Microsoft Word - Final St Peter Claver Place CUR.docx

FloridaHousingFinanceCorporation

CreditUnderwritingReport

St.PeterClaverPlacePhaseI

SAILFinancingofAffordableMultifamilyHousingDevelopmentstobeusedinConjunction

withTax‐ExemptBondFinancingandNon‐CompetitiveHousingCredits

MMRN,SAIL,ELIand4%HC

RFA2020‐205/2021‐222BS/2020‐540C

InvitationtoParticipatefortheConstructionHousingInflationResponseProgram

2022CHIRP

SectionA ReportSummary

SectionB LoanConditionsandHCAllocationRecommendationandContingencies

SectionC SupportingInformationandSchedules

Preparedby

SeltzerManagementGroup,Inc.

FinalReport

June9,2022

Exhibit E

Page 1 of 45

SMG

_____________________________________________________________________________

JUNE 9, 2022

ST.PETERCLAVERPLACEPHASEI

TABLEOFCONTENTS



Page

SectionA

ReportSummary

 RecommendationA1‐A8

 OverviewA9‐A12

 UsesofFundsA13‐A20

 OperatingProFormaA21‐A23



SectionB



LoanConditionsandHCAllocationRecommendationandContingencies  B1‐B7



SectionC



SupportingInformationandSchedules

 AdditionalDevelopmentandThirdPartyInformationC1‐C4

 BorrowerInformation

C5‐C9

 GuarantorInformationC10‐C11

 SyndicatorInformationC12

 GeneralContractorInformationC13‐C14

 PropertyManagerInformationC15



Exhibits



15YearProForma1

FeaturesandAmenitiesandResidentPrograms21‐5

CompletenessandIssuesChecklist31‐2

HCAllocationCalculation

41‐3



Exhibit E

Page 2 of 45

SMG

_____________________________________________________________________________

JUNE 9, 2022



SectionA

ReportSummary

Exhibit E

Page 3 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I A-1

JUNE 9, 2022

Recommendation

SeltzerManagementGroup,Inc.(“SMG”or“Seltzer”or“Servicer”)recommendstheissuanceofaFlorida

Housing Finance Corporation (“FHFC” or “Florida Housing” or “Corporation”) Multifamily Mortgage

RevenueNote(“MMRN”)intheamountof$24,000,000inconjunctionwithaStateApartmentIncentive

Loan (“SAIL”) Second Mortgage in the amount of $7,862,649, inclusive of a SAI

L of $4,075,000 and an

estimated $3,787,649 from the Construction Housing Inflation Response Program (“CHIRP”), and an

Extremely Low Income (“ELI”) Third Mortgage in the amount of $600,000. SMG also recommends an

annualHousingCredit(“HC”)allocationof$1,980,737toSt.PeterClaverPlacePhaseI(“Development”)

forconstructionandperm

anentfinancing.

DevelopmentName:

RFA/ProgramNumbers: /

Address:

City: ZipCode: County: CountySize:

DevelopmentCategory: DevelopmentType:

ConstructionType:

DemographicCommitment:

Primary: oftheUnits

Se condary : oftheUnits

UnitComposition:

#ofELIUnits: ELIUnitsAre Restrictedto AMI,orless. Total#ofuni tswithPBRA?

#ofLinkUnits: AretheLinkUnitsDemographicallyRestricted? #ofNHTFUnits:

St.PeterClaverPl ace PhaseI

DEVELOPMENT&SET‐ASIDES

2020‐540C2021‐222BS

NewConstruction GardenApts(1‐3Stori es)

Masonry

2020‐205

MediumLee3391

FortMyers

1480Siste rBowmanLane

for

100%

for

Family

33%

Yes



$555

$1,119

Net

Restricted

Rents

$483

$972

$555

$1,119$1,119

AnnualRental

Inc o me

$40,572

$46,620

Bed

Rooms

2.0

Bath

Rooms

2.0

PBRA 

Contr

Rents

2.0

$6901,160

1,160

AMI%

33%

Utility

Allow.

$114

GrossHC

Rent

$597

$1,086

997

99761

$135

Units

LowHOME

Rents

60%

33%

High

HOME

Rents

Square

Feet

60% $1,254

CURents

$483

$972

$555

Applicant

Rents

$483

$972

$135

$114 $711,504

Appraiser

Rents

$420

$858

$482

$987 $819,108

146,676136 $1,617,804

Persons with Special Needs Set‐Aside Commitment: The proposed Development  must set aside fifty

percent(50%)oftheELISet‐Asideunits(7units)asLinkunitsforPersonswithSpecialNeeds.Inorderto

meetthecommitmenttosetasideELIunitsasLinkunitsforPersonswithSpecialNeeds,theApplica

nt

mustdevelopandexecuteaMemorandumofUnderstanding(“MOU”)withat leastoneFloridaHousing

designatedSpecialNeedsHouseholdReferralAgencythatprovidessupportiveservicesforPersonswith

SpecialNeedsforthecountywheretheproposedDevelopmentwillbelocated(LeeCounty).Theexecuted

MOUwasapprovedbyFHFConApril21

,2022.

Exhibit E

Page 4 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I A-2

JUNE 9, 2022

After15years,alloftheELIset‐asideunits(14units)mayconverttoserveresidentsatorbelow60%AMI.

The Persons with Special Needs set aside requirement must be maintained throughout the 50 year

CompliancePeriod.

Buildings: Residential‐ Non‐Residenti al‐

Parking: ParkingSpaces‐ AccessibleSpaces‐

390 18

Se tAsides: Program Term(Years)%AMI#ofUnits%ofUnits

60%

100.0% 50

50SAIL 90.0%

60%

33%

122

MMRN/HC

SAIL/ELI

136

10.0%



Absorpti onRate uni tspermonthfor months.

OccupancyRateatStabilization: PhysicalOccupancy EconomicOccupancy

OccupancyComme nts

DDA: QCT: Multi‐PhaseBoos t: QAPBoost:

Si teAcre age: Density: Fl oodZoneDesignation:

Zoning: Fl oodInsuranceRequi red?:

96.00%

No Yes

PUD,PlannedUnitDevelopment

11.38 11.9508

97.00%



St.PeterClav erPla ce,Ltd.

%Ownership

Applicant/Borrower:

GeneralPar tner

DEVELOPMENTTEAM

0.0049%

99.9900%

St.PeterClav erHousing,Inc.

NDACl averPl ace,LLC

RaymondJamesTaxCr editFunds,Inc.("RJTCF")oranaffiliateLimitedPa r tner

0.0051%

Eri cC.Miller

CCGuarantor3:

CCGuarantor4:

CCGuarantor5:

CCGuarantor6:

St.PeterClav erPla c e,Ltd.

St.PeterClav erHousing,Inc.CCGuarantor2:

ConstructionCompletion 

Guarantor(s):

DioceseofVeni ceinFlorida,Inc.

NDACl averPlac e,LLC

Nati onalDevelopmentofAmeri ca ,Inc.

CCGuarantor1:

Nati onalDevelopmen tofAmeri ca ,Inc.

DioceseofVe niceinFlorida,Inc.

ODGuarantor4:

Opera tingDeficit

Guarantor(s):

Eri cC.Miller

ODGuarantor3:

St.PeterClav erPla c e,Ltd.

St.PeterClav erHousing,Inc.

ODGuarantor1:

NDACl averPlace,LLC

ODGuarantor2:

ODGuarantor5:

ODGuarantor6:

Exhibit E

Page 5 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I A-3

JUNE 9, 2022

Developer:

NotePurcha ser

Principal1

St.PeterClav erDeveloper,Inc.(Co‐Developer)

Nati onalDevelopmentofAmeri ca ,Inc.(Co‐Developer)

Construction:FifthThi rdBank

Per manent:BellWeatherEnterpri s eRealEstateCap ital,LLC

LeeCoun tyHousingAuthori ty

Co‐Develo per:

Principal1

Principal2

Eri cC.Miller

LCHADeveloper,LLC(Co‐Developer)

Appraiser:

ManagementCompany:

Archi tect:

GeneralCon tr actor1:

IntegraRealtyResources‐TampaBay

Brooks&Fr eund,LLC

FloridaHousingFinanc eCorp oration

Syndicator:

NoteIss uer:

PDSArchitectureInc.

Market StudyProvi der:

NDCAssetMa nagement,LLC

IntegraRealtyResources‐TampaBay

RJTCF

FHFCMMRN/

BellWether/

Freddi eMac

FHFCSAIL

$11,750,000

$4,075,000 $3,787,649 $700,000 $50,000

1.00%

FHFCSAIL/

CHIRP

FHFCSAILELI

$600,000

6.2

LoantoCost‐SAIL

Only

Opera ti ngDeficit&

DebtServiceReserves

DebtServiceCoverage

Restricte dMarket 

FinancingLTV

#ofMonthscovered

bytheReserves

19.0%

69.2%

1.100 1.100

CityofFortMyers

CityofFort

Myers

66.7% 69.0%

17.5 17.5

0.00% 0.00%1.00% 0.00%

N/A N/A N/A

17.0

50.0 N/A17.5

52.2% 64.7%

28.4% 38.3%

1.234

Other

1.095 1.095 1.095

$336,430.00

LoantoCost‐

Cumulative

2ndSource

1stSource

139.4% 144.2% 144.6%81.0% 109.1%

38.8%

Lender /Grantor

Amount

Under writtenInterest

Rate

LoanTerm

135.3%

5.24%

MarketRate/Market

FinancingLTV

Amorti zation

5thSource4thSource3rdSource

PERMANEN TFINANCINGINFORMATION

50.7%47.4% 48.9% 50.6%

N/A N/A

40.0



Exhibit E

Page 6 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I A-4

JUNE 9, 2022

$0.900

HousingCredit(HC)SyndicationPr ice

Tax‐ExemptLoan

Year15Pr oFormaIncomeEscal ati onRate

DeferredDeveloperFee

MarketRent/Market Fina ncingStabilizedVal ue

Rent RestrictedMarket Fi nanc ingStabilizedValue

NoteStructure

HCAnnualAllocation‐QualifiedinCUR

ProjectedNetOper ati ngIncome(NOI)‐15Year

3.00%

ProjectedNetOper ati ngIncome(NOI)‐Year1

$915,148

$1,630,000

$2,023,915

$14,500,000

$2,191,561

$30,300,000

$1,097,523

$1,980,737

As ‐IsLandValue

HCAnnualAllocation‐EquityLe tterofInterest

Year15Pr oFormaExpenseEscalationRate

2.00%



DeferredDeveloper

Fe e

FHFC‐SAIL

$304,173.71

Pe rmLoan/UnitPermanentConstructionLenderSource

Fi fthThird

BellWether/FreddieMac

FHFC

FHFCCHIRP

FHFC

CityofFortMyers

LocalGovernment

Subsidy

CityofFortMyers

$4,075,000

$3,787,649

$16,114.42

$367.65

HCEquity

$1,780,280

$133,922.16RJTCF

$86,397.06

$50,000

$4,075,000

$3,787,649

$600,000

$11,750,000

FHFC‐MMRB

CONSTRUCTION/PERMANENTSOURCES:

$600,000

$6,374,695 $18,213,414

$29,963.24

$27,850.36

$4,411.7

$24,000,000

$700,000 $700,000 $5,147.06

$50,000

LocalGovernment

Subsidy

FHFC‐SAILELI

Co‐Developers

TOTAL $41,367,624 $41,367,624

$0.00

$2,191,561



FinancingStructure:

ApplicantsubmittedtoFHFCaMMRNwithNon‐Competitive HCand SAILApplicationunderRFA2020‐

205.ThistransactionwillnotinvolvetheissuanceofTax‐ExemptNotesfromFloridaHousing.FifthThird

CommercialFunding,Inc.(“FifthThird”)willloanupto$24,000,000toFHFCthroughaTax‐ExemptLoan

(“TEL”)inco

nnectionwiththeconstructionfi nancingoftheDevelopment.Atconversiontopermanent

financing,BellWetherEnterpriseRealEstateCapital,LLC(“BellWether”)willprovideaFreddieMacTELin

the amount up to $11,958,000, currently estimated at $11,750,000, and the FifthThird loan will be

satisfied.

ChangesfromtheApplication:

COMPARISONCRITERIA YES NO

Does the level of experience of the current team equal or exceed that of the team

describedintheapplication?

X

AreallfundingsourcesthesameasshownintheApplication?1

Exhibit E

Page 7 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I A-5

JUNE 9, 2022

Are all local government recommendations/contributions still in place at the level

describedintheApplication?

X

IstheDevelopmentfeasiblewithallamenities/featureslistedintheApplication? X

Dothesiteplans/architecturaldrawingsaccountforallamenities/featureslistedinthe

Application?

X

DoestheApplicanthavesitecontrolatorabovethelevelindicatedintheApplication? X

DoestheApplicanthaveadequatezoningasindicated intheApplication? X

Has the Development been evaluated for feasibility using the total length of set‐aside

committedtointheApplication?

X

Have the Development costs remained equal to or less than those listed in the

Application?

 2

IstheDevelopmentfeasibleusingtheset‐asidescommittedtointheApplication? X

If the Development has committed to serve a special target group (e.g. elderly, large

family, etc.), do the development and operating plans contain specific provisions for

implementation?

X

HOMEONLY:Ifpointsweregivenformatchfunds,isthematchpercentagethesameas

orgreaterthanthatindicatedintheApplication?

N/A

HC ONLY: Is the rate of syndication the same as or greater than that shown in the

Application?

X

Is the Development in all other  material respects the same as presented in the

Application?

 3

Thefollowingareexplanationsofeachitemchecked“No”inthetableabove:

1. Seethebelowchangesinthesourceoffunds:

 The Application did not include a Letter of Intent (“LOI”) for first mortgage construction nor

permanentfinancing. ALOIfromFifthThirdwasprovidedduringunderwritingforfirstmortg

age

construction financing in the amount up to $24,000,000. A LOI fr om BellWether was provided

duringunderwritingforfirstmortgagepermanentfinancingintheamountupto$11,958,000.

 TheApplicationincluded aLOI forHousing Creditequity fromR4 Capital,LLC intheamount of

$0.88per tax creditandtot

alequityof $8,908,529.SubsequentlytheApplicant providedaLOI

fromRaymond James TaxCreditFunds,Inc.(“RJTCF”)reflecting anaggregateamount of$0.90

pertaxcreditandtotalequityof$18,213,414.

 OnMay2, 2022,theCityCounciloftheCityofFortMyersapprovedafinancialc

ommitmentof

$700,000 to the Applicant for gap financing of the Development. This award is confirmed in

ResolutionNo.2022‐22.

