working together to build strong communities · 5/25/2010 · 12200 tech road, suite 250, silver...

12200 Tech Road, Suite 250, Silver Spring, MD 20904 Phone: 301-622-2400 Fax: 301-622-2800

BOARD MEETING NOTICE Date: Tuesday, May 25, 2010

Time: 6:00 p.m. Dinner; 6:30 p.m. Board Meeting Place: Pembridge Community Center **

2315 Blueridge Avenue Wheaton, MD

RSVP: Please call Michael Scheidt at 301-622-2400, ext. 10

FINAL AGENDA 6:30 I. COMMITTEE MEETINGS II. INFORMATION EXCHANGE

A. Chair’s Report B. President’s Report C. Report from Committees

III. PRESENTATIONS

A. Presentation – Robert Goldman

IV. CONSENT ITEMS A. Approval of Minutes of April 27, 2010 B. Resolution 10-19 – Board Terms C. Resolution 10-20 – Board Officers D. Resolution 10-21 – Board Members for Affiliate Entities

V. DISCUSSION AND ACTION ITEMS

A. Elevator Speech Presentation – Lesia Bullock B. Resolution 10-22 – Loan to MHP Edinburgh House, Inc. C. Beall’s Update

VI. REPORT FROM SUBSIDIARIES A. Election of Officers – Beall’s, Blair Park, DRHC, Edinburgh, Great Hope, Greenwood,

Landings Edge, Parkview, Pembridge, Scattered Site, Takoma, and Town Centre B. 906 Browning Refinancing – MHP Scattered Site, Inc.

VII. INFORMATION ITEMS

A. Financial Report B. Fundraising Report C. Board Calendar D. MPDU Rental Purchase

8:30 VIII. ADJOURNMENT

** Directions: Take Georgia Avenue north from the Capital Beltway. Turn right on University Boulevard, then left on Amherst Avenue. Turn left on Elkin Street and then immediately left again into the Amherst Square Apartments parking lot. The Pembridge Square Community Center is at the far end of the parking lot.

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PRESIDENT'S REPORT 1. Gilbert Highlands (21 units) – Renovation work is proceeding. We anticipate delivering units in

mid-August 2010. 2. Beall’s II (74 units) – The Planning Commission voted 5 to 1 on April 28, 2010 to approve the

revised Use Permit (74-unit plan). The Court of Special Appeals hearing is on June 4, 2010. 3. Bowie Mill (117 units) – The hearing for the re-zoning was on May 3, 2010. We believe we will

receive a favorable ruling. The hearing examiner’s report will likely not be available until July. 4. Maple Towers (36 units) – We plan to close on the financing in late May and start construction in

June. 5. Edinburgh House Concrete Repairs (45 units) – The exterior concrete repair work (slab edges,

balcony decks and covered parking areas) is ongoing (nearly 90% complete) and is expected to last through May 2010.

6. Edinburgh House Refinance/Rehab Work (45 units) – We plan to do a major rehab of this property

in 2011 using proceeds from tax exempt bonds and 4% low income housing tax credits. On May 14, 2010 we submitted the bond application to the State of Maryland. We should know by July if our application is approved.

7. 906 Browning Avenue – We signed a term sheet with PNC to refinance this loan. Some minor

rehabilitation work is also planned. We plan to close the loan and begin construction in early summer. 8. Halpine Hamlet (67 units) – In April we completed the $500,000 project of deferred maintenance

work (concrete repairs, new roofs and HVAC systems). 9. Potential New Development Projects – MHP has been shortlisted for two proposed mixed-income

residential developments (one in Wheaton and one in Silver Spring) on county-owned land. MHP is partnering with Landex Development Company for the Wheaton project and Donohoe Development Company for the Silver Spring development. The final proposals are due and interviews will be held in late May.

10. Community Life – Staff is in the process of renewing the Summer Program licenses for all the sites,

and planning curricula and field trips. The Pre-School graduation will be held on June 3rd from 6:30-8:30 pm at Arcola Elementary School in Wheaton.

11. Fundraising – The next Circle of Builders Breakfast meeting is scheduled for June 11 at Chevy Chase Bank in Bethesda.

12. Neighborhoods – MHP neighborhoods staff participated in the County’s Complete Count Committee

used to promote the 2010 census; neighborhoods staff conducted outreach to 1,000 households in the target area. MHP also continued assisting Department of Environmental Protection in conducting community outreach and education to promote household energy efficiency; staff conducted outreach to 1,500 households promoting the Set It & Save program for programmable thermostats (PTs), installed 33 PTs as part of a MHP pilot project at the Halpine Hamlet property, and sponsored highly successful Weatherization & Energy Efficiency Expo in Wheaton attended by over 60 people. In April, the County’s Department of Housing and Community Affairs published an RFP for neighborhoods work for FY ‘2011. MHP submitted a comprehensive response in April. Award announcements regarding the RFP are still pending.

13. AAP - On April 28th, the Apartment Assistance Program held its year-end seminar. Ken Rehfuss,

president of RKR Construction Company, spoke to 21 small apartment owners about how to get the most benefit from renovation projects. Due to the county’s current fiscal crisis, Montgomery County Department of Housing and Community Affairs, which funds the AAP Program, has decided to not fund the program in FY 2011 that starts in July.

14. MPDU’s – We currently have five properties in our pipeline—two are under contract for sale (one of

which is expected to close on May 27th) and one is expected to be transferred to the MPDU rental portfolio by July. Six members remain in the IDA Program; four are pre-qualified to buy and are looking to purchase within the next three months.

15. Asset Management – The Asset Management staff met with tax assessors this month to appeal real

estate taxes on a number of properties in our portfolio. It will be a couple of months before decisions are made and if necessary, cases will be taken to the Appeals Board.

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MHP Board Meeting DRAFT April 27, 2010 Meeting called to order at 6:35 p.m.

I. Chair’s Report—Stacy Silber reported on the strategic planning process. The Committee has reviewed proposals by five consultants and narrowed it down to two. The Committee will schedule a meeting with the two finalists to hear presentations and ask questions, and plans to choose a consultant by the May board meeting.

II. President’s Report—Robert Goldman reported on the following: a. Proposals have been submitted to the County for the Neighborhoods work.

This work, which was previously one contract, has been divided into three different contracts; MHP has submitted proposals on all three which are being reviewed by the County.

b. Work is finishing up on the Halpine Hamlet renovations. c. Staff is working to finalize documents to close on the financing for Maple

Towers the week of May 13. d. The re-zoning for the Bowie Mill project was reviewed by the Planning

Commission. The response was relatively good; only two residents spoke in opposition, both to the “2 over2” design for the MPDU units. The Commission recommended approval but expressed concerns with the “2 over 2” units which they said they will review at the site plan review. This will have some impact upon density, but is overall a good result.

e. Beall’s Grant will be reviewed by the Rockville Planning Commission later this week.

f. The Golf Tournament will be held May 24. We have a number of top sponsors, but are seeking a few additional major sponsors. There was some impact upon Golf sponsorship as several sponsors who had traditionally supported the Golf Tournament made commitments to the Gala this year. Also, 6-8 Gala sponsors included tournament foursomes which were part of their Gala sponsorship package.

g. Gala final report—the event on March 18 grossed $275,000; once expenses were deducted the net was $175,000, which exceeded expectations. A DVD of the event which was produced by our media sponsor is available and we are exploring how we might post segments on the website.

h. County funding—Rob talked at length about funding challenges with the county.

III. Committee Reports a. Finance: The Finance Committee met and there are a number of matters

coming before the Board this meeting relative to Maple Towers and MPDU financing. No additional issues.

b. Fundraising: The fundraising plan was revised and will be presented later this meeting.

IV. Presentation by Chip Bay

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V. Discussion and Action Items a. Minutes of the February 23 meeting were approved. b. New Board members.—resumes were presented for three new Board

members. Linda Kelly is a business owner; her residency also satisfies our CHODO requirement. Caroline Blakely is a vice president at Fannie Mae who previously worked for Richard Lawch. Vicki Davis works with Lois Fried and oversees development; her family has been in the construction business. Motions to appoint all three as Board members –Resolutions 10-10, 10-11 and 10-12-- were approved. Our plan is to invite them to the May 25 Board meeting as observers, depending upon the agenda for the evening. Their terms as Board members would begin with the June meeting.

c. Fundraising Plan—was revised per suggestions made by the Board at the last meeting. The plan was approved.

d. The Board considered a series of resolutions relative to the Maple Towers project. Several related to the creation of MHP Maple Towers, Inc, to replace MHP in the ownership of the project for purposes of the tax credit syndication. The Board was in general support of the resolutions. [Due to changes that were made after the notices to the Board went out, these resolutions will be voted on later by the Executive Committee].

e. Resolution 10-13 approved of the audit, which was reviewed and recommended for approval by the Audit Committee. Resolution 10-13 was approved by the Board.

f. The will be a series of resolutions that MHP Maple Towers Inc. will be taking up relating to the financing of Maple Towers.

VI. Discussion of potential Board speakers—the Board has a tradition of inviting outside speakers to meetings. Stacy led a discussion to identify other individuals who might be on our list to invite in the coming year. Suggestions included: a representative from NeighborWorks America who oversees project financing; Councilman Mike Knapp and a return visit from Councilwoman Nancy Floreen. It was also suggested that we have our attorney meet with the Board after the new Board members begin their terms. June 11 Breakfast—It was announced that MHP will host another breakfast at Chevy Chase Bank on June 11 at 7:30 a.m. The topic will be changing dynamics in Montgomery County, how it compares with other metropolitan communities, and the implications for affordable housing. Alan Berube, Research Director from the Brookings Institution Metropolitan Policy Program, will present a research report Brookings is releasing in May looking at metro area trends and growth. Steve Silverman, Director of Economic Development for the county, will reflect upon the findings from the report and their implications for County planning. We discussed several possible moderators: a representative from the Chamber of Commerce; the President of the State Association of Homebuilders, and others. We will identify a good moderator. We also discussed other possible organizations to reach out to who might have interest in this topic. All Board members are invited to attend.

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VII. Report from Subsidiaries a. MHP Scattered Site, Inc.— MHP SSI Board will take up a resolution to

approve the purchase of 8807 Glenville Road. b. MHP Maple Towers, Inc. will vote on a series of resolutions relating to its

formation, officers and the financing of Maple Towers. VIII. Information Items: Board members attention was directed to materials

included in their packet: a Financial Report, a Fundraising status report; the Quarterly Asset Management Report, and the Board calendar. It was agreed to move the new Board members dinner to the just prior to the May 25th Board meeting – the dinner will start at 6:00.

The meeting adjourned at 8:20 p.m.


RESOLUTION 10-19 RESOLUTION OF THE BOARD OF DIRECTORS OF

MONTGOMERY HOUSING PARTNERSHIP, INC.

The Board of Directors of Montgomery Housing Partnership, Inc. (The "Corporation"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation elects Board members and sets terms of Board members annually; WHEREAS, the first term for Board members Faten Alajmi, Robert Mitchell, and Gina Williams will expire on June 30, 2010; NOW THEREFORE, BE IT RESOLVED, that the Corporation approves Faten Alajmi, Robert Mitchell, and Gina Williams to a second term on the Board. Their term on the Board shall expire June 30, 2013. IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May, 2010. _________________________________ Jill Goodrich, Assistant Secretary

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The Board of Directors of Montgomery Housing Partnership, Inc. (The "Corporation"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is a nonprofit housing organization doing business in Montgomery County, Maryland; and WHEREAS, the Bylaws call for the election of Officers at the Annual Meeting; WHEREAS, due notice thereof having been provided, the Annual Meeting of the Corporation took place on May 25, 2010; WHEREAS, the Bylaws call for the Chair, Vice Chair, Treasurer and Secretary of the Board to serve as the Executive Committee of the Board. The Chair of the Board is also required to appoint up to two additional persons to the Executive Committee of the Board. NOW THEREFORE, BE IT RESOLVED, effective July 1, 2010, the Board of Directors elects the following Officers of the Board and of the Corporation: Board Officers: Chair – Stacy Plotkin Silber

Vice Chair – Rhonda Cunningham Holmes Treasurer – Charles Bay Secretary – Sheila Maith Corporate Officers: President – Robert Goldman Assistant Secretary – Jill Goodrich FURTHER, IT IS ACKNOWLEDGED, that effective July 1, 2010, the Chair appoints Gina Williams to serve on the Executive Committee of the Board until the next annual meeting. IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May, 2010. _________________________________ Jill Goodrich, Assistant Secretary

