Colorado Real Estate Closing Form

Document Sample
Colorado Real Estate Closing Form Powered By Docstoc
					   2009 American Recovery and Reinvestment Act (ARRA) Application
                for Tax Credit Assistance Program (TCAP) and Tax Credit Exchange Program (TCEP)
                                                                  Application Instructions
CHFA reserves the right to revise this application or the application process as further directives or guidance is received from the
federal government.


The application for TCAP and TCEP funds is a spreadsheet application. This application is on Microsoft Office Excel 2003. Attempts to complete the application on
earlier versions of Excel may create errors in the application. The majority of the cells in the application are “read only” cells and cannot be changed. All cells that
require input from the applicant can be accessed. Do not change, or attempt to change, any “read only” cells or the application will be rejected. Do not enter
formulas in any cells.

Submit one paper copy of the application, with original signatures and one "electronic" copy either on a disk or via e-mail. The disk should not contain any other files
or information, only the electronic application file.

The worksheets are labeled at the bottom of the screen by individual tabs. The worksheets that need to be completed are: Development Information, Development
Budget, Commercial Budget (if applicable), Development Financing, Unit Mix & Rents, Development Income, Development Expenses, Contractor-Developer Fee
Limits. They should be completed in the order they are listed. The other worksheets will automatically calculate values. A blue line indicates the cell in which
information is required in each worksheet. Red triangles indicate a comment with instructions for completing a particular cell. Missing information will result in incorrect
calculation of TCAP or TCEP funds. Specific information, such as the name of the city or county in which the development is located, must be spelled correctly. “Yes”
and “No” answers to questions asked in the application such as: “Is the Site properly zoned?” must be marked with an “X”, unless specific instructions are given
otherwise.

DEVELOPMENT INFORMATION

Starting at the top of the worksheet is a space for „project number‟ please enter your assigned number. After project number, the type of application that was last
awarded and the date submitted must be indicated. The choices are Preliminary Award or Carryover Award. If you are submitting a full Final Application along with a
TCAP or TCEP request then mark Final Application. Only one of these choices must be indicated. Any information that changes between the submission of the
Preliminary award and Carryover or Final must be reflected on this application and detailed in the project narrative.

Following the type of application, the applicant must indicate the current month's Applicable Percentage Rate (APR) - use the Carryover lock-in amount if applicable -
for the 4% credit. Indicate 9% in the 9% APR box. (A link is provided to obtain the current month's APR).


Lines A. through N. - The information requested here is self-explanatory. Please note that missing or incomplete information will result in an incorrect credit calculation.

Further instructions for Line N.:

Non-competitive applicants must indicate “Tax Exempt Bond Financing” under the column describing the types of programs and financing that apply to the development.


If “Historic Rehabilitation Tax Credits” are indicated a prompt will appear for the applicant to indicate the type of historic credit. Type in “State” for both state and local
historic credits. If the historic credits are federal another prompt will appear for the applicant to indicate the amount of federal historic credit.

Line P. – Total units in cell C110 must equal the total units in the “Unit Mix & Rents” worksheet. A prompt will appear if, after the “Unit Mix & Rents” worksheet has been
completed, those numbers do not match.

DEVELOPMENT BUDGET (for Residential Development Costs Only)

Current budget numbers must be entered under column D of this worksheet and budget numbers from last approved application must be entered in Column G.
Columns A, B, C, E, F and H are “read only”, though selected cells in these columns are not “read only‟ and may be changed by the applicant. These are:

            Cells marked “Other” in Column B under the cost categories

For TCAP applicants, Cell D24 must reflect the Davis-Bacon Wages. The wages must be a separated out from New Construction or Rehab costs.

For non-competitive applicants, a prompt will appear if the development does not meet the 50% aggregate basis test. Ignore this prompt until the “Development
Financing” worksheet is completed.

For Final Applications only: In the Development Budget worksheet is the “Final Certification for Uses of Funds”. This is to be completed by the development owner for
Final Applications only.

COMMERCIAL BUDGET

This applies to both competitive and non-competitive applications. Any development that contains a retail or commercial component must complete this worksheet.

DEVELOPMENT FINANCING

All applications must include an equity factor (cents on the dollar purchase price for the tax credits). For TCEP only applicants, please use the equity factor that was
approved at preliminary or carryover, which ever is applicable. For TCAP applicants, enter the appropriate equity factor. Documents that clearly identify the terms of
the equity commitment, including the equity factor MUST be provided.


Permanent Financing - All preliminary and enforceable financing commitments must be submitted with the application. Include loans, grants, deferred fees and owner
equity. Non-competitive applicants must put the PAB-financed mortgage information in Line 1 under “Permanent Financing”.

Lines 1-6 are for loans only. The source of financing, the amount of the loan, the interest rate, the term of the loan and the amortization period MUST be included. The
worksheet will then automatically calculate annual debt. Incorrect or incomplete information will result in an incorrect tax credit calculation and incorrect pro forma
calculation.

The application that you have downloaded will already have the words “cash flow” entered in the “Amortization” column. Replace these words with the amortization
period in years for loans that will have monthly debt service payments. Leave the words “cash flow” if the loan is to be paid out of development cash after expenses OR
if there are no loans in the corresponding lines.

Lines 7 and 8 are for TCAP and TCEP requests.

                                                                             Application Instructions
Line 9 is for the deferred developer fee. Line 10 is for owner equity from sources other than through the sale of the low-income housing tax credits. Proceeds from the
sale of any other type of tax credit (historic credits), if applicable, should be entered here.

Lines 11-17 are for grants only. If the grants are structured as loans they should be entered in lines 1-6.

After all loans, owner equity and grants are listed, the worksheet will automatically calculate the total amount of funds from sources other than through the sale of tax
credits. This amount will be used in the Gap Calculation on the “Annual Credit Amount" worksheet.

Below the total amount of funds line, the worksheet will calculate the tax credit proceeds. This number will not be correct until the "Unit Mix & Rents" worksheet is
completed by the applicant.

After the “Unit Mix & Rents” is completed by the applicant return to this worksheet to verify that “Total Funds for Development” equals “Total Development Budget”.

For Final Applications only: In the Development Financing worksheet is the “Final Certification for Source and Amount of Funds”. This is to be completed by the
development owner for Final Applications only.


UNIT MIX & RENTS

The income table for the county in which the development is located is calculated at the top of this worksheet. The name of the county must be entered in the
“Development Information” worksheet and either the box that the utilities are or are not included in the rents box checked in order for the income table to be accurate.

After the income table the applicant must enter the utility allowances for the appropriate bedroom sizes. Utility Allowance documentation must be included in the Unit
Mix & Rents tab of the application. If utilities are included in rent, then mark "YES" in cell J19 and do not enter the allowances.

For the Rental Income Table that follows the utility allowances, the applicant must enter the unit square footage in column D, the number of units in column E and the
actual rent in column J. These columns, as well as column C, are the only cells in the worksheet that are not “read only”.

Include Employee units in the low-income units if the intent is to have employees be low-income eligible. Otherwise, include them in the Employee unit category.

After the number of units, unit square footage and units rents are entered, enter the common space square footage in cell D130 and commercial square footage, if any,
in cell D133.

After the number of units, the unit square footage and the rents are entered, the worksheet will calculate the applicable fraction to be used in the tax credit calculation.

DEVELOPMENT INCOME
The applicant must enter miscellaneous monthly income and any annual retail/commercial income on this worksheet. The worksheet will then calculate annual gross
income to be used for the 15 year pro forma.

DEVELOPMENT EXPENSES
The applicant must enter estimated annual operating expenses; assume that lease-up has occurred.

15 YEAR PRO FORMA for TCAP

The calculations in this worksheet will not be correct unless the following worksheets have been completed:
Development Financing
Unit Mix & Rents
Development Income
Development Expenses
All cells are “read only‟ except those corresponding to fees or cash flow notes that are listed after “Cash flow available for distribution”.

15 YEAR PRO FORMA for TCEP (for 100% TCEP funded projects)
The calculations in this worksheet will not be correct unless the following worksheets have been completed:
Development Financing
Unit Mix & Rents
Development Income
Development Expenses
All cells are “read only‟ except those corresponding to fees or cash flow notes that are listed after “Cash flow available for distribution”.
Lines 17 and 36 reflect the annual CHFA Asset Management Fee. Please note that these fees only apply when a project has TCEP only funding (no
TCAP or LIHTC)

CONTRACTOR/DEVELOPER FEE LIMITS

Only Cell C4 needs input this worksheet to correctly calculate the allowed contractor and developer fees.

