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Letter of Credit Financing for Commercial Real Estate - Excel

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Letter of Credit Financing for Commercial Real Estate document sample

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									                                    ILLINOIS HOUSING DEVELOPMENT AUTHORITY
                                   MULTIFAMILY PROGRAMS COMMON APPLICATION
                                                           INSTRUCTIONS
   The Common Application may be completed on a diskette issued by the Authority or spreadsheet downloaded from its website. The
   Common Application contains one Microsoft Excel file - IHDA Common Application.xls. The Common Application Checklist* may be
   obtained by downloading it from the IHDA web site www.ihda.org.

   *NOTE: IF YOU ARE ONLY APPLYING FOR TAX CREDITS, YOU MUST SUBMIT THE IHDA COMMON APPLICATION.xls, BUT ONLY
   HAVE TO COMPLETE THE TAX CREDIT SECTIONS OF THE COMMON APPLICATION CHECKLIST.

1 Please make backup copies of the spreadsheets prior to use.
2 The IHDA Common Application.xls contains the Pages 1-11 of the application. Please see IHDA's Common Application Checklist for ALL
  items necessary to submit an application.
                      When you electronically open the IHDA Common Application, please select "Enable Macros"
   Checklist
   Description                      Page 1       LTOS                                    Page 6
   Programs                         Page 2       Net Income                              Page 7
   Team                             Page 3       Cash Flow                               Page 8
   Project                          Page 4       Budget-Eligible Basis                   Page 9
   Income                           Page 5       Sources                                 Page 10

   To access any of the pages, click the mouse on the appropriate tab at the bottom of the worksheet. Additional worksheets are "hidden"
   and for IHDA use only.

3 The application has been protected so that formulas and information cannot be erased. You will not be able to add any information in
  protected areas. If needed, please attach separate sheets of paper and submit them with the printout of the application.


   NOTE: CHANGING FORMULAS IN THE APPLICATION WITHOUT PRIOR CONSENT FROM THE AUTHORITY MAY INVALIDATE
   YOUR APPLICATION!!!

4 To submit the application, return a printed copy of the completed application and email the Excel application to
  kassaria@ihda.org.

5 Each page must be printed separately and is formatted to fit on the page. To print each page click on the page and then click on the
  printer icon.


   DO NOT CHANGE PRINT CONFIGURATION. IF YOU ARE HAVING DIFFICULTY PRINTING CALL THE AUTHORITY!!!!

6 Please direct program and application questions to Bob Johnson (312/836-5205).
     ILLINOIS HOUSING DEVELOPMENT AUTHORITY                                                           Page 1
      MULTIFAMILY AND TAX CREDIT APPLICATION
PROJECT NAME:                                                                             Internal Use Only
PROJECT ADDRESS:                                                                          IHDA #
CITY:                                                                                     Date Re'd
ZIP:                                                                                      Fee
COUNTY:                                                                                   Application Date (4/1/09)
DEVELOPER NAME:
CONTACT PERSON:
RELATION TO OWNER:
PHONE NUMBER:
FAX NUMBER:
EMAIL ADDRESS

IHDA PROGRAM:                                     Requested
    Financing Program                         Financing Amount                      Credit Enhancement Program
    Mortgage Participation Certificates (MPC)                                              Risk Sharing - FHA
     Tax Exempt Bonds*                                                                    MAP - FHA
     HOME                                                                                 FNMA
     Trust Fund                                                                           Letter of Credit
     Taxable Financing                                                                    3rd Party Guarantee
     LIHTC - Federal                                                                      Other
     IAHTC - State
     * Ceded Volume Cap (Enter Amount)
     Operating Subsidy
     Long Term Operating Support (LTOS)                                                   Enter # of LTOS Units
     Other (Describe)
     Financing Type
  Acquisition                                 Refinance                               9% LIHTC Competitive
  Acquisition/Rehabilitation                                                          9% LIHTC Increase
  New Construction                                                                    4% LIHTC Tax-Exempt Bond
     Property Type
  Elderly                                     Supportive Housing Population
  Family                                      Other (Describe)
  Supportive Living Facilities (SLF)
     Target Population
  15% of AMI                                  40% of AMI                              80% of AMI
  20% of AMI                                  50% of AMI                              Market Rate
  30% of AMI                                  60% of AMI
    Property Description
  Single Family/Townhome                      Single Story Multifamily
  Rent-to-Own Single Family                   Multi-story Multifamily                     Enter # of Stories
     Land (Enter Size of Land)                                   # of Square Feet         # of Acres
     # of Residential Apartments                                 Units                    # of Elevators
     # of Residential Buildings
     # of Accessory Buildings

Description of Building and Site Amenities:




Description of Neighborhood and Community Amenities:
Development Name:                                                                                         Page 2
0                                                                                                         IHDA #:         0
                                                                                                          Date:           01/00/00
TAX CREDIT REQUEST                     IHDA                       DOH *                                   No Tax Credits *
   * If DOH Credits or no tax credits, please skip this section and continue in next section.

    LIHTC Program Elections: (Fill out in conjunction with Qualified Allocation Plan-QAP)
    Set Asides                                                                                            (Choose all that apply)




    Minimum Set-Aside Election
      At least 20% of the units will be rent-restricted and occupied by individuals whose income in no more than 50% of the area median.
       At least 40% of the units will be rent-restricted and occupied by individuals whose income is no more than 60% of the area median.
    Extended Use Period (See QAP for definition of compliance period & scoring category)
                      Indicate # of years the development will comply with the occupancy restrictions (both income & rent) of Section 42:
                          Note: You will be required to sign and record an Extended Use Agreement for the full compliance period.

