The NHP Foundation Contingent Liabilities and Debt Summary
Construction Completion Guaranty
Comments
Contingent Liabilities Stabilized Properties Forest
Debt Guarantees
Operating Deficit Gaurantee
Operating Deficit Reserves
"Net" ODG
ODG Expiration
100,000 370,444
‐
100,000 32,120
No expiration
Alabama Ave
338,324
Nov ‐ 18
Guarantee ends later of the last day of the 60th month following Renatal Acheivment or when the property realizes 1.15 DSCR for 12 consecutiive months ending no sooner than 60 months after Rental Acheivement and the Operating ReserveMinimum Balance is funded ($675,000)
900,000 563,000 1,600,000 1,263,192 1,588,000
CHA (4)
670,000 546,651 572,000 529,000 1,584,411
230,000 16,349 15,589 691,192
Yes
St Luke's Preservation
Meet 1.15 DSCR for 12 months
Bayview (1) Hollybush
2020
11/1/2020
Plaza Borinquen
1,059,000
Guarantee began 5/1/2017 and expires 5/1/2022
Pines (2)
3,700,000 Funds drawn from LIIF Quick Strike
Harvest Homes
141,280
Subtotal
6,525,916
4,240,386
2,144,250
3,700,000
Acquired Properties to be rehabilitated 17 Mississippi
2,130,000 LISC Predevelopment Loan
1,860,000 Partial Guaranty of of $4,800,000 First Mtge 4,720,000 Partial Guaranty of of $5,000,000 First Mtge 4,215,000 20% of outstanding balance of the laon
Alexander House
New Covent Ridgecrest Berry manor
4,515,000 17,440,000
Subtotal
Properties in Rehabilitation Anacostia
13,850,000 Construction Loan Guaranty stops at stabilization
22,375,000 Loan for acquisition and rehabilitation $2.5M; Construction Loan $19,875,000
Hollander Ridge
Yes
Guarantee ends later of the last day of the 60th month following Renatal Acheivment or when the property realizes 1.15 DSCR for 12 consecutiive months ending no sooner than 60 months after Rental Acheivement and the Operating Reserve Minimum Balance is funded ($957,338) Termination of guarantee when Property maintains 1.15 DSCR for 4 consecutive months and balance in Operating Reserve equals or exceeds $602,000, but no sooner than five years from stabilization. Guarantee terminates when property has 2 consecutive Qtrs, not before 54 months after Stabilized Occupancy, of 1.15 DSCR, Physical Occupancy of 90%, ecenomic occupancy of 80% and balance of $612,622 in Operating Reserves
16,000,000 Construction Loan Guaranty stops at stabilization
Yes
Benning Heights (3) Bolton North (9)
12,600,000 Loan Guaranty after constuction
945464
945,464
‐
604,000
Yes
Cleme (5)
382,000
222,000
594,381
14,000,000 Construction Loan Guaranty stops at perm conversion
Parkchester (6)
363,380
231,001
Yes
5,250,000 CCLF 2nd 100% guaranteed
Mark Twain
1,810,000 Guarantor will provide a repayment equal to the loan amount in excess of 80% of the value (estimated at $1,810,000)
Princess Anne
Takoma
18,125,000
3,000,000 Construction Loan Guaranty 10,405,000 Construction Loan Guaranty
The Strand
Yes Yes
Victoria Gardens Apartments LLC
Subtotal
2,143,845
1,690,844
453,001
117,415,000
Other Affilated Entities NHPF Texas
5,000,000 CIP Development Line of Credit ‐ 2023
500,000 LISC Predevelopment Loan
NHPF Huston ( Change Happpens)
Subtotal
5,500,000
TOTALS
8,669,761
5,931,230
2,597,251
144,055,000
(1) The operating deficit guarantee for Bayview is defined as 6 months opex plus debt service, which we are estimating to be $1.6M (2) NHPF is Joint and several Guarantor with JV partner. Each partner would be responsible for 50% ($1,850,000) (3) Operating Deficit Guarantee begins on Rental Achievement and is capped at $939,000 (4) Guaranty begins on Rental Achievement and is capped at $960,000 (5) Guarantee becomes active at stabilization: Max amount equals $1,183,000 (6) Guarantee becomes active at Stabilized Occupancy: Capped at $594,381 (7) Guarantee not yet active, Maximum reserve will be $141,280 (8) Guarantee not yet active. Capped at $1,150,000 (9) NHPF and it's development partner (Urban Atlantic) jointly provide a guaranty of $36.4M during construction and then $25.2M post construction.
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