Making It Happen
Midwest Housing Equity Group 2016 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 5 Investors & Equity Summary 7 2016 Developments 15 Board of Directors & Committee Members 16 MHEG Staff
Valley View Place, Woodland Park, Colorado
Message From Our President/CEO “Making It Happen” The theme of our 2016 Annual Report is Making It Happen! What does it mean to make it happen? To me, it means setting big goals, developing and executing the strategy to accomplish those goals, and overcoming the expected and unexpected roadblocks and obstacles that inevitably arise along the route to the finish line. What does it take to make it happen? It takes vision, communication, teamwork, patience, flexibility, persistence and a strong belief in the value of the mission and end goal. Our mission is to Change Lives for a Better Tomorrow and our big goal is to help finance as much safe, decent and affordable rental housing as possible every year. I am proud to partner with the great team at MHEG and with each of you to make that happen! In 2016, we invested more than $190 million into 42 developments, financing 1,674 homes. Homes were created for veterans, people with special needs, victims of domestic violence, families and retirees. Legislatively, the Nebraska Unicameral passed, and the Governor signed, a bill creating a state affordable housing tax credit. Advocates in Oklahoma worked effectively to protect that State’s affordable housing tax credit despite a large projected budget deficit. Nationally, we saw Senator Maria Cantwell (D-WA) and Senator Orrin Hatch (R-UT; Chairman of Senate Finance Committee) introduce legislation to expand the Housing Credit program by 50% - an explicit bipartisan acknowledgement of the need for more affordable housing resources. Of course, these accomplishments were not without their challenges. At the transactional level, every development encounters unexpected hurdles: higher-than-expected construction costs, NIMBYism, interest rate movements, environmental issues and, for acquisition-rehabs, the always interesting surprise of what we find hidden behind the walls once demolition starts. At the state legislative level, budgets and competing priorities always present threats to important funding sources. Nationally, the November election results threw the Affordable Housing industry into a bit of chaos, with pricing dropping almost overnight as investors struggled to discern what the future held for comprehensive tax reform, corporate tax rates and the Housing Credit. But these roadblocks didn’t stop any of us from reaching our goals. For each project obstacle, all development team players communicated frequently, worked together and pushed through, finding solutions to enable these 42 properties to reach financial closing and proceed to construction. The same on the policy side, whether Federal or State. Affordable housing advocates
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banded together, driven by their strong mutual belief in the need to provide affordable housing and protect funding sources, to communicate the value of the Housing Credit. Communication on this front remains as important as ever in 2017. In close, it is an honor to work with all of you. You possess the traits to make it happen: vision, communication, teamwork, patience, flexibility, persistence and a strong belief in the value of providing safe, decent and affordable housing to all people! Whether you know it or not, you’re Changing Lives every day. Please enjoy our annual report and story it tells. Thank You for Making It Happen!
John Wiechmann President/CEO
7400 Military Avenue, Omaha, Nebraska
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MHEG Portfolio Summary
1 - 250 units 250 - 500 units 500 - 1,000 units 1,000+ units
MHEG TOTAL Developments Housing Units
3
ARKANSAS
480
7
14,656
258
Counties
182
7
Cities
221
7
14,656 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
2016
0 59%
37% 24% Development Size
80%
Development Location
Construction Type
4%
0-12 13-24 25+
9%
14%
Rural Urban Suburban
42%
Development Status
6%
37%
39%
81%
2%
9%
New Rehab Historic Rehab
Operational In Lease-Up Construction Disposed
Breakdown of 33% Development Type 9% 16%
Multifamily Age Restricted Single Family Special Needs/ Transitional
COLORADO
IOWA
KANSAS
MINNESOTA
MISSOURI
NEBRASKA
OKLAHOMA
S. DAKOTA
TEXAS
8
72
123
3
15
191
53
4
4
760
2,426
3,440
106
867
4,684
1,813
134
168
7
27
48
3
13
48
25
2
3
6
33
60
3
13
63
32
2
3
All information compiled from 12/31/2016 data.
