2020 MHEG Annual Report

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Resilience re•sil•ience


1. the capacity to recover quickly from difficulties; toughness.

2. the ability of a substance or object to spring back into shape; elasticity

Message from our President MHEG Portfolio Summary 2020 Developments Rita’s Story Equity Summary Board of Directors & Committee Members MHEG Staff 1 3 5 7 9 10 11 Contents

Message from the President & CEO

Greetings Friends! As I look back on 2020 and all that we overcame and accomplished the one word that best embodies 2020 is RESILIENT!

Resilient partners, resilient investors, resilient developers and sponsors, resilient contractors, resilient property managers, resilient residents and our own resilient team. It’s been just over a year since the pandemic began and the world changed. It’s the worst health crisis in 100 years and worst economic crisis in over a decade. The economic and social disruption will be felt for a long time to come. But we adapted, tried to stay safe and worked harder to ensure our residents had a safe, decent and affordable place to call home. We all came together to Change Lives For A Better Tomorrow!

In 2020, we raised just under $200 million in new equity commitments and closed investments in 36 new developments, helping finance over 1,400 units of quality affordable housing. Together with you, 27 new developments reached construction completion, creating almost 1,000 safe, decent and affordable units for even more individuals and families. Your ability to adapt to the many new regulations and safety procedures kept these developments moving forward. Operationally, the frequent communication and resource sharing allowed us all to keep our residents safe and healthy in their homes. 2020 required true partnership to achieve all this – partnership that you provided. When we work together, it makes everyone stronger. And 2020 demonstrated that to be a true statement.

Looking ahead at 2021, many challenges remain. The effects of the pandemic on poverty, education, long-term health, economic opportunity and society at

large will continue. These challenges drive our passion to provide even more safe, decent affordable housing. We look forward to continuing our existing partnerships and beginning new ones this year.

Of course, none of these accomplishments would be possible without all of our great partners. Thank you to all of our volunteer leaders, investors, developers, property managers, financing partners and government officials. I especially want to thank the MHEG team for their continued efforts and motivation, for their ability to deliver results during this unprecedented time and for their resiliency.

Thank you for taking the time to read our 2020 Annual Report. We look forward to Changing Lives for a Better Tomorrow in 2021!

5,000 units 10,000 units 15,000 units 20,000 units 25,000 units 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20,421 units 1996 1997 1998 1999 2000 2001 2002 2003 1993 1994 1995 2015 2014 2016 2017 2018 2019 2020 MHEG TOTAL ARKANSAS COLORADO IOWA KANSAS MINNESOTA MISSOURI Developments 626 10 16 80 157 4 32 Housing Units 20,421 456 1,361 2,773 4,513 148 1,498 Counties 224 10 11 28 51 4 24 Cities 278 10 12 35 71 4 25 2020 Portfolio Summary Breakdown of Development Type 43% 9% 14% 34% multifamily age restricted single family special needs 3
NEBRASKA OKLAHOMA S. DAKOTA TEXAS 226 79 11 11 5,893 2,852 445 482 50 33 2 7 67 45 2 7 Development Size 19% 48% 33% 0-12 units 13-24 units 25+ units Development Location 5% 36% 59% rural urban suburban Construction Type 6% 75% 19% new rehab historic rehab Development Status 18% 8% 73% 1% operational lease-up construction disposed 4

2020 Developments

36 developments

MHEG partnered with 30 developers to develop 36 developments within 31 Midwest communities.

$215 million

MHEG closed over $215 million in equity. This included 11 age restricted developments, 19 multifamily developments, five single family home properties and one special needs housing development.

1,423 units

MHEG created 1,423 affordable housing units. Properties ranged from a 10-unit rural development in Nebraska to a 89-unit urban development in Texas.


Kappa Tower II LLLP

Denver - 70 age restricted units

Developed by: Medici Development LLC & MGL Partners

Oakwood Senior II LLC

Castle Rock - 53 age restricted units

Developed by: MGL Partners

The Mill Apartments, LLLP

Fraser - 60 multifamily units

Developed by: Grand Park Homes LLC


Gold Leaf Senior Living LLC

Baldwin City - 24 age restricted units

Developed by: United Enterprises, LLC

Girard and Ellsworth County Affordable Housing, LP

Ellsworth, Kanopolis & Girard - 24 single family units

Developed by: Holden Communities, LLC

Bethel Ridge 64, LLC

Kansas City - 63 multifamily units

Developed by: Tier 1 Development Group, LLC

Canyon Creek Apartments, LP

Manhattan - 36 age restricted units

Developed by: Excel Development Group

Heritage Townhomes of Rose Hill, L.L.C.

Rose Hill - 16 age restricted units

Developed by: Manske & Associates, L.L.C.

