How to Pay Back the $7500 Housing Tax Credit

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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.


         cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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

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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



       cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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:



         cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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


         cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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:




       cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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




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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.




  cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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).

            cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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).

            cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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.




      cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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




    cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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)




   cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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




   cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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                                                             $




         cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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:




        cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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)



         cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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).




  cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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




         cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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)
        cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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




        cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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



        cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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.




        cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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




cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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




cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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




cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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




cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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




cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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




cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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




cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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:




  cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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:




cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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




cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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                                                                                                 cc8fdf78-0383-40e6-8692-f2da0d3c00ae.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                                                                                      cc8fdf78-0383-40e6-8692-f2da0d3c00ae.xls                                                                   35 of 36
                                                         Changes-Updates


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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)

				
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Description: How to Pay Back the $7500 Housing Tax Credit document sample