dance studio, and even a taxidermy shop. The complex now houses a range of unit types, including townhouses, open lofts reaching up into historic light monitors, and flats with private courtyards wrapped around the historic smokestack, exposing the original Roxbury puddingstone foundation. These spacious, sunny units enjoy a TOD location within steps of two transit stops, and contribute to the well-established artist-friendly community in Jamaica Plain. DARTMOUTH HOTEL, ROXBURY MA: Melding the restoration of this neglected 1871 National Register hotel with the new addition of artist live/work housing, Dartmouth Hotel has regained its elegance at the heart of Roxbury’s Dudley Square. After sitting vacant for 30 years, restoration required painstaking renewal of the rare marble façade and meticulous rebuilding of ornate wood-trimmed dormers and slate roofing. Combined with its contemporary addition, this mixed-use project has acted as a catalyst for new development in the Dudley Square area, including substantial new retail and restaurant space in its ground floor. Artist live work apartments feature lofted bedrooms and 16 foot high ceilings, as a result of design intent to align features with the adjacent historic building. The Lofts at Westinghouse Appleton Mills Artist Live/Work Lofts Brookside Artist Live/Work Lofts Dartmouth Hotel Mobius Gallery at ArtBlock Artist Live/Work Housing ARTIST’S LIVE/WORK ARTBLOCK 731, BOSTON MA: Developed in response to Boston’s “Artist Space Initiative, ArtBlock 731 includes two new live/work loft buildings wrapped around an historic school converted to artist studios. The contemporary exterior emulates the surrounding rhythms and materials of the historic South End and expresses the community-of-arts within. The public experience of ArtBlock 731 revolves around Mobius gallery at street level and its terrace and sculpture garden that enrich the neighborhood. Each open plan loft unit is thoughtfully designed to allow privacy for the sleeping area and openness in the living and working space. THE PLANT, PROVIDENCE RI: Through adaptive reuse, this 19th century Fabric Dying & Bleaching industrial facility was transformed into a mixed-use development; including office space, retail, and artist live/work housing. The project was awarded the 2007 Providence Preservation Society Award for Adaptive Reuse/Neighborhood Revitalization. Units range from affordable 500 SF studios with a wall of windows, to multi- story lofts with “wow”, and full floor-thru communal “nests”. The project redefines adaptive use with its blend of artistic integrity. Via selective demolition, the underutilized and overbuilt site was opened up to create parking areas to support retail spaces as well as a landscape design award-winning exterior dance courtyard. THE DISTILLERY, SOUTH BOSTON MA: ICON’s design for 65 new units at The Distillery in South Boston will be the first multifamily Passive House structure to be built in New England, and will be separately certified at the Platinum level for LEED for Homes. The new building will support and enhance an existing, vibrant artist and business community created in an historic distillery mill. The new development will add additional artist live/ work loft spaces, commercial/retail space, a community roof top garden, two stories of parking, a large shared courtyard, and a small grocery, café, and gallery. BF BROWN ARTIST LIVE/WORK COMMUNITY: Adjacent to the Fitchburg Art Museum and a few steps from the commuter rail station, the adaptive reuse of three underutilized buildings will revitalize and reinforce this arts district. ICON is working with the local community development corporation and the Museum to develop an exciting vision for this artist community. Program elements include 50 new affordable apartments in the former B.F. Brown Middle School, with ground level artist live/work units opening onto a plaza and outdoor workspace. The former stable may become a shared workshop or gallery space for local artists, while the Annex, across the street, will also be adaptively re-used. The B.F. Brown Artist Live/Work Community will be the only artist housing linked to a major museum in New England and provide artists a unique place to live, work and showcase their art. The Plant The Distillery HIGH STREETAC A D E M Y S T R E E TELM STREETENTRY FORMAL SCULPTURE YARD BUFFE R P U B L I C F O O T P A T H 49 PARKING SPACES 13 PARKING SPACES A C C ES SI BL E P U BLICRESIDENT 6 2 3 4 1 5 PRIVATE YARD LOAD ENRTY P UB LI C CAFE Proximity to FAM easy access to studio/classroom resources Individual private unit entrances Outdoor Art display PV Potential at roof Community gathering/outdoor artist work/play Integrated historic detail 3 1 2 6 4 5 Re-Visioning BF Brown + Stables + AnnexConceptual Plan BF Brown Artist Live/ Work Community LEADING-EDGE SUSTAINABLE PROJECTS At the core of our philosophy and mission is a commitment to sustainable and green design. ICON’s staff of 35 is well represented by its 14 LEED Accredited Professionals. Our projects are typically Energy Star certified and designed to meet LEED-certification requirements and Enterprise Green Criteria. We ensure that, even if a client prefers not to take on the process of LEED certification, the result of our work often meets LEED Gold or Silver standards. With the accompanying costs, we put the added value into the project, not the paperwork. We also pay close attention to the “Healthy Homes” concept, which focuses on the quality (and durability) of the indoor environment through the careful selection of materials, finishes, and construction details. THE DISTILLERY PASSIVE HOUSE, SOUTH BOSTON MA: ICON’s design for 65 new units at The Distillery in South Boston will be the first multifamily Passive House structure to be built in the New England. Passive House is the leading standard for energy-saving construction in the world—offering heating energy savings of 80% over conventional construction. Separately certified for LEED for Homes at the Platinum level, the new building will support and enhance an existing, vibrant artist and business community created in an historic distillery mill. The new development will also add additional artist live/work loft spaces, commercial/retail space, a community roof top garden and deck space, two stories of parking, a large shared courtyard, and a small grocery cafe, and gallery. MAVERICK LANDING, LEED Certified (426 Apartments) This 426- unit mixed-income development on Boston’s Inner Harbor is the first LEED- certified affordable housing development in New England, and was awarded the 2009 Donald Terner Prize for most innovative affordable housing in the nation. A grant from the Mass Technology Council incorporated photovoltaic panels and a cogeneration system into the design. The site blends substantial public open space with restoration of the historic street grid, and offersa wide array of unit types, including rental townhouses, mid-rise apartment buildings, and a seven-story condominium building at the water’s edge. With its views to the harbor Maverick Landing features renewable energy systems, fresh air directly ducted into each unit, heat recovery systems, cogeneration plant, gas-powered chiller, smart mechanical drives, and water- saving plumbing fixtures—as well as a high performance exterior envelope with fiberglass windows. WASHINGTON BEECH, LEED-H Gold (206 Apartments): Washington Beech combines a 70-unit steel-framed mid-rise with 136 townhouse style three-, four-, and five-bedroom units arrayed around a new 1/2- acre central park and bounding new streets, with inviting front door stoops and private rear yards for each unit. Transformed as a HOPE VI community, this revitalized community centers on a new park and reconnect with the surrounding Roslindale neighborhood. A range of housing types engage this new public realm. Incorporating a photovoltaic array, and leading edge energy and air quality strategies, Washington Beech earned LEED for Homes Gold and LEED-H Midrise Gold. Washington Beech Maverick Landing The Distillery HOPE VI + CHOICE NEIGHBORHOOD REDEVELOPMENTS WASHINGTON VILLAGE, SOUTH NORWALK CT: Hurricane Sandy-impacted Washington Village is the focus of a large-scale CHOICE Neighborhoods Transformation Plan in South Norwalk whose goals include the replacement of the existing 136 Washington Village public housing project, one of the oldest remaining such developments in Connecticut. The project, within walking distance of the SoNo train station, is being designed to conform to the recently adopted TOD zoning guidelines for the area. The scope includes creation of a vibrant 273-unit mixed-income community, with amenities and social programs, a renovated and reprogrammed city park, and new streetscapes and pocket parks for residents. Washington Village has recieved a $30 million Implementation Grant from the US Department of Housing and Urban Development to help rebuild the complex. MAVERICK LANDING, EAST BOSTON MA: This 426- unit mixed-income development on Boston’s Inner Harbor is the first LEED- certified affordable housing development in New England, and was awarded the 2009 Donald Terner Prize for most innovative affordable housing in the nation. A grant from the Mass Technology Council incorporated photovoltaic panels and a cogeneration system into the design. The site blends substantial public open space with restoration of the historic street grid, and offers a wide array of unit types, including rental townhouses, mid-rise apartment buildings, and a seven-story condominium building at the water’s edge. With its views to the harbor Maverick Landing features renewable energy systems, fresh air directly ducted into each unit, heat recovery systems, cogeneration plant, gas-powered chiller, smart mechanical drives, and water- saving plumbing fixtures—as well as a high performance exterior envelope with fiberglass windows. WASHINGTON BEECH, ROSLINDALE MA: Washington Beech combines a 70-unit steel-framed mid-rise with 136 townhouse style three-, four-, and five-bedroom units arrayed around a new 1/2- acre central park and bounding new streets, with inviting front door stoops and private rear yards for each unit. Transformed as a HOPE VI community, this revitalized community centers on a new park and reconnects with the surrounding Roslindale neighborhood. A range of housing types engage this new public realm. Incorporating a photovoltaic array, and leading edge energy and air quality strategies, Washington Beech earned LEED for Homes Gold and LEED-H Midrise Gold. NORTH JACKSON WARD, RICHMOND VA: ICON led a multi-disciplinary team for the mixed-use redevelopment plan for Richmond’s North Jackson Ward and three other large housing sites in the nearby Highland Park neighborhood. Working with the Richmond Redevelopment and Housing Authority, project and neighborhood residents, and a wide variety of community stakeholders, the goal was to create a master plan for over 2500 new units of mixed-income housing among the four sites, serving to deconcentrate poverty, strengthen the community, and to reestablish, reintegrate and relink these isolated sites back into the city. This sustainable, transformational master plan was developed through a six month process, consisting of numerous community and resident meetings, engaging public interest and building consensus around a compelling vision which is grounded in reality and implementable in the future. Maverick Landing Washington Village Washington Beech North Jackson Ward INTRODUCTION Established in 1952, CHA is a diversified, full-service engineering firm in both market and service delivery. With more than 1,100 staff in 40 offices globally, we are recognized for providing our clients with innovative approaches to planning and design in the built environment. The central core of our business philosophy is one that promotes a collaborative working relationship with our clients supported by experience and best practices. DISCIPLINES The multi-disciplined nature of CHA allows us to provide a broad range of expertise to our clients so that the need for multiple sub consultants involved in a project is minimized. Our commitment to maintaining this technical expertise allows CHA to drive project schedules resulting in reduced costs to our clients. Technical disciplines include: • Civil • Structural • Mechanical • Electrical • Landscape Architecture • Sports Architecture • Environmental • Geotechnical • Survey • Planning EXPERTISE Our technical expertise for municipal building projects is focused in the following areas: • Infrastructure/utility design • Facility condition assess- ments • Mechanical, electrical, plumbing design • Structural design • Power generation • Cogeneration • Fire protection • Site/stormwater management • Traffic calming & circulation • Environmental compliance • Program management & commissioning • Environmental compliance FIRM PROFILE LEAD OFFICE 101 Accord Park Drive Norwell, MA 02061 Phone: (781) 982-5400 Fax: (781) 982-5490 CHA AT A GLANCE Founded in 1952 40 offices globally 1,100 personnel Design Firm of the Year - ENR NY 2013 Ranked #60 on ENR’s List of the Top 500 Design Firms Full service engineering, environmental and planning firm DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES CORPORATE PROFILE 1 Who We Are (1) (2) (3) (4) (5) Design Technique was established in 1980 for the sole purpose of providing on-site construction administration support and technical know-how to local architects. Initially, Design Technique represented a number of large Boston-area architectural firms, analyzing and resolving day-to-day design and construction challenges on some of Boston’s large and complex mixed-use projects. In time, a number of municipalities, institutions, and private developers who were proposing construction projects recognized the need for professional assistance in order to manage risk and add value for these increasingly complex undertakings. Design Technique, Inc, was uniquely positioned to provide these services, and in fact was at the forefront of the construction project management profession. We continue to provide consulting services to our