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2008 LOW-INCOME HOUSING TAX CREDIT THRESHOLD APPLICATION IOWA FINANCE AUTHORITY 2015 Grand Avenue Des Moines, IA 50312 (515) 725-4900 or (800) 432-7230 Fax: 515-725-4901 www.IowaFinanceAuthority.gov (The capitalized terms in the Threshold Application shall have the same meaning as the capitalized terms in the Qualified Allocation Plan). Application Type: For IFA Use Only: Initial Application/Reservation IFA Project No. Commitment/Carryover Application Recd. Placed-in-Service (8609) Application Fee Recd. GENERAL INFORMATION SECTION 1 TYPE OF LOW-INCOME HOUSING TAX CREDIT REQUESTED (check as applicable) 1.01 New Construction without Federal Subsidies 1.02 New Construction with Federal Subsidies 1.03 Acquisition/Rehabilitation (adaptive reuse or historic preservation) without Federal Subsidies 1.04 Acquisition/Rehabilitation (adaptive reuse or historic preservation) with Federal Subsidies 1.05 Acquisition (adaptive reuse or historic preservation) with 10-year waiver from Federal Agency 1.06 Rehabilitation (adaptive reuse or historic preservation) only without Federal Subsidies 1.07 Rehabilitation (adaptive reuse or historic preservation) only with Federal Subsidies SET-ASIDE/FUNDING REQUESTS 1.08 Are you requesting Tax Credit from the Service Enriched Set-Aside? Yes No 1.09 Are you requesting Tax Credit from the Affordable Assisted Living Set-Aside? Yes No 1.10 Are you requesting Tax Credit from the Affordable Preservation Set-Aside? Yes No 1.11 Are you requesting Tax Credit from the Underserved Area Set-Aside? Yes No 1.12 Are you requesting Tax Credit from the Nonprofit Set-Aside? Yes No 1.13 Are you using or planning to use Tax-Exempt Bond Financing? Yes No 1.14 Are you planing on using the Transitional Housing Revolving Loan Program? Yes No 1.15 Are you using or planning to use HOME Funds? Yes No 1.16 Will HOME funds be received below the Applicable Federal Rate? Yes No If 1.16 answered "Yes", then in order to be eligible for the 70 percent (70%) present value credit, the Ownership Entity or Applicant represents to IFA that it shall lease at least forty percent (40%) of all residential units (including non-restricted units) in each Building in the Project to persons with area median gross income of fifty percent (50%) or less in accordance with IRC Section 42(i)(2)(E). A joint application for both Low-Income Housing Tax Credits and HOME Funds from the Iowa Department of Economic Development is utilized. See Section 25 of the Threshold Application for specific exhibits required. PROJECT INFORMATION SECTION 2 PROJECT IDENTIFICATION 2.01 Legal Name of Ownership Entity Tax ID Number* 2.02 Name of General Partner and/or Managing Member or other (identify) Address Telephone No. Fax No. Tax ID Number E-mail *Name/Tax ID Number in which Tax Credits will be issued. 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 1 GENERAL INFORMATION -cont. SECTION 2 2.03 Contact Person for Project 2.04 Address of Contact Person (if different from 2.02) Telephone No. Cell Phone Email 2.05 Project Name 2.06 Project Address(es) (include all buildings) 2.07 City Zip 2.08 County 2.09 Census Tract Census Block 2.10 Congressional District State Senate District State House District 2.11 Project located in Metropolitan Statistical Area? Yes No 2.12 Project located in Qualified Census Tract? (See Attachment B for specific areas) Yes No APPLICABLE FRACTION 2.13 Total Number of Units 2.14 Number of Low-Income Units 2.15 Number of Market Rate Units 2.16 Number of Manager's Units (Qualified Low Income) 2.17 Number of Manager's Units (Common Space) 2.18 Number of Units Designated as Manager's Units (Market Rate) a. Number of Units Designated as other Staff Units (Market Rate) 2.19 Percentage of Low-Income Units % ("unit fraction") CHARACTERISTICS OF UNITS (differentiate Market Rate Units from Low-Income Units) (Note: See Attachment A for completing Unit and Occupancy Type. Also see Attachment G for additional information required on Special Needs Housing) Low- No. of No. of No. of Unit Occupancy Special Needs Income 2.20 Units Sq. Ft. Bdrms Bath. Type Type Type Units <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> Market No. of No. of No. of Special Needs Units Units Sq. Ft. Bdrms Bath. Unit Type Occupancy Type Type <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> <Select One> 32 2.21 Total number of units which are acquisition/rehabilitation units (market or low-income) 2.22 Total number of Low-Income family units with 3 or 3+ bedrooms that have at least one and one half bathrooms. 2.23 Total Floor Space of Low-Income Units square feet 2.24 Total Floor Space of All Units square feet 2.25 Percentage of Floor Space of Low-Income Units % ("floor space fraction") 2.26 The Applicable Fraction (Section 42(c)(1)(B) of the Internal Revenue Code) is the lesser of 2.19 or 2.25 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 2 GENERAL INFORMATION -cont. SECTION 2 2.27 Unit Equipment and Amenities (check all applicable boxes) Air Conditioning (Central) Kitchen Exhaust Fan Washer/Dryer Hook-up Air Conditioning (Window) Microwave Window Coverings Ceiling Fans Range Other Dishwasher Refrigerator Other Garbage Disposal Washer & Dryer Other Project Equipment and Amenities (check all applicable boxes) Clubhouse Free Standing Shelter(s) Swimming Pool Community Room Garages Tennis Court Computer Learning Center Laundry Facilities Other Fitness/Exercise Room Playground -Commercial Equipmt. Other OTHER PROJECT CHARACTERISTICS 2.28 Total Number of Buildings 2.29 Gross Floor Area of All Buildings square feet 2.30 Residential Floor Area square feet 2.31 Non-residential Floor Area -including Manager's units (not low-income) square feet 2.32 (a) Community Service Facility included in 2.31 square feet 2.33 Commercial Floor Area square feet 2.34 Accessory Buildings and Areas (Describe): 2.35 List Recreational Facilities to which tenants will have access: 2.36 List available Commercial Facilities 2.37 Total Number of Parking Spaces Total Number of Garages/Spaces 2.38 If any building in the Project consists of 4 or fewer units, will any unit in such building be occupied by the owner of such building or any person who is related to such owner? Yes No 2.39 Elevator: Yes No Number of Stories 2.40 Number of fully handicap accessible units (Minimum 5% of total units - QAP Appendix 1G, #18) 2.41 Number of hearing/visual handicap units (Minimum 2% of total units - QAP Appendix 1G, #18) NOTE: Minimum 5% handicap accessible units plus 2% hearing and visually impaired 2.42 Are 100% of the units handicapped accessible? Yes No 2.43 Will the project adopt green building methods? (Attachment K, Exhibit 9S) Yes No 2.44 Do you plan to submit a supportive services plan for this project? (Attchmt G, Exh 1S) Yes No 2.45 If Yes in 2.44, what will be the per unit expense? (Must be at a minimum of $150/unit) /unit 2.46 If Yes in 2.44, will this expense as shown in Exhibit 7T ( Proforma) escalate each year? Yes No SITE INFORMATION SECTION 3 PROVIDE INFORMATION CONCERNING THE PROPOSED SITE(S): 3.01 Under whose control is the site(s) for this Project? (describe) 3.02 Is any of the land or the buildings being acquired by a party related to this transaction? If Yes, Yes No Exhibit 2B is required. 3.03 Site control is in the form of: (Exhibit 1B) Purchase Contract Master Lease Option Sandwich Lease Recorded Warranty Deed Executed long-term landlease through compliance/extended use period Other (describe) 3.04 Expiration Date of contract, lease or option (month/year) 3.05 Total Cost of Land Exact Area of Site Acres 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 3 SITE INFORMATION -cont. SECTION 3 3.06 Off-site Infrastructure Available At Site: Water Yes No Gas Yes No Sewer Yes No Electrical Yes No Paving Yes No If "No" is selected for any of the above utilities, please provide a brief explanation and include these costs in Section 12.02 in the total for "Off-site Work -Utility Extension." Explain: 3.07 Name of Seller Address City, State, Zip Telephone Number 3.08 Is there an Identity of Interest with the seller of the land? If yes, describe the identity in Yes No Exhibit 12T 3.09 Is site properly zoned for your development? If No, explain in Exhibit 8B Yes No 3.10 Does any portion of the site contain detrimental characteristics? If yes, provide a Yes No remediation plan and budget to make the site suitable in Exhibit 7B. DEVELOPER INFORMATION SECTION 4 4.01 For Profit 4.02 Nonprofit (Nonprofits must ALSO complete Nonprofit information, Section 6) Name Contact Name Address City, State, Zip Telephone E-mail OWNERSHIP ENTITY INFORMATION SECTION 5 PARTNERSHIP INFORMATION (Exhibits 15T & 16T) Please note: IFA reserves Tax Credits to the Partnership and General Partners. Reservations are not transferable. Any change in General Partner status requires a new application and approval from IFA. A federal tax I.D. number and a copy of the executed Partnership Agreement file-stamped by the Secretary of State are required. 5.01 Name of Partnership Type of Partnership Limited General Other (describe): 5.02 Federal I.D. Number Names of Partners (General Partner(s) only in case of a limited partnership) ; indicate percentage of ownership to be retained 5.03 after any expected syndication. Add additional sheets as necessary to show all participants. Name Telephone Ownership % Name Telephone Ownership % Name Telephone Ownership % Name Telephone Ownership % 5.04 Is the Developer a General Partner? Yes No Ownership % Expected % of Ownership of Project: 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 4 OWNERSHIP ENTITY - cont. SECTION 5 CORPORATE INFORMATION (Exhibits 15T & 16T) Please note: IFA reserves Tax Credits to the Corporation. Reservations are not transferable. Any change in majority stockholder of the Corporation requires a new application and approval of IFA. A federal tax I.D. number and a copy of the Articles of Incorporation and By-Laws are required. 5.05 Name of Corporation 5.06 Federal I.D. Number 5.07 Name and Title of Corporate Officers/Shareholders. Add additional sheets as necessary to show all principal participants. Name Title Telephone Percent of total shares of Corporation Name Title Telephone Percent of total shares of Corporation Name Title Telephone Percent of total shares of Corporation Expected % of Ownership of Project: LIMITED LIABILITY COMPANY INFORMATION (Exhibits 15T & 16T) Please note: IFA reserves Tax Credits to the Limited Liability Company. Reservations are not transferable. Any change in the managing member or a substantial change in the members of the Limited Liability Company requires a new application and approval of IFA. A federal tax I.D. number and a copy of the Articles of Incorporation and By-Laws are required. 5.08 Name of Limited Liability Company 5.09 Limited Liability Federal I.D. Number 5.10 Limited Liability Company: Name and Title of Managing Member and Other Members. Add additional sheets as necessary to show all principal participants. Name Title Telephone Percent of total shares of Managing Member Name Title Telephone Percent of total shares of Managing Member Name Title Telephone Percent of total shares of Managing Member Expected % of Ownership of Project: NONPROFIT DETERMINATION SECTION 6 If this Project is to be considered for the Nonprofit Set-Aside, the Applicant must provide Exhibits 1NP-4NP in the Application for Scoring and Determination of Set-Asides. To qualify for the Nonprofit Set-Aside, the Nonprofit Organization must own an interest in the Project and must materially participate in the development and operation of the Project throughout the compliance period. Within the meaning of IRC 469(h), "a [Non-Profit] shall be treated as materially participating in an activity only if the [Non-Profit] is involved in the operations of the activity on a basis which is regular, continuous and substantial." 