4
Nebraska Affordable Housing Fund 1993, L.P. l $4.75 million l 8 investors
Nebraska Fund XVII, L.P. l $31 million l 17 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
Bank of the West Berkshire Hathaway, Inc.
Jefferson Pilot Mutual of Omaha Insurance Co
US Bancorp
Adams Bank & Trust Company Bank of the West Bruning State Bank Capitol Federal Savings Bank Everett Investments Farm & Home Insurance Agency
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
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
Bank of the West Berkshire Hathaway, Inc. Fannie Mae
Farmers & Merchants Investment First State Bancshares Jefferson Pilot
US Bancorp Wells Fargo
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
Nebraska Affordable Housing Fund 1994, L.P. l $3.25 million l 5 investors Nebraska Affordable Housing Fund 1995, L.P. l $5.25 million l 11 investors
Nebraska Affordable Housing Fund 1996, L.P. l $7 million l 13 investors
Nebraska Affordable Housing Fund 1997, L.P. l $6 million l 8 investors
Equity Fund of Nebraska VI, L.P. l $16 million l 12 investors
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
Equity Fund of Nebraska VIII, L.P. l $16.5 million l 13 investors
Farmers & Merchants Bank Farmers & Merchants Investment First Community Bank of Beemer First National Bank of Omaha Five Points Bank Henderson State 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
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
Landmark National Bank The Mission Bank Wells Fargo
Bank of the West Capitol Federal Savings Bank Commerce Bank, N.A.
Fannie Mae Farmers & Merchants Investment Freddie Mac
INTRUST Bank, N.A. The Mission Bank Wells Fargo
Bank of the West Capitol Federal Savings Bank Commerce Bank, N.A.
Fannie Mae Farmers & Merchants Investment Freddie Mac
INTRUST Bank, N.A. UMB Bank, n.a. Wells Fargo
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 Equity Fund III, L.P. l $24 million l 9 investors
Kansas Equity Fund IV, L.P. l $28 million l 9 investors
Kansas Equity Fund V, L.P. l $19.4 million l 11 investors
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.
First State Bank Marine Bank Nelnet Pinnacle Bank Summit Investments
TierOne Bank US Bancorp Wells Fargo
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 XI, L.P. l $45 million l 10 investors
Kansas Fund X, L.P. l $29.5 million l 12 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
Bank of the West Capital City Bank Capitol Federal Savings Bank Commerce Bank, N.A.
Bank of Bennington Bank of the West Fannie Mae
Farm & Home Insurance Agency Farmers & Merchants Investment North Central Bancorp, Inc.
Principal Financial Services TierOne Bank Wells Fargo
Farm & Home Insurance Agency Farmers & Merchants Investment
Nelnet North Central Bancorp, Inc.
Principal Financial Services Wells Fargo
Equity Fund of Nebraska X, L.P. l $44.5 million l 11 investors
Equity Fund of Nebraska XII, L.P. l $40 million l 9 investors
Nebraska Fund XIII, L.P. l $19 million l 6 investors
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 Country Bank Shares Fannie Mae Farm & Home Insurance Agency Farmers & Merchants Investment
Equity Fund of Nebraska IX, L.P. l $36.05 million l 14 investors
Nelnet North Central Bancorp, Inc. Pinnacle Bank Wells Fargo West Gate Bank
Kansas Fund VII, L.P. l $16.25 million l 6 investors Capitol Federal Savings Bank Citizens Savings & Loan Assoc, FSB
Commerce Bank, N.A. Farmers & Merchants Investment
Kaw Valley Bank 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. Farmers & Merchants Investment Garmin International Girard National Bank INTRUST Bank, N.A.
