HomeMy WebLinkAboutThe Housing Fellowship - Rental HousingJAN 2012
Housing
Project Name: Muscatine Avenue Rental Homes
Type of Project (check one): O Homeownership ✓ Rental O Tenant Based Rent Asst. O Rehabilitation
(Rental and Rental Rehabilitation projects require the completion of a rental housing pro forma)
1. Lead Applicant Name: The Housing Fellowship
Signature (please use blue ink):
Applicant Address: 322E 2"d Street, Iowa City, IA 52240
Contact Person: Maryann Dennis
Title: Executive Director
Phone Number: 319-358-9212 X5
Fax Number: 319-358-0053
E-mail Address: mdennis@housingfellowship.com
DUNS Number: 868030701
2. Secondary Applicant (if applicable):
Signature (please use blue ink): N/A
Applicant Address:
Contact Person:
Title:
Phone Number:
Fax Number:
E-mail Address:
3. Type of Applicant (check one):
✓ Community Housing Development Organization
O Private for -profit, individual or partnership applicant
4. Amount of HOME/CDBG Funds Requested: $ 258,239
55
Housing
O Private non-profit organization
O Public Organization
FY13 CDBG/HOME Funding Request
5. Did you attend the Applicant Workshop? O NO
✓ YES - Please indicate date attended: ✓ 12/29/11 or O 1/09/12
46, 6. Provide a brief description of the proposed project & complete the table below.
HOME funds will be used to acquire land at 2500 Muscatine Avenue for the new construction of six two bedroom
affordable rental homes. Other sources of financing are planned to be a private loan and State of Iowa HOME
funds. 2500 Muscatine Avenue is located within the City's Affordable Housing Location Model (November 2011);
it is an area on the map that is approved as eligible for funds to be used for assisted rental housing. The site is
attractive for the proposed project as it is on the City's bus route and is located very near to HyVee and other
retail, banks, doctor's offices, and other public services.
This request is for a loan in the amount of $258,239 with 0% interest. The proposed term is to be a payment of
the entire principal at the end of the term of affordability (20 years). This proposal is presented to match the
underwriting criteria required for consideration of State of Iowa HOME funds; 8% vacancy rate, minimum per unit
annual operating expenses of $2,750, annual operating reserve of $350 per unit, debt coverage ratio of between
1.2 and 1.5 throughout the compliance period,
Net rents are set at $650 per month (maximum HOME allowed rents). As a result, funds are available for debt
repayment to the private lender only throughout the 20 year period of affordability.
Total Number of Units Proposed:
6
Type of Units:
Number of Units: 6
Single Room Occupancy
Efficiency_
1 - Bedroom
_
2 - Bedroom
6
3 - Bedroom
4+ Bedrooms
7. Tell us why this project is needed (include information from CITY STEPS, the Iowa City Metro Area Affordable
Housing Market Analysis (December 2007) by Mullin & Lonergan Associates, and/or other market studies that
identifies the need for this type of housing in Iowa City) and how it will fill this need in the City's housing
market.
According to City STEPS; "Cost burdened renters need decent, affordable housing. Extremely low income
households have the greatest need for continued assistance in the form of a subsidy or an affordable unit. There
are 7,364 renter households that are experiencing housing problems" (i.e. cost burdened). Low-income related
renter households received a high priority in the STEPS plan.
The steps plan states; "Small families, specifically renters, experience the greatest degree of housing problems.
Existing affordable housing demand exceeds projected demand, and the need for rental units far outpaces the
need for owner units. With the cost of home ownership outpacing real median household Income, providing
assistance to rental households would be more cost-effective at this time."
The Affordable Housing Market Analysis December 2007 found that the existing demand for affordable housing
exceed projected demand by a ratio of 1.3 to 1. There is a need for an additional 544 rental units of housing
affordable to households with income up to 80% AMI. Market barriers identified in the study include "the high
cost of land and construction places new housing development beyond the reach of most affordable housing
developers."