    LIHTC Scoring (please refer to QAP)
    Green Points                                            Project Design/Amenities                 Enhanced Accessibility (enter # units)
      150 Points                                               Brick                                    Accessible (Federal Funds - 10% & 2%)
       200 Points                                              Community Space                          Accessible (No Federal Funds - 5% & 2%)
       250 Points                                              Hard-wired Internet                      Rehabilitation (10% & 2%)
    Housing Task Force Initiatives                          Other (explain below)                       Adaptable
                                                                                                        Special Needs




    Other Information




STATE TAX CREDIT (IAHTC)
    IAHTC Set-Asides                                                                  Type of Donation
      General Operating Support
      Technical Assistance
      Employer Assisted Housing


PUBLIC NOTICE
IHDA is required to notify the following public officials of all multifamily applications received. Please provide the following contact information:
                                              District      Name/Contact Person/Address
    Mayor/Chief Elected Official



    Congressperson



    State Senator



    State Representative



    Chairperson of County Board



    Council Member/Alderman



    County Public Housing Authority



    City Public Housing Authority
Development Name:                                                               Page 3a
0                                                                               IHDA #:   0
                                                                                  Date:   01/00/00

DEVELOPMENT TEAM
Ownership Entity:                                            Limited Profit Entity          Non-Profit Entity

Type of Ownership Entity:                                    Limited Partnership            Land Trust
                                                            Limited Liability Corp.         Sole Proprietorship
                                                             Corporation                    General Partnership
                                                             Local Government


Investment Goal of Developer                                 Build-to-Suit                  Long Term Hold
(If goal is short term hold, please                       (Short Term Hold is defined
explain role at bottom of 3b)                             as general partner selling
                                                          100% interest < 6 years)

Ownership
Ownership Legal Name
Address
City, State, Zip Code
Principals/Signatory
Contact Person (CP)
CP Phone #
CP Fax #
CP E-mail
General Partner(s)
Name of Entity - GP
Contact Person (CP)
Address
City, State, Zip Code
CP Phone #
CP E-mail
% interest of entity in G.P.
Non-Profit (Yes/No)
Construction Guarantor(s)
Name(s)

Are there any Participating Non-Profit Entities in the Ownership Entity? (Yes or No)
Explain Ownership Relationship and % Interest

Non-Profit Entity Name

Have any of the above entities been involved in any bankruptcies, loan defaults or foreclosures
  Yes                               No
If yes, please explain:




Professional Team Members
Syndicator                                                    Property Manager
Company Name                                                  Company Name
Address                                                       Address
City, State, Zip Code                                         City, State, Zip Code
Phone #                                                       Phone #
Fax #                                                         Fax #
E-mail                                                        E-mail
Contact Person (CP)                                           Non-Profit/Profit
CP Phone #                                                    Contact Person (CP)
CP E-mail                                                     CP Phone #
CP Fax #                                                      CP E-mail
Development Name:                                                                Page 3b
0                                                                                IHDA #:      0
                                                                                   Date:      01/00/00
General Contractor                                               Architect
Company Name                                                     Company Name
Address                                                          Address
City, State, Zip Code                                            City, State, Zip Code
Phone #                                                          Phone #
Fax #                                                            Fax #
E-mail                                                           E-mail
Contact Person (CP)                                              Contact Person (CP)
CP Phone #                                                       CP Phone #

Tax Credit Accountant                                            Attorney
Company Name                                                     Company Name
Address                                                          Address
City, State, Zip Code                                            City, State, Zip Code
Phone #                                                          Phone #
Fax #                                                            Fax #
E-mail                                                           E-mail
Contact Person (CP)                                              Contact Person (CP)
CP Phone #                                                       CP Phone #

Consultant                                                       Tax Credit Attorney
Firm Name                                                        Firm Name
Address                                                          Address
City, State, Zip Code                                            City, State, Zip Code
Phone #                                                          Phone #
Fax #                                                            Fax #
E-mail                                                           E-mail
Contact Person (CP)                                              Contact Person (CP)
CP Phone #                                                       CP Phone #


Lead Referral Agency
Firm Name
Address
City, State, Zip Code
Phone #
Fax #
E-mail
Non-Profit/Profit
Contact Person (CP)
CP Phone #

Identity of Interest and Role of Developer
Indicate any identity of interest among Development Team members and role of developer (if other than long-term hold -
i.e. "turn-key developer"):
Development Name:                                                                Page 4
0                                                                                IHDA #:     0
                                                                                 Date:       01/00/00
PROJECT INFORMATION
                                    Market Rate        Employee     Trust Fund   Low-Income        Very Low Inc          Total
                                        Units            Units      60%><=80%    50%><=60%         Units<=50%
Number of Units:                                                                                                                 0
Net Rentable Area-"NRA" (sq ft):                                                                                                 0
% = # Afford. Units/# Total Units                                                                                        0.0000%
% =Total NRA of Afford/Total NRA                                                                                         0.0000%

Construction Schedule:              Construction:                                Dimensions:
                          Date        Foundation:                                Gross Building Area (sq ft) :
Start                               Exterior Walls:                              Area Included in Basis (sq ft) :
Finish                              Utilities:                                   Site Area: (sq ft)                              0
Placed-in-Service                              Heat                              Total Parking Spaces:
                                            Cooking                              # Garage Pkg Spaces
                                        Hot Water                                Commercial Pkg Spaces
                                    Air Conditioning                             Year Built (if existing):

Property Description                Describe Improvements                                          Gross (SqFt)       Net (SqFt)
Accessory Buildings
Recreational Facilities
Commercial Facilities
                                                                                 Totals                         0                0
Kitchen                             Laundry                                      Other
  Range                                Laundry facilities on Site                  Wall-to-Wall Carpeting
  Refrigerator                         In-Unit Washers/Dryers                    Describe Window Treatments below:
  Dishwasher                           In-Unit Washer/Dryer Hook-ups
   Disposal                                                                      Extra-ordinary energy efficient features:
   Microwave
   Development Name:                                                                                                                    Page 5a
   0                                                                                                                                    IHDA #:              0
                                                                                                                                        Date:                01/00/00
           UTILITY ALLOWANCE INFORMATION                             Low Income Units Only

