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Indiana Housing and Community Development Authority
2009-2010 Section 1602 Tax Credit Exchange Application
Date:
Development Name:
Development City:
Development County:
Building Identification Number (BIN):
Indiana Housing and Community Development Authority
Section 1602 Tax Credit Exchange Application
APPLICATION PACKAGE SUBMISSION GUIDELINES
All documents eligible for submission in electronic PDF format must be on a CD-ROM or flash drive.
To ensure your application package is reviewed properly, please ensure the following information is submitted with organization, in the following
order:
1. Table of Contents listing all items of application package. Each numerical item should be in a separate PDF document. (Electronic PDF
Format).
2. Section 1602 Exchange Application form completed and signed with an authorized signature (Must submit original with Electronic PDF
Format)
3. Payment for $1,000 application fee (Owner/Applicant Corporate Check or Cashier's Check Only)
4. Exhibit A - Return of Credits Agreement , Signed and Completed. (Must submit original with Electronic PDF Format)
5. Owner's statement summarizing the reasons for the development's readiness (Electronic PDF Format)
6. Owner's detailed report of project's current status. All current plans and specs, construction contract, state and local permits, and zoning
dated within 12 months of the date of application must be included and referenced. (Electronic PDF Format)
7. All current project financing documentation (construction, permanent and/or secondary) that supports the requested amount of
Section 1602 funding (Electronic PDF Format)
8. Statement explaining changes, if any, to the development team. (Electronic PDF Format)
9. Updated Capital Needs Assessment (CNA) (Rehabilitation projects only) - An updated assessment is required if original was done more
than 12 months from date of this application. All CNA's must prepared by an Indiana-licensed architect or engineer. (Electronic PDF Format)
10. Updated Environmental Assessment - An updated assessment is required if original was done more than 12 months from date of this
application. If assessment was conducted within 18 months and was originally submitted to IHCDA, written documentation from the prior
Environmental Professional that no additional environmental conditions have been discovered is acceptable. (Electronic PDF Format)
11. Updated Market Study - Any market study over 12 months old from date of this application. The market study must be done by an
IHCDA Approved Market Study Provider. (Electronic PDF Format)
12. Updated Site Control - An updated documentation is required if original was submitted more than 12 months from date of this
application. A Warranty Deed, Exclusive Options to Purchase, Land Contract, etc. which documents owner ability to maintain s ite control
through the anticipated closing date. (Electronic PDF Format)
13. Any other documents that the Authority may require or need in determining the Tax Credit Exchange amount to the Development and the
Development's conformance with the requirements of Section 42 & IHCDA Tax Credit Exchange Policy (Electronic PDF Format)
Applications should be sent via U.S. mail, express mail, or hand delivery to the IHCDA Multi-Family division at the following address:
IHCDA
Attn: Multi-family Division - 1602 Applications
30 S. Meridian St., Suite 1000
Indianapolis, IN 46204
Owners are strongly encouraged to maintain a copy of all information submitted
as well as any postage or delivery receipts to verify application submission.
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Indiana Housing and Community Development Authority
Section 1602 Tax Credit Exchange Application
ADDITONAL APPLICATION PACKAGE SUBMISSION GUIDELINES - 100% EXCHANGE OF CREDITS ONLY
The Owner requesting 100% credit exchange must also submit, at a minimum, the following documentation with this application to IHCDA.
All documents submitted in an electronic PDF format must be on a CD-ROM.
1. Exhibit A - Return of Credits Agreement , Signed and Completed. (Must submit original with Electronic PDF Format)
2. FSA PREFERENCE: PLEASE INDICATE WITH A "1" AND "2" YOUR 1st and 2nd PREFERRED FINANCIAL SERVICE AGENTS
BELOW:
City Real Estate Advisors, Inc.
Great Lakes Capital Fund
House Investments
IHCDA, in its sole discretion, reserves the right to determine the FSA assignment for any development receiving Section 1602 funding.
3. The following most recent RHTC Application documents, as submitted to IHCDA (PDF Format on CD-ROM only):
Form A (Tab A)
Development Narrative Summary (Tab A)
Unique Features (Tab A; May also be included in Narrative Summary)
Services (Tab T)
Additional underwriting documentation may be required once your application is submitted the FSA.
