New Jersey Real Estate Taxes

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					                               Form 10
   (Click on any of the items below)
   Schedule 10-A: Project Description
   Schedule 10-B: Est. Development Costs and Capital Requirements
   Schedule 10-C: Operating Expenses
   Schedule 10-D: Anticipated Gross Rents
   Schedule 10-E: Summary of Anticipated Annual Income and Expenses
   Schedule: Cash Flow

            Mortgage Calculation            Proceed to Part IV of the
                                            Tax Credits Application
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This memorandum contains advisory, consultative and deliberative materials and is intended
                       for the person(s) named as recipient(s).
                                                                                                                                                                                                                                                                                                 2:40 PM




                                                                                            NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY
                                                                                                MULTI-FAMILY - PRESERVATION (Purchase & Refinance)
                                                                   SCHEDULE 10-A: PROJECT DESCRIPTION-CONSTRUCTION & PERMANENT LOANS
                                                                                   Date Action Taken                       ONLY
                                                                                      Inducement
                                                                                      Commitment                                                                                              HM FA#
                                                                                      Re-Commitment                                                                                              Date:
                                                                                      M tg. Extension                                                                                     Prepared by:
                                                                                      Bond Sale                                                                                           Reviewed by:
                                                                                      Closing


                                                                                                                                                                                                                                        Zip Code:
                                                                                                                                                         Project Street Address

                                                                   M unicipality                                                                     Block No.                                                                     Lot No.
                                                                   County
                                                                                                                                                                                                   Mortgage Interest Rate:                          Project is in a:      YES or NO
                                                                   Type of Development                                                              Type of Construction                       Term of Mortgage (in years):                         UCC
                                                                   (S elect either Family or S enior Citizens (NOT BOTH))                                                                                                                           Smart Growth
                                                                   Family                                                                           New Construction                                                                                Planning Area:
                                                                   Senior Citizens                                                                  M odular
                                                                   Provide the following:                                                           M oderate Rehabilitation                                                                Purchase/Rehabilitation:
                                                                   Legislative District:                                                            Substantial Rehab.                                                                     Refinance/Rehabilitation:
                                                                   Congressional District:                                                          Conversion                                                                                    HM FA Portfolio:
                                                                   Census Tract:                                                                    Rehabilitation/Occupied                                                                       Section 8 Project:
                                                                                                                                                                                                                                                Section 236Project:
                                                                   No. of dwelling units                                                            Parking                                                                              Date Current M tg. Expires:
                                                                   No. of currently                                                                                                                                                      Date IRP or HAP Expires:
                                                                    occupied DU's                                                                   Total Number of Parking Spaces
                                                                   Construction Term                                              (mos.)            Ratio of parking to D.U.'s                                                   :1                  Provide Amounts for All That Apply
                                                                   Rent-up Period                                                 (mos.)            Type of Financing                                                            Type of S ubsidy
                                                                                                                                                    Tax Exempt                                                                   City Living                    $
                                                                   Type of Loan                                                                     Taxable                                                                      Home Express                   $
                                                                                                                                                    Tax Credits                Check One                                         Green Funds                    $
                                                                   Construction Loan                                                                                4%                                                           Fire Supression                $
                                                                   Construction & Permanent Loan                                                                    9%                                                           Balanced Housing               $
                                                                   Permanent Loan Only                                                                         Historic                                                          Deep Subsidy (Bal. Hous. Funds) $
                                                                                                                                                    Affordability - Check One                                                    Small Rental Project:
                                                                   Cost S ummary                                                                      ** 40% AT 60%                                                              Loan:                          $
                                                                                                                                                     *** 20% AT 50%                                                              Subsidy:                       $
                                                                   Cost of Land and/or Improvements                                                                       per DU                                                                     per Sqft.
                                                                   Construction Cost                                                                                      per DU                                                                     per Sqft.
                                                                   Total Project Cost                                                                                     per DU                                                                     per Sqft.

                                                                      Types of                                  No. of              Unit Type                                                                     Net
                                                                  Residential               No. of             S tories              (No. of              Unit S ize                       No. of               Rentable           Rental Rooms
                                                                   S tructures*             Bldgs.              Each                  BR's)               in S q. Ft.                 x     Units               =   Area            Per Unit              Total




                                                                          Garage & Parking
                                                                          Commercial Space
                                                                         Common/Other Space

                                                                     Totals

                                                                   *Low - Rise (1 - 3), M id/Hi - Rise (4 + stories), Townhouse or Semi-detached
                                                                   ** 40-60 set-aside means 40% or more of the residential units will be restricted and occupied by households whose income is 60% or less than the area median income.
                                                                   *** 20-50 set-aside means 20% or more of the residential units will be rent restricted and occupied by households whose income is 50% or less of area median income.




                                                                   SCHEDULE 10-B: EST. DEVELOPMENT COSTS AND CAPITAL REQUIREMENTS

                                                                                      Inducement                                                                                              HM FA#
                                                                                      Commitment                                                                                          Prepared by:
                                                                                      Re-Commitment                                                                                       Reviewed by:
                                                                                      Bond Sale                                                                                                                 (Director of Technical Services)                                 Date
                                                                                      Closing
                                                                                                                                                                                                                        (Director of Credit)                                     Date
                                                                                                                                                                                               Will loan/s be repaid from project revenues?
                                                                   1. S OURCES OF FUNDS DURING CONS TRUCTION:                                                                                         (If Source is a grant, enter "G".)
                                                                                                                                                                                                              Y or N or G
                                                                                a)    HM FA 1st M ortgage                                                                                                              Y                                           $
                                                                                b)    Current Escrow Balance                                                                                                                                                       $
                                                                                c)    Current Repair & Replacement Credit                                                                                                                                          $
                                                                                d)    Investments to be Transferred                                                                                                                                                $
                                                                                e)    LIHTC                                                                                                                                                                        $
                                                                                f)                                                                                                                                                                                 $
                                                                                g)                                                                                                                                                                                 $
                                                                                h)    Deferred Developer's Fee                                                                                                                                                     $
                                                                                      TOTAL S OURCES OF CONS TRUCTIONS FUNDS :                                                                                                                                     $