       Source of Estimate                   HUD (attach schedule)                                  Utility (attach letter)                 Comparable (attach audit)
                (www.huduser.org/resources/utilmodel.html)
   Tenant Paid         (estimated monthly payment rounded to the nearest dollar)                                                             Owner Paid (Utilities)
   Utility         Type (E=Electric, G=Gas, GT=Geothermal, O=Oil, OT=Other)                                                                Cooking
   # of BRs                                                                                                                                Heating
   Gas (Lump Sum)                                                                                                                          Hot Water
   Electric (Lump Sum)                                                                                                                     Lighting
                     (E, G, GT, O, OT)                                                                                                     Air Conditioning
   Cooking                                                                                                                                 Water
   Heating                                                                                                                                  Sewer
   Hot Water                                                                                                                               Trash
   Lighting                                                                                                                             Other utilities describe below
   A/C
   Water
   Sewer
   Trash
   Other
   Total                        0             0            0                   0                    0              0


   Rental Assistance Information                                      if yes, enter x                                        For Occupied Buildings (provide Rent Roll)
                 Type        # Units        Term                 Comments                                                    Current Occupancy Rate




   RESIDENTIAL RENT SCHEDULE:                                                                                                          Percent of Units        # of Units
                     (Non-LTOS Rental Rates)                                                    Low Income Units                               0.00%                0
                                                                                                  HOME Units                                   0.00%                0
                     For Developments with Section 8 Rents, enter the                                LI15% Units                                  0.00%            0
                     Section 8 rents in the Schedule below                                           LI20% Units                                  0.00%            0
  Enter                                                                                              LI30% Units                                  0.00%            0
   8 for                                                                                             LI40% Units                                  0.00%            0
Section 8                                Choose One                                                  LI50% Units                                  0.00%            0
  H for                                  li80,li60,li50                                              LI60% Units                                  0.00%            0
  HOME                                   li40,li30,li20                                              LI80% Units                                  0.00%            0
 or H8 for                               li15, Market
Home/Sect 8                    Unit                                       Monthly                 Utility                                   Monthly
              # of   # of      Size          Unit         # of             Rent                Allowance        Gross          Rent         Income              Annual
  Units       BRs BTHs       (Sq Ft)        Status        Units       (Received by Landlord)    (From Above)     Rent         Limits     (Net to Landlord)
                                                                                                                                                        0       Income
                                                                                                                        $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

             Total Income Producing Units                        0                                                                                    $0                 $0
Development Name:                                                                       Page 5b
0                                                                                       IHDA #:   0
                                                                                        Date:     01/00/00

COMMERCIAL INCOME:               (Attach separate sheets detailing individual leases)
                                  Monthly        Unit          Rent
                                  Market         Size           Per         Annual
           Type      Units         Rent         (Sq Ft)        Sq Ft        Income
           Office                                                                $0
           Retail                                                                  0
           Total             0         $0                                        $0

OTHER RESIDENTIAL INCOME:         (Provide estimate assuming 100% project occupancy)
                                            Gross Annual
           Type                                Income    Assumptions
           Parking
           Laundry
           Vending
           Other
           Other
           Other
           Total                                       $0

TOTAL PROJECT INCOME:                                                                                        $0
Development Name:                                                                 Page 6a
0                                                                                 IHDA #:               0
                                                                                  Date:         01/00/00
LTOS Rent Roll           Current
                          Rent
                       Restriction
                       or Income                                              LTOS Max.                     Utilities (if
            Unit Type Limit on Unit  Rental                                      Rent                         Tenant
 Proposed (0BR, 1BR, (li30, li40, Assistance         Current       Average    (Published) Proposed          Paid, enter
LTOS Unit # 2BR,etc.) li50,…mkt)    (Y or N)          Rent        Market Rent      *      LTOS Rent          amount)




                                       Current or                     LTOS         LTOS Max     Tenant
  Tenant                               Proposed     # of People      Income         Income    Contribution
 Proposed    Proposed      Vacant or    Tenant           in         Election      (Published) (Published)
LTOS Unit # LTOS Rent      Occupied     Income      Household      (li15, li30)        *           *       LTOS Grant




Monthly                0                                                          Monthly              0                0

Annual                 0                                                          Annual               0                0

* Long Term Operating Support Program information can be found at www.ihda.org/Multifamily Programs Rental
Housing Support Program/Long Term Operating Support Program (LTOS)/LTOS Downloads (see below):
            (1) "RHS LTOS Maximum Income Limits"
            (2) "RHS LTOS Maximum Rent Limits"
            (3) "RHS LTOS Tenant Contribution Schedule"
                            Long Term Operating Support Program (LTOS)
                                        Grant Calculation

Development Name:   0                                             Page 6b
County:             0                                             IHDA #:               0
                                                                  Date:         01/00/00
Rent Escalation:    2.00%

                                             Tenant       Monthly    Annual
                        Year       Rent    Contribution LTOS Grant LTOS Grant
                          1        $0          $0          $0         $0
                          2         0           0           0          0
                          3         0           0           0          0
                          4         0           0           0          0
                          5         0           0           0          0
                          6         0           0           0          0
                          7         0           0           0          0
                          8         0           0           0          0
                          9         0           0           0          0
                         10         0           0           0          0
                         11         0           0           0          0
                         12         0           0           0          0
                         13         0           0           0          0
                         14         0           0           0          0
                         15         0           0           0          0