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A. Development Name and Location
1. Development Name
Street Address
City State Zip
Development was allocated credits under the following Set-Aside(s):
Not-for-Profit Elderly Persons with Disabilities Housing First Large City
Small City Rural Preservation USDA 515 General
B. Credit Allocation and Exchange
1. Year of Allocation: 2. Allocated Credit Amount (per Carry Over Agreement):
2. Check the boxes that describe the allocation for the bulding (check those that apply):
a. Newly constructed and federally subsidized
b. Newly constructed and not federally subsidized
c. Existing building
d. Sec. 42(e) rehabilitation expenditures federally subsidized
e. Sec. 42(e) rehabilitation expenditures not federally subsidized
f. Not federally subsidized by reason of 40-50 rule under sec. 42(i)(2)(E)
g. Allocation subject to nonprofit set-aside under sec. 42(h)(5)
3. Type of Credits Allocated:
a. Midwest Disaster
b. Traditional
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4. Request Amount of Section 1602 Funds:
5. Reason for funding request:
a. No Equity secured c.
Equity secured but at lower pricing than estimated
b. Other Financing Not Secured Other
6. Please provide your specific lending and equity experience(s) since your most recent tax credit
application that justifies this funding option:
7. Use of Section 1602 Exchange Funds:
a. Capital Investment into the development
b. Gap-financing assistance to the development
8. Please explain how the use of funds selected will ensure financial feasibility for the
development:
9. Owner hereby understands that all Section 1602 funds are subject to a 30 year affordability period
and agrees to waive the Section 42 Qualified Contract Provisions.
Yes
No
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`
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C. Owner Information
a. Name of Owner
Contact Person
Street Address
City State Zip
Phone Fax
E-mail Address
Federal I.D. No.
Type of entity: Limited Partnership
Individual(s)
Corporation
Limited Liability Company
Other
b. Have there been any changes in the ownership structure since your most recent RHTC application?
Yes
No
If yes, please explain the change and reason:
footnotes:
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b. List all that have an ownership interest in Owner and the Development. Must include names of all
general partners (including the principals of each general partner if applicable),
managing member, controlling shareholders, etc.
Name Role Phone # % Ownership
General Partner (1)
Principal
Principal
Principal
General Partner (2)
Principal
Principal
Principal
Limited Partner
Principal
Principal
Principal
D. Development Team Information
a. Are there any changes to the Development Team? Yes No
If yes, please provide additional information under Submission Guideline #7
Is the Owner/Developer's permanent address different than what is listed in the Carry Over
Agreement? Yes No
If yes, please provide the permanent address here:
Development Team Information
1. Attorney
Firm Name
Phone Fax
E-mail Address
footnotes:
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2. Developer (contact person)
Firm Name
Street Address
Phone Fax
E-mail address
3. Accountant (contact person)
Firm Name
Phone Fax
E-mail address
4. Consultant (contact person)
Firm Name
Phone Fax
E-mail address
5. Management Entity (contact person)
Firm Name
Street Address
City State Zip Code
Phone Fax
E-mail address
6. General Contractor (contact person)
Firm Name
Phone Fax
E-mail address
7. Architect (contact person)
Firm Name
Phone Fax
E-mail address
footnotes:
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Section 1602 Funds Expenditure Timeline Anticipated Dates Actual Date (if process completed)
1. Site
Option/Contract
Site Acquisition
Zoning
Site Plan Approval
2. Financing
a. Construction Loan
Loan Application
Conditional Commitment
Firm Commitment
Loan Closing
b. Permanent Loan
Loan Application
Conditional Commitment
Firm Commitment
Loan Closing
c. Other Loans and Grants (List Type & Source)
Application Date
Conditional Commitment
Firm Commitment
d. Other Loans and Grants (List Type & Source)
Application Date
Conditional Commitment
Firm Commitment
e. Other Loans and Grants (List Type & Source)
Application Date
Conditional Commitment
Firm Commitment
3. Formation of Owner (must be formed)
4. IRS Approval of Not-for-Profit Status
5. Transfer of Property to Owner
6. Plans and Specifications, Working Drawings
7. Building Permit Issued by Local Government
8. Construction Starts
9. Completion of Construction
10. Lease-Up
11. Credit Placed in Service Date(s)
(month and year must be provided)
12. Estimated # of jobs to be created from project
13. Estimated # of jobs to be retained
14. Date 100% of funds will be expended
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E. Development Information
Development Unit Breakdowns
All units are subject to the applicable area rent limits.
1 2 3 4
List number of units and number of bedrooms for each income category in chart below:
2 3 4
0 Bedroom 1 Bedroom Total % of Total
Bedrooms Bedrooms. Bedrooms.
30 % AMI # Units 0 #DIV/0!
40 % AMI # Units 0 #DIV/0!
50% AMI # Units 0 #DIV/0!
60% AMI # Units 0 #DIV/0!
Market Rate # Units 0 #DIV/0!
Development # Units 0 0 0 0 0 0 #DIV/0!
