PRESENTATION TO:
Puerto Rico Hospital Association
April 26, 2011
Table of Contents
Alternative Structures Update
FHA Office of Healthcare Programs
AMS Health Care Mortgage Corporation, An Approved FHA Mortgagee
1
Alternative Structures Update
Section I
2
Alternative Structures Update
Temporary measures created by American Recovery and
Reinvestment Act (ARRA) and other congressional action have
largely expired
 Build America Bonds
• Taxable bonds with 35% subsidy
 Bank Qualified Bonds
• Limits reverted to lower levels ($30mm vs $10mm)
• Per bond issuer not borrower
 Federal Home Loan Bank
• Can no longer support tax-exempt hospital financing
 USDA available funding amount has reverted to previous levels
 2009 – 2010 were quadruple previous years
 FHA implements refinancing program for hospitals
3
Alternative Structures Update
USDA Financing Options
 Project must be in town or rural area with up to 20,000 population
 Grants
 Direct Loan Program
• Typically $1 – $3 million (Largest was $31 million)
• Historically limited availability
• 4.25% ; 40 year amortization
 Guaranteed Loan Program
• Federal/state budget allocations generally limit to $10 million
but may be larger
• US Government guarantees 90% of the loan
• 25-30 year amortization
4
FHA Office of Healthcare Programs
Section II
5
FHA’s Office of Healthcare Programs
Section 242 – Office of Hospital Facilities
Section 232 – Office of Residential Care Facilities
MISSION: To enable the affordable financing of needed health care facilities,
thereby improving access to quality health care nationwide and contributing to
HUD's community development goals, at no cost to the taxpayer.
1
6
Definition of Terms
HUD
U.S Department of Housing and Urban Development
FHA
Federal Housing Administration
242
Section 242 of the National Housing Act (NHA) gives HUD/FHA the
authority to insure mortgages for acute care hospitals.
232
Section 232 of the National Housing Act (NHA) gives HUD/FHA the
authority to insure mortgages for nursing homes, assisted living, and
other long-term care residential facilities
223 (f) Section 223 (f) of the NHA Act gives HUD/FHA the authority to insure
mortgages for 100 % refinancing loans pursuant to 242 and 232
241
Section 241 of the NHA gives HUD/FHA the authority to insure
mortgages for supplemental loan for HUD portfolio hospitals.
2
7
Program Accomplishments
Support HUD’s mission, the Secretary’s goals, and the Commissioner’s
priorities – for example:
 Run programs that complement President’s healthcare agenda
—
Reduce cost of care and increase accessibility
–
Allow borrowers to achieve at least an AA credit rating
 Strengthen communities - healthcare facilities are economic engines
—
Employ 7.9 million, support $2.7 trillion in economic activity nationwide
—
FY10 FHA hospital projects: 15,700 jobs, $3.9 billion in economic stimulus
—
Improve access to quality healthcare
3
8
Hospitals That Use FHA
 FHA serves hospitals





Capital Health System
Trenton NJ
$755.9 million mortgage
9
9
nationwide
Acute care hospitals
Rural and Critical Access
Hospitals
Large urban teaching
hospitals
University hospitals
Not-for-profit, for-profit,
and government-owned
hospitals
Borrowers include small critical access hospitals…
Rio Grande Hospital
(CAH)
Del Norte, CO
$11.9 million insured
mortgages
10
…and large urban hospitals.
Hospital for Special Surgery
New York, NY
11
Coulee Community Hospital
Grand Coulee, WA
North Valley Hospital
Whitefish, MT
HOSPITAL BUSINESS
Barrett Hospital and
Healthcare, Libby, MT
Highline Medical
Center
Burien, WA
FY05 to date
Baraga County
Memorial Hosp
L’anse, MI
Stillwater Community
Hosp, Columbus, MT
Santiam Memorial
Hosp. Stayton, OR
Ridgecrest
Regional
Ridgecrest, CA
The Memorial
Hospital
Craig, CO
Kennewick General
Hospital,
Kennewick, WA
North Canyon
Medical Center
Gooding, ID
Fall River Health
Services
Hot Springs, SD
Melissa Memorial
Holyoke, CO
Meadows Med.
Center, North
Las Vegas, NV
Community
Memorial Hosp.