The applicant must indicate whether or not there is an identity of interest regarding the general contractor by answering “Yes” or “No” to the question “Identity of
Interest”. “Identity of Interest” is defined in Section 3.G. of the Allocation Plan. After this question is answered the worksheet will calculate the maximum allowable fees.
If the budgeted fees exceed the allowable fees the amount by which the fees are exceeded will be automatically calculated and that amount will be deducted from
eligible basis.
If any of the two fee categories are exceeded, a prompt will appear to indicate the total amount of eligible basis reduction. If neither of the two fee categories is
exceeded, a prompt will appear that indicates that the fees are within the CHFA limits.

ANNUAL CREDIT AMOUNT

This worksheet displays the three calculations that are made to determine the eligible annual federal tax credit amount for the development. The three calculations are:

            1) Qualified Basis Calculation
            2) Gap Calculation
            3) Basis Limit Calculation

The applicant is not required to input any information on this worksheet.

All preceding worksheets must be completed in order for the tax credit calculation to be correct. The annual federal tax credit amount is listed at the bottom of the
worksheet. In addition to the three calculations to deternime the Annual Credit Amount for the development worksheet will calculate the amount of the TCAP or TCEP
requested.

APPLICANT INFO-DEVELOPMENT TEAM


The Applicant Info-Development Team must be completed by all applicants. For the ARRA application, supporting documentation is not required if previously
                                                                        Application Instructions
submitted. If the last approved application had any "To Be Determined" (TBD) references they must now be addressed and supporting documents must be submitted.
The Applicant Info-Development Team must be completed by all applicants. For the ARRA application, supporting documentation is not required if previously
submitted. If the last approved application had any "To Be Determined" (TBD) references they must now be addressed and supporting documents must be submitted.

If the space provided by the row of blank lines is insufficient, enter “see attached” and attach the appropriate information.

APPLICANT CERTIFICATION

This worksheet is the signature page for the application and must be completed for all types of applications: Preliminary, Carryover, Final, TCAP and TCEP. This
section must contain original signatures.




                                                                           Application Instructions
Application Instructions
                          ARRA Application Checklist

    At the time of application submisstion, the following must be included:

Submit one paper copy of the application, with original signatures and one
"electronic" copy either on a disk or via e-mail. The disk should not contain any
other files or information, only the electronic application file. CHFA will evaluate
requrest for ARRA funds based on the initial documentation submitted.

Development Narrative: Provide an explanation of the circumstances leading to the
need for TCAP or TCEP Funds. Include a timeline of the events occurring since the
initial Tax Credit award up to the projected closing date, and when the project is
expected to place-in-service.

Construction Documents: Applicants must provide the Davis-Bacon wage
calculations provided by the contractor. This must match the amount reflected in
the Development Budget worksheet.

Executed Construction and Permanent financing documents (unless previously
provided).

Executed entity documents (unless previously provided).


Architect Certification (unless previously provided).


CHFA will require a draft NEPA Environmental Assessment (EA) or draft
Categorically Excluded Assessment (CatEx) as applicable, upon submission of the
ARRA Application. The date of the draft EA must match the date of the ARRA
Application. (Please refer to Appendix A of CHFA's Implementation Plan for
additional information).

The following items are required at time of submission:
         Phase I environmental site assessment (cannot be older than 100 days).

         Phase II environmental site assessment (if recommended in the Phase 1
         report - cannot be older than 100 days).
         Please note that if a Phase I indicates a presence of Radon, Asbestos,
         Lead-based paint, a Phase II is required.
         The Environmental reports must meet ASTM Standards.
Further guidance on compliance with NEPA can be found on the
Department of Housing and Urban Development website at
http://www.hud.gov/offices/cpd/environment/review/.
                  Project Number                                   Completed by CHFA Staff
     2009 ARRA Application Version 2.1
      Received Preliminary Award                            Date

       Received Carryover Award                             Date

                     Final Application                      Date

     IMPORTANT! Enter the current month's Applicable Percentage Rate in the box below. The current rate can be
     found at CHFA's website. Click on the address below for the direct link to the current applicable percentages.
     For Final Applications, if the rate was locked at carryover or at bond issuance, enter the lock-in rate.
                                  http://www.chfainfo.com/documents/HCBulletin_1107.pdf


              Enter Current 9% APR In CELL D14                     For PAB-financed or Acquisition /Rehab deals, enter
                                                                              Current 4% APR In CELL I14


           For Final Application Enter Last Building Month/Year Placed in Service Date

     TYPE OF TAX CREDIT                              4% credit                   9% credit

     I. GENERAL DEVELOPMENT INFORMATION (For the census tract number for Cell C25, click on the link below.)
                                                                                 On the left hand side of the US Census home page, there is a link for
     www.factfinder.census.gov/home/saff/main.html?_lang=en                      entering the project address in order to find the census tract #,

 A. Development Name                                                                                                        Congressional District, State
                                                                                                                            House and Senate District
     Site Address                                                                                                           Numbers

     City                                                             County
 B. Census Tract Number                                                          Zip Code
 C. After entering the Census Tract # and the County Name above, the Application will automatically indicate by "Yes" or "No" whether, or not,
                                           Yes                    No       x      the development is located in a Qualified Census Tract (QCT) or
                                                                                  Difficult Development Area (DDA) and will enter "QCT" or "DDA" in
                                                                                  cell F28 to the left if it is located in a QCT or DDA..

 D. State Senate District                                          State House District
    Congressional District
 E. Site Control: Provide two (2) copies of Site Control documentation in the Site Control tab.
    Site Control is in the form of:
                               Deed                  Option                   Lease

 F. Is the Site properly Zoned?                              Yes                           No

     If "Yes", provide evidence in the Zoning Status tab, or if "No", provide a detailed narrative in the Zoning Status tab
     describing the process for re-zoning, including the estimated dates for completion of the re-zoning process.

 G. Are all utilities available for the development?                       Yes                           No
     If NO, provide information, including timeline, on the availability of utilities.




                                                                                     Yes                          No
 H. Are there any environmental issues related to the property?
     If "YES', Please explain. In any case, describe any environmental testing procedures that
     have taken place with the property.




1/7/2011                                                         Development Information                            dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
 I.   Provide at least two (2) location maps in the Narrative tab; one showing the site in relation to the local area
      and one showing the site in relation to the city or town in which the development is located.

 J. Total Number of Buildings                         Enter the number of RESIDENTIAL buildings only

 K. Number of Floors in the Tallest Building

 L. Elevator Construction: Answer "Yes" or "No"

 M. Number of Parking Spaces

 N. Project Type                                                                             Yes         No
    New Construction                                          With Federal Assistance?
    Acquisition/Rehabilitation                                With Federal Assistance?
    Substantial Rehabilitation                                With Federal Assistance?

      Please check below all of the programs or types of
      financing that apply to the proposed development.

      No Federal Assistance
      USDA Rural Development Sect. 515
      FHA Insurance-221(d)(3) or (d)(4)
      FHA Insurance-Risk-Sharing
      Tax Exempt Bond Financing
      Taxable Bond Financing
      Project-based Section 8
      McKinney Act Homeless
      Historic Rehabilitation Tax Credits
      Community Development Block Grant
      HOME                                                                       1.0
      HOPE VI
      FHLB Affordable Housing Program
      Tax Credit Assistance Program (TCAP)                                   The Link below will connect you to the current Applicable Federal Rate (AFR)
      Tax Credit Exchange Program (TCEP)                                     http://novoco.com/low_income_housing/facts_figures/federal_rates.php
      Other (please specify)




 O. Type of Units/Housing (Check One)

             Mulitfamily Apartments
                         Townhouse
            Single Family Detached

 P. Targeting of Units
                                          Number of Units        Percent of Total Units
             Assisted Elderly (Only)           0
                          AIDS/HIV             0
                     Special Needs             0
                             Family            0
                          Homeless             0
               Elderly Independent             0
                         Total Units           0                           0%




                                                            End of This Section




1/7/2011                                                      Development Information                     dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                    Development Budget (for Residential Development Costs only)