                                              Totals      $0             $0
Development Name:                                                     Page 7a
0                                                                     IHDA#:         0
                                                                      Date:          01/00/00
Cash Flow Analysis               1st Stabilized Year
                                                                        Proforma          Per Unit      % Expenses
Gross Potential Rents - Residential (Non-LTOS)                                 $0
Gross Potential Rents - Residential (LTOS Tenant Contribution)                   0
Gross Potential Rents - Residential (LTOS Subsidy)                               0
Other Residential Income                                                         0
Gross Income - Residential                                                     $0
   Vacancy and Uncollectable                    @           7.00%                0
   Rental Allowance
Effective Gross Income - Residential                                            $0
Gross Potential Rents - Commercial                                              $0
   Vacancy and Uncollectable                    @         25.00%                 0
Effective Gross Income - Commercial                                             $0
Other Income
Effective Gross Income (EGI)                                                    $0
Administrative Expense
Management Fee                         5.00%                                    $0
Administrative Salaries (Data pulled from Chart Below)                           0
Office Expense
Legal/Accounting
Advertising/Marketing
Other Administrative
Total Administrative Expense                                                    $0
Operating Expense
Operating Expense Salaries (Pulled from Chart Below)                            $0
Janitorial Supplies
Exterminating
Rubbish Removal
Other Operating Expense
Total Operating Expense                                                         $0
Maintenance Expense
Maintenance Salaries (Pulled from Chart Below)                                  $0
Security Expense
Maintenance Supplies
Grounds and Pool Maintenance
Elevator Maintenance
Heating and Air Conditioning Maintenance
Plumbing and Electrical Maintenance
Painting, Decorating, Carpeting
Miscellaneous Maintenance Repairs
Total Maintenance Expense                                                       $0
Utilities
Gas/Fuel Oil
Electric
Water/Sewer
Other
Total Utility Expense                                                           $0
Taxes, Insurance
Real Estate Taxes           (see RE Taxes Below)                                $0
Insurance
Other                                                                            0
Other (LIHTC & IAHTC Compliance Fees - * See Table One below)
Total                                                                           $0
Reserves
Replacement Reserve
FF&E Reserve (Furniture, Fixtures and Equipment)
Operating Reserve
Total                                                                           $0

Total Annual Expenses                                                           $0
Net Operating Income                                                            $0     Debt Coverage Ratios
Debt Service (1st)                                                               0
Debt Service (2nd)                                                               0
Debt Service (3rd)                                                               0
Debt Service (4th)                                                               0
Cash Flow after Debt Service                                                    $0

* Table One
Monitoring Fees applicable under the Low Income Housing Tax Credit (LIHTC) and Illinois Affordable Housing Tax Credit
(IAHTC) Programs. Enter the appropriate amount in cell "I-58" above.
# Units                LIHTC                IAHTC        Total Fees
1-10                       75                   75             $150
11-19                     150                  150              300
20 or more            $25/unit           $7.50/unit        $25/unit
Development Name:                                                            Page 7b
0                                                                            IHDA #:            0
                                                                             Date:              01/00/00
Payroll Detail (Residential)                                                                                         Total
                                                                                                                  Compensation
                                          #                                                         Housing         Includes
Position (full/part)                   employees               Salary        Benefits              Benefit (HB)        HB
Office Model (non-rental unit)                                                                                              $0
Administrative
                                                                                                                            $0
                                                                                                                             0
                                                                                                                             0
Total Adm.                                       0.00                $0                 $0                  $0              $0
Operating Exp.
                                                                                                                            $0
                                                                                                                             0
                                                                                                                             0
Total Op. Exp.                                   0.00                   $0                 $0               $0              $0
Maintenance
                                                                                                                            $0
                                                                                                                             0
                                                                                                                             0
Total Maint.                                     0.00                $0                 $0                  $0              $0

Payroll Totals                                   0.00                $0                 $0                  $0              $0

Real Estate Tax Detail                    Name                 Phone
Township Assessor                                                                                 Last Year Reassessed
Permanent Index Number                                                                            # yrs. between reassessmts.

Estimated Real Estate Tax Calculation                                          Tax Total                            Per Unit
(Assume1st Full Year, 100% Assessed Value, No Tax Abatement)
Market Value
Assessment Ratio
Assessed Value                                                                          $0
Equalization Factor
Millage Rate **
Estimated R/E Taxes                                                                     $0

** Millage Rate History (taxes are payable in arrears)
Tax                               5 years ago          4 years ago            3 years ago          2 years ago     1 year ago
Year
Rate



Describe Any Tax Abatement                              (include tax abatement agreement)
Abatement Period                                        years
Abatement Cap                                           ($ Amount - cumulative, annual)