clients, which now include public libraries and schools, private secondary schools, and private individuals. What We Do Design Technique, Inc. consists of a group of individuals with professional backgrounds in architecture, planning, environmental management, and construction, as well as construction management techniques such as scheduling and budgeting. A construction project of any size can be a demanding and time-consuming process, even for experienced owners. Our task is to guide and assist owners throughout this process. We apply our professional expertise to all phases of a construction project, starting at its inception and then carrying through construction to final completion and move-in. We facilitate your project by preparing and managing the project budget, schedule, and quality assurance process. We assist you with procuring the services of other consultants such as architects and engineers, general contractors, and service providers. We promote communications with the Owner and the other parties to the project in order to identify goals and issues, all of which are necessary to anticipate and therefore prevent problems. Design Technique provides the personal, hands-on attention that our clients and their projects need and deserve. Our goal is to help you navigate the complex construction project process, minimize risk, and at the end to provide you with a building that fully meets your expectations. Images: 1. Post Office Square, Boston, MA 2. Heritage on the Garden, Boston, MA 3. Harvard Public Library, Harvard, MA 4. Milton Public Library, Milton, MA 5. Boston Public Library, Boston, MA DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES QUALIFICATIONS & PORTFOLIO 1 Design Technique, Inc. was established in 1980 for the express purpose of assisting our clients with the design and construction of building projects of all sizes. Design Technique currently consists of a group of individuals with professional backgrounds in architecture, planning, environmental management, and construction, as well as construction management techniques such as scheduling and budgeting. We apply our professional expertise to all phases of a construction project, starting at its inception and then carrying through design and construction to final completion and move-in. We facilitate your project by preparing and managing the project budget, schedule, and site inspections and quality review. We assist you with procuring the services of other consultants such as architects and engineers, general contractors, and service providers. We facilitate effective communications with the Owner and the other parties to the project in order to establish common goals, expedite decision-making, and identify problems and issues. We have found that this approach is most effective at ensuring that the finished project best meets the owner’s needs and expectations. ______________________ DTI is particularly well - qualified to undertake your project for the following reasons: • We have acquired 35 years of experience as Owner’s Project Managers. • We specialize in construction project management. We are not an engineering firm or cost estimators (although we can provide cost estimating services through sub-consultants if required). • Our staff includes the following professionals: Two Licensed Architects, LEED AP, and Licensed Construction Supervisor. • We have proven track record & experienced OPM in public library and independent school building projects. • We are a Massachusetts-based firm. • We have extensive experience providing OPM services to public entities in the Commonwealth of Massachusetts, including 25 public-sector construction projects. • We have completed three LEED-Certified library projects. A fourth LEED-pending library project is currently under construction. • We have a thorough knowledge of MGL Chapters 30 and 149, the Massachusetts State Building Code, regulations of the Massachusetts Architectural Barriers Board and the Americans with Disabilities Act. • We are specialist in public bid (MGL Ch. 149) process. • We have experience with the Construction-Manager-at-Risk process. • We have experience with negotiating consulting services for public awarding authorities. • We have experience working with town regulatory agencies and with local community groups. ______________________ Our portfolio of current and completed projects includes the following: Affordable, Senior, Multifamily Housing – Historic Adaptive Use and New Housing Projects • Chelmsford Woods Residences: ($11/0M / 116 Units) New multi-phase family development of affordable housing in Chelmsford, MA. 40B development includes apartments, townhouses and central clubhouse. • Simpkins School Residences: (9.8M / 65 Units) Adaptive reuse of the John Simpkins School in South Yarmouth, MA. Designed for Senior Housing. (Paul E. Tsongas Award winner from Preservation Mass) • School Street Residences: ($9.0M / 50 Units) Adaptive reuse of the Athol Middle School in Athol, MA. Project includes affordable and active adult housing (Paul E. Tsongas Award winner from Preservation Mass) DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES QUALIFICATIONS & PORTFOLIO 2 • Fulton School Residences: ($8.9M / 63 Units) Adaptive reuse renovation at the historic Alice E. Fulton School in Wayland, MA. Housing for active seniors. Includes a mix of affordable senior housing. • Brown School Residences – ($9.2M / 61Units) Adaptive reuse and new construction of affordable housing at the “old” Brown School in Peabody, MA Independent School Projects • The Governor’s Academy, Byfield – ($20M) Campus Master Plan Implementation including new Library, Math / Science Building • Milton Academy, Milton – ($30M) Campus Master Plan Implementation; renovations to historic Straus and Cox Libraries • St. John’s Preparatory School, Danvers – ($30M) Campus Master Plan Implementation including new state-of-the-art Library, renovations to science building and classrooms • The Winsor School, Boston – ($7M) New dining hall & science laboratory renovations • St. Mark’s School, Southborough – ($35M) Campus Master Plan Implementation. Including new Student Center, STEM, and Administrative Office renovations. • Shady Hill School, Cambridge – ($28M) Arts Center and Gymnasium complex • Shore Country Day School, Beverly, MA – ($15M) Campus Master Plan Implementation, including new 375-seat Center for Creativity and Classrooms Addition. Public-Funded School Projects (Chapter 149) • Christa McAuliffe Regional Charter Public School (Framingham, MA) – ($3M) Renovation of existing business office space and temporary modular classrooms. Including utilities and site work. Includes an “Adventure Center”, science classrooms and student activity areas. • Manchester/Essex Regional School – ($49M) New Middle/High School with MA-CHPS designation, including Feasibility of 18 different sites in 2 towns. Project budget had to be locked-in 5 years in advance of completion. Completion on schedule as planned with a healthy contingency remaining. (OPM/Site Rep. for design & construction) • Masconomet Regional School District – ($54M) Renovation/Addition of Middle/High School including a new library with current library technology at that time. (OPM/Site Rep. for design & construction) • Ipswich Public Schools ($35M) New Middle/High School on environmentally sensitive site. (OPM/Site Rep. for design & construction) MA State Funded Public Library Projects (Chapter 149) (* indicates LEED Certification) • Christa McAuliffe Branch Library * – ($8.6M) Construction of new library, OPM/Site Rep. for design & construction. Assistance with MBLC Grant Application. Designer selection. (In construction: submitting for LEED Certification) • Millis Public Library * – ($7.8M) new library, Designer selection, OPM/Site Rep. for design & construction LEED Certified • Westwood Public Library * – ($15M) new library, Designer selection, OPM for design & construction LEED Certified • Walpole Public Library * – ($11M) new library, OPM/Site Rep. for design & construction LEED Certified Gold • Woburn Public Library – (MBLC Grant Round) addition & renovation project, historic library. Assistance with MBLC Grant Application. Designer selection. DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES QUALIFICATIONS & PORTFOLIO 3 • Sherborn Library – (MBLC Grant Round) addition/renovation project Assistance with MBLC Grant Application. Designer selection. • Shrewsbury Public Library – (MBLC Grant Round) addition &renovation project. Assistance with MBLC Grant Application. Designer selection. • Milton Public Library – ($13M) addition/renovation project, historic library, OPM/Site Rep. for design & construction • Harvard Public Library – ($7M) addition/renovation project, historic library, OPM/Site Rep. for design & construction • Flint (Middleton) Public Library – ($7M) addition & renovation project, historic library, OPM/Site Rep. for design & construction • Georgetown Peabody Public Library – ($4M) addition & renovation project, historic library, OPM/Site Rep. for design & construction • Merrimac Public Library – ($4M) new library, OPM design & construction, OPM/Site Rep. for design & construction • Newburyport Public Library – ($7.8M) addition & renovation project, historic library, OPM/Site Rep. for design & construction • Hamilton Wenham Library and Recreation Center – ($4.8M) new library with renovations of existing building into Recreation Center • Boston Public Library / McKim Building Restoration – ($15M) historic restoration of Bates Hall DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES REPRESENTATIVE AFFORDABLE HOUSING PROJECTS 1 Brown School Residences Peabody, MA The former "old" Brown School, a Peabody landmark, has been beautifully restored, and meticulously renovated into apartment homes. Conveniently located in the picturesque community of Peabody, Massachusetts. The Brown School Residences’ 61 units feature modern and convenient living. Construction Cost: $9.2M 67K SQFT Fulton School Residences Wayland, MA The 1928 National Registered Alice E. Fulton School has been reborn as the Fulton School Residences. The adaptive reuse and historically sensitive addition to the Colonial Revival structure provides 63 apartments for active seniors. Many original details were preserved, including broad corridors with wood wainscoting, high ceilings, and large windows. Original character giving elements such as historic wainscoting and classroom cloak rooms were incorporated into the residential units as niches for resident display. After 75 years of service, the school had become a landmark and cornerstone in the Weymouth community. Its historical renovation and adaptive reuse has allowed local active seniors with incomes less than 50% of the area’s median to live affordably, and for long-time Weymouth residents to see the valued building come back to life. Construction Cost: $8.9M 57K SQFT School Street Residences Athol, MA The Art Deco style Athol Middle School, Constructed in 1915, has been brought back to life as a 50-unit affordable, active adult community. The original two-story gymnasium was subdivided into eight units, incorporating the original stage and proscenium detailing into the units. This project was awarded the Paul Tsongas Award for Preservation by Mass Historic. Construction Cost: $9.0M 72K SQFT Paul E. Tsongas Award winner from Preservation Mass DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES REPRESENTATIVE AFFORDABLE HOUSING PROJECTS 2 Simpkins School Residences South Yarmouth, MA Nestled in the historic district of South Yarmouth, the 1930 John Simpkins School has been redesigned to offer 65 senior housing units. The adaptive reuse includes a historically- sensitive addition per the Cape Cod Commission’s Regional Policy Plan. Amenities include a community room and expansive green space. Construction Cost: $9.8M 78K SQFT Paul E. Tsongas Award winner from Preservation Mass Chelmsford Woods Residences Chelmsford, MA The Chelmsford Woods Residences is a multi-phase family development providing 116 affordable units in a variety of building types arrayed along a meandering entry drive. This 40B development includes garden apartments, townhomes and central clubhouse. Phase I - Construction Cost: $11.0M Phase I - 62K SQFT DESIGN TECHNIQUE, INC. OWNER’S PROJECT MANAGEMENT SERVICES SITE REPRESENTATIVE QUALIFICATIONS 1 Gordon M. Schaaf Years with Firm / With Others 11 / 22 Clerk-of-the-Works (Site Representative) (Construction Supervisor License #CS092554) Education: MS /Construction Mgmt/ Northeastern Univ. BS / Mathematics / Regis University Gordon Schaaf is a specialist with over 20 years’ experience in the field of construction including public construction projects. Gordon recently completed an assignment as Site Representative for: the Shalin Liu Performance Center for Rockport Music; a new temple; and for rehab of school buildings into senior housing for the Stratford Capital Group. He also just completed six faculty houses on the campus of Northfield Mount Herman. Gordon’s completed assignments include: Site Representative services for the rehab of a school building and new construction for affordable housing (Brown School Residences, Fulton Street Residences, School Street Residences, Simpkins School Residences and the Chelmsford Woods Residences); Clerk-of-the- Works for the new Christa McAuliffe Branch Library, Millis Public Library, Walpole Public Library; Milton Public Library renovation and expansion project; Flint (Middleton) Public Library historic restoration, renovation and expansion project; Georgetown Public Library building addition and renovation project. Other completed projects include: oversight of the relocation and installation of temporary buildings for the Francis W. Parker Charter School; Site Representative for the demolition phase of a renovation project at St. John’s Episcopal Church in Beverly, MA; and a new $9.5M highway maintenance facility for the Town of Westford. The Westford project involved extensive site work and infrastructure improvements; parking lot and entrance road construction; conservation related site work including detention and retention