Ventura, CA)
Mercy Hospital
Chicago, IL
Hayes Green
Beach Hosp.,
Charlotte, MI
Hudson Valley
Courtland Manor, NY
Hospital for Special
LRGH
Surgery
Healthcare
New York, NY
Laconia, NH
Kaleida Health System
Buffalo, NY (3)
FF Thompson
Hospital
Canandaigua, NY
Mendota
Community Edgerton Hosp.
Edgerton, WI
Hospital
Mendota, IL
Cambridge Memorial
Hospital, Cambridge, NE
Carlinville Area Hospital,
Carlinville, IL
Pinckneyville
Community Hosp.
Pinckneyville, IL
Chambers Mem.Hosp.
Danville, AR
Montefiore Med
Ctr
Bronx, NY (2)
Unity Hospital,
Rochester, NY
Ellis Hospital,
Schenectady, NY
Kirby Hosp
Monticello, IL
Allen Memorial
Hospital
Moab, UT
Blue Mountain Hosp.
Blanding, UT
Methodist Hospital
Arcadia, CA
Albany Med Center
Albany, NY
Oswego Hospital
Oswego, NY
Bucyrus Hosp.
Bucyrus, OH (2 )
Wheeling Hosp.,
Wheeling, WV
New York Hosp
Queens, NY
Western MD Health System
Cumberland, MD
Capital Health Systems,
Trenton NJ
New Regional Med. Ctr.,
East Norriton, PA
Wills Memorial Hosp
Washington, GA
Onslow Memorial Hospital
Jacksonville, NC
Hillcrest Baptist Med Ctr
Waco, TX
Parkview Hospital,
Riverside, CA
Rio Grande Hosp.
Del Norte, CO
Johnston Memorial
Smithfield, NC
Morehead Memorial Hosp.
Eden, NC
Guadalupe Regional
Medical Center
Seguin, TX
Sandoval Regional Med
Center, Rio Rancho, NM
University of New
Mexico, Albuquerque,
NM
Baptist Hosps
SE Texas
Beaumont, TX
Platte Valley Hospital
Brighton, CO
Commitments/Insured Loans (55) [18]
Applications in Process (7) [3]
Pending Applications (15) [3]
Red = Critical Access Hospital
Loris Healthcare System
Loris, SC
Summit Hospital
Phenix City , AL
Valley Baptist Med
Center, Harlingen
and Brownsville, TX
St. Luke's
Roosevelt
NY, NY
NY Presby Hosp
NY, NY
Lakeway Regional
Med Center,
Lakeway, TX
12
Rowan Regional Hosp.
Salisbury, NC
Neshoba County General
Hospital, Philadelphia, MS
Delta Regional Med Ctr
Greenville, MS
Meadows Regional
Med Ctr Vidalia, GA
Matagorda County Baton Rouge General Medical Center
Baton Rouge, LA
Hospital District,
Bay City , TX
Medical Univ. of S. Carolina
Charleston, SC
Chatham Hospital
Siler City, NC
Effingham Hosp.
Springfield, GA
Mennonite General Hospital
Cayey, PR
3-27-10
History of Office of Hospital Facilities
Organization
 Transition from HHS completed 4 years ago
 Turnaround Team initiated 3 years ago
 New organization – Office of Hospital Facilities within Office of Healthcare
Programs – established 2 years ago
 Divisions for Underwriting and Asset Management established one year ago
Volume
 80% of all insured loans added in last 8 years
13
Office of Hospital Facilities Qualifications
14
8
10
1
25+
Former Health Care Executives, including:
- 8 former health care system executives
Former Business Executives
Professional Society Fellows
Former State Finance Authority Executive
Graduate Degrees, including:
- 2 Juris Doctors
- 20 Masters (11 MBAs, 9 MPHs)
6
1
1
Accountants / CPAs
Professional Engineer
Registered Nurse
14
Office of Healthcare Programs
Organization Chart
Secretary of Housing and
Urban Development
Appointee Level
Assistant Secretary of Housing /
FHA Commissioner
Healthcare
Programs
Deputy Assistant Secretary
for Healthcare Programs
----------------------Associate
Deputy Assistant Secretary
Deputy Assistant
Secretary for Risk
Management
Council of Experts - 4 Consultants
Section 232
OAE
Policy and Continuous
Improvement Advisor
Health Systems Advisor
Director,
Office of Architecture
and Engineering
Director,
Office of Hospital Facilities
Director,
Underwriting
Risk
Management
Special Assistants
Administrative Staff
Director,
Office of Residential Care
Facilities
Section 242
Director,
Asset Management
Team Leader,
Turnaround Team
15
Section 232 Program
FHA insures mortgages on Nursing Homes, Intermediate Care, Assisted
Living , and Board and Care Facilities under the Section 232 of the
National Housing Act.
