Englewood / Chosewood Plan version 2 November 2018 by netscape87

THE GROVE @ CHOSEWOOD PARK

November 9, 2018

TIFFANY HUDSON DEVELOPMENT EXECUTIVE November 9, 2018

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THE GROVE @ CHOSEWOOD PARK

November 9, 2018

CONFIDENTIALITY & DISCLAIMER All information included in this proposal package is considered to be highly confidential and may not be disclosed to any person without the prior consent of Atlanta Housing. By your receipt of this confidential proposal, you agree that this proposal and the information contained herein, together with any other additional information submitted to you, is of a confidential nature, that you will hold and treat it in the strictest of confidence, and that you will not, directly or indirectly, disclose or permit anyone else to disclose this proposal or any part of its contents to any other person, firm or entity without prior authorization from Atlanta Housing nor will you use or permit to be used this proposal or any part of the contents in any fashion or manner detrimental to or in conflict with the interest of Atlanta Housing. This confidential proposal package contains brief, selected information pertaining to the business and affairs of Atlanta Housing and has been prepared by its Staff primarily from information provided by the Atlanta Housing. It does not purport to be all-inclusive or to contain all of the information provided by the Respondent or Atlanta Housing. Atlanta Housing does not make any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential proposal package or any of its content, and no legal liability is assumed or to be implied, by any of the aforementioned with respect thereto. This proposal has been prepared solely for informational

purposes to assist Atlanta Housing in determining whether to proceed with an in-depth investigation of this development opportunity. Atlanta Housing reserves the right at their sole discretion to amend this development plan and program, or any part thereof, at any time with or without notice. Photocopying or other duplication is not authorized.

THE GROVE @ CHOSEWOOD PARK

T ABLE

November 9, 2018

OF C ONTENTS

Area Overview ............................................................................................................................................................................................................................................................................................................................................ 4 Neighborhood Overview ............................................................................................................................................................................................................................................................................................................................. 5 Market Conditions ...................................................................................................................................................................................................................................................................................................................................... 6 Market Indicators ........................................................................................................................................................................................................................................................................................................................................ 6 Development Program ................................................................................................................................................................................................................................................................................................................................ 7 Neighborhood Amenities .......................................................................................................................................................................................................................................................................................................................... 14 Resident Amenities ................................................................................................................................................................................................................................................................................................................................... 15 Community Highlights.............................................................................................................................................................................................................................................................................................................................. 16 Development Schedule ............................................................................................................................................................................................................................................................................................................................. 17 Modular Construction ............................................................................................................................................................................................................................................................................................................................... 20 Investment Opportunity ............................................................................................................................................................................................................................................................................................................................ 21 Inclusionary Program ................................................................................................................................................................................................................................................................................................................................ 27 Strategic Recommendations...................................................................................................................................................................................................................................................................................................................... 28 Contacts..................................................................................................................................................................................................................................................................................................................................................... 30

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THE GROVE @ CHOSEWOOD PARK

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November 9, 2018

THE GROVE @ CHOSEWOOD PARK

November 9, 2018 The Grove @ Chosewood Park is comprised of four parcels that collectively measure 19.55 acres. The design goals for this site include: • • • • • •

Connecting the site to the existing neighborhood and to adjacent communities; Promoting walkability and interactions through increased density; Stabilizing and preserving an historic community; Creating a mixed use development with multiple market sector types; Connecting an extensive network of parks and greenspace; Developing a pedestrian friendly street grid.

The Grove @ Chosewood Park is a catalyst opportunity along the Atlanta BeltLine unlike any other within the City of Atlanta. By making use of the new urbanism design principals such as walkability, connectivity, mixed use, diversity, mixed housing, quality architecture, and increased density, we can develop an innovative, sustainable, award-winning community that could become a new national standard for affordable housing. The unique set of circumstances that are attributable to the Chosewood Park area, including the proximity to multiple parks and greenspace, the planned BeltLine light-rail transit access, the existing inclusionary zoning requirements, the historical context of the neighborhood, and the more recent adoption by the community of the edible neighborhood and urban farming concepts, make this area ideal for pulling together the core values set out in the City’s most recent planning initiatives. The City Design plan calls for equity, progress, ambition, access, and nature to all be taken into consideration when planning new developments. The Grove @ Chosewood Park, as envisioned herein, should meet and exceed the standards set forth by the City Design plan. The overall context of converting a blighted brown field into a vital community inherently advances the health and safety of the environment for the immediate and surrounding community. This proposal is pedestrian centric, and scaled to increase human social interactions and safety as opposed to focusing solely on automobile access. While much higher density is allowable under the BeltLine overlay zoning, the medium density development proposed herein, as seen collectively with other proposed developments in the surrounding area, is more in keeping with development along the BeltLine elsewhere within the City. The buildings, infrastructure, and pedestrian boulevard proposed on this site will draw the two communities of Chosewood Park and Grant Park together, increasing opportunity for an area historically considered declining or stagnant.

The community services include an after-school/summer school program for neighborhood children, a tutoring facility for the community, a wellness center run in collaboration with one of our local medical institutions, neighborhood serving retail and independent restaurants, co-working and community event space that takes full advantage of the spectacular City skyline views from the location, and increased capacity to further develop the urban farming character of the community. The concept calls for over 120,000 square feet of retail, medical, and/or educational space and 950 units in a mix of housing types, including multi-family, senior units, and for-sale condominiums. There are 379 affordable units proposed, equal to 40% of the total mix.

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THE GROVE @ CHOSEWOOD PARK AREA OVERVIEW

AREA OVERVIEW

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November 9, 2018

THE GROVE @ CHOSEWOOD PARK

NEIGHBORHOOD OVERVIEW The Grove site is located in Atlanta’s Neighborhood Planning Unit Y (“NPU-Y”) and City Council District 1 (Council Member Carla Smith). It lies in the Chosewood Park neighborhood, southeast of downtown Atlanta, south of Zoo Atlanta and Grant Park, and directly along the Atlanta BeltLine’s southeast trail. The property fronts Englewood Avenue, SE and Hill Street, SE, with access to Interstate 20 (2.5 miles) via Boulevard and access to Interstate 75/85 (5 miles) via University Avenue. To the north, The Grove site is within two miles of the rapidly redeveloping Memorial Drive corridor; to the east of the site is the mixed-use development planned for the former Turner Stadium by Georgia State University, and to the south of the site are the South Atlanta and Lakewood neighborhoods.

November 9, 2018 plant fruit trees and plants in neighbors’ front yards for harvesting by any of the community residents. The project was heartily adopted by the community and they now have dozens of apple, plum, persimmon, fig, cherry, and pear trees as well as copious amounts of blueberries and muscadines. The neighborhood is quite small, less than half a square mile in size with a current population of approximately 950 residents. The median age is 33 years old with a household size of 2.6 and a median income of approximately $42,000. The community is anchored to the south by the Federal Penitentiary, a large structure built in 1902 along McDonough Boulevard on 300 acres and housing 1,200 inmates.

Below is a map showing site context in relationship to the BeltLine’s Subarea 3:

The Chosewood Park neighborhood was established in 1902 as workforce housing for the Federal Penitentiary and is composed of mostly craftsman-style bungalows. The neighborhood was hit hard by the financial crisis of 2008 resulting in many foreclosed and abandoned homes in the area. Beginning in 2015 investors began recognizing the potential of the neighborhood in light of the advancing BeltLine and began buying properties in the area; most have made moderate repairs and turned the neighborhood into predominately rental units with the intent of holding the properties until the market rebounds. Current full-scale renovations in the area are selling for $350-425,000. The park that anchors the neighborhood is currently six acres and is designated as a Certified Wildlife Habitat by the National Wildlife Federation. The neighborhood was chosen as a pilot project for the Edible Neighborhood program six years ago, in partnership with Trees Atlanta. The community comes together to 5 | Page

THE GROVE @ CHOSEWOOD PARK

November 9, 2018

MARKET CONDITIONS

MARKET INDICATORS

The Atlanta BeltLine has completed its planned purchase of all 22 miles of railroad corridor circling downtown and connecting 45 in town neighborhoods. As the East and Westside trails have been completed, the BeltLine has been recognized for spurring development on adjacent sites and promoting neighborhood redevelopment in many areas that have been neglected for many years. Atlanta Housing, in partnership with the Atlanta BeltLine, has executed a Memorandum of Understanding to contribute substantially to the development of affordable housing along the BeltLine and will work together to master plan and construct state-of-the- art public improvements and pedestrian-friendly s t reet s cap es. The BeltLine also values quality greenspace, public art, and improved connectivity along the corridor, including linking Chosewood Park, Boulevard Crossing Park, and DH Stanton Park to the BeltLine corridor. The southeast trail system is anticipated to be completed and open to the public in 2021-2022.

Additionally, there is a large land owner (34 acres) adjacent to The Garden @ Chosewood Park (former Englewood Manor) site, who is interested in working with Atlanta Housing to master plan the area and possibly co-develop some or all of his site. This parcel could potentially add 1,200 to 4,000 households to the community within the next 3-10 years. A suggested place-making name for that 34-acre parcel could be The Gateway to Chosewood Park.

