TCAP Funding Application by gwm21537

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									                                                Commonwealth of Massachusetts
                                        DEPARTMENT OF HOUSING &
                                        COMMUNITY DEVELOPMENT
                                  Deval L. Patrick, Governor  Timothy P. Murray, Lt. Governor  Tina Brooks, Undersecretary




                                         Tax Credit Assistance Program

                                                                  (TCAP)

                                             DHCD Funding Application

                                                                July 2009




100 Cambridge Street, Suite 300                                                                                      www.mass.gov/dhcd
Boston, Massachusetts 02114                                                                                          617.573.1100
                         Tax Credit Assistance Program
                          DHCD Funding Application
                                   July 2009
TCAP Application Checklist: A complete TCAP application must include the following
information.

   1. Summary of TCAP Request (see attached form on page 3)

   2. Narrative addressing the following, including attachments as necessary:

          a. Project Description. Highlight any material changes that have been made
             to the project since the original submission to DHCD. Provide an estimate
             of the date on which all financing will close assuming a TCAP award date
             occurring within three weeks of the date of this application. Provide an
             estimate of the construction start date.

          b. Status of Zoning (enclose zoning approval)

          c. Status of Construction Documents enclosing architect’s certificate
             evidencing percentage of completion of documents.

          d. Status of construction bids, including construction bid date and evidence
             of Davis-Bacon wage structure. Evidence that project was bid as a Davis
             Bacon project prior to May 4, 2009.

          e. Status of Building Permits (enclose copy of building permit, if available).

          f. Building Permit Date, if available (dictates version of Code to be adhered
             to).

          g. Construction Start Date. For this purpose, assume that the TCAP award
             will be issued within three weeks of the date of submission of the TCAP
             application.

          h. Signed Construction Contract by Contractor acceptable to DHCD. If a
             construction contract has not been signed, enclose the contractor’s
             commitment letter with expiration date and bid amount referring to
             submitted plans and specifications detailing scope of work for planned
             contract from contractor. Also, provide a draft contract ready for
             execution.

          i. Status of all project financing, including updated commitment letters from
             all financing sources other than DHCD.

          j. Letters of interest or a commitment for an equity investment in the tax
             credit award. If no commitment or letter of interest has been obtained,
             then enclose a list of syndicators and investors that have been contacted,
             date of correspondence, and summary of responses from each investor.


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                     TCAP Funding Application Continued

             Describe plan to obtain an equity investment for an adjusted amount of
             credit award. Please note that to receive TCAP funds, the project
             sponsor must use, sell, or syndicate an amount of tax credits.

          k. Status of all required reviews – environmental, historic, wetlands (if
             applicable), etc, with evidence of sponsor compliance. As of the date of
             application for TCAP funds, the owner and its contractors are prohibited
             from undertaking any choice-limiting activities.

          l. Updated sources and uses and operating pro forma in One-Stop format
             (three hard copies and one disk), including identification of amount of
             TCAP requested

          m. Comparison of original approved sources and uses to current budget (see
             form on DHCD’s Web site at
             http://www.mass.gov/Ehed/docs/dhcd/hd/lihtc/revisedsources.xls

          n. Comparison of original approved operating budget to current operating
             budget, if operating budget has changed.

          o. Recent financial statements of the project sponsor and an explanation of
             any adverse change in the financial status of the project sponsor since the
             date of the most recent financial statements previously submitted to
             DHCD.

          p. A certification of compliance with cross-cutting Federal requirements and
             other TCAP program requirements must be submitted with the application.
             For the form, please visit the DHCD Web site at:
             http://www.mass.gov/?pageID=ehedterminal&L=3&L0=Home&L1=Hous
             ing+Development&L2=Affordable+Rental+Development&sid=Ehed&b=t
             erminalcontent&f=dhcd_hd_lihtc_lihtc&csid=Ehed

          q. Job Creation/Retention Matrix (see matrix form on DHCD Web site at
             http://www.mass.gov/?pageID=ehedterminal&L=3&L0=Home&L1=Hous
             ing+Development&L2=Affordable+Rental+Development&sid=Ehed&b=t
             erminalcontent&f=dhcd_hd_lihtc_lihtc&csid=Ehed)

          r. Affirmative Fair Housing Marketing Plan in form acceptable to DHCD.

          s. Application Fee based on 2009 QAP (this is required for all TCAP
             applications, whether the project is a 9% or a 4% credit project)
                 i. See 2009 QAP at the following location:
                    http://www.mass.gov/Ehed/docs/dhcd/hd/lihtc/09qapfinal.pdf

Please contact Wendy Cohen at wendy.cohen@state.ma.us or 617-573-1320 with any
questions.



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                           TCAP Funding Application Continued

                                    Summary of TCAP Request



Project Name:

Project Sponsor:

Primary Contact Person:

Primary Contact’s E-mail:

Primary Contact’s Phone Number:


------------------------------------------------------------------------------------------------------------


TCAP Amount requested:

Total number of units proposed:

Total number of 60% of AMI units proposed:

Total number of 30% of AMI units proposed:

Estimated number of jobs to be created or retained:




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