Morgan Federal Bank UMB Bank, n.a. United Bank & Trust Wells Fargo
Iowa Equity Fund I, L.P. l $10 million l 8 investors Bank of the West
Fannie Mae
Maquoketa State Bank
Central State Bank
First National Bank of Waverly
Wells Fargo
Dubuque Bank & Trust CDC
Grundy Nattional Bank
Iowa Equity Fund II, L.P. l $19.9 million l 6 investors Bank of the West
Farmers & Merchants Investment
Principal Financial Services
Nebraska Fund XIV, L.P. l $26.5 million l 12 investors
Fannie Mae
First National Bank of Waverly
Wells Fargo
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
Bank of the West
Fannie Mae
TierOne Bank
Community State Bank - Ankeny
Principal Financial Services
Wells Fargo
Adams Bank & Trust Company Adams County Bank Bank of the West Capitol Federal Savings Bank Countryside Bank Farm & Home Insurance Agency Farmers & Merchants Investment
First Community Bank of Beemer Five Points Bank Henderson State Bank Home Federal Savings & Loan Horizon Bank Nelnet North Central Bancorp, Inc.
Reinke Mfg. Company Seaboard Corporation South Central State Bank State National Bank & Trust Co Valley Bank & Trust Company Wells Fargo World’s Foremost Bank
Nebraska Fund XV, L.P. l $38 million l 21 investors
Nebraska Fund XVI, L.P. l $36.4 million l 16 investors Adams Bank & Trust Company Bank of the West Capitol Federal Savings Bank Countryside Bank Farm & Home Insurance Agency Farmers & Merchants Investment
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First National Bank of Omaha Nelnet North Central Bancorp, Inc. Northwestern Mutual Life Insurance Pinnacle Bank Platte Valley Bank
South Central State Bank Valley Bank & Trust Company Wells Fargo West Gate Bank
Iowa Equity Fund III, L.P. l $25.255 million l 6 investors 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
Iowa Fund V, L.P. l $25 million l 12 investors Bankers Trust
Community State Bank - Tipton
Security State Bank
Carroll County State Bank
Farmers & Merchants Investment
Treynor State Bank
Cedar Rapids Bank and Trust
Fidelity Bank & Trust
Wells Fargo
Central Bank
First Federal Savings Bank of Iowa
West Bank
Iowa Fund VI, L.P. l $39.75 million l 11 investors Bank of the West
Farmers & Merchants Investment
Principal Financial Services
Bankers Trust
First National Bank of Waverly
Seaboard Corporation
Bankers Trust Company
MidwestOne Bank
Wells Fargo
Capitol Federal Savings Bank
Northwestern Mutual Life Insurance
All information compiled from 12/31/2016 data.
Investor & Equity Summary Iowa Fund VII, L.P. l $32.25 million l 10 investors
MHEG Community Fund 43, LP l $17.5 million l 17 investors
Bank of the West Bankers Trust Company Capitol Federal Savings Bank Community State Bank - Ankeny
Farmers & Merchants Investment First National Bank of Omaha Northwestern Mutual Life Insurance Two Rivers Bank & Trust
Wells Fargo West Bank
Aegon Bank of the West
Fannie Mae INTRUST Bank, N.A.
Principal Financial Services
Arvest BancFirst
Bank of the West Fannie Mae
JP Morgan Chase Principal Financial Services
American Fidelity Assurance Co BancFirst Bank of Oklahoma
Commerce Bank, N.A. Farmers & Merchants Investment Lifeshield National Insurance Co
Seaboard Corporation Wells Fargo
American Fidelity Assurance Co BancFirst Bank of Oklahoma
Bank of the West Capitol Federal Savings Bank Commerce Bank, N.A.
Farmers & Merchants Investment Northwestern Mutual Life Insurance Wells Fargo
BancFirst Bank of the West Capitol Federal Savings Bank Colorado Federal Savings Bank Farm Bureau Life Insurance Co
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
Oklahoma Equity Fund I, L.P. l $25 million l 5 investors
North Central Bancorp, Inc. Pinnacle Bank The Citizens State Bank UMB Bank, n.a. West Bank
BancFirst Bank of the West Bank SNB
Capitol Federal Savings Bank Colorado Federal Savings Bank First National Bank of Omaha
MetLife Northwestern Mutual Life Insurance Wells Fargo
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.