Is Subject Located in a TIF area?
Total Amount of project costs paid by TIF
                  Include Copy of TIF Plan
Development Name:                                            Inflation Rates                                    Vacancy Rates
0                                                            Res Income        3.00%    RE Tax Inc     5.00%    Res Vac        7.00%
IHDA #:                   0                                  Section 8         3.00%    Exp Increase   4.00%    Com Vac       25.00%
Date:                     0                                  Com Income        3.00%    Reserves       0.00%
Page 8                                                       Other Income      3.00%
Project Income                                                  Year 1         Year 2      Year 3      Year 4     Year 5      Year 6   Year 7   Year 8
Gross Potential Rents - Residential (Non-LTOS)                   $0             $0          $0          $0         $0          $0       $0       $0
Gross Pot.- Residential (LTOS Tenant Contribut'n)                 0              0           0           0          0           0        0        0
Gross Potential (LTOS Subsidy)                                    0              0           0           0          0           0        0        0
Other Residential Income                                          0              0           0           0          0           0        0        0
Total Gross Income                                               $0             $0          $0          $0         $0          $0       $0       $0
   Vacancy and Uncollectable @                      7.00%         0              0           0           0          0           0        0        0
   Rental Allowance                                               0              0           0           0          0           0        0        0
Effective Gross Income (Residential)                             $0             $0          $0          $0         $0          $0       $0       $0
Gross Potential Rents (Commercial)                               $0             $0          $0          $0         $0          $0       $0       $0
   Vacancy and Uncollectable @                      25.00%        0              0           0           0          0           0        0        0
Effective Gross Income (EGI) - (Commercial)                      $0             $0          $0          $0         $0          $0       $0       $0
Other Income                                                     $0             $0          $0          $0         $0          $0       $0       $0
Effective Gross Income (EGI)                                     $0             $0          $0          $0         $0          $0       $0       $0
Management Fee                                      5.00%         0              0           0           0          0           0        0        0
Total Adm., Operating, Maint., Util.                               0             0           0           0           0          0        0        0
Real Estate Taxes                                                 $0            $0          $0          $0          $0         $0       $0       $0
Insurance                                                          0             0           0           0           0          0        0        0
Other Expenses                                                     0             0           0           0           0          0        0        0
Replacement Reserve                                                0             0           0           0           0          0        0        0
FF&E Reserve                                                       0             0           0           0           0          0        0        0
Operating Reserve                                                  0             0           0           0           0          0        0        0
Total Annual Expenses                                             $0            $0          $0          $0          $0         $0       $0       $0
Net Operating Income                                              $0            $0          $0          $0          $0         $0       $0       $0
Debt Service - (1st Mtge.)                                        $0            $0          $0          $0          $0         $0       $0       $0
Debt Service (2nd Mtge.)                                           0             0           0           0           0          0        0        0
Debt Service (3rd Mtge.)                                           0             0           0           0           0          0        0        0
Debt Service (4th Mtge.)                                           0             0           0           0           0          0        0        0
Cash Flow after Debt Service                                      $0            $0          $0          $0          $0         $0       $0       $0
Debt Coverage Ratio (DCR) - (1st Mtge.)
DCR - (1st + 2nd Mtges.)
DCR - (1st + 2nd + 3rd Mtges.)
DCR - (1st + 2nd + 3rd + 4th Mtges.)
Development Name:
0
IHDA #:                   0
Date:                     0
Page 8
Project Income                                      Year 9   Year 10   Year 11   Year 12   Year 13   Year 14   Year 15   Year 16   Year 17
Gross Potential Rents - Residential (Non-LTOS)       $0        $0        $0        $0        $0        $0        $0        $0        $0
Gross Pot.- Residential (LTOS Tenant Contribut'n)     0         0         0         0         0         0         0
Gross Potential (LTOS Subsidy)                        0         0         0         0         0         0         0
Other Residential Income                              0         0         0         0         0         0         0         0         0
Total Gross Income                                   $0        $0        $0        $0        $0        $0        $0        $0        $0
   Vacancy and Uncollectable @                        0         0         0         0         0         0         0         0         0
   Rental Allowance                                   0         0         0         0         0         0         0         0         0
Effective Gross Income (Residential)                 $0        $0        $0        $0        $0        $0        $0        $0        $0
Gross Potential Rents (Commercial)                   $0        $0        $0        $0        $0        $0        $0        $0        $0
   Vacancy and Uncollectable @                        0         0         0         0         0         0         0         0         0
Effective Gross Income (EGI) - (Commercial)          $0        $0        $0        $0        $0        $0        $0        $0        $0
Other Income                                         $0        $0        $0        $0        $0        $0        $0        $0        $0
Effective Gross Income (EGI)                         $0        $0        $0        $0        $0        $0        $0        $0        $0
Management Fee                                        0        0         0         0         0         0         0         0         0
Total Adm., Operating, Maint., Util.                  0         0         0         0         0         0         0         0         0
Real Estate Taxes                                    $0        $0        $0        $0        $0        $0        $0        $0        $0
Insurance                                             0         0         0         0         0         0         0         0         0
Other Expenses                                        0         0         0         0         0         0         0         0         0
Replacement Reserve                                   0         0         0         0         0         0         0         0         0
FF&E Reserve                                          0         0         0         0         0         0         0         0         0
Operating Reserve                                     0         0         0         0         0         0         0         0         0
Total Annual Expenses                                $0        $0        $0        $0        $0        $0        $0        $0        $0
Net Operating Income                                 $0        $0        $0        $0        $0        $0        $0        $0        $0
Debt Service - (1st Mtge.)                           $0        $0        $0        $0        $0        $0        $0        $0        $0
Debt Service (2nd Mtge.)                              0         0         0         0         0         0         0         0         0
Debt Service (3rd Mtge.)                              0         0         0         0         0         0         0         0         0
Debt Service (4th Mtge.)                              0         0         0         0         0         0         0         0         0
Cash Flow after Debt Service                         $0        $0        $0        $0        $0        $0        $0        $0        $0
Debt Coverage Ratio (DCR) - (1st Mtge.)
DCR - (1st + 2nd Mtges.)
DCR - (1st + 2nd + 3rd Mtges.)
DCR - (1st + 2nd + 3rd + 4th Mtges.)
Development Name:
0
IHDA #:                   0
Date:                     0
Page 8
Project Income                                      Year 18   Year 19   Year 20   Year 21   Year 22   Year 23   Year 24   Year 25   Year 26
Gross Potential Rents - Residential (Non-LTOS)        $0        $0        $0        $0        $0        $0        $0        $0        $0
Gross Pot.- Residential (LTOS Tenant Contribut'n)
Gross Potential (LTOS Subsidy)
Other Residential Income                               0         0         0         0         0         0         0         0         0
Total Gross Income                                    $0        $0        $0        $0        $0        $0        $0        $0        $0
   Vacancy and Uncollectable @                         0         0         0         0         0         0         0         0         0
   Rental Allowance                                    0         0         0         0         0         0         0         0         0
Effective Gross Income (Residential)                  $0        $0        $0        $0        $0        $0        $0        $0        $0
Gross Potential Rents (Commercial)                    $0        $0        $0        $0        $0        $0        $0        $0        $0
   Vacancy and Uncollectable @                         0         0         0         0         0         0         0         0         0
Effective Gross Income (EGI) - (Commercial)           $0        $0        $0        $0        $0        $0        $0        $0        $0
