Template Common Wall Agreement by bqg46662

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									                                                                                                                                                                                                                                                                                                                                 v.3.0

04/25/2011 - V1
                                                                                                                                                                                                                                                             Programs
                                                                             Electronic Application                                                                                                                                                          ARIF       x
Must be saved as                                                                                                                                                                                                                                             BL
   a 97-2003                Minnesota Multifamily Rental Housing Common Application                                                                                                                                                                          CF
##### YES                   Multifamily Underwriting Division                                                                                                                                                                                                DM         x
workbook (xls)                                                                         Submit the completed Multifamily Rental Housing                                                       MHFA USE ONLY
       john                 400 Sibley Street, Suite 300                                   Common Application form electronically at                                                                                                                         EDHC       x
 for macros to
                            St. Paul, MN 55101-1998                                  https://online2.mhfa.state.mn.us/rfp-upload/index.aspx                                           Date:                                                                  EDHCE      x
 work and for
                                                                                                                                                                                  App. No.:                                                                  EMG        x
import into our
   database.                                              MULTIFAMILY APPLICATION FORM                                                                                            Dev. No.:                                                                  FFCC
                                                          Submission Due Date                 6/14/2011                                                                           MHFA # :                                                                   FHF
                                                                                                                                                                                  HTC No.:                                        00000      Phone Numbers   GMHF
This form is used for multifamily first mortgage loan programs, deferred loans and housing tax credits.                                                                              HDO:                                                                    HOM        x
            Click where appropriate :
                                                                                                                                                                                    ARCH:                                                                    HOPWA      x
                    Application                         Funding Modification                     Initial Closing/Closing                HTC 8609                                     HMO:                                                                    HTF        x
                    Selection Meeting                   HTC Carry ov er                          Final Closing                                                                     Round:                                                                    HTFT       x
                    Board Select/Approv al              LMIR Commitment                          Deferred Final                                                                                                                                              IHA
                                                                                                                                                                                                                                                             IIH        x
 I. PROPOSAL REQUEST                                                                                                                                                                                                                                         LHIA
     A. DEVELOPMENT LOCATION:                                                                                                                                                                                                                                LIHC
                                                                Check if this project will hav e multiple buildings.                                                                                                                 FALSE                   LMIR
Development Name/Program Name:                                                                                                                                                                                                                               MARIF      x
                                                                                                                                                                                                                                                             MECF
Street Address:                                                                                                                                                             Latitude:                                                                        MHOP
                                                                                                                                                                                                                                                             PARIF      x
City:                                                      Zip:                                     County:                                                                 Longitude:                                                                       POPSHP
                                                                                                                                                                                                                                                             ARIF
     B. APPLICATION REQUEST:                                                                                                                                                                                                                                 BL
                                                Amount of funds requested at this time:                                      Housing Tax Credits Only
                                                                                Complete Sections                                                                                                Issuance Date
                                  Super RFP(Deferred Loans)                           I-VIII                                          NA                Reserv ation

                                       * LMIR First Mortgage                       $0            I-VIII                                                 Carry ov er

                                        * Housing Tax Credits                      $0             I-IX                                                  8609

GO Bonds                                     Rent Assistance                                     I-VIII                                                 Tax Exempt Bond Credits

                                           Operating Subsidy                                     I-VII                        Type of Credits
                                           MN DEED                                               I-VII                          Allocator
                                           GO Bonds
     Have you also submitted a single family application this round?
                         * Requires submission of separate application fees. See instruction page. Check(s) enclosed in the amount of:
 Hav e y ou prev iously applied for and/or receiv ed any of the following funds for this dev elopment?
                                                                                                                                                            Housing Tax Credits only - check one.
                   Yes            No
            If yes, complete below                                                                                                                                    first request                                                                                         HOPWA - Capital
                                                      Year                               Amount Awarded                            Loan No.                                                                                                                                 HOPWA - Rent Assistance
    MHFA Single Family Homes RFP                                                                                                                                      supplemental request                                                                                  HOPWA - Intervention
                                                                                                                                                                                                                                                                            HOPWA - Operating Subsidy
   MHFA Multifamily RFP (Deferred)                                                                                                                                    repeat request - not selected                                                                         HOPWA - Other
                  MHFA First Mortgage
        Project Based Rental Assistance
                    Housing Tax Credits                                                                                                                                     Allocator
     C. HOUSING AND POPULATION TYPE
                                                   # Units in                                                                                                                   # Units in
                                                  Development
                                                                       # RFP Units
                                                                                                                                                                               Development
                                                                                                                                                                                                      # RFP Units   # LTH Units

Type of Housing and # of units: (Fill in all that apply)                                                                        Population Targeting: (Fill in all that apply):
Emergency Shelter                                                                                                 Targeted      General Occupancy
Transitional (up to 24 months)                                                                                                  Families with Children                                                              LTH Family
Perm. Rental with Support Services                                                                                              Single HH with Children
Service Enriched                                                                                                                Indv/Families of Color
Permanent Rental                                                                                                                Youth                                                                               LTH Youth
Housing Tax Credits                                                                                                             Single Men
Rental Assistance                                                                                                               Single Women
Metro HRA Project Based                                                                                                         Near Homeless                                                                       LTH Single
St. Paul PHA Project Based                                                                                                      Homeless
Minneapolis PHA Project Based                                                                                                   Long Term Homeless
HOPWA (choose type below)                                                                                                       Elderly
                                                                                                                  Disabled      Mental/cognitive
MHFA Rental Assistance (choose type below)                                                                                      Chemical dependency
                                                                                                                                People/families with HIV/AIDS
MHFA Operating Subsidies (choose type below)                                                                                    Physical disability
                                                                                                                                Developmental disability
Other (specify below)                                                                                                           Traumatic Brain Injured
                                                                                                                                Other (specify below)




                                               MHFA Application Form RFP/HTC1                                                                                                                                                                                                                           1   1/24/2012 11:27 AM
                                                                                                                                                                                                                                          v.3.0

 04/25/2011 - V1
                                                                                                                                                                                                  Programs
                                                                               Electronic Application                                                                                             ARIF       x
 Must be saved as
 II. DEVELOPMENT TEAM
      A. DEVELOPER INFORMATION/APPLICANT INFORMATION:

               Name (s):                                                                                  Social Security No.:
               Address:                                                                             Fed. Tax ID No (Not SSI):
                  City:                                                                                                 State:
                                                                                                                    Zip Code:
         Contact Person:                                                                                                                                          E-mail:
             Telephone:                                                                                   Fax:                                               Cell Phone:
                               The dev eloper must be a legal entity (e.g. partnership, corporation etc.) or indiv idual.

                                         Dev eloper is current owner and will retain ownership.
                                         Dev eloper is the Project Dev eloper and will be part of the final ownership entity
                                         Dev eloper is the project Dev eloper and will not be part of the final ownership entity . (Briefly describe the planned process and timing.)
                                         Applicant administering program funds.

      B. OWNERSHIP / PARTNERSHIP INFORMATION:
                  HTC Note: - The MHFA reserves tax credits to the partnership and General Partners or to the limited liability company.
                  Reservations are not transferable. Any change in the General Partner status requires MHFA approval.

               Name (s):                                                                                       Fed. Tax ID No.:                           (not Social Security number)
               Address:                                                                                                  State:
                  City:                                                                                              Zip Code:

         Contact Person:
             Telephone:                                                                                   Fax:                                                    E-mail:

            Legal Status of Ownership Entity                                                                                              Specify if 'Other' selected

Notes:      MHFA First Mortgage program requires ownership by a single asset entity.

         * POHP - requires ownership by public entity
         * For HTC Applications refer to Chapter 3 of the HTC Procedural Manual
           for non-profit qualifications. Requires IRS letters of 501(c)(3) or 501(c)(4) status.

            Name of General Partner(s) / Contact Person                                        Telephone                                Non-Profit       % Ownership




                                                                                                                                                                0.0000%

      C. DEVELOPMENT TEAM:

                                               Name                                    Contact                         Phone                                     Fax                     E-mail
 Processing Agent:
 Attorney:
 Architect:
 General Contractor:
 Service Provider:
 Non Profit Lessee:
 Management Co.:
  Does an identity of interest exist between ownership Entity and General Contractor?
              Yes                         No

    Does the abov e entity currently manage the property ?
            Yes            Length of Time:                                        No                                           N/A

    Will the building hav e an on-site caretak er?
              Yes                         No




                                                 MHFA Application Form RFP/HTC1                                                                                                                                  2   1/24/2012 11:27 AM
                                                                                                                                                                                                                                                                                          v.3.0

04/25/2011 - V1
                                                                                                                                                                                                                                              Programs
                                                                            Electronic Application                                                                                                                                            ARIF           x
Must be saved as
III. DEVELOPMENT INFORMATION

     A. ACTIVITY TYPE:

Type of Activity (Check all that apply):
                                                                Scattered Site Dev elopment
          Acquisition
                                                                Refinance
          New Construction
          Rehabilitation                                        Conv ersion/ adaptiv e re-use
          Demolition                                            Historic Preserv ation/Renov ation
          Stabilization                                         Preserv ation of Federally Assisted Housing
          Rental Subsidy                                                     (please specify type: (i.e.; Sec 8))
                                                                Other (Specify )


     B. BUILDING INFORMATION:

Total Site Area Sq Ft:                      0                               Acres                                    Density:        #DIV/0!      (units/acre)
          Type of Construction:                                                                                     Choose one
          Year Built                                                                            If existing:             Occupied        Vacant         NA

                           Types of Structures                          Type of            Number of              Number of         Number of         Gross             Const.         Costs              % of TDC
                                                                       Building            Buildings               Stories           Dwelling        Sq. Feet           Costs          per Sq. Ft.
                                                                                              (1).                                  Units (DU)         (2).
                                                                                                                                                                                                                          Pass to FMP
          Housing Space:
          New Construction                                                                                                                                                                           -               0%                 0   0 <-TotalBldgs
          Rehabilitation                                                                                                                                                                             -               0%

          Non-Housing Space:
          Covered Parking                                                                                                                                                                            -               0%
          Administration/Programmatic                                                                                                                                                                -               0%
          Commercial/Other (3)                                                                                                                                                                       -               0%
                          TOTALS                                                                  0                                     0                0                       $0                  -

          (1). Total number of residential structures.
          (2). Count Basements and Balconies at 1/2 sq. footage.
          (3). Other includes: common space, commercial, congregate dining, day care, etc.
          Number of Parking Spaces:             Surface                                                         Monthly fee
                                                Covered                                                         Monthly fee
                                                TOTAL                              0
     C. PROPERTY DESCRIPTION:
Site Control:
   Does Applicant currently control the property /building?                                                                                                                Ty pe of Existing Loan:

             Yes                       No
                                                                                                                                                                                      Mortgage
Type of Site Control:                                                                                                                                                                 Contract for Deed
        Number of buildings currently under control:                                                                                                                                  Other
        If Ownership:
            Purchase Price of the Property/Building:                                                    Date of Purchase:                                                             None
        If Purchase is Proposed:
               Date of Purchase/Option Agreement:                                                               Expiration Date of Purchase/Option Agreement:
        If Leased:
                                  Amount of Lease:                                                             Term of Lease:
        If Tribal land, have approvals been received?
Developments Involving Acquisition (Check all applicable):
         Buildings acquired or will be acquired from unrelated party

         Buildings acquired or will be acquired from related party



Existing Subsidies:
                                                                                                                * Are any of     * Are the        * Is the contract for federal
                                                                                                                                                                                    * Is the federal assistance at risk
                                                                                                                these funds      assisted units   assistance at risk of expiring in
                                                                                                                                                                                    of loss due to deterioration of
Type of Subsidy                                                         Type               # of Units           subject to       at risk of       2 years or less, or is the
                                                                                                                                                                                    the capacity of the current
                                                                                                                long term use    conversion to    building at risk due to physical
                                                                                                                                                                                    ownership/management entity?
                                                                                                                restrictions?    market rents?    deterioration?




