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NSP Application - Final December 2011

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          Arkansas Development
            Finance Authority




                    2011 Multi-Family
                   Housing Application




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                                 TABLE OF CONTENTS

CONTENTS                                                                      Page

Instructions for Submitting Applications                                      3, 4
Application Checklist                                                         5 - 10
Applicant Self-Scoring Sheet                                                  11


APPLICATION
I.       Development Name & Address                                           12
II.      Applicant Information                                                12, 13
III.     Partnership Information                                              13
IV.      Special Housing Needs Set-Asides                                     14
V.       Previous Participation of Applicant/Developer/Consultant             14
VI.      Type of Development                                                  14
VII.     Development Information                                              15
VIII.    Site Information                                                     16
IX.      Acquisition of Existing Buildings                                    16
X.       Acquisition Information                                              17
XI.      Relocation Information                                               17
XII.     Existing Subsidies with Acquisition Developments                     18
XIII.    Monthly Utility Allowance Calculations                               18
XIV.     Minimum Set-Aside Election                                           18
XV.      Rental Assistance                                                    18
XVI.     Development Tax Credit Rents                                         19
XVII.    Development Income                                                   19, 20
XVIII.   Development Operating Budget                                         20, 21
XIX.     15-Year Pro Forma Statement (separate worksheet in file)             22, 32
XX.      Sources of Funds (Grants and Other Funds)                            22
XXI.     Credit Enhancement or Private Placement                              23
XXII.    Notification of Local Official                                       23
XXIII.   Source of Funds (Construction and Permanent Financing)               23, 24
XXIV.    Development Costs Budget                                             25, 26, 27
XXV.     Syndication Information                                              27
XXVI.    Non-Profit Determination                                             28
XXVII.   Development Team Information (separate worksheet in file)            28, 33, 34
XXVIII.  Development Timeline                                                 29
XXIX.    Application & Other Fees                                             29
XXX.     Signature Page (LIHTC/Bond Applicants)                               30
XXXI.    Certification (HOME Developments)                                    31


REQUIRED FORMS (ATTACHMENTS A THROUGH G)




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                                                INSTRUCTIONS
                                                     FOR
                                           SUBMITTING APPLICATIONS

                                    DEADLINE: January 27, 2012 AT 4:30 P.M.

All applications must be submitted by the program deadline at 4:30 P.M. on January 27, 2011.

1.    Applicants for a particular program must also follow the rules and regulations for
      that program. Please see the following program guides for more information and
      requirements:

      Amendment to the State Consolidated Plan for Neighborhood Stabilization
      Program 3

      ADFA's Neighborhood Stabilization Program 3 Policies and Procedures Manual


2.    Submit one (1) signed original and all exhibits.


      To print a copy of this entire workbook in the MS Office 2007 version, under the MS Office button in the
      the top, left corner, select Print. Then under the "Print What" section, select Entire Workbook.

      ALSO, SUBMIT THE APPLICATION ELECTRONICALLY VIA EMAIL AS PROVIDED
      BY ADFA TO JOE RIDDLE, AT JOE.RIDDLE@ADFA.ARKANSAS.GOV
      AND NONA ROBINSON AT NONA.ROBINSON@ADFA.ARKANSAS.GOV

      (PLEASE DO NOT SUBMIT A SCANNED COPY.)

      PLEASE SAVE THIS FILE IN THE FOLLOWING FORMAT TO SUBMIT TO ADFA:
      2011NSP-(insert development name here).xlsx or .xls (depending on Excel version)
      ex. 2011NSP-PINEGROVEII.xlsx




Submit Complete Application to:

Housing Department - NSP
Mr. Joe Riddle
Arkansas Development Finance Authority
P.O. Box 8023
Little Rock, Arkansas 72203

Physical delivery to:
900 W. Capitol, Suite 310
Little Rock, Arkansas 72201




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                                                INSTRUCTIONS
                                                     FOR
                                           SUBMITTING APPLICATIONS

Instructions continued:

3.   Answer all questions highlighted in the light-blue shaded cells. If not applicable to your application, mark "N/A."
     All other cells have been protected and cannot be changed. If you have additional information and there
     is no room in the entry cell(s) provided, please insert an additional worksheet and label it "Additions."
     Reference the related roman numeral and topic first before typing your additional information.

4.   Only materials submitted on the standard forms included in the application packets (or copies of the forms)
     will be accepted for review. Use only forms provided and additional sheets if necessary.

5.   REQUIRED FORMAT: Place the original and, if applicable, copy of the application and
     attachments in a sufficiently sized 3-ring binder. Do not otherwise bind, staple or use Acco fasteners.
     Arrange the application as follows:


     •   TAB 1:             Application Checklist
                            Complete Application


     •   All other attachments/forms should be behind the corresponding numbered TAB on
         on the Application Checklist. DO NOT SKIP TAB NUMBERS.
         If an exhibit does not apply to your application, please place a sheet of paper with “N/A”
         behind the TAB.

