Bank of America Affordable housing Challenge 2019 - UW SHA

GRAND FIR Regional Development Proposal Bank of America Merrill Lynch Low-Income Housing Challenge 2019

CONTENTS Team Introductions Executive Summary Project Introduction Background Partnership - University of Washington Market and Site Analysis Entitlements Development Schedule Design Concept Financial Structure Appendices

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INTRODUCTION: TEAM GRAND FIR

Our diverse team brings a varied skillset to this project and helps provide the best solutions for our development endeavors.

REBECCA BRUNN

OLIN JOHANSEN OL

Masters of Public Administrations Evans School of Public Policy and Governance University of Washington

Masters of Public Administrations Ma Evans School of Public Policy and Governance Ev University of Washington Un

MINGXING CHEN

NANDITA RAJAKUMAR

Masters of Science in Real estate College of Built Environments (RE Dept.)

University of Washington

Masters of Science in Real estate College of Built Environments (RE Dept.)

University of Washington

NICHOLAS EFTHIMIADIS

LINGJUN XIE

Masters of Science in Real estate College of Built Environments (RE Dept.)

University of Washington

Masters of Science in Real estate College of Built Environments (RE Dept.)

University of Washington

TEAM ADVISOR

DEVELOPMENT SPONSOR

GREGG COLBURN Faculty Advisor/ Professor College of Built Environments (RE Dept.)

University of Washington Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

LAUREN MATHISEN (SHA) Development Advisor/ Senior Housing Developer Seattle Housing Authority

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EXECUTIVE SUMMARY

The University of Washington, in conjunction with Seattle Housing Authority, presents our proposal for an affordable housing development in Seattle, Washington. In service of our community and in response to a rapidly escalating affordable housing crisis, we are proud to contribute to the quality of life of our neighbors.

Proposed is a 133-unit housing project called Grand Fir. The project will limit the rents of all units to 60% of area median income, serving families earning between $45,000 and $65,000 per year depending on household size.

Grand Fir helps to close the gap in the supply of family housing by offering a substantial number of two and threebedroom units, and provides a child-care facility onsite. Grand Fir aims to provide an affordable housing option for employees of the University of Washington (UW), which has recognized the impact the housing crisis has had on its workforce. To address this problem, UW has partnered with Seattle Housing Authority (SHA) to develop transit-oriented housing that allows employees to live where they work and take advantage of the multiple transit options and diverse neighborhood amenities the area has to offer.

Like most neighborhoods in Seattle, the University District has experienced rapid growth over the last several years, contributing to skyrocketing housing costs. Rents have increased 13.5% in the last year, and in 2016 it was estimated that nearly half of Seattle-area households were rent-burdened. Stagnating wages, population growth, insufficient revenue, and the meteoric rise of a handful of high-paying employment sectors have all contributed to the problem. Though the housing crisis immediately gained political and social traction, construction and preservation of affordable units are still far behind their targets. The issue is especially pronounced in the University District, where historically middle-income University of Washington employees now find few affordable homes.

Recognizing that the viability of their workforce is at stake, University leadership is spearheading the effort to provide affordable housing for their employees through their partnership with SHA. Though housing affordability for university staff is a problem facing all urban universities, UW exhibits a unique commitment to its solution. Not only is it proactively engaging in the development process, but it has dramatically reduced the price of the land for this project. They will be selling the parcel of land that has a market rate value of $12,500,000 to us for the discounted rate of $3,000,000. This greatly increases financial feasibility, advantages this project in its affordability goals, and situates the University as a stakeholder in their employees’ well-being.

This generous deal also comes with a requirement that the project reach a number of goals, which our team has incorporated into the development.

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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University of Washington’s Goals • Provide affordable housing options for its employees • Provide family-sized units, not only studio and one bedroom apartments • Allow University staff to live where they work • Promote economic development activity for the community around the University • Reduce the University’s impact on area traffic and promote transit-oriented livability • Increase child-care options for employees with children • Impact the neighborhood in a positive way The university is not simply investing monetarily with the reduced land cost, they will be providing resources in other ways as well. By leveraging their network and communication infrastructure, they will promote the building to their employees, and provide HR staff to direct employees through the application process to assure their submissions are first in the queue and done correctly.

By using LIHTC equity, the project will be able to provide housing at 60% AMI for every unit, aligning with the University’s goal of affordability. The development will also provide ample two and three bedroom units, which allow families the opportunity to take advantage of the project. The ground level child-care facility will also give families a convenient place to drop off their children while at work. Grand Fir has no parking spaces for residents, but does provide bike storage, encouraging carless living. As the building is less than a ten minute walk from the university, employees will have no problems getting to work with a short commute.

The project site is in the heart of the University District, home of the University of Washington. It is one of the densest neighborhoods in Seattle, benefitting from an upzone in 2017 that allow diverse housing types and deep investments in transit infrastructure. A new light rail station located six blocks from the site is due to open in 2021, the same year Grand Fir will open to tenants. It also provides a competitive location to add housing. It boasts a 3% vacancy rate, which is significantly lower than the 5.9% Seattle wide rate. This area has a significant demand for housing which is not currently being met.

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Our current financing projects an award of approximately $24 million in 4% LIHTC equity, which includes the 30% eligible basis bonus for being located in a Qualified Census Tract. The basis was determined from a Net Operating Income of $1,634,649. Income is generated mostly though rental income. We gain additional income from commercial space leasing and miscellaneous fees.

Based on our cash flow projections, we can confidently support approximately $22 million in debt with a 1.15 coverage ratio. Between LIHTC equity and supportable debt, the project is guaranteed about $46 million in funding, leaving a gap of about $11 million. Fortunately, all of the jurisdictions in which the project is located are strongly committed to affordable housing and offer a variety of gap funding options. The City of Seattle Office of Housing is the most prominent funder as it administers two major funding pools: The Housing Levy and Mandatory Housing Affordability (MHA). We rely on $7.6 million from the Office of Housing, and another $3.4 million from the Enterprise REDI fund for land acquisition. The REDI fund is a unique partnership between public and private entities offering low interest loans for transit-oriented affordable projects in King County.

Grand Fir will achieve all of the University of Washington’s goals and provide a positive impact for university employees and on the University District neighborhood as a whole. By combining affordable rents, large units, child care, and ideal location with the University’s resources and infrastructure, we expect Grand Fir to be a fantastic success.

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PROJECT INTRODUCTIONS

Workforce Housing for a livable University The University of Washington team, in partnership with Seattle Housing Authority (SHA), respectfully submits our proposal for a transit-oriented, 133 unit affordable housing development in Seattle, Washington. Located in the heart of the University District, this project will provide critically-needed affordable housing intended for faculty and staff of the University of Washington (UW), the area’s largest employer. This project has been proposed in partnership with the University of Washington, who has agreed to sell the land at a price of $3,000,000, reduced from the expected market value of $12,500,000. Their goal is to encourage more affordable housing options in the area to create opportunity for their employees who make a livable wage but have been priced out of the area by high rent costs.

Like most neighborhoods in Seattle, the University District has experienced rapid growth over the last several years, contributing to skyrocketing housing costs. Rents have increased 13.5% in the last year, and in 2016 it was estimated that nearly half of Seattle-area households were rent-burdened.1 Stagnating wages, population growth, insufficient revenue, and the meteoric rise of a handful of high-paying employment sectors have all contributed to the problem. Though the housing crisis immediately gained political and social traction, construction and preservation of affordable units are still far behind their targets. The issue is especially pronounced in the University District, where historically middle-income UW employees now find precious few affordable homes. Recognizing that the viability of their workforce is at stake, UW leadership is spearheading the effort to provide affordable housing for their employees through their partnership with SHA. Though housing affordability for university staff is a problem facing all urban universities, UW exhibits a unique commitment to its solution. Not only is it proactively engaging in the development process, but it has dramatically reduced the price of the land for this project. This greatly increases financial feasibility, advantages this project in its affordability goals, and situates the University as a stakeholder in their employees’ well-being.. Moreover, the collaboration with SHA capitalizes on multi-sectoral expertise and experience of the development team. We hope that this innovative approach may serve as a model for other urban universities in years to come.

The University District is a bustling neighborhood ideal for urban, car-free living. It enjoys exceptional transit service, high walkability and new bicycle infrastructure, as well as the forthcoming Sound Transit Link Light Rail station, opening in 2021. In anticipation of the new station, the neighborhood was recently re-zoned for higher density and is expected to experience a wave of development and subsequent population growth. However, the neighborhood does not currently have capacity to meet the needs of its families. The only two daycare facilities, longtime staples of the neighborhood, are due to close within the next year. To close this gap in childcare, our project will feature a childcare center onsite. The center will be able to serve the children of the residents living in the building as well as those in the community.

1 https://www.seattlepi.com/realestate/article/Report-2017-Seattle-rent-increases-among-the-12471631.php Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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BACKGROUND

Seattle has experienced unprecedented economic growth over the last decade. Over that time, the economic growth has brought many new people (an increase of over 114,0001) and jobs to the region. The area’s housing market has struggled to keep up, with rent and home prices skyrocketing (see appendix 1 for rent and home price growth). This has caused stress to residents who have earned what have traditionally been living wage jobs. Many Seattle residents have chosen to live farther away from their work in order to escape these high prices. This has led to worsening traffic, lower quality of life caused by long commutes, as well as negative outcomes related to being forced out of neighborhoods residents have lived for decades. Seattle employers are taking notice and looking for solutions to the problems their workers are facing.

Housing for families, specifically, has grown more expensive and difficult to find in Seattle. Two and three bedroom apartments have been developed at a substantially slower rate than studio and one bedroom apartments, which return a higher yield for developers (see figure 1). Two and three bedroom houses have ballooned in cost for those looking to purchase, with 2 bedroom houses increasing 113% since the beginning of 2012, and 3 bedroom houses increasing 104%.2

1

United States Census Bureau https://www.census.gov/quickfacts/fact/table/seattlecitywashington,US/PST045218

2 Zillow Home Prices & Values tool https://www.zillow.com/seattle-wa/home-values/ Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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PARTNERSHIP - UNIVERSITY OF WASHINGTON

The University of Washington employs over 20,000 people with over half making less than the Seattle median income of $82,133.

The University has taken notice of the housing problems that it’s employees are facing. In the spring of 2017, the University of Washington Office of Regional and Community relations conducted a survey of its employees earning less than $69,300 a year with the goal of evaluating potential housing proposals.

After evaluating the results, it was clear that housing is a major problem for the University of Washington employees, and that they are open to new housing options. Over 72% said that housing issues cause them stress, with the highest complaints being high rent and commute times. Over 55% commute longer than 30 minutes each way to work, with 18% commuting over an hour each way. Of the project proposals the respondents were surveyed on, 34% were interested in a plan to provide affordable housing to households making less than $54,000 a year (below the 60% AMI threshold for a family of 3 in Seattle) where apartments are within a 30 minute transit commute to campus. Of those earning less than $50,000 a year, the interest level was significantly higher at 68%.

After deliberation on the topic, the University of Washington has decided to move forward with a project in the University District neighborhood which lies immediately West of the university. The aim is to provide affordable housing for University of Washington employees who struggle to afford the increasing housing costs near the Seattle campus. An emphasis was also put on providing options for employees with families. There are currently only two private residential buildings that prioritize UW faculty and staff. The first, Bridges@11th sets aside 37 incomelimited unites for UW staff, while the second, Radford Court is entirely market-rate1. Considering the vast number of employees earning less than the median income, the University hopes to expand its offerings of affordable housing options.

University of Washington’s Goals • • • • • • •

Provide affordable housing options for its employees Provide family-sized units, not only studio and one bedroom apartments Allow University staff to live where they work Promote economic development activity for the community around the University Reduce the University’s impact on area traffic and promote transit-oriented livability Increase child-care options for employees with children Impact the neighborhood in a positive way

A Committed Partnership to Provide Housing The University has partnered with Seattle Housing Authority to realize their housing goals. Proof of their commitment is clear: they have agreed to sell a piece of land valued at $12.5 million for $3 million to ease the pressure of market-rate land prices. Grand Fir will be built on this land and would not be financially feasible without this generous discount. Thanks to the University’s investment, Grand Fir can provide all 133 units at 60% AMI. 1

https://hr.uw.edu/benefits/more-ways-to-save/housing-for-faculty-and-staff/

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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Room to Grow Grand Fir will include a healthy unit mix that emphasizes two and three bedrooms, offering 42 and 7 units, respectively.

The recent development boom has ignored the needs of families by focusing intently on studios and one-bedrooms.

Larger units have been almost entirely left out, as seen in the graph DIRECTION. Grand Fir will fill the gap by building large, family-sized units with generous square footage to allow room to grow. The two and three bedroom units will be priced at a substantial discount from what similar sized apartments cost around the city (give exact percentage example). The commitment towards employee families also includes a child care facility on the ground floor of the building, a high need in the neighborhood. The only two daycare facilities, longtime staples of the neighborhood, are due to close within the next year due to rent burden. Grand Fir’s onsite childcare center will help close this gap in childcare. The center will be able to serve the children of the residents living in the building as well as those in the community Transit Oreinted The property is ideally located for affordable university housing. Situated at the corner of Roosevelt Ave NE and NE 42nd St, it is less than a ten-minute walk from main campus.

Commutes will be cut dramatically for anyone who moves from other neighborhoods or regional cities. We have chosen to forego onsite vehicle parking to capitalize on expanding transit infrastructure, instead providing bike storage for tenants to promote a car-free living experience. The site enjoys strong multimodal transit infrastructure offering several lowimpact, accessible transportation options.

Roosevelt Way NE has a one-way protected bicycle lane extending onto Campus Parkway; combined with the relative flat grade of the streets this makes bicycle commuting a viable option.

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The site is served by over a dozen metro bus routes within a ten-minute walk, with the closest stop less than fifty feet from the future front door. An addition benefit of the site is its proximity to the future Sound Transit Link Light Rail station. Opening in 2021, the station is an eight-minute walk from the site and will deliver riders to downtown Seattle in under ten minutes. The map DIRECTION displays bus stops serving unique routes within a ten-minute walkshed, as well as the future light rail station.

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Fair Housing When developing a proposal to provide employee housing, organizations must comply with fair housing laws that require all housing to be equally available to the public. This would still be the case with Grand Fir. All rooms will be open to the public during the application period, and we anticipate a healthy mix of University employees and other Seattle residents. Despite the neighborhood hosting many students, LIHTC regulations prohibit full-time students from qualifying for affordable units. This ensures availability to our target population. To increase the likelihood that UW employees are able to secure housing at Grand Fir, the University is designing an afďŹ rmative marketing strategy that uses a long reach, high touch approach. Advertisements and links to the application will be included in newsletters, announcements and e-blasts sent through the internal UW communication system. UW is also able to dedicate a portion of staff time within the Human Resources department to helping employees navigate the application process and secure housing. This strategy will ensure that a substantial portion of Grand Fir units will serve the intended population, while also allowing other working families to beneďŹ t from the project.

Housing Costs By taking advantage of LIHTC equity, Grand Fir will be able to provide rents at a 60% AMI level for all units. This will give residents substantial savings from market rate rents in the area. For example, a family of three living in a two bedroom Grand Fir apartment would have savings of 48.6% of a market rate two bedroom, and would have a rent burden of exactly 30%, the HUD recommended level.1

1

https://www.hudexchange.info/programs/home/home-rent-limits/

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MARKET AND SITE ANALYSIS Neighborhood Demographics The University District is a neighborhood in Northeast Seattle, named for its close proximity to the University of Washington. This neighborhood is one of the most dense in Seattle, with 44,362 people and 16,876 households living within 1 mile of the site. With the high number of students living in this area, the average age is lower than many of the surrounding areas at 30.3 years old. The median household income is significantly lower within one mile of the site at $52,091 a year compared to a $94,889 median average within 3 miles. This disparity also is evident in the number of households earning less than $25,000 a year. Within one mile it is almost one third of households at 33.14%, while only 12.86% within 3 miles.1 The University District neighborhood has experienced growth at a similar rate to the city as a whole. As one of the few areas in Seattle which is zoned to allow dense housing, it has seen an explosion of mid-rise housing developments.

The neighborhood’s proximity to the University of Washington and its high number of public transit options, make it an ideal location to add this needed density. Despite the increase in market-rate housing in the area, there are still few affordable housing options. Out of 9,480 multi-family units, only 511 are classified as affordable housing. Given the heat of the neighborhood market, bidding wars have driven up prices considerably, making affordable housing even more out of reach for middle and low-income families.2 Housing in the University District has had no problem being filled. The neighborhood boasts a significantly lower vacancy rate (3%) compared to Seattle as a whole (5%). Projects similar in size and quality to Grand Fir have filled up extremely quickly, with five mid-rise building being completed in the last year. The construction boom has not slowed the demand for housing in this area, as occupancy has just reached an all time high.

