Prepared 9/16/2026. Sources are cited inline. Where no Baltimore-specific rule is published, I give the closest public standard (Maryland DHCD's 2026 Multifamily Rental Financing Program Guide, NIIF's published loan terms, and industry norms) and flag it. UNVERIFIED marks items without a primary source.

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KEY NUMBERS TO USE IN THE MODEL

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1. What a BDC board / Board of Estimates package requires

Source: BDC RFP for 1820 N. Charles (issued 10/14/2025), §§ V, IX, XII and Exhibits D–I — https://cdn.prod.website-files.com/62e950e477a7d341ded26c5a/68eeba5cb327e7a92b1ee080_1820%20N%20Charles%20Street%20RFP_FINAL.pdf

1a. Required financial content (RFP §IX, items 4–8)

1. Project Feasibility Statement. Explain marketability and "the market assumptions that support cost and revenue projections." File 02 supplies the evidence.
2. Detailed Sources & Uses (Exhibit D). - Show the amount, source, and terms of every source for both the construction and permanent phases. - Identify owner's equity. - Exhibit D Uses lines: Land & Acquisition, Soft Costs, Hard Costs, FF&E, Marketing, Tenant Costs, Financing Fees, Developer's Fee. - Exhibit D Sources lines: Developer Equity, Institutional Equity, Primary Loan, Secondary Loans 1–2, Tax Credits (by entity), Other — each with % of total and interest rate.
3. Detailed Development Budget of all hard, soft, and financing costs.
4. 10-year Operating Pro Forma (Exhibit E), as an Excel file. - Equity pay-in, revenue, expenses, debt service, and any sale or take-out. - All assumptions for revenue and expense growth. - DSCR "typically required of construction and permanent lenders." - IRR and cash-on-cash returns. - Exhibit E expense lines: City RE tax, State RE tax (separate line), personal property tax, payroll, R&M, CAM, G&A, management fee, utilities, security, insurance, other. - Include an assumptions sheet covering rent per unit by size, vacancy, and inflation.
5. Disclose whether you are developing for a fee or holding the property, and all development and management fees paid to the developer or affiliates.
6. Evidence of financing. - Term sheets or commitment letters. - If you are using corporate or personal funds, "evidence of amounts on hand." - Rates, terms, and refinancing intentions for every source.
7. Economic impact (Exhibit F): - Construction: permit fees, transfer and recordation taxes, payroll, % city residents, % MBE/WBE. - Permanent: FTE/PTE jobs, residents, net new taxes, with assumptions.
8. Equity Impact Assessment (Exhibit G), Employ Baltimore certification (Exhibit H), and MBE/WBE Commitment to Comply at 27% / 10% (Exhibit I).

1b. How BDC evaluates proposals (RFP §V)

BDC's criteria that bear on underwriting: - "Ability to provide or obtain sufficient financial resources to start and complete the Project." - Track record of completing similar projects on time. - Purchase price and terms. - Financial returns to the City. - Job creation. - Employ Baltimore and MBE/WBE compliance. - Equity impact and community alignment. - No City subsidy: "The City will not offer any additional funds or subsidy… beyond the incentives outlined in the RFP" (Opportunity Zone, CHAP, MHT/federal HTC, HPTC, Enterprise Zone).

1c. Approval path (RFP §XII)

1. Review Panel (BDC board members, staff, agencies, community). Oral presentations and community meetings are possible, with written responses due within 10 business days.
2. Exclusive Negotiating Privilege (ENP), which carries a fee.
3. Right-of-Entry, which carries a fee (for environmental, survey, and A/E work).
4. Land Disposition Agreement (LDA) approved by the Board of Estimates. - City law requires BOE approval "as to the legal and financial ability of the contracting parties." — https://codes.baltimorecity.gov/us/md/cities/baltimore/code/13/2-7 (search summary) - A purchase-price deposit may be required and is forfeited if the developer defaults. - The LDA typically includes reverter / right-of-re-entry clauses if the developer doesn't perform. — https://dhcd.baltimorecity.gov/fall-2021-rfp-instructions-and-details
5. BDC design approval before other regulatory approvals, plus SPRC, UDARP, and CHAP.

1d. What BDC is likely to scrutinize in this resubmission

This is an inference from the RFP plus the prior submission's Exhibits D and E in the LLAYD files.

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2. What a CDFI (NIIF) underwriting package requires

2a. NIIF's published parameters

Source: https://www.baltimoreniif.org/financing/real-estate-loans/

• Loans up to $3M at 5.0% fixed, ≤1.5% origination.
• Construction: ≤80% of as-completed value; 18–24 mo interest-only; draw and inspection fees.
• Term: ≤95% of as-stabilized value; ≤7 yrs.
• Acquisition: ≤90% of as-is value.
• Eligibility: projects must be in City-defined Eligible Neighborhoods. The process is an intake form, then application and underwriting.
• Not published: NIIF does not publish DSCR, equity, guaranty, or reserve rules (UNVERIFIED). Ask Chief Lending Officer Ryan Rattanni.

2b. Typical CDFI and commercial underwriting norms to model

2c. Typical CDFI document checklist

Compiled from DHCD SRP/MRFP checklists and standard CDFI practice. Items not specifically published by NIIF are UNVERIFIED for NIIF.

