TCB Cincinnati Portfolio

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OVERVIEW TCB Investments in Cincinnati Photos of Cincinnati Multifamily Portfolio Neighborhood Strategies & Possible Dispositions
o o o o Avondale Walnut Hills Over-the-Rhine Outliers

Avondale Choice Update Next Steps

TCB Cincinnati Portfolio

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TCB CINCINNATI PORTFOLIO The FNMA portfolio has given TCB a major presence in Cincinnati: Own 1304 units in West End, OTR, Avondale, Walnut Hills & other Committed or won $50M of outside money for Cincinnati neighborhoods in the past year

- $14.2M NSP2 loan for acquisition and capital repair needs - $29.5M Choice Neighborhoods Implementation Grant award - $ 6.0M new equity in City West

Selected Lead agent of Cincinnati Multifamily Consortium acting to preserve major affordable assets, due to capacity, mission and resources 618 units acquired in 2012

TCB Cincinnati Portfolio

TCB PORTFOLIO IN CINCINNATI
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TCB Cincinnati Portfolio

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Somerset

Poinciana

Chapel Square

King Towers

Maple

Crescent Ct

Lexington

Woodside

Alameda

Jan

Saints Rest

Walnut Hills Estates 4

TCB Cincinnati Portfolio

TYPICAL UNIT CONDITIONS

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Rampant evidence of mold, mildew and deterioration due to water infiltration

TCB Cincinnati Portfolio

TYPICAL UNIT CONDITIONS

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Walls and ceilings with temporary patches, plastic sheeting or just open holes

TCB Cincinnati Portfolio

TYPICAL UNIT CONDITIONS
Significant evidence of resident distress
o o o o o Nonexistent housekeeping Addiction/substance abuse Little or no furniture or supplies Numerous children at home during school hours Illegal activity
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TCB Cincinnati Portfolio

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TCB PORTFOLIO IN CINCINNATI

Five self-contained sub-portfolios:

Neighborhood Avondale Walnut Hills Over-the-Rhine # units 213 133 112 Purchase price $3.7M $2.3M $1.9M Capital needs $0.5M $0.8M $0.2M

Outliers
West End Total

160
686 1304

$2.7M
n/a $10.6M

$0.5M
n/a $2.0M

TCB Cincinnati Portfolio

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PORTFOLIO-WIDE STRATEGY: Guiding Principles

TCB long-term interests for ownership and management Preserve HAPs within each neighborhood (minimal external transfers or net reductions in HAP) Balanced development (assisted vs. unassisted) Pay back NSP2 acquisition/capital repair costs to extent possible Replacement housing produced immediately where current conditions indicate the most need Support redevelopment pipeline that achieves momentum in each neighborhood

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TCB Cincinnati Portfolio

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PORTFOLIO-WIDE STRATEGY: Neighborhood Plans and Depositions

AVONDALE
o o o o Rehab 5 FNMA buildings and new MF acquisitions (200 units) Acquire Commodore, Ambassador, 610-615 Maple (all vacant) New construction Forest/Burnet area 118 units 318 total Sell Hale/Shiloh with HAP

WALNUT HILLS
o o o o Significant property distress in existing buildings Assemble land where feasible Combination of rehab and new construction of replacement units and construction of unassisted units 155 / 215 total Hold or Sell Scattered Sites (Boone/Buena Vista/Woodburn) with HAP

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TCB Cincinnati Portfolio

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PORTFOLIO-WIDE STRATEGY: Neighborhood Plans and Depositions

OVER-THE-RHINE
o Sell Senate/lower Jan ; retain certain HAP contracts for TCB use, disburse remaining to OTRCH and Model as part of Relocation Plan Acquire OTRCH vacant building next door to Vine/McMicken Moderate rehab of TCB holdings and acquisitions 100 total

o o

OUTLIERS
o Sell all outliers in 2013

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TCB Cincinnati Portfolio

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PORTFOLIO-WIDE STRATEGY: TCB Redevelopment Pipeline

NEIGHBORHOOD Avondale 2013
Ph IA: Reading 101 units
(41 S8, 60 unassisted)

2014

2015-16
Ph II: Town Center & Forest/Burnet 118 units
(all unassisted)

Ph IB: Reading 99 units

(all S8)

Walnut Hills

Ph I: Walnut Hills 75 units

(55 S8, 20 unassisted)

Ph II: Walnut Hills 80 units

(55 S.8, 25 unassisted)

[optional] Ph III: Walnut Hills

60 units

Over-the-Rhine

Ph I: OTR 100 units

(all assisted)

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TCB Cincinnati Portfolio

AVONDALE TRANSFORMATION PLAN
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TCB Cincinnati Portfolio

AVONDALE PROPOSED OVERSIGHT STRUCTURE Avondale Oversight Committee Chaired by Avondale Community Council Board Member
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The Community Builders

Choice Grant Lead Applicant (Housing, Neighborhood, Overall Coordination)

Avondale CDC Outreach Coordinator (Community and Service Providers)

Urban League Lead Provider (People)

Cincinnati Public Schools Lead Provider (Education)

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TCB Cincinnati Portfolio

AVONDALE CHOICE NEIGHBORHOODS PARTNERS City of Cincinnati Avondale Community Council Avondale Comprehensive Development Corporation LISC Greater Cincinnati and Northern Kentucky Urban League of Greater Cincinnati Cincinnati Public Schools Center for Closing the Health Gap Gabriel's Place Avondale Coalition of Churches Uptown Consortium Cincinnati Children's Hospital and Medical Center
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TCB Cincinnati Portfolio

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AVONDALE CHOICE: SITE PLAN & PHASING MAP

Phase IA Phase IB Phase II

119 units 81 units 118 units

Acquisition FNMA
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TCB Cincinnati Portfolio

NEXT STEPS: Spring 2013 Work Plan
TASK Immediate Life Safety Capital Repairs TCB FUNCTION
DEVELOPMENT PROPERTY MANAGEMENT PROPERTY MANAGEMENT COMMUNITY LIFE DEVELOPMENT
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Resident & Building Surveys

Refine development plans

Finalize dispositions
Launch Choice

REGION/DEVELOPMENT
REGION/DEVELOPMENT COMMUNITY LIFE

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TCB Cincinnati Portfolio

TCB STAFF
MW REGION/DEVELOPMENT Terri Hamilton Brown
MIDWEST REGIONAL DIRECTOR tbrown@tcbinc.org

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COMMUNITY LIFE

PROPERTY MANAGEMENT
Darnell Jackson
REGIONAL DIRECTOR OF OPERATIONS djackson@tcbinc.org

Talmira Hill
SVP COMMUNITY LIFE thill@tcbinc.org

Jeff Beam
SENIOR PROJECT MANAGER jbeam@tcbinc.org

Debra Love
RESIDENT SERVICES COORDINATOR dlove@tcbinc.org

Kathy Strom
REGIONAL DIRECTOR OF OPERATIONS kstrom@tcbinc.org

Lou Mitsch
VP, SENIOR PROJECT MANAGER lmitsch@tcbinc.org

Bridgette Wallace
PROGRAM MANAGER bwallace@tcbinc.org

Gladys Medder
SENIOR PROGRAM MANAGER gmedder@tcbinc.org

STAY INFORMED Strengthening Cincinnati Neighborhoods Together website & blog http://strengthencincinnati.com
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