King County Income Levels

Seattle Average Rents

Regional Break down

1 2

All data taken from CoStar.com Wilson, J. (2018) 2018 Assessment roll. King County Department of Assessments.

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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Location The site for Grand Fir is located within the University District, which was recently rezoned to accommodate higher density to meet the growing needs of the neighborhood. In anticipation of a new light rail station, in 2017 the area was rezoned to provide opportunities for transit-oriented development. The University District was rezoned under Mandatory Housing Affordability (MHA), a new city policy requiring affordable housing in all new multi-family developments. To test the policy, city officials chose the U-District as an inaugural site. It was one of only five neighborhoods to experience zoning changes, as the rezones in the remainder of Seattle were stalled due to political turbulence. As such, development opportunities have been clustered in these rezoned neighborhoods. This project is uniquely able to capitalize on its zoning allowances while bypassing the associated swollen land value through its partnership with the University of Washington.

Neighborhood Resources A major benefit to Grand Fir is the high accessibility to retail, food and leisure activities. The University District is a designated Urban Village which draws exceptional commercial activity. The University District Farmers Market operates every Saturday offering fresh, local produce, and meals. There are two large grocery stores within a 10 minute walk, as well as several locally-owned ethnic and cultural food options such as H-Mart, Thanh Vi Cafe, Guanaco’s Pupuseria, and Cedar’s Middle Eastern Foods.

Additional neighborhood amenities include three movie theaters, a community playhouse, a Seattle Public Library branch, a family-run hardware store, a historic live music venue, and Seattle’s oldest coffee shop.

L to R: The Neptune Theater, University District Farmers Market, Allegro Coffee

Community Engagement The University District is a diverse, colorful neighborhood populated by dedicated residents hoping to see their community thrive. Because one of the project’s primary goals is to contribute to the neighborhood’s livability, the project must be aligned with the needs and wishes of the community. To that end, the development team is crafting an outreach plan to engage community stakeholders, including residents, business owners, schools and University staff and leadership. Stakeholder engagement is paramount to not only ensuring a smooth development process but also to building strong relationships with the community in which the tenants will live and work. Feedback will be analyzed and incorporated into the design process, with regular public updates to ensure accountability. As development progresses, we will assemble focus groups of University faculty and staff to determine future tenants’ needs and desired services and amenities. By pursuing a robust community engagement strategy, the project will serve to develop and preserve neighborhood character while providing much-needed affordable housing.

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ENTITLEMENTS Zoning and Permitted Use As stated, the University District was recently rezoned to accommodate higher density to meet the growing needs of the neighborhood. In anticipation of a new light rail station, in 2017 the area was rezoned to provide opportunities for transit-oriented development. The site is zoned Seattle Mixed-Use (SM-U 75/240). The SM-U 75/240 zone allows a larger height limit of 75 feet for mid-rise buildings and 240 feet for high rise buildings.These allowances have facilitated the revitalization of the U district through diverse mixed use development.

The SM-U 75/240 zone allows for a base and maximum FAR of 4.75 and 10.0 respectively for mixed-use mid-rise development. Since the property is located in a transit-oriented neighborhood, there are no private parking requirements.

Bike storage, however, is required per unit in affordable housing projects. Ours provide more than the required 2:1 ratio. Maximum setbacks required along Roosevelt Way NE and 42nd Street are 6’ and 3’, respectively. There is no required setback along the back or side yards to maximize the property area. Zoning requires a an additional setback of 5’ to break the scale of the building and promote sidewalk activation. To meet these requirements we provide a maximum 5.75 FAR, keeping the project within the height restrictions for mid-rise developments. Guidelines require a minimum ground floor height and basic design requirements that our project complies with. We do not anticipate variances oor amendments to the design guidelines of SM-U 75/240; hence, our development schedule is streamlined and efficient.

Table is an analysis of Zoning and compilance needed to be met Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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Development Schedule We are pursuing an aggressive schedule for this project, and are confident the timeline is achievable. Because our project aligns with the City of Seattle’s affordable housing goals, the permitting, processing, and review time will be expedited. The small size of the property and proactive compliance with zoning and permitted use weakens the potential for delay. The design review process is also expedited for affordable projects, and we anticipate approval after the first round of review by the senior planners. Given the goodwill behind providing a 100% affordable housing, along with the connection to UW, we are confident in our timeline assumptions.

Due Diligence We expect a three month due diligence period as developers vet the site and conduct an Environmental Impact Study.

Design review and SEPA We anticipate a concurrent SEPA and a Design review period. A period of back-and-forth with city officials will overlap a two week review, followed by two week public notice process, we anticipate the design review and SEPA to take no more than three months.

Permitting Permitting occurs concurrently with design review. Our design team will work diligently in the design documentation period to develop drawings as the design review occurs. Our design is quite generic to the local market, therefore with a vetted and experienced design group on board we are quite confident in having our documentation and permits issued in 10 months. Given that grade, fill and Civil Permits will be received first, we plan on beginning site work as soon as those are issued. Site work involves some demolition, so we are providing a three month window to conduct site clean up, demolition and to get our earth work started. At the end of three months, the timeline of building permits will likely coincide with pad read conditions on site to go vertical.

Construction Period The construction period is expected to last 20 months, total. Given the mid-rise height of the structure and the concrete curing periods, an 18 month timeline is accurate. To further expedite the process, wall panels will be utilized rather than on-site stud framing, saving time in the rough frame construction process. A sub-contractor company like Katerra will process the panels through their manufacturing factory in Spokane, WA for delivery on-site 6 months after construction begins. We anticipate our construction will be complete by August, 2021.

Lease Up We plan on working closely with the University of Washington to develop a lease up plan targeting UW staff and faculty as early as July, 2021. Pre-advertising will constitute the majority of the plan, as well as utilizing UW’s vast internal communication infrastructure. Based on previous affirmative lease-up strategies for Bridges @ 11th, another UW-targeted project, we plan to have 20% of units pre leased before completion of construction.

Stabilization Our date of stabilization after receiving the Certificate of Occupancy is November 19th, 2021. Our project has a stable year of 2022 with 95% occupancy beginning January 2022 based on the demand for affordable family size units within the neighborhood.

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DEVELOPMENT SCHEDULE. Detailed version available as appendix Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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DESIGN CONCEPT

Summary Grand Fir is designed primarily to provide working families with comfortable and high-quality units. Moreover, the design aims to provide a higher mix of affordable two bedroom and three bedroom units than currently available in the market, all without having to compromise on space and quality. Thetructure strives to align with the neighborhood design language through the use of warm brick tones and wood siding materiality mimicked by an affordable fiber cement rainscreen system. Modulations to the facade respond both to unit layout as well as design guidelines.

Features of Grand Fir • Type 1A construction with 6 over 2 podium construction • Total of 8 stories - ground level 12’ and second through eighth floor 9’ 6” • Ground floor hosts the child care facility and Grand Fir lobby along with building services • Three parking stalls provided for child care van parking and drop off area • Space allotment - 114,464 SF total residential floor area - 852 leasing office space on ground floor - 1,433 SF bike storage - 906 SF of storage cubicles - 8,000 SF of green roof spaces along with a 8000 SF contribution of roof area for solar panel requirement layout plan

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

Table Shows Unit mix Ratio

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Unit Layout We are pursuing a V-A type construction with an NFPA 13 sprinkler system to comply with Washington Fire code.

We With the dimensional constraints of the site, the units must be laid out on an L-shaped floor plate. We are able to accomodate a mix of 19 units per floor totalling 133 units over seven floors. To minimize construction costs and to maintain structural uniformity, floor plans are restricted to six variations. This allows for a good mix of units on each floor. Each unit can be converted to be ADA accessible with a quick switch-out of kitchen countertops and bathroom fixtures.

Each unit was meticulously designed with tenant comfort in mind. All units are larger in size than the comparable market-rate units with at least one window open to the exterior in every room. The two and three bedroom units have large living areas with an attached kitchen and two bathrooms each; a comfortable layout for families. These units are outfitted with in-unit washer-dryers and a private electric water heater, which deviates from the status quo of affordable unit layouts. The open floor plan of the units allow for a sense of openness and allow ample light to filter through to the core of the unit. The interiors will be furnished with warm wood tones in the form of vinyl flooring, casework and light composite countertops.

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Img 6: Three bedroom

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Ground Floor Layout The ground floor of the building is where all Grand Fir amenities are located. All entrances into the building are oriented along Roosevelt Way to promote an active street front along the north and south axis of the property. The project also houses a child care facility with an entrance around the corner of the property allowing for parents and clientele to drop off and pick up children away from arterial traffic. Child care benefits not only the tenants of Grand Fir but also the neighborhood at large, as it replaces two other child care facilities that, due to rent-burden, are due to close within the next year. The child care facility includes an outdoor play area, enclosed within the footprint of the facility for the children’s enjoyment. Further west along the 42nd St is enclosed garage parking for vans that will service the child care facility. During hours of operation, vans will drop off children at the pull up location in front of the south entrance of child care, with pick up will be at the same location.

Due north of the site, along Roosevelt Way NE, is the leasing office, common room and entrance lobby into Grand Fir complex. The common area includes a flexible space outfitted with media connections and game systems for the tenants to enjoy, fostering a sense of community, inclusion, and entertainment for all ages. As Seattle has promoted and built solid infrastructure for bicycling around the site, bicycle parking and storage is a primary amenity available to tenants. We provide more than the code mandated minimum ratio of parking in the 1400+ square foot space provided.

Due north from the bike storage area are storage cubicles available for tenants to rent. This 900 square foot space houses 26 storage units and are rented monthly at a reduced rate compared to market-rate projects. Further north are restrooms and showers open to all. Other areas on the ground floor are services provided for the maintenance and operation of the building.

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Second Floor Layout The second floor is the second level of concrete podium before the building transitions into wood framed and panel construction. Housing 19 residential units and a roof deck for beautification and tenant use, the gross square footage is 16,352 SF including its circulation needs. Each floor also has a trash chute which deposits into the trash receptacle room on the ground floor along the 42nd Ave. Clip-on balconies are provided on 10 units per floor and provide additional amenity space within each unit.

The roof deck on the northwest side of the building allows for planting of local flora and provides much-desired greenery to the project. This contributes 11% to onsite open space requirements

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Third - Eighth Floor All floors above the second are wood frame construction and also feature 19 units per floor, totaling 114 units. With 5 studios, 13 one bedrooms, 6 two bedroom and 1 three bedroom per floor, these floors are fully ADA accessible with 7’ wide corridors. The units are adaptable to meet ADA standards. The corridors and units will be air-conditioned spaces through a central system with condensers housed in the mechanical rooms on the ground floor.

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Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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Construction We are pursuing a V-A type construction with an NFPA 13 sprinkler system to comply with Washington Fire code. We will be building in a 6 over 2 podium style where the first two floors will be poured in concrete followed by six stories of wood framing above. As mentioned earlier, we plan on having our wood framed walls shipped from Spokane through Katerra. This would potentially reduce conventional framing time by half, allowing us a quicker build time for our rough framing. Additionally, by stacking the 6 different types of units on top of one another, we reduce any structural design complications. This increases our material efficiency, as we gauge material use by unit.

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Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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Site Context Because of the constraining site arrangement and shape of property we are motivated to use most of the site to built vertically. Through we are dense in area per site, we are in line with existing building heights within the neighborhood.

Though the zoning allows for larger buildings in height, we believe a mid rise building will be better for the site and allows for this project to be ďŹ nancially feasible.

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Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

23

FINANCIALS

Overview Our development features 133 units of affordable housing serving households at 60% area median income, as well as a 7,950 SF commercial child-care space. The total development cost is approximately $60.5 million. To finance the project, we are relying on a combination of 4% Low Income Housing Tax Credits (LIHTC), tax-exempt bonds through Bank of America, public funding from the City of Seattle, and the public/private Enterprise REDI Fund.

Because the site is located in a Qualified Census Tract, we are able to include the construction costs of the child-care facility in the project’s eligible basis Sources and Uses The table below summarizes the sources and uses of our project. The total development cost (TDC) during the construction period is $56,523,454. We are deferring our entire developer fee of $4,000,000 (7.08% of TDC) until conversion, resulting in a permanent total of $60,523,524 .The table below summarizes the sources and uses of the project.

Land The University of Washington is generously offering the land at a deeply discounted rate. We will acquire the parcel for $3,000,000, a substantial decrease from the appraised value of $12,000,000. We are able to leverage this commitment from the University through funds from the Regional Equitable Development Initiative (REDI), which will finance land acquisition and associated pre-development costs.

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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Development Costs The tables below summarizes our hard and soft development costs. These cost estimates were generated with the support of our development sponsor, Seattle Housing Authority (SHA). Because we are using “soft debt” from the City through the Office of Housing, we are required to use Washington State prevailing wages. This results in a per square foot hard cost premium of ten to fifteen percent compared to market-rate developments. We were encouraged to use a hard cost contingency of 15% by SHA, but after discussions with Bank of America, we lowered this to 12%.

We feel this helps mitigate any potential for underestimating the seemingly relentless rise in construction pricing. Our soft costs, including a five percent contingency, are $69,185/unit in 2019 dollars.

Combined, hard and soft costs per unit total $360,145.49, while the combined cost of the child-care facility per square foot--excluding Tenant Improvements (TIs)--is $422.41. When TIs are included, the cost increases to $462.41 per square foot. Table ### shows a summary of hard and soft costs; please see Appendix ### for a detailed breakdown of development costs.

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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ZÄžĆ?Ĺ?ĚĞŜƚĹ?Ä‚ĹŻ 6WXGLR ϭϹ͕ϰϳϏ EHGURRP 7\SH ĎŽĎ­Í•Ď´Ď°ĎŹ EHGURRP 7\SH Ͼ͕Ϗϳώ EHGURRP 7\SH ϲ͕ϹϹώ Sources of Funds EHGURRP 7\SH ϯώ͕ϳϲϏ EHGURRP ϭϏ͕Ϲϴϰ Developer Fee +DOOZD\V 0HFKDQLFDO (WF ώϰ͕ώϯϲ We are restricted on the size of our developer fee by two factors: the total amount based off our cash ow after ZÄžĆ?Ĺ?ĚĞŜƚĹ?Ä‚ĹŻ dŽƚĂů ϭώϏ͕Ϲϭϰ debt service and REDI interest, and the percent amount as determined by the OfďŹ ce of Housing. To satisfy both requirements, we plan to take ŽžžŽŜ ĆŒÄžÄ‚ a developer fee of $4,000,000, or 7.08% of ϰ͕ϳϰϭ TDC, that we wholly defer. The deferred ĹšĹ?ĹŻÄš Ä‚ĆŒÄž Ͳ ϳ͕ϾϹϏset by the OfďŹ ce of developer fee will be paid out by the end of year twelve and is below the 7.5% of TDC cap dŽƚĂů one and six million dollars. ϭώϹ͕ώϹϹ ϳ͕ϾϹϏ Housing for fees totalling between ZÄžĆ?Ĺ?ĚĞŜƚĹ?Ä‚ĹŻ ĹŻĹ?Ĺ?Ĺ?Ä?ĹŻÄž Ĺ˝ĹľĹľÄžĆŒÄ?Ĺ?Ä‚ĹŻ ,Ä‚ĆŒÄš Ĺ˝Ć?Ćš Ä‚Ć?Ĺ?Ć? Î¨ĎŻĎľÍ•ĎŽĎ°Ď˛Í•Ď´ĎłĎ°Í˜Ď˛ĎŻ Î¨ĎŽÍ•Ď°ĎľĎ­Í•ĎŹĎ­ĎľÍ˜ĎąĎą LIHTC Equity ^ŽĨƚ Ĺ˝Ć?Ćš Ä‚Ć?Ĺ?Ć? Î¨Ď´Í•Ď˛ĎąĎŽÍ•Ď°ĎłĎąÍ˜ĎŽĎ­ As our site is located in a QualiďŹ ed Census Tract, we are eligible to increase our basis by Î¨ĎąĎ°ĎľÍ•Ď­ĎłĎłÍ˜Ď­ĎŹ 130%. With a credit rate of Î¨Ď°ĎłÍ•Ď´ĎľĎľÍ•ĎŻĎ°ĎľÍ˜Ď´Ď° 3.27% and a credit pricing of 1.03, our total LIHTC equity is $24,068,932.