Total
# Bdrms. 0 0 0 0 0 0
* No market rate units are permitted in scattered site developments per IRS Code Section 42(g)(7)
F. RENTS
1. Rental Assistance
a. Do or will any low-income units receive rental assistance? Yes No
If yes, indicate type of rental assistance and attach a copy of the rental assistance contract,
if applicable:
Section 8 HAP FmHA 515 Rental Assistance
Other___________________________
b. Number of units (by number of bedrooms) receiving assistance:
(1) Bedroom (2) Bedrooms
(3) Bedrooms (4) Bedrooms
c. Years of rental assistance contract:
Expiration date of contract:
footnotes:
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Building by Building Information
Project Address:
Building Number of Building Building Building's Tax Credit Expected Eligible Basis
Number of Applicable Amount as Placed in Percentage
Building Address Identificaton Residential Residential LIHTC Sq. Eligible Basis Qualified
LIHTC Units Fraction listed in Carry Service Date (include boost if
Number Units Sq. Footage Footage Basis eligible)
Over (mm/dd/yy)
0 0 0 0 $ - 0 0
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2. Utilities and Rents
a. Monthly Utility Allowance Calculations - Entire Section Must Be Completed
Enter Allowance Paid by Tenant ONLY
Type of
Utility
Utilities (Gas, Utilities Paid by: 0 Bdrm 1 Bdrm 2 Bdrm 3 Bdrm 4 Bdrm
Electric,
Oil, etc.)
Heating Owner Tenant
Air Conditioning Owner Tenant
Cooking Owner Tenant
Lighting Owner Tenant
Hot Water Owner Tenant
Water Owner Tenant
Sewer Owner Tenant
Trash Owner Tenant
Total Utility Allowance for Costs Paid by
Tenant $ - $ - $ - $ - $ -
b. Source of Utility Allowance Calculation
HUD FmHA 515
PHA Utility Company (Provide letter from utility company)
NOTE: IRS regulations provide further guidance on how utility allowances must be determined.
c. List below the applicable rental housing tax credit monthly rent limits (based on the number of
bedrooms) less the applicable utility allowance calculated in subpart 2.a. above:
0 BR 1 BR 2 BR 3 BR 4 BR
Maximum Allowable Rent for Tenants at 30% AMI
Minus Utility Allowance Paid by Tenant
Equals Maximum Allowable rent for your Development $ - $ - $ - $ - $ -
Maximum Allowable Rent for Tenants at 40% AMI
Minus Utility Allowance Paid by Tenant
Equals Maximum Allowable rent for your Development $ - $ - $ - $ - $ -
Maximum Allowable Rent for Tenants at 50% AMI
Minus Utility Allowance Paid by Tenant
Equals Maximum Allowable rent for your Development $ - $ - $ - $ - $ -
Maximum Allowable Rent for Tenants at 60% AMI
Minus Utility Allowance Paid by Tenant
Equals Maximum Allowable rent for your Development $ - $ - $ - $ - $ -
footnotes:
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d. List below the maximum rent limits minus tenant-paid utilities for all HOME-Assisted,
and/or HOME-Eligible, Non-assisted units in the development.
0 BR (SRO
0 BR (SRO
w/o
with
kitchen 1 BR 2 BR 3 BR 4 BR
kitchen
and/or
and bath)
bath)
Maximum Allowable Rent for beneficiaries at
30% or less of area median income
MINUS Utility Allowance Paid by Tenants
Maximum Allowable Rent for Your Development $ - $ - $ - $ - $ - $ -
Maximum Allowable Rent for beneficiaries at
40% or less of area median income
MINUS Utility Allowance Paid by Tenants
Maximum Allowable Rent for Your Development $ - $ - $ - $ - $ - $ -
Maximum Allowable Rent for beneficiaries at
50% or less of area median income
MINUS Utility Allowance Paid by Tenants
Maximum Allowable Rent for Your Development $ - $ - $ - $ - $ - $ -
Maximum Allowable Rent for beneficiaries at
60% or less of area median income
MINUS Utility Allowance Paid by Tenants
Maximum Allowable Rent for Your Development $ - $ - $ - $ - $ - $ -
e. Estimated Rents and Rental Income
1. Total Number of Low-Income Units (30% Rent Maximum)
Monthly Total
Number of Number of Net Sq. Ft. Rent per Monthly Rent
HOME RHTC Unit Type Baths Units of Unit Unit Unit Type
Yes/No Yes/No # of bedrooms
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Other Income Source
Other Income Source
Other Income Source
Total Monthly Income $ -
Annual Income $ -
footnotes:
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f. Total number of Low-Income Units (40% Rent Maximum)
Monthly Total
Number of Number of Net Sq. Ft. Rent per Monthly Rent
HOME RHTC Unit Type Baths Units of Unit Unit Unit Type
Yes/No Yes/No # of bedrooms
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Other Income Source
Other Income Source
Other Income Source