pond review; and utilities installation. The project also entailed quality inspections for 64,800 SF of administrative, vehicle storage and maintenance facilities, and an 8,000 SF pre- engineered storage facility. Prior to joining Design Technique, Gordon served as Senior Field Representative with Geotechnical Services, Inc., Goffstown, NH where he was responsible for on-site evaluation of steel erection, earthwork, concrete, asphalt, rebar, masonry, welding, fireproofing, roofing, and finishes. Assignments have included: Ipswich Public Schools – geotechnical and structural field inspections for new high/middle school complex; Endicott College – geotechnical and structural finish inspections for residence hall and library addition; geotechnical and structural field inspections for projects at Oxford High School, Northbridge High School, and Wrentham Elementary School. At Brookstone Builders, Inc., Manchester, NH Gordon served as an Estimator. As Project Manager/Estimator with North Branch Construction, Henniker, NH Gordon performed design reviews, developed bid packages, managed subcontractors, controlled contract documents, estimated labor materials, managed budgets and submittals, ordered materials, directed site superintendents, and tracked progress. In the USAF Gordon was a Project Manager at Schriever AFB, CO. His projects there included new construction, capital improvements and environmental projects for 120 facilities with utilities and infrastructure valued at $45M. He managed budgets and submittals, performed design reviews and authored project specifications. In addition, Gordon served as Facilities/Construction Manager at the USAF in Izmir AS, Turkey; Construction Management Supervisor at Malmstrom AFB, MT, and Construction Manager at Pease AB, NH. Gordon is a Licensed Construction Supervisor. He holds an MS in Construction Management from Northeastern University; BS in Mathematics, from Regis University, CO; and an AAS, in Engineering Technologies, from Community College of the Air Force. Gordon has taken additional management, engineering technician, and quality assurance training courses. Governor Prence Residences Community Preservation Committee Application IV. DEVELOPMENT TEAM PROFILE The development team below will be the main members through the design phase, the zoning and permitting phase, the financing phase, and the construction phase of the development. Firm profiles and resumes for CDP, Stratford, ICON, DTI, and CHA are located at the end of this Tab. Principal Members Applicant Phone # Email Address Developer/Owner/ Applicant Jay Coburn (Community Development Partnership) 508 240-7873 x16 jay@capecdp.org Executive Director Rich Hayden (Stratford) 978 535-5600 x114 rah@stratfordcapitalgroup.com Partner/EVP/Director of Development Keith McDonald (Stratford) 978 535-5600 x119 kjm@stratfordcapitalgroup.com Vice President Support Members ICON (Women Owned Business) Phone # Email Address Architect Janis Mamayek 617 939 0715 jmamayek@iconarch.com Principal/ Director of Architecture Michael Gardenier 617 939 0716 mgardenier@iconarch.com Architect CHA Phone # Email Address Civil Engineer Kelly Killeen 781 982 5434 KKilleen@chacompanies.com Partner DTI Phone # Email Address Owners Rep Gordon Schaaf 603 860-3253 godons@designtechnique.com Site Representative Dellbrook | JK Skanlan Construction Phone # Email Address General Contractor Mike Fish 781 380 1675 MFish@dellbrook.com President Governor Prence Residences Community Preservation Committee Application Principal Members/Applicants Developer/Applicant/General Partner. Community Development Partnership (“CDP”), a non- profit organization, and SCG Development Partner’s, LLC (“Stratford”) (collectively CDP and Stratford are referred to as the “Applicant” and the “General Partner”) will be co-owners and co-general partner’s in the proposal to construct a new affordable housing development named the Purcell Residences (“Property”). 1. SCG Development Partners, LLC (“Applicant” or “Stratford”) was formed to leverage the expertise and resources of Stratford Capital Group’s (“SCG”) principals to develop multi-family properties that benefit from low income housing tax credits across selected markets in the United States. Stratford is managed by SCG Development Manager, LLC, whose sole member is SCG Capital Corp (the managing member of Stratford Capital Group, LLC). The Company was formed for the purpose of acquiring and developing affordable multifamily residential rental properties. The Company’s investment strategy is to identify and invest in development opportunities of rental properties located primarily throughout the Northeast, Mid- West, Mid-Atlantic and Southeastern United States, that will be eligible for low income housing tax credits under Code Section 42 or historic rehabilitation tax credits under Code Section 47. As real estate professionals first and foremost, the principals of Stratford have extensive experience in identifying unique opportunities, site selection, diligently underwriting and ultimately acquiring and financing rental apartment properties. Leveraging off of this skill set, the principals of Stratford Capital Group have been involved in the successful development of 50 properties using tax credits in the role of developer or co-developer. The development team has been successful in permitting, constructing, leasing up, and owning/operating similar affordable housing development located in Massachusetts. The below table captures similar affordable housing developments located in Massachusetts: Massachusetts recent developments by Stratford Units Location Status Chelmsford Woods Residences I 58 Chelmsford, MA Completed/100% Leased Chapter 40B (fully permitted) Chelmsford Woods Residences II 58 Chelmsford, MA Applying for financing Chapter 40B (fully permitted) Brown School Residences 61 Peabody, MA Completed on time and under budget and fully leased up. Fulton School Residences 63 Weymouth, MA Completed on time and under budget and fully leased up. School Street Residences 50 Athol, MA Completed on time and under budget and fully leased up. Simpkins School Residences 65 Yarmouth, MA Completed and fully lease up Coady School Residences 58 Bourne, MA Received an allocation of LIHTC. Completion started June 2016. Chapter 40B (fully permitted) Governor Prence Residences Community Preservation Committee Application In addition to the affordable housing developments located in Massachusetts, other recent affordable housing developments that the development team has been a member in include, but not limited to: Development Units Location Construction/Type The Residences at the Government Center I 150 Fairfax, VA New Construction The Residences at the Government Center II 120 Fairfax, VA New Construction Park Heights Apartments 100 Baltimore, MD Acq./Rehab The Reserve at Sugar Mill 70 St. Mary’s, GA Acq./Rehab 3 Tree Flats 130 Washington, DC New Construction Appian Way 204 Charleston, SC Acq./ Rehab Griffin Heights 100 Tallahassee, FL Acq./ Rehab Lakeside Apartments 110 Columbia, SC Acq./ Rehab Sand Dunes 104 Panama City, FL Acq./ Rehab Cypress Place 132 Marrero, LA Acq./ Rehab Pine Meadow 78 Gainesville, FL Acq./ Rehab Ashley House Apartments 61 Valdosta, GA Acq./ Rehab Elm Drive Apartments 60 Baton Rouge, LA Acq./ Rehab Tangi Village 96 Hammond, LA Acq./ Rehab Parkside at Boulevard 44 Orangeburg, SC New Construction Eureka Heights 56 Ashburn, GA New Construction Southfork Apartments 96 Camilla, GA Acq./Rehab & NC Cypress Parc Apartments 63 New Orleans, LA New Construction 2. Community Development Partnership (“Applicant” or “CDP”), headquartered in Eastham, is a non-profit community development corporation serving the eight towns of the Lower Cape. For more than two decades, the CDP has worked to create opportunities for people to live, work and thrive in the region by developing & managing affordable homes, launching entrepreneurs and strengthening local businesses. CDP aims to protect the natural environment around us—preserving the character and sustaining the future of this unique region. The CDP administers housing rehabilitation loan programs in Dennis, Eastham, Harwich, Provincetown, Truro and Wellfleet. The CDP provides training, technical assistance and micro-loans to small businesses. The programs and priorities of the CDP are deeply rooted in addressing community needs and the organization is governed by a sixteen member Board of Directors comprised of business/community leaders and representatives of low- to moderate-income residents. The CDP has developed and rehabilitated 12 projects comprised of a total of 61 affordable rental and ownership units over the past 20 years. The CDP’s most recent development, the Platinum LEED Certified Thankful Chases Pathway in Harwich, received national recognition in HUD’s Door Knocker Award competition for Sustainable Housing. Currently, the CDP owns and manages 59 units of affordable rental housing and manages an additional 16 units for the Eastham Affordable Housing Trust (7 units), Town of Eastham (1), Highland Affordable Housing in Truro (4), Town of Truro (1), and 26 Alden Street in Provincetown (3). Governor Prence Residences Community Preservation Committee Application Properties managed by the CDP Units Location Robert Lane 4 West Harwich, MA Little Homesteads 8 Harwich Port, MA Thankful Chases Pathway 12 West Harwich, MA Nickerson Park Condo 1 Brewster, MA Canal House 9 Orleans, MA Nauset Road (owned by Town of Eastham) 1 Eastham, MA Gull Cottages 5 Eastham, MA 1475 State Highway 2 Eastham, MA Bracket Landing (owned by Eastham Affordable Housing Trust) 4 Eastham, MA Wampum Lane (owned by Eastham Affordable Housing Trust) 2 Eastham, MA Massasoit Road (owned by Eastham Affordable Housing Trust) 1 Eastham, MA Fred Bell Way 12 Wellfleet, MA Old Firehouse Road (owned by Town of Truro) 1 Truro, MA Helens Way (Owned by Highland Affordable Housing) 2 Truro, MA Shore Road (Owned by Highland Affordable Housing) 2 Truro, MA Harry Kemp Way 4 Provincetown, MA 26 Alden Street (Owned by 26 Alden St. LLC) 3 Provincetown, MA Nelson Avenue 2 Provincetown, MA Governor Prence Residences Community Preservation Committee Application Support Members Below please find a description of the relationship and responsibilities of several support members/participants/ development team members. Each participant below has successfully collaborated in the undertaking of the development and or management one of the Applicant’s successfully completed Massachusetts developments. Architect. ICON Architecture (“ICON”), based in Boston, MA, will be the design and supervising architect for the Property. ICON is widely recognized for its award winning residential designs, specifically in the area of affordable housing. Stratford’s established relationship with ICON provides a decided advantage during the design and construction process. ICON has been and is the architect for Stratford’s recent developments located in the North East. ICON is certified by the State Office of Minority and Women Business Assistance. Civil Engineer. CHA, based in Norwell, MA is a full service engineering firm with the in-house capabilities to supply all the engineering, planning, surveying, permitting, environmental (including floodplain services), and construction inspection and administration services. The technical staff possesses a strong sustainable design ethic that has been ingrained in its culture for decades. CHA has managed the design and installation of on-site wastewater treatment systems at several properties developed by Stratford. Throughout the 50-plus years in the business, CHA has led the way in developing innovative green designs. From CHA’s early work on America’s most scenic highways to its recent award-winning environmentally- friendly projects, CHA is proud of its green approach to planning and design. Owner’s Representation. Design Technique Incorporated (“DTI”), based in Newburyport, MA, is an established on-site construction administration company. DTI offers developers, owners and institutions, owner’s representation and quality assurance services to manage risk and add value to their design and construction projects. DTI offers total program management, project support and site representation by providing personal, hands-on attention and staying fully engaged throughout the process. Legal. Klein Hornig LLP (“Klein”), based in Boston, MA is counsel to the Sponsor. Klein is one of the nation’s premier firms concentrating exclusively on affordable housing and community development. The firm focuses on structuring, managing and closing all types of multilayered affordable housing transactions for both new development and housing preservation/revitalization, under a myriad of federal and local programs including HOPE VI/mixed-finance, Affordable Housing Tax Credits, Section 202, and many more. Accountant. CohnReznick, based in Bethesda, MD (offices nationwide, including Boston), is a leading national accounting firm which has one of the most extensive and experienced affordable housing industry practices in the United States. As such, CohnReznick provides input into the review and development of government affordable housing programs. CohnReznick provides for-profit and nonprofit developers, public housing authorities, state housing credit agencies, syndicators, investors, and lenders with a range of accounting, tax and business advisory services. General Contractor. It is anticipated that Dellbrook | JK Scanlon Construction LLC, (“Dellbrook | JK Scanlon”), based in Quincy, MA, will be the third-party general contractor for the Property. Dellbrook | JK Scanlon was established in 2005 by Michael Fish and currently employs a staff of 147 persons. The firm’s profile of Federal Tax Credit developments includes: eleven occupied rehabilitation projects (930 apartment units), twelve new construction projects (450 apartment units), and sixteen historic rehabilitation projects (1,126 apartment units). Dellbrook | JKScanlon’s aggregate bonding capacity is $300,000,000 with approximately $147,000,000 of remaining capacity. Dellbrook |JK Scanlan has successfully Governor Prence Residences