Though this Î¨ĎŻÍ•ĎŹĎ°ĎŹÍ•Ď­ĎľĎ˛Í˜Ď˛Ďą pricing may seem aggressive Î¨ĎŻĎ˛ĎŹÍ•Ď­Ď°ĎąÍ˜Ď°Ďľ Î¨Ď°ĎŽĎŽÍ˜Ď°Ď­ compared to similar markets, developers in Seattle--including our sponsor SHA--are using this price conďŹ dently in dŽƚĂů ĹŻĹ?Ĺ?Ĺ?Ä?ĹŻÄž ŽŜĆ?ĆšĆŒĆľÄ?ĆšĹ?ŽŜ Ĺ˝Ć?Ćš ÍžÇ ÍŹ d/Ć?Íż Î¨ĎąĎ­Í•ĎŽĎąĎłÍ•ĎąĎ°Ď˛Í˜Ď°Ďľ their own projects. The table below details our tax credit calculations. >ÄžĆ?Ć? >/,d &ĞĞĆ? Î¨ĎąĎŹÍ•ĎľĎłĎŹÍ•ĎŻĎąĎŹÍ˜Ď­ĎŻ ĚĚ ÄžÄ¨ÄžĆŒĆŒÄžÄš ÄžÇ€ÄžĹŻĹ˝Ć‰ÄžĆŒ &ĞĞ Î¨ĎąĎ°Í•ĎľĎłĎŹÍ•ĎŻĎąĎŹÍ˜Ď­ĎŻ

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Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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Construction sources Construction Loan from Bank of America (tax-exempt bond): $40,572,728 • Our construction loan utilizes tax-exempt bonds as required for 4% LIHTC projects. The loan amount falls within the appropriate range between 50% of aggregate basis (at least $31.47m) and 70% LTC (no more than 42.37M).

• The construction loan has a 30-day LIBOR +1.8% floating rate. It requires interest-only payments during the 26-month loan term. The construction loan fee is 0.75% of total loan commitment and is payable at closing.

4% Tax Credit Equity (LIHTC): $4,813,305 • 20% of the total LIHTC equity will be used in the construction period.

Seattle Office of Housing: $7,684,239 • The Office of Housing administers several local funding programs, most prominently the Seattle Housing Levy and Mandatory Housing Affordability. The Housing Levy is a voter-approved property tax levy dedicated to affordable housing. It was most recently funded in 2016 at $290 million dollars.

Mandatory Housing Affordability--approved for citywide implementation just weeks ago in March, 2019--levies fines on private housing developers if affordable units are not included in their projects.

The proceeds from those fines go to the Office of Housing to fund fully affordable, nonprofit projects like Grand Fir. Regional Equitable Development Initiative (REDI) Funds: $3,453,181 • Administered by Enterprise Community Partners, the REDI fund is a collaborative, targeted program unique to King County. It combines funds from multiple public and private sources to support affordable, transit-oriented housing developments in the Seattle area. With the creation of the new University District Link light rail station, Grand Fir meets both the affordability and transit-proximity requirements to be eligible for this loan.

• The REDI loan has a 3.89% annual interest rate that matures after seven years.

Deferred developer fee: $4,000,000

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

27

Operating Model Revenues Residential revenues include affordable housing, storage, and child-care facility income. All affordable housing is targeted to 60% of AMI and is charged as the 2018 Washington State income and rent limits. We assume a vacancy rate of 5% and an annual rent escalation rate of 2.5% from the stabilized year (2021). Storage units rent for $30/ month. We estimate the child-care space to rent at $35/SF/year. We apply a 15% vacancy rate for banking purposes and a rent 3% growth rate. The 2022 stabilized gross potential revenue is $2,511,350 and the effective gross income is $2,354,465.

Operating Expenses We worked with SHA to achieve a reasonable residential operating expenses for our project. All estimated costs were based on recent underwriting of three similar project provided by SHA, then reďŹ ned through conversation and comments with Bank of America and Vitus (a for-proďŹ t affordable housing developer). Our residential operating expenses include management on/off site, accounting, legal services and credit reports, insurance, marketing, security, maintenance and janitorial, decorating/turnover, contract repairs, landscaping, pest control, ďŹ re safety, elevator, water & sewer, garbage, electrical, oil/gas/other, telephone, misc.admin expenses, as well as bond commission, WSHFC monitoring, property tax, and replacement reserve fees. They are modeled as escalating 3.5% on an annual basis. At the stabilized year, total operating expenses str $675,578 ($5,080/unit), with replacement reserves of $333/unit.

Net Operating Income The net operating income for the residential portion of the development is $1,634,649 in 2022 (stabilized year).

Schedule The marketing period of our project is 4 months, from July 2021 thru October 2021. This results in stabilization from November 2021.

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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APPENDICES

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NE 62ND ST

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Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

460 Feet

No warranties of any sort, including accuracy, fitness, or merchantability accompany this product.

Copyright 2017. All Rights Reserved. City of Seattle, City Council. Prepared February 20, 2017 by Council Central Staff-GIS.

30

App #2 - Vicinity Map

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Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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App #3 - Rent companisons ans Housing Increases

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Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

37

App #7 - Debt Calculations

'HEW &DOFXODWLRQ UHVLGHQWLDO 'ƌŽƐƐ WŽƚĞŶƚŝĂů ZĞǀĞŶƵĞ ;ϮϬϭϵͿ ĂĨĨŽƌĂďůĞ ŚŽƵƐŝŶŐ ƐƚŽƌĂŐĞ ŚŝůĚ ĂƌĞ sĂĐĂŶĐLJ ĂĨĨŽƌĂďůĞ ŚŽƵƐŝŶŐ ƐƚŽƌĂŐĞ ĐŚŝůĚ ĐĂƌĞ '/ džƉĞŶƐĞƐ ;ϮϬϭϵͿ 0DQDJHPHQW 2Q 6LWH 0DQDJHPHQW 2II 6LWH $FFRXQWLQJ /HJDO 6HUYLFH DQG &UHGLW 5HSRUW ,QVXUDQFH 0DUNHWLQJ 6HFXULW\ 0DLQWHQDQFH DQG MDQLWRULDO 'HFRUDWLQJ 7XUQRYHU &RQWUDFW 5HSDLUV /DQGVFDSLQJ 3HVW &RQWURO )LUH &RQWURO (OHYDWRU :DWHU 6HZHU *DUEDJH 5HPRYDO (OHFWULF 2LO *DV 2WKHU 7HOHSKRQH 0LVF $GPLQ ([SHQVHV %RQG &RPPLVVLRQ )HH :6+)& 0RQLWRULQJ )HH 3URSHUW\ 7D[

ȫɈ ǟǥǣȘǢǦǥȬ

ZĞƉůĂĐĞŵĞŶƚ ZĞƐĞƌǀĞƐ EK/

>ŽĂŶ ŵŽƵŶƚ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ĂŵŽƌƚŝnjĂƚŝŽŶ ;ŵŽŶƚŚƐͿ ^ Z ĂǀĂŝůĂďůĞ ĂŶŶƵĂů ĚĞďƚ ƐĞƌǀŝĐĞ

ϱй ϰϮϬ ϭ͘ϭϱ

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

38

App #8 - Soft Cost break Down

62)7 &2676 %5($.'2:1 $UFKLWHFWXUH (QJLQHHULQJ 6SHFLDOW\ &RQVXOWDQWV )XUQLWXUH )L[WXUHV DQG (TXLSPHQW

RI +DUG &RVWV $PRXQW

/HJDO 3HUPLWV ,QVXUDQFH 8WLOLWLHV 7HVWLQJ ,QVSHFWLRQ 0DUNHW 6WXG\ 0DUNHWLQJ /HDVH 8S 'HYHORSHU )HH

/6

/HDVH &RPPLVVLRQ /,+7& )HH &RQWLQJHQF\

127(6 ,QFOXGHV :DWHUSURRILQJ 7UDIILF $FFRXVWLF (QHUJ\ 3HUPLWWLQJ 6&/ 6SHFLDOLVWV ,QFOXGHV )LQDQFLQJ (QYLURQPHQWDO &ORVLQJ 2ZQHU V 7UDQVDFWLRQ 3DUWQHUVKLS %RQG &RXQFLO DQG /HQGRU V /HJDO

6&/ 638

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

39

App #9 - Tax credit Calculations

7RWDO 6TXDUH )RRWDJH ^Y&d ZĞƐŝĚĞŶƚŝĂů 6WXGLR EHGURRP 7\SH EHGURRP 7\SH EHGURRP 7\SH EHGURRP 7\SH EHGURRP +DOOZD\V 0HFKDQLFDO (WF ZĞƐŝĚĞŶƚŝĂů dŽƚĂů ŽŵŵŽŶ ƌĞĂ ŚŝůĚ ĂƌĞ dŽƚĂů ,ĂƌĚ ŽƐƚ ĂƐŝƐ ^ŽĨƚ ŽƐƚ ĂƐŝƐ

dŽƚĂů ůŝŐŝďůĞ ŽŶƐƚƌƵĐƚŝŽŶ ŽƐƚ ;ǁͬ d/ƐͿ >ĞƐƐ >/,d &ĞĞƐ ĚĚ ĞĨĞƌƌĞĚ ĞǀĞůŽƉĞƌ &ĞĞ

^Y&d

ϭϱ͕ϰϳϬ Ϯϭ͕ϴϰϬ ϵ͕ϬϳϮ ϲ͕ϱϱϮ ϯϮ͕ϳϲϬ ϭϬ͕ϱϴϰ Ϯϰ͕Ϯϯϲ ϭϮϬ͕ϱϭϰ ϰ͕ϳϰϭ Ͳ ϳ͕ϵϱϬ ϭϮϱ͕Ϯϱϱ ϳ͕ϵϱϬ ZĞƐŝĚĞŶƚŝĂů ůŝŐŝďůĞ ŽŵŵĞƌĐŝĂů Ψϯϵ͕Ϯϰϲ͕ϴϳϰ͘ϲϯ ΨϮ͕ϰϵϭ͕Ϭϭϵ͘ϱϱ Ψϴ͕ϲϱϮ͕ϰϳϱ͘Ϯϭ Ψϱϰϵ͕ϭϳϳ͘ϭϬ Ψϰϳ͕ϴϵϵ͕ϯϰϵ͘ϴϰ Ψϯ͕ϬϰϬ͕ϭϵϲ͘ϲϱ ΨϯϲϬ͕ϭϰϱ͘ϰϵ ΨϰϮϮ͘ϰϭ Ψϱϭ͕Ϯϱϳ͕ϱϰϲ͘ϰϵ ΨϱϬ͕ϵϳϬ͕ϯϱϬ͘ϭϯ Ψϱϰ͕ϵϳϬ͕ϯϱϬ͘ϭϯ

7D[ &UHGLW ůŝŐŝďůĞ ĂƐŝƐ ƌĞĚŝƚ ZĂƚĞ Y d ůůŽǁĂďůĞ ŶŶƵĂů ƌĞĚŝƚ dŽƚĂů dĂdž ƌĞĚŝƚƐ ĨŽƌ ϭϬ zĞĂƌƐ WƌŝĐŝŶŐ dŽƚĂů ƋƵŝƚLJ DƵůƚŝƉůLJ >W WƌŽĐĞĞĚƐ ϵϵ͘ϵϵй dŽƚĂů >W ƋƵŝƚLJ dŽƚĂů 'W ƋƵŝƚLJ Ϭ͘Ϭϭй dŽƚĂů ƋƵŝƚLJ

Ψϱϰ͕ϵϳϬ͕ϯϱϬ͘ϭϯ ϯ͘Ϯϳй ϭϯϬй ΨϮ͕ϯϯϲ͕ϳϴϵ͘ϱϴ ΨϮϯ͕ϯϲϳ͕ϴϵϱ͘ϴϰ ϭ͘Ϭϯ ΨϮϰ͕Ϭϲϴ͕ϵϯϮ͘ϳϮ ϵϵ͘ϵϵй ΨϮϰ͕Ϭϲϲ͕ϱϮϱ͘ϴϮ ΨϮ͕ϰϬϲ͘ϴϵ ΨϮϰ͕Ϭϲϴ͕ϵϯϮ͘ϳϮ

App #10 - Sources and Uses

8VHV /DQG +DUG &RVWV 6RIW &RVWV 'HYHORSHU IHH )LQDQFHV 727$/

6RXUFHV DQG 8VHV &RQVWUXFWLRQ

6RXUFHV &RQVWUXFWLRQ ORDQ 3HUPDQHQW ORDQ 'HIHUUHG 'HYHORSHU IHH 7D[ &UHGLW (TXLW\ 2IILFH RI +RXVLQJ 5(', IXQGV

&RQVWUXFWLRQ

3HUPDQHQW

3HUPDQHQW

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

40

App #11 - Permanent loan Amortization WĞƌŵĂŶĞŶƚ >ŽĂŶ ĨŽƌ ĨĨŽƌĚĂďůĞ ,ŽƵƐŝŶŐ Ğďƚ ŵŽƵŶƚ ;Ψ Ϯϭ͕ϯϭϳ͕ϭϬϬͿ ŵŽƌƚŝnjĂƚŝŽŶͬDŽ ϰϮϬ /ŶƚĞƌĞƐƚ ZĂƚĞ ϱ͘ϬϬй ^ Z ϭ͘ϭϱ EK/ ŝŶ ϮϬϭϵ ;Ψ ϭ͕ϱϯϮ͕ϬϬϵͿ ^ĞƌǀŝĐĞ Ğďƚ ; ϭ͕Ϯϵϭ͕ϬϭϳͿ

ŵŽƌƚŝnjĂƚŝŽŶͬzƌ WĞƌŝŽĚͬzƌ ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ϴ ϵ ϭϬ ϭϭ ϭϮ ϭϯ ϭϰ ϭϱ ϭϲ ϭϳ ϭϴ ϭϵ ϮϬ Ϯϭ ϮϮ Ϯϯ Ϯϰ Ϯϱ Ϯϲ Ϯϳ Ϯϴ Ϯϵ ϯϬ ϯϭ ϯϮ ϯϯ ϯϰ ϯϱ

ĞŐŝŶŶŝŶŐ ĂůĂŶĐĞ ;Ψ Ϯϭ͕ϯϭϳ͕ϭϬϬͿ ;Ψ Ϯϭ͕Ϭϴϲ͕ϳϬϱͿ ;Ψ ϮϬ͕ϴϰϰ͕ϱϮϯͿ ;Ψ ϮϬ͕ϱϴϵ͕ϵϱϭͿ ;Ψ ϮϬ͕ϯϮϮ͕ϯϱϰͿ ;Ψ ϮϬ͕Ϭϰϭ͕ϬϲϲͿ ;Ψ ϭϵ͕ϳϰϱ͕ϯϴϳͿ ;Ψ ϭϵ͕ϰϯϰ͕ϱϴϭͿ ;Ψ ϭϵ͕ϭϬϳ͕ϴϳϯͿ ;Ψ ϭϴ͕ϳϲϰ͕ϰϱϬͿ ;Ψ ϭϴ͕ϰϬϯ͕ϰϱϳͿ ;Ψ ϭϴ͕ϬϮϯ͕ϵϵϱͿ ;Ψ ϭϳ͕ϲϮϱ͕ϭϭϵͿ ;Ψ ϭϳ͕ϮϬϱ͕ϴϯϱͿ ;Ψ ϭϲ͕ϳϲϱ͕ϭϬϬͿ ;Ψ ϭϲ͕ϯϬϭ͕ϴϭϳͿ ;Ψ ϭϱ͕ϴϭϰ͕ϴϯϭͿ ;Ψ ϭϱ͕ϯϬϮ͕ϵϯϬͿ ;Ψ ϭϰ͕ϳϲϰ͕ϴϯϵͿ ;Ψ ϭϰ͕ϭϵϵ͕ϮϭϴͿ ;Ψ ϭϯ͕ϲϬϰ͕ϲϱϵͿ ;Ψ ϭϮ͕ϵϳϵ͕ϲϴϭͿ ;Ψ ϭϮ͕ϯϮϮ͕ϳϮϴͿ ;Ψ ϭϭ͕ϲϯϮ͕ϭϲϱͿ ;Ψ ϭϬ͕ϵϬϲ͕ϮϳϬͿ ;Ψ ϭϬ͕ϭϰϯ͕ϮϯϴͿ ;Ψ ϵ͕ϯϰϭ͕ϭϲϳͿ ;Ψ ϴ͕ϰϵϴ͕ϬϲϭͿ ;Ψ ϳ͕ϲϭϭ͕ϴϮϬͿ ;Ψ ϲ͕ϲϴϬ͕ϮϯϴͿ ;Ψ ϱ͕ϳϬϬ͕ϵϵϯͿ ;Ψ ϰ͕ϲϳϭ͕ϲϰϵͿ ;Ψ ϯ͕ϱϴϵ͕ϲϰϮͿ ;Ψ Ϯ͕ϰϱϮ͕ϮϳϲͿ ;Ψ ϭ͕Ϯϱϲ͕ϳϮϮͿ