Total Monthly Income $ -
Annual Income $ -
g. Total number of Low-Income Units (50% Rent Maximum)
Monthly Total
Number of Number of Net Sq. Ft. Rent per Monthly Rent
RHTC Unit Type Baths Units of Unit Unit Unit Type
Yes/No Yes/No # of bedrooms
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Other Income Source
Other Income Source
Other Income Source
Total Monthly Income $ -
Annual Income $ -
footnotes:
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h. Total number of Low-Income Units (60% Rent Maximum)
Monthly Total
Number of Number of Net Sq. Ft. Rent per Monthly Rent
HOME RHTC Unit Type Baths Units of Unit Unit Unit Type
Yes/No Yes/No # of bedrooms
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Other Income Source
Other Income Source
Other Income Source
Total Monthly Income $ -
Annual Income $ -
i. Total Number of Market Rate Units
Monthly Total
Number of Number of Net Sq. Ft. Rent per Monthly Rent
HOME RHTC Unit Type Baths Units of Unit Unit Unit Type
Yes/No Yes/No # of bedrooms
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Bedrooms $ -
Other Income Source
Other Income Source
Other Income Source
Total Monthly Income $ -
Annual Income $ -
footnotes :
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j. Summary of Estimated Rents and Rental Income
Annual Income (30% Rent Maximum) $ -
Annual Income (40% Rent Maximum) $ -
Annual Income (50% Rent Maximum) $ -
Annual Income (60% Rent Maximum) $ -
Annual Income (Market Rate Units) $ -
Potential Gross Income $ -
Less Vacancy Allowance $ -
Effective Gross Income $ -
What is the estimated average annual % increase in income over the next 15 years?
G. Annual Expense Information
(Check one) Housing OR Commercial
Administrative Operating
1. Advertising 1. Elevator
2. Management 2. Fuel (heating & hot water)
3. Legal/Partnership 3. Electricity
4. Accounting/Audit 4. Water/Sewer
5. Compliance Mont. 5. Gas
Total Administrative $ - 6. Trash Removal
Maintenance 7. Payroll/Payroll Taxes
1. Decorating 8. Insurance
2. Repairs 9. Real Estate Taxes*
3. Exterminating 10. Other Tax
4. Ground Expense 11. Annual Replacement
Reserve
5. Other
12. FSA Asset Management Fees
Total Maintenance $ -
Total Operating $ -
Total Annual Administrative Expenses: $ - Per Unit #DIV/0!
Total Annual Maintenance Expenses: $ - Per Unit #DIV/0!
Total Annual Operating Expenses: $ - Per Unit #DIV/0!
TOTAL OPERATING EXPENSES (Admin + Operating + Maintenance): $ - Per Unit #DIV/0!
What is the estimated average annual percentage increase in expenses for the next 15 years?
What is the annual percentage increase for replacement reserves for the next 15 years?
* List full tax liability for the property - do not reflect tax abatement.
footnotes:
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H. Projections for Financial Feasibility
Check one: Housing
Commercial - If there is commercial space, submit three separate proformas:
Housing, Commercial and Housing/Commercial Combined
Housing & Commercial
15 Year Projections of Cash Flow Year 1 Year 2 Year 3 Year 4 Year 5
1. Potential Gross Income $ - $ - $ - $ - $ -
2. Less Vacancy Loss $ - $ - $ - $ - $ -
3. Effective Gross Income (1-2) $ - $ - $ - $ - $ -
4. Less Operating Expenses $ - $ - $ - $ - $ -
5. Less Replacement Reserves $ - $ - $ - $ - $ -
6. Plus Tax Abatement
(increase by expense rate if applicable)
7. Net Income (3-4-5+6) $ - $ - $ - $ - $ -
8.a. Less Debt Service #1
8.b. Less Debt Service #2
9. Cash Flow (7-8) $ - $ - $ - $ - $ -
10. Debt Coverage Ratio (7/(8a +8b)) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
11. Deferred Developer Fee Payment
12. Cash Flow after Def. Dev. Fee Pmt. $ - $ - $ - $ - $ -
13. Debt Coverage Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Year 6 Year 7 Year 8 Year 9 Year 10
1. Potential Gross Income $ - $ - $ - $ - $ -
2. Less Vacancy Loss $ - $ - $ - $ - $ -
3. Effective Gross Income (1-2) $ - $ - $ - $ - $ -
4. Less Operating Expenses $ - $ - $ - $ - $ -
5. Less Replacement Reserves $ - $ - $ - $ - $ -
6. Plus Tax Abatement
(increase by expense rate if applicable)
7. Net Income (3-4-5+6) $ - $ - $ - $ - $ -
8.a. Less Debt Service #1
8.b. Less Debt Service #2
9. Cash Flow (7-8) $ - $ - $ - $ - $ -
10. Debt Coverage Ratio (7/(8a+8b)) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
11. Deferred Developer Fee Payment
12. Cash Flow after Def. Dev. Fee Pmt. $ - $ - $ - $ - $ -
13. Debt Coverage Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Year 11 Year 12 Year 13 Year 14 Year 15
