AGENDA
ALASKA HOUSING FINANCE CORPORATION
BOARD OF DIRECTORS
REGULAR MEETING IN ANCHORAGE
November 26, 2013
10:00 a.m.
Anchorage/Fairbanks/Juneau
I. ROLL CALL
II. APPROVAL OF AGENDA
III. MINUTES:
October 30, 2013
Next Resolution: #13-39
IV. PUBLIC COMMENTS
V. OLD BUSINESS:
VI. NEW BUSINESS:
VII.
VIII.
IX.
X.
A.
Consideration of a loan request in the amount of $625,000 for the Aleutian Housing
Authority under the Loans to Sponsors Program.
B.
Consideration of a term loan request in the amount of $3,480,000 for the long term
financing of 28 units to be known as “Bella Vista Townhomes Phase II” and located in
Palmer, Alaska.
C.
Consideration of a term loan request in the amount of $740,000 for the long term
financing of a nine bed state licensed assisted living facility to be known as “Cormorant
Cove Assisted Living “ and located in Anchorage, Alaska.
REPORT OF THE CHAIR
BOARD COMMITTEE REPORTS - NONE
REPORT OF THE EXECUTIVE DIRECTOR
ANY OTHER MATTERS TO PROPERLY COME BEFORE THE BOARD
Monthly Reports – Finance, Mortgage, R2D2, PHD, Meeting Schedule
The Chair may announce changes in the Order of Business during the meeting.
ALASKA HOUSING FINANCE CORPORATION
BOARD OF DIRECTORS
REGULAR MEETING
October 30, 2013
Anchorage/Juneau/Fairbanks
10:00 a.m.
The Board of Directors of Alaska Housing Finance Corporation met October 30, 2013 in the
AHFC board room, 4300 Boniface Parkway in Anchorage, AK at 10:00 a.m. Board members
present were:
FRANK ROPPEL
Via telephone
CHAIR
Member of the Board
CLAI PORTER
Anchorage
VICE CHAIR
Member of the Board
BRENT LEVALLEY
Anchorage
Member of the Board
MARTY SHURAVLOFF
Via telephone
Member of the Board
BRUCE TANGEMAN
Anchorage
Designees for Commissioner
Department of Revenue
Member of the Board
Bill Streur
Anchorage
Commissioner
Department of Health
& Social Services
Member of the Board
I.
ROLL CALL. A quorum was declared present and the meeting was duly and properly
convened for the transaction of business.
II.
APPROVAL OF AGENDA. VICE CHAIR PORTER proposed the agenda as presented.
Seeing and hearing no objections, the agenda was approved.
III.
MINUTES of September 25, 2013. VICE CHAIR PORTER asked for revisions or
acceptance of the minutes. BRENT LEVALLEY made a motion for approval. BRUCE
TANGEMAN seconded the motion. Seeing and hearing no objection, the minutes were
approved as presented.
AHFC Regular Board Meeting Minutes
October 30, 2013
Page 2
IV.
PUBLIC COMMENTS. In Anchorage: no public were present. In Fairbanks: no public
were present. In Juneau: no public were present.
V.
OLD BUSINESS. No Old Business to discuss with the Board.
VI.
A. ALASKA WEATHERIZATION DIRECTORS ASSOCIATION PRESENTATION. BRYAN
BUTCHER introduced the item and MITZI BARKER with Rural Alaska Community Action
Program presented. Ms. Barker gave a PowerPoint presentation giving an overview of what
the organization has accomplished. Discussion followed.
VI.
B. CONSIDERATION OF A $625,000 LOAN REQUEST FOR HABITAT FOR HUMANITY
ANCHORAGE UNDER THE LOANS TO SPONSORS PROGRAM. BRYAN BUTCHER introduced
the item and ERIC HAVELOCK presented. Mr. Havelock stated that In September 2005,
Habitat for Humanity Anchorage (HFHA) was approved for a $545,000 loan under the Loans
to Sponsors Program. Subsequently, at various times, additional funds were lent amounting
to a total of $4,295,000. The purpose of the loan was to provide first mortgage residential
loans, second mortgage improvements and down payment assistance. Presently, there are
32 active borrowers (the Recipients) loans, with an outstanding principal balance of
approximately $3,372,497. At the time of application HFHA has two, 30 day delinquencies
and one, 120 day delinquency. The additional $625,000 would bring the total amount
borrowed to $4,920,000. Discussion followed. BRUCE TANGEMAN made a motion to
approve Resolution 2013-36. BILL STREUR seconded the motion. The resolution was
unanimously approved. (6-0)
RESOLUTION #2013-36
RESOLUTION APPROVING A $625,000 LOAN INCREASE TO PROVIDE FUNDS
UNDER THE LOAN TO SPONSORS PROGRAM.
VI.
C. CONSIDERATION OF A $625,000 LOAN REQUEST FOR ALEUTIAN FINANCIAL
INCORPORATED UNDER THE LOANS TO SPONSORS PROGRAM.
BRYAN BUTCHER
introduced the item and ERIC HAVELOCK presented. Mr. Havelock stated In November,
2011 Aleutian Financial was approved for a $625,000 loan under the Loans to Sponsors
Program for the creation of a first deed of trust loan program, for persons earning 80% of
the area median income or less as established by the Secretary of Housing and Urban
Development for the Aleutian/Pribilof area for the acquisitions of owner-occupied single
family homes. AFI is requesting their second funding in the amount of $625,000 under the
Loans-to-Sponsor Program. The purpose of the loans are to provide funds for loans to its
Recipients, borrowers of low to moderate income, for the acquisition of owner-occupied
single family home. To date, 5 loans have been made with an outstanding principal balance
AHFC Regular Board Meeting Minutes
October 30, 2013
Page 3
of approximately $611,562, or an average of approximately $140,000 per loan. Currently
AFI does not have any delinquent loans. The additional $625,000 would bring the total
amount borrowed to $1,250,000.. Discussion followed. FRANK ROPPEL made a motion to
approve Resolution 2013-37. BRENT LEVALLEY seconded the motion. The resolution was
unanimously approved. (6-0)
RESOLUTION #2013-37
RESOLUTION APPROVING A $625,000 LOAN INCREASE TO PROVIDE FUNDS
UNDER THE LOAN TO SPONSORS PROGRAM.
VI.
D. REVIEW AND APPROVAL OF THE AHFC'S FY2015 OPERATING AND
CAPITAL BUDGETS. BRYAN BUTCHER introduced the item and LES CAMPBELL presented.
Mr. Campbell stated that the Budget Director presented the proposed FY2015 Operating
and Capital budgets to the Executive Office and after carefully considering funding levels
and changes developed by staff, a “Heads-up/Big Picture” overview was presented to the
Office of Management and Budget (OMB) on September 4, 2013. The Budget processes
have continued to develop into this presentation for Board review, discussion and approval.
Staff recommends that the FY2015 Operating and Capital budget request be approved for
submission and authorizes the Executive Director to submit these budgets through the
Department of Revenue to the Office of Management and Budget for inclusion in the
Governor’s Budget submitted to the State Legislature. Discussion followed. BRUCE
TANGEMAN made a motion to approve Resolution 2013-38. BRENT LEVALLEY seconded the
motion. The resolution was unanimously approved. (6-0)
RESOLUTION #2013-38
RESOLUTION OF THE BOARD OF DIRECTORS OF THE ALASKA HOUSING
FINANCE CORPORATION AUTHORIZING AHFC TO SUBMIT THE FY2015
OPERATING AND CAPITAL BUDGETS THROUGH THE DEPARTMENT OF
REVENUE TO THE GOVERNOR’S OFFICE FOR SUBMITTAL TO THE STATE
LEGISLATURE.
VII.
REPORT OF THE CHAIR. CHAIR ROPPEL stated that the next Board of Directors
meeting for AHFC will be held in Anchorage November 26, 2013. Chair Roppel also stated
that the draft schedule was in the Board packets for 2014 and the Board should review
that.
VIII. BOARD COMMITTEE REPORTS. There were no Committee reports to present to the
Board.
AHFC Regular Board Meeting Minutes
October 30, 2013
Page 4
IX.
REPORT OF THE EXECUTIVE DIRECTOR. BRYAN BUTCHER reported on: 1.) Governor’s
Council on Homelessness; 2.) Alaska Coalition on Housing and Homelessness Meeting; 3.)
Anchorage Home Builders Association General Membership Meeting; 4.) Outreach meetings
with Realtors and Lenders start in November; 5.) NCSHA Annual Conference in New Orleans;
6.) KABATA update; 7.) AIDEA Meetings on Conversion to Natural Gas; 8.) Energy Revolving
Loan Fund Program discussion.
X.
OTHER MATTERS. VICE CHAIR PORTER asked if there were any other matters to
properly come before the board.
1. Monthly Loan Reports. Finance, Mortgage, R2D2 Public Housing and GR&PA
reports were presented for discussion and review.
2. Schedule of Board Meetings:
AHFC Board Meeting
November 26, 2013 10:00am Anchorage, AK
X.
OTHER MATTERS. VICE CHAIR PORTER asked if there were any other matters to
properly come before the board. BRENT LEVALLEY made a motion to adjourn. Seeing and
hearing no objections, the meeting was adjourned at 11:38 a.m.
ATTESTED:
Frank Roppel
Board Chair
Bryan Butcher
CEO/Executive Director
ALASKA HOUSING FINANCE CORPORATION
BOARD CONSIDERATION MEMORANDUM
Date: November 26, 2013
Staff: Melanie Smith
Item: Proposal from Aleutian Housing Authority for a loan of $625,000 under the Loans to Sponsors
Program (“LTSP”).
BACKGROUND:
Loans to Sponsors (LTSP) is a program under which AHFC, subject to the availability of funds, makes
loans funded from corporate receipts. The intent of the program is to provide financing ultimately to
lower income individuals or persons who would not otherwise qualify for financing due to income
limitations, down payment requirements, loan-to-values, or other considerations.
Under the LTSP, AHFC lends funds to a sponsor that in turn lends the monies to its borrowers
(recipients) under terms and conditions approved by the AHFC. Eligible sponsors are non-profit
corporations, regional housing authorities, an agency of the state or of a municipality in the state, or
a municipality of the state. The sponsor’s recipients are individuals or families whose income does
not generally exceed 80% of the median income for the area, adjusted for family size.
Loan funds may be used to provide first mortgage residential loans, second mortgage improvement
and down payment assistance loans. While AHFC provides funding for the sponsor’s loan fund, the
corporation takes no oversight responsibilities other than for the sponsor’s compliance with AHFC’s
program regulations and guidelines. Several benefits of the LTSP are: (i) the sponsors provide better
insight into the housing needs of their market; (ii) sponsors are better suited in understanding the
profile of their borrowers; (iii) sponsors or their agents are better suited to service the individual
loans; one loan made to a sponsor is more effective than the corporation providing the same loans
directly to the individuals.
REQUEST:
Borrower:
Aleutian Housing Authority (AHA) is a regional housing entity created by state statute
18.55.995 and 18.55.996, and serves as the tribally designated housing entity for
federally recognized tribes in the Aleutian and Pribilof Islands regions of Alaska.
Purpose:
To create a loan program for persons earning up to 80% of the area median income or
less for the acquisition of owner-occupied single family homes.
Loan Amount:
$625,000
AHFC #2014749
Page 1 of 6
Interest Rate:
0%-Funded from corporate receipts (historically, beginning in 1993 when the
first Loans to Sponsors loan was made, the rate has been established at 0%).
Term:
Up to 31 years
Repayment Terms:
Quarterly Payments consisting of all principal collected from Aleutian Housing
Authority, Recipient(s).
Recourse:
Yes: Aleutian Housing Authority will remain responsible for the loan in the event
of default of payment by the Recipient(s).
Loan Loss Reserve: Two percent (2%) of each loan upon closing with the reserve to accumulate to
three percent (3%) one year after funding the first loan; to four percent (4%) the
second year after funding the first loan; and to five-percent (5%) the third year
after funding the first loan. On January 1st of each calendar year the balance in
the reserve will be based on the applicable percentage at the time, multiplied
by the outstanding principal balance at the time. Reserve funds will be held in
a custodial account.
Security:
Assignment of notes and deeds of trust on loans made to Recipients.
Funding:
Aleutian Housing Authority in conjunction with Aleutian Financial Incorporate will
submit a funding request to AHFC’s Mortgage Loan Servicing department three
to four days prior to the loan transaction closing.
ALEUTIAN HOUSING AUTHORITY LOAN PROGRAM AND ITS PARAMETERS:

The primary goal of Aleutian Housing Authority’s loan program is to provide first deed of trust
loans to eligible clients. Recipient Combine Loan amounts may not exceed $200,000;

Eligible uses include acquisition with refinancing only available with substantial rehabilitation;

Homebuyer may provide down payment depending on their ability to pay;

A loan origination fee of up to 2% will be charged on the loans;

The program will provide financing up to a 100% loan-to-value;

The interest rate will be based on AHFC’s Rural Interest Rate on the date the loan is approved.
Not to exceed five percent (5%);

Maximum loan term will be 30 years;
AHFC #2014749
Page 2 of 6

Monthly principal and interest payments will be required until the Recipient loan is paid in full.
The outstanding loan amount, plus any unpaid interest, will become due and payable upon the
sale of the property;

An acceptable credit report will be required for each borrower;

Total household income may not exceed 80% of the published median income established by
the Secretary of Housing & Urban Development for the Aleutian/Pribilof area, adjusted for family
size;

Property must be an existing single family dwelling with no construction loan financing, no nonowner occupied property, and no multi-family property being eligible for financing;

Each property will be appraised by a certified appraiser who holds a current general or
residential certification in the State of Alaska;

Mortgage insurance will not be required (it is anticipated that the Loan Loss Reserve when fully
funded, should be adequate to cover any losses);

Qualifying ratios: payment/income 40%, and total debt/income 40%; However, higher debt to
income ratios can be approved on a case by case bases by Aleutian Housing’s loan committee
and the Board of Directors;

Loans will be qualifying assumable;