Pinnacle Bank The Citizens State Bank UMB Bank, n.a. West Gate Bank
Ameritas Life Insurance Corp
Colorado Federal Savings Bank
MetLife
BancFirst
Community State Bank - Ankeny
Northwestern Mutual Life Insurance
Bank SNB
Fidelity Bank
Wells Fargo
Capitol Federal Savings Bank
Fidelity Bank & Trust
Bankers Trust
Girard National Bank
Capital City Bank
INTRUST Bank, N.A.
South Central State Bank.
Commerce Bank, N.A.
Landmark National Bank
UMB Bank, n.a.
Countryside Bank
Morgan Federal Bank
West Bank
Elkhorn Valley Bank & Trust
Nelnet
West Gate Bank
Farm & Home Insurance Agency
North Central Bancorp, Inc.
Farmers & Merchants Investment
Pinnacle Bank
MHEG Community Fund 45, LP l $16.5 million l 16 investors
Oklahoma Fund IV, L.P. l $42.9 million l 9 investors
MHEG Fund 40, LP l $116.25 million l 14 investors
Elkhorn Valley Bank & Trust Farm & Home Insurance Agency INTRUST Bank, N.A. Iowa State Bank Kaw Valley Bank Landmark National Bank
MHEG Fund 44, LP l $143.2 million l 9 investors
Oklahoma Equity Fund II, L.P. l $40 million l 6 investors Oklahoma Fund III, L.P. l $25 million l 8 investors
American Fidelity Assurance Co Andover State Bank Bank of Hays Bank SNB Capital City Bank Commerce Bank, N.A.
MHEG Fund 46, LP l $150.6 million l 11 investors
MHEG Community Fund 47, LP l $20 million l 19 investors
MHEG Community Fund 41, LP l $25 million l 20 investors Adams Bank & Trust Company American Fidelity Assurance Co Assurity Life Insurance Co Commerce Bank, N.A. Community State Bank - Ankeny Equity Bank Farm & Home Insurance Agency
Farmers & Merchants Investment Girard National Bank Great Southern Bank INTRUST Bank, N.A. Iowa State Bank Lincoln Federal Savings Bank Morgan Federal Bank
North Central Bancorp, Inc. Pinnacle Bank South Central State Bank The Citizens State Bank UMB Bank, n.a. West Bank
BancFirst Capitol Federal Savings Bank Colorado Federal Savings Bank
First National Bank of Omaha Garmin International MetLife
Mutual of Omaha Bank Northwestern Mutual Life Insurance Wells Fargo
San Luis Valley Federal Bank
FNBO Community Fund I, LP l $7 million l 1 investor First National Bank of Omaha
MHEG Fund 42, LP l $149 million l 9 investors
13%
$2.0B
Nebraska Funds Kansas Funds Iowa Funds Oklahoma Funds MHEG Regional Funds
25%
11%
Equity 9% Breakdown by Region 42%
$1.56 billion
$1.5B
$1.0B
$0.5B
1993
0
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
6
2016 Developments In 2016, MHEG partnered with 35 developers to close $190 million in equity for 42 developments, creating 1,674 affordable housing units. This included 14 age restricted developments, 15 multifamily developments, five single family home properties and eight special needs housing developments. Projects ranged from a 10 unit rural deal to a 172 unit urban deal and represented 38 Midwest communities.
Talia Apartments, Springfield, Missouri
In 2016, MHEG Made
It Happen.