Community Preservation Committee Application completed over 300 units of affordable housing development on time and on budget located on the Cape and Islands. Dvelopments include: 815 Main Street Residences, Stage Coach Residences Hyannis, MA (12 Units), Veterans Park Apartments Falmouth MA (39 Units), Sachems Path Housing Nantucket, MA (40 Units), Ashers Path Housing Mashpee, MA (56 Units), 704 Main Street Falmouth, MA (58 Units), and Canal Crossing Apartments Buzzards Bay, MA (16 Units). Property Manager. The property will be managed by the Eastham-based Community Development Partnership (“CDP”), a local, non-profit provider of affordable rental apartments on the Lower Cape. CDP owns 59 units and manages a total of 75 affordable rental homes at 21 different sites. CDP has extensive experience in creating, marketing, managing and maintaining apartments. CDP’s property management staff are responsible for developing and implementing budgets, staffing, annual audits, and maintenance of a diverse portfolio of rental apartments. Staff have over 30 years of property management experience including resident income certification and ensuring compliance with affordable housing restrictions. CDP currently manages eight affordable units for the Town of Eastham and its Town’s Affordable Housing Trust. Governor Prence Residences Community Preservation Committee Application V. SITE CONTROL Governor Prence Residences Community Preservation Committee Application VI. DEVELOPMENT BUDGET/ OPERATING PROFORMA (One Stop) One Stop2000 Affordable Housing Finance Application [Version 1.21] © Page 1 Section 1 PROJECT DESCRIPTION Name and Address of Project 1.Project Name: 1a . Application Completed By: 1b . Successful Application Date:10/1/2016 Application Revision Date: 2 . Project Address: 3 . Neighborhood 4 . City/ Town MA (state) (zip code) 5.County BARNSTABLE 6 . Scattered Sites?No 7.Is this a qualified census tract? No Enter a census tract 8.Difficult to develop area Yes QCT information last updated on: Development Plan 9.Development Type (Please check all that apply.) Yes New construction No Acquisition, substantial rehab of existing housing No Acquisition, moderate rehab of existing housing No Acquisition, minimal or no rehab of existing housing No Adaptive re-use of non-residential structure 10 .Proposed Housing Type Rental (except SRO or Assisted Living, see below) 11 .Project Description:Number of buildings: 2 12 .Development Schedule: Successful Application Date: Application Date 10/1/2016 Construction Loan Closing 4/1/2017 Initial Loan Closing (MHFA only)4/1/2017 Construction Start 4/1/2017 50% Construction Completion 10/1/2017 Construction Completion 4/1/2018 First Certificate of Occupancy 4/1/2018 Final Certificate of Occupancy 4/1/2018 Sustained Occupancy 4/1/2019 Permanent Loan Closing 4/1/2019 Governor Prence Residences Application Date: 10/1/2016 © Massachusetts Housing Investment Corporation, 1993, 1994, 1995, 1999 in its own name and on behalf of MHFA, DHCD, and the MHP Fund. All rights reserved. #VALUE! Community Development Partnership and SCG Development Partners, LLC/ Keith McDonald Governor Prence Residences 4790 State Highway, Eastham, MA Eastham Community Development Partnership (“CDP”), a non-profit organization, and SCG Development Partner’s, LLC (“Stratford”) (collectively CDP and Stratford are referred to as the “Applicant”) will be co-owners and co-general partners in this proposal to construct a new affordable housing development named the Governor Prence Residences (the “Property”). The Applicant will form the Governor Prence Residences Limited Partnership (the “Partnership”), a Massachusetts Limited Partnership that is qualified to undertake the planning, design, development, construction, ownership and operation of the proposed residential project known as the Property. As part of the Applicant’s proposal, the proposed development will provide 50 new respectable affordable housing family units pursuant to the Massachusetts Comprehensive Permit. Of the Property’s 50 apartment units, 44 apartments will be restricted to tenants making 60% or less of the area median income (“AMI”) and the balance will be rented to market rate tenants - which is well in excess of the affordability requirements of Chapter 40B, the regulations of the Housing Appeals Committee set forth at 760 CMR 31.00 et seq., the Federal Low Incoming H i C dit P d i t f DHCD Optional user comments Section 1. Project Description Page 2 13 .Unit Mix: Low-Income Low-Income Low-Income below 60% AMI Market Total Rental Assisted below 50% below 60% Rent Assisted Rate Units SRO 0 0 bedroom 0 1 bedroom 113 317 2 bedrooms 3 20 3 2 28 3 bedrooms 1 3 1 5 4 bedrooms 0 Total Units 50363650 Home Units* 0 *HOME units included in the above totals.Other Income=Below of median income 14 . Unit Size in square feet: Low-Income Low-Income Low-Income Other Income Market Average Rental Assisted below 50% below 60% Rent Assisted Rate All Incomes SRO N/A 0 bedroom N/A 1 bedroom 660.0 660.0 660.0 660 2 bedrooms 775.0 775.0 775.0 775.0 775 3 bedrooms 950.0 950.0 950.0 950 4 bedrooms N/A 15 .Number of bathrooms in each unit: Low-Income Low-Income Low-Income Other Income Market Average Rental Assisted below 50% below 60% Rent Assisted Rate All Incomes SRO N/A 0 bedroom N/A 1 bedroom 1.0 1.0 1.0 1.0 2 bedrooms 1.0 1.0 1.0 1.0 1.0 3 bedrooms 1.0 1.0 1.0 1.0 4 bedrooms N/A 16 .Funding Applied For: Please check all the funding that is being applied for at this time, with this application: DHCD Tax Credit Allocation ................................................. Yes Category ..............…………….................. Category ...........................................……… HOME Funding through DHCD ............................................ Yes Massachusetts Housing Finance Agency (select all that apply): Official Action Status ........................................................No Construction Financing/Bridge Financing..........................No Permanent Financing ......................................................... No Massachusetts Housing Partnership (MHP) Fund: Permanent Rental Financing Program ............................... No Massachusetts Housing Investment Corporation (select all that apply): Debt Financing .................................................................. No Tax Credit Equity Investment ............................................No Boston Department of Neighborhood Development (DND):No Other Yes Other……………………… Other……………………… Other………………………………………… Financing from MassDevelopment Governor Prence Residences Application Date: 10/1/2016 Affordable Housing Trust Funds Housing Stabilization Funds 9% TC Application No #VALUE! Section 1. Project Description Page 3 New 17 .Number of buildings planned Total Construction Rehabilitation a. Single-Family 0 b. 2-4 Family 0 c. Townhouse 0 0 d. Low/Mid rise 2 2 e. High-rise 0 f. Other 0 TOTAL 220 18 .Number of units: 50 50 19 .Gross Square Footage a. Residential 50,466 50,466 b. Commercial - 20 .Net Rentable Square Footage:Total Percent of Gross a. Residential ` 37,670 s.f. 75% b. Commercial s.f. N/A 21 .Number of handicapped accessible units 3 Percent of total 6% 22 .Fire Code Type 23 .Will building(s) include elevators?Yes How many?1 24 .Are the following provided with the housing units: a. Range? ................................ Yes Gas or electric?Electric b. Refrigerator? .......................Yes c. Microwave? .........................No d. Dishwasher? ........................Yes e. Disposal? .............................No f. Washer/Dryer Hookup? .......No g. Washer & Dryer? ................ Yes h. Wall-to-wall Carpet? ...........No i. Window Air Conditioner? ... No j. Central Air Conditioning? ... Yes 25 .Are the following included in the rent: a. Heat? ................................... No b. Domestic Electricity? ..........No c. Cooking Fuel? ..................... No d. Hot Water? ..........................Yes e. Central A/C, if any? ............ No 26 .Type of heating fuel: 27 .Total no. of parking spaces:104 Outdoor: 104 Enclosed: 0 28 .Number of parking spaces exclusively for the use of tenants: a. Residential Total: 104 Outdoor: 104 Enclosed: 0 b. Commercial Total: 0 Outdoor: Enclosed: Governor Prence Residences Application Date: 10/1/2016 Electric Optional user comments Wood frame #VALUE! Section 1. Project Description Page 4 29 .Will rehabilitation require the relocation of existing tenants? 30 .Scope of rehabilitation: Please describe the following (or type N/A). a. Major systems to be replaced: b. Substandard conditions and structural deficiencies to be repaired: c. Special features/adaptations for special needs clients to be housed: 31 .Are energy conservation materials in excess of the Building Code? a. Insulation ............................ Yes R-Value or type? b. Windows .............................Yes R-Value or type? c. Heating system ....................Yes R-Value or type? Information On Site And Existing Buildings Square Feet Acres 32 .Size of Site: 266,000 6.11 33 .Wetlands area: 0 34 .Buildable area: 266,000 6.11 Existing Conditions: 35 .What is the present use of the property? 36 .Number of existing structures: - 37 .Gross s.f. of existing structures: 38 .If rehabilitation:number of units num. of bedrooms a. Number of existing residential units/bedrooms: b. Number of units/bedrooms currently occupied: 39 .If site includes commercial space: a. Square footage of existing commercial space: square feet b. Square footage currently occupied: square feet 40 .What are the surrounding land uses? Utilities: 41 .Are the following utilities available on the site: a. Sanitary sewer? No b. Storm sewer? No c. Public water? Yes d. Electricity?Yes e. Gas? Yes If any of the above are not available, is plan attached explaining how such service will be extended to the site? Governor Prence Residences Application Date: 10/1/2016 Distance from site (ft.) Distance from site (ft.) Not applicable Not applicable Not applicable Not applicable #VALUE! Land Section 1. Project Description Page 5 Zoning: 42 .Does the present zoning allow the proposed development? No 43 . Have you applied for a zoning variance, change,special permit or subdivision?No 44 .Do you anticipate applying for a comprehensive permit under Chapter 774?Yes Site Control: 45 .What form of site control do you have? Include copies of the appropriate site control documents as part of Exhibit 4. 46 .Please provide details about your site control agreement. a. Name of Seller: b. Principals of seller corporation: c. Type of Agreement: d. Agreement Date: 7/1/2015 e. Expiration Date: 12/31/2017 f. Purchase price if under agreement: g. Is there any identity of interest between buyer and seller? 47 .In the past three years, have there been any defaults on any mortgage on the property or any other forms of financial distress?No 48 .Are there any outstanding liens on the property? No Amenities and Services: 49 . Please indicate distance from site and locate on city/town map (Exhibit 1). Distance a. Shopping facilities .......................................0.25 miles b. Schools ........................................................1.50 miles c. Hospitals ......................................................7.00 miles d. Parks and recreational facilities .................. 0.10 miles e. Police station ............................................... 2.40 miles f. Fire station ................................................... 2.30 miles g. Public transportation ................................... 2.40 miles h. Houses of worship .......................................1.00 miles i. City/Town Hall ............................................ 2.40 miles Governor Prence Residences Application Date: 10/1/2016 Please include information on the property zoning in Exhibit 3. This should include a zoning map, highlighting any special use or dimensional restrictions on the property. If the present zoning does not allow for the proposed use, please explain current status and how approvals will be obtained. #VALUE! P&S Purchase & Sale Agreement Stop & Shop Eastham Range, LLC Section 1. Project Description Page 6 Environmental Information 50 .Is there any evidence of underground storage tanks or releases of oil No or hazardous materials, including hazardous wastes, on the site or within close proximity to the site? 51 .Has a Chapter 21E assessment been performed?No 52 .Does the project consist of either: (a) new construction of more than No 100 units; or (b) substantial rehabilitation of more than 200 units, or where more than 10% new floor space is added? 53 .Does the building require lead paint abatement?No 54 .Does the building require asbestos abatement?No 55 .Do radon tests show radon levels exceeding four picocuries/liter?No 56 .Is there any evidence that the premises are insulated with urea No formaldehyde foam (UFFI)? 57 .Is the site located in an historic district, or contain buildings listed or No eligible for listing in the State Register of Historic Places? 