Letter of Intent Equity Purchase by dvo19591

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									         2011-2012 Multifamily Fianance Competitive Application Score Sheet

(The comment boxes are for internal use only. Developer comments will be disregarded.)
If a minimum score of 250 is not received, the application will not be reviewed for financial feasibility
and will not receive funding. Please refer to scoring guidelines for additional guidance.



Project Name:

Applicant Name:




                                                                   Possible        Self
                                                                                             Awarded
                                                                    Points        Score


A. DEVELOPMENT TEAM
                                                                      100            0            0
(Based on review prior to application; minimum 60 points
required.)


B. PROJECT DESIGN & LOCATION                                          150            0            0


C. FINANCIAL DESIGN/READY TO PROCEED
                                                                      225            0            0


D. BONUS OPPORTUNITIES
                                                                       25            0            0


                                                                      500            0            0
                       TOTAL
A. DEVELOPMENT TEAM -- 100 possible points; minimum 60 points required
This section of the scoring criteria includes developer, consultant, management agent, owner, applicant preparer,
general partners, and/or non-profit partners. Generally, for compliance and asset management issues, KHC will
look back approximately one year (January 1, 2010) when evaluating the capacity of the various members of the
development team. For production issues, KHC will look back approximately three years (January 1, 2008).
However, KHC reserves the right to consider developmental concerns prior to this date, if warranted.
Development Team review will be conducted prior to application. See guidelines for additional requirements.



CAPACITY OF THE DEVELOPMENT TEAM
                                                                           Possible      Self
                                                                                                    Awarded
                                                                            Points      Score

1. Monitoring/Compliance

   a.     Only one of these apply
          No member of the development team within the past
          year has had any compliance and/or monitoring issues
          (excluding cured issues during the 30-day correction                 20
          period), whether it is federal, statutory, or KHC
          policies.
                                     or
          One or more members of the development team has
          had noted noncompliance issues (federal, statutory, or
          KHC policies), but all have been corrected within six                10
          months after the close of the correction period, i.e.,
          issuance of the IRS Form 8823 and/or closed review
          letter with open issues.


                                       or
          A member of the development team has been found to
          be directly or indirectly responsible for any project in
          which there is or were uncorrected noncompliance
          issues for more than six months from the close of the
          correction period (i.e., issuance of the IRS Form 8823
                                                                               0
          and/or closed review letter with open issues) and the
          member(s) of the development team have been
          notified and the noncompliance issue has been
          documented. IRS Form 8823(s) issued for acts of
          God or for reasons beyond the owner's control may be
          excluded, as determined by KHC.


                                   or
          A member of the development team has had chronic
          and repeated compliance issues or findings of
          noncompliance and they have been notified and it has               (-10)
          been documented.
DEVELOPMENT TEAM
                                                                    Points     Self
Selection Criteria                                                                    Awarded
                                                                   Possible   Score

   b.   No member of the development team has requested a
        waiver or modification for pledged amenities or
        requested a deviation from project design. (This
        includes pre-8609(s) reviews and excludes equitable
                                                                     10
        substitutions of amenities and/or project design
        elements as included in original application for
        funding. Such substitutions must be approved by
        KHC.)


   c.   No member of the development team has a property
        previously financed by KHC that received a REAC
        score of 60 or below in its most recent inspection.
        KHC reserves the right to consult with HUD to ensure
                                                                     10
        that no other HUD-financed project in which a member
        of the development team is involved has received a
        REAC score of 60 or below in its most recent
        inspection.


2. Production

   a.   No member of the development team has been
        involved in a project awarded Housing Credits or other
        KHC funding prior to December 31, 2007, and the              20
        project has yet to be placed in service and/or close-out
        documentation remains to be submitted to KHC.



   b.   No member of the development team has had funds
        recaptured by KHC within the past 3 years;
        develoment team was notified and it has been                 10
        documented. Recapture event is due to not meeting
        KHC-imposed deadlines.


   c.   A member of the development team within the past
        three years has requested to exchange (swap)
        previously awarded Low Income Housing Tax Credits
        for a newer year. (This excludes Recovery Kentucky,          (-5)
        Scholar House, Kentucky Domestic Violence
        Association, and the Distressed Appalachian
        Initiatives).
DEVELOPMENT TEAM
Selection Criteria                                                  Points     Self
                                                                                      Awarded
                                                                   Possible   Score

  d.   A member of the development team has been a part
       of a development team within the past three years that
       has developed and placed in service a KHC-financed            10
       multifamily project of at least ten units.

                                    or
       A member of the development team has been a part
       of a development team within the past three years that         5
       has developed and placed in service a multifamily
       project in another state utilizing housing credits or tax
       exempt bonds.


3. Asset Management

  a.   No member of the development team has been
       involved in a KHC-financed project that has been
       delinquent for 75 days or more on debt service                10
       payments or any KHC-maintained escrow accounts.
       (Without a KHC-approved forebearance).


