Heritage Park Apartments is a 328-unit affordable multifamily community in Roseville, CA. MMA Financial structured an acquisition and rehabilitation loan using Freddie Mac’s Moderate Rehabilitation Program. This financing structure allowed MMA Financial to recognize the “as-completed” value and post-rehabilitation income without the need for a third party construction lender. The California Statewide Communities Development Authority issued $30,000,000 in tax-exempt multifamily housing revenue bonds to provide financing for the acquisition and rehabilitation of the property. MMA Financial arranged an 18-year Freddie Mac credit enhancement of the variable rate bonds and a 12-year interest rate swap to synthetically fix the bond interest payments. The mortgage loan is interest-only for two years and then subject to a 40-year amortization period. MMA Financial also syndicated the 4% low-income housing tax credits, providing an additional $14,418,000 in sources for the project.

Whaler’s Place is a 75-unit affordable multifamily community for seniors located in New Bedford, MA. The property is a historic mill building rehabilitated into age-restricted apartments for seniors aged 55 and older. The hard development costs totaled nearly $160,000 per unit and completely renovated this historic asset into 70 one-bedroom and 5 two-bedroom units serving tenants earning between 30% to 60% of area median income. In addition to the $14,828,728 of tax credit equity MMA Financial provided, the general partner also received more than $2.0 million of soft loans from federal and state financing. Whaler’s Place has won four awards from local, state, and national organizations.

• The J. Timothy Anderson Award for Excellence in Historic Rehabilitation – 2007. Awarded by The National Housing and Rehabilitation Association.
• The Sarah R. Delano Preservation Award – 2007. Awarded by The Waterfront Historic Area League (WHAL), a local New Bedford organization.
• The Paul E. Tsongas Preservation Award – 2008. Awarded by Preservation Massachusetts.
• Best of 50+ Housing Awards, Renovated Housing Division - 2008. Awarded by a nationally recognized New Orleans based architectural firm.

Auburn Park Apartments is a 69-unit affordable multifamily community for families in San Diego, CA. MMA Financial provided $13,719,330 of tax credit equity and $400,455 for the solar energy credits. Consisting of one 4-story building and two 3-story walkup buildings on a 2.0 acre site, this community serves tenants earning between 30-60% of the area median income. A roof-mounted photovoltaic array provides partial solar power for the development. The project also contains a 25,000 sq. ft. public park with plazas, benches, barbecue area, gazebo, and a turf area for recreational use. Auburn Park, which overcame considerable community opposition, also included in its plans, the restoration of a branch of Chollas Creek which is located within the community’s boundaries. Auburn Park is an award winning community.

• Housing Project of the Year, 50+ units - 2008. Awarded by The San Diego Housing Commission.
• Golden Nugget Merit Award – 2008. Awarded by The Pacific Coast Builders Convention.

Cutler Riverside Apartments is a 200-unit mixed-use multifamily community in Miami, Florida. MMA Financial’s financing arrangement permits the moderate rehabilitation of the property without the need for a construction lender. The property was constructed in 1988 and is comprised of 12 two-story garden style buildings on 8.73 acres. The property currently leases 36% of units as affordable housing with income restrictions at 50% of area median income and will convert to 100% of units at 60% in 2009. MMA Financial provided tax-exempt bond credit enhancement to a Florida Housing bond issue through Freddie Mac’s variable rate bond credit enhancement program. The partnership entered into a 15-year swap to synthetically fix the bond interest payments. MMA Financial underwrote the $11,000,000 bond credit enhancement based on an 18-year enhancement term, a 40-year amortization period, an 85% maximum loan-to-value (LTV) ratio on the value and a minimum 1.15x debt service coverage ratio (DSCR), and the first two years interest only. The loan amount equates to 85% of the appraised/underwriting value and a 1.22x DSCR based on a sub-5% underwriting rate.

Seola Crossing at Greenbridge is a 187-unit multifamily apartment complex located in Seattle, WA. The General Partner was awarded a $35 million HOPE VI grant to revitalize a 97-acre parcel located primarily in the unincorporated King County area of White Center, which is King County's most disadvantaged neighborhood. MMA provided over $26 million of tax credit equity for this mixed-finance property which consists of 48 buildings in cottage, townhouse, and flat configurations serving families with incomes between 0% to 60% of area median income. Seola Crossing is the first phase in this revitalization effort which will eventually replace 569 units of distressed housing with 927 new units (448 rental and 479 for-sale). The combination of public and private investment has led to an impressive improvement in community amenities including a network of parks and trails, over 50 pieces of original artwork, and a community "hub" with a new elementary school, early learning center, a renovated community center, a public library, and some added retail shops. The property has won numerous awards including the 2008 Charles Edson Tax Credit Excellence Award in the Public Housing Revitalization category by the Affordable Housing Tax Credit Coalition, the 2008 Community-Informed Design Award by the National AIA/HUD Secretary Awards Program, and the 2008 Affordable Housing Finance Magazine Reader's Choice Award. Seola is a 3-Star Built Green property with many sustainable features and has won numerous awards.

• Charles Edson Tax Credit Excellence Award, Public Housing Revitalization category - 2008. Awarded by the Affordable Housing Tax Credit Coalition,
• Community-Informed Design Award – 2008.  Awarded by the National AIA/HUD Secretary Awards Program.
• Reader's Choice Award – 2008. Awarded by Affordable Housing Finance Magazine.

Pacific Point Apartments is a 216-unit affordable multifamily community in Oxnard, California. MMA Financial arranged a loan to refund existing tax-exempt bonds issued in 1997 by the San Francisco-based ABAG Finance Authority, which was enhanced through a GNMA security and provides taxable financing through the Fannie Mae DUS Program. MMA Financial underwrote the $11,000,000 permanent loan based on an 11-year term (10-years fixed plus one year floating at a spread over the 30-day LIBOR) and a 30-year amortization period. Additionally, the loan was structured to provide an interest-only period during the first 7 years. MMA Financial was able to lock the interest rate on the loan prior to completion of the underwriting process through Fannie Mae's Early Rate Lock Program.