The Chosewood Park neighborhood is generally considered an area that has been in decline for many years with some potential for catalytic investment due to proximity to the BeltLine. There are residual signs of disinvestment, including limited retail options, a lack of public events, and an overall decrease in outside patronage. Many of the residents are low income, at or below poverty levels. There are high rates of unemployment and underemployment, relative to the rest of the City, with only a 30% higher education attainment rate. The population dropped by 25% between 2000 and 2010 and has rebounded only slightly. The most recent multi-family units added to the community were built in 2002 (16 years ago), with most of the rental and housing stock dating back to the 1950s. There are no senior living units available in the area, and the for-sale product is limited to renovated detached single-family. Atlanta Housing has procured two developers, The Benoit Group, and The Michaelâ&#x20AC;&#x2122;s Organization, to develop our 26- acre site, The Garden @ Chosewood Park (formerly Englewood Manor) located just to the southeast of The Grove @ Chosewood Park site, along Englewood Avenue. Initial planning for that site includes a proposal for shared infrastructure among the adjoining parcels, anticipating a community amenity water feature to handle storm water management and allow for meaningful connectivity between Chosewood Park and Boulevard Crossing Park, leading the community towards the BeltLine. The remaining 20+ acres will be redeveloped under the current MRC-3 zoning to include several mixed-income, multi-family buildings (approximately 500 units), as well as a significant number of for-sale townhome, single family and accessory dwelling units (ADUs) that will allow the development to step down in scale as it blends into the existing Chosewood Park neighborhood. The lowest elevation of this site would be ideal for an urban farming project.

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The market is cautiously anticipating dramatically increased demand in the area. Single family renovators are completing 1-2 units per month for sale in the range of $350-425,000. Pollack Shores has announced a 320 unit market rate multi-family complex at 1099 Boulevard with all surface parking and 15,000 square feet of retail fronting Boulevard directly on the BeltLine, along the entry corridor between Grant Park and Chosewood Park. Pollack Shores is anticipating opening lease rates in the $2/sf range. The Providence Group has begun infrastructure work on 120 stacked townhome units on the north side of the BeltLine, directly across from our 1110 Hill Street parcel. Their anticipated opening sales prices are conservative and range from$380-420k for a 1600 sf townhome. Additionally, the 8- acre parcel immediately to the south and west of our 1111 Hill Street parcel has recently been rezoned for 110 for-sale townhomes. An adjoining neighborhood, just to the east along Confederate Avenue, has seen a rapid absorption of 400 for-sale townhomes (The Swift) pre-sold prior to construction for $400-450,000 per unit.

THE GROVE @ CHOSEWOOD PARK

DEVELOPMENT PROGRAM My vision for the The Grove @ Chosewood Park is a comprehensive development plan that catalyzes and supports reinvestment in the surrounding neighborhood, engages the community, and stimulates economic development for the local residents. With a primary goal of place making in mind, I envision a pedestrian boulevard bisecting the corner superblock currently known as 360 Englewood Avenue and 1110 Hill Street. The pedestrian only area would be blocked off to cars and would be anchored by an orchard on the southeast corner (the most topographically logical location) that could be extended across Englewood Avenue onto a portion of The Garden @ Chosewood Park. This extended orchard area would serve a multitude of purposes: it would be a visual traffic calming measure indicating entrance into a residential district, it would build upon the neighborhoodâ&#x20AC;&#x2122;s adoption of the Edible Neighborhood program, it would engage the community further in the concepts of urban farming and gathering for a common purpose, and could possibly attract neighborhood serving retail and/or restaurants that could build upon the urban farming concept with flower, garden, and hobby shops, farm-to-table restaurants, and outdoor activities. Each proposed building would incorporate aspects of gardening and community into their programming. Additionally, the local schools, from elementary through high school, could participate in the maintenance and care of the community in a hands-on manner not available in most inner-city locations.

November 9, 2018 The pedestrian boulevard would use the same brick paver construction as is currently used just north of the site on Hill Street that allows for permeability and storm water maintenance. The pavers would visually tie the new development to existing roadways in the community. The boulevard would lead to a broad stairway, featuring large landings and public art, which would grant access to the BeltLine. The BeltLine trail is approximately 20-22 feet above grade from the fronting parcels within 1110 Hill Street. The two buildings proposed for those sites (# 2 and 3) would include structured parking below grade, a retail/dining plaza on grade facing the BeltLine, and multi-family residential above. These two buildings would provide the infrastructure to support the grand stairway leading up to the BeltLine.

A 50% affordable senior building is proposed for the 1111 Hill Street parcel, with 184 total units. A denser multi-family building would front both the BeltLine to the north and the Orchard to the South. It would feature retail along the BeltLine and along the pedestrian boulevard, as well as a ride-sharing port-cochere. Building 3 will be for-sale condo units (180) featuring dedicated teacher/tutoring workspace and restaurant/retail facing the BeltLine. Building 3 would be separated from Building 4 by a brick paver service road allowing access to parking from different elevations. The largest building on the block (#4) would include a single level of structured parking, some neighborhood serving retail, a neighborhood wellness center, and multi-family residential. With frontage on the corner of Englewood Avenue and Hill Street, Building 4 is ideally situated to draw the community inside, and take advantage of the fantastic views of the city skyline from the rooftop. Co-working and community gathering space is proposed on the northwest facing corner of the top floor of this building. The parcel currently known as 1111 Hill Street is above grade with the proposed BeltLine trail and features an existing driveway with a topographically and aesthetically appealing curve that could be further developed to include a 10-12â&#x20AC;&#x2122; spur sidewalk (and handicapped access) leading from the BeltLine down to Hill Street and extending over into the 1110 Hill Street location. The gently sloping sidewalk would fall west towards the BeltLine and east towards the balance of the development. 7 | Page

THE GROVE @ CHOSEWOOD PARK

November 9, 2018

The development programming for the entire 19.55 acre site is detailed below:

The Grove @ Chosewood Park Total Units 184

Market Units 92

% of Total 50%

Affordable Units 92

% of Total 50%

Building Address Block A 1111 Hill Street

Product Type Senior

Block B

1110 Hill Street

Multi Family

376

244

65%

132

35%

Block C

1110 Hill Street

For Sale Condo

180

55%

45%

Block D

360 Englewood Ave

Multi Family

210

136

65%

35%

950

571

60%

379

40%

Phase 1 – Building 1 is located at 1111 Hill Street, SE on 4.29 acres. The site is separated from the balance of the The Grove @ Chosewood Park by Hill Street and sits above grade with the BeltLine. Directly across the BeltLine is existing single-family detached homes, mostly below grade; across the BeltLine on the western edge of the parcel is DH Stanton park. There is a natural driveway leading up to the property which would be ideal for use as the backbone for a 10-12’ spur sidewalk off of the BeltLine leading into the block across the street. This spur sidewalk could be extended west down towards the BeltLine for use as both handicapped and pedestrian access.

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The building is proposed as a 184 unit mixed-income, senior development with all surface parking (approximately 92 spaces). Ninety-two (92) of the units, or 50%, are slated to be affordable at 60% of AMI or less. The view of the city skyline, directly to the northwest of this location, could be capitalized upon by featuring rooftop gardens, a pool and green house / gathering spot. The 50% market rate rents proposed would allow for market rate amenities such as a sky lounge with a demonstration kitchen, a salt-water pool, a fitness and yoga studio, a pet spa, 24-hour package pickup, valet dry cleaning pick up, and a café/library open only to the residents. This project is proposed to be self-developed by Atlanta Housing.

THE GROVE @ CHOSEWOOD PARK Phase 2 – Building 2 is located on a parcel adjacent to 1110 Hill Street, 6.48 acres between Englewood Avenue, Mailing Avenue and the BeltLine. The building is proposed to be a 376 unit, 35% affordable multifamily residence that will be five-six stories above grade. It will feature several levels of structured parking under the building following the natural grade of the parcel. There will be an interior ride sharing turnaround/port-cochere designed into the structure of this building; it would be made available to the entire superblock as a collective ride-sharing location. The front of the building will face Englewood Avenue, but will be set back from the front property line to allow for the planting of an orchard on the southeast corner of the parcel. The units on the front elevation will have a beautiful orchard view. The building will feature 23,500 square feet of retail facing both the BeltLine and the pedestrian boulevard; the retail units could be broken up into smaller units and marketed to companies that would build upon the orchard and edible neighborhood concept, for example a flower shop, garden supply or hobby shop.

November 9, 2018 Buildings 2, 3, and 4 are proposed co-developer deals and anticipate AH participating as a 20-35% partner in each deal. Although further study is necessary, it appears that 4% tax credit deals are the best course of action, strategically for Atlanta Housing.

This location is planned to be a major transit stop on the BeltLine, giving us the opportunity to define this stop as a destination with extensive signage opportunities and architectural features. The western edge of the building will be used for infrastructure support of the pedestrian boulevard and grand stairway leading up to the BeltLine. The eastern ground floor is proposed to house 10,000 square feet of after school / summer school programming that could work in tandem with the tutoring facility in Building 3. The funding from the programming could come from a variety of sources such as Mayor Reed’s Centers for Hope initiative that feature trained staff and in-depth programming for educational and recreational centers focused on children aged 5-18. The Board of Regents and the Boys & Girls Clubs are partners on the 10 current Centers for Hope. An additional source of funding could come from Microsoft’s Innovation Center located in the Flatiron Building. Their City Next initiative focuses on training and resources for grades k-12.

Phase 3 – Building 3 is located at 1110 Hill Street, SE on 4.13 acres. The site is bounded by the BeltLine and Hill Street, however, the current topo is approximately 22-25 feet below grade from the BeltLine. Directly across the BeltLine is a new retail development created by Phillipe Pellerine called the Beacon. It is a thriving, artist-driven community featuring several restaurants, a coffee shop, a bakery, the Eventide Brewery, several small wellness/medical offices and a yoga studio.

The interior courtyard of the building, above the structured parking, and across from the ridesharing turnaround, would feature a large community swimming pool and entertaining area. The northern face of the building, facing the BeltLine, is directly across from a new development from the Providence Group called The Pratt Stacks. These will be 120 stacked townhomes adjacent to the new retail area known as the Beacon.