     •   If you have extra exhibits that do not fall under a specific TAB listed in the
         checklist, attach additional TABs starting with number 53.

IF YOUR APPLICATION DOES NOT COMPLY WITH THE REQUIRED FORMAT,
THE APPLICATION WILL BE CONSIDERED AS INCOMPLETE AND WILL NOT
BE PROCESSED.




     •   Standard Form 424 must be submitted with your application to the State Clearinghouse,
         if you have not done so.
     •   If the applicant is not a state agency, a copy of this same information must be
         submitted to the appropriate area-wide Clearinghouse. The state address is:

                            State Clearinghouse
                            1515 W. 7th Street
                            1515 Building, Room 417
                            Little Rock, AR 72201


Retain a copy of the full application and exhibits/forms for your files.




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                                   APPLICATION CHECKLIST

Neighborhood Stablization Program III. Submit one (1) original
of the following. Place an "X" by each item included in the application.
Put N/A next to each item that does not apply to your application.
DO NOT LEAVE ANY ITEM UNMARKED.

TAB No.      (Please Type "X" or "N/A" in all LIGHT BLUE SHADED blanks:)

1.                    Complete Application (signed and dated), including application checklist

2.                    Narrative description of the development


3.                    Financial commitment letter from each funding source


4.                    Utility allowance calculation


5.                    Site control information

                            Deed
                            Option
                            Purchase Contract
                            Other (specify):
                            Verification of Arm’s Length Transaction Included

                      All developments for which an application is submitted must be VACANT and
                      in FORECLOSURE. If no evidence of foreclosure and vacancy is submitted, the
                      application will be terminated from review.

                            Foreclosure Decree
                            Purchase contract evidencing applicant as purchaser from foreclosing entity




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                                       APPLICATION CHECKLIST
Checklist continued. . .

6.                         Zoning Authority
                           Planning Commission (if applicable)


7.                         Independent Market Study & Additional Site Maps (market analyst must
                           be on ADFA’s approved market study provider list),

8.                         Letter of support from highest elected local official. Letters of support from
                           other sources.

9.                         Letter of Participation of each Development Team Member
                           Resume of each Development Team Member
                           Licenses, if applicable, of Development Team Member
                           Entity Information Forms (Attachments C-1 through C-18; complete and attach)
                                only those applicable)

10.                        Criminal Background and Disclosure Form – Housing for each Development
                           Team Member (Attachment A)




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                                       APPLICATION CHECKLIST
Checklist continued. . .

11.                        Plans & Specifications:
                                Building and Unit Designation (Attachment E)
                                Architect/Engineer certification that development will comply with
                                ADFA's “Multi-Family Housing Minimum Design Standards”
                                Architect/Engineer certification of compliance with applicable local, state
                                and national building codes, including federal and state accessibility laws.
                                Owner’s certification that proposed development will be developed in
                                accordance with ADFA’s Minimum Design Standards and in accordance
                                with all representation to ADFA
                                Attachment G, completed and executed by Architect or Engineer
                                Applicant’s and architect's execution of Attachment G

                           Rehabilitation Developments:

                                Architect/Engineer certification that development will comply with
                                ADFA's “Multi-Family Housing Minimum Design Standards”
                                Architect/Engineer certification of unavoidable nonconformance
                                (if applicable)
                                Architect/Engineer certification of improvement
                                Applicant’s statement of implementation of improvement
                                List of all waivers requested and the basis for each request




12.                        Environmental Checklist (Attachment B)
                           Environmental Assessment Checklist (Attachment B)


13.                        Capital Needs Assessment (For Rehabilitation Developments Only)
                                Applicant’s certification that the recommended scope of work will be
                                performed for the proposed rehabilitation


14.                        Pro Forma (included in this file)


15.                        Clearance Letters:
                                Section 106 Clearance Letter from Arkansas Department of Heritage, or proof of
                                application (Instructions at Attachment D)
                                Fish and Wildlife Clearance Letter from U.S. Fish and Wildlife Service, or
                                proof of application (Instructions at Attachment D.)


16.                        Energy Efficiency:
                                New Construction: HERS rating report

                                Rehabilitation Developments: Architect/Engineer certification of
                                advanced energy-saving devices to be installed




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                                       APPLICATION CHECKLIST
Checklist continued. . .

17.                        Copy of Census Tract

18,                        Conflict of Interest Acknowledgement and Disclosure (Attachment F-1)
                           Contract and Grant Disclosure and Certification Form (Attachment F-2)

19.                        Copy of HERS rater’s certification

20.                        Appraisal (Land and Improvements)
                               New Construction: Certified Land Appraisal
                               Rehabilitation Developments: Certified Appraisal




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                                        APPLICATION CHECKLIST
Checklist continued. . .