We helped create or sustain over 1,600 units of affordable rental housing for families across the Midwest. 7
Arkansas
Minnesota
Briarwood Estates at Jonesboro Limited Partnership, 40 single family units
Ivy Manor Limited Partnership, 41 special needs units
Columbia Heights Limited Partnership, 33 age restricted units
Maplewood of St. Peter Limited Partnership, 30 multifamily units Model Cities BROWNstone Limited Partnership, 35 multifamily units
Colorado KCV Renaissance, LLLP, 172 age restricted units Suites Apartments LLLP, 81 special needs units Valley View Place LP, 24 multifamily units Willow Street Residences LLLP, 80 multifamily units
Iowa Brickstones at Riverbend, LLLP, 30 age restricted units
Kansas Buchanan’s Crossing Subdivison Kansas City LP, 16 multifamily units Grant Prairie Townhomes II LLC, 10 age restricted units Keystone Place, LLC, 32 special needs units Landmark Second, LP, 83 age restricted units Peaceful Village, LP, 72 multifamily units Schoolhouse Apartments, LP, 30 multifamily units Sunnydale Pointe Apartments LP, 48 multifamily units
Nebraska 3612 Cuming Limited Partnership, 49 special needs units 7400 Military Avenue, LLC, 23 special needs units Eastside Estates, LLC, 28 age restricted units Kracl Meadows, LLC, 14 age restricted units Parkland Estates II, LP, 10 single family units Quillan Courts, LLC, 16 multifamily units Sabata Estates, LP, 12 age restricted units
Oklahoma Arkhoma Housing Associates, LP, 24 multifamily units Coweta Senior Villas, LP, 43 age restricted units Dunbar Homes of Atoka, LLC, 32 single family units Hope Harbor Partners OKC, LP, 54 age restricted units Hugo Affordable Housing IV, LLC, 10 single family units Madill Affordable Housing II, LLC, 32 single family units
Trail Ridge Partners II, LLC, 48 multifamily units
Missouri Boone County Special Needs Affordable Housing L.P., 28 special needs units
South Dakota Central Villas Limited Partnership, 40 age restricted units Technology Heights Apartments Limited Partnership, 39 multifamily units
Chloe Place Apartments, LP, 25 special needs units Lane Senior Residences, LLC, 48 age restricted units
Texas
MorningStar Senior, LP, 40 age restricted units
OPG Perryton Partners, LLC, 48 multifamily units
North Webster Village, LP, 24 multifamily units
OPG Summit West Partners, LLC, 36 multifamily units
Park Village Residences, LLC, 48 age restricted units Talia Apartments, LP, 46 special needs units
8
Age Restricted Housing Coweta Senior Villas, Coweta, Oklahoma
We closed over $57 million in equity for 14 age restricted developments in 2016, creating 655 units.
9
Coweta Senior Villas, LP
Brickstones at Riverbend, LLPP
Located in Coweta, Oklahoma, Coweta Senior Villas will provide 43 units of affordable rental housing for persons 62+. Coweta Senior Villas will be the second LIHTC development in the community designated for seniors helping meet a great need, the other one is fully occupied with a waiting list. The property will include a community building that will also serve as a storm shelter for residents. The developer, Pointe Royal Development, incorporated a number of energy efficient features into the units including low flow shower heads, insulation on exposed hot water pipes, Energy Star appliances, Low E windows, Energy Star HVAC, Energy Star water heaters, Radiant barrier installation on the roof, low VOC paint, and programmable thermostats. This project was syndicated through MHEG Fund 46, LP.
Developed by Anawim Housing, Brickstones at Riverbend is a 30-unit development located in Des Moines, Iowa. Designated for persons 55+, Brickstones at Riverbend will offer 27 two-bedroom units targeting residents at 30%, 40% and 60% of the area median income (three units will be market rate). In addition to the basic amenities, the property will also offer video security, storage units and free internet access. Situated on the north side of downtown Des Moines, Brickstones at Riverbend is conveniently located within one mile of the Polk County Senior Center, Mercy Medical Center, public transportation and a grocery store. This project was syndicated through MHEG Fund 46, LP.