6.01 Check each item which describes the Non-Profit organization: Exempt purposes includes fostering of Affordable Housing Exempt from tax under Section 501(a) Not affiliated with or controlled by for-profit organization 501(c)(3) Organization 501(c)(4) Organization 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 5 NONPROFIT DETERMINATION - cont SECTION 6 6.02 Name of Nonprofit Federal I.D. Number Contact Name Telephone No. Address Email Ownership % 6.03 Describe the Nonprofit's participation in the development and operation of the Project; including management, social services, development and funding. 6.04 Will Nonprofit ownership remain the same throughout the compliance period? Yes No 6.05 Is the Nonprofit a certified Community Housing Development Organization ("CHDO")? Yes No ACQUISITION OF EXISTING BUILDINGS SECTION 7 COMPLETE THIS SECTION ONLY IF ACQUISITION: In order to qualify under Section 42(d)(2)(B)(ii) of the Code (the ten-year rule), Exhibit 17T must be completed, unless you are NOT claiming Acquisition credits. Complete Exhibit 18T for Site control, number of units, bedroom size and acquisition costs. 7.01 How many buildings will be acquired for the Project? 7.02 Are all of the buildings currently under control of the Project? Yes No If No, explain: 7.03 Building(s) acquired or to be acquired from an insured depository institution in default or from a receiver or conservator of such institution? Yes No If Yes, name of institution: 7.04 Building(s) acquired or to be acquired from owner in default or as a result of foreclosure? Yes No If Yes, name of Owner: 7.05 Building(s) acquired or to be acquired from a governmental unit or a qualified Non-Profit Organization? Yes No If Yes, name of governmental unit or Nonprofit organization: 7.06 Building (if a single family residence) acquired or to be acquired from owner who used such residence for no other purpose than his or her principal residence? Yes No If Yes, name of Owner: 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 6 REHABILITATION INFORMATION SECTION 8 8.01 Does the amount of rehabilitation expenditures differ between buildings or are there different circumstances for each building in the Project? Yes No If Yes, use Section 8 Worksheet document extra sheets and provide the information in (8.02 & 8.03) for each building. Please properly identify each building's information on the worksheet. 8.02 With respect to each separate building in the Project, rehabilitation expenditures (as defined in Section 42(e)(2) of the Code) which will be allocable to or substantially benefit the affordable units in such building are expected to be incurred in the amount of: 8.03 The amount of rehabilitation expenditures in 8.02 above is at least equal to the greater of A or B. You must show the calculations for both alternatives. A. 10% of the expected adjusted basis of the building (See Section 12.23) X 10% = (Enter adjusted basis of building -spreadsheet will calculate total) or B. $10,000 rehabilitation expenditure per low income unit--limited to hard construction costs per low-income unit (See Section 13.01) ## X $10,000 = (Enter number of low-income units in each building -spreadsheet will calculate total) Select the applicable requirement that has been satisfied. (Select only one.) 10% of the expected adjusted basis of all rehabbed buildings or $10,000 rehabilitation expenditure per low-income unit 8.04 Select one of the following statements if the answer to 8.01 was "No". All buildings in the Project qualify for the Section 42(e)(3)(B) exception to the 10% basis requirement (4% credit only). or All buildings in the Project qualify for the Section 42(f)(5)(B)(ii)(II) exception to the $3,000 per unit requirement ($2,000 per unit requirement instead, 4% credit only). RELOCATION INFORMATION SECTION 9 9.01 Does this Project involve the relocation of tenants? Yes No If yes, complete Exhibit 20T - Relocation Plan 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 7 GENERAL PARTNER/DEVELOPER CONTRIBUTION SECTION 10 10.01 Is there a Developer/General Partner contribution? Yes No If YES, user must select one or more of the following and then describe below: Cash Amount of Contribution Land Amount of Contribution Other Amount of Contribution Describe: RESERVES SECTION 11 11.01 Select the manner in which the Rent-Up Reserve will be established (QAP Section 4.4.1). A reasonable amount will be established -but in no event shall be less than $300 per unit. This project will receive loan funds from RD - the two percent (2%) initial operating and maintenance capital established by RD will be considered the required rent-up reserve deposit. 11.02 Select the manner in which the replacement reserve will be escrowed and used only for repairs to the units (QAP Section 4.4.3). Deposits equal to QAP amount for new construction Projects. Deposits equal to QAP amount for Acquisition/rehabilitation, preservation, rehabilitation, adaptive reuse, and historic preservation Projects. Deposits higher than QAP amounts as required by lender, syndicator, etc. 