new beginnings midwest housing equity group 2015 annual report
corporate philosophy Mission Statement:
Midwest Housing’s mission is to change lives for a better tomorrow by promoting the development and sustainability of quality affordable housing.
Vision:
Midwest Housing aspires to be the leading regional syndicator of low-income housing tax credits, recognized for its excellent track record of selecting, investing in and protecting quality real estate projects that revitalize the communities in which they are built.
Core Values: Integrity: as fiduciaries, we are honest and up front in all of our transactions, avoiding even the appearance of impropriety or conflict of interest transactions. Stewardship: we are excellent stewards of our investments (and thus the residents), honoring our written and implicit commitments to our investors, developers, residents and communities. Excellence: we strive to be the best in the business, employing the best individuals, utilizing up-to-date processes and infrastructure, and conservative underwriting parameters. Local Presence: we are and will remain local, believing that a “boots on the ground� approach is the best way to understand and protect the projects. Employee-Focused: our employees are our strength. Recognizing that, we endeavor to provide ongoing development, training and advancement opportunities, to respect a work/life balance and to recognize and reward personal, department and company achievements.
contents 1 message from our president 3 mheg portfolio summary Top Left: Windhaven Estates, Holdrege, Nebraska Top Right: Parsons Housing Partners, Parsons, Kansas Bottom: Northfield at Stapleton Apartments, Denver, Colorado
5 investors & equity summary 7 2015 developments 15 board of directors & committee members 16 mheg staff
Edit, Concept & Design By: Keely McAleer
(Above: Rockville Place, Louisburg, Kansas)
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message from our president/ceo
“New Beginnings”
The theme of our 2015 Annual Report is New Beginnings. MHEG has been around for 23 years and we’ve been doing essentially the same thing the entire time. Sometimes, we can lose sight of the fact that what we do day in and day out makes a difference for a lot of people. But that shouldn’t be the case. Every home we help finance creates a New Beginning for another family! It provides them with a safe, decent and affordable place to call home. A place to focus on work or school or addressing addiction or just being together. Every day and every development is a chance to change lives! In 2015, thanks to our many great developer, investor, bank and government partners, we invested almost $159 million in equity into thirty-eight developments, helping finance more than 1,600 affordable rental homes. That’s a new beginning for more than 1,600 families! I am always amazed at the wide diversity of families and people that the LIHTC program touches. As you read through this report, I hope you too are excited at the variety of developments: single family homes, age restricted housing, veterans housing, housing for people with special needs, historic rehabilitation. The geographic diversity is also impressive: eight states and a mix of large and small communities. And the development size runs the gamut - from eight units to 237 units. We believe that every person deserves a new beginning and I’m hopeful that the portfolio reflects that belief. The work of creating affordable housing is not easy. And, as mentioned above, we can sometimes get bogged down in the day to day details that are essential to building viable homes. But if you ever find yourself getting discouraged, just think about the opportunity you are ultimately creating for our fellow human beings. Take a break from your work, look through your portfolio and, even better, get out and visit your properties and talk to your residents. For me, meeting our residents and seeing their New Beginnings is the best inspiration I’ve found! Thank you for letting us be your partner! I look forward to a successful 2016 and working together to create many more new beginnings for our future residents! John Wiechmann President/CEO
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mheg portfolio summary
12,982 units
15,000 units
12,000 units
9,000 units
6,000 units
3,000 units
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008 2009
2010
2011
2012
2013
2014
2015
0
59%
37% 24%
81% 42%
Development Location
Development Size
4% 37%
39% 0-12 13-24 25+
Construction Type 6%
ARKANSAS
Development Status 9%
14%
Rural Urban Suburban
MHEG TOTAL
3
80%
9%
New Rehab Historic Rehab
COLORADO
2%
Operational In Lease-Up Construction Disposed
IOWA
KANSAS
Breakdown of 33% Development Type 9% 16% Multifamily Age Restricted Single Family Special Needs/ Transitional
MISSOURI
NEBRASKA
OKLAHOMA
Developments
438
5
4
71
115
8
184
47
Housing Units
12,982
185
403
2,396
3,101
608
4,532
1,618
Counties
163
5
4
27
47
7
47
22
Cities
201
5
4
33
58
7
61
29
1 - 250 units 250 - 500 units 500 - 1,000 units 1,000+ units
S. DAKOTA
TEXAS
2
2
55
84
2
2
2
2
All information compiled from 12/31/2015 data. 4
investor & equity summary Nebraska Affordable Housing Fund 1993, L.P. l $4.75 million l 8 investors Bank of the West Berkshire Hathaway, Inc. Central States Health & Life Co
Farmers & Merchants Investment Jefferson Pilot Level 3 Communications
Mutual of Omaha Insurance Co US Bancorp
Nebraska Affordable Housing Fund 1994, L.P. l $3.25 million l 5 investors Bank of the West Berkshire Hathaway, Inc.