This project will help fill these documented needs by adding affordable, small, family rental homes.
56
Housing FY13 CDBG/HOME Funding Request
8. Please specify the one most applicable priority need and priority need level, as shown in the 2011-2015
CITY STEPS Plan.
_Small Related Renter Households (Mb AMI and below)
Priority Need
9. Please provide the requested loan terms and affordability period:
HIGH
Priority Need Level (High, Medium or Low)
This request is for a 0% loan to be repaid in the amount of $258,239 at the end of year twenty (end of term of
affordability).
Loan
Affordability
Principal
Interest
Amortization
Period
Yearly
Amount
Rate
(Years)
(Years)
Payment
Terms
$258,239
0
N/A
20
SEE ABOVE
Requested*
*Financing terms will be based on project feasibility and the ability to repay the loan. Terms approved by City
Council may be different than what is requested. 10a. Please complete the table below showing the types and
amounts of funding being requested for the proposed project. Please check the appropriate box If the funding
source is committed. If not committed, please indicate when the applicant will apply for funds in Question #15,
Project Timetable.
Funding Source & Type of
Funds:
Funding
Amount
Interest
Rate
Amortization
Term
Committed?
Iowa City CDBG or HOME
Funding (public)
$258,239
0%
20
OYes ✓No
State of Iowa HOME or
CDBG (public)
$420,000
0%
20
OYes "No
IFA — Low Income Housing
Tax Credits (public)
$
OYes ONo
Bank Loan (private)
$336,500
4.5
30
30
OYes ✓No
Applicant Contribution of
Equity (private)
$
OYes ONo
Other Public Resources
(please list)
$
_
DYes ONo
Other Private Resources
(please list)
$
OYes ONo
TOTAL
$1,014,739
10b. Please provide the uses of funds for the project.
7— Uses of Funds Amount
Housing
57
FY13 CDBG/HOME Funding Request
21
Uses of Funds
Amount
Acquisition:
Building Acquisition
$
Land Acquisition
$161,000
Site Improvements
$
Construction
$732,690
Professional Fees
$ 15,000
Construction Finance
$
Permanent Finance
$
Developer Fee
$92,249
Reserves (required for State HOME)
Replacement ($350/unit)
(tent -Up Reserve (3 months rents for all
units)
$ 2,100
$11,700
Other (please specify):
$
TOTAL (Must equal TOTAL In 10a.)
$1,014,739
Amount of Private Funds $336,500 (a)
Amount of Public Funds $ 678,239 (b)
Total Project Funding $1,014,739 (c) a b
Number of bedrooms 12 (d)
Total public cost per bedroom $ 56,520 (e) b T d
Total Cost Per Unit $ 169,123* (f) c= #
Units
*Less than the HUD established 221(d)(3) Maximum
Mortgage Limits
10c. What percentage of the proposed budget will be made up of private funds? 33
11. If volunteers are used please describe how these volunteers are utilized for the proposed activity and
estimate the amount of volunteer time and value dedicated to the identified tasks.
Unskilled labor
Skilled labor:
Trustees & Committee Members
Skilled labor ( )
Skilled labor ( )
hours x $10 per hour = $
387 hours x $ 50 per hour = $ 19,350 (annually)
hours x $_ per hour = $,
hours x $_ per hour = $.
Total $
Housing
58
FY13 CDBG/HOME Funding Request
Is
12. Please identify any identity of interest (IOI) relationships with the applicant and/or project owner, i.e. General
Partner has a financial interest in the construction company, etc.
N/A
13. Describe what efforts have been taken to secure private or other public funding.
The State of Iowa HOME funds application is due on February 3, 2012,
Hills Bank and US Bank have been contacted to provide the private financing. The Housing Fellowship has long
term relationships with both lending institutions.
14. Program regulations require a 25% match for HOME funding. Describe how your organization or the
proposed project will help the City of Iowa City meet this match requirement for local HOME funds.
The units will be exempt from property tax, as per determination by Iowa City Attorney and Iowa City Assessor.