                                                                   2. US ES of FUNDS DURING CONS TRUCTION:

                                                                     A. ACQUIS ITION COS TS :
                                                                      a) Land                                                       @          ($                                 per Acre)                                  $
                                                                      b) Building Acquisition
                                                                      c) Relocation
                                                                      d) Other:
                                                                     B. CONS TRUCTION COS TS
                                                                      a) Demolition                                                                                                                                          $
                                                                      b) Off-site Improvements
                                                                      c) Residential Structures
                                                                      d) Community Service Facility
                                                                      e) Environmental Clearances
                                                                      f) Surety & Bonding
                                                                      g) Building Permits
                                                                      h) Garage Parking
                                                                      i) Utility Connection Fees
                                                                      j) General Requirments
                                                                      k) Contractor Overhead & Profit
                                                                      l) Fire Suppression System
                                                                      m) Green Feature Premium
                                                                      n) Other
                                                                     C. DEVELOPERS FEE                                                              HMFA Policy is that the Developer fee is earned as a percentage of construction completion.
                                                                     D. CONTINGENCY                                                             Non-De fe rre d Amt.:
                                                                     a) Hard Costs
                                                                       b) Soft Costs
                                                                     E. PROFES S IONAL S ERVICES
                                                                      a) Appraisal & M arket Study                                                                                                                           $
                                                                      b) Architect
                                                                      c) Engineer
                                                                      d) Attorney
                                                                      e) Cost Certification/Audit
                                                                      f) Environmental Consultant
                                                                      g) Historical Consultant
                                                                      h) Geotechnical Engineering Report
                                                                      i) Surveyor
                                                                      j) Other:
                                                                      k) Other:
                                                                     F. COS TS OF REAL ES TATE TRANS ACTION
                                                                     a) Financial Consultant                                                                                                       $
                                                                     b) Agency's Project Reserve Account (PRA) fee @ 3.25% of total acquisition or M ortgage whichever is higher
                                                                     c) Transfer Tax
                                                                     d) Other:                                      *
                                                                     e) Other:                                      *
                                                                     G. CARRYING AND FINANCING COS TS DURING CONS TRUCTION
                                                                     a) Interest @                                  % for          (                        mos.)    on          $
                                                                     b) R.E. Tax $                                   (per annum) x                                                 Yrs.
                                                                     c) Insurance $                                  (per annum) x                                                 Yrs.
                                                                     d) Title Insurance and Recording Expenses
                                                                     e) Points To Reduce HM FA Servicing Fee[Cons't. & Perm. Only]                                    on         $
                                                                     f) HM FA Second Note Financing Fee[Cons't & Perm Only]                                           on         $
                                                                     g) HMFA Constr.Loan Serv.Fee                   % for           ( N/A                   mos.)     on           N/A
                                                                     h) Other Lender Construction Financing Fee
                                                                     i) Tax Credit Fees                             If the HM FA will be selling Bonds for the project either before or during the
                                                                     j) Negative Arbitrage (if Bonds are sold during Construction)           time the Development is under construciton, these costs                                                (ES TIMATE)
                                                                     k) Cost of Issuance (If Bonds are sold during Construction)      should be accounted for during the construction period.                                                       (ES TIMATE)
                                                                     l) Other:

                                                                    H. Working Capital Escrow
                                                                         a) Debt Service & Operating Expenses
                                                                         b) Rental Agent Rent-up Fee (during Rent-up)
                                                                         c) Advertising and Promotion (during Rent-up)
                                                                    I. Other Escrows
                                                                         a) Insurance (1/2 YR.)                                                                                                                                                                    $
                                                                         b) Taxes (1 Qtr.)                                                                                                                                                                         $
                                                                         c) Debt Service Payment & Servicing Fee for 1 M onth                                                                                                                                      $
                                                                         d) M ortgage Insurance Premium (M IP) 1 year plus 3 months                                                                                                                                $
                                                                         e) Repair & Replacement Reserves                                                                                                                                                          $
                                                                         f) Operating Deficit Reserve                                                                                                                                                              $
                                                                         g) Other:                                                                                                                                                                                 $
                                                                         h) Other:                                                                                                                                                                                 $


                                                                   3. US ES OF FUNDS DURING CONS TRUCTION:                                                                                                                                                         $

                                                                   4. BALANCE OF FUNDS NEEDED FOR CONS TRUCTION (overage / shortage):                                                                                                                              $

                                                                   5. S OURCES OF FUNDS FOR PERMANENT CLOS E-OUT:
                                                                              a)
                                                                            b) Current Escrow Balance                                                                                                                                                              $
                                                                            c) Current Repair & Replacement Credit                                                                                                                                                 $
                                                                            d) Investments to be Transferred                                                                                                                                                       $
                                                                            e) LIHTC                                                                                                                                                                               $
                                                                            f)                                                                                                                                                                                     $
                                                                            g)                                                                                                                                                                                     $
                                                                                 TOTAL S OURCES FOR PERMANENT CLOS E-OUT:                                                                                                                                          $
                                                                   6. US ES of FUNDS FOR PERMANENT CLOS E-OUT:
                                                                     A. DEVELOPER'S FEE:                                                                                                                                                                           $
                                                                     B. CONS TRUCTION LOAN PAYOFF                                                                                                                                                                  $
                                                                     C. Negative Arbitrage *               (ES TIMATE)
                                                                     D. Cost of Issuance *                 (ES TIMATE)                              *    Non-eligible costs in TC basis

                                                                     E. Other:                                                                                                                                                                                     $
                                                                   7. US ES OF FUNDS FOR PERMANENT CLOS E-OUT:                                                                                                                                                     $
                                                                   8. BALANCE NEEDED TO CLOS E (overage / shortage):                                                                                                                                               $
                                                                   9. TOTAL PROJECT COS TS                                                                                                                                                                         $
                                                                   10. MAXIMUM MORTGAGE LOAN                                                                                      % of Item 10                                                                     $

                                                                   11.   55% of Basis Test:                                       Aggregate Basis:                                                    $                          Check each line item for Eligibility

                                                                                                       55% of Basis (estimated):
                                                                                                             Less 1st M tg., 1st Note:
                                                                                                             Equals 1st. M tg., 2nd Note Needed:
                                                                   12. REPAYMENT OF S ECOND NOTE (IFAPPLICABLE)                                                                                                                                                   List S ource
                                                                                                                                                                                                                             $
                                                                                                                                                             Principal $                                                     $
                                                                     Interest @                                               (                     ) mos.                    $                                              $
                                                                                                                                                             Total       $                                       Total       $
                                                                                                                                                                                                                             $
                                                                                                           NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY




                                                                              By:                                                                            By:
                                                                                      (Developer or Authorized Signatory)                                                         NJHM FA Executive Director or Designee



                                                                   SCHEDULE 10-C: OPERATING EXPENSES

                                                                                     Sponsoring Entity:                                                                                       HM FA#
                                                                                           Dev. Name:                                                                                     Prepared by:
                                                                                                                                                                                          Reviewed by:
                                                                                                                                                                                                              Director of Property M anagement                                   Date

