Master Lease Option Real Estate

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					                                             SCATTERED SITE ADDENDUM
   PROJECT INFORMATION                                                                                                          SECTION 3
   If this is a scattered site project, complete a Scattered Site Addendum for each site.
   3.01     Project Name
   3.02     Project Address(es)
            (include all buildings)

   3.03     City                                                                            Zip
   3.04     County
   3.05     Congressional District                               State Senate District                           State House District
   3.06     Is the entire project located in Qualified Census Tract?                                                 x Yes            No
            If yes, please select up to six Qualified Census Tract(s).
            <Select One>                                <Select One>                              <Select One>

             <Select One>                               <Select One>                              <Select One>

            Is the entire project located in a Federally declared County approved for
            Individual Assistance or Individual and Public Assistance?                                                   Yes         No
            See Appendix D.

   APPLICABLE FRACTION
   Unit Fraction Calculation
   3.07   Number of Low-Income Units for which rent is charged
   3.08   Number of Total Units for which rent is charged
   3.09   Unit Fraction Percentage                                                                                0.00%

   Floor Space Fraction Calculation
   3.10   Floor space for Low-Income Units for which rent is charged (sq. ft.)
   3.11   Floor space for Total Units for which rent is charged (sq. ft.)
   3.12   Floor Space Fraction Percentage                                                                         0.00%

   3.13     Applicable Fraction Calculation                                                                       0.00%

   RENTAL ASSISTANCE
   3.14 Do any Low-Income Units receive or have any Low-Income Units been approved
        to receive Rental Assistance at time of Threshold Application?                                             Yes          No
        If Yes, list the type of Rental Assistance:
                           Section 8 New Construction or Substantial Rehabilitation
                           Section 8 Moderate Rehabilitation
                           Rural Development 515 Rental Assistance
                           Section 8 Vouchers
                           State Assistance
                           Other:
        Number of units receiving Rental Assistance?
        Number of years of Rental Assistance Contract?

   3.15     EXISTING SUBSIDIES WITH ACQUISITION PROJECTS
                       Section 221(d)(3)BMIR (Below Market Rate Interest Rate)
                       Section 236
                       Section 8 Rent Supplement or Rental Assistance payment
                       Other:

   3.16     HUD APPROVAL
            Is HUD approval for transfer of physical assets required?                                              Yes          No

6c23b826-660a-4788-bc31-f3aa1c50ad72.xls                                                                                              Page 2
PROJECT DESCRIPTION                                                                                                       SECTION 4
4.01   Occupany Type:                           <Select One>

4.02   Special Needs Type:                  Not applicable

4.03   Unit Amenities (check all applicable boxes)
           Air Conditioning                       Microwave                                         Washer/Dryer Hook-up
           Ceiling Fans                           Patio/balcony                                     Window Coverings
           Dishwasher                             Range                                             Other
           Exterior storage                       Refrigerator                                      Other
           Garbage Disposal                       Washer & Dryer                                    Other
           Kitchen Exhaust Fan

       Project Amenities (check all applicable boxes)
           Beauty Salon/Barber                    Gardening Area                                    Security Locked Building
           Clubhouse                              Gazebo                                            Swimming Pool
           Craft/Game Room                        Laundry Room                                      Walking Trails
           Community Room                         Library                                           24-Hour on site resident manager
           Computer Learning Center               Media Center Room                                 Other
           Dining Room                            On-Site Leasing Office                            Other
           Fitness/Exercise Room                  Playground -Commercial Equipmt.
           Garages                                Picnic Area/Tables
           Accessory Buildings (describe):

       Community Building                                                                                         square feet
       Community Room                                                                                             square feet
       Garages - Number
       Garages - Rent                                                                                   Yes          No
       Surface Parking - Number
       Surface Parking - Rent                                                                           Yes          No
       Parking Under/Within Building - Number
       Parking Under/Within Building - Rent                                                             Yes          No