Exhibit E

Page 8 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I A-6

JUNE 9, 2022

 TheApplicantappliedforadditionalFHFCLoanfundingthroughFHFC’sInvitationtoParticipate

(“ITP”)forCHIRP.TheadditionalfundswillbeSAILProgramfundsandwillbeaddedtotheinitial

Second Mortgage SAIL commitment in the amountof$4,075,000, andwilltherefore,have the

samerateandterms.Basedonth

esizingcriteriaandparameterssetforthintheCHIRPITP,the

DevelopmentwillreceiveadditionalSAILfundsintheamountof$3,787,649,foratotalSecond 

MortgageSAILof$7,862,649.

2. TotalDevelopmentCosts(“TDC”)asstatedintheapplicationwere$26,812,617.TDChaveincreased

to$41,367,624,anincreaseof$14,555,007.Thisincr

easeisprimarilyduetoincreasesinconstruction

costs,generaldevelopmentcosts,developerfeesandtheadditionofreserves.

3. Seethebelowadditional changestotheapplication:

 TheApplicationincluded anApplicant requestfor Corporation‐issuedTELin theamount of

$14,500,000.OnMay9,20

22,FHFCstaffapproved arequesttoincreasetheamountofTEL

from$14,500,000to$25,000,000.

 TheApplicant’srequesttochangethelegaldescriptionandsiteacreagefrom10.44acresto

11.38acreswasapprovedbyFHFCstaffonFebruary24,2022.

 The Development address has changed from  the Applica

tion per an  Address Assignment

documentreflectingtheClubhouseaddressas1480SisterBowmanLane.

 TheApplicant’srequesttochangethegreenbuildingcertificationfromFloridaGreenBuilding

Coalition(“FGBC”)toNationalGreenBuildingStandard(“NGBS”)wasapprovedbyFHFCstaff

onJune2,2022.

Thesechangeshavenosubstantialmate

rialimpacttotheMMRN,SAIL,ELIandHCrecommendationsfor

thisDevelopment.

Does the Development Team have  any FHFC Financed Developments on the Past Due/Noncompliance

Report?

FloridaHousing’sPastDueReportdatedMarch25,2022,reflectsthefollowingpastdueitem(s):None

Florida Housing’s Asset Management Noncompliance Report dated June 9, 2 020 reflects the following 

noncomplianceitems:None

This recommendation is subject to satisfactory resolution of any outstanding past due and/or

noncomplianceitemspriortoloanclosingandtheissuanceoftheannualHCAllo

cationRecommendation

herein.

Strengths:

1. PertheMarketStudy,Integrastatesthecaptureratesarelowandindicatethereissufficientdemand

fortheDevelopment’sunitsandaverageoccupancyforthecomparableswithintheDevelopment’s

PrimaryMarketArea(“PMA”)is98.7%.

2. AlthoughtheBorrower andGeneral Partnerare newlyformed, theDeveloper,General Contractor,

and the man

agement company all have sufficient experience and financial resources to develop,

constructandoperatetheproposedDevelopment.

Exhibit E

Page 9 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I A-7

JUNE 9, 2022

OtherConsiderations:None

WaiverRequests/SpecialConditions:

1. TheApplicantestimatedahardcostcontingencyof8.00%.Thiscontingencypercentageissupported

by the Plan and Cost Analysis (“PCA”) completed by GLE Associates, Inc. (“GLE”), however, the

percentageisinexcessoftheRuleandRFArequirements.PertheRFAandRules,themaximumhard

costcontingency is5%

.Atthe April1,2022, FHFC Telephonic Boardmeeting,theBoard delegated

staff to approve contingency reserve increases upon recommendations by the credit underwriter.

SeltzerrecommendsthatFHFCapprovethecontingencyof8.00%.Staffapprovedtheincreaseinthe

hardcostcontingencyonMay31,2022.

2. According to the RFA, th

e Corporation will review the limited partnership agreement or limited

liability company operating agreement language on reserves for compliance with the RFA

requirement.Ifthelimitedpartnershipagreementorlimitedliabilitycompanyoperatingagreement

doesnotspecificallystatethatthepartieswillcomplywiththeCorporation’sRFArequirements,the

Corporationwillrequireaname

ndmentoftheagreementandwillnotissue IRSform(s)8609untilthe

amendmentisexecute dandprovidedtotheCorporation.TheRFAincludeslanguagerestrictingthe

dispositionofanyfunds remaininginanyoperatingdeficitreserve(s)afterthetermofthereserve’s

original purpose has terminated or is near ter

mination. The RFA also requires the Corporation to

reviewthelimitedpartnershipagreementorlimitedliabilitycompanyoperatingagreementlanguage

onreservesforcompliancewiththeRFArequirement.WhileFloridaHousingwillcontinuetorequire

theApplicanttoadheretoallrequirementsintheRFAincludingtherestrictionsonthedispositionof

any funds in an operating deficit res

erve account, Florida Housing will not monitor the limited

partnership agreement or limited liability company operating agreement language for compliance

withthesere quirements,asthiswouldrequireanalysisofalegalcontract.Thisdeviationwasincluded

asanInformationItemintheApril29,2

022FHFCBoardMeeting.

AdditionalInformation:

1. ToensurethattheSecondMortgageSAILmeetsorexceedsaminimumDSCof1.10to1.00,basedon

theprojections/estimatesandloanamountsinthisreport,theinterestrateofthepermanentperiod

First Mortgage Loan may not exceed 5.28%. Following the rate lock of the permanent period First

MortgageLoan, theServi

cerwillreviewandconfir m iftheDevelopmentisstillabletosupportthe

proposedFirstMortgageLoanamountof$11,750,000(resizedbySeltzer),orifafurtherreductionto

theloanamountisnecessary.TheServicer’sDSCconfirmationisaconditiontoclose.

2. SeltzerhasreceivedanappraisalfromIn

tegradatedMay17,2022,thatconfirmstheDevelopmentis

abletoachievemaximumallowable20 21HCRents.Anupdatedappraisalhasbeenen gagedbythe

firstmortgagelender,withSeltzerasanadditionalintendeduser, toconfirmwhetherthe2022HC

Rentsareachievableinthemark

et.Seltzerhasincludedthe2022HCRentsinthisCURandreceipt

and satisfactory review of the updated appraisal and confirmation that the 2022 HC Rents are

achievableisaconditiontoclose.

3. TheBorrowerhasappliedtotheITPforCHIRPandSeltzerhasreceivedtheapplication.Basedonthe

sizingcri

teriaandparameterssetforthintheCHIRPITP,theDevelopmentwillreceive$3,787,649in

additionalfunding.It isrequiredthattheBorrowerdeferatleast30% oftheDeveloperFeewhichis

currently estimated at 36.05%. It is anticipated that this funding will have terms and co

nditions

Exhibit E

Page 10 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I A-8

JUNE 9, 2022

identicaltotheSAILfundingappliedforthroughRFA2020‐205.Receiptands atisfactoryreviewofthe

amountofCHIRPfundingisaconditiontoclose.

4. TheUnitedStatesiscurrentlyunderanationaleme r gencyduetothespreadofthevirusknownas

COVID‐19.Theextentofthevirus’im

pacttotheoveralleconomyisunknown.Morespecifically,itis

unknown as to the magnitude and timeframe the r esidential rental market (e.g. absorption rates,

vacancyrates,collectionlo sses,appraisedvalue,etc.)andthecon s tructionindustry(e.g.construction

schedules, constructioncosts,subcontractors,insurance, etc.)will  be impacted.Reco mmendations

madeby Sel

tzerinthisreport,in  part,relyuponassumptionsmade bythird‐partyreportsthatare

unabletopredicttheimpactsofthevirus.

IssuesandConcerns:None

MitigatingFactors:None 

Recommendation:

SMG recommends FHFC fund MMRN in the amount of $24,00 0,000, a SAIL Second Mortgage in the

amountof$7,862,649,inclusiveofaSAILof$4,075,000andanestimated$3,787,649fromCHIRP,andan

ELI Third Mortgage in the amount of $600,000. SMG also recommends an Annual HC allocation of

$1,980,737beawardedtoSt.PeterClaverPlacePhaseIforcons

tructionandpermanent financing.

This recommendation is  based upon the assumptions detailed in the Report Summary (Section A)and

Supporting Information and Schedules (Section C). In addition,  this recommendation is subject to the

MMRNandSAILLoanConditionsandHCAllocationRecommendationandConting

encies(SectionB).The

readeriscautionedtorefertothesesectionsforcompleteinformation.

Thisrecommendationisonlyvalidforsixmonthsfromthedateofthereport.

Preparedby:Reviewedby:

  _________________

BrianBarthJoshuaScribner

SeniorCreditUnderwriterCreditUnderwriting Manager

Exhibit E

Page 11 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I A-9

JUNE 9, 2022

Overview

ConstructionFinancingSources

Source L ender Applicant

Revised

Applicant Underwriter

Interest

Rate

Constr uction

DebtService

Fi rs tMortga ge FHFCMMRN/Fi fthThird $14,500,000 $24,000,000 $24,000,000 5.13% $2,080,281

Se con dMo rtga ge FH FCSAIL $4,075,000 $4,075,000 $4,075,000 1.00% $40,750

Se con dMo rtga ge FH FCSAIL/CHIRP $0 $2,973,686 $3,787,649 0.00% $0

ThirdMortga ge FHFCSAILELI $600,000 $600,000 $600,000 0.00% $0

Fou rthMortgage CityofFortMyers $0 $700,000 $700,000 0.00% $0

Gran t CityofFortMyers $50,000 $50,000 $50,000 0.00% $0

HCEqui ty RJTCF $4,008,838 $6,324,100 $6,374,695

DeferredDe ve l ope rFe e Co‐Devel opers $4,228,779 $1,865,589 $1,780,280

Total $27,462,617 $40,588,375 $41,367,624 $2,121,031



TaxExemptConstructionLoan:

Applicant initially applied for $14,500,000 in Tax‐Exempt Note to be issued by Florida Housing for the

constructionandpermanentfinancingofSt.PeterClaverPlacePhaseI.OnMay9,2022,FloridaHousing

approvedtheApplicant’srequesttoincreasetheMMRNto$25,000,000.

ApplicantprovidedaTermSheetfromFifthThirdda

tedApril13,2022,forconstructionfinancingupto

$24,000,000. The initial term shall be 30 months from the closing date, with one, 6‐month extension

optionavailable.Theinterestratewillbebasedupontheone‐monthTermSecurityOvernightFinancing

Rate(“SOFR”)plusaspreadof2.45%,subjecttoaSO

FRfloorof0.50%.AsofJune7,2022,theone‐month

SOFRwas1.18396%,whichexceedsthefloorof0.50%.ForanyfutureincreasesintheSOFR,Seltzerhas

included an underwriting cushion of 150 basis points, resulting in an all in interest rate of  5.13%. The

constructiondebtservicecalcula

tionabovereflectstheMMRNfundedatanaverageof57%duringthe

constructionphase.Anoriginationfeeof0.75%ofthetotalTELamountwillbepayableatclosing.

TheannualFHFCIssuerFeeof24basispoints(0.24%)oftheTELandtheannualFiscalAgentFeeof$4,500

areincl

udedintheUsessectionofthisreport.

OtherConstructionSourcesofFunds:

Additional sources of funds  for this Development during construction consist of SAIL in the amount of

$7,862,649,inclusiveofaSAILof$4,075,000andanestimated$3,787,649fromCHIRP,anELIloaninthe

amountof$600,000,CityofFortMyersfundingintheamountof$700,000,a CityofFortMy

ersgrantin

theamountof$50,000,HousingCreditequityof$6,374,695,anddeferredDeveloperFeesintheamount

of$1,780,280.SeethePermanentFinancingsectionbelowfordetails.

Exhibit E

Page 12 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I A-10

JUNE 9, 2022

PermanentFinancingSources

Source Lender Applicant

Revised

Applicant Underwriter

Interest

Rate

Amort .

Yrs.

Term

Yrs.

Annual

Debt

Fi rstMo rtgage

FHFCMMRN/BellWether

/Freddi e Ma c

$10,755,000 $11,750,000 $11,750,000 5.24% 40 17 $702,461

Se co ndMortgage FHFCSAIL $4,075,000 $4,075,000 $4,075,000 1.00% N/A 17.5 $40,750

Se co ndMortgage FHFCSAIL/CHIRP $0 $2,973,686 $3,787,649 1.00% N/A 17.5 $37,876

Th ird Mortga ge FHFCSAI LELI $600,000 $600,000 $600,000 0.00% N/A 17.5 $0

FourthMortga ge CityofFortMy ers $0 $700,000 $700,000 0.00% N/A 50 $0

Gran t CityofFortMyers $50,000 $50,000 $50,000 0.00% N/A N/A $0

HCEqui ty RJTCF $8,908,529 $18,068,856 $18,213,414

De f.De vel ope rFe e Co‐Devel opers $3,074,088 $2,370,833 $2,191,561

Total $27,462,617 $40,588,375 $41,367,624 $781,087



TaxExemptPermanentLoan:

ApplicantprovidedacommitmentletterfromBellWetherdatedApril13,2022,forpermanentfinancing

forSt. PeterClaverPlacePhaseI. Uponsatisfactionofthe conditionsforconversion,asdeterminedby

BellWether,BellWetherwillpurchasetheTELfromFifthThirdatwhichtimetheloanwillbereducedtoa

maximuma

mountof$11,958,000,currentlyestimatedat$11,750,000bytheApplicant.

Loaninterestisbasedonafixedratelockedatconstructionloanclosing equaltothe10‐yearTreasury

Indexplusaspreadof226bps(2.26%).AsofJune7,2022,the10‐yearTreasuryIndexwas2.98%.Based

oncurrentra

tesSMGestimatesthe“all‐in”interestrateat5.24%.Thetermoftheloanshallbe17years

withmonthlyprincipaland inter estpaymentsduetofullyamortizetheloanovera40‐yearschedule.

Thepermanentloanwillmatureseventeen(17)yearsfollowingtheterminationoftheConstru

ctionPhase

andconversiontothePermanentPhase.Atmaturity,BorrowermaysatisfytheMMRNviarefinanceor

saleoftheDevelopmentpendingmarketfeasibility.IntheeventtheBorrowerisunabletorefinance or

effectuateasaletofundpayoffoftheMMRN,sucheventwouldnotcauseaneventofdefau

ltunderthe

loan documents. Rather, should this situation occur, it would trigger a “Mortgage Assignment Event”

wherebytheBellWetherdesigneeagreestocanceltheMMRNinexchangeforanassignmentbytheFiscal

Agentofthemortgageandallotherrelateddocumentsandaccounts.TheFiscalAgentwouldcan

celthe

MMRN and dischargethe lienof the Funding Loan Agreement, anditwould thenassignthe  mortgage

loan (Project Loan) and any other related documentation and collateral to a BellWether designee,

effectivelyendingthetransaction.Underthis  scenario,theMMRNwill havebeen  redeemed/cancelled

notbypaymentofcashbu

tbytheassignmentofthemortgageloandocumentsandthereisnodefault.