WƌŝŶŝĐŝƉĂů WĂLJŵĞŶƚ ;Ψ ϮϯϬ͕ϯϵϱͿ ;Ψ ϮϰϮ͕ϭϴϮͿ ;Ψ Ϯϱϰ͕ϱϳϯͿ ;Ψ Ϯϲϳ͕ϱϵϳͿ ;Ψ Ϯϴϭ͕ϮϴϴͿ ;Ψ Ϯϵϱ͕ϲϳϵͿ ;Ψ ϯϭϬ͕ϴϬϲͿ ;Ψ ϯϮϲ͕ϳϬϴͿ ;Ψ ϯϰϯ͕ϰϮϯͿ ;Ψ ϯϲϬ͕ϵϵϯͿ ;Ψ ϯϳϵ͕ϰϲϮͿ ;Ψ ϯϵϴ͕ϴϳϲͿ ;Ψ ϰϭϵ͕ϮϴϯͿ ;Ψ ϰϰϬ͕ϳϯϱͿ ;Ψ ϰϲϯ͕ϮϴϰͿ ;Ψ ϰϴϲ͕ϵϴϲͿ ;Ψ ϱϭϭ͕ϵϬϭͿ ;Ψ ϱϯϴ͕ϬϵϭͿ ;Ψ ϱϲϱ͕ϲϮϭͿ ;Ψ ϱϵϰ͕ϱϱϵͿ ;Ψ ϲϮϰ͕ϵϳϴͿ ;Ψ ϲϱϲ͕ϵϱϯͿ ;Ψ ϲϵϬ͕ϱϲϰͿ ;Ψ ϳϮϱ͕ϴϵϰͿ ;Ψ ϳϲϯ͕ϬϯϮͿ ;Ψ ϴϬϮ͕ϬϳϭͿ ;Ψ ϴϰϯ͕ϭϬϲͿ ;Ψ ϴϴϲ͕ϮϰϭͿ ;Ψ ϵϯϭ͕ϱϴϯͿ ;Ψ ϵϳϵ͕ϮϰϰͿ ;Ψ ϭ͕ϬϮϵ͕ϯϰϰͿ ;Ψ ϭ͕ϬϴϮ͕ϬϬϳͿ ;Ψ ϭ͕ϭϯϳ͕ϯϲϱͿ ;Ψ ϭ͕ϭϵϱ͕ϱϱϱͿ ;Ψ ϭ͕Ϯϱϲ͕ϳϮϮͿ

/ŶƚĞƌĞƐƚ WĂLJŵĞŶƚ ;Ψ ϭ͕ϬϲϬ͕ϲϮϯͿ ;Ψ ϭ͕Ϭϰϴ͕ϴϯϱͿ ;Ψ ϭ͕Ϭϯϲ͕ϰϰϱͿ ;Ψ ϭ͕ϬϮϯ͕ϰϮϬͿ ;Ψ ϭ͕ϬϬϵ͕ϳϯϬͿ ;Ψ ϵϵϱ͕ϯϯϴͿ ;Ψ ϵϴϬ͕ϮϭϭͿ ;Ψ ϵϲϰ͕ϯϬϵͿ ;Ψ ϵϰϳ͕ϱϵϰͿ ;Ψ ϵϯϬ͕ϬϮϰͿ ;Ψ ϵϭϭ͕ϱϱϱͿ ;Ψ ϴϵϮ͕ϭϰϭͿ ;Ψ ϴϳϭ͕ϳϯϰͿ ;Ψ ϴϱϬ͕ϮϴϯͿ ;Ψ ϴϮϳ͕ϳϯϰͿ ;Ψ ϴϬϰ͕ϬϯϭͿ ;Ψ ϳϳϵ͕ϭϭϲͿ ;Ψ ϳϱϮ͕ϵϮϲͿ ;Ψ ϳϮϱ͕ϯϵϳͿ ;Ψ ϲϵϲ͕ϰϱϴͿ ;Ψ ϲϲϲ͕ϬϰϬͿ ;Ψ ϲϯϰ͕ϬϲϱͿ ;Ψ ϲϬϬ͕ϰϱϰͿ ;Ψ ϱϲϱ͕ϭϮϯͿ ;Ψ ϱϮϳ͕ϵϴϱͿ ;Ψ ϰϴϴ͕ϵϰϳͿ ;Ψ ϰϰϳ͕ϵϭϭͿ ;Ψ ϰϬϰ͕ϳϳϲͿ ;Ψ ϯϱϵ͕ϰϯϱͿ ;Ψ ϯϭϭ͕ϳϳϯͿ ;Ψ Ϯϲϭ͕ϲϳϯͿ ;Ψ ϮϬϵ͕ϬϭϬͿ ;Ψ ϭϱϯ͕ϲϱϮͿ ;Ψ ϵϱ͕ϰϲϯͿ ;Ψ ϯϰ͕ϮϵϲͿ

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

WĂLJŵĞŶƚ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ ;Ψ ϭ͕Ϯϵϭ͕ϬϭϳͿ

ŶĚŝŶŐ ĂůĂŶĐĞ ;Ψ Ϯϭ͕Ϭϴϲ͕ϳϬϱͿ ;Ψ ϮϬ͕ϴϰϰ͕ϱϮϯͿ ;Ψ ϮϬ͕ϱϴϵ͕ϵϱϭͿ ;Ψ ϮϬ͕ϯϮϮ͕ϯϱϰͿ ;Ψ ϮϬ͕Ϭϰϭ͕ϬϲϲͿ ;Ψ ϭϵ͕ϳϰϱ͕ϯϴϳͿ ;Ψ ϭϵ͕ϰϯϰ͕ϱϴϭͿ ;Ψ ϭϵ͕ϭϬϳ͕ϴϳϯͿ ;Ψ ϭϴ͕ϳϲϰ͕ϰϱϬͿ ;Ψ ϭϴ͕ϰϬϯ͕ϰϱϳͿ ;Ψ ϭϴ͕ϬϮϯ͕ϵϵϱͿ ;Ψ ϭϳ͕ϲϮϱ͕ϭϭϵͿ ;Ψ ϭϳ͕ϮϬϱ͕ϴϯϱͿ ;Ψ ϭϲ͕ϳϲϱ͕ϭϬϬͿ ;Ψ ϭϲ͕ϯϬϭ͕ϴϭϳͿ ;Ψ ϭϱ͕ϴϭϰ͕ϴϯϭͿ ;Ψ ϭϱ͕ϯϬϮ͕ϵϯϬͿ ;Ψ ϭϰ͕ϳϲϰ͕ϴϯϵͿ ;Ψ ϭϰ͕ϭϵϵ͕ϮϭϴͿ ;Ψ ϭϯ͕ϲϬϰ͕ϲϱϵͿ ;Ψ ϭϮ͕ϵϳϵ͕ϲϴϭͿ ;Ψ ϭϮ͕ϯϮϮ͕ϳϮϴͿ ;Ψ ϭϭ͕ϲϯϮ͕ϭϲϱͿ ;Ψ ϭϬ͕ϵϬϲ͕ϮϳϬͿ ;Ψ ϭϬ͕ϭϰϯ͕ϮϯϴͿ ;Ψ ϵ͕ϯϰϭ͕ϭϲϳͿ ;Ψ ϴ͕ϰϵϴ͕ϬϲϭͿ ;Ψ ϳ͕ϲϭϭ͕ϴϮϬͿ ;Ψ ϲ͕ϲϴϬ͕ϮϯϴͿ ;Ψ ϱ͕ϳϬϬ͕ϵϵϯͿ ;Ψ ϰ͕ϲϳϭ͕ϲϰϵͿ ;Ψ ϯ͕ϱϴϵ͕ϲϰϮͿ ;Ψ Ϯ͕ϰϱϮ͕ϮϳϲͿ ;Ψ ϭ͕Ϯϱϲ͕ϳϮϮͿ ;Ψ ;ϬͿ

41

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

App #12 - Operational Proforma

,1&20( 352)250$ *URVV 3RWHQWLDO 5HYHQXH $IIRUGDEOH +RXVLQJ 6WRUDJH &KLOG &DUH 9DFDQF\ &UHGLW /RVV $IIRUDEOH 6WRUDJH &KLOG &DUH ())(&7,9( *5266 ,1&20( (*,

/HVV 2SHUDWLQJ ([SHQVHV 0DQDJHPHQW 2Q 6LWH 0DQDJHPHQW 2II 6LWH $FFRXQWLQJ /HJDO 6HUYLFHV DQG &UHGLW 5HSRUWV ,QVXUDQFH 0DUNHWLQJ 6HFXULW\ 0DLQWHQDQFH DQG -DQLWRULDO 'HFRUDWLQJ 7XUQRYHU &RQWUDFW 5HSDLUV /DQGVFDSLQJ 3HVW &RQWURO )LUH 6DIHW\ (OHYDWRU :DWHU 6HZHU *DUEDJH 5HPRYDO (OHFWULF 2LO *DV 2WKHU 7HOHSKRQH 0LVF $GPLQ (VSHQVHV %RQI &RPPLVVLRQ )HH :6+)& 0RQLWRULQJ )HH 3URSHUW\ 7D[

═╛╬и ═╛╬и ═╛╬и ═╛╬и ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣ ╧п═Ш╧▒╧м╨╣

W─В╞М╞Ъ┼╢─Ю╞М╞Р┼Ъ┼Э╞Й D─В┼╢─В┼Р─Ю┼╡─Ю┼╢╞Ъ &─Ю─Ю ╞Ъ┼╜ '─Ю┼╢─Ю╞М─В┼п W─В╞М╞Ъ┼╢─Ю╞М

═╛╧┤╧о╧о═┐ ═╛╧░═┐ ═╛╧п╧▒╧п═┐ ╧н╧│═Х╧│╧м╧п═┐

═╛╬и ═╛╧н═Х╧▒╧о╧╡═Х╧▓╧░╧о═┐ ═╛╬и ═╛╧│═Х╧п╧п╧м═┐ ═╛╬и ═╛╧н╧┤╧п═Х╧│╧м╧┤═┐ ═╛╬и ╧│╧о╧│═Х╧┤╧┤╧░═┐

═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╧н╧м╧╡═Х╧п╧┤╧о═┐ ═╛╧▒╧о╧│═┐ ═╛╧░╧▓═Х╧╡╧│╧▓═┐ ╧о═Х╧п╧▒╧░═Х╧░╧▓╧▒═┐

═╛╬и ═╛╧░╧о═Х╧м╧н╧░═┐ ═╛╬и ═╛╧н╧о═Х╧┤╧░╧╡═┐ ═╛╬и ═╛╧│═Х╧╡╧┤╧│═┐ ═╛╬и ═╛╧┤╧▓╧м═┐ ═╛╬и ═╛╧н╧╡═Х╧▓╧м╧м═┐ ═╛╬и ═╛╧н═Х╧н╧▓╧│═┐ ═╛╬и ═╛╧░═Х╧м╧▒╧▒═┐ ═╛╬и ═╛╧о╧о═Х╧│╧╡╧▒═┐ ═╛╬и ═╛╧н═Х╧о╧о╧╡═┐ ═╛╬и ═╛╧┤═Х╧│╧┤╧▓═┐ ═╛╬и ═╛╧о═Х╧п╧н╧м═┐ ═╛╬и ═╛╧░═Х╧╡╧н╧▒═┐ ═╛╬и ═╛╧п═Х╧п╧н╧┤═┐ ═╛╬и ═╛╧░═Х╧п╧м╧н═┐ ═╛╬и ═╛╧▒╧│═Х╧│╧▒╧▒═┐ ═╛╬и ═╛╧н╧▓═Х╧▒╧о╧┤═┐ ═╛╬и ═╛╧о╧н═Х╧н╧╡╧│═┐ ═╛╬и ═╛╧н═Х╧╡╧м╧▒═┐ ═╛╬и ═╛╧н═Х╧▒╧о╧░═┐ ═╛╬и ═╛╧▓═Х╧┤╧┤╧н═┐ ═╛╬и ═╛╧н╧о═Х╧│╧┤╧м═┐ ═╛╬и ═╛╧о═Х╧┤╧о╧▓═┐ ═╛╬и ═╛╧н╧░═Х╧п╧┤╧╡═┐

═╛╬и ═╛╧н╧м╧░═Х╧п╧▓╧п═┐ ═╛╬и ═╛╧п╧н═Х╧╡╧н╧│═┐ ═╛╬и ═╛╧н╧╡═Х╧┤╧░╧н═┐ ═╛╬и ═╛╧о═Х╧н╧п╧│═┐ ═╛╬и ═╛╧░╧┤═Х╧▓╧┤╧▓═┐ ═╛╬и ═╛╧о═Х╧╡╧м╧м═┐ ═╛╬и ═╛╧н╧м═Х╧м╧│╧п═┐ ═╛╬и ═╛╧▒╧▓═Х╧▓╧о╧о═┐ ═╛╬и ═╛╧п═Х╧м╧▒╧о═┐ ═╛╬и ═╛╧о╧н═Х╧┤╧о╧▒═┐ ═╛╬и ═╛╧▒═Х╧│╧п╧╡═┐ ═╛╬и ═╛╧н╧о═Х╧о╧н╧м═┐ ═╛╬и ═╛╧┤═Х╧о╧░╧о═┐ ═╛╬и ═╛╧н╧м═Х╧▓╧┤╧п═┐ ═╛╬и ═╛╧н╧░╧п═Х╧░╧▓╧п═┐ ═╛╬и ═╛╧░╧н═Х╧м╧▒╧▒═┐ ═╛╬и ═╛╧▒╧о═Х╧▓╧▒╧░═┐ ═╛╬и ═╛╧░═Х╧│╧п╧н═┐ ═╛╬и ═╛╧п═Х╧│╧┤╧▒═┐ ═╛╬и ═╛╧н╧│═Х╧м╧╡╧░═┐ ═╛╬и ═╛╧п╧н═Х╧│╧░╧▒═┐ ═╛╬и ═╛╧│═Х╧м╧о╧н═┐ ═╛╬и ═╛╧п╧▒═Х╧│╧░╧о═┐

═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╧н╧н╧о═Х╧н╧н╧│═┐ ═╛╧▒╧░╧п═┐ ═╛╧░╧┤═Х╧п╧┤╧▒═┐ ╧о═Х╧░╧н╧░═Х╧│╧м╧┤═┐

═╛╬и ═╛╧н╧м╧┤═Х╧м╧н╧▓═┐ ═╛╬и ═╛╧п╧п═Х╧м╧п╧░═┐ ═╛╬и ═╛╧о╧м═Х╧▒╧п╧▒═┐ ═╛╬и ═╛╧о═Х╧о╧н╧н═┐ ═╛╬и ═╛╧▒╧м═Х╧п╧╡╧м═┐ ═╛╬и ═╛╧п═Х╧м╧м╧н═┐ ═╛╬и ═╛╧н╧м═Х╧░╧о╧▓═┐ ═╛╬и ═╛╧▒╧┤═Х╧▓╧м╧░═┐ ═╛╬и ═╛╧п═Х╧н╧▒╧╡═┐ ═╛╬и ═╛╧о╧о═Х╧▒╧┤╧╡═┐ ═╛╬и ═╛╧▒═Х╧╡╧п╧╡═┐ ═╛╬и ═╛╧н╧о═Х╧▓╧п╧│═┐ ═╛╬и ═╛╧┤═Х╧▒╧п╧м═┐ ═╛╬и ═╛╧н╧н═Х╧м╧▒╧│═┐ ═╛╬и ═╛╧н╧░╧┤═Х╧░╧┤╧▒═┐ ═╛╬и ═╛╧░╧о═Х╧░╧╡╧о═┐ ═╛╬и ═╛╧▒╧░═Х╧░╧╡╧│═┐ ═╛╬и ═╛╧░═Х╧┤╧╡╧│═┐ ═╛╬и ═╛╧п═Х╧╡╧н╧│═┐ ═╛╬и ═╛╧н╧│═Х╧▓╧╡╧о═┐ ═╛╬и ═╛╧п╧о═Х╧┤╧▒╧▓═┐ ═╛╬и ═╛╧│═Х╧о╧▓╧▓═┐ ═╛╬и ═╛╧п╧▓═Х╧╡╧╡╧п═┐

═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╧н╧н╧░═Х╧╡╧о╧м═┐ ═╛╧▒╧▒╧╡═┐ ═╛╧░╧╡═Х╧┤╧п╧│═┐ ╧о═Х╧░╧│╧▓═Х╧░╧╡╧┤═┐