Other Income                                          $0        $0        $0        $0        $0        $0        $0        $0        $0
Effective Gross Income (EGI)                          $0        $0        $0        $0        $0        $0        $0        $0        $0
Management Fee                                        0         0         0         0         0         0         0         0         0
Total Adm., Operating, Maint., Util.                   0         0         0         0         0         0         0         0         0
Real Estate Taxes                                     $0        $0        $0        $0        $0        $0        $0        $0        $0
Insurance                                              0         0         0         0         0         0         0         0         0
Other Expenses                                         0         0         0         0         0         0         0         0         0
Replacement Reserve                                    0         0         0         0         0         0         0         0         0
FF&E Reserve                                           0         0         0         0         0         0         0         0         0
Operating Reserve                                      0         0         0         0         0         0         0         0         0
Total Annual Expenses                                 $0        $0        $0        $0        $0        $0        $0        $0        $0
Net Operating Income                                  $0        $0        $0        $0        $0        $0        $0        $0        $0
Debt Service - (1st Mtge.)                            $0        $0        $0        $0        $0        $0        $0        $0        $0
Debt Service (2nd Mtge.)                               0         0         0         0         0         0         0         0         0
Debt Service (3rd Mtge.)                               0         0         0         0         0         0         0         0         0
Debt Service (4th Mtge.)                               0         0         0         0         0         0         0         0         0
Cash Flow after Debt Service                          $0        $0        $0        $0        $0        $0        $0        $0        $0
Debt Coverage Ratio (DCR) - (1st Mtge.)
DCR - (1st + 2nd Mtges.)
DCR - (1st + 2nd + 3rd Mtges.)
DCR - (1st + 2nd + 3rd + 4th Mtges.)
Development Name:
0
IHDA #:                   0
Date:                     0
Page 8
Project Income                                      Year 27   Year 28   Year 29   Year 30   Year 31   Year 32   Year 33   Year 34   Year 35
Gross Potential Rents - Residential (Non-LTOS)        $0        $0        $0        $0        $0        $0        $0        $0        $0
Gross Pot.- Residential (LTOS Tenant Contribut'n)
Gross Potential (LTOS Subsidy)
Other Residential Income                               0         0         0         0         0         0         0         0         0
Total Gross Income                                    $0        $0        $0        $0        $0        $0        $0        $0        $0
   Vacancy and Uncollectable @                         0         0         0         0         0         0         0         0         0
   Rental Allowance                                    0         0         0         0         0         0         0         0         0
Effective Gross Income (Residential)                  $0        $0        $0        $0        $0        $0        $0        $0        $0
Gross Potential Rents (Commercial)                    $0        $0        $0        $0        $0        $0        $0        $0        $0
   Vacancy and Uncollectable @                         0         0         0         0         0         0         0         0         0
Effective Gross Income (EGI) - (Commercial)           $0        $0        $0        $0        $0        $0        $0        $0        $0
Other Income                                          $0        $0        $0        $0        $0        $0        $0        $0        $0
Effective Gross Income (EGI)                          $0        $0        $0        $0        $0        $0        $0        $0        $0
Management Fee                                        0         0         0         0         0         0         0         0         0
Total Adm., Operating, Maint., Util.                   0         0         0         0         0         0         0         0         0
Real Estate Taxes                                     $0        $0        $0        $0        $0        $0        $0        $0        $0
Insurance                                              0         0         0         0         0         0         0         0         0
Other Expenses                                         0         0         0         0         0         0         0         0         0
Replacement Reserve                                    0         0         0         0         0         0         0         0         0
FF&E Reserve                                           0         0         0         0         0         0         0         0         0
Operating Reserve                                      0         0         0         0         0         0         0         0         0
Total Annual Expenses                                 $0        $0        $0        $0        $0        $0        $0        $0        $0
Net Operating Income                                  $0        $0        $0        $0        $0        $0        $0        $0        $0
Debt Service - (1st Mtge.)                            $0        $0        $0        $0        $0        $0        $0        $0        $0
Debt Service (2nd Mtge.)                               0         0         0         0         0         0         0         0         0
Debt Service (3rd Mtge.)                               0         0         0         0         0         0         0         0         0
Debt Service (4th Mtge.)                               0         0         0         0         0         0         0         0         0
Cash Flow after Debt Service                          $0        $0        $0        $0        $0        $0        $0        $0        $0
Debt Coverage Ratio (DCR) - (1st Mtge.)
DCR - (1st + 2nd Mtges.)
DCR - (1st + 2nd + 3rd Mtges.)
DCR - (1st + 2nd + 3rd + 4th Mtges.)
Development Name:
0
IHDA #:                   0
Date:                     0
Page 8
Project Income                                      Year 36   Year 37   Year 38   Year 39   Year 40
Gross Potential Rents - Residential (Non-LTOS)        $0        $0        $0        $0        $0
Gross Pot.- Residential (LTOS Tenant Contribut'n)
Gross Potential (LTOS Subsidy)
Other Residential Income                               0         0         0         0         0
Total Gross Income                                    $0        $0        $0        $0        $0
   Vacancy and Uncollectable @                         0         0         0         0         0
   Rental Allowance                                    0         0         0         0         0
Effective Gross Income (Residential)                  $0        $0        $0        $0        $0
Gross Potential Rents (Commercial)                    $0        $0        $0        $0        $0
   Vacancy and Uncollectable @                         0         0         0         0         0
Effective Gross Income (EGI) - (Commercial)           $0        $0        $0        $0        $0
Other Income                                          $0        $0        $0        $0        $0
Effective Gross Income (EGI)                          $0        $0        $0        $0        $0
Management Fee                                        0         0         0         0         0
Total Adm., Operating, Maint., Util.                   0         0         0         0         0
Real Estate Taxes                                     $0        $0        $0        $0        $0
Insurance                                              0         0         0         0         0
Other Expenses                                         0         0         0         0         0
Replacement Reserve                                    0         0         0         0         0
FF&E Reserve                                           0         0         0         0         0
Operating Reserve                                      0         0         0         0         0
Total Annual Expenses                                 $0        $0        $0        $0        $0
Net Operating Income                                  $0        $0        $0        $0        $0
Debt Service - (1st Mtge.)                            $0        $0        $0        $0        $0
Debt Service (2nd Mtge.)                               0         0         0         0         0
Debt Service (3rd Mtge.)                               0         0         0         0         0
Debt Service (4th Mtge.)                               0         0         0         0         0
Cash Flow after Debt Service                          $0        $0        $0        $0        $0
Debt Coverage Ratio (DCR) - (1st Mtge.)
DCR - (1st + 2nd Mtges.)
DCR - (1st + 2nd + 3rd Mtges.)
DCR - (1st + 2nd + 3rd + 4th Mtges.)
Development Name:                                                                                          Page 9a
0                                                                                                          IHDA #:        0
                                                                                                           Date:          01/00/00
DEVELOPMENT BUDGET                                                                                                        Eligible Basis by Credit Type
 1   ACQUISITION COSTS                                                                                                     4% Credit        9% Credit
     Land Cost                      0         square feet at                   per square foot land cost
     Existing Building
     Holding RE Taxes                                                                                                                                     0
     Pre-Construction Holding            Please Specify                                                                                                   0
     Legal Fees - Acquisition
     Other Acquisition Costs             Please Specify                                                                                                   0
                        Subtotal                                                                                     $0             $0               $0