Asthenewdirectmortgagee,aBellWetherdesigneewouldthenbeinpositiontoworkwiththeBorrower

toarriveataresolutionwithoutinvolvementofeitherFHFCortheFiscalAgent(astheMMRNwouldhave

beencancelle

dandwouldnolongerbeoutstanding).

Annualpaymentsofallapplicablefeeswillberequiredandareincludedinthedebtservicecoverageratio.

FeesincludePermanentLoanServicingFeetobepaidannuallybasedon2.3basispoints(0.023%)ofthe

outstandingMMRNamountoraminimumof$229permon

th;AnnualComplianceMonitoringFeebased

onamonthlybase feeof$178andanadditionalfeeperset‐asideunitof$10.91,subjecttoaminimum

of$278permonth;andanannualFiscalAgentFeeof$4,500andanannualIssuerFeebasedon24basis

points(0.24%

)ontheoutstandingMMRNbalance.

 

Exhibit E

Page 13 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I A-11

JUNE 9, 2022

SAIL

BorrowerappliedtoFHFCunderRFA2020‐205forSAILfundsintheamountof$4,075,000.TheBorrower

has subsequently applied to CHIRP for additional funding. Based on the application to FHFC and the

requirements of the  CHIRP ITP, the Borrower has been tentatively awarded $3,787,649 in additional

funding.TheDevelopmentwillre

ceiveSAILfundsintheamountof$7,862,649.TheCHIRPSAILtermswill

bemadeunderthe sametermsoftheoriginalSAIL.TheSAILandtheCHIRP SAILwillbeclosedasoneloan

andwillhaveonesetofloandocuments.

SAILwillhaveatotaltermof20.5years,ofwhich36monthsisforthecons

truction/stabilizationperiod.

AsrequiredbyFreddieMacandpermittedbyRule67 ‐48,theSAILtermwillbeco‐terminuswiththefirst

mortgageplussixmonths.The Applicantshallnot beobligatedtopaymorethan75%ofdevelopmen

t

surpluscashonanannualbasisasrequiredbyFreddieMac’sRegulatoryAgreement.TheSAILwillbenon‐

amortizingandwillbear1.00%simpleinterestperannum.Anyunpaidinterestwillbedeferreduntilcash

flow is available.Atthe maturity of the SAIL, however, all principal and unpaid interest is due. Annual

paymentsofallapplicabl

efeeswillberequired.TheAnnualPermanentLoanServicingFeeisbasedon25

bpsofthe outstandingloanamountwithamaximumof$909permonth,subjecttoaminimumof$229

permonth.TheComplianceMonitoringFeeisbasedonanannualmulti

pleprogramfeeof$993.

ELILoan

Non‐Self Sourced Applicants who submitted an Application for RFA 2020‐205 are also eligible for ELI

fundingfortherequiredELIset‐asideunitsnottoexceedthelesserof(a)$600,000;or(b)themaximum

amountbasedontheELIset‐asideperunit limitsfor10%ofthetot

alunits.TheELIloanisintheformof

aforgivableloanintheamountof$600,000.

TheELIAMIforLeeCountyis33%.TheBorrowercommittedtosetaside10%oftheunits(14units)ator

below33%ofAMIforELI.TheELIloanisnon‐amortizi

ngat0.00%simpleinterestperannum.Theprincipal

isforgivableatmaturityprovidedtheunitsforwhichtheELIloanamountisawardedaretargetedtoELI

Householdsforthefirst15yearsofthe50yearCompliancePeriod.However,after15years,alloftheELI

setasideuni

tsmayconverttoserveresidentsatorbelow60%AMI.ThePersonswithSpecialNeedsset‐

asiderequirementmustbemaintainedthroughoutthe50yearCompliancePeriod.TheELIloanwillhave

atotaltermof20.5years,ofwhich36monthsisfortheconstruction/stabilizationperiod.Asrequiredby

FreddieMac,theELIloantermwillbeco‐terminuswi

ththefirstmortgageplussixmonths.TheApplicant

shallnotbeobligatedtopaymorethan 75%ofdevelopmentsurpluscashonanannualbasisasrequired

by Freddie Mac’s Regulatory Agreement. An nual payments of all applicable fees will be required. Th

e

AnnualPermanent LoanServicingFeeisbasedon25bpsoftheoutstandingloanamount withamaxi mum

of$909permonth,subje cttoaminimumof$229permonthand theComplianceMonitoringFeeisbased

onanAnnualMultipleProgramFeeof$993.

CityofFortMyers

OnMay2,20 22,theCityCounciloftheCityofFortMyersappro v edafinancialcommitmentof$700,000

totheApplicantforgapfinancingoftheDevelopment.ThisawardisconfirmedinResolutionNo.2022‐

22.

TheApplicantprovidedaLoanAnalysisspreadsheetpreparedbyHousingandCommunityDevelopment

ConsultingFir

m,LLC,reflectingthetermsofthefundingsource.Basedonthespreadsheet,the$700,000

Exhibit E

Page 14 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I A-12

JUNE 9, 2022

will be split between ARPA SLRF funds in the amount of $654,968 and other funds in the amount of

$45,032.Thefundswillbeara0%interestrateovera50yearterm.

CityofFortMyers

Intheapplication,theApplicantincludedaLocalGovernmentVerificationofContribution–GrantForm

reflecting$50,000beingcommittedfromtheCityofFortMyers.IndiscussionswiththeCityofFortMyers,

itwasnotedthattherearenoparticularterms forthesegrantfunds.Therearenorepaymenttermsand

there will no

t be a mortgage or note associated with this funding. The funds will be available at

construction loan closing with the stipulation that the Applicant must maintain the property as an

AffordableHousingDevelopmentasrequiredbytheSAILprogramand TaxCredits. 

HousingCreditsEquityInvestment:

TheBorrowerhasappliedtoFloridaHousingtoreceive4%HousingCreditsdirectlyfromtheUnitedStates

Treasuryinconjunctionwithtax‐exemptfinancing.AHCcalculationiscontainedinExhibit4ofthiscredit

underwritingreport.

BaseduponaMay15,2022,LOI,RJTCForanaffiliatewillpurchasea99.99%mem

bershipinterestinthe

ApplicantandprovideHCequityasfollows:

CapitalContributions Amount

Percentof

Total WhenDue

1s tIns tallment $2,732,012 15.00% Atcl os ing

2ndInsta l l ment $910,671 5.00% At50%cons tructi oncompleti on

3rdIns tallment $2,732,012 15.00% At98%cons tructi oncompl eti on

4thIns ta llment $5,652,910

31.04% At100%cons tructi oncompl e ti on

5thIns ta llment $6,185,809 33.96% Projectstabilizationandre cei ptof8609s

Tota l $18,213,414 100.00%



AnnualTaxCreditsperSyndicationAgreement: $2,023,915

TotalHCAvailabletoSyndicator(10year s): $20,237,126

SyndicationPercentage(investormemberinterest): 99.99%

CalculatedHCExchangeRate(perdollar): $0.90

ProceedsAvailableDuringConstruction:  $6,374,695

At least 15%  of the total equity will be provided prior to or simultaneous with the closing of  the

constructionfinancin

g.



OtherPermanentSourcesofFunds:

Inordertobalancethesourcesandusesoffundsafterallloanproceedsandcapitalcontributionspayable

undertheRJTCFLOIhavebeenreceived,theDeveloperwillhavetodefer$2,191,561ofDeveloperFees.

Exhibit E

Page 15 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE A-13

JUNE 9, 2022

UsesofFunds

CONSTRUCTIONCOSTS:

ApplicantCost

Revised

ApplicantCost

Underwrite rsTotal

Costs‐CUR CostPerUnit

HCIneligible

Costs‐CUR

AccessoryBuildings

$312,500 $0

Demolition

$0 $0

InstallationofPr eFabUnits

NewRentalUni ts

$15,849,467 $ 22,131,488 $18,634,501.88 $137,018

Off‐SiteWork

$0 $0

Re creationalAmenities

Re habofExisti ngCommonArea s

Re habofExisti ngRentalUnits

SiteWork

$3,496,986.06 $25,713 $174,849

SwimmingPool

Furniture,Fixture,&Equipment

HardCo stContingency‐inCon str.Cont.

Constr.Contr.CostssubjecttoGCFee

$16,161,967 $ 22,131,488 $22,131,487.94 $162,732 $174,849

GeneralConditions

$2,050,000 $2,877,093 $1,106,574.40 $8,137

Over hea d

$442,629.76 $3,255

Profi t

$1,327,889.27 $9,764

Builder'sRiskIns urance

$153,600 $153,600.00 $1,129

GeneralLiabilityIns urance

$179,200 $179,200.00 $1,318

Pa ymentandPer formanc eBonds

$256,000 $256,000.00 $1,882

ContractCostsnotsubjecttoGCFee

Total Cons tructi onContrac t/Costs

$18,211,967 $ 25,597,381 $25,597,381.37 $188,216 $174,849

HardCo stContingency

$830,000 $2,047,790 $2,047,790 $15,057

PnPBondpaidoutsideCon str.Contr.

$170,000 $0

FeesforLOCusedas Constr.Surety

Demolitionpa idoutsideConstr.Contr.

FF&Epaid outsideConstr.Contr.

$50,000 $50,000 $50,000 $3 68

Other:

$19,261,967 $27,695,171 $27,695,171 $203,641 $17 4,849

TotalConstructionCosts:



NotestotheConstructionCosts:

1. The Applicant has provided an executed AIA Document A102‐2017 Standard Form of Agreement

betweenOwnerandContractorwherethebasisofpaymentistheCostoftheWorkplusaFeewitha

Guaranteed Maximum Price dated April 5, 2022, in the amount of $25,597,381.37. Th

e contract

providesforadateofcommencementthatshallbethedatethatisten(10)calendardaysfromreceipt

oftheNoticetoProceed,NoticeofCommencementandIssuanceofPermits,whicheverislater.The

Agreementcallsforachievementofsubstantialcompletiontooccurnotlaterthan550daysfr

omthe

dateofcommencement(approximately18months).Ten(10%)percentretainagewillbewithheldon

all work performed up to 50% completion. At the time Contractor achieves 50% completion, the

retainageshallbereducedtofive(5%)percent.

AllowancesintheGMPAgreement

 IrrigationWells&Pumps‐$20,000

 SiteFurnishi

ngs‐$5,000

 BikeRacks‐$ 2,500

Exhibit E

Page 16 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE A-14

JUNE 9, 2022

 PlayStructures‐$35,000

 ArchitecturalWoodwork‐$25,000

 Signs‐$13,600

 MonumentSigns‐$20,000

 ClubhouseAppliances‐$5,000

 RadonMitigation‐$20,400

 DryUtilities‐$10,000

 DASSystems‐$7,500

 CCTV/Surveillance‐$5,000

 AccessControl‐$5,000

 RelocateUtilities‐$5,000 

 TotalAllowances‐$179,000

GLE is of the opinion that  the allowances are within an a

cceptable range for  the scope of work 

indicated.

Final payment will  be made when the General Contractor has fully performed the contract, the

GeneralContractorhassubmittedafinalaccountingfortheCostoftheWorkandafinalapplication

forpayment,finalcertificateforpaymen

thasbeenissuedbytheArchitect.TheOwner’sfinalpayment 

totheGeneralContractorshallbemadenolaterthan10daysaftertheArchitect’sfinalCertificatefor

Payment.

2. SMG received the General Contractor’s Certification of Requirements, whereby the General

Contractoracknowledgesandcommitstoadheretoal

lrequirementsrelatedtoaGeneralContractor

aspublishedwithinRuleChapters67‐21and67‐48(“Rules”),FloridaAdministrativeCode.

3. GeneralContractorfeesasstatedarewithinthe14%maximumpertheRFAandRules.Builder’sRisk

insurance, General liability insurance, and payment and performance bond costs reflected in th

e

schedule of values are excluded from construction hard costs in the General Contractor fee

calculation.

4. The hard cost contingency of 8.00% is based on the Applicant’s estimate and is supported by the

recommendations of the Plan and Cost Analysis (“P C A”) from GLE Associates, Inc. (“GLE”). Seltzer

recommendsFHFCapprov

edthecontingencyof8.00%.

5. SMGengagedandreceivedaPCAfromGLE.CompleteresultsaresetforthinSectionCofthiscredit

underwritingreport.

Exhibit E

Page 17 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE A-15

JUNE 9, 2022

GENERALDEVELOPMENTCOSTS:

ApplicantCost

Revised

ApplicantCost

Underwrite rsTotal

Costs‐CUR CostPerUnit

HCIneligible

Costs‐CUR

Acc ountingFees

$35,000 $35,000 $35,000 $2 57 $17,500

Appraisal

$10,000 $15,000 $15,000 $1 10

Architect's andP lanningFees

Architect's Fee‐GreenInitiative

Architect's Fee‐Landscape

Architect's Fee‐Site/Bu ildingDesign

$205,500 $274,000 $274,000 $2,015

Architect's Fee‐Supervision

$68,500 $68,500 $68,500 $5 04

BuildingPermits

$175,000 $176,287 $176,287 $1,296

Builder'sRiskIns urance

$95,000 $0

CapitalNeeds Assessment/Rehab

Engineeri ngFees

$250,000 $250,000 $250,000 $1,838

Envi ronmentalReport

$15,000 $25,000 $25,000 $1 84

FederalLaborStandar dsMonitoring

FHFCAdmi ni s trati veFees

$91,500 $172,660 $178,267 $1,311 $178,267

FHFCApplicationFee

$3,000 $3,000 $3,000 $22 $3,000

FHFCCreditUnderwritingFee

$25,000 $25,243 $30,239 $2 22 $30,239

FHFCComplianceFee

$210,000 $0 $0

FHFCOtherProcessingFee(s)

ImpactFee

$874,599 $874,599 $6,431

LenderInspectionFees/ConstAdmi n

$35,000 $50,000 $50,000 $3 68

GreenBuildingCert.(LEED,FGBC,NGBS)

$20,000 $37,880 $37,880 $2 79

Home EnergyRatingSystem(HERS)

Ins urance

$109,600 $191,800 $191,800 $1,410

Legal Fees‐OrganizationalCosts

$220,000 $245,000 $245,000 $1,801 $122,500

Loca l SubsidyUnder writingFee

MarketStudy

$10,000 $10,000 $10,000 $74 $10,000

MarketingandAdvertising

$25,000 $25,000 $25,000 $1 84 $25,000

PlanandCostReviewAnalysis

PropertyTaxes

$10,000 $10,000 $10,000 $74

SoilTest

$15,000 $15,000 $15,000 $1 10

Survey

$30,000 $30,000 $30,000 $2 21 $7,500

TenantRelocationCo sts

TitleIns uranceandRecordingFees

$215,000 $215,000 $215,000 $1,581 $53,750

TrafficStudy

UtilityConnectionFees

$15,000 $574,868 $574,868 $4,227

SoftCostContingency

$100,000 $224,055 $175,044 $1,287

Other: Priva teInspecti ons

$116,450 $116,450 $8 56

$1,988,100 $3,664,342 $3,625,934 $26,661 $44 7,756

TotalGeneralDevelopmentCosts:



NotestotheGeneralDevelopmentCosts:

1. Architect’sFeesforSite/BuildingDesignandSupervisionarebasedontheAgreementbetweenOwner

andArchitect,PDSArchitecture,Inc.datedMay26,2021.

