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September 13, 2013 NALHFA Workshop The Trustee Role on 4% Tax Credit Multi-Family Housing Bonds

September 13, 2013 NALHFA Workshop The Trustee Role on 4% Tax Credit Multi-Family Housing Bonds. Presented by: Greg Hasty, Vice President. A Trustee’s Role and Purpose. Disinterested Third Party Banking Facilities Security of Bond Proceeds Fund Accounting Investment of Fund Balances

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September 13, 2013 NALHFA Workshop The Trustee Role on 4% Tax Credit Multi-Family Housing Bonds

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  1. September 13, 2013 NALHFA Workshop The Trustee Role on 4% Tax Credit Multi-Family Housing Bonds Presented by: Greg Hasty, Vice President

  2. A Trustee’s Role and Purpose • Disinterested Third Party • Banking Facilities • Security of Bond Proceeds • Fund Accounting • Investment of Fund Balances • Monitor Document Provisions Default • Represent Bondholders • Secure Assets • Foreclosures • Restructures

  3. Relationship Complexities Trustee has responsibility to 3 distinct ‘customers’, a complex balance…….. Issuer Trustee Developer-Owner Bondholder

  4. Putting The Deal Together Lender Borrower Issuer Trustee FA Underwriter Tax Credit Eq Bond Counsel Real Estate Transaction Bond Transaction

  5. Snapshot of Post Closing Trustee Borrower Issuer Investors

  6. Behind The Curtain-Trustee is Busy Pre-Closing Post-Closing • Review Documents • Set up Accounts • Establish Ticklers • Challenge Mechanics • Blueprint of Waterfall • Establish Bondholder Info • Prep DTC • Wires/Cost of Issuance • Pay Interest and Principal • Invest Proceeds • Redemptions/Calls • Compliance Protocols • Construction Draws • Statements • Receipt of Funds/Waterfall

  7. We’ve Come A Long Way….. Now Then

  8. -Renowned For A Reason- Multi-Family Housing Trustee

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