2011 Certificate Program in

Community Real Estate Developmentat the University of South Florida

Florida Institute of Government4202 E. Fowler Ave., CHE 205Tampa, FL 33620813.974.8423 fax:813.974.2819fiog.usf.edu

Annual Report

About the Florida Institute of Government

The Florida Institute of Government (FIOG) of the College of Arts and Sciences at USF was established by the Legislature in 1980 as part of a consortium of universities that share a statewide mission:

The institute was recently renamed in honor of John Scott Dailey, its founding executive director. Since its inception, the FIOG at USF has provided training and technical assistance to code enforcement officers, city clerks, elected and appointed local and state governmental officials, volunteers and the general public.

The John Scott Dailey Florida Institute of GovernmentCollege of Arts and SciencesUniversity of South Florida4202 East Fowler Ave, CHE205Tampa, Florida 33620Phone: (813)974-8423Fax: (813)974-2819

to increase the effectiveness and quality of government in Florida through applied research, training, and technical assistance programs

and public service.

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Program Overview

Course Summary: The Certificate in Community Real Estate Development (CRED) Program at USF offers practical training for community developers and others in the industry, providing the tools needed to carry out successful affordable housing and community-based real estate development projects. Through 15 days of classroom training provided by industry experts and faculty, classroom exercises, field trips and group projects, the program provides participants with the tools they need to understand and be successful in the real world of community real estate development.

Participants who successfully complete the course receive a certificate from USF. The three-module Community Real Estate Development program focuses on professionalizing the local community development industry and creating partnerships to develop and sustain viable affordable housing communities in Tampa Bay.

Purpose:The goal of the Community Real Estate Development program is to create effective leadership in community development for long term benefits to the community. The CRED program works to expand the supply of skilled real estate analysts who are uniquely qualified to formulate and package catalytic real estate and economic development projects in low income urban neighborhoods, particularly affordable housing for under served communities. The program’soutcome is to produce a well-trained workforce that can use the skills acquired to have a real world impact in their local community.

Community Benefit:The program is geared towards non-profit organizations and other community development corporation professionals. It is also aimed at expanding the capac-ity of non-profits to stimulate economic development and create new partnerships. This program helps to meet the never-ending need of a community’s low-to-moderate income individuals by providing the tools that foster beneficial community development and affordable housing among Community Development Corporations and other non-profits.

Outputs/Outcomes:The CRED program also focuses on developing real world projects. Participants from the CRED program identify projects that can have a measurable impact on the community. These projects help to support the goal of the CRED program to build an alliance of community developers.

CongratulatonsCRED Class of 2011

2011 CRED Faculty Tom Zuniga, Managing Director, DSG Community Management Systems

Roxanne Amoroso, Senior Vice President, Bank of AmericaHarry Dean, CEO Joshua Capital GroupProfessor Trent Green, USF School of ArchitectureEd Johnson, Manager, East Tampa CRAAnthony Jones, Director, Pinellas County Housing AuthorityKaren Miller, President, PDC DevelopmentEmeritus Professor William Miller, USF Project ManagementLeroy Moore, COO, Tampa Housing Authority Clinton Paris, Esq., Paris LawFred Rath, Rath Harper & Associates, IncDebra Reyes, CEO, Neighborhood Lending Partners

Tom Zuniga serves as Program Director and lead Trainer of the CRED Program. Mr. Zuniga is managing Director of DSG Community Management Systems LLC. He has earned a B.A. and an MBA at Pace University and an M.A. at Columbia University. He has gained national recognition for teaching affordable housing and real estate development to community developers, government agencies, banks and foundations. Zuniga’s area of expertise is in creating strategic community partnerships and alliances between non-profits, local governments, private developers and banks. He specializes in the financial packaging of “hard-to-do” urban revitalization projects. Zuniga’s formulations of various local market-driven community development program initiatives have become national models.

Roxanne Amoroso is a Senior Vice President and Southeastdevelopment team leader for Bank of America Community Development Corporation. Her development team covers the southeast United States including three master developments in progress totaling more than 2,000 units of housing, retail and office and an additional 1,000+ units of multifamily in pipeline and production. Mrs. Amoroso specializes as a multifamily affordable housing developer of mixed income apartment communities on stand alone developments valued at $15,000,000 - $38,000,000, and master planned communities of more than 1,500 units of housing overseeing approximately $600,000,000 in new developmentactivities.

