building
hope
MIDWEST HOUSING EQUITY GROUP 2014 Annual report
corporate Philosophy Mission Statement: Midwest Housing’s mission is to change lives for a better tomorrow by promoting the development and sustainability of quality affordable housing.
Vision: Midwest Housing aspires to be the leading regional syndicator of low-income housing tax credits, recognized for its excellent track record of selecting, investing in and protecting quality real estate projects that revitalize the communities in which they are built.
Core Values: Integrity: as fiduciaries, we are honest and up front in all of our transactions, avoiding even the appearance of impropriety or conflict of interest transactions. Stewardship: we are excellent stewards of our investments (and thus the residents), honoring our written and implicit commitments to our investors, developers, residents and communities. Excellence: we strive to be the best in the business, employing the best individuals, utilizing up-to-date processes and infrastructure, and conservative underwriting parameters. Local Presence: we are and will remain local, believing that a “boots on the ground� approach is the best way to understand and protect the projects. Employee-Focused: our employees are our strength. Recognizing that, we endeavor to provide ongoing development, training and advancement opportunities, to respect a work/life balance and to recognize and reward personal, department and company achievements.
CONTENTS 1 2
message from our president
3
Equity & portfolio growth
8
5
summary of investors
10
7
2014 Developments
4 6
14
13
Board of Directors & Committee Members
14
MHEG Staff
16
Left: Tabor Grand, LLLP in Leadville, Colorado
message from our president
Above: DH Housing LP in Durant, Oklahoma
1
,,
,, Building Homes; Creating Hope; Changing Lives
2014 was a great year for affordable housing generally and for Midwest Housing Equity Group, Inc. One of our industry’s greatest accomplishments was the retention of the Low Income Housing Tax Credit (“Housing Credit”) in Rep. Camp’s (R-MI; Chairman of House Ways & Means Committee) tax reform discussion draft released in February ’14. The Housing Credit was one of only three tax credits included in the tax reform proposal. We achieved that result because of all the great ribbon cuttings and open houses that so many of you hosted. Seeing is believing – when our Senators and Representatives visit the finished product and meet the residents we serve, they understand just how important the Housing Credit is to America’s success. Let us know how we can help you with more events in 2015! On the market side, existing properties benefitted from strong resident demand; occupancy levels generally improved, further demonstrating the need for even more resources in this space. New developments continued to benefit from strong investor demand, pushing credit pricing to levels not seen since before the Great Recession. These national trends helped translate into success for Midwest Housing and our partners.
Building Homes. As you read through this year’s annual report, you will note that the photos are
dedicated to the properties in construction. It’s an exciting time! These developments, following years of hard work from developers, begin to manifest themselves in a physical sense. The ground work, the foundation and finally going vertical – it’s great to see the idea turning into reality. In that vein, in 2014, Midwest Housing invested over $115 million into 24 different properties, helping build almost 900 quality affordable rental homes for families in need. We were only able to do that because of the trust of our investors and the willingness of our developers to partner with our organization.
Creating Hope. It’s been said that hope is not strategy. That may be an accurate statement. But it’s
also true that without hope, most people won’t bother to develop a strategy, let alone implement it. A big part of giving people hope is giving them, and their families, a safe, decent and affordable place to live. A place that they can, with pride, call home. Each of you reading this report is a provider of that all-important hope! Our state housing finance agencies, the great folks at HUD, our investor partners, our developer partners, our lender partners, property managers, builders, the city and county officials that support affordable housing, our supporters in Congress – thank you! What you do on a daily basis makes a difference to millions of families who have safe, affordable rental homes. It is a great pleasure to partner with you. And it’s the only way that Midwest Housing is able to change lives!