═╛╬и ═╛╧н╧н╧н═Х╧│╧╡╧│═┐ ═╛╬и ═╛╧п╧░═Х╧н╧╡╧м═┐ ═╛╬и ═╛╧о╧н═Х╧о╧▒╧░═┐ ═╛╬и ═╛╧о═Х╧о╧┤╧╡═┐ ═╛╬и ═╛╧▒╧о═Х╧н╧▒╧░═┐ ═╛╬и ═╛╧п═Х╧н╧м╧▓═┐ ═╛╬и ═╛╧н╧м═Х╧│╧╡╧м═┐ ═╛╬и ═╛╧▓╧м═Х╧▓╧▒╧▒═┐ ═╛╬и ═╛╧п═Х╧о╧│╧м═┐ ═╛╬и ═╛╧о╧п═Х╧п╧│╧╡═┐ ═╛╬и ═╛╧▓═Х╧н╧░╧│═┐ ═╛╬и ═╛╧н╧п═Х╧м╧│╧╡═┐ ═╛╬и ═╛╧┤═Х╧┤╧о╧╡═┐ ═╛╬и ═╛╧н╧н═Х╧░╧░╧░═┐ ═╛╬и ═╛╧н╧▒╧п═Х╧▓╧┤╧о═┐ ═╛╬и ═╛╧░╧п═Х╧╡╧│╧╡═┐ ═╛╬и ═╛╧▒╧▓═Х╧░╧м╧░═┐ ═╛╬и ═╛╧▒═Х╧м╧▓╧┤═┐ ═╛╬и ═╛╧░═Х╧м╧▒╧▒═┐ ═╛╬и ═╛╧н╧┤═Х╧п╧н╧н═┐ ═╛╬и ═╛╧п╧░═Х╧м╧м╧▓═┐ ═╛╬и ═╛╧│═Х╧▒╧о╧н═┐ ═╛╬и ═╛╧п╧┤═Х╧о╧┤╧│═┐

═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╧н╧н╧│═Х╧│╧╡╧п═┐ ═╛╧▒╧│╧▓═┐ ═╛╧▒╧н═Х╧п╧п╧о═┐ ╧о═Х╧▒╧п╧╡═Х╧┤╧│╧▓═┐

═╛╬и ═╛╧н╧н╧▒═Х╧│╧м╧╡═┐ ═╛╬и ═╛╧п╧▒═Х╧п╧┤╧│═┐ ═╛╬и ═╛╧о╧н═Х╧╡╧╡╧┤═┐ ═╛╬и ═╛╧о═Х╧п╧▓╧╡═┐ ═╛╬и ═╛╧▒╧п═Х╧╡╧│╧╡═┐ ═╛╬и ═╛╧п═Х╧о╧н╧▒═┐ ═╛╬и ═╛╧н╧н═Х╧н╧▓╧┤═┐ ═╛╬и ═╛╧▓╧о═Х╧│╧│╧┤═┐ ═╛╬и ═╛╧п═Х╧п╧┤╧░═┐ ═╛╬и ═╛╧о╧░═Х╧н╧╡╧│═┐ ═╛╬и ═╛╧▓═Х╧п╧▓╧о═┐ ═╛╬и ═╛╧н╧п═Х╧▒╧п╧│═┐ ═╛╬и ═╛╧╡═Х╧н╧п╧┤═┐ ═╛╬и ═╛╧н╧н═Х╧┤╧░╧▒═┐ ═╛╬и ═╛╧н╧▒╧╡═Х╧м╧▓╧м═┐ ═╛╬и ═╛╧░╧▒═Х╧▒╧н╧┤═┐ ═╛╬и ═╛╧▒╧┤═Х╧п╧│╧╡═┐ ═╛╬и ═╛╧▒═Х╧о╧░╧▓═┐ ═╛╬и ═╛╧░═Х╧н╧╡╧▓═┐ ═╛╬и ═╛╧н╧┤═Х╧╡╧▒╧о═┐ ═╛╬и ═╛╧п╧▒═Х╧н╧╡╧▓═┐ ═╛╬и ═╛╧│═Х╧│╧┤╧░═┐ ═╛╬и ═╛╧п╧╡═Х╧▓╧о╧│═┐

═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╧н╧о╧м═Х╧│╧п╧│═┐ ═╛╧▒╧╡╧п═┐ ═╛╧▒╧о═Х╧┤╧│╧о═┐ ╧о═Х╧▓╧м╧░═Х╧┤╧┤╧о═┐

═╛╬и ═╛╧н╧н╧╡═Х╧│╧▒╧╡═┐ ═╛╬и ═╛╧п╧▓═Х╧▓╧о╧▒═┐ ═╛╬и ═╛╧о╧о═Х╧│╧▓╧┤═┐ ═╛╬и ═╛╧о═Х╧░╧▒╧о═┐ ═╛╬и ═╛╧▒╧▒═Х╧┤╧▓╧┤═┐ ═╛╬и ═╛╧п═Х╧п╧о╧┤═┐ ═╛╬и ═╛╧н╧н═Х╧▒╧▒╧╡═┐ ═╛╬и ═╛╧▓╧░═Х╧╡╧│╧▒═┐ ═╛╬и ═╛╧п═Х╧▒╧м╧п═┐ ═╛╬и ═╛╧о╧▒═Х╧м╧░╧░═┐ ═╛╬и ═╛╧▓═Х╧▒╧┤╧▒═┐ ═╛╬и ═╛╧н╧░═Х╧м╧н╧н═┐ ═╛╬и ═╛╧╡═Х╧░╧▒╧│═┐ ═╛╬и ═╛╧н╧о═Х╧о╧▒╧╡═┐ ═╛╬и ═╛╧н╧▓╧░═Х╧▓╧о╧│═┐ ═╛╬и ═╛╧░╧│═Х╧н╧н╧н═┐ ═╛╬и ═╛╧▓╧м═Х╧░╧о╧о═┐ ═╛╬и ═╛╧▒═Х╧░╧о╧╡═┐ ═╛╬и ═╛╧░═Х╧п╧░╧п═┐ ═╛╬и ═╛╧н╧╡═Х╧▓╧н╧▒═┐ ═╛╬и ═╛╧п╧▓═Х╧░╧о╧┤═┐ ═╛╬и ═╛╧┤═Х╧м╧▒╧▓═┐ ═╛╬и ═╛╧░╧н═Х╧м╧н╧░═┐

═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╧н╧о╧п═Х╧│╧▒╧▓═┐ ═╛╧▓╧н╧н═┐ ═╛╧▒╧░═Х╧░╧▒╧┤═┐ ╧о═Х╧▓╧│╧н═Х╧▒╧▒╧┤═┐

═╛╬и ═╛╧н╧о╧п═Х╧╡╧▒╧н═┐ ═╛╬и ═╛╧п╧│═Х╧╡╧м╧│═┐ ═╛╬и ═╛╧о╧п═Х╧▒╧▓╧░═┐ ═╛╬и ═╛╧о═Х╧▒╧п╧┤═┐ ═╛╬и ═╛╧▒╧│═Х╧┤╧о╧░═┐ ═╛╬и ═╛╧п═Х╧░╧░╧░═┐ ═╛╬и ═╛╧н╧н═Х╧╡╧▓╧░═┐ ═╛╬и ═╛╧▓╧│═Х╧о╧░╧╡═┐ ═╛╬и ═╛╧п═Х╧▓╧о╧▒═┐ ═╛╬и ═╛╧о╧▒═Х╧╡╧о╧н═┐ ═╛╬и ═╛╧▓═Х╧┤╧н╧▓═┐ ═╛╬и ═╛╧н╧░═Х╧▒╧м╧н═┐ ═╛╬и ═╛╧╡═Х╧│╧┤╧┤═┐ ═╛╬и ═╛╧н╧о═Х╧▓╧┤╧╡═┐ ═╛╬и ═╛╧н╧│╧м═Х╧п╧┤╧╡═┐ ═╛╬и ═╛╧░╧┤═Х╧│╧▓╧м═┐ ═╛╬и ═╛╧▓╧о═Х╧▒╧п╧│═┐ ═╛╬и ═╛╧▒═Х╧▓╧н╧╡═┐ ═╛╬и ═╛╧░═Х╧░╧╡╧▒═┐ ═╛╬и ═╛╧о╧м═Х╧п╧м╧о═┐ ═╛╬и ═╛╧п╧│═Х╧│╧м╧п═┐ ═╛╬и ═╛╧┤═Х╧п╧п╧┤═┐ ═╛╬и ═╛╧░╧о═Х╧░╧▒╧м═┐

═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╧н╧о╧▓═Х╧┤╧▒╧м═┐ ═╛╧▓╧о╧╡═┐ ═╛╧▒╧▓═Х╧м╧╡╧о═┐ ╧о═Х╧│╧п╧╡═Х╧╡╧░╧┤═┐

═╛╬и ═╛╧н╧о╧┤═Х╧о╧┤╧╡═┐ ═╛╬и ═╛╧п╧╡═Х╧о╧п╧░═┐ ═╛╬и ═╛╧о╧░═Х╧п╧┤╧╡═┐ ═╛╬и ═╛╧о═Х╧▓╧о╧│═┐ ═╛╬и ═╛╧▒╧╡═Х╧┤╧░╧│═┐ ═╛╬и ═╛╧п═Х╧▒╧▓╧▒═┐ ═╛╬и ═╛╧н╧о═Х╧п╧┤╧о═┐ ═╛╬и ═╛╧▓╧╡═Х╧▓╧м╧п═┐ ═╛╬и ═╛╧п═Х╧│╧▒╧о═┐ ═╛╬и ═╛╧о╧▓═Х╧┤╧о╧┤═┐ ═╛╬и ═╛╧│═Х╧м╧▒╧░═┐ ═╛╬и ═╛╧н╧▒═Х╧м╧м╧╡═┐ ═╛╬и ═╛╧н╧м═Х╧н╧п╧н═┐ ═╛╬и ═╛╧н╧п═Х╧н╧п╧п═┐ ═╛╬и ═╛╧н╧│╧▓═Х╧п╧▒╧п═┐ ═╛╬и ═╛╧▒╧м═Х╧░╧▓╧│═┐ ═╛╬и ═╛╧▓╧░═Х╧│╧о╧▒═┐ ═╛╬и ═╛╧▒═Х╧┤╧н╧▓═┐ ═╛╬и ═╛╧░═Х╧▓╧▒╧п═┐ ═╛╬и ═╛╧о╧н═Х╧м╧н╧о═┐ ═╛╬и ═╛╧п╧╡═Х╧м╧о╧п═┐ ═╛╬и ═╛╧┤═Х╧▓╧п╧м═┐ ═╛╬и ═╛╧░╧п═Х╧╡╧п╧▓═┐

═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╧н╧п╧м═Х╧м╧о╧н═┐ ═╛╧▓╧░╧┤═┐ ═╛╧▒╧│═Х╧│╧│╧░═┐ ╧о═Х╧┤╧н╧м═Х╧м╧╡╧▓═┐

═╛╬и ═╛╧н╧п╧п═Х╧о╧│╧н═┐ ═╛╬и ═╛╧▓╧▓╧│═┐ ═╛╬и ═╛╧▒╧╡═Х╧▒╧м╧┤═┐ ═╛╬и ╧о═Х╧┤╧┤╧о═Х╧м╧░╧▓═┐

═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╧н╧п╧▓═Х╧▓╧м╧п═┐ ═╛╧▓╧┤╧│═┐ ═╛╧▓╧н═Х╧о╧╡╧п═┐ ╧о═Х╧╡╧▒╧▒═Х╧┤╧░╧│═┐

═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╧н╧░╧м═Х╧м╧н╧┤═┐ ═╛╧│╧м╧┤═┐ ═╛╧▓╧п═Х╧н╧п╧о═┐ ╧п═Х╧м╧п╧н═Х╧▒╧░╧▒═┐

═╛╬и ═╛╧н╧░╧п═Х╧▒╧н╧╡═┐ ═╛╬и ═╛╧│╧о╧╡═┐ ═╛╬и ═╛╧▓╧▒═Х╧м╧о╧▓═┐ ═╛╬и ╧п═Х╧н╧м╧╡═Х╧н╧╡╧м═┐

═╛╬и ═╛╧н╧░╧│═Х╧н╧м╧│═┐ ═╛╬и ═╛╧│╧▒╧н═┐ ═╛╬и ═╛╧▓╧▓═Х╧╡╧│╧▓═┐ ═╛╬и ╧п═Х╧н╧┤╧┤═Х╧┤╧п╧н═┐

═╛╬и ═╛╧н╧▒╧м═Х╧│╧┤╧░═┐ ═╛╬и ═╛╧│╧│╧░═┐ ═╛╬и ═╛╧▓╧┤═Х╧╡╧┤╧▓═┐ ═╛╬и ╧п═Х╧о╧│╧м═Х╧▒╧о╧н═┐

═╛╬и ═╛╧н╧п╧о═Х╧│╧│╧╡═┐ ═╛╬и ═╛╧░╧м═Х╧▓╧м╧│═┐ ═╛╬и ═╛╧о╧▒═Х╧о╧░╧п═┐ ═╛╬и ═╛╧о═Х╧│╧н╧┤═┐ ═╛╬и ═╛╧▓╧н═Х╧╡╧░╧о═┐ ═╛╬и ═╛╧п═Х╧▓╧┤╧╡═┐ ═╛╬и ═╛╧н╧о═Х╧┤╧н╧▓═┐ ═╛╬и ═╛╧│╧о═Х╧м╧п╧╡═┐ ═╛╬и ═╛╧п═Х╧┤╧┤╧░═┐ ═╛╬и ═╛╧о╧│═Х╧│╧▓╧│═┐ ═╛╬и ═╛╧│═Х╧п╧м╧н═┐ ═╛╬и ═╛╧н╧▒═Х╧▒╧п╧░═┐ ═╛╬и ═╛╧н╧м═Х╧░╧┤╧▓═┐ ═╛╬и ═╛╧н╧п═Х╧▒╧╡╧о═┐ ═╛╬и ═╛╧н╧┤╧о═Х╧▒╧о╧▒═┐ ═╛╬и ═╛╧▒╧о═Х╧о╧п╧п═┐ ═╛╬и ═╛╧▓╧▓═Х╧╡╧╡╧н═┐ ═╛╬и ═╛╧▓═Х╧м╧н╧╡═┐ ═╛╬и ═╛╧░═Х╧┤╧н╧▓═┐ ═╛╬и ═╛╧о╧н═Х╧│╧░╧┤═┐ ═╛╬и ═╛╧░╧м═Х╧п╧┤╧╡═┐ ═╛╬и ═╛╧┤═Х╧╡╧п╧о═┐ ═╛╬и ═╛╧░╧▒═Х╧░╧│╧п═┐

═╛╬и ═╛╧н╧п╧│═Х╧░╧о╧│═┐ ═╛╬и ═╛╧░╧о═Х╧м╧о╧┤═┐ ═╛╬и ═╛╧о╧▓═Х╧н╧о╧▓═┐ ═╛╬и ═╛╧о═Х╧┤╧н╧░═┐ ═╛╬и ═╛╧▓╧░═Х╧н╧н╧м═┐ ═╛╬и ═╛╧п═Х╧┤╧н╧┤═┐ ═╛╬и ═╛╧н╧п═Х╧о╧▓╧░═┐ ═╛╬и ═╛╧│╧░═Х╧▒╧▓╧н═┐ ═╛╬и ═╛╧░═Х╧м╧н╧╡═┐ ═╛╬и ═╛╧о╧┤═Х╧│╧п╧╡═┐ ═╛╬и ═╛╧│═Х╧▒╧▒╧│═┐ ═╛╬и ═╛╧н╧▓═Х╧м╧│╧┤═┐ ═╛╬и ═╛╧н╧м═Х╧┤╧▒╧о═┐ ═╛╬и ═╛╧н╧░═Х╧м╧▓╧┤═┐ ═╛╬и ═╛╧н╧┤╧┤═Х╧╡╧н╧░═┐ ═╛╬и ═╛╧▒╧░═Х╧м╧▓╧о═┐ ═╛╬и ═╛╧▓╧╡═Х╧п╧п╧▒═┐ ═╛╬и ═╛╧▓═Х╧о╧п╧м═┐ ═╛╬и ═╛╧░═Х╧╡╧┤╧░═┐ ═╛╬и ═╛╧о╧о═Х╧▒╧м╧╡═┐ ═╛╬и ═╛╧░╧н═Х╧┤╧м╧о═┐ ═╛╬и ═╛╧╡═Х╧о╧░╧▒═┐ ═╛╬и ═╛╧░╧│═Х╧м╧▓╧▒═┐