Harry Dean is CEO of Joshua Capital Group Inc., a FL corporation recognized as an IRS approved 501(c)(3) nonprofit. Their mission is to provide capacity building training programs for non-profit staffs and boards and provide housing opportunities to under served communities. They specialize in Strategic Planning and Marketing with his passion being in helping both nonprofit and for profit corporations. Capacity Building Seminars have been conducted for church denominations, non-profit conventions and scores of other organizations. Grants have been awarded to the Joshua Capital Group to conduct capacity building workshops by the City of Tampa and WAMU/JP Morgan Chase.

Trent Green earned a Bachelor’s degree in Architecture at Hampton University and a Master’s degree in Architecture in Urban Design from Harvard University. He is currently an Urban Designer in Tampa and an Associate Professor at the USF’s School of Architecture and Community Design. Trent has been an active member of the Tampa community, he was an advisor for the Hillsborough County Regional Transit Authority’s Mobility Project and is currently serving on the Board of Directors for both KidCity and the Tampa Habitat for Humanity. He is also a member of the Urban Land Institute and the Congress for the New Urbanism.

Anthony Jones has been with Pinellas County for 20 years advancing through a variety of positions. As public policy advocates, Anthony leads both the Community Development Department and the Housing Finance Authority in planning, developing, and implementing neighborhood revitalization, community improvement and housing policy strategies as well as activities that promote home ownership and rental housing opportunities. Under his leadership Pinellas County’s programs have won National awards. Anthony is a founding director of Tampa Bay Harvest and the HomeBuyers Club of Tampa Bay and has also served as a board member of the Pinellas County AIDS Coalition and the Mustard Seed Inn.

Karen Miller in December 2006, joined in partnership with PDC Affordable Housing. She brings 35 years dealing with various housing and related energy and consumer issues in corporations and academia. She brings expertise in energy and green building issues and service on the Foreign Housing Technology Committee of the National Institute of Building Sciences, as well as ASTM (American Society of Tests and Measurements) and UL Committees. Her experience includes authorship of over 100 grants, papers, articles and presentations related to housing, energy, and technology.

Ed Johnson earned a Bachelor of Science degree in Business Management in 1987 at the University of Tampa. In 1990, he accepted a position with NCNB National Bank of Florida, N.A., and was rewarded with the 1995 NationsBank Corporate Leadership Excellence in Neighborhood Development (LEND) Award for his efforts in East Tampa. He was employed by SouthTrust Bank for seven years as the West Coast Regional Manager for Community and Business Development. Mr. Johnson has been employed as the City of Tampa Manager for East Tampa Development for the past five years.

William Miller is a Professor Emeritus of Industrial Engineering at the University of South Florida, a registered professional engineer, and a senior member of the Society of Manufacturing Engineers. His doctorate in Industrial Engineering was earned at Clemson University. His current interests are teaching and research related to project management. He teaches project management courses at the University of South Florida. and has also taught college courses, short courses, and seminars related to project management domestically and internationally.

Leroy Moore has worked in the affordable housing arena since 1984. He has been employed at the Tampa Housing Authority (THA) since May 1998. Prior to joining THA, Mr. Moore operated his own management consulting firm providing professional services to Public and Indian Housing Authorities throughout the country. He has held director level positions in a number of authorities including Memphis, Peoria, Oakland, and Atlanta. Mr. Moore remains very active both in professional organizations nationwide and community organizations throughout Tampa.

Clinton Paris earned a bachelor’s degree in Finance from the University of South Florida and a Master’s Degree in Business Administration and Law Degree from Stetson College of Law. Mr. Paris is a former Assistant City Attorney for the City of Tampa. In that capacity, he gained valuable experience in government law by representing the City of Tampa in complex transactions, Women and Minority Business Development and the Small Business Enterprise, etc. Mr. Paris also represented the City of Tampa in administrative hearings concerning compliance with the City of Tampa’s Affirmative Action and Equal Opportunity Ordinance.

Fred Rath attended Baylor University where he received his Bachelor’s of Business Administration in Management in 1965. He joined Lincoln Property Company in Dallas, Texas and received his Certificate in Real Estate from Southern Methodist University in 1973. Fred became a full partner with Lincoln (now Paragon Group) in 1984 but left in 1996 to form Rath/Harper and Associates to continue building apartments. He has been named to the Governor’s State of Florida Affordable Housing Commission and by the Mayor of Tampa to the Local Housing Authority.

