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September 16, 2025
The Honorable Phil Mendelson, Chairman
Council of the District of Columbia
1350 Pennsylvania Avenue, N.W., Suite 402
Washington, DC 20004
Dear Chairman Mendelson:
Pursuant to D.C. Official Code § 42-2702.07, and on behalf of the Board of Directors (the “Board”)
of the District of Columbia Housing Finance Agency (the “Agency”), you are hereby notified that
on July 8, 2025 the Board enacted an Eligibility Resolution for tax- exempt and/or taxable
multifamily housing mortgage revenue bond financing in an amount not to exceed $77,750,000
for the acquisition, rehabilitation, and equipping of the Jubilee ADMO project (the
“Development”). The Development is expected to be loc ated at the primary address 1631 Euclid
Street NW, Washington, DC 20009 in Ward 1. After completion, the Development is expected to
consist of approximately six buildings with one hundred eighty-eight (188) residential rental units.
A copy of the Eligibility Resolution for the DC Council’s review is enclosed as Exhibit A. A
detailed description of the Development and its intended benefits are provided in the development
financing memorandum enclosed as Exhibit B. If you have any questions, please contact me at
(202) 777-1600.
Sincerely,
M
ichael L. Hentrel
General Counsel
E
nclosures
EXHIBIT A
815FloridaAvenueNW,WashingtonDC 20001-3017
@ socnra© eocera@ cocnra
DCHFA ResolutionNo. 2025-09
JubileeADMO-
EligibilityResolution
DISTRICTOF COLUMBIAHOUSINGFINANCEAGENCY
RESOLUTIONASTOTHEELIGIBILITYOFJUBILEEADMO FORTAX-
EXEMPTANDIORTAXABLEMULTIFAMILYHOUSINGMORTGAGE
REVENUEBONDFINANCING
WHEREAS,theDistrictofColumbiaHousingFinanceAgency(the
“Agency”)receivedarequestfromJubileeADMO ApartmentsLP(the“Applicant’)
thattheAgencyproviderehabilitationandequippingfinancingforJubileeADMO,
whichuponcompletion,isexpectedtoconsistofonehundredeighty-eight(188)
residentialunitsfinancedwithmultifamilyhousingmortgagerevenuebondsandis
expectedtobelocatedat1630FullerStreetNW,1650FullerStreetNW,1631
EuclidStreetNW,223318"StreetNW,1740EuclidStreetNW,and223318”
StreetNW,Washington,DC 20009inWard1(the“Project’);
WHEREAS,theApplicantshaveelected,pursuanttoSection142ofthe
InternalRevenueCodeof1986,asamended(the“Code”),tosetasideatleast
fortypercent(40%)oftheunitsforhouseholdsatorbelowsixtypercent(60%)of
theareamedianincome(‘AMI’).TheApplicantsmeetthesetasiderequirements
fortheoptionknownas“incomeaveraging’forthisProjectandtheaverageofthe
imputedincomelimitationsdesignatedshallnotexceedsixtypercent(60%)ofAMI;
WHEREAS,theApplicantsareeligibleforLowIncomeHousingTaxCredits
pursuanttoSection42oftheCodeandhaveelectedtosetasideatleastone
hundred percent (100%) of the unitsat the Projectforhouseholds at or below
eightypercent(80%)ofAMI.TheApplicantsmeetthesetasiderequirementsfor
the option known as “income averaging” for thisProject and the average of the
imputedincomelimitationsdesignatedshallnotexceedsixtypercent(60%)ofAMI;
WHEREAS, theAgencyhasconducteda preliminaryreviewoftherequest
forfinancingoftheProjectinordertodetermine,amongotherthings,thatthe
Projectandthefinancingrequestedtherefor,complywiththerequirementsofthe
DistrictofColumbiaHousingFinanceAgencyAct,D.C.Law 2-135,asamended,
D.C.Code§42-2701.01etsea,(the"Act’);
WHEREAS,theApplicantshaverequestedfinancinginanamountnotto
exceed$77,756,000throughanofferingoftheAgency'sTax-Exemptand/or
TaxableMultifamilyHousingMortgageRevenueBonds(the"Bonds’)forthe
financing,includingthefinancingofreasonablyrelatedandsubordinatefacilities
andanypermissiblereimbursementexpenses,oftheProject;
WHEREAS,allora portionoftheProjectmaybefinancedwithproceedsof
theAgency'sTax-ExemptMultifamilyHousingMortgageRevenueBonds,and
suchportionthatisnotfinancedwiththeAgency'sTax-ExemptMultifamily
HousingMortgageRevenueBondsmaybefinancedwithproceedsoftheAgency's
TaxableMultifamilyHousingMortgageRevenueBonds;
WHEREAS,AgencystaffrecommendstheissuanceoftheBondsinan
amount not to exceed $77,756,000, in one or more series,for the benefitof the
ApplicantsorotherrelatedentityaffiliatedwithorrelatedtotheApplicantsthatwill
own and operate the Project(the"Borrower’);and
WHEREAS,providingthefinancingrequestedfortheProjectwillconfera
publicbenefitandservethepublicinterestbyloweringthecostofandexpanding
availablehousing opportunitiesfor low- and moderate-income residentsof the
DistrictofColumbia (the“District’),allinaccordance withand infurtheranceofthe
purposesoftheActinthefollowingmanner:
1. Makingavailableapproximatelyonehundredeighty-eight(188)
units,onehundredpercent(100%)ofwhichareestimatedtobe
affordabletohouseholdswithincomesatorbeloweightypercent
(80%)ofAMI.The Applicantsmeettheoccupancyset-aside
requirementsfortheoptionknownas“incomeaveraging’forthis
Projectandtheaverageoftheimputedincomelimitations
designatedshallnotexceedsixtypercent(60%)ofAMI;
ProvidingopportunitiesforconstructionjobstoDistrictresidentsby
requiringthattheApplicantsandtheBorrowergiveprioritytoDistrict
residents;and
Contributingtotheoverallsocialand economic improvement inWard
1.
NOW THEREFORE, BE IT RESOLVED by the Board of Directorsof the
Agency(the"“Board”)that:
1. Basedupona reviewoftherequestbyAgencystaffasitrelatestothe
Project,thereporton suchreviewtotheBoard,thefavorable
recommendationoftheExecutiveDirector/CEO,and upondue
deliberationandconsultationwithAgencystaff,theBoardhereby
determinesthat,basedontherequirementsofeligibilityforfinancingby
theAgency,theProjectanditsfinancingbytheAgencywillmeetthe
requirementsoftheAct.
Finalapprovalofanyfinancingshallbe subjecttosuchterms,
conditions,anddocumentationacceptableordeemednecessarybythe
Agency
Thisreservationofvolumecapintheamountof$77,756,000,tothe
extentavailabletotheAgency,isfora periodofonehundredeighty
(180)calendardays,whichperiodmay beextendedatthesole
discretionoftheBoard
AdoptionofthisEligibilityResolutionshallnotconstitutea commitment
fromtheAgencytoissuetheBondsortoprovidefinancingforthe
Project.
The Executive Director/CEO isauthorized to undertake such actions as
arerequiredtobetakenpursuanttotheActandtheregulationsofthe
Agency,includingtheselectionoftaxprofessionalservices.
.TheExecutiveDirector/CEOisherebyauthorizedanddirectedtosend
totheChairpersonoftheCounciloftheDistrictofColumbiawritten
notificationoftheadoptionofthisEligibilityResolutiondescribingthe
natureoftheProjectandthebenefitsdesignedtoresulttherefromas
requiredbyD.C.Code§42-2702.07.
. This EligibilityResolutionshalltake effectimmediately.
DCHFA ResolutionNo. 2025-09
ADOPTED ON JULY 8,2025
AT A MEETING OF THE BOARD OF DIRECTORS.
ROLL CALL VOTE:
Heather Wellington : ABSENT
ScottieIrving APPROVED
YohanceFuller APPROVED
CarriRobinson APPROVED
ChristopherSecretarytothéBoard
EXHIBIT B
815FloridaAvenueNW,WashingtonDC 20001-3017
@ socnra© eocera@ cocnra
MULTIFAMILYUNDERWRITINGMEMORANDUM
INDUCEMENTRESOLUTIONAPPROVAL
JUBILEEADMO.
PRIMARYADDRESS:1631EUCLIDSTREETNW,WASHINGTON,DC20009
WARD1
188UNITS
GENERALTENANCY
DEVELOPER:JUBILEEHOUSING,INC.AND BREADOFLIFECHURCH
‘SUBSTANTIALREHABILITATION,NOTTO EXCEED$77,750,000
MAXIMUM LTV:85%,MINIMUMDEBTSERVICE:1.15x
KADUASOW
DATE:JULY8",2025
‘MultifamilyLendingandNeighborhoodInvestments
InducementApprovalRequest
[overviewProjectName: “ubileeADO‘SeateredSite:1UBILE11690FULLERSTREETNWWASHINGTON,OC2000811690FULLERSTREETNWWASHINGTON,DC2000911631EUCLIDSTREETNWWASHINGTON,9¢20092418.71STREETNWWASHINGTON,DC2009{UBILEE1740EUCLIDSTREETNWWASHINGTON,OC20008Projectaddress 223326thSTREETNWWASHINGTON,DC20008[war 1[consusrast amso1Ibowact? Yes{RorUnits 388buildingType: SubstantialRehabilitationPrimaryDeveloper JubileeHousing,ine.[rxExemptBonaissuanceAmount $77,750,000[aMRestreions: BKAMortess
[applicableSubsidy Yes;DeparmentofShaverHeath
(DevelopmentTeam:
[ceneralcontractor: ‘MonareConstructionIn
PropertyManager: JubileeHousing
[architec TubesonsiraWaresignArchitects;bileAtelierArchitects
[construsiontender ‘AtlontleUnionBank
permanentLender: DDCHEA80/50iskshare
[bondCouns: “T50
[andConsiderations:[environmentalStuy
[DateComplete: Recs BodgetedExpense:
3/2 None. 2
(Sobmaeat
Neighborhood: AdamsMorgan
[walkscore: ‘7
[ranieae: oy
[RealEstateConsiderations:
[etalDevelopmentCostPerUnit: $731,268,
[UnderwritenVacancyRat: 10%
lUnderwritenOpéxPerUnt 310342
IPAMOpExPerUnitRange: $i0.12:103357
[AppraisedValue: 537,700,000
inv: SLO
[capearemates (0.87%
PenetrationRate 19.6%
Financing[Bondsuances
ype:
50/50Rskshare PublicOeing
(soTest
TaxExemptBondAmount “AggregateBass/BondBasis ‘S00Test
75,220,000 135,308,084 5%
[PermanentDebt
[DebtExecution DDCHEA50/50RiskShare
[Underwriters
[amount $19,230,000
interesRate ‘675%
[amortization «0
frerm: v7
scr. ase
(uncEquiny RaiseRate: [TotaAmount:
FederalINTCRaiseRate: Sod]$ 3.00158
[DcUNTCRiseRate= son]$ 737,008
itorcTaxCrisRalesRate
SHEA
so.)$
PROJECTMAP
SHEA
‘TRANSACTIONSUMMARY
TheMultifamilyLendingandNeighborhoodInvestments(“MLNI”)underwritingstaffrequeststhe
inducementfromthe DistrictofColumbiaHousingFinanceAgency's(“DCHFA”orthe“Agency”)Boardof
Directors(the“Board”)fortheissuanceoftax-exemptbondsinanamountnottoexceed$77,756,000
inclusiveofthe estimated$19,230,000HUD 50/50 RiskSharepermanent loanto financea portionof
thecoststorehabilitate188unitsatJubileeADMO(the“Development”orthe“Property”).TheRiskShare
MortgageLoanwillbeconstrainedto85%stabilizedLoantoValue(LTV)and1.15xamortizingdebtservice
coverageratio(DSCR).