                                                                                                          0




                                                MHFA Application Form RFP/HTC1                                                                                                                                                                                   3   1/24/2012 11:27 AM
                                                                                                                                                                                                                                                                                                                                  v.3.0

04/25/2011 - V1
                                                                                                                                                                                                                                                       Programs
                                                                                 Electronic Application                                                                                                                                                ARIF       x
Must be saved as
Existing Indebtedness on the Property/Building:
                Name and Address of                                     Original Loan             Interest               Term            Unpaid             Date of            Number of      Restricted to       Loan to be        Income     Rent                    HUD      Monthly        Date of
        Lender(s) of Existing Loans, Subsidies                            Amount                    Rate                                 Balance            Maturity           Restricted       Special          Paid Off in this    Limits   Limits                  Insured   Payment          First
         and Grants (secured and unscecured)                                                                                                                                     Units        Populations?       Transaction ?                                        Y or N                   Payment




TOTAL                                                                                 $0                                                            $0                                                                                                                                    $0

Unusual Site Features: (Check all that apply):

                              Floodplain                                                    High-tension wires                                           Fill
                              Steep ravines or grades                                       Rock formations                                              Creek, lake, etc.
                              Near airport                                                  Poor drainage                                                High water table
                              Within 300 feet of railroad                                   Unstable soil                                                Industrial/environmental hazard

Zoning:
   Is the property in compliance with current zoning requirements?
                                                                                                                                Yes                 No

      If No, what is the proposed rezoning classification and timeline?
  Does the site require annexation actions?
                                                                                                                                Yes                 No
            Duration of the process:

Present Zoning/Classification:                                                                                                    Max. units/acre:
  Are there v ariances, conditional use permits or special use permits required?
                                                                                                                                Yes                 No

  Is property in historic district or designated a historic building?
                                                                                                                                Yes                 No

  Has the city approv ed the proposed Park ing Plan?
                                                                                                                                Yes                 No

  What is the per unit parking requirement?                                                 Garage/unit                             Surface per unit

Utility Information:

Is or will the development be connected to the following:
 Municipal Water                                                                      Gas
                                              Yes                  No                                                           Yes                 No

            Provider:                                                                       Provider:
 Municipal Sewer                                                                      Electric
                                              Yes                  No                                                           Yes                 No

            Provider:                                                                       Provider:
  Off-site public improv ements or substantial utility extensions necessary ?

             Yes (If y es, state nature, amount and plan for construction)                                                       No




Planning and Development:
   Is the proposal consistent/in compliance with one or more of the following? (Check all that apply )

         Neighborhood or Community Rev italization Plan                         Planned Unit Dev elopment (PUD)                 Continuum of Care            RHAG Guidelines            Interagency Stabilization Group

         Tax Increment Financing (TIF)                                          Comprehensiv e Plan                             Other (specify ):



Jurisdictions/Political Districts:
Census Tract Number
    This project is located in a                      Qualified Census Tract                     Difficult Dev elopment Area               State Designated Basis Boost

  State Senate District                                        State House District                                                   RHAG Region
Congressional District                                                  Economic Development Region




                                                MHFA Application Form RFP/HTC1                                                                                                                                                                                                                           4   1/24/2012 11:27 AM
                                                                                                                                                                                                                                                                                                                                                                          v.3.0

04/25/2011 - V1
                                                                                                                                                                                                                                                                 Programs
                                                                           Electronic Application                                                                                                                                                                ARIF              x
Must be saved as ANNUAL INCOME AND EXPENSES
IV. ESTIMATED

            A. HOUSING INCOME
RFP
Unit                                                                                                        Monthly
                             Approx. Size Proposed                                     Estimated Cost                                    Total Rooms
Type                                                     Total Annual                                       Gross Rent
                             (Net Rentable Monthly                                     of Monthly                         Rental Rooms   (# of Units x   Rent Limit (%   Income Limit                                                              Owner Owned units owned units
                                                                                                                                                                                                                                                                PHA                    sgft   $   rooms             units       Owner Owned sf
(0BR,       # of DU                                      Contract Rent                                      (Proposed                                                                    Unit Type*             Program        Sub Program
                             Sq. Ft.) of   Contract Rent                               Utilities Paid by                  Per Unit***    Rooms Per       of AMI)         (% of AMI)
1BR,                                                     (# x rent x 12)                                    Contract Rent
                             Units         Per Unit                                    Occupant                                          Unit)
2BR,                                                                                                        + Utilities)
etc.)
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0   0BR/SRO           0                0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0   1BR               0                0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0   2BR               0                0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0   3BR               0                0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0   4BR               0                0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0   5BR               0                0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0   6BR               0                0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0   Beds              0                0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0                     0                0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0                                      0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0                                      0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0                                      0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0                                      0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0                                      0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0                                      0
                                                                               $0                                $0           0.0               0                                                                                                           0                  0         0    0       0                                      0
UNITS:              0                      0 TOTAL GRP:                        $0                                      TOTAL ROOMS:             0                                  ***   Eff/SRO. = 2.5 rooms                                               0                  0         0    0       0                                      0
                                                                                                                                                                                         1 BR = 3.5 rooms                                     Non-MHOP Totals                  0         0    0       0
* Indicate if: HTC, HOME, Market Rate (MR), Employee Occupied (EO), Owner Occupied (OO),                                                                                                 2 BR = 4.5 rooms
         Project Based Assistance (PBA), Hollman (MHOP), Federally Assisted (FA)                                                                                                         3 BR = 6.0 rooms
                                                                                                                                                                                         4 BR = 7.0 rooms
  Utilities to be paid by Occupant (Excluding Telephone):                                                                                                                                5 BR = 8.5 rooms
                                                                                                                                                                                         6 BR = 9.5 rooms
        Water & Sewer                 Heat -Ty pe:                                                                                                                                       Bed = 2.0 rooms
        Hot Water                      Air Conditioning
        Household Electric             Other-Specify :

  Source of Utility Allowance Calculation (Treasury Reg 1.42-10, rev ised 07/29/08)

         Public Housing Authority                                                     Other (Specify )
                                                                                                                                                                                                                      Percentage of Total
         Utility Company                                                     Effective Date of Source of Information:                                                                                             #DIV/0!          #DIV/0!         Units
                                                                                                                                                                                                                  #DIV/0!          #DIV/0!         Square Feet
                        1.   GROSS POTENTIAL RENT:                                                                                                                                                                                    Total


                             a. Rental Housing Potential                                                                            $0                                                                                    $0                  $0
                             b. Parking/Garage Rent Potential
                                       # of surface parking              0                  Monthly fee               $0
                                      # of covered parking               0                  Monthly fee               $0            $0                                                                                                        $0
                             c. Commercial Rent Potential (specify)                                                                                                                                                                           $0
                             d. Miscellaneous Rent Potential (specify)                                                                                                                                                                        $0
                             e. Gross Potential Rent (Total Lines 1a thru 1d)                                                                       $0                                                                    $0                  $0

                        2.   RENTAL LOSS:                                                                                                                                                                                             Total
                             a. Rental Housing Vacancy
                                            Vacancy Factor        7.0%                        x Line 1a =                           $0                                                                                                        $0
                             b. Parking/Garage Vacancy
                                            Vacancy Factor                                    x Line 1b =                           $0                                                                                                        $0
                             c. Commercial Vacancy
                                            Vacancy Factor                                    x Line 1c =                           $0                                                                                                        $0
                             d. Miscellaneous Unrealized Income                                                                                                                                                                               $0
                             e. Employee Rent Credits                                                                                                                                                                                         $0
                             f. Out of Service Units                                                                                                                                                                                          $0
                             g. Rental Concession Adjustments                                                                                                                                                                                 $0
                             h. Bad Debt                                                                                                                                                                                                      $0
                             i. Total Rental Loss (Total Lines 2a thru 2h)                                                                          $0                                                                    $0                  $0

                        3.   NET RENTAL COLLECTIONS: (Line 1e. minus 2i.)                                                                           $0                                                                    $0                  $0




                                             MHFA Application Form RFP/HTC1                                                                                                                                                                                                                                                                      5   1/24/2012 11:27 AM
                                                                                                                                                                                                                                                                                                                                                                               v.3.0

04/25/2011 - V1
                                                                                                                                                                                                                 Programs
                                                                Electronic Application                                                                                                                           ARIF                 x
Must be saved as OTHER INCOME:
               4.                                                                                                                                                                           Total
                       a. Tenant Fees                                                                                                                                                               $0
                       b. Other Income
                                 Laundry Equipment:         $/DU/Year                                                     $0                                                                        $0
                                 Other (Specify) :                                                                                                                                                  $0                      Annual Tax Increment Financing (TIF) Receipts:
                                                                                                                                                                                                    $0
                       c. Total Other Income (Total Lines 4a thru 4d)                                                               $0                                            $0                $0
                       NOTE: FOR HTC ONLY
                       If there is a separate charge for tenant facilities, offices, parking, garages, club house, swimming pool,
                       storage lockers, etc., the associated costs are not included in eligible basis.
                  5.   TOTAL REVENUE (Lines 3 plus 4e.)                                                                             $0                                            $0                $0