    PROJECT COSTS:
                                             Proposed Budget    LIHTC Basis Calculation   Last Approved Difference
    Land & Buildings                              Total         4% Credit     9% Credit        Total
              Land                                       $0                                           $0           $0
              Existing Structures                        $0            $0                             $0           $0
              Demolition                                 $0                                           $0           $0
                             Subtotal                    $0            $0           $0                $0           $0
    Site Work
              On Site Work                               $0            $0           $0               $0            $0
              Off Site Work                              $0                                          $0            $0
                             Subtotal                    $0            $0           $0               $0            $0
    Rehab. & New Construction
              New Structures                             $0            $0           $0               $0            $0
              Rehabilitation                             $0            $0           $0               $0            $0
              Accessory Structures                       $0            $0           $0               $0            $0
              General Requirements                       $0            $0           $0               $0            $0
              Contractor Overhead                        $0            $0           $0               $0            $0
              Contractor Profit                          $0            $0           $0               $0            $0
              Construction Contingency                   $0            $0           $0               $0            $0
              Permits                                    $0            $0           $0               $0            $0
              Furn/Fixtures/Equip                        $0            $0           $0               $0            $0
              Davis Bacon Wages                          $0            $0           $0               $0            $0
                             Subtotal                    $0            $0           $0               $0            $0
    Professional Fees
              Architect, Design                          $0            $0           $0               $0            $0
              Architect, Supervision                     $0            $0           $0               $0            $0
              Attorney, Real Estate                      $0            $0           $0               $0            $0
              Consultant/agent                           $0            $0           $0               $0            $0
              Engineer/Surveyor                          $0            $0           $0               $0            $0
              Other (Specify)                            $0            $0           $0               $0            $0
              Other (Specify)                            $0            $0           $0               $0            $0
              Other (Specify)                            $0            $0           $0               $0            $0
                             Subtotal                    $0            $0           $0               $0            $0
    Construction Interim Costs
              Hazard & Liability Insurance               $0            $0           $0               $0            $0
              Builder's Risk Insurance                   $0            $0           $0               $0            $0
              Perform. & Pymt Bonds                      $0            $0           $0               $0            $0
              Credit Report                              $0            $0           $0               $0            $0
              Construction Interest                      $0            $0           $0               $0            $0
              Constr. Origination Fees                   $0            $0           $0               $0            $0
              Mortgagee Fee                              $0            $0           $0               $0            $0
              Tap fees                                   $0            $0           $0               $0            $0
              Inspection fees                            $0            $0           $0               $0            $0
              Title & Recording                          $0            $0           $0               $0            $0
              Legal Fees                                 $0            $0           $0               $0            $0
              Prop. Taxes during const                   $0            $0           $0               $0            $0
              Other (Specify)                            $0            $0           $0               $0            $0
              Other (Specify)                            $0            $0           $0               $0            $0
              Other (Specify)                            $0            $0           $0               $0            $0
                             Subtotal                    $0            $0           $0               $0            $0




1/7/2011                                              Development Budget           dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
    Permanent Financing
               Bond Premium                        $0                                               $0            $0
               Bond Issue 30-day lag reserve       $0                                               $0            $0
               Bond Cost of Issuance               $0                                               $0            $0
               Discount Points                     $0                                               $0            $0
               Perm Loan Origination               $0                                               $0            $0
               Credit Enhancement                  $0                                               $0            $0
               Title & Recording                   $0                                               $0            $0
               Legal Fees                          $0                                               $0            $0
               Prepaid MIP                         $0                                               $0            $0
               Forward Rate Lock                   $0                                               $0            $0
               Other (Specify)                     $0                                               $0            $0
                              Subtotal             $0              $0               $0              $0            $0
    Soft Costs
               Feasibility Study                   $0              $0               $0              $0            $0
               Market Study                        $0              $0               $0              $0            $0
               Environmental Study                 $0              $0               $0              $0            $0
               Tax Credit Fees                     $0                                               $0            $0
               Compliance Fees                     $0                                               $0            $0
               TCEP Asset Mgmt Fee                 $0                                               $0            $0
               TCAP Asset Mgmt Fee                 $0                                               $0            $0
               Cost Certification                  $0              $0               $0              $0            $0
               Appraisal                           $0              $0               $0              $0            $0
               Other (Specify)                     $0              $0               $0              $0            $0
                              Subtotal             $0              $0               $0              $0            $0
    Syndication Costs
               Organization Costs                  $0                                               $0            $0
               Bridge Loan                         $0                                               $0            $0
               Tax Opinion                         $0                                               $0            $0
               Legal Fees                          $0                                               $0            $0
               Other (Specify)                     $0                                               $0            $0
               Other (Specify)                     $0                                               $0            $0
                              Subtotal             $0              $0               $0              $0            $0
    Developer Fees
               Developer Fee                       $0              $0               $0              $0            $0
               Developer Overhead                  $0              $0               $0              $0            $0
               Developer Profit                    $0              $0               $0              $0            $0
               Other (Specify)                     $0              $0               $0              $0            $0
                              Subtotal             $0              $0               $0              $0            $0
    Project Reserves
               Rent-up Reserves                    $0                                               $0            $0
               Operating Reserves                  $0                                               $0            $0
               Replacement Reserves                $0                                               $0            $0
               Other (Specify)                     $0                                               $0            $0
               Other (Specify)                     $0                                               $0            $0
                              Subtotal             $0              $0               $0              $0            $0
                                                          4% Elig Basis 9% Elig Basis
           TOTAL PROJECT COSTS:                    $0              $0               $0              $0            $0




                                          End of This Section




1/7/2011                                         Development Budget               dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
           PROJECT COSTS: Commercial

           Land & Buildings                          Total
                      Land                                   $0
                      Existing Structures                    $0
                      Demolition                             $0
                                  Subtotal                   $0
           Site Work
                      On Site Work                           $0
                      Off Site Work                          $0
                                  Subtotal                   $0
           Rehab. & New Construction
                      New Structures                         $0
                      Rehabilitation                         $0
                      Accessory Structures                   $0
                      General Requirements                   $0
                      Contractor Overhead                    $0
                      Contractor Profit                      $0
                      Construction Contingency               $0
                      Other (Specify)                        $0
                      Other (Specify)                        $0
                      Other (Specify)                        $0
                                  Subtotal                   $0
           Professional Fees
                      Architect, Design                      $0
                      Architect, Supervision                 $0
                      Attorney, Real Estate                  $0
                      Consultant/agent                       $0
                      Engineer/Surveyor                      $0
                      Other (Specify)                        $0
                      Other (Specify)                        $0
                      Other-Accounting                       $0
                                  Subtotal                   $0
           Construction Interim Costs
                      Hazard & Liability Insurance           $0
                      Builder's Risk Insurance               $0
                      Perform. & Pymt Bonds                  $0
                      Credit Report                          $0
                      Construction Interest                  $0
                      Constr. Origination Fees               $0
                      Mortgagee Fee                          $0
                      Bond Cost of Issuance                  $0
                      Inspection fees                        $0
                      Title & Recording                      $0
                      Legal Fees                             $0
                      Prop. Taxes during const               $0
                      Other (Specify)                        $0
                      Other (Specify)                        $0
                      Other - City Fees                      $0
                                  Subtotal                   $0




1/7/2011                         Commercial Budget      dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
           Permanent Financing
                      Bond Premium                         $0
                      Bond Issue 30-day lag reserve        $0
                      Discount Points                      $0
                      Perm Loan Origination                $0
                      Credit Enhancement                   $0
                      Title & Recording                    $0
                      Legal Fees                           $0
                      Prepaid MIP                          $0
                      Other (Specify)                      $0
                      Other (Specify)                      $0
                      Other (Specify)                      $0
                                   Subtotal                $0
           Soft Costs
                      Feasibility Study                    $0
                      Market Study                         $0
                      Environmental Study                  $0
                      Tax Credit Fees                      $0
                      Compliance Fees                      $0
                      Appraisal                            $0
                      Cost Certification                   $0
                      Other (Specify)                      $0
                      Other (Specify)                      $0
                      Other (Specify)                      $0
                                   Subtotal                $0
           Syndication Costs
                      Organization Costs                   $0
                      Bridge Loan                          $0
                      Tax Opinion                          $0
                      Other (Specify)                      $0
                      Other (Specify)                      $0
                      Other - Accounting                   $0
                                   Subtotal                $0
           Developer Fees
                      Developer Fee                        $0
                      Developer Overhead                   $0
                      Developer Profit                     $0
                      Other - Specify                      $0
                                   Subtotal                $0
           Project Reserves
                      Rent-up Reserves                     $0
                      Operating Reserves                   $0
                      Replacement Reserves                 $0
                      Escrows                              $0
                      Other - Specify                      $0
                                   Subtotal                $0


           TOTAL COMMERCIAL PROJECT COSTS:                 $0


                           End of This Section




1/7/2011                        Commercial Budget     dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                             Development Financing

                                              Tax Credit Syndication

                                         Federal Equity Factor:                *
           * (TCAP) Provide a letter of interest or commitment from a syndicator with a stated equity factor to be used in cell G5.