TheproposedDevelopmentisarehabilitationofthescatteredsitescollectivelyknownasJubilee|and
JubileeII.Jubilee|comprisesfourbuildingslocatedat1630FullerStreetNW,1650FullerStreetNW,1631EuclidStreetNW,and241817thStreetNW.JubileeIlcomprisestwobuildingslocatedat1740Euclid
StreetNW and223318thStreetNW.AllbuildingsarelocatedintheAdamsMorganneighborhood,lessthan0.5milesfromeachother.Additionally,theProjectiseligibletoreceivehistorictaxcreditsforfour
ofthesixbuildings.Jubilee|wasfirstacquiredbyJubileeHousing,Inc.in1973,andJubileeIlwasacquired
inNovember2009.RenovationswerecompletedwithLIHTCequityfundingbetween2007and2010.Jubilee|and1!reachedtheendoftheir15-yearcomplianceperiodsin2022and2023,respectively.
TheunitmixoftheDevelopmentwillremainunchangedwithatotalof188unitsincludingforty-nine(49)
efficiencyunits,fifty-seven(57)one-bedroomunits,fifty-five(55)two-bedroomunits,andtwenty-seven
(27)three-bedroomunits.Allunitswillberestrictedtoresidentsearning30%,50%and80%ofAreaMedianIncome(“AMI”)orless.TheProjectwillserveageneraltenancypopulation.
TheProjectsitesaredesignatedas"Walker'sParadise”and"Biker'sParadise”byWalkScore,indicating
thatdailyerrandsdonotrequireacar.TheProjectsitesarealsonearpublictransportation.TheDevelopmentislessthanonemilefromtheColumbiaHeightsMetroStationandtheWoodley
Park/AdamsMorganMetroStation.TheProjectsiteisalso0.1milesfromlocalbusstops(lines42and
43).
Majorrenovationswillincludeupgradedsecuredbuildingentrancesandsecuritycameras,upgradedlandscaping,tuckpointingfortheexteriorbrick,upgradedHVACsystems,upgradedelevatorsystems,and
installationofsolarpanels.In-unitrenovationswillincludenewflooring,kitchens,bathrooms,unitentry
andinteriordoors,125-ampelectricpanels,andEnergyStarappliances.A detailedscopeofworkis
providedinthebodyofthememo.TheDevelopmentdoesnotincludeanyoff-streetparking,asthepropertiesareexistinglegalnon-conformingusesthatwereoccupiedbeforetheadoptionofthecurrent
buildingcode.TheDevelopmentunderwentaLIHTCrehabilitation15yearsagounderthecurrentparkingarrangement.Thepropertiesarewithinwalkingdistanceofmanycommunityamenitiessuchasgrocery
stores,pharmacies,andpublictransportation.
ThecapitalstackfortheDevelopmentwillconsistofpermanentfinancingintheapproximateamountof
$19,230,000asaDCHFARisk-ShareLoan,$8,805,000inbondreinvestmentproceeds,a$2,000,000Amazon grant, $9,211,787 in assumed DHCD HPTF loan, a $40,708,455 Jubilee SellerNote, $90,000i
Solar ITC proceeds, $1,000,000 in Enterprise Bridge Loan InterestProceeds, $8,235,739 in HistoricTax
Credits,$43,640,158inFederalLowIncomeHousingTaxCredit(LIHTC)Equity,$9,547,239inDCLIHTCEquity,and a $6,290,252DeferredDeveloperFee.The totaldevelopmentcostis$148,758,631
($791,269/unit),inclusiveofacquisition,hardandsoftcosts,developerandfinancingfees,reservesandescrows.
SHEA
JubileeADMO ApartmentsLPwillbethetransaction'sownerandborrowingentity(“Borrower”).The
0.01%GeneralPartnerisJubileeADMPGPLLC,andtheentityis79%ownedbyJubileeHousing,Inc.,the
managingmember,and21%ownedbyBreadofLifeChurchFKALazarusHouseChurch,itsgeneral
partner.JubileeHousing,Inc.willbetheguarantoroftheProject.Atclosing,JubileeADMO Apartments
LPwilladmita99.99%taxcreditinvestormember,anaffiliateofEnterpriseCommunityInvestments,into
thepartnershiptofacilitatetheLIHTCequityinvestment.
TheremainingmembersofthedevelopmentteamconsistofMonarcConstructionasGeneralContractor,
BonstraHaresignArchitectsandAtelierArchitectsasArchitects,EquityPlusasthedevelopment
consultant,andJubileeHousingasPropertyManager.
ELIGH
InAugust2024,DHCDprovidedtheProjectwithalettercertifyingLIHTCthresholdcomplianceandan
evaluationscore.TheProjectwaseligibleforandappliedtotheDCHFA’sJuly2024ReadinessRound.The
projectfulfilledtheDCHFAReadinessrequirementsanditsscorewascompetitiveenoughtoproceedtounderwritingfortax-exemptbondissuance.
ILITYTORECEIVETAX-EXEMPTBONDS
PROJECTREADINESS
TheSponsorhasfinalizeditsconstructiondrawingsandreceivedPermitsforoneofthesixbuildingsasof
‘August2023.TheSponsorisintheprocessofrenewingthispermit,whichwillberequiredpriortoclosing.
TheremainingpermitapplicationsfortheotherfivebuildingshavebeensubmittedtotheDepartmentof.Buildingsandareawaitingapproval.TheapprovedPermitswillberequiredpriortothefinalbond.
‘STRENGTHS:
ExcellentLocation:TheProjectsitewillbewithinwalkingdistance(lessthan0.5miles)ofJubilee’s
otherproperties.Therefore,Jubilee’scoretenantservices,whicharediscussedinthe“Tenant
Services”sectionofthememorandum,willbeeasilyaccessibletotheProject'sresidents.TheSubject'slocationisdesignated'WalkersParadise’byWalkScorewitha scoreof97,indicating
dailyerrandscanbeaccomplishedonfoot.Itislocatedwithinwalkingdistanceofthemain
‘commercialcorridorsinAdamsMorganandUStreetNorthwest.Jubileelislocated0.5milesfromthe Columbia Heights Metro Station and Jubilee II is located 0.8 miles from the Woodley
Park/AdamsMorganMetroStation.Additionally,bothProjectsitesarelocated0.1milesfromlocalbusstops(lines42and43).Further,accesstocommunityamenities,suchasgrocerystore,
willmaketheproposedProjecthighlymarketableforprospectivetenants.
‘Sponsorship/Guarantor:JubileeHousing,Inc.isanexperienceddeveloperandpropertymanager
intheWashington,DC area.JubileeHousing,Inc.hasworkedonothersuccessfulhousing
developmentswithDCHFAfinancingincluding,mostrecently,OntarioPlace(4%transactionthat
closedinmid-2023)andEuckal(4%transactionfinancedinOctober2022).TheSponsor
demonstratesrobustfinancials,showcasingitsstrongfinancialwherewithalandstability.Perthe
2023auditedfinancialstatements,JubileeHousinghasanetworthof$43,954,457.
SHEA
RISKS (KEY MITIGANTS)
1. lit Risk:DCHFA willfund a $19,230,000 permanent mortgage and assume 50% riskii
eventofa defaultbytheborrower.
© CreditRiskMitigant:DCHFAwillrequirethattheguarantormaintainliquidassetsequal
to10%ofthepermanentloanamountor12monthsofprincipal,interest,andmortgageinsurancepremium(MIP).Inaddition,theloanwillbe requiredto meetconversion
requirements,includinglien-freecompletionofconstruction,verificationofcompliancewithaffordabilityand constructionwagerequirements,and90%physicaloccupancywith
a 1.15xorgreaterDebtServiceCoverageRatio(DSCR)for90days.
the
2.InterestRateRisk:TheSeniorLoaninterestratewillbelockedpriortoclosing.Changesinthe
marketconditionsmaynegativelyimpacttheSeniorLoaninterestrateandthesizingofthe
permanent debt.
© Mitigant: DCHFA has underwritten the transaction with a 6.75% interestrate,which is
indicativeofcurrentmarketconditions.Thenoted“all-in”interestof6.75%includesa
50basispointbuffertoaccountforrisinginterestrates.
3. ReputationalRisk:DCHFAwillbeproviding$75,330,000intax-exemptvolumecaptothe
transactionandwillbepubliclyassociatedwiththeDevelopment.