Lunch ‘N’ Learn Speakers

Larry Newsome, CEO, Urban Development Solutions, St. PetersburgHarry Dean, CEO, Joshua Capital Group, TampaKevin Tatreau, Director, Multifamily Family Housing Programs, Florida Housing Finance Corp, TallahasseeDr. Karen Miller, PDC Affordable Housing, Tampa (CRED 2007)

Michelle Boone, City of Tampa Housing, (CRED 2007)

Shrimatee Ojah Maharaj, AICP, City of St Petersburg Office of the Mayor, City of St. Petersburg, Instructor, USF Department of Planning (CRED 2009)

Imam Askia Muhammad Aquil, CEO, Community Housing Solutions, Inc., St. Petersburg (CRED 2010)John Folger, American Community DevelopmentReverend Ed FletcherTony Cooper, The Gladstone Group, Tampa (CRED 2009)

Sylvia Alvarez, CEO, Housing & Education Alliance (CRED 2007)

Bob Ironsmith, Director, Economic Development, City of DunedinHarry Hedges, Chair, Hillsborough County HFASharon West, City of Tampa HousingLucky & Rick Guerra, Sirius Development Group, St. Petersburg (CRED 2010)

Tom Shelly, Sunshine Development Group /Suncoast League of Cities (CRED 2010)

Debra Reyes holds the position as CEO of Neighborhood Lending Partners and carries primary responsibility for all company planning and organizational oversight, including the business plan that projects its growth and direction, manages all company operations and is responsible for establishing systems and procedures to maximize efficiency and effectiveness. She has primary responsibility for oversight and completion of company’s business development activities and is responsible for the company’s financial status to ensure profitability, company programs and services to ensure high quality and profitable products that fulfill NLP’s mission.

2011 Participants

Christine Allamanno Gulfcoast Legal Services, Inc.Sarah Arnold Habitat for Humanity of Hillsborough Co. Rob Blakely Sunshine Development Group, LLC Amy Carbajal City of KissimmeeJason Dickens Design Styles, Inc Trena Gaston-Gardner City of Tampa, Redevelopment CounselorJoe Gibbons Tampa Bay Housing and Community Partnership James Jacob Jacob Real Estate Services, Inc. Kathleen MacDaniel Pinellas County Community Development Ryan Mauck Sand Companies, Inc. William Puller Community Housing Solutions, Board Dexter Ramkissoon Ramkissoon RealtyEmily Rogers First Source Consulting

2011 ParticipantsChristine Allamanno Gulfcoast Legal Services, Inc.At Gulfcoast Legal Services, Christine works as staff attorney with Florida Legal Services Affordable which seeks to create or preserve affordable housing for residents at or near poverty level. Her vision is to create mul-tifamily rental housing for below median income families who are either homeless or at risk of homelessness.

Sarah Arnold Habitat for Humanity of Hillsborough CountySarah is responsible for land acquisition, subdivision development including all aspects of project management such as budgeting, infrastructure, and home building. She is currently working on a 15 home subdivision and look-ing at a 48 home subdivision for purchase. She will be using her skills with financial analysis, project timeline and securing a grant for funding for the project.

Rob Blakely Sunshine Development Group, LLCWith a Certificate from the Florida Housing Finance Corporation already acquired, Rob currently works to locate affordable housing or apartments for preservation and acquisition rehab. He is looking to use these new skills from the CRED Training to develop family or senior affordable housing in the Tampa Bay area. Amy Carbajal City of KissimmeeAs the Principal Planner for the City of Kissimmee, Amy oversees all of the city’s housing related programs such as Community Development Block Grants, Hurricane Housing Recovery Program and Neighborhood Stabiliza-tion. Her aim for the course is to garner the skills allowing development of a mixed income project with high density residential and medium intensity commercial areas.

Jason Dickens Design Styles, Inc.As a partner is Design Styles, Inc, Jason is responsible for a wide range of activities from accounts, financial and legal matters as well as business de-velopment. He possesses solid management skills which have enabled him to assist on multiple business development projects. Jason would like to be better prepared to help those who are interested in developing new projects.

2011 Participants

Christine Allamanno Gulfcoast Legal Services, Inc.Sarah Arnold Habitat for Humanity of Hillsborough Co. Rob Blakely Sunshine Development Group, LLC Amy Carbajal City of KissimmeeJason Dickens Design Styles, Inc Trena Gaston-Gardner City of Tampa, Redevelopment CounselorJoe Gibbons Tampa Bay Housing and Community Partnership James Jacob Jacob Real Estate Services, Inc. Kathleen MacDaniel Pinellas County Community Development Ryan Mauck Sand Companies, Inc. William Puller Community Housing Solutions, Board Dexter Ramkissoon Ramkissoon RealtyEmily Rogers First Source Consulting

Trena Gaston-Gardner City of Tampa Redevelopment CounselorTrena is a housing counselor who assists homeowners facing foreclosure and/or requesting assistance to retain ownership of their property. She is now involved in the purchase of multi-family properties for rehab which will assist in stabilizing neighborhoods within the City of Tampa.

