Multi-Ethnic Development Corporation

Programs: See schedule o multi-ethnic development corporations (medc) board and staff continued work towards the conclusion of dissolution in its ongoing efforts of vetting a new qualified general partner anticipated to acquire its position 00. 01% ownership of the bear river senior apartments, mountain shadow apartments, second west/green street partners apartments, and stoneridge apartments. Riverview senior housing continues to be wholly owned by medc and will be transferred during the dissolution process to a qualified nonprofit organization, as well. Through this process, medc has gone through many cycles over the years in its endeavors to locate a suitable general partner, as such, it was decided that utah non profit housing corporation (unphc) has the ability to reshape medcs affordable housing portfolio for the benefit of utahs communities, along with medcs financial and community partners. Unphc has exceptional affordable housing knowledge,a significant financial balance sheet, and a reputation that provides a competitive advantage over smaller and less known organizations. Therefore, it was determined that unphc should be able to complete the acquisition process in a timely manner. Throughout fy 2014/15 med persistently worked to improve the financial strength of bear river senior apartments, second west/green street partners apartments, and stoneridge apartments through refinancing and strategically lowering debt costs as provided by todays financial environment. The result of these actions will allow the new general partner to make significant capital improvements to each of the above-mentioned properties, and strengthen the operating financial capabilities of the full portfolio. The work completed by medc and utah non profit housing corporation will long serve the affordable housing needs of the utah communities where these projects are located. Capitalizing on the strength of unphc, medc remains committed to moving forward with unphc based on its financial standing, community support, and property management experience that makes unphc a strong candidate as general partner for medcs portfolio. After continued conversations with the limited partner(s), it is fully supported that medc transfer its complete portfolio to utah non profit housing corporation by calendar year end. As a result of the work completed during fy 2014/15 the properties will be well positioned, under the leadership of utah non profit housing corporation, to continue to deliver high quality affordable housing options to utahs neediest populations.