© ReputationalRiskMitigant:JubileeHousingIncisanexperiencedsponsoranddeveloper
intheWashington,DC area.TheSponsorhasworkedonothersuccessfulhousing
developmentswithDCHEAfinancingincluding,mostrecently,OntarioPlace.TheSponsor
currentlyownsaportfolioofeightpropertiescomprisingof299unitsintheDistrictof
Columbia.
Financing Structure:
TheDevelopmentwillbefinancedbyissuing$75,330,000millioninDCHFAtaxexemptbonds
($56,100,000short-termbondsand$19,230,000long-termbonds).Boththeshort-andlong-termbonds
willbecashcollateralizedwithaconstructionloan.
AtlanticUnionBankwillprovidetheconstructionloan.AtlanticUnionBankisasubsidiaryofAtlanticUnion
BanksharesCorporation,a New YorkStockExchangepubliclytradedbankholdingcompanyheadquarteredinRichmond,Virginia.ItisthelargestregionalbankintheMid-Atlanticwithamarket
capitalizationof $4.4billionand $30 billioninloansissued.The constructionloanwillbe a 30-month
interest-onlyconstructionloanfortheProject.Theloanwillbepricedatthetwo-yeartreasuryplus2
spreadof2.55%.
DCHFAisprovidinga permanentloanof$19,230,000aspartoftheLevel1.50/50HUDRiskShareprogram
viatheAgency'sparityindenture.Theloantermis17yearswitha40-yearamortizationschedule.The
loanwillbelimitedto85.0%ofthe“as-stabilized”value.AsofMay27,2025,thepermanentloanis
underwrittentohavea6.75%interestrate,inclusiveof25bpsfortheMortgageInsurancePre
("MiP")and50bpsforan interestratebuffer.
SHEA
‘SUMMARYOFCONSTRUCTIONSOURCESAND USES
ConstructionLoan $53,761,109 ‘Acquisition:$60,700,740Bond ReinvestmentProceeds: $8,805,000 $47,472,068
"AmazonGrant: $2,000,000 $9,543,579FederalUHTC Equity: $8,728,032 FinancingFees: $20,320,484
StateLINTCEquity $6,205,706 DeveloperFee: $708,957‘AssumedDHCDHPTFLoans $9,211,787SellerNote: $40,708,455;HistoricTaxCredits: $8,235,739
EnterpriseBridgeLoanInterestProceeds: $1,000,000
SolarIC: $90,000TotalConstructionSources: $138,745,827__[TotalConstructionUses $138,745,828
‘SUMMARYOFPERMANENTSOURCESAND USES
DCHFASeniorLoan: $19,230,000 ‘Acquisition: $60,700,740BondReinvestmentProceeds: $8,805,000 Constru $47,872,067‘AmazonGrant: $2,000,000 SoftCosts $9,543,579FederalUHTCEquity: $43,640,158 FinancingFees: $20,320,484‘StateUHTCEquity: $9,547,239 DeveloperFee: $9,835,037DeferredDeveloperFee: $6,290,252, ReservesandEscrows: $886,724
‘AssumedDHCDHPTFLoan: $9,211,787SellerNote: $40,708,455HistoricTaxCredits: $8,235,739EnterpriseBridgeLoanInterestProceeds: $1,000,000SolarITC: $90,000‘TotalPermanentSources $148,758,631_ |TotalPermanentUses $148,758,630
FINANCIALASSUMPTIONS
PermanentLoanAll-inInterestRate 6.75%
PermanentLoanAmortization 40years
LockOutPeriod 10years
PermanentLoanTerm 17years
MinimumAmortizingDSCR 1.15x
SHEA
DCHFAFEESCHEDULE
ApplicationFee $20,000}
FinancingFee $1,379,400]
Issuer'sCounsel $45,000]
IDCHFA LIHTC AllocationFee $309,705)
‘Construction Monitoring Fee $360,000}
IDHCFA Bond Admin Fee $282,488]
Total $2,396,593
ForDCHFARiskSharetransactions,theAgencycollectsabondadministrationfeeof15basispointsforalloutstandingbondsduringtheperiodbetweenfinancialclosingandpermanentloanconversion.
‘SUBORDINATEDEBT
ASSUMEDDHCDHPTFLOAN:
TheProjecthasaformerDHCDHPTFloanof$9,211,787.DHCDiscurrentlyintheprocessofcompleting
therequisiteadministrativeworktotransfertheseloanstothenewLIHTCdevelopmententity.Theterm
oftheloanwillbeextendedforanadditional42yearsuponclosingofthetransaction:
DHCDLoan:
InterestRate: 3.009%
LoanTerm: 42Years(extension)
Repayment: CashFlow(2 lien)
Non-Recourse:Yes
SELLERNOTE:
Finally,theProjecthasa sellernoteof$40,708,455:
SellerNote:
InterestRate: 4.60%(Long-TermApplicableFederalRate)
LoanTerm: 42Years
Repayment: CashFlow(3°lien)
Non-Recourse:Yes
GRANTS:
AMAZON GRANT:
TheProjectwasawardeda$2,000,000Amazongrant.Giventhatthisfundingisnotafederalgrant,an
eligiblebasisreductionisnotrequiredunderthetaxcode.
FEDERALLIHTC
‘TheSponsorselectedEnterpriseHousingCreditInvestmentsasLIHTCinvestorforthetransaction.Perthe
letterofintent(“LOI”),EnterpriseHousingCreditInvestmentswillhavea99.99%ownershipinterestin
theDevelopmentatthepurchasepriceof$0.80per$1.00offederaltaxcredits.Enterprisewillprovide
anestimatedtotalequityinvestmentof$43,640,158.Theinvestmentwillbesufficienttofundthe
requiredequityforthetransaction.DCHFAunderwritingassumptionsprojecta qualifiedbasisof
$136,389,133,anannualLIHTCamountof$5,455,565andatotalequityinvestmentof$43,640,158.
AccordingtothemostrecentCohnReznickHousingTaxCreditMonitor,nationalpricingforLIHTCisbetween$0.76and$0.97,withamedianpriceof$0.86.Pricinghasbeenhighlyvolatileoverthepasttwo
years.Additionally,giventheperceivedriskoftheDCmarket,multi-investorfundsarestructuring
transactionswithhigheryieldsandlowerraiserates.
The pay-inschedulewillbe 20% at closing,70.4%at constructioncompletion,8.9% at
conversion/stabilization,and0.7%at8609.
UHTCCalculation [Acquisition [Construction
EligibleBasis $52,785,037 $74,606,547
AdjustedBasis $52,785,037 $64,310,843
ProjectedApplicableFraction 100% 100%
act 100% 130%
ProjectedLIHTCQualifiedBasis $52,785,037 $83,604,096
$136,389,133
TaxCreditRate 4.00%
AnnualLIHTCAmount $5,455,565
LP.Ownership 99.99%
InvestorPayRate $ 0.80
ProjectedLIHTCInvestorEquity $43,640,158
DCLIHTC
Inadditionto the federaltaxcredits,JubileeADMO- ibleto receivethe DC LIHTC based on the District
of Columbia Low-Income Housing Tax CreditClarificationAmendment Act of 2020. The act statesthat any
projectthatqualifiesfora4%or9%allocationwillalsobeeligibleforDCLIHTCinanamountequalto25%ofthevalueoftheFederalLIHTCreceivedforthequalifyingproject.
SHEA
RiseImpactwillpurchasetheDCLIHTCsforthetransactionandhasa0.01%ownershipinterestinthe
Project.Thepurchasepricewillbe$0.70per$1.00ofstatetaxcredits.
Thepay-inschedulewillbe10%atclosing,30%atStabilization/RentalAchievement,and10%peryearfor
thefollowingsixyearsoftheDCLIHTCcomplianceperiod.
TheProjectwillincludeaStateLIHTCBridgeLoanfromCornerstoneFundwithanot-to-exceedamount
of$6,750,000.CornerstoneFundisaCDFIaffiliatedwiththeUnitedChurchofChristthathelpslocal
churchesandnon-profitorganizationscreatechangewithintheircommunities.Theloanwillhavea10-
yeartermandaninterestrateof8.25%.ThesecurityforthisloanistheStateLIHTCs,andtherewillbeno
lienontherealestate.Thiswillallowfortheprojecttoreceivea significantportionoftheStateLIHTC
Equityproceedstobeusedduringtheconstructionperiod.
[TotalFederalLIHTCsgeneratedbytheproject, $5,455,565
DC LIHTCsGeneratedbythe project $1,363,891
DC LIHTCEquityPricing $0.70
EquityRaisedfromDCLIHTC $9,547,239
DCLIHTCFeeduetoDHCD $136,389
HISTORICTAXCREDIT
InadditiontothefederalandDCtaxcredits,theProjectiseligibletoreceive$8,141,489infederalHistoric
.EnterpriseHousingCreditInvestmentswillpurchasethefederalHistoricTaxCreditsfor$0.80
TheissuanceoffederalHistoricTaxCreditsisadministeredundertheHistoricPreservationCertification
Applicationprocess,whichhasthreepartsandisadministeredbytheNationalParkService.
PartI:CertifyingapropertyasaHistoricStructure
thatthecompletedworkwascompletedasproposed.Atthispoint,thepropertyisa
“certifiedrehabilitation”andiseligibletoreceivefederalHistoricTaxCredits.
FourofthesixJubileeADMObuildingsarecertifiedHistoricStructures,eligibletoreceivehistorictax
its.TwoofthefourHistoricStructureshavereceivedPartIlapprovalfortheHistoricPreservationCertificationApplication.TheSponsorhasconfirmedthatthePartIlapplicationsforthelasttwohistoric
buildingsareexpectedtobeapprovedbyJuly2025.ReceiptofPartIlapprovalisaconditionofproceedingto finalbond.
The pay-inschedulewillbe 20% at closing,70.4%at constructioncompletion,8.9% at
conversion/stabilization,and0.7%at8609.