Joe Gibbons Tampa Bay Housing and Community PartnershipJoe has hands-on construction & project management experience of over 20 years. His expertise includes land development, governmental approval processes, permitting, financing and budget structuring as well as contract negotiations and building code and regulations. He hopes to build affordable work-force housing on in-fill lots.

Jim Jacob Jacob Real Estate Services, Inc.As a commercial real estate service company, they have handled the real estate portion of many affordable housing projects to include five HUD Sec. 811 financed communities targeting disabled adults. James is interested in working with the Homeless Coalition’s CDC and other non-profits to assist in developing small, affordable housing projects in the next few years.

Kathleen MacDaniel Pinellas County Community DevelopmentWorking with the Neighborhood Stabilization Program, she managed demoli-tion/rehab of properties, as well as the purchase of foreclosed properties. She has over 10 years experience in residential construction, over 20 years as a Commercial Lending Officer and is looking to create a multifamily hous-ing redevelopment project located in Central Pinellas County.

Ryan Mauck Sand Companies, Inc.Researching potential developments, new construction, rehab, and putting together pro formas, Ryan ensures the property is financially feasible. He meets with city officials and reps and communicates with banks and syndica-tors to determine what funding opportunities are available. He is looking to provide affordable housing surrounding Hernando, Hillsborough and Manatee counties.

William Puller Serving on the Board of Directors for the Community Housing Solutions, Bill also has worked with the St. Petersburg Neighborhood Housing Services, Inc. He plans to continue his service to non-profits focusing on the Jackson House whose goal is to provide housing for veterans.

Dexter Ramkissoon Ramkissoon RealtyDexter is the broker and owner of Ramkissonn Realty. Working with COACH Foundation in Tampa as well as the East Tampa Business and Civic Association, he works to promote the Neighborhood Stabilization Program. Dexter looks to develop affordable housing for residents of Tampa Bay that otherwise would not qualify for traditional housing. Emily Rogers First Source LendingFDOT acquisitions and eminent domains are part of Emily’s current responsibilities. Active in non-profit organizations and committees which are involved in researching and monitoring community zoning, she is working to become more knowledgeable in the areas of Community Real Estate Development through the training.

2011 CRED Projects39th Street Neighborhood Revitalization

PROJECT 1

39th Street Neighborhood Revitalization Project Outline

• New 26 home subdivision at North Bay Village• Purchase and rehab existing homes• Neighborhood Beautification: • A Brush With Kindness • Street tree planting • Neighborhood cleanup days • Partner w/ other non-profits for owner-occupied rehabs• Veteran homeowners mini-grants for accessibility improvements

Auxiliary Projects Costs

• Purchase and rehab existing homes • $40,000 purchase; $25,000 rehab• Neighborhood Beautification: • A Brush With Kindness • Up to $2,000 total costs expended per house • Street tree planting • Negotiate w/ wholesale nursery for donations and discounts • Neighborhood cleanup days

• Partner w/ City of Tampa Solid Waste Dept and/or waste removal company

• Partner w/ other non-profits for owner-occupied rehabs• Expand upon funds provided by City to approved housing rehabilitation providers

• Veteran homeowners mini-grants for accessibility improvements • $2,000 available per home for up to 10 homes

North Bay Village Property

• HFHHC approved purchase 18 months ago but never contracted property due to questions about stormwater pond and # buildable lots

• Northern Trust appraised in Sept 2010 at $725,000• Bank owned asking price $475,000• Tax assessed value w/o improvements $161,028

• HFHHC submitted offer to Northern Trust on August 16 Financing: Northern Trust requires down payment • Property Purchase ex: @ 20% the max down payment is $60,000

• Northern Trust may offer financing for the remainder $240,000 max Purchase price $300,000 Down payment $60,000 Financing(@3.5%?) $240,000 plus interest

Project Partners:Habitat for Humanity of Hillsborough County Florida, Inc.Jim Jacobs Kathleen MacDanielJoe Gibbons

Home Building Costs* Estimated $85,000 construction costs - Garages included - Potential exterior wall material change to SIPS - Plan changes free w/ contract for plans for 26 homes?* Estimated appraisal at $110,000 - Increased value attributed to inclusion of garages and use of different building materials