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 8 PROJECT COSTS AND ELIGIBLE BASIS SECTION 12 List total Project Costs and Eligible Basis by the Credit Type ELIGIBLE BASIS BY CREDIT TYPE New Construction Acquisition/Rehabilitation ITEM 30% PV (1) 70% PV (2) 30% PV (1) 70% PV (2) Project Costs Eligible Basis Eligible Basis Project Costs Eligible Basis Eligible Basis 12.01 TO PURCHASE LAND AND BUILDINGS Land and Broker's Fees Existing Structures 12.02 FOR SITE WORK On-site Work Off-site Work for Utility/Paving Extension Demolition Garages (not included in rent) Other(s) (Specify) 12.03 FOR CONSTRUCTION COSTS New Building Rehabilitation Accessory Building(s) (includes garages that are part of rent) Community Service Facility General Requirements Builder Overhead Builder Profit Builder Bond Fee Construction Contingency Tenant Relocation Costs Other Fees (Specify) Less Builder's Eligible Basis Reduction (from Section 13.02) 12.04 FOR PROFESSIONAL FEES Architect Fees -Design Architect Fees -Supervision (inspection) Engineer Fees Attorney Fees (Real Estate) Accountant Fees Consultant/Processing Agent Fees(3) Other(s) (Specify) 12.05 FOR INTERIM COSTS Construction Insurance Construction Interest Construction Loan Origination Fee Construction Loan Credit Enhancement Taxes During Construction SUBTOTAL -THIS PAGE - (spreadsheet will calculate) (1) The 30% PV column is to be used for items eligible for an approximately 3.60% credit. (2) The 70% PV column is to be used for items eligible for an approximately 8.38% credit. (3) Consultant's fees, Developer's fees and Developer's overhead are limited. See the Qualified Allocation Plan (QAP). 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 9 PROJECT COSTS AND ELIGIBLE BASIS -cont. SECTION 12 32 32 32 32 32 32 ELIGIBLE BASIS BY CREDIT TYPE New Construction Acquisition/Rehabilitation ITEM PROJECT 30% PV (1) 70% PV (2) PROJECT 30% PV (1) 70% PV (2) COSTS Eligible Basis Eligible Basis COSTS Eligible Basis Eligible Basis SUBTOTALS FROM PAGE 9 12.06 FOR FINANCING FEES AND EXPENSES Bond Premium and/or Credit Report Permanent Loan Origination Fee Permanent Loan Credit Enhancement Title and Recording Underwriter Discount Attorney's Fees Other(s) (Specify) 12.07 FOR SOFT COSTS Property Appraisal Market Study Environmental Report Tax Credit Fees Compliance Fees Tax Attorney Fees City Impact Fees Other(s) (Specify) 12.08 FOR SYNDICATION COSTS Organizational (Partnership) Bridge Loans Fees and/or Expenses Tax Opinion Other(s) (Specify) Project Costs before Developer Fee and Reserves 12.09 FOR DEVELOPER'S FEES (3) Developer's Overhead Developer's Fee Other(s) (Specify) 12.10 FOR PROJECT RESERVE Rent-up Reserve Operating Reserve Other(s) (Specify) Total Project Costs (spreadsheet will calculate) Reduction in Eligible Basis for Developer 12.11 Fees (Section 13.02) 12.12 Total Project Costs 12.13 Total Cost per Unit 12.14 Total Construction Cost per Unit (1) The 30% PV column is to be used for items eligible for an approximately 3.60% credit. (2) The 70% PV column is to be used for items eligible for an approximately 8.38% credit. (3) Consultant's fees, Developer's fees and Developer's overhead are limited. See Qualified Allocation Plan (QAP). 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 10 PROJECT COSTS AND ELIGIBLE BASIS -cont. SECTION 12 64 32 32 32 32 ELIGIBLE BASIS BY CREDIT TYPE New Construction Acquisition/Rehabilitation PROJECT 30% PV (1) 70% PV (2) 30% PV (1) 70% PV (2) ITEM COSTS Eligible Basis Eligible Basis Eligible Basis Eligible Basis TOTALS FROM PAGE 10 12.15 Less portion of any grants used to finance qualifying Project costs List Grants: 12.16 Less amount of non-qualified nonrecourse financing 12.17 Less non-qualifying excess portion of higher quality units 12.18 Less Federal Historic Tax Credit (Residential Portion Only) 12.19 Less Salaries and Benefits for all paid full-time staff paid for with Federal Grant Funds (Exhibit 5T) 12.20 Less Community Service Facility 12.21 TOTAL ELIGIBLE BASIS 12.22 130% Adjustment for high cost area (not allowed for acquisition basis Sec. 12.01) 12.23 TOTAL ADJUSTED ELIGIBLE BASIS 12.24 Multiplied by the Applicable Fraction (See item 2.25 -% of Project which is low- income) 12.25 130% Adjustment for high cost area Community Service Facility 12.26 TOTAL QUALIFIED BASIS 12.27 Multiplied by the Applicable Percentage* *For purposes of application. Actual % used at time of allocation may vary. 12.28 MAXIMUM ALLOWABLE CREDIT AMOUNT (For application and reservation purposes only -Allocation may be less) 12.29 COMBINED 30% AND 70% PV CREDIT 12.30 TOTAL CREDIT REQUESTED PER UNIT (Actual amount of Tax Credit requested divided by number of low income units) PLEASE NOTE: The actual amount of Tax Credit for the project is determined by IFA. If the Project is eligible for Federal Historic Tax Credit, include a complete breakdown of the determination of eligible basis for the Federal Historic Credit with the Threshold Application. (1) The 30% PV column is to be used for items eligible for an approximately 3.60% credit. (2) The 70% PV column is to be used for items eligible for an approximately 8.38% credit. 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 11 Builder, Developer Fee and Other Limits SECTION 13 13.01 Builder's Profit, Overhead, & General Requirements as a Percentage of Hard Construction Costs. Maximum % Allowed 14% New Acquisition/ Construction Rehabilitation Builder Fees: Overhead Profit General Requirements Total Builder Fees: Other Costs: Site Work Architect and Engineer Fees New Structures Rehabilitation Accessory Structures Contingency/Other Fees Total Costs for calculating Builder Fees: Maximum Allowable Builder Fees: Amount of Eligible Basis Reduction 13.02 Aggregate Developer Fees, Overhead, Consultant Fee Limits Total Number of Units (Sec 2.13): # of Maximum % Type of Units Units Allowed New Construction -First 24 units (or less) 15% New Construction -25 units or more 12% New Acquisition/ Acquisition/Rehabilitation 17% Construction Rehabilitation Total Project Costs (before Developer fee and reserves) Less Land /Less Consultant Fees Total Costs for calculating Developer/Consultant Fees: Total cost per unit for calculating Developer/Consultant Fees: Allowable Developer/Consultant Fees for first 24 units (New Construction): Allowable Developer/Consultant Fees for 25+ units (New Construction): Allowable Developer/Consultant Fees Acquisition/Rehabilitation Units: Allowable Developer/Consultant Fees: Budgeted