Housing GSO: HRA Greensboro Affordable Housing Plan

PRESERVATION FUND CASE STUDIES

JBG Impact Fund / Washington Housing Conservancy Washington, DC Established 2018

The Fund is currently comprised of $93 million in investor commitments. Inaugural investors include: JBG Smith, Bank of American Merrill Lynch, BB&T, Bernstein Management Company, Buchanan Partners, JPMorgan Chase & Co., PNC, SunTrust, United Bank, and Wells Fargo. This is anticipated to preserve 3,000 units during the Fund’s five-year investment horizon and ten-year hold of each property.

Loan Terms/Requirements

Fund Capital Stack $93M, up to $150M Fund

Affordability covenant: 15 years Affordability requirement: At least 51% of units at 80% AMI or less

• •

Washington Housing Conservancy $13.5M start-up capital

Up to 10-year term Interest-only loans

• • •

Investor returns capped at 7%

• Returns above 7% cap donated to the Washington Housing Conservancy

Sample Building Capital Stack

$93M Banks and Real Estate Companies

WHC, 5%

JBG Impact Pool, 25%

Bank/CDFI Capital

Public Capital

$13.5M Donations

Freddie Mac Loan, 70%

Philanthropic Capital

HR&A Advisors, Inc.

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