Jefferson Pilot Mutual of Omaha Insurance Co
US Bancorp
Nebraska Affordable Housing Fund 1995, L.P. l $5.25 million l 11 investors Bank of the West Behlen Mfg. Company Berkshire Hathaway, Inc. Cargill Financial Service Corp.
Consolidated Companies Fannie Mae Farmers & Merchants Investment Jefferson Pilot
Level 3 Communications Qwest Communications, Inc. US Bancorp
Nebraska Affordable Housing Fund 1996, L.P. l $7 million l 13 investors Bank of the West Berkshire Hathaway, Inc. Cargill Financial Service Corp. Consolidated Companies Fannie Mae
Farmers & Merchants Investment First State Bank InfoUSA Jefferson Pilot Level 3 Communications
Pinnacle Bank US Bancorp Wells Fargo
Nebraska Affordable Housing Fund 1997, L.P. l $6 million l 8 investors Bank of the West Berkshire Hathaway, Inc. Fannie Mae
Farmers & Merchants Investment First State Bancshares Jefferson Pilot
US Bancorp Wells Fargo
Equity Fund of Nebraska VI, L.P. l $16 million l 12 investors Bank of America CDC Bank of the West Berkshire Hathaway, Inc. Equitable Federal Savings Bank
Fannie Mae Farmers & Merchants Investment Jefferson Pilot Summit Investments
United Nebraska Bank US Bancorp Wells Fargo Windstream Communications
Equity Fund of Nebraska VII, L.P. l $15.75 million l 13 investors Bank of the West Berkshire Hathaway, Inc. Commerce Bank, N.A. Equitable Federal Savings Bank Fannie Mae
Farmers & Merchants Investment First State Bancshares Nelnet Pinnacle Bank Summit Investments
US Bancorp Wells Fargo Windstream Communications
First State Bank Marine Bank Nelnet Pinnacle Bank Summit Investments
TierOne Bank US Bancorp Wells Fargo
Equity Fund of Nebraska IX, L.P. l $36.05 million l 14 investors Bank of the West Berkshire Hathaway, Inc. Country Bank Shares Fannie Mae Farm & Home Insurance Agency
Farmers & Merchants Investment Freddie Mac Home Federal Savings & Loan Nelnet Pinnacle Bank
Summit Investments TierOne Bank US Bancorp Wells Fargo
Bank of the West Country Bank Shares Fannie Mae Farm & Home Insurance Agency
Farmers & Merchants Investment Freddie Mac Nelnet Pinnacle Bank
TierOne Bank US Bancorp Wells Fargo
Equity Fund of Nebraska X, L.P. l $44.5 million l 11 investors
Equity Fund of Nebraska XI, L.P. l $45 million l 10 investors Bank of the West Fannie Mae Farm & Home Insurance Agency Farmers & Merchants Investment
Freddie Mac Nelnet Pinnacle Bank TierOne Bank
US Bancorp Wells Fargo
Equity Fund of Nebraska XII, L.P. l $40 million l 9 investors Bank of Bennington Bank of the West Fannie Mae
Farm & Home Insurance Agency Farmers & Merchants Investment North Central Bancorp, Inc.