2. EngineeringFeesarebasedontheProposalforProfessionalServicesbyandbetweentheOwnerand

BarracoandAssociates,Inc.datedMarc

h15,2016,andrevisedSeptember21,2016.Seltzerwasalso

providedAddendums1‐5foradditionalservicesrendered.

3. TheFHFCAdministrativeFeeisbasedon9%oftherecommendedannual allocationofHC.TheFHFC

Application Feeis reflective oftheappl ication fees statedin RFA 2020‐205andthe CHIRP IT

P.The

totalFHFCCreditUnderwritingFeesare$30,239consistingof$25,243forUWand$4,996forCHIRP.

Exhibit E

Page 18 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE A-16

JUNE 9, 2022

4. ImpactFeesarebasedontheApplicant’sestimate.ApplicanthasprovidedaLeeCountyImpactFees

RateScheduleforMultifamily2‐storyand3‐storyBuildings.

5. GreenBuildingCertificationFeesarebasedontheProposalby andbetweentheOwnerandE3Design

Group,Inc.datedJanuary20,2022.

6. Utili

ty Connection Fees are based on the Applicant’s estimate. Applicant provided a Lee County

CalculationofConnection/CapacityFees.

7. Softcostcontingencyhasbeenlimitedto5%asrequiredperRFAandRules.

8. OtherGeneralDevelopmentCostsarebasedontheApplicant’sestimates,whichappearreasonable.

 

Exhibit E

Page 19 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE A-17

JUNE 9, 2022

ApplicantCost

Revised

ApplicantCost

Underwrite rsTotal

Costs‐CUR CostPerUnit

HCIneligible

Costs‐CUR

Cons tructi onLoanApplicationFee

Cons tructi onLoanUnderwritingFee

Cons tructi onLoanOriginationFee

$145,000 $180,000 $180,000 $1,324

Cons tructi onLoanCommi tmentFee

Cons tructi onLoanClosingCosts

$10,000 $10,000 $74

Cons tructi onLoanInterest

$550,000 $1,350,000 $2,080,281 $15,296 $1,026,792

Cons tructi onLoanServicingFees

Per ma nentLoanApplicationFee

$11,750 $11,750 $86 $11,750

Per ma nentLoanUnderwri ti ngFee

$0 $0

Per ma nentLoanSubsidyLayeri ngRev.

$0 $0

Per ma nentLoanCommitmentFee

$0 $0

Per ma nentLoanOriginationFee

$107,550 $117,500 $117,500 $864 $117,500

Per ma nentLoanClosingCosts

$59,063 $59,063 $434 $59,063

Per ma nentLoanInterest

$0 $0

Per ma nentLoanServicingFee

$0 $0

FHFCNoteShort‐Te rmRedemptionFee

$0 $0

FHFCNoteFiscalAgentFee

$13,500 $99 $13,500

FHFCNoteCreditEnhancementFee

$0 $0

FHFCNoteCostofIssuance

$300,000 $285,459 $285,459 $2,099 $285,459

FHFCNoteInterest

$0 $0

FHFCNoteServicingFee

$0 $0

SAILCommi tmentFee

$40,750 $78,626 $578 $78,626

SAILClo singCosts

$0 $0

SAILInterest

$0 $0

SAILServicingFee

$0 $0

SAIL‐EL ICommitmentFee

$6,000 $6,000 $44 $6,000

SAIL‐EL IClosingCosts

$0 $0

SAIL‐EL IServicingFee

$0 $0

Legal Fees‐FinancingCosts

$140,000 $140,000 $1,029 $70,000

NegativeArbi trage

ForwardRateLockFee

Pl a cementAgent/UnderwriterFee

$35,000 $2 57 $35,000

InitialTEFRAFee

$1,000 $7 $1,000

FHAMIP(Prepayment)

FHAExamFee

NIBPCo mmitmen tFee

Other: SyndicatorLegal

$40,000 $40,000 $40,000 $294 $40,000

Other: FHFCIssuerFee

$172,800 $172,800 $1,271 $172,800

Other:

$1,142,550 $2,413,322 $3,230,979 $23,757 $1,917,490

$22,392,617 $33,772,835 $34,552,084 $254,059 $2,540,096

Dev.Cost sbeforeAcq.,Dev.Fee&Reserves

FINAN CIALCOSTS:

TotalFinancialCosts:



NotestotheFinancialCosts:

1. Construction Loan Origination Fee is based on 0.75% of the loan amount per the Fifth Third Term

Sheet.

2. Construction Loan Interest is based on SMG’s estimate . Interest is based on the construction

completionandabsorptionestimatesincludedinthe constructionschedul eandMarketS tudy.The

estimateassumesan“all‐in”interestrateof5.13%aconstruction/stabilizationperiodof28months,

and57%oftheMM

RNoutstanding(onaverage)duringtheconstructionschedule.

Exhibit E

Page 20 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE A-18

JUNE 9, 2022

3. PermanentLoan Application  FeerepresentstheFreddie MacApplication Feeof 10bpsof theloan

amountpertheBellWethercommitmentletter.

4. PermanentLoanOriginationFeeisbasedon1.0%oftheloanamountpertheBellWethercommitment

letter.

5. FHFCNote FiscalAgentFee of$13,500representsthree(3

)yearsoftheannualFiscalAgentFeeof

$4,500duringtheconstructionperiod.

6. FHFCNoteCostofIssuanceincludesfeesandexpensesoftheIssuer,Real EstateCounselforMMRN

SAIL,andELI,NoteCounselandDisclosureCounselFees, FiscalAgentFee,ServicerClosingFeeand

otherfees.

7. SAILCommi

tmentFeeconsistsofa1%SAILcommitmentfeebasedontheSAIL/CHIRPamount.

8. SAIL‐ELICommitmentFeeconsists ofa1%ELIcommitmentfeebasedontheELILoanamount.

9. Syndicator Legal represents the cost fo r legal fees and other closing costs associated with the tax

creditequityprovidedbyRJTCF

.

10. FHFCIssuerFeerepresentsthree(3)yearsoftheannualIssuerFeeof24basispoints(0.24%)during

theconstructionperiodonthetotalnoteamount.

ApplicantCosts

Revised

ApplicantCosts

UnderwritersTotal

Costs‐CUR CostPerUnit

HCIneligible

Costs‐CUR

Broke rageFees ‐Building

$0 $0

BuildingAc quisition Cost

DeveloperFeeonNon‐LandAcq.Costs

$0 $0

Other:

$0 $0 $0 $0 $0

NON‐LANDACQUISITIONCOSTS

TotalNon‐LandAcquisitionCosts:



NotestotheNon‐LandAcquisitionCosts:

1. Sincethisisanewconstructiondevelopment,therearenonon‐landacquisitioncosts.

ApplicantCosts

Revised

ApplicantCosts

UnderwritersTotal

Costs‐CUR CostPerUnit

HCIneligible

Costs‐CUR

DeveloperFee‐Unappo r tioned

$4,020,000 $6,079,110 $6,079,110 $44,699

DFtofundOpera tingDebtReserve

DFtoBrokerageFees‐Land

$0 $0

DFtoExcess La ndCosts

DFtoExcess BldgAcquisitionCo sts

DFtoConsulta ntFees

DFtoGuarantyFees

Other:

$4,020,000 $6,079,110 $6,079,110 $44,699 $0

DEVELOPERFEEON NON‐ACQUISTIONCOSTS

TotalOtherDevelopmentCosts:



NotestotheOtherDevelopmentCosts:

1. Developer Fee has been limited to 18% of the Development’s construction cost, exclusive  of land

acquisitioncostsandreserves,asrequiredpertheRFAandRules.

Exhibit E

Page 21 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE A-19

JUNE 9, 2022

ApplicantCosts

Revised

ApplicantCosts

UnderwritersTotal

Costs‐CUR CostPerUnit

HCIneligible

Costs‐CUR

BrokerageFees ‐Land

$0 $0 $0

LandAc quisitionCost

$0 $0

Land

$400,000 $400,000 $400,000 $2,941 $400,000

LandLeasePayment

$0 $0

LandCarryi ngCo sts

$0 $0

Other:

$0 $0

$400,000 $400,000 $400,000 $2,941 $400,000

LANDACQUISITIONCOSTS

TotalAcquisitionCosts:



NotestotheLandAcquisitionCosts:

1. The Applicant provided a Contract for Sale of Real Estate (“Contract”) dated October 15, 2020,

betweenFrankJ.Dewane,asBishopoftheDioceseofVenice(“Seller”)andSt.PeterClaverPlace,Ltd.

(“Purchaser”).Thepurchasepriceisreflectedtobe$400,000.Theclosingdatesh

allbenolaterthan

24monthsfollowingthedateofnotification,definedasnoticeofawareofsaidfundsfortheproposed

Development.ThedateofinvitationtounderwritingwasJune24,2021;therefore,theclosingdate

shallbenolaterthanJune24,2023.

AFirstAmendmenttoContractwaspr

ovideddatedMarch3,2022,amendingthelegaldescription

andprovidinganupdatedboundarysurveyfortheincreaseinthesitefrom10.44acresto11.38acres.

Theappraisedvalueofthevacantlandis$1,630,000,whichsupportsthepurchaseprice.

ApplicantCosts

Revised

ApplicantCosts

Underwrite rsTotal

Costs‐CUR CostPerUnit

HCIneligible

Costs‐CUR

Oper a ti ngDeficitReserve(FHFC)

$0 $0

Oper a ti ngDeficitReserve(Lender)

$0 $0

Oper a ti ngDeficitReserve(Syndicator)

$336,430 $336,430 $2,474 $336,430

DebtServiceCoverageReserve(FHFC)

$0 $0

DebtServiceCoverageReserve(Lender)

$0 $0

DebtServiceCoverageReserve(Syndicator)

$0 $0

ReplacementRese rves(FHFC)

$0 $0

ReplacementRese rves(Lender )

$0 $0

ReplacementRese rves(Syndicator)

$0 $0

Re serves‐Start‐Up/Leas e‐upExpenses

$0 $0

Re serves‐Worki ngCapital

$0 $0

Other:

$0 $0

$0 $336,430 $336,430 $2,474 $336,430

RESERVEACCOUNTS

TotalReserveAccounts:



NotestoReserveAccounts:

1. Reserves – Operating Deficit is the Operating Deficit Reserve (“ODR”) required by the Syndicator

(RJTCF).AttheendoftheCompliancePeriod,anyremainingbalanceoftheODRlessamountsthat

may be permitted to be drawn (which includes Deferred Developer Fee and reimbursements for 

authorized memb

er/partner and guarantor loan(s) pursuant to the operating/partnership

agreement), will be used to pay FHFC loan debt; if there is no FHFC loan debt on  the proposed

Development at the end of the Compliance Period, any remaining balance shall be used to pay

outstandingFHFCfees.IfanybalanceisremainingintheOD

Rafterthepaymentsabove,theamount

should be placed in a Replacement Reserve account for the Development. In no event shall the

payments of amounts to the Applicant or the Developer from the Reserve Account cause  the

Exhibit E

Page 22 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE A-20

JUNE 9, 2022

DeveloperFee orGeneral ContractorFeeto exceedtheapplicable percentage limitationsprovided

forintheRule.Anyandall termsandconditionsoftheODRmustbeacceptabletoFloridaHousing,

itsServiceranditsLegalCounsel.

In exchange for receiving funding from the Corporation, the Corporation reserves the authority to

restrictthedi

spositionofanyfundsremaininginanyoperatingdeficitreserve(s)afterthetermofthe

reserve’s original purpose has terminated or is ne ar termination. Authorized disposition uses  are

limited to payments towards  any ou tstanding loan balances of the Development funded from the

Corporation,any outstandingCorporationfees, anyunpaid costs incurredin thecomp

letion ofthe

Development(i.e.,deferredDeveloperFee),theDevelopment’scapitalrepla cementreserveaccount

(provided,however,thatanyoperatingdeficit reservefunds depositedtothe replacementreserve

accountwillnotreplace,negate,orotherwisebeconsideredanadvancepaymentorpre‐fundingof

theApplicant’sobligationtoperiodicallyfundthereplacementreserveaccoun

t),thereimbursement

of any loan(s) provided by a partner, member or guarantor as set forth in the Applicant’s

organizationalagreement(i.e.,operatingorlimitedpartnershipagreement).Theactualdirectionof

thedispositionisattheApplicant’sdiscretionsolongasitisanoptionpermittedbytheCorpo

ration.

In no event, shall the payment of amounts to the Applicant or the Developer from any operating

deficitreserveestablishedfortheDevelopmentcausetheDeveloper FeeorGeneralContractorfee

toexceedtheapplicablepercentagelimitationsprovidedforinthisRFA. 

ApplicantCost

Revised

ApplicantCost

UnderwritersTotal

Costs‐CUR CostPerUnit

HCIneligible

Costs‐CUR

$26,812,617 $ 40,588,375 $41,367,624 $304,174 $3,276,5 26

TOTALDEVELOPMENTCOSTS:

TOTALDEVELOPMENTCOSTS



NotestotheTotalDevelopmentCosts:

1. Per RFA 2020‐205, Total Development Cost (“TDC”) is limited on a per unit basis based on the

constructiontypeoftheunitsasindicatedbytheApplicant.TheApplicanthasindicatedaconstruction

typeof Garden–ESSCConstruction,whichhadamaximumallo

wableperunitcostof$274,300.00.

BasedonchangestoTDClimitsasapprovedatpreviousFHFCBoardmeetings,mostrecentlytheApril

1,2022,TelephonicFHFC Boardmeeting,themaximum allowableperunitcostis $403,725.38. St.