Developer/Consultant Fees: Amount of Eligible Basis Reduction Amount of Eligible Basis Reduction Total Amount of Eligible Basis Reduction 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 12 Builder, Developer Fee and Other Limits -cont SECTION 13 13.03 Per Unit Construction Costs New Acquisition/ Construction Rehabilitation A. Total Project Costs (Section 12.12) Less Cost of Land (Section 12.01) Less Consultant Fees (Section 12.04) Less Tax Credit Fees (Section 12.07) Less IFA Compliance Monitoring Fees (Section 12.07) Less Bridge Loan Interest (Section 12.08) Less Developer Fees (Section 12.09) Less Project Reserves (Section 12.10) Less Residential Portion of Federal Historic Tax Credits (Section 12.18) Less Residential Portion of State Historic Tax Credits <Enter Amount> Total Development Costs Project Per Unit Costs (Total Allowable Unit Costs /Total # of Units -Section 2.13) Total (A) B. Per Unit Costs based on Cost Cap Elevator (Section 2.39) 32 32 Number of Bedrooms # of Units Cost Cap Total by Unit 0 BR 1 BR 2 BR 3 or more BR Total Allowable Project Costs Total Allowable Costs/Unit Place X if Yes Optional Adjustments (May Select Scattered Site ($7,500/unit) only one) Affordable Assisted Living ($15,000/unit) (May Select Green Building ($5,000/unit) one or both) 100% Accessible Building ($2,500/unit ) Total Allowable per unit cost after Adjustments (B) 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 13 Builder, Developer Fee and Other Limits -cont SECTION 13 If (A) is greater than (B) in the preceding table, which of the follow statements apply: This is an historic rehabilitation project. If checked, explain why the per unit costs fall outside of the allowable Cost Cap Limits. This project is participating in HUD's portfolio re-engineering program. If checked, explain why the per unit costs fall outside of the allowable Cost Cap Limits. 13.04 Cost Cap Method of Tax Credit Determination Total Allowable per unit cost after Adjustments (Section 13.03 B) 4% Basis: x % of Low Income Units x Applicable% = 9% Basis: x % of Low Income Units x Applicable% = Tax Credits Allowed Using Cost Cap method 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 14 SOURCES OF FUNDS (CONSTRUCTION AND PERMANENT FINANCING) SECTION 14 14.01 CONSTRUCTION FINANCING List individually sources of construction financing. Attach additional sheet as necessary. Term of Interest Rate Commitment Source of Funds/Name of Lender Amount of Funds Type of Loan Loan of Loan Date Total Amount of Funds for Construction 14.02 PERMANENT FINANCING List individually source(s) of permanent financing (not including Equity Funds.) Attach additional sheet as necessary. Type and Annual Debt Interest Amort. Source of Funds/Name of Lender Amount of Funds Term of Loan Service Pmt Rate Period 1st Mortgage (or Rural Development 515 or Tax Exempt Financing) HOME Loan(s) IDED CITY Subordinate Debt (or CDBG Financing) Deferred Developer Fees Total Amount of Funds from Permanent Financing A. Total Sources of Permanent Financing (not including Equity Funds) $ ## B. Proceeds from State Historic Tax Credits C. Proceeds from Federal Historic Tax Credits D. Total Sources (Except LIHTC Equity Funds) E. Proceeds from Low Income Housing Tax Credits (Equity Funds) F. Proceeds from Section 14.03 G. TOTAL - ALL SOURCES $ 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 15 SOURCES OF FUNDS (CONSTRUCTION AND PERMANENT FINANCING -cont.) SECTION 14 14.03 Sources of Funds not included in 14.01 and 14.02 (LIST ONLY FUNDS THAT REDUCE TOTAL PROJECT COST - INCLUDING OTHER Amount of FUNDS MAY RESULT IN A FINANCING GAP.) Funds CDBG Grant HOME Grant Federal Home Loan Bank Grant State Grant (Specify and List below) Local Grant (Specify and List below) Developer/General Partner Contribution (from Section 10.01) Other Grants or Equity (Specify and List Below) Total to Section 14.02F 32 32 14.04 Sources of Funds not included in 14.01, 14.02 and 14.03 -(Examples: Tax Amount of Abatement, Donated Land, EZ Tax Rebate) Funds 14.05 Is any portion of the Source of Funds for the Project financed directly or indirectly with Federal, State or Local Government Funds? Yes No If yes, what is the total amount? 14.06 Will Developer elect to exclude any below market federal loan from eligible basis? Yes No If Yes, what amount is excluded? 14.07 Is tax-exempt financing being used? Yes No If Yes, What is the percentage of tax-exempt financing to the total cost of the Project? 14.08 Is Taxable Bond Financing used? Yes No If Yes, what is the amount? 14.09 Will the permanent financing have any type of credit enhancement? Yes No If Yes, list the type of enhancement: 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 16 EQUITY INFORMATION SECTION 15 15.01 Do you intend to syndicate Tax Credits for this development? Yes No If Yes, provide information concerning any syndication or placement of interests in the ownership entity and estimate proceeds to be received from such sale or placement. Actual Anticipated Total Syndication Proceeds ## Federal Historic Tax Credit Proceeds Syndication value per Tax Credit dollar (%) State Historic Tax Credit Proceeds Anticipated Date of Award (State Credits) Provide a narrative explaining when these funds will be paid. (i.e. dates, 8609, carryover) Type of offering Public Private Type of investors Individuals Corporation Name of Fund Name of Syndicator Address, State, Zip Telephone Tax ID Number E-mail Contact Name Note: Enclose a copy of any agreement or contracts relating to syndication or placement of partnership interests. (Exhibit 3T) If No, describe how tax credit equity will finance the project. DETERMINATION OF RESERVATION AMOUNT NEEDED SECTION 16 The following calculation of the amount of Tax Credits needed is substantially the same as the calculation which will be made by IFA to determine, as required by the Code, the maximum amount