Recipient Counseling will include: pre-purchase counseling, post-purchase and financial
counseling as provided by Aleutian Financial Incorporated.
Loan Origination and Servicing:
AHFC will require that the loans be originated by Aleutian Housing Authority in conjunction with
Aleutian Financial Incorporated and serviced by First National Bank Alaska.
Borrower Organization: Aleutian Financial Incorporated:
Aleutian Housing Authority is the Tribally Designated Housing Entity for 12 federally recognized Tribes
in the Aleutian and Pribilof Islands Region of Alaska and was created under state statute as a
regional housing authority. Since its inception in July 1977 the Housing Authority has constructed
309 affordable single-family housing units, 65 low-rent units, 23 fair market rental units, and a tribal
office in the Alaskan region; and continues to manage 216 units, including the home office
headquarters in Anchorage. The Housing Authority employees an average of 80 individuals annually,
with 18 of those located in the Anchorage office.
AHFC #2014749
Page 3 of 6
Aleutian Housing Authority (AHA) is a regional housing entity Pribilof Islands region. Aleutian Housing
Authority is governed by a five member board that consists of Joseph Beresk the Board Chair, Tanya
Lestenkof, Vice Chair, Heather Thompson, Secretary/Treasurer, Earlene Mack and Dennis
Gunderson, are both Commissioners. Dan M. Duame is the Executive Director of Aleutian Housing
Authority and is authorized to execute loan documents.
Financials:
Aleutian Housing Authority:
The borrower’s submitted a financial statement dated December 31, 2012 that reflects the following:
Total Assets: $33,365,809; Total Liabilities: $6,920,023; for a net worth of $26,445,786.
Credit:
A recent credit report indicates acceptable credit. Aleutian Housing Authority does not have an
existing loan with AHFC. Aleutian Housing Authority is in the process of applying for teacher housing
in the amount of $335,000.
Loan Origination:
Aleutian Housing Authority will originate the first deed of trust loans under an agreement with
Aleutian Financial Incorporated.
Loan Servicing:
Aleutian Housing Authority will have a contract with Aleutian Financial Incorporated to originate and
close their loans. Since Aleutian Financial Incorporated already has a servicing agreement with First
National Bank Alaska, Aleutian Housing Authority loans will also be serviced by First National Bank
Alaska. They will be responsible for servicing the loans, delinquency notices and escrow service.
Aleutian Financial Incorporated will be responsible for collections of past due payments and
foreclosures. Should the past due account reach 180 days delinquent, at AHFC’s sole discretion the
balance of the recipient’s loan will be due and payable to AHFC. Staff is of the opinion that First
National Bank Alaska has experienced personnel to adequately perform this function.
RECOMMENDATION:
Aleutian Housing Authority has presented the corporation with an opportunity under the Loans to
Sponsors program to provide affordable home ownership opportunities in areas of the state that
otherwise would not be available. The proposed $625,000 loan will allow Aleutian Housing Authority
to further its mission while at the same time furthering the corporation’s mission to provide
affordable housing to Alaskans. Staff recommends the loan under the following conditions:
1.
Loan amount:
$625,000.
2.
Interest Rate:
0%.
AHFC #2014749
Page 4 of 6
3.
Term:
4.
Repayment Terms: Quarterly payments will begin after title to the first home is conveyed to the
Recipient and the Recipient makes their loan payment to First National Bank Alaska. Payment
will consist of principal collected from the Aleutian Housing Authority loan Recipients, as well
as prepayments.
5.
Recourse: Aleutian Housing Authority will remain responsible for the loan in the event of
default of payment by the Recipient(s).
6.
Aleutian Financial Incorporated in behalf of Aleutian Housing Authority will diligence in
attempting to collect amounts due from Recipients, and Aleutian Housing Authority payment in
full of its quarterly payment to AHFC, shall not prevent AHFC from declaring default by written
notice at AHFC’s sole discretion, if:
a.
b.
Up to 31 years.
10% or more Recipient loans are delinquent over 90 days; and
Other objective reasons separate or in addition to Recipient delinquency,
Justify AHFC’s declaration of default.
Notwithstanding the above, Aleutian Housing Authority shall all at all times remain responsible
for the loan in the event of Recipient default.
7.
Loan Loss Reserve: Two percent (2%) of each loan upon closing with the reserve to accumulate
to three percent (3%) one year after funding the first loan; to four percent (4%) the second
year after funding the first loan; and to five-percent (5%) the third year after funding the first
loan. On January 1st of each calendar year the balance in the reserve will be based the
applicable percentage at the time, multiplied by the outstanding principal balance at the time.
Reserve funds to be held in a custodial account. (Further details will be set out in the Loan
and Servicing Agreement).
8.
Purpose: To create a loan program for persons earning up to 80% of the area median income
or less.
9.
Program Administration:
a.
b.
c.
d.
11.
AHA program parameters as presented to and agreed to by AHFC;
The requirements of AHFC’s Loan and Servicing Agreement;
The Loans to Sponsors Guidelines; and
Other applicable documentation.
Housing Standards: Housing that a Recipient purchases under the Aleutian Housing Authority
program shall be constructed to meet the thermal and lighting standards and construction
AHFC #2014749
Page 5 of 6
inspection standards as specified under AS 46.11.040 and AS 18.56.3000 respectively.
Meeting the standards will be evidenced by:
a.
A recorded original or conformed copy of “Builder’s Certification” ( Form PUR-101);
and
b.
A Certificate of Occupancy or an executed recorded “Summary of Building
Inspection” (Form PUR-102).
12.
Commitment Period: The commitment shall be valid for 120 days after the issuance of a
commitment by AHFC. During this time AHFC and Aleutian Housing Authority shall enter into a
Loan and
Servicing Agreement.
13.
14.
Funding Time: Funding will be available for one year from the date of the loan documents but
no later than November 26, 2014. Future requests will be based on a July 1st through June
30th fiscal year basis, with a maximum allocation of $625,000 during the fiscal year. If
applying for an additional allocation, the previous allocation must be fully disbursed prior to
AHFC funding a new allocation.
Loan Fee: A loan fee of $3,125.00 will be charged in accordance with the fee schedule
established in the Loan to Sponsor’s regulations. Payment of the loan fee must be made
within 30 days from the date of the commitment letter.
15.
Title Insurance: Title Insurance, in a form and lien position acceptable to AHFC, is to be
obtained for each Recipient’s loan.
16.
Loan Closing: Aleutian Financial Incorporated on behalf of Aleutian Housing Authority will
execute all required closing documentation and provide any data, as determined by AHFC, to
affect the loan closing.
17.
Other Conditions: Other conditions may arise under prudent lending and loan servicing
practices that may be set-out in the Loans to Sponsor’s Loan and Servicing Agreement.
Reviewed and accepted by senior staff, subject to Board approval:
________________________
Bryan D. Butcher
Chief Executive Officer
Date:___________________
________________________
_____________________
Michael Buller
Michael S. Strand
Deputy Executive Director
Chief Financial Officer
Date:____________________
Date:__________________
AHFC #2014749
Page 6 of 6
Alaska Housing Finance Corporation
Resolution No. 2013
RESOLUTION APPROVING A $625,000
LOAN TO PROVIDE FUNDS UNDER THE
LOANS TO SPONSORS PROGRAM
BE IT RESOLVED BY THE ALASKA HOUSING FINANCE CORPORATION AS FOLLOWS:
1.
Findings:
A.
There is a need to provide housing for and to improve the quality of housing for
persons of low to moderate income;
B.
Aleutian Housing Authority, has applied for a $625,000 loan to supplement funding
for the Aleutian/Pribilof Area;
C.
The proposed financing falls within the established Loans to Sponsors’ program
regulations; and
D.
The proposed financing is found to be an acceptable risk to Alaska Housing
Finance Corporation.
II.
Conclusion:
Pursuant to the forgoing findings, the Board hereby approves the request substantively
as stated in the November 26, 2013, Board Consideration Memorandum prepared in
support of the application.
This resolution shall take effect immediately.
Dated this 26th day of November, 2013.
Frank Roppel
Chair
1
BOARD CONSIDERATION MEMORANDUM
MULTI-FAMILY LOAN PURCHASE PROGRAM
Date: November 26, 2013
Lender: Northrim Bank
Staff: Debbie George
******************************************************************************
BORROWER(S):
ARC Land Development, LLC
CO-BORROWER:
Cameron J. Johnson, Robert D. Yundt and Alexis M. Gevorgian
PROPOSAL OVERVIEW:
Term loan financing for the development of a twenty-eight unit
multi-family apartment complex located at 2031 N. 49th State
Street, in Palmer, Alaska.
Loan Amount:
$ 3,480,000
Project Value:
$ 4,350,000 “At Stabilized Occupancy”
Appraised By:
Brian Z. Bethard, MAI and Jan C. Hood, appraiser of BlackSmith, Bethard & Carlson.
See Appendix I
Loan to Value Ratio:
80%
Loan Terms:
Fixed monthly payments based on a 30 year amortization with a
7 year balloon.
Interest Rate:
5.375 % fixed* (Principal at maturity $3,089,022)
(Appraised Value)
*Rate is determined at the time of underwriting based on what AHFC believes would be the cost of
seven (7) year taxable bond plus administrative and anticipated servicing costs, if it sold bonds at
that time;
Debt Service Coverage Ratio:
1.46
(A debt service coverage ratio is the net income available after paying expenses divided by the loan
payment and is used as an indication of profitability.)
Sources and Uses of Funds:
Sources:
Loan Amount:
Borrower’s Funds:
Total Sources:
$ 3,480,000
$ 870,000
$ 4,350,000
Uses:
1
Development Costs:
Land Development Costs:
Construction Loan Interest:
Contingency:
Closing Costs/Prepaid:
Total Uses:
$ 3,567,684 See Appendix II
$ 414,169
$ 95,998
$ 195,149
$ 77,000
$ 4,350,000
BORROWER ORGANIZATION: Description & Background:
ARC Land Development, LLC: ARC Land Development, LLC was formed in July 2012 to acquire,
develop and operate multi-family properties in Alaska. The company is owned by Cameron J.
Johnson, Robert D. Yundt II and Alex M. Gevorgian, each owning 33.33%. Cameron J. Johnson is
the managing member. See Appendix III
Cameron J. Johnson: Mr. Johnson has over 12 years of experience in all aspects of real estate
finance, acquisitions, and land development. He is the managing member of CJ Land Consultants,
LLC whose primary focus is real estate acquisition and land development. See Appendix III
Robert D. Yundt, II:
Mr. Yundt is a general contractor and owns and operates Robert Yundt Homes since 2004. He has
built and sold over 50 homes. He presently owns and manages a 4-plex, a duplex and two single
family homes. Mr. Yundt will be the builder for the subject property and currently is building Phase I
of this development. See Appendix III
Alexis M. Gevorgian:
Alexis M. Gevorgian has over 19 years of land, acquisition, land development and real estate
finance experience. Mr. Gevorgian owns AMG & Associates, LLC whose primary focus is in real
estate acquisition and land development. See Appendix III
Financial Information:
ARC Land Development, LLC financial statement dated July 21, 2013 reflects (i) total assets:
$5,605,245; (ii) total liabilities: $3,404,000; (iii) net worth; $2,201,245.
Cameron J. Johnson’s multi-family loan application dated August 23, 2013, reflects (i) total assets:
$4,138,760 (ii) liabilities: $2,361,267; and (iii) net worth: $1,777,493. Mr. Moore’s average
income over the last three years according to his federal income tax return was $64,528.
Robert D. Yundt’s multi-family loan application dated August 23, 2013, reflects (i) total assets:
$4,349,609; (ii) liabilities: $2,067,892; and (iii) net worth: 2,281,717. Mr. Yundt’s average income
over the last three years according to his federal tax returns was $57,687.
Alexis M. Gevorgian’s multi-family loan application dated August 23, 2013, reflects (i) assets:
$64,975,731; (ii) liabilities: $7,095,071; and (iii) net worth: $57,880,660. Mr. Georgian’s’ average
income over the last three years according to his federal tax returns was $163,758.
AHFC #271100
2
Credit History:
A recent credit report reflects an acceptable credit history for ARC Land Development, LLC and
Cameron J. Johnson, Robert D. Yundt and Alexis M. Gevorgian. ARC Land Development, LLC has a
loan commitment with AHFC on Phase l of this project, in the amount of $3,404,800. All three
individuals are co-borrowers under Northwest Land Investment on two other multi-family loans with
a combined principal balance of $1,236,408, which are paying as agreed.
PROJECT CHARACTERISTICS:
Description and Location:
The subject site is located at 2031 North 49th State Street, in Palmer, Alaska, west of the City of
Palmer, near the intersection of Trunk Road and the Palmer-Wasilla Highway and approximately
four miles west of Palmer central business district. The general neighborhood is near local schools,
shopping, medical, recreation and employment centers. The site contains 3.98 acres which will be
subdivided into 7 individual lots containing approximately 20,000 square feet each, with a portion
used for roadways. The site is served by all available public utilities which include; natural gas,
electric, and telephone. The site will be served by a community well and individual DEC approved
septic systems on each lot. See Appendix IV
Project Overview:
The proposed improvement will consist of seven identical townhouse style 4-plexes containing a
total of twenty-eight units. The foundation will be poured concrete walls with concrete footings. All
buildings will be wood-framed with vinyl siding and asphalt composite shingles roof. All unit interiors
will be finished with painted textured sheetrock, carpet, vinyl and tile floor coverings, with gas
fireplaces in the end units. Twenty units will have three bedrooms, 2.5 bath and a single car
attached garage. Eight units will have four bedrooms with 2.5 bath and single car attached garage.
Each unit will be finished with granite countertops, stainless steel appliances and washer and dryer.
Heat will be provided by gas fired forced air heating system, with individual gas water heaters and
gas furnaces located in the garage of each unit. All units will be individually metered for gas and
electricity. The three bedroom units will contain approximately 1,348 square feet with a 273 square
foot garage and renting for $1,450 per month each. The four bedroom units will contain
approximately 1,508 square feet with a 333 square foot garage and renting for $1,663 per month
each. Each unit will have a garage and paved driveway and additional street parking will be
available. Parking is considered to be adequate for the property of this size. The subject site is unzoned per the Mat-Su Borough. The economic life of the proposed improvements is estimated by
the appraiser to be 50 years. See Appendix V
Soil Conditions:
A geotechnical investigation report dated July 23, 2012 completed by Michael R. Erdman, P.E. with
Erdman and Associates determined the soils are suitable for the proposed development and the
appraiser did not indicate any deficiencies.
Environmental Assessment:
A Phase One Environmental report was completed on August 27, 2012, by Rodrigo E. Paraoan with
Para-I Engineering indicated the property was free of any contamination and that no known reports
of contamination are within a 1/8 mile of the subject property. An environmental assessment
AHFC #271100
3
questionnaire completed by the owner, dated July 31, 2012, states that there are no environmental
concerns with the subject property. Staff concurs with the lender that further investigation is not
warranted.
PROJECT OPERATIONS:
Property Income and Expense Statement:
The pro-forma operating statement, as prepared by the appraiser, is believed to reasonably depict