                                                                                I.    ADMINIS TRATIVE EXPENS E                                                          II.       S ALARIES &                                       # of                                Total Wages
                                                                                                                                                                                  RELATED CHARGES                                Employees                             inc benefits

                                                                                      Stationery & Suppl.                                                                         Superintendent
                                                                                      Telephone                                                                                   Janitorial
                                                                                      Dues & Sub.                                                                                 Grounds & Landscaping
                                                                                      Postage                                                                                     Security
                                                                                      Insp. & Other Fees                                                                          Social Services
                                                                                      Advertising                                                                                 Site Office & Admin
                                                                                      Legal Services                                                                              M aintenance
                                                                                      Auditing (Year End)                                                                         Other Salaries:
                                                                                      Soc. Serv. Suppl.                                                                           Empl. Benefits
                                                                                      Bookkeeping/Accounting                                                                      Empl. Payroll Taxes
                                                                                      M isc. Adm. Expenses                                                                        Worker's Comp.
                                                                                      Computer Charges                                                                            Other:
                                                                                      Other:
                                                                                                                                                                                                                 TOTAL $
                                                                                                            TOTAL $

                                                                              III.    MAINTENANCE AND REPAIRS                                                           IV. MAINTENANCE CONTRACTS

                                                                                      M asonary                                                                                   Security
                                                                                      Carpentry                                                                                   Elevator
                                                                                      Plumbing                                                                                    Rubbish Removal
                                                                                      Electrical                                                                                  Heating & AC M aint.
                                                                                      Kitchen Equipment                                                                           Grounds, Parking & Landscaping
                                                                                      Elevator                                                                                    Exterminating
                                                                                      Windows & Glass                                                                             Cyclical Apt. Painting
                                                                                      Vehicles & Equip.                                                                           Other:
                                                                                      Snow Removal
                                                                                      Grounds & Landscaping                                                                                                                           TOTAL $
                                                                                      Paint & Dec. Supl.
                                                                                      Small Equip. & Tools                                                              V. UTILITY EXPENS E
                                                                                      Janit. Sup. & Tools
                                                                                      HVAC Supplies                                                                               Water Charges
                                                                                      M isc. M aint. Suppl.                                                                       Sewer Charges
                                                                                      Other:                                                                                      Electricity
                                                                                                                                                                                  Gas
                                                                                                            TOTAL $                                                               Fuel

                                                                                                                                                                                                                                      TOTAL $


                                                                               VI. REAL ES TATE TAX CALCULATION FOR TAX ABATEMENT

                                                                                      Gross Rents                                        $
                                                                                      Less Vacancy                                      (-)
                                                                                      Less Utilities (if applicable)                    (-)

                                                                                      Gross Sheltered Rents                                $

                                                                                      x Rate                                               x                                      %
                                                                                      Real Estate Taxes                                    $




                                                                   SCHEDULE 10-D : ANTICIPATED GROSS RENTS

                                                                   M ortgage Amount                                                                                             HM FA #
                                                                   M ortgage Interest Rate                                        %                                          Prepared by:
                                                                      Term (years)                                                Yrs. The Interest rate has been           Reviewed by:
                                                                   Amortization (Y,S,M )                                            reduced by:                        basis points                                                                                              Date
                                                                   FM R Area                                                          as the Cost-of-Issuance is being
                                                                                                                                       paid out-of-pocket by the sponsor.

                                                                                                                                  ANTICIPATED GROS S RENTS
                                                                                                                                                                                      Allowance for
                                                                                          No. of              No. of                Target **                 Gross                    Tenant Paid
                                                                                         Bedrooms             Units                 Occupancy                 Rent                     Utilities***              Net Rent             M onthly           Annual




                                                                  Super's Apt.*

                                                                                      TOTALS

                                                                                                                                                                                                              Anticipated Annual Gross Rents

                                                                          *           Indicate on a separate line which apartment is for the Superintendent.
                                                                                      If it's rent-free, put $0 in the Rent column.
                                                                         **           Indicate "Low", "M od" or "M kt" AND the percentage of median income. NOTE: The percentage listed in this section is merely the percentage of the Gross Rent
                                                                                      Low Income - 50% or less of median income                                              as to the applicable Area Median Income.
                                                                                      M oderate Income - 50% to 80% of median income
                                                                                      M arket Income - 80%+ of median income
                                                                         ***          Where tenants pay their own utilities, a "utility allowance" must be subtracted
                                                                                      from the maximum chargeable rent when determining their rental charge.




                                                                                                                                  EQUIPMENT AND S ERVICES
                                                                                                                                                                                                                                    Gas, Electric                           Paid by
                                                                          (a)         Equipment:                                                             (b)                  S ervices:                                          or Oil                                Tenant
                                                                                      Ranges                                                                                      Heat
                                                                                      Refrigerator                                                                                Hot Water
                                                                                      Air Conditioning                                                                            Cooking
                                                                                      Laundry Facilities                                                                          Air Conditioning
                                                                                      Disposal                                                                                    Household Electric
                                                                                      Dishwasher                                                                                  Water
                                                                                      Carpet                                                                                      Sewer
                                                                                      Drapes                                                                                      Parking
                                                                                      Swimming Pool                                                                               Other:
                                                                                      Tennis Court                                                                                Other:
                                                                                      Other:




                                                                   COMMERCIAL S PACE
                                                                   (Include all utility costs associated with the commercial space in your description)




                                                                   SCHEDULE 10-E : SUMMARY OF ANTICIPATED ANNUAL INCOME AND EXPENSES

                                                                                     Sponsoring Entity:                                                                                     HM FA#
                                                                                                                                                                                  Prepared by:
                                                                                      Dev. Name:                                                                                  Reviewed by:
                                                                                                                                                                                               (Director of Property M anagement - Expenses Only)                                Date
                                                                   RENTAL INCOME
                                                                             Apartment Rents                                                                             $
                                                                             Vacancy Loss                                     (                     %)             -
                                                                             NET APT. RENTS

                                                                                      Commercial Income                                             per Sq. Ft.          $
                                                                                      Garage & Parking                                              per Sq. Ft.
                                                                                      Commercial Vacancy                                            %
                                                                                      NET COM M ERCIAL RENTALS

                                                                                      TOTAL RENTAL INCOM E                                                               $

                                                                   OTHER INCOME
                                                                            Laundry M achines                                                                            $
                                                                            Other:
                                                                            TOTAL OTHER INCOM E                                                                          $

                                                                                      TOTAL REVENUE                                                                                                                          $

