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Mn Rental Agreement Template document sample
Document Sample
v.3.0
v.4.12.2010
5252002 v3
Electronic Application
Must be saved Minnesota Multifamily Rental Housing Common Application
as a YES
####### 97-2003 Multifamily Underwriting Division
workbook (xls)
john 400 Sibley Street, Suite 300 Submit the completed Multifamily Rental Housing MHFA USE ONLY
for macros to St. Paul, MN 55101-1998
Common Application form electronically at
Date:
work and for https://online2.mhfa.state.mn.us/rfp-upload/index.aspx
App. No.:
import into our
database. MULTIFAMILY APPLICATION FORM Dev. No.:
Submission Due Date 2/1/2011 MHFA # :
HTC No.:
This form is used for multifamily first mortgage loan programs, deferred loans and housing tax credits. HDO:
Click where appropriate :
ARCH:
Application Funding Modification Initial Closing/Closing HTC 8609 HMO:
Selection Meeting HTC Carryover Final Closing Round:
Board Select/Approval LMIR Commitment Deferred Final
I. PROPOSAL REQUEST
A. DEVELOPMENT LOCATION:
Check if this project will have multiple buildings.
Development Name/Program Name:
Street Address: Latitude:
City: Zip: County: Longitude:
B. APPLICATION REQUEST:
Amount of funds requested at this time: Housing Tax Credits Only
Complete Sections Date
Super RFP(Deferred Loans) I-VIII NA Initial Application/ Reservation
* LMIR First Mortgage $0 I-VIII Carryover
* Housing Tax Credits $0 I-IX 8609
GO Bonds Rent Assistance I-VIII Tax Exempt Bond Credits
Operating Subsidy I-VII Type of Credits
MN DEED I-VII Allocator
GO Bonds
Have you also submitted a single family application this round?
* Requires submission of separate application fees. See instruction page. Check(s) enclosed in the amount of:
Have you previously applied for and/or received any of the following funds for this development?
Housing Tax Credits only - check one.
Yes No
If yes, complete below first request
Year Amount Awarded Loan No.
MHFA Single Family Homes RFP supplemental request
MHFA Multifamily RFP (Deferred) repeat request - not selected
MHFA First Mortgage
Project Based Rental Assistance
Housing Tax Credits Allocator
C. HOUSING AND POPULATION TYPE
# Units in # Units in
Development
# RFP Units
Development
# RFP Units # LTH Units
Type of Housing and # of units: (Fill in all that apply) Population Targeting: (Fill in all that apply):
Emergency Shelter Targeted General Occupancy
Transitional (up to 24 months) Families with Children LTH Family
Perm. Rental with Support Services Single HH with Children
Service Enriched Indv/Families of Color
Permanent Rental Youth LTH Youth
Housing Tax Credits Single Men
Rental Assistance Single Women
Metro HRA Project Based Near Homeless LTH Single
St. Paul PHA Project Based Homeless
Minneapolis PHA Project Based Long Term Homeless
HOPWA (choose type below) Elderly
Disabled Mental/cognitive
MHFA Rental Assistance (choose type below) Chemical dependency
People/families with HIV/AIDS
MHFA Operating Subsidies (choose type below) Physical disability
Developmental disability
Other (specify below) Traumatic Brain Injured
Other (specify below)
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II. DEVELOPMENT TEAM
A. DEVELOPER INFORMATION/APPLICANT INFORMATION:
Name (s): Social Security No.:
Address: Fed. Tax ID No (Not SSI):
City: State:
Zip Code:
Contact Person: E-mail:
Telephone: Fax: Cell Phone:
The developer must be a legal entity (e.g. partnership, corporation etc.) or individual.
Developer is current owner and will retain ownership.
Developer is the Project Developer and will be part of the final ownership entity
Developer is the project Developer and will not be part of the final ownership entity. (Briefly describe the planned process and timing.)
Applicant administering program funds.
B. OWNERSHIP / PARTNERSHIP INFORMATION:
HTC Note: - The MHFA reserves tax credits to the partnership and General Partners or to the limited liability company.
Reservations are not transferable. Any change in the General Partner status requires MHFA approval.
Name (s): Fed. Tax ID No.: (not Social Security number)
Address: State:
City: Zip Code:
Contact Person:
Telephone: Fax: E-mail:
Legal Status of Ownership Entity Specify if 'Other' selected
Notes: MHFA First Mortgage program requires ownership by a single asset entity.
* POHP - requires ownership by public entity
* For HTC Applications refer to Section IV.C of the HTC Procedural Manual
for non-profit qualifications. Requires IRS letters of 501(c)(3) or 501(c)(4) status.
Name of General Partner(s) / Contact Person Telephone Non-Profit % Ownership
0.0000%
C. DEVELOPMENT TEAM:
Name Contact Phone Fax E-mail
Processing Agent:
Attorney:
Architect:
General Contractor:
Service Provider:
Non Profit Lessee:
Management Co.:
Does an identity of interest exist between ownership Entity and General Contractor?
Yes No
Does the above entity currently manage the property?
Yes Length of Time: No N/A
Will the building have an on-site caretaker?
Yes No
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III. DEVELOPMENT INFORMATION
A. ACTIVITY TYPE:
Type of Activity (Check all that apply):
Scattered Site Development
Acquisition
Refinance
New Construction
Rehabilitation Conversion/ adaptive re-use
Demolition Historic Preservation/Renovation
Stabilization Preservation of Federally Assisted Housing
Rental Subsidy (please specify type: (i.e.; Sec 8))
Other (Specify)
B. BUILDING INFORMATION:
Total Site Area Sq Ft: 0 Acres Density: #DIV/0! (units/acre)
Type of Construction:
Choose one
Year Built If existing: Occupied Vacant NA
Types of Structures Type of Number of Number of Number of Gross Const. Costs % of TDC
Building Buildings Stories Dwelling Sq. Feet Costs per Sq. Ft.
(1). Units (DU) (2).
Housing Space:
New Construction - 0%
Rehabilitation - 0%
Non-Housing Space:
Covered Parking - 0%
Administration/Programmatic - 0%
Commercial/Other (3) - 0%
TOTALS 0 0 0 $0 -
(1). Total number of residential structures.