Residences at Central Landing LLC

Wichita - 32 age restricted units

Developed by: Vintage Construction, LLC


FRC Housing, LLC

Columbus - 34 age restricted units

Developed by: Mesner Development Co.

Hidden Brook Townhomes, LLC

Fremont - 20 multifamily units

Developed by: Mesner Development Co.

Hidden Brook Townhomes II, LLC

Fremont - 20 multifamily units

Developed by: Mesner Development Co.

The Row Fremont, LP

Fremont - 25 multifamily units

Developed by: Hoppe & Son, LLC

McCoy Meadows, LP

Grand Island - 60 multifamily units

Developed by: Dana Point Development Corporation

1404 Castelar, LLC

Omaha - 38 age restricted units

Developed by: Foundations Development, L.L.C.

2315 S. 15th Street, LLC

Omaha - 15 multifamily units

Developed by: Foundations Development, L.L.C.

CenterPointe Campus for Hope, LLC

Omaha - 36 special needs units

Developed by: CenterPointe, Inc.

Maple 37 Limited Partnership

Omaha - 24 single family units

Developed by: Holy Name Properties, Inc.

Wisner Crown, LLC

Wisner - 10 single family units

Developed by: Foundations Development, L.L.C.


The Heights at Shackleford Limited Partnership

Little Rock - 85 multifamily units

Developed by: Phillips Development Corporation

PDC Rogers Limited Partnership

Rogers - 83 multifamily units

Developed by: Phillips Development Corporation


Cassville Heights Apartments Phase II LP

Cassville - 32 multifamily units

Developed by: Midcontinent Equity Holdins, LLC

Pine Ridge II, LP

Farmington - 24 age restricted units

Developed by: East Missouri Action Agency Inc.

NewView Place I LLC

Kansas City - 66 multifamily units

Developed by: FH Northeastview LLC

Wornall Estates Investor Partner, LP

Kansas City - 30 multifamily units

Developed by: Yarco Company, Inc.

Logan West Living, LP

Rogersville - 39 multifamily units

Developed by: Morelock Builders & Associates

Doling Landing LP

Springfield - 24 single family units

Developed by: Raga Properties, LLC


Lindenwood Townhomes III, LLC

Durant - 13 multifamily units

Developed by: Desert Ridge Investments

Saddle Ridge Trails, LLC

Guymon - 40 single family units

Developed by: LW Development, LLC

The Estates of New Castle LP

New Castle - 60 age restricted units

Developed by: Wheatland Investments, LLC

Apple Ridge Homes III, LLC

Pauls Valley - 17 multifamily units

Developed by: Express Development & Desert Ridge Investments

Stilwell Wisdom Keepers, L.P.

Stilwell - 40 age restricted units

Developed by: Green Companies Development Group, Inc.

South Dakota

Irving Center Apartments Limited Partnership

Sioux Falls - 35 multifamily units

Developed by: Sioux Falls YMCA

Lacey Village Townhomes Limited Partnership

Sioux Falls - 46 multifamily units

Developed by: Inter-Lakes Community Action Partnership, Inc.


OPG Laurel Flats Partners LLC

Tyler - 89 multifamily units

Developed by: Overland Property Group

OPG Saddleback Ranch Partners, LLC

Wolfforth - 40 multifamily units

Developed by: Overland Property Group


Rita’s Story

She is vivacious, positive, and resilient. Her energy to live life is contagious, and she has no plans to slow down. Rita knows life has many stages, and not all of them are easy, but she thinks attitude and gratitude are attributes that can help you transition and deal with the more challenging times. And she’s extremely thankful for Landmark at Lamar.

Rita found herself searching for a new home a few years ago when her dear friend with Alzheimer’s advanced to a stage that would no longer allow for them to live together. It was an extremely difficult time for Rita. But as chance would have it, another friend mentioned to her a new senior living community that was being developed and her life took another turn.

Located in downtown Wichita Falls, Texas, Landmark at Lamar is an adaptive reuse and renovation of an existing historic, four-story building. Developed by Overland Property Group, the building is designated for persons 55+. Constructed in 1929, the original building was a furniture store, a retail store at various times and then served as the Maskat Shrine Temple and meeting space.

Rita cannot say enough about how much she enjoys living at Landmark at Lamar, I love it here. I love living downtown and I really like the amenities that they have, the washer and dryer, the elevator, secure entry. It’s a safe environment, I feel very safe here.” The building is within walking distance to many restaurants, shops, health care providers, and even a 50 Plus Club, a recreational facility that specializes in social activities for persons 50 and over.

Rita also loves the community Landmark at Lamar offers. They do many group activities from cards and puzzles, to weekly movie nights and coffee and donuts gatherings. “It is a very welcoming environment. I like to visit with the other residents,” Rita continued, “This is a wonderful place to live because you have people you can share with and communicate with. It’s a very positive and uplifting experience here.”