                                                                   EXPENS ES
                                                                                      Administrative     (Schedule I)                                                    $
                                                                                      Salaries           (Schedule II)
                                                                                      M aint. & Repairs (Schedule III)
                                                                                      M aint. Contracts (Schedule IV)
                                                                                      Utilities          (Schedule V)
                                                                                      M anagement Fee                   per unit
                                                                                      P.I.L.O.T. on Commenrcial Income(                             %)
                                                                                      Real Estate Taxes (Schedule VI)
                                                                                      Insurance                         per Unit
                                                                                      Reserve for Repair and Replacement
                                                                                                                        per unit

                                                                                      TOTAL EXPENS ES                                                                                                                        $

                                                                   NET OPERATING INCOME                                                                                                                                      $
                                                                   DEBT S ERVICE
                                                                            1. Principal and Interest                                                                    $
                                                                            2. M ortg & Bond Serv Fee                                               %                                 $
                                                                            3. M IP                                                                 %                                 $
                                                                            4. Debt Service on Other
                                                                              M ortgage Loans                                 $                                          $
                                                                              AGENCY DEBT S ERVICE                                                                       $

                                                                                      DEBT SERVICE NOT TO BE
                                                                                      CONS IDERED IN DS R                                                                $

                                                                                      TOTAL DEBT S ERVICE                                                                                                                    $

                                                                   NET INCOME                                                                                                                                                $

                                                                                Less Return on Equity                     (                         % on $                                                )        -   $

                                                                   Project Profit/(Loss)                                                                                                                                     $

                                                                         DEBT S ERVICE RATIO CALCULATION :




                                                                                                             NET OPERATING INCOM E
                                                                                         DSR =               AGENCY DEBT SERVICE                                                           =


                                                                                                                                                                                                                                 New Mortgage
                                                                                                                                                                                                                                   Amount




3200fb63-af53-4fb8-abca-0b4853a785e8.xlsFORM-10 (A-F) 7/28/2010                            This m em orandum contains advisory, consultative and deliberative m aterials and is intended for the person(s) nam ed as recipient(s).                                                        REV. 3/3/06 AA
                                                DEVELOPMENT COSTS


Project Name:                              0                     Total Project Costs:             0

Total No. of Units:                       0                      Project's Total Sq. Ft.:         0

Acquisition Costs                                        $0
Construction Costs                                       $0
Professional Fees                                        $0
Developer Fee                                            $0
                                                                                            01/00/00
Financial Information:

Acquisition                                              $0                    $0 /DU            $0
Construction Costs                                       $0                    $0 /DU            $0
(including Contracor Fee)
Developer's Fee                                          $0                    $0 /DU            $0
Carrying, Financing and
      Other Charges                                      $0                    $0 /DU            $0
Professional Fees                                        $0                    $0 /DU            $0
TOTAL DEVELOPMENT COST                                   $0                    $0 /DU            $0

LESS PROPOSED SOURCES
<List the sources that apply to your project and place $ amount in Column D>
HMFA Second Note Mortgage                                                      $0   /DU
Balanced Housing Program                                                       $0   /DU
LIHTC Equity                                                                   $0   /DU
Sponsor's Equity                                                               $0   /DU
                                                                               $0   /DU
                                                                               $0   /DU
                                                                               $0   /DU
                                                                               $0   /DU
                                                                               $0   /DU
                                                                               $0   /DU
                                                                               $0   /DU
Sub-Total                                                 $0

HMFA MORTGAGE REQUIRED                                   $0                    $0 /DU

<Add the following if there is a second note>
REPAYMENT OF HMFA SECOND NOTE PLUS INTEREST

                                                                  $0     /DU
                                                                  $0     /DU
                                                                  $0     /DU
                                                                  $0     /DU
                                                                  $0     /DU

                                   Affordability Overview
                                      Rental Housing
                      Bedroom                                                      Range
            # Units   Unit Type   Net Monthly Rent   Utility Allowance         of Affordability
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0
               0         0                   $0                   $0                 0

Total Units -   0


Attachments:
/SF
/SF

/SF

/SF
/SF
/SF
                                                                                                          FINAL SOURCES AND USES ACKNOWLEDGEMENT
                                                                                                           FOR CONSTRUCTION PERMANENT MORTGAGE CLOSINGS


                 PROJECT NAME: 0                                                                    HMFA #                          0                                                                                                              Date:
                      ADDRESS: 0                                                              MUNICIPALITY: 0                                                                                                               ZIP CODE:             00000

                      COLOR KEY:                      This color represents a "Bad Cost" when financing with Tax Exempt Bonds - only 5% of Agency Funds May be Used Toward "Bad Costs"
 In anticipation of closing on the construction/permanent mortgage between the New Jersey Housing and Mortgage Finance Agency and                                       0                              please review the following sources and uses information.
  Once reviewed and you are in agreement that this is a final and complete representation of the anticipated closing, sign the acknowledgement where indicated below and return to the loan officer within two days of receipt.

                                        TOTAL COMMITTED SOURCES HMFA Note 1                     HMFA Note 2         HMFA 2nd Mtg            LIHTC         Home Express              Other                Other              TOTAL
               Total Project Costs:             $0       TOTALS:                                                                                                                                                                    $0
                                                                                                                                                                                                                                         SOURCES FOR POST-CLOSING
                                                                    HMFA 1st Mtg                HMFA 1st Mtg          HMFA 2nd              LIHTC              Home                 Other               TOTAL                                                                     TOTAL
               TOTAL FUNDS AVAILABLE FOR CONST/PERM CLOSING:          Note 1                      Note 2               Mortgage                               Express
  USES DURING CONSTRUCTION                 $ AMOUNT AMOUNT                                                                                                                                                        $0                                                                      $0
A. ACQUISITION COSTS                           $0                                                                                                                                                                      A
B. CONSTRUCTION COSTS                          $0                                                                                                                                                                      B
C. DEVELOPERS FEE                              $0                                                                                                                                                                      C
D. CONTINGENCY                                 $0                                                                                                                                                                      D
E. PROFESSIONAL SERVICES                       $0                                                                                                                                                                      E
F. COSTS of REAL ESTATE TRANSACTION            $0                                                                                                                                                                      F
G. Carrying & FIN. DURING CONST.               $0                                                                                                                                                                      G
a)Debt Serv & Oper Expense                     $0                                                                                                                                                                      a)
b) Rental Agent Rent-up fee during rent-up     $0                                                                                                                                                                      b)
c)Advertising & Promotion during rent-up       $0                                                                                                                                                                      c)
OTHER: a) Insurance (1/2 yr.)                  $0                                                                                                                                                                      a)
b) Taxes (1 Qtr)                               $0                                                                                                                                                                      b)
c) DSP & Servicing Fee (1mo)                   $0                                                                                                                                                                      c)
d) MIP (1 yr. Plus 3 mos)                      $0                                                                                                                                                                      d)
 e) Repair & Replacement Reserves              $0                                                                                                                                                                      e)
f) Operating Deficit Reserve                   $0                                                                                                                                                                      f)
g) Other:                                      $0                                                                                                                                                                      g)
h) Other:                                      $0                                                                                                                                                                      h)
TOTAL CONSTRUCTION COSTS                       $0
USES AT PERMANENT ROLL-OVER
A. Developer Fee                               $0                                                                                                                                                                      A.
B. Construction loan payoff                    $0                                                                                                                                                                      B.
C. Negative Arbitrage                          $0                                                                                                                                                                      C.
D. Cost of Issuance                            $0                                                                                                                                                                      D.
E. HMFA ESCROWS ROLLED-OVER                    $0                                                                                                                                                                      E.
F. Other:                                      $0                                                                                                                                                                      F.
TOTAL USES@PERM. ROLLOVER                      $0
                        TOTAL USES:            $0                       $0                            $0                   $0                 $0                 $0                  $0                   $0                 $0              $0                    $0                     $0
                                           SOURCES RUNNING BALANCE:    $0                             $0                   $0                 $0                 $0                  $0                   $0                 $0              $0                    $0              $0