Local HOME funds requested: $ 258,239 x .25 = $ _64,560 Local Match
15. Briefly outline the proposed timetable for the commitment and expenditure of the funding being requested
(Include other project factors such as rezoning, construction schedule, or application(s) for other funding). If
applicant plans to apply for funds not committed to the project yet, include the anticipated date for
application. Please Note: If funded, this schedule will be used for any project agreement for the
use of CDBG\HOME funding.
Date: Description of Activity:
July 1, 2012 9 ainning of City Fiscal Year and Project Start Date
Aug 2012 Execute Funding Agreement
Oct 2012 Obtain Environmental Clearance and HUD Release of Funds
Dec 2012 Prepare Plans and Specs
Feb 2013 Advertise for Bids, Sign Construction Contract
April 2013 Begin Construction
Monthlv during Construction Submit Pavment Applications after on -site meetinas & collection of lien waivers
December 2013 Begin Marketing of new units
May 2014
July 2014
Complete Lease -Up
Project Close -Out
Housing
59
FY13 CDBG/HOME Funding Request
16. Briefly describe the project goals for providing or assisting in the preservation or expansion of affordable
housing in Iowa City, and how the project will benefit the targeted income group (e.g. goal of providing
rental housing to lower income persons without use of Section 8 rental assistance or level of subsidized rent
compared to market rates).
This project will expand the stock of affordable rental housing in Iowa City by six homes. The project will benefit
the targeted income group by providing newly constructed decent, permanent, affordable homes at a convenient
location near transportation, schools and services. Rents are set at a level to be affordable (i.e. no cost burden) to
working families without additional rental subsidies whose incomes meet the required HOME income regulations.
17. To help promote the efficient use of federal, state and local funding please describe how the project will
maintain long-term (in excess of CDBG\HOME program requirements) or permanent affordability; and, show
how the project will provide for affordable housing at rental rates or purchase price for owner -occupied housing
units lower than those in the existing market.
Security documents and mortgages will be recorded on the property. These instruments will define the term of
affordability. In conjunction with the Conditional Agreement between the City of Iowa City and The Housing
Fellowship, the project will be retained as affordable housing for twenty years. Annual reports from THE will ensure
the period of affordability. As a non-profit and long-term owner THE will offer the project homes as affordably
housingfor or the life of the property,
Rents are set at a level to be affordable (i.e. no cost burden) to working families without additional rental subsidies
whose incomes meet the required HOME income regulations. Monthly rents at $650 are set to be affordable to
households at or below 50% AMI.
18. Explain why this project needs and is worthy of the requested public subsidy.
NEED: The need for affordable rental housing in Iowa City is well documented in the City STEPS plan and in the
Iowa City Metro Area Affordable Housing Market Analysis. According to City STEPS; "Cost burdened renters need
decent, affordable housing. Extremely low income households have the greatest need for continued assistance in
the form of a subsidy or an affordable unit. There are 7,364 renter households that are experiencing housing
problems" (i.e. cost burdened). Low-income related renter households received a high priority in the STEPS plan.
The steps plan states; "Small families, specifically renters, experience the greatest degree of housing problems.
Existing affordable housing demand exceeds projected demand, and the need for rental units far outpaces the
need for owner units. With the cost of home ownership outpacing real median household income, providing
assistance to rental households would be more cost-effective at this time."
The Affordable Housing Market Analysis December 2007 found that the existing demand for affordable housing
exceed projected demand by a ratio of 1.3 to 1. There is a need for an additional 544 rental units of housing
affordable to households with income up to 80% AMI. Market barriers identified in the study include "the high
cost of land and construction places new housing development beyond the reach of most affordable housing
developers."
WORTHINESS: One of the exemplary CHDO's in the State, The Housing Fellowship has proven to be a capable
CHDO; well managed and respected. The Housing Fellowship has established and maintains viable public/private
partnerships; including Iowa City, The Housing Fellowship has a long history of meeting and/or exceeding
performance targets, and compliance requirements largely within budgets. Excellent working relationships have
been established with the City's CPD and Housing Authority staff.