58 .Are there any above ground storage containers with flammable or No explosive petroleum products or chemicals within 1/2 mile of the site? 59 .Is the site located in a floodplain or wetlands area?No 60 .Does the site contain endangered animal or plant species?No 61 .Is the site subject to noise impact from jet airports within five miles, major highways within 1,000 feet, or rail traffic within 3,000 feet?No Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page 7 Section 2 DEVELOPMENT TEAM SUMMARY 62 .Developer/Sponsor Type 63 .Developer/Sponsor: Form of Legal Entity Legal Name Address Contact Person E-mail 64 .Owner/Mortgagor: Legal Name Address Has this entity already been formed? No Soc. Sec. or Tax ID # Principals Principals Contact Person Telephone No. / Fax. No. E-mail 65 .General Partner: Legal Name Address Has this entity already been formed? No Soc. Sec. or Tax ID # Principal (if corporate) Contact Person % of Ownership Telephone No. / Fax. No. E-mail 66 .General Partner: Legal Name Address Has this entity already been formed? No Principal (if corporate) Contact Person % of Ownership Telephone No. / Fax. No. E-mail Governor Prence Residences Application Date: 10/1/2016 Jay Coburn jay@capecdp.org 508 240 7873 rah@stratfordcapitalgroup. Com rah@stratfordcapitalgroup.com SCG Eastham GP, LLC 100 Corporate Place, Suite 404 Peabody, MA 01960 Jay Coburn Richard Hayden (978)-535-5600 978-535-1141 Kyle Wolff, Richard Hayden, Ben Mottola, Steve Wilson (978)-535-5600 978-535-1141 Richard Hayden, John Nelson, Ben Mottola, Community Development Partnership 3 Main Street Mercantile, Unit 7 Eastham, MA Limited dividend partnership #VALUE! rah@stratfordcapitalgroup.com (978)-535-5600 Corporation SCG Development Partners, LLC 100 Corporate Place Peabody, MA 01960 Richard Hayden 978-535-1141 Governor Prence Residences Limited Partnership 100 Corporate Place, Suite 404 Peabody, MA 01960 Section 2. Development Team Summary Page 8 67 .Development Consultant: Legal Name Address Contact Person Telephone No. / Fax. No. E-mail 68 .Contractor: Name Address Fed Tax ID # Contact Person Telephone No. / Fax. No. E-mail 69 .Architect: Name Address Contact Person Telephone No. / Fax. No. E-mail jmamayek@iconarch.com 70 .Management Agent: Name Address Contact Person Telephone No. / Fax. No. E-mail 71 .Attorney (Real Estate): Name Address Contact Person Telephone No. / Fax. No. E-mail 72 .Attorney (Tax): Name Address Contact Person Telephone No. / Fax. No. E-mail 73 .Syndicator: Name Address Contact Person Telephone No. / Fax. No. E-mail Governor Prence Residences Application Date: 10/1/2016 Mary Beth Norwood marybeth.norwood@reznickgroup.com Stratford Capital Group (410) 783-4900 (410) 727-0460 Klein Hornig LLP 3 Main Street Mercantile, Unit 7 Eastham, MA Baltimore, MD 21201 clong@kleinhornig.com 145 Tremont Street Boston, MA 02111 Chrysa Long Jay Coburn jay@capecdp.org 508 240 7873 Community Development Partnership Boston, MA 021110 Janis Mamayek ICON Architecture Dellbrook Construction LLC/JK Scanlan Company, LLC 15 Research RD 100 Corporate Place rah@stratfordcapitalgroup.com (617) 224-0626 (617) 224-0601 978-535-5600 978-535-1141 Peabody, MA 01960 Ben Mottola CohnReznick 400 East Pratt Street East Falmouth, MA, 02536 781 380 1620 101 Summer Street Mike Fish MFish@dellbrook.com #VALUE! (617) 451- 3333 Section 2. Development Team Summary Page 9 74 .Guarantor: Name Address Contact Person Telephone No. / Fax. No. E-mail 75 .Service Provider or Coordinator: Name Address Contact Person Telephone No. / Fax. No. E-mail 76 .Marketing Agent: Name Address Contact Person Telephone No. / Fax. No. E-mail 77 . Other role Name Address Contact Person Telephone No. / Fax. No. E-mail 78 . Other role Name Address Contact Person Telephone No. / Fax. No. E-mail 79 .Is there any identity of interest between any members of the development team? Yes 80 .Please describe the relationship of the development entity to sponsoring organizations. Is the entity newly-formed or to-be-formed? Is it a single-purpose corporation? How will the parent corporation provide support to this entity? Include an organizational chart showing other affiliates of the parent corporation, as appropriate, and principals of each. Governor Prence Residences Application Date: 10/1/2016 SCG Development Partners, LLC 100 Corporate Place Peabody, MA 01960 Richard Hayden rah@stratfordcapitalgroup.com 978-535-5600 978-535-1141 #VALUE! Stratford Capital Group, LLC is a natiowide syndicator of low income housing tax credits. Stratford will place the low income housing tax credits through an arms length transaction with investors at market pricing. In addition, CDP is a general partner in the owner as well as the management agent for the Property. The developing entity is a single purpose limited partnership, of which the general partners and the sponsor are the same entities, and newly formed. Upon syndication a new investment limited partner will be admitted to the partnership. The general partners have significant tax credit experience and will provide support to the entity. One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page 10 Section 3 SOURCES AND USES OF FUNDS Sources of Funds Private Equity:Optional user calculations 81 .Developer's Cash Equity $LIHTC 1.00$ 1,000,000 82 .Tax Credit Equity (net amount) (See line 360, Section 5, page 18.)$10,000,000 SLIHTC 0.72$ 500,000 83 .Developer's Fee/Overhead, Contributed or Loaned $677,354 84 .Other Source: $ Public Equity: 85 .Town of Eastham Infrastructer Loan $0 86 .Grant:$ 87 .Grant:$ 88 .Total Public Equity $0 Subordinate Debt (see definition):Amount Rate Amortiz. Term 89 . Home Funds-DHCD, as Subordinate Debt $550,000 0.00% 360 yrs. Source: 90 . Home Funds-Local, as Subordinate Debt $600,000 0.00% 600 yrs. Source: 91 . Subordinate Debt $2,000,000 0.00% 600 yrs. Source: 92 . Subordinate Debt $250,000 0.00% 360 yrs. Source: 93 . Subordinate Debt $1,800,000 0.00% 360 yrs. Source: 94 . Total Subordinate Debt $5,200,000 Permanent Debt (Senior):Amount Rate Override Amortiz. Term MIP 95 .MHFA $ % % yrs. yrs. % 96 .MHFA $ % % yrs. yrs. % 97 .MHP Fund Permanent Loan $ % yrs. yrs. % 98 .Other Permanent Senior Mortgage $1,610,000 6.25% 360.00 180.00 % Source: 99 .Other Permanent Senior Mortgage $ % yrs. yrs. % Source: 100 .Total Permanent Senior Debt $1,610,000 $9,913.05 101 .Total Permanent Sources $17,487,354 Construction Period Financing:Amount Rate Term 102 .Construction Loan $10,000,000 5.00% 30.0 Source: Repaid at: (event) 103 .Other Interim Loan $0 % mos. Source: Repaid at: (event) 104 .Syndication Bridge Loan $0 % mos. Source: Repaid at: (event) Governor Prence Residences Application Date: 10/1/2016 #VALUE! Federal HOME Loan TD Bank CPC, AHT, CDBG, and HOME AHT & HSF Loan Barnstable HOME Loan State LIHTC Loan MHFA Program 1 MHFA Program 2 TD Bank Section 3. Sources and Uses of Funds Page 11 Uses of Funds The Contractor certifies that, to the best of their knowledge, the construction Direct Construction:estimates, and trade-item breakdown on this page are complete and accurate. 105 .Who prepared the estimates? Name Signature 106 .Basis for estimates? DV Trade Item Amount Description 107 . 3 Concrete $357,013 108 . 4 Masonry $16,500 109 . 5 Metals $13,547 110 . 6 Rough Carpentry $1,039,959 111 . 6 Finish Carpentry $190,000 112 . 7 Waterproofing $23,236 113 . 7 Insulation $229,300 114 . 7 Roofing $159,240 115 . 7 Sheet Metal and Flashing $12,500 116 . 7 Exterior Siding $339,725 117 . 8 Doors $177,650 118 . 8 Windows $145,728 119 . 8 Glass $44,800 120 . 9 Lath & Plaster $0 121 . 9 Drywall $554,807 122 . 9 Tile Work $20,900 123 . 9 Acoustical $10,887 124 . 9 Wood Flooring $0 125 . 9 Resilient Flooring $158,896 126 9 Carpet $89,208 127 . 9 Paint & Decorating $129,458 128 . 10 Specialties $40,840 129 . 11 Special Equipment $0 130 . 11 Cabinets $169,775 131 . 11 Appliances $129,500 132 . 12 Blinds & Shades $16,870 133 . 13 Modular/Manufactured $0 134 . 13 Special Construction $0 135 . 14 Elevators or Conveying Syst. $180,000 136 . 15 Plumbing & Hot Water $735,000 137 . 15 Heat & Ventilation $548,600 138 . 15 Air Conditioning $0 139 15 Fire Protection $123,569 140 . 16 Electrical $816,500 141 . Accessory Buildings $0 142 . Other/misc $0 143 .Subtotal Structural $6,474,008 144 . 2 Earth Work $965,055 145 . 2 Site Utilities $338,276 146 . 2 Roads & Walks $276,771 147 . 2 Site Improvement $75,300 148 . 2 Lawns & Planting $115,434 149 2 WWTF $1,000,001 150 2 Environmental Remediation $7,500 151 2 Demolition $7,500 152 . 2 Unusual Site Cond 153 .Subtotal Site Work $2,785,837 154 .Total Improvements $9,259,845 155 . 1 General Conditions $648,189 156 .Subtotal $9,908,034 157 . 1 Builders Overhead $495,402 158 . 1 Builders Profit $198,160 159 .TOTAL $10,601,596 160 Total Cost/square foot: $210.07 Residential Cost/s.f.: $210.07 Governor Prence Residences Application Date: 10/1/2016 #VALUE! Dellbrook Construction Design Plans Section 3. Sources and Uses of Funds Page 12 Development Budget: Total Residential Commercial Comments 161 .Acquisition: Land $1,400,000 $1,400,000 162 .Acquisition: Building $0 $0 163 .Acquisition Subtotal $1,400,000 $1,400,000 $0 164 .Direct Construction Budget $10,601,596 $10,601,596 165 .Construction Contingency $530,080 $530,080 5.0% of construction 166 .Subtotal: Construction $11,131,676 $11,131,676 $0 General Development Costs: 167 .Architecture & Engineering $873,752 $873,752 168 .Survey and Permits $25,000 $25,000 169 .Clerk of the Works $144,440 $144,440 170 .Environmental Engineer $50,000 $50,000 171 .Bond Premium $0 $0 172 .Legal $250,000 $250,000 173 .Title and Recording $50,000 $50,000 174 .Accounting & Cost Cert. $37,000 $37,000 175 .Marketing and Rent Up $75,000 $75,000 176 .Real Estate Taxes $50,000 $50,000 177 .Insurance $152,500 $152,500 178 .Relocation $0 $0 179 .Appraisal $40,000 $40,000 180 .Security $0 $0 181 .Construction Loan Interest $577,386 $577,386 182 .Inspecting Engineer $17,400 $17,400 183 .Fees to: Financing Fees $149,100 $149,100 184 .Fees to: Tax Credit Fees $90,250 $90,250 185 .MIP $0 186 .Credit Enhancement Fees $0 187 .Letter of Credit Fees $0 188 .Other Financing Fees $0 189 .Development Consultant $0 190 .Other: Furnishings $200,000 $200,000 191 .Other: $0 192 .Soft Cost Contingency $75,000 $75,000 2.7% of soft costs 193 .Subtotal: Gen. Dev.$2,856,828 $2,856,828 $0 194 .Subtotal: Acquis., Const.,$15,388,504 $15,388,504 $0 and Gen. Dev. 195 .Capitalized Reserves $430,000 $430,000 196 .Developer Overhead $834,425 $834,425 197 .Developer Fee $834,425 $834,425 198 .Total Development Cost $17,487,354 $17,487,354 $0 TDC per unit $349,747 199 .TDC, Net $16,380,000 $16,380,000 $0 TDC, Net per unit $327,600 Governor Prence Residences Application Date: 10/1/2016 #VALUE! Includes lease up reserve. (from line 159) Section 3. Sources and Uses of Funds Page 13 Additional Detail on Development Pro-Forma: 200 .Gross Syndication Investment Off-Budget Costs: Syndication Costs: 201 . Syndication Legal 202 . Syndication Fees 203 . Syndication Consultants 204 . Bridge Financing Costs 205 . Investor Servicing (capitalized) 206 . Other Syndication Expenses 207 . Total Syndication Expense $0 208 . Current Reserve Balance Reserves (capitalized): 209 . Development Reserves 210 . Initial Rent-Up Reserves $150,000 211 . Operating Reserves $280,000 212 . Net Worth Account 213 . Other Capitalized Reserves 214 . Subtotal: Capitalized Reserves $430,000 215 . Letter of Credit Requirements 216 .Total of the Above $430,000 Check: Line 214 is the same as line 195. Please Answer The Following Dev. Reserves Initial Rent-Up Op. Reserves Net Worth Other Letter of Credit Who requires the reserves? Who administers the reserves? When and how are they used? Unit Sales (For Sale Projects Only): 217 .Gross Sales From Units $ 218 .Cost of Sales (Commissions, etc.) $ 219 .Net Receipt from Sales $0 Debt Service Requirements: 220 .Minimum Debt Service Coverage 221 .Is this Project subject to HUD Subsidy Layering Review? No Optional user comments Governor Prence Residences Application Date: 10/1/2016 #VALUE! Under what circumstances can they be released? One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page 14 Section 4 OPERATING PRO-FORMA Operating Income Rent Schedule:Contract Utility Total No. of 222 .Low-Income (Rental Assisted):Rent Allowance Gross Rent Units SRO $0 0 0 bedroom $0 0 1 bedroom $840 $80 $920 1 2 bedrooms $1,129 $105 $1,234 3 3 bedrooms $1,479 $135 $1,614 1 4 bedrooms $0 0 223 .Low-Income (below 50%): SRO $0 0 0 bedroom $0 0 1 bedroom $0 0 2 bedrooms $0 0 3 bedrooms $0 0 4 bedrooms $0 0 224 .Low-Income (below 60%): SRO $0 0 0 bedroom $0 0 1 bedroom $869 $80 $949 13 2 bedrooms $1,042 $105 $1,147 20 3 bedrooms $1,189 $135 $1,324 3 4 bedrooms $0 0 225 .Other Income Rent Assisted SRO $0 0 0 bedroom $0 0 1 bedroom $0 0 2 bedrooms $1,129 $105 $1,234 3 3 bedrooms $0 0 4 bedrooms $0 0 226 .Market Rate (unrestricted occupancy): SRO 0 0 bedroom 0 1 bedroom $920 3 2 bedrooms $1,234 2 3 bedrooms $1,453 1 4 bedrooms 0 Commercial Income:(average) 227 .Square Feet: 0 @ /square foot =$0 Parking Income:(average) 228 .Spaces: 104 @ /month x 12 =$0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! Section 4. Operating Pro-Forma Page 15 Other Operating Income Assumptions: 229 .Laundry Income (annual): 5,000$ Optional user calculations 230 .Other Income:a. b. c. d. e. f. Vacancy Allowance: 231 .Low-Income (Rental Assistance) 7.0% 232 .Low-Income (below 50%) 233 .Low-Income (below 60%) 7.0% 234 .Other Income Rent Assisted 7.0% 235 .Market Rate 7.0% 236 .Commercial Trending Assumptions for Rents:Year 2 Year 3 Years 4-5 Years 6-20 237 .Low-Income (Rental Assistance) 2.0% 2.0% 2.0% 2.0% 238 .Low-Income (below 50%) %%%% 239 .Low-Income (below 60%) 2.0% 2.0% 2.0% 2.0% 240 .Other Income Rent Assisted 2.0% 2.0% 2.0% 2.0% 241 .Market Rate 2.0% 2.0% 2.0% 2.0% 242 .Commercial Space Rental %%%% 243 .Laundry Income 2.0% 2.0% 2.0% 2.0% 244 a Other Income - %%%% b Other Income - %%%% c Other Income - %%%% d Other Income - %%%% e Other Income - %%%% f.Other Income - %%%% Operating Subsidy and Capitalized Operating Reserves: 245 .Subsidy Source I .......................... 246 .Subsidy Source II ......................... 247 .Capitalized Operating Reserve Amount:$Source: 248 .Yearly Draws on Subsidies and Reserves: Subsidy Subsidy Draw on Source I Source II Oper. Reserve 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 15 $ $ $ Year 16 $ $ $ Year 17 $ $ $ Year 18 $ $ $ Year 19 $ $ $ Year 20 $ $ $ Year 21 $ $ $ 249 .Annual Operating Income (year 1)$579,494 Governor Prence Residences Application Date: 10/1/2016 #VALUE! Section 4. Operating Pro-Forma Page 16 Operating Expenses Annual Operating Exp.:Total Residential Commercial Comments 250 .Management Fee $28,975 $28,975 251 .Payroll, Administrative $50,000 $50,000 252 .Payroll Taxes & Benefits, Admin. $14,000 $14,000 253 .Legal $2,500 $2,500 254 .Audit $13,600 $13,600 255 .Marketing $5,000 $5,000 256 .Telephone $4,400 $4,400 257 .Office Supplies $6,600 $6,600 258 .Accounting & Data Processing $3,500 $3,500 259 .Investor Servicing $0 260 .DHCD Monitoring Fee $2,000 $2,000 261 .$1,500 $1,500 262 .