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THE GROVE @ CHOSEWOOD PARK The AH Building 3 is proposed to be a total of six stories, but only four anticipated above grade with two levels of structured parking below, allowing the first floor on grade with the BeltLine to feature retail/office space and residential units. This proposal anticipates entrance to the lowest level of parking from Hill Street, with the second level accessed from an internal private drive between Buildings 3 and 4. This building will house the largest portion of the necessary parking for the development, with a projected 250 parking spots. The eastern edge of the building will be used for infrastructure support of the pedestrian boulevard and grand stairway leading up to the BeltLine. The building is proposed for 180 for-sale condo units, with 81 slated to be affordable to buyers at 80% of AMI. The price points for the condos would range from $210,000 to $252,800, based on the current top amount that a qualified borrower at 80% of AMI can borrow. The maximum sales price may adjust as the AMI is adjusted in future years. The front of the building, along grade with the BeltLine, would feature approximately 16,000 square feet of retail and/or educational space. I envision some retail specific to BeltLine activities, such as pet grooming and vet services, bicycle repair and/or sales, and an ice cream parlor or sweets shop. Additionally, I would like to allocate approximately 4,000 square feet of space to a tutoring facility and teacher workspace. Funding could come from a variety of sources, including the newly announced Bezos k-8 educational fund aimed at supporting low income communities. The rooftop of this building is also ideally suited to take advantage of the city skyline views and should be programmed to feature rooftop gardens, an infinity pool and gathering space. The need for a co-developer is anticipated with AH participating as a 20% partner in the deal for this building. Although further study is necessary, it appears that a 4% tax credit deal is the best course of action, strategically for Atlanta Housing. Of note on the for-sale deal, the land will have to be purchased in order to complete feesimple transactions upon the sale of each unit. This deal structure will not feature a long term ground lease, but rather a sale of land based on an appraisal of fair market value at the time of transfer. Phase 4 – Building 4 is located at 360 Englewood Avenue on 4.65 acres. The building is proposed to be a 210 unit mixed-income, multi-family development with 74 units (35%) reserved as affordable at 60% of AMI or less. There will be one level of structured parking below grade and adjacent to the internal private drive located between Buildings 3 and 4. It’s planned for 300-400 parking spots. The eastern side of the building will feature 6,000 square feet of retail that could be target to work in tandem with the medical aspect of the building, for example, a chiropractor, a dentist, or a dance/Pilates studio. The building is planned for 6 stories with only one level below grade. In addition to the 6k square feet of retail, the first floor on grade would mostly be a 48,000 square foot community wellness center. Grady, Emory, and 10 | P a g e

November 9, 2018 Children’s Healthcare have all either begun efforts or publicly revealed discussions about building local healthcare facilities within underserved communities based on the theory that more residents are likely to access health care earlier if the facility is in their neighborhood. It has been shown that patients can better manage chronic health conditions if they can easily access wellness care and keeping these patients out of emergency and hospital facilities has dramatically reduced costs for the healthcare providers. Emory and Children’s Healthcare of Atlanta are in talks to partner on a children’s health facility, Emory and the Woodruff Foundation also recently announced plans to refurbish a 28,000 square foot facility for the Cancer Institute. This building is located on a corner lot, fronting Englewood Avenue and Hill Street and is ideally located to draw in the community and pedestrians with a street level presence. However, directly across from this corner are single-family homes. I have proposed pulling the building back somewhat from the sidewalk and continuing the orchard theme from the eastern corner of the block. The design of the building could incorporate ground level courtyards along the front elevation to further soften the edge of the development. Additionally, this building is proposed to step back on the top two floors. The top floor of the building is proposed to house some of the residential units, however the western facing side of the building is proposed to feature 6,000 square feet of co-working space for residents not only in the building but also for the entire neighborhood. These spaces could be used collectively or individually for work or meetings, and then could be converted in the evenings and/or weekends to rental community space for events, parties, weddings, etc. If floor to ceiling windows and outdoor areas are incorporated into the design, the City skyline can be viewed from this vantage point.

THE GROVE @ CHOSEWOOD PARK

November 9, 2018 Estimated retail / commercial income is:

Specific unit counts per building are anticipated as:

Building Product Type Block A Senior

Total Units 184

1 Bed 92

Block B Multi Family

376

170

Block C

180

210 950

94 392

For Sale Condo

Block D Multi Family

% of 740 Sq Ft Total per Unit 50% 68,080

2 Bed 92

% of 1060 Sq Ft Total per Unit 50% 97,520

3 Bed 0

% of 1300 Sq Ft Total per Unit 0% -

45% 125,800

150

40%

159,000

15%

72,800

20%

26,640

126

70%

133,560

10%

23,400

45% 69,560 41% 290,080

84 452

40% 48%

89,040 479,120

32 106

15% 11%

41,600 137,800

The Grove @ Chosewood Park

Total Units Retail / Commercial Sq Ft NNN Estimated Income 184 24.39 -

Building Address

Product Type

Block A

1111 Hill Street

Senior

Block B

1110 Hill Street

Multi Family

376

45,000

24.39

1,097,550

Block C

1110 Hill Street

For Sale Condo

180

15,000

24.39

365,850

Block D

360 Englewood Ave Multi Family

210 950

60,000 120,000

24.39 24.39

1,463,400 2,926,800

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THE GROVE @ CHOSEWOOD PARK

NEIGHBORHOOD AMENITIES

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THE GROVE @ CHOSEWOOD PARK

RESIDENT AMENITIES

November 9, 2018 On the top floor of the western most building, in order take advantage of the beautiful skyline views, will be a state of the art fitness studio with yoga and stretch classes:

The Senior buildings of Block A will feature a beautiful leasing office emphasizing the natural surroundings and urban garden nature of The Grove:

As well as a library/gathering spot for the residents to enjoy:

And a sky lounge with a demonstration kitchen where classes in healthy or international cooking styles can be taught or Friday evening happy hours can be arranged: The buildings will be 5G wi-fi inclusive, they will capture gray water for the roof top garden and possibly a solar array to help mitigate the common area power usage. The units will be wired with smart in-home technology, nest thermostats and doorbells, and keyless entry doors. The security of each building and each unit will be superior level quality.

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THE GROVE @ CHOSEWOOD PARK

COMMUNITY HIGHLIGHTS

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DEVELOPMENT SCHEDULE DEVELOPMENT SCHEDULE

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Narrative of Overall Schedule

The projected schedule to develop all four Blocks of The Grove @ Chosewood Park, including full lease up, extends to the third quarter of 2024. Block A, using traditional construction methods, is projected to have a Grand Opening in the third quarter of 2021, and allows for a full year after opening to achieve lease up. For the purposes of our financial model, conservative vacancy rates of 2% for the affordable units, and 7% for the market rate units have been used. However, a 3Q18 Haddow report has indicated that vacancy rates at market rate apartments in this area is currently less than 3%.

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THE GROVE @ CHOSEWOOD PARK

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The following images are examples of modular multifamilybuildings:

MODULAR CONSTRUCTION Modular construction could dramatically speed up the construction timeline of the Block A senior buildings as well as the other three buildings proposed for The Grove at Chosewood Park. The initial design and engineering would take slightly longer than a traditionally built environment, but with the economies of production building within a warehouse environment and a short delivery distance, the overall schedule and budget could be reduced significantly.

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INVESTMENT OPPORTUNITY INVESTMENT OPPORTUNITY

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THE GROVE @ CHOSEWOOD PARK Total Development Budget Comparative underwriting analysis Block A, Scenario 1

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Big(6): Englewood North I Underwriting Comparative View RFP Scenarios

Scenario 1

Unit Count (Affordable) Unit Count (Total) Conventional Debt Tax Exempt Bonds AH Capital Investment HOME Funds Federal Tax Credit Equity State Tax Credit Equity Deferred Developer Fees Grant - Beltline AHF Grant - City of Atlanta Infrastructure Total Construction Sources

$ $ $ $ $ $ $ $ $ $

HomeFlex & No Tax Credits 184 184 12,763,252 17,650,000 1,600,000 800,000 2,000,000 296,515 35,109,767

Conventional Debt Tax Exempt Bonds AH Capital Investment HOME Funds Federal Tax Credit Equity State Tax Credit Equity Deferred Developer Fees Grant - Beltline AHF Grant - City of Atlanta Infrastructure Total Sources

$ $ $ $ $ $ $ $ $ $

12,763,252 17,650,000 1,600,000 800,000 2,000,000 296,515 35,109,767

$ $ $ $ $ $ $ $ $ $

6,495,200 18,100,000 1,000,000 5,977,857 3,461,211 910,000 2,000,000 296,515 38,240,783

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2,267,094 40,000 178,133 21,157,079 360,000 2,250,000 2,169,521 1,193,237 26,114,733 3,704,879 1,383,060 1,600,000 35,109,767 190,814 858,000 40,000 36,007,767

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2,267,094 40,000 178,133 21,157,079 360,000 2,250,000 3,037,330 1,236,627 26,982,542 4,382,679 1,068,468 3,500,000 38,240,783 207,830 858,000 40,000 39,138,783

Construction

Residential Only

Permanent

Scenario 2

Uses

Acquisition Environmental Site Improvements Construction: Residential Construction: Retail Parking Amenties General Conditions Contingencies Total Hard Costs Soft Costs Reserves Developer fees Total Development Costs Per Unit Costs Public Infrastructure Cost Environmental Remediation Overall Development Costs Underwriting Metrics DSCR All-in (Year 15) Funding Source GAP AH Subsidy (15 Years) Total Cash Returns to AH (15 Years) AH Return (Aggregate %) Deferred Developer Fee Payoff % of TDC Limits

$ $ $ $ $ $ $ $ $ $

HomeFlex & 4% LIHTC 184 184 3,000,000 19,200,000 4,754,968 1,000,000 4,483,393 2,595,908 910,000 2,000,000 296,515 38,240,783

1.16 $ $ $

1.21

9,164,750 2,980,174 17% 10 Years 98.2%

$ $ $

Retail Only Retail Square Feet Retail Revenue (Annual) Retail Development Costs

pN/A N/A N/A

9,164,750 8,274,868 46% 3 Years 106.9%

THE GROVE @ CHOSEWOOD PARK

November 9, 2018

The dashboard, development budget, and proforma for Block A, Scenario 1 follows behind this page.