HTCCalculation
ProjectedTotalQRE: 50,889,398
CreditRate:
ProjectedTotalHTC 10,177,880
LPOwnership
InvestorPayRate:
TotalHTCEquit 8,141,489
DDA/QcTMAP
BothsitesaredesignatedinaQualifiedCensusTract(QCT)/DifficultDevelopmentArea(DDA)andare
eligiblefora30%LIHTCbasisboost.Pleaseseethemapbelow:
SPONSOR /DEVELOPER/ GUARANTOR ANALYSIS
Developer:
JubileeHousing,Inc.(Jubilee)
Jubileeisa501c3thatwasincorporatedonOctober23,1973.JubileeHousinghasbeena certified
CommunityHousingDevelopmentOrganization(CHDO)formorethanadecade.Since1973,Jubilee
Housinghasdevelopedandmanagedaffordablehousingcommunities,specializinginprovidingsupportiveopportunitiesthatallowresidentstopursuelifegoals.JubileeHousingisaSection3business
concernandhalfofitsemployeesareDistrictresidents.Morethanhalfofitsemployeesareminorities,
andmorethanhalfarewomen.
Witha currentstaffof40+people,JubileeHousingdevelopsaffordablehousing,performspropertymanagement,and providessupportiveservicesforresidents.JubileeHousing’srealestatedivision
developedandcurrentlymanageseightapartmentbuildingsconsistingof299multifamilyunits,20
“HFA 1
supportivehousingunitsintwootherproperties,andover20,000squarefeetofprogrammingspace.
RecentJubileeHousingdevelopmentsinclude:
1. Ontario(DCHFAFinanced):52-unitnewconstructiondevelopmentthatclosedinQ42023
2. Euckal(DCHFAFinanced):50-unitacquisition/rehabilitationdevelopmentthatclosedinQ42022.
JimKnightistheCEOof Jubileeandoverseesastaffof40+employees.Hehassuccessfullyimplementedanearly$100Mstrategicredevelopmentcampaignthatredeveloped300unitsofdeeplyaffordable
housing.HealsoledtheestablishmentofJusticeHousingPartners,LP,aninvestmentplatformthathelps
Jubileeacquirenewdevelopmentopportunities.Mr.KnightpreviouslyservedaspresidentoftheCoalitionforNon-ProfitHousingandEconomicDevelopmentandtheDC HousingProductionTrustFundAdvisory
Board.HeisalsoanactivememberofLeadershipGreaterWashington.
Staffreviewedthesponsor'scurrentratio,workingcapital,andnetworth.CurrentRatioisaliquiditymeasurethatgivesan indicationofanentity'sabilitytopayi
currentassetsdividedbycurrentliabilities.Workingcapitaliscalculatedbysubtractingcurrentliabilities
fromcurrentassetsandisusedtodetermineavailablecapital.Thefinalmeasureisthenetworthoftheentity,whichisthevalueofthecompany.Itiscalculatedastotalassetsminustotallia
ThechartbelowdetailsthekeyfinancialratiosforJubileeHot
TheratiosindicatethattheGuarantorhasadequatefinancialstrength,liquidity,workingcapital,andnet
worth,
Co-Developer:BreadofLifeChurch
BreadofLifeChurchFKALazarusHouseChurchhasbeenidentifiedasadisaffiliatedentityandwillbetheco-developeroftheProject.ThechurchwillnotbeprovidinganyguaranteesfortheProjectandwillhave
nocontroloftheoperationsoftheProject.TheboardmembersoftheChurchhavebeenidentifiedasKimMontroll(President),CarolMartin(VP),JamesKnight(Secretary},andTerryFlood(Treasurer).
Finar
ingandDevelopmentConsultant:EquityPlus
EquityPlushasbeenselectedasthedevelopmentconsultantontheProject.Theywillbeinvolvedinthistransactionthroughpredevelopment,stabilization,8609's,on-goingcompliance,andowner's
representation.EquityPlusprovidesinvestmentbankingandowner'srepresentationservicestodevelopersandbanksseekingeithertoinvestinordevelopprojectsservinglow-incomecommu
(LIHTC,HTC,NMTC,andvarioussubsidyprograms)acrossthecountry.When workingwiththeirpartners
theyprovidearangeofservicesdependingontheneedsoftheparticularorganization.Insomecases,theytakealeadroleinhelpingthenonprofitobtaindevelopmentfinancingfromlenders,taxcreditequity
investors,andgovernmentcapitalcostandoperatingsubsidiesfromrunningthefinancialmodelsto
negotiatingtermsheetsandcoordinatingtheclosingprocess.Inothercases,theyalsoprovideowner'srepresentationservices~takingaleadroleindevelopingtheprojectbyworkingdirectlywiththedesign
team,generalcontractor,tenants(inoccupiedbuildings)andotherprofessionalsnecessarytobuildthe
“HFA 2
project.ForWagner,EquityPlus’srolewillbetheOwner'sRepresentative/ConstructionManager.EquityPlushas four full-timeemployees.
EquityPlushasbeentheDeveloperConsultantonseveralDCHFA-financedprojects,includingHanTiv,
OntarioCourt,MaycroftApartments,EucKal,DeanwoodStation,andJubilee|.EquityPlushasservedas
theowner'srepresentativeforfivetransactionsinWashington,DCtotaling423units.Thetransactions
wereGlennArmsApartments,OntarioCourtApartments,MaycroftApartments,HanoverCourts,and
WoodberryApartments.
Avram Fechter:Beforeco-foundingEquityPlus,Mr. FechterworkedfortheDistrictGovernment
underwritingandclosingover$400millioninLINTCandNMTCfinancedprojectswhiledeploying$3millionof 9% LIHTC Allocationand $80 millionof DistrictGovernment loans.Mr. Fechter has closed over
$800 millionin NMTC/HTC/LIHTC financing.
OrganizationalChart:
JubileeADMOApartmentsLPwillbetheownerandborrowingentity(“Borrower”)inthetransaction.The
0.01%GeneralPartnerisJubileeADMPGPLLCandtheentityis79%ownedbyJubileeHousing,Inc,the
managingmember,and21%ownedbyBreadofLifeChurchFKALazarusHouseChurch,itsgeneral
partner.JubileeHousing,Inc.willbetheguarantoroftheProject.Atclosing,JubileeADMOApartments
LPwilladmita99.99%taxcreditinvestormember,anaffiliateofEnterpriseCommunityInvestments,into
thepartnershiptofacilitatetheLIHTCequityinvestment.DCHFAhasrequestedanupdatedorgchart
reflectingBreadof LifeChurchFKALazarusHouseChurch'sparticipationinthetransaction.
ProjectOwnerandBorrower
JubileeADMOApartmentsLP(DCLimtedPartnershipSingePurposeEntity
investorMember(99.(GeneralPartner(0.01%) InvestorMember(99.9%)
‘TBDTaxCreditInvestorEntityimeUsbCompanyForgetJubileeADMOGPLLC(iis UbityCorporation‘SgPurposeEnty
‘GwnerofGeneralPartner(79%)
JubileeHousinginc.Dcnonprofitcorpration(GH00Desigated
‘OwnerofGeneralPartner(21%
BreadofLifeChurch1nanprotorpratin
SHEA 13
GENERALCONTRACTOR
MonareConstruction,Inc.
MonarcConstruction,Inc.willbethegeneralcontractorforbothProjects.Monarcwasestablishedin1987byJohnBellinghamandhasevolvedasaprominentgeneralcontractorintheWashington,D.C.
metropolitanarea.Overitsdecades-longoperation,Monarchascompletedover3,000renovationand
newconstructionprojectsacrosstheregion.Thecompanyspecializesinvarioussectors,includinghistoric
buildingrestoration,multifamilyandaffordablehousing,embassyprojects,anduniversityrenovations.
JohnBellinghamisthefounderofMonarcConstruction.Johnhasextensiveexperienceintheconstructionindustryhavingworkedforlargegeneralcontractors,bothinEnglandandtheMetropolitanWashington,
DCarea,beforeestablishingMonarcConstructionin1987.Notablerenovationprojectsbeganwiththe
restorationoftheForest-MarburyHousein1987andincludeaportfoliospanning35years.
MonarehascompletedtwoLIHTCprojectsinWashington,D.C.,includingonewithJubileeHousingas
‘SponsorandBonstraHaresignasarchitect:
‘* OntarioCourt(DCHFAfinanced):Redevelopedin2015withtax-exemptbondand4% LIHTC
financing.Combines27affordableunitswithanearlychildhooddevelopmentcenter,called
JubileeJumpStart.Notably,JubileeHousingandBonstraHaresignwerethesponsorandarchitect
onthisproject,respectively.
‘* HampshireApartments:Rehabilitatedin2022with9%LIHTCandhistorictaxcredits.Preserved
56unitsintheFortTottenneighborhoodofWashington,D.C.WesleyHousingwasthesponsor.Thescopeofworkincludedfullrenovationoftwobuildingsandrepurposingofthelowerlevels
toaddthreenewunitstotheproperty.Therenovationincludedanupgradetoplumbingandelectricutilities,updatedkitchensandbathrooms,anewcommunityroom,and interiorand
exterioraccessibilityimprovements.Thebuildingsweredesignedandconstructedtomeet
EnterpriseGreenCommunitiesstandards.
PROPERTYMANAGEMENT
JubileeHousing
JubileeHousingself-manageseightapartmentbuildingsconsistingof299multifamilyunits,20supportive
housingunitsintwootherproperties,andover20,000squarefeetofprogrammingspace.Theproperty
managementdepartmenthas12full-timeemployeeswhomanageadministrative,compliance,and
maintenancefunctionsforJubilee.ThestaffcurrentlymanagesfourLIHTCprojectsintheDistrict,
includingEucKal,Maycroft,Ontario,andtheSubject.
PleaseseebelowstaffingplanfortheSubject:
—=peaein] mee,|cP Available)| Projects?
Peatnce fee fs :ae ee
DCHFA’sPortfolioandAssetManagement("PAM")Staffindicatedthattherearenocurrentoutstandingissueswiththemanagementcompany.Aspartoffinalunderwritingforpermanentfinancing,DCHFAPAM
staffwillreviewandprovidecommentstothedeveloperonthetenantrelocationplan(ifapplicable),
managementagreement,andformofleaseandwillreviewfinalformsofthesedocumentstoensurethattheycomplywithAgencystandards.
ARCHITECT
BonstraHaresignArchitects(Jubilee!)
