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2009 American Recovery and Reinvestment Act (ARRA) Application
for Tax Credit Exchange Program (TCEP)
Application Instructions
CHFA reserves the right to revise this application or the application process as further directives or guidance is received from the
federal government.
This application for TCEP funds is a spreadsheet application. This application is on Microsoft Office Excel 2003. Attempts to complete the application on earlier versions
of Excel may create errors in the application. The majority of the cells in the application are “read only” cells and cannot be changed. All cells that require input from the
applicant can be accessed. Do not change, or attempt to change, any “read only” cells or the application will be rejected. Do not enter formulas in any cells.
Submit one paper copy of the application, with original signatures and one "electronic" copy either on a disk or via e-mail. The disk should not contain any other files or
information, only the electronic application file.
The worksheets are labeled at the bottom of the screen by individual tabs. The worksheets that need to be completed are: Development Information, Development
Budget, Commercial Budget (if applicable), Development Financing, Unit Mix & Rents, Development Income, Development Expenses, Contractor-Developer Fee Limits.
They should be completed in the order they are listed. The other worksheets will automatically calculate values. A blue line indicates the cell in which information is
required in each worksheet. Red triangles indicate a comment with instructions for completing a particular cell. Missing information will result in incorrect calculation of
TCAP or TCEP funds. Specific information, such as the name of the city or county in which the development is located, must be spelled correctly. “Yes” and “No”
answers to questions asked in the application such as: “Is the Site properly zoned?” must be marked with an “X”, unless specific instructions are given otherwise.
DEVELOPMENT INFORMATION
Starting at the top of the worksheet is a space for „project number‟ please enter your assigned number. After project number, the type of application that was last awarded
and the date submitted must be indicated. The choices are Preliminary Award or Carryover Award. If you are submitting a full Final Application along with a TCEP
request then mark Final Application. Only one of these choices must be indicated. Any information that changes between the submission of the Preliminary award and
Carryover or Final must be reflected on this application and detailed in the project narrative.
Following the type of application, the applicant must indicate the current month's Applicable Percentage Rate (APR) - use the Carryover lock-in amount if applicable. (A
link is provided to obtain the current month's APR).
Lines A. through N. - The information requested here is self-explanatory. Please note that missing or incomplete information will result in an incorrect credit calculation.
Further instructions for Line N.:
Non-competitive applicants must indicate “Tax Exempt Bond Financing” under the column describing the types of programs and financing that apply to the development.
If “Historic Rehabilitation Tax Credits” are indicated a prompt will appear for the applicant to indicate the type of historic credit. Type in “State” for both state and local
historic credits. If the historic credits are federal another prompt will appear for the applicant to indicate the amount of federal historic credit.
Line P. – Total units in cell C110 must equal the total units in the “Unit Mix & Rents” worksheet. A prompt will appear if, after the “Unit Mix & Rents” worksheet has been
completed, those numbers do not match.
DEVELOPMENT BUDGET (for Residential Development Costs Only)
Current budget numbers must be entered under column D of this worksheet and budget numbers from last approved application must be entered in Column G. Columns
A, B, C, E, F and H are “read only”, though selected cells in these columns are not “read only‟ and may be changed by the applicant. These are:
Cells marked “Other” in Column B under the cost categories
COMMERCIAL BUDGET
This applies to both competitive and non-competitive applications. Any development that contains a retail or commercial component must complete this worksheet.
DEVELOPMENT FINANCING
All applications must include an equity factor (cents on the dollar purchase price for the tax credits). For TCEP only applicants, please use the equity factor that was
approved at preliminary or carryover, which ever is applicable.
Permanent Financing - All preliminary and enforceable financing commitments must be submitted with the application. Include loans, grants, deferred fees and owner
equity. Non-competitive applicants must put the PAB-financed mortgage information in Line 1 under “Permanent Financing”.