Cost/Build Timeline

Land purchase

Costs prior to build

Home construction

$300,000 max over “X” years$60,000 max down at closing by Dec 2011

$285,000+ potential out of pocket expense by affiliate - Beginning as early as Jan 2012 - Can wait until FY 2012-2013 to do work need approx 6 - 9 months to complete - Completed Dec 2012

As early as Jan 2013 - Ready to build when Providence Pointe completed

Monthly Costs to Homeowners

Mortgage ($110,000 30 yr) $305.55Taxes $70.00Insurance $180.00HOA fees $85.00Total $640.55

Why North Bay Village?

• Property Value vs. Cost - $725,000 appraisal vs. $300,000 max purchase price• Location - Advantage to HFHHC • Proximity to offices w/in East Tampa NRI focus area - Advantage to Homeowners • Close to jobs, transportation and support services Strong existing community organizations• Timing - 90% infrastructure complete?… capable of building first homes as Providence Pointe is completed

2011 CRED ProjectsFriend of Families FoundationAmerican Homefront Alliance

PROJECT 2

Mission Statement

To operate an outreach program designed to meet veterans and their families experiencing or at risk of becoming homeless improve or maintain their status in society by providing a safe and secure environ-ment through which they can access a wide array of human services. The focus of this outreach program is to assist homeless veterans and their families with the services that have prevented them from becoming re-established in their communities.

American Homefront Alliance is a community-based outreach and ad-vocacy program for veterans and their family members that provides: • referrals to community resources • substance abuse treatment • transitional housing • mental health services • educational and vocational training programs • other supportive services - It gives access and transportation to community resources for: • domestic violence issues • post-traumatic stress disorder (PTSD) • parenting skills • other personal development and empowerment programs - This program utilizes MERL (MOBILE EDUCATION RESOURCE LAB) • motor pool which consists of one pickup truck, two vans and a 35 foot mobile trailer. • Provides: • food, water, clothing • backpacks containing hygiene kits • toiletries • non-perishables • phone cards • letters and stamps • Arranges for travel in order to: • access treatment, medical care, services, & employment. • includes cost of travel for veterans - Component services or activities may include: • special travel arrangements such as special modes of transportation • personnel to accompany or assist veterans or families who utilize transportation

Project Partners: Christine AllamannoSarah ArnoldAmy CarbajalTrena Gaston-GardnerWilliam Puller

Key Strategies and Outreach

Outreach• Build collaborations with other community providers quickly - Maintain constant contact by developing a schedule of phone contacts and regular visitations for immediate implementation.• Obtain commitments (MOU’s or AGREEMENTS), detailing precisely what each party will do for the other.• Utilize media as much as possible to help market the program and network with reporters and PR contacts

Employment• Total quality management - Employer involvement as a customer and provider is important• Market the program aggressively to the employer and utilize employers in all aspects of the process: - recruitment, skills assesment, training, mentoring, networking, and focus groups.• Host a community Veterans Job Fair, open houses for employers (letting clients market themselves)

- Public minicipal and military facilities are often free and/or cost effective for such events• Newsletters to employers that highlight clients’ objectives, skills and experience not only to match clients with employers, but to market the program in general

2011 CRED ProjectsHeroes Haven Homes

PROJECT 3

Project Partners: Dexter RamkissoonRyan Mauck Rob Blakely Jason Dickens Emily Rogers Daniel Currea Alex Andreakos

* Roughly 131,000 veterans are sleeping on the streets on any given night.* Almost one-half of all homeless veterans are located in Florida, California, Texas & New York.* About 70% of homeless veterans suffer from substance abuse problems.* 47% of homeless veterans served during the Vietnam Era.* 45% of homeless veterans suffer from mental illness. * The number of homeless Vietnam-era veterans, is greater than the number of soldiers who died during the war.* 43% of Homeless Men Over 25 are Veterans.* Suicide rates among veterans are climbing.* 52% of homeless veterans are disabled.* Veterans are twice as likely as other Americans to become chronically homeless.