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DEAL DASHBOARD - Englewood North I Project Name: Englewood North I Project Address: Englewood Ave, SE City: Atlanta

County: Fulton

PROJECT INFORMATION Developer: 0 Dev. Type: New Construction Category: New Development

Financing: 0% Tax Credits DEVELOPMENT COST

TOTAL DEVELOPMENT COSTS TOTAL HARD COSTS

$ $

PROJECT SUMMARY TOTAL ANNUAL RENTAL REVENUE

$ 2,403,996

Total Units 184 HomeFlex Tax Credit Market Total Residential Sq. Ft 165,600 Total HomeFlex Sq. Ft. Total Tax Credit Sq. Ft Total Market Sq. Ft Total Affordable Sq. Ft 82,800 Total other SQ FT (Lobby/Common/Retail/Amenities) Gross Sq. Ft.

Studio 1BR 2BR 3BR 4BR Total

PROJECT COST ANALYSIS Total Dev. Cost Per Unit Total Dev. Cost Per Sq. Ft. Total Hard Cost Per Unit Total Hard Cost Per Sq. Ft APPLICABLE FRACTION

Total Monthly Rents $ $ 89,965 $ 110,368 $ $ $ 200,333

HOME Funds

AVERAGE INCOME PER SQ FT BY UNIT TYPE Rent Per Sq. Ft.

$ $

1.32 1.13

1.21

Type Unit HomeFlex Tax Credit Market Other Total

# of Units

Total Sq. Ft. 82,800 82,800

92 92

184

165,600

Total Monthly Rents $ 67,623 $ $ 132,710

1.60

1.21

200,333

Rent Per Sq. Ft. $ 0.82

SUMMARY OF SOURCES AND USES SOURCES: FHA Bank Loan AH Gap Financing

12,763,252 17,650,000 HOME Funds 1,600,000 Federal Tax Credit Equity State Tax Credit Equity Deferred Developer Fee 800,000 Grants - Beltline AHF & COA Infrast 2,296,515 AH Share of GAP Developer's Share of GAP Total Sources $ 35,109,767

36.4% 50.3% 0.0% 4.6% 0.0% 0.0% 0.0% 2.3% 6.5% 0.0% 0.0% 100%

PROJECT VALUE Appraised Value $ Capitalized Value $ 13,359,571 CAP Rate 7.0%

190,814 212 129,700 144 50.00%

USES: Acquisition Construction Cost Construction Contingency Financing Cost Soft Cost Developer Fee Replacement Reserve Operating Deficit Reserve Lease-up Reserves Real Estate Taxes and Insurance Parking Total Uses

AMOUNT 2,267,094 25,754,733 1,193,237 1,596,843 954,800 1,600,000 64,400 987,460 331,200 360,000 $ 35,109,767

CONSTRUCTION FINANCING

CONSTRUCTION FINANCING FHA Bank Loan $ 12,763,252 AH Gap Financing $ 17,650,000 $ -

172,800

Total Sq. Ft. 68,080 97,520 165,600

$ $ $ $

CAPTIAL SUMMARY RENTAL UNIT SUMMARY - BY TYPE Unit Type # of Units % HomeFlex 50.0% 92 Tax Credit 0.0% 0 Market 92 50.0%

7,200

AVERAGE INCOME PER SQ FT BY BEDROOM SIZE # of Units 0 92 92 0 0 184

DEAL METRICS

RENTAL UNIT SUMMARY BY BR Unit Type # of Units % Studio 0 0.0% 1 Bedrooms 92 50.0% 2 Bedrooms 92 50.0% 3 Bedrooms 0 0.0% 4 Bedrooms 0 0.0%

92 92 165,600 82,800 82,800

35,109,767 TDC 23,864,733 THC

% 6.5% 73.4% 3.4% 4.5% 2.7% 4.6% 0.2% 2.8% 0.9% 1.0% 100%

Tax Credit Equity Other Sources DDF Total

$ $ $ $ $ $

Tax Credit Equity

DDF

1,600,000 2,296,515 800,000 35,109,767

Other…

FHA Bank Loan

AH Gap Financing

PERMANENT FINANCING FHA Bank Loan $ 12,763,252 AH Gap Financing $ 17,650,000 $ HOME Funds $ 1,600,000 $ Federal Tax Credit Equity $ State Tax Credit Equity $ Deferred Dev. Fees $ 800,000 Other Sources $ 2,296,515 AH GAP Financing $ Developer's GAP $ Total $ 35,109,767 AH CASH RETURNS (15 YEARS) Developer Fee Participation $ 1,280,000 Transaction Fees $ 188,500 Co-Mgmt Services Fee $ 401,963 Ground Rent $ 550 AH Debt Service $ 734,226 AH's Share NCF to Owner $ 374,936 Total $ 2,980,174 AH Subsidy (15 Years)

9,164,750

AH GAP

PERMANENT Financing FINANCING

0% Deferred Developer's Federal Tax Sources Dev. Fees Other GAP State Tax Credit Equity 7% 2% 0% HOME 0% Credit 0% Equity Funds… 0%

AH Gap Financing 50%

FHA Bank Loan 36%

DEVELOPMENT BUDGET DEVELOPMENT BUDGET

Englewood North I

0% % in basis

TOTAL COST PRE-DEVELOPMENT COSTS Property Appraisal Market Study Environmental Report(s) Soil Boring Geotech Boundary and Topographical Survey Zoning/Site Plan Fees 0 Other: 0 Other: 0 Other: 0 Other: Subtotal

5,000 12,750 40,000 57,750

Subtotal

2,267,094 2,267,094

Subtotal

178,133 178,133

ACQUISITION Land Site Demolition Acquisition Legal Fees (if existing structures) Existing Structures SITE IMPROVEMENTS Site Preparation (On-site) Site Preparation (Off-site) UNIT/BUILDING CONSTRUCTION Residential Structures - New Construction Residential Structures - Rehab Accessory Structures (ie. community bldg., maintenance bldg., etc. Parking Other Subtotal Limit GENCONTSERVS 0.000% 2.000% 433,904 0.000% Builder Profit: 2.000% 433,904 0.000% Builder Overhead 1,301,713 0.000% General Requiremen 6.000% 10.000% 2,169,521 Subtotal

Tax Credits New Construction Basis

Acquisition Basis

PRE-DEVELOPMENT COSTS 5,000 12,750 40,000 57,750 ACQUISITION

Rehabilitation Basis

20,437,079 720,000 360,000 21,517,079 433,904 433,904 1,301,713 2,169,521

NON-GC CONSTRUCTION HARD COSTS (Non-GC work scope items done by Owner) Property Amenities Other: 2,250,000 Total Construction Hard Costs CONSTRUCTION CONTINGENCY Construction Contingency

2,267,094 2,267,094

LAND IMPROVEMENTS 178,133 178,133 UNIT/BUILDING CONSTRUCTION 20,437,079 720,000 360,000 21,517,079 GENERAL CONTRACTOR SERVICES 433,904 433,904 1,301,713 2,169,521 -

Amortizable or NonDepreciable Basis

2,250,000

23,864,733

CONSTRUCTION PERIOD FINANCING Bridge Loan Fee Bridge Loan Interest Construction Loan Fee Construction Loan Interest Capitalized Expensed Construction Legal Fees Construction Period Inspection Fees Construction Period Real Estate Tax Construction Insurance- Builders Risk Title and Recording Fees Payment and Performance bonds 0 Other: 0 Other: Subtotal PROFESSIONAL SERVICES Architectural Fee - Design Architectural Fee - Supervision Green Building Consultant Fee Max: 20,000 Green Building Program Certification Fee (LEED or Earthcraft) Accessibility Inspections and Plan Review Construction Materials Testing Engineering: Design Constr. Review Real Estate Attorney Accounting As-Built Survey 0 Other: 0 Other: 0 Other: 0 Other: 0 Other: Subtotal LOCAL GOVERNMENT FEES Building Permits Impact Fees Water Tap Fees waived? NO Sewer Tap Fees waived? NO Other 0 Other 0 Subtotal PERMANENT FINANCING FEES Permanent Loan FeesPermanent Loan Legal Fees Title and Recording Fees Bond Issuance Premium Cost of Issuance / Underwriter's Discount Bond Financing Costs Rating Agency Trustee Fees All Other Soft Costs Other: 0 Other:

CONSTRUCTION CONTINGENCY 1,193,237

1,193,237

CONSTRUCTION PERIOD FINANCING 18,400 36,800 176,500 830,663 22,080 64,400 10,000 1,158,843 PROFESSIONAL SERVICES 331,200 50,000 5,000 10,000 40,000 40,000 476,200 LOCAL GOVERNMENT FEES 110,850 30,000 40,000 40,000 220,850 PERMANENT FINANCING FEES

18,400 36,800 176,500 830,663 22,080 64,400 10,000 1,158,843 331,200 50,000 5,000 10,000 40,000 40,000 476,200 110,850 30,000 40,000 40,000 220,850 175,000 53,000 10,000 200,000 -

175,000 53,000 10,000 -

146,024

200,000 -

Subtotal

EQUITY COSTS Partnership Organization Fees Tax Credit Legal Opinion Syndicator Legal Fees 0 Other: 0 Other:

20.000% 0.000% 0.000% 80.000% Subtotal

START-UP AND RESERVES Marketing Rent-Up Reserves Operating Deficit Reserve: Replacement Reserve Negative Arbitrage

Other

438,000 EQUITY COSTS

DEVELOPER'S FEE Developer's Overhead Consultant's Fee Guarantor Fees Developer's Profit

Furniture, Fixtures and Equipment

438,000 TAX CREDIT APPLICATION FEES

TAX CREDIT APPLICATION FEES Tax Credit Application Fee DCA Waiver and Pre-approval Fees LIHTC Allocation Processing Fee LIHTC Compliance Monitoring Fee DCA Front End Analysis Fee (when ID of Interest) DCA Final Inspection Fee 0 Other:

$ $

Proposed Avg Per Unit:

331,200 987,460

0 Subtotal

320,000 1,280,000 1,600,000

DEVELOPER'S FEE 320,000 1,280,000 1,600,000 START-UP AND RESERVES

200,000 331,200 987,460 64,400 -

1,583,060

OTHER COSTS

OTHER COSTS Relocation 0 Other: Subtotal

TOTAL DEVELOPMENT COST (TDC)

35,109,767

Public Infrastructure Cost Environmental Remediation TOTAL EXTRAORDINARY SITE COST

858,000 40,000 898,000

HUD TDC LIMIT

28,571,613

35,764,793 98.2% Rehab Costs (Total) Difference Less Amenity Costs

33,976,553 1,133,213 (1,116,787)

Amenity costs of $2.25 million Developer fee much higher than LIHTC

6,538,154

PRO-FORMA Englewood North I OPERATING ASSUMPTIONS: Revenue Growth Expense Growth Reserves Growth Vacancy & Collection Loss HomeFlex Vacancy & Collection Loss-Tax Credit Units Vacancy & Collection Loss-Market Other Income Growth Property Mgmt. Fee

0% Tax Credits 2% 3% 3% 2% 7% 7% 2% 6% Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

Year 11

Year 12

Year 13

Year 14

Year 15

Year 16

Year 17

Income: Rental Revenue-HomeFlex Rental Revenue-Tax Credits Rental Revenue-Market Commercial Revenue Other Income Vacancy / Collection Loss Total Income

811,476 1,592,520 48,080 (127,706) 2,324,370

827,706 1,624,370 49,042 (130,260) 2,370,857

844,260 1,656,858 50,022 (132,865) 2,418,275

861,145 1,689,995 51,023 (135,523) 2,466,640

878,368 1,723,795 52,043 (138,233) 2,515,973

895,935 1,758,271 53,084 (140,998) 2,566,292

913,854 1,793,436 54,146 (143,818) 2,617,618

932,131 1,829,305 55,229 (146,694) 2,669,971

950,773 1,865,891 56,333 (149,628) 2,723,370

969,789 1,903,209 57,460 (152,620) 2,777,837

989,185 1,941,273 58,609 (155,673) 2,833,394

1,008,968 1,980,098 59,781 (158,786) 2,890,062

1,029,148 2,019,700 60,977 (161,962) 2,947,863

1,049,731 2,060,094 62,197 (165,201) 3,006,820

1,070,725 2,101,296 63,440 (168,505) 3,066,957

1,092,140 2,143,322 64,709 (171,875) 3,128,296

1,113,983 2,186,189 66,003 (175,313) 3,190,862

Expenses: Management Fee Operating Expenses Less Reserves Total Expenses

139,462 1,185,338 64,400 1,389,200

142,251 1,220,898 66,332 1,429,481

145,096 1,257,525 68,322 1,470,943

147,998 1,295,251 70,372 1,513,621

150,958 1,334,108 72,483 1,557,549

153,978 1,374,131 74,657 1,602,766

157,057 1,415,355 76,897 1,649,309

160,198 1,457,816 79,204 1,697,218

163,402 1,501,550 81,580 1,746,533

166,670 1,546,597 84,027 1,797,295

170,004 1,592,995 86,548 1,849,547

173,404 1,640,785 89,145 1,903,333

176,872 1,690,008 91,819 1,958,699

180,409 1,740,709 94,574 2,015,691

184,017 1,792,930 97,411 2,074,358

187,698 1,846,718 100,333 2,134,749

191,452 1,902,119 103,343 2,196,914

Net Operating Income Operating Expense Ratio

935,170 1.77

941,376 1.75

947,331 1.73

953,019 1.72

958,424 1.70

963,526 1.69

968,309 1.67

972,752 1.66

976,837 1.64

980,543 1.63

983,847 1.62

986,729 1.60

989,164 1.59

991,129 1.57

992,599 1.56

993,547 1.55

993,948 1.53

Debt Payment and Fees 1st Mortgage Payment Cash Flow After 1st Mortgage DCR 1st Mortgage

794,079 141,091 1.18

794,079 147,297 1.19

794,079 153,252 1.19

794,079 158,940 1.20

794,079 164,344 1.21

794,079 169,447 1.21

794,079 174,230 1.22

794,079 178,673 1.23

794,079 182,758 1.23

794,079 186,464 1.23

794,079 189,768 1.24

794,079 192,650 1.24

794,079 195,085 1.25

794,079 197,050 1.25

794,079 198,520 1.25

794,079 199,468 1.25

794,079 199,869 1.25

141,091 7,500 (7,500)

147,297 7,725 (7,725)

153,252 7,957 (7,957)

158,940 8,195 (8,195)

164,344 8,441 (8,441)

35,075 8,695 125,677

8,955 165,274

9,224 169,449

9,501 173,257

9,786 176,678

10,079 179,689

10,382 182,268

10,693 184,392

11,014 186,036

11,344 187,175

199,468

199,869

Deferred Developer Fees Asset Management Fees Cash Flow After Fees

800,000 7,500

2nd Mortgage Payment Cash Flow After 2nd Mortgage DCR 2nd Mortgage

33%

(2,475) (5,025) 1.18

(2,549) (5,176) 1.19

(2,626) (5,331) 1.20

(2,704) (5,491) 1.20

(2,786) (5,656) 1.21

41,473 84,204 1.15

54,541 110,734 1.14

55,918 113,531 1.14

57,175 116,082 1.15

58,304 118,374 1.15

59,297 120,392 1.15

60,148 122,120 1.16

60,849 123,543 1.16

61,392 124,644 1.16

61,768 125,407 1.16

65,825 133,644 1.16

65,957 133,912 1.16

3rd Mortgage Payment Cash Flow After 3rd Mortgage DCR 3rd Mortgage

(5,025) 1.18

(5,176) 1.19

(5,331) 1.20

(5,491) 1.20

(5,656) 1.21

84,204 1.15

110,734 1.14

113,531 1.14

116,082 1.15

118,374 1.15

120,392 1.15

122,120 1.16

123,543 1.16

124,644 1.16

125,407 1.16

133,644 1.16

133,912 1.16

4th Mortgage Payment Cash Flow After 4th Mortgage DCR 4th Mortgage

33%

(5,025) 1.18

(5,176) 1.19

(5,331) 1.20

(5,491) 1.20

(5,656) 1.21

27,787 56,416 1.12

36,542 74,192 1.09

37,465 76,066 1.10

38,307 77,775 1.10

39,063 79,311 1.10

39,729 80,662 1.10

40,299 81,820 1.10

40,769 82,773 1.10

41,133 83,512 1.11

41,384 84,023 1.11

44,102 89,541 1.10

44,191 89,721 1.10

THE GROVE @ CHOSEWOOD PARK

The dashboard, development budget, and proforma for Block A, Scenario 2 follows behind this page.

24 | P a g e

November 9, 2018

DEAL DASHBOARD - Englewood North I Project Name: Englewood North I Project Address: Englewood Ave, SE City: Atlanta

County: Fulton

PROJECT INFORMATION Developer: 0 Dev. Type: New Construction Category: New Development

Financing: 4% Tax Credits DEVELOPMENT COST

TOTAL DEVELOPMENT COSTS TOTAL HARD COSTS

$ $

PROJECT SUMMARY TOTAL ANNUAL RENTAL REVENUE Total Units 184 HomeFlex Tax Credit Market Total Residential Sq. Ft 165,600 Total HomeFlex Sq. Ft. Total Tax Credit Sq. Ft Total Market Sq. Ft Total Affordable Sq. Ft 82,800 Total other SQ FT (Lobby/Common/Retail/Amenities) Gross Sq. Ft.