21.                        Standard Form 424 (See ADFA website - Publications and Forms - HOME Program)

22.                        Copy of the Affirmative Fair Housing Marketing Plan (See ADFA website - Publications
                           and Forms - HOME Program)

23.                        Copy of City’s Adopted Fair Housing Ordinance


24.                        Completed and signed Minority and Women Business Enterprises Plan
                           (See ADFA website - Publications and Forms - HOME Program)

25.                        Financial Statements of Development Owner(s)

                                 New Applicant-Balance Sheet, Profit/Loss Statement for past two years
                                 Prior or Current Applicant-Balance Sheet, Profit/Loss Statement for past year


26.                        Plan for Section 3 (http://www.access.gpo.gov/nara/cfr/waisidx_02/24cfr135_02.html)


27.                        Request for Taxpayer Identification Number and Certification (Form W-9)
                           (See ADFA website - Publications and Forms - HOME Program)

28.                        Phase I Environmental Site Assessment
                           (to be submitted no later than placed-in-service or 2011 Carryover Application deadline)




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                                        APPLICATION CHECKLIST
Checklist continued. . .

Start with TAB 29 for attachments not specified above, and list below:
29.




Required Forms for All Applications:

Attachment                             Description

A                                      Criminal Background and Disclosure Form - Housing
B                                      Environmental Checklist
C                                      Pro Forma
D                                      Section 106 Clearance Letter Instructions
E                                      Building and Unit Designation
F-1                                    Conflict of Interest Acknowledgement
F-2                                    Contract and Grant Disclosure and Certifiation Form
G                                      Multi-Family Housing Minimum Designs Standards Checklist




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                          2011 NEIGHBORHOOD STABLIZATION PROGRAM 3 APPLICATION
                                           ARKANSAS DEVELOPMENT FINANCE AUTHORITY
                                                                 900 W. Capitol, Suite 310
                                                                Little Rock, Arkansas 72201
                                                                   Phone: (501) 682-5900
                                                                   Fax:    (501) 682-5859


Application Date:                                                                    Received by:
                                                                                     Date Stamp:


I. DEVELOPMENT NAME AND ADDRESS
(List name under which development will do business. i.e. XYZ Apartments)

Name of Development:

Address:
                                                                                                    County:

City:                                                                                                  State:

Census Tract No.

HUD-determined census tract need score:
*Must be 12 or greater to be eligible

LISC need score for county:

U.S.                                         State                                                              State
Congressional District:                      Senate District:                                                   House District:



State Senator's Name:
Address:
State Representative's Name:
Address:



II. APPLICANT INFORMATION
(name under which applicant does business)

For Profit:                                                                                   Not-For Profit:
Name:


*Contact Person:
Address:

City:                                                                                                  State:
Email Address:
Phone Number:
Fax Number:
*Contact person for all ADFA correspondence and contact regarding this development.

Is the Applicant also the Developer?                                    Yes                                              No
If not, please complete the following information:




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Application continued . . .

Developer (If different than the Applicant):

Development Company:

*Contact Person:
Address:

City:                                                                                          State:
Email Address:
Phone Number:
Fax Number:
*Contact person for all ADFA correspondence and contact regarding this development.




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Application continued . . .



III. PREVIOUS PARTICIPATION OF APPLICANT/DEVELOPER/ CONSULTANT
Separately list all previous participation of the applicant, developer, and consultant in any housing development
(Attach separate listing, if necessary).


Name of Participant
and Development                                     Location and Date Placed in Service




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Application continued . . .

IV. DEVELOPMENT INFORMATION

Type of Development:

New Construction

Acquisition/Rehabilitation



Total Number of Units:                                                                      Total Number of NSP units proposed:

Type of Construction:
              Row/Townhouse                                                     Elevator?              Yes
              Detached Single Family                                      Slab on Grade?               Yes
              Garden Apartments                                           Full Basement?               Yes
                                                                            Crawl Space?               Yes

                                                                                                                        # of Buildings
Total No. of Buildings to be acquired or built:                                                                                      -
Total No. of Buildings to contain a residential, tax credit unit:                                                                    -

                                                                             Total
Total No. of Stories:                                                                 -
Total No. of Parking Spaces:                                                          -
Total Gross Floor Area for all Buildings:                                             -     (sq. ft)
Total Residential Floor Area:                                                         -     (sq. ft)



Recreation Facilities/Common Space (list):

Commercial Facilities (list):



No. of Units by Type:                              # of Units
Multi-Family Housing                                         -
Transient Housing                                            -
Elderly Housing                                              -                                               Other:
              55+                                            -
              62+                                            -

Targeting of Units: (If proposed development is elderly it must be housing for older persons as defined at
42 USC § 3607(b)(2) and Ark. Code Ann. § 16-123-307(c)(4).)
                                                   # of Units
Elderly                                                      -                              Family-(3 & 4 bedrooms)
Handicapped                                                  -                              Other:



                                                                                                  Sq. Footage
Unit Size Breakdown:                            # of Units                                         of Units
                Efficiency           0                       -                                                  -
                bedrooms             1                       -                                                  -
                bedrooms             2                       -                                                  -
                bedrooms             3                       -                                                  -
                bedrooms             4                       -                                                  -
TOTALS                                                       -                                                  -
(including Manager/Employee Unit(s))

Average Cost per Sq. Ft.                            #DIV/0!         divides total development costs (see pg. 14) by total sq.ft of units (above)
Average Cost per Unit                               #DIV/0!         divides total development costs (see pg. 14) by total No. of units (above)
Cost Cap Average per Unit                           #DIV/0!         equals (total development costs less land cost less infrastructure (see pg. 14) divided by total
                                                                    No. of units (above)




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Application continued . . .