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The Board of Directors of Montgomery Housing Partnership, Inc. (The "Corporation"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is a nonprofit housing organization doing business in Montgomery County, Maryland; and WHEREAS, the Corporation has the following affiliate organizations: MHP Edinburgh House, Inc., MHP Scattered Site, Inc., MHP Dring's Reach, Inc., MHP Landing's Edge, Inc., MHP Town Centre, Inc., MHP Pembridge Square Apt., Inc., MHP Blair Park Apt., Inc., MHP DRHC, Inc., MHP Great Hope Homes, Inc., MHP Greenwood Terrace, Inc., MHP Maple Towers, Inc., MHP Pembridge, Inc., MHP Parkview Manor, Inc., MHP Takoma, Inc., and MHP Bealls, Inc. WHEREAS, the Corporation is required to appoint the Board of Directors of its affiliate organizations; WHEREAS, MHP Dring's Reach, Inc. and MHP Pembridge Square, Inc. are inactive since Dring's Reach Apartments is now owned by MHP DRHC, Inc. and MHP Pembridge Square, Inc. was replaced by MHP Pembridge, Inc. Therefore, there is no need to appoint Directors to MHP Dring’s Reach, Inc. and MHP Pembridge Square, Inc.; and NOW THEREFORE, BE IT RESOLVED, the Board of Directors appoints the following persons to serve as Board of Directors for the subsidiary organizations: MHP Edinburgh House, Inc. Sheila Maith Gina Williams Charles Bay Robert Goldman Jill Goodrich

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MHP Scattered Site, Inc. Ali Solis Gail Scott-Parizer Charles Bay Robert Goldman Jill Goodrich MHP Landing's Edge, Inc. Bob Mitchell Vicki Carrasco Charles Bay Robert Goldman Jill Goodrich MHP Town Centre, Inc. Sheila Maith Stacy Plotkin Silber Charles Bay Robert Goldman Jill Goodrich MHP Great Hope Homes, Inc. Rhonda Cunningham Holmes Sheila Maith Charles Bay Robert Goldman Jill Goodrich MHP Blair Park Apt., Inc. Gina Williams Gail Scott-Parizer Charles Bay Robert Goldman Jill Goodrich MHP Greenwood Terrace, Inc. Richard Perlmutter Juan Holcomb Charles Bay Robert Goldman Jill Goodrich MHP DRHC, Inc. Stacy Silber Faten Alajmi Charles Bay


Robert Goldman Jill Goodrich


MHP Pembridge, Inc. Ali Solis Richard Perlmutter Charles Bay Robert Goldman Jill Goodrich MHP Bealls, Inc.Gail Scott-Parizer Rhonda Cunningham Holmes Charles Bay Robert Goldman Jill Goodrich MHP Parkview Manor, Inc. Juan Holcomb Gina Williams Charles Bay Robert Goldman Jill Goodrich MHP Takoma, Inc. Stacy Plotkin Silber Yuletta Mitchell Charles Bay Robert Goldman Jill Goodrich MHP Maple Towers, Inc. Rhonda Cunningham Holmes Robert Fossi Charles Bay Robert Goldman Jill Goodrich IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May, 2010. _________________________________ Jill Goodrich, Assistant Secretary





The Board of Directors of Montgomery Housing Partnership, Inc. (the "Corporation"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is a nonprofit housing organization doing business in Montgomery County, Maryland; and WHEREAS, MHP Edinburgh House, Inc (the “Owner”), is the owner of a multi-family apartment facility located at 7513 Maple Avenue, Takoma Park, MD and known as Edinburgh House (“the Property”); and WHEREAS, the Owner is an affiliate of the Corporation and the Corporation is the developer of the Property; and WHEREAS, the Property is in need of renovations and the Owner wishes to conduct these renovations by refinancing the current mortgages on the Property; WHEREAS, in order to be approved for any such refinancing, including bond financing under the State of Maryland’s New Issue Bond Program (the “Bonds”), a lender requires that certain applications be completed (the “Applications”) and certain tests, studies, appraisals, investigations and analyses of the Property be performed (collectively, the “Tests”); and NOW, THEREFORE, BE IT RESOLVED, that the President or Assistant Secretary of the Corporation acting together or either one acting alone is authorized and directed on behalf of and in the name of the Corporation to (i) expend funds in an amount not to exceed Forty Thousand and No/100 Dollars ($40,000.00) to complete the Tests and Applications, and (ii) sign and execute any contract or document or application necessary in connection with such Tests and Applications; and BE IT FURTHER RESOLVED, that all previous actions taken or documents or applications executed and delivered by the President and Assistant Secretary of the Corporation in connection with such Tests and Applications are hereby approved and ratified.

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IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this ____ day of May, 2010. _________________________________ Jill Goodrich, Assistant Secretary

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To: Montgomery Housing Partnership’s Board From: MHP’s Real Estate Department Date: May 25, 2010 Re: Bond Financing for Edinburgh House

Name and Address: Edinburgh House, 7513 Maple Avenue, Takoma Park, MD Project Type: Moderate rehabilitation of a 45-unit building that MHP

purchased in 1995 Project Owner: MHP Edinburgh House, Inc. Project Team: Architect: Zavos Architecture and Design General Contractor: RKR Construction Construction Management: Limerock Contractors

Property Management: Equity Management Project Background:

Edinburgh House is a 9-story, 45-unit masonry building with two elevators, built in

1964. MHP purchased the building in 1995 and conducted minimal rehabilitation at the time. We are currently proposing to refinance the property in order to do a moderate rehab of the property and to pay back a Sandy Spring (recourse) loan that is expiring. Additionally Edinburgh House is the only property where tenants don’t pay their utilities. Therefore, it is important for MHP to upgrade the current utility structure to a more energy efficient one.

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MHP had applied for 9% Low Income Housing Tax Credit Funding in 2007 but the project did not score well. In mid-February of 2010, however, The Maryland Community Development Administration (CDA) rolled out a New Issue Bond Program (NIBP) under which bond financing is available at lower interest rate (4.55%). Initially it was thought that the program was over subscribed. However, a month ago CDA indicated to MHP that they will consider Edinburgh House if we submit the application by May 14th 2010. Time was of essence to take advantage of this great low interest rate loan opportunity. MHP assembled the project team (architect, contractor, etc.) to prepare the application and hired a consultant help with the process. The purpose of this memorandum is to update you on the proposed project and get your formal approval on the funds spent to prepare the bond application. Provided CDA approves our bond application, which we should know by late June, we will come to the Board in July for approval of the full project budget.

Rehabilitation Scope:

The building needs a moderate renovation. The scope of work includes the following:

APARMENT INTERIORS Kitchens New Cabinets and Countertops, install pass-thru in kitchen, new appliances, new flooring, new lighting, clean exhaust system, vented range hoods, update electrical panels, new piping Bathrooms New bathroom vanity and top, new medicine cabinet, new lavatory and tub, new ceramic tile floors/surrounds, clean exhaust, new lighting, new accessories, new low flow showerhead, grab bars New medicine cabinet Convert 3 units to ADA accessible Other Interior Upgrades New carpet, Unit entry door replacement, interior door replacement, bi-fold doors, new hardware, new shelving, new smoke detectors, new cable/phone wiring, new lighting, sprinklers, fireproofing, window treatments BUILDING INTERIORS/MECHANICAL SYSTEMS Replace some Interior air exchange ceiling mount units, replace chiller/cooling tower, replace water distribution system pumps, replace boiler, replace water heater, replace corridor HVAC, new generator, new sprinkler system, new fire alarm system, new fire pump, upgrade elevator cab, stair pressurization, improve security call system; also looking into separately metering (or at least billing) of utilities CORRIDORS/STAIRWELLS New Corridor flooring, paint, lighting, stairwell flooring, new doors, new fire extinguishers, new acoustical ceilings BUILDING EXTERIOR Roof Replacement, window replacement, masonry repairs, vestibule entrance system replacement, exterior paint OTHER SITE WORK

Site lighting improvements, parking lot sealing and striping, landscaping, site concrete repairs, perimeter site fencing, extend new domestic water/fire line, jet sewer lines AMENITIES Laundry room upgrades, reconfigure leasing office and community room

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We would rehab the building by floor or tier. Proposed Rents and Unit Mix: The project has a total of 45 units.

UNIT DESCRIPTION

Income Restriction (% of AMI)

Number of Units

Gross Rent

Unit Sq. Footage

one bedroom 60% 24 $984 670 two bedroom 60% 15 $1,144 927 one bedroom Market 3 $1,100 670 two bedroom Market 3 $1,250 927

45

These rents are well within the rates suggested by the market study and within the tax

credit requirements. Tenants do not pay utilities.

Acquisition Financing: The project was acquired with a $400,000 loan from Sandy Spring National Bank (9.75 percent, 30-year amortization, 15-year balloon). The loan was to come due in September but MHP was given a one year extension. Montgomery County Department of Housing and Community Development DHCA) had also provided rehabilitation financing in the amount of $1.3 million. This loan is structured as a "cash flow" loan. There is also a second County loan of $161,000 on the property. Construction and Permanent Financing: Estimated project sources and uses are as follows:

SOURCES Total CDA Perm Loan NIBP $3,189,412

CDA MHRP $500,000

MC-HIF (at acquisition) $1,461,000

MHP-Soft purchase note $2,024,593

4% Tax Credit Funds $1,666,985

MEEHA grant $ 112,500

MHP Deferred Dev. Fee $ 333,873

TOTAL $9,288,364

$206,408/unit

USES Total Acquisition Costs $3,903,250

Rehab Costs $2,835,767

Professional Fees & Soft Costs $ 562,365

Financing and Syndication Costs $ 579,788

Reserves $ 453,000

Developer Fee $ 953,924

TOTAL $9,288,364

** Also see attached proforma

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Explanation of sources: CDA NIBP Bonds: 40-yr term; 40-yr amortization; 4.55% interest CDA MHRP (state loan): 40-yr term; 40-yr amortization; 4% interest (subordinate to bonds) MC-HIF (DHCA loan current loan staying in project): 30-yr (cash flow loan); 0% interest MHP-Soft purchase note: MHP’s estimated equity in project Tax Credit Funds: 4% credits MEEHA Grant: state funds for energy efficient improvements; up to $2,500/unit Pre-Development Funds MHP has spent approximately $32,000 to date to prepare the bond application, including costs for the architect, structural engineer, market study, application fees, consultant, etc. Staff is requesting authority to spend an additional $8,000 (total of $40,000) in pre-development funds in the event any other miscellaneous work is required to gain approval of the bond application. Risks:

(i) Bond application: We had to spend around $32,000 to prepare the application for bond financing. We hope that the project will score well and be approved.

(ii) Financing Equity: We are currently assuming the tax credit rate of 0.75 cents. Enterprise has indicated that it is subject to change.

(iii) Permit Approvals and Schedule: A requirement of the NIBP is that financing must close by early December, which requires all governmental approvals by that time, including building permits. While it is possible to make this schedule, there is not much room for error. The team will need to work expeditiously to prepare the construction documents once we receive notice of the bond application approval.

Therefore, we request the Board’s approval to proceed with the preparation of bond application and approve the related costs. A board resolution to approve the spending of predevelopment funds up to $40,000 is also attached.

Edinburg House 4% model CDA SOURCES AND USES OF FUNDSExpanded scopeRUN DATE: 5/13/2010

would need bond issue of 4,644,182 to meet 51% test Must Pay (M) orSOURCES OF FUNDS Rate Amortization Term Amount % Per Unit Loan Type Contingent (C)CDA - Permanent Loan - NIBP 4.55% 40 30 3,189,412 34% 70,876 1 MCDA - MHRP 4.00% 40 40 500,000 5% 11,111 4 CCounty - Existing HIF Loan 0.00% 40 40 1,461,000 16% 32,467 4 CMHP - Soft Purchase Money Note 3.00% 30 30 2,024,593 22% 44,991 4 CCDA - MEEHA (Grant) 0.00% 0 0 112,500 1% 2,500 4 C

- - 1=Amortizing M=Must-Pay

LP Capital Contribution $1,666,985 18% 37,044 2=Interest-only C=Cash FlowMHP/deferred fee 35% $333,873 7,419 3=Accruing Contingent

TOTAL SOURCES OF FUNDS 9,288,364 100% 206,408 4=Cash Flow Funding Surplus<Gap>: (0)

9.00% Credit 3.36% CreditAPPLICATION OF FUNDS Per Unit Total Depreciable Rehab AcquisitionACQUISITION COSTSPurchase Price: Land % of Total = 20.0% 17,000 765,000 - Purchase Price: Buildings % of Total = 80.0% 68,000 3,060,000 3,060,000 Title Insurance, Recording, Closing Costs 556 25,000 25,000 Acquisition Legal Fees 333 15,000 15,000 Transfer Taxes 850 38,250Other Acquisition (Specify:) - - -

Subtotal 86,739 3,903,250 - - 3,100,000

CONSTRUCTION/REHABILITATION COSTSRehabilitation: Residential EXPANDED 48,040 2,161,820 2,161,820 General Requirements 7% 3,363 151,327 151,327 Contractor Overhead 2.0% 961 43,236 43,236 Contractor Profit 4% 1,922 86,473 86,473 Payment & Performance Bond 1.25% 601 27,023 27,023 Contractor Construction Contingency 5% 2,402 108,091 108,091