          B. ANNUAL OPERATING EXPENSES:                                                                                                                                                     Total
                  1. ADMINISTRATIVE EXPENSES
                      a. Advertising and Marketing                                                        a.                                                                                        $0
                      b. Management Fee (based on 100% occupancy)
                                      $/Unit/Month Fee:                $0.00
                                      % of Total Revenue:               0.0%                              b.              $0                                                                        $0
                      c. Legal                                                                            c.                                                                                        $0
                      d. Auditing                                                                         d.                                                                                        $0
                      e. Telephone                                                                        e.                                                                                        $0
                      f. On-Site Management Payroll                                                       f.                                                                                        $0
                      g. Other Administration                                                             g.                                                                                        $0
                      h. Total Administration (Total Lines 1a thru 1g)                                                              $0                                            $0                $0
                  2. MAINTENANCE EXPENSES
                      a. Elevator Maintenance / Contract                                                 a.                                                                                         $0
                      b. Exterminating                                                                   b.                                                                                         $0
                      c. Rubbish Removal                                                                 c.                                                                                         $0
                      d. Other Contract Services                                                         d.                                                                                         $0                                                                                             $0   Operating & Maintenance total for Valuation tab
                      e. Janitor Supplies                                                                e.                                                                                         $0                                                                                             $0   Soft Costs for Sources & Uses tab
                      f. Maintenance Supplies                                                             f.                                                                                        $0                                                                                             $0   Financing Costs for Sources & Uses Tab
                      g. Grounds Maintenance                                                             g.                                                                                         $0
                      h. Snow Removal                                                                    h.                                                                                         $0
                      i. Heat & A/C Repair Services                                                       i.                                                                                        $0
                      j. General Repair Services                                                          j.                                                                                        $0
                      k. Paint/Decorating Materials                                                      k.                                                                                         $0
                      l. Maintenance & Jan. Payroll                                                       l.                                                                                        $0
                      m. Other Maintenance and Operating                                                 m.                                                                                         $0
                      n. Other:                                                                          n.                                                                                         $0
                      o. Total Maintenance (Total Lines 2a thru 2n)                                                        o.       $0                                            $0                $0
                  3. UTILITIES
                      a. Electricity                                                                      a.                                                                                        $0
                      b. Water & Sewer                                                                    b.                                                                                        $0
                      c. Gas and Oil                                                                      c.                                                                                        $0
                      d. Total Utilities (Total Lines 3a thru 3c)                                                           d.      $0                                            $0                $0
                 3.5 UNIQUE OPERATING EXPENSES For Supportive Housing                                                     3.5.                                                                      $0
                  4. INSURANCE                                                                                              4.                                                                      $0

                  5.   TOTAL MANAGEMENT AND OPERATING EXPENSES
                       (Add Lines B.1h, B.2o, B.3d, B.3.5 and B.4)                                                                  $0                                            $0                $0
                       a. Total Mgmt. and Operating Expenses Per Unit Per Mo. (Line B.5 / Total # Units / 12)                       $0                                            $0                $0
                       b. Total Mgmt. and Operating Expenses Per Room Annually (Line B.5 / Total # Rooms)                            M
                                                                                                                                    $0 & O $/Unit/Year = $0.00                    $0                $0
                  6.   RESERVES AND ESCROWS                                                                                                                                                 Total
                                                                                                                                                                                                                 LIRC Calculation
                       a. Real Estate Taxes -             $ Per Unit             $0   X # Units=                                    LIRC                    PILOT                                   $0                  IF YOU KNOW MARKET VALUE & TCR
                           Current Assessed Market Value
                           Proposed Market Value after Rehab                                                                                                                                                     Market Value                      $0                        $    -     $      -
                           Expected LIRC percentage                                                                                                                                                              Tax Capacity Rate                                                 0%         0%
                       b. Replacement Reserve -$ Per Room                             X # Rooms=                          $0                                                                        $0           Normal Class Rate                                               1.0%       0.0%
                       c. Painting & Dec. Reserve - $/ Room                           X # Rooms=                          $0        RR and PD Reserves = $0.00                                      $0           Non-LIRC Property Tax             $0        #DIV/0!         $    -     $    -
                       d. Miscellaneous Reserves -$ Per Room                          X # Rooms=                                                                    ###########                     $0
                       e. Total Reserves & Escrows (Total Lines a thru d)                                                           $0                                            $0                $0   #REF!
                  7.   EFFECTIVE GROSS EXPENSES (Add lines B.5 and B.6e)                                                            $0                                            $0                $0           Qualifying %                      0%
                       (Total Mgmt. and Operating Expenses plus Reserves and Escrows)                                                                                                  $0                        LIRC Tax                          $0        #DIV/0!
                  8.   NET OPERATING INCOME (Line A.5, Total Revenue, minus Line B.7)                                               $0                                            $0                $0




                                      MHFA Application Form RFP/HTC1                                                                                                                                                                                                                                                                            6         1/24/2012 11:27 AM
                                                                                                                                                                                                                                                                                         v.3.0

04/25/2011 - V1
                                                                                                                                                                                                                       Programs
                                                                 Electronic Application                                                                                                                                ARIF               x
Must be saved asSUPPORTABLE MORTGAGE
V. MAXIMUM                                                                                                                                                                                                             Savings                $0      #DIV/0!
          A. Net Operating Income (Line IV.B.8) -      (If zero ($0) or minus, skip this section and go to Section VI.)                     $0
          B. Debt Coverage Ratio                                                                                                         1.2000
          C. Net Operating Income Available for Debt Service                                                                                                                            Negotiated DCR
          (Net Operating Income divided by Debt Coverage Ratio                                                                               $0
                        1. Temporary Income
                        2. Total Net Operating Income Available for Debt Service                                                             $0
          D. Annual Debt Service for proposed Subordinated Debt, if any:
              Other Amortized Subordinated Debt:

                                                                                              Amortization     Annual Debt
           Lender                           Principal         Rate               Term
                                                                                                Term             Service
          MHFA LMIR TIF Loan
          MHFA LMIR IRP Loan




                        Total Annual Subordinated Debt Service:                                                           V.D                $0
          E. Total Net Operating Income Available for Debt Service less Total Annual Subordinated Debt Service
              (Line V.C.2 minus Line V.D)                                                                                                    $0
          F. Estimated Maximum Mortgage Based on Income Approach:
                        1. First Mortgage Terms                                                                Amortization:
                                Term:                     Years Rate:                                Years:                          MIP Rate:
                                 a) Debt Service Factor                        0.000000000
                                 b) Plus Annual Fee                                     -           Type:                                                                               Annual Fee
                                          c) Total Debt Service Factor         0.000000000

                        2. Maximum Mortgage                                                                                                  $0                                         Negotiated Mortgage
                            (Net Operating Income ( V.E) divided by Total Debt Service Factor ( V.F.1.c)

                        3. Net Mortgage Loan (Maximum Mortgage divided by 1.04)
                           (Applies to MHFA 1st Mortgage loans only)                                                                         $0

                        4. Development Cost Escrow (DCE)                                                                                     $0                                         Manual DCE
                           (Maximum Mortgage minus Net Mortgage Loan) (Line V.F.2 minus Line V.F.3)
VI. DEVELOPMENT COST
                                                                                                                                                        Tax Credits Only
          A. Acquisition or Refinance Existing Debt Costs:                                                        Sub Totals        Total Costs   30% PV Basis    70% PV Basis
                  1. Acquisition/ Refinance
                       a) Land                                                                                                 a.
                       b) Existing Structures                                                                                  b.
                       c) Demolition                                                                                           c.
                       Total Acquisition/ Refinance                  $0   $/DU
                  2. Special Assessments                                                                                    2.
                  3. Other (specify :)                                                                                      3.
                  4. Total (Lines 1 through 3)                                                            4.               $0                                                                                                         0        0 <-Subtotal
          B. If New Construction, complete Section #1 below. If Rehabilitation, complete Section #2 below:
          *For HTC ONLY: IF a separate fee is charged for use of these facilities, the associated costs are not included in eligible basis.
          "+" Denotes Intermediary Costs
                   1. New Construction
                       a) Residential                           $0.00 $/gross sq. ft. =                                    a.
                       b) Garages*                              $0.00 $/stall =                                            b.
                       c) Accessory Structures*                 $0.00 $/gross sq. ft. =                                    c.
                       d) On Site Work                             $0 $/DU =                                               d.
                       e) Off Site Work                            $0 $/DU =                                               e.
                       f) Specify Other:                                                                                    f.
                       g) Specify Other:                                                                                   g.
                       h) Net Construction                         $0 $/DU =              h.            $0
                           (Total Lines B.1.a. thru B.1.e.)
                       i) General Requirements                 0.00% % of Line B.1.h =                                      i.
                       j) Builder's General Overhead                                                                        j.
                                                               0.00% % of Line B.1.h =
                       k) Builder's Profit                     0.00% % of Line B.1.h =                                     k.
                       l) Gross Construction (Contract Amount)
                           (Total Lines 1.h thru 1.k)               $0 $/DU =             l.            $0
                       m) Construction Contingency (Minimum 4%, subject to MHFA review)                                    m.               $0                                         Manual NC Contingency
                       n) Total (Lines 1.l plus 1.m)                                                      n.              $0                                                     0.00% NC Contingency does not meet Agency minimum.   0        0 <-Subtotal




                                        MHFA Application Form RFP/HTC1                                                                                                                                                                                          7   1/24/2012 11:27 AM
                                                                                                                                                                                                                                                          v.3.0

04/25/2011 - V1
                                                                                                                                                                                          Programs
                                                                   Electronic Application                                                                                                 ARIF            x
Must be saved as
               2.        Rehabilitation: (if available attach a more detailed scope; otherwise, complete this section).
                         a) Site work: (grading, paving, drainage, landscape, utilities, etc.)                                a.
                         b) Exterior: (includes roof, siding and trim, windows and doors, etc.)                               b.
                         c) Garages*                                 $0.00 $/garage =                                         c.
                         d) Accessory Structures*                    $0.00 $/gross sq. ft. =                                  d.
                         e) Interior: (includes cabinets, appliances, fixtures, and wall,                                     e.
                             ceiling, and floor finishes, etc.)
                         f) Mechanical Systems: (includes heating, air conditioning,                                           f.
                              plumbing, and fixtures, etc.)
                         g) Electrical Systems: (includes service, wiring, and fixtures)                                      g.
                         h) Specify Other:                                                                                    h.
                         i) Specify Other:                                                                                     i.
                         j) Net Rehab (Total Line B.2.a thru                 B.2.i.)      j.     $0
                         k) General                                 0.00% (% of Line B.2.j)                                   k.
                            Requirements
                         l) Builder's General                       0.00% (% of Line B.2.j)                                    l.
                            Overhead
                         m) Builder's Profit                        0.00% (% of Line B.2.j)                                  m.
                         n) Other -        Specify:                                                                          n.
                         o) Gross Rehabilitation (Contract Amount)           (Total Lines B.2.j thru B.2.n)
                                                                         $0 $/DU =           o.            $0
                         p) Construction Contingency (Minimum 7%, subject to MHFA review)                                     p.    $0               Manual Rehab Contingency
                         q) Total (lines 2o plus 2p)                                                        q.               $0                0.00% Rehab Contingency does not meet Agency minimum. 0            0 <-Subtotal
                    3.   Environmental
                         a) Abatement Contract                                                                                a.
                         b) Abatement Contingency (Agency determined)                                                         b.
                         c) Total (Lines 3a plus 3b)                                                          c.             $0
          C. Soft Costs                                                                                                                  Intermediary Costs
                   1. Professional Fees & Other Soft Costs                                                                                                                        Enter Manual Design Fee below
                        a) Architect's Fee - Design ( 75% of Total ) +                                                        a.    $0            $0                  75% Manual Design Fee
                        b) Architect's Fee - Supervision ( 25% of Total ) +                                                   b.    $0            $0                  25% Manual Supervision Fee
                            Total Architect's Fee -
                                                                     0.0% of the total lines B.1.l + B.2.o - C.1.e - C.1.f
                        c) Marketing +                                                                                       c.                   $0
                        d) Surveys and Soil Borings                                                                          d.
                        e) Payment & Performance Bond Premium + (if not included in construction contract)                   e.                   $0
                        f) Building Permit(s) + (if not included in construction contract)                                    f.                  $0
                        g) Sewer-Water Access Charge                                                                         g.
                        h) Appraisal Fee +                                                                                   h.                   $0
                        i) Energy Audit +                                                                                     i.                  $0
                        j) Environmental Assessment +                                                                         j.                  $0
                        k) Cost Certification/Audit +                                                                        k.                   $0
                        l) Market Study +                                                                                     l.                  $0
                        m) Tax Credit Fees +                                                                                 m.                   $0
                        n) Compliance Fees +                                                                                 n.                   $0
                        o) Furnishings and Equipment                                                                         o.
                        p) Legal Fees +                                                                                      p.                   $0
                           (Syndication and permanent financing fees are not allowed in basis.)
                        q) Relocation Costs +:             Relocation Costs                                                    q.                 $0
                        r1) Other Fees - Specify:                                                                             r1.                      Enter if Other Intermediary Cost
                        r2) Other Fees - Specify:                                                                             r2.                      Enter if Other Intermediary Cost
                        s) Total (Lines 1.a thru 1.r)                                                        s.              $0