Brickstones at Riverbend, Des Moines, Iowa
10
Valley View Place, Woodland Park, Colorado
Multifamily Housing We closed over $67 million in equity for 15 multifamily developments in 2016, creating 570 units in 14 communities in the Midwest. Valley View Place LP Developed by AmericaWest Housing Solutions, Valley View Apartments will provide 24 affordable rental units for Woodland Park, Colorado. These units will be the only LIHTC rental housing units in Woodland Park, its previous LIHTC units were turned market-rate back in 2014. It will target families earning incomes at 30%, 40%, 50% and 60% of the Teller County area median income. Valley View will offer one-, two-, and three-bedroom units with amenities including vaulted ceilings, exterior and interior storage closets, as well as appliances. The property will also have a playground, community garden and a picnic/barbeque area. Additionally, Valley View is bordered by the Centennial Trail that provides access to downtown Woodland Park and Manitou Park Lake via hiking/biking. This project was syndicated through MHEG Fund 44, LP.
11
Model Cities BROWNstone, St. Paul, Minnesota
Model Cities BROWNstone Limited Partnership Model Cities for The BROWNstone, located in St. Paul, Minnesota, is part of the development initiative with the city and the Central Corridor Light Rail Transit line to utilize mixed use projects. Model Cities will provide affordable workforce housing (35 units) along with commercial and retail spaces, in addition the property will have green space along with public art celebrating the rich railroad history of the neighborhood. The building will have four stories with an elevator and enclosed secure ground level parking. The first floor will provide 8,900 square feet of commercial space, including restaurants and offices. The second floor will house corporate offices for Model Cities, a community room and reading room and will also have seven residential units. The third and fourth floors will be exclusively residential. This development will contribute to the economic vibrancy of the area and result in new opportunities for businesses, stable jobs, and safe housing. This is set to be a model for environmentally friendly, mixed use development at both transit stations and on infill sites along the Central Corridor for years to come. This project was developed by Model Cities of St. Paul, LLC and syndicated through MHEG Fund 44, LP.
12
Single Family Homes We closed over $21 million in equity for five single family home developments in 2016, creating 124 units throughout five communities in the Midwest. Briarwood Estates at Jonesboro Limited Partnership Located in Jonesboro, Arkansas, Briarwood Estates will provide 40 newly constructed single family homes for the Jonesboro community. Each home will offer three bedrooms, two bathrooms, and a single car garage, along with appliances, totaling over 1,300 square feet. Other amenities for the development include an onsite leasing office, business center, fitness center, playground and an outdoor pavilion and picnic area. The Jonesboro housing market has a strong demand for quality rental units, with the local housing authority showing a wait list of almost 1,000 families. All units will serve households who have incomes at or below 60% of the area median income. NELA Properties, LLC served as the developer for this project. This project was syndicated through MHEG Fund 44, LP.
3612 Cuming Street, Omaha, Nebraska
13
special needs housing Boone County Special Needs Affordable Housing, Columbia, Missouri
Special Needs Housing We closed over $42 million in equity for eight special needs developments in 2016, creating 325 units in five states. Boone County Special Needs Affordable Housing L.P. The Boone County Special Needs Affordable Housing is a 28 unit, new construction multi-site project located in Columbia, Missouri. This much needed development will serve developmentally disabled persons in the Boone County area. Current wait lists for this development and other similar properties far exceed the availability. Each project site has access to bus transportation and will offer one- and two-bedroom units. Each building will have two fully ADA accessible units. The remaining units will be universally designed and can be adapted to other tenant populations if needed. Sponsored by Boone County Family Resources (BCFR), an agency that serves local residents with developmental disabilities and annually provides an array of services to more than 1,400 persons. BCFR will provide case management services to eligible tenants desiring this service. This project was developed by North Star Housing and syndicated through MHEG Fund 46, LP.