═╛╬и ═╛╧н╧░╧о═Х╧о╧п╧▓═┐ ═╛╬и ═╛╧░╧п═Х╧░╧╡╧╡═┐ ═╛╬и ═╛╧о╧│═Х╧м╧░╧н═┐ ═╛╬и ═╛╧о═Х╧╡╧н╧о═┐ ═╛╬и ═╛╧▓╧▓═Х╧п╧▒╧░═┐ ═╛╬и ═╛╧п═Х╧╡╧▒╧о═┐ ═╛╬и ═╛╧н╧п═Х╧│╧о╧┤═┐ ═╛╬и ═╛╧│╧│═Х╧н╧│╧м═┐ ═╛╬и ═╛╧░═Х╧н╧▓╧м═┐ ═╛╬и ═╛╧о╧╡═Х╧│╧░╧▒═┐ ═╛╬и ═╛╧│═Х╧┤╧о╧н═┐ ═╛╬и ═╛╧н╧▓═Х╧▓╧░╧м═┐ ═╛╬и ═╛╧н╧н═Х╧о╧п╧о═┐ ═╛╬и ═╛╧н╧░═Х╧▒╧▓╧м═┐ ═╛╬и ═╛╧н╧╡╧▒═Х╧▒╧о╧▓═┐ ═╛╬и ═╛╧▒╧▒═Х╧╡╧▒╧░═┐ ═╛╬и ═╛╧│╧н═Х╧│╧▓╧о═┐ ═╛╬и ═╛╧▓═Х╧░╧░╧┤═┐ ═╛╬и ═╛╧▒═Х╧н╧▒╧╡═┐ ═╛╬и ═╛╧о╧п═Х╧о╧╡╧│═┐ ═╛╬и ═╛╧░╧п═Х╧о╧▓╧▒═┐ ═╛╬и ═╛╧╡═Х╧▒╧▓╧┤═┐ ═╛╬и ═╛╧░╧┤═Х╧│╧н╧о═┐

═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╧н╧░╧│═Х╧о╧н╧▒═┐ ═╛╧░╧▒═Х╧м╧о╧о═┐ ═╛╧о╧│═Х╧╡╧┤╧│═┐ ═╛╧п═Х╧м╧н╧░═┐ ═╛╧▓╧┤═Х╧▓╧│╧▓═┐ ═╛╧░═Х╧м╧╡╧м═┐ ═╛╧н╧░═Х╧о╧м╧╡═┐ ═╛╧│╧╡═Х╧┤╧│╧н═┐ ═╛╧░═Х╧п╧м╧▓═┐ ═╛╧п╧м═Х╧│╧┤╧▓═┐ ═╛╧┤═Х╧м╧╡╧▒═┐ ═╛╧н╧│═Х╧о╧о╧п═┐ ═╛╧н╧н═Х╧▓╧о╧▒═┐ ═╛╧н╧▒═Х╧м╧│╧м═┐ ═╛╧о╧м╧о═Х╧п╧▓╧╡═┐ ═╛╧▒╧│═Х╧╡╧н╧о═┐ ═╛╧│╧░═Х╧о╧│╧░═┐ ═╛╧▓═Х╧▓╧│╧░═┐ ═╛╧▒═Х╧п╧п╧╡═┐ ═╛╧о╧░═Х╧н╧н╧о═┐ ═╛╧░╧░═Х╧│╧┤╧м═┐ ═╛╧╡═Х╧╡╧м╧п═┐ ═╛╧▒╧м═Х╧░╧н╧│═┐

═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и ═╛╬и

═╛╧н╧▒╧о═Х╧п╧▓╧│═┐ ═╛╧░╧▓═Х╧▒╧╡╧┤═┐ ═╛╧о╧┤═Х╧╡╧▓╧│═┐ ═╛╧п═Х╧н╧н╧╡═┐ ═╛╧│╧н═Х╧м╧┤╧м═┐ ═╛╧░═Х╧о╧п╧░═┐ ═╛╧н╧░═Х╧│╧м╧▓═┐ ═╛╧┤╧о═Х╧▓╧▓╧│═┐ ═╛╧░═Х╧░╧▒╧▓═┐ ═╛╧п╧н═Х╧┤╧▓╧п═┐ ═╛╧┤═Х╧п╧│╧┤═┐ ═╛╧н╧│═Х╧┤╧о╧▓═┐ ═╛╧н╧о═Х╧м╧п╧о═┐ ═╛╧н╧▒═Х╧▒╧╡╧│═┐ ═╛╧о╧м╧╡═Х╧░╧▒╧о═┐ ═╛╧▒╧╡═Х╧╡╧п╧╡═┐ ═╛╧│╧▓═Х╧┤╧│╧п═┐ ═╛╧▓═Х╧╡╧м╧│═┐ ═╛╧▒═Х╧▒╧о╧▓═┐ ═╛╧о╧░═Х╧╡╧▒╧▓═┐ ═╛╧░╧▓═Х╧п╧░╧│═┐ ═╛╧н╧м═Х╧о╧▒╧м═┐ ═╛╧▒╧о═Х╧н╧┤╧о═┐

═╛╧н╧▒╧│═Х╧│╧м╧м═┐ ═╛╧░╧┤═Х╧о╧о╧┤═┐ ═╛╧о╧╡═Х╧╡╧┤╧н═┐ ═╛╧п═Х╧о╧о╧╡═┐ ═╛╧│╧п═Х╧▒╧▓╧┤═┐ ═╛╧░═Х╧п╧┤╧о═┐ ═╛╧н╧▒═Х╧о╧о╧н═┐ ═╛╧┤╧▒═Х╧▒╧▓╧м═┐ ═╛╧░═Х╧▓╧н╧о═┐ ═╛╧п╧о═Х╧╡╧│╧╡═┐ ═╛╧┤═Х╧▓╧│╧н═┐ ═╛╧н╧┤═Х╧░╧▒╧м═┐ ═╛╧н╧о═Х╧░╧▒╧п═┐ ═╛╧н╧▓═Х╧н╧░╧п═┐ ═╛╧о╧н╧▓═Х╧│╧┤╧п═┐ ═╛╧▓╧о═Х╧м╧п╧│═┐ ═╛╧│╧╡═Х╧▒╧▓╧░═┐ ═╛╧│═Х╧н╧░╧╡═┐ ═╛╧▒═Х╧│╧н╧╡═┐ ═╛╧о╧▒═Х╧┤╧о╧╡═┐ ═╛╧░╧│═Х╧╡╧▓╧╡═┐ ═╛╧н╧м═Х╧▓╧м╧╡═┐ ═╛╧▒╧░═Х╧м╧м╧┤═┐

═╛╧н╧▓╧п═Х╧о╧о╧м═┐ ═╛╧░╧╡═Х╧╡╧н╧▓═┐ ═╛╧п╧н═Х╧м╧п╧м═┐ ═╛╧п═Х╧п╧░╧о═┐ ═╛╧│╧▓═Х╧н╧░╧п═┐ ═╛╧░═Х╧▒╧п╧▒═┐ ═╛╧н╧▒═Х╧│╧▒╧░═┐ ═╛╧┤╧┤═Х╧▒╧▒╧▒═┐ ═╛╧░═Х╧│╧│╧░═┐ ═╛╧п╧░═Х╧н╧п╧п═┐ ═╛╧┤═Х╧╡╧│╧▒═┐ ═╛╧н╧╡═Х╧м╧╡╧▒═┐ ═╛╧н╧о═Х╧┤╧┤╧╡═┐ ═╛╧н╧▓═Х╧│╧м╧┤═┐ ═╛╧о╧о╧░═Х╧п╧│╧м═┐ ═╛╧▓╧░═Х╧о╧м╧┤═┐ ═╛╧┤╧о═Х╧п╧░╧╡═┐ ═╛╧│═Х╧п╧╡╧╡═┐ ═╛╧▒═Х╧╡╧о╧м═┐ ═╛╧о╧▓═Х╧│╧п╧п═┐ ═╛╧░╧╡═Х╧▓╧░╧┤═┐ ═╛╧н╧м═Х╧╡╧┤╧м═┐ ═╛╧▒╧▒═Х╧┤╧╡╧┤═┐

═╛╬и ═╛╧▒═Х╧м╧┤╧м═┐ ═╛╬и ═╛╧о╧│╧н═Х╧╡╧│╧о═┐ ═╛╬и ═╛╧▓╧│╧▒═Х╧▒╧│╧┤═┐ ═╛╬и ═╛╧▓╧╡╧╡═Х╧о╧о╧п═┐ ═╛╬и ═╛╧│╧о╧п═Х╧▓╧╡╧▓═┐ ═╛╬и ═╛╧│╧░╧╡═Х╧м╧о╧▒═┐ ═╛╬и ═╛╧│╧│╧▒═Х╧о╧░╧н═┐ ═╛╬и ═╛╧┤╧м╧о═Х╧п╧│╧▒═┐ ═╛╬и ═╛╧┤╧п╧м═Х╧░╧▒╧┤═┐ ═╛╬и ═╛╧┤╧▒╧╡═Х╧▒╧о╧░═┐ ═╛╬и ═╛╧┤╧┤╧╡═Х╧▓╧м╧│═┐ ═╛╬и ═╛╧╡╧о╧м═Х╧│╧░╧░═┐ ═╛╬и ═╛╧╡╧▒╧о═Х╧╡╧│╧м═┐ ═╛╬и ═╛╧╡╧┤╧▓═Х╧п╧о╧░═┐ ═╛╬и ═╛╧н═Х╧м╧о╧м═Х╧┤╧░╧▒═┐ ═╛╬и ═╛╧н═Х╧м╧▒╧▓═Х╧▒╧│╧░═┐ ╧п═Ш╧▒╧м╨╣ ═╛╬и ═╛╧п╧п╧п═┐ ═╛╬и ═╛╧н╧┤═Х╧░╧п╧о═┐ ═╛╬и ═╛╧░╧░═Х╧о╧п╧┤═┐ ═╛╬и ═╛╧░╧▒═Х╧│╧┤╧▓═┐ ═╛╬и ═╛╧░╧│═Х╧п╧┤╧╡═┐ ═╛╬и ═╛╧░╧╡═Х╧м╧░╧│═┐ ═╛╬и ═╛╧▒╧м═Х╧│╧▓╧░═┐ ═╛╬и ═╛╧▒╧о═Х╧▒╧░╧н═┐ ═╛╬и ═╛╧▒╧░═Х╧п╧┤╧м═┐ ═╛╬и ═╛╧▒╧▓═Х╧о╧┤╧п═┐ ═╛╬и ═╛╧▒╧┤═Х╧о╧▒╧п═┐ ═╛╬и ═╛╧▓╧м═Х╧о╧╡╧о═┐ ═╛╬и ═╛╧▓╧о═Х╧░╧м╧о═┐ ═╛╬и ═╛╧▓╧░═Х╧▒╧┤╧▓═┐ ═╛╬и ═╛╧▓╧▓═Х╧┤╧░╧▓═┐ ═╛╬и ═╛╧▓╧╡═Х╧н╧┤╧▓═┐

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═╛╬и ═╛╧н═Х╧о╧╡╧н═Х╧м╧н╧│═┐ ═╛╬и ═╛╧н═Х╧о╧╡╧н═Х╧м╧н╧│═┐ ═╛╬и ═╛╧н═Х╧о╧╡╧н═Х╧м╧н╧│═┐ ═╛╬и ═╛╧н═Х╧о╧╡╧н═Х╧м╧н╧│═┐ ═╛╬и ═╛╧н═Х╧о╧╡╧н═Х╧м╧н╧│═┐ ═╛╬и ═╛╧н═Х╧о╧╡╧н═Х╧м╧н╧│═┐ ═╛╬и ═╛╧н═Х╧о╧╡╧н═Х╧м╧н╧│═┐ ═╛╬и ═╛╧н═Х╧о╧╡╧н═Х╧м╧н╧│═┐ ═╛╬и ═╛╧▒╧о╧о═Х╧п╧░╧м═┐ ═╛╬и ╧░╧н═Х╧│╧▒╧п═┐ ═╛╬и ═╛╧╡═Х╧н╧п╧п═┐ ═╛╬и ═╛╧п╧о═Х╧▓╧н╧╡═┐

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═╛╬и ═▓р┤ор┤о═┐ ═╛╬и ╧│╧о╧▒═Х╧н╧▒╧▓═┐ ═╛╬и ╧│╧▓╧│═Х╧о╧▓╧п═┐ ═╛╬и ═╛╧н╧м═Х╧о╧┤╧м═┐ ═╛╬и ═╛╧н╧м═Х╧▒╧┤╧┤═┐ ═╛╬и ═╛╧п╧▓═Х╧│╧н╧п═┐ ═╛╬и ═╛╧п╧│═Х╧┤╧н╧▒═┐

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42

App #13 - BoA Term Sheet

March 20, 2019 University of Washington Housing Challenge Team Seattle, Washington Re:

University District Apartments, Seattle,Washington

Dear University of Washington Housing Challengen Team: This letter will serve as a preliminary outline of the terms under which Bank of America (the “Bank”) would consider a loan request and equity investment on the above referenced project. This letter does not represent an offer or commitment by the Bank for the proposed financing, nor does it define all the terms and conditions of a loan commitment, but is a framework upon which a loan request may be submitted. Issuance of a commitment by the Bank is subject to, among other things, the completion of the following items, and approval of the loan request under the Bank’s internal approval process. The Bank may decline to approve the loan request. Upon your response to this letter and after providing any additional information which may be necessary, the Bank will proceed with the necessary due diligence to submit the loan request. The proposed terms and conditions are as follows: Project:

To be construction of a 133-unit apartment complex located in Seattle, WA.

Borrower:

A to-be-determined special purpose entity - form and substance of Borrower must be acceptable to the Bank.

Reporting Requirements:

Know Your Customer:

Other Requirements:

Annually:

Borrower and Guarantors’ financial statements and covenant compliance.

Monthly:

Property operating statements and rental summary report.

Within five (5) business days of opening an account with Bank, Borrower shall have delivered to Bank all due diligence materials necessary and relevant to verifying Borrower's identity and background information, as deemed necessary

by Bank in its sole and absolute discretion.

All of the following to be acceptable to the Bank: documentation and submissions that are standard for loans of this type including, but not limited to, appraisal, ESA, legal documentation, title/survey, proposed standard lease form, front-end cost and document reviews and acceptance of final budget (includes adequate contingency, interest carry/operating deficit reserve, etc.), review of plans/specs, condition of markets/submarkets, revenue/expenses pro-formas, financial review of Borrower, Guarantor, and general contractor, management agreement and subordination; and (as applicable), proof of tax credit award, equity investor and

Page 1 of 7 Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

43

App #13 - BoA Term Sheet (contd) pay-in schedule, proof of tax-exempt status with respect to ad valorem taxes and other terms and conditions as may be required.

Confidentiality:

This term sheet is strictly confidential and may not be shared with anyone else other than the owners of Borrower.

Construction Loan Construction Loan Amount:

App #13 - BoA

Construction Interest Rate:

Information obtained by the Bank is so far insufficient to establish a loan amount.

Based on our general underwriting parameters for what we believe to be similar transactions, the construction loan amount in this transaction would be the lesser of: Sheet Term 1) $40,625,457 2) 70% LTC based on final Bank approved construction budget or 3) 80% LTV based on an appraisal in form and substance acceptable to the Bank.

30-Day LIBOR + 1.80%, floating. Term Loan Interest Rate as further described below.

Construction Loan Term:

26 months from the loan closing.

Construction Loan Amortization:

Interest only for 26 months

Construction Loan Fee:

0.75% of the total Loan Commitment, payable at closing.

Construction Renewal Options:

One six-month extension options subject to the following: a) No less than 30 but no more than 90 day written notice of intention to exercise the option; b) No event of default having occurred or potential default occurring; c) Performance hurdles have been met, including but not limited to, lien-free construction completion and lease up hurdles; d) The loan is in balance, including sufficient interest reserve; e) Project must demonstrate the ability to be able to convert/payoff Bank’s loan within the extension period; f) All co-construction loans mature or are extended concurrent or past the Bank’s extension date; g) All takeout commitments expire or are extended concurrent or past the Bank’s extension date; h) All investor commitments include terms or are modified to be consistent with the extension of the Bank’s loan; i) No material adverse change in the financial condition of the Project, Borrower, and Guarantor; j) Payment of 0.25% renewal fee based on the committed Loan amount; and k) Rate adjustment or fee payment, as appropriate, to cover the cost of revising the forward rate lock, if any.

Page 2 of 7 Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

44

App #13 - BoA Term Sheet (contd) Payment and Performance Guaranty:

100 % guarantee of completion, performance and repayment to be provided by University of Washington Low Income Housing Challenge Team, and/or other guarantor acceptable to Bank. The guarantors shall be required to meet to-bedetermined liquidity, leverage, and net-worth covenants.

For borrowers that are single-asset entities, principal(s) with general liability or guarantor(s) acceptable to the Bank must be jointly and severally liable for completion of the project and repayment of the financing, including interest and costs.

Collateral:

1) First Lien Deed of Trust on land and improvements constructed thereon.

2) UCC filing on furniture, fixtures and equipment.

3) Assignment of rents/leases and management/construction/architectural contracts, etc.

4) Assignment of interest rate hedge agreement, if any.

General Contractor:

To be acceptable to Bank.