(2). Count Basements and Balconies at 1/2 sq. footage.
(3). Other includes: common space, commercial, congregate dining, day care, etc.
Number of Parking Spaces: Surface Monthly fee
Covered Monthly fee
TOTAL 0
C. PROPERTY DESCRIPTION:
Site Control:
Does Applicant currently control the property/building? Type of Existing Loan:
Yes No
Mortgage
Type of Site Control: Contract for Deed
Number of buildings currently under control: Other
If Ownership:
Purchase Price of the Property/Building: Date of Purchase: None
If Purchase is Proposed:
Date of Purchase/Option Agreement: Expiration Date of Purchase/Option Agreement:
If Leased:
Amount of Lease: Term of Lease:
If Tribal land, have approvals been received?
Developments Involving Acquisition (Check all applicable):
Buildings acquired or will be acquired from unrelated party
Buildings acquired or will be acquired from related party
Existing Subsidies:
* Are any of * Are the
* Is the contract for federal * Is the federal assistance at risk of
these funds assisted units at
assistance at risk of expiring in 2 loss due to deterioration of the
Type of Subsidy Type # of Units subject to long risk of
years or less, or is the building at capacity of the current
term use conversion to
risk due to physical deterioration? ownership/management entity?
restrictions? market rents?
0
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Existing Indebtedness on the Property/Building:
Name and Address of Original Loan Interest Term Unpaid Date of Number of Restricted to Loan to be
Lender(s) of Existing Loans, Subsidies Amount Rate Balance Maturity Restricted Special Paid Off in this
and Grants (secured and unscecured) Units Populations? Transaction ?
TOTAL $0 $0
Unusual Site Features: (Check all that apply):
Floodplain High-tension wires Fill
Steep ravines or grades Rock formations Creek, lake, etc.
Near airport Poor drainage High water table
Within 300 feet of railroad Unstable soil Industrial/environmental hazard
Zoning:
Is the property in compliance with current zoning requirements?
Yes No
If No, what is the proposed rezoning classification and timeline?
Does the site require annexation actions?
Yes No
Duration of the process:
Present Zoning/Classification: Max. units/acre:
Are there variances, conditional use permits or special use permits required?
Yes No
Is property in historic district or designated a historic building?
Yes No
Has the city approved the proposed Parking Plan?
Yes No
What is the per unit parking requirement? Garage/unit Surface per unit
Utility Information:
Is or will the development be connected to the following:
Municipal Water Gas
Yes No Yes No
Provider: Provider:
Municipal Sewer Electric
Yes No Yes No
Provider: Provider:
Off-site public improvements or substantial utility extensions necessary ?
Yes (If yes, state nature, amount and plan for construction) No
Planning and Development:
Is the proposal consistent/in compliance with one or more of the following? (Check all that apply)
Neighborhood or Community Revitalization Plan Planned Unit Development (PUD) Continuum of Care RHAG Guidelines Interagency Stabilization Group
Tax Increment Financing (TIF) Comprehensive Plan Other (specify):
Jurisdictions/Political Districts:
Census Tract Number
This project is located in a Qualified Census Tract Difficult Development Area
State Senate District State House District RHAG Region
Congressional District Economic Development Region
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IV. ESTIMATED ANNUAL INCOME AND EXPENSES
A. HOUSING INCOME
RFP
Unit
Proposed Estimated Cost Monthly Gross Total Rooms (#
Type Approx. Size Total Annual
Monthly of Monthly Rent (Proposed Rental Rooms of Units x Rent Limit (% Income Limit
(0BR, # of DU (Net Rentable Contract Rent Unit Type*
Contract Rent Utilities Paid by Contract Rent Per Unit*** Rooms Per of AMI) (% of AMI)
1BR, Sq. Ft.) of Units (# x rent x 12)
Per Unit Occupant + Utilities) Unit)
2BR,
etc.)
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
$0 $0 0.0 0
UNITS: 0 0 TOTAL GRP: $0 TOTAL ROOMS: 0 *** Eff/SRO. = 2.5 rooms
1 BR = 3.5 rooms
* Indicate if: HTC, HOME, Market Rate (MR), Employee Occupied (EO), Owner Occupied (OO), 2 BR = 4.5 rooms
Project Based Assistance (PBA), Hollman (MHOP), Federally Assisted (FA) 3 BR = 6.0 rooms
4 BR = 7.0 rooms
5 BR = 8.5 rooms
Utilities to be paid by Occupant (Excluding Telephone):
6 BR = 9.5 rooms
Water & Sewer Heat -Type: Bed = 2.0 rooms
Hot Water Air Conditioning
Household Electric Other-Specify:
Source of Utility Allowance Calculation (HTC code IRS Notice 94-60, Issued 6/96):
Public Housing Authority Other (Specify)
Utility Company Effective Date of Source of Information:
1. GROSS POTENTIAL RENT:
a. Rental Housing Potential $0
b. Parking/Garage Rent Potential
# of surface parking 0 Monthly fee $0
# of covered parking 0 Monthly fee $0 $0
c. Commercial Rent Potential (specify)
d. Miscellaneous Rent Potential (specify)
e. Gross Potential Rent (Total Lines 1a thru 1d) $0
2. RENTAL LOSS:
a. Rental Housing Vacancy
Vacancy Factor 1.0% x Line 1a = $0
b. Parking/Garage Vacancy
Vacancy Factor x Line 1b = $0
c. Commercial Vacancy
Vacancy Factor x Line 1c = $0
d. Miscellaneous Unrealized Income
e. Employee Rent Credits
f. Out of Service Units
g. Rental Concession Adjustments
h. Bad Debt
i. Total Rental Loss (Total Lines 2a thru 2h) $0
3. NET RENTAL COLLECTIONS: (Line 1e. minus 2i.) $0
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4. OTHER INCOME:
a. Tenant Fees
b. Other Income
Laundry Equipment: $/DU/Year $0
Other (Specify) :
c. Total Other Income (Total Lines 4a thru 4d) $0
NOTE: FOR HTC ONLY
If there is a separate charge for tenant facilities, offices, parking, garages, club house, swimming pool,
storage lockers, etc., the associated costs are not included in eligible basis.