Changing Lives. Since Midwest Housing’s founding in 1993, we’ve been fortunate to help finance
almost 12,000 units. In last year’s report, we conservatively estimated that we’ve been able to change the lives of 40,000 families for a better tomorrow! This does not happen in a vacuum. We only get to change lives because our partners, the hope providers, let us. We do not take our partnerships for granted and we remain grateful for the trust you place in us. In addition to our partners, we need to recognize and thank the great team here at Midwest Housing (featured on p.14). Each day, these teammates show up, work hard, lead with their hearts, think creatively and change the lives of our current and future residents for a better tomorrow. I am grateful and humbled to coach a great team. Our service leaders are also key to changing lives – we would not have been successful in 2014 (or in any prior year) but for the strong leadership provided by our Board of Directors and others volunteers. Thank you all! Here’s to a great 2015 for all hope providers! John Wiechmann President/CEO
2
17%
$1.5B
Nebraska Funds Kansas Funds Fund Iowa Funds 14% Breakdown Oklahoma Funds MHEG Regional Funds
32%
equity growth
26%
11%
$1.2 billion
$1.2B
$900M
$600M
$300M
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
12,000 units
42%
10,000 units
9%
33% Development Type
Multifamily age restricted Single Family Special Needs/ Transitional
16%
11,295 units
0
8,000 units
portfolio growth
6,000 units
4,000 units
MHEG TOTAL 2,000 units
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
0 3
2012 2013 2014
Developments
400
Housing Units
11,295
Counties
148
Cities
183
ARK
37% 24% Development Size
mheg footprint
1 - 250 units
39%
250 - 500 units 0-12 13-24 25+
500 - 1,000 units 1,000+ units
59%
Development Location 4% 37% Rural Urban Suburban
80%
Construction Type 6% 14% New Rehab Historic Rehab
81%
Development Status 9% 9% 2% Operational In Lease-Up Construction Disposed
KANSAS
COLORADO
IOWA
KANSAS
MISSOURI
NEBRASKA
OKLAHOMA
S. DAKOTA
TEXAS
1
1
69
102
3
177
44
2
1
32
37
2,354
2,709
111
4,392
1,569
55
36
1
1
27
45
3
46
22
2
1
1
1
32
54
3
60
29
2
1
All information compiled from 12/31/2014 data. 4
summary of investors l
$4.75 million
l
$3.25 million
l
$5.25 million
l
$7 million
l
$6 million
l
12 investors
Nebraska Affordable Housing Fund 1993, L.P. Bank of the West Level 3 Communications
Berkshire Hathaway, Inc. Mutual of Omaha Insurance Company
Nebraska Affordable Housing Fund 1994, L.P. Bank of the West
Berkshire Hathaway, Inc.
Nebraska Affordable Housing Fund 1995, L.P. Bank of the West Fannie Mae US Bancorp Bank of the West Farmers & Merchants Investment, Inc. Pinnacle Bank
Berkshire Hathaway, Inc. First State Bank US Bancorp
Nebraska Affordable Housing Fund 1997, L.P. Bank of the West Jefferson Pilot
Berkshire Hathaway, Inc. US Bancorp
Equity Fund of Nebraska VI, L.P. Bank of America CDC Farmers & Merchants Investment, Inc. Wells Fargo
Equity Fund of Nebraska VII, L.P. Bank of the West Farmers & Merchants Investment, Inc. US Bancorp
l
11 investors
Berkshire Hathaway, Inc. Jefferson Pilot
l
13 investors
l
8 investors
l
$15.75 million
l
$16.5 million
Berkshire Hathaway, Inc. Summit Investments
Berkshire Hathaway, Inc. First State Bancshares Wells Fargo
Bank of the West First State Bank TierOne Bank
5 investors
Fannie Mae Wells Fargo
$16 million
Equity Fund of Nebraska VIII, L.P.
l
Cargill Financial Service Corp. InfoUSA Wells Fargo
l
Bank of the West Jefferson Pilot Windstream Communications
8 investors
Jefferson Pilot
Behlen Mfg. Company Farmers & Merchants Investment, Inc.
Nebraska Affordable Housing Fund 1996, L.P.
l
Central States Health & Life Company US Bancorp
Country Bank Shares Marine Bank US Bancorp
l l
Berkshire Hathaway, Inc. Freddie Mac TierOne Bank
Equity Fund of Nebraska X, L.P. Bank of the West Freddie Mac Wells Fargo
Commerce Bank, N.A. National Education Loan Network, Inc. Windstream Communications
Bank of the West National Education Loan Network, Inc.
Farm & Home Insurance Agency, Inc. Wells Fargo
l
$26.5 million
l
$38 million
l
$36.378 million
l
$31 million
Adams Bank & Trust Company Farmers & Merchants Investment, Inc. Pinnacle Bank West Gate Bank
Nebraska Fund XVII, L.P. Adams Bank & Trust Company Farm & Home Insurance Agency, Inc. Five Points Bank Wells Fargo
Fannie Mae National Education Loan Network, Inc. Wells Fargo
l
l
Kansas Equity Fund III, L.P.
Consolidated Companies Qwest Communications, Inc.
Consolidated Companies Jefferson Pilot
Fannie Mae Level 3 Communications
Farmers & Merchants Investment, Inc.