- - Construction Contingency 10.00% 5,729 257,797

Subtotal 63,017 2,835,767 - - 2,577,970

PROFESSIONAL FEES & OTHER SOFT COSTSArchitect Design 2,361 106,250 106,250 Architect Supervision 417 18,750 18,750 Engineering 667 30,000 30,000 Bldg report 89 4,000 4,000 Environmental Site Assessment 556 25,000 25,000 Survey (Boundary/Topo/As-Built) 222 10,000 10,000 Building Permits 1,000 45,000 45,000 Impact Fees/County Fees 1,111 50,000 50,000 Hazard & Liability Insurance (Construction Period) 222 10,000 10,000 Closing Costs/Title Insurance 1,111 50,000 50,000 Real Estate Taxes/ Fees 156 7,000 7,000 Market Study 156 7,000 7,000 Appraisal 222 10,000 10,000 Accounting/Audit 178 8,000 8,000 Cost Certification 222 10,000 10,000 Legal Fees: Real Estate (Developer) 1,111 50,000 50,000 Consultant Fees 444 20,000 20,000 Construction Management Fees 889 40,000 40,000 Developer Fees 11.45% 21,198 953,924 953,924 Soft Cost Contingency 1,370 61,635 61,635

Subtotal 33,701 1,516,559 - - 1,516,559

CODE

RESIDENTIAL

9.00% Credit 3.36% CreditAPPLICATION OF FUNDS Per Unit Total Depreciable Rehab Acquisition

RESIDENTIAL

FINANCING COSTSConstruction Loan Interest - CDA % Expensed = 4.55% 7,271 327,188 327,188

CDA - Bond costs (issuance, legal, underwriter, etc.) 2,044 92,000CDA - Risk Share Application Fee 102 4,600CDA - Origination Fees 1,533 69,000CDA - Initial MIP - Construction Period 1,022 46,000CDA - Legal 444 20,000Negative Arbitrage included in const. int

- - Subtotal 12,418 558,788 - - 327,188

TAX CREDIT & SYNDICATION COSTSTax Credit Application Fees Eligible?(Y/N) Y 22 1,000 1,000 1,000 Legal/Organizational Fees (Developer) 222 10,000 10,000 10,000 Tax Credit Consultant Eligible?(Y/N) Y 222 10,000 10,000 10,000

- 0Subtotal 467 21,000 21,000 - 21,000

START-UP COSTS, RESERVES & ESCROWS

Tenant Relocation (Basis Eligible) 2,000 90,000 90,000Operating Reserves (Capitalized) 6 months Expense/Hard Debt 5,844 263,000Replacement Reserve (Capitalized) 2,222 100,000

- -

Subtotal 10,067 453,000 - - 90,000

TOTAL APPLICATION OF FUNDS 206,408 9,288,364 21,000 0 7,632,717

Edinburg House 4% model RENT, EXPENSE AND TIMING ASSUMPTIONS

Run Date:RESIDENTIAL RENTAL INCOME ASSUMPTIONS

Income Percent Monthly Monthly Annual Required MaximumRestriction Number of Number Utility Unit Sq. Market Below Rent per Rental Rental Rental Tenant Restricted Percent of

UNIT DESCRIPTION (% of AMI) Bedrooms of Units Allowance Gross Rent Footage Rents Market Sq. Foot Allowance Income Income Income Rent (Gross) Median

one bedroom - affordable 60% 1 24 $984 670 1,131 13.00% 1.469 984 23,615 283,383 39,359 1,131 51.10%two bedroom - affordable 60% 2 15 $1,144 927 1,288 11.18% 1.234 1,144 17,160 205,920 45,760 1,288 49.51%one bedroom - market mkt 1 3 $1,100 670 1,131 2.74% 1.642 1,100 3,300 39,600 44,000 1,131 57.12%two bedroom - market mkt 2 3 $1,250 927 1,288 2.95% 1.348 1,250 3,750 45,000 50,000 1,288 54.09%

- - - TOTAL 45 $1,063 34,776 53,721 47,825 573,903 $42,511 51.17%

0

RENTAL ASSUMPTIONS: Residential Commercial 2009 expenses Total Per UnitAccounting 9,000 -

No. Months of Rent in Year 1 12 12 Legal 1,500 - No. Months of Expenses in Year 1 12 12 Total Professional Fees 10,500 233 No. Months Depreciation in Year 1 12 12 Office Rent and Expenses 25,843 - Annual Rent Increase 2.0% 2.0% Payroll and Payroll Taxes 64,405 - Annual Rent Increase (Year 1 - 2 only) 2.0% 2.0% Workmen's Comp & Emp Benefits 3,668 - Annual Expense Increase 3.0% 3.0% Misc. Administrative Expenses 25,853 - Annual Expense Increase (Year 1 - 2 only) 3.0% 3.0% Total Administrative 119,769 2,662 Vacancy Loss, Year 1 5.0% 5.0% Gas/Oil - Vacancy Loss Years 2-16 5.0% 5.0% Electricity assumed utilities lowered - Property Management Fee 5.0% Water/Sewer via more better central HVAC - Replacement Reserve 325 Other - and pipe/toiltet repair/replacementOther Income 7,000 Total Utilities 95,400 2,120 177$ PUPMInterest on Reserve Accounts 2.0% Extermination 3,156 - Median Income--Year--County/MSA $102,700 2009 Trash Removal 7,800 - HUD Statistical Area (MSA, PSA, County): DC Security 3,696 -

Janitorial Supplies & Salaries 1,680 - Repair Contracts/Labor 10,344 -

TAX CREDIT ASSUMPTIONS Painting/Decorating/Supplies 8,040 - Grounds Maintenance 9,120 - RE Taxes

Year of Credits Allocation: 2010 5% Elevator 8,496 No PILOT PILOTTax Credit Rate Lock Date: Other 1,648

RATE Total Repairs and Maintenance 52,332 1,163 Acquisition Credit Rate: 3.36% Total Marketing and Leasing - New Construction/Rehab Rate: 9.00% Total Real Estate Taxes 7,000 156

Total Insurance 8,000 178 DDA/QCT Basis Boost 100.00% Total Property Management Fee 27,593 27,593 613 5.0%Applicable Fraction (% TC Units) 86.67% Partnership Management Fee (Must Pay) -

Acquition Basis - 4% 6,615,021 Investor Services Fee (Must Pay) - Rehab Basis - 4% 0 Other Fees (Must Pay) CDA MIP 15,947 354

Max. Proposed Credits $222,265 Total Other Fees 15,947 354 Tax Credit Allocation Misc. Expense - CDA Monitoring Fee 1,125 25 Equity Price 0.75$ Misc. Expense MHP Asst. Admin Fee 354 4%Tax Credit Equity $1,666,985 Total Miscellaneous Expenses 1,125 25

Total Operating Expenses/Unit 337,666 7,504

Edinburg House 4% model CASH FLOW (PAGE 1) DATE:

RUN DATE:1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

RENTAL INCOME Year: 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026Yr. 1 Vacancy Inflator

Gross Rental Income - Residential 102% 573,903 585,382 597,089 609,031 621,212 633,636 646,309 659,235 672,419 685,868 699,585 713,577 727,848 742,405 757,253 772,399Other Income - Residential 102% 7,000 7,140 7,283 7,428 7,577 7,729 7,883 8,041 8,202 8,366 8,533 8,704 8,878 9,055 9,236 9,421 Less Vacancy (Year 1/Years 2-16) 5.0% 5.0% 29,045 29,626 30,219 30,823 31,439 32,068 32,710 33,364 34,031 34,712 35,406 36,114 36,836 37,573 38,324 39,091

103% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Other Income - Commercial 102% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Less Vacancy (Year 1/Years 2-16) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

NET RENTAL INCOME 551,858 562,896 574,153 585,636 597,350 609,296 621,482 633,911 646,590 659,521 672,712 686,166 699,890 713,888 728,166 742,729

EXPENSESInflator

Total Professional Fees 103% 10,500 10,815 11,139 11,473 11,817 12,172 12,537 12,913 13,300 13,699 14,110 14,533 14,969 15,418 15,881 16,357Total Administrative 103% 119,769 123,362 127,063 130,875 134,801 138,845 143,010 147,300 151,719 156,271 160,959 165,788 170,762 175,885 181,162 186,597Total Utilities 103% 95,400 98,262 101,210 104,246 107,373 110,594 113,912 117,329 120,849 124,474 128,208 132,054 136,016 140,096 144,299 148,628Total Repairs and Maintenance 103% 52,332 53,902 55,519 57,185 58,901 60,668 62,488 64,363 66,294 68,283 70,331 72,441 74,614 76,852 79,158 81,533Total Marketing and Leasing 103% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Total Real Estate Taxes 103% 7,000 7,210 7,426 7,649 7,878 8,114 8,357 8,608 8,866 9,132 9,406 9,688 9,979 10,278 10,586 10,904Total Insurance 103% 8,000 8,240 8,487 8,742 9,004 9,274 9,552 9,839 10,134 10,438 10,751 11,074 11,406 11,748 12,100 12,463Total Property Management Fee 103% 27,593 28,145 28,708 29,282 29,867 30,465 31,074 31,696 32,329 32,976 33,636 34,308 34,995 35,694 36,408 37,136Total Other Fees 100% 15,947 16,425 16,425 16,425 16,425 16,425 16,425 16,425 16,425 16,425 16,425 16,425 16,425 16,425 16,425 16,425Total Miscellaneous Expenses 103% 1,125 1,159 1,194 1,230 1,267 1,305 1,344 1,384 1,426 1,469 1,513 1,558 1,605 1,653 1,703 1,754

TOTAL EXPENSES: 337,666 347,520 357,171 367,107 377,333 387,862 398,699 409,857 421,342 433,167 445,339 457,869 470,771 484,049 497,722 511,797

NET OPERATING INCOME 214,192 215,376 216,982 218,530 220,016 221,435 222,783 224,055 225,247 226,354 227,373 228,297 229,120 229,838 230,443 230,931Operating Reserve 103%Replacement Reserve 102% 14,625 14,918 15,216 15,520 15,831 16,147 16,470 16,800 17,136 17,478 17,828 18,184 18,548 18,919 19,297 19,683NOI ADJUSTED FOR RESERVES 199,567 200,458 201,766 203,009 204,186 205,287 206,312 207,255 208,112 208,876 209,546 210,113 210,572 210,919 211,146 211,248Available for D/S

DEBT SERVICE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

CDA - Permanent Loan - NIBP 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 Loan Balance 3,189,412 3,160,642 3,130,536 3,099,031 3,066,062 3,031,561 2,995,457 2,957,676 2,918,140 2,876,766 2,833,471 2,788,163 2,740,751 2,691,136 2,639,216 2,584,884 2,528,027 Principal Paid 28,770 30,106 31,505 32,969 34,501 36,104 37,781 39,536 41,373 43,296 45,307 47,412 49,615 51,920 54,332 56,857 Interest Accrued Interest-Paid 4.55% 144,523 143,187 141,788 140,324 138,792 137,189 135,512 133,757 131,920 129,997 127,986 125,881 123,678 121,373 118,961 116,436Total 173,293 173,293 173,293 173,293 173,293 173,293 173,293 173,293 173,293 173,293 173,293 173,293 173,293 173,293 173,293 173,293

DSC Ratio-1st Mortgage 1.15 1.16 1.16 1.17 1.18 1.18 1.19 1.20 1.20 1.21 1.21 1.21 1.22 1.22 1.22 1.22

CDA - MHRP 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 Loan Balance 500,000 500,000 506,863 513,555 519,592 525,009 529,837 534,114 537,879 541,172 544,037 546,520 548,668 550,533 552,168 553,630 554,978 Principal Paid Interest Accrued 4.00% 20,000 20,275 20,542 20,784 21,000 21,193 21,365 21,515 21,647 21,761 21,861 21,947 22,021 22,087 22,145 22,199 Interest-PaidTotal Paid 13,137 13,583 14,237 14,858 15,446 15,997 16,510 16,981 17,410 17,792 18,126 18,410 18,639 18,813 18,927 18,977

DSC Ratio-1st, 2nd Mortgage 1.07 1.07 1.08 1.08 1.08 1.08 1.09 1.09 1.09 1.09 1.09 1.10 1.10 1.10 1.10 1.10Cash Flow 26,274 27,165 28,473 29,716 30,893 31,994 33,019 33,962 34,819 35,583 36,253 36,820 37,279 37,626 37,853 37,95550% to CDA - MHRP 13,137 13,583 14,237 14,858 15,446 15,997 16,510 16,981 17,410 17,792 18,126 18,410 18,639 18,813 18,927 18,977Remaining Available 13,137 13,583 14,237 14,858 15,446 15,997 16,510 16,981 17,410 17,792 18,126 18,410 18,639 18,813 18,927 18,977