NOTE: A) PLEASE BE AWARE THAT A CLOSING DATE CANNOT BE SCHEDULED UNTIL THIS DOUCMENT HAS BEEN ACCEPTED. B) Sources and Uses may not include invoices presented at closing.
                                                                                                C) Sponsor's equity may be needed & used to cover cost over-runs. D) Cost over-runs must be approved by HMFA.
                  Based on this document, you will need to bring a minimum of   to the closing.

I agree and acknowledge that this is a correct representation of what I should expect at the settlement table. I further acknowledge that the Regulatory Affairs Division of the HMFA will set the closing date and they
will be relying on this document as final. I understand that any major changes will result in the possible cancellation and/or postponement of the closing.



                        (Type Name of Signatory)                                                               (Title)                                                          (Signature of Authorized Signatory)                                        (Date of Acceptance)


                                                                             This memorandum contains advisory, consultative and deliberative material and is intended only for the person(s) named as resipient(s).
                                                                                                                                                                                                                   MULTIFAMILY CASH FLOW



                                             DEVELOPMENT:                      0                                                                    Annual % of Rent Increase:             3.00%                    Permanent Mortgage (1st Note)                                 0                     (2nd Note)
                                                   HMFA #:                     0                                                                    Annual Expense Increase:                  4%                    Interest Rate:                                             0.00                     Interest Rate:
                                             LOAN OFFICER:                     0                                                                    Vacancy:                                 0.00      $0           Term:                                                         0                     Term:                                              years
                                                     DATE:                 1/0/00                                                                   Commercial Rent Increase:                                       Annual Payment:                                                0                    Annual Payment:
                                               Number of               Number of        Unit          Gross          Target                         Commercial Vacancy:                      0.00 %                 Servicing Fee:                         0.000                   0                    Servicing Fee:                                0
                                               Bedrooms                  Units          Sq.Ft.        Rent          Occupancy        Tenant              Net.           Monthly        Annual                       MIP:                                   0.000                   0                                                                  0
                                                                                                                                   Paid Utilities        Rent             Rent          Rent
                                                                0              0                 0             0              0                 0                0                0            0
                                                                0              0                 0             0              0                 0                0                0            0                                                                                                        HOME EXPRESS LOAN                             0
                                                                0              0                 0             0              0                 0                0                0            0                                     PILOT Calculation                   Year 1                         Interest Rate Annually:
                                                                0              0                 0             0              0                 0                0                0            0                                     Rental Income                                                      First Years Balance:                          0
                                                                0              0                 0             0              0                 0                0                0            0                                     Gross Rental Income                           0
                                                                0              0                 0             0              0                 0                0                0            0                                     Less: Vacancy                                 0
                                                                0              0                 0             0              0                 0                0                0            0                                     Net Rental Income                             0
                                                                0              0                 0             0              0                 0                0                0            0                                     Less: Owner-pd Utilities                      0
                                                                0              0                 0             0              0                 0                0                0            0                                     Basis for PILOT Calc.                         0
                                                                0              0                 0             0              0                 0                0                0            0                                     PILOT Rate                                0.00
                                                                0              0                 0             0              0                 0                0                0            0                                     PILOT Payment Estimate                        0
                                                                0              0                 0             0              0                 0                0                0            0                                     Commercial:                                     Square Ft.
                                                                0              0                 0             0              0                 0                0                0            0                                     Gross Commercial Income                       0               0
                                                                0              0                 0             0              0                 0                0                0            0                                     Less: Vacancy                   (          0.00 )                    Commercial
                                                                0              0                 0             0              0                 0                0                0            0                                     Net Commercial Income                         0                        $/sq. ft.
                                                                0              0                 0             0              0                 0                0                0            0                                     PILOT Rate                               0.00%                                   $0
                                                                0              0                 0             0              0                 0                0                0            0                                     PILOT Payment Estimate                        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             0                                                                                                               0

                                                                                    %
                                            PROJECTIONS                                               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           Year 16
                                            RENTAL INCOME
                                            Apartment Rents                                                    0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Less Vacancy Loss                   0 %                             0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                               NET APT. RENTS                                                  0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0


                                            Commercial Income                                 $0               0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Garage & Parking                                   0               0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Less Commerical Vacancy                         0.00               0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                             NET COMMERCIAL RENTALS                                             0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            TOTAL RENTAL INCOME:                                                0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            OTHER INCOME
                                            Laundry Machines                                     $0            0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Other:                                                0            0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            TOTAL OTHER INCOME                                                  0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0

                                            TOTAL REVENUE                                                      0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                                                                     Yearly
                                            OPERATING EXPENSES                    Per Unit Cost
                                            Administrative                                  $0                 0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Salaries and Benefits                           $0                 0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Miantenance & Repairs                           $0                 0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Maintenance Contracts                           $0                 0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Utilities                                       $0                 0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Management Fee                   0.00           $0                 0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            PILOT on Housing                 0.00           $0                 0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Insurance                                       $0                 0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Replacement Reserves                            $0                $0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            PILOT on Comm.                                  $0                 0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0