BonstraHaresignArchitectsisafull-servicearchitecturaldesignstudiolocatedintheheartofWashington,
DC.Bonstra|HaresignArchitectswasfoundedin2000andhasastaffof32highlyqualifiedandcreativedesigners.BonstraHaresignArchitectshasextensiveexperiencewiththedesignofaffordablehousing
andcommunityfacilitieswithnon-profit,community-basedandprivatedevelopers.Thearchitecthasworked on Maycroft Apartments and Ontario Court, which were financed by DCHFA.
AtelierArchitects(JubileeI!)
AtelierArchitects,Inc.wasfoundedin1993andisa CertifiedBusinessEnterprise(CBE)providing
architecturalandinteriordesignservices.Forover30years,Atelierhasbeeninvolvedwithmanyprojects
varyinginsizewithlocalandnationalclientsaswellastheDistrictofColumbiaandFederalGovernments.Atelieroffersarchitectural& interiordesign,programming/spaceneedevaluations,feasibilitystudies,FF&E,
managementmasterplanning,spaceplanning,codeconsulting,ADAcomplianceanalysis,lifesafetycode
analysis,projectmanagement,buildingevaluation,andzoninganalysis/consulting.
ThearchitecthaspreviouslyworkedonHanoverApartments,whichwasfinancedbyDCHFA.
SITECONTROL
JubileeADMOisownedbyJubileeHousingLimitedPartnershipandJubileeHousingLimitedPartnershipIIthroughevidenceofadeed.Atthefinancialclosingofthetransaction,JubileeHousingLimited
PartnershipandJubileeHousingLimitedPartnershipI!willtransfertheirinteresttoanewlyformedentity,
“HFA s
JubileeADMOApartmentsLimitedPartnership.Additionally,theproposedtransferswillnottriggerTOPA
becausetheywillqualifyfortheexceptioninDistrictofColumbiaCodeSection42-3404.02(c)(2)(Q).Theexceptionstatesthatatransferofa housingaccommodationisnotconsidereda“sale”ifthesolepurpose
ofthetransferistoqualifyfora newtaxcreditperiodunderSection42oftheInternalRevenueCodefor
purposesofrehabilitatingthehousingaccommodation,andsolongasthesamepersonorentitydirectlyorindirectlycontrolsthehousingaccommodationbeforeandafterthetransfer.Inthiscasebothofthose
requirementsaremet:(a)thesolepurposeofthetransferistoallowforanewtaxcreditperiodforpurposesofrehabilitatingthebuilding;and(b)JubileeHousingInc.willhaveindirectcontrolofthe
propertybothbeforeandafterthetransferoftheproperty.Basedonthestructuring,theprojectqualifies
foracquisitioncredits.Whilethetransferisnotasale,thecurrentownerswillberequiredtoissuea“NoticeofTransfer”tothetenantsoftheproperties.Thesenoticesmustbeissuedatleast90daysprior
tothetransferdate.TheSponsorhasconfirmedthatthenoticeswereissuedasofJanuary5,2025,and
thepropertywillbetransferredatfinancialclosing.
ENVIRONMENTALREPORT
‘Phase| environmentalassessmentreportwascompletedbyAdvantageEnvironmentalConsultants,LLC
‘onOctober31,2022,forJubilee|andaPhase| assessmentwascompletedonMarch22,2024,forJubilee
II,AnupdatedPhase|willberequiredforfinalbond.Theassessmentsweredoneinconformancewith
theStandardPracticeforEnvironmentalSiteAssessments:Phase|EnvironmentalSiteProcess(ASTM
standardE1527-13)andtheUSEPA’sAllAppropriateInquiriesrule.Theassessmentsfoundnoevidence
of recognizedenvironmentalconditions(“RECS”),historicalrecognizedenvironmentalcondition
(“HRECs”),controlledrecognizedenvironmentalcondition(“CRECs”),orbusinessenvironmentalrisk
(“BERS”).
ZONING& ENTITLEMENTS
JubileeI:
AccordingtotheDistrictofColumbiaOfficeofZoning,theProjectsiteiszonedRA-2(Residential
ApartmentZone),whichpermitsmultifamilyresidentialdevelopment.A maximumfloor-to-arearatio(FAR)of1.80ispermittedandthemaximumheightis50feet.Thereisa20%densitybonusifasiteis
developedasaffordablehousing,referredtoas“inclusionaryhousing”bytheOfficeofZoning.Therefore,
themaximumFARforresidentialusewouldbe2.16.Off-streetparkingisoneparkingspaceperthreedwellingunits.TheSubjectcurrentlydoesnotofferanyoff-streetparking,asthepropertiesareexisting
legalnon-conformingusesthathavebeenoccupiedpriortotheadoptionofthecurrentbuildingcode.
TheDevelopmentunderwentLIHTCrehabilitation15yearsagounderthecurrentparkingarrangement.Thepropertiesarewithinwalkingdistanceofmanycommunityamenitiessuchasgrocerystores,
pharmacies,andpublictransportation.
JubileeI:
AccordingtotheDistrictofColumbiaOfficeofZoning,theProjectsiteiszonedRA-2(Residential
ApartmentZone)andMU-4.TheMixed-Use(MU)zonesprovideformixed-usedevelopmentsthatpermitabroadrangeofcommercial,institutional,andmulti-familyresidentialdevelopmentatvaryingdensities.
“HFA ‘s
‘Amaximumfloor-to-arearatioof2.5ispermitted,andthemaximumheightis50 feet.
Off-streetparkingisoneparkingspaceperthreedwellingunits.TheSubjectcurrentlydoesnotofferanyparkingforthereasonlistedabove.Thepropertiesareexistinglegalnon-conformingusesthathavebeen
‘occupiedpriortotheadoptionofthecurrentbuildingcode.TheDevelopmentunderwentasuccessful
UHTCrehabilitation15yearsagounderthecurrentparkingarrangement.Thepropertiesarewithinwalkingdistanceofmanycommunityamenitiessuchasgrocerystores,pharmacies,andpublic
transportation.
‘SCOPEOFWORK
JubileeI:
Jubilee|consistsoffourbuildingswithinblocksofeachotherinAdamsMorgan.Allfourbuildingswillbe
substantiallyrehabilitatedaspartoftheProject'sfinancing.Thebuildingswererenovatedover15yearsagowithmuchofthesystems,equipmentandfinishesnownearingorattheendoftheirlife.The
collectivescope,whichissimilaracrossallfourbuildings,includes:newHVACs;windows;roofandgutters;upgradedsecuredbuildingentrances& securitysystems;flooring;kitchens;bathrooms;unitentry&
interiordoors;125-ampelectricpanels;EnergyStarappliances;accessibilityupgradesasneeded;andstair
repairsasneeded.Additionally,theProjectwillbebuilttomeetEnterpriseGreenCommunities2020Criteria.
JubileeIl:
JubileeIIconsistsoftwobuildingslocatedwithinblocksofeachotherinAdamsMorgan.EachbuildingwillundergoasubstantialrehabilitationaspartoftheProject’sfinancing.Asummaryofthecollective
scopeincludesnewHVACS;roofandgutters;groundfloorwindowwallreplacement;upgradedsecured
buildingentrances& securitysystems;flooring;kitchens;bathrooms;unitentry& interiordoors;125-amp electricpanels;EnergyStarappliances;interior&exteriorfixtures;accessibilityupgradesasneeded;
andstairrepairsasneeded.Additionally,theProjectwillbebuilttomeetEnterpriseGreenCommunities2020Criteria.
‘TENANTSERVICES
ResidentserviceswillbeprovidedbyJubileeHousing.ResidentServicesareahallmarkofJubileeHousing’sJusticeHousingmodelofdeeplyaffordablehousinginhighopportunityneighborhoodswithonsiteand
nearbyservicesandamenities.ThefollowingprogrammingwillbeofferedtoallresidentsattheSubject:
TrainingandEducationalProgrammingforAcademicandEconomicEmpowerment(e.g.,job/vocationali igactivities,tutoring/educationalassistanceforyouthoradults,financialliteracy
training,creditcounseling,homeownership/wealth-buildingeducation,rentreporting,etc.)Residents
havepriorityenrollmentinthefollowingprogramsandservices,including:1.Educationalsupportforchildrenandyouth
2.EarlychildhoodeducationintwonearbyJubileepropertiesforchildrenbirthto5yearsold
3.Afterschoolandsummerprogrammingforschool-agedchildrengradesK-124,Collegeandcareerpreparation,includingJubileetoCollegescholarshipavailabletoallcollege
boundstudents
5.Financialliteracyandcapabilityprogrammingforadults
“HFA y
Rentreportingtoenhancecreditscore
SolarforAlllutilitycreditof$50permonthonPepcobill
Homeownershipcounseling
9. Financialliteracyprogramming
ene
Residentshavepriorityenrollmentina numberoftrainingandeducationalprogrammingforenvironment, health, and well (e.g.,health initiatives,nutrition workshops, wellness/recreational
activities,artandculturalactivities,greenlivingeducation/homemaintenance,counselingservices,etc.)
Residentshavepriorityenrollmentinthefollowingprogramsandservices,including:
1.Foodsecurity-connectiontosupplementalfoodresources,monthlyfooddistributionsiteand
variousdistributionoffooddonations2. Physicalhealth-on sitevaccinationclinics,onsiteworkshops, MOU with Ounce of Care
CommunityHealthWorkersprovidingonsiteservices,resourcenavigationforpreventativecare3. Behavioralhealth-resourcenavigationtocommunityprovidersandwellnessevents
4,Seniors-Inpersonmonthlycheck-insforseniorsaginginplacetopreventlongtermscare
ResidentshaveaccesstoanumberofactivitiesthatpromoteResidentinvolvementandorganizational
capacity-building(e.g.,condoorcooperativeboardtrainingprogram,tenantassociationparticipatoryrole/ownershipinterest,legalandfinancialservices,otherenrichment/community-buildingactivi
etc.)