1. Potential Gross Income $ - $ - $ - $ - $ -
2. Less Vacancy Loss $ - $ - $ - $ - $ -
3. Effective Gross Income (1-2) $ - $ - $ - $ - $ -
4. Less Operating Expenses $ - $ - $ - $ - $ -
5. Less Replacement Reserves $ - $ - $ - $ - $ -
6. Plus Tax Abatement
(increase by expense rate if applicable)
7. Net Income (3-4-5+6) $ - $ - $ - $ - $ -
8.a. Less Debt Service #1
8.b. Less Debt Service #2
9. Cash Flow (7-8) $ - $ - $ - $ - $ -
10. Debt Coverage Ratio (7/(8a+8b)) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
11. Deferred Developer Fee Payment
12. Cash Flow after Def. Dev. Fee Pmt. $ - $ - $ - $ - $ -
13. Debt Coverage Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
The above Projections utilize the estimated annual percentage increases in income.
footnote:___________________________________________________________________________________________________
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Commercial and Office Space: IHCDA Rental Housing financing resources cannot be used to finance commercial space within a development. Income generated and
expenses incurred from this space, though, must be factored into IHCDA's underwriting for the development as a whole when reviewing the application. If the
development involves the development of commercial space the applicant will need to provide separate annual operating expense information and a separate 15-
year proforma fro the commercial space. Be sure to label which forms are for the housing and which ones are for the commercial space. Also separate out all
development costs associated with the commercial space on line M of the Development Costs chart.
I. Sources of Funds/Developments (Include all IHCDA funds requests)
1. Construction Financing. List individually the sources of construction financing including any such loans financed
through grant sources. Any additional documentation should be included in Submission Guideline #7.
Date of Date of Amount of Name and Telephone Numbers of Contact
Source of Funds Application Commitment Funds Person
1
2
3
4
Total Amount of Funds $ -
2. Permanent Financing. List individually the sources of permanent financing including any such loans
financed through grant sources. Any additional documentation should be included in Submission Guideline #7.
Term
Date of Date of Amount of Annual Debt Amort-ization of
Source of Funds Application Commitment Funds Service Cost Interest Rate Period Loan
1
2
3
4
Total Amount of Funds $ -
Deferred Developer Fee
3. Grants. List all grants provided for the development. Any additional documentation should be included in Submission Guideline
#7.
Date of Date of Amount of Name and Telephone Numbers of Contact
Source of Funds Application Commitment Funds Person
1
2
3
4
Total Amount of Funds $ -
footnotes:
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If the loan and any outstanding interest is not expected to be paid until the end of the Initial Compliance Period,
there must be reasonable expectation that the fair market value of the Development will be sufficient at
that time to pay the accrued interest and debt and that the net income of the Development will be sufficient
to sustain debt service.
4. Historic Tax Credits
Have you applied for a Historic Tax Credit? Yes No
If Yes, Please list amount
If Yes, indicate date Part I of application was duly filed:
5. Other Sources of Funds (excluding any syndication proceeds)
a. Source of Funds Amount
b. Timing of Funds
c. Actual or Anticipated Name of Other Source
d. Contact Person Phone
6. Sources and Uses Reconciliation
Limited Partner Equity Investment*
General Partner Investment
Total Equity Investment $ -
Total Permanent Financing
Deferred Developer Fee
Section 1602 Funds
Other
Total Source of Funds $ -
Total Uses of Funds $ -
NOTE: SOURCES AND USES MUST EQUAL
*Load Fees included in Equity Investment Yes No
Load Fees
footnotes:
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7. Intermediary/Syndicator Information
a. Actual or Anticipated Name of Intermediary
(e.g., Syndicator, act.)
Contact Person
Phone
Street Address
City State Zip
b. Investors: Individuals and/or Corporate, or undetermined at this time
c. As a percentage of the total credits to be received throughout the compliance period (assuming no
recapture, should be the annual amount of credit times 10), how much are investors (excluding
Owner's own equity) willing to invest toward development costs, excluding all syndication fees or
charges?