Jokingly Rita mentions that she has no plans to ever move. She feels reinvigorated living in a community that promotes an active, social lifestyle and has enjoyed finding happiness again. She smiles and says, “The best is yet to come.”

“This is a wonderful place to live because you have people you can share with and communicate with,” ~ Rita

Equity Summary

In 2020, MHEG raised just under $200 million in equity capital. Since inception, MHEG has raised over $2.4 billion of equity capital to invest in affordable housing.

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
1996 1997 1998 1999 2000 2001 2002 2003 1993 1994 1995 2015 2014 2016 2017 2018 2019 2020
$500M $1.0B $1.5B $2.0B $2.5B
$2.4 billion

Board & Committees

Board of Directors

Barry Sandstrom - Retired President/CEO, Home Federal Bank - Chairman of the Board

Dennis Brand - Chairman of the Executive Committee, BancFirst - Vice Chairman of the Board

Frank Hayes - President, Hayes & Associates, L.L.C.

Chris Hite - President, Sugar Creek Capital

Kirk Kellner - Retired Tri-State Regional President, Wells Fargo

Dan Lonergan - Retired,Tenaska Capital Management

Nicole Theophilus - Chief Human Resources Officer, Wabtec Corporation

John Wiechmann - CEO/President, Midwest Housing Equity Group


Audit Committee

Frank Hayes - Hayes & Associates

Chris Hite - Sugar Creek Capital

Kirk Kellner - Retired, Wells Fargo

Dan Lonergan - Retired, Tenaska Capital Management

Central Region Operations & Investment Committee

Bob Arthur - Commerce Bank, N.A.

Mark Dennett - INTRUST Bank, N.A.

Tracy Howren - UMB Bank, n.a.

Michael Scheopner - Landmark National Bank

John Wiechmann - Midwest Housing Equity Group

Northeast Region Operations & Investment Committee

Jennifer Cooper - Bankers Trust

Tom Hanafan - Pottawattamie County Board of Supervisors

Susan Whitson - First National Bank of Waverly

John Wiechmann - Midwest Housing Equity Group

Budget & Compensation Committee

Dennis Brand - BancFirst

Barry Sandstrom - Retired, Home Federal Bank

Nicole Theophilus - Wabtec Corporation

Northwest Region Operations & Investment


Anthony Cerasoli - First National Bank of Omaha

Jerry Cihal, Retired, Mutual of Omaha

Justin Horst - Pinnacle Bank

Randy Ilich - Colorado Federal Savings Bank

Lauren Pugliese, Nelnet

John Wiechmann - Midwest Housing Equity Group

South Region Operations & Investment Committee

Brent Bates - Bank SNB

Roger Beverage - Oklahoma Bankers Association

Dennis Brand - BancFirst

Daving King - MidFirst Bank - Tulsa

Tom O’Keefe - INTRUST Bank, N.A.

John Wiechmann - Midwest Housing Equity Group

Mike Wynn - Mabrey Bank


MHEG Staff

Executive Staff

Becky Christoffersen Chief Investment Officer Jason Main Chief Financial Officer Shannon Foster Accounting Manager Tom Stratman Vice President of Acquisitions Sammy Ehtisham Assistant Vice President of Acquisitions Jordan Abboud Vice President of Asset Management Sara Church Asset Manager Traci Collins Acquisitions Manager Pat Michaelis Vice President Business Development Officer Central Region Andrea Frymire Vice President Business Development Officer South Region Ann Burge Chief Operating Officer Steve Gross Senior Financial Analyst Scott Fitzpatrick Vice President Business Development Officer Northeast Region John Wiechmann Chief Executive Officer & President Dustin Daugherty Construction Manager Lisa Bryan Administrative Coordinator Kelli Baker Asset Manager Tracy Connor Corporate Accountant
Tyler Arens Acquisitions Manager Laurie Stephenson Deputy Director of Compliance Shannon Powers Closing ManagerReal Estate Josh Rauner Fund Reporting Manager Brooke Smith Senior Asset Manager Dana Oswald Accounting Coordinator Keely McAleer Corp. Communications & HR Administrator Deb Swanson Closing Manager Ryan Harris Acquisitions Manager Brad Reiff Acquisitions Manager Brett Helt Financial AnalystAsset Stabilization Jake Jacobsen Construction Manager Amanda Raak Financial Analyst Cindy Wieck Administrative Assistant Shellie Vandeman Compliance Specialist Shannon Johnson Accounting Assistant Sharita Nelson Compliance Specialist Paul McDonald Senior Asset Manager Mike Powley Deputy Director of Operations Joshua Yurek Director of Government Affairs Cole Rogers Financial Analyst Trey Mendlik Financial Analyst
Jennifer Niemier Closing Manager

Midwest Housing Equity Group

515 N. 162nd Avenue, Suite 202 Omaha, NE 68118 www.mheginc.com

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