$ 2,403,996

DEAL METRICS

RENTAL UNIT SUMMARY BY BR Unit Type # of Units % Studio 0 0.0% 1 Bedrooms 92 50.0% 2 Bedrooms 92 50.0% 3 Bedrooms 0 0.0% 4 Bedrooms 0 0.0%

92 92 165,600 82,800 82,800

PROJECT COST ANALYSIS Total Dev. Cost Per Unit Total Dev. Cost Per Sq. Ft. Total Hard Cost Per Unit Total Hard Cost Per Sq. Ft APPLICABLE FRACTION

CONSTRUCTION FINANCING FHA Bank Loan $ 3,000,000 AH Gap Financing $ 4,754,968 Bond Financing $ 19,200,000

172,800

HOME Funds

AVERAGE INCOME PER SQ FT BY UNIT TYPE Type # of Total Total Monthly Unit Units Sq. Ft. Rents 92 82,800 $ 67,623 HomeFlex $ Tax Credit 92 82,800 $ 132,710 Market Other Total

184

165,600

200,333

Rent Per Sq. Ft. $ 0.82 $

HOME Funds Federal Tax Credit Equity State Tax Credit Equity Deferred Developer Fee Grants - Beltline AHF & COA Infrast AH Share of GAP Developer's Share of GAP Total Sources $

6,495,200 18,100,000 1,000,000 5,977,857 3,461,211 910,000 2,296,515 38,240,783

17.0% 47.3% 0.0% 2.6% 0.0% 15.6% 9.1% 2.4% 6.0% 0.0% 0.0% 100%

PROJECT VALUE Appraised Value $ Capitalized Value $ 13,359,571 CAP Rate 7.0%

207,830 231 134,416 149 50.00%

AMOUNT 2,267,094 26,622,542 1,236,627 1,883,190 1,150,800 3,500,000 64,400 824,930 331,200 360,000 38,240,783

Tax Credit Equity Other Sources DDF Total

$ $ $ $ $ $

1,000,000 7,079,300 2,296,515 910,000 38,240,783

CONSTRUCTION FINANCING DDF Tax Credit Equity

FHA Bank Loan Other… AH Gap Financing

Bond Financing

1.60

1.21

SUMMARY OF SOURCES AND USES SOURCES: FHA Bank Loan AH Gap Financing

$ $ $ $

CAPTIAL SUMMARY RENTAL UNIT SUMMARY - BY TYPE Unit Type # of Units % HomeFlex 50.0% 92 Tax Credit 0.0% 0 Market 92 50.0%

7,200

AVERAGE INCOME PER SQ FT BY BEDROOM SIZE # of Total Total Monthly Rent Per Units Sq. Ft. Rents Sq. Ft. Studio 0 $ 1BR 92 68,080 $ 89,965 $ 1.32 2BR 92 97,520 $ 110,368 $ 1.13 3BR 0 $ 4BR 0 $ Total 184 165,600 $ 200,333 $ 1.21

38,240,783 TDC 24,732,542 THC

% 5.9% 69.6% 3.2% 4.9% 3.0% 9.2% 0.2% 2.2% 0.9% 0.9% 100%

PERMANENT FINANCING FHA Bank Loan $ 6,495,200 AH Gap Financing $ 18,100,000 $ HOME Funds $ 1,000,000 $ Federal Tax Credit Equity $ 5,977,857 State Tax Credit Equity $ 3,461,211 Deferred Dev. Fees $ 910,000 Other Sources $ 2,296,515 AH GAP Financing $ Developer's GAP $ Total $ 38,240,783 AH CASH RETURNS (15 YEARS) Developer Fee Participation $ 980,000 Transaction Fees $ 193,000 Co-Mgmt Services Fee $ 401,963 Ground Rent $ 550 AH Debt Service $ 5,682,040 AH's Share NCF to Owner $ 1,017,316 Total $ 8,274,868 AH Subsidy (15 Years)

9,164,750

AH GAP

PERMANENT Financing FINANCING

Deferred 0% Developer's Dev. Fees Other Sources GAP 6% 2% 0% State Tax Credit Equity 9% Federal Tax Credit Equity 16% HOME 0% Funds…

FHA Bank Loan 17%

AH Gap Financing 47%

DEVELOPMENT BUDGET Englewood North I

DEVELOPMENT BUDGET

% in basis

5,000 12,750 40,000 57,750

Subtotal

2,267,094 2,267,094

Subtotal

178,133 178,133

ACQUISITION Land Site Demolition Acquisition Legal Fees (if existing structures) Existing Structures SITE IMPROVEMENTS Site Preparation (On-site) Site Preparation (Off-site) UNIT/BUILDING CONSTRUCTION Residential Structures - New Construction Residential Structures - Rehab Accessory Structures (ie. community bldg., maintenance bldg., etc. Parking Other Subtotal Limit GENCONTSERVS 0.000% 6.000% 1,301,713 0.000% Builder Profit: 2.000% 433,904 0.000% Builder Overhead 1,301,713 0.000% General Requiremen 6.000% 14.000% 3,037,330 Subtotal

4% New Construction Basis

Tax Credits Acquisition Basis

PRE-DEVELOPMENT COSTS 5,000 12,750 40,000 57,750 ACQUISITION

Rehabilitation Basis

20,437,079 720,000 360,000 21,517,079 1,301,713 433,904 1,301,713 3,037,330

NON-GC CONSTRUCTION HARD COSTS (Non-GC work scope items done by Owner) Property Amenities Other: 2,250,000 Total Construction Hard Costs CONSTRUCTION CONTINGENCY Construction Contingency

2,267,094 2,267,094

LAND IMPROVEMENTS 178,133 178,133 UNIT/BUILDING CONSTRUCTION 20,437,079 720,000 360,000 21,517,079 GENERAL CONTRACTOR SERVICES 1,301,713 433,904 1,301,713 3,037,330 -

Amortizable or NonDepreciable Basis

2,250,000

24,732,542

CONSTRUCTION CONTINGENCY 1,236,627

1,236,627

CONSTRUCTION PERIOD FINANCING 18,400 36,800 181,000 1,167,550 22,080 64,400 10,000 1,500,230 PROFESSIONAL SERVICES 331,200 50,000 5,000 10,000 40,000 40,000 476,200 LOCAL GOVERNMENT FEES 110,850 30,000 40,000 40,000 220,850 PERMANENT FINANCING FEES

18,400 36,800 181,000 1,167,550 22,080 64,400 10,000 1,500,230 331,200 50,000 5,000 10,000 40,000 40,000 476,200 110,850 30,000 40,000 40,000 220,850 85,000 53,000 10,000 34,960 200,000 -

85,000 53,000 10,000 34,960

75,012

200,000 -

Subtotal

Subtotal EQUITY COSTS Partnership Organization Fees Tax Credit Legal Opinion Syndicator Legal Fees 0 Other: 0 Other:

382,960

80,000 10,000 40,000 60,000 3,000 3,000 196,000

80,000 10,000 40,000 60,000 3,000 3,000 196,000 EQUITY COSTS

Subtotal DEVELOPER'S FEE Developer's Overhead Consultant's Fee Guarantor Fees Developer's Profit

20.000% 0.000% 0.000% 80.000% Subtotal

START-UP AND RESERVES Marketing Rent-Up Reserves Operating Deficit Reserve: Replacement Reserve Negative Arbitrage

$ $

Furniture, Fixtures and Equipment Other

382,960 TAX CREDIT APPLICATION FEES

Proposed Avg Per Unit:

331,200 824,930

0 Subtotal

700,000 2,800,000 3,500,000

DEVELOPER'S FEE 700,000 2,800,000 3,500,000 START-UP AND RESERVES

200,000 331,200 824,930 64,400 -

1,420,530

OTHER COSTS

OTHER COSTS Relocation 0 Other: Subtotal

TOTAL DEVELOPMENT COST (TDC)

38,240,783

Public Infrastructure Cost Environmental Remediation TOTAL EXTRAORDINARY SITE COST

858,000 40,000 898,000

HUD TDC LIMIT

31,724,199

35,764,793 106.9% Rehab Costs (Total) Difference Less Amenity Costs

33,976,553 4,264,229 2,014,229

Excess (below) to HUD TDC Limit

2,475,990

Amenity costs of $2.25 million

6,516,584

4% Tax Credits 2% 3% 3% 2% 7% 7% 2% 6% Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

Year 11

Year 12

Year 13

Year 14

Year 15

Year 16

Year 17

Year 18

Income: Rental Revenue-HomeFlex Rental Revenue-Tax Credits Rental Revenue-Market Commercial Revenue Other Income Vacancy / Collection Loss Total Income

811,476 1,592,520 48,080 (127,706) 2,324,370

827,706 1,624,370 49,042 (130,260) 2,370,857

844,260 1,656,858 50,022 (132,865) 2,418,275

861,145 1,689,995 51,023 (135,523) 2,466,640

878,368 1,723,795 52,043 (138,233) 2,515,973

895,935 1,758,271 53,084 (140,998) 2,566,292

913,854 1,793,436 54,146 (143,818) 2,617,618

932,131 1,829,305 55,229 (146,694) 2,669,971

950,773 1,865,891 56,333 (149,628) 2,723,370

969,789 1,903,209 57,460 (152,620) 2,777,837

989,185 1,941,273 58,609 (155,673) 2,833,394

1,008,968 1,980,098 59,781 (158,786) 2,890,062

1,029,148 2,019,700 60,977 (161,962) 2,947,863

1,049,731 2,060,094 62,197 (165,201) 3,006,820

1,070,725 2,101,296 63,440 (168,505) 3,066,957

1,092,140 2,143,322 64,709 (171,875) 3,128,296

1,113,983 2,186,189 66,003 (175,313) 3,190,862

1,136,262 2,229,912 67,323 (178,819) 3,254,679

Expenses: Management Fee Operating Expenses Less Reserves Total Expenses

139,462 1,185,338 64,400 1,389,200

142,251 1,220,898 66,332 1,429,481

145,096 1,257,525 68,322 1,470,943

147,998 1,295,251 70,372 1,513,621

150,958 1,334,108 72,483 1,557,549

153,978 1,374,131 74,657 1,602,766

157,057 1,415,355 76,897 1,649,309

160,198 1,457,816 79,204 1,697,218

163,402 1,501,550 81,580 1,746,533

166,670 1,546,597 84,027 1,797,295

170,004 1,592,995 86,548 1,849,547

173,404 1,640,785 89,145 1,903,333

176,872 1,690,008 91,819 1,958,699

180,409 1,740,709 94,574 2,015,691

184,017 1,792,930 97,411 2,074,358

187,698 1,846,718 100,333 2,134,749

191,452 1,902,119 103,343 2,196,914

195,281 1,959,183 106,443 2,260,907

Net Operating Income Operating Expense Ratio

935,170 1.77

941,376 1.75

947,331 1.73

953,019 1.72

958,424 1.70

963,526 1.69

968,309 1.67

972,752 1.66

976,837 1.64

980,543 1.63

983,847 1.62

986,729 1.60

989,164 1.59

991,129 1.57

992,599 1.56

993,547 1.55

993,948 1.53

993,772 1.52

Debt Payment and Fees 1st Mortgage Payment Cash Flow After 1st Mortgage DCR 1st Mortgage