5. TOTAL REVENUE (Lines 3 plus 4e.) $0
B. ANNUAL OPERATING EXPENSES:
1. ADMINISTRATIVE EXPENSES
a. Advertising and Marketing a.
b. Management Fee (based on 100% occupancy)
$/Unit/Month Fee: $0.00
% of Total Revenue: 0.0% b. $0
c. Legal c.
d. Auditing d.
e. Telephone e.
f. On-Site Management Payroll f.
g. Other Administration g.
h. Total Administration (Total Lines 1a thru 1g) $0
2. MAINTENANCE EXPENSES
a. Elevator Maintenance / Contract a.
b. Exterminating b.
c. Rubbish Removal c.
d. Other Contract Services d.
e. Janitor Supplies e.
f. Maintenance Supplies f.
g. Grounds Maintenance g.
h. Snow Removal h.
i. Heat & A/C Repair Services i.
j. General Repair Services j.
k. Paint/Decorating Materials k.
l. Maintenance & Jan. Payroll l.
m. Other Maintenance and Operating m.
n. Other: n.
o. Total Maintenance (Total Lines 2a thru 2n) o. $0
3. UTILITIES
a. Electricity a.
b. Water & Sewer b.
c. Gas and Oil c.
d. Total Utilities (Total Lines 3a thru 3c) d. $0
3.5 UNIQUE OPERATING EXPENSES For Supportive Housing 3.5.
4. INSURANCE 4.
5. TOTAL MANAGEMENT AND OPERATING EXPENSES
(Add Lines B.1h, B.2o, B.3d, B.3.5 and B.4) $0
a. Total Mgmt. and Operating Expenses Per Unit Per Mo. (Line B.5 / Total # Units / 12) $0
b. Total Mgmt. and Operating Expenses Per Room Annually (Line B.5 / Total # Rooms) $0 M & O $/Unit/Year = $0.00
6. RESERVES AND ESCROWS
a. Real Estate Taxes - $ Per Unit $0 X # Units= LIRC PILOT
Current Assessed Market Value
Proposed Market Value after Rehab
Expected LIRC percentage
b. Replacement Reserve -$ Per Room X # Rooms= $0
c. Painting & Dec. Reserve - $/ Room X # Rooms= $0 RR and PD Reserves = $0.00
d. Miscellaneous Reserves -$ Per Room X # Rooms= $0 #DIV/0!
e. Total Reserves & Escrows (Total Lines a thru d) $0
7. EFFECTIVE GROSS EXPENSES (Add lines B.5 and B.6e) $0
(Total Mgmt. and Operating Expenses plus Reserves and Escrows)
8. NET OPERATING INCOME (Line A.5, Total Revenue, minus Line B.7) $0
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V. MAXIMUM SUPPORTABLE MORTGAGE
A. Net Operating Income (Line IV.B.8) - (If zero ($0) or minus, skip this section and go to Section VI.) $0
B. Debt Coverage Ratio 1.1500
C. Net Operating Income Available for Debt Service
(Net Operating Income divided by Debt Coverage Ratio $0
1. Temporary Income
2. Total Net Operating Income Available for Debt Service $0
D. Annual Debt Service for proposed Subordinated Debt, if any:
Other Amortized Subordinated Debt:
Amortization Annual Debt
Lender Principal Rate Term
Term Service
MHFA LMIR TIF Loan
MHFA LMIR IRP Loan
Total Annual Subordinated Debt Service: V.D $0
E. Total Net Operating Income Available for Debt Service less Total Annual Subordinated Debt Service
(Line V.C.2 minus Line V.D) $0
F. Estimated Maximum Mortgage Based on Income Approach:
1. First Mortgage Terms Amortization:
Term: Years Rate: Years: MIP Rate:
a) Debt Service Factor 0.000000000
b) Plus Annual Fee - Type:
c) Total Debt Service Factor 0.000000000
2. Maximum Mortgage $0
(Net Operating Income ( V.E) divided by Total Debt Service Factor ( V.F.1.c)
3. Net Mortgage Loan (Maximum Mortgage divided by 1.04)
(Applies to MHFA 1st Mortgage loans only) $0
4. Development Cost Escrow (DCE) $0
(Maximum Mortgage minus Net Mortgage Loan) (Line V.F.2 minus Line V.F.3)
VI. DEVELOPMENT COST
Tax Credits Only
A. Acquisition or Refinance Existing Debt Costs: Sub Totals Total Costs 30% PV Basis 70% PV Basis
1. Acquisition/ Refinance
a) Land a.
b) Existing Structures b.
c) Demolition c.
Total Acquisition/ Refinance $0 $/DU
2. Special Assessments 2.
3. Other (specify:) 3.
4. Total (Lines 1 through 3) 4. $0
B. If New Construction, complete Section #1 below. If Rehabilitation, complete Section #2 below:
*For HTC ONLY: IF a separate fee is charged for use of these facilities, the associated costs are not included in eligible basis.
For HTC Only: "+" Denotes Intermediary Costs
1. New Construction
a) Residential $0.00 $/gross sq. ft. = a.
b) Garages* $0.00 $/stall = b.
c) Accessory Structures* $0.00 $/gross sq. ft. = c.
d) On Site Work $0 $/DU = d.
e) Off Site Work $0 $/DU = e.
f) Specify Other: f.
g) Specify Other: g.
h) Net Construction $0 $/DU = h. $0
(Total Lines B.1.a. thru B.1.e.)
i) General Requirements 0.00% % of Line B.1.h = i.
j) Builder's General Overhead j.
0.00% % of Line B.1.h =
k) Builder's Profit 0.00% % of Line B.1.h = k.
l) Gross Construction (Contract Amount)
(Total Lines 1.h thru 1.k) $0 $/DU = l. $0
m) Construction Contingency (Minimum 4%, subject to MHFA review) m. $0
n) Total (Lines 1.l plus 1.m) n. $0
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2. Rehabilitation: (if available attach a more detailed scope; otherwise, complete this section).
a) Site work: (grading, paving, drainage, landscape, utilities, etc.) a.
b) Exterior: (includes roof, siding and trim, windows and doors, etc.) b.
c) Garages* $0.00 $/garage = c.
d) Accessory Structures* $0.00 $/gross sq. ft. = d.
e) Interior: (includes cabinets, appliances, fixtures, and wall, e.
ceiling, and floor finishes, etc.)
f) Mechanical Systems: (includes heating, air conditioning, f.
plumbing, and fixtures, etc.)
g) Electrical Systems: (includes service, wiring, and fixtures) g.
h) Specify Other: h.
i) Specify Other: i.
j) Net Rehab (Total Line B.2.a thru B.2.i.) j. $0
k) General 0.00% (% of Line B.2.j) k.