The Housing Fellowship's programs have impacted low-income families and the Iowa City Community in positive
ways. The average length of stay for families in a Fellowship's rental home is 53 months; contributing to families
stability, increasing student performance and stabilizing neighborhoods. Tenants' lengths of stay are considerably
longer than the average renter household in Iowa City.
19. If funding Is granted for this project, what steps are in place to decrease the likelihood it will require further
subsidy in the future?
2
Housing
FY13 CDBG/HOME Funding Request
Vft-
The Housing Fellowship intends for the City's investment to provide a financially feasible and well managed project
for the life of the property. The request for City HOME funds is the minimum required to fill the gap between other
public and private sources of financing. The Housing Fellowship will continue to analyze and implement sound
property management practices by well trained staff. The attached pro forma depicts the financial feasibility of the
project and allows for the establishment of reserves for repairs and replacement costs. The required term of
affordability restricts the City from further investment of federal funds for 20 years.
20. If partial funds are awarded, will the project/program continue? 0 Yes ✓ No
If yes, at what level?
Reminder: Rental housing (including rental rehabilitation) projects
MUST complete and submit the pro forma (excel format)
provided by the City with this application.
Rental housing applications submitted without the City's pro forma will
not be considered.
21. An objective of the City of Iowa City Comprehensive Plan is to promote a diversity of housing types and mix
of all income levels. Please describe the target population this project is to serve and how the project will
promote diversity within the neighborhood.
The project Is planned to be built in a neighborhood where at least 51% of the residents have household incomes
that exceed the AMI. Therefore, adding affordable, income targeted rental homes will increase the economic
diversity of the surrounding neighborhood. The target population to be served very low-income small related
family households.
22. On the map provided, please show the location of the proposed project.
See attached
23. Also, please indicate the number of persons or households that will be served by the proposed project by
Income category. (Please Note: If this application is funded, the information in this table will be
used as income targeting for the CDSG\HOME Agreement).
Number between 0 - 30% median income
Number between 31 -- 50% median Income
Number between 51 — 60% median income
Number between 61 - 80% median income
Number between 80 - 100% median income
Number over 100% median income
households (a)
_ 2* households (b)
_.9* households (c)
households (d)
households (e)
households (f)
Total _6 households (g)
Percent LMI _100 (a+bfc+d) g
Housing
61
FY13 CDBGIHOME Funding Request
IM
*This response is based on the HOME regulations, It is anticipated that some households will have incomes
between 0 -- 30%, as presently the average income of the majority households residing in The Housing
Fellowship's rental homes fall between 0 — 30% AMI.
24, Does the proposed project pay full property taxes? O Yes ✓ No
If YES, what is the estimated value of taxes generated from this Project? $0
If NO, does the proposed project make a Payment In Lieu Of Taxes or pay at a reduced rate?
OYes /No If yes, what is the percent of full taxes paid? 1 and amount paid is .$
25. Does your project represent an Innovative solution to meet the specific need it is Intended to satisfy? If so,
please explain.
The Housing Fellowship has a long history of implementing Innovative solutions to affordable housing. This project
Is innovative as it will be targeted to small, related, very low-income households.
26. Please select one main objective, outcome, and output Indicator for the proposed project. Second, provide
specific project indicators in the narrative (i.e. number of units to be rehabilitated, number of households
assisted, number of units constructed, etc.)