Nebraska Fund XIII, L.P. l $19 million l 6 investors Farm & Home Insurance Agency Farmers & Merchants Investment
Nelnet North Central Bancorp, Inc.
Principal Financial Services TierOne Bank Wells Fargo Principal Financial Services Wells Fargo
Nebraska Fund XIV, L.P. l $26.5 million l 12 investors Farm & Home Insurance Agency Farmers & Merchants Bank Farmers & Merchants Investment Geneva State Bank
Home Federal Savings & Loan Nelnet Pinnacle Bank Platte Valley Bank
RiverHills Bank South Central State Bank Valley Bank & Trust Company Wells Fargo
Nebraska Fund XV, L.P. l $38 million l 21 investors Adams Bank & Trust Company Adams County Bank Bank of the West Capitol Federal Savings Bank Countryside Bank Farm & Home Insurance Agency Farmers & Merchants Investment
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First Community Bank of Beemer Five Points Bank Henderson State Bank Home Federal Savings & Loan Horizon Bank Nelnet North Central Bancorp, Inc.
Adams Bank & Trust Company Bank of the West Capitol Federal Savings Bank Countryside Bank Farm & Home Insurance Agency Farmers & Merchants Investment
First National Bank of Omaha Nelnet North Central Bancorp, Inc. Northwestern Mutual Life Insurance Pinnacle Bank Platte Valley Bank
Nebraska Fund XVII, L.P. l $31 million l 17 investors Adams Bank & Trust Company Bank of the West Bruning State Bank Capitol Federal Savings Bank Everett Investments Farm & Home Insurance Agency
Farmers & Merchants Bank Farmers & Merchants Investment First Community Bank of Beemer First National Bank of Omaha Five Points Bank Henderson State Bank
South Central State Bank Valley Bank & Trust Company Wells Fargo West Gate Bank
Nelnet North Central Bancorp, Inc. Pinnacle Bank Wells Fargo West Gate Bank
Kansas Equity Fund I, L.P. l $3.125 million l 9 investors Bank of the West Central National Bank Commerce Bank, N.A.
ESIC on behalf of Fannie Mae First National Bank of Hutchinson Industrial State Bank
Landmark National Bank The Mission Bank Valley View Bank
Kansas Equity Fund II, L.P. l $7.6 million l 11 investors Bank of the West Capital City Bank Capitol Federal Savings Bank Commerce Bank, N.A.
Fannie Mae Farmers & Merchants Investment First National Bank of Olathe Industrial State Bank
Kansas Equity Fund III, L.P. l $24 million l 9 investors Bank of the West Capitol Federal Savings Bank Commerce Bank, N.A.
Fannie Mae Farmers & Merchants Investment Freddie Mac
Kansas Equity Fund IV, L.P. l $28 million l 9 investors Bank of the West Capitol Federal Savings Bank Commerce Bank, N.A.
Fannie Mae Farmers & Merchants Investment Freddie Mac
Landmark National Bank The Mission Bank Wells Fargo
INTRUST Bank, N.A. The Mission Bank Wells Fargo INTRUST Bank, N.A. UMB Bank, n.a. Wells Fargo
Kansas Equity Fund V, L.P. l $19.4 million l 11 investors
Equity Fund of Nebraska VIII, L.P. l $16.5 million l 13 investors Bank of the West Country Bank Shares Fannie Mae Farm & Home Insurance Agency Farmers & Merchants Investment
Nebraska Fund XVI, L.P. l $36.4 million l 16 investors
Reinke Mfg. Company Seaboard Corporation South Central State Bank State National Bank & Trust Co Valley Bank & Trust Company Wells Fargo World’s Foremost Bank
Bank of the West
First National Bank of Olathe
The Mission Bank
Capitol Federal Savings Bank
Freddie Mac
UMB Bank, n.a.