% based on estimates % based on commitment(s); if so please attach copies
d. Has the intermediary (identified above) provided you with any documentation regarding the amount
of syndication or other intermediary costs, fees, "loads" or other charges it will impose in
with its services?
Yes No If yes, please attach copies
e. How much, if any, is the Owner willing or committed to invest toward Development Costs?
Evidence of investment must be provided to IHCDA.
footnotes:
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M. Cost/Basis/Maximum Allowable Credit
1. Development Costs - List and Include Eligible Basis by Credit Type
Eligible Basis by Credit Type
30% PV 70% PV
ITEMIZED COST Project Costs [4% Credit] [9% Credit]
a. To Purchase Land and Buildings
1. Land
2. Demolition
3. Existing Structures
4. Other (specify)
b. For Site Work
1. Site Work (not included in Construction Contract)
Other(s) (Specify)
c. For Rehab and New Construction
(Construction Contract Costs)
1. Site Work
2. New Building
3. Rehabilitation
4. Accessory Building
5. General Requirements*
6. Contractor Overhead*
7. Contractor Profit*
d. For Architectural and Engineering Fees
1. Architect Fee - Design
2. Architect Fee - Supervision
3. Consultant or Processing Agent
4. Engineering Fees
5. Other Fees (specify)
e. Other Owner Costs
1. Building Permits
2. Tap Fees
3. Soil Borings
4. Real Estate Attorney
5. Construction Loan Legal
6. Title and Recording
7. Other (specify)
SUBTOTAL -THIS PAGE -
SPREADSHEET WILL CALCULATE 0 0 0
* Designates the amounts for those items that are limited, pursuant to the Allocation Plan
footnotes:
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ITEMIZED COSTS Eligible Basis by Credit Type
Project Costs 30% PV [4% Credit] 70% PV [9% Credit]
Subtotal from previous page 0 0 0
f. For Interim Costs
1. Construction Insurance
2. Construction Interest & Other Capitalized
Operating Expenses
3. Construction Loan Orig. Fee
4. Construction Loan Credit Enhancement
5. Taxes/Fixed Price Contract Guarantee
g. For Permanent Financing Fees & Expenses
1. Bond Premium
2. Credit Report
3. Permanent Loan Orig. Fee
4. Permanent Loan Credit Enhancement
5. Cost of Iss/Underwriters Discount
6. Title and Recording
7. Counsel's Fee
8. Other (Specify)
h. For Soft Costs
1. Property Appraisal
2. Market Study
3. Environmental Report
4. IHFA Fees
5. Consultant Fees
6. Other (specify)
I. For FSA/Syndicator Costs
1. Organizational (e.g. Partnership)
2. Bridge Loan Fees and Exp
3. Tax Opinion
4. Other (specify)
j. Developer's Fee*
% Not-for Profit
% For-Profit
k. For Development Reserves
1. Rent-up Reserve
2. Operating Reserve
l. Total Project Costs(spreadsheet will calculate) - - 0
* Designates the amounts for those items that are limited, pursuant to the Allocation Plan.
footnotes:
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Eligible Basis by Credit Type
30% PV 70% PV
ITEMIZED COST Project Costs [4% Credit] [9% Credit]
Subtotal from Previous Page 0 0 0
m. Total Commercial Costs*
n. Total Dev. Costs less Comm. Costs (l-m)
0
o. Reductions in Eligible Basis
Subtract the following:
1. Amount of Grant(s) used to finance Qualifying
development costs
2. Amount of nonqualified recourse financing
3. Costs of nonqualifying units of higher quality (or
excess portion thereof)
4. Historic Tax Credits (residential portion)
5. Subtotal (o.1 through 4 above) 0 0
p. Eligible Basis (ll minus o.5)
0 0
q. High Cost Area
Adjust to Eligible Basis
(ONLY APPLICABLE IF development is in a Census Tract
or difficult development area)
Adjustment Amount X 30%
r. Adjusted Eligible Basis (p plus q)
0 0
s. Applicable Fraction
(% of development which is low income)
Based on Unit Mix or Sq Ft. (Type U or SF)
t. Total Qualified Basis (r multiplied by s)
0 0
u. Applicable Percentage
(weighted average of the applicable percentage for each
building and credit type)
v. Maximum Allowable Credit under IRS sec 42 (t
multiplied by u)
0 0
w. Combined 30% and 70% PV Credit
0
* Commercial costs are defined as those costs that are not eligible basis and are attributed to non-residential areas of the Development
(e.g. retail area of mixed-use development).