                    2.   Developer's Fee
                         a) Developer's Fee +                                                                                 a.                  $0
                             1) Deferred Developer's Fee
                             2) Dev's Fee avail thru const completion                     $0
                          b) Processing Agent +                                                                               b.                  $0
                          c) Other Consultant Fees (included in Dev. Fees) +                                                  c.                  $0
                          d) Other (Specify)                                                                                  d.                       Enter if Other Intermediary Cost
                          e) Total Developer's Fees                 0.0%                                      e.             $0
                                                           % of Line VI.D - Line VI.C.2.e
                    3.   Tax Credit Syndication Fees
                          a) Organization Fees +                                                                              a.                  $0
                          b) Bridge Loan +                                                                                    b.                  $0
                          c) Tax Opinion +                                                                                    c.                  $0
                          d) Other Fees:                                                                                      d.                       Enter if Other Intermediary Cost
                          e) Total (Lines 3.a thru 3.d)                                                       e.             $0




                                         MHFA Application Form RFP/HTC1                                                                                                                                                          8   1/24/2012 11:27 AM
                                                                                                                                                                                                                                                                                                                                   v.3.0

04/25/2011 - V1
                                                                                                                                                                                                                                       Programs
                                                                Electronic Application                                                                                                                                                 ARIF                  x
Must be saved as
               4.      Financing Costs
                        a) Hazard and Liability Insurance                                                                   a.
                        b) Construction Int. at: +                                          months                          b.                                                             $0
                        c) Taxes during construction +                                                                      c.                                                             $0
                        d) Agency Inspection Fee ( MHFA First Mortgage Only)                                                d.             $0                                              $0                                                                Enter Manual Insp. Fee
                             (1% of gross construction cost. See VI.B.l.) +
                        e) Other Inspection Fee +                                                                           e.                                                             $0
                        f) MHFA Origination Fee (2% of 1st $5m. then 1%. $25K min. fee.) +                                   f.            $0                                              $0                                                                Enter Manual Orig. Fee
                        g) Other Origination Fee (Permanent financing fee not eligible for basis.) +                        g.                                                             $0
                        h) Mortgage Insurance Premium +                                                                     h.                                                             $0
                        i) Revenue Bond Premium +                                                                            i.                                                            $0
                        j) Title and Recording +                                                                             j.                                                            $0
                        k) MHFA DCE (Line V.F.4)                                                                            k.             $0
                        l) Other: Specify                                                                                    l.                                                                   Enter if Other Intermediary Cost
                        m) Other: Specify                                                                                   m.                                                                    Enter if Other Intermediary Cost
                        n) Other: Specify                                                                                   n.                                                                    Enter if Other Intermediary Cost
                        o) Total Financing Costs (lines 4.a thru 4.n)                                   o.                 $0              $0
          D.Total Mortgageable Costs (TMC)
                       (Total of subtotal lines)                     $0 per unit                        D.                 $0              $0
          E. Non-Mortgageable Costs (For example: Syndication Reserves)
                       a. Specify:                                                                                          1.
                       a. Specify:                                                                                          2.
                       a. Specify:                                                                                          3.
                                                                                                        4.                 $0                                                                                                                         0.00               0.00
          F. Total Development Cost (TDC)                         $0.00                  $0             F.                 $0              $0                                              $0                      $0                                 0.00               0.00
               (Total lines VI.D and VI.E)                  Per Sq Ft         Per Unit                                                                                                     $0                   $0.00          $0.00                  0.00               0.00
          G. Total Basis for Tax Credits (Sum of 30% + 70% PV Basis)                                    G.                 $0                       $0             $0
          H. Total Intermediary Costs                                                                   H.                 $0     0.000%
VII. FUNDING REQUIREMENTS:
          A. Capital Sources of Funding:           Maximum Mortgage                      $0                     **Check to include in Housing Tax Credit
                                                       Calculated Gap                    $0            $0                (HTC) gap calculation           MHFA USE ONLY
        Name of Source                        Term           Rate             Amount            Per Unit        Committed?     HTC Gap** Finance Type Program Units Pay Out Order   Sub Program          ADS              Deferred?         Loan ID              Fund Source    MHFA Fee/M
      1 LMIR 1st Mortgage                                                                              $0       Yes             Yes                                         15                                    $0                                                                  $0.00   -   0   0
      2 General Partner Cash                                                                            $0       Yes                                                          1                                                                                                               -   0   0
      3 Syndication Proceeds*            Deferred Proc.->                                               $0       Yes                                                          4                                                                                                               -   0   0
      4                                                                                                 $0       Yes                 Yes                                      2                                   $0        Deferred                                                          -   0   0
      5                                                                                                 $0       Yes                 Yes                                      3                                   $0        Deferred                                                          -   0   0
      6                                                                                                 $0       Yes                 Yes                                      5                                   $0        Deferred                                                          -   0   0
      7                                                                                                 $0       Yes                 Yes                                      6                                   $0        Deferred                                                          -   0   0
      8                                                                                                 $0       Yes                 Yes                                      7                                   $0        Deferred                                                          -   0   0
      9                                                                                                 $0       Yes                 Yes                                      8                                   $0        Deferred                                                          -   0   0
     10                                                                                                 $0       Yes                 Yes                                      9                                   $0        Deferred                                                          -   0   0
                                                                                                                 Yes                 Yes
     11                                                                                                 $0                                                                   10                                   $0        Deferred                                                          -   0   0
     12                                                                                                 $0       Yes                 Yes                                     11                                   $0        Deferred                                                          -   0   0
     13                                                                                                 $0       Yes                 Yes                                     12                                   $0        Deferred                                                          -   0   0
     14                                                                                                 $0       Yes                 Yes                                     13                                   $0        Deferred                                                          -   0   0
     15                                                                                                 $0       Yes                 Yes                                     14                                   $0        Deferred                                                          -   0   0
                           Total of Permanent Financing                                  $0             $0                   0                                                                                    $0                                                                          -   0   0
          * HOUSING TAX CREDIT ONLY: List syndication proceeds from historic credits separately.
          ** HOUSING TAX CREDIT ONLY: Check yes for sources of financing which must be included in the HTC equity gap calculation.

          B. Non-Capital Sources of Funding
          Type of Source               Name of Source                                            Term           # of Units                      Amount       $ per Unit
                                                                                                                                                                    $0
                                                                                                                                                                    $0
                                                                                                                                                                    $0
                                                                                                                                                                    $0
                                                                Total Non-Capital Financing                            0                            $0              $0

          C. Effective Rate of all Minnesota Housing's financing, blending amortizing and deferred loan rates

          D. Other Requirements
                       1. Working Capital Escrow (3% of MHFA Net Mortgage)*
                           MHFA 1st mortgage only                                                                                          $0                                                                           Manual Working Capital escrow
                       2. Rent Up Escrow (3% of MHFA Net Mortgage)*
                           MHFA 1st mortgage only with unoccupied building                                                                 $0                                                                           Manual Rent Up Escrow
                       3. Insurance Escrow ( MHFA determines $) for MHFA 1st Mortgage
                       4. Other - List:
                       5. Other - List:
                       *Can be Cash or Letter of Credit.




                                        MHFA Application Form RFP/HTC1                                                                                                                                                                                                                                    9   1/24/2012 11:27 AM
                                                                                                                                                                                                                                                                                                                           v.3.0

04/25/2011 - V1
                                                                                                                                                                                                                              Programs
                                                                Electronic Application                                                                                                                                        ARIF                 x
        saved as
Must beE. Maximum Allowable Return on Equity
                          #VALUE!
                                                                                                                                         $0                                                                     Manual Max Allowable Return on Equity
          F. Other Conditions:
          G. Regulatory Cost Avoidance/Cost Reduction
                        1. Regulatory Incentive - The following worksheet must be completed
                           for each project that includes Regulatory Incentives
                           which reduce the cost of producing affordable housing.                                              FOR MHFA USE ONLY

                        Incentive                                                           Cost Savings       Total Cost           Dev s with sy ndication proceeds                      Option 1 Amt   $0.00 15% of owner cash, Line VII.A.2, plus 15% of syndication proceeds, Line VII.A.3
                                                                                              Per Unit          Savings
                                                                                                                                                                                          Option 2 Amt   $0.00 1.5% of (TMC, Line VI.D minus Developer Fee, Line VI.C.2e)
                                                                                                                                    Dev s with no sy ndication proceeds
                                                                                                                                                x                                         Option 3 Amt   $0.00 1.5% of (TMC, Line VI.D minus Developer Fee, Line VI.C.2e)
                                                                                                                                                                                          Option 4 Amt   $0.00
                                                                                                                                    Dev s with de minimus amt. of sy ndication proceeds


                                                                                                                                    Manual Entry - enter at Line VII.F


                        2. Local Contributions - Value of donations that do not appear as a funding source. Sources must
                        be listed below for inclusion in HTC scoring for Local Contributions. Includes land donation, in-
                        kind contributions and donations of labor, materials, services, etc.
                                                                                                                                                                                                     0
                        Source                          Contact                                    Type        Value of
                                                                                                               Donation

                                                                                                                                                                       /


VIII. AFFIRMATIVE ACTION REQUIREMENT

The Minnesota Human Rights Act states that any person or organization having 40 or more employees in the last 12 months in the State
of Minnesota and involved in any transaction of $100,000 or more with state agency must have Affirmative Action Plan approved by the
State Department of Human Rights. Therefore, no applications for $100,000 or more will be accepted unless they include either:

          A.            A Certificate of Compliance from the State Department of Human Rights (For information call 651-296-5663)
                        (for organizations with 40 or more employees); or

          B.            A notarized statement stating that the applying organization has had less than 40 employees in the State
                        of Minnesota in the last 12 months.