MHP Asset Mgmt FeeNet Rental Income 551,858 562,896 574,153 585,636 597,350 609,296 621,482 633,911 646,590 659,521 672,712 686,166 699,890 713,888 728,166 742,729Fee Earned by MHP 4.00% 22,074 22,516 22,966 23,425 23,894 24,372 24,859 25,356 25,864 26,381 26,908 27,447 27,996 28,556 29,127 29,709Cash Flow Payment Available 6,569 6,791 7,118 7,429 7,723 7,999 8,255 8,491 8,705 8,896 9,063 9,205 9,320 9,407 9,463 9,489Total Remaining to Be Paid 15,506 31,230 47,078 63,074 79,245 95,618 112,223 129,089 146,248 163,733 181,578 199,820 218,496 237,645 257,308 277,528

DSC Ratio-1st, 2nd Mortgage and Asset Mgmt Fee 1.03 1.04 1.04 1.04 1.04 1.04 1.04 1.04 1.04 1.04 1.05 1.05 1.05 1.05 1.05 1.05

County - Existing HIF Loan 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 Loan Balance 1,461,000 1,461,000 1,461,000 1,461,000 1,461,000 1,461,000 1,461,000 1,461,000 1,461,000 1,461,000 1,461,000 1,461,000 1,461,000 1,461,000 1,461,000 1,461,000 1,461,000 Principal Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest Accrued 0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest PaidTotal Paid 6,569 6,791 7,118 7,429 7,723 7,999 8,255 8,491 8,705 8,896 9,063 9,205 9,320 9,407 9,463 9,489

DSC Ratio-1st, 2nd, 3rd Mortgage 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00Cash Flow - remaining 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Remaining Available 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

MHP - Soft Purchase Money Note 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 Loan Balance 2,024,593 2,085,331 2,146,069 2,210,451 2,274,833 2,339,215 2,403,597 2,467,979 2,532,361 2,596,743 2,661,125 2,725,507 2,789,889 2,854,271 2,918,653 2,983,035 3,047,417 Principal Paid 0 0 0 0 0 0 0 0 0 0 Interest Accrued 3.00% 60,738 64,382 66,314 68,245 70,176 72,108 74,039 75,971 77,902 79,834 81,765 83,697 85,628 87,560 89,491 91,423 Interest Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Total Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

DSC Ratio-1st, 2nd, 3rd, 4th Mortgage

5/18/10 3:14 PM

S:\Properties\Edinburgh House\Real Estate Development\Bond Financing\Financial models\Edinburgh 4%-bond financing_CDA_051310.xlsCF 5/18/20103:14 PM

CASH FLOW (PAGE 2) DATE:

Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20261 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

CDA - MEEHA (Grant) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Loan Balance 112,500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Principal Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest Accrued 0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Total Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

DSC Ratio-1st, 2nd, 3rd, 4th, 5th MortgageCash Flow

Remaining AvailableOPERATING CASH FLOW 6,569 6,791 7,118 7,429 7,723 7,999 8,255 8,491 8,705 8,896 9,063 9,205 9,320 9,407 9,463 9,489

CONTINGENT FEES/LEASE UP RESERVE

NET CASH FLOW 6,569 6,791 7,118 7,429 7,723 7,999 8,255 8,491 8,705 8,896 9,063 9,205 9,320 9,407 9,463 9,489

CUMULATIVE REPLACEMENT RESERVE 100,000 114,918 130,133 145,654 161,484 177,631 194,101 210,901 228,036 245,515 263,342 281,527 300,075 318,994 338,291 357,975Interest on Replacement Reserve 0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

5/18/10

S:\Properties\Edinburgh House\Real Estate Development\Bond Financing\Financial models\Edinburgh 4%-bond financing_CDA_051310.xlsCF 5/18/20103:14 PM

Edinburgh House 10% increase after renovation

Unit # Tenant Bedrooms

CurrentRent (including utilities)

Anticipated Rents with 2.8% Increase

1 BR 2 BR 1 BR 2 BR All101 2/2 933 933 933 1,026 1,026102 1 1,022 1,022 1,022 1,124 1,124103 vacant 1 990 990 990 1,089 1,089104 1 1,003 1,003 1,003 1,103 1,103105 2 889 889 889 978 978201 2/2 884 884 884 972 972202 1 671 671 671 738 738203 1 740 740 740 814 814204 1 897 897 897 987 987205 2 1,125 1,125 1,125 1,238 1,238301 2/2 976 976 976 1,074 1,074302 1 670 670 670 737 737303 1 825 825 825 908 908304 1 1,022 1,022 1,022 1,124 1,124305 2 1,122 1,122 1,122 1,234 1,234401 2/2 973 973 973 1,070 1,070402 1 991 991 991 1,090 1,090403 1 843 843 843 927 927404 1 990 990 990 1,089 1,089405 2 932 932 932 1,025 1,025501 2/2 1,145 1,145 1,145 1,260 1,260502 1 897 897 897 987 987503 1 679 679 679 747 747504 vacant 1 991 991 991 1,090 1,090505 2 922 922 922 1,014 1,014601 2/2 1,163 1,163 1,163 1,279 1,279602 1 838 838 838 922 922603 1 829 829 829 912 912604 1 909 909 909 1,000 1,000605 2 1,160 1,160 1,160 1,276 1,276701 2/2 1,241 1,241 1,241 1,365 1,365702 1 764 764 764 840 840703 1 1,022 1,022 1,022 1,124 1,124704 1 1,006 1,006 1,006 1,107 1,107705 2 1,157 1,157 1,157 1,273 1,273801 2/2 1,005 1,005 1,005 1,106 1,106802 1 990 990 990 1,089 1,089803 1 991 991 991 1,090 1,090804 1 991 991 991 1,090 1,090805 2 1,141 1,141 1,141 1,255 1,255901 2/2 980 980 980 1,078 1,078902 vacant 1 943 943 943 1,037 1,037903 1 905 905 905 996 996904 1 733 733 733 806 806905 2 972 972 972 1,069 1,069

Total $42,872 $44,072 $895 $1,040 $984 $1,144 $47,159avg 1 BR avg 2 BR 1 BR 2 BR

S:\Board\Board Lists\2010 Lists\mhp-sub-corp directors and officers 10.06.01.doc

MHP SUB-CORPORATIONS DIRECTORS AND OFFICERS

July 1, 2010 – June 30, 2011 MHP EDINBURGH HOUSE, INC. MHP SCATTERED SITE, INC. MHP DRHC, Inc. Tax ID: 53-1937891 Tax ID: 52-2797972 Tax ID: 14-1855665 Incorporated: 10-28-94 Incorporated: 9-16-92 Incorporated: 11-18-02 President President President Sheila Maith

1905 Elkhart Street Silver Spring, MD 20910

Ali Solis 10 G. Street, N.E, Suite 450 Washington, D.C. 20002

Stacy Plotkin Silber 3 Bethesda Metro Center, Ste 800 Bethesda, MD 20814-6301

Vice President Vice President Vice President

Robert Goldman Robert Goldman Robert Goldman 13704 Lockdale Road Silver Spring, MD 20906

13704 Lockdale Road Silver Spring, MD 20906


Secretary Secretary Secretary

Gina Williams Gail Scott-Parizer Faten Alajmi 11609 Everglade Court Gaithersburg, MD 20878

12125 Pawnee Drive Gaithersburg, MD 20878

903 Dryden Street Silver Spring, MD 20901

Assistant Secretary Assistant Secretary Assistant Secretary

Jill Goodrich Jill Goodrich Jill Goodrich 10305 Crestmoor Drive Silver Spring, MD 20901

10305 Crestmoor Drive Silver Spring, MD 20901


Treasurer Treasurer Treasurer

Charles Bay Charles Bay Charles Bay 20300 Mallet Hill Court Germantown, MD 20876

20300 Mallet Hill Court Germantown, MD 20876


MHP LANDING’S EDGE, INC. MHP TOWN CENTRE, INC. MHP GREAT HOPE HOMES, INC. Tax ID: 52-2063810 Tax ID: 52-1799708 General Partner, Great Hope Homes 2001 L.P Incorporated: 8-21-97 Incorporated: 10-21-92 Tax ID: 52-2320420 Incorporated: 05-31-01 President President President Robert Mitchell Sheila Maith Rhonda Cunningham Holmes 1686 E. Gude Dr. Rockville, MD 20910


1926 Blueridge Avenue Silver Spring, MD 20902






Vicki Carrasco Stacy Plotkin Silber Sheila Maith 1133 East West Highway #1026 Silver Spring, MD 20910

3 Bethesda Metro Center, Ste 800 Bethesda, MD 20814-6301











MHP PEMBRIDGE, INC. MHP GREENWOOD TERRACE, INC. MHP BLAIR PARK APT., INC. Tax ID: 33-1053892 Tax ID: 52-2341499 Tax ID: 52-2341500 Incorporated: 04-02-03 Incorporated: 09-10-01 Incorporated: 09-10-01 President President President

Ali Solis Richard Perlmutter Gina Williams 10 G. Street, N.E, Suite 450 Washington, D.C. 20002

11113 Cripplegate Road Potomac, MD 20854

11609 Everglade Court Gaithersburg, MD 20878






Richard Perlmutter Juan Holcomb Gail Scott-Parizer 13704 Lockdale Road Silver Spring, MD 20906

10913 Oakwood Street Silver Spring, MD 20901

12125 Pawnee Drive Gaithersburg, MD 20878









MHP BEALLS, INC. MHP PARKVIEW MANOR, INC. MHP TAKOMA, INC. Tax ID: 20-5038795 Tax ID: 52-1158459 Tax ID: 26-2700739 Incorporated: 11-17-05 Incorporated: 04-11-06 Incorporated: President President President

Gail Scott-Parizer Juan Holcomb Stacy Silber 12125 Pawnee Drive Gaithersburg, MD 20878

10913 Oakwood Street Silver Spring, MD 20901

3 Bethesda Metro Center, Ste 800 Bethesda, MD 20814-6301






Rhonda Cunningham Holmes Gina Williams Yuletta Mitchell 1926 Blueridge Avenue Silver Spring, MD 20902

11609 Everglade Court Gaithersburg, MD 20878

107 Sheffield Street Silver Spring, MD 20910










MHP MAPLE TOWERS, INC. Tax ID: Incorporated: 05-18-10

President Rhonda Cunningham Holmes 1926 Blueridge Avenue Silver Spring, MD 20902

Vice President

Robert Goldman 13704 Lockdale Road Silver Spring, MD 20906

Secretary

Robert Fossi 5600 Western Avenue Chevy Chase, MD 20815

Assistant Secretary

Jill Goodrich 10305 Crestmoor Drive Silver Spring, MD 20901

Treasurer

Charles Bay 20300 Mallet Hill Court Germantown, MD 20876

MHP PEMBRIDGE SQUARE APT. INC. INACTIVE Tax ID: 26-0029135 Incorporated: 01-10-02

MHP DRING’S REACH, INC.

INACTIVE Tax ID: 14-1855665 Incorporated: 1-18-02 Old # Tax ID: 52-1797074 Incorporated: 9-18-92

BOARD MEETING NOTICE

MHP BEALL’S, INC.

Date: Tuesday, May 25, 2010 Time: 8:00 p.m. Board Meeting Place: Pembridge Square Community Center Pembridge Square Apartments 2315 Blueridge Avenue Wheaton, MD 20902 RSVP: Please call Michael Scheidt at 301-622-2400, extension 10 AGENDA Resolution # 10-01 – Annual Election of Officers

RESOLUTION 10-01

RESOLUTION OF THE BOARD OF DIRECTORS OF MHP BEALL’S, INC.

The Board of Directors of MHP Beall’s, Inc. (The "Corporation"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is a nonprofit housing organization doing business in Montgomery County, Maryland; and WHEREAS, the Corporation is required to appoint Officers at its annual meeting; NOW THEREFORE, BE IT RESOLVED, the Board of Directors appoints the following Officers: MHP Beall’s, Inc. Gail Scott-Parizer - President Rhonda Cunningham Holmes – Secretary Charles Bay - Treasurer Robert Goldman - Vice President Jill Goodrich - Assistant Secretary BE IT FURTHER RESOLVED, that the President, Vice President and Assistant Secretary are authorized to sign, execute, and acknowledge, in the name of the Corporation, deeds, mortgages, bonds, contracts, or other instruments, authorized by the Board of Directors. IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May 2010. _________________________________ Jill Goodrich, Assistant Secretary

S:\Board\RESOLUTIONS\MHP Beall's\RESOLUTION 10-01 (subcorp Officers).doc


MHP BLAIR PARK APTS., INC.

Date: Tuesday, May 25, 2010 Time: 8:00 p.m. Board Meeting Place: Pembridge Square Community Center Pembridge Square Apartments 2315 Blueridge Avenue Wheaton, MD 20902 RSVP: Please call Michael Scheidt at 301-622-2400, extension 10 AGENDA Resolution # 10-03 – Blair Park Apartments, Inc. – Election of Officers

RESOLUTION 10-03

RESOLUTION OF THE BOARD OF DIRECTORS OF MHP BLAIR PARK APTS., INC.