Note: The actual amount of credit for the Development is determined by IHCDA If the Development is eligible for Historic Tax Credit,
include a complete breakdown of the determination of eligible basis for the Historic Credit with the Application. If the Development's
basis has been adjusted because it is in a high cost or qualified census tract, the actual deduction for the Historic Cost items must be
adjusted by multiplying the amount by 130%. This does not apply to Historic Tax Credits.
footnotes:
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2. Determination of Exchange Amount Needed
The following calculation of the amount of credits needed is substantially the same as the calculation which will be made by
IHCDA to determine, as required by the IRS, the maximum amount of credits which may be reserved for the Development.
However, IHCDA at all times retains the right to substitute such information and assumptions as are determined by IHCDA to be
reasonable for the information and assumptions provided herein as to costs (including development fees, profits, etc.) sources
of funding, expected equity, ect. Accordingly, if the development is selected by IHCDA for Section 1602 funding, the amount of
such funding may differ significantly from the amount that is computed below.
a. TOTAL DEVELOPMENT COSTS $0
b. LESS SYNDICATION COSTS $0
c. TOTAL DEVELOPMENT COSTS (a - b) $0
d. LESS: TOTAL SOURCES OF FUNDING EXCLUDING
SYNDICATION PROCEEDS $0
e. EQUITY GAP (c - d) $0
f. EQUITY PRICING PERCENTAGE
(Percentage of 10-year credit expected to be personally
invested by you or raised as equity excluding syndication or
similar costs to 3rd parties) $
g. 10-YEAR CREDIT AMOUNT NEEDED TO FUND THE EQUITY
GAP (e/f) $ #DIV/0!
h. ANNUAL TAX CREDIT REQUIRED TO FUND EQUITY GAP
(g/10) $ #DIV/0!
i. MAXIMUM ALLOWABLE CREDIT AMOUNT $0
j. CARRYOVER AMOUNT $
k. RESERVATION AMOUNT
(Lesser of h or j) $ #DIV/0!
l. TOTAL EQUITY INVESTMENT (anticipated for intial app) $0
m. DEFERRED DEVELOPER FEE $0
n. FINANCIAL GAP $0
1. CREDIT PER UNIT
(j/Number of Units) $ #DIV/0!
2. MAX CREDIT/UNIT (QAP) $
3. CREDIT PER BEDROOM
(j/Number of Bedrooms) $ #DIV/0!
4. COST PER UNIT
a - (Cost of Land + Commercial Costs + Historic Credits)
Total Number of Units $ #DIV/0!
footnotes:
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The undersigned hereby acknowledges that :
1. This Application form, provided by IHCDA to applicants for funding, including the sections herein relative to basis, credit
calculations and determinations of the amount of the credit necessary to make the development financially feasible, is
provided only for the convenience of IHCDA in reviewing the funding requests; completion hereof in no way guarantees
funding or ensures that the amount of funding applied for has been computed in accordance with IRC requirements; any
notations herein describing IRC requirements are offered only as general guides and not as legal advice;
2. The undersigned is responsible for ensuring that the proposed development will be comprised of qualified low-income
buildings; that it will in all respects satisfy all applicable requirements of federal tax laws and any other requirements
imposed upon it by the IHCDA; and that the IHCDA has no responsibility for ensuring that all or any funding allocated to
the development may not be useable or may later be recaptured;
3. For purposes of reviewing this Application, IHCDA is entitled to rely upon the representations of the undersigned as to the
inclusion of costs in eligible basis and as to all of the figures and calculations relating to the determinations of qualified
basis for the development as a whole and for each building therein individually as well as the amounts and types of credit
applicable thereto, and that the issuance of a reservation based on such representations in no way imposes any
responsibility on the IHCDA for the accuracy of these representations or their compliance with IRC requirements;
4. The IHCDA offers no advice, opinion or guarantee that the Applicant or the proposed development will ultimately qualify
for or receive Section 1602 funds, low-income housing tax credits, Multi-family tax exempt Bonds, HOME funds or section
501( c)3 Bonds;
5. Allocations of funding are not transferable without prior written notice and consent of the IHCDA;
6. The requirements for applying for funding and the terms of any reservation or allocation thereof are subject to change at
any time by federal or state law, federal, state or IHCDA regulations, or other binding authority;
7. Applicant is submitting this Application on behalf of Owner; Owner is required to have already formed or is
in the process of forming a to-be-formed entity;
8. Applicant represents and warrants to IHCDA that it has all necessary authority to act for, obligate and execute
this Application on behalf of itself and Owner, and to engage in all acts necessary to consummate this
Application. Applicant further represents and warrants to IHCDA that the signatories hereto have been duly
authorized and that this Application shall be the valid and binding act of the Applicant, enforceable according to
its terms;
9. In the event the Applicant is not the Owner, Applicant represents and warrants to IHCDA that it will take, and
not fail to take, any and all necessary actions to cause the Owner to ratify and confirm all representations in and
comply with the terms and conditions of this Application;
10. Applicant represents and warrants to IHCDA that it will take any and all action necessary and not fail to cause the
Developer to ratify and confirm all representations in and comply with the terms and conditions of this Application.