                                            TOTAL EXPENSES                                                  0               0                  0                   0            0             0               0               0                 0             0                     0            0                      0           0               0                 0
                                            Total Per Unit Cost                                             0               0                  0                   0            0             0               0               0                 0             0                     0            0                      0           0               0                 0
                                            Expense/Income Ratio                                          0.00            0.00               0.00                0.00         0.00          0.00            0.00            0.00              0.00          0.00                  0.00         0.00                   0.00        0.00            0.00              0.00
                                            INCOME AVAIL. FOR DEBT                                          0               0                  0                   0            0             0               0               0                 0             0                     0            0                      0           0               0                 0

                                            Debt Service-1st Mortgage                                          0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Debt Service-2nd Note
                                             Total Debt Service                                                0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0

                                            Debt Service Ratio                                            0.00           0.00               0.00              0.00           0.00           0.00            0.00           0.00               0.00          0.00               0.00           0.00                  0.00          0.00           0.00              0.00
                                            DSR from Operations and Reserve                               0.00           0.00               0.00              0.00           0.00           0.00            0.00           0.00               0.00          0.00               0.00           0.00                  0.00          0.00           0.00              0.00

                                            CASH FLOW After Debt Service                                       0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0

                                                                      50% to Home Express                      0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                                                      Remaining Cash Flow                      0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0

                                            OPERATING RESERVE:
                                            Beginning Reserve Balance                                                         0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Annual Increase                                                    0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Interest Income                                                    0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0
                                            Ending Reserve Balance                                             0              0                0                   0              0             0              0                0                 0              0                  0              0                    0              0              0                 0


3200fb63-af53-4fb8-abca-0b4853a785e8.xlsCash Flow 7/28/2010
           Part IV - Project Costs
(Click on any of the items below)
                        Signature Page
                      Eligible Basis Limits
                Breakdown of Costs and Basis
                           Carryover
                          Tie Breaker
                       Percentage Limits
                       Operating Income
                     Net Operating Income

      Print Menu             Return to Form 10 Contents
                                               15-YEAR OPERATING PROFORMA
                                                    REQUIRED SIGN-OFFS



We acknowledge the attached pro forma substantially matches the assumptions used in our underwriting of the mortgage (equity investment).

1st Mortgagee         __________________________________________

   OR

Syndicator/Investor __________________________________________
(if no lender)




                                              BREAKDOWN OF COSTS AND BASIS
                                                   REQUIRED SIGN-OFFS



The undersigned acknowledges review of the attached Breakdown of Costs and Basis.



   Application/Re-Application, or 42(m) Determination

General Partner/
Managing Member                 __________________________________________

1st Mortgagee                   __________________________________________

Syndicator/Investor             __________________________________________



   Carryover              OR       8609

General Partner/
Managing Member                 __________________________________________

1st Mortgagee                   __________________________________________

Syndicator/Investor             __________________________________________

Accountant                      __________________________________________




CURRENT INDICATIONS
  Print Date                        7/28/2010 14:40

   Net Income (Year 1)                           $0
   Net Expense (Year 1)                          $0

   Qualified Basis                               $0
   Annual Tax Credit Amount
                                                                                        ELIGIBLE BASIS LIMITS WORKSHEET


Project:
Municipality:
County:



                                                                                                                                  Additional Items Added to Eligible Basis Limits:

Special Needs Cycle                                                          (Y or N)                                             Community Service Facility                                                       $0

Volume Cap Tax Credits                                                       (Y or N)                                             Garage Parking                                                                   $0

Total Units (including Super)                                                                                                     Total                                                                            $0




                                              Non HOPE VI                                                                                                                    HOPE VI
                                                                                                         # of Units                                                                                                       # of Units
              Bedrooms                           # of Units                   Per Unit                       x                                Bedrooms                        # of Units            Per Unit                  x
                                             (include all units)          Elig Basis Limit            Per Unit Limit                                                      (include all units)   Elig Basis Limit        Per Unit Limit

           EFFICIENCIES                                                      $119,873                       $0                             EFFICIENCIES                                            $128,237                  $0

                 1-BR                                                        $137,410                       $0                                   1-BR                                              $146,998                  $0

                 2-BR                                                        $167,091                       $0                                   2-BR                                              $178,749                  $0

                 3-BR                                                        $216,158                       $0                                   3-BR                                              $231,238                  $0

                 4-BR                                                        $237,275                       $0                                   4-BR                                              $253,829                  $0

                 5-BR                                                        $261,002                       $0                                   5-BR                                              $279,212                  $0
                                                                                                                                                                                                                                         $0
TOTAL ELIGIBLE BASIS LIMIT                                                                                  $0                    TOTAL ELIGIBLE BASIS LIMIT                                                                 $0


Limits apply to total eligible basis for rehabilitation or new construction tax credits BEFORE any applicable 130% adjustment for project location within a DDA or QCT.
Unified Application for Housing Production Programs                                                                                                                                                               revised - 7/28/2010




                  BREAKDOWN OF COSTS & BASIS -- 2005                                                       Reviewer:                                                                    Print Date:   28-Jul-10
                                                                                                           Stage:
                                                                                                                            QCT         (Y or N)

                  Project Name:                                                                                             DDA         (Y or N)

                  Municipality:                                                                                     Special Needs       (Y or N)

                  County:                                                                        Scattered Site Single/Duplex           (Y or N)




                                                                            Development                      Non-Depreciable                 Non-Eligible          Eligible Basis for                    Eligible Basis
                                                                               Cost                               Costs                         Costs                 Rehab / NC                        for Acquisition
                  ACQUISITION
                   Building
                   Relocation
                   Other:

                  CONSTRUCTION
                   Demolition
                   Off-Site Improvements
                   Residential Structures
                   Environmental Clearances
                   Surety & Bonding
                   Building Permits
                   Community Service Facility
                   Garage Parking
                          Fire Suppression System
                   Green Feature Premium
                   Other:

                  CONTRACTOR FEE
                   Contractor Overhead & Profit
                   General Requirements

                  CONTINGENCY
                   Hard Contingency
                   Soft Contingency

                  PROFESSIONAL SERVICES
                    Appraiser & Market Study
                    Architect
                    Attorney
                    Cost Certification / Audit
                    Engineering
                    Environmental Consultant
                    Historical Consultant
                    Professional Planner
                    Soil Investigation
                    Surveyor

                  CARRYING & FINANCING
                   Interest
                   Points & Bank Fees
                   R.E. Taxes
                   Insurance
                   Title Insurance & Recording
                   Utility Connection Fees
                   Other Impact Fees
                   Tax Credit Fees
                   Other:

                  SUB-TOTAL

                  DEVELOPER FEE
                  LAND                                                                                                                             X                       X
                  ORGANIZATIONAL COSTS                                                                                                             X                       X
                  SYNDICATION EXPENSES                                                                                                             X                       X
                  MARKETING EXP & HAS FEE                                                                                                          X                       X
                  ESCROWS:    Working Capital                                                                                                      X                       X
                              Replacement Reserves                                                                                                 X                       X
                              Operating Deficit Escrow                                                                                             X                       X
                                                                                                                                                   X                       X
                                             Debt & Insurance                                                                                      X                       X
                                             Tax                                                                                                   X                       X

                  TOTAL

                                                                                                                                        Eligible Basis Limit
                                                                                     First Mortgage DSCR

                                                                                                                                        Lesser of Total or Limit
                                             <PERMANENT PHASE NEEDS ANALYSIS>
                                                                                                                                    x   QCT / DDA Adjustment                    100%
                  FUNDING SOURCE                                INTEREST   AMORTIZATION                         AMOUNT
                                                                  RATE                                                              =   Basis as Adjusted
                  <<First Mortgage>>
                                                                                                                                    x   Applicable Fraction                 100.00%                               100.00%

                                                                                                                                    =   Qualified Basis

                                                                                                                                    x   Tax Credit Percentage                  8.15%                                  3.50%

                  INVESTOR PROCEEDS NEEDED FROM LOW INC HSG TAX CREDITS                                                                 Tax Credits based
                                                                                                                                    =   on Qualified Basis
                  SYNDICATOR
                  LP or Non-Voting Member %                                                                                             Total Maximum LIHTC
                  PRICING


                  FEDERAL LOW INCOME HOUSING TAX CREDITS NEEDED                                                                         Carryover Test
                                                                                                                                        Development Cost / Unit
                                                                                                                                        Construction Cost / Unit
CARRYOVER -- 2005


Project Name:           0
Municipality:           0
County:                 0

                                                                                        Costs
                                         Development        Reasonably Expected   Incurred through
                                            Cost                  Basis
ACQUISITION
 Building                                              $0
 Relocation                                            $0
 Other:                         $0                     $0

CONSTRUCTION
 Demolition                                            $0                    $0
 Off-Site Improvements                                 $0
 Residential Structures                                $0
 Environmental Clearances                              $0
 Surety & Bonding                                      $0
 Building Permits                                      $0
 Community Service Facility                            $0
 Garage Parking                                        $0
      Fire Suppression System                          $0
      Green Feature Premium                            $0
 Other:                       $0                       $0

CONTRACTOR FEE
 Contractor Overhead & Profit                          $0
 General Requirements                                  $0


CONTINGENCY
 Hard Contingency (10% Rehab / 5% New)                 $0
 Soft Contingency                                      $0

PROFESSIONAL SERVICES
  Appraiser & Market Study                             $0
  Architect                                            $0
  Attorney                                             $0
  Cost Certification / Audit                           $0
  Engineering                                          $0
  Environmental Consultant                             $0
  Historical Consultant                                $0
  Professional Planner                                 $0
  Soil Investigation                                   $0
  Surveyor                                             $0

CARRYING & FINANCING
 Interest                                              $0
 Points & Bank Fees                                    $0
 R.E. Taxes                                            $0
 Insurance                                             $0
 Title Insurance & Recording                           $0
 Utility Connection Fees                               $0
 Other Impact Fees                                     $0
 Tax Credit Fees                                       $0
 Other:                                                $0

SUB-TOTAL                                              $0                    $0                  $0

DEVELOPER FEE                                          $0
LAND                                                   $0                    $0
ORGANIZATIONAL COSTS                                   $0           X                    X
SYNDICATION EXPENSES                                   $0           X                    X
MARKETING EXP & HAS FEE                                $0           X                    X
ESCROWS:    Working Capital                            $0           X                    X
            Replacement Reserves                       $0           X                    X
            Operating Deficit Escrow                   $0           X                    X
                                                       $0           X                    X
                Debt & Insurance                       $0           X                    X
                Tax                                    $0           X                    X

TOTAL                                                  $0                   $0                   $0

CARRYOVER PERCENTAGE

DEVELOPER PERCENTAGE INCURRED
Unified Application for Housing Production Programs                                                                                           revised - 7/28/2010



   2005 TIEBREAKER WORKSHEET
  Project Name:



   Tiebreaker #1: Lowest Unadjusted Tax Credits Per Low Income Bedroom
  # of Low Income Bedrooms in Project:                                                                Unadjusted Tax Credits:
                                                        # of Low
               Unit Size                              Income Units           # of Bedrooms            Tax Credits based on Need

      Studio, SRO, etc.                                            x .75 =                            - Acquisition Tax Credits

                     1BR                                           x 1=
                                                                                                      Rehab / NC Credits
                     2BR                                           x 2=

                     3BR                                           x 3=                               divided by DDA/QCT Adjustment    100%

                     4BR                                           x 4=                               Unadjusted NC/Rehab Credit

                     5BR                                           x 5=                               + Acquisition Credit


  # of Low Income Bedrooms in Project:
                                                                                                      Unadjusted LIHTC




        Unadjusted LIHTC                                           =                                   Unadjusted LIHTC
        Per Low Income Bedroom                                                               # of Low Income Bedrooms in the Project

                                                                   =




   Tiebreaker #2: Lowest Total Development Cost Per Bedroom
  # of Bedrooms in Project:

               Unit Size                              # of Units             # of Bedrooms
      Studio, SRO, etc.                                            x .75 =
            1BR                                                    x 1=
                     2BR                                           x 2=
                     3BR                                           x 3=
                     4BR                                           x 4=
                     5BR                                           x 5=

                       # of Bedrooms in Project:




  Total Development Cost                                           =         Total Development Cost
  Per Bedroom                                                                    # of Bedrooms


                                                                   =
           Unified Application for Housing Production Programs                                                                                                                                   revised - 7/28/2010




2005 PERCENTAGE LIMITS
Project Name:



Contractor Profit/Overhead Limits

 Construction Contract Amount                                    Bracket %                                        Maximum Fee for   Example Calculation of Maximum Contractor Profit/OH
Bracket Minimum                  Bracket Maximum                                                                  Lower Brackets
         $1                 to           $500,000                 11.75%                                                  $0        Construction Contract                                 $12,300,000
     $500,001               to          $1,000,000                10.75% of amount over $ 500,000 +                    $58,750
    $1,000,001              to          $5,000,000                   9.50%       of amount over $ 1,000,000 +         $112,500      - Bracket Minimum                                     $10,000,001
    $5,000,001              to         $10,000,000                   8.50%       of amount over $ 5,000,000 +         $492,500
   $10,000,001              to         $15,000,000                   7.00%       of amount over $10,000,000 +         $917,500      Difference                                             $2,299,999
   $15,000,001              to         $20,000,000                   6.70%       of amount over $15,000,000 +         $1,267,500
   $20,000,001              and over                                 6.20%       of amount over $20,000,000 +         $1,602,500    x Bracket % for Contract Amount                            7.00%