3612 Cuming Limited Partnership Located at 36th & Cuming Street in Omaha, Nebraska, Renaissance Village will provide a variety of services and transitional housing. Developed by the Salvation Army, this new four-story development will provide 33 units of affordable housing (plus 16 market rate units) on the 2nd and 3rd floors through use of their Transitional Housing Residential Units (THRU) Program and 37th Street Residential Readiness Program. The two remaining floors will house their Early Head Start program for families and children, a Mental Health Respite program and administrative offices. Each program focuses on a specific population and addressing their specific housing needs. The building will also have space for counseling offices. This project was syndicated through FNBO Community Fund I, LP, a fund solely invested in by First National Bank of Omaha.
14
Board of Directors Chairman of the Board: David Fisher - Retired Vice President, FHLBank Topeka Vice Chairman of the Board: Chris Hensley - Retired Vice President, Bank of the West Secretary of the Board: Barry Sandstrom - Retired President/CEO, Home Federal Bank Dennis Brand - CEO, BancFirst Frank Hayes - President, Hayes & Associates Dick Hoiekvam - Retired Partner, Deloitte Kirk Kellner - Tri-State Regional President, Wells Fargo John Wiechmann - CEO/President, MHEG
Committee Members Budget & Compensation Committee
Dennis Brand - BancFirst David Fisher - Retired Vice President, FHLBank Topeka Barry Sandstrom - Retired, President, Home Federal Bank
Audit Committee
Kirk Kellner - Wells Fargo Chris Hensley - Retired Vice President, Bank of the West Dick Hoiekvam - Retired Partner, Deloitte
Central Region Operations & Investment Committee Bob Arthur - Commerce Bank, N.A. Mark Dennett - INTRUST Bank, N.A. David Fisher - Retired Vice President, FHLBank Topeka Bob Kobbeman - Capital City Bank 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 Susan Whitson - First National Bank of Waverly
Northwest Region Operations & Investment Committee David Fisher - Retired Vice President, FHLBank Topeka Tim Hart - First National Bank of Omaha Dick Hoiekvam - Retired Partner, Deloitte Justin Horst - Pinnacle Bank Randy Ilich - Colorado Federal Savings Bank
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
15
MHEG Staff John Wiechmann President / Chief Executive Officer
Scott Fitzpatrick
Vice President - Business Development Officer Northeast Region
Cindy Koster
Jason Main
Chief Financial Officer
Andrea Frymire
Vice President - Business Development Officer South Region
Chris Imming
Senior Acquisitions Manager
Acquisitions Manager
Jake Jacobsen
Dustin Daugherty
Construction Manager
Shannon Johnson
Construction Manager
Brett Helt
Becky Christoffersen Chief Investment Officer
Sammy Ehtisham
Accounting Manager
Traci Collins
Rachel Wiesner
Acquisitions Manager
Jordan Abboud
Laurie Stephenson
Amanda Bockelman
Amy Leonard
Paul McDonald Asset Manager
Shannon Powers
Ryan Harris
Steve Gross
Brooke Smith
Cecelia Grossman
Accounting Specialist
Closing Coordinator
Deputy Director of Asset Stabilization
Financial Analyst
Tom Stratman
Vice President of Acquisitions
Investor Relations Manager
Deputy Director of Special Assets
Financial Analyst
Asset Manager
Shannon Foster
Assistant Vice President of Acquisitions
Financial Analyst
Asset Manager
Ann Burge
Chief Operating Officer
Financial Analyst
Lisa Bryan
Administrative Coordinator
Deputy Director of Compliance
Shellie Vandeman
Compliance Specialist
Pat Michaelis
Vice President - Business Development Officer Central Region
Dana Oswald
Accounting Coordinator
Deb Swanson
Closing Coordinator
Keely McAleer
Corp. Communications & HR Administrator
Sharita Nelson
Compliance Specialist
Cindy Wieck
Administrative Assistant
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Midwest Housing Equity Group 515 N. 162nd Avenue, Suite 202 Omaha, NE 68118 www.mheginc.com