Objective: O Suitable living environment
Outcome: O Availability/accessibility
Output IndicabDr: O Persons
✓ Decent affordable housing O Creating economic opportunities
✓ Affordability
✓ Households
O Sustainability
O Housing units
27. Please list amount of CDBG and/or HOME funds received within the last four City fiscal years and the status of
the project(s) undertaken. (City fiscal year July 1 to June 30)
Fiscal Year Funds Recv'd
Budgeted
Amount
Amount
Expended
(as of 12/31/11)
Date All Units
Completed
FY09 (July 2008 — June 2009)
$ 226,000
$ 226,000
12/31/2010
FY10 (July 2009 - June 2010)
$2,930,687
$2,930,687
12/31/2010
FY11 (July 2010 - June 2011)
$ 442,351
$ 188,638
FY12 (July 2011- June 2012)*
$ 249,800
$ 249,800
*Six months remaining in FY12 at time of this application.
28. Is the applicant (including partners, co -applicants, etc.) currently in compliance with all federal, state and
LW local laws, rules and regulations, including any CDBG and/or HOME funded projects? ✓ Yes O No
If "NO" or a matter is currently in litigation please give the name of the case and explain the basis for the case.
62
Housing
FY13 CDBG/HOME Funding Request
29. If the applicant has not received HOME/CDBG funds in the past three years, please provide evidence of your
organization's administrative capacity, financial skills, commitment and/or experience to undertake and
complete the proposed project within the established timetable and budget.
N/A
30. Please describe your organization's structure, officers and staff, as it relates to the overhead cost for this
project.
BOARD OF TRUSTEES
OFFICERS _ COMMITTEES (Trustees and Community Members)
President Executive
Vice President Finance
Secretary [Treasurer Recruitment/Orientation
Housing Advisory
Audit
EXECUTIVE DIRECTOR
OFFICE MANAGER PROJECT MANAGER FINANCE MANAGER COMPLIANCE
MAINTENANCE AND REPAIR
EMPLOYEE
The mission of The Housing Fellowship is to provide quality homes that are affordable to people with limited
incomes. The Housing Fellowship incorporated as a non-profit in 1990. A community based housing
organization; the Housing Fellowship began as a response to the severe shortage of affordable housing in our
community by representatives from area religious congregations. The Housing Fellowship has fifteen
congregations and four Human Services Agencies as permanent members. (Permanent members serve a
supportive community role, not as Trustees.) Member organizations have the ability to call a meeting of the
membership to review the activities/performance of the Trustees and/or staff.
The Board of Trustees serves as the policy making body. At least one third of the Board of Trustees represents
the low-income community, Trustees represent key areas of expertise pertinent to the business of the
Corporation. The Housing Fellowship employs six people.
The Housing Fellowship works closely with local providers of services. HACAP, the Neighborhood Centers, Shelter
House and Four Oaks/Youth Homes are permanent members of the Housing Fellowship. The Housing Fellowship
is active on the Local Homeless Coordinating Board and co-founded the Housing Trust Fund of Johnson County,
Housing
63
FY13 CDBG/HOME Funding Request
THF's Executive Director serves as ex-officio for the Housing Trust Fund. In -kind support of space, phone and
supplies are provided to the Trust Fund.
The Housing Fellowship administers three programs in Johnson County all of which address the housing needs of
low-income households. The affordable rental housing program provides safe, decent, affordable rental homes
scattered throughout Iowa City and Coralville to low-income families. The Housing Fellowship has met the
rigorous criteria established by the U.S. Department of Housing and Urban Development (HUD) and is certified as
a Community Housing Development Organization (CHDO). The CHDO certification is monitored annually by the
Planning and Community Development Department of Iowa City and by the Iowa Finance Authority. Some
criteria for the CHDO certification are that one third of the Board of Trustees must represent the low-income
community or reside in a HUD designated low income neighborhood and that the non-profit must demonstrate
the capacity to develop affordable housing. The Housing Fellowship is one of the premier CHDOs in the state of
Iowa.
The Housing Fellowship builds and or acquires/rehabilitates properties for use in the rental housing program. At
the time of this writing, The Housing Fellowship owns and manages 138 rental homes. Construction of 22 rental
dwellings in Iowa City and North Liberty will begin in the Spring. The homes are scattered throughout Iowa City
and Coralville and include various housing types. This provides more choices for low-income households as to
where they want to live and in what type of home.