Fannie Mae
Kaw Valley Bank
Wells Fargo
Farmers & Merchants Investment
Landmark National Bank
Kansas Fund VI, L.P. l $14.5 million l 9 investors Capital City Bank
Farmers & Merchants Investment
Kaw Valley Bank
Capitol Federal Savings Bank
First Federal Savings & Loan Assoc
Principal Financial Services
Commerce Bank, N.A.
First National Bank of Hutchinson
UMB Bank, n.a.
Kansas Fund VII, L.P. l $16.25 million l 6 investors Capitol Federal Savings Bank
Commerce Bank, N.A.
Kaw Valley Bank
Citizens Savings & Loan Assoc, FSB
Farmers & Merchants Investment
Wells Fargo
Kansas Fund VIII, L.P. l $28.5 million l 11 investors Bank of Hays
Citizens State Bank of Moundridge
Seaboard Corporation
Capital City Bank
Commerce Bank, N.A.
United Bank & Trust
Capitol Federal Savings Bank
Farmers & Merchants Investment
Wells Fargo
Central National Bank
Kaw Valley Bank
Kansas Fund IX, L.P. l $37.4 million l 13 investors Bank of the West
Farm Bureau Life Insurance Co
Northwestern Mutual Life Insurance
Capital City Bank
Farmers & Merchants Investment
UMB Bank, n.a.
Capitol Federal Savings Bank
INTRUST Bank, N.A.
Wells Fargo
Commerce Bank, N.A.
Labette Bank
Equity Bank
Mc Elroy’s Inc.
Kansas Fund X, L.P. l $29.5 million l 12 investors Bank of the West Capital City Bank Capitol Federal Savings Bank Commerce Bank, N.A.
Farmers & Merchants Investment Garmin International Girard National Bank INTRUST Bank, N.A.
Iowa Equity Fund I, L.P. l $10 million l 8 investors Bank of the West Central State Bank Dubuque Bank & Trust CDC
Fannie Mae First National Bank of Waverly Grundy Nattional Bank
Iowa Equity Fund II, L.P. l $19.9 million l 6 investors Bank of the West Fannie Mae
Farmers & Merchants Investment First National Bank of Waverly
Morgan Federal Bank UMB Bank, n.a. United Bank & Trust Wells Fargo Maquoketa State Bank Wells Fargo
Principal Financial Services Wells Fargo
Iowa Equity Fund III, L.P. l $25.255 million l 6 investors Bank of the West Community State Bank - Ankeny
Fannie Mae Principal Financial Services
TierOne Bank Wells Fargo
Iowa Fund IV, L.P. l $22 million l 7 investors Community State Bank - Tipton
Midwest Heritage Bank
Farmers & Merchants Investment
Principal Financial Services
Fidelity Bank & Trust
Security State Bank
Wells Fargo
Bankers Trust Carroll County State Bank Cedar Rapids Bank and Trust Central Bank
Community State Bank - Tipton Farmers & Merchants Investment Fidelity Bank & Trust First Federal Savings Bank of Iowa
Iowa Fund VI, L.P. l $39.75 million l 11 investors Bank of the West Bankers Trust Bankers Trust Company Capitol Federal Savings Bank
Farmers & Merchants Investment First National Bank of Waverly MidwestOne Bank Northwestern Mutual Life Insurance
Iowa Fund VII, L.P. l $32.25 million l 10 investors Bank of the West Bankers Trust Company Capitol Federal Savings Bank Community State Bank - Ankeny
MHEG Community Fund 41, LP l $25 million l 20 investors
Security State Bank Treynor State Bank Wells Fargo West Bank
Farmers & Merchants Investment First National Bank of Omaha Northwestern Mutual Life Insurance Two Rivers Bank & Trust
Principal Financial Services Seaboard Corporation Wells Fargo
Principal Financial Services
Bank of the West Fannie Mae
JP Morgan Chase Principal Financial Services
Oklahoma Fund III, L.P. l $25 million l 8 investors American Fidelity Assurance Co BancFirst Bank of Oklahoma
Commerce Bank, N.A. Farmers & Merchants Investment Lifeshield National Insurance Co
American Fidelity Assurance Co BancFirst Bank of Oklahoma
Bank of the West Capitol Federal Savings Bank Commerce Bank, N.A.