                      Syndicator:
                         Address:
                             City:                             State:
                        Zip Code:
                  Contact Person:                            Phone:
                  E-Mail Address:


                                              Permanent Financing

          List all permanent financing commitments (enforceable commitments
          are defined in Section 3.B. of the Allocation Plan). Include grants,deferred fees and owner equity.
          Copies of all commitments must be provided in the Development Financing Tab of the application.
       DO NOT INCLUDE THE EQUITY TO BE RAISED BY THE SALE OF THE TAX CREDITS IN THE LIST BELOW.

                  Source of Financing           Amount       Interest   Term of   Amortization
                     Loans Only                 of Funds       Rate      Loan       (Years)    Annual Debt
        1                                                                          cash flow
        2                                                                          cash flow
        3                                                                          cash flow
        4                                                                          cash flow
        5                                                                          cash flow
        6                                                                          cash flow
        7 TCAP Funds                                                               cash flow
        8 TCEP Funds                                                               cash flow
        9    Deferred Developer Fee
       10       Other Owner Equity
                Source of Financing             Amount
                   Grants Only                  of Funds
       11
       12
       13
       14
       15
       16
       17
          Total Amount of Funds from                                              Total Annual
          sources other than tax credits          $0                                  Debt          $0

            Tax Credit Equity                     $0
            Total Funds for Development           $0
            Total Development Budget              $0




                                                End of This Section




1/7/2011                                               Development Financing             dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                      0                                               Final Certification for Source and Amount of Funds
                                                                      (For Final Applications Only)

           Total Amount of Funds from Sources other than Tax Credits:                                  $0


           As owner(s) of the above-referenced low-income housing development, I certify that the source and
           amount of funds listed above and on the previous pages are accurate and are the only funds received by
           the development owners for the financing of this development. I authorize the Colorado Housing and
           Finance Authority to utilize this information in order to calculate the low-income housing tax credit for
           this development.


                Date: Do not sign until Final


           Signature of Development Owner:                            Do not sign until Final


           Printed Name of Signatory:               Do not sign until Final


           Title of Signatory:        Do not sign until Final


           Acknowledged before me this                     day of                         , 20____


           State of       Do not sign until Final


           City of                                  County of         Do not sign until Final


           My Commission expires:                   Do not sign until Final


           Notary Public:             Do not sign until Final




1/7/2011                                                        Development Financing                dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                                            Unit Mix & Rents

             TABLE ILLUSTRATING 2008 MEDIAN INCOMES:                   0
                # of                  % of Median Income for Area
             Persons        120%        100%       80%        65%          60%     50%         40%          30%

             1 Person       #N/A        #N/A       #N/A      #N/A          #N/A    #N/A       #N/A          #N/A

             2 Persons      #N/A        #N/A       #N/A      #N/A          #N/A    #N/A       #N/A          #N/A

             3 Persons      #N/A        #N/A       #N/A      #N/A          #N/A    #N/A       #N/A          #N/A

             4 Persons      #N/A        #N/A       #N/A      #N/A          #N/A    #N/A       #N/A          #N/A

             5 Persons      #N/A        #N/A       #N/A      #N/A          #N/A    #N/A       #N/A          #N/A

             6 Persons      #N/A        #N/A       #N/A      #N/A          #N/A    #N/A       #N/A          #N/A

             7 Persons      #N/A        #N/A       #N/A      #N/A          #N/A    #N/A       #N/A          #N/A



             In order to complete the "Unit Mix & Rents" section, it is necessary to complete the
             Tenant Utility Information below. Documentation of the source and the effective date of the
             information must be included in the Unit Mix & Rents tab.
             Utility Allowance by Bedroom Size:
               0 bedroom        $                      3 bedroom         $                      Do Rents Include Utilities?
               1 bedroom        $                      4 bedroom         $                  Yes
               2 bedroom        $                      5 bedroom         $                   No




             For the Rental Income Table below, the applicant must enter unit square footage in Column D, number
             of units in Column E and Actual Rent in Column J.


                                         Unit              Projected       Max.    Less       Max.         Actual     Monthly    Total
            Income          Type of      Size      # of     Income         Gross   Utility   Adjusted       Rent       Rent      Annual
             Level            Unit     (sq. ft.)   Units     Limit         Rent    Allow.     Rent         per Unit   per S.F.    Rent


           30% of Area   0-Bd; 1 Ba       0         0         $0            $0      $0         $0            $0       $0.00       $0
             Median      1-Bd; 1 Ba       0         0         $0            $0      $0         $0            $0       $0.00       $0
             Income      1-Bd; 1 Ba       0         0         $0            $0      $0         $0            $0       $0.00       $0
                         2-Bd; 1 Ba       0         0         $0            $0      $0         $0            $0       $0.00       $0
                         2-Bd; 1 Ba       0         0         $0            $0      $0         $0            $0       $0.00       $0
                         2-Bd; 2 Ba       0         0         $0            $0      $0         $0            $0       $0.00       $0
                         2-Bd; 2 Ba       0         0         $0            $0      $0         $0            $0       $0.00       $0
                         3-Bd; 2 Ba       0         0         $0            $0      $0         $0            $0       $0.00       $0
                         3-Bd; 2 Ba       0         0         $0            $0      $0         $0            $0       $0.00       $0
                         4-Bd; 2 Ba       0         0         $0            $0      $0         $0            $0       $0.00       $0
                            Total 30% AMI units     0




1/7/2011                                                        Unit Mix and Rents                      dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                        Unit              Projected   Max.    Less       Max.         Actual     Monthly    Total
                            Type of     Size      # of     Income     Gross   Utility   Adjusted       Rent       Rent      Annual
             Level            Unit    (sq. ft.)   Units     Limit     Rent    Allow.     Rent         per Unit   per S.F.    Rent


           40% of Area   0-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
             Median      1-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
             Income      1-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         2-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         2-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         2-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         2-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         3-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         3-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         4-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                            Total 40% AMI units    0
                                        Unit              Projected   Max.    Less       Max.         Actual     Monthly    Total
            Income          Type of     Size      # of     Income     Gross   Utility   Adjusted       Rent       Rent      Annual
             Level            Unit    (sq. ft.)   Units     Limit     Rent    Allow.     Rent         per Unit   per S.F.    Rent


           50% of Area   0-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
             Median      1-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
             Income      1-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         2-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         2-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         2-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         2-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         3-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         3-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         4-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                            Total 50% AMI units    0
                                        Unit              Projected   Max.    Less       Max.         Actual     Monthly    Total
            Income          Type of     Size      # of     Income     Gross   Utility   Adjusted       Rent       Rent      Annual
             Level            Unit    (sq. ft.)   Units     Limit     Rent    Allow.     Rent         per Unit   per S.F.    Rent


           60% of Area   0-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
             Median      1-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
             Income      1-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         2-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         2-Bd; 1 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         2-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         2-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         3-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         3-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                         4-Bd; 2 Ba      0         0         $0        $0      $0         $0            $0       $0.00       $0
                            Total 60% AMI units    0
                                        Unit              Projected   Max.    Less       Max.         Actual     Monthly    Total
            Income          Type of     Size      # of     Income     Gross   Utility   Adjusted       Rent       Rent      Annual
             Level            Unit    (sq. ft.)   Units     Limit     Rent    Allow.     Rent         per Unit   per S.F.    Rent


           Employee      1-Bd; 1 Ba      0         0         NA        NA      NA         NA            $0       $0.00       $0
             Units       2-Bd; 1 Ba      0         0         NA        NA      NA         NA            $0       $0.00       $0
                         2-Bd; 2 Ba      0         0         NA        NA      NA         NA            $0       $0.00       $0
                         3-Bd; 2 Ba      0         0         NA        NA      NA         NA            $0       $0.00       $0
                           Total Employee units    0




1/7/2011                                                       Unit Mix and Rents                  dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                         Unit                  Projected     Max.         Less        Max.           Actual    Monthly      Total
           Income         Type of        Size         # of      Income       Gross        Utility   Adjusted         Rent        Rent       Annual
           Level              Unit      (sq. ft.)     Units      Limit       Rent         Allow.      Rent        per Unit      per S.F.     Rent


           Market      0-Bd; 1 Ba          0           0          NA           NA          NA          NA             $0        $0.00        $0
           Rate        1-Bd; 1 Ba          0           0          NA           NA          NA          NA             $0        $0.00        $0
           Units       1-Bd; 1 Ba          0           0          NA           NA          NA          NA             $0        $0.00        $0
                       2-Bd; 1 Ba          0           0          NA           NA          NA          NA             $0        $0.00        $0
                       2-Bd; 1 Ba          0           0          NA           NA          NA          NA             $0        $0.00        $0
                       2-Bd; 2 Ba          0           0          NA           NA          NA          NA             $0        $0.00        $0
                       2-Bd; 2 Ba          0           0          NA           NA          NA          NA             $0        $0.00        $0
                       3-Bd; 2 Ba          0           0          NA           NA          NA          NA             $0        $0.00        $0
                       3-Bd; 2 Ba          0           0          NA           NA          NA          NA             $0        $0.00        $0
                       4-Bd; 2 Ba          0           0          NA           NA          NA          NA             $0        $0.00        $0
                        Total market rate units        0                                                                Total Unit Income    $0


           Total Residential S. F.         0           0      Total Units


           Total Low-Income                0           0      Total Low-Income
           Square Footage                                     Units


           Total Employee                  0           0      Total Employee
           Unit Sq. Footage                                   Units


           Total Market Rate               0           0      Total Market
           Unit Sq. Footage                                   Rate Units

           Common Space S.F.