of Tax Credits which may be reserved/allocated/placed in service for the Project. IFA, however, at all times retains the right to substitute such information and assumptions as are determined by IFA to be reasonable for the information and assumptions provided herein as to costs (including Developer fees, profits, etc.), sources of funding, expected equity, etc. Accordingly, if the Project is selected by IFA for a reservation of Tax Credits and allocation/8609, the amount of such reservation/allocation/8609 may differ significantly from the amount you compute below: A. Total Project Costs (Item 12.12, 1st & 4th columns) 32 B. Less Total Sources of Funds (except LIHTC equity Funds, from Item 14.02(D) and (F)) C. Equity Gap (A-B) D. Equity Percentage (% investor expected to pay for each dollar of LIHTC) E. Ten-Year Credit Amount Needed to Fund Gap (C÷D) F. Annual Tax Credit Required to Fund the Equity Gap (E÷10) G. The Maximum Allowable Tax Credit Amount (from Item 12.28) H. The Maximum Allowable Tax Credit Amount (from Cost Cap method -Item 13.04) I. Reservation Amount (Lesser of F, G or H) 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 17 UTILITY ALLOWANCES SECTION 17 17.01 Does the owner pay all utilities? (excluding telephone, internet & cable) Yes No If Yes, do not fill in the rest of this section. 17.02 What source was used to determine the utility allowance for tenant paid utilities? (Exhibit 6T) PHA HUD Rural Development (for Rural Development financed projects only) 17.03 Enter T (Tenant) or O (Owner) depending on who pays for the utility. If a T is entered, then a dollar amount of the cost of that utility MUST be entered in the appropriate bedroom(s) size(s). If an O is entered, then no dollar amount is needed. Paid by Efficiency/ Utility T or O SRO 1 bdrm 2 bdrm 3 bdrm 4 bdrm 5+ bdrm Heating Natural Gas Bottle Gas Electric Oil Air Conditioning Central Window Cooking Natural Gas Bottle Gas Electric Other Electric* Water Heating Natural Gas Bottle Gas Electric Oil Water Sewer Trash Collection Other (Specify)** Total Paid by Tenant *Specify Other Electric (such as lighting, refrigeration if applicable). **Specify Other (if applicable). 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 18 MINIMUM SET-ASIDE ELECTION SECTION 18 The Developer irrevocably elects the following Minimum Set-Aside Requirement (check 18.01 or 18.02, and 18.03 if applicable): At least 20% of all the rental residential units in this Project are rent restricted, and are to be occupied by individuals whose 18.01 income is 50% or less of area median income. At least 40% of the rental residential units in this Project are rent restricted, and are to be occupied by individuals whose 18.02 income is 60% or less of area median income. In addition to the Minimum Set-Aside Requirement checked above, the Project will also meet the deep rent skewing option as defined in Section 142(d)(4) of the Code (15% of the units occupied by individuals whose income is 40% or less of area 18.03 median income). Complete options (40%, 50% or 60%) below, based upon your response to Section 18.01-18.03 - Minimum set-aside Election. List 18.04 only the applicable gross maximum monthly rent that may be charged to the unit based on Attachment D. Efficiency /SRO 1 Bdrm. 2 Bdrm. 3 Bdrm. 4 Bdrm. 5 or More Bdrm. 40% of Area Median Income for one unit for one month. 50% of Area Median Income for one unit for one month. 60% of Area Median Income for unit for one month. 18.05 Will the rents for 100% of the low-income units be set at or below 100% of the Fair Market Rents for Yes No the county(ies) in which the property(ies) are located as established annually by HUD? 18.06 If "Yes" in 18.05, fill in the appropriate rent for the counties/Metropolitan FMR Areas in which the property(ies) are located. (Attachment E) County/Metro FMR Area 0 BR 1 BR 2 BR 3Br 4BR 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 19 UNIT DISTRIBUTION AND RENTS SECTION 19 19.01 For a low-income unit, the combination of tenant-paid monthly rent and utility or utility allowance may not exceed the maximum allowable rents under Section 42 of the Code. List employee/manager unit(s) separately and show employee/manager in the rent column. Low-Income Units Total Sq. Ft. AMGI % Number of Total Number Average Sq. Per Bdrm Served Monthly Total Monthly Utility Gross Rent per Bedrooms of Units Ft. Per Unit Size (30/40/50/60) Rent Rents Allowance Unit Totals Non Restricted Units (Market) Total Sq. Ft. Number of Number of Average Sq. Per Bdrm Monthly Total Monthly Utility Gross Rent Bedrooms Units Ft. Per Unit Size Rent Rents Allowance Per Unit Totals Employee Units Total Sq. Ft. AMGI % Number of Number of Average Sq. Per Bdrm Served or Monthly Total Monthly Utility Gross Rent Per Bedrooms Units Ft. Per Unit Size Market Rate Rent Rents Allowance Unit Totals See Section 17 Utility Allowances and -Exhibit 6T (PHA/USDA/Other Utility Chart) 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 20 PROJECT INCOME INFORMATION SECTION 20 RENTAL ASSISTANCE 20.01 Do any low-income units receive or have any low-income units been approved to receive, Rental Assistance at time of Threshold Application? Yes No If Yes, list the type of Rental Assistance: Section 8 New Construction or Substantial Rehabilitation Section 8 Moderate Rehabilitation Rural Development 515 Rental Assistance Section 8 Vouchers State Assistance Other: Number of units receiving Rental Assistance? Number of years of Rental Assistance Contract? Note: A copy of any rental assistance contract, agreements, or approvals must be included. (Exhibit 20T) 20.02 EXISTING SUBSIDIES WITH ACQUISITION PROJECTS Section 221(d)(3)BMIR (Below Market Rate Interest Rate) Section 236 Section 8 Rent Supplement or Rental Assistance payment Other: 20.03 HUD APPROVAL Is HUD approval for transfer of physical assets required? Yes No 