Requirements
l) Builder's General 0.00% (% of Line B.2.j) l.
Overhead
m) Builder's Profit 0.00% (% of Line B.2.j) m.
n) Other - Specify: n.
o) Gross Rehabilitation (Contract Amount) (Total Lines B.2.j thru B.2.n)
$0 $/DU = o. $0
p) Construction Contingency (Minimum 7%, subject to MHFA review) p. $0
q) Total (lines 2o plus 2p) q. $0
3. Environmental
a) Abatement Contract a.
b) Abatement Contingency (Agency determined) b.
c) Total (Lines 3a plus 3b) c. $0
C. Soft Costs
1. Professional Fees & Other Soft Costs
a) Architect's Fee - Design ( 75% of Total ) + a. $0
b) Architect's Fee - Supervision ( 25% of Total ) + b. $0
Total Architect's Fee -
0.0% of the total lines B.1.l + B.2.o - C.1.e - C.1.f
c) Marketing + c.
d) Surveys and Soil Borings d.
e) Payment and Performance Bond Premium + ( if not included in construction contract ) e.
f) Building Permit(s) + (if not included in construction contract) f.
g) Sewer-Water Access Charge g.
h) Appraisal Fee + h.
i) Energy Audit + i.
j) Environmental Assessment + j.
k) Cost Certification/Audit + k.
l) Market Study + l.
m) Tax Credit Fees + m.
n) Compliance Fees + n.
o) Furnishings and Equipment o.
p) Legal Fees + p.
(Syndication and permanent financing fees are not allowed in basis.)
q) Relocation Costs +: Relocation Costs q.
r1) Other Fees - Specify: r1.
r2) Other Fees - Specify: r2.
s) Total (Lines 1.a thru 1.r) s. $0
2. Developer's Fee
a) Developer's Fee + a.
1) Deferred Developer's Fee
2) Dev's Fee avail thru const completion $0
b) Processing Agent + b.
c) Other Consultant Fees (included in Dev. Fees) + c.
d) Other (Specify) d.
e) Total Developer's Fees 0.0% e. $0
% of Line VI.D - Line VI.C.2.e
3. Tax Credit Syndication Fees
a) Organization Fees + a.
b) Bridge Loan + b.
c) Tax Opinion + c.
d) Other Fees: d.
e) Total (Lines 3.a thru 3.d) e. $0
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4. Financing Costs
a) Hazard and Liability Insurance a.
b) Construction Int. at: + months b.
c) Taxes during construction + c.
d) Agency Inspection Fee ( MHFA First Mortgage Only) d. $0
(1% of gross construction cost. See VI.B.l.) +
e) Other Inspection Fee + e.
f) MHFA Origination Fee (2% of 1st $5m. then 1%. $25K min. fee.) + f. $0
g) Other Origination Fee (Permanent financing fee not eligible for basis.) + g.
h) Mortgage Insurance Premium + h.
i) Revenue Bond Premium + i.
j) Title and Recording + j.
k) MHFA DCE (Line V.F.4) k. $0
l) Other: Specify l.
m) Other: Specify m.
n) Other: Specify n.
o) Total Financing Costs (lines 4.a thru 4.n) o. $0 $0
D.Total Mortgageable Costs (TMC)
(Total of subtotal lines) $0 per unit D. $0 $0
E. Non-Mortgageable Costs (For example: Syndication Reserves)
a. Specify: 1.
a. Specify: 2.
a. Specify: 3.
4. $0
F. Total Development Cost (TDC) $0.00 $0 F. $0 $0
(Total lines VI.D and VI.E) Per Sq Ft Per Unit
G. Total Basis for Tax Credits (Sum of 30% + 70% PV Basis) G. $0 $0 $0
H. Total Intermediary Costs H. $0 0.000%
VII. FUNDING REQUIREMENTS:
A. Capital Sources of Funding: Maximum Mortgage $0 **Check to include in Housing Tax Credit
Calculated Gap $0 $0 (HTC) gap calculation MHFA USE ONLY
Name of Source Term Rate Amount Per Unit Committed? HTC Gap** Finance Type Program Units Pay Out Order
1 LMIR 1st Mortgage $0 Yes Yes 15
2 General Partner Cash $0 Yes 1
3 Syndication Proceeds* Deferred Proc.-> $0 Yes 4
4 $0 Yes Yes 2
5 $0 Yes Yes 3
6 $0 Yes Yes 5
7 $0 Yes Yes 6
8 $0 Yes Yes 7
9 $0 Yes Yes 8
10 $0 Yes Yes 9
11 $0 Yes Yes 10
12 $0 Yes Yes 11
13 $0 Yes Yes 12
14 $0 Yes Yes 13
15 $0 Yes Yes 14
Total of Permanent Financing $0 $0 0
* HOUSING TAX CREDIT ONLY: List syndication proceeds from historic credits separately.
** HOUSING TAX CREDIT ONLY: Check yes for sources of financing which must be included in the HTC equity gap calculation.
B. Non-Capital Sources of Funding
Type of Source Name of Source Term # of Units Amount $ per Unit
$0
$0
$0
$0
Total Non-Capital Financing 0 $0 $0
C. Effective Rate of all Minnesota Housing's financing, blending amortizing and deferred loan rates
D. Other Requirements
1. Working Capital Escrow (3% of MHFA Net Mortgage)*
MHFA 1st mortgage only $0
2. Rent Up Escrow (3% of MHFA Net Mortgage)*
MHFA 1st mortgage only with unoccupied building $0
3. Insurance Escrow ( MHFA determines $) for MHFA 1st Mortgage
4. Other - List:
5. Other - List:
*Can be Cash or Letter of Credit.
