CREA Edge Newsletter - May 2022

CREA Edge Newsletter - May 2022

EDGE Communications from the

Portfolio Management Frontline

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May 2022

FIRSTOF ITSKIND: CREASCHOLARSPROGRAM In 2021, CREA established CREA Foundation with a promise to provide scholarship opportunities to students who are in most need of financial support and mentorship. Indiana University Purdue University Indianapolis (IUPUI).

over 86 applications for review. The next steps involve the organization of a small committee to review each application, based on recommended criteria and selection of 10 deserving recipients starting their freshman year in the Fall of 2022. Like and follow us on CREA Foundation’s social media pages to stay current on news and updates along our newest journey!

This scholarship program will award Indiana students who reside in affordable housing communities with critical financial aid to ensure their continued success and security at IUPUI.

After initial steps to get the foundation off the ground, as well as the hiring of executive director - Arvetta Jideonwo, March 2022 marked the launch of the CREA Scholars Program, in partnershipwith

The program accepted applications through April 15th and has solicited

“CREA Foundation is part of a strategic roadmap of purpose-driven work, defined by the collective experience & efforts of our employees. Guided by our company values, we are committed to the path of our mission & encourage others to join us in creating opportunities for all.” - Jeff Whiting, Chairman & CEO

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EMPLOYEE SPOTLIGHT: ASHLEY HAGAN

PROPERTY IMPACT STORY: KARL’S FARM

Ashley Hagan, SVP – Development, Asset Management celebrated 10 years with CREA in 2021. Over this time, Ashley has progressed from her first role as an Asset Manager to her current role as a leader in the Portfolio Management team and the “MRI Guru”. With a recent promotion to SVP, Ashley continues to be a valuable asset for the entire team. Learn more about Ashley...

While those within the affordable housing industry are well aware of the myriad of positive impacts that a new development can have on individuals and a community alike, some doubt still persists in the realm of public opinion. Negative associations with gentrification, or otherwise changing the demographics or cultural background of an area, can create...

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P9 MEET THE IAC P9 SOCIALI IMPACT SPOTLIGHT P10 NEW HIRES & GOOD-TO-KNOW INFO

P6 OFFICE UPDATES P7 MHT RESIDENT SUCCESS STORY P8 OFFICE UPDATE

P2-3 PROPERTY IMPACT STORY P4-5 EMPLOYEE SPOTLIGHT, CONT. P5-6 C&U UPDATE

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PROPERTY IMPACT STORY: KARL’S FARM APARTMENTS

engagement, combination of dedicated spaces for local businesses, recreational areas and more will honor and echo this legacy. The neighborhood will continue the mission of Karl’s Farm to make life convenient and fun for all. the This important model for successful integration of affordable housing developments is placed in an area in desperate need. Low-income seniors in Colorado currently have very few options for high-quality and affordable housing. According to a study from the National Low Income Housing Coalition, nearly 14% of Coloradans are living off the state minimum wage of $12.32 or somewhere near it, while it’s estimated that a wage equivalent to $27.50 an hour is needed to afford a two-bedroom apartment at fair market prices.

aforementioned will be created with a “development character that reflects a common aesthetic and helps memorialize the heritage of activities that once occurred on the property,” as stated in the core values laid out by the city of Northglenn. With a set of values forged by the very family that put the area on the map and a developer who understands the importance of preserving and enhancing the land’s heritage, Karl’s Farm will represent a transformative evolution in the history of this community landmark amenities “Our team worked to integrate the needs of the city into the larger theme of the master planned community,” said Eric Grodahl of DBG Properties. Karl’s Farm residents will enjoy the following community features and amenities:

• Integrated parks & green areas • Close and convenient public transportation to downtown Denver, CO, Boulder, CO, and the Denver Airport. • Community workspaces with updated technology • Swimming pool • Bike shop In addition to $18.9MM in low-income tax credit (LIHTC) equity provided through CREA Corporate Tax Credit Fund 73, LP, Karl’s Farm has received financial support through $21.5MM in tax exempt bonds and a $22.7MM Construction to $22.3 Permanent Loan from Citibank, N.A., as well as $22,300,000 issued by Colorado Housing and Finance Authority. (CHFA).

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Intheaimofcreatinga“diversehousing stock for all ages, socioeconomic demographics and family types,” as per the city of Northglenn’s website,

...interpersonal and institutional barriers to affordable housing solutions. While safe and affordable homes of all kinds are beneficial, it is by embracing the heritage and history of a community that new developments can be most effective in their mission. Karl’s Farm, a sprawling 64-acre parcel of land in Northglenn, Colorado, has this initiative at heart. While aiming to create a modern, equitable and diverse neighborhood in one of the fastest-growing areas of the country, it also seeks to pay homage to the family-run business that invigorated the area in the first place. This mission is even reflected in the finest details, including street names such as “Creamery Lane”, “Dairy Street”, and “Karl’s Drive”. Although these plans outline a truly modern development, the heart of this neighborhood remains in its humble history.