Further, the undersigned hereby certifies that:
a) All factual information provided herein or in connection herewith is true, correct and complete, and all estimates are
reasonable;
b) It shall promptly notify the IHCDA of any corrections or changes to the information submitted to the IHCDA in
connection with this Application upon becoming aware of same;
c) It is responsible for all calculations and figures used for the determination of the eligible basis and qualified basis for
any and all buildings and other improvements, and it understands and agrees that the amount of funding to be reserved
and allocated has been calculated pursuant to and in reliance upon the representations made herein; and
bd8564e7-9981-4a6f-9f78-6c4aa304805f.xls Page 24
d) It will at all times indemnify, defend and hold harmless IHCDA against claims, losses, costs, damages, expenses and
liabilities of any nature (including, without limitation, attorney fees to enforce the indemnity rights hereunder)
directly or indirectly resulting from, arising out of, or relating to IHCDA's acceptance, consideration, approval or
disapproval of this Application and the issuance or non-issuance of an allocation of funding in connection herewith.
e) It shall furnish the IHCDA with copies of any and all cost certifications made to any other governmental agency,
including, but not limited to, cost certifications made to FmHA or FHA, at the time that such certifications are
furnished to such other agency.
11. Applicant hereby authorizes IHCDA and its successors, affiliates, agents and assigns to utilize in any manner and at
anytime, any photograph, picture, or misrepresents in any other medium (collectively "photographs") of the property
covered by this Application, without limitation, in any and all matters, publications, or endeavors, commercial or
noncommercial, undertaken directly or indirectly by IHCDA at any time on or after the date of this Application without any
limitation whatsoever. Applicant understands that: (1) it is relinquishing any and all ownership rights in any such
photographs; and (ii) it is relinquishing any and all legal rights that it may now or hereafter have to, directly or indirectly,
challenge, question or otherwise terminate the use of the photographs by IHCDA.
12. DISSEMINATION OF INFORMATION and AGREEMENT TO RELEASE AND INDEMNIFY. The undersigned for and on behalf of
itself, the Development, Owner and all participants in the Development, together with their respective officers, directors,
shareholders, members, partners, agents, representatives, and affiliates (collectively, "Applicant") understands,
acknowledges and agrees that this and any application for Section 1602 funding (including, but not limited to, all
preliminary or final Applications, related amendments and information in support thereof and excepting personal financial
information) are, and shall remain, available for dissemination and publication to the general public.
As additional consideration for IHCDA's review of its request for funding, the Applicant does hereby release IHCDA and its
directors, employees, attorneys, agents and representatives of and from any and all liability, expenses, costs and damage
that applicant may, directly or indirectly, incur because of such dissemination or publication, and the Applicant hereby
agrees to hold IHCDA harmless of and from any and all such liability, expense or damage.
AFFIRMATION OF APPLICANT. Under penalty of perjury, I/we certify that the information, acknowledgements,
and representations in this application and its supporting documents are true and accurate to the best of my/our
knowledge. The undersigned understands that providing false, misleading or incomplete information herein
constitutes an act of fraud and may subject applicant to debarment and other legal recourse.
IN WITNESS WHEREOF, the undersigned, being duly authorized, has caused this document to be executed in
its name on this day of ,
Legal Name of Applicant/Owner
By:
Printed Name:
Its:
bd8564e7-9981-4a6f-9f78-6c4aa304805f.xls Page 25
STATE OF ____________ )
) SS:
COUNTY OF )
Before me, a Notary Public, in and for said County and State, personally appeared,
(the of ), the Applicant in the foregoing Application for Reservation
of (current year) funding, who acknowledged the execution of the foregoing instrument as his (her)
voluntary act and deed, and stated, to the best of his (her) knowledge and belief, that any and all representations
contained therein are true.
Witness my hand and Notarial Seal this day of , .
My Commission Expires:
Notary Public
My County of Residence:
Printed Name/Title
AUTHORIZED SIGNATORIES
Provide Name and Signature for each Authorized Signatory on behalf of the Applicant.
1.
Printed Name & Title Signature
2.
Printed Name & Title Signature
3.
Printed Name & Title Signature
4.
Printed Name & Title Signature
5.
Printed Name & Title Signature
bd8564e7-9981-4a6f-9f78-6c4aa304805f.xls Page 26
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