First State Bancshares
Equitable Federal Savings Bank United Nebraska Bank
Fannie Mae US Bancorp
Equitable Federal Savings Bank Pinnacle Bank
Fannie Mae Summit Investments
Farm & Home Insurance Agency, Inc. Pinnacle Bank
Farmers & Merchants Investment, Inc. Summit Investments
$36.05 million
l
14 investors Farm & Home Insurance Agency, Inc. Pinnacle Bank
Farm & Home Insurance Agency, Inc. TierOne Bank
Farmers & Merchants Investment, Inc. US Bancorp
Farmers & Merchants Investment, Inc. US Bancorp
Freddie Mac Wells Fargo
Fannie Mae TierOne Bank
Farm & Home Insurance Agency, Inc. Wells Fargo
Farmers & Merchants Investment, Inc.
National Education Loan Network, Inc.
North Central Bancorp, Inc.
Principal Financial Services
Farmers & Merchants Investment, Inc. Platte Valley Bank
Geneva State Bank RiverHills Bank
Home Federal Savings & Loan South Central State Bank
Bank of the West First Community Bank of Beemer National Education Loan Network, Inc. The State National Bank & Trust Company
Capitol Federal Savings Bank Five Points Bank North Central Bancorp, Inc. Valley Bank & Trust Company
Countryside Bank Henderson State Bank Reinke Mfg. Company Wells Fargo
Capitol Federal Savings Bank National Education Loan Network, Inc. South Central State Bank
Countryside Bank North Central Bancorp, Inc. Valley Bank & Trust Company
Farm & Home Insurance Agency, Inc. Northwestern Mutual Life Insurance Wells Fargo
Bruning State Bank Farmers & Merchants Investment, Inc. National Education Loan Network, Inc.
Capitol Federal Savings Bank First Community Bank of Beemer North Central Bancorp, Inc.
Everett Investments First National Bank of Omaha Pinnacle Bank
ESIC on behalf of Fannie Mae Valley VIew Bank
First National Bank of Hutchinson
Commerce Bank, N.A. Landmark National Bank
Fannie Mae The Mission Bank
Fannie Mae Wells Fargo
Farmers & Merchants Investment, Inc.
Fannie Mae Pinnacle Bank
10 investors
l
9 investors
Farm & Home Insurance Agency, Inc. TierOne Bank
6 investors
l
12 investors
l
21 investors
l
16 investors
Bank of the West First National Bank of Omaha Platte Valley Bank
Bank of the West Farmers & Merchants Investment, Inc. Wells Fargo
Cargill Financial Service Corp. Level 3 Communications
Fannie Mae National Education Loan Network, Inc. Wells Fargo
l
Adams County Bank Farmers & Merchants Investment, Inc. Horizon Bank South Central State Bank
Kansas Equity Fund II, L.P.
US Bancorp
11 investors
Farmers & Merchants Bank Pinnacle Bank Wells Fargo
Bank of the West Industrial State Bank
l
Country Bank Shares Home Federal Savings & Loan US Bancorp
Farmers & Merchants Investment, Inc.
Kansas Equity Fund I, L.P.
5
$40 million
$19 million
Nebraska Fund XVI, L.P.
Bank of the West Freddie Mac
l
Bank of the West Principal Financial Services
Farm & Home Insurance Agency, Inc. National Education Loan Network, Inc. Valley Bank & Trust Company Adams Bank & Trust Company Farm & Home Insurance Agency, Inc. Home Federal Savings & Loan Seaboard Corporation World’s Foremost Bank
$45 million
l
Nebraska Fund XIV, L.P.
Nebraska Fund XV, L.P.
l
Fannie Mae Pinnacle Bank
Equity Fund of Nebraska XII, L.P.
Nebraska Fund XIII, L.P.
$44.5 million
Mutual of Omaha Insurance Company
13 investors
Country Bank Shares National Education Loan Network, Inc.
Equity Fund of Nebraska XI, L.P.
Bank of Bennington North Central Bancorp, Inc.
l
Jefferson Pilot
13 investors
Equity Fund of Nebraska IX, L.P. & Equity Fund of Nebraska IX-B, L.P. Bank of the West Farmers & Merchants Investment, Inc. Summit Investments
Farmers & Merchants Investment, Inc.
l
17 investors
Bank of the West Farmers & Merchants Bank Henderson State Bank West Gate Bank
l
$3.125 million
l
$7.606 million
l
$24 million
Central National Bank Landmark National Bank
l
9 investors
l
Capital City Bank First National Bank of Olathe
l
Commerce Bank, N.A. The Mission Bank
11 investors Capitol Federal Savings Bank Industrial State Bank
9 investors
Capitol Federal Savings Bank INTRUST Bank, N.A.