the expected performance of the subject property. Rents are based on market rent comparable as
chosen by the appraiser for the area. A 5% vacancy and credit loss factor by the appraiser based
on the Mat-Su Borough rental market. A 6.06% property management expense was included. A
$450 replacement reserve, per unit, per year is considered above average for property of this size,
type, location and condition. See Appendix VI
Debt Service Coverage Ratio:
The debt service ratio has been established at 1.46, which allows for flexibility with regards to
income, expenses, and vacancies. In addition to the 5% vacancy and credit loss factor, income
could fall by 22%, or expenses could increase by 77% or some combination of both and there would
still be sufficient funds to continue to pay the mortgage. Stated another way, the project could
break even at a 26% vacancy rate. The ratio, by industry standards, is considered to be an
excellent ratio.
Property Management:
The property will be managed by Tracey Brewington of Prudential Jack White Property Managers.
Tracey has over 17 years of property management experience with 14 of years concentrated in the
Mat-Su Valley and currently manages 250 units. Additional assurance is provided in the deed of
trust, which allows AHFC to take action in order to place a property manager if circumstances
warrant. The loan servicer will also be performing annual monitoring of the borrower’s management
efforts. See Appendix VII
SUMMARY:
The loan is believed to be an acceptable risk in consideration of the following:
1.
2.
3.
4.
The excellent debt service coverage ratio of 1.46;
The loan to value of 80% at stabilized occupancy;
The project will be managed by a professional management company; and
The Co-borrowers have extensive management and development experience.
RECOMMENDATION:
The request comes from Northrim Bank on behalf of the borrower. Staff recommends approval of
this loan based upon: The subject’s excellent cash flow at 1.46 debt coverage; loan to value of
80%; and subject to the conditions noted below:
AHFC #271100
4
1.
Alaska Housing Finance Corporation (AHFC) to provide long-term financing in an amount not to
exceed $3,480,000;
2.
First deed of trust in the amount of $3,480,000 with fixed payments. Interest rate to be
5.375% fixed with a 7 year Balloon amortized over 30 years;
3.
The Borrower (s) to be
Co-Borrower to be:
4.
Lender to have a lien interest in all appropriate personal property, fixtures, furniture, and
contracts, etc. will be taken;
5.
Commitment to expire November 26, 2014 and an extension may be considered by staff,
subject to extension guideline criteria and applicable extension fees;
6.
A loan prepayment limitation to be imposed in accordance with AHFC’s financing
requirements;
7.
Receipt and acceptance by AHFC of the following:
ARC Land Development, LLC
Cameron J. Johnson, Robert D. Yundt and Alexis M. Gevorgian
a. the project developer;
b. the project general contractor;
c. the project architect;
d. the project engineer; and
e. the property management entity.
8.
Receipt and acceptance by AHFC of the following:
a. a copy of the plans and specifications;
b. evidence that the soils are suitable for the project and/or that the project was
properly constructed to compensate for any soil deficiencies;
c. the general contractor’s warranty which at a minimum is for one (1) year for all work
performed and materials provided as part of the construction contract;
d. a final appraisal inspection and certification that the project was built substantially in
accordance with the accepted plans and specifications as identified in the original
appraisal report, subject to any AHFC approved change orders;
e. an executed “Summary of Building Inspection” (AHFC Form #PUR-102) or an
unconditional Certificate of Occupancy unless otherwise approved by AHFC;
AHFC #271100
5
f. evidence that the construction of the project was in compliance with the thermal and
lighting energy standards as required by AS 46.11.040 and the building and energy
efficiency standards of AHFC’s regulations delineated in 15 AAC 155.010 - 155.030;
in the form of a duly completed Building Energy Efficiency Standards (BEES)
Certification (AHFC Form PUR-101);
g. a certification by the project architect which states that:
i. the project was constructed substantially in accordance with the accepted
plans, specifications and approved change orders;
ii. that the project was constructed in accordance with applicable building codes
and regulations; and
iii. the project is suitable for occupancy.
h. an detailed breakdown of final total development costs as adjusted by any change
orders of the project;
i.
an accountant’s (or another source acceptable to AHFC) written certification verifying
the final total development cost of project;
j.
ALTA title policy with applicable endorsements;
k. a final As-Built Survey;
l.
all required certificates and/or binders of insurance to be no less than $2,000,000
aggregate liability coverage;
m. evidence that the community well is adequate for both properties;
n. prior to closing the Borrower must provide a community use and maintenance
agreement;
o. final DEC approval of the well and septic systems;
p. prior to closing the borrower must provide a common use easement for the
community well providing unrestricted access to the well for the improved lots;
9.
Monthly loan payment to include funds, as determined by AHFC, for (i) principal and interest,
and reserves for taxes, insurance and replacement reserves. Replacement reserves deposits
to be $1,050 per month or $12,600 annually;
10. A sustaining occupancy (1.25 DSCR) must be attained prior to AHFC funding the loan, or an
escrow set up at closing to cover the operating expenses. The amount of operating deficit
must be calculated on a month-to-month basis until sustain occupancy (1.25 DSCR) is
reached. The amount of the escrow must be at least 150% of any projected operating deficit.
AHFC #271100
6
An analysis of the deficit must be provided by the appraiser if there is request for the term
funding prior to the project attaining a sustaining occupancy (1.25 DSCR)
11. Borrower to pay appropriate costs associated with the loan, including by not limited to
recording, title insurance, escrow closing fee and loan fee;
12. Borrower to provide evidence of fidelity insurance for the management company at the time of
funding;
13. The payment of $17,400 loan fee; the review fee of $1,000 will be applied to the payment of
this fee; with no refund to the borrowers in the event the loan does not close. The
commitment fee becomes due and payable when the loan is purchased by AHFC, or upon
expiration of this commitment contract, whichever is later; and
14. Other conditions that may arise as determined by AHFC.
Reviewed and accepted by Senior Staff substantively as stated in this Loan Committee
Memorandum, subject to Board approval:
___________________
Bryan D. Butcher
CEO/Executive Director
Date: ______________
___________________
Michael Buller
Deputy Executive Director
Date: ______________
___________________
Michael Strand
Chief Financial Officer
Date: _______________
AHFC #271100
7
ALASKA HOUSING FINANCE CORPORATION
RESOLUTION NO. 2013Resolution Approving Term Financing for a
Multi-Family Housing Project to
ARC Land Development, LLC
BE IT RESOLVED by the Board of Directors of the Alaska Housing Finance Corporation
as follows:
I.
Findings:
A. There is need to provide access to safe, quality housing;
B. ARC Land Development, LLC through Northrim Bank has applied to Alaska Housing
Finance Corporation to receive funds under its Multi-Family Loan Purchase Program for
term financing for the acquisition of an 28 unit multi-family project located in Palmer,
Alaska;
C. The proposed financing falls within the established program regulations; and,
D. The proposed financing is found to be an acceptable risk to the Alaska Housing Finance
Corporation.
II.
Conclusion:
Pursuant to the foregoing findings, the Board hereby approves the request substantively
as stated in the November 26, 2013 Board Consideration Memorandum prepared in
support of the application.
This resolution shall take effect immediately.
DATED THIS 26th Day of November, 2013
_____________________________
Frank Roppel
Chair
Appraisers
1199 E. Dimoad, Sk. lOO
Antllon~~e,
BLACK-SMITH, BETHARD & CARLSON, LLC
AlaskA 99515
Phoae 907-274-4654
Fax: 907-274-0839
E-mail: [email protected]
September 17, 2013
Northrim Bank
3111 C Street, Suite 400
P.O. Box 241489
Anchorage, AK 99524-1489
Attn. Ms. Deatrice Swazer
RE:
COMPLETE SELF CONTAINED APPRAISAL REPORT
A Proposed 28 Unit Apartment Project & Excess Land
Phase Two, Bella Vista Townhomes
Located on Lot 3, Ortner Subdivision
2031 North 49th State Street, Palmer, Alaska
Dear Ms. Swazer:
In fulfillment of our agreement dated July 30, 2013, we are pleased to transmit our Self
Contained Appraisal Report of the estimated Market Value in the referenced property. As
instructed, we have appraised the property "as complete" and "at stabilized occupancy".
The appraisal process includes an appraisal of the property "At Stabilized Occupancy" by
each approach. An analysis and conclusion of value for the subject "As Complete" and "As
Is" is included at the end of the report.
Based on an inspection of the property and the investigation and analyses undertaken, we
have formed the opinion, subject to the definitions, certifications, and limiting conditions
set forth in the attached report, that the property appraised has the following market
values:
Fee Simple Market Values
Market Value "As Is"
Prospective Market Value "At Completion·
Prospective Market Value •At Stabilized Occupancy"
Market Value Excess Land
Date
Value
8-16-13
8-16-13
8-16-13
8-16-13
$225,000
$4,215,000
$4,350,000
$393 000
As requested by the client, the subject is appraised as a 28 unit rental project. The project
consists of 7 legally subdivided 4-plex buildings and it is noted that the property may have
a higher value if sold off separately. It is a hypothetical condition of this appraisal that the
property is completed as proposed as of the date of inspection.
The value opinion is stated in terms of cash. The market exposure period (looking
backward) and the marketing time (looking forward) are both estimated at one year. The
value opinions reported are qualified by certain definitions, assumptions, limiting
conditions, and certifications. We particularly call your attention to the Assumptions and
Limiting Conditions on page 12.
1
Black-Smith, Bethard & Carlson, LLC
The narrative appraisal report that follows sets forth the identification of the property, the
assumptions and limiting conditions, pertinent facts about the area and the subject
property, comparable data, the results of the investigation and analyses, and the reasoning
leading to the conclusions reached. This report was prepared in accordance with the
standards and regulations as set forth in USPAP and FIRREA.
Sincerely,
BLACK-SMITH, BETHARD & CARLSON, LLC
Brian Z. Bethard, MAl
General Real Estate Appraiser (Cert. # 281)
Jan C. Hood, Appraiser
2
Black-Smith, Bethard & Carlson, LLC
Construction Cost Breakdown
Cameron Johnson is the Managing Member of CJ Land Consultants, LLC. He has 12 years of
experience in all aspects of real estate finance, acquisitions, land planning and development.
Cameron entered the re(!l estate industry as a real estate agent for Century 21 Homes in St.
George, Utah at the age of 21 where he specialized in assisting investors in the acquisition of
rental income properties. 3 years later he moved to Los Angeles and joined AMG &
Associates as a Land Acquisition Manager, where he was responsible for the acquisition and
development of over 2500 apartment units throughout California. He formed CJ Land
Consultants, LLC in 2005 to focus on his own developments along with assisting other
apartment developers throughout California with their acquisition, land planning and
development needs. Over the past 12 years Cameron has bought, sold and owned
investment properties and vacant land in California, Utah and Alaska. He bought his first
investment property at the age of 21 when he purchased a condo in St. George, Utah that he
later sold for a 75% profit. Current developments consist of a 32 unit senior apartment
project in Greenfield, Ca, 8 unit apartment project in Wasilla, Ak and a 15 lot single-family
subdivision in Wasilla.
To whom it may concern,
I have been involved in the Real-Estate industry since I graduated high school. Upon graduating
I bought my first two residential lots. Within 4 years I had built my first home 100% debt free as
well as sold my first Spec house. In 2004, I started my business as a General Contractor to which
I still own and operate today. Along the way I have built and sold over 50 homes as well as built
and kept my 4-plex, 2 single family rentals, and a Duplex. In 2011 I was part of a 3 member
team that purchased a 12 unit apartment building & I currently have 3 lots under contract that I
am holding the notes on and an undeveloped 17 acres that I own with no debt. I do not however
manage any of these properties as Ffeel this is a full time job in itself that should be taken care of
by a professional in the industry. I do consider my property management guy to be a very
valuable member of my 11team11 though and am very pleased with his work for me thus far. In all,
my rentals that I currently own have had less than 1% vacancy rates in the years I have owned
them.
Regards,
Robert Yundt II
\
.,
1
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'·
Alexis M. Gevorgian is the Managing Member of AMG & Associates, LLC (" AMG"). He has
19 years of experience in all aspects of real estate finance, acquisitions, land planning and
development.
Alexis entered the development industry as a financial analyst and assistant project manager
at Calmark Development Corporation. He then joined Century Homes Communities as a
proje<::t manager, where he developed commercial office buildings and residential
communities. He consulted the Goldman Sachs MIF Fund and Grubb & Ellis Realty
Advisors in problem loan workouts, acquisitions of office buildings, retail centers, industrial
parks, and hotels. Later, he became the Senior Financial Analyst for Bank of California's
three billion dollar real estate portfolio, where he was responsible for product redistribution
strategies, problem loan workouts and risk ratings.
Later, Alexis joined Bank One and underwrote, dosed, and managed major acquisition,
development, construction loan revolving facilities and permanent loans. After leaving Bank
One, he became the Director of Land Acquisitions for Kaufman & Broad Multi-Housing
Group (KBMH). Since leaving Kaufman & Broad Multi-Housing Group as an employee,
AMG has made Simpson Housing Solutions (SHS, formerly KBMH) its primary development
partner and equity source on over twenty-five new development apartment proje<::ts valued
at over $250,000,000. Since 2004, AMG has expanded its operations to include the acquisition
of raw land and entitlement of residential subdivisions and condominiums.
Alexis' educational background has been exclusively dedicated to real estate development
and finance. He earned a Master of Science in Real Estate Development and Investment from
New York University's Real Estate Institute, a degree in Architecture, and a Bachelor of
Science in Urban and Regional Plarming from California State Polyte<::hnic University.
During his studies, he attended Columbia University's Business School and the Urban
Planning Institute at La Sorbonne University in Paris, France.
Alexis Gevorgian - Responsibilities and Experience
Alexis Gevorgian is responsible for all partner and local agency relationships from the
acquisition of land through the completion of the project.
Alexis has over 20 years of land development and real estate fmance experience. Prior to
forming AMG, Alexis was the Director of Land Acquisitions for Kaufman & Broad's multihousing land development division where he was responsible for all land acquisitions for
development as well as joint ventures. Preceding Kaufman & Broad, Alexis worked at Bank
One (JP Morgan/Chase) where he underwrote and closed over $1 billion in major construction
and land development loans. Prior to Bank One, Alexis worked for Bank of California, Grubb &