MHEG Fund 40, LP l $116.25 million l 14 investors BancFirst Bank of the West Capitol Federal Savings Bank Colorado Federal Savings Bank Farm Bureau Life Insurance Co
First National Bank of Omaha Garmin International MetLife
Mutual of Omaha Bank Northwestern Mutual Life Insurance Wells Fargo
American Fidelity Assurance Co
Elkhorn Valley Bank & Trust
North Central Bancorp, Inc.
Andover State Bank
Farm & Home Insurance Agency
Pinnacle Bank
Bank of Hays
INTRUST Bank, N.A.
The Citizens State Bank
Bank SNB
Iowa State Bank
UMB Bank, n.a.
Capital City Bank
Kaw Valley Bank
West Bank
Commerce Bank, N.A.
Landmark National Bank Capitol Federal Savings Bank Colorado Federal Savings Bank First National Bank of Omaha
MetLife Northwestern Mutual Life Insurance Wells Fargo
MHEG Community Fund 45, LP l $16.5 million l 16 investors
Fidelity Bank First Bank Trust of South Dakota First National Bank of Omaha Garmin International GuideOne Mutual Insurance Co
Mutual of Omaha Bank Northwestern Mutual Life Insurance Platte Valley Bank Wells Fargo
$1.5B
15%
American Fidelity Assurance Co Bankers Trust Commerce Bank, N.A. Farm & Home Insurance Agency Farmers & Merchants Investment Girard National Bank
Horizon Bank INTRUST Bank, N.A. Landmark National Bank Morgan Federal Bank Nelnet North Central Bancorp, Inc.
Nebraska Funds Kansas Funds Iowa Funds Oklahoma Funds MHEG Regional Funds
13%
Equity Breakdown by 10% Region
$1.2B
Morgan Federal Bank
BancFirst Bank of the West Bank SNB
Farmers & Merchants Investment Northwestern Mutual Life Insurance Wells Fargo
28%
Farm & Home Insurance Agency
MHEG Fund 44, LP l $143.2 million l 9 investors
Seaboard Corporation Wells Fargo
Oklahoma Fund IV, L.P. l $42.9 million l 9 investors
Pinnacle Bank South Central State Bank The Citizens State Bank UMB Bank, n.a. West Bank
MHEG Community Fund 43, LP l $17.5 million l 17 investors
Oklahoma Equity Fund II, L.P. l $40 million l 6 investors Arvest BancFirst
North Central Bancorp, Inc.
Girard National Bank Great Southern Bank INTRUST Bank, N.A. Iowa State Bank Lincoln Federal Savings Bank
BancFirst Capitol Federal Savings Bank Colorado Federal Savings Bank
Wells Fargo West Bank
Fannie Mae INTRUST Bank, N.A.
Farmers & Merchants Investment
American Fidelity Assurance Co Assurity Life Insurance Co Commerce Bank, N.A. Community State Bank - Ankeny Equity Bank
MHEG Fund 42, LP l $149 million l 9 investors
Oklahoma Equity Fund I, L.P. l $25 million l 5 investors Aegon Bank of the West
Adams Bank & Trust Company
Pinnacle Bank The Citizens State Bank UMB Bank, n.a. West Gate Bank
$1.38 billion
Iowa Fund V, L.P. l $25 million l 12 investors
34%
$900M
$600M
$300M
All information compiled from 12/31/2015 data. 1993
0
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
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2015 developments In 2015, MHEG partnered with 28 developers to close $159 million in equity for 38 developments, creating 1,685 affordable housing units. This included 12 age restricted developments, 20 multifamily developments, three single family home properties and three special needs housing developments. Projects ranged from an 8 unit rural deal to a 237 unit urban deal and represented 35 Midwest communities.