Commerce Bank, N.A. The Mission Bank
Kansas Equity Fund IV, L.P. Bank of the West Freddie Mac
Kansas Equity Fund V, L.P. Bank of the West Freddie Mac Wells Fargo
$28 million
l
$19.416 million
9 investors Commerce Bank, N.A. UMB Bank, n.a.
l
11 investors
First Federal Savings & Loan Association
Commerce Bank, N.A.
Farmers & Merchants Investment, Inc.
Kaw Valley Bank
Capitol Federal Savings Bank Kaw Valley Bank
Central National Bank Seaboard Corporation
Citizens State Bank of Moundridge United Bank & Trust
Capitol Federal Savings Bank INTRUST Bank, N.A. Wells Fargo
Commerce Bank, N.A. Labette Bank
Equity Bank Mc Elroy’s Inc.
Capitol Federal Savings Bank INTRUST Bank, N.A.
Commerce Bank, N.A. Morgan Federal Bank
Farmers & Merchants Investment, Inc. UMB Bank, n.a.
Dubuque Bank & Trust CDC Wells Fargo
Fannie Mae
First National Bank of Waverly
First National Bank of Waverly
Principal Financial Services
Fannie Mae
Principal Financial Services
TierOne Bank
Fidelity Bank & Trust
Midwest Heritage Bank
Principal Financial Services
Cedar Rapids Bank and Trust First Federal Savings Bank of Iowa
Central Bank Security State Bank
Community State Bank - Tipton Treynor State Bank
Bankers Trust Company Northwestern Mutual Life Insurance
Capitol Federal Savings Bank Principal Financial Services
Farmers & Merchants Investment, Inc. Seaboard Corporation
Capitol Federal Savings Bank Two Rivers Bank & Trust
Community State Bank - Ankeny Wells Fargo
Farmers & Merchants Investment, Inc. West Bank
INTRUST Bank, N.A.
Principal Financial Services
Bank of the West
Fannie Mae
JP Morgan Chase
Bank of Oklahoma Wells Fargo
Commerce Bank, N.A.
Farmers & Merchants Investment, Inc.
Bank of Oklahoma Northwestern Mutual Life Insurance
Bank of the West Wells Fargo
Capitol Federal Savings Bank
Bank of the West
Capitol Federal Savings Bank
Colorado Federal Savings Bank
Farm Bureau Life Insurance Company
First Bank Trust of South Dakota Northwestern Mutual Life Insurance
First National Bank of Omaha Platte Valley Bank
Garmin International Tri County Bank
GuideOne Mutual Insurance Company Wells Fargo
Assurity Life Insurance Company Farm & Home Insurance Agency, Inc. Iowa State Bank South Central State Bank
Pinnacle Bank of Moundridge Farmers & Merchants Investment, Inc. Lincoln Federal Savings Bank UMB Bank, n.a.
Commerce Bank, N.A. Girard National Bank Morgan Federal Bank West Bank
Colorado Federal Savings Bank Northwestern Mutual Life Insurance
First National Bank of Omaha Wells Fargo
Garmin International
Bank SNB INTRUST Bank, N.A. Pinnacle Bank
Capital City Bank Iowa State Bank The Citizens State Bank
$28.5 million
l
13 investors
Capital City Bank Farmers & Merchants Investment, Inc. UMB Bank, n.a.
l
12 investors
Capital City Bank Girard National Bank Wells Fargo
l
$10 million
l
$19.896 million
l
$25.25 million
Iowa Equity Fund III, L.P.
l
8 investors
Central State Bank Maquoketa State Bank
l
Fannie Mae
l
6 investors Farmers & Merchants Investment, Inc.
6 investors
Community State Bank - Ankeny
l
$22 million
l
$25 million
l
$39.75 million
l
$32.25 million
Community State Bank - Tipton Security State Bank
l
7 investors
l
12 investors
Farmers & Merchants Investment, Inc. Wells Fargo
Bankers Trust Farmers & Merchants Investment, Inc. Wells Fargo
Carroll County State Bank Fidelity Bank & Trust West Bank
Bank of the West First National Bank of Waverly Wells Fargo
l
11 investors
l
10 investors
Bankers Trust MidwestOne Bank
Bank of the West First National Bank of Omaha
Bankers Trust Company Northwestern Mutual Life Insurance
Oklahoma Equity Fund I, L.P. Aegon
l
$25 million
l
$40 million
Bank of the West
Oklahoma Equity Fund II, L.P. Arvest Principal Financial Services
BancFirst
Oklahoma Fund III, L.P.
l
$25 million
l
$42.95 million
American Fidelity Assurance Company Lifeshield National Insurance Company
Oklahoma Fund IV, L.P.