 2   SITE WORK
     Site Improvements                                                                                                                               $0
     Demolition                                                                                                                                       0
     Other Site Preparation Costs                                                                                                                     0
                         Subtotal                                                                                    $0             $0               $0

 3   CONSTRUCTION/REHABILITATION COSTS                Attach Construction Cost Breakdown
     Rehabilitation/New Construction (Residential)                                 /gross sq. ft.                                                    $0
     Rehabilitation/New Construction (Commercial)                                  /gross sq. ft.                                                     0
     Accessory Buildings                                                           /gross sq. ft.                                                     0
                        Subtotal                                                                                     $0             $0               $0

     TRADE PAYMENTS & SITE WORK                                                                                      $0             $0               $0
                                            Max
     General Requirements                  6.00%                               of             $0                                                     $0
     General Contractor's Overhead         2.00%                               of             $0                                                      0
     General Contractor's Profit           6.00%                               of             $0                                                      0
     Performance Bond or Letter of Credit                                                                                                             0
     Construction Permits and Fees                                                                                                                    0
     Other Hard Costs               Please Specify                                                                                                    0
                        Subtotal                                                                                     $0             $0               $0

     GRAND TOTAL HARD COSTS                                                                                          $0             $0               $0
                                                                                    Construction
 4   CONTINGENCY        (3%-5% New Const.; 10% Rehabilitation)                       Contract
                                                                                       $0
 5   PROFESSIONAL FEES
     Architect's Fee - Design                                               of             $0                                                        $0
     Architect's Fee - Supervision                                          of             $0                                                         0
     Legal/Transactional                                                                                                                              0
     Engineering                                                                                                                                      0
     Accounting                                                                                                                                       0
     Survey                                                                                                                                           0
     Appraisal                                                                                                                                        0
     Marketing Study                                                                                                                                  0
     Environmental Report                                                                                                                             0
     Lender's Cost Estimate                         6,500 to $10,000 depending on project size                                                        0
     Lender's Architectural Review/Inspections                                                                                                        0
     Consultant(s)                   Please Specify                                                                                                   0
     Other Professional              Please Specify                                                                                                   0
     Other Professional              Please Specify                                                                                                   0
                         Subtotal                                                                                    $0             $0               $0

 6   OTHER SOFT COSTS
     Title & Recording (Construction)                                                                                                                $0
     Title & Recording (Permanent)
     Relocation Expenses                                                                                                                                  0
     Marketing and Leasing
     Other Soft Costs                Please Specify                                                                                                   0
                         Subtotal                                                                                    $0             $0               $0
Development Name:                                                                                           Page 9b
0                                                                                                           IHDA #:        0
                                                                                                            Date:          01/00/00
                                                                                                                            Eligible Basis by Credit Type
 7   FINANCING COSTS                                                                                                           4% Credit        9% Credit
     Loan Application Fee(s)                         Include all application fees                                                                      $0
     IHDA Loan Origination Fee @                     0.00%        of total loan amount                                                                  0
     Other Loan Origination Fees                     Lenders other than IHDA                                                                            0
     Tax Credit Application Fee                      $1,100 For Profit; $500 Non-Profit
     Tax Credit Reservation Fee(s)                   Reservation Fee = 6.5% of Annual Credit Amount
     Lender's Legal Fees (Construction)              IHDA - $0 to $10,000 depending on Program                                                         0
     Lender's Legal Fees (Permanent)                 IHDA - $0 to $10,000 depending on Program
     Bond Issuance Costs                             Estimate $210,000 + $9.00/$1,000 Bond (Variable)
     Credit Enhancement Fees                                                                                                                           0
     Other Financing Costs          Please Specify                                                                                                     0
                         Subtotal                                                                                     $0            $0                $0

