"Master Lease Option Real Estate"
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