American Fidelity Assurance Company Commerce Bank, N.A.
l
l
5 investors
l
6 investors
Fannie Mae
8 investors
l
9 investors
BancFirst Farmers & Merchants Investment, Inc.
MHEG Community Fund 41, L.P. Adams Bank & Trust Company Community State Bank - Ankeny Great Southern Bank North Central Bancorp, Inc.
l
l
BancFirst Seaboard Corporation
$116.25 million
Fidelity Bank Mutual of Omaha Bank
MHEG Fund 42, L.P.
11 investors
$29.5 million
Bank of the West Wells Fargo
BancFirst
l
l
Iowa Equity Fund II, L.P.
MHEG Fund 40, L.P.
6 investors
$37.381 million
Bank of the West Grundy Nattional Bank of Grundy Center
Iowa Fund VII, L.P.
l
Capital City Bank Farmers & Merchants Investment, Inc.
Iowa Equity Fund I, L.P.
Iowa Fund VI, L.P.
9 investors
Citizens Savings & Loan Association, FSB
Bank of the West Farm Bureau Life Insurance Company Northwestern Mutual Life Insurance
Iowa Fund IV, L.P.
l
Capitol Federal Savings Bank Kaw Valley Bank
l
Kansas Fund IX, L.P.
Bank of the West Wells Fargo
Farmers & Merchants Investment, Inc. UMB Bank, n.a.
l
Bank of Hays Commerce Bank, N.A. Wells Fargo
Bank of the West Garmin International United Bank & Trust
Commerce Bank, N.A. Principal Financial Services
$16.25 million
Kansas Fund VIII, L.P.
Kansas Fund X, L.P.
First National Bank of Olathe UMB Bank, n.a.
l
Capitol Federal Savings Bank Wells Fargo
l
l
14 investors
$25 million
l
20 investors
American Fidelity Assurance Company Equity Bank INTRUST Bank, N.A. Pinnacle Bank
$149 million
l
9 investors
Capitol Federal Savings Bank Mutual of Omaha Bank
MHEG Community Fund 43, L.P. American Fidelity Assurance Company Commerce Bank, N.A. Kaw Valley Bank UMB Bank, n.a.
Farmers & Merchants Investment, Inc.
Farmers & Merchants Investment, Inc. The Mission Bank
$14.5 million
Kansas Fund VII, L.P.
Fannie Mae Wells Fargo
Fannie Mae Landmark National Bank
l
Capital City Bank First National Bank of Hutchinson
BancFirst MetLife
l
Capitol Federal Savings Bank Kaw Valley Bank
Kansas Fund VI, L.P.
Iowa Fund V, L.P.
l
Capitol Federal Savings Bank INTRUST Bank, N.A.
l
$17.5 million
Andover State Bank Elkhorn Valley Bank & Trust Landmark National Bank West Bank
l
17 investors Bank of Hays Farm & Home Insurance Agency, Inc. North Central Bancorp, Inc.
6
shady bend villas
7
multifamily housing We closed $53.5 million in equity for ten multifamily developments in 2014, creating 376 units in ten communities in the Midwest.
dh housing lp: Developed by Strategic Realty, DH Housing will offer 24 newly rehabbed units in the historic hotel. Located in downtown Durant, Oklahoma, the building was built in 1906 as Atwood Hotel, years later it was sold and renamed Hotel Bryan with additions made to the building. The hotel was converted into apartments in 2000. Once renovations are complete the Dennis Huggins Memorial Apartments will provide 3 studio units and 21 one-bedroom units. french quarter ii, LLC: This development involves the construction of 22 new duplexes to provide 44 units of housing for the community of Wichita, Kansas. The first phase was built just north of this site. The property will consist of 6 one-bedroom, 14 two-bedroom and 24 three-bedroom units. The site was previously occupied by abandoned, four-plex buildings constructed in the 1950’s. Mennonite Housing Rehabilitation Services will serve as the developer and property manager. ironwood partners, llc & Trail ridge Partners, LLC: The Reserves at Ironwood, located
in Oskaloosa, Iowa, and the Reserves at Trail Ridge, located in Great Bend, Kansas, are both 48 multifamily unit properties developed by Overland Property Group. These developments will mirror similar projects that MHEG has partnered on with OPG. The building exterior will feature hardi-plank siding, stone accents, varied elevations and pitched roofs. The developments will offer two- and three-bedroom units in garden style buildings (four-bedroom units will also be available at Ironwood) . A clubhouse will be available to all residents and will feature a fitness center, community room, computer learning center and property management office. The properties will also include a gardening area and will incorporate green design elements.