V. SITE INFORMATION
(Site Control Documentation must be submitted at TAB 6)

Is site currently under control for the development?                                                  Yes
If yes, control is in the form of:
Deed                                                                                        Option
Purchase Contract                                                                           Other

Expiration Date of Contract or Option:                                                                                 (Month/Day/Year)

                                                                                                               in dollars
Appraised Value of the Land and Improvements:                                               $                                            -
Appraised Value of the Buildings:                                                           $                                            -

*All properties acquired with NSP3 funds must be purchased at a discount of at least 1% from the current
market appraised value of the property.
*Acquisition cost cap for single-family dwellings is $271,050.

                                                                in dollars
Total Cost of Land:                              $                                   -

Exact Area of Site:                                                                                                                          if sq. ft.--mark one
Name of Seller:
Address:
City:                                                                                                         State:
Phone Number:
If Seller is a related entity, identify the members, partners, or shareholders of Seller:




Zoning Category:
(Proper zoning documentation must be submitted at TAB 7.)

Are all utilities presently available to the site?                                                    Yes
If not, which utilities need to be brought to the site?
Electric                                          Water                                                                Phone
Sewer                                             Gas                                                                  Other:

Foreclosure documentation must be submitted at Tab 6.

Pictures evidencing vacancy of site must be submitted at Tab 6.




VI. ACQUISITION OF EXISTING BUILDINGS
(Complete for all acquisition/rehabilitation developments)

     Buildings Under                               Type of Control
      Site Control                                Ownership, Option                                  No. of                     Total
       Address(es) of                                Purchase Contract                               NSP                        No. of
         Buildings                               and Expiration Date                                 Units                      Units




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Application continued . . .

VII. ACQUISITION INFORMATION

Building(s) acquired or to be acquired from:
              Related Party                                   Unrelated Party

All developments must be foreclosed and vacant residential properties. Documentation must be submitted at Tab 6.



VIII. MONTHLY UTILITY ALLOWANCE CALCULATIONS

                            Type of            Utilities
                            Utility            Paid by                              Utility Allowance/Month
                            (ex. Gas,          (Tenant
         Utilities          Electric)          or Owner                 Eff                     1-BR                   2-BR
         Cooking
         Heating
        Hot Water
         Lighting
     Air Conditioning
          Water
          Sewer
          Trash
          Other
Total Tenant paid utility allowance                            $                -     $                -      $               -



Source of Utility Allowance Calculation (Documentation must be included at TAB 5.)

              Public Housing Authority (PHA)                                                                 Housing & Urban Development (HUD)
              Utility Company                                                                                Rural Development (USDA RD)



IX. Affordability Period
Low-Income Affordability and Rent Control Period (check one)

                            5 Years NSP Assistance/Unit                               <$15,000/unit
                            10 Years NSP Assistance/Unit                              $15,000-$40,000/unit
                            15 Years NSP Assistance/Unit                              >$40,000/unit




X. DEVELOPMENT NSP RENTS:

List the maximum applicable affordable housing NSP rents for the development location:
                                                                                          IN DOLLARS
                                                                       0-BR                   1-BR                     2-BR            3-BR
Low HOME
FMR




Development Affordability: Describe the procedures that will be used to ensure that the units
remain affordable and occupied by low-income households for at least the required term of
NSP Program Affordability.




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XI. DEVELOPMENT INCOME:

                                                            NSP RENTS:

                                  Area                                 Monthly                 Monthly                Total                Total
                                Median              Gross                Utility                 Net                 Monthly              Annual
   Unit           No. of       Income %             Rent/              Allowance                Rent/               Net Rent -           Net Rent -
    Size          Units       (Lo H, FMR)           Unit                per Unit                 Unit               All Units            All Units
0-BR                                           $            -    $                 -     $                -     $                -   $                -
1-BR                                           $            -    $                 -     $                -     $                -   $                -
2-BR                                           $            -    $                 -     $                -     $                -   $                -
3-BR                                           $            -    $                 -     $                -     $                -   $                -
4-BR                                           $            -    $                 -     $                -     $                -   $                -
TOTALS                 -                       $            -    $                 -     $                -     $                -   $                -


*The percentage of total units that is the same as the percentage that the NSP3 funds request is to the total
development costs must be restricted to households earning no more than 120% of Area Median Income.

*25% of the NSP3 units must be restricted to household earning no more than 50% Area Median Income.