           Commercial Space
           Square Footage
                                                                                                       Lowest Applicable Fraction
           Square Footage                           Low Income Units                                  for calculating credit amount
           Applicable Fraction             0         Applicable Fraction       0                                     0.00%



           Total # of 0 bedroom units                  0                            Total Development Square Footage               0
           Total # of 1 bedroom units                  0
           Total # of 2 bedroom units                  0
           Total # of 3 bedroom units                  0
           Total # of 4 bedroom units                  0




                        Low-Income Units                                                             Market Rate Units
           Total # of 0 bedroom units                  0                                Total # of 0 bedroom units                 0
           Total # of 1 bedroom units                  0                                Total # of 1 bedroom units                 0
           Total # of 2 bedroom units                  0                                Total # of 2 bedroom units                 0
           Total # of 3 bedroom units                  0                                Total # of 3 bedroom units                 0
           Total # of 4 bedroom units                  0                                Total # of 4 bedroom units                 0




                                                        End of This Section




1/7/2011                                                              Unit Mix and Rents                       dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                 Development Income

      Miscellaneous Monthly Income:

      Laundry Revenue         $0.00            Revenue/Unit/Month
      Parking Revenue         $0.00            Revenue/Unit/Month
      Other (specify)         $0.00            Revenue/Unit/Month
      Other (specify)         $0.00            Revenue/Unit/Month

                  Total Annual Miscellaneous Income      $0
                          Total Annual Rental Income     $0
                     Total Annual Residential Income     $0
                              7% Vacancy Allowance       $0
                      Total Residential Gross Income     $0

               Total Annual Retail/Commercial Income     $0
                              10% Vacancy Allowance      $0
                Total Retail/Commercial Gross Income     $0

                                 Total Gross Income      $0


                             End of This Section




1/7/2011                                    Development Income      dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                         Annual Operating Expenses
                (Estimated annual operating expenses as of the end of the first full year of operation)

      Administration                                              Operations
                                 Residential    Commercial                                   Residential       Commercial
      Accounting                           $0            $0       Fuel (Heat/Water)                    $0              $0
      Advertising                          $0            $0       Electricity                          $0              $0
      Legal                                $0            $0       Water & Sewer                        $0              $0
      Leased Equipment                     $0            $0       Gas                                  $0              $0
      Management Fees                      $0            $0       Trash                                $0              $0
      Management Salaries                  $0            $0       Security                             $0              $0
      Management Payroll Tax               $0            $0       Cable                                $0              $0
      Model Apartment                      $0            $0       Other (Specify)                      $0              $0
      Office Supplies                      $0            $0       Other (Specify)                      $0              $0
      Telephone                            $0            $0       Other (Specify)                      $0              $0
      Other (Specify)                      $0            $0       Other (Specify)                      $0              $0
      Other (Specify)                      $0            $0       Total Operations                     $0              $0
      Other (Specify)                      $0            $0
      Total Administration                 $0            $0



      Maintenance                                                 Fixed Expenses

                                 Residential    Commercial                                   Residential       Commercial
      Elevator                             $0            $0       Real Estate Taxes                    $0              $0
      Extermination                        $0            $0       Payment in Lieu of Taxes             $0              $0
      Grounds                              $0            $0       Other Tax Assessments                $0              $0
      Repairs                              $0            $0       Insurance                            $0              $0
      Maintenance Salaries                 $0            $0       Payroll Tax                          $0              $0
      Maintenance Supplies                 $0            $0       Other (Specify)                      $0              $0
      Contracts                            $0            $0       Other (Specify)                      $0              $0
      Other (Specify)                      $0            $0       Total Fixed Expenses                 $0              $0
      Other (Specify)                      $0            $0
      Total Maintenance                    $0            $0



      Total Annual Residential                                    Total Number of Units                    0
      Operating Expenses                   $0                     Per Unit Per Annum              #DIV/0!


      Total Annual Commercial                                                   #DIV/0!
      Operating Expenses                   $0


      Total Annual Expenses                $0


      Total Per Unit Annual
      Replacement Reserves                 $0   Minimum Replacement Reserve is $300/unit
       x total # of units                  $0

                                                             End of This Section




1/7/2011                                                      Development Expenses                         dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                                          TCAP Pro Forma
                                          (Year 1 of this Pro Forma assumes full lease-up)

                            Year 1     Year 2        Year 3          Year 4           Year 5            Year 6      Year 7      Year 8
  Effective Gross Income          $0         $0            $0              $0               $0                $0          $0          $0
  Total Project Expenses          $0         $0            $0              $0               $0                $0          $0          $0
  Net Operating Income            $0         $0            $0              $0               $0                $0          $0          $0
      First Mortgage              $0         $0            $0              $0               $0                $0          $0          $0
     Second Mortgage              $0         $0            $0              $0               $0                $0          $0          $0
      Third Mortgage              $0         $0            $0              $0               $0                $0          $0          $0
  Net Project Cash Flow           $0         $0            $0              $0               $0                $0          $0          $0
   Debt Coverage Ratio      #DIV/0!    #DIV/0!       #DIV/0!         #DIV/0!          #DIV/0!           #DIV/0!     #DIV/0!     #DIV/0!

   Cash Flow available
       for distribution          $0           $0              $0              $0                  $0           $0          $0         $0
  Partnership Mgt. Fees          $0           $0              $0              $0                  $0           $0          $0         $0
      Asset Mgt. Fees            $0           $0              $0              $0                  $0           $0          $0         $0
     Cash Flow Notes             $0           $0              $0              $0                  $0           $0          $0         $0
   Cash Flow Available
  after above obligations        $0           $0              $0              $0                  $0           $0          $0         $0


                            Year 9     Year 10       Year 11         Year 12         Year 13            Year 14     Year 15
  Effective Gross Income          $0         $0            $0              $0              $0                 $0          $0
  Total Project Expenses          $0         $0            $0              $0              $0                 $0          $0
  Net Operating Income            $0         $0            $0              $0              $0                 $0          $0
      First Mortgage              $0         $0            $0              $0              $0                 $0          $0
     Second Mortgage              $0         $0            $0              $0              $0                 $0          $0
      Third Mortgage              $0         $0            $0              $0              $0                 $0          $0
  Net Project Cash Flow           $0         $0            $0              $0              $0                 $0          $0
   Debt Coverage Ratio      #DIV/0!    #DIV/0!       #DIV/0!         #DIV/0!         #DIV/0!            #DIV/0!     #DIV/0!

   Cash Flow available
       for distribution          $0           $0              $0              $0                  $0           $0          $0
  Partnerhsip Mgt. Fees          $0           $0              $0              $0                  $0           $0          $0
      Asset Mgt. Fees            $0           $0              $0              $0                  $0           $0          $0
     Cash Flow Notes             $0           $0              $0              $0                  $0           $0          $0
   Cash Flow Available
  after above obligations        $0           $0              $0              $0                  $0           $0          $0


                                       Deferred Developer Fee Underwriting Criteria

                                         $0        Deferred Developer Fee


                                         $0        10 yr. cash flow available after obligations
                                                   Payable?        True or False
                                         $0        15 yr. cash flow available after obligations
                                                   Payable?        True or False




                                              End of This Section




1/7/2011                                                15 Year Pro Forma                              dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                                         TCEP Pro Forma
                                (Assumes 2 years of construction - this is for 100% TCEP Projects Only)

                          Const YR 1 Const YR 2      Year 1           Year 2          Year 3      Year 4
Effective Gross Income            $0         $0            $0               $0              $0          $0
Total Project Expenses            $0         $0            $0               $0              $0          $0
Net Operating Income              $0         $0            $0               $0              $0          $0
    First Mortgage                $0         $0            $0               $0              $0          $0
   Second Mortgage                $0         $0            $0               $0              $0          $0
    Third Mortgage                $0         $0            $0               $0              $0          $0
Net Project Cash Flow             $0         $0            $0               $0              $0          $0
 Debt Coverage Ratio       #DIV/0!    #DIV/0!        #DIV/0!          #DIV/0!         #DIV/0!     #DIV/0!