Lines 1-8 are for loans only. The source of financing, the amount of the previously approved loans and the amounts of the loan, the interest rate, the term of the loan and
the amortization period MUST be included. The worksheet will then automatically calculate annual debt. Incorrect or incomplete information will result in an incorrect tax
credit calculation and incorrect pro forma calculation.
The application that you have downloaded will already have the words “cash flow” entered in the “Amortization” column. Replace these words with the amortization
period in years for loans that will have monthly debt service payments. Leave the words “cash flow” if the loan is to be paid out of development cash after expenses OR if
there are no loans in the corresponding lines.
Line 9 is for the deferred developer fee. Line 10 is for owner equity from sources other than through the sale of the low-income housing tax credits. Proceeds from the
sale of any other type of tax credit (historic credits), if applicable, should be entered here.
Lines 11-17 are for grants only. If the grants are structured as loans they should be entered in lines 1-7.
After all loans, owner equity and grants are listed, the worksheet will automatically calculate the total amount of funds from sources other than through the sale of tax
credits. This amount will be used in the Gap Calculation on the “Annual Credit Amount" worksheet.
Application Instructions
Below the total amount of funds line in Cell F46, enter the amount of TCEP funds requested. In Cell E47 enter the last approved amount of tax credit equity. This number
will not be correct until the "Unit Mix & Rents" worksheet is completed by the applicant.
After the “Unit Mix & Rents” is completed by the applicant return to this worksheet to verify that “Total Funds for Development” equals “Total Development Budget”.
The table to the right is the TCEP Needs Analysis which will automatically populate once the following worksheets are complete: Development Information, Development
Budget, Development Financing, Unit Mix & Rents and Contractor/Developer Fee.
UNIT MIX & RENTS
The income table for the county in which the development is located is calculated at the top of this worksheet. The name of the county must be entered in the
“Development Information” worksheet and the box that the utilities are or are not included in the rents must be checked in order for the income table to be accurate.
After the income table the applicant must enter the utility allowances for the appropriate bedroom sizes. Utility Allowance documentation must be included in the Unit Mix
& Rents tab of the application. If utilities are included in rent, then mark "YES" in cell J19 and do not enter the allowances.
For the Rental Income Table that follows the utility allowances, the applicant must enter the unit square footage in column D, the number of units in column E and the
actual rent in column J. These columns, as well as column C, are the only cells in the worksheet that are not “read only”.
Include Employee units in the low-income units if the intent is to have employees be low-income eligible. Otherwise, include them in the Employee unit category.
After the number of units, unit square footage and units rents are entered, enter the common space square footage in cell D130 and commercial square footage, if any, in
cell D133.
After the number of units, the unit square footage and the rents are entered, the worksheet will calculate the applicable fraction to be used in the tax credit calculation.
DEVELOPMENT INCOME
The applicant must enter miscellaneous monthly income and any annual retail/commercial income on this worksheet. The worksheet will then calculate annual gross
income to be used for the 15 year pro forma.
DEVELOPMENT EXPENSES
The applicant must enter estimated annual operating expenses; assume that lease-up has occurred.
15 YEAR PRO FORMA for TCEP
The calculations in this worksheet will not be correct unless the following worksheets have been completed:
Development Financing
Unit Mix & Rents
Development Income
Development Expenses
All cells are “read only‟ except those corresponding to fees or cash flow notes that are listed after “Cash flow available for distribution”.
Lines 17 and 36 reflect the annual CHFA Asset Management Fee. Please note that these fees only apply when a project has TCEP only funding (no
TCAP or LIHTC)
CONTRACTOR/DEVELOPER FEE LIMITS
Only Cell C4 needs input this worksheet to correctly calculate the allowed contractor and developer fees.
The applicant must indicate whether or not there is an identity of interest regarding the general contractor by answering “Yes” or “No” to the question “Identity of Interest”.
“Identity of Interest” is defined in Section 3.G. of the Allocation Plan. After this question is answered the worksheet will calculate the maximum allowable fees. If the
budgeted fees exceed the allowable fees the amount by which the fees are exceeded will be automatically calculated and that amount will be deducted from eligible basis.