AcquisitionLand Purchase $ 1,210,000Land Development 242,000Total Acquisition costs $ 1,452,000

ConstructionHousing Units $ 9,180,000Amenitiies 510,000Total Constuction costs $9,690,000

Soft CostsArchitect fees $ 539,125Legal fees 46,056Survey 7895Construction Insurance 18,422Construction Interest 1,509,557Construction Loan Origination Fee 121,448Taxes during construction 21,844Bond Premium 80,069Permanent Loan Origination Fee (1 point) 121,062Title and Recording Fees 32,634Appraisal 12,159Market Study 20,002Environmental Report 26,318Tax Credit Application Fees ($375/unit) 375,000Organizational Expenses (Partnership) 15,001Developer’s Fee (Approx. 9% of total dev. costs) 1,519,952Operating Reserve (3 months rent) 324,000Total soft costs $4,791,545

Total Development Costs $15, 933,545

Use # of units Cost 600 sq. ft. 10 $510,000800 sq. ft. 10 680,0001,000 sq. ft. 10 850,0001,200 sq. ft. 70 7,140,0006,000 (amenities) 1 510,000Totals 101 $9,690,000

AssumptionsVacancy rate 5%Operating exp. 28%Units 100Reserves 2%Cap rate 8%

Rent per sf $1.10Building cost per sq ft $85.00Land acquisition cost $1,210,000 paid through NSP3 fundsLand dev. costs $242,000 paid through NSP3 fundsBuilding cost total $9,690,000Soft costs total $4,791,545Total building costs $14,481,545LTV ratio 70%Total equity $4,344,463 Raised from grants/tax credits/etc.Loan amount $10,137,081 Funded by bank (80%) and Angel Investing (20%)Term (years) 30Rate (interest) 8%Reserves -Tax rate 35%

$1,425,600 Potential gross income 71,280 Vacancy - Other income

$1,354,320 Effective Gross Income 399,168 Operating Expenses 955,152 Net Operating Income 833,751 Annual Debt Service 121,401 Before Tax Cash Flow 28,512 Reserves 32,511 Taxes $ 60,378 After Tax Cash Flow

OUR BIG “WHY” - - -”Opening Doors,” a “Federal Strategic Plan to Prevent and End Homelessness,” calls for ending child and family homelessness in 10 years while wiping out chronic homelessness and homelessness among veterans in five years.

AcquisitionLand Purchase $ 1,210,000Land Development 242,000Total Acquisition costs $ 1,452,000

ConstructionHousing Units $ 9,180,000Amenitiies 510,000Total Constuction costs $9,690,000

Soft CostsArchitect fees $ 539,125Legal fees 46,056Survey 7895Construction Insurance 18,422Construction Interest 1,509,557Construction Loan Origination Fee 121,448Taxes during construction 21,844Bond Premium 80,069Permanent Loan Origination Fee (1 point) 121,062Title and Recording Fees 32,634Appraisal 12,159Market Study 20,002Environmental Report 26,318Tax Credit Application Fees ($375/unit) 375,000Organizational Expenses (Partnership) 15,001Developer’s Fee (Approx. 9% of total dev. costs) 1,519,952Operating Reserve (3 months rent) 324,000Total soft costs $4,791,545

Total Development Costs $15, 933,545

Special Thanks• Lucky Guerra who provided support, guidance and always a smile• Orange Blossom Catering for the daily delicious breakfast and lunches• Reverend Dr. Sam Kirkland for spiritual guidance & connecting CRED with the faith community

Our Sponsors

Housing Finance Authority of Hillsborough CountyThe HFA of Hillsborough County issues tax-exempt bonds to finance both homeownership loans to first time home buyers, and to finance the construction and/or rehabilitation of apartments that are rented to low income persons.

Citigroup FoundationThe Citi Foundation is committed to enhancing economic opportunities for under served individuals and families in the communities where we work throughout the world.

Fifth-Third FoundationThe Fifth Third Foundation works closely with community organizations to find ways to help them fulfill their important missions. It does this by providing grant funds, making recommendations for additional funding sources and helping champion their causes through volunteer and other efforts.

Housing Finance Authority of Pinellas CountyThe HFA has become a leader in the industry, recognized for their innovative financing structures, responsible management, successful programs, and a keen devotion to their mission. They have forged many successful partnerships with other counties and local cities and by utilizing joint resources, these participating jurisdic-tions and the HFA have created exciting programs and housing opportunities for the citizens of the communities.

State Farm Companies FoundationState Farm is committed to maintaining the vibrancy of our communities by assist-ing nonprofits that support: Affordable housing, First time homeowners, Community revitalization, & Economic development. State Farm team-up with the CRED Program to share our vision and commitment to building safer, stronger, and better educated communities.

For Information about CREDcontact: Vickie Molina, FIOG/USF Phone: 813.974.9627Email: lvmolina@usf.edu