Arkansas
Kansas
BRAD Black River Housing, an Arkansas LP, 32 multifamily units
Bluffview Place, LLC, 28 multifamily units
Emerald Village at Hope, LP, 48 age restricted units
Chestnut Place, LLC, 8 age restricted units
Huntsville Town Branch Limited Partnership, 25 age restricted units
Commerce Gardens Apartments, LLC, 96 multifamily units
Meadows at Forrest City LP, 48 multifamily units
Eastwood Apartments, LLC, 12 age restricted units
Colorado
Gardner Properties, L.P., 24 multifamily units Heritage Hawthorne Partners II, LLC, 16 multifamily units
Highland West LLLP, 237 age restricted units
Parsons Housing Partners, LP, 35 age restricted units
Northfield at Stapleton Apartments LLLP, 84 multifamily units
Prairie Trails Partners III, LLC, 32 multifamily units
Pinewood 2, LLLP, 45 multifamily units
Rockville Place, L.P., 32 multifamily units
Iowa
Simmons Senior Housing, LP, 19 age restricted units Vintage Apartments at Hillsboro LLC, 12 multifamily units
Goldfinch Grove, LLC, 12 multifamily units
Western Housing Partners, LP, 35 age restricted units
Southern Pointe, LLLP, 30 multifamily units
Willow Ridge Apartments, L.P., 42 multifamily units
Missouri
Nebraska
Brookdale Partners, LP, 102 multifamily units
3101 S. 24th Street, LLC, 20 multifamily units
Interfaith SFKH, LP, 157 age restricted units
Clary Village, LLC, 16 age restricted units
Pathways Warrensburg Housing Associates, LP, 35 special needs units
Judy Meadows, LP, 18 age restricted units
Saint Street Apartments, L.P., 24 special needs units
Prospect Village Limited Partnership, 30 single family units
Sycamore Renaissance, LP, 179 multifamily units
Victory Place, LLC, 26 special needs units
Oklahoma Autumn Creek Villas II, LP, 28 age restricted units
Wilderness Falls II, LLC, 14 multifamily units Windhaven Estates, LLC, 16 multifamily units
Hugo Affordable Housing II, LLC, 10 single family units
Texas
Hugo Affordable Housing III, LLC, 10 single family units
OPG Brookside Partners, LLC, 48 multifamily units
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In 2015, MHEG’s end results will help over 1,600 families have a new beginning in a safe and affordable home. 8
9
age restricted housing We closed $49 million in equity for 12 age restricted developments in 2015, creating 638 units.