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                                                   MARKET UNIT RENTS:

                                                  Monthly              Monthly
                                                    Net                  Net                   Annual
    Unit          No. of                           Rent/                Rent/                   Net
    Size          Units                             Unit                 Total                  Rent
0-BR                                          $            -     $                -     $                -
1-BR                                          $            -     $                -     $                -
2-BR                                          $            -     $                -     $                -
3-BR                                          $            -     $                -     $                -
4-BR                                          $            -     $                -     $                -
TOTALS                 -                      $            -     $                -     $                -




Low HOME Rents: Low HOME Rents-at least 20% of the rental units assisted with HOME funds must have rents no greater than the
established Low HOME Rents. Low HOME Rents are defined as rents that are not greater than 30% of the adjusted gross income
of a family whose income is 50% of the median income for the area (AMI,) adjusted for unit size.
The Proposed Rents plus the HUD Utility Allowance for the unit cannot be greater than these rent limits for each bedroom size.
HUD maximum income limits can be found on ADFA's website:
http://www.arkansas.gov/adfa/HOME
HUD maximum LOW HOME rents can be found at ADFA's website:
http://www.arkansas.gov/adfa/HOME
A rent calculator that is useful in determining applicable income limits and rents by county can be found at:
www.novoco.com




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Application continued . . .

XII. DEVELOPMENT OPERATING BUDGET:

Annual Rental Income:
            NSP Rents                                                             (from above)                       -
            Market Rents                                                          (from above)                       -
                                                                           Total Annual Rental Income:               -
              Less:         Vacancy Factor                                    5%                   -
              Total Rental Income                                                                        $               -

Other Income:
            Annual Laundry Income                                                                        $               -
            Annual Vending Income
            Annual Late Fees
            Annual Interest Income-operating
            Interest Income-reserves
            Annual Non-Refundable Pet Fees
            Lease Cancellation Fee
            Deposit Forfeitures
            Application Fee Income
            Other Income
            Other Income

Total Other Income:                                                                                      $               -
Total Effective Income:                                                                                  $               -

Annual Expenses:
General and Administrative:
             Advertising and Marketing                                                                   $           -
             Management Fee                  (Percent of Annual Income)                  #DIV/0!
             Administrative
             Legal
             Accounting
             Office Supplies
             Credit Investigations
             Leasing Fees
             Other



Payroll Related
              Administrative Payroll
              Maintenance Payroll
              Workman's Compensation
              Health Insurance
              Payroll Taxes
              Other Fringe Benefits



Maintenance
              Decorating
              Pool
              Exterminating
              Repairs
              Security
              Ground Expenses
              Building Supplies
              Other



Operating
              Fuel (heating and hot water)
              Lighting and Misc. Power
              Water/Sewer
              Trash Removal
              Janitorial
              Telephone
              Other



Taxes and Insurance
               Real Estate Taxes*
               Insurance
               Other Taxes, Licenses, Fees
*If taxes are lowered, deferred or abated, you must provide supporting
documentation with this application.

Total Operating Expenses                                                                                 $           -

Net Income                                                                                               $               -

Replacement Reserves (required minimum)                     No. of Units:                          -                 $250
Replacement Reserves (actual amount utilized in Development Cost Budget below)-must be at least
                                                                                                                         $0




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Annual Debt Service Requirements:
1st Mortgage Debt Service: (List Source)
2nd Mortgage Debt Service-NSP
Other Debt Service: (List Source)
Other Debt Service: (List Source)
                                                                                                                Total Debt Service $   -
                                          Debt Coverage Ratio           #DIV/0!
                                          (Cannot be less than)                    1.10

Operating Reserves:
             6 months projected annual operating expenses                                                                         $    -
             6 months annual debt service payments                                                                                $    -
             6 months annual replacement reserve deposits                                                                         $    -
Total Operating Reserves can be no less than:                                                                                     $    -



XIII. 15-YEAR PRO-FORMA STATEMENT
All Applicants must also complete the Pro-Forma worksheet attached in this file and attach at TAB 18.



Annual Expense/Income Information Verification :

I, the undersigned, do hereby certify that the foregoing projected annual expense information and
projected income information are complete and accurate estimates of all expenses and income
 projected for the proposed development, to the best of my knowledge and belief. I acknowledge
 that intentional or negligent misrepresentation of the foregoing information is a basis for rejection
 of the application for NSP funds, suspension from the program, or other action by the
ADFA Board of Directors.



Applicant's signature




XIV. NOTIFICATION OF LOCAL OFFICIAL
(Provide a letter from the highest elected official in which the development shall be located stating that he or
she approves of the development and include in TAB 9.)