PeterClaverPlacePhaseI’sfinalTDCperunitis$298,758.78.

Exhibit E

Page 23 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE A-21

JUNE 9, 2022

OperatingProforma

ANNUAL PERUNIT

$1,617,804 $11,896

$0 $0

$10,200 $75

$0 $0

$1,628,004 $11,971

Economi cLos s‐Percenta ge: 0.0% $0 $0

Physi ca l VacancyLos s‐Pe rcentage: 3.0% ($48,840) ($359)

CollectionLos s ‐Percenta ge: 1.0% ($16,280) ($120)

$1,562,884 $11,492

$26,000 $191

$108,800 $800

Ma na geme ntFe e ‐Percenta ge: 5.0% $78,144 $575

$61,200 $450

$161,432 $1,187

$59,296 $436

$14,824 $109

$47,192 $347

$33,048 $243

$2,040 $1 5

$7,208 $5 3

$0 $0

$7,752 $5 7

$40,800 $300

$647,736 $4,763

$915,148 $6,729

$702,461 $5,165

$78,626 $578

$0 $0

$39,068 $287

$11,901 $88

$3,741 $2 8

$0 $0

AllOtherMortga ge s Fe es‐ $0 $0

$835,797 $6,146

$79,351 $583

Fi rstMo rtgage Fees‐FHFCMMRN/BellWether/

Se co ndMortga ge Fe e s‐FHFCSAI L/CHIRP

Th i rdMortgage Fees

‐FHF

CSAI LELI

Fourth MortgageFe e s‐Ci tyofFortMye rs

Fi fth Mo rtgage Fe e s‐Ci tyofFo rtMyers

OPERATINGPROFORMA

INCOME

Gro ssPotentia l Renta lIncome

OtherIncome:

Anci llaryIncome‐Pa rki ng

Miscellaneous

Washer/Drye rRe n tals

Cable/SatelliteIncome

Gro ssPotentia l Income

Less:

TotalEffectiveGrossRevenue

TotalExpenses

Ge neral andAdministrative

Pa yrol l Expenses

Utilities

Ma rke ti ngandAdvertis ing

Ma i nte na nce andRe p a irs

Grounds Ma i nte na nceandLands ca pi ng

EXPENSES

Fi xe d:

Re alEs ta teTaxes

Insurance

Variab le:

Res i de ntProgra ms

Contra ctSe rvices

Se cu ri ty

Other‐PestCon trol

Re se rve fo rReplacements

NetOperatingIncome

DebtServicePayments

DEBTSERVICE

Fi rstMo rtgage ‐FHFCMMRN/BellWether/Fre d

Se co ndMortga ge ‐FHFCSAIL/CHIRP

Th i rdMortgage ‐FHFCSAI LELI

Fourth Mortgage‐Ci tyofFo rtMyers

Fi fth Mo rtgage ‐Ci tyofFo rtMyers

AllOtherMortga ge s ‐

TotalDebtServicePayments

CashFlowAfterDebtServ ice



Exhibit E

Page 24 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE A-22

JUNE 9, 2022

1.234

1.100

1.095

41.4%

91.3%

DSC‐Se con dMo rtgage pl us Fe e s

DebtServiceCoverageRatios

DSC‐FirstMortgagepl us Fe e s

OperatingExpens eRati o

Bre ak‐EvenRati o

DSC‐ThirdMortgage pl us Fe e s

DSC‐Fo urth Mo rtgage pl us Fe e s

DSC‐FifthMo rtgagepl us Fees

DSC‐AllMortgage sandFe e s

FinancialRatios



NotestotheOperatingProformaandRatios:

1. TheMMRNprogramdoesnotimposeanyrentrestrictions;however,theDevelopmentwillbeutilizing

Housing Credits, SAIL and ELI which will impose rent restrictions. St. Peter Claver Place Phase I is

projected to achieve 2021 Maximum Allowable HC Rents published byFlorida Housing onal

lunits

basedupontheappraiser’sestimateofachievablerentspercomparablepropertiessurveyed.Seltzer

hasincludedthe2022HCRentsintheProForma.AnupdatedAppraisalisinprocessandreceiptand

satisfactory review of the Appraisal and confirmati on that the 2022 HC Rents are achiev

able is a

condition to close. The Applicant engaged Matern Professional Engineering, Inc. of Maitland, FL to

prepare a UA Energy Consumption Model Estimate. This model was approved by Florida Housing

September20,2021.Themodelreflectstheresidentspayingforelectricity,waterandsewerandthe

Applicant paying for common area el

ectric and trash pick‐up. No manager/employee units are

anticipatedatthistime.

ArentrollfortheDevelopmentisillustrated inthefollowingtable:

MSA/County: CapeCoral–FortMyersMSA/LeeCounty

$555

$1,119

Net

Restricted

Rents

$483

$972

$555

$1,119$1,119

AnnualRental

Inc o me

$40,572

$46,620

Bed

Rooms

2.0

Bath

Rooms

2.0

PBRA 

Contr

Rents

2.0

$6901,160

1,160

AMI%

33%

Utility

Allow.

$114

GrossHC

Rent

$597

$1,086

997

99761

$135

Units

LowHOME

Rents

60%

33%

High

HOME

Rents

Square

Feet

60% $1,254

CURents

$483

$972

$555

Applicant

Rents

$483

$972

$135

$114 $711,504

Appraiser

Rents

$420

$858

$482

$987 $819,108

146,676136 $1,617,804

2. Miscellaneousincome consistsofanticipatedapplication,lateandpetfeesaswellasancillaryfees

estimatedbytheAppli cant.

3. Theappraiserestimatesastabilizedphysicalvacancyrateof3%foraphysicaloccupancyof97%and

astabilizedcollectionlossof1%foraneconomicoccupancyof96%.

4. Real esta

te tax expense is based on the Appraiser’s estimate. The Appraiser notes that th e 

DevelopmenthasbeenapprovedbytheCommunityRedevelopmentAgency(CRA)oftheCityofFort

MyerstoreceiveTaxIncrementFinancing(TIF)intheformofrealestatetaxreliefoveraperiodof25

years.Theagreementoutlinesthatthedeveloperwillpaytaxesbas

edontheassessedvalue,ofwhich

95%willbeprovidedtotheCRAandtheCRAwillthenreturn95%ofthetaxesreceivedbacktothe

Development.Itisnotedthatthebenef i twillcontinueuntiltheDevelopmentreceives$4,500,000in

Exhibit E

Page 25 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE A-23

JUNE 9, 2022

benefits. The TIF  is transferable to any owner of the Development so long as they conform to the

affordablehousingguidelinesofFloridaHousing.BasedontheAppraiser’sestimate,theDevelopment

wouldreceiveaTIFreimbursementofapproximately$138,150inyear1ofoperations.

5. Management Fees are based upon the Manage

ment Agreement provided by the Applicant that

reflectsamanagementfeeintheamountof5.0%ofthegrosscollectionspermonth.

6. ResidentProgramsincludesthecostofinitialset‐upandongoingsuppliestoservetheresidents.The

manager,NDCAssetManagement,LLC(“NDC”),inconjunctionwiththeDioceseofVeniceinFlorida,

CatholicChar

itiesanditsvolunteerswilladministertheprograms.

7. ContractServicesincludesthecostofjanitorialservices.

8. TheApplicantstatesthatresidentprogramswillbecoordinatedbyNDCaspartoftheirprofessional

managementservices.TheApplicantnotesthatthecostrelatedtoresidentpro

gramsisincludedin

the payroll line item for staffing, general and administrative line item for supplies, and the

coordinationprovidedbyNDCisincludedinthemanagementfeelineitem.

9. Other operatingexpenseestimatesarebased on comparable properties andaresupported by the

appraisal.

10. Replacement Reserves in the amount of $300 per unit per year meet RFA an

d Rule requirements.

RJTCFrequiresthereplacementreservetobeincreasedannuallyby3.00%.

11. A15‐yearincomeand expenseprojectionreflectsincreasingDSC.Thisprojectionisattachedtothis

reportasExhibit1.

Exhibit E

Page 26 of 45

SMG

JUNE 9, 2022



SectionB

Loan Conditions

HC Allocation Recommendation and Contingencies

Exhibit E

Page 27 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE B-1

JUNE 9, 2022

SpecialConditions

TheserecommendationsarecontingentuponthereviewandapprovalofthefollowingitemsbySMGand

FloridaHousingatleast30dayspriortoloanclosing.Failuretoreceiveapprovaloftheseitemswithinthis

timeframemayresultinpostponementoftheloanclosing.

1. Receipt and satisfactory review of a fully executed Management Agreement reflecting terms not

substantiallydifferentfromtheundatedandunexecutedManagementAgreementutilizedhereinfor

underwriting.

2. Receipt and satisfactory review of an  update to the Phase I confirming there are no Re

cognized

Environmental Conditions (“RECs”) or other environmental concerns in connection with the

Development.

3. ReceiptandsatisfactoryreviewofthepermanentperiodFirstMortgageLoanratelockdocumentation

andconfirmationthattheSecondMortgageSAILmeetsorexceedstheminimumDSCof1.10to1.00.

4. Receiptandsatisfactoryreviewoftheu

pdatedAppraisalandconfirmationofwhetherthe2022HC

rentsareachievable.

5. Confirmationofthetermsandconditionsoftheanticipated$700,000fromtheCityofFortMyers.

GeneralConditions

This recommendation is contingent upon the review and approval of the following items by SMG and 

FloridaHousingatleast30dayspriortoloanclosing.Failuretoreceiveapprovaloftheseitemswithinthis

timeframemayresultinpostponementoftheloanclosing.

1. BorrowertocomplywithanyandallrecommendationsnotedinthePlanandCostReview.

2. Signed and sealed survey, dated  within 90 days of closing,  unless otherwise approved by Florida

Housing,anditsLegalCounsel,basedupontheparticularcir

cumstancesofthetransaction.TheSurvey

shallbecertifiedtoFloridaHousinganditsLegalCounsel,aswellasthetitleinsurancecompany,and

shallindicatethelegaldescription,exactboundariesoftheDevelopment,easements,utilities,roads,

and means  of access to public streets, total acreage and flood hazard area, and any other

requirem

entsofFloridaHousing.

3. Final“aspermitted” (signedandsealed)siteplans,buildingplansandspecifications.Thegeotechnical

report,ifany,mustbeboundwithinthefinalplansandspecifications.

4. Buildingpermitsandanyotherne cessaryapprovalsandpermits(e.g.,finalsiteplanapproval,water

management distri

ct, Department of Environmental Protection, Army Corps of Engineers,

Department of Transportation, etc.). Acceptable alternatives to this requirement are receipt and

satisfactory review of a letter from the local permitting and approval authority that the above

referenced permits and approvals will be issued upon receipt of applicable fees (with no other

conditions

),orevidenceof100%lien‐freecompletion,ifapplicable.Ifaletterisprovided, copiesof

allpermitswillberequiredasacondition ofthefirstpost‐closingdraw.

5. Finalsourcesandusesoffundsitemizedbysourceandlineitem,inaformatandinamountsa

pproved

bytheServicer.Adetailedcalculationoftheconstructioninterestbasedonthefinaldrawschedule

(see below), documentation of the closing costs, and draft loan closing statement must also be

Exhibit E

Page 28 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE B-2

JUNE 9, 2022

provided. The sources and uses of funds schedule  will be attached to the Loan Agreement as the

approvedDevelopmentbudget.

6. A final construction draw schedule showing itemized sources and uses of funds for each monthly

draw.SAILandELIshallbedisbursedinanamount  perDrawthatdoesnotex

ceedtheratioofthe

SAILtotheTotalDevelopmentCostduringtheconstructionorrehabilitationphase,unlessotherwise

approved by the Credit Underwriter . The closing draw shall include appropriate backup and ACH

wiringinstructions.

7. ConstructionPeriodDeveloperFeeshallbethelesso rofi)50%of theTotalDeveloperFeeorii)the

Total Develo

per Fee less the Deferred Developer Fee listed in the Sources and Uses for the

constructionperiod,ascalculatedbytheServicer.Atclosing,amaximumof35%oftheConstruction

PeriodDeveloperFeemaybefunded.RemainingConstructionPeriodDeveloperFeewillbedisbursed

duringconstr

uction/rehabilitationonaproratabasis,basedonthepercentag eofcompletionofthe

Development,asapprovedandreviewedbyFHFCandServicer.

OncetheDevelopmenthasachieved100%lienfreecompletionandretainagehasbeenreleased,the

Post‐ConstructionPeriod DeveloperFee maybe funded.Post‐ConstructionPeriodDeveloperFeeis

ther

emainingportionofDeveloperFeelessDeferredDeveloperFeelistedintheSourcesandUses

forthepermanentperiod,ascalculatedbytheServicer.

8. Evidence of insurance cov erage p ursuant to the Request for Application governing this proposed

transactionand,ifapplicable,theFHFCInsuranceGuide.

9. The General Contractor sh

allsecure a payment and performance bond equal to 100% of the total

constructioncostlistingFHFCasco‐obligee,whose termsdonotadverselyaffect theCorporation’s

interest,issuedinthenameoftheGeneralContractor,fromacompanyratedatleast“A‐“byA.M.

Best&Co.,oraCorporati

on‐approvedalternatesecurityfortheGeneralContractor’sperformance

suchasaletterofcredit(“LOC”)issuedbyafinancialinstitutionwithaseniorlongterm(orequivalent)

credit rating of at least “Baa3” by Moody’s, or at least “BBB‐“ by Standard & Poor’s or Fitch, or a

financialratingofatleast17

5byIDCFinancialPublishing.TheLOCmustinclude“evergreen”language

andbeinaformsatisfactorytoFloridaHousing,itsServiceranditsLegalCounsel.

10. Architect,ConstructionConsultant,andBorrowercertificationsonformsprovidedbyFloridaHousing

willberequiredforbothdesig

nandas‐builtwithrespecttoSection504oftheRehabilitationAct,the

AmericanswithDisabilitiesAct(“ADA”),andFederalFairHousingActrequirements,asapplicable.

11. Acopyof anAmendedand RestatedLimitedPartnershipAgreement reflectingpurchaseof the HC

undertermsconsistentwiththeassumptionscontai

nedwithinthisCreditUnderwritingReport.The

AmendedandRestatedLimitedPartnershipAgreementshallbeinaformandoffinancialsubstance

satisfactorytoServicerandtoFHFCanditsLegalCounsel.

12. Satisfactoryresolutionofanyoutstandingpastdueand/ornoncomplianceitems.

13. PaymentofanyoutstandingarrearagestotheCorporation,itsLegalCounsel, Se

rviceroranyagentor

assignee of the Corporation for past dueissues applicable to the Development team (Applicant or

Developer or Principal, Affiliate or Financial Beneficiary, as described in 67‐21.0025 (5) and 67‐

48.0075(5)F.A.C.,ofanApplicantoraDeveloper).