—
Over 2,500 facilities presently insured under this program
—
The facilities are located in 49 states, the District of Columbia and the Virgin Islands.
Over $16.0 billion in mortgages are insured under this program
15
16
242 Program Performance
Insurance Commitments Issued (cumulative)
Billions ($)
9
• Since 1968, over 400 commitments
totaling over $17 billion
$7.93
8
7
$6.21
• Currently, over 110 insured loans
6
totaling over $9 billion
$5.13
5
$4.41
$3.76
4
operates at no cost to the taxpayer
$2.82
3
$2.03
2
1
• Low default rate– program
• Reduced processing time– 9.5
months to 3 months
$0.70
$0.30 $0.45
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
• LEAN Office process streamlining
17
242 Program Performance
Portfolio Overview at end of FY 2009
Total Loans Outstanding
97
Total Dollars Outstanding
$8.3 Billion
Average Loan Size
$83 Million
# of Hospitals in Portfolio
77
# of Hospitals Troubled*
9
Unpaid Balance Troubled (%)
$309 Million (3.7%)
Claims 2000-2010
4
Claim Rate Net of Recoveries
0.64%
*Troubled hospitals place on Priority Watch List and assigned to Hospital Turn Around Team.
18
242 Program Performance
As demand has increased, a lower percent of potential applicants
has passed initial screening.
Preliminary Reviews Completed
FY
Total
Approvals
% Approved
2007
11
8
73%
2008
30
21
70%
2009
43
20
47%
19
Economic Stimulus and Job Creation
Economic activity generated during construction ≈ $3.9 Billion
Construction jobs created ≈ 4,700
Hospital jobs from the projects ≈ 2,500
Community jobs after projects ≈ 8,500
* Results from IMPLAN Model
20
Attractive Program Features
•
•
•
•
No maximum loan amount
Loan term up to 25 years
FHA insures 99% of mortgage
Fixed annual premium of 0.5% of
remaining balance
• One-time fees of 0.8%
• Section 241 supplemental
loan advantage
14
21
FHA pre-qualification requirements
 Needed and necessary community institution
 Three year average profit margin > 0%
 Three year average debt service coverage ratio ≥ 1.25x
 Ability to mortgage assets
 Loan-to-value less than 90%
22
Advantages of FHA Insured Mortgages
 No affirmative ongoing financial covenants (no minimum Debt
Service Coverage Ratio (DSCR), operating margin, or days cash on
hand)
 Closing costs are financed in the mortgage
 High maximum Loan-to-Value ratio (up to 90% of replacement cost)
 Loan is non-recourse
 Loan is assignable
 Pre-payment restrictions (non-call period or “lock-out”) match
bonds or GNMA funding agreements
23
FHA Timeline
Preapplication
Pre-Application
Period: 14 to
230
todays
4 weeks
Application
HUD Review
Application
Preparation
cycle:
12
HUD
time:
12
to
14
weeks
Preparation 10 Review 4days
weeks
to 12 weeks
to 6 weeks
HUD Risk
Review
4 weeks
Funding
4 to 8
weeks
A/E Drawings:
Schematic
Design
Design
Development
Working
Drawings
Site Work
Supervision
Construction
Manager
Selection
Part A - Value
Engineering
Part B - GMP
Mobilization
and Site
Preparation
Early Start of
Construction
Financial
Feasibility
Consultant
Selection
Financial
Feasibility
Study
Feasibility
Sensitivity
Studies
Respond to
questions
Agreed Upon
Procedures
Preliminary
Mortgage Sizing
2013
Application
Mortgage
Sizing
2013
Modified
Mortgage
Sizing
2013
Modified
Mortgage Sizing
2013
Final
Mortgage
Sizing
2013
HUD Need Tool
Previous
Participation
2530
Proposed
Covenants
Modified
Covenants
Funding
Source
Level 1 Report
Environmental
Assessment
Special
Conditions
Modified
Special
Conditions
Closing
24
The application process is complex, the bond rating the highest, and
FHA a “relationship lender”
The application process to obtain a Commitment to Insure is complex
If FHA agrees to insure the loan, the debt obligations would be highly
rated.