1.Tenantcouncilsthatpromoteleadershipdevelopmentandresidentinputintomanagementand
programming2.Communitybuildingactivitiesforresidentsofallages
3.ResidentparticipationontheboardofDirectors
Severalcommunity-orientedAmenitieswillbeofferedattheproject:
1.No-costinternetserviceswillbeofferedandpaidfromtheprojectoperatingbudget
2.2,310squarefeetwillbededicatedtoafterschoolprogrammingattheMozartproperty3.3,891squarefeetwillbededicatedtoafterschoolprogrammingattheFullerproperty
4,41,694squarefeetplaygroundbehindtheMozartpropertyservesafterschoolstudentsduringprogramhours
5. 1,550squarefeetwillbededicatedtoresidentservicesprogrammingattheRitzproperty
6.3,008squarefeetleasingandresidentservicesofficewillbehousedatRitz
TheJubileeADMO(I&Il)budgetincludesapproximately$720,000intotalprogramcosts.Theoperatingbudgetwillpartiallyfundprogrammingat $1,000perunitperyear($188,000).The balanceof
approximately$950,000inserviceswillbefinancedbyJubilee’sphilanthropicefforts.
‘as02t6]s 458,126]8 271685 Starna
PropertyOpEx 12000 59,04]Jotnor zoc0]s esti]s 104960
[rota Grasoe|SSza0e7|S ERI |S aA
[CostPorUnt 2ai7
Liubiee2 $ 160.181]$191235]100286]15,600MountPleasantPortotoJssiesi1]s245,508]204530]29,344leuckat s r2ose4]soxza0|s78008] 11,200)
Jont s ser7|s o7400]sarisi]s110!Kes
[CumulativeTar S imsoasr[scairea]soooser)stras
RELOCATIONPLAN
Theproposedconstructionactivitywillrequiretenantstoberelocatedoff-site.Constructionwillbestaggered,withonebuildingrenovatedatatime.Tenantswillberelocatedoff-sitefortwotofourmonths.
JubileeHousingiscurrentlyinnegotiationstomasterleaseunitsat1620FullerStreetNW(0.2milesaway),2517MozartPlNW (0.3milesaway),501KennedyStreetNW (3milesaway),and6800GeorgiaAvenue
NW (4milesaway).Therelocationplanprioritizesplacementsasclosetothecurrentsiteaspossibleto
reducedisruption,especiallyforfamilieswithschool-agedchildrenandseniors.Seniorsandfamilieswithschool-agedchildrenwillbeprioritizedforclose-proximityrelocationoptions.Forthe3-bedroomunits,
thesponsoranticipatesapossiblelackofclose-proximityunits,necessitatingrelocationfurtheraway.All
relocationoptionswillbewalkabletopublictransitorMetrostationstoensureaccessibility.Fromtherelocationconsultant'sinitialassessment,noschool-agedchildrenareusingschoolbuses.Familiesrely
onpublictransportationorparentdrop-off,whichwillremainviablethroughouttherelocationperiod.
Thiswillminimizedisruptionforschoolagedchildren.
ThefollowingtabledetailsthenumberofschoolagedchildrenandseniorsintheJubileeADMO buildings:
Seniors
Euclid 2 21
Sorrento 12 8
Fuller 3 4
Ritz 20 30
Marietta 9 10
Mozart 12 20
Total 58 9
19
TheSponsorhasengagedKassimConsultingastherelocationconsultanttoassistwiththelogisticsofthemove.KassimConsultingwasfoundedin2022,andIsmaelKassimistheownerandprincipalconsultant.
Mr.KassimpreviouslyservedasanAssociateDirectoratHousingtoHomeandservedastheleadproject
managerforthefollowingDCHFA-financedtransactions:BelmontCrossingPhase|,HensonRidgePhase|,Worthington Woods, and Villagesof East River.
Allresidentshavebeengrantedtheoptiontoreturntotheirsameapartmentuponconstructioncompletion.Residentfurnishingsandbelongingswillbemovedattheowner'sexpense.
RelocationAdvisoryServiceswillinclude:
Asni
that
1. Providingreferralsfortenantstoreplacementunits.
2.Providingtenantswithwrittennoticesofprogressandnextsteps.3.Providingappropriatetranslationandcounselingfortenantswhocannotreadandunderstand
notices.
4.Communicatingthenameandtelephonenumberofa contactpersonwhocananswerquestionsorprovideotherneededhelp.
5.Givingspecialconsiderationtotheneedsoffamilieswithschool-agedchildren.
6.Extendingregularbusinesshours,includingeveningsandweekends,sothattenantswon’thavetomisswork.
eeded,residentswillreceiveassistanceinpackingandmovingfurnitureandbelongings.Pleasenote
theinterimrentbelowisthedifferencebetweentherentchargedatoff-sitepropertiesandthe
tenant-paidrentsforresidentsattheJubileeADMO properties.
z.|HFA 20
Pleaseseetherelocationbudgetenclosed:
RelocationBudget
InterimRent $2,380,000
MovingCosts $470,000
Total $2,850,000
Perunit $ 15,160
MARKETDESCRIPTION:
TheSubjectsiteislocatedintheAdamsMorganneighborhoodoftheDistrictofColumbia.Theimmediate
neighborhoodconsistsofcondominiums,townhomes,multi-familyhomes,andcommercialuses.Most
‘commercialandretailusesintheneighborhoodareconcentratedalong18thStreetNW andColumbiaRoadNW.CommercialusesintheimmediateareaincludeHarrisTeeter,CVSPharmacy,andSafeway.The
neighborhoodisdesignatedaWalker'sParadisebyWalkScorewithscoresof98to99.Additionally,theColumbia Heights Metro Stationis0.7 miles northeastof Jubilee |and 1 mile from JubileeII.The nearest
busstoptoJubileeADMOislocated0.1mileseastofthebuildingsandisservicedbybusroutes42and
43,whichprovideservicetoAdamsMorganMetrowestbound,
VACANCYANDABSORPTION
BasedontheApril2024marketstudyconductedbyNovogradac,thereappearstobeadequatedemandfortheSubjectpropertytooperateasanaffordableLIHTCpropertyfollowingtheproposedrenovations.
‘Anupdatedmarketstudywillberequiredforfinalbond.Thecomparablepropertiesreportedvacancyratesrangingfromzeroto6.2%,withanoverallweightedaverageof1.9%.Managersatthreeofthefive
LIHTCpropertiesreportedbeingfullyoccupied.Theaveragevacancyratereportedbytheaffordable
comparableswas2.1%.TheProjectisunderwrittenwithacombinedprojectedvacancyandcollectionlossof10%.Twoofthefourcomparablepropertiesmaintainawaitinglist.Thesetrends indicatestrong
demandforaffordablehousinginthemarketarea.ThestrengthsoftheSubjectwillbeitsrenovation
conditionandexcellentaccesstocommunityamenities.ThemainweaknessoftheSubjectwillbeitsslightlyinferiorunitsizesrelativetothemajorityofthecomparableproperties.
CurrentlyintheDistrictthereareelevatedcollectionlossrates,whichmaystillbeineffectwhenthe
communityisplacedinservice.BasedontheNovember2023CohnReznickAffordableHousingCredit
Report,theaverageDebtServiceCoverageRatio(DSCR)foraLINTCcommunityintheDistrictis0.88xandtheaverageperunitcashflowis$311(ownersarefundingoperationsfromtheirbalancesheetsdueto
deficits).Additionally,inconversationswithpropertymanagers,vacancyandcollectionlossratesrange
from10%to25%.MLNI has underwritten a vacancy and collectionlossof 10%. ERAP reform isant ated to shorten the
timeframeforwarrantedevictionssignificantly.Whenevictionsareprocessedwithinamorereasonable
timeframe,vacancyandcollectionlossshouldbemoreinlinewithpre-COVIDtrends.Thefollowing
“HFA a
analysisfromHollandandKnightdetailsthepositiveinfluenceoftheEmergencyRentalAssistanceReformEmergency Act of 2024 on expeditingwarranted evictions:
“Priortotherecentlegislativeamendments,thecourtwasrequiredtostayproceedingsinevictioncases
whentenantsfiledanapplicationforERAPfunds,evenifthetenantwereineligibleforthefundsorwould
notreceiveenoughERAPfundstocoverthefullamountofunpaidrentandthehousingprovideroptsnot
topursueapaymentplantocovertheremainingarrearages.Additionally,becauseofthequarterlyapplicationprocess,tenantswereabletosecuremultiplestaysinanevictioncase.Thus,ERAPprocesses
andprocedureshaveresultedinlengthyevictionproceedings,contributingtoasignificantbackloginthe
LandlordTenantBranchofSuperiorCourt.ThereareforsignificantchangesundertheEmergencyRentalAssistanceReformEmergencyAmendmentActof2024thatwouldhelpthislengthyprocess:
‘*AtenantmustnowdescribethenatureoftheiremergencyintheirERAPapplication;
‘©Thedefinitionof“emergencysituation”wasrefinedtocharacterizeemergencysituationsasthose
resultingfromanunforeseenorunusualevent,suchasajoblossorhighmedicalcosts,that
impactsanapplicant'sabilitytopayrentandcannotberesolvedwithoutfinancialassistance‘* ThecourtmaystayanevictionproceedingonlyonceduringthependencyofanERAPapplication;
and
‘©AtenantisrequiredtoprovideevidencethattheERAPapplicationcouldresultinsufficientrental
assistancetopaythefullamountofrentowedor,ifnot,consenttoenterintoa paymentplan
agreementwiththehousingprovidertocovertheremainingunpaidrent.
Lawsadoptedonanemergencybasistakeeffectimmediatelyfollowingapprovalbythemayorandremain
ineffectnolongerthan90days.Thecouncilmayadoptlegislationsthatkeepstheamendmentsinplace
‘onapermanentbasis.”
Forthereportedtargetedpopulation,themarketstudyprojectedacapturerateof0.7%ofincome-eligiblerenterhouseholdstofullyoccupythebuilding.Furthermore,thePrimaryMarketAre(PMA)
projectedpenetrationrateis18.5%fortheproposeddevelopment.Basedontheoverallcapturerateof
0.7%,thereisenoughincome-qualifiedrenterhouseholdsinthemarketareawhocouldaffordtheSubjectattheproposedrentsgivenlongwaitlistsatthecomparableproperties.Thepenetrationrateiscalculated
asthenumberofrent-restrictedunitsdividedbythenumberofincome-eligibletenants.Thepenetration
rateisconsideredlowtomoderateandindicativeofdemandforadditionalaffordablehousingsupplysuchastheproposedSubject.