Ellis Realty Advisors, Lehman Brothers and the Goldman Sachs I JER Venture.
Alexis's educational background includes a Bachelor of Science in Urban and Regional Planning
from California Polytechnic University, Pomona, and a Masters Degree from New York
University in Real Estate Development and Investment. Alexis is a licensed general contractor,
holds a degree in architecture and has attended the Masters in Real Estate Development program
at Columbia University.
I
Alaska, United States, North America
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rightS reserved.
Site Description
Location
The subject site is located just west of the City
of Palmer city limits, near the intersection of
49th State Street and the Palmer-Wasilla
Highway. This location is approximately 4
miles west of the downtown Palmer CBD, and 6
miles north of the Parks Highway.
The subject site is a part of existing Lot 3,
Ortner Subdivision, a 19.55 acre site which will
be developed with the Bella Vista Townhome
Apartment Community, including water well,
septic and community park among its shared
improvements. The subject is an approximate
3.98 acre site which will be subdivided into
seven individual Phase Two parcels with area
for street improvements included.
Site Area/Dimensions
The parcel allocated to the subject is a ±173,346
SF (3.98 AC) portion of existing Lot 3, which is
a 19.55 AC site. The site will be subdivided into
7 individual parcels. The subject will include
Lots 11-14 and 17 - 20 in the southwest
quadrant of Lot 3, Ortner Subdivision, showing
below. (Phase One parcels are identified in
orange and parcels for well, septic and park
improvements are shown in green.)
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•Lots 12 - 15 should read as Lots 11-14 on this map, per developer. (Lot 12 is Lot 11, 13/s 12, 14 is 13 and 15 is 14.)
Proposed Subdivision Map- Bella Vista Townhomes
Lot 3, Ortner Subdivision
20
Black-Smith, Bethard & Carlson, LLC
As proposed, Lot 3 will be subdivided into the following subject lots for phase two of the
development.
Total Net Area
Roadway Area
Lot No.
Area
14 (15)
13 (14)
12 (13)
11
20
19
18
20,000
20,126
20,149
20,211
20,319
20,328
20,113
Subtotals
7Lots
60' X 535'
Total Gross Area (Phase Two)
+/+/-
141,246 SF or 3.24 AC
32,100
173,346 SF or 3.98 AC
Excess Land
As requested by the client we have also valued the remaining excess land tha tis available
for future development. Excess land is calculated as follows:
Area (SF)
Project Component
Lot 3, Ortner Subdivision ~Total Area:
Area (AC)
851,532 SF 19.55
-190,239 SF -4.37
-173,346 SF -3.98
-51,341 SF -1.18
436,606 SF 10.02
Phase One Site Area (Slots):
Phase Two Site Area (7 lots):
Common Site Area (2 lots, well and park):
Excess Land Area:
Access/Frontage
AC
AC
AC
AC
AC
TRAFFIC DATA MAP
The
subject
portion
will
have
approximately 290 feet of frontage on
49th State Street.
49th State Street is a two lane, paved
highway at the subject location with an
average daily traffic count of 4,220 cars
per day. As proposed the subject lots
front on Yundt Loop, a paved interior
subdivision street. Access is adequate.
Utilities
Natural gas and electricity are
available. As proposed the sites will
have DEC approved septic tanks. A
community well will be constructed
toward the southeast corner of Lot 3,
serving the subdivision.
The most recent Alaska DOT traffic data for this
location (2009) indicates an auerage daily count of
approximately 4,220 vehicles per-day on 49th. State
Street.
21
Black-Smith, Bethard & Carlson, LLC
SUBJECT PHOTOGRAPHS
Taken 8/16/2013
Subject Parcel Lot 11 and adjacent Lot 12 I 13 well
building and common area park site.
Subject Parcel Lot 11
7
Black-Smith, Bethard & Carlson, LLC
Improvement Description
3 BR Unit Buildings ·Front Elevations
As proposed, the site will be subdivided into 7 individual lots for construction of townhouse
style fourplex apartment buildings, for a total of 28 units. There are five fourplex buildings
containing four 3 bedroom, 2.5 bath units in each; and, two fourplex buildings containing
four 4 bedroom, 2.5 bath units in each. Design is similar to the Phase One units.
Like Phase One, each fourplex will sit on its own ±1/2 acre site within the development.
The proposed subdivision map shows 26 parcels, two (Lots 12 and 13 in the southeast
corner of the site) which will accommodate the community well, septic and park for the
subdivision.
As proposed, each parcel will be improved with one townhouse style apartment building.
Each will have an attached single car garage with great room, entry, half bath and kitchen
areas on the ground floor of each unit. Upper levels contain three or four bedrooms and two
baths.
Building plans were provided by the project owner/ developer. Access and frontage on N.
49th State Street is visible in the figure below, with subject Lots 12-14 and 18-20.
24
Black-Smith, Bethard & Carlson, LLC
SUBDIVISION PRELIMINARY PLOT PLAN
Twenty units are 3 bedroom, 2.5 bath townhouse style units with attached single car
garage. Individual fourplex buildings will be constructed on five of the subject lots, and end
units will have fireplaces and all will contain higher quality finishes such as p-anite
countertops, stainless steel appliances, five star energy rating, vaulted ceilings an d. other
finishes. These units are identical to those constructed during Phase One of the project,
with the exception of the following upgrades.
•
The master bathroom will be enlarged to accommodate a full sized, sunke-11 bath/
shower unit. (An area of 2'x 13' will be added in the garage and als() in the
master bedroom directly above the garage, for a total of 52 additional gross
square feet to each unit.)
•
Upgraded bathroom sinks I Antique Bronze fixtures
•
Rain gutters extending the full extent of the roof.
•
Back porch I patio areas accessed via sliding glass doors in the dining area
•
Equipped with home intelligence software for remote access to unit sECurity,
lights and climate control. (A state of the art system used in lower 48 markets.)
Eight units are four bedroom, 2.5 bath units in two fourplex buildings. End units w:ill have
fireplaces and upgraded finishes, similar to the three bedroom buildings.
25
Black-Smith, Bethard & Carls;;on., LLC
BELLAVISTATOWNHOMES
PHASE TWO IMPROVEMENT SUMMARY
Area SF
I Unit
# of
Units
SF/bldg.
•;.
3 Bedroom /2.5 Bath Townhome Unit
1,337
2
2,674
82%
3 Bedroom /2.5 Bath TH w/ FP, End Unit
1,360
2
2,720
82%
Component - Phase 2 - 3BR UNITS
Net Area per Building (Net of Garage Area)
5,394
Garage Area
4
1,092
18%
4
6,486
100%
5
20
32,430
Area SF
I Unit
#of
Units
SF/bldg.
%
273
GBA per Unit I Building (1,610 SF to 1,633 SF)
Total GBA 5 Bldgs. 20 Units
Component - Phase 2 - 4BR UNITS
SF
4 Bedroom /2.5 Bath Townhome Unit
1,496
2
2,992
41%
4 Bedroom I 2.5 Bath TH w/ FP. End Unit
1,519
2
3,038
21%
Net Area per Building (Net of Garage Area)
6,030
Garage Area
SF
4
1,332
18%
4
7,362
100%
2
8
14,724
Area SF
I Unit
#of
Units
SF/bldg.
%
TOTAL AREA (Excluding Garage SF):
28
Units
39,030
0.83
TOTAL GARAGE AREA:
1
7
Bldgs
8,124
0.17
28
47,154
SF
333
GSA per Unit I Building (1,829 SF - 1,852 SF)
Total GBA 2 Bldgs•• 8 units
TOTALS - PHASE TWO
GROSS BUILDING AREA PHASE 2:*
141,246 SF
3.0:1
Construction Features
The building description is presented as an overview of the basic construction features
gained from a set of building drawings and conversations with the builder.
Foundation
The foundation is concrete block poured with concrete footings.
Framing & Siding
The subject consists of 2 story townhouse style, wood-framed buildings with built-in
garages and balconies. Exterior walls are 2" x 6" wood studs covered with vinyl siding.
Floors
The ground floor is wood joist over crawlspace. All sub-floors are wood framed joists
covered with plywood. Interior flooring is covered with carpet; with vinyl/tile located in
appropriate 'wet' areas with wood or rubber base.
26
Black-Smith, Bethard & Carlson, LLC
Roof
The roof consists of wood trusses, covered with plywood sheeting and asphalt composite
shingles.
Interior Finish
Walls are wood-studded and covered with taped, textured and painted sheetrock with wood
trim. Ceilings throughout are sheetrock, with a painted and textured finish. Light fixtures
are good quality incandescent and fluorescent, ceiling mounted fixtures and are adequate
and consistent with the overall quality of the project. Counters are granite surfaced. In
general, the interior finish quality is average-plus to good for new apartments.
Insulation
All insulation is assumed to be adequate and to the current building code.
Doors & Windows
Solid core entry doors with vinyl windows throughout. Interior doors are hollow core wood
doors in wood frames.
Mechanical, Plumbing, & Electrical
Each unit is equipped with its own gas water heater and gas furnace located in the garage
area. Heating is gas powered, forced air heat. There are individual gas fireplaces in the
great room (lower level) of the two end units in each building. Electrical and plumbing are
assumed to be installed to code and commensurate with the overall quality of the project.
All full bathrooms have three fixtures, including a sink, toilet, and tub/shower. Each unit
has 2.5 bathrooms and is metered individually for electricity. The building is not equipped
with sprinklers. Units will be equipped to accommodate home intelligence software.
Appliances
Appliances in each unit include a four-burner, stainless steel stove, self-cleaning oven/range
with a built in microwave/vent, dishwasher, and refrigerator consistent with the quality of
the buildings, particularly the kitchen. Each unit is equipped with a full sized washer I
dryer.
Site Improvements/Parking
The site is improved with typical landscaping, and paved driveways. Parking is adequate.
Condition and Effective Age
The subject is new. The estimated remaining economic life is 50 years.
Functional Utility
Overall, functional utility is considered adequate for the use. The buildings are well
situated on the sites to allow adequate ingress/egress. Room sizes and layouts are also
functional. The improvements represent a conforming, compatible use.
PHASE 2 - BUILDING PLANS
As proposed, Phase 2 will include 5 three bedroom unit fourplexes. Plans are identical to
those presented for Phase One of the project (BSBC #12-073), but will be revised to show
the 2 foot extension to the garage and master bedroom portion of the building, allowing for
a full sized bath/shower in the master suite. An updated foundation plan was provided.
Typical layouts for the three bedroom unit buildings are as shown in the following pages.
27
Black-Smith, Bethard & Carlson, LLC
THREE BEDROOM UNIT BUILDING PLANS
Typical End Unit Floor Plans - Three Bedroom Units
Typical End Unit Lower Level Floor Plan
Typical End Unit Upper Level Floor Plan
28
Black-Smith, Bethard & Carlson, LLC
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34
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37
Black-Smith, Bethard & Carlson, LLC
SUBJECT I PHASE ONE PHOTOGRAPHS
Taken 8/16/2013
unit kitchen
8
Black·Smith, Bethard & Carlaon, LLC
AHFC # 271100 ARC Land Development, LLC
Pro Forma
Rental ln.
From
Bedrooms
3
4
Total Rental Income
Sq.Ft.
1348
1508
39024
#of Units
Units
20
8
28
Unit Rent
$1,450.00
$1,663.00
Gross Annual
$ 348,000.00
$159,648.00
$
~ 507,648.00
~ 507a648.QQ
~ 25&636.00
$ 482,012.00
$ 482,012.00
5.0%
Less Vacancy & Credit Loss
Gross Effective Income
Total Adjusted Income
EXPENSES
Ma.nagemenVAdmi nistrat
$29,225
6.06%
%GEl
Insurance
$14,000
$500 per unit
Taxes
$45,000
Utilities
$11,200
$0.29 per square foot
Maintenance & Repairs
5.81%
$28,000
%GEl
ReplacemenVReserves
$12.600 $ 450.00 per unit
Total Expenses
$140,025 $5,000.89 per unit
%of EGI
29.05%
$341,987
Net Operating Income
Mortgage
$233,844 $3,480,000@ 5.375% over 30 years
DSCR
Net Cash Flow
1.46
$108,143
Income Decrease=
22.44%
Expense Increase=
77.23%
Vacancy Increase=
26.35%
~ Prudential
Jack Whitu/Vista Real Estate
Tracey Brewingtori-Property Manager
865 N. Seward Merid ian Parkway, Suite 200
Wasilla, AK 99654
907-352-1824 direct line 907-352-1827 fax line
website: traceybrewington.org email: [email protected]
September 15, 2012
I have been Prudential Jack White/Vista's award winning property manager for over fourteen years. I am
their "Top Producer" as well as receiving Prudential's "Chainnan' s Circle Gold" Award year after year. It
takes hard work and dedication to achieve these awards. I am a licensed Realtor specializing in property
management in Anchorage and the Mat-Su Valley from Sutton to Willow.
At Prudential in Anchorage and in the Mat-Su office where I work, I have developed a great staff and list
of vendors to help maintain your property. We make it our priority to ensure your property is well cared
for. I screen all applicants thoroughly and require tenants pay a security deposit, should we need to make
any repairs a tenant is responsible for. When you've been in the area as long as I have, you develop a large
network of relationships that can really come in handy when renting a property. Some of our tenants
move from one Mat-Su Valley or Anchorage Prudential property to another because they want to stay
within our company.
I believe that providing the very best service in a timely manner is imperative. Therefore, we always keep
owners well informed of any concerns regarding their property. We return any calls to owners, tenants
and prospective clients as soon as we possibly can. Owners receive monthly reports from accounting that
are tax ready in December.
I screen all applicants thoroughly to find you the very best tenants. This includes verifying employment,
past landlords, references, credit reports and any Alaska court system records. I would love to work for
you so, please give me the chance to do so.
As a Mat-Su and Anchorage property management specialist, I love to match up our great homes and
apartments with excellent renters. I keep a large inventory of quality listings that turn over very quickly
which makes us a great place to both rent and manage your new rental property. I currently manage about
250 units which keeps our office busy.
Thank you,
Tracey Brewington
BOARD CONSIDERATION MEMORANDUM
Date: January 9, 2013
ITEM: Special Needs Loan
Staff: Melanie Smith
***********************************************************************
LOAN PURPOSE:
Term loan financing for the acquisition of a single family residence that will be utilized as a senior
group home for the care of individuals with either a physical or mental disability, located at 8431
Cormorant Cove Circle, in Anchorage, Alaska.
BORROWER(S):
CO-BORROWER(S):
ACG Holdings, LLC.
Jack W. DeMoss and Donna A. DeMoss
Anthony A. Wardwell & Blanca L. Wardwell
PROPOSAL OVERVIEW:
Loan Amount:
$740,000
Project Value:
$740,000
Appraised by:
Jacqueline L. Dooley, Certified Appraisal Services, LLC. (Appendix I)
Loan-to-Value Ratio:
100%
Term of Loan:
30 year fixed monthly payments
Interest Rate: 7.125%
*Rate is determined at the time of underwriting based on what AHFC believes would be the cost of
thirty (30) year taxable bonds (including administrative and anticipated servicing costs), if it sold
bonds at that time.
Sources and Uses of Funds:
Sources:
Loan Amount:
Borrower Funds:
Total Sources:
$740,000
$ 50.597
$915,597
1
Uses:
Purchase Price:
Sprinkler System:
Closing Costs:
Total Costs:
$710,000
$ 65,000
$ 15,597
$790,597
BORROWER ORGANIZATION: (Description & Background)
ACG Holdings, Limited Liability Company
ACG Holdings, LLC was formed in August 2007, to hold and manage all the major assets of the
companies owned by the co-borrowers. ACG Holdings, LLC is requesting funds to purchase a home
to be utilized as a senior assisted living home in the Anchorage Area that will be operate to Alaska
Premium Care, Inc.
Alaska Premium Care, Inc. was formed in May of 2011 to manage the actual resident services of
the assisted living home. Both companies are 100% owned and managed by Mr. & Mrs. DeMoss
and Mr. & Mrs. Wardwell.
The assisted living home will be known as “Cormorant Cove Assisted Living Home” and will be
capable of providing services for up to ten residents. This home will be a medical social model with
24 hour staffing and managed by a nurse; however, medical services will not be provided. This
home will provide assistance with daily living skills that include: dressing, bathing, eating,