Simmons Senior Housing, LP Developed by Zimmer Development Company, Simmons Senior Housing will offer 19 new and newly rehabbed units for persons 55+. Located in Kansas City, Kansas, Simmons Senior includes the conversion and rehabilitation of two historic properties along with new construction. Once complete the project will consist of two studio units, six one-bedroom and 16 two-bedroom units. Amenities for the property will include off-street parking, green space, community room, laundry facilities, BBQ grill and outdoor seating area. Supportive services will also be offered such as, Meals on Wheels and Wyandotte County Area Agency on Aging services for seniors. (pictured on opposite page)
Emerald Village at Hope, LP Located in Hope, Arkansas, Emerald Village will consist of the new construction of 48 units for persons 55+. All units will be two-bedroom and one bath units at approximately 950 square feet. The developer, KWL Properties, will incorporate a number of energy efficient features into the units, including: Energy Star appliances, electric heat pumps rated 9.0 HSPF with 16 SEER, ceiling insulation and R-19 wall insulation, as well as CFL lighting in all fixtures. Residents of Emerald Village will also enjoy amenities such as a fitness center, playground, on-site leasing office, business center, library and a picnic area. (pictured to the right)
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OPG Brookside Partners, LLC The Reserves at Brookside, located in Borger, Texas, is a 48 multifamily unit property developed by Overland Property Group. Brookside will mirror similar projects in which MHEG has partnered with OPG. The building exterior will feature hardi-plank siding, stone accents, varied elevations and pitched roofs. The project will offer two- and three-bedroom units in a garden style building. A clubhouse will be available to all residents and will feature a fitness center, community room, computer learning center and property management office. The property will also include a BBQ area, basketball court and will incorporate green design elements. (pictured above)
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multifamily housing We closed over $90 million in equity for 20 multifamily developments in 2015, creating 912 units in 20 communities in the Midwest.
Pinewood 2, LLLP
Southern Pointe, LLLP
Located in Breckenridge, Colorado, Pinewood Village II will serve a great need for work force housing. Breckenridge, a well-known tourist destination, has very few affordable housing options available with most located in nearby towns. Pinewood II will be a 100% LIHTC, with all 45 units set aside at 60% AMI. Residents will share a playground and BBQ area with Pinewood Village I. This was MHEG’s first time partnering with the Town of Breckenridge Housing Authority, who served as the developer for this property.
MHEG again partnered with Community Housing Initiatives to develop Southern Pointe. Located in Spencer, Iowa, this development will provide 30 units for families in the community. Southern Pointe will have 26 three-bedroom units and 4 four-bedroom units. The building will be two stories consisting of some two-story townhomes units as well as garden styles units. Amenities will include video security, storage units, free internet and an in-unit washer/ dryer.
(pictured above and below)
(pictured on page 8)
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single family homes
We closed $8.3 million in equity for three single family home developments in 2015, creating 50 units in two communities in the Midwest.
Hugo Affordable Housing II, LLC & Hugo Affordable Housing III, LLC Located in Hugo, Oklahoma, the second and third phases of Huge Affordable Housing will provide 20 newly constructed single family homes. The development will offer both three- and four-bedroom homes, each with two baths, a two car garage, dishwasher, a security system and storm shelter. Other amenities for the development include an outdoor covered seating area, walking trail, and soccer field. The homes will be constructed adjacent to the existing 25 homes from Phase I. Sunview Development, LLC served as the developer for these projects. (pictured above)
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special needs housing We closed over $11 million in equity for three special needs developments in 2015, creating 85 units in three communities.
Saint Street Apartments, LP Developed by North Star Housing, Saint Street Apartments is a project devoted exclusively to providing independent living opportunities for persons with physical or mental disabilities. Located in Branson, Missouri, Saint Street Apartments will offer 24 newly constructed units. Support services will be tailored to meet the individual needs of the residents. (pictured above)