397,040 538,130 2.36

397,040 544,336 2.37

397,040 550,292 2.39

397,040 555,980 2.40

397,040 561,384 2.41

397,040 566,487 2.43

397,040 571,269 2.44

397,040 575,713 2.45

397,040 579,798 2.46

397,040 583,503 2.47

397,040 586,808 2.48

397,040 589,689 2.49

397,040 592,125 2.49

397,040 594,090 2.50

397,040 595,559 2.50

397,040 596,508 2.50

397,040 596,908 2.50

397,040 596,733 2.50

538,130 7,500 (7,500)

371,870 7,725 164,742

7,957 542,335

8,195 547,784

8,441 552,943

8,695 557,792

8,955 562,314

9,224 566,489

9,501 570,297

9,786 573,717

10,079 576,728

10,382 579,308

10,693 581,431

11,014 583,076

11,344 584,215

596,508

596,908

596,733

Deferred Developer Fees Asset Management Fees Cash Flow After Fees

910,000 7,500

2nd Mortgage Payment Cash Flow After 2nd Mortgage DCR 2nd Mortgage

73%

(5,475) (2,025) 2.39

120,262 44,480 1.82

395,905 146,430 1.19

399,883 147,902 1.20

403,648 149,295 1.20

407,188 150,604 1.20

410,489 151,825 1.20

413,537 152,952 1.20

416,317 153,980 1.20

418,814 154,904 1.20

421,012 155,717 1.20

422,894 156,413 1.20

424,445 156,986 1.20

425,645 157,430 1.20

426,477 157,738 1.21

435,451 161,057 1.19

435,743 161,165 1.19

435,615 161,118 1.19

3rd Mortgage Payment Cash Flow After 3rd Mortgage DCR 3rd Mortgage

(2,025) 2.39

44,480 1.82

146,430 1.19

147,902 1.20

149,295 1.20

150,604 1.20

151,825 1.20

152,952 1.20

153,980 1.20

154,904 1.20

155,717 1.20

156,413 1.20

156,986 1.20

157,430 1.20

157,738 1.21

161,057 1.19

161,165 1.19

161,118 1.19

4th Mortgage Payment Cash Flow After 4th Mortgage DCR 4th Mortgage

(2,025) 2.39

44,480 1.82

146,430 1.19

147,902 1.20

149,295 1.20

150,604 1.20

151,825 1.20

152,952 1.20

153,980 1.20

154,904 1.20

155,717 1.20

156,413 1.20

156,986 1.20

157,430 1.20

157,738 1.21

161,057 1.19

161,165 1.19

161,118 1.19

THE GROVE @ CHOSEWOOD PARK High level financials for Blocks B, C, and D. Block B, a large scale mixed income, multi-family property with 376 total units and 35% affordable units to residents at or below 60% AMI, is projected to cost approximately $75MM to build out. It will feature a place making farm-to-table restaurant facing the BeltLine at the transit stop. In addition, there will be a Teacher Lounge with5G Wi-Fi with access limited to only those persons with a teacher identification. There will be a large after school / summer school / tutoring program on the ground floor of the building, with an easy-access bus turnaround within the parking area. This same area will be used for Uber & Lyft riders visiting any of the buildings or wishing to access the BeltLine from this location. Building upon the orchard theme, there will be retail facing the pedestrian boulevard that would target gardening, hobbies, and/or school supplies/projects. Block B Residential SF Hard Costs Hard Cost Contingency Sost Costs Soft Cost Contingency Total Residential Costs

$ $ $ $ $

376,696 44,242,904 4,424,290 15,485,017 774,251 64,926,462

November 9, 2018 Block C Residential SF Hard Costs Hard Cost Contingency Sost Costs Soft Cost Contingency Total Residential Costs Commercial SF Vet & Dog Groomer Ice Cream Shop Bike Sales & Bike Repair Hard Costs Hard Cost Contingency Sost Costs Soft Cost Contingency Total Commercial Costs COMBINED TOTAL

$ $ $ $ $

191,348 28,573,971 2,857,397 10,000,890 500,044 41,932,302

$ $ $ $ $ $

15,000 5,000 2,000 8,000 1,751,550 175,155 613,043 30,652 2,570,400 44,502,702

Commercial SF 45,000 Restaurant on the BeltLine 12,000 Restaurant facing Pedestrian Boule 7,500 Teacher Lounge 2,500 After School Program/ Tutoring / S 20,000 Gardening Shop 1,000 Hobby Shop 1,000 School Supplies Shop 1,000 Hard Costs $ 7,457,295 Hard Cost Contingency $ 745,730 Sost Costs $ 2,610,053 Soft Cost Contingency $ 130,503 Total Commercial Costs $ 10,943,580 COMBINED TOTAL $ 75,870,043

Block C will be a for-sale condo building featuring 45% affordable units and direct frontage on the BeltLine at the transit stop. The total cost is projected to be $44MM. BeltLine fronting retail will be located on the mezzanine level of the building, with structured parking underneath taking advantage of the naturally occurring topography.

25 | Page

THE GROVE @ CHOSEWOOD PARK Block D will be a 210 unit mixed income multi family building with most of the first floor occupied by a medical wellness facility that would focus on well person care, such as well baby check ups, mammograms, flu shots, diabetic screening and monitoring, allergy treatments, etc. Adjoining medical offices on the ground floor could accommodate a dentist, chiropractor, or eye doctor. Block D Residential SF Hard Costs Hard Cost Contingency Sost Costs Soft Cost Contingency Total Residential Costs

$ $ $ $ $

205,522 24,138,528 2,413,853 8,448,485 422,424 35,423,290

Commercial SF 60,000 Wellness Center w/Medical Partner 45,000 Co Working Space 9,500 Chiropractor 1,500 Dentist 2,500 Eye Doctor 1,500 Hard Costs $ 8,459,435 Hard Cost Contingency $ 845,944 Sost Costs $ 2,960,802 Soft Cost Contingency $ 148,040 Total Commercial Costs $ 12,414,221 COMBINED TOTAL $ 47,837,511

BLOCK B, C, D Combined Residential SF Hard Costs Hard Cost Contingency Sost Costs Soft Cost Contingency Total Residential Costs

773,565 $ 96,955,403 $ 9,695,540 $ 33,934,391 $ 1,696,720 $ 142,282,055

Commercial SF Hard Costs Hard Cost Contingency Sost Costs Soft Cost Contingency Total Commercial Costs COMBINED TOTAL

$ 17,668,280 $ 1,766,828 $ 6,183,898 $ 309,195 $ 25,928,201 $ 168,210,256

26 | P a g e

November 9, 2018

THE GROVE @ CHOSEWOOD PARK

November 9, 2018

INCLUSIONARY PROGRAM Opportunities to provide meaningful employment opportunities to minority and women owned firms during each phase of the planning and development process will be forefront in the selection process for Atlanta Housing. Our team will design and implement strategies to yield high levels of participation in the development of the The Grove @ Chosewood Park site. We are committed to recruiting firms by encouraging participation in all development activities, including professional, technical, and trade; parceling contracts too large for minority contractors into small contracts for which MBE and WBE firms can bid; holding informational sessions with contractors to encourage participation; providing technical assistance to smaller firms who would benefit from support; and working with residents to establish resident-owned businesses. Additionally, our team is committed to our Section 3 and Anti-displacement policies. It is anticipated that our diversity and inclusivity goals will be met and/or exceeded within the Chosewood Park area.

Neighborhood Revitalization

TARGET AUDIENCE

GOALS

Community Outreach Plan The Grove at Chosewood Park (former Englewood) Key Dates: TBD MESSAGE ACTIVITIES COLLATERAL

Land Owne rs /

Acquire support for the

26 acres beginning

June 5, 2018, 7pm, M e e ting

Concise 1-page

CPNA 2nd M onday 7pm

Developers

planning process and

master planning process

CPNA Board to outline

Informational for

420 McDonough (church)

community guidelines

Shared infrastructure

community engagement needs

all audiences

Curre nt Re s ide nts

SCHEDULE

Ceasar Blue cablue1@gmail.com

being considered

CPNA

Coordinate updates

16 acres to Benoit

June 28, 2018, 6:30-8:30

Who are the people

GPNA 3rd Tue s day 7:30

NPU-Y (Chosewood)

and communications

10 acres to Michaels

Boulevard Street Project

in your neighborhood?