PROJECT SQUARE FOOTAGE
4.04   Residential square footage (all LIHTC/Market Rent Units including Manager's Units that are
       classified as LIHTC or Market Rate)                                                                        square feet
4.05   Common area square footage (including common area Manager's Unit)                                          square feet
4.06   Commercial square footage                                                                                  square feet
       Gross square footage area of all buildings                                                             0   square feet
4.07   Accessory Buildings and Areas (describe):

OTHER
4.08   Total Number of Buildings that includes units for which rent is charged
4.09   If any building in the Project consists of 4 or fewer units, will any unit in such building be
       occupied by the owner of such building or any person who is related to such owner?
                                                                                                                     Yes         No
4.10   Elevator:           Yes         No               Number of Stories
4.11   Number of fully handicap accessible units (Minimum 5% of total units - QAP Appendix 1G, #18)
4.12   Number of hearing/visual handicap units (Minimum 2% of total units - QAP Appendix 1G, #18)
         NOTE: Minimum 5% handicap accessible units plus 2% hearing and visually impaired
4.13   Are 100% of the units handicapped accessible?                                                                 Yes         No
4.14   If planning to submit a Resident Population with Special Needs Plan, what will be the per unit
       expense? (Must be a minimum of $150/unit)                                                                                 /unit




       6c23b826-660a-4788-bc31-f3aa1c50ad72.xls                                                                             Page 3
PROJECT DESCRIPTION - continued                                                                                                                                                                 SECTION 4
4.15   For a Low-Income Unit, the combination of tenant-paid monthly rent and utility or utility allowance may not exceed the maximum allowable rents under Section 42 of the Code.
       Include Manager and Employee units in applicable tables below.

       Low-Income Units

                                                                                                                    Total Sq. Ft.
                                                              Number of   Number of   Total Number   Average Sq.     Per Bdrm     AMGI % Served      Monthly       Total Monthly      Utility    Gross Rent per
        Manager Unit     Employee Unit          Unit Type     Bedrooms    Bathrooms      of Units    Ft. Per Unit       Size       (30/40/50/60)      Rent            Rents        Allowance          Unit
       No               No               Standard Apartment
                                                    5                                                                    0                                              $0
       No               No               Standard Apartment                                                              0                                              $0
       No               No               Standard Apartment                                                              0                                              $0
       No               No               Standard Apartment                                                              0                                              $0
       No               No               Standard Apartment                                                              0                                              $0
       No               No               Standard Apartment                                                              0                                              $0
                                         Standard Apartment                                                              0                                              $0
                                         Standard Apartment                                                              0                                              $0
                                         Standard Apartment                                                              0                                              $0
                                         Standard Apartment                                                              0                                              $0
                                         Standard Apartment                                                              0                                              $0
                                         Standard Apartment                                                              0                                              $0
                                         Standard Apartment                                                              0                                              $0
                                         Standard Apartment                                                              0                                              $0
       Totals                                                                              0                             0                                              $0

       Market Rate Units
                                                                                                                    Total Sq. Ft.
                                                              Number of   Number of     Number of    Average Sq.     Per Bdrm        Monthly       Total Monthly       Utility     Gross Rent
        Manager Unit     Employee Unit          Unit Type     Bedrooms    Bathrooms       Units      Ft. Per Unit       Size          Rent            Rents         Allowance       Per Unit
       No               No               Standard Apartment                                                              0                              $0
       No               No               Standard Apartment
                                                                                                                         0                              $0
       No               No               Standard Apartment                                                              0                              $0
       No               No               Standard Apartment                                                              0                              $0
                                                                                                                         0                              $0
                                                                                                                         0                              $0
                                                                                                                         0                              $0
                                                                                                                         0                              $0
                                                                                                                         0                              $0
       Totals                                                                              0                             0                              $0

4.16   Total number of market rate units minus manager and employee units from Market Rate table:                        0