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E. Maximum Allowable Return on Equity
#VALUE!
$0
F. Other Conditions:
G. Regulatory Cost Avoidance/Cost Reduction
1. Regulatory Incentive - The following worksheet must be completed
for each project that includes Regulatory Incentives
which reduce the cost of producing affordable housing. FOR MHFA USE ONLY
Cost Savings Total Cost
Incentive Devs with syndication proceeds
Per Unit Savings
Devs with no syndication proceeds
x
Devs with de minimus amt. of syndication proceeds
Manual Entry - enter at Line VII.F
2. Local Contributions - Value of donations that do not appear as a funding source. Sources must be
listed below for inclusion in HTC scoring for Local Contributions. Includes land donation, in-kind
contributions and donations of labor, materials, services, etc.
Value of
Source Contact Type
Donation
/
VIII. AFFIRMATIVE ACTION REQUIREMENT
The Minnesota Human Rights Act states that any person or organization having 40 or more employees in the last 12 months in the State
of Minnesota and involved in any transaction of $100,000 or more with state agency must have Affirmative Action Plan approved by the
State Department of Human Rights. Therefore, no applications for $100,000 or more will be accepted unless they include either:
A. A Certificate of Compliance from the State Department of Human Rights (For information call 651-296-5663)
(for organizations with 40 or more employees); or
B. A notarized statement stating that the applying organization has had less than 40 employees in the State
of Minnesota in the last 12 months.
C. Provide information on how you intend to make opportunities available for women-owned or minority-
owned business enterprises.
This application is submitted by the undersigned with the full knowledge and consent of the governing body and is accurate in all details, to
the undersigned's best knowledge.
Signature Date
The Minnesota Housing Finance Agency does not discriminate on the basis of race, color, national origin, sex, religion, age, or disability
in employment or the provision of services.
Equal Opportunity Housing and Equal Opportunity Employment
Comments
The Minnesota Housing will accept only one copy of the completed final
Application Form. Do not send incomplete or preliminary Application Forms.
The Application Form that is electronically submitted to the Minnesota Housing
IF YOU ARE NOT REQUESTING TAX CREDITS
must be identical to the original signed Application Form submitted to the
STOP AT THIS POINT. Minnesota Housing.
Minnesota Multifamily Rental Housing Common Application forms will not be
accepted after 5:00 pm on the application submission date.
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Electronic Application
IX. HOUSING TAX CREDIT / APPLICATION
NOTE: Do not attempt to complete this application without reading the MHFA Tax Credit Procedural
Manual, and Section 42 of Internal Revenue Code. An incomplete Form RFP/HTC-1 will not be accepted
and will be returned to the applicant/developer.
A. SET-ASIDE OF HOUSING CREDIT REQUESTED:
Please check the appropriate set-aside. (HDS Ranking Groups) (Nonprofits must sign application):
* Qualifying Non-Profit must materially participate in
Greater MN For-profit Greater MN Non-profit * Rural Development/Small Project ownership/management of the development in a
Metro For-profit Metro Non-profit * Tax Exempt Bond manner meeting requirements of Sec.469(h) of IRS Code.
Requires IRS letters of 501(c)(3) or 501(c)(4) status
or appropriate equivalent designation approval from the IRS.
B. TYPE OF HOUSING CREDIT REQUESTED:
Newly constructed and not federally subsidized Newly constructed and federally subsidized
Rehabilitation expenditures not federally subsidized Rehabilitation expenditures federally subsidized
Existing building Allocation subject to non profit set aside under sec. 42 (h)(5)
C. MINIMUM SET ASIDE:
At this time the owner "irrevocably" elects one of the minimum set aside requirements stated by
Section 42 of the Internal Revenue Code
Check one only
20% of the units serving households at 50% of the area median
40% of the units serving households at 60% of the area median
D. ESTIMATED PROJECT APPLICABLE FRACTION DETERMINATION:
1. Complete the section below for tenant facilities/amenities:
Included in
Common Space - Non unit Sq Ft Fee
Basis?
Parking/Garages
Storage Lockers
Club House
Swimming Pool
Community Service Facility
Office
Other
2. Complete the section below for Applicable Fraction:
Type of Residential Rental Units # of Units Sq. Ft.
A. HTC Low Income Units
B. Market Rate Units/non HTC units
C. TOTAL # HTC LOW INCOME + MARKET RATE 0 0
D. Unit and Area Fractions (A. divided by C.) 0.00% 0.00%
E. APPLICABLE FRACTION (lesser of unit
0.00%
or area fraction Line D above)
F. Employee/Common Space Units*
G. Total # and sq ft of Units 0 0
* A fulltime resident manager’s or caretakers unit is considered an employee/common space unit and must not be included in the numerator or denominator
for calculating the applicable fraction.
Use the applicable fraction in number IX.D.2.E above when calculating qualified basis in number IX.H below.
At placed-in-service, calculation of the actual credit amount and compliance monitoring is done on a building-by-building basis and will be based
on the targeted applicable fraction set forth on the Building Map.
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E. ACQUISITION/REHABILITATION:
1. Total Rehabilitation Expense (Line VI.B.2.q) $0
2. Lowest avg. rehabilitation attributable qualified basis per low income unit/bldg. (in 5. below, you must complete details for all buildings)
3. Average rehabilitation expense per low income unit per project $0
4. Adjusted basis x 20% = $0
Rehabilitation expenditures must equal the greater of:
- An average of $6,000 in qualified basis per low income unit for a building increased annually by a cost of living adjustment per Section
Rehabilitation expenditure must be the greater of $5,000 / low income unit / project (Minnesota Statute 462.A.221) or $3,000 rehabilitation attributable qualified basis / low
42(e)(3)(d).; or
- An amount that is not less than 20 percent of the adjusted basis of the building as determined pursuant to Section 42(e)(3);
- Average at least $5,000 per unit (Minnesota Statutes Section 462A.221, Subdivision 5)*.
*In unit / Building or qualifying rehabilitation expenditures projects, the $5,000/unit/project is not applicable.
income Greater Minnesota and Qualified preservation not less than 10% of adjusted basis/building (42(e)(3)(A)(ii)(I) In Greater Minnesota and Qualified preservations,
the $5,000 / unit / project is not applicable.