 8   INTERIM COSTS
     Construction Period Interest (IHDA)                   0.00% /Year for                       Months                                               $0
     MIP During Construction @                             0.50% /Year for                       Months
     Credit Enhancement During Construction @              0.50% /Year for                       Months                                                0
     Servicing During Construction @                       0.25% /Year for                       Months
     Construction Period Real Estate Taxes                                                                                                             0
     Construction Period Insurance                                                                                                                     0
     Working Capital/Latent Defects Letter of Credit Fee          LOC Amount
     Bank Escrow Fee                                  estimate $2,500                                                                                  0
     Registrar & Master Paying Agent Acceptance Fee
     Rating Agencies
     Other Interim Costs             Please Specify                                                                                                    0
     Other Interim Costs             Please Specify                                                                                                    0
                         Subtotal                                                                                     $0            $0                $0

 9   ESCROW RESERVES
     Real Estate Tax Escrow                        Estimate 50% + 5% reserve
     Insurance Escrow                              Estimate 100% + 5% reserve
     Rent-Up Reserve/IOD                           Greater of 3% of Loan Amount or projected deficit
     Working Capital/Latent Defects Reserve        3% of the Loan Amount in the form of an LOC
     Operating Reserve (HOME)
     Replacement Reserve                                                      per unit per year
     Furniture, Fixtures & Equipment (FF&E) Reserves
     Debt Service Reserve (Multifamily)            1-12 months
     Other Reserves                 Please Specify
     Other Reserves                 Please Specify
                          Subtotal                                                                                    $0            $0                $0

 10 DEVELOPER FEE                                             12.00% of                 $0                            $0                              $0
                  Developer Fee = ((1 thru 7 + IOD - Consultants) x 12%) - Consultants
 11 TOTAL ESTIMATED REPLACEMENT COST OF PROJECT                            (Total of 1 thru 9)                        $0            $0                $0

 12 SYNDICATION COSTS
    Organizational/Legal (Partnership)
    Broker's Commission
    Bridge Loan Fees                                                                                                                                   0
    Bridge Loan Interest                                                                                                                               0
    Other Syndication Costs         Please Specify
                        Subtotal                                                                                      $0            $0                $0

 13 GRAND TOTAL WITH SYNDICATION                                                                                      $0            $0                $0

     Number of D.U.'s              0     Construction Per D.U.                  Replacement Cost per D.U.
Development Name:                                                                                                                 Page 9c
0                                                                                                                                 IHDA #:   0
                                                                                                                                  Date:     01/00/00
    CALCULATION OF ANNUAL TAX CREDIT ALLOCATION


                   Census Tract number:
                   Qualified Census Tract:                                           yes or no
                   All sites in QCT:                                                 yes or no
                   HOME below AFR                                                    yes or no                                              Eligible Basis by Credit Type
                                                                                                                                               4% Credit            9% Credit
    Eligible Basis                                                                                                                                     $0                 $0
    - Historic Tax Credits
    - Grants                                         (Residential Portion Only)
    = Estimated Eligible Basis                                                                                                                         $0                 $0
    x 1.3 for High Cost Adjustment (QCT)                                                          Exclusive of Acquisition Cost                        0                   0
    x Applicable Fraction (% low income occupancy)                                                Units vs Floor Area                           0.0000%              0.0000%
    = Qualified Basis                                                                                                                                  $0                 $0
    x Tax Credit Rate (IRS Published Monthly Rate)                                                                                                 3.50%               9.00%
    = Tax Credit Allocation                                                                                                                            $0                 $0
    Total Annual LIHTC Allocation Qualification                                                                                                        $0
    Net Cents Raise Rate per $1 of Annual Tax Credits
    Total LIHTC Proceeds (Net - 10 Years)                                                                                                              $0
    Placed-in-Service Dates
    Will you meet the 10% carryover test by November 1st?                                                                                                   (y/n)
    Estimated Placed-in-Service Date*
    *Any building placed-in-service during a prior calendar year is ineligible for tax credits.
    Development Name:                                                  Page 10a
    0                                                                  IHDA #:  0
                                                                       Date:    01/00/00
    Sources and Uses
    Sources                                (Please provide a copy of all commitment letters)
    Debt                                                                                            Permanent
    Lender                     Amount         Interest      Term         Amort          P&I          Sources
    Construction                                          (Months)     (Months)
1
2
3
4
    Permanent                                              (Years)      (Years)
1                                                                                        $0
2                                                                                        0
3                                                                                        0
4                                                                                        0                 $0

    Grants
    Construction               Amount




    Permanent




                                                                                                            0

    Bridge Loans (BL)          Amount
                                                                                                            0

    Equity Sources            Allocation       Type      Net $ Raise              Annual Amount
                        0        $0            LIHTC                                           $0
                                 0            State TC                                          0
                                              Historic                                          0
                                             Developer                                                     $0
                            Construction                                                             Permanent
    Total Sources                $0                                                                        $0


    Total Uses                   $0                                                                        $0

    Total Sources must equal Total Costs                                                Variance           $0
Development Name:                                              Page 10b
0                                                              IHDA #:  0
                                                               Date:    01/00/00
Mortgage Loan Calculation
Net Operating Income *                                                                $0
/ Debt Coverage Ratio ("DCR") **                                                    0.00
= Debt Service                                                                        $0
/ Loan Constant *** Interest Rate                                0.00%
                       Amortization                                  0
                       Credit Enhancemt
                       Servicing Fee
                       Loan Constant                             0.00%            0.00%
= Loan Amount                                                                        $0

* The net operating income must be based upon realistic assumptions for income,
vacancy, operating expenses and reserves.

** Review the mininum debt coverage ratios for the various IHDA loan programs at
ihda.org. Please be advised, the DCRs shown on the website are minimum debt
coverage ratios and the higher DCR increases the chance of the loan being approved.


*** Loan constant = (principal + interest/loan amount) + credit enhancement fee +
servicing fee; the formula for the loan constant appears in cell K60.

								
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