1. The Development Team
Texas Rural Rental Housing Preservation Academy Session #4 June 6 –
Start w/ brief overview of Greystone – who we are and what we do. And more importantly, what my team does in ways of preservation of affordable housing in the rural space across the country …
Also hope it will put into context a little about us and our mission, our passion.
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2. TEAM Defined
A group of people with a full set of complementary skills required to complete a task, job, or project
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3. The Development Team: The Players
Owner / Borrower
Manager / Operator
The Developer
Development Partner / Consultant
Legal Counsel – Developer / Borrower
Equity Investor
Lender
General Contractor
Architect
Issuer – Tax-Exempt Bond
Investment Banker / Bond Underwriter
Third-Party Report Providers
Rural Development
State Housing Finance Agency
Copyright © 2017 Greystone & Co., Inc. All rights reserved.

4. Owner/Borrower & Operator/Manager
Control Real Estate & Property Operations
Origins - Developed and/or Acquired
Legal Structure – Partnership & LLCs
Financial Strength & Ownership Experience
Property Management
Owner Managed and/or Third-Party
Marketing & Leasing
Staffing – On-site Staff, Regional Manager
Housing Credit Experience
Communication is Key!
Built, owned, or through acquisition
Owned via legal entities, not in individual names
Financial Strength – guarantees as required by lender / investor, operating deficit reserve; HFA ownership requirements
Strong Property Management NEEDED
Marketing Leasing - occupancy tied to financial commitments to investor, credit delivery
Housing Credit Experience – compliance, tenant files, qualifying tenants
Communications with residents
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5. The Developer & Development Partner / Consultant
“The Quarterback”
Affordable Housing Development Experience
Due Diligence through Construction Closeout and Place In Service
Financial Strength
Human Capital
“The Outsourced Quarterback” - fill Gaps and/or Shortfalls
Turn-Key Developer
Specific Skill Sets
Underwriting, Applications, Construction Management, etc.
Add Capacity – High Volume
Experience, often threshold requirement by HFAs
From beginning to end DD, Underwriting, Initial Closing, Construction Management, Close-out, CC, PIS, stabilization
Financial, predevelopment expenses, bond allocation fees, application fees, third-party reports
Financial, requirements from investor construction completion, tax credit delivery, ODR?
Human Capital, day jobs
Fee developer
Specific skill set
High Volume, not brain surgery, timing…stale reports, dollars etc.
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6. Developer / Borrower Counsel
“The Legal Quarterback”
Experience and Capacity
Typical Scope of Services
Title and Survey
Real Estate
Draft Organizational Documents
Review, Advocate, and Negotiate Terms
Debt
Bond
Equity
Draft Legal Opinions
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7. Equity Investor Provide Equity Funds Direct Investor / Syndicator
Investor Type: Financial/Yield & CRA(Community Reinvestment Act)
Identify & Market to Potential Investors
Review Offers
Pricing (& Terms!)
Portfolio – Ability to Execute
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8. Lender Provide Debt Local / Community Bank HUD / FHA Debt Agency Debt
FNMA
FRE
Rural Housing Service, 538 Loan Program
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9. General Contractor All Things Construction Experience
Rehab vs. New Construction
Rehab, Single Site
Rehab, Tenant In-Place
Rehab, Tenant In-Place, PORTFOLIO
Financial Resources
Human Capital
Pre-Closing / Post-Closing
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10. Architect Construction Oversight & Contract Administrator
Experience & Capacity
Rehab vs. New Construction
Plans and Specs
Pre-Closing & Post-Closing Responsibilities
Construction Draw Inspections
Change Orders
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11. Issuer of Bonds & Investment Bank/Bond Underwriter
Tax-Exempt Bonds
Access Multifamily Volume Cap
Issuer Type
Local
Relationships for State-Wide Issuance
State-wide
Investment Bank
Selection Process
Experience
Copyright © 2017 Greystone & Co., Inc. All rights reserved.

12. Third-Party Report Provider
CNA, Appraisal, Market Study
Contract & Engagement Letters
approved by state
Experience & Capacity
Communication & Transaction Timeline
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13. Rural Development & Housing Finance Agency
State Office
National Preservation Team
Keys to Castle
TDHCA
Access Housing Credits
Access MF Volume Cap
Copyright © 2017 Greystone & Co., Inc. All rights reserved.

14. Thank you Will Eckstein Senior Vice President
Greystone Affordable Development
4025 Lake Boone Trail, Suite 209
Raleigh, NC
(919)
Copyright © 2017 Greystone & Co., Inc. All rights reserved.