       Common Space Units (No Rent Charged)
                                                                                                                    Total Sq. Ft.
                                                              Number of   Number of     Number of    Average Sq.     Per Bdrm
        Manager Unit     Employee Unit          Unit Type     Bedrooms    Bathrooms       Units      Ft. Per Unit       Size
       No               No               Standard Apartment                                                              0
       No               No               Standard Apartment                                                              0
                                                                                                                         0
       Totals                                                                              0                             0

       (See Section 18 Utility Allowances and Exhibit 18T)

4.17   Number of Total Units for which rent is charged (Section 3.08):                                                   0
4.18   Total number of units from Low-Income and Market Rate tables (Section 4.15):                                      0




            6c23b826-660a-4788-bc31-f3aa1c50ad72.xls                                                                                                                                   Page 3a
SITE INFORMATION                                                                                              SECTION 5
SITE CONTROL
5.01  Who has site control for the Project?

5.02   Is any of the land or the buildings being acquired by a party related to this transaction?           Yes            No
       (If Yes, Exhibit 2B is required.)
5.03   Site control is in the form of:   (Exhibit 1B)
                  Purchase Contract                                    Master Lease
                  Option                                               Sandwich Lease
                  Recorded Warranty Deed
                  Executed long-term landlease through compliance/extended use period
                   Other (describe)
5.04   Expiration Date of contract, lease or option (month/year)
5.05   Total Cost of Land
       If Total Cost of Land is different than listed in Section 13.01, please explain.


5.06   Exact Area of Site                                   acres
       If different than legal description or site control documentation, explain below.


5.07   Name of Seller
       Address
       City, State, Zip
       Telephone Number
5.08   Does any portion of the site contain detrimental characteristics? If yes, provide a                        Yes            No
       remediation plan and budget to make the site suitable in Exhibit 7B.

OFF-SITE INFRASTRUCTURE
5.09  Available at Site with Adequate Capacity (immediately adjacent to property)
                Water              Yes                     No                Gas               Yes                    No
                Sewer              Yes                     No                Electrical        Yes                    No
                Paving             Yes                     No
      If "No" is selected for any of the above utilities, please provide a brief explanation and include these costs in Section
      13.02 in the total for "Off-site Work for Utility/Paving Extension."
      Explain:




       6c23b826-660a-4788-bc31-f3aa1c50ad72.xls                                                                         Page 4
ACQUISITION OF EXISTING BUILDINGS - if applicable                                                                             SECTION 8
In order to qualify under Section 42(d)(2)(B)(ii) of the Code (the ten-year rule), Exhibit 14T must be completed unless you are NOT claiming
Acquisition credits.

If completing this Section, need Exhibit11T - Type of Ownership Control.
8.01   How many buildings will be acquired for the Project?
8.02   Are all of the buildings currently under control of the Project?                                               Yes            No
       If No, explain:
8.03   Building(s) acquired or to be acquired from an insured depository institution in default or
       from a receiver or conservator of such institution?                                                            Yes            No
       If Yes, name of institution:
8.04
       Building(s) acquired or to be acquired from owner in default or as a result of foreclosure?                    Yes            No
       If Yes, name of Owner:
8.05   Building(s) acquired or to be acquired from a governmental unit or a qualified nonprofit
       organization?                                                                                                  Yes            No
       If Yes, name of governmental unit or nonprofit organization:

8.06   Building (if a single family residence) acquired or to be acquired from owner who used such
       residence for no other purpose than his or her principal residence?                                            Yes            No
       If Yes, name of Owner:




        6c23b826-660a-4788-bc31-f3aa1c50ad72.xls                                                                              Page 6
   REHABILITATION INFORMATION - if applicable                                                            SECTION 9
   (If completing this section, need Exhibit 11T - Type of Ownership Control)
     9.01 Number of buildings with rehabilitation expenditures:                                                       0