Lastly,theSubjectisan existingpropertyandwillnotneedtore-leaseitsunits.Tenantswillbetemporarily
relocatedduringrenovations.IftheSubjectwerevacant,itwouldexperienceanabsorptionrateof20
unitspermonth,Thisequatestoanabsorptionperiodofapproximately10months.
APPRAISAL
DCHFAunderwritingstaffhasreviewedtheappraisalpreparedbyNovogradac& CompanyLLPforthe
Property,datedOctober1,2023.Anupdatedappraisalwillberequiredforfinalbond.Theappraisal
concludesan“AsRenovatedRestricted”marketvalueof$37,700,000,assumingrestrictedrents.The
appraisalalsoconcludesan“AsIs"marketvaluewithunrestrictedrentsof$42,300,000.Theprojected
“HFA 2
$19,760,000millionpermanentloanandstabilizedrestrictedvalueof$37,700,000millionreflectsa
PermanentloanLTVof51%,whichiswithinDCHFARisk-ShareMortgageloanrequirements.
UNDERWRITINGNOTES:UNITMIX
Thesponsorhascompletedincomecertificationsandtailoredtheaffordabilitymixtoensurethatallthe
UHTCapplicationfractionis100%,tenantswillremainincomequalified,andtenantswillbeabletoreturn
totheirapartmentunits.
Tay coaes AverageUnitSize(SqFt)
Efficiency 49 433
1BR 37 568
2BR 55 739
3BR 27 1,033
Total 188 650
eT EAU eS
30% 129 69%
50% 39 21%
80% 20 11%
Total 188 100%
EXITTESTAND CAPRATE
‘* DCHousingFinanceAgencyunderwritingstaffhaverunanexittesttostressthetransaction's
viability.Atmaturity,thePropertywillhaveanestimatedballoonpaymentof$24,042,188.
* Theunderwritingstaffhasassumedthefollowing:
© StressedCapRateatMaturity:7.5%
© NOIYear18(AssumesYear17Sale):$1,617,916
‘*Withtheassumptionsabove,theunderwritingstaffdeterminedthefollowing:
© Estimated Value at Maturity willbe: $24,223,163
© Estimated LTV at Refinance willbe: 67.28%
© EstimatedMaximumRefinanceRateat1.15xDSCRwillbe:9.43%
z.|
BalloonPayment
Year17Exit(Yr18NO!)
JGoing-InInterestRate
LoantoValue
Value
NOIYear1
[CapitalizationRateGoingIn
Stress
StressedCapRate
ValueatRefinance
LTVatRefinance
Amortization
DscR
MaxSupportableRefinancingInterestRate
DeltaRefiInterestRateVs.GoingInInterestRate
$24,042,188
$1,810,313
6.75%|
51.01%|
$37,700,000
$1,617,916
5.50%
2.00%
7.50%
$24,223,163]
67.28%
40|
1.15]
9.43%|
2.72%|
SHEA
24
INCOME
GrossPotentialRent(AffordableRentRevenue):TheMLNIUnderwritingStaffhasunderwritten
GPR/AffordableRentRevenuebasedonproposedrentsatstabilization.Thepropertywillconsistof188
units,with69%oftheunitssetasideforhouseholdsearning30%ofAMIorless,21%ofunitssetasidefor
householdsearning50%ofAMIorless,and11%oftheunitssetasideforhouseholdsearning80%AMI
orless.TheSponsorhaselectedtheaverageincomeset-asideforLIHTCpurposes.TheaverageAMIfor
theentireprojectis60%or less.Therefore,theunderwrittenassumptionisincompliancewiththeincome
averagingset-asiderequirements.
MLNIstaffhaveunderwrittenrentincreasesat2.0%.
Thetablebelowillustratesthestabilizedrentsattheproperty:
Market/ size|rent/wed NetUnderwritingUnitType| 9%AMI {tofUnits“affordable | (sa. Ave. Rents/WtdAvg.
Efficiency| 30% ‘AffordableNo 3 an | 30 [5 3570Efficiency| 30% AffordableYes 7 a2 | Sue [$— 31716Efficiency| 30% ‘AffordableYes 1 a $4691BR| 30% ‘AffordableNo 2 sa7_| $seo_[$ $560ar | 30% ‘AffordableYes: 2 529| S20 [S$ 32.2021k | 30% ‘AffordableNo 1 sas [$4230[$ $1,230BR | 30% AffordableYes 1 ws | 3220 [$= $2,2421BR| 30% ‘AffordableYes: 2 eo_| $1705[$s- $1,705.tr | 30% ‘AffordableNo 1 oe | sas [$s- $3151k | 30% ‘AffordableNo 1 ose Suas7|S 31,357BR | 30% AffordableYes 3 es | 3320 [$ $2,202BR | 30% ‘AffordableYes 1 ac0_|$2.20[$= $2,2421BR| 30% ‘AffordableYes: 1 460| $2.20[$ $2,202ar | 30% ‘AffordableNo 2 oa | son [$= Sor1k | 30% ‘AffordableYes: a2| sea| S202 [$s $2,2021BR | 30% AffordableYes 1 460| S130 [$ $1361zen | 30% ‘AffordableNo 2 s36_|S145 [$- $1,425Zar| 30% ‘AffordableNo 1 a6__|S49 [$s- $1,1292aR [30% ‘AffordableYes: 3 s36_|$2906[$ $2,906zar | 30% AffordableNo 2 ea | si3a [$- $43212aR| 30% ‘AffordableYes 2 ea_| sa935[$= $2,935.zen | 30% ‘AffordableYes, 3 7ou__|$2506[$ $2,9062aR| 30% ‘AffordableNo 1 oa $1595[$= $1,595zen | 30% ‘AffordableNo 1 a | $57 [S$ 57572—R | 30% AffordableYes 2 860| $2.05[$= 32,025)zen | 30% ‘AffordableNo 3 ma_| sx7 [$s- $927Zar| 30% ‘AffordableYes: 8 496__|$2906[$ 32,9062eR [30% ‘AffordableYes: 1 ea [sures[$— $1,7863aR [30% AffordableNo 2 5 | sia [S$ $14223aR| 30% ‘AffordableYes a_| azz Su661[$ $1661an | 30% ‘AffordableYes 2 95 | $382 [$ $3,87235k | 30% ‘AffordableNo 1 s_ | sex [$= $6523aR| 30% ‘AffordableYes: 1 ora| $2,703[$ $2,7083aR [30% AffordableYes 2 oa | 38n [$ $3,87236n__|30% ‘AffordableYes: 2 ga_| san [$s- $3,8723ar | 30% ‘AffordableYes: 1 | 1009 [sas [$s $3,8723aR| 30% ‘AffordableNo 3 [1005| sisa8[$ $1548Efficiency| 50% AffordableNo 8 ae $704
SHEA 26
1BR 50% Affordable No 3 534 $1,026| $ $1,026
er | 50% ‘Affordable No. 5 490| $0a3_|'s $6432eR| 50% ‘AffordableNo. 1 oxi| $1,055[$ $1,055,2eR| 50% Affordable No. 2 60 | su37i[$s $1,3712aR| 50% ‘AffordableNo. 20 o3__| s908_[s $9043BR 80% ‘Affordable No 2 995, $1,675| $ $1,675
3BR 80%, ‘Affordable No 1 973, $1173| $ $1,173
38R | 80% Affordable No. 2 3032| $1,103[S$ $1,10328R | 80% Affordable No. 2 860| si.0ai_[$ $1,0212BR 80% Affordable, No 2 851 $1,159| $ $1,159
Efficiency| 80% Affordable No 1 440 $as0_|$ $850,
2eR| 80% ‘AffordableNo. 3 77a| $866 |S $866.38R | 80% Affordable.No. 2 azz | s7_[$ S73LEfficiency| 30% ‘AffordableYes 2 370_|suri [$ $1716Efficiency| 30% ‘AffordableYes 5 ae $1,716Efficiency| 30% Affordable Yes 1 384 size |$ $1,716
Efficiency| 30% ‘AffordableYes 6 405| suis [$ $1,716eR [30% Affordable:Yes 2 350| $2202[$s $2,2421BR 30% Affordable, Yes 2 593 '$2,242_|$ $2,242
ier | 30% ‘AffordableYes 3 ss7__|$2242[$ $2,202BR | 30% ‘AffordableYes 1 569| $2,242| $ $2,282aR [30% Affordable,Yes 2 ny | $2,202| $ $2,2821BR | 30% ‘AffordableYes 2 453__|$2202[$ $2,242,er | 30% ‘AffordableYes 1 asa__|$220 [$s $2,2022an | 30% ‘AffordableYes a 00 | $2,906[$s $2,906.2eR | 30% ‘AffordableYes 3 383| $2,906[$ $2,90628R | 30% Affordable Yes 3 aa__|$2906[$s $2,906,en | 30% ‘AffordableYes 2 gez_|$2,906|$ $2,906Bar| 30% ‘AffordableYes 2 90 | $3872[$s $3,8723an | 30% ‘AffordableYes 1 aas_|$38 [Ss $3,872Efficiency| 50% Affordable.No. 2 30a| $956|$ $956eR [50% ‘AffordableNo. 2 e7__|suai [$ $14133BR 50% Affordable, No 2 998 $1,363| $ $1,363
1B 5086, ‘Affordable No 1 550 $1,040| $ $1,040
Efficiency| 80% ‘AffordableNo. 1 400| susie[$s $111828R | 80% Affordable No. 2 3030| $2,035|S $2,035Total/Ave,‘Attartebke ws| 650| $1,754 $1754
SHEA
27
NETOPERATINGINCOME
TheMLNIStaffhasunderwrittentheproperty'sNOIto$1,617,916,whichsupportsapermanentmortgage
of$19,230,000withanamortizingDSCRof1.15xinYear1.
Vacancy:TheMLNIStaffhasunderwrittentheproperty'seconomicvacancyto10.0%(7%vacancyand
3%collectionloss).