ppr, LP: Prairie Pointe Residences, located in McPherson, Kansas, will consist of newly constructed buildings that
offer two- and three-bedroom units, for a total of 45 multifamily units. Prairie Fire Development Group and Prairie Fire Management Company will serve as the developer and property manager, respectively.
prairie heights, LLC: Developed by Excel Development Group, Prairie Heights will offer 14 newly constructed units for families in the community of Orange City, Iowa. The property will consist of eight single family homes and six duplexes. In addition to common household amenities, Prairie Heights will provide patios, double car garages, a community garden and walking trails.
ridgeway villas, LP: MHEG partnered for the first time with North Star, LLC to develop Ridgeway Villas. This new construction development offers 56 multifamily units for the community of Raymore, Missouri, just south of the Kansas City metro. The townhomes and duplexes will offer two- and three-bedroom units.
shady bend villas, llc: Located in Grand Island, Nebraska, Shady Bend will provide the community with 20 new duplex units, offering three- and four-bedroom units. Mesner Development Co. will serve as the developer. Tabor GRAND, lllp: Tabor Grand Hotel opened in 1885 as an elite and prestigious hotel during the silver
boom in Leadville, Colorado. The hotel flourished until the 1900's when it slowly began to fall into disrepair. In 1993 the hotel was renovated into apartments. And in 2014, Overland Property Group purchased the hotel to fully renovate and restore the building to its original integrity. Once complete, the Tabor Grand Hotel Apartments will offer 37 units.
wedgewood apartments, lp: Developed by Housing Investment Partners II, Wedgewood Apartments
will provide 48 units for the families of Wellington, Kansas. Residents will also be able to use the community clubhouse, which provides a community room, kitchenette, a library with computer access, an exercise room, green space to enjoy, as well as covered and uncovered outdoor seating. This is MHEG’s first time partnering with Housing Investment. 8
single family homes We closed $12.7 million in equity for three single family home developments in 2014, creating 26 units in three communities in the Midwest.
chambrooke homes of durant, llc: This new development will consist of 40 scattered site single family
homes in Durant, Oklahoma. The development will target households with at least one family member that has a disability. There will be 32 three-bedroom units, and 8 four-bedroom units. The developer will include a number of energy efficiency amenities in each unit, including: Energy Star HVAC systems, Low E windows, low flow shower heads, Energy Star water heaters, radiant barriers in the attic, and R-38. Other amenities include: a playground, a library, outdoor covered seating, FEMA approved storm shelters in each unit and a soccer field. Sunview Development, LLC served as the developer for this property.
graham park estates, lp: Developed by Dana Point Development Corporation, Graham Park will provide 11
newly constructed single family homes for the community of Seward, Nebraska. The three- and four-bedroom homes will have two baths, a two car garage, washer/dryers, dishwashers, security system, extra storage area and a community garden. Supportive Services will also include an Annual Spring Cleaning, Transportation Services and Child‐Care Subsidy which are all included in the annual operating expenses.
village crown ii limited partnership: Located in Omaha, Nebraska, the second phase Village Crown will provide 27 new three- and four-bedroom single family homes with several amenities, attached garages and full size basements. This is the ninth phase of Holy Name Housing Corporation’s Credit to Own (“CROWN”) program. The residents take special pride in their homes knowing they are building up an escrow for home ownership.
chambrooke homes of durant
9
beacon apartments
special needs housing We closed over $16 million in equity for four special needs developments in 2014, creating 125 units in four communities in the Midwest.