    9.02   Total hard construction cost                                                                     $0
           Applicable fraction                                                                 x          0.00%
           Total hard construction costs for low-income units:                                 =            $0
           Number of LIHTC units:                                                              ÷             0
           Hard construction cost per LIHTC Unit:                                              =            $0

    9.03   Total adjusted eligible basis (13.23) x 20%                                                      $0


           Rehabilitation Expenditures                                                                      $0




           Are Rehabilitation Expenditures equal to or greater than 20% of adjusted eligible
           basis or $10,000 per LIHTC unit?                                                        This is not applicable



   RELOCATION INFORMATION                                                                             SECTION 10
    10.01 Does this Project require any form of temporary or                                       Yes              No
           permanent relocation of existing tenants?
           (If Yes, complete Exhibit 13T - Relocation Plan)




6c23b826-660a-4788-bc31-f3aa1c50ad72.xls                                                                 Page 7
PROJECT COSTS AND ELIGIBLE BASIS                                                                                                       SECTION 13
List total Project Costs and Eligible Basis by the Credit Type
                                                                                         ELIGIBLE BASIS BY CREDIT TYPE
                                                                          New Construction                         Acquisition/Rehabilitation


                               ITEM                                        30% PV (1)      70% PV (2)                    30% PV (1)      70% PV (2)
                                                            Project Costs Eligible Basis Eligible Basis   Project Costs Eligible Basis Eligible Basis
13.01 TO PURCHASE LAND AND BUILDINGS

       Land and Broker's Fees

       Existing Structures
13.02 FOR SITE WORK

       On-site Work

       Off-site Work for Utility/Paving Extension

       Demolition

       Garages (not included in rent)
       Other(s) (Specify)
13.03 FOR CONSTRUCTION COSTS

       New Building

       Rehabilitation
       Accessory Building(s) (includes garages that are
       part of rent)
       Community Service Facility

       General Requirements

       Builder Overhead

       Builder Profit

       Builder Bond Fee

       Construction Contingency


       Other Fees (Specify)
       Less EZ Sales Tax Rebate                     (from
       Section 15.04)
       Less Builder's Eligible Basis Reduction
       (from Section 13.02)
13.04 FOR PROFESSIONAL FEES

       Architect Fees -Design

       Architect Fees -Supervision (inspection)

       Engineer Fees

       Attorney Fees (Real Estate)

       Accountant Fees
       Other(s) (Specify)
13.05 FOR INTERIM COSTS
       Construction Insurance
       Construction Interest
       Construction Loan Origination Fee
       Construction Loan Credit Enhancement
       Taxes During Construction
                SUBTOTAL -THIS PAGE -
               (spreadsheet will calculate)
(1)
      The 30% PV column is to be used for items eligible for an approximately 3.45% credit.
(2)
      The 70% PV column is to be used for items eligible for an approximately 9.00% credit.



            6c23b826-660a-4788-bc31-f3aa1c50ad72.xls                                                                                  Page 9
 PROJECT COSTS AND ELIGIBLE BASIS -cont.                                                                                                         SECTION 13
                                                                                                    ELIGIBLE BASIS BY CREDIT TYPE
                                                                             New Construction                           Acquisition/Rehabilitation


                              ITEM                            PROJECT          30% PV (1)      70% PV (2)          PROJECT        30% PV (1)      70% PV (2)
                                                               COSTS          Eligible Basis Eligible Basis         COSTS        Eligible Basis Eligible Basis