• Entity documents: articles, operating agreement, good standing (SDAT), EIN / W-9, org chart with ownership %.
• Sponsor financials: 2–3 years of business and personal tax returns, personal financial statements, credit authorization, real estate schedule (REO), and liquidity evidence.
• Disclose the 1818 foreclosure case (C-24-CV-25-008522) and the matured Nextres loan on 1816 up front, with a resolution plan.
• Site control: deeds, contracts, and the BDC ENP/LDA for 1820.
• Title, survey, zoning (C-2) confirmation, and environmental review (Phase I; lead and asbestos surveys for pre-1978 buildings).
• Budget and construction documents:
• Development budget, construction schedule, GC contract (AIA A101/A201), GC license (MHIC #146800 on LLAYD invoices).
• Bid tabulations, stamped drawings, permits.
• CHAP, MHT, and NPS approvals.
• Market and financial projections: appraisal (as-is, as-complete, as-stabilized), market rent support, 10-year pro forma, rent roll / unit mix, commercial LOIs.
• Other financing: commitments from other sources (BRNI award letter, LBI status, FIG approval, credit reservations).
• Insurance: builder's risk, GL, and naming the lenders and the City.
• Compliance: reporting current on existing awards. DHCD requires this to consider new awards (SRP Guidelines).

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3. Cost-structure norms

Related-party GC note: Tyjuan Amor LLC is both owner-affiliate and contractor. - Lenders and BDC will look for arm's-length pricing: third-party bids for major trades, GC fees within the 17% cap, and no double-counted fees between the developer fee and GC overhead. - DHCD requires justification for any cost line. Disclose the relationship (BDC RFP §IX(6)).

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4. How to present the funding gap and gap-filling strategy

4a. Recommended presentation structure

1. Uses: acquisition, hard costs with contingency, soft costs with contingency, financing costs (interest reserve, fees), reserves (operating, lease-up), and developer fee (with the deferred portion).
2. Committed sources (with evidence): - Developer equity (cash, plus land at appraised value, plus deferred fee). - BRNI $250K (award letter). - Senior debt sized at the lesser of (a) 80% LTV as-completed, (b) 80% LTC, and (c) the loan supportable at 1.25x DSCR on stabilized NOI at 5% / 25-yr amortization.
3. Pending sources, each with application date and decision date: - LBI (decision April 2027; funds after 6/1/2027). - MHT Small Commercial credit (rolling). - BDC FIG ($25K per building). - DHCD Small Business Lending (4%). - MHT Competitive credit (June–Aug 2027 round). - Federal HTC equity.
4. Gap = Uses − Committed − Pending. Show it explicitly, as the DHCD scoring rewards "committed financial resources… private-sector leverage."
5. Timing bridge: show how reimbursement-based grants (BRNI, LBI, FIG) and tax-credit equity get bridged. Options: - A NIIF bridge loan at 5% secured by the grant and credit pledges. - A last-resort hard-money bridge at ~12% + 2.5 pts, shown in the downside case.
6. Contingency plan (ranked):
7. Phase the work (1816 commercial first, then 1818/1820 residential).
8. Defer more of the developer fee.
9. Bring in a QOF / OZ equity partner (under the current map, before 2028).
10. Seek CBP CBFF predevelopment / acquisition funds.
11. Apply for the MHT Historic Preservation Loan (GO rate + 0.125%; requires showing no private financing is available).
12. Value-engineer finishes.
13. Consider a 1–2 unit mix change toward 2BR units, which market data supports at $1,900–$2,300.

4b. Sizing math (formulas for the model)

• DSCR-constrained loan = (NOI ÷ target DSCR) ÷ annual loan constant.
• Annual loan constant at 5.00% / 25-yr amortization = 12 × monthly payment factor ≈ 0.0702.
• At 7.50% / 30-yr ≈ 0.0839.
• (Standard amortization math; verify in Excel with =-PMT(rate/12, n*12, 1)*12.)
• LTV-constrained loan = as-stabilized value (NOI ÷ cap rate) × max LTV.
• LTC-constrained loan = TDC × max LTC.
• Loan = MIN(the three). Gap = TDC − loan − equity − committed grants.
• Sensitivity grid: DSCR and gap versus rent (−10% / base / +10%), vacancy (5% / 7% / 12%), hard cost (−10% / base / +15%), interest rate (5% NIIF vs 7.5% bank vs 12% hard money), and exit cap (7.0% / 7.5% / 8.0% / 8.5%).
• CHAP scenario: NOI with and without the credit (years 1–10), plus year-11 NOI after the credit burns off. Lenders will size permanent debt on at least the year-11 tax load or a blended figure (UNVERIFIED; confirm with NIIF).

4c. Additional flags for credibility

• 1818 N. Charles foreclosure (C-24-CV-25-008522). Address it directly: current status, cure plan, and how site control will be secured before closing. Lenders and the BOE "financial ability" review will find it.
• 1816 Nextres loan (15%, matured 4/1/2026). Show the refinance plan, e.g., a NIIF term loan up to 95% of as-stabilized value. The 2023 Bowery as-stabilized value of $1.34M implies up to ≈$1.27M of NIIF capacity if the value holds; a reappraisal is needed.
• CHAP deadline. CHAP applications close 12/31/2027, and approval must come before work starts. State the application status for each building.
• OZ map change. State whether a QOF investment is planned before the current map expires (end of 2028).
• DHCD Small Business Lending round closes 9/17/2026. If LLAYD applied, list it as a pending source.