Term Loan: Term Loan Amount:

Term Loan Interest Rate:

Least of 1) $21,317,100.00. 2) 90% LTV based on an appraisal in form and substance acceptable to the Bank, or 3) the principal amount based on debt service payments sufficient to achieve a 1:1.15 DSCR.

Fixed rate for the life of the financing. Note rate will be fixed immediately prior to construction closing based upon then applicable market rates for like tenor and character loans. The Bank estimates that, were the Note rate fixed as of the date of this letter, the rate would be approximately 5.00%. THIS RATE IS INDICATIVE ONLY AND THE ACTUAL NOTE RATE MAY DIFFER. The interest rate will be forward locked for a period of 26 months.

Month 25 of the construction loan term will be at the Term Loan Interest Rate on an interest-only basis. Amortization listed below will commence upon Month 26.

Forward rate lock extension for one six-month period will be available, subject to a fee of 0.25% if the Loan does not convert within the first ninety (90) days of the extension. Fee to be paid at the earliest of the conversion or expiration of the extension.

Replacement Reserves:

$300/unit/year

Operating Reserve:

$970,823 funded at or prior to conversion

Subsidy Transition Reserve:

Not required

Term Loan

Page 3 of 7 Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

45

App #13 - BoA Term Sheet (contd)

Maturity:

17 years from the term loan conversion and closing.

Amortization:

35 years

Term Loan Fees:

0.10% of the Term Loan Amount, payable at closing.

Conversion Terms:

1) Lien free completion.

2) Property has stabilized over the prior three consecutive months as evidenced by 90% or greater physical and economic occupancy for each of the three months and achievement of 1:15 DSCR for that period.

3) Pay-off of the construction loan.

Guaranty:

Non-recourse exclusions from key principals relating to fraudulent acts, in form and substance acceptable to Bank.

Financial condition of key principals will be subject to Bank review and approval.

Equity: General Partner will own a 0.01% interest in the Partnership; Bank (the “Investor”) will own a 99.99% interest in the Partnership.

Partnership:

Capital Contributions: Bank will make a total Capital Contribution of $1.03 for each $1.00 off Tax Credits to which it will be entitled as a limited partner for a total Capital Contribution of $23,566,619 to be paid as follows: Milestone

Conditions to be satisfied prior to payment

0B

Initial Capital Contribution

% Equity

1B

(i) closing of the Partnership (ii) closing and initial funding of all construction financing for the Project (iii) receipt of commitments for all permanent financing on the Project with the interest rate fixed for at least 15 years (iv) evidence of either acquisition of, or a long-term leasehold interest in, the land and building for the Project (v) evidence the Partnership has received an allocation from the Credit Agency of 4% credits in an amount equal to the Projected Federal Credits (vi) receipt by the Investor of a tax opinion prepared by special tax counsel for the Partnership in a form which is acceptable to the Investor (vii) satisfactory completion of Investor’s due diligence

$ Equity

3B

2B

4B

5B

6B

7B

19.76%

11B

$4,656,583

12B

8B

9B

10B

Page 4 of 7

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

46

App #13 - BoA Term Sheet (contd)

Conversion and Stabilization Capital Contribution

(i) the Project then has achieved at least three consecutive calendar months of a minimum of 1.15 to 1 debt service coverage on the Permanent Loans (which period must include the last day of the most recent calendar month), (ii) the Project is then at least 90% occupied (iii) all tax credit units have been leased to qualified tenants at least one time (v) permanent certificates of occupancy have been issued for each building (vi) all reserves have funded or will fund concurrent with this payment 13B

14B

15B

78.12%

19B

$18,410,036

20B

16B

17B

This contribution will occur no earlier than 3/1/2022. (i) the Credit Agency has issued a Form 8609 for each building (ii) a cost certification by a qualified accountant has been received in a form acceptable to Investor (iii) a copy of the recorded Extended Use Agreement has been received (iv) a copy of the compliance audit of the initial tenant files has been received (v) calculations of final adjusters have been prepared and agreed to 18B

Final Capital Contribution (The balance of the unpaid Total Capital Contribution)

21B

22B

23B

24B

2.12%

28B

$500,000

29B

25B

26B

This contribution will occur no earlier than 6/1/2022.

27B

Operating Deficit Guaranty.

General Partner and guarantors will agree to loan to the Partnership any amounts required to fund operating deficits. The Operating Deficit Guaranty will terminate upon the later of 60 months after the later of (i) the expiration of the Completion and Development Deficit Guaranty, or (ii) the Project’s achievement of 1.20 to 1 debt service coverage ratio on the Permanent Loans calculated over a period of 12 consecutive months. In addition, in order for the Operating Deficit Guaranty to terminate, the Project must average a 1.20 to 1 debt service coverage ratio for the last 12 months of the 60 month period or any subsequent 12 month period and the Operating Reserve must be replenished to its originally required balance.

Credit Adjuster.

To the extent such final projected amount of Low-Income Housing Tax Credits varies from the Original Projected Credits, Investor’s capital contribution will be adjusted by $0.75 per federal credit on such variance in the delivery of actual credits to Original Project Credit (as reflected in cost certifications or Form 8609).

Timing Adjuster.

Investor’s federal credit capital contribution will be adjusted to reflect the later or earlier than projected delivery of federal credits with respect to the first year and, if applicable, the second year, of the credit period, based on a reduction in price of 75 cents for every federal credit dollar deferred, or an increase based on 75% of the price per credit established in Section 6 above for every federal credit dollar accelerated.

Distribution of Operating Cash Flow.

Operating cash flow will be utilized as follows: (i) payment of debt service on the Permanent Loans and other operating expenses; (ii) additions to a funded capital replacement reserve as provided in the Partnership Agreement;

Page 5 of 7 Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

47

App #13 - BoA Term Sheet (contd)

(iii) payment of the Asset Management Fee ($7,000 per year increasing 3% per year) to the Special Limited Partner, which fee will accrue if not paid; (iv) payment of the Deferred Developer Fee, (v) payment of the Partnership Management Fee ($25,000 per year increasing 3% per year) to the General Partner, which fee will accrue if not paid; (vi) repayment of any Operating Deficit Loans made by General Partner; (vii) replenishment of the Operating Reserve Account; (viii) payment of an incentive management fee, not to exceed 80% of cash flow; (ix) then to the partners in accordance with the Percentage Interests.

2.

Right of First Refusal. At the end of the 15 year tax credit compliance period, the General Partner will have a right of first refusal to purchase the Property for an amount equal to the greater of (a) fair market value of the Property, or (b) outstanding debt plus taxes payable as a result of the sale.

Other Conditions

The following are subject to Bank’s approval in its sole and absolute discretion: x Daycare lease or letter of intent

General Provisions: Fees and Expenses:

Material Adverse Change:

Assumptions made:

Borrower will pay all reasonable costs incurred by the Bank in connection with the loans including, but not limited to, legal, environmental, front end costs and document review/inspections, physical needs assessment (for existing projects only) and appraisal. Borrower acknowledges that Bank may receive a benefit, including, without limitation, a discount, credit or other accommodation, from outside counsel based on the fees such counsel may receive on account of their relationship with Bank including, without limitation, fees paid pursuant hereto.

Bank of America’s obligations hereunder shall terminate if, prior to closing, Bank of America determines, in its sole judgment, that there shall exist any conditions regarding the property, or the operations, business, assets, liabilities or condition (financial or otherwise, including credit rating) of Borrower or Guarantor, or there shall have occurred a material adverse change in, or there shall exist any material adverse conditions in, the market for syndicated bank credit facilities or the financial, banking, credit or debt capital markets generally, that could be expected to cause the loan to become delinquent or prevent any guarantor from performing its obligations under any guaranty or to materially and adversely affect the value or marketability of the loan or the property or Bank of America’s ability to syndicate the loan or the viability of obtaining permanent financing for the Project.

The terms discussed herein are presented, based on the credit conditions in the potential transaction as known by Bank of America. Should additional facts come to light that positively or negatively impact the situation, prices or other requirements quoted here may be adjusted.

Page 6 of 7

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

48

App #13 - BoA Term Sheet (contd)

Expiration:

This term sheet will expire at 5:00 p.m. Pacific time on that date which is five (5) business days from the date hereof unless you execute this term sheet and return it to us prior to that time, which may be by facsimile transmission. Please understand that this term sheet does not represent an offer or commitment by Bank of America, or any of its affiliated entities, for the proposed new financing, nor does it define all of the terms and conditions of a loan commitment, but is a framework upon which a loan request may be submitted. Issuance of a commitment by Bank of America is subject to, among other things, the approval of your loan request under the Bank’s approval process. If Bank of America issues a financing commitment in this transaction, it will in all respects supersede this letter.

The undersigned acknowledges and agrees that: (i) the transaction contemplated by this Term Sheet is an arm’s length, commercial transaction between you and Bank in which Bank is acting solely as a principal and for its own interest; (ii) Bank is not acting as a municipal advisor or financial advisor to you; (iii) Bank has no fiduciary duty pursuant to Section 15B of the Securities Exchange Act of 1934 to you with respect to the transaction contemplated hereby and the discussions, undertakings and procedures leading thereto (irrespective of whether Bank has provided other services or is currently providing other services to you on other matters); (iv) the only obligations Bank has to you with respect to the transaction contemplated hereby expressly are set forth in this Term Sheet; and (v) Bank is not recommending that you take an action with respect to the transaction contemplated by this Term Sheet, and before taking any action with respect to the contemplated transaction, you should discuss the information contained herein with its own legal, accounting, tax, financial and other advisors, as it deems appropriate. If you would like a municipal advisor in this transaction that has legal fiduciary duties to you, you are free to engage a municipal advisor to serve in that capacity. This Term Sheet is provided to you pursuant to and in reliance upon the “bank exemption” provided under the municipal advisor rules of the Securities and Exchange Commission, Rule 15Ba1-1 et seq.

Please review the above terms and conditions and feel free to call me with any questions or comments you may have. If you find the above terms and conditions to be acceptable, please indicate so by signing below and returning a faxed copy to my attention by the date which is five days from the date of this letter along with a good-faith deposit of $30,000.00. Upon receipt of the letter and the good-faith deposit, the Bank will proceed with the necessary due diligence to prepare and submit your loan request, provided, however that in any event, this term sheet will finally expire at 5:00 p.m. Pacific time on that date which is sixty (60) days from the date hereof. Your deposit is refundable, less the Bank’s out of pocket expenses incurred, should the Bank decline the financing opportunity discussed herein. I look forward to hearing from you and working with you on this and other transactions.

Sincerely, Bobvala Tengen Bank of America Merrill Lynch Community Development Banking Please submit a loan application as outlined above: Name: _________________________________ Title: _________________________________ Date: _________________________________

Page 7 of 7 Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

49

App #14 - Tax Credit Scoring

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Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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50

App #14 - Tax Credit Scoring (contd) ╧н╧м╧м╨╣ ┼╜─и ╞Ъ┼Ъ─Ю ╞╡┼╢┼Э╞Ъ╞Р ╞Р─Ю╞Ъ ─В╞Р┼Э─Ъ─Ю ─и┼╜╞М ╞Р─Ю┼╢┼Э┼╜╞М╞Р╤Б

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─В┼п─Р╞╡┼п─В╞Ъ─Ю─Ъ

╧м

W┼╜┼Э┼╢╞Ъ╞Р ╟Б┼Э┼п┼п ─П─Ю ─В╟Б─В╞М─Ъ─Ю─Ъ ─и┼╜╞М ╞Й╞М┼╜┼й─Ю─Р╞Ъ╞Р ╞Ъ┼Ъ─В╞Ъ ╟Б┼Э┼п┼п ─В─Р┼Ъ┼Э─Ю╟А─Ю ─Ъ─Ю╟А─Ю┼п┼╜╞Й┼╡─Ю┼╢╞Ъ ─Р┼╜╞Р╞Ъ ─Ю─и─и┼Э─Р┼Э─Ю┼╢─Р┼Э─Ю╞Р ┼╜─и ╞Ъ┼Ъ─Ю ─В╞Й╞Й┼п┼Э─Р─В─П┼п─Ю ╞Ъ┼╜╞Ъ─В┼п ─Ъ─Ю╟А─Ю┼п┼╜╞Й┼╡─Ю┼╢╞Ъ ─Р┼╜╞Р╞Ъ ┼п┼Э┼╡┼Э╞Ъ╞Р═Ш ╞Ъ ┼п─Ю─В╞Р╞Ъ ╞Ъ┼Ъ╞М─Ю─Ю ─В┼╡─Ю┼╢┼Э╞Ъ┼Э─Ю╞Р ═╛^─Ю─Ю ^─Ю─Р╞Ъ┼Э┼╜┼╢ ╧о╧н ─П─Ю┼п┼╜╟Б═┐ ─В╞М─Ю ┼Э┼╢─Р┼п╞╡─Ъ─Ю─Ъ ┼Э┼╢ ╞Ъ┼Ъ─Ю W╞М┼╜┼й─Ю─Р╞Ъ═Ш ─Р╞Л═мZ─Ю┼Ъ─В─П ╞Й╞М┼╜┼й─Ю─Р╞Ъ╞Р═Ч ─Ю╟Ж┼Э╞Р╞Ъ┼Э┼╢┼Р ╞Л╞╡─В┼п┼Э─и╟З┼Э┼╢┼Р ─В┼╡─Ю┼╢┼Э╞Ъ┼Э─Ю╞Р ─Р┼╜╞╡┼╢╞Ъ═Ш

d┼╜╞Ъ─В┼п ┼╜╞Р╞Ъ >┼Э┼╡┼Э╞Ъ╞Р d┼╜╞Ъ─В┼п W╞М┼╜┼й─Ю─Р╞Ъ ┼╜╞Р╞Ъ ╨╣ ┼╜─и ^─В╟А┼Э┼╢┼Р╞Р ═╛┼╢─Ю┼Р═Ш ┼╢─П╞М═┐

═╛╬и ═▓р┤ор┤о═┐ ^┼Ъ─Ю─Ю╞Ъ ╧▓ ═Х ─Ю┼п┼п D╧о╧н ═▓ ^┼Ъ─Ю─Ю╞Ъ ╧▓ ═Х ─Ю┼п┼п D╧о╧▓ ═▓╨╣

:6+)& %RQG 7D[ &UHGLW $SSOLFDWLRQ

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

6FRULQJ

51

App #14 - Tax Credit Scoring (contd) ϴͿ s >KW Z & ^ ;ϰ͘ϴͿ

ĂůĐƵůĂƚĞĚ

ϱ

ƌŽƉ ŽǁŶ

Ϭ

WƌŽũĞĐƚ KǁŶĞƌ ŵĂŬĞƐ Ă ĐŽŵŵŝƚŵĞŶƚ ƚŽ ůŝŵŝƚ ƚŚĞ ŵĂdžŝŵƵŵ ĞǀĞůŽƉĞƌ &ĞĞƐ ĨŽƌ ƚŚĞ WƌŽũĞĐƚ ƚŽ͗

ϭϬй Ͳ ϱ WŽŝŶƚƐ

ϵͿ Z , />/d d/KE WZK: d ;ϰ͘ϵͿ &ŝǀĞ ƉŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ƚŽ WƌŽũĞĐƚƐ ŵĞĞƚŝŶŐ ƚŚĞ ĚĞĨŝŶŝƚŝŽŶ ŽĨ ZĞŚĂďŝůŝƚĂƚŝŽŶ WƌŽũĞĐƚ͘

dŽƚĂů ŶƵŵďĞƌ ŽĨ ĞdžŝƐƚŝŶŐ ,ŽƵƐŝŶŐ hŶŝƚƐ ŝŶ WƌŽũĞĐƚ͗ dŽƚĂů ŶƵŵďĞƌ ŽĨ ŶĞǁ ,ŽƵƐŝŶŐ hŶŝƚƐ ŝŶ WƌŽũĞĐƚ /Ĩ ůĞƐƐ ƚŚĂŶ ϱϬй͕ ŝŶĞůŝŐŝďůĞ EƵŵďĞƌ ŽĨ ĞdžŝƐƚŝŶŐ ,ŽƵƐŝŶŐ hŶŝƚƐ ƚŽ ďĞ ƌĞŚĂďŝůŝƚĂƚĞĚ͗ dŽƚĂů ŶƵŵďĞƌ ŽĨ Ăůů hŶŝƚƐ й ŽĨ ZĞŚďŝůŝƚĂƚĞĚ hŶŝƚƐ ϴϬ Žƌ ďŽǀĞ