Exhibit E

Page 29 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE B-3

JUNE 9, 2022

14. Atalltimestherewillbeundisbursedloanfunds(collectivelyheldbyFloridaHousing,thefirstlender

andanyothersource)sufficienttocompletetheDevelopment.Ifatanytimetherearenotsufficient 

fundstocomplete theDevelopment, theBorrower willberequiredto expendadditional equityon 

Developmentcostsortodepositadditi

onalequitywithFloridaHousingwhichissufficient(inFlorida

Housing’sjudgment)tocompletetheDevelopmentbeforeadditionalloanfundsaredisbur sed.This

conditionspecificallyincludesescrowingatclosingallequitynecessarytocompleteconstructionor

anotheralternativeacceptabletoFloridaHousinginitssolediscretion.

15. Atthe endofth

eCompliancePeriod,anyremaining balanceofthe ODRlessamountsthatmay  be

permittedtobedraw n(whichincludesDeferredDeveloperFeeandreimbursementsforauthorized

member/partner and guarantor loan(s) pursuant to the operating/partnership agreement), will be

usedtopayFHFCdebt;ifthereisnoFH

FCloandebtontheproposedDevelopmentattheendofthe

Compliance Period, any remaining balance shall be used to pay any outstanding FHFC fees. If any

balance is remaining  in the ODR after the payments above, the amount should be placed in a

ReplacementReserveaccountfor the Development.In noevent shallth

epay mentsof amountsto

ApplicantortheDeveloperfromtheReserveAccountcausetheDeveloperfeeorGeneralContractor

FeetoexceedtheapplicablepercentagelimitationsprovidedforintheRule.Anyandalltermsand

conditionsoftheODRmustbeacceptabletoFH

FC,itsServiceranditsLegalCounsel.

This recommendation is contingent upon the review and approval of the following items by Florida

HousinganditsLegalCounselatleast30dayspriortoloanclosing.Failuretoreceiveapprovalofthese

itemswithinthistimeframemayresultinpostponementoftheloanclosing.

1. Documentation ofthelegalformation and current authority to transact business in Florida for the

Borrower,thegeneralpartner/member(s)/principal(s)/manager(s)oftheBorrower,theguarantors,

andanylimitedpartners/membersoftheBorrower.

2. Signed and sealed survey, dated  within 90 days of closing,  unle

ss otherwise approved by Florida 

Housing,anditsLegalCounsel,basedupontheparticularcircumstancesofthetransaction.TheSurvey

shallbecertifiedtoFloridaHousinganditsLegalCounsel,aswellasthetitleinsurancecompany,and

shallindicatethelegaldescription,exactboundariesoftheDevelopment,easements,utili

ties,roads,

and means  of access to public streets, total acreage and flood hazard area, and any other

requirementsofFloridaHousing. 

3. AnacceptableupdatedEnvironmentalAuditReport,togetherwithareliancelettertoFloridaHousing,

preparedwithin90daysofMMRN,SAILandELILoanclosing,unl

essotherwiseapprovedbyFlorida

Housing,andLegalCounsel,basedupontheparticularcircumstanc esofthetransaction.Borrowerto

complywithanyandallrecommendationsnotedintheEnvironmentalAssessment(s)andUpdateand

theEnvironmentalReview,ifapplicable.

4. Titleinsurancepro‐formaorcommitmentfortitleinsurancewithcopiesofallS

cheduleBexceptions,

in the amount of the MMRN, SAIL, and ELI Loan naming FHFC as the insured. All endorsements

requiredbyFloridaHousingshallbeprovided.

5. FloridaHousinganditsLegalCounselshallreviewandapproveallotherlendersclosingdocuments

and the Limited Partnership Agreement or other applicabl

e agreement. Florida Housing shall be

satisfied in its sole discretion that all legal and program requirements for the Loans have been

satisfied.

Exhibit E

Page 30 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE B-4

JUNE 9, 2022

6. Evidence of insurance cov erage p ursuant to the Request for Application governing this proposed

transactionand,ifapplicable,theFHFCInsuranceGuide.

7. ReceiptofalegalopinionfromtheBorrower’sLegalCounselacceptabletoFloridaHousingaddressing

thefollowingmatters:

a. ThelegalexistenceandgoodstandingoftheBorrowerandofanypartnershi

porlimitedliability

companythatisthegeneralpartner/memberoftheBorrower(the"GP")andofanycorporation

or partnership  that is the managi ng general partner / member of the GP, of any corporate

guarantorandanymanager;

b. Authorization, execution, and delivery by the B

orrower and the guarantors, of all Loan 

documents;

c. TheLoandocumentsbeinginfullforceandeffectandenforceableinaccordance withtheirterms,

subjecttobankruptcyandequitableprinciplesonly; 

d. TheBorrower'sandtheguarantor'sexecution,deliveryandperformanceoftheloandocuments 

shall not result in a violation of, or co

nflict with, any judgments, orders, contracts, mortgages, 

securityagreementsorleasestowhichtheBorrowerisapartyortowhichtheDevelopmentis 

subjecttotheBorrower’sPartnership/OperatingAgreementand;

e. Suchotherma ttersasFlori da HousingoritsLegalCounselmayrequire.

8. Evidenceofcompliancewithlocalconcurrencylaws,asappli

cable.

9. UCCSearchesfortheBorrower,itspartnerships,asrequestedbyLegalCounsel.

10. Such other assignments, affidavits,certificates,financial statements,closingstatements, andother

documents as may be reasonably  requested by Florida Housing or its Legal Counsel in form and

substanceacceptabletoFl

oridaHousinganditsLegalCounsel,inconnectionwiththeloan(s).

11. Anyotherreasonableconditionsestablis hedbyFloridaHousinganditsLegalCounsel.

AdditionalConditions

Thisrecommendationisalsocontingentuponthefollowingadditionalconditions:

1. Compliance with all provisions of Sections 420.507, 420.5087 and 420.509, Florida Statutes, Rule

Chapters67‐21,67‐48,67‐53,and67‐60,F.A.C.,RFA2020‐205,2022CHIRPITP,Section42I.R.C.,and

anyotherStateandFederalrequirements.

2. Acce

ptance by the Borrower and execution of all documents evidencing and securing the MMRN,

SAIL, and ELI Loan in form and substance satisfactory to Florida Housing and its Legal Counsel,

including, but not limited to, the Promissory Note(s), the Loan  Agreement(s), the Mortgage and

Security Agreement(s), the Land Use Restriction A

greement(s), and Extended Low Income H ousing

Agreement(s).

3. If MMRN funds are used for construction or rehabilitation, all amounts necessary to complete

constructionmustbedepositedwiththeFiscalAgentpriortoLoanClosing,oranyphasedHCEquity

pay‐in of amount necessary to complete construction shall be contingent up

on an unconditional

obligation,throughaJointFundingAgreementorothermechanismacceptabletoFloridaHousing,of

Exhibit E

Page 31 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE B-5

JUNE 9, 2022

theentityprovidingHCEquitypay ments(andevidencethat100%ofsuchamountisondepositwith

suchentityatLoanClosing)topay,regardlessofanydefaultunderanydocumentsrelatingtotheHC

aslongastheFirstMortgagecontinuestobefunded.

4. Ifapplicable,receiptandsatisfactoryreviewofFinancialSta

tementsfromallGuarantorsdatedwithin

90daysofRealEstateClosing.

5. GuarantorsaretoprovidethestandardFHFCConstructionCompletionGuaranty,tobereleasedupon

lienfreecompletionasapprovedbytheServicer.

6. GuarantorsfortheMMRNaretoprovidethestandardFHFCOperatingDeficitGuaranty.Ifr

equested

inwritingbytheApplicant,Servicerwillconsid erarecommendationtoreleasetheOperatingDeficit

Guaranty if all conditions  are met, including achievement of a 1.15 DSC  on the permanent first

mortgageMMRNas determined byFHFCoritsServicer,90%Occupancyand90%ofGrossPotential

RentalIn

comenetof  utilityallowances,if applicable,foraperiodequal totwelve(12) consecutive

months, all certified by an independent Certified Public Accountant (“CPA”) and verified by the

Servicer.ThecalculationofthedebtservicecoverageratioshallbemadebyFloridaHousingorthe

Servicer.Notwithstandi ngtheabove,theOperatingDeficitGuara

ntyshallnotterminateearlierthan

three(3)yearsfollowingthefinalcertificateofoccupancy.

7. GuarantorsfortheSAILaretoprovidethestandardFHFCOperatingDeficitGuaranty.Ifrequestedin

writing by the Applicant, Servicer will consider a recommendation torelease the Operating Deficit

Guarantyif allconditionsar

emet,includingachievementofa1.15DSConthe combinedpermanent

firstmortgageMMRN and SAIL as determined by FHFCor its Servicer, 90% Occupancy and 90%of 

GrossPotentialRentalIncomenetofutil ityallowances,ifapplicable,foraperiodequaltotwelve(12)

consecutivemonths,allcertifiedbyanindep

endentCertifiedPublicAccountant(“CPA”)andverified

bytheServicer.Thecalculation ofthedebtservicecoverageratioshallbemadebyFloridaHousingor

theServicer.Notwithstandingtheabove,theOperatingDeficitGuarantyshallnotterminateearlier

thanthree(3)yearsfollowingthefinalcertificateofo

ccupancy.

8. GuarantorsaretoprovidethestandardFHFCEnvironmentalIndemnityGuaranty.

9. GuarantorsaretoprovidethestandardFHFCGuarantyofRecourseObligations.

10. Amortgageetitleinsurancelender’spolicynamingFloridaHousingastheinsuredmortgageholderin

theamountoftheLoansistobeissuedatclosing

.Anyexceptionstothetitleinsurancepolicymust

beacceptabletoFloridaHousingoritsLegalCounsel.AllendorsementsthatarerequiredbyFlorida

Housingaretobeissuedandtheformofthetitlepolicymustbeapprovedpriortoclosing.

11. PropertytaxandhazardinsuranceescrowsaretobeestablishedandmaintainedbytheFirs

tLender

ortheServicer.IntheeventthereserveaccountisheldbyFloridaHousing’sloanservicingagent,the

releaseoffundsshallbeatFloridaHousing’ssolediscretion.

12. ReplacementReservesintheminimumamountof$300perunitperyeararerequiredtobedep

osited

onamonthlybasisintoadesignatedescrowaccount,tobemaintainedbytheFirstMortgagee/Credit

Enhancer, the Fiscal Agent, or Florida  Housing’s loan servicing agent. However, Applicant  has the

optiontoprepayReplacementReserves,asallowedperRFA,intheamountof$41,412(one‐halfth

e

required Replacement Reserves for Years 1 and 2), in order to meet the applicable DSC loan

requirements.Applicant canwaivethiselection, ifatclosingof  theloan(s)therequiredDSCis met

Exhibit E

Page 32 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE B-6

JUNE 9, 2022

withouttheneedtoexercisetheoption.ItiscurrentlyestimatedthatReplac ementReserveswillbe

fundedfromOperationsintheamountof$300perunitperyearforyears1and2,followedby$300

perunitperyearthereafter.TheinitialReplacementReservewillhavelimitationsontheabilitytobe

drawn.Ne

wconstructionorRedevelopmentDevelopments(withorwithoutacquisition)shallnotbe

allowedtodrawduringthefirstfiveyearsoruntiltheestablishmentofaminimumbalanceequalto

theaccumulationoffiveyearsofreplacementreservesperunit.

The amount established as a Replacement Reserve shall be ad

justed based on a Capital Needs

Assessment(“CNA”)tobereceivedbytheCorporationoritsservicers,preparedbyan independent

third party and acceptable to the Corporation and its servicers at the time the CNA is required,

beginningnolaterthanthe10

yearafterthefirstresidentialbuildingintheDevelopmentreceivesa

certificateofoccupancy,atemporarycertificate ofoccupancy,or is placedinservice, whichever is

earlier(“InitialReplacementReserveDate”).AsubsequentCNAisrequirednolaterthanthe15

year 

aftertheInitialReplacementReserveDateandsubsequentlyeveryfive(5)yearsthereafter.

13. GLEAssociates,Inc.(“GLE”)orotherconstructioninspectoracceptableforFloridaHousingistoactas

FloridaHousing’sinspectorduringtheconstructionperiod.

14. UndertheSt.PeterClaverPlacePhaseIconstructioncontract,aminimumof10%retaina

geholdback

on all construction draws will be withheld until construction is 50% complete and thereafter 5%

retainage is withheld. Retainage will not be relea sed until successful lien free completion of

constructionandissuanceofallcertificatesofoccupancy,whichsatisfiestheRFAandRulesminimum

requirement.

15. Satisfactory completionofa pr

e‐loan closingcompliance audit conducted by Florida Housingorits

Servicer,ifapplicable.

16. Closingof all fundingsourcesprior to orsimultaneouswiththeclosing of theMMRN,SAIL and ELI

Loan.

17. AnyotherreasonablerequirementsoftheServicer,FloridaHousingoritsLegalCounsel.

Exhibit E

Page 33 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I PAGE B-7

JUNE 9, 2022

HousingCreditAllocationRecommendation

Seltzer Management Group, Inc. recommends a preliminary annual Housing Credit allocation of

$1,980,737.PleaseseetheHCAllocationCalculationsectionofthisreportforfurtherdetails.

Contingencies

TheHCallocationrecommendationiscontingentuponthereceiptandsatisfactoryreviewofthefollowing

itemsbySMGandtheFloridaHousingFinanceCorporationbyth

edeadlineestablishedinthePreliminary

HC Allocation. Failure to submit these items within this time frame may result in forfeiture of the HC

Allocation.

1. AllitemslistedundertheSpecialConditionssectionoftheLoanConditionstoClose.

2. Satisfactoryresolutionofanyoutstandingpastdueand/ornoncomplian ceit

ems.