If any of the two fee categories are exceeded, a prompt will appear to indicate the total amount of eligible basis reduction. If neither of the two fee categories is
exceeded, a prompt will appear that indicates that the fees are within the CHFA limits.
ANNUAL CREDIT AMOUNT
This worksheet displays the three calculations that are made to determine the eligible annual federal tax credit amount for the development. The three calculations are:
1) Qualified Basis Calculation
2) Gap Calculation
3) Basis Limit Calculation
The applicant is not required to input any information on this worksheet.
All preceding worksheets must be completed in order for the tax credit calculation to be correct. The annual federal tax credit amount is listed at the bottom of the
worksheet. In addition to the three calculations to determine the Annual Credit Amount the worksheet will calculate the amount of the TCAP or TCEP requested.
SCORING
The Scoring worksheet is the worksheet for calculating the scoring for the development. The calculations for scoring in this worksheet will not be accurate unless the
following worksheets have been completed:
Development Information
Unit Mix & Rents
Line 1. of the Primary Selection Criteria - Either A. or B. must be selected. After A. or B. is selected the worksheet will calculate the scoring related to low-income
targeting of the development.
Line 2. of the Primary Selection Criteria - Indicate with an “X” the extended low-income use of the development. Select only one of the five choices. The score will be
automatically calculated.
Line 1. of the Secondary Selection Criteria - Housing Needs Characteristics. The scoring for this section is automatically calculated by the worksheet. The “Development
Application Instructions
Application Instructions
TCEP Application Checklist
At the time of application submisstion, the following must be included:
Submit one paper copy of the application, with original signatures
and one "electronic" copy either on a disk or via e-mail. The disk
should not contain any other files or information, only the electronic
application file. CHFA will evaluate request for TCEP funds based
on the initial documentation submitted.
Development Narrative: Provide an explanation of the
circumstances leading to the need for TCEP Funds. Include a
timeline of the events occurring since the initial Tax Credit award up
to the projected closing date, and when the project is expected to
place-in-service.
Latest Construction and Permanent financing documents.
Executed Notice of Intent to Return Credit (Please scroll down for template)
Good Faith Effort Certification (Please scorll down for template)
Copy of the Title Commitment
Copy of the Alta Survey - in readable format
COLORADO HOUSING AND FINANCE AUTHORITY
Tax Credit Exchange Program
NOTICE OF INTENT TO RETURN CREDITS AND REQUEST TCEP FUNDS IN
CONNECTION WITH THE SECTION 1602 TAX CREDIT EXCHANGE PROGRAM
Colorado Housing and Finance Authority
1981 Blake Street
Denver, CO 80202
To Whom It May Concern:
_________________________________ (the “Awardee”) was awarded $_____________ in low
income housing tax credits by the Colorado Housing and Finance Authority (“CHFA”), such low
income housing tax credits being referred to herein as the “Credits.” The Awardee, acting by and
through its duly authorized officer or representative, hereby gives notice to CHFA of its intent to return
[all of][$___________ of] the Credits (the “Returned Credits”) to enable CHFA to exchange the
Returned Credits with the U. S. Treasury for cash under the Tax Credit Exchange Program (the “TCEP
Funds”), all as provided for in Section 1602 of the American Recovery and Reinvestment Act
(“ARRA”).
Further, the Awardee intends to request a sub-award of TCEP Funds in the amount of
$________________________ (the “Sub-award”).
The Awardee understands and acknowledges that once it has returned the Returned Credits to CHFA,
all TCEP Funds received by CHFA from the U. S. Treasury will be awarded in accordance with
CHFA’s ARRA Implementation Plan (the “Plan”) and that the return of Returned Credits does not in
any way entitle or guaranty that the Awardee will receeive an award of TCEP Funds. Further, the
Awardee agrees that the information contained in this notice will be relied upon by CHFA to make the
award of TCEP Funds and may not be revised. The Awardee represents and warrants to CHFA that it
has reviewed the above-referenced Plan, has had the opportunity to consult with counsel of its
choosing, and understands the requirements and limitations of the Plan.