Ͳ

Ϭ ƵŶŝƚƐ Ϭ ƵŶŝƚƐ Ϭй Ϭ ƵŶŝƚƐ

^ŚĞĞƚ ϭ ͕ Ğůů ,ϭϱ

Ϭй

ϭϬͿ Z Ͳ^zE / d/KE WZK: d ;ϰ͘ϭϬͿ

ƌŽƉ ŽǁŶ

Ϭ

ƌŽƉ ŽǁŶ

Ϭ

&ŝǀĞ ƉŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ƚŽ WƌŽũĞĐƚƐ ďĞLJŽŶĚ LJĞĂƌ ĨŝĨƚĞĞŶ ŽĨ ƚŚĞ džƚĞŶĚĞĚ hƐĞ ŐƌĞĞŵĞŶƚ ŵĞĞƚŝŶŐ ĂŶĚ ǁŝůů ďĞ ƉƌĞƐĞƌǀŝŶŐ ŚŽƵƐŝŶŐ ƵŶŝƚƐ ƵŶĚĞƌ Ă ŶĞǁ ŐƌĞĞŵĞŶƚ͘

ϭϭͿ dͲZ/^< WZKW Zdz ;ϰ͘ϭϭͿ &ŝǀĞ ƉŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ƚŽ WƌŽũĞĐƚƐ ƚŚĂƚ ŵĞĞƚ ĞĂĐŚ ŽĨ ƚŚĞ ĐƌŝƚĞƌŝĂ ůŝƐƚĞĚ ďĞůŽǁ͘

dŚĞ ƉƌŽũĞĐƚ ŚĂƐ ŽŶĞ Žƌ ŵŽƌĞ &ĞĚĞƌĂůůLJ ƐƐŝƐƚĞĚ ƵŝůĚŝŶŐ;ƐͿ͖ dŚĞ ƉƌŽũĞĐƚ ĚŽĞƐ ŶŽƚ ĐƵƌƌĞŶƚůLJ ŚĂǀĞ ĂŶ džƚĞŶĚĞĚ hƐĞ ŐƌĞĞŵĞŶƚ ǁŝƚŚ ƚŚĞ ŽŵŵŝƐƐŝŽŶ͖ ƚ ůĞĂƐƚ ϱϬй ŽĨ ƚŚĞ ƚŽƚĂů ,ŽƵƐŝŶŐ hŶŝƚƐ ŝŶ ƚŚĞ ƉƌŽũĞĐƚ ĂƌĞ ůŽǁͲŝŶĐŽŵĞ͖ dŚĞ ƉƉůŝĐĂŶƚ ĂŐƌĞĞƐ ƚŽ ŵĂŝŶƚĂŝŶ ƚŚĞ ůŽǁͲŝŶĐŽŵĞ ŚŽƵƐŝŶŐ ƵŶŝƚƐ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ƉƌŽũĞĐƚ͖ dŚĞ &ĞĚ ĂŐĞŶĐLJ ƌĞŐƵůĂƚŝŶŐ ƚŚĞ ůŽǁͲŝŶĐŽŵĞ ƵƐĞ ĐĞƌƚŝĨŝĞƐ ͙ƵƐĞ ƌĞƐƚƌŝĐƚŝŽŶƐ ƌĞůĞĂƐĞĚ ŝŶ ĨŝǀĞ LJĞĂƌƐ ͘​͘​͖͘ dŚĞ ŵĂƌŬĞƚ ƐƚƵĚLJ ĐůĞĂƌůLJ ĚĞŵŽŶƐƚƌĂƚĞƐ ƚŚĂƚ ŵĂƌŬĞƚ ƌĂƚĞ ƌĞŶƚƐ ĂƌĞ ƐŝŐŶŝĨŝĐĂŶƚůLJ ŐƌĞĂƚĞƌ ƚŚĂŶ͘​͘​͘

ϭϮͿ WZKW Zdz dzW ;ϰ͘ϭϮͿ

ĂůĐƵůĂƚĞĚ

Ϭ

WŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ƚŽ ƉƌŽũĞĐƚƐ ƚŚĂƚ ĂƌĞ ůŽĐĂƚĞĚ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚLJƉĞƐ ŽĨ ƉƌŽƉĞƌƚŝĞƐ͘ KŶůLJ ŽŶĞ ĐĂƚĞŐŽƌLJ ŵĂLJ ďĞ ƐĞůĞĐƚĞĚ͘ ƌŽƉ ŽǁŶ

EŽ WŽŝŶƚƐ dĂŬĞŶ

ϭϯͿ >K d/KE &&/ / Ed WZK: d^ ;ϰ͘ϭϯͿ

:6+)& %RQG 7D[ &UHGLW $SSOLFDWLRQ

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

ĂůĐƵůĂƚĞĚ

ϯ

6FRULQJ

52

App #14 - Tax Credit Scoring (contd) dŚƌĞĞ WŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ƚŽ ƚŚŽƐĞ WƌŽũĞĐƚƐ ƚŚĂƚ ƉƌŽǀŝĚĞ ŶĞĂƌďLJ ĂĐĐĞƐƐ ƚŽ ĨŽŽĚ ĂŶĚ ĞdžĐĞĞĚ ƚŚĞ ŵŝŶŝŵƵŵ ĐĐĞƐƐ ƚŽ ^ĞƌǀŝĐĞƐ ĐƌŝƚĞƌŝŽŶ ŽĨ ^ ^͘ ƌŽƉ ŽǁŶ

hƌďĂŶ͗ ǁŝƚŚŝŶ ϭͬϰ ŵŝůĞ ŽĨ ϯ ƐĞƌǀŝĐĞƐ ĂŶĚ ϭͬϮ ŵŝůĞ ŽĨ Ă ŐƌŽĐĞƌLJ ƐƚŽƌĞ Žƌ ǁŝƚŚŝŶ ϭͬϮ ŵŝůĞ ŽĨ ϱ ĨĂĐŝůŝƚŝĞƐ ĂŶĚ Ă ŐƌŽĐĞƌLJ ƐƚŽƌĞ Ͳ ϯ ƉŽ

ϭϰͿ Z d Z' d z >K > :hZ/^ / d/KE ;ϰ͘ϭϰͿ

ƌŽƉ ŽǁŶ

Ϯ

ƌŽƉ ŽǁŶ

ϯ

ƌŽƉ ŽǁŶ

Ϭ

ƌŽƉ ŽǁŶ

ϭ

ĂůĐƵůĂƚĞĚ

ϯ

ĂůĐƵůĂƚĞĚ

Ϭ

dǁŽ ƉŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ƚŽ Ă WƌŽũĞĐƚ ƚŚĂƚ ŝƐ ůŽĐĂƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ĚĞĨŝŶĞĚ ŐĞŽŐƌĂƉŚŝĐ ďŽƵŶĚĂƌŝĞƐ ŽĨ Ă ƉůĂŶŶŝŶŐ ĚŽĐƵŵĞŶƚ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ŐŽǀĞƌŶŝŶŐ ďŽĚLJ ŽĨ ƚŚĞ ůŽĐĂů ũƵƌŝƐĚŝĐƚŝŽŶ͘

ϭϱͿ dZ E^/d KZ/ Ed s >KWD Ed ;ϰ͘ϭϱͿ dŚƌĞĞ ƉŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ƚŽ ƉƌŽũĞĐƚƐ ŝĨ ƚŚĞLJ ĂƌĞ ůŽĐĂƚĞĚ ǁŝƚŚŝŶ Ă ϭϬͲŵŝŶƵƚĞ ǁĂůŬƐŚĞĚ ŽĨ &ŝdžĞĚ dƌĂŶƐŝƚ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ƚŚĂƚ ŚĂƐ ͞KLJK FDSDFLW\ WUDQVLW VXSSRUWLYH GHQVLW\ ´

ϭϲͿ KDDhE/dz Z s/d >/ d/KE W> E ;ϰ͘ϭϲͿ dŚƌĞĞ ƉŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ƚŽ Ă WƌŽũĞĐƚ ƚŚĂƚ ŝƐ ůŽĐĂƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ĚĞĨŝŶĞĚ ŐĞŽŐƌĂƉŚŝĐ ďŽƵŶĚĂƌŝĞƐ ŽĨ Ă ŽŵŵƵŶŝƚLJ ZĞǀŝƚĂůŝnjĂƚŝŽŶ WůĂŶ ; ZWͿ͘

ϭϳͿ ,/', E s Zz ,/', KWWKZdhE/dz Z ^ ;ϰ͘ϭϳͿ KŶĞ ƉŽŝŶƚ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ƚŽ ƉƌŽũĞĐƚƐ ůŽĐĂƚĞĚ ŝŶ Ă ĐĞŶƐƵƐ ƚƌĂĐƚ ƚŚĂƚ ŝƐ ƌĂƚĞĚ ,ŝŐŚ Žƌ sĞƌLJ ,ŝŐŚ ŽŶ ƚŚĞ ŽŵƉƌĞŚĞŶƐŝǀĞ KƉƉŽƌƚƵŶŝƚLJ /ŶĚĞdž ĂƐ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ WƵŐĞƚ ^ŽƵŶĚ ZĞŐŝŽŶĂů ŽƵŶĐŝů͘

ϭϴͿ EKEWZK&/d ^WKE^KZ ;ϰ͘ϭϴͿ dŚƌĞĞ ƉŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ƚŽ WƌŽũĞĐƚƐ ƚŚĂƚ ƋƵĂůŝĨLJ ƵŶĚĞƌ ŽŶĞ ŽĨ ƚŚĞ ƐĐĞŶĂƌŝŽƐ ďĞůŽǁ͘ ƌŽƉ ŽǁŶ

EŽŶƉƌŽĨŝƚ KŶůLJ Ͳ ϯ WŽŝŶƚƐ

ϭϵͿ KE d/KE /E ^hWWKZd K& >K > EKEWZK&/d WZK'Z D^ ;ϰ͘ϭϵͿ WůĞĂƐĞ ĐŚŽŽƐĞ ŽŶůLJ ŽŶĞ͘

& >^ ESV RI WRWDO ERQG DPRXQW RU ZKLFKHYHU LV JUHDWHU SRLQWV & >^ ESV RI WRWDO ERQG DPRXQW RU ZKLFKHYHU LV JUHDWHU SRLQWV

ϮϬͿ s >KWD Ed D E/d/ ^ ;ϰ͘ϮϬͿ

ĂůĐƵůĂƚĞĚ

ϯ

KŶĞ ƉŽŝŶƚ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ĨŽƌ ĞĂĐŚ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ĂŵĞŶŝƚŝĞƐ ƚŚĂƚ Ă WƌŽũĞĐƚ ƉƌŽǀŝĚĞƐ ĨŽƌ ŝƚƐ ƌĞƐŝĚĞŶƚƐ͘ dŚĞ ĂŵĞŶŝƚŝĞƐ ŵƵƐƚ ŶŽƚ ĐƵƌƌĞŶƚůLJ ĞdžŝƐƚ͘ DŽƌĞ ƚŚĂŶ ŽŶĞ ĂŵĞŶŝƚLJ ŵĂLJ ďĞ ƐĞůĞĐƚĞĚ ĨŽƌ ƉŽŝŶƚƐ

KŶƐŝƚĞ ŽŵŵƵŶŝƚLJ 'ĂƌĚĞŶ KŶƐŝƚĞ &ŝƚŶĞƐƐ ĞŶƚĞƌ

dZh & >^

:6+)& %RQG 7D[ &UHGLW $SSOLFDWLRQ

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

6FRULQJ

53

App #14 - Tax Credit Scoring (contd) KŶƐŝƚĞ ƵƐŝŶĞƐƐ ͬ >ĞĂƌŶŝŶŐ ĞŶƚĞƌ & >^ KŶƐŝƚĞ DĞĚŝĂ ZŽŽŵ & >^ KŶƐŝƚĞ WůĂLJŐƌŽƵŶĚ Žƌ &ŝƚŶĞƐƐ dƌĂŝů & >^ ŽǀĞƌĞĚ ĂŶĚ ^ĞĐƵƌĞĚ ŝĐLJĐůĞ ^ƚŽƌĂŐĞ dZh

ϮϭͿ hd/>/dz >>Kt E KWd/KE ;ϰ͘ϮϭͿ

ƌŽƉ ŽǁŶ

Ϭ

ĂůĐƵůĂƚĞĚ

Ϭ

dǁŽ WŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ĨŽƌ ƉƌŽũĞĐƚƐ ǁŚŝĐŚ ĂƌĞ ŶŽƚ ƌĞŐƵůĂƚĞĚ ďLJ ,h Žƌ Z ĂŶĚ ĐŚŽŽƐĞ ƚŽ ƵƐĞ ĞŝƚŚĞƌ DĞƚŚŽĚ ϲ ; ĐƚƵĂů hƐĂŐĞ ƐƚŝŵĂƚĞͿ Žƌ DĞƚŚŽĚ ϴ ; ŶĞƌŐLJ ŽŶƐƵŵƉƚŝŽŶ DŽĚĞůͿ ŽĨ ƉƉĞŶĚŝdž K ŽĨ ƚŚĞ dĂdž ƌĞĚŝƚ ŽŵƉůŝĂŶĐĞ WƌŽĐĞĚƵƌĞƐ DĂŶƵĂů͘ WůĞĂƐĞ ĐŚŽŽƐĞ ŽŶůLJ ŽŶĞ͘ EŽŶĞ EŽŶĞ

DĞƚŚŽĚ ϲ DĞƚŚŽĚ ϴ

ϮϮͿ ^K> Z KWd/KE^ ;ϰ͘ϮϮͿ dŚƌĞĞ ƉŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ĨŽƌ ĞĂĐŚ ŽĨ ƚŚĞ ƚǁŽ ŽƉƚŝŽŶƐ ůŝƐƚĞĚ ďĞůŽǁ ;DĂdžŝŵƵŵ ƐĐŽƌĞ с ϲ ƉŽŝŶƚƐͿ͘

& >^ ,QVWDOO D VRODU SKRWRYROWDLF 39 DW OHDVW .LORZDWWV SRLQWV /ŶƐƚĂůů Ă ƐŽůĂƌ ŚŽƚ ǁĂƚĞƌ ƐLJƐƚĞŵ ;ƐŽůĂƌ ƚŚĞƌŵĂůͿ ƚŽ ƉƌŽǀŝĚĞ ĨŽƌ ĚŽŵĞƐƚŝĐ ǁĂƚĞƌ ŚĞĂƚŝŶŐ Ͳ ϯ ƉŽŝŶƚƐ & >^

ϮϯͿ E Z'z &&/ / Ed h/> /E' ;ϰ͘ϮϯͿ

ĂůĐƵůĂƚĞĚ

Ϭ

ƌŽƉ ŽǁŶ

Ϭ

ƌŽƉ ŽǁŶ

Ϭ

WŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ĨŽƌ ƉƌŽũĞĐƚƐ ƚŚĂƚ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ĞƌŽ ŶĞƌŐLJ ZĞĂĚLJ Žƌ ĞƌŽ ŶĞƌŐLJ͘ WůĞĂƐĞ ĐŚŽŽƐĞ ŽŶůLJ ŽŶĞ͘

ϯ WŽŝŶƚƐ͗ ĞƌŽ ŶĞƌŐLJ ZĞĂĚLJ & >^ ϱ WŽŝŶƚƐ͗ ĞƌŽ ŶĞƌŐLJ & >^

ϮϰͿ WZK: d /EEKs d/KE ;ϰ͘ϮϰͿ &ŝǀĞ ƉŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ƚŽ ŶŽ ŵŽƌĞ ƚŚĂŶ ƚǁŽ ƉƌŽũĞĐƚƐ ŝŶ ĂŶLJ ZŽƵŶĚ ĨŽƌ ďĂƌƌŝĞƌ ďƌĞĂŬŝŶŐ ŝŶŝƚŝĂƚŝǀĞƐ ƚŚĂƚ ĐĂŶ ĚĞŵŽŶƐƚƌĂƚĞ ŝŶŶŽǀĂƚŝŽŶ͘

ϮϱͿ KD K WZKW Zd/ ^ ;ϰ͘ϮϱͿ &ŝǀĞ ƉŽŝŶƚƐ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ĨŽƌ ƉƌŽƉĞƌƚŝĞƐ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ ĂůůŽĐĂƚĞĚ ϵй ƚĂdž ĐƌĞĚŝƚƐ ĂŶĚ ĂƌĞ ƐĞĞŬŝŶŐ ƚŽ ĐŽŵďŝŶĞ Ă ďŽŶĚ ĂƉƉůŝĐĂƚŝŽŶ ǁŝƚŚ ϰй ƚĂdž ĐƌĞĚŝƚƐ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ͘

dKd > WK/Ed^ ^ > d ;ϰϬ ƉŽŝŶƚƐ ŵŝŶŝŵƵŵ ƌĞƋƵŝƌĞĚͿ

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App #15 - Development Schedule

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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App #15 - Development Schedule

Grand Fir UW-SHA | University of Washington | BAML Low Income Housing Challenge

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