Name of Jurisdiction:
Name of Highest Elected Official:
Title:
Address:
City, State & Zip:
Telephone:




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XV. SOURCE OF FUNDS (CONSTRUCTION AND PERMANENT FINANCING


                                                                             Amount
1.
Source of Funds
Contact Person
Email Address
Telephone Number

2.
Source of Funds
Contact Person
Email Address
Telephone Number

3.
Source of Funds
Contact Person
Email Address
Telephone Number

4.
Source of Funds
Contact Person
Email Address
Telephone Number

5.
Source of Funds
Contact Person
Email Address
Telephone Number

                                      Total                                           $0




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Permanent Financing Information:


1.
Source of Funds
Contact Person
Email Address
Telephone Number

2.
Source of Funds                              Neighborhood Stablization Program 3
Contact Person
Email Address
Telephone Number

3.
Source of Funds
Contact Person
Email Address
Telephone Number

4.
Source of Funds
Contact Person
Email Address
Telephone Number

5.
Source of Funds
Contact Person
Email Address
Telephone Number

                                                                                       Total                                              $0

                                                                                                                   Amortization
                                                                                               Interest              Period           Debt Service
                                                         Amount of Funds                         Rate               (months)
First Mortgage
NSP3
3rd Mortgage
Deferred Developer Fee
General Partner Equity
Other
                                      Totals $                                   -                                                $                  -
Attach copies of financing commitment letters or letters of interest from each funding source listed above at TAB 4.




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Application continued . . .

XVI. DEVELOPMENT COST BUDGET



                                                                     NSP3                  Other                   Total
                          Itemized Cost                              Costs                 Costs                   Cost

Acquisition
Purchase of land                                                              -                     -                      -
Purchase of structures (buildings)                                            -                     -                      -
Other:                                                                        -                     -                      -
Other:                                                                        -                     -                      -
                                                   Subtotal                   -                     -                      -

Land Preparation Costs
Site Work                                                                     -                     -                      -
On-Site Infrastructure                                                        -                     -                      -
Off-site Infrastructure                                                       -                     -                      -
Demolition                                                                    -                     -                      -
Other:                                                                        -                     -                      -
Other:                                                                        -                     -                      -
                                                   Subtotal                   -                     -                      -

Rehabilitation & New Construction
New Building                                                                  -                     -                      -
Rehabilitation                                                                -                     -                      -
Accessory Building                                                            -                     -                      -
General Requirements* (Max. 7%)                                               -                     -                      -
Contractor Overhead** (Max. 4%)                                               -                     -                      -
Contractor Profit*** (Max. 10%)                                               -                     -                      -
Other:                                                                        -                     -                      -
Other:                                                                        -                     -                      -
Other:                                                                        -                     -                      -
                                                 Subtotal                     -                     -                      -
*General Requirements can be no more than 7% of the total of Hard Costs which included: Site Work, New Building, Rehabilitation
and Hard Costs Construction Contingency.                                                                                       $                  -
                                                                                                                               $
**Contractor Overhead can be no more than 4% of the total of Hard Costs defined above plus General Requirements (see calculation listed above.)   -
***Contractor Profit can be no more than 10% of Hard Costs defined above plus General Requirements.                            $                  -

Contingency                                                                                                                -
Hard Costs Construction Contingency                                           -                     -                      -                      -
Soft Costs Contingency                                                        -                     -                      -                      -
Other:                                                                        -                     -                      -                      -
                                                   Subtotal                   -                     -                      -                      -

Architectural, Engineering & Legal Fees
Architect Fee - Design                                                        -                     -                      -                      -
Architect Fee - Supervision                                                   -                     -                      -                      -
Engineering Fees                                                              -                     -                      -                      -
Attorney Fees                                                                 -                     -                      -                      -
Other Fees:                                                                   -                     -                      -                      -
Other Fees:                                                                   -                     -                      -                      -
Other Fees:                                                                   -                     -                      -                      -
Other Fees:                                                                   -                     -                      -                      -
Other Fees:                                                                   -                     -                      -                      -
                                                   Subtotal                   -                     -                      -                      -

Interim Costs
Construction Insurance                                                        -                     -                      -                      -
Construction Interest                                                         -                     -                      -                      -
Construction Loan Origination Fee                                             -                     -                      -                      -
Construction Loan Credit Enhancement                                          -                     -                      -                      -
Real Estate Taxes                                                             -                     -                      -                      -
Other:                                                                        -                     -                      -                      -
                                                   Subtotal                   -                     -                      -                      -




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Application continued . . .




                                                                 NSP3              Other                   Total
                       Itemized Cost                             Costs             Costs                   Cost
Financing Fees and Expenses
Bond Premium                                                             -                  -                      -       -
Credit Report                                                            -                  -                      -       -
Permanent Loan Origination Fee                                           -                  -                      -
Permanent Loan Credit Enhancement                                        -                  -                      -
Cost of Issue/Underwriters Discount                                      -                  -                      -       -
Title and Recording                                                      -                  -                      -       -
Bond Counsel's Fee                                                       -                  -                      -       -
Other:                                                                   -                  -                      -       -
Other:                                                                   -                  -                      -       -
Other:                                                                   -                  -                      -       -
                                                Subtotal                 -                  -                      -       -

Soft Costs
Property Appraisal                                                       -                  -                      -       -
Market Study                                                             -                  -                      -       -
Environmental Report                                                     -                  -                      -       -
Tax Credit Fees                                                          -                  -                      -
Compliance/Monitoring Fee                                                -                  -                      -
Lease-Up Expense & Marketing                                             -                  -                      -
Other:                                                                   -                  -                      -       -
Other:                                                                   -                  -                      -       -
                                                Subtotal                 -                  -                      -       -