Victory Place, LLC Located on the VA medical campus in Grand Island, Nebraska, Victory Place will offer 26 units for homeless and at-risk of becoming homeless Veterans and their families. The development will consist of 20 onebedroom and one bath units and 6 two-bedroom and two bath units. The two-story building will include case management and property management offices, a laundry facility, common area and meeting rooms. MHEG is excited to partner with developer Pioneer Group to provide housing for those who have served our country. (pictured below)
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board of directors Chairman of the Board: Dick Schenck - Retired Senior Vice President, Wells Fargo Vice Chairman of the Board: David Fisher - Senior Executive Vice President/COO, FHLBank Topeka Secretary of the Board: Rick Jackson - Executive Vice President/Chief Lending Officer, Capitol Federal Savings Bank Dennis Brand - CEO, BancFirst Frank Hays - President, Hayes & Associates Chris Hensley - Retired Vice President, Bank of the West Dick Hoiekvam - Retired Partner, Deloitte Kirk Kellner - Tri-State Regional President, Wells Fargo Barry Sandstrom - Retired President/CEO, Home Federal Savings & Loan
committee members Budget & Compensation Committee
Dennis Brand - BancFirst David Fisher - FHLBank Topeka Rick Jackson - Capitol Federal Savings Bank Barry Sandstrom - Home Federal Savings & Loan
Central Region Operations & Investment Committee Bob Arthur - Commerce Bank, N.A. Mark Dennett - INTRUST Bank, N.A. David Fisher - FHLBank Topeka Bob Kobbeman - Capital City Bank Lloyd Rainge - Capitol Federal Savings Bank Dick Schenck - Retired Senior Vice President, Wells Fargo Michael Scheopner - Landmark National Bank
Northeast Region Operations & Investment Committee Ed Benjamin - MidwestOne Bank Jennifer Cooper - Bankers Trust Tom Hanafan - Former Mayor of Council Bluffs, Iowa Chris Hensley - Retired Vice President, Bank of the West Kristi Knous - Community Foundation of Greater Des Moines Dick Schenck - Retired Senior Vice President, Wells Fargo Susan Whitson - First National Bank of Waverly
Northwest Region Operations & Investment Committee David Fisher - FHLBank Topeka Tim Hart - First National Bank of Omaha Dick Hoiekvam - Retired Partner, Deloitte Justin Horst - Pinnacle Bank Randy Ilich - Colorado Federal Savings Bank Dick Schenck - Retired Senior Vice President, Wells Fargo
South Region Operations & Investment Committee Brent Bates - Bank SNB Roger Beverage - Oklahoma Bankers Association Dennis Brand - BancFirst Carl Hudgins - Commerce Bank David King - First united bank Mike Wynn - Mabrey Bank
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Audit Committee
Kirk Kellner - Wells Fargo Chris Hensley - Retired Vice President, Bank of the West Dick Hoiekvam - Retired Partner, Deloitte Dick Schenck - Retired Senior Vice President, Wells Fargo
mheg staff
John Wiechmann President / Chief Executive Officer
Jason Main Chief Financial Officer
Scott Fitzpatrick Jen Oscarson Vice President - Business Vice President - Business Development Officer Development Officer Northeast Region Northwest Region
Becky Christoffersen Chief Investment Officer
Ann Burge Chief Operating Officer
Tom Stratman Vice President of Acquisitions
Shannon Foster Accounting Manager
Sammy Ehtisham Assistant Vice President of Acquisitions
Pat Michaelis Vice President - Business Development Officer Central Region
Andrea Frymire Vice President - Business Development Officer South Region
Laurie Stephenson Deputy Director of Compliance
Jordan Abboud Deputy Director of Special Assets
Ryan Harris Deputy Director of Asset Stabilization
Cindy Koster Senior Acquisitions Manager
Jake Jacobsen Construction Manager
Dustin Daugherty Construction Manager
Rachel Wiesner Investor Relations Manager
Shannon Powers Closing Coordinator
Deb Swanson Closing Coordinator
Chris Imming Acquisitions Manager
Traci Collins Acquisitions Manager
Shannon Johnson Financial Analyst
Brett Helt Financial Analyst
Steve Gross Financial Analyst
Amanda Bockelman Financial Analyst
Amy Leonard Asset Manager
Shellie Vandeman Compliance Specialist
Sharita Nelson Compliance Specialist
Dana Oswald Accounting Coordinator
Lisa Bryan Administrative Coordinator
Cecelia Grossman Accounting Specialist
Keely McAleer Corp. Communications & HR Administrator
Brooke Smith Asset Manager
Cindy Wieck Administrative Assistant
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Midwest Housing Equity Group
515 N. 162nd Avenue, Suite 202 Omaha, NE 68118 www.mheginc.com