Effective Gross Income (EGI): The EGI has been underwritten to $3,562,261 or $18,948/unit. The
developerhasassumedanincreaseinLIHTCrentsatarateof2%peryear.
RENTCOMPARABLES
TheDevelopmentwilloffer188unitsbelowat30%and50%AMI.DCHFAstaffreviewedthemarketstudy
from2023todeterminethemarkets’abilitytoassumetheproposeddevelopmentandthereasonablenessoftheprotectedrents.
‘SUBJECTCOMPARISONTOMARKETRENTS.
reypoyfe14%
viet Dryee et rad
$1,850 ‘OBR/1BA ‘$1,959$1,770
0BR/1BA 472 $1,562 $1959 $1,770 $1850 14%18R/18A 623 $2,104 $2709 $2348© $2,250 -25%,18R/18A 623 104 $2709 «$2,348«©$2250 25%28R/1BA 823 $2854 $3,300 $3,000 $2950 31%28R/18A 823 $2854 $3300 $3,000 $2950 31%38R/1BA 1,023 $2351 «$3,634«$3,674«$3,654«$3,40031%SBR/1BA __@GO%(PBRA)_—4.023$2,351_—$3,634«$3,674$3,654 —$3.400_——31%
TheSubject’sachievableLIHTCrentsarebelowtheachievablemarketrents.TheSubject’sachievable
UNTCrentsrepresentarentadvantageof14to31percentovertheachievablemarketrents.GiventheProperty'sstrengths,renovatedfeatures,securityfeatures,andcloseproximitytoMetrostations,the
proposedrentsareachievableattheProject,andtheyarecompetitivewithintheprimarymarketarea.Overall,theSubjectwillhavesufficientcompetitivemarketadvantage,andwe believemaximum
allowableLIHTCrentsareachievable.
EXPENSES
Totalexpensesareunderwrittento$2,084,422or$11,087/unitincludingbaddebt,reserves,trusteefees,
andLIHTCmonitoringfees,and$10,641/unitwithoutreservesandfees.
BelowareexpensecompsprovidedbyDCHFA’sPortfolioAssetManagementStaff:
PropertyName JublieeADMO| MassPlace PaulLaurenceDunbar|
faustYear NA 20%yearBui 202% 2020) 197%BuildingType ScatteredSite(6Buldngsl HighRise10Floor} HighRise10FloorNumberofUnits 18 169] mllana 30%22%@SOK,11%@ 98%@60%+2%@Sox 300%@60%est 8 3,581,003|$ 2,708,498, aneJoccupaney on 0%} EsRiskShareorPrivatePlacement PrivatePlacement NonRisshare NonRiskShareRealEstateTaxStatus Exemgt Non-Exem ‘NonExematlwara 7
looeratingExpenses[administrative 3 1,183,245|$ 598,962$ 5,238,167JoperatingandMaintenance 302,600 556,321 983,581cities 320,000 37771 271878[roxinsurance,&License 194,633, 171.388. 134,103frat 3 2,000,478|$ z701.412[$ 53,529
PerUnitPerAnnumJadministration 6.298 3.748 30,633Maintenance 1,510 3477 5.810sities 1,702 2.382 1628[roxinsurance,&License 1035 971 784fretat 3 30,641| $ 30,634| $ 38,851
Expense/incomeRatio sé 62%} 36pistance Subject 2omiles 0.9milepsc ur asd 22
[renantsServicesleatEstateTaxes s ano]$ asa[TotalAdjustments(RealEstateTaxes) 270 14,554[TotalExpensesafteradjustment 1,558,702 an9..24[PetalExpense(perunit) 30,366.89 20,111.86
‘TheDHCFAPortfolio& AssetManagement(PAM)staffprovidedtwooperatingexpensecomparablesfor
analysis.Thepropertiesanalyzedaresimilartothesubjectinlocation,incomerestrictions,tenant-paidutilities,occupancytype(general/family).Thetwocomparablesarebetween160-171units,slightly
smallerthanthesubjectproperty's188units.Theannual,per-unitoperatingexpenses(beforereserves,
trusteefees,andLIHTCmonitoringfees)forthecomparablesetrangesfrom$10,198to10,634.Theprojectedperunitoperatingexpenseof$10,641/yearforthesubjectpropertyis the
comparableset.
‘Whenexpensesareanalyzedbycategory,theprojectedper-unitAdministrationexpensesforthesubject
isapproximately$3,286higherthancomparables,whiletheprojectedper-unitOperatingandMaintenanceexpenseis$3,034lower.ThisdifferenceinAdministrationcostsislikelyduetosupportive
services
SHEA 29
ClosingTime
DCHFA Inducement Approval 07/08/2025
TEFRA Hearing TBD
‘StageIllApplicationSubmitted TBD
TEFRAMayoralApproval TBD
‘Completionofthird-partyreports TBD
ConstructionContractFinalized TBD
LenderApprovals TBD
InvestorApproval TBD
HUDRiskShareFirmApproval TBD
Permits TBD
DCHFA BoardMeetingFinalBondApproval TBD
Close 10/30/2025(Projected)
REGULATORYREQUIREMENTS:
RegulatoryUseRestriction
InaccordancewithIRSSection142requirementsfortaxexemptbonds,theSponsorhaselectedincome
averagingfortheprojects.PursuanttoIRSSection42requirementsfortaxcreditsandtomaximizetax
creditequity,theSponsorhaselectedtosetaside100percentoftheunitsatorbelow80percentofAMI
for15yearsfollowingtheyeartheProjectisplacedinservice.Thetaxexemptbondsqualifiedproject
periodwillbereflectedintheTaxRegulatoryAgreementbetweenDCHFAandtheSponsor.The15year
taxcreditcomplianceperiodandthe45yearextendeduseperiod(whichrunsconcurrently)willbe
reflectedintheIndentureofRestrictiveCovenantsforLowIncomeHousingTaxCreditsbetweenDHCD
andtheSponsor.
MinorityandLocalBusinessEntities’Participation
TheborrowerwillberequiredbytheTaxRegulatoryAgreementtocomplywithallDistrictandfederal
lawsconcerningcontractingandprocurement,includingtheSmall,Local,and DisadvantagedBusiness
EnterpriseDevelopmentandAssistanceActof2005,asamended(DCCode§2-218.01etseq.),the
‘WorkforceintermediaryEstablishmentandReformofFirstSourceAmendmentActof2011,asamended
(DCCode§2-219.01etseq.(FirstSourceAct)),D.C.Law2-156,Section5(ApprenticeshipProgram),and
willexecutea FirstSourceEmploymentAgreement(FirstSource)withtheDistrictofColumbia
DepartmentofEmploymentServices(DOES)anda subcontractingagreementwiththeDepartmentof
‘SmallandLocalBusinessDevelopment.DistrictGovernmentcontractsexceeding$250,000requirea35
percentsubcontractingset-asidewithsmallbusinessescertifiedundertheCBEProgram.
“HFA 20
GreenBuildingRequirements
TheSponsorwillberequiredtofulfilltherequirementsoftheGreenBuildingAct.ItisanticipatedthattheSponsorwilldesigntheprojectstomeetEnterpriseGreenCommunities2020GreenBuildingStandards.
Solarpanelswillbeinstalledontherooftopofthebuildings.
InclusionaryZoning
InJuly2010,theDistrictofColumbiaZoningCommissionapprovedemergencyamendmentsspecifying
thatprojectswiththefollowingcharacteristicswillbeexemptfromtheinclusionaryzoning(“IZ”)regulations:
‘©Atleast80%ofunitsmustbeaffordable.
‘* Rentandsalepricesmustnotbeabovemaximumlimitsfortheaffordabilityprogram.
‘* Unitsmustremainaffordableforatleast30years.
‘*ACovenantforaffordabilitymustberecordedagainsttheproperties.
Basedontheabovestandards,theProjectisexemptfromIZregulationsduringthe30yearperiodthat
theDHCDLIHTCIndentureofRestrictiveCovenantsisenforced.However,anIZcovenantmuststillbe
recorded.TheIZcovenantwillbesubordinatetoDCHFAandDHCD’scovenantswhiletheyareactiveand
willonlytakeeffectwhenthetwocovenantsexpire.
'SUMMARY/CONCLUSION/RECOMMENDATION:
HavingreviewedtheDevelopment'sbudget,plannedfinancingandoperatingprojections,thetransaction
appearstobefeasible.Thedevelopmentwillprovideimproved,affordablehousingtoasubmarketinwhich affordable LIHTC propertiesare experiencing long waitlists;evidence of a need for the proposed
affordablehousingunits.TheMultifamilyandNeighborhoodInvestmentunderwritingstaffrecommends
thattheBoardauthorizesinitialinducementapprovalofbondsinanamountnottoexceed$77,750,000tofinanceaportionofthecoststorehabilitatetheproposedDevelopment.
JUBILEEADMO -PROJECTINFORMATIONSHEET
Iter
ProjectType:
ProjectNam
Location:
Ward:
‘TaxExemptBondAmount:
CreditEnhancement:
TotalAcquisitionCosts/Ui
Construction,SiteworkCosts/Unit:
TotalDevelopmentCost/Unit:
EvidenceofSiteControl:
Mortgagor/Sponsor:
GeneralContractor:
ArchitectofRecord:
ManagementAgent:
‘Sponsor'sAttorney:
#OFBuildings:
#OFUnits:
4#OFParkingSpaces:
CurrentZoning:
CensusTract/QcT:
LandSize:
BuildingSize:
SHEA
Fa
‘Acquisition&Rehabilitation
JubileeADMO
ScatteredSite
One(1)
Nottoexceed$77,750,000
RiskShareMortgageInsurance
$60,700,740or$322,876perunit(TotalAcquisitionCosts)
{$47,472,067or$252,511perunit
{$148,758,631or$791,269perunit
Deed
JubileeHousing,Inc.
MonarcConstructioninc.
BonstraHaresignArchitectsandAtelierArchitects
JubileeHousing
TBD
6
188
0(StreetParking)
RA-2;MU-4
MultipleinDDA/QCT
1.06Acres
189,870st
32
z.|
1, FINANCIALMODEL
2. CONSTRUCTIONCOMPS
SHEA
APPENDIX
33