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 21 PROJECT SCHEDULE SECTION 21 COMPLETED OR SCHEDULED DATE 21.01 ACTIVITY MONTH/YEAR INSERT Month and Year. NOT WORDS SUCH AS "DONE" OR "COMPLETED" A. SITE 1. Option/Contract 2. Site Acquisition 3. Zoning Approval 4. Site Analysis 5. Formation of Owner/Taxpayer B. FINANCING 1. Construction Loan Loan Application Conditional Commitment Firm Commitment 2. Permanent loan Loan Application Conditional Commitment Firm Commitment 3. Other Loans & Grants Type and Source Application Award 4. Other Loans & Grants Type and Source Application Award 5. Other Loans & Grants Type and Source Application Award C. PLANS AND SPECIFICATIONS D. CLOSING AND TRANSFER E. CONSTRUCTION START F. COMPLETION OF CONSTRUCTION G. CREDIT PLACED IN SERVICE DATE H. LEASE-UP COMPLETED 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 22 NOTIFICATION OF LOCAL OFFICIAL SECTION 22 Provide the name of the local political jurisdiction (city) in which the Project will be located, and include the name and address of the chief executive officer of the political jurisdiction. Section 42(m)(1)(A)(ii) of the Code requires the Authority to notify the local political jurisdiction that an Application has been filed. 22.01 Name of Political Jurisdiction 22.02 Name of Chief Executive Officer 22.03 Title 22.04 Address City Zip Telephone # LOW-INCOME OCCUPANCY SECTION 23 Note: Each recipient of an allocation of Tax Credits will be required to record a Regulatory Agreement as required by the Code, governing the use of the Project for Low-Income housing for at least 30 years. However, the Code provides that, in certain circumstances, such extended use period may be terminated. This Regulatory Agreement is for low-income units as listed under Section 15, Unit Distribution and Rents. User must answer either YES or NO for each of the following sections. A YES must be selected for either 23.01 OR 23.02. 23.01 The Project will be subject to the standard Regulatory Agreement which permits Yes No early termination (after the mandatory 15-year compliance period) of the extended use period. 23.02 The Project will be subject to a Regulatory Agreement in which the Ownership Entity’s Yes No rights to an early termination of the extended use period is waived for the required 15-year compliance period and the extended 15-year compliance period. 23.03 The Project will be subject to a Regulatory Agreement in which the Ownership Entity’s Yes No right to an early termination of the extended use provision is waived for the length of time required to comply with rules governing the HOME Program. 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Page 23 IFA EXHIBIT 7T 15-YEAR CASH FLOW PROFORMA - LOAN SCHEDULE First Mortgage Loan Amount Interest Rate Amortization Period Beginning Annual Debt Interest Principal Ending Year Balance Service Pymt Payment Payment Balance 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Exhibit 7T -Loan Schedules 24 of 36 IFA EXHIBIT 7T 15-YEAR CASH FLOW PROFORMA - LOAN SCHEDULE HOME Loan IDED Loan Amount Interest Rate Amortization Period Beginning Annual Debt Ending Year Balance Service Pymt Interest Payment Principal Payment Balance 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Exhibit 7T -Loan Schedules 25 of 36 IFA EXHIBIT 7T 15-YEAR CASH FLOW PROFORMA - LOAN SCHEDULE HOME Loan CITY Loan Amount Interest Rate Amortization Period Beginning Annual Debt Ending Year Balance Service Pymt Interest Payment Principal Payment Balance 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Exhibit 7T -Loan Schedules 26 of 36 IFA EXHIBIT 7T 15-YEAR CASH FLOW PROFORMA - LOAN SCHEDULE Subordinate Financing Loan Amount Interest Rate Amortization Period Beginning Annual Debt Ending Year Balance Service Pymt Interest Payment Principal Payment Balance 1 2 3 4 5 6 7 8 9 10 11 12 13 14 # 15 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Exhibit 7T -Loan Schedules 27 of 36 IFA EXHIBIT 7T 15-YEAR CASH FLOW PROFORMA - LOAN SCHEDULE Subordinate Financing Loan Amount Interest Rate Amortization Period Beginning Annual Debt Ending Year Balance Service Pymt Interest Payment Principal Payment Balance 1 2 3 4 5 6 7 8 9 10 11 12 13 14 # 15 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Exhibit 7T -Loan Schedules 28 of 36 IFA EXHIBIT 7T 15-YEAR CASH FLOW PROFORMA - LOAN SCHEDULE Subordinate Financing Loan Amount Interest Rate Amortization Period Beginning Annual Debt Ending Year Balance Service Pymt Interest Payment Principal Payment Balance 1 2 3 4 5 6 7 8 9 10 11 12 13 14 # 15 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Exhibit 7T -Loan Schedules 29 of 36 IFA EXHIBIT 7T 15-YEAR CASH FLOW PROFORMA - LOAN SCHEDULE Subordinate Financing Loan Amount Interest Rate Amortization Period Beginning Annual Debt Ending Year Balance Service Pymt Interest Payment Principal Payment Balance 1 2 3 4 5 6 7 8 9 10 11 12 13 14 # 15 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Exhibit 7T -Loan Schedules 30 of 36 IFA EXHIBIT 7T 15-Year Projected Property Tax Payment schedule Enter the PROJECTED amount of the real estate tax payment you anticipate will be assessed against the property. Amount of Escalating Amount of Escalating Year Tax Amount Change Factor Year Tax Amount Change Factor 1 2 9 3 10 4 11 5 12 6 13 7 14 8 15 Property taxes can not decline over the 15 year period. Please provide an explanation for any unusual or significant change in the calculated escalating factor. Include any discussion you have had with your assessor regarding your calculation method. Explanation: 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Exhibit 7T -RE Tax & Adjust Sch 31 of 36 IFA EXHIBIT 7T 15-Year Projected Adjustments Enter an amount for each year, if applicable, if not, enter zero, or leave blank. Amount of Amount of % of Amount of Amount of % of Year Adjustment Change Change Year Adjustment