The Board of Directors of MHP Blair Park Apts., Inc. (The "Corporation"), a Maryland corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is required to appoint its Officers at its annual meeting; NOW THEREFORE, BE IT RESOLVED, the Board of Directors appoints the following Officers: MHP Blair Park Apts., Inc. Gina Williams – President Gail Scott-Parizer – Secretary Charles Bay – Treasurer Robert Goldman – Vice President Jill Goodrich – Assistant Secretary BE IT FURTHER RESOLVED, that the President, Vice President and Assistant Secretary are authorized to sign, execute, and acknowledge, in the name of the Corporation, deeds, mortgages, bonds, contracts, or other instruments, authorized by the Board of Directors. IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May 2010. _________________________________ Jill Goodrich, Assistant Secretary

S:\Board\RESOLUTIONS\Blair Park\RESOLUTION 10-03 (Subcorp Officers).doc


MHP DRHC INC.

Date: Tuesday, May 25, 2010 Time: 8:00 p.m. Board Meeting Place: Pembridge Square Apartments Community Center 2315 Blueridge Avenue Wheaton, MD 20902 RSVP: Please call Michael Scheidt at 301-622-2400, extension 10 AGENDA

1. Resolution 10-03 – Annual Election of Officers

RESOLUTION 10-03

RESOLUTION OF THE BOARD OF DIRECTORS OF MHP DRHC, Inc.

The Board of Directors of MHP DRHC, Inc. (The "Corporation"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is a nonprofit housing organization doing business in Montgomery County, Maryland; and WHEREAS, the Corporation is required to appoint Officers at its annual meeting; NOW THEREFORE, BE IT RESOLVED, the Board of Directors appoints the following Officers: MHP DRHC, Inc. Stacy Plotkin Silber - President Faten Alajmi – Secretary Charles Bay - Treasurer Robert Goldman - Vice President Jill Goodrich - Assistant Secretary BE IT FURTHER RESOLVED, that the President, Vice President and Assistant Secretary are authorized to sign, execute, and acknowledge, in the name of the Corporation, deeds, mortgages, bonds, contracts, or other instruments, authorized by the Board of Directors. IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May 2010. _________________________________ Jill Goodrich, Assistant Secretary

S:\Board\RESOLUTIONS\DRHC (Drings), Inc\RESOLUTION 10-03(subcorp officers).doc


MHP EDINBURGH HOUSE, INC.



RESOLUTION 10-03

RESOLUTION OF THE BOARD OF DIRECTORS OF MHP EDINBURGH HOUSE, INC.

The Board of Directors of MHP Edinburgh House, Inc. (The "Corporation"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is a nonprofit housing organization doing business in Montgomery County, Maryland; and WHEREAS, the Corporation is required to appoint Officers at its annual meeting; NOW THEREFORE, BE IT RESOLVED, the Board of Directors appoints the following Officers: MHP Edinburgh House, Inc. Sheila Maith - President Gina Williams – Secretary Charles Bay - Treasurer Robert Goldman - Vice President Jill Goodrich - Assistant Secretary BE IT FURTHER RESOLVED, that the President, Vice President and Assistant Secretary are authorized to sign, execute, and acknowledge, in the name of the Corporation, deeds, mortgages, bonds, contracts, or other instruments, authorized by the Board of Directors. IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May 2010. _________________________________ Jill Goodrich, Assistant Secretary

S:\Board\RESOLUTIONS\Edinburgh Resolutions\RESOLUTION 10-03 (subcorp Officers).doc


MHP GREAT HOPE HOMES, INC.

Date: Tuesday, May 25, 2010 Time: 8:00 p.m. Board Meeting Place: Pembridge Square Community Center Pembridge Square Apartments 2315 Blueridge Avenue Wheaton, MD 20902 RSVP: Please call Michael Scheidt at 301-622-2400, extension 10

AGENDA


RESOLUTION 10-03

RESOLUTION OF THE BOARD OF DIRECTORS OF MHP GREAT HOPE HOMES, INC.

The Board of Directors of MHP Great Hope Homes, Inc. (The "Corporation"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is a nonprofit housing organization doing business in Montgomery County, Maryland; and WHEREAS, the Corporation is required to appoint Officers at its annual meeting; NOW THEREFORE, BE IT RESOLVED, the Board of Directors appoints the following Officers: MHP Great Hope Homes, Inc. Rhonda Cunningham Holmes - President Sheila Maith – Secretary Charles Bay - Treasurer Robert Goldman - Vice President Jill Goodrich - Assistant Secretary BE IT FURTHER RESOLVED, that the President, Vice President and Assistant Secretary are authorized to sign, execute, and acknowledge, in the name of the Corporation, deeds, mortgages, bonds, contracts, or other instruments, authorized by the Board of Directors. IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May 2010. _________________________________ Jill Goodrich, Assistant Secretary

S:\Board\RESOLUTIONS\Great Hope Homes\RESOLUTION 10-03 (subcorp Officers).doc


MHP GREENWOOD TERRACE APTS., INC.


AGENDA

1. Resolution #10-03 – Annual Election of Officers

RESOLUTION 10-03

RESOLUTION OF THE BOARD OF DIRECTORS OF MHP GREENWOOD TERRACE APTS., INC.

The Board of Directors of MHP Greenwood Terrace Apts., Inc. (The "Corporation"), a Maryland corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is required to appoint Officers at its annual meeting; NOW THEREFORE, BE IT RESOLVED, the Board of Directors appoints the following Officers: MHP Greenwood Terrace Apts., Inc. Richard Perlmutter - President Juan Holcomb – Secretary Charles Bay - Treasurer Robert Goldman - Vice President Jill Goodrich - Assistant Secretary BE IT FURTHER RESOLVED, that the President, Vice President and Assistant Secretary are authorized to sign, execute, and acknowledge, in the name of the Corporation, deeds, mortgages, bonds, contracts, or other instruments, authorized by the Board of Directors. IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May 2010. _________________________________ Jill Goodrich, Assistant Secretary

S:\Board\RESOLUTIONS\Greenwood Terrace\RESOLUTION 10-03 (subcorp Officers).doc


MHP LANDING’S EDGE, INC.



RESOLUTION 10-03

RESOLUTION OF THE BOARD OF DIRECTORS OF MHP LANDINGS EDGE, INC.

The Board of Directors of MHP Landing's Edge, Inc. (The "Corporation"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is a nonprofit housing organization doing business in Montgomery County, Maryland; and WHEREAS, the Corporation is required to appoint Officers at its annual meeting; NOW THEREFORE, BE IT RESOLVED, the Board of Directors appoints the following Officers: MHP Landing's Edge, Inc. Robert Mitchell - President Vicki Carrasco – Secretary Charles Bay - Treasurer Robert Goldman - Vice President Jill Goodrich - Assistant Secretary BE IT FURTHER RESOLVED, that the President, Vice President and Assistant Secretary are authorized to sign, execute, and acknowledge, in the name of the Corporation, deeds, mortgages, bonds, contracts, or other instruments, authorized by the Board of Directors. IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May 2010. _________________________________ Jill Goodrich, Assistant Secretary

S:\Board\RESOLUTIONS\Landing's Edge Resolutions\RESOLUTION 10-03 (subcorp Officers).doc


MHP PARKVIEW MANOR, INC.

Date: Tuesday, May 25, 2010 Time: 8:00 p.m. Board Meeting Place: Pembridge Square Community Center 2315 Blueridge Avenue Wheaton, MD 20902 RSVP: Please call Michael Scheidt at 301-622-2400, extension 10 AGENDA

1. Resolution # 10-03 – Annual Election of Officers

RESOLUTION 10-03

RESOLUTION OF THE BOARD OF DIRECTORS OF MHP PARKVIEW MANOR, INC.

The Board of Directors of MHP Parkview Manor, Inc. (The "Corporation"), a Maryland stock corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is required to appoint Officers at its annual meeting; NOW THEREFORE, BE IT RESOLVED, the Board of Directors appoints the following Officers:

MHP Parkview Manor, Inc. Juan Holcomb - President Gina Williams - Secretary Charles Bay – Treasurer Robert A. Goldman - Vice President Jill Goodrich – Assistant Secretary

BE IT FURTHER RESOLVED, that the President, Vice President, and Assistant Secretary are authorized to sign, execute, and acknowledge, in the name of the Corporation, deeds, mortgages, bonds, contracts, or other instruments, authorized by the Board of Directors. IN WITNESS WHEREOF, this certification has been signed on behalf of the Directors by its Assistant Secretary this 25th day of May, 2010. ________________________________ Jill Goodrich, Assistant Secretary

S:\Board\RESOLUTIONS\MHP Parkview Manor,Inc.(GP)\RESOLUTION 10-03 (Subcorp Officers).doc


MHP PEMBRIDGE, INC.


AGENDA

1. Resolution #10-03 – Annual Election of Officers

RESOLUTION 10-03

RESOLUTION OF THE BOARD OF DIRECTORS OF MHP PEMBRIDGE, INC.

The Board of Directors of MHP Pembridge Inc. (The "Corporation"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is a nonprofit housing organization doing business in Montgomery County, Maryland; and WHEREAS, the Corporation is required to appoint Officers at its annual meeting; NOW THEREFORE, BE IT RESOLVED, the Board of Directors appoints the following Officers: MHP Pembridge Inc. Ali Solis - President Richard Perlmutter - Secretary Charles Bay - Treasurer Robert Goldman – Vice President Jill Goodrich - Assistant Secretary BE IT FURTHER RESOLVED, that the President, Vice President and Assistant Secretary are authorized to sign, execute, and acknowledge, in the name of the Corporation, deeds, mortgages, bonds, contracts, or other instruments, authorized by the Board of Directors. IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May 2010. _________________________________ Jill Goodrich, Assistant Secretary

S:\Board\RESOLUTIONS\MHP Pembridge, Inc. [GP]\RESOLUTION 10-03 (subcorp Officers).doc


MHP SCATTERED SITE, INC.


1. Resolution 10-04 – Annual Election of Officers 2. Resolution 10-05 – Browning PNC and County Loans

RESOLUTION 10-04

RESOLUTION OF THE BOARD OF DIRECTORS OF MHP SCATTERED SITE, INC.

The Board of Directors of MHP Scattered Site, Inc. (The "Corporation"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010 the following resolution: WHEREAS, the Corporation is a nonprofit housing organization doing business in Montgomery County, Maryland; and WHEREAS, the Corporation is required to appoint Officers at its annual meeting; NOW THEREFORE, BE IT RESOLVED, the Board of Directors appoints the following Officers: MHP Scattered Site, Inc. Ali Solis - President Gail Scott-Parizer – Secretary Charles Bay - Treasurer Robert Goldman - Vice President Jill Goodrich - Assistant Secretary BE IT FURTHER RESOLVED, that the President, Vice President and Assistant Secretary are authorized to sign, execute, and acknowledge, in the name of the Corporation, deeds, mortgages, bonds, contracts, or other instruments, authorized by the Board of Directors. IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May 2010. _________________________________ Jill Goodrich, Assistant Secretary

S:\Board\RESOLUTIONS\SSI Resolutions\2010\SSI Resolution 10-04 subcorp Officers.doc


RESOLUTION 10-05

RESOLUTION OF THE BOARD OF DIRECTORS OF

MHP SCATTERED SITE, INC. The Board of Directors of MHP Scattered Site, Inc. (the "Company"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Company on May __, 2010, the following resolution:

WHEREAS, the Company was organized to own, renovate, operate, manage and lease a rental apartment facility located at 906 Browning, Silver Spring, MD known as Browning Apartments (the “Property”); and WHEREAS, the Company currently owns the Property; and

WHEREAS, the Company has obtained an initial term sheet from PNC Bank for a loan (the “PNC Loan”) in the approximate amount of Seven Hundred Fifty Thousand and No/100 Dollars ($750,000.00) to (i) refinance the existing debt with Sandy Spring Bank, (ii) assist with renovation costs for the Property, and (iii) provide permanent financing for the Property; and WHEREAS, the County previously made a loan to the Company for the acquisition of the Property in the amount of One Hundred Twenty-Six Thousand and No/100 Dollars ($126,000.00) whose terms require that repayment begin on August 1, 2010; and WHEREAS, the County desires to amend the note memorializing the loan (the “County Loan”)so that payments by the Company to the County will be contingent on the Property’s cash flow; the Company desires to accept these new terms; and

WHEREAS, the PNC Loan and the County Loan are hereinafter referred to as the “Loans”; and