                                  or
       A member of the development team has been
       involved in a KHC-financed project that has been
       delinquent for 75 days or more on debt service
       payments or any KHC-maintained escrow accounts.
                                                                     (-5)
       This also includes Housing Credit projects in which
       another lender is involved and KHC is informed of
       such delinquent status by the third party lender.



  b.   Within the past year, a member of the development
       team has been involved in a project which previously
       received KHC funds and has requested a forbearance.           (-5)



  c.   No member of the development team is involved with
       a project in which the most recent review by KHC of
       the audited financial statements and/or compilation            5
       revealed a ranking of critical.
DEVELOPMENT TEAM
Selection Criteria                                                     Points     Self
                                                                                         Awarded
                                                                      Possible   Score

4. Sponsor Characteristics (only one will apply)

         Project is developed by a for-profit, minority- controlled
         and managed development entity. This entity has                 5
         received proper certification. (Please see guidelines.)


                                                or
         Project is developed by a for-profit female-controlled
         and managed development entity. This entity has
         received proper certification. (Please see guidelines.)


                                                or
         Non-profit organization that materially participates in
         the development and operation of the project.


TOTAL DEVELOPMENT TEAM POINTS:                                                     0        0
100 possible; 60 required minimum

Comments:
B. PROJECT DESIGN & LOCATION
Selection Criteria - 150 Points Possible                                  Possible    Self
                                                                                             Awarded
                                                                           Points    Score


1. Building Design (check all that apply)

   a.     100 percent of the exterior walls are either brick, stone, or
          HardiePlank (or similar) per building.
                                                                            15
                                    or
          50 percent of the exterior walls are either brick, stone, or
                                                                             5
          HardiePlank (or similar) per building.



   b.     Project incorporates Energy Star design features (Please          15
          see guidelines).
                                   or
          Project exceeds Energy Star design requirements                   25
          (Please see guidelines).

   c.     Overall project design includes green construction
          techniques (Please see guidelines).
                                                                            15


2. Project Size

   a.     33 units or more                                                  15
          32 units or less                                                  20


3. Plans and Specifications

Based upon the preliminary plans, specifications, or work write-up
submitted, plans and specifications must be detailed enough to
determine the following:

   a.     The plans are submitted to proper scale and meet KHC's
          guidelines for submission of preliminary plans
                                                                            15
                                   site
          requirements. Scattered or projects must submit at
   b.     The plans are submitted but will require revisions in order
          to meet KHC's guidelines for preliminary plan
                                                                             5
          requirements.

                                    or
   c.     The plans are not to proper scale, incomplete, or too
          preliminary, or applicant failed to submit plans.
                                                                             0
PROJECT DESIGN & LOCATION
                                                                      Possible    Self
Selection Criteria                                                                       Awarded
                                                                       Points    Score

4. Project Amenities (Check all that apply) must pick 3,
Maximum 10 points (see scoring guidelines)


   a.    Washer/Dryer hookups in the unit.                               5
   b.    Security service/alarm provided in the unit.                    1
   c.    Help/call system (type typically found in elderly and/or        1
         handicap units).
   d.    Other                                                           1
   e.    Other                                                           1
   f.    Other                                                           1
   g.    Other                                                           1
   h.    Other                                                           1
   i.    Other                                                           1
   j.    Other                                                           1
   k.    Other                                                           1
         See scoring guidelines for additional information rearding
         "other".
5. Unique Marketable Attributes (Check all that apply)
Maximum 10 points (see scoring guidelines)

   a.    Community room provided for project. It must be a
         designated area with furniture.                                 2

   b.    Playground provided on site (with commercial-grade
         playground equipment).                                          2

   c.                                                                    2
         Picnic table/benches (must be commercial-grade).
   d.    Outdoor grill area with grills (must be commercial-grade
         and permanent).                                                 2

   e.                                                                    1
         Additional storage area per unit.
   f.    Private patio/deck area per unit.                               1
   g.                                                                    1
         Fenced in back yard for single-family dwellings.
   h.                                                                    1
         Other:
   i.                                                                    1
         Other:
   j.                                                                    1
         Other:
   k.                                                                    1
         Other:
         See scoring guidelines for additional information rearding
         "other".
PROJECT DESIGN & LOCATION
                                                                    Possible    Self
Selection Criteria                                                                     Awarded
                                                                     Points    Score
6. Site Design and Location

   a.   Project is not located in a flood zone or waterway.           20

7.Neighborhood Renewal Efforts


   b.   Housing Characteristics (See guidelines for points
        awarded in this area). 10 point maximum.                      10

8. Preservation/Rehabilitation

   a.   Project preserves existing affordable rental housing
        stock. Must have participated in an affordble housing
                                                                      10
        program. (Does not include minor rehabilitation or
        demolition-rebuild).
                                 or
   b.   Project converts existing rental structures to affordable
                                                                       5
        (Note: this is not considered preservation of existing
        affordable rental stock, see guidelines.)