transferring between bed and chair, doing their laundry, cleaning of living area, making
appointments, food preparation, conducting business affairs, writing letters, and recreation. See
Appendix II.
Jack DeMoss:
Mr. DeMoss has been the CEO of the local affiliation of Comfort Keepers, which is home health
agency since 2002. He is the CEO of Alaska Premium Care, Inc. and a 25% member of ACG
Holdings, LLC. Mr. DeMoss has been a registered nurse for 38 years with 26 years working the
geriatrics field. Mr. DeMoss successfully owned and managed an assisted living home from 1996
to 2005
Anthony Wardwell:
Mr. Wardwell has been the Accounting Manager of the local affiliation of Comfort Keepers since
2002, is the Vice President/Treasurer of Alaska Premium Care, Inc., and a 25% member of ACG
Holdings, LLC. Mr. Wardwell is the founder/owner of the non-medical in home care business, His
duties include negotiating and interpreting contracts and ensuring compliance with private sector
and government agencies, developing new programs and services to capture the market share, and
other operational responsibilities
Donna DeMoss:
AHFC #270872
2
Mrs. DeMoss has been the Human Resource Manager of the local affiliation of Comfort Keepers
since 2002. She is also the Secretary of Alaska Premium Care, Inc and a 25% member of the ACG
Holdings, LLC.
Blanca Wardwell:
Mrs. Wardwell is self employed with her own jewelry company and is a Director of Alaska Premium
Care, Inc. and a 25% member of ACG Holdings, LLC.
BORROWER FINANCIAL INFORMATION:
ACG HOLDING, LLC:
Financial statement dated November 11, 2013, show total assets of $1,150,085, with debt of
$973,440, and a net worth of $176,644. Annual gross projected income for the Assisted Living
Facility income of $700,000, with expenses of $562,077, with anticipated net income of
$137,923.
Jack & Donna DeMoss:
Financial statement dated October 1, 2013, show total assets of $1,768,000, with debt of
$264,000, and a net worth of $1,504,000. The co-borrower’s average annual income based on
their previous three years tax returns is $199,411.
Anthony & Blanca Wardwell:
Financial statement dated October 1, 2013, show total assets of $1,629,000, with debt of
$336,000, and a net worth of $1,299,000. The co-borrower’s average annual income based on
their previous three years tax returns is $116,623.
Debt Service Coverage Ratio:
In consideration of the nature and the sources of income for this borrower, it is believed that it is
more practical to view the analysis from an ability to pay basis, versus a debt service ratio, or
payment to income ratio policy. Staff’s analysis of the facility’s operating statement and the
financial capacity of the borrower indicate their ability to pay their obligations as agreed.
Credit:
A credit report indicates that ACG Holdings, LLC, Jack & Donna DeMoss and Anthony & Blanca
Wardwell have acceptable credit. The borrower and co-borrowers have one existing loan with AHFC
in the amount of $605,031 which is being paid as agreed.
CHARACTERISTICS:
Location and Site Description:
The subject property is located at 3841 Cormorant Cove Circle seven miles southeast of
Anchorage’s central business district. The subject neighborhood is comprised with a mix of average
quality to semi-custom single family residences mostly constructed in the late 1970’s to present.
The project is situated on a trapezoid shaped lot containing 15,478 square feet. The site is served
by all public utilities which include; electric, gas, telephone, water and sewer. (See Appendix III)
AHFC #270872
3
Property Overview:
Built in 2001, the subject property is a two story with a walk out basement style single family
residence with a built-in three car garage. Exterior finishes include composite lap siding and an
asphalt shingle roof. The residence contains a total of 5,595 square feet. The first floor of the
subject property consist of a living room with a two story ceiling, a kitchen with custom cabinets,
granite counter tops, island, and a built-in desk, a formal dining room with custom ceilings, an eat
in dining area with custom ceilings, a family room with built-in entertainment shelving, a three sided
fireplace with a french door which leads out to a large rear trex deck, a laundry/mud room with floor
to ceiling cabinets, a half bath and a three car garage. The second level has four bedrooms, two
baths, including the master suite which has a large jetted tub, shower with double shower heads,
jack and jill sinks, privacy toilet and a three sided fireplace. The basement has two bedrooms, a
recreation room, a large walk-in-closet, an office, and a large recreation room under the garage.
There is a door off the main recreation room which leads to a rear covered trex deck and there is an
enclosed storage area at this coffered and two story ceilings. There are two forced air heaters and
has a 4* Plus energy rating. The subject has received above average upkeep and maintenance
over the past several years. Will add a fire suppression-sprinkler system/water tank/alarms/closet
to the house tank+pump. Overall, the subject is in good condition. The appraiser estimates a
remaining economic life of 52 years. (See Appendix III)
Soil Conditions:
Soil conditions for the project site appear to be well drained and stable. An inspection of the
property by the appraiser did not note any significant issues. The subject site, as developed, is
therefore considered adequate to support the existing improvements.
Health and Safety Inspection Report:
A Health and Safety Inspection was performed on August 16, 2013 by Rudy Paraoan P.E. of Para-1
Engineering. The report revealed recommended health and safety repairs have to be completed. All
noted repairs on the health and Safety report have been completed and re-inspected on November
8, 2013. (See Appendix IV)
Letters of Support:
Letters of support are included: (See Appendix V).
Community Opposition:
Staff is unaware of any community opposition.
RECOMMENDATION:
The type of facility preferred for the care of individuals with physical or mental disabilities is moving
away from the larger institutions toward smaller facilities such as the subject of this loan proposal.
It has been proven that this type of “Home Care Alliance” is beneficial to the overall well being of its
occupants.
AHFC #270872
4
In view of the anticipated demand for the project, the expectation that state funding will continue to
support home care alliances, and staff’s analysis of projected revenues and expenses, it is
reasonable to expect that this loan will be repaid in a timely manner, and as such, is considered an
acceptable risk under the Special Needs Loan Program. The program was designed to
accommodate this type of request.
COMMITMENT CONDITIONS:
1.
Alaska Housing Finance Corporation (AHFC) to provide long term financing in an amount not
to exceed $740,000 amortized over thirty years with monthly payments. Interest rate to be
7.125% fixed.
2.
A security position in the personal property, fixtures, furniture, and contracts, etc., will be
taken;
3.
Commitment to expire November 26, 2014. If necessary, staff may consider an extension
subject to extension guideline criteria and extension fees;
4.
Borrower(s) to be:
Co-borrower(s):
5.
Receipt and acceptance by AHFC of the following:
ACG Holdings, LLS;
Jack W. DeMoss and Donna A. DeMoss; and
Anthony A. Wardwell and Blanca L. Wardwell
a.
ALTA Policy with applicable endorsements;
b.
An As-Built Survey if required by the title company;
c. Assignment for collateral purposes of the property operating lease, and
d.
All required certificates and or/binders of insurance.
6.
Funds for the establishment of insurance and property tax accounts to be collected at
closing;
7.
Monthly loan payment to include funds, as determined by AHFC, for (i) principal and interest
(ii) reserve for taxes, and insurance (iii) and replacement reserves in the amount of $250
per month;
8.
Borrower to sign all necessary closing documentation, or provide any additional data, as
determined necessary by AHFC, to effect the loan closing;
9.
The health & safety inspector to certify that the repair items addressed in the health &
safety inspection report have been corrected prior to funding.
AHFC #270872
5
10. Funds will be escrowed in the amount of $65,000 to pay for suppression-sprinkler
system/water tank/alarms/closet to the house tank+pump; and a fenced back yard;
11. Borrowers to pay appropriate cost/fees associated with the loan, including but not limited to
recording; title insurance; escrow closing; loan origination fee, documentation preparation
and review; and prepayments of interest;
12. If acquisition costs are less than anticipated, excess funds will be used to reduce the
principal balance of the loan; if the loan amount is not adequate to cover all costs, borrower
must fund the difference;
13. The payment of a $7,400 loan fee at closing;
14. A commitment fee of $3,700 will be required upon acceptance of the commitment with said
amount being credited against the loan fee at the time of closing. Payment of the
commitment fee must received within 30 days of the commitment date; and
15. Other conditions that may arise as determined by AHFC.
Reviewed and accepted by senior staff, subject to board approval:
_______________________
Bryan D. Butcher
CEO/Executive Director
Date:___________________
AHFC #270872
________________________
Mike Buller
Deputy Executive Director
Date:____________________
__________________________
Michael S. Strand
Chief Financial Officer
Date:______________________
6
ALASKA HOUSING FINANCE CORPORATION
RESOLUTION NO. 2013Resolution Approving Funds for the
Term Financing of a Multi-Family
Housing Project for ACG Holdings, LLC.
BE IT RESOLVED by the Board of Directors of the Alaska Housing Finance Corporation
as follows:
I.
II.
Findings:
A.
There is need to provide safe, quality, and accessible housing;
B.
ACG Holdings LLC, an Alaska Limited Liability Company, and Jack DeMoss,
Donna DeMoss, Anthony Wardwell, and Blanca Wardwell have applied to
Alaska Housing Finance Corporation under its Multi-Family Housing Loan
Program, to provide funds for the term financing a state licensed assisted
living home, located in Anchorage, Alaska;
C.
The purpose of the financing is to provide additional assisted housing
opportunities for persons needing assistance with the activities of daily life;
D.
The proposed financing falls within the established program regulations; and,
E.
The proposed financing is found to be an acceptable risk to the Alaska
Housing Finance Corporation.
Conclusion:
Pursuant to the foregoing findings, the Board hereby approves the request
substantively as stated in the November 26, 2013 Board Consideration
Memorandum prepared in support of the application.
This resolution shall take effect immediately.
DATED THIS 26th Day of November, 2013
_____________________________
Frank Roppel
Chair
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SUPERVISORY APPRAISER (ONLY IF REQUIRED)
JaCQ
a Ooo
Company Name
Certlfoed Appra~l Sertloes. LLC
Company Addrass
P 0. Box 771 128. Eaote Rivsr. AK 99577
Signature
Name
CompMy Name
Company Address
Telephone Number
.s.;C90i!lu.7.1..)6~2
~2:.::-4!l9~9~5_ _ __ __ __ _ _
Email Address
[email protected]
Oate of Signature and Report
_,_1.!!1105=(2..,0...,1"'
3_ _ _ __ _ __
Effective Date of Appraisal
_,_10,12-"41=20,_1:..::3:,__ _ _ _ __ _ _
State Certification #
~
3,._81,___ _ _ _ _ _ _ _ __ _ _ _
Telephone Number
Emal Address
Date of Signature
state Certffication II
or State license #
or State License II
orOiher(describe)
Expiration Date of Certffication or license
Nam~
State
State#---- -
~ ~A~K~~--~-------------------------
Expiration Oate of Certification or License
06130/2015
ADDRESS OF PROPERTY APPRAISED
8i31 CQrmorant Coye Cir
Andlorage. AK 99507
APPRAISED VALUE OF SUBJECT PROPERTY$
LENDER/CUENT
0
0
-'-'740"""'.00""0
" -- -
Name Ms. Melanie Smith
Company Name
Alaska Housing Finance Corporation
Company Address
4300 Boniface Parkway. AnChorage, AK 99504
Email Address
Freddie Mac Form 70 March 2005
SUBJECT PROPERTY
O
Did not ins peel subject property
Did inspect mefior of subject property from street
Date of Inspection
Did inspect interior and extarior of subject property
Date of Inspection
COMPARABLE SALES
0
0
Did not Inspect exterior of comparable sale$ from street
Did inspect exterior of comparable sales from street
Date of Inspection
Paoe 6of 6
Fonn 1004 · 'TOft.!." apPflllsal so1tw1n: by a~ mode, inc. -1-8Q!).ALAMODE
FMnle Mae Form 1004 March 2005
(
(
AlASKA PREMIUM CARE, INC.
Jack DeMoss, RN
President /CEO
ACG Holdings, LLC
Jack DeMoss, RN
Member
•
Alaskan resident since 1968
•
Registered nurse for 36 years, worked in multiple nursing disciplines but 24 years in geriatrics
•
Licensed SOA Assisted living Facility owner and manager for 9 years
•
Current owner and CEO of Comfort Keepers, a 9 year old home health agency with offices in
•
History of contracted employee work in ALFs X 9 years (Marlow Manor, SOA Pioneers Home,
both Anchorage and the Mat~Su Valley, 100 employees and $3,000,000 in annual revenues
Providence Horizon House, Chester Parle)
•
History of contracted employee work X 6 years : Alaska Regional Hospital, Veterans
Administration Medical Center, Hospice of Anchorage
•
Preferred Provider : Providence Medical Center, Mat~Su Regional Medical Center, Alaska Native
Medical Center Out-Patient Care Coordination and Home based services
•
Currently certified SOA Medicaid Provider for Home and Community Based Services
•
licensed/Certified Long Term Care Insurance Assessor
•
Veteran's advisor for long term care pensions through the Veterans Benefits Administration
(
1804 C INDY L EE LANE • AN CH ORAG E,
AJ,ASKA • 9 9507
I'IIO NE 907-77 0- 25111 • CE J. l. 907 - 5 2 9- 5343 • F A X 9 07 - 334 - 3003
E-MA IL TBW A R!)[email protected]
ANTHONY A. WARDWELL
EMPLOYMENT
2002-2011
Comfort Keepers
Gmeral Manager/ Owner - Anchorage, Alaska
• Founder/ Owner non-medical in home care business.
• Duties included: planning and implementation of organizational policies and company goals; measuring
company performance through financial and quality metrics; negotiating and interpreting contracts and
ensuring compliance with private sector and government agencies; developing new programs and
services to capture market share; directing, training, supervising, leading, developing, and evaluating
direct staff reports from human resource, care coordination, and accounting departments; maintaining
well defined areas of responsibility, and ensuring effective employee feedback and accountability
programs; maintairung a high level of customer and employee satisfaction.
2000-2002, 2009- 2010
Arctic Slope Regional Corporation
Wells Support Equipment Operator- Kuparuk, Alaska
• Pump truck, vac truck, tanker, super sucker, boom truck, and loader operator of hazardous material
liquid and solid transfers.
• Drill site maintenance, dewatering, & hard line crew experience.
1997-2000
Halliburton Energy Services
Slit-kline Service Operator - KHparuk, Alaska
• Well maintenance with wi.reline tools. Equipment operator. Equipment maintenance.
1994-1997
Prince William Sound Aquaculture Corporation
Fish Culturist -Prince William Sound, Alaska
• Developed and implemented salmon feeding and rearing strategies. Devised and conducted sampling
procedu:res for water quality and hatchery stock growth and health monitoring. Managed water flow
controls through hatchery system. Directed coded wire tagging program and monitored the associated
quality control program. Prepared progress and status reports to regulatory agencies. Managed staff of
30 seasonal employees. Equipment operator. Supplies purchasing.
EDUCATION
1989-1994
Aquatic Biology - S a11ta Barbara, California
• Bachelor _of Arts with emphasjs in mathematics and engineering.
• West An~orage High Graduate 1987
University of California, Santa Barbara
(
Donna DeMoss
22424 Hilltop Circle, Chugiak, M< ~67
Cell: 907-240-2225: donnade@~et
.......
:::1>
c.....;
Executive Profile
Results-oriented Human Resources Executive with broad experience in all areas of HR, including policy
development, performance management and benefits administration.
Skill Highlights
•
•
•
•
Human resources management
Small business development
Proven ability to plan, organize, and manage
new start-ups