WHEREAS, the Company desires to accept the terms of the PNC Loan the County Loan and to authorize the execution of the necessary documents to consummate the transactions for the PNC Loan and the County Loan. NOW, THEREFORE, BE IT RESOLVED by MHP Scattered Site, Inc., its Vice President and its Assistant Secretary, are hereby authorized and directed to execute and deliver in the name and on behalf of the Company, any and all documents, certificates, instruments,

agreements and contracts in connection with the Loans. FURTHER RESOLVED that the Vice President and Assistant Secretary are hereby further authorized and directed to perform all such acts, sign all such agreements and other papers, executed all such transfers, certificates and conveyances and do such other matters and things which seem proper which may be required in connection with the Loans. FURTHER RESOLVED that all previous actions taken or documents executed and delivered by the Vice President and Assistant Secretary on behalf of MHP in connection with authorizing or operating or pursuing the Loans by the Company in any capacity are hereby ratified and approved. I hereby certify that the foregoing resolution was approved at a duly conducted meeting of MHP Scattered Site, Inc. on the ___ day of May, 2010 By:______________________________________ Jill Goodrich Assistant Secretary

1

MHP Board Memorandum

May 25, 2010 Project Name: 906 Browning Avenue Location: 906 Browning Avenue, Silver Spring, MD 20912

(Lot size: 17,476 square feet; Zoned: R-10; Built in 1952) Project Type: Refinance and Minor Renovation of 16-unit Apartment

Community Purchased in 1999 Unit Mix: 15, two bedroom, one bath units; 1, one bedroom, one bath unit;

currently 100% occupied & average rent of $1,047/mo.; 11-60% AMI Units, 5-Market Rate Units (2 of which are currently

occupied by Section 8 voucher holders) Building Type & Construction: Three-story garden walk-up; masonry with brick exterior; poured

concrete floor slabs; flat, built-up roof Utilities: Central boiler for heat; central domestic hot water system; through-

the-wall air conditioning units; owner pays for heat and hot water; residents pay electric and gas for cooking

Purpose of Report: The existing debt with Sandy Spring Bank matures on September 9, 2010. The loan is recourse debt to MHP. MHP staff is proposing to refinance the loan with non-recourse debt and increase the loan amount to pay for some deferred maintenance items and minor renovation work. In February, the Board approved the expenditure of up to $25,000 for initial pre-construction due diligence. The purpose of this report is to update the Board on the construction scope, get the Board’s approval on the terms of the PNC loan and the attached resolution regarding the PNC loan and the changes in terms to the County loan. Our goal is to close on the PNC loan and begin construction in June of this year. Property Deferred Maintenance & Rehab Scope: The key components of the proposed work are as follows: 1) replace waste and water piping within apartments, 2) replace kitchen cabinets, countertops, sink, ceiling light and flooring, 3) repaint kitchens, 4) install water saving fixtures in bathrooms (low-flow toilet, lavatory faucet and showerhead), 5) install energy efficient appliances (refrigerator and stove), 6) replace all through-the-wall air conditioning units, including new flashing, 7) replace window screens and blinds, 8) replace existing downspouts and regrade backyard to drain more effectively and 9) add exterior mailbox and bike rack. Much of the work is consistent with the recommendations of a property conditions assessment report by Connor Solutions, dated April 2009.

2

The rehab work is expected to cost approximately $12,500 per unit. The estimates provided herein are from RKR Construction, the general contractor for the project based on the development of the scope over the past few months which will be finalized in the next week. The architect’s drawings were completed last week and we anticipate that only trade permits will be necessary for the required work. The work will be done without relocating the residents. Most of the interior unit work is in the kitchen, as the piping that needs to be replaced is in the wall between the kitchen and bathroom. We plan to do the work in tiers and the residents within a tier will be without the use of their kitchen for about one week. We have budgeted for $50/day per unit as a food allowance while the kitchen is out of service. Existing Financing:

• Debt. $382,000 first mortgage (recourse loan) with Sandy Spring Bank—expires in September 2010.

• County Loan. $126,000 soft (subordinated) loan with Montgomery County Department of Housing and Community Affairs; the County loan changes from deferred payment to must-pay starting in November 2010.

Project Refinancing Strategy:

• Sources and Uses Schedule. See below. • Debt Financing. PNC will provide a loan to take out the existing Sandy Spring

Bank loan. Given the short duration of construction, we will close on the permanent loan and not do a construction/permanent loan. The current terms on the signed term sheet are a) Rate—250 bp over their 10-Year Cost of Funds (all in rate of about 5.9% today), b) min. DSC of 1.2, c) Term—10 years, d) Amortization—25 years and e) LTV—max. 75%. The loan is non-recourse. (We used an interest rate of 6.4% in our analysis.) The loan is currently being prepared to bring to PNC’s loan committee for approval; an appraisal has already been completed. After the loan committee approval, PNC will issue a commitment letter and prepare the necessary loan documents. In addition, we have begin submitting due diligence items to PNC to close the loan.

• County Loan. The County has modified the terms of their existing loan so that the repayment of the loan is based on the lesser of 50% of the cash flow or $7,705. The terms of the County’s previous loan required the owner to begin payment on the loan on August 1, 2010.

• Green Grants. We have applied for a $40,000 grant from the State of Maryland’s Multi-family Energy Efficiency and Housing Affordability Program (MEEHA) and should hear back shortly as to whether we will receive the funds.

3

Estimated Sources and Uses: SOURCES First Debt (PNC) $705,000 Existing County (Soft) Loan $126,000 Green Grant or Soft Loan $40,000

Total $871,000 USES Pay off Sandy Spring Loan $382,000 County (Soft) Loan $126,000 Title, Recording, Etc. $3,000 Construction Costs $224,000 Soft Costs & Supervision $35,000 Developer Fee $30,000 Financing Costs $27,000 Reserves/Misc. $43,000

Total $871,000 Schedule:

• General Contractor to Bid Project May/June 2010 • Finalize Financing June 2010 • MHP Board Approval May 2010 • Obtain Required Permits (only trade permits required) June 2010 • Close on Financing & Begin Construction June/July 2010 • Construction Complete (3 months+/-) September/Oct. 2010

Risks

• Construction Risk. We see this as the biggest risk. Given this is a rehab project, the devil is generally behind the walls. Also, there is a tendency for the scope to creep in a minor renovation project because there is always something else that could use replacing/upgrading. The key is to provide a reasonable amount of contingency (at least 10%) and be really disciplined about focusing only on the approved scope items.

• Financing Risk. We have not yet received approval of the $40,000 MEEHA grant. If we do not receive the full amount of the funding requested, we will seek additional funds from NeighborWorks or minimally decrease the scope of work.

Attachments: Construction Proforma Resolution regarding execution of loan documents

MHP Model SOURCES AND USES OF FUNDS DATE:906 Browning Avenue, Silver Spring, MD

Non- Related First Must Pay (M) or No. of Pmts. Monthly Annual Recourse? Party? Mortgage?

SOURCES OF FUNDS Rate Amortization Term Amount % Per Unit Loan Type Contingent (C) Start Date First Year Payment Payment (1=Y, 0=N) (1=Y, 0=N) (1=Y, 0=N)First Debt (PNC) 6.40% 25 10 705,000 81% 44,063 1 M 01/01/10 12 4,716.25 56,595 0 0 1Montgomery County - HIF 2.11% 20 20 126,000 14% 7,875 4 C 01/01/10 12 589.58 7,075 0 0 0MEEHA 0.00% 0 0 40,000 5% 2,500 4 C 01/01/10 12 - - 0 1 0 0 - - - -

- - - - -

- - 1=Amortizing M=Must-Pay

2=Interest-only C=Cash Flow- 3=Accruing Contingent

TOTAL SOURCES OF FUNDS 871,000 100% 54,438 4=Cash Flow Funding Surplus<Gap>: 0

Total Historic Commercial9.00% Credit 3.45% Credit Non Tax Credit 0.0% <-% Acq.

APPLICATION OF FUNDS Per Unit Total Depreciable NC\Rehab Acquisition Depreciable Amortized Expensed 0.0% 0.0% <-% Con. CHECKACQUISITION COSTSPurchase Price: Land % of Total = - 0 - 1Purchase Price: Buildings % of Total = - 0 - - - - 1Title Insurance, Recording, Closing Costs - 0 - - - - 1Acquisition Legal Fees - 0 - - - - 1County (DHCA) Loan cash flow only 7,875 126,000 126,000 1Other Acquisition (repay SS bank loan) 23,875 382,000 - - 382,000 - 1

Subtotal 31,750 508,000 - - - 508,000 - - - - 1

CONSTRUCTION/REHABILITATION COSTSSite Work: Off-Site/Non-Depreciable - - 1Site Work: On-Site Improvements - - - - 1Demolition: Interior - - - - 1New Construction: Residential - - - 1New Construction: Commercial - - - 1Rehabilitation: Residential 95% of orig 12,766 204,250 204,250 204,250 1Rehabilitation: Commercial - - 1General Requirements - - - 1Contractor Overhead - - - 1Contractor Profit - - - 1Payment & Performance Bond - - - 1Appliances - - - 1Furniture, Fixtures and Equipment - - - 1Other Construction (specify): - - - 1Construction Contingency 10.00% 1,277 20,425 20,425 20,425 - 1

Subtotal 14,042 224,675 224,675 224,675 - - - - - - 1

PROFESSIONAL FEES & OTHER SOFT COSTSArchitect Design 313 5,000 5,000 5,000 - 1Architect Supervision 313 5,000 5,000 5,000 - 1Engineering - 0 - - - 1Geotechnical/Soils Engineering - 0 - - - 1Environmental Site Assessment - 0 - - - 1Survey (Boundary/Topo/As-Built) - - - - 1Building Permits 156 2,500 2,500 2,500 - 1Utility Tap Fees - 0 - - - 1Impact Fees - 0 - - - 1Hazard & Liability Insurance (Construction Period) - 0 - - - 1Closing Costs/Title Insurance 188 3,000 3,000 3,000 - 1Real Estate Taxes/ Fees - 0 - - - 1Market Study - 0 - - - 1Appraisal - 0 - - - 1Accounting/Audit - 0 - - - 1Cost Certification - 0 - - - 1Legal Fees: Real Estate (Developer) 156 2,500 2,500 2,500 - 1Consultant Fees - - - - 1Construction Management Fees 938 15,000 15,000 15,000 - 1Developer (Project Supervision) Fees 3.57% 1,875 30,000 30,000 30,000 - - 1Developer Overhead - 0 - - - 1Soft Cost Contingency 313 5,000 - - 5,000 - 1Other Soft Cost (specify): Misc. - 0 - - - 1Other Soft Cost (specify): - - - - 1

Subtotal 4,250 68,000 63,000 63,000 - - 5,000 - - - 1

5/18/10 3:32 PM

CODE

RESIDENTIAL

Total Historic Commercial9.00% Credit 3.45% Credit Non Tax Credit 0.0% <-% Acq.

APPLICATION OF FUNDS Per Unit Total Depreciable NC\Rehab Acquisition Depreciable Amortized Expensed 0.0% 0.0% <-% Con. CHECK

RESIDENTIAL

FINANCING COSTSConstruction Loan Points/Fees and perm. 441 7,050 (12,305) (12,305) 19,355 - 1Construction Loan Inspections 125 2,000 2,000 2,000 - 1Construction Loan Title & Recording - 0 (16,996) (16,996) 16,996 - 1Construction Loan Legal (Bank) 625 10,000 322 322 9,678 - 1Construction Loan Interest % Expensed = 20.00% - 0 (58,000) (58,000) 58,000 - 1Other Construction Loan Cost: - - - - 1Bridge/Interim Loan Costs Eligible?(Y/N) n - 0 - - - - 1Permanent Loan Points/Fees - 0 - 1Permanent Loan Inspections - - 1Permanent Loan Mortgage Insurance (MIP) - - 1Permanent Loan Title & Recording - - 1Permanent Loan Legal (Bank) - - 1Cost of Issuance (Bonds) - - 1FHA Fees - - 1Ginnie Mae Fees - - 1Letter of Credit Fees - - 1Credit Report - - 1Negative Arbitrage - - 1Other Permanent Loan Cost: Appraisal, Inspections, etc. 500 8,000 1,424 1,424 6,576 1Other Permanent Loan Cost: Misc. Contingency - - - 19,355 #VALUE!