  Cash Flow available
     for distribution             $0          $0             $0              $0              $0         $0
 Partnership Mgt. Fees            $0          $0             $0              $0              $0         $0
CHFA Asset Mgt. Fees          $3,000      $3,090         $3,183          $3,278          $3,377     $3,478
   Cash Flow Notes                $0          $0             $0              $0              $0         $0
  Cash Flow Available
after above obligations      -$3,000     -$3,090        -$3,183         -$3,278         -$3,377    -$3,478


                            Year 7      Year 8       Year 9          Year 10          Year 11     Year 12
Effective Gross Income            $0          $0           $0              $0               $0          $0
Total Project Expenses            $0          $0           $0              $0               $0          $0
Net Operating Income              $0          $0           $0              $0               $0          $0
    First Mortgage                $0          $0           $0              $0               $0          $0
   Second Mortgage                $0          $0           $0              $0               $0          $0
    Third Mortgage                $0          $0           $0              $0               $0          $0
Net Project Cash Flow             $0          $0           $0              $0               $0          $0
 Debt Coverage Ratio       #DIV/0!     #DIV/0!       #DIV/0!         #DIV/0!          #DIV/0!     #DIV/0!

  Cash Flow available
     for distribution             $0          $0             $0              $0              $0         $0
 Partnerhsip Mgt. Fees            $0          $0             $0              $0              $0         $0
CHFA Asset Mgt. Fees          $3,800      $3,914         $4,032          $4,153          $4,277     $4,406
   Cash Flow Notes                $0          $0             $0              $0              $0         $0
  Cash Flow Available
after above obligations      -$3,800     -$3,914        -$4,032         -$4,153         -$4,277    -$4,406


                                        Deferred Developer Fee Underwriting Criteria

                                          $0       Deferred Developer Fee


                                       -$34,392    10 yr. cash flow available after obligations
                                                   Payable?        True or False
                                       -$55,797    15 yr. cash flow available after obligations
                                                   Payable?        True or False
End of This Section
EP Projects Only)

               Year 5         Year 6
                     $0             $0
                     $0             $0
                     $0             $0
                     $0             $0
                     $0             $0
                     $0             $0
                     $0             $0
               #DIV/0!        #DIV/0!


                        $0          $0
                        $0          $0
                    $3,582      $3,690
                        $0          $0

                    -$3,582    -$3,690


               Year 13        Year 14    Year 15
                     $0             $0          $0
                     $0             $0          $0
                     $0             $0          $0
                     $0             $0          $0
                     $0             $0          $0
                     $0             $0          $0
                     $0             $0          $0
               #DIV/0!        #DIV/0!    #DIV/0!


                        $0          $0         $0
                        $0          $0         $0
                    $4,538      $4,674     $4,814
                        $0          $0         $0

                    -$4,538    -$4,674    -$4,814
                                                  Contractor/Developer Fee Limits

            Builder's Profit & Overhead as a Percent of Hard Construction Costs
                       Identity of Interest? Yes/No
           (See Section 3.F. of the Allocation Plan for the definition of Identity of Interest)
                                     # of Units
           With Identity                  0            Maximum % Allowed:         0%
           Without Identity               0            Maximum % Allowed:         0%
           Contractor Fees:
                Overhead                                        $0
                Profit                                          $0

           TOTAL Contractor Fees:                               $0
           Other Costs:
              New Structures/Rehabilitation                     $0
              On-Site Work                                      $0
              Contingency                                       $0
              Accessory Structures                              $0
           Total Costs for calculating
           Contractor Fees:                                     $0
           Max Allowable Contractor Fees:                       $0
           Amount of Eligible Basis Reduction:                  $0

           Aggregate Developer Fee, Overhead, Consultant Fee Limits


           Total Units:                  0             Maximum % Allowed:         15%


           Total Project Costs                                  $0
            Less Reduction from Above                           $0
            Less Land                                           $0
            Less Developer Fee Category                         $0
            Less Consultant Fees                                $0
            Less Project Reserves                               $0
           Total Costs for calculating
           Developer Fees:                                      $0
           ALLOWABLE Developer Fees:                            $0
           Budgeted Developer Fee:                              $0

           Amount of Eligible Basis Reduction:                  $0


                                                                $0
                               Contractor and Developer Fees are within the CHFA limits

                                                        End of This Section




1/7/2011                                            Contractor-Developer Fee Limits           dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                                        Determination of Annual Federal Tax Credit Amount

                       Method One: Qualified Basis Calculation
                       Eligible Basis from Development Budget                                                                                             FALSE
                       Basis reduction from Fee Worksheet                                                                                                    $0
                       Federal Historical Tax Credits reduced from Basis                                                                                     $0
                       HOME Funds reduced from Basis                                                                                                         $0
                                                                                                                        Total Eligible Basis                 $0

      Total Eligible         QCT or DDA                 Adjusted               Applicable             Qualified              Applicable           Annual Credit
           Basis           Not Applicable=1.0        Eligible Basis             Fraction                Basis               Percentage


           FALSE       x          1.0           =          $0            x       0.00%         =          $0            x      0.00%          =         $0
       Acquisition           QCT or DDA             Not Eligible for           Applicable             Qualified              Applicable             Acquisition
           Basis            Not Applicable          Adjusted Basis              Fraction                Basis               Percentage                Credit

      Not Applicable   x          1.0                                    x    Not Applicable   =    Not Applicable          Not Applicable    =         $0


                                                                                                        Total Basis Annual Credit             =        $0

                       Method Two: Gap Calculation

                                                       Total Uses             Total Funds                Gap                Equity Factor         Annual Credit
                                                           $0            -         $0          =          $0                  $0.0000         =      #DIV/0!




                       Method Three: Basis Limit Calculation

                                                                                Number               Basis Limit            Total Adjusted
                                                                                of Units               per Unit              Eligible Basis
                                                    0 bedroom                       0                           #N/A             #N/A
                                                    1 bedroom                       0                           #N/A             #N/A
                                                    2 bedroom                       0                           #N/A             #N/A
                                                    3 bedroom                       0                           #N/A             #N/A
                                                    4 bedroom                       0                           #N/A             #N/A
                                                                                                                                 #N/A


                            Total Adjusted            QCT or DDA               Applicable          Adjusted Qualified        Applicable           Adjusted Annual
                            Eligible Basis          Not Applicable=1.0          Fraction                Basis               Percentage                Credit
                                 #N/A           x          1.0           x       0.00%         =         #N/A           x     0.00%           =       #N/A

                                             Maximum Credit Award as per Section II.F. of the Allocation Plan:                                    $1,100,000

                             Based on the calculations performed above and the maximum award available,
                             this development is eligible for a total Annual Federal Credit in the amount of :

                                                                                    FALSE




                                                                       End of This Section


1/7/2011                                                                     Annual Credit Amount                            dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                                                 Applicant Information

                The applicant must either be a legal entity or individual who is, or will be, a principal in the General
                Partnership. The General Partnership does not have to be formed at Preliminary or Carryover Application.


           A.                               Applicant:

                                              Address:

                                                    City:

                                                  State:

                                             Zip Code:

                           Taxpayer I.D. Number:
                                    Contact Person:

                                     Phone Number:

                                        FAX Number:

                                    E-mail Address:

           B. The General Partner is, or will be a:
                                                                          Non-Profit Corporation
                                                                          For-Profit Corporation
                                                                          Public Housing Authority
                                                                          Individual
                                                                          Local Government
                                                                          Other (specify)

                Non-Profit Corporation must include the following material in "Scoring" Tab (#13) of the application:
                Articles of Incorporation, IRS 501(c)(3)or 501(c)(4) status letter, non-profit Certificate of
                Incorporation and Certificate of Good Standing from the Secretary of State and the completed
                and signed Non-Profit Questionnaire (Exhibit C of the Application).