$3,400 $3,400 263 .Subtotal: Administrative $106,500 $106,500 $0 264 .Payroll, Maintenance $30,000 $30,000 265 .Payroll Taxes & Benefits, Admin. $8,400 $8,400 266 .Janitorial Materials $6,300 $6,300 267 .Landscaping $12,000 $12,000 268 .Decorating (inter. only) $12,500 $12,500 269 .Repairs (inter. & ext.) $18,700 $18,700 270 .Elevator Maintenance $17,400 $17,400 271 .Trash Removal $9,000 $9,000 272 .Snow Removal $10,000 $10,000 273 .Extermination $2,000 $2,000 274 .Recreation $0 275 .$24,000 $24,000 276 .Subtotal: Maintenance $150,300 $150,300 $0 277 .Resident Services $0 $0 278 .Security $0 $0 279 .Electricity $32,500 $32,500 280 .Oil $12,500 $12,500 281 .Gas $0 282 .Water & Sewer $24,000 $24,000 283 .Subtotal: Utilities $69,000 $69,000 $0 284 .Replacement Reserve $16,250 $16,250 285 .Operating Reserve $0 $0 286 .Real Estate Taxes $15,000 $15,000 287 .Other Taxes $0 288 .Insurance $45,000 $45,000 289 .MIP $0 $0 290 .$0 291 .Subtotal:Taxes, Insurance $60,000 $60,000 $0 292 .TOTAL EXPENSES $431,025 $431,025 $0 Governor Prence Residences Application Date: 10/1/2016 Full time property manager Assumes 28% of Payroll #VALUE! 5% of Annual Operating Income Barnstable HOME Monitoring Fee Other: WWTF Maintenance included in admin - cameras/monitoring Assumes 28% of Payroll Full time maintenance Other: Assumes $40 per unit per month Assumes 2 elevators Assumes $15 per unit per month Based on 50 units (90 bedrooms) Per Eastern Insurance - quote. Per net operating income method. Section 4. Operating Pro-Forma Page 17 Other Operating Expense Assumptions Trending Assumptions for Expenses Year 2 Year 3 Years 4-5 Years 6-20 293 .Sewer & Water ......................................................... 3.0% 3.0% 3.0% 3.0% 294 .Real Estate Taxes .................................................. 3.0% 3.0% 3.0% 3.0% 295 .All Other Operating Expenses ........................................... 3.0% 3.0% 3.0% 3.0% Reserve Requirements: 296 .Replacement Reserve Requirement $325.00 per unit per year 297 .Operating Reserve Requirement $0.00 per unit per year Debt Service:Annual Payment 298 .MHFA N/A 299 .MHFA N/A 300 .MHP Fund Permanent Loan N/A 301 .Other Permanent Senior Mortgage $118,957 Source: N/A 302 .Other Permanent Senior Mortgage N/A Source: N/A 303 .Total Debt Service (Annual)$118,957 304 .Net Operating Income $148,470 (in year one) 305 .Debt Service Coverage 1.25 (in year one) MHFA Program 1 MHFA Program 2 One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page 18 Section 5 LOW INCOME HOUSING TAX CREDITS Percent of Project Which Qualifies for Tax Credit 332 .Low-Income Units ......................44 Total Units: 50 333 .Percent of Units ..........................88.0% 334 .Low-Income Square Feet ........... 33,190 s.f. Total Area: 37,670 s.f. 335 .Percent of Area ........................... 88.1% 336 .Applicable Percentage ................ 88.0% (This is the lower of lines 333 and 335 above.) 337 .Is the project utilizing tax-exempt financing? No 338 .Does the project qualify for an acquisition credit? No 339 .Does the rehabilitation qualify for a 9% rather than 4% credit? Yes 340 .How much financing is nonqualified (federally subsidized?) $2,000,000 341 .What grant funds must be subtracted from acquisition basis? $ 342 .What grant funds must be subtracted from rehabilitation basis? $ 343 .Will the project have a minimum of 20% of units for households earning less than 50% of median, or 40% for less than 60% of median? 40% Of Units Historic Tax Credit: 344 .Does the project qualify for historic tax credits? No 345 .What are the rehabilitation costs which are not qualified for historic credits?Not Applicable Project Qualification for 130%: 346 .Is the project located in a "qualified census tract" or in a "difficult to Yes develop" area? Acquisition Rehabilitation Calculation of Maximum Tax Credit Amount Credit Credit 347 .Total Eligible Development Costs $0 $13,953,871 348 .Less: Portion of Grants Allocated to Basis $0 $0 349 .Less: 20% Historic Rehab Credit Basis Reduction $0 $0 350 .Less: Nonqualified source of financing $0 $2,000,000 351 .Subtotal: Eligible Basis $0 $11,953,871 352 ."Hard to develop" area 100% 130% 353 .Percent Low-Income 88.0% 88.0% 354 .Applicable Rate 3.66% 9.00% 355 .Maximum Annual Tax Credit Amount $0 $1,230,771 356 .Total Annual Tax Credit Amount $1,000,000 357 .Estimated Net LIHTC Syndication Yield 1.00$ rate per $ $10,000,000 358 .Est. Net Historic Tax Credit Syndication Yield -$ rate per $ $0 359 .Total Estimated Net Tax Credit Syndication Yield (based on above)$10,000,000 360 .Applicant's Estimate of Net Tax Credit Equity. $10,000,000 (from line 82) Governor Prence Residences Application Date: 10/1/2016 [Note: This page represents a rough estimate of low income credits for which this project may be eligible. It does not represent a final determination.] #VALUE! Section 5. Low Income Housing Tax Credits Page 19 Percentage of Costs Not Total in Depreciable Acquisition Rehabilitation Not In Residential Basis Credit Basis Credit Basis Basis 361 . Acquisition: Land $1,400,000 $1,400,000 362 . Acquisition: Building $0 $0 $0 $0 363 .Acquisition Subtotal $1,400,000 $0 $0 $1,400,000 364 . Direct Construction Budget $10,601,596 $0 $10,323,012 $278,584 365 . Construction Contingency $530,080 $0 $0 $530,080 366 .Subtotal: Construction $11,131,676 $0 $10,323,012 $808,664 General Development Costs: 367 . Architecture & Engineering $873,752 0% $873,752 $0 368 . Survey and Permits $25,000 0% $25,000 $0 369 . Clerk of the Works $144,440 0% $144,440 $0 370 . Environmental Engineer $50,000 0% $50,000 $0 371 . Bond Premium $0 0% $0 $0 372 . Legal* $250,000 50% $0 $125,000 $125,000 373 . Title and Recording $50,000 100% $0 $0 $50,000 374 . Accounting & Cost Certificat. $37,000 0% $0 $37,000 $0 375 . Marketing and Rent Up* $75,000 100% $75,000 376 . Real Estate Taxes* $50,000 100% $0 $0 $50,000 377 . Insurance $152,500 28% $0 $110,000 $42,500 378 . Relocation $0 0% $0 $0 $0 379 . Appraisal $40,000 0% $0 $40,000 $0 380 . Security $0 0% $0 $0 $0 381 . Construction Loan Interest* $577,386 57% $0 $249,417 $327,969 382 . Inspecting Engineer $17,400 0% $0 $17,400 $0 383 . Financing Fees* Financing Fees $149,100 40% $0 $90,000 $59,100 384 . Financing Fees* Tax Credit Fees $90,250 100% $0 $0 $90,250 385 . MIP $0 0% $0 $0 $0 386 . Credit Enhancement Fees $0 0% $0 $0 $0 387 . Letter of Credit Fees* $0 0% $0 $0 $0 388 . Other Financing Fees* $00%$0$0$0 389 . Development Consultant $0 0% $0 $0 $0 390 . Other* ................Furnishings $200,000 0% $0 $200,000 $0 391 . Other* ................ $0 0% $0 $0 $0 392 . Soft Cost Contingency* $75,000 100% $0 $0 $75,000 393 .Subtotal: Gen. Dev.$2,856,828 $0 $1,962,009 $894,819 394 .Subtotal: Acquis., Const.,$15,388,504 $0 $12,285,021 $3,103,483 and Gen. Dev. 395 . Developer Overhead $834,425 $0 $834,425 $0 396 . Developer Fee/Profit $834,425 $0 $834,425 $0 397 . Capitalized Reserves $430,000 $0 $0 $430,000 398 .Total Development Cost $17,487,354 399 .Total Net Development Cost $16,380,000 400 .Total Eligible Tax Credit Basis $13,953,871 $0 $13,953,871 * Some or all of these costs will typically be allocated to intangible assets or expensed. Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] © Page A-1 Project Summary Information NOTE: Do not fill out this section. It is automatically filled in by program. Project Name Governor Prence Residences Developer SCG Development Partners, LLC Community Eastham Number of Units 50 SRO 0 Low-Income, Rental Assisted 5 0 bedroom 0 Low-Income, Below 50%0 1 bedroom 17 Low-Income, Below 60%36 2 bedrooms 28 Other Income Rent Assisted 3 3 bedrooms 5 Market Rate 6 4 bedrooms 0 This is an application for:DHCD Tax Credit Allocation ...................................................Yes HOME Funding through DHCD .............................................. Yes MHFA Official Action Status...................................................No MHFA Construction Financing.................................................No MHFA Permanent Financing ...................................................No MHP Fund Financing ...............................................................No MHIC Construction Loan……………………….No MHIC Tax Credit Equity ..........................................................No Boston: DND……………………………………..No Other……………………………………………………………Affordable Housing Trust Funds Other……………………………………………………………Housing Stabilization Funds Other……………………………………………………………0 Financing from Massdevelopment……………………………No Sources of Funds: Uses of Funds: Developer's Equity ................................. $677,354 Acquisition .............................................. $1,400,000 Tax Credit Equity ...................................$10,000,000 Construction ............................................ $11,131,676 Public Equity ..........................................$0 General Development ..............................$2,856,828 Subordinate Debt ....................................$5,200,000 Developer Overhead ................................$834,425 Permanent Debt ......................................$1,610,000 Developer Fee ......................................... $834,425 Total All Sources ..................................$17,487,354 Capitalized Reserves................................ $430,000 Total All Uses ...........................$17,487,354 Uses Exceed Sources by ........................ $0 Rent Levels:BR (aver.) SF (aver.) Low-Income, Rental Assisted ................ $1,141 2.0 787 Low-Income, Below 50% ......................N/A N/A N/A Low-Income, Below 60% ...................... $992 1.7 748 Other Income Rent Assisted……….……$1,129 2.0 775 Market Rate ............................................$1,114 1.7 747 Average, All Units ..................................$1,030 1.8 753 Annual Operating Income (year 1): Annual Operating Expense (year 1): Gross rental income (residential)$617,736 Management Fee $28,975 Vacancy (resid.)7.00% $43,242 Administrative $106,500 Other Income (net of vacancies)$5,000 Maintenance $150,300 Subtotal $579,494 Res. Service, Security $0 Operating Subsidies $0 Utilities $69,000 Draw on Operating Reserves $0 Repl. Reserve $16,250 Total Annual Income $579,494 Oper. Reserve $0 Taxes, Insurance $60,000 Net Operating Income $148,470 Total $431,025 Debt Service $118,957 Debt Service Coverage 1.25 Total per Unit $8,620 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-2 Rent Profile Analysis NOTE: Do not fill out this section. It is automatically filled in by program. Contract Size of No. of Gross Rent/Rent per Units Rent Unit Bathrooms Maximum square foot Low-Income (Rental Assisted): SRO 0 N/A N/A N/A N/A N/A 0 bedroom 0 N/A N/A N/A N/A N/A 1 bedroom 1 $840 660 1 98.5% $1.27 2 bedrooms 3 $1,129 775 1 100.4% $1.46 3 bedrooms 1 $1,479 950 1 110.1% $1.56 4 bedrooms 0 N/A N/A N/A N/A N/A Low-Income (below 50%): SRO 0 N/A N/A N/A N/A N/A 0 bedroom 0 N/A N/A N/A N/A N/A 1 bedroom 0 N/A N/A N/A N/A N/A 2 bedrooms 0 N/A N/A N/A N/A N/A 3 bedrooms 0 N/A N/A N/A N/A N/A 4 bedrooms 0 N/A N/A N/A N/A N/A Low-Income (below 60%): SRO 0 N/A N/A N/A N/A N/A 0 bedroom 0 N/A N/A N/A N/A N/A 1 bedroom 13 $869 660 1 105.4% $1.32 2 bedrooms 20 $1,042 775 1 106.2% $1.34 3 bedrooms 3 $1,189 950 1 106.1% $1.25 4 bedrooms 0 N/A N/A N/A N/A N/A Other Income Rent Assisted SRO 0 N/A N/A N/A N/A N/A 0 bedroom 0 N/A N/A N/A N/A N/A 1 bedroom 0 N/A N/A N/A N/A N/A 2 bedrooms 3 $1,129 775 1 N/A $1.46 3 bedrooms 0 N/A N/A N/A N/A N/A 4 bedrooms 0 N/A N/A N/A N/A N/A Market Rate (unrestricted occupancy): SRO 0 N/A N/A N/A N/A 0 bedroom 0 N/A N/A N/A N/A 1 bedroom 3 $920 660 1 $1.39 2 bedrooms 2 $1,234 775 1 $1.59 3 bedrooms 1 $1,453 950 1 $1.53 4 bedrooms 0 N/A N/A N/A N/A Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-3 21-Year Operating Proforma (Years 1-5) NOTE: Do not fill out this section. It is automatically filled in by program. Year 1 Year 2 Year 3 Year 4 Year 5 Calendar Year: 2019 2020 2021 2022 2023 INCOME: Low-Income, Rental Assisted $68,472 $69,841 $71,238 $72,663 $74,116 Low-Income, Below 50%00000 Low-Income, Below 60%428,448 437,017 445,757 454,672 463,766 Other Income Rent Assisted 40,644 41,457 42,286 43,132 43,994 Market Rate 80,172 81,775 83,411 85,079 86,781 Gross Potential Income 617,736 630,091 642,693 655,546 668,657 Less vacancy 43,242 44,106 44,988 45,888 46,806 Effective Gross Residential Income 574,494 585,984 597,704 609,658 621,851 Commercial (includes parking)00000 Less vacancy 00000 Net Commercial Income 00000 Effective Rental Income 574,494 585,984 597,704 609,658 621,851 Other Income: Laundry 5,000 5,100 5,202 5,306 5,412 Other Income:000000 Other Income:000000 Other Income:000000 Other Income:000000 Other Income:000000 Other Income:000000 Total Gross Income 579,494 591,084 602,906 614,964 627,263 Operating Subsidies 00000 Draw on Operating Reserves 00000 Total Effective Income $579,494 $591,084 $602,906 $614,964 $627,263 EXPENSES: Management Fee 28,975 29,554 30,145 30,748 31,363 Administrative 106,500 109,695 112,986 116,375 119,867 Maintenance 150,300 154,809 159,453 164,237 169,164 Resident Services 00000 Security 00000 Electrical 32,500 33,475 34,479 35,514 36,579 Natural Gas 12,500 12,875 13,261 13,659 14,069 Oil (heat)00000 Water & Sewer 24,000 24,720 25,462 26,225 27,012 Replacement Reserve 16,250 16,738 17,240 17,757 18,290 Operating Reserve 00000 Real Estate Taxes 15,000 15,450 15,914 16,391 16,883 Other Taxes 00000 Insurance 45,000 46,350 47,741 49,173 50,648 MIP 00000 Other:00000 Total Operating Expenses $431,025 $443,666 $456,680 $470,079 $483,874 NET OPERATING INCOME $148,470 $147,419 $146,226 $144,885 $143,389 Debt Service $118,957 $118,957 $118,957 $118,957 $118,957 Debt Service Coverage 1.25 1.24 1.23 1.22 1.21 Project Cash Flow $29,513 $28,462 $27,269 $25,929 $24,433 Required Debt Coverage $0 $0 $0 $0 $0 (Gap)/Surplus for Cov.