1. 1 INNOVATIVE MULTIFAMILY DEVELOPMENTS: REHABS, RENOVATIONS, AND NEW CONSTRUCTION Governor’s Housing Conference September 27, 2013 Chickie Grayson President & CEO Enterprise Homes, Inc.

2. 2 2  Development arm of Enterprise, based in Baltimore  One of the mid-Atlantic’s largest developers of high- quality affordable and market-rate housing communities  Over 5,400 residences completed o Mixed-income/workforce o Homeownership o Family and Senior Rental Communities  Award-winning communities throughout the region  Commitment to sustainable development

3. 3 Enterprise Homes, Inc.  HARPER HOUSE (Formerly Abbott House) SEIZE THE OPPORTUNITY Proposal to HUD for Operation Breakthrough Built in 1971 using the Rouse-Wates System 100 units: efficiencies, 1- and 2-bedrooms 100% Section 8 3

4. 4 Enterprise Homes, Inc.  HARPER HOUSE (Formerly Abbott House) 4

5. 5 Enterprise Homes, Inc.  HARPER HOUSE (Formerly Abbott House) SEIZE THE OPPORTUNITY LIHPRHA Program – 1997 Assumption of Section 236 mortgage Modest renovation ($3 million) Eyesore and neighborhood nuisance 5

6. 6 Enterprise Homes, Inc.  HARPER HOUSE (Formerly Abbott House) SEIZE THE OPPORTUNITY Strong Real Estate Market ~ Great Recession (’08) = NO GO 6

7. 7 Enterprise Homes, Inc.  HARPER HOUSE (Formerly Abbott House) SEIZE THE OPPORTUNITY New Issue Bond Program – 2010 Close by December 2011 We DID it!!! (and then it got extended) 7

8. 8 Enterprise Homes, Inc. 8

9. 9  HARPER HOUSE (Formerly Abbott House) BEFOREAFTER Efficiencies70 One-Bedroom 42 36 Two-Bedroom 51 64 Total: 100 100 9

10. 10 Enterprise Homes, Inc.  HARPER HOUSE (Formerly Abbott House) SCOPE OF WORK  Replace major capital items: Windows, HVAC, Roof, Generator  Upgrade Elevators  New kitchens (appliances, cabinets, countertops, flooring, lighting, etc.), bathrooms (all fixtures, flooring)  Add carpet to all units  Create common/community space  (8) unit addition  Reconfigure certain units  Increase Energy Efficiency  Designed to meet Enterprise Green Communities Criteria 10

11. 11 Enterprise Homes, Inc.  HARPER HOUSE (Formerly Abbott House) FINANCING TDC:$21,688,940 Sources: Tax-exempt bonds Interim Income MEEHA Grant (MD CDA) Seller Take-Back Deferred Developer Fee LP Tax Credit Equity 11

12. 12 Enterprise Homes, Inc.  THE GREENS AT ENGLISH CONSUL  9% LIHTC  Couldn’t Score on QAP; pent up LIHTC demand SEIZE THE OPPORTUNITY RENTAL HOUSING WORKS 12

13. 13 Enterprise Homes, Inc.  THE GREENS AT ENGLISH CONSUL FINANCING TDC:$14,621,523 Sources: Tax-Exempt Bonds FHA Taxable Bonds 4% LIHTC Rental Housing Works Partnership Rental Housing HOME Funds Federal Home Loan Bank – Atlanta Empower Maryland Deferred Fee 13

14. 14 Enterprise Homes, Inc.  THE GREENS AT ENGLISH CONSUL 14

15. 15 Enterprise Homes, Inc.  THE GREENS AT ENGLISH CONSUL 15

16. 16 Chickie Grayson President & CEO Enterprise Homes, Inc. cgrayson@enterprisehomes.com Tel: 410.332.7400 www.EnterpriseCommunity.com