Strong track record of execution against strategic
objectives
•
•
•
•
•
Performance analysis
Performance Evaluations
Process Redesign
Operations Start-Up
Multi-unit Operation Management
Core Accomplishments
Human Resources:
• Spearheaded new human resources program which improved employee management.
Operations Management:
• Managed both Operations and HR.
• Handled all functions related to HR.
Professional Experience
Human Resources Manager
Alaska Care Group dba CK - Ancho rage, Alaska
Management
Chevigny House- Anchorage, Alaska
Education
University of Alaska Anchorage
Anchorage , Alaska, USA
Legal
Paralegal Certificate
University of Alaska Fairbanks
Fairbanks, Alaska, USA
Business
BBA- Management
(
Bianca Wardwell
1804 Cindy Lee Lane, Anchorage, Alaska 99507
Home: 907-770-2510 ·Cell: 907-229-3415: [email protected]
Professional Summary
Professionally trained CNA with experience ensuring high standards of culturally competent care for wide variety
of patients with diverse needs.
Core Qualifications
•
•
•
•
•
Areas of clinical experience include in-hospital
orthopedics unit and assisted living homes.
Extensive experience with caregiving.
Advanced problem-solving skills
Meticulous organizational skills
Patient- and family-focused
•
•
•
HIPAA compliance
Hospital medical service
CNA In both hospital setting and assisted living
Experience
Human Resources Asst
Comfort Keepers #401 - Anchorage, Alaska
CNA
Comfort Keepers #401 - Anchorage , Alaska
CNA
Chevigny House Assisted Living - Anchorage , Alaska
Education
OPAG 1995
Anchorage, Alaska
Certified Nursing Assistant
Lighthouse Christian School 1994
Fairbanks, Alaska
Certifications
Certified Nursing Assistant
BLS -Basic Life Support
Keywords
First aid certified, CPR, vital signs charting, patient health data, filing , HHA, nutrition, Hoyer lifts.
»
u
Anchorage, Alaska , United States
8431 Cormorant... ,_ _ _ _ ____)
8431 Cormorant
Cove Cir
tark
Anchorage, AK
99507
Hillside Park
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Copyright C and (P} 19&&-2010 t.llc!OSoft CotpOratioo andlcr its SIJI)ploers. All tights reaerved. http:IMoww.mi.crosoft.ccm/atreets/
Certain mapping and direction data C 2010 NAVTEQ. All rights reserved. The Data for areas of Canada includes inlonnation taken w lh pemission from canadian authorities. including: Ill Her lwlajesty lhe Queen in Right of Canada. c Queen's Printer for
Ontario. NAVTEQ end NAVTEQ ON BOARD are i"ademarks cf NAVTEQ. 0 2010 Tele AUas North America. Inc. All rights reserved. Tele AUas and Tele Atlas North America are lrademlll1<s ot Ta!e Alias, Inc. 0 2010 by Aj)plled Geographic Systems. All
rights reserved.
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and reaeational facUlties are loarted wilhlll a 1Wo rrile radius of tl)e sub'ecl
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months of 2013. The demand and suool\l for residential llrt>J)ertles appears to be in balance Sales concessions exist in the m~lace
however are nQ! necessarv for marttetina at lhls lime.
Slllljl< TraPazoid
Dimensions 18 -48' X 22.89' X 161 .75' X 145.30' X 198.31' An:a 15.478 sf
View Mtns/Parl<
Zonmg IJI!Scr1ption Slnale Family R~entlal DislriCI Special Limitations
Spec:iftc Zmlno ClaMilicalion R1A·SL
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Is ill• hiul'est 111d beiluse of subject property u improved (or as prtiiJOSed p•r plans 1111d specifuions)lile ~n•ent use?
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f l Ye$ ~No ffMII Rood Zone X
ffMAMapDate 9125/2009
An: 111e utllltias and II!I.W imDrovernems tvPI~ lllf tne rrml!I:BJea7
lXI YK f l No WNo, de$cribe
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[]Yes CiCl No HYes. describe
The municloal olats were reviewed and no adverse easeme111s or encroachment were noted. _The subJect aooears to be a 1~ contonnlna
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SubJect Photo Page
ACG Holdlnos
Borrovm
IProoertv A~ress 8431 Connorant Cove Clr
Ci1y
Ancnoraae
lmder/Ciient
Alaska Housing Finance Corporation
ColllltV AnchoiiKIIIt
Slate AK
ZiP Code 99507
SubJect Front
8431 Cormorant Covo Cir
Sales Price
Gross l.iving Area
T'llal R0001S
Total Bedrooms
TotaJ 831hrooms
location
$710,000
2,995
9
4
3.0
V"16W
Mtns/Woods
15.478 sr
Site
Quality
Age
Average
Good
12
SubJect Rear
Subject Street
Form PIC3xS.SR- 'TOTAl' appraisal software by a Ia mode, Inc.·
1-80~AI.AMODE
Photograph Addendum
Borrower
~erty Address
City
Lender/Client
ACG HoldirJg_s
8431 Connorant Cove Cir
Anchoraae
Alaska Housing Finance Corporation
County Anchoraae
State AK
Zip CQde 99507
Rear Photo
Rear Photo
Upper Level Deck
Walk out Basement covered Deck
Living Room
Living Room
Form PIC6_LT ·"TOTAL" appraisal software by ala mode, inc. · 1·800-ALAMODE
Photograph Addendum
Borrower
ACG Holdinas
Property Address 8431 Cormorant Cove Cir
City
Anchoraae
Lender/Client
Alaska Housina Finance Corooration
County Anchoraae
State AK
Zip Code 99507
Kitchen
Kitchen
Family Room
Eat In Dining Area
Dining Room
Laundry Room/Mud room
Form PlC6_LT- "TOTAL" appraisal software by aIamode, inc. -1-800-ALAMOOE
Interior Photos
IBD!TDWil
ACG Hotdio!IJ
Propeny Address 8431 Cormorant CO\Ill Cir
City
Aochoraa•
Lende:/ Ciient
Alaska Hcuslna Finance Corporation
C<lunty Anchoi8Qe
SlateAK
Z4J C<ldl 99507
Master Bath
Upper Level Main Bath
First Level Half lath
1ase111ent 3/4 Bath
Basement Recreation Room Under Garage
Stairway from Second Level
fcnn PICINT6 ·'TOTAl' apjnisal sllflwale by a ta mode, inc. • l-BOQ..ALAMODE
Building Sketch (Page - 1)
Booower
ACG Holdlnas
PIUlleJ\Y Addrm 8431 Connorant Cove Cir
Andlaraae
~Lendlrtclient
Alaska Housing Finance Collloraticn
Zll Codo 99507
SIJit AI<
CouJJ\Y Anchoraae
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Comparable Photo Page
Borrower
Pr®ertvMihss
CitY
Lender/Client
ACG Holdinas
8431 Connorant Cove Clr
AnchOraae
Alaska Housing Flnanca CorporatiOn
County Anehoraae
lip Code 99507
St!te AK
Comparable 1
4715 Blue Heron Cir
Prox. to Subject
0.44 miles SW
Sale Price
749,000
Gross living Aru 3,216
TotaJ Rooms
9
Total Bedrooms
5
Tat.alBal!irooms
3.0
Loca!loo
Average
V'II!W
Mtns.Mtoods
S~e
12,114sf/Simlv
Quality
Good
Age
10
Comparable 2
4350 Sage Cir
Prox. to Subje~
Sale Price
Gr~nsl.ivingArea
Total Rooms
Tatal Bedrooms
Tatal Bal!irooms
Location
V'II!W
Sfte
Quality
Age
5.18 miles S
719,000
2.832
10
3
2.5
Avt!fll!le
Mtns/Woods
21,106sf/Srnlv
Good
11
Comparable 3
401 5 Abbott Rd
Prox. to Subjllct
Sale Price
Gross Uvlng Area
TO!al Rooms
Tatal Bedrooms
Tatal Bal!ir()(!ms
Location
0.73 miles SW
708,000
2,811
7
4
3.0
VIew
Sfte
Quality
Average
Min a/Woods
1.05 Ac/Simlv
Good
Age
8
Fonn PlC3x5.CR ·'TOTAl' ~aisal saftwa1e by akt mode, inc.• 1-aOO·ALAMOOE
Cemparabla Photo Page
I Bol'l'll'IQr
ACG Holdlnae
PI'CilOIIY Adctess 8431 Connorant Cove Cir
City
Anchoraae
Lender/Client
Allleka Housing Finance Cqrporation
Coluntv Anchoraae
Zip Cal! 99507
Sllll AK
Comparable 4
53011 Cape Seville Dr
Fm.l. to s~
4.83 miles
Slle Plfce
684,500
Gross LMng "rea 2.738
T~Rocms
7
Tcnl Bedrooms
4
Tcul Bathrooms
3.0
Locllian
Average
View
Mtns/Woods
Site
9,507sf/Simlv
Quality
Good
15
~
s
Comparable 5
16218 St31nley Pari< Cir
I'IOlC. tD St.tiject
4.82 miles S
Sale Plice
Gross LMno ftm
TC!UI Rocms
Tota!Bedrooms
Total B;dhroams
Laion
1/iew
686,000
3,171
7
4
4.0
Aver.lge
M11'15nnlet
11,874sffSimLv
Good
12
Sits
Ouaflly
Age
Comparable &
8912 Sahalee Dr
Plox. to Subject
0.28 mites SW
Sale Pllce
699,900
Gnlsslilln~ ftna
2,708
Tctal ROOOIS
8
Tct11 Bedlooms
Total B.nroarns
Locilian
4
3.0
Average
Vn
Sle
Mine/Woods
Quality
Age
Form PIC3x5.CR- 'TOTAl' -sal software by a Ia roode, inc. -1-!0D-A!.AMODE
14,060af!Siml v
Good
12
PARA-1 ENGINEERINS
7464BahJOIM
~--­
Office: 1-(907) 243-3028
Cel: 1-(907) 351·5646
Emlil:d'U~
November 8, 2013
Bob Bray
8431 Cormorant Cove Circle
Anchorage, AK 99507
REFERENCE: Home Re-inspection
8431 Cormorant Cove Circle
Anchorage, AK 99507
A re-inspection was performed at the above referenced property on November 7.
2013 to verify completion of the repair items identified in the home inspection
report dated July 5, 2013. The repair items have been satisfactorily completed.
Health & Safety related items:
1. Items #1 through #7
Useful Ufe & Functionality related items:
2. Items #8 through #16
If you have any questions, please call us at (907) 243-3028 for clarification.
Thank you for the opportunity to be of assistance to you.
Sincerely,
ll
0
~vi·
~odrigo (R~dy) E. Paraoan, P.E.
\
\
C:'\Documents and Settings\HP_AdministratoM1y
Documents\ENGINEERS REPORT\13RP0701_8431 Cormorant
Cove Cirde_Reinspection.doc
CIVIl:. EHGJNEERIKG
BUI[J)lltG INSfla:TIONS
INVESTIGATIVE ENGINEERING
CONSULTING SERVICES_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
8431 Cormorant Cove lnsptctlon Action Items
1. Install e co detector in the hallway outside the northeast bedroom. (Basement noor ltvel)
Don& and avaf/Qbfe on August gth fOr confirmation.
2. The following elec:tffcal outlet must be replaced w!tl'l GFCI type outlet:
a) The wan outl&t adjacent to the laundry tub. (Laundry room)
b) Garage well ovtlet adjacent to the Interior garage door.
Done pfus added • GFCI to the outl&t nex! to sj 11nd available on Augu$t 9th fOr confirrne.tion.
3. FIXIbtlan<:e the wobbly eelllng fen.
I) Both bedrooms- easement floor level
b) KJtchen nook
Done, but wobbfe is subjectiv6 and difficult IP mtl&SUr&. We wfll not replsce the taM which are all operstlng. Available
on AuguM Sith ror confirmation.
4. Replace the cracked wall light SWitch cover plats located adjacent to the basement ffoor exterior door.
Domt and avai/6b/e on Augtnt 9tJI for confirmation.
5. The heating system rumaees including the garage unit heater need urvlclng and cleaning to inckJde inspection of the l'leat
exchanger for c:racka. U$e a qualified and licensed heating technician. Also. replace the aluminum nua vent of the watet heater.
Use a 26-ga sheet metal.
Done and avttilab/8 on August 9th for confirmatiOn.
6. The dtck wood ltdger should bt secured to the exterior well with lag balls.
Dof1911nd llvallab/9 on August 9th for ccnfttm8tiett
7. For safety and also for functionality, flx the depressed section of tht asphalt driveway at the junction with the concrete slab
floor by providing a sloped aSI)halt &urface transition.
Done I!Jnd avaUabfe on AuglJ$t 9th for confirmation, Also hsd driveway SHI cct~ted to bfJtter blend with the- tamp ..
8. The garage concme slab eraek must be sealed to prevent water from migrating through the crack and may damage the flQor
framing system supporting the garage concrete floor topping.
Done end fJVallabJe en August 9tfl for confirmation.
9. fix the followfng plumbing nxture deficiencies:
a) Loose bathtub faucet control lever. (Hanway bathroom- upper floor level)
b) Flow operation of the batht\lb shower! tub spout dtverter control knob. Water now does not fuRy stop In either
position. (Hallway bathroom- upper floor ~&vel)
e) Looae vanity sink faucet. {Hallway bathroom- upper floor level)
d) Loose shower stall faucet control fever. (Mastets bathroom)
e) L.oose shower stall faucet control lever. (Basement floor bathroom)
Done, theS~J ,_ms art very IYJ{nQf bvt we hBV9 tighten as r&qUHttid, however What is acc~ptab/6 Is subjectWs on 11
year old ftxtures snd we will not replace the flXtures whfch are all fi.Jnctlonal. Av•llabl& on August 9th for confirmetion.
10. Secure the IOo&e gas fireplace Igniter in the Famtly room. in addl11on both gas fireplaces In the family and master's bedroom
were ncm-operatlonal at the time oflnspectlon. Fix as rtquired.
DoM, we have tightened the Joosslgniter. Beth nrepi8cft$ ~ fully OPfm!tional at time or Inspection. So "ffx 86
requtrecr Is open end9d and cannot be completed, no addftJonal actfon$ Will bf1 partormed. Available on August 9th for
conflrmstJon.
11. F'ateh the unftnlshed floor carpeting. (Northeas1 bedroom closet - basement lloor level)
Do11e and available on AugtJSt 9th for confirmation.
12. Fix the locking mechanism of the oven doors wall-mourn.<~ double oven appliance.
Dontt, the oven ~ Jocks ar& for clesni'ng and ere functioning {we conDI'm6d), they are on a dslayed timer.
13. Adjust the wall cabinet door hinge located above the wall-mounted double oven appliance.
Done IJI)CJ available on August 9th for conf/rmtJtiOn.
14. Clean the corroded pipe fitting above the water heater. Replace the fitting If It leaks.
DoiUI and avaitsble. on Augu&t 9th for cortfirmation.
15. ProVIde a removable acceN panel ofsumtient dimension for pump motor serviCe or maintenance. The access panel can be
slllcontd In place and must remain easily removable. A fixed panel IS not aeeeptable.
DQflfl. 1M remcvabfe IICC9SS /$there and functions properly and wa.s siilcontld In place. Access was re1'f/O\I&d and
plduf9t> are avalltble for co!l'flf'!nstion on August 9th.
16. Remove 1he eoncre\e block shim under the lower deck joist to prevent damage from trost heave ground movement (Exterior
storage room)
Dcme and available on AugJJSt 9th for confirmation.
Added:
•
•
•
•
•
Added GFCt outlet in utility room underweshing machine connections.
Repaired broker cemng Hght in blue playroom.
Repaired i 3 damaged shingles on ber;k SieHl or hOUJe.
Exterior window cleaning.
Seal coated drlvew.y to b•tter blend with the ramp.
(
(
.
Home lmapectlon: 8431 Cormorant Cove Circle
Page6of7
Also, MOA municipal ordinance requires installation of a carbon monoxide
(CO) detector in each floor level. lfa .floor fevel contains bedrooms or sleeping
I'QQm~ ~ d~tect.Qr shall. be located in the immediate vicinity of the
shall be cord-and-plug type with
bedrooms/sleeping rooms. This
battery backup or battery
CO detector was observed
where reQuired however; no CO detector was observed outside the northeast
bedroom in the basement floor level.
In summary, this house appears in good condition. There are however. safety
related items that need to be corrected. In addition, functionality and ways to
extend useful life of building components should be corrected as well.
Recomm!!Jdattoas:.
The following pertains to
corrected:
v;.:;:
ht!lth
& .safefl! retll.ted items thst need to be
J#~ Install a CO detector in the hallway outside the northeast bedroom.
,;·. (Basement floor level)
·«;·
i t' The following
*~w·
·i-~.
k~i:·
electrical outlet must be roplaced with GFCI type outlet:
a) The wall outlet adjacent to the laundry tub. (Laundry room)
b) Garage wall outlet adjacent to the interior garage door.
Fix/balance the wobbly ceiling fan.
a) Both bedrooms - Basement floor level
b) Kitchen nook
l
Replace the cracked wall light switch cover plate located adjacent to the
d basement ffoor exterior door.
,§. The heating system fumaces ;ncJuding the garage
li
!~.
unit heater need
servicJng and cleaning to include inspection of the heat exchanger for
cracks. Usa a qualified and licensed heating technician. Also, replace the
aluminum flue vent of the water heater. Use a 26--ga sheet metal.
The deck wood ledger should be secured to the exterior wall with fag
bolts.
~7.
For safety and also for functionality, fix the depressed section of the
~~
asphalt driveway at the juncUon with the conCfete slab tloor by providing a
sloped asphalt surface transition.
The following pertains to items that may extend u.srfld life or function§lltv
of the building and or building components:
The garage concrete slab crack must be sealed to prevent water from
··.._migrating through the crack and may damage the floor framing system
. · .. .supporting the garage concrete floor topping.
"t;a,.
Home Inspection: 8431 Cormorant CQve Circle
Page 7 nr7
9.
Fix the following plumbing fixture deficiencltts:
a) Loose bathtub faucet control lever: (Hallway bathroom -upper floor
level)
b) Flow operation of the bathtub shower/ tub spout diverter control
knob. Water flow does not fully stop in either position. (Hallway
bathroom -upper floor level)
c) Loose vanity sink faucet (Hallway bathroom -upper floor level)
iJ) Loose shower stall faucet control lellef. (Master's bathroom)
!.t~';.,
e) Loose shower stall faucet control/ever. (Basement floor bathroom)
1Q. Secure the loose gas ftreplac!t igniter in the Family room. In addition both
'. gas fireplaces in the family and masters bedroom were non-operational at
the time of inspection. Fix as requirr:KJ.
··,.1. Patch the unfinishfKI floor carpeting. (Northeast bfKiroom closet basement floor level)
1·2 . Fix the locking mechanism of the oven doors wall-mounted doubfe oven