Syndication Costs
Organizational                                                           -                  -                      -
Bridge Loan Fees & Expenses                                              -                  -                      -
Tax Opinion                                                              -                  -                      -
Other:                                                                   -                  -                      -
Other:                                                                   -                  -                      -
                                                Subtotal                 -                  -                      -       -

Developer and Consultant Fees
Developer's Fee**** (cannot exceed max)                                  -                  -                      -       -
Developer's Overhead                                                     -                  -                      -       -
Consultant's Fee                                                         -                  -                      -       -
Other:                                                                   -                  -                      -       -
                                                Subtotal                 -                  -                      -       -



Developer Fee may be no more than 10% of the NSP3 request.                   Max Developer Fee                         $   -




Development Reserves
Replacement Reserves                                                     -                  -                      -
Operating Reserve                                                        -                  -                      -
Lease-up Reserve                                                         -                  -                      -
Other Reserve:                                                           -                  -                      -
Other Reserve:                                                           -                  -                      -
                                                Subtotal                 -                  -                      -

Total Development Cost Budget                                $           -   $              -    $                 -




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Application continued . . .
XVII. Development Team Members
All Applicants must also complete the Development Team worksheet attached in this file.




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Application continued . . .


XVIII. DEVELOPMENT TIMELINE
Fill in completion or anticipated completion dates for all development tasks listed. These dates must be realistic estimates.
These estimates, compared to actual completion dates, may be utilized in ADFA's review of a development team's current
capacity on subsequent applications.

                                                     Task                                                         Completion Date
SITE/DEVELOPMENT START UP
   Site Acquisition
   Site Analysis
  Closing and Transfer of Property
FINANCING
Construction Loan
           Firm Commitment
 Permanent Loan
            Loan Application
            Conditional Commitment
            Firm Commitment
  Other Loans and Grants (Type/Source)
            Application
            Award
CONSTRUCTION/IMPLEMENTATION
   Construction Contract Awarded
   Pre-Construction Conference (ALL Applicants)
   Construction starts
   Stage 1 completed
   Stage 2 completed
   Stage 3 completed
   Marketing Begins
   Construction Completed
   Occupancy/Rent-up Begins
   Full Occupancy Obtained
EXPENDITURE OF FUNDS
  25%
  50%
  75%
 100%




XIX. QUALITY OF PLAN - NEIGHBORHOOD STABLIZATION

Number of Assisted Units:

Number of Units in defined area needing assistance:

Length of Affordability Period:

Describe the supportive services to be provided:




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Application continued . . .

XX. SIGNATURE PAGE
NSP Applicants
The undersigned is responsible for ensuring that the proposed development is a foreclosed and vacant property.
The foreclosure must be complete and the property must be in the hands of the lienholder that foreclosed.
The undersigned agrees that the development will be constructed in accordance with
the Authority's NSP3 Policy and Procedures Manual. The undersigned warrants that the development will be constructed,
at a minimum, in accordance with ADFA's 2011 Minimum Design Standards, the representations contained in this
Application, its Exhibits and attachments, and all amendments thereto, unless otherwise agreed to writing by the
Authority.

The undersigned is responsible for projections of income and expenses set forth herein. The undersigned
agrees that the Authority's award of NSP3 funds, if any, to the undersigned for acquisition/rehabilitation or
construction of the development in no way makes any representation as to the accuracy or reasonableness of the
projections, which is wholly the undersigned's responsibility. The undersigned further agrees that the Authority's
award of NSP3 funds, if any, in no way makes any representation as to the eligibility of the development under
federal NSP3 regulations in HUD's determination.

The undersigned hereby makes application to the Authority for award of NSP 3 funds in the amount set forth
in the application. The undersigned agrees that the Arkansas Development
Finance Authority will at all times be indemnified and held harmless against all losses, costs, damages, expenses
and liabilities whatsoever nature or kind (including, but not limited to attorney's fees, litigation and court costs,
amounts paid in settlement and amounts paid to discharge judgment, any loss from judgment from Internal Revenue
Service) directly or indirectly resulting from, arising out of, or related to acceptance, consideration and approval
or disapproval of such allocation request.



The undersigned agrees to fully comply with all NSP3 federal requirements and ADFA requirements, including, but not limited to,
all requirements of notification to the Authority and timely submission of required documents and information subsequent to an
award, if made.

The undersigned being duly authorized, hereby represents and certifies that the foregoing statements and information,
and all representations and information provided in all exhibits and attachments to the Application, including the
Excel financial information, to the best of his or her knowledge, are true, complete and accurately describes
the proposed development.




IN WITNESS WHEREOF, the owner has caused this document to be duly executed in its name on the
          day of                                     , 2011.