 Tax-exempt or taxable bonds would carry an “AA” rating at
minimum.
 GNMAs issued to fund the loan would carry a rating of “AAA”.
FHA is a “relationship lender” that would not attempt to force a
borrower out of the program.
FHA takes a practical and helpful stance should the Project become
troubled.
25
The Borrower applies to the mortgage lender for an Insured Loan
HUD
Borrower
GNMA
securities
Mortgage
Lender
Tax-exempt
bonds
Mortgage Loan
26
Tax-exempt bond funded FHA Insured Mortgages are “structured
financings”
In the late 1970’s, investment bankers developed a methodology to use the
FHA Mortgage Insurance benefits as “collateral” for the issuance of taxexempt bonds.
 HUD does not insure bonds
 FHA Tax-exempt bond issues are “collateralized mortgage
obligations”, that is the FHA insurance benefits are used to assure
payment on tax-exempt bonds
 All of the standard components of an FHA Insured Hospital mortgage
loan exist
27
The collateralized mortgage obligation structure adds complexity in
exchange for a lower mortgage rate
Authority
Borrower
HUD
Mortgage
Lender/ Trustee
Underwriters
LOC Bank
Bond Proceeds
Mortgage Loan
28
Case Study
•
•
•
•
•
Borrower:
Mennonite General Hospital (est. 1948)
Borrower Type:
Acute Care Hospital System
Borrower Locations:
Cayey (155 Beds), Aibonito (150 Beds), Cidra
Par Amount:
$129,966,100
Deal Uses:
Refinancing, Renovations, 61-bed Addition, Garage Addition,
HVAC conversion to water cooled chillers
•
•
•
•
•
Deal Structure:
FHA 242 GNMA
Enhancement:
FHA 242 Mortgage Insurance
Rating:
AAA (S&P)
Term/Amortization:
25 Years
Notes:
—
MGH sponsors two Section 202 Elderly Housing Projects (Casa Aibonito and Casa Barranquitas)
—
MGH Sponsors a HUD Section 811 project for persons with disabilities (Aurora Home)
—
First 242 deal in Puerto Rico since 1985
—
Seven 242 deals have been funded in Puerto Rico since 1973
29
Recent Transactions
$129,966,100
FHA / GNMA Insured Mortgage Loan
January 20, 2010
Mennonite General Hospital in Cayey, Puerto Rico
retained AMS to refinance its non-investment grade
tax-exempt bond debt, approximately $48,000,000,
and expand one of its three hospitals for a total FHA
Insured Mortgage Financing of $129,966,100.
Mennonite has served the people of the central
highlands of Puerto Rico for 65 years as the near
sole provider of medical care. Begun as an outpatient
clinic, Mennonite has grown to three hospitals, a
major outpatient treatment center, three HUD
housing facilities for the aged, including a section 811
facility for the disabled elderly. Operating their
newest hospital, completed in 1998, at over 100%
occupancy required Mennonite to add a major
expansion project. Concerned with the rising cost of
energy, the proposed Project also included
conversion of air-cooled chillers with water cooled
equipment. Mennonite also operates a health plan
and manages three 24-hour emergency rooms for
the Government of Puerto Rico. Mennonite funded
its FHA Insured Hospital Mortgage loan with GNMA
Securities.
30
Recent Transactions
$196,920,400
FHA Insured Tax-exempt Mortgage
Revenue Bonds
November 5, 2010
The Unity Hospital of Rochester is the
acute care provider of Unity Health
System, a network of senior care services
located in western Monroe County, New
York. The proposed project is an addition
and total renovation of this 1974 hospital.
Upon project completion, Unity will be state
of the art. The complex nature of the
construction of additions to and total
renovation of an operating hospital while it
remains in full service added to the
necessity of close cooperation between the
construction project team, the financing
team, and required significant coordination
with the New York State Department of
Health. AMS worked closely with one of
the leading underwriters of municipal bonds
to achieve a timely and cost effective
financing for Unity. A pre-existing Section
232 financing for a sister company
presented some special opportunities to
work closely with the two divisions of the
HUD Office of Healthcare Programs:
hospitals and nursing homes.