                    SUBTOTALS FROM PAGE 9
13.06      FOR FINANCING FEES AND EXPENSES
           Bond Premium and/or Credit Report
           Bond Costs
           Permanent Loan Origination Fee
           Permanent Loan Credit Enhancement
           Title and Recording
           Attorney's Fees
           Letter of Credit (LOC) Fees
           Other(s) (Specify)
13.07      FOR SOFT COSTS
           Property Appraisal
           Market Study
           Environmental Report
           Tax Credit Application Fees
           Tax Credit Reservation Fee
           Tax Credit Compliance Fees
           Tax Attorney Fees
           City Impact Fees
           Furnishings and Equipment
           Capital Needs Assessment
           Tenant Relocation Costs
           Other(s) (Specify)
13.08      FOR SYNDICATION COSTS
           Organizational (Partnership)
           Bridge Loans Fees and/or Expenses
           Tax Opinion
           Other(s) (Specify)
           Project Costs before Developer/Consultant
           Fees
           FOR DEVELOPER'S/CONSULTANT'S FEES
           (3)
13.09

           Developer's Overhead
           Consultant's Fee
           Developer's Fee
           Other(s) (Specify)
13.10      FOR PROJECT RESERVE
           Rent-up Reserve
           Operating Reserve
           Other(s) (Specify)
Total Project Costs
(spreadsheet will calculate)                                                                                                                 0              0
           Reduction in Eligible Basis for Developer
13.11      Fees (Section 14.02)                                          0                                                   0
13.12      Total Project Costs                                                            0               0                                  0              0
13.13      Total Cost per Unit
13.14      Total Construction Cost per Unit
(1)
      The 30% PV column is to be used for items eligible for an approximately 3.45% credit.
(2)
      The 70% PV column is to be used for items eligible for an approximately 9.00% credit.
(3)
      Consultant's fees, Developer's fees and Developer's overhead are limited. See Qualified Allocation Plan (QAP).


6c23b826-660a-4788-bc31-f3aa1c50ad72.xls                                                                                                               Page 10
PROJECT COSTS AND ELIGIBLE BASIS - continued                                                                                                                             SECTION 13
                                                                                                                              ELIGIBLE BASIS BY CREDIT TYPE

                                                                                                                New Construction                      Acquisition/Rehabilitation

                                                                                                                    (1)                   (2)                  (1)              (2)
                                                                                              PROJECT       30% PV                70% PV               30% PV         70% PV
                                           ITEM                                                COSTS      Eligible Basis        Eligible Basis       Eligible Basis Eligible Basis


                               TOTALS FROM PAGE 10                                                                        0                     0                    0                0


      13.15   Less portion of any grants used to finance qualifying Project costs

              List Grants:



      13.16   Less amount of non-qualified nonrecourse financing



      13.17   Less non-qualifying excess portion of higher quality units



      13.18   Less Federal Historic Tax Credit (Residential Portion Only)

      13.19
              Less Salaries and Benefits for all paid full-time staff paid for with Federal Grant Funds



      13.20   Less Community Service Facility



      13.21   TOTAL ELIGIBLE BASIS                                                                                        0                     0                    0                0

      13.22
              130% Adjustment for high cost area (not allowed for acquisition basis Sec. 13.01)                    130%                   130%               130%              130%



      13.23   TOTAL ADJUSTED ELIGIBLE BASIS                                                                               0                     0                    0                0

      13.24   Multiplied by the Applicable Fraction (See item 3.13 -% of Project which is low-
              income)                                                                                                   0%                      0%                 0%               0%



      13.25   130% Adjustment for high cost area Community Service Facility                                         -                       -                  -                -



      13.26   TOTAL QUALIFIED BASIS                                                                                 -                       -


      13.27   Multiplied by the Applicable Percentage*                                                            3.45%                  9.00%               3.45%             9.00%

              *For purposes of application. Actual % used at time of allocation may vary.


      13.28   MAXIMUM ALLOWABLE CREDIT AMOUNT
              (For application and reservation purposes only -Allocation may be less)                                     0                     0                    0                0



      13.29   COMBINED 30% AND 70% PV CREDIT                                                                              -



      13.30   TOTAL CREDIT REQUESTED PER UNIT
              (Actual amount of Tax Credit requested divided by number of low income units)


PLEASE NOTE: The actual amount of Tax Credit for the project is determined by IFA. If the Project is eligible for Federal Historic Tax Credit, include a complete
breakdown of the determination of eligible basis for the Federal Historic Credit with the Threshold Application.