5. Complete the following:
1 2 3 4 5 6 7 8
Average
Number of Years
rehabilitation
Date of Actual / Between Placed
Date of Date of Original Is 10 year rule attributable
Address of Building Substantial Proposed Date In Service (Later
Acquisition by Certificate of violated for this qualified basis
(one line per building) Rehabilitation of Rehabilitation of column 2, 3, or
Seller Occupancy project? per low income
by Seller by Applicant 4) and
unit for this
Rehabilitation
building
Total Buildings 0
6. If less than 10 years since last placed in service, is the project eligible for a waiver from the Secretary of U.S. Department of the Treasury.
Yes No N/A Due to Section 42(d)(6)
If 10 year rule is violated, actual or proposed waiver date?
7. Are any of the buildings owner-occupied single family dwellings?
F. OTHER BASIS CONSIDERATIONS:
1. Will any of the project financing be treated as or considered to be a Federal grant, tax-exempt obligation (Code Sec.103)?
Yes No
If yes, complete the following: If yes, complete the following:
Source of funds Source of funds
Amount Amount
If yes, elect one of the following options If yes, elect one of the following options
NA NA
4% credit 4% credit
Subtract from basis Subtract from basis
2. Will the development basis include a community service facility?
Yes No
If yes, all the following conditions must be met:
* project located in Qualified Census Tract
* eligible basis of the facility cannot exceed (a) 25% of so much of the eligibile basis of the project as does not exceed
$15,000,000 plus (b) 10% of so much of the eligible basis of the project as is not taken into account under (a). See Sec 42(
c)(4)(C)(i), (ii), (iii)
* facility must be designated to serve primarily individuals including tenants and non-tenants with incomes of 60% AMI or less.
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G. TAX EXEMPT BOND FINANCING:
Are tax exempt bonds to be issued?
Note: Applicants requesting tax credits in conjunction
Yes No
with tax credit bond financing must complete and submit to MHFA
all documents required in the MHFA Housing Tax Credit Qualified Allocation Plan
If yes, complete the following:
Article 9.
Total Aggregate Basis
Total tax exempt bonds
Name of bond issuer
Date of allocation of bond volume cap
H. DETERMINATION OF TAX CREDIT:
1. Tax Credit Basis Calculation COMPLETE FOR TAX CREDITS
30% PV 70% PV
Basis Basis
A. TOTAL BASIS (Section VI.G) A. $0 $0
Less portion of federal grant used to finance qualifying
development costs. List Grants:
Name Amount
Total $0
Less amount of nonqualified nonrecourse financing
Less nonqualifying units of higher quality
Less nonqualifying excess portion of higher quality units
Less Historic Tax Credit (Residential Portion Only)
B. TOTAL ELIGIBLE BASIS B. $0 $0
Portion of above Basis 30% 70%
NOT ELIGIBLE High Cost Adjustment $0 $0
for High Cost Adj. ( If applicable, check Qualified Census Tract or DDA box in Section III.C )
Total Eligible Basis Adjusted for the High Cost $0 $0
Multiplied by the Applicable Fraction (Section IX.D) 0.0000 0.0000
C. TOTAL QUALIFIED BASIS C. $0.00 $0.00 $0.00
Multiplied by the Applicable Percentage
D. TAX CREDIT POTENTIAL FOR PROJECT D. $0.00 $0.00
E. ANNUAL TAX CREDITS REQUESTED THIS APPLICATION E. $0
(Sum of 30% & 70% PV Basis Columns)
PLEASE NOTE: The actual amount of credit for the project is determined by the housing credit agency at each evaluation stage.
If the project is eligible for Historic Tax Credit include a complete breakdown of the determination of eligible basis for the
Historic Credit with the application.
If the Project's basis has been adjusted because it is in a high cost or qualified census tract, the subsequent deduction for item(s)
to remove them from basis must be adjusted by multiplying the amount by 130%. (This does not apply to Historic Tax Credits.)
High cost/qualified census tract adjustment cannot be made to the acquisition basis of an acquisition/rehab type project.
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2. Tax Credit Equity Gap Calculation
Applicable Sources from funding requirements VII.A. sources of funding.
Source Amount
0 $0.00
0 $0.00
0 $0.00
0 $0.00 To add or remove an entry from
0 $0.00 this table, check or uncheck the associated
0 $0.00 box labeled "HTC Gap" in the Sources of Funding table
0 $0.00 Section VII.A located below cell I611.
0 $0.00
0 $0.00
0 $0.00
0 $0.00
0 $0.00
0 $0.00
a. Total Sources of Funds above $0.00
b. Total Development Costs $0.00 (Section VI.F.)
c. Funding Gap $0.00 (a minus b)
d. Equity Factor (0.0000) =
e. 10 Year Credit Gap $0.00 (c divided by d)
f. Annual Credit Gap $0 (e divided by 10)
g. Annual Basis Credit $0 (from 1.E)
Maximum Tax Credit Allowed $0 (the lower of line f or line g above.)
Requesting waiver of limit.
MHFA Approved Maximum Tax Credit $0
Credit Amount Previously Allocated and/or reserved:
Maximum Credit Requested AT THIS TIME: $0 Manual Max Credit
I. TAX CREDIT SYNDICATION:
Tax Credit Syndication (Provide as much information as is available at time of application.)
1. Will the Tax Credits be offered to investors?
If no, attach a description explaining how the tax benefits will be used and how that will benefit the project.
If yes, answer each of the following:
Type of offering
Public Private
Number of Annual Pay-In Periods
First Pay-in Year
Interest Rate
Pay-in Amount Describe the structure of syndication proceeds pay in Reserve Requirements Description
$0 $0 Total
HTC Syndication costs will be evaluated along with other project costs. Please list all estimated or actual cost of syndication associated with the project.
2. Ten Year Gross Tax Credits* (* Project's annual tax credit amount multiplied by 10.)
3. Gross Syndication Proceeds** $0 (** Gross Syndication Proceeds entered on Sources Tables (VII.A.3), cell F614, see also cell M999).