Subtotal 1,691 27,050 - (83,555) - - 71,960 58,000 - - (102,909)

TAX CREDIT & SYNDICATION COSTSTax Credit Application Fees Eligible?(Y/N) Y - 0 - - - 1Tax Credit Compliance Monitoring Fees - - 1Legal/Organizational Fees (Developer) - 0 - 1Fund Legal % Amortized = 50.00% - - - 1Tax Credit Consultant Eligible?(Y/N) Y - - - - 1Other Syndication Costs: - 0 - 1

Subtotal - - - - - - - - - - 1

START-UP COSTS, RESERVES & ESCROWSLeasing/Marketing Expenses - - 1Office & Maintenance Equipment (Non-Basis Eligible) - - 1Tenant Relocation (Basis Eligible) - 0 - - 1Tenant Relocation (Non-Basis Eligible) Food Vouchers 330 5,275 5,275 1Escrows - - 1Rent Up Reserve Currently have $32K in OR--2 mon - 0 - 1Operating Reserves (Capitalized) 0.97 months Expense/Hard Debt 938 15,000 15,000 1Replacement Reserve (Capitalized) Currently 7K in reserves 1,438 23,000 23,000 1Other Reserve: - - 1Other Reserve: - - 1

Subtotal 2,705 43,275 - - - 38,000 - 5,275 - - 1

TOTAL APPLICATION OF FUNDS 54,438 871,000 204,120 204,120 0 546,000 76,960 63,275 0 - (19,354)

MHP Model RENT, EXPENSE AND TIMING ASSUMPTIONS906 Browning Avenue, Silver Spring, MD

RESIDENTIAL RENTAL INCOME ASSUMPTIONSIncome Percent Monthly Monthly Annual Required Maximum

Restriction Number of Number Utility Unit Sq. Market Below Rent per Rental Rental Rental Tenant Restricted Percent ofUNIT DESCRIPTION (% of AMI) Bedrooms of Units Allowance Net Rent Footage Rents Market Sq. Foot Allowance Income Income Income Rent (Net) Median1br (60%) 60% 1 1 $24 $833 665 978 14.83% 1.253 857 833 9,996 34,280 1,054 47.68%2br (60%) 60% 2 10 $31 $1,034 850 1,099 5.93% 1.216 1,065 10,339 124,068 42,595 1,355 46.08%2br (mkt) 100% 2 3 $31 $1,086 850 1,099 1.21% 1.277 1,117 3,257 39,084 44,669 2,280 48.33%2br (HOC) Voucher 100% 2 2 $31 $1,162 850 1,099 -5.72% 1.367 1,193 2,324 27,888 47,715 2,280 51.62% 0 $0 $0 0 0 - - - - 0 $0 $0 0 0 - - - - 0 $0 $0 0 0 - - - - ` 0 $0 $0 0 0 - - - - 0 $0 $0 0 0 - - - -

- - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -

TOTAL 16 $1,047 13,415 17,463 16,753 201,036 $43,104 47.30%

RENTAL ASSUMPTIONS: Residential Commercial #REF! Total Per UnitAudit Escrow 2,439 152

No. Months of Rent in Year 1 12 12 Legal 416 26 No. Months of Expenses in Year 1 12 12 Total Professional Fees 2,855 178 No. Months Depreciation in Year 1 12 12 Office Rent and Expenses 1,072 67 Annual Rent Increase 2.5% 2.0% Payroll and Payroll Taxes 1.0 28,039 1,752 Annual Rent Increase (Year 1 - 2 only) 2.0% 2.0% Workmen's Comp & Emp Benefits 1,520 95 Annual Expense Increase 3.0% 3.0% Misc. Administrative Expenses added 2K 4,845 303 Annual Expense Increase (Year 1 - 2 only) 3.0% 3.0% Total Administrative 35,476 2,217 Vacancy Loss, Year 1 5.0% 7.0% Gas/Oil 1.0 17,220 1,076 Vacancy Loss Years 2-16 5.0% 7.0% Electricity 1.0 2,435 152 Property Management Fee 5.0% Water/Sewer 1.0 15,360 960 Replacement Reserve 325 Other -Other Income Laundry, etc. 1,447 0 Total Utilities 35,015 2,188 Interest on Reserve Accounts 2.0% Extermination 617 39 Median Income--Year--County/MSA $102,700 2009 Trash Removal 4,009 251 HUD Statistical Area (MSA, PSA, County): DC Security 63 4

Janitorial Supplies & Salaries 522 33 Repair Contracts/Work 8,211 513

TAX CREDIT ASSUMPTIONS Painting/Decorating 5,975 373 Grounds Maintenance added 2K 5,876 367

Year of Credits Allocation: 2002 Snow Removal 540 34 Tax Credit Rate Lock Date: Locked Sept. 2002 Elevator

RATE Total Repairs and Maintenance 25,813 1,613 Acquisition Credit Rate: 3.45% Total Marketing and Leasing 914 914 57 New Construction/Rehab Rate: 9.00% Total Real Estate Taxes 1,617 1,617 101

Total Insurance 3,035 3,035 190 DDA/QCT Basis Boost 100.00% Total Property Management Fee 9,618 9,618 601 5.0%Applicable Fraction (% TC Units) 0.00% Partnership Management Fee (Must Pay) -

Acquition Basis - 4% 0 Investor Services Fee (Must Pay) - New Construction/Rehab Basis - 9% 0 Other Fees (Must Pay) Social Services/Licens 2,400 150 1.25%

Max. Proposed Credits $0 Total Other Fees 2,400 150 Tax Credit Allocation Misc. Expense - CDA Monitoring Fee - Equity Price -$ Misc. Expense MHP Part. Admin Fee 7,666 479 4%Tax Credit Equity $0 Total Miscellaneous Expenses 7,666 479

Total Operating Expenses/Unit 124,409 7,776Total Net of Other Fees 122,009 7,626Total Net of Other Fees and Property Taxes 120,392 7,524

3Browning Model PNC 5-12-10 (2).xls'1/19/10

MHP Model CASH FLOW (PAGE 1) DATE:906 Browning Avenue, Silver Spring, MD

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16RENTAL INCOME Year: 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TOTAL

Yr. 1 Vacancy InflatorGross Rental Income - Residential 103% 201,036 206,062 211,213 216,494 221,906 227,454 233,140 238,969 244,943 251,066 257,343 263,777 270,371 277,130 284,059 291,160 3,896,123Other Income - Residential 103% 1,447 1,483 1,520 1,558 1,597 1,637 1,678 1,720 1,763 1,807 1,852 1,899 1,946 1,995 2,045 2,096 28,043 Less Vacancy (Year 1/Years 2-16) 5.0% 5.0% 10,124 10,377 10,637 10,903 11,175 11,455 11,741 12,034 12,335 12,644 12,960 13,284 13,616 13,956 14,305 14,663 196,209Gross Rental Income - Commercial 102% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Other Income - Commercial 102% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Less Vacancy (Year 1/Years 2-16) 7.0% 7.0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

NET RENTAL INCOME 192,359 197,168 202,097 207,149 212,328 217,636 223,077 228,655 234,371 240,230 246,235 252,391 258,701 265,169 271,798 278,593 3,727,957

EXPENSESInflator

Total Professional Fees 103% 2,855 2,941 3,029 3,120 3,214 3,310 3,409 3,511 3,616 3,724 3,836 3,951 4,070 4,192 4,318 4,448 57,544Total Administrative 103% 35,476 36,540 37,636 38,765 39,928 41,126 42,360 43,631 44,940 46,288 47,677 49,107 50,580 52,097 53,660 55,270 715,081Total Utilities 103% 35,015 36,065 37,147 38,261 39,409 40,591 41,809 43,063 44,355 45,686 47,057 48,469 49,923 51,421 52,964 54,553 705,788Total Repairs and Maintenance 103% 25,813 26,587 27,385 28,207 29,053 29,925 30,823 31,748 32,700 33,681 34,691 35,732 36,804 37,908 39,045 40,216 520,318Total Marketing and Leasing 103% 914 941 969 998 1,028 1,059 1,091 1,124 1,158 1,193 1,229 1,266 1,304 1,343 1,383 1,424 18,424Total Real Estate Taxes 103% 1,617 1,666 1,716 1,767 1,820 1,875 1,931 1,989 2,049 2,110 2,173 2,238 2,305 2,374 2,445 2,518 32,593Total Insurance 103% 3,035 3,126 3,220 3,317 3,417 3,520 3,626 3,735 3,847 3,962 4,081 4,203 4,329 4,459 4,593 4,731 61,201Total Property Management Fee 103% 9,618 9,858 10,105 10,357 10,616 10,882 11,154 11,433 11,719 12,011 12,312 12,620 12,935 13,258 13,590 13,930 186,398Total Other Fees 103% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Total Miscellaneous Expenses 103% 3,833 3,948 4,066 4,188 4,314 4,443 4,576 4,713 4,854 5,000 5,150 5,305 5,464 5,628 5,797 5,971 77,250

TOTAL EXPENSES: 118,176 121,673 125,273 128,980 132,799 136,731 140,779 144,947 149,238 153,655 158,206 162,891 167,714 172,680 177,795 183,061 2,374,597

NET OPERATING INCOME 74,183 75,495 76,824 78,169 79,529 80,905 82,298 83,708 85,133 86,574 88,030 89,501 90,987 92,489 94,003 95,532 1,353,360Operating Reserve 103% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Replacement Reserve 103% 5,356 5,356 5,517 5,682 5,853 6,028 6,209 6,395 6,587 6,785 6,988 7,198 7,414 7,636 7,865 8,101 104,972NOI ADJUSTED FOR RESERVES 68,827 70,139 71,307 72,486 73,676 74,877 76,089 77,313 78,546 79,789 81,041 82,303 83,573 84,852 86,138 87,431 1,248,388

DEBT SERVICE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 TOTAL

Loan 1 LTV, % 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 Loan Balance 72% 705,000 693,182 680,586 667,159 652,847 637,592 621,331 603,999 585,524 565,832 544,841 522,467 498,619 473,198 446,102 417,220 386,435 Principal Paid 11,818 12,597 13,427 14,312 15,255 16,261 17,332 18,475 19,692 20,990 22,374 23,849 25,420 27,096 28,882 30,786 318,565 Interest Accrued 0 Interest-Paid 6.40% 44,777 43,998 43,168 42,283 41,340 40,334 39,263 38,120 36,903 35,605 34,221 32,746 31,175 29,499 27,713 25,809 586,955Total 56,595 56,595 56,595 56,595 56,595 56,595 56,595 56,595 56,595 56,595 56,595 56,595 56,595 56,595 56,595 56,595 905,520

DSC Ratio-1st Mortgage 1.22 1.24 1.26 1.28 1.30 1.32 1.34 1.37 1.39 1.41 1.43 1.45 1.48 1.50 1.52 1.54

Below the Line Expense ItemsSocial Services Fees 2,400 2,472 2,546 2,623 2,701 2,782 2,866 2,952 3,040 3,131 3,225 3,322 3,422 3,524 3,630 3,739 #Asset Management Fees (50%) 3,833 3,948 4,066 4,188 4,314 4,443 4,577 4,714 4,856 5,001 5,151 5,306 5,465 5,629 5,798 5,972

Total 6,233 6,420 6,613 6,811 7,015 7,226 7,443 7,666 7,896 8,133 8,377 8,628 8,887 9,153 9,428 9,711DSC Ratio 1.10 1.11 1.13 1.14 1.16 1.17 1.19 1.20 1.22 1.23 1.25 1.26 1.28 1.29 1.30 1.32

County DHCA Loan 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 192 Loan Balance 126,000 110,687 105,899 101,010 96,016 90,916 85,707 80,388 74,955 69,407 63,740 57,953 52,043 46,007 39,842 33,547 27,117 Principal Paid (67,437) 4,788 4,890 4,994 5,100 5,209 5,319 5,433 5,548 5,666 5,787 5,910 6,036 6,165 6,296 6,430 16,133 Interest Accrued 0 Interest-Paid 2.11% 74,512 2,287 2,185 2,081 1,975 1,866 1,756 1,642 1,527 1,409 1,288 1,165 1,039 910 779 645 97,067Total Paid 7,075 7,075 7,075 7,075 7,075 7,075 7,075 7,075 7,075 7,075 7,075 7,075 7,075 7,075 7,075 7,075 113,200

DSC Ratio-1st, 2nd Mortgage 0.98 1.00 1.01 1.03 1.04 1.06 1.07 1.08 1.10 1.11 1.12 1.14 1.15 1.17 1.18 1.19 0 6,469 7,637 8,816 10,006 11,207 12,419 13,643 14,876 16,119 17,371 18,633 19,903 21,182 22,468 23,761

5/18/10 3:32 PM

CFBrowning Model PNC 5-12-10 (2).xls

Montgomery Housing Partnership, Inc.Summary of Cash Accounts - Balances

Jan. 1, 2010 04/30/10 Balance Balance

Wachovia Operating AND Overnight Sweep Investment Acct. $352,222 778,796

Bank of America Operating Checking 10,402$ 10,383$

Wachovia IDA Checking 41,345$ 41,319$ Temp restricted(TEMP. RESTRICTED)

M & T (temp. depository) 129,992$ 61,697$

Bank of Amer.Money Mrkt 97,175$ 97,207$

Citibank IDA Master Acct 22,180$ 22,180$

P N C (Certificate) 101,815$ 101,815$

Wachovia Securities (Treas. Bills) 1,713,696$ 1,667,024$

United Bank ( Certificate) 112,914$ 113,676$

Chevy Chase CDARS Account 1,633,028$ 1,515,102$

Sandy Spring ( Certificate) 109,495$ 109,729$

Petty cash Accounts ( 2 ) 250$ 250$

TOTALS 4,324,514$ 4,519,178$ Jan. 1, 2010 Total 4,324,514$

Increase (Decrease) in Cash Balances 194,664$ NOTE: $72,120 has been loaned to MHP Maple Towers from MHP operating cash in 2010.