$148,470 $147,419 $146,226 $144,885 $143,389 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-4 21-Year Operating Proforma (Years 6-10) NOTE: Do not fill out this section. It is automatically filled in by program. Year 6 Year 7 Year 8 Year 9 Year 10 Calendar Year: 2024 2025 2026 2027 2028 INCOME: Low-Income, Rental Assisted $75,599 $77,111 $78,653 $80,226 $81,830 Low-Income, Below 50%00000 Low-Income, Below 60%473,041 482,502 492,152 501,995 512,035 Other Income Rent Assisted 44,874 45,772 46,687 47,621 48,573 Market Rate 88,516 90,287 92,092 93,934 95,813 Gross Potential Income 682,030 695,671 709,584 723,776 738,252 Less vacancy 47,742 48,697 49,671 50,664 51,678 Effective Gross Residential Income 634,288 646,974 659,914 673,112 686,574 Commercial Income 00000 Less vacancy 00000 Net Commercial Income 00000 Effective Rental Income 634,288 646,974 659,914 673,112 686,574 Laundry Income 5,520 5,631 5,743 5,858 5,975 Other Income:- 00000 Other Income:- 00000 Other Income:- 00000 Other Income:- 00000 Other Income:- 00000 Other Income:- 00000 Total Gross Income 639,809 652,605 665,657 678,970 692,550 Operating Subsidies 00000 Draw on Operating Reserves 00000 Total Effective Income $639,809 $652,605 $665,657 $678,970 $692,550 EXPENSES: Management Fee 31,990 32,630 33,283 33,949 34,627 Administrative 123,463 127,167 130,982 134,911 138,958 Maintenance 174,239 179,466 184,850 190,396 196,107 Resident Services 00000 Security 00000 Electrical 37,676 38,807 39,971 41,170 42,405 Natural Gas 14,491 14,926 15,373 15,835 16,310 Oil (heat)00000 Water & Sewer 27,823 28,657 29,517 30,402 31,315 Replacement Reserve 18,838 19,403 19,985 20,585 21,203 Operating Reserve 00000 Real Estate Taxes 17,389 17,911 18,448 19,002 19,572 Other Taxes 00000 Insurance 52,167 53,732 55,344 57,005 58,715 MIP 00000 Other:00000 Total Operating Expenses $498,077 $512,699 $527,754 $543,253 $559,212 NET OPERATING INCOME $141,732 $139,906 $137,903 $135,717 $133,338 Debt Service $118,957 $118,957 $118,957 $118,957 $118,957 Debt Service Coverage 1.19 1.18 1.16 1.14 1.12 Project Cash Flow $22,776 $20,949 $18,947 $16,760 $14,381 Required Debt Coverage $0 $0 $0 $0 $0 (Gap)/Surplus for Cov.$141,732 $139,906 $137,903 $135,717 $133,338 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-5 21-Year Operating Proforma (Years 11-15) NOTE: Do not fill out this section. It is automatically filled in by program. Year 11 Year 12 Year 13 Year 14 Year 15 Calendar Year: 2029 2030 2031 2032 2033 INCOME: Low-Income, Rental Assisted $83,467 $85,136 $86,839 $88,576 $90,347 Low-Income, Below 50%00000 Low-Income, Below 60%522,276 532,721 543,376 554,243 565,328 Other Income Rent Assisted 49,545 50,536 51,546 52,577 53,629 Market Rate 97,729 99,684 101,677 103,711 105,785 Gross Potential Income 753,017 768,077 783,439 799,107 815,090 Less vacancy 52,711 53,765 54,841 55,938 57,056 Effective Gross Residential Income 700,306 714,312 728,598 743,170 758,033 Commercial (includes parking)00000 Less vacancy 00000 Net Commercial Income 00000 Effective Rental Income 700,306 714,312 728,598 743,170 758,033 Other Income: Laundry 6,095 6,217 6,341 6,468 6,597 Other Income:000000 Other Income:000000 Other Income:000000 Other Income:000000 Other Income:000000 Other Income:000000 Total Gross Income 706,401 720,529 734,939 749,638 764,631 Operating Subsidies 00000 Draw on Operating Reserves 00000 Total Effective Income $706,401 $720,529 $734,939 $749,638 $764,631 EXPENSES: Management Fee 35,320 36,026 36,747 37,482 38,232 Administrative 143,127 147,421 151,844 156,399 161,091 Maintenance 201,991 208,050 214,292 220,721 227,342 Resident Services 00000 Security 00000 Electrical 43,677 44,988 46,337 47,727 49,159 Natural Gas 16,799 17,303 17,822 18,357 18,907 Oil (heat)00000 Water & Sewer 32,254 33,222 34,218 35,245 36,302 Replacement Reserve 21,839 22,494 23,169 23,864 24,580 Operating Reserve 00000 Real Estate Taxes 20,159 20,764 21,386 22,028 22,689 Other Taxes 00000 Insurance 60,476 62,291 64,159 66,084 68,067 MIP 00000 Other:00000 Total Operating Expenses $575,642 $592,558 $609,974 $627,906 $646,368 NET OPERATING INCOME $130,759 $127,971 $124,965 $121,732 $118,262 Debt Service $118,957 $118,957 $118,957 $118,957 $118,957 Debt Service Coverage 1.10 1.08 1.05 1.02 0.99 Project Cash Flow $11,802 $9,014 $6,008 $2,775 ($694) Required Debt Coverage $0 $0 $0 $0 $0 (Gap)/Surplus for Cov.$130,759 $127,971 $124,965 $121,732 $118,262 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-6 21-Year Operating Proforma (Years 16-21) NOTE: Do not fill out this section. It is automatically filled in by program. Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Calendar Year: 2034 2035 2036 2037 2038 2039 INCOME: Low-Income, Rent. Astd. $92,154 $93,997 $95,877 $97,795 $99,751 $101,746 Low-Income, Below 50%000000 Low-Income, Below 60%576,635 588,167 599,931 611,929 624,168 636,651 Other Income Rent Assiste 54,701 55,796 56,911 58,050 59,211 60,395 Market Rate 107,901 110,059 112,260 114,505 116,795 119,131 Gross Potential Income 831,391 848,019 864,980 882,279 899,925 917,923 Less vacancy 58,197 59,361 60,549 61,760 62,995 64,255 Eff. Gross Res. Income 773,194 788,658 804,431 820,520 836,930 853,669 Commercial Income 000000 Less vacancy 000000 Net Commercial Income 000000 Effective Rental Income 773,194 788,658 804,431 820,520 836,930 853,669 Other Income: Laundry 6,729 6,864 7,001 7,141 7,284 7,430 Other 0 000000 Other 0 000000 Other 0 000000 Other 0 000000 Other 0 000000 Other 0 000000 Total Gross Income 779,923 795,522 811,432 827,661 844,214 861,098 Operating Subsidies 000000 Draw on Operating Res.000000 Total Effective Income $779,923 $795,522 $811,432 $827,661 $844,214 $861,098 EXPENSES: Management Fee 38,996 39,776 40,572 41,383 42,211 43,055 Administrative 165,924 170,901 176,028 181,309 186,748 192,351 Maintenance 234,163 241,187 248,423 255,876 263,552 271,459 Resident Services 000000 Security 000000 Electrical 50,634 52,153 53,718 55,329 56,989 58,699 Natural Gas 19,475 20,059 20,661 21,280 21,919 22,576 Oil (heat)000000 Water & Sewer 37,391 38,513 39,668 40,858 42,084 43,347 Replacement Reserve 25,317 26,076 26,859 27,665 28,494 29,349 Operating Reserve 000000 Real Estate Taxes 23,370 24,071 24,793 25,536 26,303 27,092 Other Taxes 000000 Insurance 70,109 72,212 74,378 76,609 78,908 81,275 MIP 000000 Other:000000 Total Operating Expenses $665,377 $684,948 $705,099 $725,846 $747,208 $769,202 NET OPER. INC.$114,546 $110,573 $106,333 $101,815 $97,006 $91,896 Debt Service N/A N/A N/A N/A N/A N/A Debt Service Coverage N/A N/A N/A N/A N/A N/A Project Cash Flow N/A N/A N/A N/A N/A N/A Required Debt Coverage N/A N/A N/A N/A N/A N/A (Gap)/Surplus for Cov.N/A N/A N/A N/A N/A N/A Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-7 Operating Expense Analysis NOTE: Do not fill out this section. It is automatically filled in by program. Residential Residential Residential Commercial Commercial Total Per Unit Per S. F. Total Per S. F. Management Fee $28,975 $579.49 $0.57 $0 N/A Payroll, Administrative $50,000 $1,000.00 $0.99 $0 N/A Payroll Taxes & Benefits, Admin.$14,000 $280.00 $0.28 $0 N/A Legal $2,500 $50.00 $0.05 $0 N/A Audit $13,600 $272.00 $0.27 $0 N/A Marketing $5,000 $100.00 $0.10 $0 N/A Telephone $4,400 $88.00 $0.09 $0 N/A Office Supplies $6,600 $132.00 $0.13 $0 N/A Accounting & Data Processing $3,500 $70.00 $0.07 $0 N/A Investor Servicing $0 $0.00 $0.00 $0 N/A DHCD Monitoring Fee $2,000 $40.00 $0.04 $0 N/A Other: $1,500 $30.00 $0.03 $0 N/A Other: $3,400 $68.00 $0.07 $0 N/A Subtotal: Administrative $106,500 $2,130.00 $2.11 $0 N/A Payroll, Maintenance $30,000 $600.00 $0.59 $0 N/A Payroll Taxes & Benefits, Admin.$8,400 $168.00 $0.17 $0 N/A Janitorial Materials $6,300 $126.00 $0.12 $0 N/A Landscaping $12,000 $240.00 $0.24 $0 N/A Decorating (inter. only)$12,500 $250.00 $0.25 $0 N/A Repairs (inter. & ext.)$18,700 $374.00 $0.37 $0 N/A Elevator Maintenance $17,400 $348.00 $0.34 $0 N/A Trash Removal $9,000 $180.00 $0.18 $0 N/A Snow Removal $10,000 $200.00 $0.20 $0 N/A Extermination $2,000 $40.00 $0.04 $0 N/A Recreation $0 $0.00 $0.00 $0 N/A Other: $24,000 $480.00 $0.48 $0 N/A Subtotal: Maintenance $150,300 $3,006.00 $2.98 $0 N/A Resident Services $0 $0.00 $0.00 $0 N/A Security $0 $0.00 $0.00 $0 N/A Electricity $32,500 $650.00 $0.64 $0 N/A Natural Gas $12,500 $250.00 $0.25 $0 N/A Oil $0 $0.00 $0.00 $0 N/A Water & Sewer $24,000 $480.00 $0.48 $0 N/A Subtotal: Utilities $69,000 $1,380.00 $1.37 $0 N/A Replacement Reserve $16,250 $325.00 $0.32 $0 N/A Operating Reserve $0 $0.00 $0.00 $0 N/A Real Estate Taxes $15,000 $300.00 $0.30 $0 N/A Other Taxes $0 $0.00 $0.00 $0 N/A Insurance $45,000 $900.00 $0.89 $0 N/A MIP $0 $0.00 $0.00 $0 N/A Other: $0 $0.00 $0.00 $0 N/A Subtotal:Taxes, Insurance $60,000 $1,200.00 $1.19 $0 N/A TOTAL EXPENSES $431,025 $8,620.49 $8.54 $0 N/A Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-8 Development Cost Analysis NOTE: Do not fill out this section. It is automatically filled in by program. Residential Residential Residential Commercial Commercial Total Per Unit Per S. F. Total Per S. F. Acquisition: Land $1,400,000 $28,000 $27.74 $0 N/A Acquisition: Building $0 $0 $0.00 $0 N/A Acquisition Subtotal $1,400,000 $28,000 $27.74 $0 N/A Direct Construction Budget $10,601,596 $212,032 $210.07 $0 N/A Construction Contingency $530,080 $10,602 $10.50 $0 N/A Subtotal: Construction $11,131,676 $222,634 $220.58 $0 N/A General Development Costs: Architecture & Engineering $873,752 $17,475 $17.31 $0 N/A Survey and Permits $25,000 $500 $0.50 $0 N/A Clerk of the Works $144,440 $2,889 $2.86 $0 N/A Environmental Engineer $50,000 $1,000 $0.99 $0 N/A Bond Premium $0 $0 $0.00 $0 N/A Legal $250,000 $5,000 $4.95 $0 N/A Title and Recording $50,000 $1,000 $0.99 $0 N/A Accounting & Cost Certificat.$37,000 $740 $0.73 $0 N/A Marketing and Rent Up $75,000 $1,500 $1.49 $0 N/A Real Estate Taxes $50,000 $1,000 $0.99 $0 N/A Insurance $152,500 $3,050 $3.02 $0 N/A Relocation $0 $0 $0.00 $0 N/A Appraisal $40,000 $800 $0.79 $0 N/A Security $0 $0 $0.00 $0 N/A Construction Loan Interest $577,386 $11,548 $11.44 $0 N/A Inspecting Engineer $17,400 $348 $0.34 $0 N/A Fees to: Financing Fees $149,100 $2,982 $2.95 $0 N/A Fees to: Tax Credit Fees $90,250 $1,805 $1.79 $0 N/A MIP $0 $0 $0.00 $0 N/A Credit Enhancement Fees $0 $0 $0.00 $0 N/A Letter of Credit Fees $0 $0 $0.00 $0 N/A Other Financing Fees $0 $0 $0.00 $0 N/A Development Consultant $0 $0 $0.00 $0 N/A Other: $200,000 $4,000 $3.96 $0 N/A Other: $0 $0 $0.00 $0 N/A Soft Cost Contingency $75,000 $1,500 $1.49 $0 N/A Subtotal: Gen. Dev.$2,856,828 $57,137 $56.61 $0 N/A Subtotal: Acquis., Const.,$15,388,504 $307,770 $304.93 $0 N/A and Gen. Dev. Capitalized Reserves $430,000 $8,600 $8.52 $0 N/A Developer Overhead $834,425 $16,689 $16.53 $0 N/A Developer Fee $834,425 $16,689 $16.53 $0 N/A Total Development Cost $17,487,354 $349,747 $346.52 $0 N/A Total Net* Development Cost $16,380,000 $327,600 $324.57 $0 N/A (*Does not include any capitalized reserves nor any developer's fees or overhead which are contributed or loaned to the project.) One Stop2000 Affordable Housing Finance Application [Version 1.21] © Exhibit 11 Construction Period Sources and Uses Please fill out the following table with information on each month for which the project will be under construction. "Sources" and "Uses" should equal each other every month. Indicate loan repayment during the construction period. Sources of Cash:Total Closing Month 1 Month 2 Month 3 Month 4 Construction Loan $10,000,000 $1,158,999 $988,235 $992,352 $196,487 $997,306 Proceeds from Sale (Net)* $0 $ $ $ $ $ Equity: Cash $0 $0 $ $ $ $ Equity: Tax Credit (Net)$10,000,000 $2,000,000 $ $ $ $ Subordinate Debt $5,200,000 $0 $ $ $800,000 $ Permanent Debt $1,610,000 $ $ $ $ $ Syndication Bridge Loan $0 $ $ $ $ $ Other Interim Loan $0 $ $ $ $ $ SUBTOTAL $26,810,000 $3,158,999 $988,235 $992,352 $996,487 $997,306 Repayment: Construction Loan $10,000,000 $ $ $ $ $ Repayment: Syndication Loan $ $ $ $ $ $ Repayment: Interim Loan $ $ $ $ $ $ TOTAL SOURCES, NET $16,810,000 $3,158,999 $988,235 $992,352 $996,487 $997,306 Cumulative Sources $3,158,999 $4,147,234 $5,139,586 $6,136,074 $7,133,379 * Only relevant in the case of for-sale projects. Uses of Cash (Expenses):Total Closing Month 1 Month 2 Month 3 Month 4 Acquisition $1,400,000 $1,400,000 $ $ $ $ Hard Costs: Direct Construction $10,601,596 $ $883,466 $883,466 $883,466 $883,466 Contingency $530,080 $ $44,173 $44,173 $44,173 $44,173 Total Hard Costs $11,131,676 $0 $927,640 $927,640 $927,640 $927,640 Soft Costs: Construction Loan Interest $577,386 $ $4,829 $8,947 $13,082 $13,900 Architecture & Engineering $873,752 $678,506 $16,271 $16,271 $16,271 $16,271 Survey and Permits $25,000 $25,000 $ $ $ $ Clerk of the Works $144,440 $2,000 $11,870 $11,870 $11,870 $11,870 Environmental Engineer $50,000 $50,000 $ $ $ $ Bond Premium $0 $ $ $ $ $ Legal $250,000 $250,000 $ $ $ $ Title and Recording $50,000 $50,000 $ $ $ $ Accounting & Cost Certificat.