4. Equity Factor (Line 3. divided by Line 2.)
*Gross Syndication Proceeds means all syndication proceeds with the exception of upper tier transaction costs not charged to or paid to the development.
5. Does this project qualify for historic rehabilitation Credits?
If yes, answer each of the following:
What is the credit amount?
Estimated Proceeds?
Proposed Syndicators or Equity Sources:
Federal
Name(s): Address: City / State: Zip Code: Contact Person: Telephone: Fax:
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J. Statement and Certification of Applicant/Owner
Individually, or as the general partner(s) or officers of the applicant entity (hereinafter referred to as "Owner"), we are familiar with the provisions of the
Tax Reform Act of 1986 and subsequent revisions with respect to the Low Income Housing Tax Credit (HTC), and to the best of our knowledge and belief,
the applicant entity has complied, or will comply with all of the requirements which are prerequisite to issuance of the HTC by Minnesota Housing
Finance Agency (Minnesota Housing). We understand that the HTC Program will be governed and controlled by rules and regulations issued
by the Internal Revenue Service (IRS). We also understand that we must comply with the Minnesota Statutes 462A and Housing Tax Credit Program
Procedural Manual and Allocation Plan of Minnesota Housing concerning Low-Income Housing Tax Credits.
I (We) hereby make application to Minnesota Housing for allocation of HTC. The undersigned hereby acknowledges that the making of an allocation
by Minnesota Housing does not warrant that the project is deemed qualified to receive such allocation. I (We) agree that neither Minnesota
Housing nor any of its directors, officers, employees, and agents will not be held responsible or liable for any representations made to the undersigned
or its investors relating to the HTC. I (We) assume the risk of all damages, losses, costs, and expenses related thereto and agree to indemnify
and save harmless Minnesota Housing or any of its directors, officers, employees, and agents against any and all claims, suits, losses, damages, costs, and expenses
of any kind and of any nature that the Minnesota Housing may hereinafter suffer, incur, or pay arising out of its decision concerning the application for HTC
or the use of the information concerning the HTC Program.
I (We) also understand and agree that Minnesota Housing has made no representations about the effect of the tax credit upon my (our) taxes
or that of any other person connected with this project.
I (we) understand and agree that:
(1) The information requested on this application and any attachments hereto are being collected to determine eligibility of the project under Section 42.
(2) Minnesota Housing may request additional information in order to evaluate this application.
(3) An applicant who fails to complete all information requested will not be eligible for a reservation of HTC.
(4) Certain provisions of Internal Revenue Code (IRC) Section 42 and regulations thereunder and Minnesota Statute Chapter 462A may change
and as a result of said change may require the submission of additional documentation to Minnesota Housing.
(5) Information requested in this application is public data which is accessible to the public pursuant to Minnesota Statutes, Chapter 13.
I (We) hereby certify that the information contained in this application is true, correct and complete. I (We) understand that any misrepresentations
and/or fraudulent information made in this application may result in the termination of HTC by Minnesota Housing and may bar me(us) and
related parties from future program participation, and reporting of such misrepresentation and fraudulent information to the IRS.
Signature of General Partner
by:
of:
its:
Print name
of signatory,
Date
The foregoing instrument was acknowledged before me this ___________ day of ___________ , 20___ ,
by __________________________________________ , the _____________________________________
(name) (title)
of __________________________________ a ________________________________________ .
(Name of corporation)
Notary Public
Signature of Nonprofit Partner (if applicable)
by:
of:
its:
Print name
of signatory,
Date
ss
The foregoing instrument was acknowledged before me this ___________ day of ___________ , 20___ ,
by __________________________________________ , the _____________________________________
(name) (title)
of __________________________________ a ________________________________________ .
(Name of corporation)
Notary Public
Email the completed Minnesota Multifamily Rental Housing Common Application to MHFA at mhfa.app@state.mn.us.
The MHFA will accept only one copy of the completed final Multifamily Application Form. Do not send incomplete or preliminary Application Forms.
The Minnesota Multifamily Rental Housing Common Application that is emailed to the MHFA must be identical to the original signed Application Form submitted to the MHFA..
Minnesota Multifamily Rental Housing Common Application forms will not be accepted after 5:00 pm on the application submission date.
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A B C D E F G H
Federal Tax ID
1 Role (not SSI) Name Address 1 Address 2 City State Zip
2 Development Company
3 Developer Contact
4
5 Project Owner
6 Owner Contact
7
8 General Partner 1
9 General Partner Contact 1
10
11 General Partner 2
12 General Partner Contact 2
13
14 General Partner 3
15 General Partner Contact 3
16
17 General Partner 4
18 General Partner Contact 4
19
20 Processing Agent Company
21 Processing Agent Contact
22
23 Attorney Firm
24 Attorney Contact
25
26 Architect Firm
27 Architect Contact
28
29 Contractor Company
30 Contractor Contact
31
32 Service Provider Agency
33 Service Provider Contact
34
35 Non Profit Lessee Company
36 Non Profit Lessee Contact
37
38 Management Company
39 Management Agent
40
41 Syndicator
42 Syndicator Contact
43
44 Syndicator 2
45 Syndicator Contact 2
46
47 Rental Assitance Administrator
48 RA Administrator Contact
49
50 Operating Subsidy Administrator
51 OS Administrator Contact
52
53 Other Entity Roles
54
55
56
57
58
59
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A B C I J K L
Federal Tax ID
1 Role (not SSI) Name Phone Fax Email Cell Phone
2 Development Company
3 Developer Contact
4
5 Project Owner
6 Owner Contact
7
8 General Partner 1
9 General Partner Contact 1
10
11 General Partner 2
12 General Partner Contact 2
13
14 General Partner 3
15 General Partner Contact 3
16
17 General Partner 4
18 General Partner Contact 4
19
20 Processing Agent Company
21 Processing Agent Contact
22
23 Attorney Firm
24 Attorney Contact
25
26 Architect Firm
27 Architect Contact
28
29 Contractor Company
30 Contractor Contact
31
32 Service Provider Agency
33 Service Provider Contact
34
35 Non Profit Lessee Company
36 Non Profit Lessee Contact
37
38 Management Company
39 Management Agent
40
41 Syndicator
42 Syndicator Contact
43
44 Syndicator 2
45 Syndicator Contact 2
46
47 Rental Assitance Administrator
48 RA Administrator Contact
49
50 Operating Subsidy Administrator
51 OS Administrator Contact
52
53 Other Entity Roles
54
55
56
57
58
59
Page 17 of 24
10 Year Proforma
Base Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15
Annual Factor 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14
ANNUAL OPERATING INCOME:
GROSS POTENTIAL RENT: Manual Override
Rental Housing Potential 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Parking/Garage Rent Potential 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Commercial Rent Potential (specify) 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Miscellaneous Rent Potential (specify) 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Gross Potential Rent $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