Change Change 1 2 9 3 10 4 11 5 12 6 13 7 14 8 15 Please provide an explanation as the nature (i.e. property tax abatement) of the adjustments being made for each year and the rationale used determine each year's amount. Explanation: 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Exhibit 7T -RE Tax & Adjust Sch 32 of 36 IFA EXHIBIT 7T Deferred Developer Fees Enter an amount for each year, if applicable, if not, enter zero, or leave blank. Amount of Amount of Amount of Year Adjustment Year Adjustment Year Adjustment 1 6 11 2 7 12 3 8 13 4 9 14 5 10 15 Total Deferred Developer Fees Investor Services Fees Enter an amount for each year, if applicable, if not, enter zero, or leave blank. Amount of Amount of Amount of Year Adjustment Year Adjustment Year Adjustment 1 6 11 2 7 12 3 8 13 4 9 14 5 10 15 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls Exhibit 7T -RE Tax & Adjust Sch 33 of 36 IFA EXHIBIT 7T Escalating Factors: Vacancy: Vacancy: 15-YEAR CASH FLOW PROFORMA Income: Expenses: (9% Credits) (4% Credits) Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Income: (Explain, if necessary) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Gross Rental Income Laundry Income Other Income (Specify) Other Income (Specify) Less Vacancy Net Rental Income Operating Expenses: (Explain, if necessary) Accounting and Auditing Advertising Office Expenses/On-site Mgr Salaries Property Mgmt fee (Using Income Escalator) Electric and Gas Water and Sewer Waste Removal Maintenance payroll Repairs and Maintenance Decorating Elevator Maintenance Grounds Maintenance Snow Removal Insurance Other (Specify) Other (Specify) Sub-Total Operating Expenses Real Estate Taxes Projected Adjustments (i.e. tax abatement) Supportive Services ($150/low-income unit min.) Total Operating Expenses Net Operating Income Operating Expense Ratio Reserve replacement funds Mortgage Ins. Prem. (MIP) Adjusted N.O.I. Annual Debt Service Payment Mortgagor 1st Mortgage HOME HOME Other Subordinate Loans Other Subordinate Loans Other Subordinate Loans Other Subordinate Loans Total Debt Service Payments Net cash flow Debt Service Ratio: 1st Mortgage Debt Service Ratio: All Debt Other Considerations Investor Service Fees Deferred Developer Fee Net Cash Flow After Other Considerations Exhibit 7T -Proforma 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls 34 of 36 IFA EXHIBIT 7T Escalating Factors: Vacancy: Vacancy: 15-YEAR CASH FLOW PROFORMA Income: Expenses: (9% Credits) (4% Credits) IFA EXHIBIT 7T UNDERWRITING STANDARDS: AUTOMATED CHECKS AGAINST QAP REQUIREMENTS Income Escalator (QAP Section 4.1.1) Expense Escalator (QAP Section 4.1.1) Minimum Spread (QAP Section 4.1.1) Vacancy Rate -9% credits (QAP Section 4.1.2) Vacancy Rate -4% credits (QAP Section 10.1.2) Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Underwriting Standards: Debt Service Ratio Error Explanation (QAP Section 4.1.3) Underwriting Standards: Net Cash Flow Error Explanation (QAP Section 4.1.4) Operating Expenses Housing for Older Persons (QAP Section 4.2.1) Operating Expenses: Housing for Families (QAP Section 4.2.2) Exhibit 7T -Proforma 9b64b3e8-f733-47dd-892c-64bfe4e0eda0.xls 35 of 36 Changes-Updates FAQ In order to "see" row and column headings, page breaks and gridlines, you must go into /tools /options and put an x next to that option. ######## If you see ######## in a space where there should be a total, or a number, this is merely a limitation of your screen. If you look in "Print Preview" you will see the number or total there, or when you actually print that page. To see it on your screen, you will have to increase your screen size (View/Zoom.) The screens have been sized to allow you to see the whole width of each page, and changing the view size will not allow this. In order for most of the financial calculations (formulas) to work, the name of the project (Section 2.05) and the total number of units (Section 2.13) must be entered. UPDATES -FINAL VERSION Section/ Version Exhibit Date Comment V7.1 16 -line B 7/18/2007 Changed reference from “item 14.02 (C) and (E)" to “item 14.02 (D) and (F)" V7.2 12.27 7/31/2007 Applicable Fractions changed to 3.52 for 4% credits, and 8.21 for 9% credits V7.2 2.20 7/31/2007 OP (Older Persons) added as a special needs type to mirror the QAP See QAP Section 5.2 - Ownership Entity must be formed at time of Threshold v7.2 2.01 7/31/2007 Application for all applicants -Footnote removed. See QAP Section 5.2 - Ownership Entity must be formed at time of Threshold v7.2 5 7/31/2007 Application for all applicants -Footnote removed. Proforma - Added Separate Vacancy Factor for 4% credits - must mark Section 1.13 v7.2 7T 8/1/2007 with an "X" to indicate a % bond deal. Added an audit check message. Proforma - Unlocked Vacancy Escalating factor -Now data input required, however, v7.2 7T 8/1/2007 must be between 7% & 10%. Added an audit check message. Proforma - Deferred Developer Fees moved back to Annual Debt Service Schedule v7.2 7T 8/1/2007 to be included in Debt Service Ratio-All Debt calculation. v7.2 All 8/1/2007 File name (and version of app) added to footer of all pages. Utility Chart -reformatted so all cells to round up to nearest whole number. The total v7.2 17.03 8/2/2007 given should match the utility allowance for the bedroom type in Section 19. v7.2 2.02 8/7/2007 Managing Partner changed to Managing Member Language changed indicate completion of new Exhibits 1NP -4NP rather than a v7.3 6 8/15/2007 section of the application. Removed Section 11.02 – Rent-Up Reserves. Renumber 11.02 and 11.03 to 11.01 v7.3 11 8/15/2007 and 11.02 v7.3 12 8/15/2007 Tax Credit Rates adjusted to: 3.60 and 8.38 v7.3 20 8/15/2007 2nd Section 20.02 renumbered to 20.03 Proforma corrected -formula missing in cell for year one net cash flow amount (cell v7.4 7T 8/31/2007 E55)
"Regarding Early Termination of a Cell Phone Contract - Excel"