Originally a functioning dairy farm founded by Bud and Fern Hinkhouse in 1947, Karl’s Farm became a local staple for offering both fresh dairy

Karl’s Farm will be home to a s t a t e - o f - t h e - art affordable h o u s i n g d e v e l o p m e n t boasting over 164 affordable homes designed specifically for seniors. Future residents will

“...Karl’s Farm will provide not only safe housing, but access to community and a variety of local amenities”

products and a wide array of community activities to residents for 65 years.

- Alison Anderson, SVP & Originator

Though the f a r m s t e a d

itself closed in 2012, it is through the Karl’s Farm neighborhood that its spirit will live on at the planned Karl’s Farm affordable housing development. In fact, members of the Hinkhouse family played an integral role in ensuring that the core values of this development matched those of the family that started it all

benefit from the same values- driven administration and design as all other Karl’s Farm complex developments. In much the same way that the original Karl’s Farm represented a one-stop shop for not only fresh dairy and produce, but also recreation and community

Read more Property Impact Stories Online >>>

Perhaps the best part? All of the

A rendering of a small part of the Karl’s Farm neighborhood in Northglenn, CO. The senior apartment complex portion of this development broke ground in March of 2022.

Click here to watch a short video detailing the history and heritage of Karl’s Farm as well as its exciting future.

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EMPLOYEE SPOTLIGHT: ASHLEY HAGAN, CONTINUED ...continued from page 1

Describe your idea of the perfect vacation? My idea of a perfect vacation is somewhere warm with either a pool or ocean, and reading a book while relaxing. What food could you not live without? I am not sure if there is one set thing I could not live without; however, I would say some of the items my family bakes would be the top of the list. My family has “pie” days where we make 20-40 apple pies to freeze for the year. My mom also makes raspberry jelly, from raspberries that

she picks from all over our town. That would be hard to live without.

What is your best childhood memory? My best memories are the vacations taken with my aunt and uncle. These vacations always ended in some sort of unplanned incident. One trip, my aunt convinced us we should take a hike in Michigan on a trail that was supposed to be 8 minutes. Turns out - the trail was actually closed and rough. It took us about an hour to complete. My dad and uncle had to hitchhike back to get the car so we didn’t have to hike back. • Total Operating Expense: » In 2020, total operating expenses per unit average was $5,858, versus $5,690 for Novogradac and $5,868 for CohnReznick. » Total per unit expenses increased 4.2% in 2018 and 1.9% per year in 2019 and 2020. In 2020, the Novogradac portfolio average increased 3% and CohnReznick increased 1.6%. While totals were similar in 2020, the three indexes increased at different rates from 1.6-3%. » Insurance costs were up 20%, while Admin expense grew by over 4% from 2019 to 2020. » Areas where CREA has seen a decrease in costs recently include Payroll and R&M which have been decreasing every year since 2017. • Expenses by Construction Type: » New construction properties have historically had lower overall

Wow, ten years with CREA! That’s quite an accomplishment. Tell us a little about your time at CREA, how you started and where you are now. I started at CREA as an Asset Manager working on a portfolio with a mixture of development and stabilized properties. Through the years, I have worked my way up the asset management ladder alongside changes throughout the department. When the department decided to change to a stabilized group and a development group, I decided my favorite aspect of the asset manager role was the development phase. With this choice, I became the VP of the development side of the Asset Management department. You’ve seen a lot change over the years. What would you say is the most significant/beneficial change that you have been a part of? I think the most significant change I have been a part of is splitting the department into stabilized, development and special assets groups. This was an adjustment period for all todetermineappropriate workloads and which area was best for all current employees. With the split, reporting structure also changed requiring us to learn the best ways to communicate with new individuals. What is the most rewarding part of your job? The most rewarding part of my job

We know you work hard for CREA. What other things do you enjoy doing in your spare time? Most of my mornings I can be found at the gym for a quick workout before my work day begins. I like to spend my evenings catching up on TV/movies, reading or doing jigsaw puzzles. During COVID, I jumped on the puppy bandwagon and got a mini Bernedoodle, Lucy “The Sock Thief” to join my current dog. I enjoy taking both for walks whenever the weather permits. I have family close, so I enjoy spending time with them and having competitive game nights.

is the ability to help others and see the appreciation on residents’ faces for safe and affordable housing when on site. You are the gate keeper of all things MRI, our asset management software. What other technology advancements are coming up for Portfolio Management? The largest technology-related project we have in the works is the movement of our consent tracking process into MRI, as opposed to a SharePoint spreadsheet. The other large project is the implementation of a new resource for CREA called Analytix. This will allow a quick analytical review of key >Page 1 Page 2-3 Page 4-5 Page 6-7 Page 8-9 Page 10

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