          C.            Provide information on how you intend to make opportunities available for women-owned or minority-
                        owned business enterprises.


This application is submitted by the undersigned with the full knowledge and consent of the governing body and is accurate in all details, to
the undersigned's best knowledge.


          Signature                                                                         Date

The Minnesota Housing Finance Agency does not discriminate on the basis of race, color, national origin, sex, religion, age, or disability
in employment or the provision of services.

                                        Equal Opportunity Housing and Equal Opportunity Employment
          Comments




                                                                                            Submit the completed Multifamily Rental Housing Common Application form electronically
                                                                                            at https://online2.mhfa.state.mn.us/rfp-upload/index.aspx

                                                                                            The Minnesota Housing will accept only one copy of the completed final Application Form.
                  IF YOU ARE NOT REQUESTING TAX CREDITS                                     Do not send incomplete or preliminary Application Forms.
                             STOP AT THIS POINT.
                                                                                            The Application Form that is electronically submitted to the Minnesota Housing must be
                                                                                            identical to the original signed Application Form submitted to the Minnesota Housing.

                                                                                            Minnesota Multifamily Rental Housing Common Application forms willnot be accepted
                                                                                            after 5:00 pm on the application submission date.




                                       MHFA Application Form RFP/HTC1                                                                                                                                                                                                                            10   1/24/2012 11:27 AM
                                                                                                                                                                                                                                                                                                                                    v.3.0

     04/25/2011 - V1
                                                                                                                                                                                                                                         Programs
                                                                                Electronic Application                                                                                                                                   ARIF                    x
     Must be saved as
     IX. HOUSING TAX CREDIT / APPLICATION
               NOTE: Do not attempt to complete this application without reading the MHFA Tax Credit Procedural Manual, and Section 42
               of Internal Revenue Code. An incomplete Form RFP/HTC-1 will not be accepted and will be returned to the applicant/developer.

               A. SET-ASIDE OF HOUSING CREDIT REQUESTED:
       Please check the appropriate set-aside. (HDS Rank ing Groups) (Nonprofits must sign application):
                                                                                                                                                 * Qualifying Non-Profit must materially participate in
             Greater MN For-profit                  Greater MN Non-profit *                         Rural Dev elopment/Small Project             ownership/management of the development in a
             Metro For-profit                       Metro Non-profit *                              Tax Exempt Bond                              manner meeting requirements of Sec.469(h) of IRS Code.
                                                                                                                                                 Requires IRS letters of 501(c)(3) or 501(c)(4) status
                                                                                                                                                 or appropriate equivalent designation approval from the IRS.
               B. TYPE OF HOUSING CREDIT REQUESTED:

            Newly constructed and not federally subsidized                     Newly constructed and federally subsidized

            Rehabilitation expenditures not federally subsidized               Rehabilitation expenditures federally subsidized

            Existing building                                                  Allocation subject to non profit set aside under sec. 42 (h)(5)

               C. MINIMUM SET ASIDE:

               At this time the owner "irrevocably" elects one of the minimum set aside requirements stated by
               Section 42 of the Internal Revenue Code

                  Check one only
                        20% of the units serv ing households at 50% of the area median
                        40% of the units serv ing households at 60% of the area median



               D. ESTIMATED PROJECT APPLICABLE FRACTION DETERMINATION:
     1. Complete the section below for tenant facilities/amenities:
                                                                                                                                                                                                                         Type of use in all buildings                              # of Units   Sq. Ft.
               Common Space - Non unit                                                             Fee              Included in                                                                                 Number   Residential rental units in all bldgs
                                                                              Sq Ft
                                                                                                                      Basis?
               Parking/Garages                                                                                                                                                                                           Total commercial use
               Storage Lockers                                                                                                                                                                                           List common use units below
               Club House                                                                                                                                                                                                Full time caretaker unit
               Swimming Pool                                                                                                                                                                                             Full time resident mgr unit
               Community Service Facility                                                                                                                                                                                Tenant Service Facility
               Office                                                                                                                                                                                                    Office
               Other                                                                                                                                                                                                     Hollman (PHA owned only)
     2. Complete the section below for Applicable Fraction:                                                                                                                                                              Owner-occupied residential unit
             Type of Residential Rental Units                                                  # of Units              Sq. Ft.                                                                                           Community service facility
          A. HTC Low Income Units                                                                                                                                                                                        TOTAL                                                         0          0
          B. Market Rate Units/non HTC units
          C. TOTAL # HTC LOW INCOME + MARKET RATE                                                    0                     0                                                                                             HOME Units
          D. Unit and Area Fractions (A. divided by C.)                                           0.00%                 0.00%                                                                                            Project-based assisted units (included in HTC only)
          E. APPLICABLE FRACTION (lesser of unit                                                            0.00%                                                                                                        Hollman (owner retains ownership only)
             or area fraction Line D above)                                                                                                                                                                              Other low income (specify):
F.           Employee/Common Space Units*                                                                                                                                                                                TOTAL LOW INCOME UNITS
G.           Total # and sq ft of Units                                                              0                    0
                                                                                                                                                                                                                                                            0 <-CommonSpaceUnits
     * A fulltime resident manager’s or caretakers unit is considered an employee/common space unit and must not be included in the numerator or denominator
     for calculating the applicable fraction.
     Use the applicable fraction in number IX.D.2.E above when calculating qualified basis in number IX.H below.
     At placed-in-service, calculation of the actual credit amount and compliance monitoring is done on a building-by-building basis and will be based
     on the targeted applicable fraction set forth on the Building Map.




                                                   MHFA Application Form RFP/HTC1                                                                                                                                                                                                                         11   1/24/2012 11:27 AM
                                                                                                                                                                                                                                                                            v.3.0

 04/25/2011 - V1
                                                                                                                                                                                                                                   Programs
                                                                                 Electronic Application                                                                                                                            ARIF       x
         saved as
 Must beE. ACQUISITION/REHABILITATION:

 1. Total Rehabilitation Expense (Line VI.B.2.q)                                                                                  $0                                                                  Manual Total Rehab Expense
 2. Lowest avg. rehabilitation attributable qualified basis per low income unit/bldg.                                                    (in 5. below, you must complete details for all buildings)
 3. Average rehabilitation expense per low income unit per project                                                                $0
 4. Adjusted basis                                                x 20% =                                                         $0

Rehabilitation expenditures must equal the greater of:
 - An average of $6,000 in qualified basis per low income unit for a building increased annually by a cost of living adjustment per Section 42(e)(3)(d).; or
 - An amount that is not less must be the greater of $5,000 low of the building as determined pursuant to Section 42(e)(3);
 Rehabilitation expenditure than 20 percent of the adjusted /basis income unit / project (Minnesota Statute 462.A.221) or $3,000 rehabilitation attributable qualified basis / low
    - and -
 - Average at least $5,000 per unit (Minnesota Statutes Section 462A.221, Subdivision 5)*.
  *In Greater Minnesota and Qualified preservation projects, the $5,000/unit/project is of applicable.
 income unit / Building or qualifying rehabilitation expenditures not less than 10% notadjusted basis/building (42(e)(3)(A)(ii)(I) In Greater Minnesota and Qualified preservations,

 the $5,000 / unit / project is not applicable.
 5. Complete the following:
                  1                                        2                    3                      4                     5                    6                    7                  8

                                                                                                                                                                                  Average
                                                                                                                                         Number of Years
                                                                                                                    Actual /                                                      rehabilitation
                                                   Date of                                                                               Between Placed
              Address of Building                                      Date of              Date of Original        Proposed Date                             Is 10 year rule     attributable
                                                   Substantial                                                                           In Service (Later
            (one line per building)                                    Acquisition by       Certificate of          of                                        violated for this   qualified basis
                                                   Rehabilitation                                                                        of column 2, 3,
                                                                       Seller               Occupancy               Rehabilitation                            project?            per low income
                                                   by Seller                                                                             or 4) and
                                                                                                                    by Applicant                                                  unit for this
                                                                                                                                         Rehabilitation
                                                                                                                                                                                  building




 Total Buildings                         0                                                                                                                                                            Manual Total Buildings
  6. If less than 10 y ears since last placed in serv ice, is the project eligible for a waiv er from the Secretary of U.S. Department of the Treasury .
          Yes        No               N/A Due to Section 42(d)(6)
            If 10 year rule is violated, actual or proposed waiver date?

 7. Are any of the buildings owner-occupied single family dwellings?

            F. OTHER BASIS CONSIDERATIONS:

   1. Will any of the project financing be treated as or considered to be a Federal grant, tax-exempt obligation (Code Sec.103)?


            Yes             No


     If yes, complete the following:                                                                                     If yes, complete the following:
        Source of funds                                                                                                             Source of funds
                   Amount                                                                                                                        Amount
          If y es, elect one of the following options                                                                         If y es, elect one of the following options

                NA                                                                                                                 NA

                4% credit                                                                                                          4% credit

                Subtract from basis                                                                                                Subtract from basis


   2. Will the dev elopment basis include a community serv ice facility ?

                      Yes                    No


                                 If yes, all the following conditions must be met:
                                                    * project located in Qualified Census Tract
                                                    * eligible basis of the facility cannot exceed (a) 25% of so much of the eligibile basis of the project as does not
                                                    exceed $15,000,000 plus (b) 10% of so much of the eligible basis of the project as is not taken into account under (a).
                                                    See Sec 42( c)(4)(C)(i), (ii), (iii)
                                                    * facility must be designated to serve primarily individuals including tenants and non-tenants with incomes of 60% AMI or less.