           C. Has the applicant, or other principals of the development's ownership entity, previously
              received tax credits in Colorado?                      Yes                     No


                If "Yes", indicate development
                name and year. Please attach
                sheets as necessary.


                Has the applicant, or other principals of the development's ownership entity, previously
                received tax credits in other states?                  Yes                     No

                If "Yes", which year(s)?


                                                                                                            Yes              No
                Has the applicant placed any developments in service?
                If "Yes", who is/are the limited partners using the credits?

                                Name
                              Address
                                  City                                           State                                     Zip Code


                                Name
                              Address
                                  City                                           State                                     Zip Code


                                Name
                              Address
                                  City                                           State                                     Zip Code




1/7/2011                                                         Applicant Info - Development Team                                dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                                    Development Team Experience


           1. Development Name:

           2. Applicant Name:

           Describe experience in successful development of low-income housing (attach list of names and addresses of
           low-income housing developments):




           3. Name of General Partner:
           Partnership Tax Identification #:
           Partnership Contact Person:
           Telephone Number                                                   Fax Number

           Describe experience in successful development of low-income housing (attach list of names and addresses of
           low-income housing developments):




           4. Name of Developer:
           Address:
           City:                                                          State                       Zip Code
           Developer Tax Identification #:
           Developer Contact Person:
           Telephone Number                                                   Fax Number

           Describe experience in successful development of multi-family housing (attach list of names and addresses of
           multi-family housing developments):




           5. Name of Contractor:
           Address:
           City:                                                          State                       Zip Code
           Contractor Tax Identification #:
           Contractor Contact Person:
           Telephone Number                                                   Fax Number

           Describe experience in successful development of multi-family housing (attach list of names and addresses of
           multi-family housing developments):




           6. Name of Management Co.:
           Address:
           City:                                                          State                       Zip Code
           Management Co. Tax I.D. #:
           Management Co. Contact Person:
           Telephone Number                                                   Fax Number

           Describe experience in successful management of low-income housing tax credit project(s) - (attach list of names
           and addresses of low-income housing tax credit developments):




1/7/2011                                           Applicant Info - Development Team               dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
           7. Name of Consultant:
           Address:
           City:                                                              State                        Zip Code
           Consultant Tax I.D. #:
           Contact Person (if different):
           Telephone Number                                                           Fax Number

           Describe experience in successful development of low-income housing tax credit project(s) - (attach list of names
           and addresses of low-income housing tax credit developments):




           8. Name of Tax Attorney Firm:
           Address:
           City:                                                              State                        Zip Code
           Firm Tax I.D. #:
           Contact Person:
           Telephone Number:                                                          Fax Number

           Describe experience in successful development of low-income housing tax credit project(s) - (attach list of names
           and addresses of low-income housing tax credit developments):




           9. Name of CPA Firm:
           Address:
           City:                                                              State                        Zip Code
           Firm Tax I.D. #:
           Contact Person:
           Telephone Number:                                                          Fax Number

           Describe experience in successful development of low-income housing tax credit project(s) - (attach list of names
           and addresses of low-income housing tax credit developments):




           Do any members of the development team have any direct or indirect, financial or other interest with any of the
           other development team members, including owners' interest in the construction company or in any of the
           subcontractors to be used?
                                            Yes                    No

           If yes, describe the level of participation and/or relationship of each:




           Describe any default, disposition of or status of default, foreclosure or findings of non-compliance for any of the
           developments listed on attachments. Use an additional sheet of paper if necessary.




                                                         End of This Section




1/7/2011                                              Applicant Info - Development Team                 dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                           ARRA Applicant Certification


   As part of the ARRA Application Certification, the applicant acknowledges that the application and all materials submitted by applicants
   constitute public records within the meaning of the Colorado Open Records Act (Colorado Revised Statutes Section 24-72-210 et seq.).
   Applicant further acknowledges and agrees, as part of the ARRA Application Certification, that CHFA will not treat any part of the
   application and submissions as a record that is not subject to release to the public, unless such material is segregated and clearly
   designated as falling with an exception to the Colorado Open Records Act. Otherwise, CHFA will make such material available for
   inspection and copying (for a charge of $1.00 per page) upon the request of any person. As part of the ARRA Application Certification,
   applicants further acknowledge and agree that even material that is so segregated and designated may become subject to release upon
   a successful challenge by a member of the public.

   The undersigned applicant hereby makes application to CHFA for ARRA funds in the
   amount listed in the application. The undersigned agrees that CHFA will at all times be
   indemnified and held harmless against all losses, costs, damages, expenses and liabilities of
   whatsoever nature or kind ( including, but not limited to, attorney's fees, litigation and court costs, amounts
   paids to discharge judgment, any loss from judgment from the Internal Revenue Service) directly or
   indirectly resulting from, arising out of, or related to acceptance, consideration and approval or
   disapproval of such ARRA funds request.

   The undersigned, being duly authorized, hereby represents and certifies that the foregoing information,
   including all attached and applicable exhibits, to the best of his/her knowledge, is true, complete and
   accurately describes the proposed development. Misreperesentations of any kind will be grounds for
   denial or loss of the tax credits and/or ARRA Funds and may affect future participations in the tax credit program in
   Colorado.

   The undersigned applicant hereby certifies that all consultant fees, architect fees, builder fees and
   developer fees are properly disclosed and conform to the limitations of these fees as outlined in
   Section 3.G. of the Qualified Allocation Plan.

   IN WITNESS WHEREOF, the applicant has caused this document to be duly executed in its name on this

                   day of                                , 20




   Name of Preparer (person completing the application)

        By:
                            Name


                            Title

       STATE OF

    COUNTY OF

           Acknowledged before me this          day of                        , 20

           by

           as

           of                                                                              .

                  My Commission expires:



                                                Notary Public




1/7/2011                                                    Applicant Certification               dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
   IN WITNESS WHEREOF, the applicant has caused this document to be duly executed in its name on this
                   day of                              , 20



                    Legal Name of Applicant
       By:
                            Name

                            Title

      STATE OF

    COUNTY OF

           Acknowledged before me this        day of                      , 20

           by

           as

           of                                                                       .

                  My Commission expires:



                                              Notary Public



                                                       End of This Section




1/7/2011                                                  Applicant Certification       dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                       Asset Management and Compliance Monitoring Fees

           The combined TCAP Asset Management Fee/Compliance Fee is automatically calculated.

           The combined Asset Management Fee/Compliance Monitoring Fee for projects receiving a
           reservation in 2009 is $400 per low-income & employee unit. TCAP Asset management
           Fees are $125 + Compliance Monitoring Fee of $275 = $400.

           The combined Asset Management Fee/Compliance Monitoring Fee for projects receiving a
           reservation prior to 2009 is $355 per low income & employee unit. TCAP Asset Management
           Fees is $125 + Compliance Monitoring Fee of $230 = $355.

           The TCAP/Compliance Monitoring Fees will be due at the time the applicant provides a
           Placed-In-Service (PIS) application or with the Final Application if there is not a PIS
           application submitted.

           The Asset Management Fee for a 100% TCEP project will start at $3,000 per annum with a
           3% annual escalator throughout the compliance period (please see TCEP Pro Forma for
           total).




                                                                                #VALUE!



                                                End of This Section




1/7/2011                                         Application Fee        dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
1/7/2011   Application Fee   dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                                           Missing Information
                          Do not submit the application if any items are indicated below.
                                                 BE SURE TO SCROLL DOWN!
                                                   Minimum Underwriting Criteria
                         Development Operating Reserves                                                   $0
                         Minimum Reserve Requirement                                                       $0
                         The minimum operating reserve requirement has been met.
                         Minimum Replacement Reserve Requirement                                      $300
                         Annual Replacement Reserve Per Unit                                             $0
                         The minimum replacement reserve requirement is not met.
                         Annual Operating Expenses per Unit (PUPA)                                  #DIV/0!
                         Minimum PUPA Requirement                                                   $3,900
                                                        #DIV/0!
                         Annual Debt Coverage Ratio (DCR)                                           #DIV/0!
                         Minimum DCR Requirement                                                      1.15
                                                        #DIV/0!



           The date of the application must be entered, starting at cell E3 of the 'Development Information' worksheet.
           Either cell C18 or E18 on the 'Development Information' worksheet must be marked to indicate the type of credit requested.
           The development name must be entered in cell C22 of the 'Development Information' worksheet.
           The development address must be entered in cell C23 of the 'Development Information' worksheet.
           The city or town where the development is located must be entered in cell C24 of the 'Development Information' worksheet.
           The county where the development is located must be entered in cell F24 of the 'Development Information' worksheet.
           The zip code where the development is located must be entered in cell G25 of the 'Development Information' worksheet.
           The census tract number where the development is located must be entered in cell C25 of the 'Development Information' worksheet.


