RESOLUTION 15-017 RE AHP DIRECT SUBSIDY AGREEMENT_COFFELT.PDF

Federal Home Loan Bank of San Francisco
Project Evaluation Form - Round 2015A
Project Name: Coffelt-Lamoreaux Apartment Homes Project #: 15A11031
Member: National Bank of Arizona Subsidy Approved: $1,500,000
Sponsor: Housing Authority of Maricopa County Project Approval Date: June 17, 2015
Award Status: Awarded Own/Rent: Rent
Project Description
This project will rehabilitate the largest and oldest public housing development in Arizona. Using the Department of Housing
and Urban Development's new Rental Assistance Demonstration program, the entire substandard complex will undergo a
comprehensive renovation. A portion of the units will be reserved for homeless households, and all residents will benefit from a
variety of supportive services such as workforce development programs, youth and educational services, financial literacy
classes, and support group and counseling programs. Coffelt-Lamoreaux Apartment Homes is a candidate for the National
Register of Historic Places.
Donated Number of Units: 0 % of Units: 0%
Properties:
Nonprofit Local Housing Authority; Sponsor meets threshold criteria for additional points; Nonprofit's controlling
Sponsor: interest in GP is greater than 50%; Sponsor integrally involved in: project planning and design, project
development, property management, project financing or securing funding commitments; Sponsor receives
equal to or greater than 25% of total developer fee.
Targeting: Income Res. Units: 301 Non-Income Res. Units: 0 VLI Units: 181 Total Units: 301
181 unit(s) at 50% of AMI
120 unit(s) at 60% of AMI
Homeless: Number of Units: 61 % of Units: 20%
Promotion of Scoring credit for one of the following features: workforce development readiness services or programs;
Empowerment: financial literacy education; on-site primary health care; on-site child daycare; after-school care or
out-of-school programs; or availability of bona fide service coordinator or social worker.
First District Priority
Special Needs: Number of Units: 0 % of Units: 0%
Rural: Number of Units: 0 % of Units: 0%
First-Time
Number of Units: 0 % of Units: 0%
Homebuyers:
Second District Priority
Project Site control achieved via recorded grant or gift deed (corporation, partnership, warranty, quit claim, etc);
Readiness: Proposed use of this project conforms with current approved zoning on the parcel(s); Building permit letter
issued.
Subsidy per Based on 301 income restricted units, subsidy per unit is $4,983.
Unit:
Community Demolition or Substantial Rehabilitation; Historic Building; Transit Options; Amenities; LEED, GP Rating
Stability: <100 points, Enterprise Green Communities, HERS II => 20% improvement; Displacement but Mitigated.
'Exhibit A'

June 18, 2015
Mr. Keith Maio
President and Chief Executive Officer
National Bank of Arizona
6001 N. 24th Street
Phoenix, AZ 85016
Re: Coffelt-Lamoreaux Apartment Homes, AHP Project #15A11031
Dear Mr. Maio:
Congratulations on the award of AHP subsidy for the project identified above. Please
note the following important information.
Maintaining Project Scoring Criteria
According to the terms of your AHP Direct Subsidy Agreement, this project must
maintain the standards for approval (scoring criteria) that are detailed in its Project
Evaluation Form (PEF), or it could be subject to subsidy cancellation or recapture. The
PEF will serve as a baseline reference for monitoring the project and for any
subsequent modifications of the project.
Bank Advances
If your AHP application referenced a Community Investment Program (CIP) advance
from the Bank as an additional source of funding for this project, please note that the
award of an AHP subsidy does not constitute a commitment by the Bank to make an
advance, nor does it provide assurance that loans your institution makes to the AHP
project will be accepted by the Bank as collateral for the CIP advance.
AHP Retention Documents Requirements
It is the responsibility of the member and project sponsor to present to the Bank legal
documentation showing that the AHP project is subject to a deed restriction or other
legally enforceable retention agreement or mechanism that meets the applicable
requirements of the Federal Housing Finance Agency regulations. That responsibility
includes:
 Identifying and resolving any conflicts between the retention requirements of the
AHP regulation and those of other funding sources for the project.
 Assuring that the terms of any other agreements or real estate restrictions related
to the project or project property (including, for example, long term leasehold
agreements, retention agreements relating to other funding sources, encumbrance
and other restrictions on Native American land, partnership agreements, etc.) do
not compromise or otherwise adversely affect the enforceability of the AHP deed
restrictions or other retention agreements or mechanisms used by the member for
the project.

June 18, 2015
Page 2
It is not the Bank’s practice to evaluate the member’s AHP retention documents for
purposes of determining the legal enforceability of the documents. Rather, the Bank
expects and relies upon the member to prepare and submit to the Bank the retention
documentation as necessary to satisfy all of the AHP regulatory standards and
requirements relating to retention, including without limit, the requirement that the
AHP deed restriction, retention agreement, or other proposed retention mechanism is
legally enforceable by the member against the project.
Income Qualifications for AHP Households
All AHP households, including households in transitional and manufactured housing
projects, are required to be income qualified using the Bank's Income Qualification
Guidelines.
If you have any questions regarding funding, modification, and monitoring of
approved AHP projects, please contact the Community Investment Department at
(415) 616-2542.
Sincerely,
Anita Adams
Vice President, Director of Affordable Housing
cc: Rhonda Wright, National Bank of Arizona
Gloria Munoz, Housing Authority of Maricopa County