(1)
      The 30% PV column is to be used for items eligible for an approximately 3.45% credit.
(2)
      The 70% PV column is to be used for items eligible for an approximately 9.00% credit.




       6c23b826-660a-4788-bc31-f3aa1c50ad72.xls                                                                                                                           Page 11
Builder, Developer Fee and Other Limits                                                                        SECTION 14
14.01   Builder's Profit, Overhead, & General Requirements as a Percentage of Hard Construction Costs.

                                   Maximum %
                                    Allowed                               14%


                                                                                               New                Acquisition/
                                                                                            Construction         Rehabilitation
                      Builder Fees:
                              Overhead                                                                     0                      0
                              Profit                                                                       0                      0
                             General Requirements                                                          0                      0
                      Total Builder Fees:                                                                  0                      0

                      Other Costs:
                              Site Work                                                                    0                      0
                              Architect and Engineer Fees                                                  0                      0
                              New Structures                                                               0                      0
                              Rehabilitation                                                                                      0
                              Accessory Structures                                                         0                      0
                              Contingency/Other Fees                                                       0                      0
                      Total Costs for calculating Builder Fees:                                            0                      0
                      Maximum Allowable Builder Fees:                                                      0                      0
                      Amount of Eligible Basis Reduction                                                   0                      0

14.02   Aggregate Developer Fees, Overhead, Consultant Fee Limits

                                                                                Maximum %
              Type of Units
                                                                                 Allowed
              New Construction                                                    15%
              Acquisition/Rehabilitation                                          17%          New                Acquisition/
                                                                                            Construction         Rehabilitation

        Total Project Costs (before Developer fee and reserves)
              Less Land and Broker's Fees                                                                  0                      0
        Total Costs for calculating Developer/Consultant Fees:                                             0                      0
        Allowable Developer/Consultant Fees for New Construction Units:                                    0
        Allowable Developer/Consultant Fees Acquisition/Rehabilitation Units:                                                     0
        Budgeted Developer/Consultant Fees:                                                                0                      0
        Amount of Eligible Basis Reduction                                                                 0                      0


                      Total Amount of Eligible Basis Reduction                                             0                      0




    6c23b826-660a-4788-bc31-f3aa1c50ad72.xls                                                                    Page 12
Builder, Developer Fee and Other Limits - continued                                                    SECTION 14

14.03 Unit Cost Cap

      The cost per unit shall be no greater than $237,000. The calculation is as follows:


            # of Units     Project Costs         Fed Hist Credit(Res Portion)               Calculated Cost Per Unit
                  0               0                             0                                                 -


                                                                        The Unit Cost Cap Requirement has been met.



      Does one or more of the following apply? (check all that apply)
         Project has received a commitment of State historic rehabilitation tax credits.
         Project is eligible for Federal Historic rehabilitation tax credit.
         All project sites are located in a Qualified Census Tract.
         All project sites are located in an Individual Assistance Disaster or Individual and Public Assistance
         Disaster county.


      If one of the above is checked, then is the Applicant requesting that the
      reservation amount may be calculated based on the Eligible Basis and the
      Equity Gap methods?                                                                      Yes           No




   6c23b826-660a-4788-bc31-f3aa1c50ad72.xls                                                                   Page 13
Builder, Developer Fee and Other Limits - continued                                      SECTION 14

14.04 Cost Cap Method of Tax Credit Determination




 4% Basis:               0 x % of Low Income Units   0.00%   x Applicable%   3.45%   =               0

 9% Basis:               0 x % of Low Income Units   0.00%   x Applicable%   9.00%   =               0

Tax Credits Allowed Using Cost Cap method                                                            0




   6c23b826-660a-4788-bc31-f3aa1c50ad72.xls                                                Page 14

				
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Description: Master Lease Option Real Estate document sample