                                                  MHFA Application Form RFP/HTC1                                                                                                                                                                  12   1/24/2012 11:27 AM
                                                                                                                                                                                                                                                          v.3.0

04/25/2011 - V1
                                                                                                                                                                                                                 Programs
                                                                      Electronic Application                                                                                                                     ARIF       x
        saved as
Must beG. TAX EXEMPT BOND FINANCING:
  Are tax exempt bonds to be issued?
                                                                                                                    Note:      Applicants requesting tax credits in conjunction
           Yes             No
                                                                                                                               with tax credit bond financing must complete and submit to MHFA
    If yes, complete the following:                                                                                            all documents required in the MHFA Housing Tax Credit Qualified Allocation Plan
                                                                                                                               Article 9.
          Total Aggregate Basis
          Total tax exempt bonds
          Name of bond issuer
          Date of allocation of bond volume cap

          H. DETERMINATION OF TAX CREDIT:

                                         1. Tax Credit Basis Calculation                                                                        COMPLETE FOR TAX CREDITS
                                                                                                                                                  30% PV       70% PV
                                                                                                                                                   Basis        Basis

                                                                                A. TOTAL BASIS (Section VI.G)                             A.                 $0           $0


                                                     Less portion of federal grant used to finance qualifying
                                                                             development costs. List Grants:

                           Name                                                                                  Amount




                                                                                               Total                    $0


                                                         Less amount of nonqualified nonrecourse financing

                                                                     Less nonqualifying units of higher quality

                                                  Less nonqualifying excess portion of higher quality units

                                                           Less Historic Tax Credit (Residential Portion Only)

                                                                                     B. TOTAL ELIGIBLE BASIS                               B.                $0           $0
          Portion of above Basis                    30%                  70%
          NOT ELIGIBLE for                                                                     High Cost Adjustment                                          $0           $0
          High Cost Adj.                   ( If applicable, check Qualified Census Tract, DDA or SDBB box in Section III.C )
                                                               Total Eligible Basis Adjusted for the High Cost                                               $0           $0


                                                        Multiplied by the Applicable Fraction (Section IX.D)                                              0.0000       0.0000

                                                                                                                                                                                                         $0.00
                                                                                   C. TOTAL QUALIFIED BASIS                                C.              $0.00        $0.00



                                                                        Multiplied by the Applicable Percentage

                                                              D. TAX CREDIT POTENTIAL FOR PROJECT                                         D.               $0.00        $0.00


                                        E. ANNUAL TAX CREDITS REQUESTED THIS APPLICATION                                                   E.        $0
                                                           (Sum of 30% & 70% PV Basis Columns)

PLEASE NOTE: The actual amount of credit for the project is determined by the housing credit agency at each evaluation stage.
If the project is eligible for Historic Tax Credit include a complete breakdown of the determination of eligible basis for the
Historic Credit with the application.
If the Project's basis has been adjusted because it is in a high cost or qualified census tract, the subsequent deduction for item(s)
to remove them from basis must be adjusted by multiplying the amount by 130%. (This does not apply to Historic Tax Credits.)
High cost/qualified census tract adjustment cannot be made to the acquisition basis of an acquisition/rehab type project.




                                        MHFA Application Form RFP/HTC1                                                                                                                                                          13   1/24/2012 11:27 AM
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         v.3.0

04/25/2011 - V1
                                                                                                                                                                                                                                                          Programs
                                                                    Electronic Application                                                                                                                                                                ARIF                x
Must be saved as         2. Tax Credit Equity Gap Calculation

                         Applicable Sources from funding requirements      VII.A. sources of funding.
                                            Source                                       Amount
                         0                                                                           $0.00
                         0                                                                           $0.00
                         0                                                                           $0.00
                         0                                                                           $0.00                           To add or remove an entry from
                         0                                                                           $0.00                           this table, check or uncheck the associated
                         0                                                                           $0.00                           box labeled "HTC Gap" in the Sources of Funding table
                         0                                                                           $0.00                           Section VII.A located below cell I611.
                         0                                                                           $0.00                                                                                                                                                                                                                                          TDC     Total Dev
                         0                                                                           $0.00                                                                                                       0                                                                                                                                   $0            $0
                         0                                                                           $0.00                                                                                                       0                        New Construction Contingency Test                                                NOT OK
                         0                                                                           $0.00                                                                                                       0                        Rehab Contingency Test                                                           NOT OK                                                                                                under_limit   over_limit
                         0                                                                           $0.00                                                                                                       0                                                                                                                                  Units      Under         Over     Prorate   Mrtgble Costs        Avg/unit                               Total Max Fee
                         0                                                                           $0.00                                                                                                TRUE                                                                                                                       New Units          0          0            0   100.000%              $0              $0          $0.00        $0.00                    $0.00
                                                                   a.       Total Sources of Funds above                                       $0.00                                                             0                                                                                                                   Rehab > 5000       0          0            0     0.000%              $0              $0          $0.00        $0.00                    $0.00
                                                                   b.       Total Development Costs                                            $0.00   (Section VI.F.)                                           0                                                                                                                   Rehab<5000         0          0            0     0.000%              $0              $0          $0.00        $0.00                    $0.00
                                                                   c.       Funding Gap                                                        $0.00   (a minus b)                                               0                                                            Under limit Units   Over limit units   Max             TOTAL              0          0            0                                                     $0.00        $0.00                    $0.00
                                                                   d.       Equity Factor (0.0000) =                                                                                                             0                 Developer FeeTest            #DIV/0!           0.00%               0.00%           $0   #DIV/0!
                                                                   e.       10 Year Credit Gap                                                  $0.00 (c divided by d)                                                        Identity of Interest Test          NA                                                   $0     OK                                                                                  Total Dev Fee           $0          $0
                                                                   f.       Annual Credit Gap                                                     $0 (e divided by 10)                                                 Gen.Req.Overhead & Profit Test           #DIV/0!                                               $0   #DIV/0!                                                                              Prorated Costs           $0          $0
                                                                   g.       Annual Basis Credit                                                   $0 (from 1.E)                                                               Intermediary Costs Test           #DIV/0!                                                                                                                                                Percent        0.00%       0.00%
                                                              Maximum Tax Cre dit Allowe d                $0     (the lower of line f or line g above.)
                                                                                                                      Requesting waiv er of limit.
                                                       MHFA Approved Maximum Tax Credit                   $0                                                                                                         MHFA Use Only

                                    Credit Amount Previously Allocated and/or reserved:                                                                                                                                            Annual Tax Credit Approved
                                                                                                                                                                                                                            Date                                     Amount
                                               Maximum Credit Requested AT THIS TIME:                     $0                                                                          Manual Max Credit
           I. TAX CREDIT SYNDICATION:
                                  Tax Credit Syndication (Provide as much information as is available at time of application.)
1. Will the Tax Credits be offered to investors?
   If no, attach a description explaining how the tax benefits will be used and how that will benefit the project.
   If yes, answer each of the following:
     Ty pe of offering
          Public               Priv ate

           Number of Annual Pay-In Periods
           First Pay-in Year
           Interest Rate
              Pay-in Amount            Describe the structure of syndication proceeds                   Reserve Requirements          Description
                                       pay in




       $0                                                                                                      ########### Total
HTC Syndication costs will be evaluated along with other project costs. Please list all estimated or actual cost of syndication associated with the project.
2. Ten Year Gross Tax Credits*                                              (* Project's annual tax credit amount multiplied by 10.)
3. Gross Syndication Proceeds**                                       $0    (** Gross Syndication Proceeds entered on Sources Tables (VII.A.3), cell F614, see also cell M999).                                      Manual Gross Syndication Proceeds
4. Equity Factor (Line 3. divided by Line 2.)
*Gross Syndication Proceeds means all syndication proceeds with the exception of upper tier transaction costs not charged to or paid to the development.
5. Does this project qualify for historic rehabilitation Credits?
    If yes, answer each of the following:
          What is the credit amount?
          Estimated Proceeds?

Proposed Syndicators or Equity Sources:
Federal
Name(s):                                    Address:                          City / State:                          Zip Code:       Contact Person:                     Telephone:          Fax:




                                          MHFA Application Form RFP/HTC1                                                                                                                                                                                                                                                                                                14                                                                                                          1/24/2012 11:27 AM
                                                                                                                                                                                                                          v.3.0

04/25/2011 - V1
                                                                                                                                                                                 Programs
                                                                   Electronic Application                                                                                        ARIF       x
Must be saved as
J. Statement and Certification of Applicant/Owner
          Individually, or as the general partner(s) or officers of the applicant entity (hereinafter referred to as "Owner"), we are familiar with the provisions of the
          Tax Reform Act of 1986 and subsequent revisions with respect to the Low Income Housing Tax Credit (HTC), and to the best of our knowledge and belief,
          the applicant entity has complied, or will comply with all of the requirements which are prerequisite to issuance of the HTC by Minnesota Housing
          Finance Agency (Minnesota Housing). We understand that the HTC Program will be governed and controlled by rules and regulations issued
          by the Internal Revenue Service (IRS). We also understand that we must comply with the Minnesota Statutes 462A and Housing Tax Credit Program
          Procedural Manual and Allocation Plan of Minnesota Housing concerning Low-Income Housing Tax Credits.
          I (We) hereby make application to Minnesota Housing for allocation of HTC. The undersigned hereby acknowledges that the making of an allocation
          by Minnesota Housing does not warrant that the project is deemed qualified to receive such allocation. I (We) agree that neither Minnesota
          Housing nor any of its directors, officers, employees, and agents will not be held responsible or liable for any representations made to the undersigned
          or its investors relating to the HTC. I (We) assume the risk of all damages, losses, costs, and expenses related thereto and agree to indemnify
          and save harmless Minnesota Housing or any of its directors, officers, employees, and agents against any and all claims, suits, losses, damages, costs, and expenses
          of any kind and of any nature that the Minnesota Housing may hereinafter suffer, incur, or pay arising out of its decision concerning the application for HTC
          or the use of the information concerning the HTC Program.

          I (We) also understand and agree that Minnesota Housing has made no representations about the effect of the tax credit upon my (our) taxes
          or that of any other person connected with this project.

          I (we) understand and agree that:
          (1) The information requested on this application and any attachments hereto are being collected to determine eligibility of the project under Section 42.
          (2) Minnesota Housing may request additional information in order to evaluate this application.
          (3) An applicant who fails to complete all information requested will not be eligible for a reservation of HTC.
          (4) Certain provisions of Internal Revenue Code (IRC) Section 42 and regulations thereunder and Minnesota Statute Chapter 462A may change
          and as a result of said change may require the submission of additional documentation to Minnesota Housing.
          (5) Information requested in this application is public data which is accessible to the public pursuant to Minnesota Statutes, Chapter 13.

          I (We) hereby certify that the information contained in this application is true, correct and complete. I (We) understand that any misrepresentations
          and/or fraudulent information made in this application may result in the termination of HTC by Minnesota Housing and may bar me(us) and
          related parties from future program participation, and reporting of such misrepresentation and fraudulent information to the IRS.