$37,000 $15,000 $ $ $ $ Marketing and Rent Up $75,000 $ $ $ $ $ Real Estate Taxes $50,000 $0 $ $ $ $ Insurance $152,500 $152,500 $ $ $ $ Relocation $0 $ $ $ $ $ Appraisal $40,000 $40,000 $ $ $ $ Security $0 $ $ $ $ $ Inspecting Engineer $17,400 $3,000 $1,200 $1,200 $1,200 $1,200 Financing Fees $239,350 $239,350 $ $ $ $ Development Consultant $0 $0 $ $ $ $ Furnishings $200,000 $ $ $ $ $ Other $0 $ $ $ $ $ Developer's Overhead $834,425 $247,874 $20,656.17 $20,656 $20,656 $20,656 Developer's Fee (Net)$157,071 $ $ $ $ $ Soft Cost Contingency $75,000 $5,769.23 $5,769 $5,769 $5,769 $5,769 Contribution to Reserves $430,000 $ $ $ $ $ Subtotal Soft Costs, Fees $4,278,324 $1,758,999 $60,595 $64,713 $68,848 $69,666 TOTAL USES $16,810,000 $3,158,999 $988,235 $992,352 $996,487 $997,306 Cumulative Uses $3,158,999 $4,147,234 $5,139,586 $6,136,074 $7,133,379 Budget: Percentage of Funds Expended 18.8% 5.9% 5.9% 5.9% 5.9% Construction Loan Balance $0 $1,158,999 $2,147,234 $3,139,586 $3,336,074 $4,333,379 Syndication Loan Balance $0 $0 $0 $0 $0 $0 Interim Loan Balance $0 $0 $0 $0 $0 $0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] © Exhibit 11 Construction Period Sources and Uses Page 2 Please fill out the following table with information on each month for which the project will be under construction. "Sources" and "Uses" should equal each other every month. Indicate loan repayment during the construction period. Sources of Cash:Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Construction Loan $1,001,461 ($1,019,366)$1,001,387 $1,005,559 $814,749 $1,013,144 Proceeds from Sale (Net)* $ $ $ $ $ $ Equity: Cash $ $ $ $ $ $ Equity: Tax Credit $ $2,000,000 $ $ $ $ Subordinate Debt $ $500,000 $ $ $195,000 $ Permanent Debt $ $ $ $ $ $ Syndication Bridge Loan $ $ $ $ $ $ Other Interim Loan $ $ $ $ $ $ SUBTOTAL $1,001,461 $1,480,634 $1,001,387 $1,005,559 $1,009,749 $1,013,144 Repayment: Construction Loan $ $ $ $ $ $ Repayment: Syndication Loan $ $ $ $ $ $ Repayment: Interim Loan $ $ $ $ $ $ TOTAL SOURCES, NET $1,001,461 $1,480,634 $1,001,387 $1,005,559 $1,009,749 $1,013,144 Cumulative Sources $8,134,841 $9,615,475 $10,616,861 $11,622,421 $12,632,170 $13,645,313 * Only relevant in the case of for-sale projects. Uses of Cash (Expenses):Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Acquisition $ $ $ $ $ $ Hard Costs: Direct Construction $883,466 $883,466 $883,466 $883,466 $883,466 $883,466 Contingency $44,173 $44,173 $44,173 $44,173 $44,173 $44,173 Total Hard Costs $927,640 $927,640 $927,640 $927,640 $927,640 $927,640 Soft Costs: Construction Loan Interest $18,056 $22,229 $17,981 $22,154 $26,343 $29,738 Architecture & Engineering $16,271 $16,271 $16,271 $16,271 $16,271 $16,271 Survey and Permits $ $ $ $ $ $ Clerk of the Works $11,870 $11,870 $11,870 $11,870 $11,870 $11,870 Environmental Engineer $ $ $ $ $ $ Bond Premium $ $ $ $ $ $ Legal $ $ $ $ $ $ Title and Recording $ $ $ $ $ $ Accounting & Cost Certificat. $ $ $ $ $ $ Marketing and Rent Up $ $75,000 $ $ $ $ Real Estate Taxes $ $50,000 $ $ $ $ Insurance $ $ $ $ $ $ Relocation $ $ $ $ $ $ Appraisal $ $ $ $ $ $ Security $ $ $ $ $ $ Inspecting Engineer $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 Financing Fees $ $ $ $ $ $ Development Consultant $ $ $ $ $ $ Furnishings $ $200,000 $ $ $ $ Other $ $ $ $ $ $ Developer's Overhead $20,656 $20,656 $20,656 $20,656 $20,656 $20,656 Developer's Fee (Net) $ $ $ $ $ $ Soft Cost Contingency $5,769 $5,769 $5,769 $5,769 $5,769 $5,769 Contribution to Reserves $ $150,000 $ $ $ $ Sub-Total Soft Costs $73,822 $552,994 $73,747 $77,919 $82,109 $85,504 TOTAL $1,001,461 $1,480,634 $1,001,387 $1,005,559 $1,009,749 $1,013,144 Cumulative Uses $8,134,841 $9,615,475 $10,616,861 $11,622,421 $12,632,170 $13,645,313 Percentage of Funds Expended 6.0% 8.8% 6.0% 6.0% 6.0% 6.0% Construction Loan Balance $5,334,841 $4,315,475 $5,316,861 $6,322,421 $7,137,170 $8,150,313 Syndication Loan Balance $0 $0 $0 $0 $0 $0 Interim Loan Balance $0 $0 $0 $0 $0 $0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] © Exhibit 11 Construction Period Sources and Uses Page 3 Please fill out the following table with information on each month for which the project will be under construction. "Sources" and "Uses" should equal each other every month. Indicate loan repayment during the construction period. Sources of Cash:Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 Construction Loan $1,017,365 ($1,778,396)$30,789 $30,917 $31,046 $31,175 Proceeds from Sale (Net)* $ $ $ $ $ $ Equity: Cash $ $ $ $ $ $ Equity: Tax Credit $ $2,000,000 $ $ $ $ Subordinate Debt $ $800,000 $ $ $ $ Permanent Debt $ $ $ $ $ $ Syndication Bridge Loan $ $ $ $ $ $ Other Interim Loan $ $ $ $ $ $ SUBTOTAL $1,017,365 $1,021,604 $30,789 $30,917 $31,046 $31,175 Repayment: Construction Loan $ $ $ $ $ $ Repayment: Syndication Loan $ $ $ $ $ $ Repayment: Interim Loan $ $ $ $ $ $ TOTAL SOURCES, NET $1,017,365 $1,021,604 $30,789 $30,917 $31,046 $31,175 Cumulative Sources $14,662,678 $15,684,283 $15,715,071 $15,745,988 $15,777,034 $15,808,209 * Only relevant in the case of for-sale projects. Uses of Cash (Expenses):Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 Acquisition $ $ $ $ $ $ Hard Costs: Direct Construction $883,466 $883,466 $ $ $ $ Contingency $44,173 $44,173 $ $ $ $ Total Hard Costs $927,640 $927,640 $0 $0 $0 $0 Soft Costs: Construction Loan Interest $33,960 $38,199 $30,789 $30,917 $31,046 $31,175 Architecture & Engineering $16,271 $16,271 $ $ $ $ Survey and Permits $ $ $ $ $ $ Clerk of the Works $11,870 $11,870 $ $ $ $ Environmental Engineer $ $ $ $ $ $ Bond Premium $ $ $ $ $ $ Legal $ $ $ $ $ $ Title and Recording $ $ $ $ $ $ Accounting & Cost Certificat. $ $ $ $ $ $ Marketing and Rent Up $ $ $ $ $ $ Real Estate Taxes $ $ $ $ $ $ Insurance $ $ $ $ $ $ Relocation $ $ $ $ $ $ Appraisal $ $ $ $ $ $ Security $ $ $ $ $ $ Inspecting Engineer $1,200 $1,200 $ $ $ $ Financing Fees $ $ $ $ $ $ Development Consultant $ $ $ $ $ $ Furnishings $ $ $ $ $ $ Other $ $ $ $ $ $ Developer's Overhead $20,656 $20,656 $ $ $ $ Developer's Fee (Net) $ $ $ $ $ $ Soft Cost Contingency $5,769 $5,769 $ $ $ $ Contribution to Reserves $ $ $ $ $ $ Sub-Total Soft Costs $89,726 $93,965 $30,789 $30,917 $31,046 $31,175 TOTAL $1,017,365 $1,021,604 $30,789 $30,917 $31,046 $31,175 Cumulative Uses $14,662,678 $15,684,283 $15,715,071 $15,745,988 $15,777,034 $15,808,209 Percentage of Funds Expended 6.1% 6.1% 0.2% 0.2% 0.2% 0.2% Construction Loan Balance $9,167,678 $7,389,283 $7,420,071 $7,450,988 $7,482,034 $7,513,209 Syndication Loan Balance $0 $0 $0 $0 $0 $0 Interim Loan Balance $0 $0 $0 $0 $0 $0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] © Exhibit 11 Construction Period Sources and Uses Page 4 Please fill out the following table with information on each month for which the project will be under construction. "Sources" and "Uses" should equal each other every month. Indicate loan repayment during the construction period. Sources of Cash:Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Construction Loan $46,305 ($1,968,502)$23,296 $23,393 $23,490 $23,588 Proceeds from Sale (Net)* $ $ $ $ $ $ Equity: Cash $ $ $ $ $ $ Equity: Tax Credit $ $2,000,000 $ $ $0 $ Subordinate Debt $ $ $ $ $0 $ Permanent Debt $ $ $ $ $0 $ Syndication Bridge Loan $ $ $ $ $ $ Other Interim Loan $ $ $ $ $ $ SUBTOTAL $46,305 $31,498 $23,296 $23,393 $23,490 $23,588 Repayment: Construction Loan $ $ $ $ $ $ Repayment: Syndication Loan $ $ $ $ $ $ Repayment: Interim Loan $ $ $ $ $ $ TOTAL SOURCES, NET $46,305 $31,498 $23,296 $23,393 $23,490 $23,588 Cumulative Sources $15,854,514 $15,886,012 $15,909,308 $15,932,701 $15,956,192 $15,979,780 * Only relevant in the case of for-sale projects. Uses of Cash (Expenses)Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Acquisition $ $ $ $ $$ Hard Costs: Direct Construction $ $ $ $ $0$ Contingency $ $ $ $ $0$ Total Hard Costs $0 $0 $0 $0 $0 $0 Soft Costs: Construction Loan Interest $31,305 $31,498 $23,296 $23,393 $23,490 $23,588 Architecture & Engineering $ $ $ $ $0 $ Survey and Permits $ $ $ $ $0 $ Clerk of the Works $ $ $ $ $0 $ Environmental Engineer $ $ $ $ $0 $ Bond Premium $ $ $ $ $0 $ Legal $ $ $ $ $0 $ Title and Recording $ $ $ $ $0 $ Accounting & Cost Certificat.$15,000 $ $ $ $0 $ Marketing and Rent Up $ $ $ $ $0 $ Real Estate Taxes $ $ $ $ $0 $ Insurance $ $ $ $ $0 $ Relocation $ $ $ $ $0 $ Appraisal $ $ $ $ $0 $ Security $ $ $ $ $0 $ Inspecting Engineer $ $ $ $ $0 $ Financing Fees $ $ $ $ $0 $ Development Consultant $ $ $ $ $0 $ Furnishings $ $ $ $ $0 $ Other $ $ $ $ $0 $ Developer's Overhead $ $ $ $ $0 $ Developer's Fee (Net) $ $ $ $ $0 $ Soft Cost Contingency $ $ $ $ $0 $ Contribution to Reserves $ $ $ $ $0 $ Sub-Total Soft Costs $46,305 $31,498 $23,296 $23,393 $23,490 $23,588 TOTAL $46,305 $31,498 $23,296 $23,393 $23,490 $23,588 Cumulative Uses $15,854,514 $15,886,012 $15,909,308 $15,932,701 $15,956,192 $15,979,780 Percentage of Funds Expended 0.3% 0.2% 0.1% 0.1% 0.1% 0.1% Construction Loan Balance $7,559,514 $5,591,012 $5,614,308 $5,637,701 $5,661,192 $5,684,780 Syndication Loan Balance $0 $0 $0 $0 $0 $0 Interim Loan Balance $0 $0 $0 $0 $0 $0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] © Exhibit 11 Construction Period Sources and Uses Page 5 Please fill out the following table with information on each month for which the project will be under construction. "Sources" and "Uses" should equal each other every month. Indicate loan repayment during the construction period. Sources of Cash:Month 23 Month 24 Month 25 Month 26 Month 27 Month 28 Construction Loan $23,687 ($5,954,215)$0 $0 $245,748 $0 Proceeds from Sale (Net)* Equity: Cash Equity: Tax Credit $1,750,000 $250,000 Subordinate Debt $2,905,000 Permanent Debt $1,610,000 Syndication Bridge Loan $0 Other Interim Loan $0 SUBTOTAL $23,687 $310,785 $0 $0 $495,748 $0 Repayment: Construction Loan Repayment: Syndication Loan Repayment: Interim Loan TOTAL SOURCES, NET $23,687 $310,785 $0 $0 $495,748 $0 Cumulative Sources $16,003,466 $16,314,252 $16,314,252 $16,314,252 $16,810,000 $16,810,000 * Only relevant in the case of for-sale projects. Uses of Cash (Expenses):Month 23 Month 24 Month 25 Month 26 Month 27 Month 28 Acquisition Hard Costs: Direct Construction $0 Contingency $0 Total Hard Costs $0 $0 $0 $0 $0 $0 Soft Costs: Construction Loan Interest $23,687 $23,785 $0 $0 $0 $0 Architecture & Engineering $0 Survey and Permits $0 Clerk of the Works $0 Environmental Engineer $0 Bond Premium $0 Legal $0 Title and Recording $0 Accounting & Cost Certificat.$7,000 Marketing and Rent Up $0 Real Estate Taxes $0 Insurance $0 Relocation $0 Appraisal $0 Security $0 Inspecting Engineer $0 Financing Fees $0 Development Consultant $0 Furnishings $0 Other $0 Developer's Overhead $0 $338,677 Developer's Fee (Net)$0 $157,071 Soft Cost Contingency $0 Contribution to Reserves $280,000 Sub-Total Soft Costs $23,687 $310,785 $0 $0 $495,748 $0 TOTAL $23,687 $310,785 $0 $0 $495,748 $0 Cumulative Uses $16,003,466 $16,314,252 $16,314,252 $16,314,252 $16,810,000 $16,810,000 Percentage of Funds Expended 0.1% 1.8% 0.0% 0.0% 2.9% 0.0% Construction Loan Balance $5,708,466 ($245,748)($245,748)($245,748)($0)$0 Syndication Loan Balance $0 $0 $0 $0 $0 $0 Interim Loan Balance $0 $0 $0 $0 $0 $0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! One Stop2000 Affordable Housing Finance Application [Version 1.21] © Exhibit 11 Construction Period Sources and Uses Page 6 Please fill out the following table with information on each month for which the project will be under construction. "Sources" and "Uses" should equal each other every month. Indicate loan repayment during the construction period. Net Sources of Cash:Month 29 Month 30 Month 31 Month 32 Month 33 Balance Construction Loan $10,000,000 Proceeds from Sale (Net)*$0 Equity: Cash $0 Equity: Tax Credit $0 Subordinate Debt $0 Permanent Debt $0 Syndication Bridge Loan $0 Other Interim Loan $0 SUBTOTAL $0 $0 $0 $0 $0 $10,000,000 Repayment: Construction Loan $0 Repayment: Syndication Loan $0 Repayment: Interim Loan $0 TOTAL SOURCES, NET $0 $0 $0 $0 $0 $10,000,000 Cumulative Sources $16,810,000 $16,810,000 $16,810,000 $16,810,000 $16,810,000 * Only relevant in the case of for-sale projects. Net Uses of Cash (Expenses)Month 29 Month 30 Month 31 Month 32 Month 33 Balance Acquisition $0 Hard Costs: Direct Construction $0 Contingency $0 Total Hard Costs $0 $0 $0 $0 $0 $0 Soft Costs: Construction Loan Interest $0 $0 $0 $0 $0 $0 Architecture & Engineering $0 Survey and Permits $0 Clerk of the Works $0 Environmental Engineer $0 Bond Premium $0 Legal $0 Title and Recording $0 Accounting & Cost Certificat.$0 Marketing and Rent Up $0 Real Estate Taxes $0 Insurance $0 Relocation $0 Appraisal $0 Security $0 Inspecting Engineer $0 Financing Fees $0 Development Consultant $0 Furnishings $0 Other $0 Developer's Overhead $0 Developer's Fee (Net)$0 Soft Cost Contingency $0 Contribution to Reserves $0 Sub-Total Soft Costs $0 $0 $0 $0 $0 $0 TOTAL $0 $0 $0 $0 $0 $0 Cumulative Uses $16,810,000 $16,810,000 $16,810,000 $16,810,000 $16,810,000 Percentage of Funds Expended 0.0% 0.0% 0.0% 0.0% 0.0% Construction Loan Balance $0 $0 $0 $0 $0 Syndication Loan Balance $0 $0 $0 $0 $0 Interim Loan Balance $0 $0 $0 $0 $0 Governor Prence Residences Application Date: 10/1/2016 #VALUE! Empowering Women to Achieve Lasting Positive Change Board of Directors Sharon K. Hawkins President Pam Kukla Vice President Jane Teixeira-Henry Clerk Daniel A.P. Schwenk Treasurer Cate Casey-Lane Teri Cavanagh Margie Huggard Linda Markham Mary Morgan Russell P. Morris David Oppenheim Lori J. Pinard Janet Taylor Debbie Todd David Willard Executive Director Andrea Genser Special Advisors Carroll Beegan Follas Judith Cornwell Suz Karchmer Anne D. LeClaire Ro Morrissey WE CAN Corporation 783 Route 28 Harwich Port MA 02646 Phone: 508-430-8111 Fax: 888-694-6199 info@wecancenter.org www.wecancenter.org 9 August, 2016 Robert Sheldon Chair Zoning Board of Appeals Town of Eastham 2500 State Highway Eastham, MA 02642 Dear Mr. Sheldon: On behalf of WE CAN I am writing to express our strong support for the proposed Governor Prence Residences, a fifty unit affordable housing neighborhood proposed for 4790 State Highway in Eastham. The need for affordable housing in Eastham and throughout the Lower Cape is well documented. As a non-profit agency serving women and families cape-wide, we hear about the challenges our clients face in securing a year-round, safe and affordable place to live on a daily basis. And, we are hard pressed to offer many alternatives to our participants—many who are at risk of homelessness or experiencing a housing crisis. This proposed project will help our community make a significant step forward in meeting the needs of working families who can’t compete with second home owners and retirees in finding an affordable home. The Governor Prence Residences will accommodate fifty families in one, two and three bedroom apartments. Forty-six of the units will be for families earning 60% or below of Area Median Income (AMI). A family with a single parent and child working full time for $20 an hour will qualify to live at the Governor Prence Residences. Forty-five of the units are one or two bedrooms and all of the units are accessible via an elevator making them ideal for seniors living on a fixed income. Six of the apartments will be open to families earning more than 60% of AMI. The Community Development Partnership and Stratford Capital Partners have formed a partnership to develop this project ensuring that it will be locally managed and responsive to community needs. This is an exciting and much needed project. We urge the Town of Eastham’s Zoning Board of Appeals to approve the comprehensive permit application without delay. It will be an important step in helping to support and keep our working families on Cape Cod. If you wish further information, please don’t hesitate to contact me. Sincerely, Andrea Genser, Executive Director Governor Prence Residences Community Preservation Committee Application VII. LETTERS OF SUPPORT