appfiance.
1~. Adjust the
wan
cabinet door hinge located above the wall-mounted
double oven app#ane&.
"'·14. Clean the corroded pipe fitting above the water heater. Replace the fitting
~if it lesks.
·15. Provide a removable access panel of sufficient dimension for pump motor
service or maintenance. The access panel can be siliconed in place and
must rema;n easily removable. A fiXed panel is not acceptable.
1'6. Remove the concrete block shim under the lower deck joist to pr9vent
· ·damage from frost heave ground movement. (Exterior storage room)
\
Rodrigo (R dy) E. Paraoan. P.E.
~:\Ooc:wnonb anct Selti.ng:~V'IP_Adrrm~~
Oocumellts\EHGIN£ERS REPORl\13RP070t _8431 Cormorant
ecw. Cln:le.doc
I 023 E. 6th Ave.
Anchorage, AK 99501
Tel: 334-3000
After Hours: 334-3001
Fa:c 334-3003
Comfort
Klu~pgr~.
701 E Parks Hwy, 201-A
Wasilla, AK 99654
Td; 745-3000
Fax: 376-3040
www.comfortkeepen.com
To Whom It May Concern,
I have referred clients to Alaska Premium Care/ACG Holdings for assisted living and have been pleased
with the high level of service provided. I would not hesitate to refer clients, client families, or medical
professionals to this assisted living company for care and living accommodations.
Sincerely,
H
lyR.:z&:.f{C
An imcrnation.al nerwork of indepcndenrly owned and c>pcr:ared
© 2012 CK Fr,mchis"'ll· Jnc.
office~
/
WESLEYAN HOUSE- 2683 Wesleyan Drive- Anchorage, AK 99508
(907) 677-9000 fax; 677-0433
To Whom It May Concern,
I am currently living at an Assisted Living facility owned and managed by ACG Holdings/Alaska Premium
Care. The level of care is high due to my needs and performed well by staff. I would recommend this
company and facility to anyone in need of assisted living care.
Sincerely,
Hearts & Hands Adult Day Services
612 E 14th Ave, Suite A • Anchorage, AK 99501
Office: 907·644-0480 • Fax: 907-644-4655
Socialization • Recreation • Transportation
June 14, 2011
To Whom it may concern:
I have known Jack Demoss since 1999, the year we began our respite and
transportation business in Alaska. Jack was an assisted living home
administrator at that time, and we provided services to some of his residents.
Over the years we have remained in contact as our businesses have grown and
evolved.
Jack has always shown himself to be a dedicated and reliable caregiver and an
honest, capable, and ethical businessman. If I had family members needing
assistance in the home health field, I would definitely trust them to the
expertise and care of Jack and his team.
I would highly recommend Jack for any social services enterprise.
If you have further questions, please feel free to call me at the above number.
Sincerely,
Dennis Doland
Administrator
Jack Demoss
From:
Sent:
To:
Subject:
Holly Reynolds [[email protected]]
Tuesday, June 14, 201110:02 AM
'Jack Demoss'
FW: Please forward to Jack DeMoss
From: Walter Wrightson Cmailto:[email protected]
sent: Tuesday, Jl.lle 14, 2011 9:48AM
To: ancho@[email protected]
Subject: Please forward to Jack DeMoss
6-14-11
Ref:
Jack DeMoss, DBA Owner/Comfort Keepers.
1023 East 6th Ave
Anchorage,AK,99501
To whom it may concern:
I have known Jack DeMoss for over 15 years, both personally and professionally. In regards to our personal
relations Jack is a fine man. Honest, ethical, family loving, a man of God, intelligent, generous and kind. He is
a great man to be around, has a wonderful family, a beautiful home, he likes animals, a physically active man.
Professionally, in his capacity as owner/operator or Comfort Keepers Jack is a superb business man. Comfort
Keepers, a really great famify operated company, is a well-oiled machine. What I have seen ofthe operation,
the employees are well trained and greatly respected by their employer. The physical setting of the office is
top notch, clean, organized, modern, comfortable and inviting. My family and I are grateful recipients of Jacks
services. Years ago he aided my brothers and I in preparing plans for the care of my 90+ year old father. His
help and guidance was key in laying a proper foundation for the years ahead we had in taking care of Dad. At
that time Dad was not a prospect for Comfort Keepers services. Jack offered consultation services without
regard for or request of any monetary payment. We felt it was offered as an example of the spirit he has for
his business and the clientele they serve. We brothers took care of Dad for years after that. Dad passed away
last year with a smile in his heart.
I recommend Jack DeMoss and Comfort Keepers be positively considered for any professional capacity of Elder
care, In-home care, and the like.
Walter Wrightson
3428 Scarlet Place
Anchorage, AK. 99517
907-257-6495
1
.,....
(,_
)
July 20, 2011
To Whom It May Concern:
I have been a close friend and business associate of Tony Wardwell for 30 years. We have run
investment clubs, managed hockey teams, and had other business endeavors together during those 30
years. My background is in finance and hotel ownership/management.
1watched the company that Tony started with his business partners in 2002 continually grow for the last
10 years. Comfort Keepers performed wonderfully as a home care agency, and I can see how adding
assisted living would complement Comfort Keepers core business model of non medical senior care.
There is no doubt that Tony has the capability and tenacity to bring assisted living into his business
model and make it a successful business while keeping it inviting and comfortable for his clients.
If you have any questions please feel free to contact me directly at 907-727-8575.
Sincerely
Business Associate/Friend
907-727-8575
ALASKA
HOUSING
FINANCE
CORPORATION
OCTOBER 2013 COMPARATIVE ACTIVITY SUMMARY
TOTAL PORTFOLIO
FY 2012
As of Fiscal Year End
FY 2013
% Change
10/31/12
As of Month End
10/31/13
% Change
Mortgage Portfolio:
Mortgages Loans
Participation Loans
REO's
Total Mortgage Portfolio
# of Mortgage Loans
Multifamily %
Anchorage %
Insurance %
Mortgage Wghtd Avg Int Rate
Delinquent Loans
Delinquency %
$2,385,636,464
135,730,828
5,730,360
$2,527,097,652
16,546
8.2%
35.9%
57.2%
5.366%
$143,377,608
5.69%
$2,167,901,609
126,247,481
5,306,201
$2,299,455,291
14,641
9.8%
37.1%
53.9%
5.055%
$125,953,974
5.49%
(9.1%)
(7.0%)
(7.4%)
(9.0%)
(11.5%)
19.5%
3.3%
(5.8%)
(5.8%)
(12.2%)
(3.5%)
$2,296,603,177
126,450,974
6,181,114
$2,429,235,265
15,791
8.6%
36.2%
56.5%
5.254%
$117,362,279
4.84%
$2,221,270,703
123,265,155
5,276,668
$2,349,812,526
14,607
9.3%
37.7%
54.0%
4.947%
$116,146,893
4.95%
(3.3%)
(2.5%)
(14.6%)
(3.3%)
(7.5%)
8.1%
4.1%
(4.4%)
(5.8%)
(1.0%)
2.3%
Bonds Outstanding:
MRB/HMRB (FTHB) Bonds
Other Housing Bonds
Non-Housing Bonds
Total Bonds Outstanding
Variable Bonds %
Hedged VRDO %
Bond Wghtd Avg Int Rate
Bond/Mortgage WAIR Spread
Bond/Mortgage Ratio
$1,164,780,000
516,180,000
753,905,000
$2,434,865,000
34.0%
100.0%
4.131%
1.235%
0.96
$962,180,000
296,160,000
1,000,775,000
$2,259,115,000
41.9%
84.1%
3.708%
1.347%
0.98
(17.4%)
(42.6%)
32.7%
(7.2%)
23.2%
(15.9%)
(10.2%)
9.1%
2.0%
$1,094,215,000
575,605,000
900,970,000
$2,570,790,000
36.0%
89.2%
3.885%
1.369%
1.06
$960,330,000
278,510,000
998,375,000
$2,237,215,000
42.2%
84.1%
3.698%
1.249%
0.95
(12.2%)
(51.6%)
10.8%
(13.0%)
17.2%
(5.7%)
(4.8%)
(8.8%)
(10.0%)
MONTHLY ACTIVITY
Mortgage Activity:
Mortgage Applications
Mortgage Commitments
Mortgage Purchases
Mortgage Payoffs
Mortgage Foreclosures
Bond Changes:
Bonds Issued - MRB/HMRB
Bonds Issued - Other
Bond Redemptions - Special
Bond Redemptions - Scheduled
Net Change in Bonds
FINANCIAL STATEMENTS
(in thousands of dollars)
Mortgage & Loan Revenue
Investment Income
Externally Funded Programs
Other Revenue
Total Revenue
Interest Expenses
Housing Grants & Subsidies
Operations & Administration
Other Expenses
Total Expenses
Operating Income
SOA Contribution/Special Items
Change in Net Assets
Total Assets/Deferred Outflows
Total Liabilities
Net Assets
Through Fiscal Year End
FY 2012
FY 2013
% Change
Through Four Months Ending
10/31/12
10/31/13
% Change
$459,371,034
470,579,649
416,225,607
551,641,685
14,069,276
$461,805,708
450,670,576
398,531,914
531,627,435
11,863,398
0.5%
(4.2%)
(4.3%)
(3.6%)
(15.7%)
$164,961,432
152,837,257
135,724,946
201,714,702
4,329,152
$220,872,943
223,708,832
189,250,290
107,192,685
5,045,171
33.9%
46.4%
39.4%
(46.9%)
16.5%
229,055,000
0
492,040,000
51,425,000
($314,410,000)
0
482,015,000
599,975,000
57,790,000
($175,750,000)
(100.0%)
100.0%
21.9%
12.4%
44.1%
0
345,250,000
207,030,000
2,295,000
$135,925,000
0
0
19,500,000
2,400,000
($21,900,000)
100.0%
(100.0%)
(90.6%)
4.6%
(100.0%)
Fiscal Year Annual Audited
FY 2011
FY 2012
% Change
$164,242
$147,078
(10.5%)
16,630
12,695
(23.7%)
194,411
179,704
(7.6%)
10,412
11,701
12.4%
385,695
351,178
(8.9%)
122,138
196,168
54,100
26,200
398,606
(12,911)
17,261
(30,172)
4,542,040
2,948,221
$1,593,819
111,558
179,194
57,126
33,769
381,647
(30,469)
9,207
(39,676)
4,288,648
2,734,505
$1,554,143
Fiscal Year Annual Audited
FY 2012
FY 2013
% Change
$147,078
$125,059
(15.0%)
12,695
9,088
(28.4%)
179,704
168,152
(6.4%)
11,701
13,026
11.3%
351,178
315,325
(10.2%)
(8.7%)
(8.7%)
5.6%
28.9%
(4.3%)
(100.0%)
(46.7%)
(31.5%)
(5.6%)
(7.2%)
(2.5%)
111,558
179,194
57,126
33,769
381,647
(30,469)
9,207
(39,676)
4,288,648
2,734,505
$1,554,143
C:\Users\mstrand\Documents\Disclosure\201310_CAS\MLS
94,409
150,460
56,663
31,688
333,220
(17,895)
10,720
(28,615)
3,981,230
2,455,702
$1,525,528
(15.4%)
(16.0%)
(0.8%)
(6.2%)
(12.7%)
41.3%
16.4%
27.9%
(7.2%)
(10.2%)
(1.8%)
MORTGAGE ACTIVITY SUMMARY
LOANS PURCHASED BY PROGRAM
October 2013
FY 2014 Thru 10/31/13
LOAN PROGRAM
# of
Total Dollar
# of
Total Dollar
Loans
Volume
Loans
Volume
Tax-Exempt First-Time Homebuyer
72
13,866,462
247
47,169,589
Taxable First-Time Homebuyer
12,098,042
34,740,120
46
136
Veterans Mortgage Program
8
2,452,860
24
9,241,166
Taxable
56
16,238,134
181
54,665,849
Non-Conforming
6
1,942,423
24
9,084,854
Rural Loan Program
22
4,785,589
79
18,159,014
Residential Loan Program Totals
210
51,383,510
691
173,060,592
Multi-Family
3
2,285,000
9
7,098,000
Rural Multi-Family
0
0
0
0
Residential & Multi-Family Loan Program Totals
213
53,668,510
700
180,158,592
Streamline Refinance
4
463,150
22
3,386,341
Rural Streamline Refinance
6
1,632,410
28
4,851,663
Total Loans Purchased
223
55,764,070
750
188,396,596
LOAN PROGRAM OPTIONS
(Included in Total Loans Purchased)
Interest Rate Reduction Loan Income Borrowers
13
1,882,086
40
5,567,582
Energy Efficiency Interest Rate Reduction
27
7,445,197
92
25,693,670
Closing Cost Assistance Program
RESIDENTIAL PIPELINE 10/31/13
#
Amount
Lock-ins:
240
61,121,306
Commitments:
482
117,911,412
Total:
722
179,032,718
CCAP Reservation
0
0
RESIDENTIAL PIPELINE 09/30/13
#
Amount
Lock-ins:
220
53,890,164
Commitments:
550
134,502,222
Total:
770
188,392,386
CCAP Reservation
0
0
RESIDENTIAL PIPELINE 08/31/13
#
Amount
Lock-ins:
253
61,203,442
Commitments:
534
135,897,009
Total:
787
197,100,451
CCAP Reservation
0
0
1
234,671
5
879,715
FY 2013 Thru 10/31/12
# of
Total Dollar
Loans
Volume
194
35,727,921
14,931,183
60
16
5,277,543
77
21,166,688
5
2,691,451
81
19,406,833
433
99,201,619
7
9,978,900
0
0
440
109,180,519
62
11,453,839
84
15,090,588
586
135,724,946
43
69
6,092,517
17,237,807
N/A
N/A
MORTGAGE INTEREST RATE COMPARISON - AVERAGE 10/13
AHFC Programs
Taxable
Conv
4.369
Exempt
FTHB
4.006
Exempt
VETS
4.114
Taxable
FTHB
4.244
Rural
Owner
4.244
CCAP
4.636
MultiFamily
Conv
6.824
4.335
MORTGAGE INTEREST RATE COMPARISON - AVERAGE 09/13
AHFC Programs
Taxable
Conv
4.638
Exempt
FTHB
4.263
Exempt
VETS
4.388
Taxable
FTHB
4.513
Rural
Owner
4.513
CCAP
4.881
MultiFamily
6.938
4.597
Exempt
FTHB
4.222
Exempt
VETS
4.347
Taxable
FTHB
4.472
Rural
Owner
4.472
CCAP
4.801
MultiFamily
6.920
FHA
4.148
Market
Conv
4.631
MORTGAGE INTEREST RATE COMPARISON - AVERAGE 08/13
AHFC Programs
Taxable
Conv
Market
FHA
4.463
Market
Conv
4.580
FHA
4.438
Multi-Family Loans Committed
10/12/13 to 11/16/13
Loan
Amount
$ 371,200
$ 387,000
Total:
Type
8plx
SFR
$ 758,200
Commitment
Date
Program
10-15-13
M
10-15-13
N
Location
Anchorage
Anchorage
in 2 loans
M = Multi-family
N = Special Needs
E = Energy
R2D2 Board Report for November 26, 2013
WEATHERIZATION PROGRAM
Income-based, home energy efficiency improvements provided for homeowners and renters.
Legislative appropriation:i
FY2008
FY2012
FY2013
FY2014
Total
Program update as of August 31, 2013:
$200 million
$62.5 million
$30 million
$30 million
$322.5 million
$235.9 million
11,625
Total expended
Units complete
Projected totals for March 31, 2014:
Current Obligation
Projected total units complete
$285.2 million
13,500
HOME ENERGY REBATE PROGRAMii
Rebates offered up to $10,000 for homeowners making energy efficiency improvements to existing homes. A rebate of
$10,000 for 6 Star or $7,000 for 5 Star Plus is available for newly constructed homes.
Legislative appropriation:
FY2008
$100 million
FY2009
$60 million
FY2012
$37.5 million
FY2013
$20 million
FY2014
$20 million
Total
$237.5 million
Program update as of 11.1.2013:
Total expendediii
$165.8m
Initial ratings
35,138
Rebates paid
19,698
5 star plus paid
2,112
6 star paidiv
1
Active energy raters
69
Waitlist as of 11.1.2013:
Statewide
162
Anchorage
22
Fairbanks
1
Juneau
3
*Total investments in energy efficiency improvements are more than $230,092,338
(Includes average homeowner and state investment)
ARRA PROGRAM UPDATE
Weatherization Update as of June 30, 2013:
AHFC’s Public Housing division received stimulus funds to improve the energy efficiency of multi-family housing units.
ARRA Appropriation
2010 $18,142,580
Total Expended
$17,030,256
Units Plannedv
1,503
Units Complete
1,807
Total Estimated Energy Saved Annually – 2.7 trillion BTUs
(Includes Rebate and Wx program completions multiplied by average energy savings)
Equivalent to: (470,653 Barrels of Oil) (27,297,846 Therms of Gas) (19,781,048 Gallons of Fuel Oil) (800,054 MHW of Electricity)
Appropriation amounts reflect state investment only.
A sample of 17,233 homeowners was taken on December 19, 2012 and the average homeowner spent $11,681. A $6,889 average rebate results in a
$4,792 out-of-pocket investment. The projected energy cost savings for homes receiving rebates are $1,464 per year, with an average annual energy
savings of 34 percent.
iii Expended amount is as of 11.1.13
iv Beginning 7.1.13, the New Home Rebate program will offer a $10,000 rebate for 6 Star and $7,000 rebate for 5 Star Plus. Previously a $7,500 rebate
was available for a 5 Star Plus home.
v This was the original amount projected. New projections are estimated to be 2,051.
i
ii
Public Housing Operations Update
November 2013
Public Housing
Units Statewide
Housing Waiting List
1,628
6,456
Housing Choice Vouchers
Vouchers statewide
Voucher Waiting List
4,020
4,826
Family Self-Sufficiency
Family Self Sufficiency Total Enrolled
205
Operations Updates
 Closed waiting lists in 10 communities throughout the state due to waits for housing in
excess of five years. A two week public notice was provided prior to the closure.
 Continued outreach to residents, landlords and service providers regarding Rent Reform
implementation. Multiple media interviews and meetings to clarify and provide guidance on
the impact of Rent Reform.
 Continued hold on voucher issuance, most likely until at least April 2014 due to decreased
federal funding from Sequestration.
Construction Updates
 Construction schedule and materials submittals to select colors have been received by AHFC
for contract work to install insulation and siding for three multi-unit dwelling structures on
North Lane Street in Anchorage. New fence and sidewalks are to be installed as well.
 Work is still in progress to complete parking lot lighting for driveway and parking lot paving
for the East Anchorage Support facility building off Boniface and Debarr Road in Anchorage.
 Contract work continues for wheelchair accessible upgrades for two units located on East 7th
Avenue in Anchorage.
 Contract award has been made to Triple V Construction for accessible upgrades for dwelling
units only at the Chugach Manor Senior/disabled housing complex in Anchorage.
 Work is complete for replacement of leaking domestic water line systems in the crawlspaces
of Chugach View and Parkview Manor Anchorage Chugach Manor water line replacement is
nearing completion.
 Contract award has been made to Kachemak Electric to update the door access and
security system at Glacier View senior housing in Seward.