                                                   Signature of General Partner

                                                   by:

                                                   of:

                                                   its:

                                                   Print name
                                                   of signatory,
                                                   Date

                             The foregoing instrument was acknowledged before me this ___________ day of ___________ , 20___ ,

                                                   by __________________________________________ , the _____________________________________
                                                                 (name)                                       (title)
                                                   of __________________________________ a ________________________________________ .
                                                            (Name of corporation)
                                                   Notary Public

                                                   Signature of Nonprofit Partner (if applicable)

                                                   by:

                                                   of:

                                                   its:

                                                   Print name
                                                   of signatory,
                                                   Date

                        ss

                                                   The foregoing instrument was acknowledged before me this ___________ day of ___________ , 20___ ,

                                                   by __________________________________________ , the _____________________________________
                                                                 (name)                                       (title)
                                                   of __________________________________ a ________________________________________ .
                                                            (Name of corporation)
                                                   Notary Public




                                        MHFA Application Form RFP/HTC1                                                                                                                          15   1/24/2012 11:27 AM
                                                                           578adddd-2ec7-4f6d-b296-dca61d745d411

                         A                   B           C        D                                                E        F      G      H
                                       Federal Tax ID
 1                 Role                   (not SSI)     Name   Address 1                                       Address 2   City   State   Zip
 2   Development Company
 3   Developer Contact
 4
 5   Project Owner
 6   Owner Contact
 7
 8   General Partner 1
 9   General Partner Contact 1
10
11   General Partner 2
12   General Partner Contact 2
13
14   General Partner 3
15   General Partner Contact 3
16
17   General Partner 4
18   General Partner Contact 4
19
20   Processing Agent Company
21   Processing Agent Contact
22
23   Attorney Firm
24   Attorney Contact
25
26   Architect Firm
27   Architect Contact
28
29   Contractor Company
30   Contractor Contact
31
32   Service Provider Agency
33   Service Provider Contact
34
35   Non Profit Lessee Company
36   Non Profit Lessee Contact
37
38   Management Company
39   Management Agent
40
41   Syndicator
42   Syndicator Contact
43
44   Syndicator 2
45   Syndicator Contact 2
46
47   Rental Assitance Administrator
48   RA Administrator Contact
49
50   Operating Subsidy Administrator
51   OS Administrator Contact
52
53   Other Entity Roles
54
55
56
57
58
59
60
61
62
63
64
65

                                                                                       Page 16 of 37
                                                578adddd-2ec7-4f6d-b296-dca61d745d411

      A           B           C        D                                                E        F      G      H
            Federal Tax ID
 1   Role      (not SSI)     Name   Address 1                                       Address 2   City   State   Zip
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83




                                                            Page 17 of 37
                                                                       578adddd-2ec7-4f6d-b296-dca61d745d411

                         A                   B           C       I            J                         K          L        M   N   O   P   Q   R   S
                                       Federal Tax ID
 1                 Role                   (not SSI)     Name   Phone        Fax                       Email    Cell Phone
 2   Development Company
 3   Developer Contact
 4
 5   Project Owner
 6   Owner Contact
 7
 8   General Partner 1
 9   General Partner Contact 1
10
11   General Partner 2
12   General Partner Contact 2
13
14   General Partner 3
15   General Partner Contact 3
16
17   General Partner 4
18   General Partner Contact 4
19
20   Processing Agent Company
21   Processing Agent Contact
22
23   Attorney Firm
24   Attorney Contact
25
26   Architect Firm
27   Architect Contact
28
29   Contractor Company
30   Contractor Contact
31
32   Service Provider Agency
33   Service Provider Contact
34
35   Non Profit Lessee Company
36   Non Profit Lessee Contact
37
38   Management Company
39   Management Agent
40
41   Syndicator
42   Syndicator Contact
43
44   Syndicator 2
45   Syndicator Contact 2
46
47   Rental Assitance Administrator
48   RA Administrator Contact
49
50   Operating Subsidy Administrator
51   OS Administrator Contact
52
53   Other Entity Roles
54
55
56
57
58
59
60
61
62
63
64
65

                                                                                   Page 18 of 37
                                            578adddd-2ec7-4f6d-b296-dca61d745d411

      A           B           C       I            J                         K          L        M   N   O   P   Q   R   S
            Federal Tax ID
 1   Role      (not SSI)     Name   Phone        Fax                       Email    Cell Phone
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83




                                                        Page 19 of 37
                                                                           578adddd-2ec7-4f6d-b296-dca61d745d411

                         A                   B           C     T   U   V   W         X                     Y
                                       Federal Tax ID
 1                 Role                   (not SSI)     Name                                             DESCRIP
 2   Development Company                                                                    ACH Fees
 3   Developer Contact                                                                      Administrator
 4                                                                                          Administrator Contact
 5   Project Owner                                                                          Architect Contact
 6   Owner Contact                                                                          Asset Manager
 7                                                                                          Attorney (Borrower's)
 8   General Partner 1                                                                      Attorney (Limited Partners)
 9   General Partner Contact 1                                                              Attorney Contact (Borrower's)
10                                                                                          Auditor
11   General Partner 2                                                                      Consultant
12   General Partner Contact 2                                                              Contractor
13                                                                                          Contractor Contact
14   General Partner 3                                                                      Developer
15   General Partner Contact 3                                                              Developer 2
16                                                                                          Developer Contact
17   General Partner 4                                                                      Developer Contact 2
18   General Partner Contact 4                                                              Draw Payee
19                                                                                          File Retention Storage Site
20   Processing Agent Company                                                               General Partner
21   Processing Agent Contact                                                               General Partner (Managing)
22                                                                                          General Partner Contact (Mang)
23   Attorney Firm                                                                          General Partner 2
24   Attorney Contact                                                                       General Partner Contact 2
25                                                                                          General Partner 3
26   Architect Firm                                                                         General Partner Contact 3
27   Architect Contact                                                                      General Partner 4
28                                                                                          General Partner Contact 4
29   Contractor Company                                                                     General Partner 5
30   Contractor Contact                                                                     General Partner Contact 5
31                                                                                          Guarantor
32   Service Provider Agency                                                                HUD Entity
33   Service Provider Contact                                                               Insurance Vendor
34                                                                                          Investor Member
35   Non Profit Lessee Company                                                              Investor Member Contact
36   Non Profit Lessee Contact                                                              Lender
37                                                                                          Lender Bank
38   Management Company                                                                     Lender Contact
39   Management Agent                                                                       Limited Partner
40                                                                                          Limited Partner Contact
41   Syndicator                                                                             Management
42   Syndicator Contact                                                                     Management Company
43                                                                                          Managing Member
44   Syndicator 2                                                                           Managing Member Contact
45   Syndicator Contact 2                                                                   Member
46                                                                                          Member Contact
47   Rental Assitance Administrator                                                         Member 2
48   RA Administrator Contact                                                               Member Contact 2
49
50   Operating Subsidy Administrator                                                        Member 2
51   OS Administrator Contact                                                               Member Contact 2
52                                                                                          Member 3
53   Other Entity Roles                                                                     Member Contact 3
54                                                                                          Non Profit Lessee Contact
55                                                                                          Previous Management Company
56                                                                                          Previous Project Owner
57                                                                                          Processing Agent
58                                                                                          Processing Agent Contact
59                                                                                          Project Owner
60                                                                                          Project Owner Contact
61                                                                                          Project Payee
62                                                                                          Property Address
63                                                                                          Property Manager
64                                                                                          RA Administrator
65                                                                                          RA Administrator Contact

                                                                                         Page 20 of 37
                                                578adddd-2ec7-4f6d-b296-dca61d745d411

      A           B           C     T   U   V   W         X                      Y
            Federal Tax ID
 1   Role      (not SSI)     Name                                            DESCRIP
66                                                               Recipient
67                                                               Resident Manager
68                                                               Review Team
69                                                               Service Provider (Primary)
70                                                               Service Provider Contact
71                                                               Site Contact
72                                                               Small Business Borrower
73                                                               Sponsor
74                                                               Sub Contractor
75                                                               Suballocator
76                                                               Suballocator Contact
77                                                               Syndicator
78                                                               Syndicator 2
79                                                               Syndicator Contact
80                                                               Syndicator Contact 2
81                                                               Title Company
82                                                               Title Company Contact
83                                                               Tracs Contact




                                                              Page 21 of 37
Instructions:
 1) If buildings are located in the same city, zip and county, enter those fields once.
 2) If buildings are located in multiple cities and/or counties, enter all here. On the Application sheet select one city and one county.
 3) If buildings are scattered site, not in close proximity, enter latitude and longitude here.



Building Address                             City                Zip Code         County                      Longitude      Latitude
                                                                                                  Attachment A




PROJECT:                                                                           HUD #.:
PREPARED BY:                                                                        DATE:

SOURCES
Tax Credit Proceeds (Gross Est. Syn.Proceeds PV)                                                                               $0
First Mortgage
Other Loans
Other:
TOTAL SOURCES                                                                                                                  $0

USES
To Purchase Land and Building                           VI. A. 4                                                               $0
On/Off Site Work                                        VI. B. 1. d.& e. & 2.a                                                 $0                                   Maximun Standards
Rehabilitation and New Construction
        New Structures                                  B.h. less d.&.e                                                        $0        General Req.     #DIV/0!        6.00%
        Rehabilitation                                  B.2 j less a                                                           $0
        Environmental Work                              B3c                                                                    $0   Builder's Overhead    #DIV/0!        2.00%
        General Requirements                            B1i+B2k                                                                $0
        Contractor Overhead                             B1j+B2l                                                                $0      Builder's Profit   #DIV/0!        6.00%
        Contractor Profit                               B1k+B2m                                                                $0
        Construction Contingency                        B1m+B2p                                                                $0       Total of above    #DIV/0!
        Other (Identify)                                B2n                                                                    $0
Professional Fees                                       C1s                                                                    $0      Developer's Fee    #DIV/0!         15%
Financing Costs                                         C4o                                                                    $0
Syndication Costs                                       C3e                                                                    $0    Syndication Costs    #DIV/0!
Developer Fees                                          C2e                                                                    $0
Project Reserves                                        E4                                                                     $0
Other
TOTAL USES                                                                                                                     $0


PROJECT GAP                                                                                                                    $0


EST. NET SYND. PROCEEDS
Total Annual Tax Credit Allocation
Tax Credit Proceeds (from Above)                                                                                               $0
Syndication Costs                                       C3e
EST. NET SYND. PROCEEDS                                                                                                        $0

Net Synd Proceeds/0% of allocated tax credits                                                % of allocated tax credits

                      $0       Divided             $0                            #DIV/0!     Pay-in per $1 credits purchased


1. Gross Est. Syd. Proceeds were PV - see EX B
                                                    Attachment C
                                              SUBSIDY LAYERING REVIEW



                                                           EQUITY PROCEEDS

                                              PROJECT NAME:
                                                  LOCATION:
                                              HUD PROJECT #:

Pay-In Schedule

Interest Rate (Bridge Loan, or NPV factor):
Construction Occupancy Date (Placed In Service Date):




                                                                             No. of Months from   FV or PV from
   Date of Pay-In               Description of Pay-In          Amount
                                                                             expected C.O. Date     C.O. Date



                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0

                                                                        $0                                   $0


Estimated Gross Syndication Proceeds                                                                         $0
0                                                                             2011                   2012              2013              2014              2015              2016              2017              2018              2019              2020              2021              2022              2023              2024              2025
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                                       0         0       $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                           Total units           0
Annual Growth Rate - Income                                    2.00%
Annual Growth Rate - Expenses                                  3.00%
Cap Rate                                                       8.00%
Vacancy Rate/Credit Allowance                                   7.0%
Months of operation                                                            12                     12                12                12                12                12                12                12                12                12                12                12                12                12                12
                        Income                                                2011                   2012              2013              2014              2015              2016              2017              2018              2019              2020              2021              2022              2023              2024              2025
Rental Income                                                            $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
Parking                                                                  $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
    Total Rental Loss                                         #DIV/0!                  -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Net Rental Income                                                        $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
Other Income (including Laundry)                                         $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                             Other Income Manual Override