31
Recent Transactions
$755,874,500
FHA / GNMA Insured Mortgage Loan
April 7, 2009
AMS staff served as mortgage banker to Capital
Health System (CHS) is a two-hospital system with
both of its primary acute care hospitals located in
urban neighborhoods. CHS had limited ability to
expand or replace either of its two hospital campuses.
CHS identified three potential Greenfield sites suitable
to build a replacement hospital for its Mercer campus.
The proposed project with an estimated cost of
approximately $650 million would include a new 230bed acute hospital, medical office building and central
energy plant. This coupled with the approximately
$200 million of refinancing resulted a total project
requirement of approximately $880 million. Once
CHS had obtained its mortgage insurance
commitment, December 2008, for $755,874,500, a
funding source became the next key decision point:
taxable or tax-exempt. Reinvestment rates were at an
all time low, resulting in over $50 million of expected
negative arbitrage. The capital markets had collapsed.
It was decided by the project team that the best use of
the mortgage insurance commitment would be
through a taxable GNMA funding. The GNMA option
eliminated the negative arbitrage on the construction
portion of the loan, did not require a Debt Service
Reserve Fund, bond ratings, an Official Statement, or
an issuing authority.
32
Recent Transactions
$422,060,000
FHA Insured Mortgage Hospital Facilities
and Revenue Refunding Bonds
December 2004
AMS staff was mandated to assist by Medical University
Hospital Authority (MUHA) of South Carolina in Phase I of its
replacement project.
MUHA is an instrumentality of the State of South Carolina,
created to operate the teaching hospitals of the Medical
University of South Carolina (MUSC), the oldest medical
school in the South, founded in 1824.
MUHA was founded to move the hospitals of MUSC out of the
governmental sector and into the not-for-profit arena. South
Carolina has been growing recently through an influx of
retirees from the Northeast, who expect and demand access
to high quality academic medical centers. The MUSC
hospitals had operated at a loss for a considerable time, with
limited access to capital and tired facilities. MUHA changed
the operating result and now need to change the facilities.
October 2002, AMS began developing a plan to utilize FHA242 Mortgage Insurance to fund Phase I of an ambitious $900
million total replacement and expansion plan for MUHA.
In December 2004, MUHA funded its capital needs through a
taxable and tax-exempt bond issue, $61,000,000 Central
Energy Plant, and $50,000,000 tax-exempt equipment lease.
33
AMS Health Care Mortgage Corporation
FHA Licensed Mortgagee
Section II
34
AMS Health Care Mortgage Corporation is a FHA approved lender
committed to meeting the capital needs of hospitals
 Founded in 2008, AMS’s staff consists of seasoned professional staff
with 97 years of mortgage banking and real estate experience.
 We have completed 3 FHA hospital mortgage insured transactions valued
at $1.2 billion in the past three years.
 AMS brings an independent view to the table and is committed to
providing a financing tailored to the needs and priorities of Clients.
 Our experience will make a complex process understandable and
manageable for your clients.
35
AMS is a leader in FHA hospital finance
2009 and 2010 Mortgage Banking Rankings
Rank
Firm
Volume
%
1
2
3
4
5
6
7
8
9
10
11
12
AMS
1,082,761,000
38.6%
16.9%
12.8%
10.4%
6.0%
5.7%
3.0%
2.7%
2.2%
1.3%
0.1%
0.1%
100%
Tyll & LaVigne
Bank of America
Goldman Sachs
Walker & Dunlop
Lancaster Pollard
Innovative Capital
Dougherty
Berkadia
Red Capital
Column Guaranteed
Capmark Finance
473,815,900
359,156,000
292,500,000
168,372,800
159,176,200
84,755,000
76,650,000
63,000,000
36,175,000
2,985,700
2,345,000
2,801,692,600
Source: Hud, for Gov't fiscal years ended 9/30/2009 and 9/30/2010
$196,920,400
$755,874,500
36
$129,966,100
THANK YOU
www.amshcm.com
37
Resumes
Resumes
Appendix A
38
Financing Team Experience
Joseph A. Spiak
President
AMS Health Care Mortgage Corporation
 Mr. Spiak has been active in the field of healthcare administration and finance for over 30 years. He
began his healthcare career in the US Army, serving in the Medical Service Corps, at several
assignments including the First Infantry Division, First Medical Battalion. As a graduate of the
Columbia University School of Public Health, Joe did his residency at Montifiore Medical Center,
New York, Department of Community Medicine. For seven years he served as Director of Planning,
United Hospital, Port Chester, New York. It was at United that Joe was introduced to the FHA
Section 242 Mortgage Insurance program. Acting as United’s point person for the financing, he
organized the application and approval process. United had the distinction of being the first publicly
offer FHA/GNMA tax-exempt hospital issue. From United Joe moved to Merrill Lynch, where he
spent 18 years in Healthcare Public Finance and continued a career of completing 242 insured
mortgages, note worthy was the then largest FHA insured transaction, Buffalo General Hospital, $210
million. His career has included all types of hospital financing including Merrill Lynch’s first fixed to
floating swap. In 2000 Joe joined Banc of America Securities and as head of its Healthcare Finance
Department and established an FHA insured hospital mortgage program. The $422 million Medical
University Hospital Authority, Charleston, SC, financing was the flagship deal for Banc of America
Securities. In 2004 Joe joined UBS Investment Bank, where he established an FHA Hospital
Mortgage funding program. In 2008 Joe established AMS Health Care Mortgage Corporation, to
provide FHA mortgage banking services to select hospitals and health systems.