3. AnyreasonablerequirementsofFloridaHousing,SMGoritsLegalCounsel.



Exhibit E

Page 34 of 45

Exhibit1

ST.PETERCLAVERPLACEPHASEI

15YearIncomeandExpenseProjection

Year1Year2Year3Year4Year5Year6Year7Year8Year9Year10 Year11 Year12 Year13 Year14 Year15

$1,617,804 $1,650,160 $1,683,163 $1,716,827 $1,751,163 $1,786,186 $1,821,910 $1,858,348 $1,895,515 $1,933,426 $1,972,094 $2,011,536 $2,051,767 $2,092,802 $2,134,658

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$10,200 $10,404 $10,612 $10,824 $11,041 $11,262 $11,487 $11,717 $11,951 $12,190 $12,434 $12,682 $12,936 $13,195 $13,459

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$1,628,004 $1,660,564 $1,693,775 $1,727,651 $1,762,204 $1,797,448 $1,833,397 $1,870,065 $1,907,466 $1,945,615 $1,984,528 $2,024,218 $2,064,703 $2,105,997 $2,148,117

EconomicLoss‐Percentage:

PhysicalVacancyLoss‐Percentage: 3.0% ($48,840) ($49,817) ($50,813) ($51,830) ($52,866) ($53,923) ($55,002) ($56,102) ($57,224) ($58,368) ($59,536) ($60,727) ($61,941) ($63,180) ($64,444)

CollectionLoss‐Percentage: 1.0% ($16,280) ($16,606) ($16,938) ($17,277) ($17,622) ($17,974) ($18,334) ($18,701) ($19,075) ($19,456) ($19,845) ($20,242) ($20,647) ($21,060) ($21,481)

$1,562,884 $1,594,142 $1,626,024 $1,658,545 $1,691,716 $1,725,550 $1,760,061 $1,795,262 $1,831,168 $1,867,791 $1,905,147 $1,943,250 $1,982,115 $2,021,757 $2,062,192

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$26,000 $26,780 $27,583 $28,411 $29,263 $30,141 $31,045 $31,977 $32,936 $33,924 $34,942 $35,990 $37,070 $38,182 $39,327

$108,800 $112,064 $115,426 $118,889 $122,455 $126,129 $129,913 $133,810 $137,825 $141,959 $146,218 $150,605 $155,123 $159,776 $164,570

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

ManagementFee‐Percentage: 5.0% $78,144 $79,707 $81,301 $82,927 $84,586 $86,278 $88,003 $89,763 $91,558 $93,390 $95,257 $97,162 $99,106 $101,088 $103,110

$61,200 $63,036 $64,927 $66,875 $68,881 $70,948 $73,076 $75,268 $77,526 $79,852 $82,248 $84,715 $87,257 $89,874 $92,570

$161,432 $166,275 $171,263 $176,401 $181,693 $187,144 $192,758 $198,541 $204,497 $210,632 $216,951 $223,460 $230,163 $237,068 $244,180

$59,296 $61,075 $62,907 $64,794 $66,738 $68,740 $70,803 $72,927 $75,114 $77,368 $79,689 $82,080 $84,542 $87,078 $89,691

$14,824 $15,269 $15,727 $16,199 $16,685 $17,185 $17,701 $18,232 $18,779 $19,342 $19,922 $20,520 $21,135 $21,770 $22,423

$47,192 $48,608 $50,066 $51,568 $53,115 $54,708 $56,350 $58,040 $59,781 $61,575 $63,422 $65,325 $67,285 $69,303 $71,382

$33,048 $34,039 $35,061 $36,112 $37,196 $38,312 $39,461 $40,645 $41,864 $43,120 $44,414 $45,746 $47,119 $48,532 $49,988

$2,040 $2,101 $2,164 $2,229 $2,296 $2,365 $2,436 $2,509 $2,584 $2,662 $2,742 $2,824 $2,909 $2,996 $3,086

$7,208 $7,424 $7,647 $7,876 $8,113 $8,356 $8,607 $8,865 $9,131 $9,405 $9,687 $9,978 $10,277 $10,585 $10,903

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$7,752 $7,985 $8,224 $8,471 $8,725 $8,987 $9,256 $9,534 $9,820 $10,115 $10,418 $10,731 $11,052 $11,384 $11,726

$40,800 $42,024 $43,285 $44,583 $45,921 $47,298 $48,717 $50,179 $51,684 $53,235 $54,832 $56,477 $58,171 $59,916 $61,714

$647,736 $666,387 $685,581 $705,336 $725,667 $746,591 $768,126 $790,289 $813,100 $836,578 $860,741 $885,611 $911,208 $937,553 $964,669

$915,148 $927,755 $940,443 $953,209 $966,049 $978,959 $991,935 $1,004,973 $1,018,067 $1,031,213 $1,044,405 $1,057,639 $1,070,907 $1,084,204 $1,097,523

$702,461 $702,461 $702,461 $702,461 $702,461 $702,461 $702,461 $702,461 $702,461 $702,461 $702,461 $702,461 $702,461 $702,461 $702,461

$78,626 $78,626 $78,626 $78,626 $78,626 $78,626 $78,626 $78,626 $78,626 $78,626 $78,626 $78,626 $78,626 $78,626 $78,626

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$39,068 $38,963 $38,850 $38,729 $38,598 $38,457 $38,306 $38,144 $37,970 $37,783 $37,583 $37,369 $37,141 $36,896 $36,635

$11,901 $11,901 $11,901 $11,901 $11,901 $11,901 $11,901 $11,901 $11,901 $11,901 $11,901 $11,901 $11,901 $11,901 $11,901

$3,741 $3,741 $3,741 $3,741 $3,741 $3,741 $3,741 $3,741 $3,741 $3,741 $3,741 $3,741 $3,741 $3,741 $3,741

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$835,797 $835,692 $835,579 $835,458 $835,327 $835,186 $835,035 $834,873 $834,699 $834,512 $834,312 $834,098 $833,870 $833,625 $833,364

$79,351 $92,063 $104,864 $117,751 $130,722 $143,773 $156,900 $170,100 $183,368 $196,701 $210,093 $223,540 $237,037 $250,579 $264,160

1.234 1.251 1.269 1.286 1.304 1.321 1.339 1.357 1.375 1.393 1.411 1.430 1.448 1.466 1.485

1.100 1.115 1.131 1.146 1.162 1.177 1.193 1.209 1.225 1.241 1.257 1.274 1.290 1.306 1.323

1.095 1.110 1.125 1.141 1.156 1.172 1.188 1.204 1.220 1.236 1.252 1.268 1.284 1.301 1.317

41.4% 41.8% 42.2% 42.5% 42.9% 43.3% 43.6% 44.0% 44.4% 44.8% 45.2% 45.6% 46.0% 46.4% 46.8%

91.3% 90.7% 90.0% 89.4% 88.8% 88.2% 87.6% 87.1% 86.6% 86.1% 85.6% 85.2% 84.7% 84.3% 83.9%

FINANCIALCOSTS:

OPERATINGPROFORMA

INCOME

GrossPotentialRentalIncome

RentSubsidy(ODR)

OtherIncome:

AncillaryIncome‐Parking

Miscellaneous

Washer/DryerRentals

Cable/SatelliteIncome

RentConcessions

AlarmIncome

GrossPotentialIncome

Less:

TotalEffectiveGrossRevenue

Security

Insurance

Other

Variable:

GeneralandAdministrative

PayrollExpenses

Utilities

MarketingandAdvertising

MaintenanceandRepairs

GroundsMaintenanceandLandscaping

ResidentPrograms

ContractServices

TotalExpenses

NetOperatingIncome

DebtServicePayments

EXPENSES

Fixed:

GroundLease

Sub‐GroundLease

RealEstateTaxes

Other‐PestControl

ReserveforReplacements

DEBTSERVICE

FirstMortgage‐FHFCMMRN/BellWether/FreddieMac

SecondMortgage‐FHFCSAIL/CHIRP

ThirdMortgage‐FHFCSAILELI

FourthMortgage‐CityofFortMyers

FifthMortgage‐CityofFortMyers

SecondMortgageFees‐FHFCSAIL/CHIRP

ThirdMortgageFees‐FHFCSAILELI

FourthMortgageFees‐CityofFortMyers

FifthMortgageFees‐Ci

tyofFortMyers

AllOtherM ortgages‐

FirstMortgageFees‐FHFCMMRN/BellWether/Freddie

AllOtherM ortgagesFees‐

TotalDebtServicePayments

Break‐EvenRatio

DSC‐FourthMortgageplusFees

DSC‐AllMortgagesandFees

FinancialRatios

OperatingExpenseRatio

DSC‐FifthMortgageplusFees

DebtServiceCoverageRatios

DSC‐FirstMortgageplusF

ees

DSC‐SecondMortgageplusFees

DSC‐ThirdMortgageplusFees

CashFlowAfterDebtService

SeltzerManagementGroup,Inc. Page1of1 6/9/2022

Exhibit E

Page 35 of 45

MMRN,SAIL,ELIANDHCCREDITUNDERWRITINGREPORT     SMG

ST.PETERCLAVERPLACEPHASEI

RFA2020‐205/2021‐222BS/2020‐540C

DESCRIPTIONOFFEATURESANDAMENITIES



ST.PETERCLAVERPLACEPHASEI EXHIBIT2–PAGE1

A. TheDevelopmentwillconsistof:

136GardenApartmentslocatedin6residentialbuildings

 UnitMix:

Sixty‐eight(68)twobedrooms/twobathunits;

Sixty‐eight(68)threebedrooms/twobathunits;

136TotalUnits

B. Allunitsareexpectedtomeetallrequirementsasoutlinedbelow.Thequalityoftheconstruction

featuresco

mmittedtobytheApplicantissubjecttoapprovaloftheBoardofDirectors.

The Development must meet all federal requirements and state building code requirements,

includingthefollowing,incorporatingthemostrecentamendments,regulation s,andrules:The

FederalFair HousingAct asimplemented by24 CFR100, FloridaAccessibilityCodeforB

uilding

ConstructionasadoptedpursuanttoSe ction 553.503,F.S.,Section504oftheRehabili tationAct

of1973,andTitlesIIandIIIoftheAmericanswithDisabilitiesAct(“ADA”)of1990asimplemented

by28CFR35.

All Developments must meet accessibility standards of Section 504. Section 504 accessibility

standardsre

quireaminimumof5percentofthetotaldwellingunits,butnotfewerthanoneunit,

to beaccessible for individuals with mobilityimpairments.An additional 2 percentof the total

units, but not fewer than one unit, must be accessible for persons with hearing or vision

impairments.

C. AllDevelopmentsmustpr

ovidethefollowingGeneralFeatures:

1. Broadbandinfrastructurewhichincludescables,fiberoptics,wiring,orotherinfrastructure,

aslongastheinstallationresultsin accessibilityineachunit;

2. Termiteprevention;

3. Pestcontrol;

4. Windowcoveringforeachwindowandglassdoorinsideeachunit;

5. CableorsatelliteTVhook‐upinea

chunitand,iftheDevelopmentofferscableorsatelliteTV

servicetotheresidents,thepricecannotexceedthemarketrateforserviceofsimilarquality

availabletotheDevelopment’sresidentsfromaprimaryproviderofcableorsatelliteTV;

6. Washeranddryerhookup

sineachoftheDevelopment’sunitsoranon‐sitelaundryfacility

for resident use.If the proposed Development will have an on‐site laundry facility, the

followingrequirementsmustbemet:

 Theremustbeaminimumofone(1)EnergyStarcertifiedwasherandone(1

)EnergyStar

certifiedorcommercial gradedryerperevery15units.Todeterminetherequirednumber

of washers and dryers for the on‐site laundry facility; divide the total number of the

Developments’unitsby15,andthenroundtheequation’s totaluptothenear estwhole

number;

Exhibit E

Page 36 of 45

MMRN,SAIL,ELIANDHCCREDITUNDERWRITINGREPORT     SMG

ST.PETERCLAVERPLACEPHASEI

RFA2020‐205/2021‐222BS/2020‐540C

DESCRIPTIONOFFEATURESANDAMENITIES



ST.PETERCLAVERPLACEPHASEI EXHIBIT2–PAGE2

 At least one washing machine and one dryer shall be front loading  that meets the 

accessibilitystandardsofSection504;

 If the proposed Development consists of Scattered Sites, the laundry facility shall be

locatedoneachoftheScatteredSites,ornomorethan1/16milefromtheScatteredSite

withthemos

tunits,oracombinationofboth.

7. Atleasttwofullbathroomsinall3bedroomorlargernewconstructionunits;

8. Bathtubwithshowerinatleastonebathroominatleast90%ofthenewconstructionnon‐

Elderlyunits;

9. AllFamilyDemographicDevelopmentsmustprovideafull‐sizer

angeandoveninallunits.

D. RequiredA ccessibilityFeatures,regardlessoftheageoftheDevelopment:

Federal and state law and building code regulations requires that programs, activities, and

facilitiesbereadilyaccessibletoandusablebypersonswithdisabilities.FloridaHousingrequires

thatthed

esign,construction,oralterationofitsfinanced Developmentsbeincompliance with

federalandstateaccessibilityrequirements.Whenmorethanonelawandaccessibilitystandard

applies, the Applicant shall comply with the standard (2010 ADA Standards, Section 504, Fair

HousingAct,orFloridaBuildingCode,Accessibility)whichaffordsthegreaterleve

lofaccessibility

fortheresidentsandvisitors.Areasrequiredtobemadeaccessibletomobility‐impairedresidents

andtheirvisitors,including thoseinwheelchairs,shallinclude,butnotbelimitedto,accessible

routes and entrances, paths of travel, primary function areas, parking, trash bins, mail and

package receiving areas for residents, pool and other amenitie

s, including paths of travel to

amenitiesandlaundryrooms,includingwashersanddryers.

E. TheDevelopmentmustprovidethefollowingAccessibilityFeaturesinallunits:

1. Primaryentrancedoorsonanaccessiblerouteshallhaveathresholdwithnomorethana½‐

inchrise;

2. Alldoorhand

lesonprimaryentrancedoorandinteriordoorsmusthaveleverhandles;

3. Leverhandlesonallbathroomfaucetsandkitchensinkfaucets;

4. Mid‐pointonlightswitchesandthermostatsshallnotbemorethan48inchesabovefinished

floorlevel;and

5. Cabinetdrawerhandlesandcabine

tdoorhandlesinbathroomandkitchenshallbeleveror

D‐pulltypethatoperateeasilyusingasingleclosedfist.

F. All Family Demographic Developments must provide reinforced walls for future installation of

horizontal grab bars in place around each tub/sho wer and toilet, or a Corporation‐approved

alternative a

pproach for grab bar installation. The installation of the grab bars must meet or

exceedthe2010ADAStandardsforAccessibleDesign.

Attherequestofandatnochargetoaresidenthousehold,theDevelopmentshallpurchaseand

install grab bars around each tub/shower unit and toilet in the dwelling uni

t. The product

specificationsandinstallationmustmeetor exceed2010ADAStandards  forAccessibleDesign.