The financing for affordable rental projects is complex and multi -layered. In order to be awarded low-income
housing tax credit equity from the Iowa Finance Authority, a separate Limited Partnership must be established. A
typical housing project includes four -- seven different sources of financing with strict compliance issues and
separate accounting. The Housing Fellowship manages five separate entities in its rental housing program.
In 2010, THE and Partnerships housed 427 persons including 259 children. The average annual household
income increased in 2010 from the previous year from $17,866 to $20,649, 63% of the heads of households are
employed and 17% are disabled. 71% of the households are headed by single moms.
Styles of houses include single family detached, duplex, townhomes and condominium homes. Sizes range from
two to four bedrooms. The homes are located in eleven of the thirteen Iowa City and Coralville elementary
attendance areas. An active Board of Trustees and Housing Advisory Committee review the potential sites of
homes and consider proximity to public transportation, schools, and essential services. The application for rental
housing asks applicants for their preferences in neighborhoods and school districts.
Key personnel for the proposed project include: Maryann Dennis has been the Executive Director of the Housing
Fellowship since January 1993. She has extensive experience in working with low-income families and the
administration of federal and private funding sources. She currently oversees The Housing Fellowship's HTFJC,
CDBG, HOME, FHLB contracts and partnership agreements. Ms. Dennis is a certified Housing Development
Finance Professional through the National Development Council. She holds a Masters Degree in Social Work
Administration and Social Development from the University of Iowa. She serves as ex-officio of the Housing Trust
Fund of Johnson County, was appointed to the Johnson County Housing Task Force and the Equity Committee of
the ICCSD, and serves on the Board of Directors of Successful Living, Inc.
Barbara Bailey was the contracted accountant for over eight years and joined The Housing Fellowship full-time in
February 2007. Ms. Bailey prepares budgets, maintains financial records, reconciles all accounts, and prepares all
financial reports and balance sheets for the Board of Trustees. Ms. Bailey is certified as a Development Finance
Professional through the National Development Council. She serves on the Green Development Committee and
has extensive training in passive house design.
Tashundra Marshall, Compliance Specialist re -joined the staff in May 2008. Ms. Marshall holds a B.A. Degree in
Sociology from the U of I. She served as Office Manager at THE from 2004 — 2005, leaving to be an Income
Maintenance Worker at DHS. Ms. Marshall is a Certified Credit Compliance Manager through Spectrum
Companies.
Tammy Spies, Project Manager, joined THE staff in September 2003 after serving as Office Manager and
Estimator of Arena Auto Body for over 12 years. Ms. Spies had been a tenant at the Housing Fellowship from
1993 until she purchased her first home in 2010. Ms. Spies holds an Associate of Arts Degree from Ellsworth
Community College in Sales Management. She has demonstrated excellent skills in property management
Housing
64
FY13 CDBGIHOME Funding Request
practices and public funding compliance issues. She has completed compliance training for federal funds
sponsored by the Iowa Department of Economic Development and the Iowa Finance Authority.
Danielle Chambers, Office Manager, joined the Housing Fellowship in October 2010. Danielle holds a Bachelor
(W Degree in History from the University of Iowa. She has experience in the real estate industry in both Illinois and
Iowa. Prior to that, Danielle worked on various political campaigns. Ms. Chambers is a Certified Credit
Compliance Manager through Spectrum Companies.
A
Ed "Butch" Seydel, Maintenance and Repair Employee, joined THE in June 1999. Mr. Seydel has well over 30
years of experience in the building trades and facility repair and maintenance.
THF's staff members have attended training to ensure funding compliance and recordkeeping offered by IA
Department of Economic Development, IA Finance Authority, Midwest Housing Equity Group and Spectrum
Companies. The recent purchase of property management software compatible with HUD and the Low -Income
Housing Tax Credit programs has streamlined the operations of THF.
The Housing Fellowship's financial statements are audited, as per federal requirements, each year.
Housing
65 FY13 CDBG/HOME Funding Request
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