A & P ii, LLC: Located in Lincoln, Nebraska, the President and Ambassador Apartments are a pair of five-story, flat-
roofed, apartment buildings with a shared courtyard that sit adjacent to the State Capitol. They were constructed in 1928-29 of reinforced concrete with red brick veneer and limestone trim. The substantial rehab will increase the square footage of the units and decrease the number of units from 84 to 71. The proposed acquisition/rehabilitation of the existing buildings will involve replacing all mechanical systems and increasing the number of handicapped units. Excel Development Group served as the developer.
beacon apartments limited partnership: This new construction development is a 14-unit multi-site
project that will serve residents with development disabilities in Sioux Falls, South Dakota. Beacon Apartments will consist of three separate buildings, offering a total of 4 one-bedroom and 10 two-bedroom units. Additional amenities include on-site management, case management, medical services, employment training and residential services that can provide up to 24 hours of care per day if needed. Lloyd Companies served as developer for this project.
nfw, llc: Nebraska Family Works, located in Omaha, Nebraska, involves the redevelopment of existing apartments into
a new, state of art facility for Heartland Family Service. The Family Works Program is a unique program for pregnant women and/or mothers of young children that allow a parent to complete treatment while maintaining custody of their children. This has proven to be more effective than substance abuse treatment alone because of its dual focus on the parent’s success in their recovery as well as the success of their families. HFS will provide addiction treatment, child care, and 24 supportive housing units for those undergoing treatment and recovery. J Development Company served as developer for this project.
rushpointe apts. LLC: Rushpointe is a project devoted to persons with special needs by providing 16 newly
constructed units in Wichita, Kansas. The property will provide wheelchair accessible bathrooms, grab bars and hand-rails, lowered or modified kitchen cabinets and equipment, handicapped parking, as well as a in-house tornado shelter and safe room. Vintage Construction served as the developer and Kansas Elks Training Center for the Handicapped, Inc. will provide services to persons with physical developmental disabilities. 10
age restricted housing We closed $28.6 million in equity for seven age restricted developments in 2014, creating 237 units in nine communities in the Midwest.
apple ridge seniors ii, llc: Located in Pauls Valley, Apple Ridge Seniors II will consist of the newly constructed duplex units for people 62+. There will be 6 one-bedroom units and 9 two-bedroom units. The developer, Express Development and Desert Ridge Investments, will incorporate a number of energy efficient features into the units, including: low flow shower heads, insulation on exposed hot water pipes, Energy Star appliances and windows, Energy Star water heaters, use of radiant barriers in the attic, roof or exterior walls, programmable thermostats, and R-38 attic insulation. Including these features into the construction of the development will enable residents to keep more of their disposable income each month instead of spending it on utility expenses. The community room will be attached to one of the duplex buildings and provide residents with a library, fitness center and large meeting space. Outdoor covered seating and walking trails will also be added for the residents’ enjoyment. cypress pointe ii, llc: MHEG partnered with Excel Development Group to complete Phase II of Cypress Pointe.
Located in Omaha, Nebraska, this development will provide 80 units for people 55+. Unlike Phase I, which consisted of duplexes, Phase II will consist of two three-story elevator buildings. Each building will have 40 units, 14 one-bedroom units and 66 two-bedroom units. All units will be fully handicap accessible and have roll-in showers and higher toilet seats. Amenities will include a storage area, washer/dryer, dishwasher, refrigerator, stove and microwave. A storm shelter will be provided in the basement of each building.
emerson estates, llc & meadow brooks, llc: Developed by Mesner Development Company,
Emerson Estates and Meadow Brooks will provide people 55+ affordable rental units in their communities. Emerson Estates located in Hastings, Nebraska, will provide a total of 24 units, 18 two-bedroom units and 6 three-bedroom units. Meadow Brooks, located in Larned, Kansas, will provide 12 two-bedroom units. All units will include an attached garage, storm shelters, washer/dryer, stove, refrigerator, garage door openers, dishwasher and microwave. Lawn care, snow removal and trash pickup will be available at no cost to the resident. The development will be designed with Green Standards and all of the units are handicapped adaptable.
heritage gardens, lp & meadow vista, lp: MHEG partnered with Dana Point Development
Corporation to develop two age-restricted properties in Nebraska. Heritage Gardens is located in three Dawson County communities, Lexington, Cozad and Gothenburg, and will provide 32 units total. Meadow Vista, located in North Platte, will provide 12 units (two of which are market rate). All units will have three-bedrooms, two baths and a finished garage. Although each unit will have the same floor plan, each exterior will be uniquely different with the use of different color combinations, windows, brick placement, roof lines. The properties will also include a gardening area and offer supportive services such as annual spring cleaning, transportation services and web-based training and education.
Hilltop Senior Limited Partnership: Hilltop Senior will consist of 62 units in a single building for
people 55+. The unit mix will offer 20 one-bedroom units, 42 two-bedroom units. Property amenities include a monitored security system, underground parking, storage units, laundry room, game/craft room and media center. Conlin Development and Barnes Realty served as developer.