RENTAL LOSS:
Rental Housing Vacancy 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Parking/Garage Vacancy 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Commercial Vacancy 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Miscellaneous Unrealized Income 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Employee Rent Credits 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Out of Service Units 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Rental Concession Adjustments 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Bad Debt 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Rental Loss $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
NET RENTAL COLLECTIONS: $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
OTHER INCOME:
Tenant Fees 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Laundry Equipment 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Annual Tax Increment Financing (TIF) Receipts 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other (Spec:) 0 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other (Spec:) 0 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other (Spec:) 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other (Spec:) 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Forfeited Security Deposits 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Interest Income 2.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Other Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
TOTAL REVENUE $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
ANNUAL OPERATING EXPENSES:
ADMINISTRATIVE EXPENSES
Advertising and Marketing 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Management Fee 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Legal 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Auditing 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Telephone 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
On-Site Management Payroll 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Administration 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Administration $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
MAINTENANCE EXPENSES
Elevator Maintenance / Contract 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Exterminating 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Rubbish Removal 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Contract Services 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Janitor Supplies 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Maintenance Supplies 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Grounds Maintenance 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Snow Removal 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Heat & A/C Repair Services 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
General Repair Services 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Paint/Decorating Materials 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Maintenance & Jan. Payroll 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Maintenance and Operating 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other 0 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Maintenance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
UNIQUE OPERATING EXPENSES
Other (Spec:) 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other (Spec:) 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other (Spec:) 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other (Spec:) 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Unique Operating Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
UTILITIES
a. Electricity 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
b. Water & Sewer 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
c. Gas and Oil 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
d. Total Utilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
INSURANCE 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
TOTAL MANAGEMENT AND OPERATING EXPENSES $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
ANNUAL RESERVES AND ESCROWS
Real Estate Taxes 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Replacement Reserve 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Painting & Dec. Reserve 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Miscellaneous Reserves 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other 3.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Reserves & Escrows $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
EFFECTIVE GROSS EXPENSES $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
NET OPERATING INCOME $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Page 18 of 24
10 Year Proforma
Annual Factor 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14
ANNUAL DEBT SERVICE
Debt Service $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other
Cash Flow $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Requested Operating Subsidy
Adjusted Cash Flow $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Discount Rate
NPV $0.00
Page 19 of 24
Attachment A
PROJECT: HUD #.:
PREPARED BY: DATE:
SOURCES
Tax Credit Proceeds (Gross Est. Syn.Proceeds PV) $0
First Mortgage
Other Loans
Other:
TOTAL SOURCES $0
USES
To Purchase Land and Building VI. A. 4 $0
On/Off Site Work VI. B. 1. d.& e. & 2.a $0 Maximun Standard
Rehabilitation and New Construction
New Structures B.h. less d.&.e $0 General Req. #DIV/0!
Rehabilitation B.2 j less a $0
Environmental Work B3c $0 Builder's Overhead #DIV/0!
General Requirements B1i+B2k $0
Contractor Overhead B1j+B2l $0 Builder's Profit #DIV/0!
Contractor Profit B1k+B2m $0
Construction Contingency B1m+B2p $0 Total of above #DIV/0!
Other (Identify) B2n $0
Professional Fees C1s $0 Developer's Fee #DIV/0!
Financing Costs C4o $0
Syndication Costs C3e $0 Syndication Costs #DIV/0!
Developer Fees C2e $0
Project Reserves E4 $0
Other
TOTAL USES $0
PROJECT GAP $0
EST. NET SYND. PROCEEDS
Total Annual Tax Credit Allocation
Tax Credit Proceeds (from Above) $0
Syndication Costs C3e
EST. NET SYND. PROCEEDS $0
Net Synd Proceeds/0% of allocated tax credits % of allocated tax credits
$0 Divided $0 #DIV/0! Pay-in per $1 credits purchased
Attachment C
SUBSIDY LAYERING REVIEW
EQUITY PROCEEDS
PROJECT NAME:
LOCATION:
HUD PROJECT #:
Pay-In Schedule
Interest Rate (Bridge Loan, or NPV factor):
Construction Occupancy Date (Placed In Service Date):
No. of Months from FV or PV from
Date of Pay-In Description of Pay-In Amount
expected C.O. Date C.O. Date
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $0
Estimated Gross Syndication Proceeds $0
Effective Rate with all MHFA funds
Loan Desc-> NOI Loan MHFA Other 1 MHFA Other 2 Combined
Supporting Income -> 0.00
Rate --> 0.0000% 0.0000% 0.0000% #NUM!
Interest Type Compound Compound Compound
Term (Yrs) --> 0 0 0 0
Amortization (Yrs) -> 0 0 0
Future Value -> 0 0 0
Amortizing Loan -> Yes Yes Yes
Debt Service Factor -> 0 0 0 0 0
MIP Rate -> 0 0.00 0.00
Annual Fee -> 0.00 0.00 0.00
Total DSF -> 0 0 0 0 0
Loan Amount -> 0 0 0 0 0 0
Monthly Payment -> #DIV/0! 0.00 0.00 0.00 0.00
Negotiated Mortgage
Payment Payment Payment Payment Payment Payment Payment
Number Stream Stream Stream Stream Stream Stream
0 0.00 0.00 0.00 0.00 0.00 0.00
Page 22 of 24
Instructions:
1) If buildings are located in the same city, zip and county, enter those fields once.
2) If buildings are located in multiple cities and/or counties, enter all here. On the Application sheet select one city and one county.
3) If buildings are scattered site, not in close proximity, enter latitude and longitude here.
Building Address City Zip Code County Longitude Latitude