           The State Senate District where the development is located must be entered in cell C30 of the 'Development Information' worksheet.
           The Congressional District where the development is located must be entered in cell C31 of the 'Development Information' worksheet.
           The State House District where the development is located must be entered in cell G30 of the 'Development Information' worksheet.
           The form of site control, (Deed, Option or Lease) must be indicated starting at cell C34 of the 'Development Information' worksheet.
           Either cell E35 or H35 on the 'Development Information' worksheet must be marked.
           Either cell F40 or H40 on the 'Development Information' worksheet must be marked.
           Either cell F46 or H46 on the 'Development Information' worksheet must be marked.
           The total number of buildings in the development must be entered in cell C56 of the 'Development Information' worksheet.
           The number of floors in the tallest building must be entered in cell E58 of the 'Development Information' worksheet.
           Either 'Yes' or 'No' must be entered in cell E61 of the 'Development Information' worksheet.
           The number of parking spaces must be entered in cell C63 of the 'Development Information' worksheet.
           The project type (New Construction, Acquisition/Rehabilitation or Substantial Rehabilitation) must be indicated starting
           at cell C66 of the 'Development Information' worksheet.



           The type of units (Multifamily Apartments, Townhouse or Single Family Detached) must be indicated starting
            at cell C95 of the 'Development Information' worksheetThe type of units (Multifamily Apartments, Townhouse or Single Family Detached) must be indicated starting


           Indicate whether, or not, rents include utilities on the 'Unit Mix & Rents' worksheet
           Applicant name must be entered in Cell D7 of the 'Applicant Info-Development Team' worksheet.
           Applicant address must be entered in Cell D8 of the 'Applicant Info-Development Team' worksheet.
           Applicant address must include the city in Cell D9 of the 'Applicant Info-Development Team' worksheet.
           Applicant address must include the state in Cell D10 of the 'Applicant Info-Development Team' worksheet.
           Applicant address must include the zip code in Cell D11 of the 'Applicant Info-Development Team' worksheet.
           Applicant Tax I.D. number or 'TBD' must be entered in Cell D12 of the 'Applicant Info-Development Team' worksheet.
           The name of the contact person must be entered in Cell D13 of the 'Applicant Info-Development Team' worksheet.
           The phone number of the contact person must be entered in Cell D14 of the 'Applicant Info-Development Team' worksheet.
           The fax number, or 'N/A', of the contact person must be entered in Cell D15 of the 'Applicant Info-Development Team' worksheet.
           The e-mail address, or 'N/A', of the contact person must be entered in Cell D16 of the 'Applicant Info-Development Team' worksheet.
           The type of General Partner (Non-Profit Corporation, For-Profit Corporation, Public Housing Authority, etc.) must be indicated
           starting at cell D19 of the 'Applicant Info-Development Team' worksheet.
           Either Cell E33 or Cell G33 of the 'Applicant Info-Development Team' worksheet must be marked.


           Either Cell E39 or Cell G39 of the 'Applicant Info-Development Team' worksheet must be marked.


           Either Cell G49 or Cell H49 of the 'Applicant Info-Development Team' worksheet must be marked.




           Cell C4 of the 'Contractor-Developer Fee Limits' worksheet must be marked 'Yes' or 'No'.




1/7/2011                                                                    Missing Information                                                   dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
           The equity factor must be entered in cell G5 of the 'Development Financing' worksheet.
           The name of the local jurisdiction must be entered in cell E6 of the 'Official Notification' worksheet.
           The name of the chief elected official must be entered in cell E7 of the 'Official Notification' worksheet.
           The address of the chief elected official must be entered in cell E8 of the 'Official Notification' worksheet.
           The address must include the name of the city in cell E9 of the 'Official Notification' worksheet.
           The address must include the zip code in cell I9 of the 'Official Notification' worksheet.
           The phone number for the chief elected official must be entered in cell E10 of the 'Official Notification' worksheet.
           The name of the local housing authority must be entered in cell E16 of the 'Official Notification' worksheet.
           The name of the executive director must be entered in cell E17 of the 'Official Notification' worksheet.
           The address of the executive director must be entered in cell E18 of the 'Official Notification' worksheet.
           The address must include the name of the city in cell E19 of the 'Official Notification' worksheet.
           The address must include the zip code in cell I19 of the 'Official Notification' worksheet.
           The phone number for the executive director must be entered in cell E20 of the 'Official Notification' worksheet.


           Either cell B8 or cell B19 of the 'Development Scoring' worksheet must be marked.


           The name of the General Partner, if formed, must be entered in cell D80 of the 'Applicant Info-Development Team' worksheet




           The name of the developer must be entered in cell D92 of the 'Applicant Info-Development Team' worksheet




           The name of the contractor must be entered in cell D106 of the 'Applicant Info-Development Team' worksheet




           The name of the management company must be entered in cell D120 of the 'Applicant Info-Development Team' worksheet




           The name of the consultant must be entered in cell D134 of the 'Applicant Info-Development Team' worksheet




           The name of the tax attorney firm must be entered in cell D149 of the 'Applicant Info-Development Team' worksheet




           The name of the CPA firm must be entered in cell D163 of the 'Applicant Info-Development Team' worksheet




                                                                      End of This Section




1/7/2011                                                                    Missing Information                                         dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls
                                                      Development Summary

0
0
0
0
9% Competitive Tax Credits


                                                       Applicant:   0
                                                        Contact:    0
                                                          Phone:    0
                                                          Email:    0

Low Income Targetting

                                                   Total Tax            Total Units    Total Units    Total Units Total Units   Employee     Total Market
                                Total Units        Credit units         30% AMI        40% AMI        50% AMI 60% AMI             Unit        Rate Units
Total # of 0 bedroom units           0                  0                    0              0              0           0                           0
Total # of 1 bedroom units           0                  0                    0              0              0           0            0              0
Total # of 2 bedroom units           0                  0                    0              0              0           0            0              0
Total # of 3 bedroom units           0                  0                    0              0              0           0            0              0
Total # of 4 bedroom units           0                  0                    0              0              0           0                           0
                   Total             0                  0                    0              0              0           0            0              0


Development Rents

                                  Total               Total              Net Rent       Net Rent      Net Rent     Net Rent     Empl. Unit    Net Rent
                                 Bedroom              Bath               30% AMI        40% AMI       50% AMI      60% AMI        Rent        MR Units
                                    0                  1                   $0             $0            $0           $0           NA            $0
                                    1                  1                   $0             $0            $0           $0           NA            $0
                                    1                  1                   $0             $0            $0           $0           NA            $0
                                    2                  1                   $0             $0            $0           $0           NA            $0
                                    2                  1                   $0             $0            $0           $0           NA            $0
                                    2                  2                   $0             $0            $0           $0           NA            $0
                                    2                  2                   $0             $0            $0           $0           NA            $0
                                    3                  2                   $0             $0            $0           $0           NA            $0
                                    3                  2                   $0             $0            $0           $0           NA            $0
                                    4                  2                   $0             $0            $0           $0           NA            $0



Development Financing

                                                                                      Per Unit       Per S.F.
                                              Total Project Costs: $0                 #DIV/0!        #DIV/0!
                                                      Hard Costs: $0                  #DIV/0!        #DIV/0!

                 Finance Sources other than Tax Credit Equity:      $0
                                            Tax Credit Equity:      $0
                                                Total Sources:      $0
                                                   Total Uses:      $0
                                          Sources equal Uses?       Yes

                                                                                      PUPA
                       Total Annual Residential Operating Exp: $0                     #DIV/0!
                      Total Annual Commercial Operating Exp: $0
                                                                                      RR/Unit
                                Annual Replacement Reserve:         $0                $0
                                                  Year 1 DCR:       #DIV/0!
                                Max Allowable Developer Fee:        $0
                                          Total Developer Fee:      $0
                                Total Deferred Developer Fee:       $0
                           10 year cash flow after debt service:    $0
               Deferred Developer Fee payable within 10 years?
                           15 year cash flow after debt service:    $0
               Deferred Developer Fee payable within 15 years?




1/7/2011                                                            Development Summary                           dcdc19ed-be33-4ff1-8d59-3df7f1f515d9.xls

				
DOCUMENT INFO
Description: Colorado Real Estate Closing Form document sample