39
Financing Team Experience
James H. Cooper, Jr.
Senior Vice President
AMS Health Care Mortgage Corporation

Mr. Cooper joined AMS in 2009 as Senior Vice President. Mr. Cooper has completed more than $2
billion of tax-exempt and taxable financings for healthcare organizations and facilities serving the
needs of America's senior population. He has extensive experience executing complex transactions
utilizing a variety of financing modes and structures, including letters of credit, bond insurance, credit
ratings, unenhanced non-rated structures, taxable and tax-exempt seed capital, and derivatives. Prior
to joining AMS, he was an Executive Director in the Healthcare group at J.P. Morgan where he led the
firm’s senior living effort. Previously, Mr. Cooper was a Senior Vice President with Herbert J. Sims
& Co. where, in addition to traditional bond underwriting, he oversaw the firm's risk management
activities successfully structuring nearly $1 billion of hedging and reinvestment transactions. Mr.
Cooper earned a B.A. from Washington & Lee University, and a M.A. from the Monterey Institute of
International Studies.
40
Financing Team Experience
John T. Sefton
Senior Vice President
AMS Health Care Mortgage Corporation

Mr. Sefton served as a partner for 23 years with the national law firm of Foley & Lardner LLP. His
practice included financings, securitizations, commercial real estate loans, negotiated acquisitions and
bank regulatory work. Mr. Sefton was also a member of the senior living practice group, and
participated in loans and workouts for continuing care retirement communities. Mr. Sefton received
his BA degree magna cum laude from Vanderbilt University in 1971, and his juris doctor degree from
Yale Law School in 1974. He is a member of the bar of the United States Supreme Court and the
Fifth and Eleventh Circuit Courts of Appeals. Mr. Sefton was selected as Trustee of the Year by each
of the Florida Association of Homes and Services for the Aging and the American Association of
Homes and Services for the Aging. He currently serves as chairman of the board of directors of
Cathedral Gerontology Center, a 120 bed skilled nursing facility, located in downtown Jacksonville,
Florida.
41
Financing Team Experience
Maura E. Davalos
Vice President
AMS Health Care Mortgage Corporation

Ms. Davalos joined AMS in July 2008. Ms. Davalos assembles the Pre- Application and FHA
Application and monitors the information flow with the various divisions of HUD. Ms. Davalos
joined Banc of America Securities in Healthcare Finance Department in 2000 and has assisted in the
development of the Healthcare Finance Department of Banc of America Securities. In 2004 Maura
joined UBS Investment Bank, and assisted Mr. Spiak, where he established an FHA Hospital
Mortgage funding program. Ms. Davalos has worked on a substantial number of healthcare
engagements including MUHA, Mennonite General, and Capital Health System. Specializing in the
preparation of all phases of the FHA hospital mortgage insurance application process, Ms Davalos
has completed FHA 242 screenings, Pre-Applications, Applications, organized HUD site visits and
maintained day-to day contact and working relationships with HUD OIHCF staff. Ms. Davalos is
continuing her formal education at Florida State University at Jacksonville.
42