Sidewalk replacement continues at various scattered site locations in Anchorage thanks to
unseasonably warm weather.
Assessment of all AHFC properties continues using both in-house resources and a local
professional firm to comply with proposed HUD Green Physical Needs Assessment (GPNA)
requirements.
Alaska Corporation for Affordable Housing
 Three applicants are working on their proposals and anticipate a December 6 submittal. This
process is on schedule.
 ACAH anticipates submitting the disposition application for San Roberto to HUD by
November 30, starting the 180-day processing clock.
 A draft environmental and geotechnical report has been delivered to AHFC. The report
summarized a potential contamination radius that was previously identified at the site and
the structural implications of the soils quality at the site.
2
AHFC BOARD OF DIRECTORS
SCHEDULE 2014 DRAFT
January 8, 2014 BOD (Audit Committee) (ACAH Annual)
February 26, 2014 BOD (AHCC Annual)
April 2, 2014 BOD (Audit Committee)
May 14, 2014 BOD
June 18, 2014 BOD
July 23, 2014 BOD (Audit Committee)
August 27, 2014 ANNUAL BOD Meeting
September 24, 2014 BOD
October 29, 2014 BOD (NTSC Annual) (Audit Committee)
(NCSHA Annual Conference – Oct)
November 25, 2014 BOD
Please note that all dates/locations may be subject to change
September 25, 2013