                                                                                                                                    Difference x Bracket %                                  $161,000


                                                                                                                                    +Maximum Fee for Lower Brackets                         $917,500
                                                                                         Amounts
                                                                                        included in                                 Maximum Profit & OH                                    $1,078,500
                                                                                   Construction Contract
Demolition                                                                   $                                                      Calculation of Maximum Contractor Profit & Overhead
Off-Site Improvements                                                        $
Residential Structures                                                       $                                                      Construction Contract              #REF!      #REF!
Environmental Clearances                                                     $
Surety & Bonding                                                             $                                                      - Bracket Minimum                  #REF!      #REF!
Building Permits                                                             $
Community Service Facility                                                   $                                                      Difference                         #REF!      #REF!
Garage Parking                                                               $
Fire Suppression System                                                      $                                                      x Bracket % for Contract Amount               #REF!                     ##
Other:                                                               #REF!                                #REF!
                                                                                                                                    Difference x Bracket %             #REF!      #REF!
General Requirements                                                         $
                                                                                                                                    + Maximum Fee for Lower Brackets   #REF!      #REF!
Construction Contract Amount                                         #REF!                    #REF!
                                                                                                                                    Maximum Profit & OH                #REF!      #REF!


                                                                                                                                                  #REF!




Developer Fee Limits

Projects with 25 Units or Less                                                                                         20.00%                    Developer Fee
Projects serving a Special Needs Population                                                                            20.00%                      Subtotal
Scattered Site Single Family or Duplex Projects                                                                        20.00%
General Rule*                                                                                                          15.00%                                          %

*Building Acquisition Costs Excluded if Related Party Transaction
 Developer Fee on Building Acquisition Costs Limited to 5% in Preservation Set-Aside of Final Cycle



Substantial v. Minimum Rehabilitation

         Rehabilitation %                                        =               Construction Cost + Contractor Fee
                                                                                  Land + Building Acquisition Cost

                                                                                                                  %
FEDERAL LOW INCOME HOUSING TAX CREDITS       CALENDAR YEAR -- 2005

OPERATING INCOME

          0
          0
          0

                       PER UNIT    ANNUAL              YEAR          YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR
                         or %     TRENDING               1             2           3           4           5           6           7           8           9          10          11          12          13          14          15

INCOME
   TAX CREDIT UNITS
       GROSS RENT                    2.00%                    $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
       LAUNDRY                       1.00%                    $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
       PARKING                       1.00%                    $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
       OTHER                         1.00%                    $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
       SUBTOTAL                                               $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0

       VACANCY
          PHYSICAL         7%                                 $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
          COLLECTION       1%                                 $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
       NET                                                    $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0

   SUBSIDIES
      SECTION 8
      SECTION 9
      OTHER
      SUBTOTAL                                                $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
      VACANCY              5%                                 $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
      NET                                                     $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0

   NON TAX CREDIT UNITS
      GROSS RENT                     2.00%                                  $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
      LAUNDRY                        1.00%                                  $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
      PARKING                        1.00%                                  $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
      OTHER                          1.00%                                  $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
      SUBTOTAL                                                $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0

       VACANCY
          PHYSICAL        10%                                 $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
          COLLECTION       1%                                 $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
       NET                                                    $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0

   COMMERCIAL INCOME
      GROSS RENT                     2.00%                    $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
      PARKING                        1.00%                                  $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
      OTHER:                         1.00%                                  $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
      OTHER                          1.00%                                  $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
      SUBTOTAL                                                $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0

       VACANCY
          PHYSICAL        10%                                 $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
          COLLECTION       1%                                 $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
       NET                                                    $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0


   EFFECTIVE INCOME                                           $0            $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
FEDERAL LOW INCOME HOUSING TAX CREDITS                                         CALENDAR YEAR -- 2005

NET OPERATING INCOME

            0                                                                        Tenant Population
            0                                                                           Elevator (Y or N)
            0                                                                                Rehab or New


                                           PER UNIT        ANNUAL                YEAR           YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR        YEAR
                                               or %    TRENDING                    1              2           3           4           5           6           7           8           9          10          11          12          13          14          15


EFFECTIVE INCOME                                                                        $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0


EXPENSES

   ADMINISTRATION                                          3.00%                        $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   SALARIES                                                3.00%                        $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   M&R                                                     3.00%                        $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   MAINTENANCE CONTRACTS                                   3.00%                        $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   INSURANCE                                               3.00%                        $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   SUBTOTAL                                                                             $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0

   UTILITIES                                               3.00%                        $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   MANAGEMENT FEE                                          net rent                     $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   REAL ESTATE TAXES                                       net rent                     $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   RESERVES                                                3.00%                        $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   SOCIAL SERVICES                                         3.00%                        $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   OTHER:                                                  3.00%                                       $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   OTHER:                                                  3.00%                                       $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   OTHER:                                                  3.00%                                       $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0



   TOTAL OPERATING EXPENSES                                                             $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0

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

DEBT SERVICE
   FIRST HARD DEBT SERVICE                                                              $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   FIRST HARD DEBT SERVICING FEE                      bp                                $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0

   SECOND HARD DEBT SERVICE


CASH FLOW AFTER HARD DEBT                                                               $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0

   HOME EXPRESS DEBT SERVICE (If Applicable)                                         N/A             N/A       N/A         N/A         N/A         N/A         N/A         N/A         N/A         N/A         N/A         N/A         N/A         N/A         N/A

RATIO ANALYSIS
   FIRST HARD DEBT COVERAGE RATIO                                                        0              0           0           0           0           0           0           0           0           0           0           0           0           0           0
   EXPENSE : EFFECTIVE INCOME                                                            0              0           0           0           0           0           0           0           0           0           0           0           0           0           0

OPERATING DEFICIT RESERVE
   INTEREST INCOME                                                         %            $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   UTILIZATION FOR CASH FLOW SHORTFALL                                                  $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0
   BALANCE                                                            $0                $0             $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0          $0

				
DOCUMENT INFO
Description: New Jersey Real Estate Taxes document sample