Effective Gross Income                                                   $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                        Expenses
Management Fees                                               #DIV/0!    $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Administrative & Marketing                                               $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Operating/Maintenance                                                    $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Payroll                                                                  $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Utilities                                                                $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Unique Operating Expenses                                   M&O/Unit/Mo= $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Insurance                                                     #DIV/0!    $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Real Estate Taxes                                                        $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Reserves for Replacement                                      #DIV/0!                      $0                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Effective Gross Expense*                                      #DIV/0!    $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
Net Operating Income                                                     $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -


                                 Debt Service- A Note                        #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
            Debt Service - B Note (enter Yes or No)                      $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                             Debt Service Coverage                           #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
                                                                         $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                      TOTAL DSC                              #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
                                    Net Cash Flow                            #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
                      Outstanding Loan(s) Amount                             #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
                                         RE Value                                    -                        -                 -               -                 -                   -                 -                 -               -                 -                 -                 -                 -                 -                 -
                    Value of Remaining Tax Credits                                   -                        -                 -               -                 -                   -                 -                 -               -                 -                 -                 -                 -                 -                 -
                                         Debt/Unit                           #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
                                  LTV (RE and TC)                            #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
                                                                                                                                                                 1/24/2012
                      LTV (RE Only)               #DIV/0!         #DIV/0!       #DIV/0!   #DIV/0!   #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
             Annual Tax Credit Value $      -
                 Price per tax Credit    0.0000
A Note Interest Rate and Amortization    0.00%              0 years
B Note Interest Rate and Amortization                        years




                                                                            -




                                                                                                         1/24/2012
     2026
$             -
$             -
$             -
$             -
$             -
$             -
$             -
$             -
$             -
$             -
$             -
$             -
$             -
$             -
$             -
$             -




      12
     2026
$             -
$             -
              -
$             -
$             -


$             -


              -
              -
              -
              -
              -
              -
              -
              -
              -
$             -
$             -


    #DIV/0!
$             -
    #DIV/0!
$             -
    #DIV/0!
    #DIV/0!
    #DIV/0!
            -
            -
    #DIV/0!
    #DIV/0!
                  1/24/2012
#DIV/0!




          1/24/2012
                                            AMRTZ-A


Name of Borrower:                  ANNUAL NOI     Interest Rate:                      0.00%
                                   $        -     Monthly Payment:              #DIV/0!
                                      $0.00       Original Principal Balance:            $0
                    Debt Service       1.2        Date of Loan:                   6/15/2011
                                                  Amort Length                             0




                                                Page 30
                                               AMRTZ-A


Rate Quote date      ANNUAL DS
                       #DIV/0!
Principal Override               Input a # here if you have a "Negotiated Mortgage"
Input




                                                Page 31
Name of Borrower:                  ANNUAL NOI   Interest Rate:
                                   $        -   Monthly Payment:              #DIV/0!
                                   $        -   Original Principal Balance:
                    Debt Service                Date of Loan:                   6/15/2011
                                                Amort Length
ANNUAL DS
  #DIV/0!
Total Sources                           Amount    Finance Type    Total Uses                                               Amount          Per Unit     % of Costs
MHFA 1st Mortgage Note              $         -               0   Acq. or Refinance Existing Debt Costs                $            -      #DIV/0!
General Partner Cash                $         -               0   Gross New Construction or Rehab Contract             $            -      #DIV/0!
Syndication Proceeds                $         -               0   Construction Contingency                             $            -      #DIV/0!       #DIV/0!
0                                   $         -               0   Environmental                                        $            -      #DIV/0!
0                                   $         -               0   Soft Costs                                           $            -      #DIV/0!
0                                   $         -               0   Financing Costs                                      $            -      #DIV/0!
0                                   $         -               0   Developer Fee                                        $            -      #DIV/0!
0                                   $         -               0   Construction Interest                                $            -      #DIV/0!
0                                   $         -               0   MH Loan Fees                                         $            -      #DIV/0!
0                                   $         -               0   MH DCE                                               $            -      #DIV/0!
0                                   $         -               0   Non-Mortgageable Costs                               $            -      #DIV/0!
0                                   $         -               0                                                        $            -      #DIV/0!
0                                   $         -               0                                                        $            -      #DIV/0!
0                                   $         -               0                                                        $            -      #DIV/0!
0                                   $         -               0
           Subtotal (Perm. Loans)   $         -


Not Committed                    $            -                   NOTES:
Committed                        $            -                   Acq. or Refinance Existing Debt Costs
                        Subtotal $            -                   (provide breakdown of payoff existing debt,          $            -
                                                                  owner cash out, etc.)                                $            -
                                                                                                                       $            -
                                                                                                                       $            -
                                                                                                                       $            -
                                                                                                                   Sum $            -

                                                                  Reserves                                                              Uses Location
                                                                  (list out prefunded reserves and where located       $            -
                                                                  above)                                               $            -
                                                                                                                       $            -
                                                                                                                       $            -
                                                                                                                       $            -
                                                                                                                   Sum $            -
                                                          Effective Rate with all MHFA funds                                                         Last Row               382


    Loan Desc->          NOI Loan            MHFA Other 1           MHFA Other 2                                                   Combined
Supporting Income ->        0.00
       Rate -->           0.0000%              0.0000%                0.0000%                                                       #NUM!
    Interest Type        Compound             Compound               Compound
   Term (Yrs) -->             0                    0                      0                                                           0
 Amortization (Yrs) ->        0                    0                      0
   Future Value ->                                 0                      0                                                           0
  Amortizing Loan ->        Yes                   Yes                    Yes
Debt Service Factor ->       0                     0                      0                     0                 0
     MIP Rate ->             0                   0.00                   0.00
   Annual Fee ->           0.00                  0.00                   0.00
    Total DSF ->             0                     0                      0                     0                 0

  Loan Amount ->            0                     0                       0                      0                 0                  0
Monthly Payment ->        #DIV/0!               0.00                    0.00                   0.00              0.00
Negotiated Mortgage                                                                                                                                               0.00      0.00                       0.00                0.00      0.00                       0.00                0.00      0.00                     0.00                0.00      0.00                     0.00                0.00      0.00                     0.00

             Payment              Payment              Payment                 Payment                Payment           Payment           Payment                                                    Loan 1                                                   Loan 2                                                 Loan3                                                  Loan4                                                  Loan5
              Number               Stream               Stream                  Stream                 Stream            Stream            Stream    Beginning Balance   Interest   Principal   End Balance   Beginning Balance   Interest   Principal   End Balance   Beginning Balance   Interest   Principal End Balance   Beginning Balance   Interest   Principal End Balance   Beginning Balance   Interest   Principal End Balance
                   0                  0.00                 0.00                    0.00                   0.00              0.00              0.00
                                                                                                                                                                  0.00      0.00        0.00           0.00                0.00      0.00        0.00           0.00                0.00      0.00       0.00          0.00                0.00      0.00       0.00          0.00                0.00      0.00       0.00          0.00
                                                                                                                                                                  0.00      0.00        0.00           0.00                0.00      0.00        0.00           0.00                0.00      0.00       0.00          0.00                0.00      0.00       0.00          0.00                0.00      0.00       0.00          0.00




                                                                                                                                                                                                                  Page 35 of 37
                                                                                                                   10 Year Proforma

                                                                             Base Year   Year 1   Year 2   Year 3      Year 4          Year 5   Year 6   Year 7   Year 8   Year 9   Year 10   Year 11   Year 12   Year 13   Year 14   Year 15
                                                       Annual Factor                          0        1        2           3               4        5        6        7        8         9        10        11        12        13        14
ANNUAL OPERATING INCOME:
      GROSS POTENTIAL RENT:                                            Manual Override

       Rental Housing Potential                             2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Parking/Garage Rent Potential                        2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Commercial Rent Potential (specify)                  2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Miscellaneous Rent Potential (specify)               2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Gross Potential Rent                                                        $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       RENTAL LOSS:
       Rental Housing Vacancy                               2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Parking/Garage Vacancy                               2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Commercial Vacancy                                   2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Miscellaneous Unrealized Income                      2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Employee Rent Credits                                2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Out of Service Units                                 2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Rental Concession Adjustments                        2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Bad Debt                                             2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Total Rental Loss                                                           $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       NET RENTAL COLLECTIONS:                                                     $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       OTHER INCOME:
       Tenant Fees                                          2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Laundry Equipment                                    2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Annual Tax Increment Financing (TIF) Receipts        2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                        0               2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                        0               2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                                        2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                                        2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Forfeited Security Deposits                          2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Interest Income                                      2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Total Other Income                                                          $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       TOTAL REVENUE                                                               $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

ANNUAL OPERATING EXPENSES:
      ADMINISTRATIVE EXPENSES
      Advertising and Marketing                             3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Management Fee                                        3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Legal                                                 3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Auditing                                              3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Telephone                                             3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      On-Site Management Payroll                            3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Other Administration                                  3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Total Administration                                                         $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       MAINTENANCE EXPENSES
       Elevator Maintenance / Contract                      3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Exterminating                                        3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Rubbish Removal                                      3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other Contract Services                              3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Janitor Supplies                                     3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Maintenance Supplies                                 3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Grounds Maintenance                                  3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Snow Removal                                         3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Heat & A/C Repair Services                           3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       General Repair Services                              3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Paint/Decorating Materials                           3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Maintenance & Jan. Payroll                           3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other Maintenance and Operating                      3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other            0                                   3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Total Maintenance                                                           $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       UNIQUE OPERATING EXPENSES
       Other (Spec:)                                        3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                                        3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                                        3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                                        3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Total Unique Operating Expenses                                             $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       UTILITIES
        a. Electricity                                      3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
        b. Water & Sewer                                    3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
        c. Gas and Oil                                      3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
        d. Total Utilities                                                         $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       INSURANCE                                            3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       TOTAL MANAGEMENT AND OPERATING EXPENSES                                     $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

ANNUAL RESERVES AND ESCROWS
      Real Estate Taxes                                     3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Replacement Reserve                                   3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Painting & Dec. Reserve                               3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Miscellaneous Reserves                                3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Other                                                 3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Other                                                 3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Other                                                 3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Other                                                 3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Total Reserves & Escrows                                                     $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       EFFECTIVE GROSS EXPENSES                                                    $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       NET OPERATING INCOME                                                        $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0




                                                                                                                       Page 36 of 37
                                                                                10 Year Proforma

                                            Annual Factor         0    1    2            3           4    5    6    7    8    9   10   11   12   13   14

ANNUAL DEBT SERVICE
      Debt Service                                               $0   $0   $0          $0           $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0
      Other

      Cash Flow                                             $0   $0   $0   $0          $0           $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0

      Requested Operating Subsidy

      Adjusted Cash Flow                                    $0   $0   $0   $0          $0           $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0

      Discount Rate
      NPV                           $0.00




                                                                                    Page 37 of 37

								
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