                                                                           (Legal Name of Owner – Printed)

                                                           By:
                                                                                              (Name)



                                                                                              (Title)




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XIX. 15-YEAR PRO-FORMA STATEMENT
Development Name:           0

Annual Income increase                              102%
Annual Expense increase                             103%
Replacement Reserves increase                       101%

                                           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 effective income                    $         -     $        -    $        -    $        -    $        -     $        -     $        -    $        -    $        -    $         -   $         -   $         -   $         -   $         -   $         -
Annual Expenses                            $         -     $        -    $        -    $        -    $        -     $        -     $        -    $        -    $        -    $         -   $         -   $         -   $         -   $         -   $         -
Replacement Reserves                       $         -     $        -    $        -    $        -    $        -     $        -     $        -    $        -    $        -    $         -   $         -   $         -   $         -   $         -   $         -
Net Operating Income        formula>>>     $         -     $        -    $        -    $        -    $        -     $        -     $        -    $        -    $        -    $         -   $         -   $         -   $         -   $         -   $         -

1st Mortgage Debt                          $         -     $        -    $        -    $        -    $        -     $        -     $        -    $        -    $        -    $         -   $         -   $         -   $         -   $         -   $         -
NSP Debt Service                           $         -     $        -    $        -    $        -    $        -     $        -     $        -    $        -    $        -    $         -   $         -   $         -   $         -   $         -   $         -
Other Debt Service                         $         -     $        -    $        -    $        -    $        -     $        -     $        -    $        -    $        -    $         -   $         -   $         -   $         -   $         -   $         -
Other Debt Service                         $         -     $        -    $        -    $        -    $        -     $        -     $        -    $        -    $        -    $         -   $         -   $         -   $         -   $         -   $         -
Cash Flow after DS          formula>>>     $         -     $        -    $        -    $        -    $        -     $        -     $        -    $        -    $        -    $         -   $         -   $         -   $         -   $         -   $         -

Payment of Non-interest deferred                           $        -    $        -    $        -    $        -     $         -    $        -    $        -    $        -    $         -   $         -   $         -   $         -   $         -   $         -
 developer fee/builder profit
Net Cash flow                 formula>>>   $         -     $        -    $        -    $        -    $        -     $        -     $        -    $        -    $        -    $         -   $         -   $         -   $         -   $         -   $         -

Debt Coverage Ratio                            #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 Deferred Developer Fee Paid          $         -




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                                                                                         Page 45 of 46




XXVII. DEVELOPMENT TEAM INFORMATION
At Tab 11, each development team member must submit a cover letter describing its participation in the development
along with a copy of its resume listing qualifications, experience, and previous experience with
housing, address and telephone number. The development team member(s) with the experience to be considered
must identify the prior development(s) and describe its role. In addition, the applicant,
consultant, and each development member must separately complete and execute Attachment A, the “Criminal Background
and Disclosure Form – Housing”, and submit at Tab 12. A copy of the named Architects and Contractors licenses' must be
attached at TAB 11.


Developer Name:
Contact Person*:
Address:

City:                                                                           State:                                 Zip Code:
Email Address:
Phone Number:
Fax Number:
*Contact person for all ADFA correspondence and contact regarding this development.

Consultant Name:
Contact Person:
Address:

City:                                                                           State:                                 Zip Code:
Email Address:
Phone Number:
Fax Number:



Architect Name:
Contact Person:
Address:

City:                                                                           State:                                 Zip Code:
Email Address:
Phone Number:
Fax Number:



Contractor Name:
Contact Person:
Address:

City:                                                                           State:                                 Zip Code:
Email Address:
Phone Number:
Fax Number:



Management Company Name:
Contact Person:
Address:

City:                                                                           State:                                 Zip Code:
Email Address:
Phone Number:
Fax Number:



Tax Attorney Name:
Contact Person:
Address:

City:                                                                           State:                                 Zip Code:
Email Address:
Phone Number:
Fax Number:




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                                                                                                Page 46 of 46




Application continued . . .

Bond Attorney Name:
Contact Person:
Address:

City:                                                                                State:                                 Zip Code:
Email Address:
Phone Number:
Fax Number:



Accounting/CPA Consultant Name:
Contact Person:
Address:

City:                                                                                State:                                 Zip Code:
Email Address:
Phone Number:
Fax Number:



Energy Consultant/Audit Firm Name:
Contact Person:
Address:

City:                                                                                State:                                 Zip Code:
Email Address:
Phone Number:
Fax Number:



Application Preparer Name:
Contact Person:
Address:

City:                                                                                State:                                 Zip Code:
Email Address:
Phone Number:
Fax Number:

HERS Provider Name:
Contact Person:
Address:

City:                                                                                State:                                 Zip Code:
Email Address:
Phone Number:
Fax Number:



Please list any direct or indirect, financial or other interest a member of the development team may have with another
member of the development team, whether identified as a development team member in this application or not.
List "NONE" if there are no identities of interest. If “NONE,” applicant agrees to fully and promptly disclose to
ADFA any and all indirect and direct interests that arise, subsequent to the submission of this application.




2/15/20121:55 AM                                                                bdbeb942-3f31-4f5d-b271-4f9fef166c51.xlsx               Development Team

				
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