TOTAL PROJECT DESIGN AND LOCATION POINTS: 150
possible                                                                         0        0
C. FINANCIAL DESIGN/READY TO PROCEED     Selection
Criteria - 225 Possible Points   The Financial Design
section will be scored based on the revisions made to the
underwriting model duing the underwriting review. If it is found that a
                                                                           Possible    Self
project is not fianancially feasible, regardless of the points scored,      Points    Score
the application will be rejected.


1. Leverage
Excludes Housing Credit Equity, SMAL or any amortizing debt.
KHC subsidies include AHTF and HOME (due at maturity and
forgiveable at maturity)


    a.    Project is requesting 0 percent of total development costs
                                                                             30
          in KHC subsidy.
                                    or
   b.     Project is requesting up to 10 percent of total development
                                                                             20
          costs in KHC subsidy.
                                    or
    c.    Project is requesting 10.1 to 15 percent of total
                                                                             10
          development costs in KHC subsidy.
                                    or
   d.     Project is requesting 15.1 percent or more of total
                                                                              0
          development costs in KHC subsidy.

2. Debt Coverage Ratio

    a.    Project meets KHC guidelines for DCR without
                                                                             15
          adjustments.

3. Maximum Allowable Fees

    a.    Project has construction-related maximum allowable fees
          with the correct limits. (Please see Application                   15
          Guidelines).

4. Cost Containment

    a.    Project is within the KHC cost containment limit. (Please
                                                                             25
          see Guidelines)

5. Tax Exempt Bonds and 9% Tax Credit

    a.    Requesting 9 percent credits in connection with a multi-phased
          tax exempt bond financed project. (Please see Guidelines)          10
FINANCIAL DESIGN/READY TO PROCEED                    Selection
                                                                       Possible    Self
Criteria
                                                                        Points    Score
6. Funding Commitments-non KHC

   a.    All funding commitments are firm and documentation has
         been submitted to KHC (exclusive of Housing Credit              20
         equity).
                                   or
   b.    Some funding commitments are firm and some are letters
         of intent, documentation has been submitted to KHC. Pre-
         application or approval letters from RD or HUD.                 15



7. Rental Assistance Commitment

   a.    Section 8 or Rural Housing rental assistance is secured
                                                                         25
         for 100 percent of the units.
                                   or
   b.    Section 8 or Rural Housing rental assistance is secured
                                                                         15
         for less than 100 percent of the units.

8. Housing Credit Commitment

   a.    Projects requesting Housing Credit have submitted a firm
         commitment from their equity provider or a letter of intent
         from their equity provider. (Refer to scoring guidelines.)      15


                                    or
         Projects requesting Housing Credit have submitted a letter
         of interest from their equity provider. (Refer to scoring        0
         guidelines.)

9. Historic Tax Credits

   a.    For projects using Historic Tax Credits, a letter of intent
         from an investor to purchase the credits is provided, no        10
         SHPO approval.
FINANCIAL DESIGN/READY TO PROCEED Selection                                     Possible    Self
Criteria                                                                         Points    Score
10. Donated land, materials, and/or labor
    a.   Commitments for donated land, materials, and/or labor
          (valued at $10,000 or greater). Source documentation is                 15
          provided to support value.
                                     or
   b.     Some letters of intent are provided for donated land,
          materials, and/or labor (valued at $10,000 or greater).                 10
                                     or
   c.     Applicant has provided no supporting documentation
          regarding the donation of land, materials, and/or labor                  0
          (valued at $10,000 or greater).


11. Zoning/Infrastructure

   a.     Site is properly zoned. If no zoning exists, the developer
          must submit a letter from the county judge executive or                 15
          mayor indicating that this is the case.


          All infrastructure is adjacent to the site or already on the site.
   b.                                                                             15


12. Site Control

   a.     Has site control (on all sites). If it is a scattered-site property
          where 50 percent or more of the sites are non-contiguous,
          site control must be obtained for at least 35 percent of the            15
          sites. (Please refer to scoring guidelines.)


                                     or
   b.     Has some site control (but not on all sites). If it is a
          scattered-site project and less than 35 percent of sites have            5
          site control.


    TOTAL PROJECT DESIGN AND LOCATION POINTS:                                                0
(225 possible)
Comments:
Awarded
Awarded
Awarded




   0
D. BONUS OPPORTUNITIES -- 25 Possible Points                     Possible    Self
Selection Criteria                                                                  Awarded
                                                                  Points    Score

  1)   Applicant has submitted all required attachments
       correctly as indicated on the application checklist.         5


  2)   Applicant has completed and submitted self-scoring
       sheet.                                                       5


  3)   Applicant has submitted the correct number of copies of
       all attachments, or has uploaded all attachments             5
       electronically.


  4)   Information submitted in the Application, Underwriting
       Model, and all funding commitments match.                   10


                              TOTAL BONUS POINTS:                             0        0

Comments:

								
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