The Development shall inform a prospective resident that the Development, upon a resident

Exhibit E

Page 37 of 45

MMRN,SAIL,ELIANDHCCREDITUNDERWRITINGREPORT     SMG

ST.PETERCLAVERPLACEPHASEI

RFA2020‐205/2021‐222BS/2020‐540C

DESCRIPTIONOFFEATURESANDAMENITIES



ST.PETERCLAVERPLACEPHASEI EXHIBIT2–PAGE3

household’srequestandatnochargetothehousehold,willinstallgrabbarsaroundadwelling

unit’s tub/shower unit and toilet, purs uant to the 2010 ADA Standards. At a minimum, the

Development shallinformeachprospectivelessee by including language in the Development’s

written materialslistinganddescribingtheunit’sfeatures, aswel

las includingthelanguagein

eachhousehold’slease.

G. Green BuildingFeaturesrequiredinallDevelopments:

All new construction units and, as applicable, all common areas must have the features listed

below:

a. LoworNo‐VOCpaintforallinteriorwalls(Low‐VOCmeans50gramsperliterorlessfor

flat;150gra

msperliterorlessfornon‐flatpaint);

b. Low‐flowwaterfixturesinbathrooms–WaterSenselabeledproducts orthefollowing

specifications:

i. Toilets:1.28gallons/flushorless

ii. Urinals:0.5gallons/flush,

iii. LavatoryFaucets:1.5gallons/minuteorlessat60psiflowrate,

iv. Showerheads

:2.0gallons/minuteorlessat80psiflowrate;

c. EnergyStarcertifiedrefrigerator;

d. EnergyStarcertifieddishwasher;

e. EnergyStarcertified ventilationfaninallbathrooms;

f. Waterheaterminimumefficiencyspecifications:

 ResidentialElectric:

i. Upto55gallons =.95EFor.92UEF;or

ii. Mo

rethan55gallons=EnergyStarcertified;or

iii. Tankless=0.97EFandMaxGPMof≥2.5overa77◦riseor0.87UEFandGPMof≥

2.9overa67◦rise;

 ResidentialGas(storageortankless/instantaneous):EnergyStarcertified

 CommercialGasWaterHeater:EnergyStarcertifi

ed;

g. EnergyStarcertifiedceilingfanswithlightingfixturesinbedrooms;

h. AirConditioni ng(in‐unitorcommercial):

i. Air‐SourceHeatPumps–EnergyStarcertified:

a. ≥8.5HSPF/≥15SEER/≥12.5EERforsplitsystems

b. ≥8.2 HSPF/≥15 SEER/≥12 EER for single package e

quipment including

gas/electricpackageunits

ii. CentralAirConditioners–EnergyStarcertified:

a. ≥15SEER/≥12.5EER*forsplitsystems

Exhibit E

Page 38 of 45

MMRN,SAIL,ELIANDHCCREDITUNDERWRITINGREPORT     SMG

ST.PETERCLAVERPLACEPHASEI

RFA2020‐205/2021‐222BS/2020‐540C

DESCRIPTIONOFFEATURESANDAMENITIES



ST.PETERCLAVERPLACEPHASEI EXHIBIT2–PAGE4

b. ≥15SEER/≥12EER*forsinglepackageequipmentincludinggas/electricpackage

units.

NOTE: Window air conditioners and portable air conditioners are not  allowed.

PackageTerminalAirConditioners(PTACs)/PackageTerminalHeatPumps(PTHPs)

areallowedinstudioand1bedroomunits;

 InadditiontotherequiredGreenBuildingFea

turesoutlinedabove,proposedDevelopmentswith

a Development Category of New Construction or Redevelopment, with or without acquisition,

mustcommittoachieveoneofthefollowingGreenBuildingCertificationprograms:

______LeadershipinEnergyandEnvironmental Design(LEED);or

______FloridaGreenBuildingCoalition(FGBC);or

___X__ICC700NationalGreenBuil

dingStandard(NGBS);or

______EnterpriseBuilding Comm unities.

H. TheApplicantmustprovidethefollowingResidentPrograms:

ThequalityoftheResidentProgramscommittedtobytheApplicantissubjecttoapprovalofthe

BoardofDirectors.TheavailabilityoftheResidentProgramsmustbepublicizedonanongoing

basissuchasthroughcommunitynewsletters,bulleti

nboardposts,orflyers.

1. AfterSchoolProgramforChildren

This program  requires the Applicant or its Management  Company to provide supervised,

structured,age‐appropriateactivitiesforchildrenduringafterschoolhours,Mondaythrough

Friday.Activitiesmustbeon‐site.

2. FinancialManagementProgram

The Applicant or its Management Company shall provide a series of classes to provide

residentstrai

ninginvariousaspectsofpersonalfinancialmanagement.Classesmustbeheld

at least quarterly, consisting of at least two hours of training per quarter, and must be

conductedbypartiesthatarequalifiedtoprovidetrainingregardingtherespectivetopicarea.

If the Develo

pment consists of Scattered Sites, the Resident Program must be held on the

Scattered Sitewiththemost units. Residents residing atthe other sitesofa Scattered Site

Developmentmustbe offeredtransportation,atno costtothem, totheclasses.The topic

areasmustinclude,butno

tbelimitedto:

 Financialbudgetingandbill‐payingincludingtrainingintheuseoftechnologiesand

web‐basedapplications;

 Taxpreparationincludingdo’sanddon’ts,commontips,andhowandwheretofile,

includingelectronically;

 Fraud prevention including how to prevent credit card and banking fraud, ide

ntity

theft,computerhackingandavoidingcommonconsumerscams;

Exhibit E

Page 39 of 45

MMRN,SAIL,ELIANDHCCREDITUNDERWRITINGREPORT     SMG

ST.PETERCLAVERPLACEPHASEI

RFA2020‐205/2021‐222BS/2020‐540C

DESCRIPTIONOFFEATURESANDAMENITIES



ST.PETERCLAVERPLACEPHASEI EXHIBIT2–PAGE5

 Retirementplanning&savingsoptionsincludingpreparingawillandestateplanning;

and

 Homebuyereducationincludinghowtopreparetobuyahome,andhowtoaccessto

first‐timehomebuyerprogramsinthecountyinwhichthedevelopmentislocated.

Different topic areas must be selected for each s

ession, and no topic area may be

repeatedconsecutively.

3. AdultLiteracy

TheApplicantoritsManagementCompanymustmakeavailable,atnocosttotheresident,

literacytutor(s)whowillprovideweeklyliteracylessonstoresidentsinprivatespaceon‐site.

Variousliteracyprogrammingcanbeofferedthatstrengthensparticipants’rea

ding,writing

skills,andcomprehension,butataminimum,thesemustincludeEnglishproficiencyandbasic

readingeducation.

Trainingmustbeheldbetweenthehoursof8:00a.m.and7:00p.m.andelectronicmedia,if

used, must be used in conjunction with live instruction. If the Development consists of

ScatteredSites,thisresidentprogrammustbeprov

idedontheS catteredSitewiththemost

units.

Exhibit E

Page 40 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I EXHIBIT 3 – PAGE 1

JUNE 9, 2022

COMPLETENESSANDISSUESCHECKLIST

DEVELOPMENTNAME:St.PeterClaverPlacePhaseI_  ____________________ 

DATE:JUNE9,2022____

In accordance with applicable Program Rule(s), the Borrower is required to submit the information

required to evaluate, complete, and determine itssufficiency in satisfying the requirements for Credit

Underwriting to the Credit Underwriter in accordance with the schedule established by the Florida 

Housing Finance Corporation (“Florida Housing” or “FHFC”). The following ite

ms must be satisfactorily

addressed.“Satisfactorily”meansthattheCreditUnderwriterhasreceivedassurancesfromthirdparties

unrelatedtotheBorrowerthatthetransactioncanclosewithintheallottedtimeframe.Unsatisfactory

items,ifany,arenotedbelowandinthe“IssuesandConcerns”sectionoftheExecutiveSummary.

CREDITUNDERWRITING

REQ

UIREDITEMS:

STATUS NOTE

Satis.

/Unsatis.



1. The Development’s final “as submitted for permitting” plans and

specifications.

Note: Final “signed, sealed, and approved for constructi on” plans and

specificationswillberequiredthirtydaysbeforeclosing.

Satis.

2. Finalsiteplanand/orstatusofsiteplanapproval.  Satis.

3. PermitStatus. Satis.

4. Pre‐constructionanalysis(“PCA”). Satis.

5. Survey. Satis.

6. Complete,thoroughsoiltestreports. Satis.

7. Full or self ‐contained appraisal as defined by the Uniform Standards of

ProfessionalAppraisalPractice.

Satis.

8. MarketStudyseparatefromtheAppraisal. Satis.

9. EnvironmentalSiteAssessment–PhaseIand/orPhaseIIifapplicab le(IfPhase

I and/orIIdisclosed environmental problems requiring remediation, a plan,

includingtimeframeandcost,fortheremediation isrequired).Ifthe report

is not dated within one year of the application date, an update from the

assesso

rmustbeprovidedindicatingthecurrentenvironmentalstatus.

Satis.

10. Audited financial statements for the most recent fiscal year ended or

acceptablealternativeas statedin the Rulefor creditenhancers,Borrower,

generalpartner,principals,guarantorsandgeneralcontractor.

Satis.

11. Resumes and experience of Borrower, general contractor and management

agent.

Satis.

Exhibit E

Page 41 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I EXHIBIT 3 – PAGE 2

JUNE 9, 2022

12. Creditauthorizations;verificationsofdepositsandmortgageloans. Satis.

13. ManagementAgreementandManagementPlan. Satis. 1

14. Firmcommitmentfromthecreditenhancerorprivatepla cementpurchaser,

ifany.

Satis.

15. Firmcommitmentletterfromthesyndicator,ifany. Satis.

16. Firmcommitmentletter(s)foranyotherfinancingsources. Satis.

17. Updatedsourcesandusesoffunds. Satis.

18. Draft construction draw schedule showing sources of funds  during each

monthoftheconstructionandlease‐upperiod.

Satis.

19. Fifteen‐yearincome,expense,andoccupancyprojection. Satis.

20. Executedgeneralconstruc tioncon tractwith“nottoexceed”costs. Satis.

21. HCONLY:15% ofthetotalequity to beprovided priortoor simultaneously

withtheclosingofthecon structionfinancing.

Satis.

22. Anyadditionalitemsrequiredbythecreditunderwriter. Satis. 2



NOTESANDAPPLICANT’SRESPONSES:None

1. AnundatedandunexecutedManagementAgreementwasprovidedbetweenNDCandtheApplicant.

Response:ApplicantwillprovideafullyexecutedManagementAgreementnotsubstantiallydifferent

fromtheundatedandunexecutedagreementutilizedhereinforunderwriting.

2. TheTenantSelectionPlan(“TSP”)hasnotyetbeena

pprovedbyFloridaHousing. 

Response:TheTSPisrequiredtobeapprovedpriortoclosing.



Exhibit E

Page 42 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I EXHIBIT 4 - PAGE 1

JUNE 9, 2022

HCAllocationCalculation

$41,367,624

Les s La ndCos t ($400,000)

Les s Fe de ra lFun ds $0

Les s OtherIneligibleCos t ($2,876,526)

Les s Di s proporti ona teSta nda rd $0

$38,091,099

100.00%

130.00%

$49,518,428

4.00%

$1,980,737

SectionI:QualifiedBasisCalculation

De ve l opmen tCos t

TotalEligibleBasi s

ApplicableFra cti on

DDA/QCTBasisCre di t

QualifiedBa sis

HousingCre d i tPe rce nta ge

Annua l Housi n gCre d i tAllocation



NotestotheQualifiedBasisCalculation:

1. OtherIneligibleCostsprimarilyincludeaportionofsite work,accountingfees,legalfees,aportionof

construction loan interest, permanent loan origination, FHFC Loan commitment fees, FHFC

administrative,application,andunderwritingfees,marketstudy,andreserves.

2. TheBorrowercommittedtoasetasideof100%.Therefore,SMGhasutilizedanApplicabl

eFraction

of100.00%.

3. TheDevelopmentwaslocatedinaQualifiedCensusTract,Tract5.03.Therefore,the130%basiscredit

hasbeenappliedtotheEligibleBasis.

4. Perthe FY2021 Omnibus ConsolidatedAppropriationsAct passedbyCongressasof December21

,

2020,apermanent4%minimumHCratewasestablished.Forpurposesofthisreport,aHCpercentage

of4.00%hasthereforebeenapplied.

Exhibit E

Page 43 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I EXHIBIT 4 - PAGE 2

JUNE 9, 2022

$41,367,624

Les s Mo rtgage s ($20,912,649)

Les s Gran ts ($50,000)

$20,404,975

99.99%

$0.9000

$22,674,462

$2,267,446

TotalDe ve l opmen tCos t(Incl udi ngLandandIneligibleCos ts )

SectionII:GapCalculation

Equi tyGap

Percenta getoInvestmentPa rtne rs hi p

HCSyndi ca ti onPri ci ng

HCRe q uire dtoMeetGap

Annua l HCRe qu i re d



NotestotheGapCalculatio n:

1. Mortgages include the BellWether first mortgage, FHFC SAIL second mortgage, FHFC ELI third

mortgage,CityofFortMyersfourthmortgageandCityofFortMyersgrant.

2. HCSyndicationPricingandPercentagetoInvestmentPartnershiparebasedupontheMay15,2022,

LOIfromRJTCF.

$38,091,099

Pl us La ndCos t $400,000

$38,491,099

$24,000,000

Les s De btService Rese rve $0

Les s Proce eds Usedfo rCos ts ofIssuance $0

Pl us Tax‐exemptGI Cearnings $0

$24,000,000

62.35%

Tax‐ExemptNo te Amount

Tax‐ExemptProceeds Used fo rBuildingandLa nd

ProceedsDi vi de dbyAg g rega teBa si s

SectionIII:Tax‐Ex emptNote50%Test

TotalDe preci a ble Cos t

Agg reg a teBasis

Notesto50%Test:

1. SMG estimates the Tax‐Exempt MMRN amount to 62.35% of Depreciable Development  Costs plus

Land Acquisition Costs.If, atthetime ofFinal CostCertification, the TEL Amountislessthan 50%,

developerfeeswillhavetobereducedbyanamounttoensurecompliancewiththe50%Test.That

may,inturn,resultinare

ductiontoHCEquity.

Exhibit E

Page 44 of 45

MMRN, SAIL, ELI AND HC CREDIT UNDERWRITING REPORT SMG

ST. PETER CLAVER PLACE PHASE I EXHIBIT 4 - PAGE 3

JUNE 9, 2022

$1,980,737

$2,267,446

$1,980,737

HCpe rQualifiedBa si s

SectionIV:Summary

HCpe rGap Calculation

Annua lHCRe comme nde d



NotestotheSummary:

1.TheAnnualHCRecommendedisbasedontheQualifiedBasiscalculation.

Exhibit E

Page 45 of 45