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hilltop senior
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board of directors Dick Schenck, Chairman of the Board - Retired Senior Vice President, Wells Fargo David Fisher, Vice Chairman of the Board - FHLBank Topeka Steve Bodner, Secretary - U.S. Bank Dennis Brand - BancFirst Chris Hensley - Retired Vice President, Bank of the West Dick Hoiekvam - Retired Partner, Deloitte Rick Jackson - Capitol Federal Savings Bank Barry Sandstrom - Home Federal Savings & Loan
committee members Budget & Compensation Committee
Audit Committee
Dennis Brand - BancFirst David Fisher - FHLBank Topeka Chris Hensley - Retired Vice President, Bank of the West Rick Jackson - Capitol Federal Savings Bank Barry Sandstrom - Home Federal Savings & Loan
Steve Bodner - U.S. Bank David Fisher - FHLBank Topeka Dick Hoiekvam - Retired Partner, Deloitte Dick Schenck - Retired Senior Vice President, Wells Fargo
Central Region Operations & Investment Committee Bob Arthur - Commerce Bank, N.A. Mark Dennett - INTRUST Bank, N.A. David Fisher - FHLBank Topeka Bob Kobbeman - Capital City Bank Lloyd Rainge - Capitol Federal Savings Bank Dick Schenck - Retired Senior Vice President, Wells Fargo Michael Scheopner - Landmark National Bank
Northeast Region Operations & Investment Committee Ed Benjamin - MidwestOne Bank Jennifer Cooper - Bankers Trust Tom Hanafan - Former Mayor of Council Bluffs, Iowa Chris Hensley - Retired Vice President, Bank of the West Kristi Knous - Community Foundation of Greater Des Moines Dick Schenck - Retired Senior Vice President, Wells Fargo Susan Whitson - First National Bank of Waverly
Northwest Region Operations & Investment Committee Steve Bodner - U.S. Bank David Fisher - FHLBank Topeka Tim Hart - First National Bank of Omaha Dick Hoiekvam - Retired Partner, Deloitte Justin Horst - Pinnacle Bank Randy Ilich - Colorado Federal Savings Bank Dick Schenck - Retired Senior Vice President, Wells Fargo
South Region Operations & Investment Committee Roger Beverage - Oklahoma Bankers Association Dennis Brand - BancFirst Carl Hudgins - Commerce Bank David King - First united bank Brad Krieger - Arvest Bank Mike Wynn - Mabrey bank
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mheg staff
John Wiechmann President / Chief Executive Officer
Jason Main Chief Financial Officer
Scott Fitzpatrick Vice President - Business Development Officer Northeast Region
Jen Oscarson Vice President - Business Development Officer Northwest Region
Shannon Foster Accounting Manager
Sammy Ehtisham Assistant Vice President of Acquisitions
Chris Pangkerego Director of Information Technology
Cindy Koster Senior Acquisitions Manager
Jake Jacobsen Construction Manager
Chris Imming Acquisitions Manager
Traci Collins Acquisitions Manager
Shannon Johnson Asset Manager
Nicole Koster Financial Analyst
Steve Gross Financial Analyst
Lisa Bryan Administrative Coordinator
Becky Christoffersen Ann Burge Chief Investment Officer Chief Operating Officer
Amanda Bockelman Financial Analyst
Pat Michaelis Vice President - Business Development Officer Central Region
Andrea Frymire Vice President - Business Development Officer South Region
Laurie Stephenson Deputy Director of Compliance
Jordan Abboud Deputy Director of Specal Assets
Ryan Harris Deputy Director of Asset Stabilization
Rachel Wiesner Investor Relations Manager
Shannon Powers Closing Coordinator
Deb Swanson Closing Coordinator
Keely McAleer Corp. Communications & HR Administrator
Brooke Smith Asset Manager
Geoff Grafford Asset Manager
Amy Leonard Asset Manager
Dustin Daugherty Construction Manager
Jennifer Meaike Compliance Specialist
Cecelia Grossman Accounting Specialist
Dana Oswald Accounting Coordinator
Shellie Vandeman Compliance Specialist
Tom Stratman Vice President of Acquisitions
Cindy Wieck Adminstrative Assistant
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Edit, Concept & Design By: Keely McAleer
midwest housing equity group 515 N. 162nd Avenue, Suite 202 omaha, ne 68118 www.mheginc.com