Zoo Atlanta, ARC Bldg

NPU-W (Grant Park)

between AH, COA,

Georgia Hill Library

Presentation about

Dr. Michelle Kirby

NPU-V (Peoplestown)

and Developers

250 Georgia Avenue, SE

affordable housing

20 acres on BeltLine to be leased back to COA

Forme r Re s ide nts

Dispell misconceptions

through mid 2019

B e ltLine SubAre a 3 -- TB D

Map of Chosewood

1071 Deleware (Ormewood)

Park TOD

Nathan Clubb

One page summary

NPU-Y 3rd M onday 7pm

concerns of the

215 Lakewood Way (Burdine)

community

Chris McCord

early-Jan with initial Master Plan

One page summary

NPU-W 4th We dne s day 7:30

about affordable homes Council M e mbe rs

and about mixed income

Carla Smith Joyce Shephard

Master Plan and TOD overlay each other

their involvement will

tbd ~ spring, 2019

president@sandatlanta.org

B e ltLine CP TOD -- TB D

Plan will inform and Reassure community

president@gpna.org SAND 2nd Thurs day 7:30

B rie fing for Council -- TB D

chris@movinginthespirit.org

Council At Large

be actively sought and

Charre tte -- Curre nt Re s ide nts

Andre Dickens

considered

Both plans will be

innovative ideas

1231 Glenwood Ave (Village)

APS Jackson Cluster

Acquire support for

audiences through

Charre tte -- Forme r Re s ide nts

and initiatives for

Jonathan Barhite

EW master plan and

community charrettes

Spring 2019 with initial Master Plan

the development

presented to target Carver High School

any zoning requests B e nte e n Ne ighbors

Property Location:

leadership@npu-w.org NPU-V 2nd M onday 7pm

Englewood Manor Englewood North

B ack to School Eve nt

250 Georgia Ave (Ga Hill)

early to mid August

Columbus Ward

possibly in Boulevard Crossing Pk

columbus@peoplestown.com

505 Englewood Ave, SE 1110 Hill Street

Atlanta, GA 30315 Atlanta, GA 30312

27 | Page

THE GROVE @ CHOSEWOOD PARK STRATEGIC RECOMMENDATIONS Georgia Power owns a large parcel of land on the northern side of the BeltLine in this particular southeast section of the trail. Both Georgia Power and Georgia Pacific have publicized their desire to improve the quality of life in their communities with commitments to, among other things, affordable housing, safety, innovation, arts, culture and community building. Given their presence in the area, I believe these two corporations could be asked to contribute to our affordable development in meaningful ways, whether with funding for public art or infrastructure for the pedestrian boulevard, or programming for education and training of our neighborhood residents. Wells Fargo is the second largest bank in the state of Georgia and is currently focused on overcoming some PR missteps and attempting to regain trust and confidence on a local level. Wells Fargo could be approached, similar to the way SunTrust supported the development of Centennial Place, to open either a small business incubator or a mentoring/educational community office to help residents learn about money management and retirement planning.

November 9, 2018 I recommend that Atlanta Housing work in conjunction with the developers presently procured for The Garden @ Chosewood Park (The Benoit Group and The Michael’s Organization) along with the City of Atlanta, the Atlanta BeltLine and The Metzger Company (34-acre adjoining property owner) to master plan the various parcels located within Chosewood Park. I recommend a proposal to the City of a donation of 6-7 acres of land located on the low-lying areas of The Garden @ Chosewood Park to the City’s Parks & Recreation Department in exchange for funding the public infrastructure needs in the area and in support of Atlanta Housing’s efforts to meet the Mayor’s mandate for affordable housing in the City. The donated park land would contribute a marketable community amenity for the area as well as facilitate the connectivity between the two existing parks in the area and the neighborhood’s access to the planned BeltLine trail. The public infrastructure would be shared among the developers in the area for storm water management and street improvements.

Of significant concern for this neighborhood are the underperforming schools in the area. Benteen Elementary, King Middle, and Maynard Jackson High School are all rated well below average and have 100% low income students. The development of the The Grove @ Chosewood Park, in conjunction with the The Garden @ Chosewood Park (the former Englewood Manor) and other large land-owner parcels, should take into consideration the impact new development will have on the public school system. All of the developers should work in tandem with Atlanta Public Schools well in advance of actual construction so that planning and budget cycles can be taken into account.

Additionally, I recommend evenly dividing the remaining 20 acres of The Grove @ Chosewood Park Manor between the two procured developers and working with them during the master planning process to create a mixed-use, mixed-income development that will complement the proposed development of The Grove @ Chosewood Park North, while allowing for reasonable market absorption at both locations. I recommend further study and in-depth analysis of the proposal for The Grove @ Chosewood Park, in particular the financial feasibility of the development program as it is currently imagined, and taking a deeper dive into the cost savings imagined by using modular construction. The RFP process for procuring potential co-developers should begin as soon as possible so that development of the parcels can begin as soon as the acquisition and approvals process has been completed. Pending further insight into the financing options and the architectural/engineering implications, I recommend development and construction of the The Grove @ Chosewood Park site in the phasing order described herein.

While the initial, Block A, phase of The Grove at Chosewood Park is proposed as an AH self development project, each additional block the development is proposed as co-development opportunities with Atlanta Housing serving as a co-developer with a 30-35% interest in each deal.

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The following page is a projection for the possible build-out and redevelopment for the entire Chosewood Park area:

Chosewood Park TOD / District Framework Plan Property

Acres

Land Owner

1111 Hill Street

4.4

CoA / AH

1155 Hill Street

9.7

The Beacon

For Rent Residential

For Sale Residential

Total Units

% Affordable

Retail

Amenities

100, surface

0 acres

184

Taffell Hill St LLC

110

surface

0 acres

7.0

Pellerine

240, surface

78,000

10,000

0 acres

on the BeltLine

Pratt Stacks

5.4

Providence Group

120

surface

0 acres

on the BeltLine

1110 Hill Street

4.1

180

45% (81 units)

400, structured

15,000

0 acres

on the BeltLine, grand staircase, public art

360 Englewood

4.3

CoA / AH

210

35% (74 units)

400, structured

15,000

45,000

~ 1 acre

pedestrian boulevard, public art, orchard

Englewood/Mailing

6.5

376

35% (132 units)

400, structured

25,000

20,000

~2.5 acres

pedestrian boulevard, public art, orchard

505 Englewood Avenue

16.0

AH (Benoit)

360

162

522

55% (286 units)

1,008 structured

16,310

5,652

~ 2 acres

pedestrian connector, greenway, rain garden

508 Englewood Avenue

10.0

AH (Benoit)

257

152

409

38% (154 units)

340, structured

10,368

3,000

~3-4 acres

daylight streams, greenway, pocket park, pool

Englewood/Boulevard

4.2

New Owner

0 acres

transmission line on property; self storage

1335 Boulevard

33.8

The Metzger Co.

1,600

430 Englewood Avenue

13.4

Raulet Dev Group

750

500 Englewood Avenue

19.6

CoA Parks & Rec

1099 Boulevard

15.0

Pollack Shores

Chosewood Park

12.8

CoA Parks & Rec

166.2 Absorption Rates:

160

50% (92 units)

Office Hotel or Medical

Parking

on the BeltLine, access to DH Stanton park

1,760

15% (264 units)

2200, mixed

45,000

48,000

~2 acres

daylight stream, greenway

750

15% (113 units)

750, structured

10,000

0 acres

on the BeltLine

19.6 acres

park, soccer fields, more planned

319

12.8 acres

park, baseball field, basketball, playground, nature preserve

4,056 884 ~ 300 annually ~ 120 annually ~ 25 per month ~ 10 per month 13 years 7.5 years

4,940 ~ 12k new residents ~ 5k students

24% (1,153 units)

364, surface

15,000 -

6202

214,678 ~ 32k annually 6.5 years

63,652 ~ 50k annually 1.5 years

93,000 ~ 115 rooms mid-size hotel

~43 acres of park & greenspace

THE GROVE @ CHOSEWOOD PARK

November 9, 2018

Additional acquisitions in the area surrounding Chosewood Park would be met with strong opposition from the community. They feel that their neighborhood has long been neglected by the City and that the coming BeltLine provides them with the opportunity for market-rate development such that they have never experienced. The community feels that they currently have a significant amount of naturally occurring affordable housing and that they need market-rate housing, community serving retail, and updated public infrastructure in order to thrive into the future. Taking that into consideration, there is an approximately 15acre site strategically located on the BeltLine between the The Grove @ Chosewood Park Boulevard Crossing Park. The current occupants are a real estate development company and the Atlanta Toolbank. The developer currently owns and rents several parcels on this site and primarily uses the location for film production purposes. His present business model is significantly more commercial than the surrounding parcels and includes the use of large trucks, trailers, and equipment. If a more attractive location could be identified for his film production business, the developer may be amenable to a land swap deal, thereby allowing for more affordable housing development along the BeltLineâ&#x20AC;&#x2122;s southside trail.

29 | Page

THE GROVE @ CHOSEWOOD PARK

November 9, 2018

CONTACTS

Development Team: Atlanta Housing (Self Development) Describe Legal Entity To develop the Block A senior buildings, AH should establish a separate self development 501(c)3 entity to which AH can make construction and permanent loans and from which AH can receive program income. For guarantee and liability purposes, I would recommend establishing a different affiliate entity for each building at The Grove @ Chosewood Park, which would allow for maximum flexibility with regard to each co-development deal. Co-Developer Profile

Tiffany Hudson, Development Executive

Design Team: John Skach, Senior Urban Planner Kenwin Hayes, Senior Real Estate Development Manager Trish Oâ&#x20AC;&#x2122;Connell, Vice President Planning & Development

Investments & Capital Markets: Vernon Liebert, Utilities Manager External assistance and input for the The Grove @ Chosewood Park development proposal was provided by the Atlanta BeltLine, the Chosewood Park and NPU-Y communities, APD Urban, The Michaels Organization, The Benoit Group, Red Brick Homes, Pellerin Real Estate, Smith Real Estate Services, Pansophy Capital Partners, Goode Van Slyke, Corcoran Ota, TSW, Noelle Consulting, and the Atwell Group.

30 | P a g e

Given the economic necessity of partnering with a private development company, Atlanta Housing should seek several partnerships simultaneously through an RFP process. The ideal partners would h a v e strong experience as master developers with expertise in mixed-income, mixed-use properties. They would have extensive experience qualifying for Low Income Housing Tax Credits, tax-exempt and taxable bonds, tax increment financing, HOME and/or CDBG funds, new market tax credits, Federal Home Loan Bank funding and a long track record of successfully pulling together complex, layered financing to develop quality affordable housing. Atlanta Housing would give preference to companies familiar with the local market, with a commitment to our MBE/WBE/Section 3 goals, and with a history of award-winning, innovative projects in their portfolio.