$212,000 is included in above from Neighborworks, intended as Loans to Affiliates.

Perm. Restricted Cash included above $0 $0* Permanent Restricted cash released in 2009 - Balance now is zero

UNAUDITED UNAUDITEDINTERNAL

U S E

ASSETS:Cash and cash equivalents (unrestricted) 4,519,178$ Cash (Restricted) 0Accounts receivable 195,249Prepaid expenses and deposits 29,351Furniture, equipment, improvements 120,155 Less: Accumulated depreciation (87,277) Net fixed assets 32,878Loans to affiliates - NRC revolving funds 314,249Notes receivable - Affiliates NRC funds 2,038,604Deferred Development fees receivable 567,706Notes receivable and subsidiary advances 1,234,261 TOTAL ASSETS 8,931,476$

LIABILITIES and NET ASSETSAccounts payable 62,557$ Accrued payroll and payroll costs/benefits 37,690Deferral of rents payable 28,075Notes payable 75,000Notes payable - Forgivable 160,536 Total liabilities 363,858

Unrestricted Net assets 5,638,194$ NeighborWorks Unrestricted Net Assets 901,526NeighborWorks Permanent Restricted Net Assets 1,891,578Temporary Restricted Net Assets 136,320 Total net assets 8,567,618

TOTAL LIABILITIES and NET ASSETS 8,931,476$

Montgomery Housing Partnership, Inc.Summary Balance Sheet

April 30, 2010

UNAUDITEDINTERNAL USE ONLY

Prior Year 2009ACTUALS BUDGET 4-10 VARIANCE ACTUALS

REVENUES (Unrestricted)Development fees 64,668$ 118,000$ (53,332)$ 96,480$ Government Contract Income 46,292 75,000 (28,708) 101,889 Donations 199,911 153,200 46,711 104,634 Fees from Affiliated Entities 513,209 385,590 127,619 273,730 Special events 143,330 120,000 23,330 20,650 Gain from debt forgiveness 62,200 62,667 (467) 80,000 Interest and investment income 2,739 15,321 (12,582) 19,183 Other income 0 700 (700) -

Gala donations included in above $142,605 TOTAL REVENUES 1,032,349$ 930,478$ 101,871$ 696,566

EXPENSESSalaries and Benefits 670,228$ 708,364 38,136 619,320 Community Life Prog. (non-salaried staff included) 44,071 33,844 (10,227) 24,474 Program services 52,247 38,588 (13,659) 41,298 Overhead / Facility costs 109,568 121,440 11,872 120,417 Fundraising 53,667 77,000 23,333 8,418

Gala expenses included in above $68,935 TOTAL EXPENSES 929,781 979,236 49,455 813,927

Increase in Unrestricted Net Assets Accrual Basis 102,568$ (48,758)$ 151,326$ (117,361)$ Gala 2009 net revenue deferral - Restriction Released 70,158

Increase in Net Assets Accrual Basis 172,726$ (48,758)$ 151,326$ (117,361)$

Statement of Revenues and ExpensesFor the 4 Months Ending April 30, 2010

Year 2010 To Date

Montgomery Housing Partnership, Inc.

Fundraising Goals & Achievements 2010 For month ending April 30, 2010

2008 Goal 2008 Actual 2009 Goal 2009 Actual 2010 Goal 2010 ActualIndividual Giving Major Gifts ($1,000+) $35,000 $32,750.00 $37,000 $27,150.00 30,000.00$ 5,500.00$ Individual Gifts (< $1,000) 20,000 12,045.00 13,000 14,145.00 20,000.00$ 740.00$ Workplace Giving 2,500 5,636.66 5,700 8,135.87 7,000.00$ 1,188.69$ Subtotal $57,500 $50,431.66 $55,700 $49,430.87 57,000.00$ 7,428.69$

Corporate Giving Corporate Sponsor $30,000 $55,000.00 $55,000 $10,000.00 35,000.00$ Corporate gifts – non-sponsor 5,000 2,035.00 2,000 9,800.00 5,000.00$ 100.00$ Corporate gifts – tax credits 8,000.00 8,500 11,000.00 11,000.00$ In Kind Gifts 5,126.34 31,338.00Subtotal $35,000 $70,161.34 $65,500 $62,138.00 51,000.00$ 100.00$

Organizations Faith-based Organizations $10,000 $5,100.00 $8,000 $6,240.00 5,000.00$ 4,160.00$ Civic Organizations 1,000 1,061.68 1,000 400.38 500.00$ 90.65$ Subtotal $11,000 $6,161.68 $9,000 $6,640.38 5,500.00$ 4,250.65$

Foundations Fannie Mae $50,000 $94,532.00 $50,000 $38,508.27 35,000.00$ 39,431.48$ Foundation grants-programs $200,000 153,415.00 180,000 227,900.00 250,000.00$ 148,700.00$ Subtotal $250,000 $247,947.00 $230,000 $266,408.27 285,000.00$ 188,131.48$

NeighborWorks Capital Funding NeighborWorks Unrestricted Capital $150,000.00 NeighborWorks Capital Funding $70,000.00 300,000.00$ 212,000.00$ Subtotal $300,000 $220,000.00 300,000.00$ 212,000.00$

Government Government contracts $250,000 $250,000.00 $250,000 $311,164.00 250,000.00$ 113,207.00$ Government grants - Debt Draw 294,099.00 180,000 241,190.00 180,000.00$ 20,254.00$ Subtotal $250,000 $544,099.00 $430,000 $552,354.00 430,000.00$ 113,207.00$

Events Golf Tournament* $25,000 $22,268.00 $22,000 $35,151.00 15,000.00$ 725.00$ Gala 60,000 $99,325.00 123,175.00$ 142,605.00$ Subtotal $25,000 $22,268.00 $82,000 $134,476.00 138,175.00$ 143,330.00$

TOTAL $628,500 $941,068.68 $1,172,200 $1,291,447.52 1,266,675.00$ 668,447.82$

Foundaton Proposal Tracking Sheet FY 2010

Foundation Name Ask Submitted Purpose Decision Award Received

Approved:MCCF 10,000.00$ 12/4/2009 CL approved 5,000.00$ 4/12/2010NW Organizational Underwriting 100,000.00$ 10/15/09

Unrestricted funding approved 117,800.00$ 3/16/2010

NW Line of Business 500,000.00$ 10/16/2009Capital funding approved 212,000.00$ 3/16/2010

Saint Mark's 10,000.00$ 11/30/2009 CL approved 4,000.00$ 4/6/2010Fannie Mae Help the Homeless approved 39,431.38$ 3/10/2010

Citi 25,000.00$ 1/28/10Pre-development approved 25,000.00$ 4/14/2010

Pending:Fannie Mae Help the Homeless 40,000.00$ 4/30/10 CL pendingUnited Way Comm. Impact 50,000.00$ 4/30/10 CL pending

Declined:

Future ProposalsBank of America 40,000.00$ no deadline general full proposalMeyer Foundation 25,000.00$ 6/1/2010 CL LOICafritz 50,000.00$ 7/1/2010 CL full proposal

Enterprise 7,500.00$ waiting for paperwork

?--to cover sponsorship full proposal

Bank of America NEI 200,000.00$ 6/1/2010capacity building full proposal

CDBG 45,000.00$ 9/29/2010 CL full proposalWachovia Foundation 25,000.00$ no deadline CL full proposalFreddie Mac 9/8/2010 CL full proposal


MHP TAKOMA, INC.




MHP Takoma, Inc.

The Board of Directors of MHP Takoma, Inc. (the "Corporation"), a Maryland corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is a Maryland corporation acting as the managing member of MHP TPP, LLC; and WHEREAS, the Corporation is required to appoint Officers at its annual meeting; NOW THEREFORE, BE IT RESOLVED, the Board of Directors of the Corporation elects the following officers: MHP Takoma, Inc. Stacy Silber - President Robert A. Goldman - Vice President Yuletta Mitchell - Secretary Charles Bay – Treasurer Jill Goodrich – Assistant Secretary BE IT FURTHER RESOLVED, that the President, Vice President, Secretary, and Assistant Secretary are authorized to sign, execute, and acknowledge, in the name of the Corporation, deeds, mortgages, bonds, contracts, or other instruments, authorized by the Board of Directors. IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May 2010. _________________________________ Jill Goodrich, Assistant Secretary

S:\Board\RESOLUTIONS\MHP Takoma, Inc\Resolution 10-03 (Annual Election of Officers) .doc


MHP TOWN CENTRE, INC.



RESOLUTION 10-03

RESOLUTION OF THE BOARD OF DIRECTORS OF MHP TOWN CENTRE, INC.

The Board of Directors of MHP Town Centre, Inc. (The "Corporation"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on May 25, 2010, the following resolution: WHEREAS, the Corporation is a nonprofit housing organization doing business in Montgomery County, Maryland; and WHEREAS, the Corporation is required to appoint Officers at its annual meeting; NOW THEREFORE, BE IT RESOLVED, the Board of Directors appoints the following Officers: MHP Town Centre, Inc. Sheila Maith - President Stacy Plotkin Silber – Secretary Charles Bay - Treasurer Robert Goldman - Vice President Jill Goodrich - Assistant Secretary BE IT FURTHER RESOLVED, that the President, Vice President and Assistant Secretary are authorized to sign, execute, and acknowledge, in the name of the Corporation, deeds, mortgages, bonds, contracts, or other instruments, authorized by the Board of Directors. IN WITNESS WHEREOF, this certification has been signed on behalf of the Corporation by its Assistant Secretary this 25th day of May 2010. _________________________________ Jill Goodrich, Assistant Secretary

S:\Board\RESOLUTIONS\Beall's (Town Centre) Resolutions\RESOLUTION 10-03 subcorp (Officers).doc

BOARD CALENDAR OF EVENTS 2010

May 25th MHP Board—New Member Welcome Dinner, 6:00pm at Pembridge Square Apts. Community Center, 2315 Blueridge Avenue, Wheaton.

MHP Board Meeting (Committee Night), 6:30pm at Pembridge Square Apts. Community Center, 2315 Blu-eridge Avenue, Wheaton. RSVP to Michael (301) 622-2400 x10. [email protected]

June 3rd Community Life Preschool Graduation, 6:30-

8:30pm at Arcola Elementary School. Contact Sulema Middleton Stewart [email protected], 301-622-2400 x24.

June 11th Circle of Builders Breakfast 7:30-9:00am at Chevy

Chase Bank, 7501 Wisconsin Avenue, Bethesda. RSVP to Patty Reed, [email protected], 301-622-2400 x22.

June 22nd MHP Executive Committee Meeting 5:30pm ***NO MHP FULL BOARD MEETING IN JUNE**** July 27th MHP Board Meeting 6:30pm at Pembridge Square

Apts. Community Center, 2315 Blueridge Avenue, Wheaton. RSVP to Michael (301) 622-2400 x10. [email protected]

August ***NO MHP BOARD MEETING*** September 28th MHP Board Meeting, 6:30pm at Pembridge Square

Apts. Community Center, 2315 Blueridge Avenue, Wheaton. RSVP to Michael (301) 622-2400 x10. [email protected]

MPDU INFORMATION SHEET Board Update

Property: Legal Subdivision Greenway Village

23020 Winged Elm Drive Clarksburg, MD

Strategic Importance: Preservation of Affordable Rental Units Project Type: Purchase of 3 Bedrooms, 2 1/2 Bathrooms, 3 Level Townhome Suitable for households of 3 to 5 persons Purchase Price: $176,625.00 Total Development Cost: $ 204,017.00 Proposed First Trust: $ 58, 271.00 (BB&T) Proposed Second Trust: $145,746.00 (County) Age: 4 years old Monthly HOA Fee: $83.00 Actual MHP Monthly Rent: $1,201.00 Monthly Est. Utilities: -247.00___ Total Housing Cost (est.): $ 954.00

Affordability 45% AMI) Family of 3 from $41,580.00 Family of 5 from $49,905.00 Montgomery Housing Partnership, Inc. (MHP) staff proposes that the above referenced property located at 20203 Winged Elm Drive, Clarksburg, MD. Previously, it had been acquire for re-sale but MHP decided that market conditions and desirability of this property warranted it better suited for our rental portfolio, through the Moderately Priced Dwelling Unit (MPDU) program facilitated by Montgomery County Department of Housing and Community Affairs and incorporated into the MHP’s MPDU portfolio.

working together to build strong communities · 5/25/2010 · 12200 tech road, suite 250, silver...

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