AWARDEE: ________________________________________
By: __________________________________
Name: _______________________________
Title: ________________________________
Date: _________________________________
COLORADO HOUSING AND FINANCE AUTHORITY
Tax Credit Exchange Program
Certification of “Good Faith Effort”
A. The Colorado Housing and Finance Authority (“CHFA”) is a “designated
State housing credit agency” within the meaning of the American Recovery and
Reinvestment Act of 2009 (the “Recovery Act”) and has adopted its American
Recovery and Reinvestment Act Implementation Plan (the “Implementation
Plan”) setting forth the policies, rules and procedures that will govern the
operation of the Tax Credit Exchange Program (“TCEP”) whereby CHFA has the
authority to make sub-awards of TCEP funds (“TCEP Funds”) to eligible
applicants for qualified projects.
B. The Recovery Act requires that an applicant for TCEP Funds demonstrate that
it has made “good faith efforts to obtain investment commitments” for the low
income housing tax credits (the “Credits”) that were awarded by CHFA.
The undersigned hereby certifies that, in accordance with the Recovery Act and
the requirements of the Implementation Plan, a “good faith effort” has been made
to obtain investment commitments for the Credits. [Please describe in a narrative
what efforts were made and attach hereto all documentation which provides
evidence of such efforts.]
________________________________________
By: __________________________________
Name: _______________________________
Title: ________________________________
Project Number Completed by CHFA Staff
2009 TCEP Application Version 5.1
Received Preliminary Award Date
Received Carryover Award Date
Final Application Date
IMPORTANT! Enter the current month's Applicable Percentage Rate in the box below. The current rate can be
found at CHFA's website. Click on the address below for the direct link to the current applicable percentages.
For Final Applications, if the rate was locked at carryover or at bond issuance, enter the lock-in rate.
http://www.chfainfo.com/documents/HCBulletin_1107.pdf
Enter Current 9% APR In CELL D14 For PAB-financed or Acquisition /Rehab deals, enter
Current 4% APR In CELL I14
For Final Application Enter Last Building Month/Year Placed in Service Date
TYPE OF TAX CREDIT 4% credit 9% credit
I. GENERAL DEVELOPMENT INFORMATION (For the census tract number for Cell C25, click on the link below.)
On the left hand side of the US Census home page, there is a link for
www.factfinder.census.gov/home/saff/main.html?_lang=en entering the project address in order to find the census tract #,
A. Development Name Congressional District, State
House and Senate District
Site Address Numbers
City County
B. Census Tract Number Zip Code
C. After entering the Census Tract # and the County Name above, the Application will automatically indicate by "Yes" or "No" whether, or not,
Yes No x the development is located in a Qualified Census Tract (QCT) or
Difficult Development Area (DDA) and will enter "QCT" or "DDA" in
cell F28 to the left if it is located in a QCT or DDA..
D. State Senate District State House District
Congressional District
E. Site Control: Provide two (2) copies of Site Control documentation in the Site Control tab.
Site Control is in the form of:
Deed Option Lease
F. Is the Site properly Zoned? Yes No
If "Yes", provide evidence in the Zoning Status tab, or if "No", provide a detailed narrative in the Zoning Status tab
describing the process for re-zoning, including the estimated dates for completion of the re-zoning process.
G. Are all utilities available for the development? Yes No
If NO, provide information, including timeline, on the availability of utilities.
Yes No
H. Are there any environmental issues related to the property?
If "YES', Please explain. In any case, describe any environmental testing procedures that
have taken place with the property.
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I. Provide at least two (2) location maps in the Narrative tab; one showing the site in relation to the local area
and one showing the site in relation to the city or town in which the development is located.
J. Total Number of Buildings Enter the number of RESIDENTIAL buildings only
K. Number of Floors in the Tallest Building
L. Elevator Construction: Answer "Yes" or "No"
M. Number of Parking Spaces
N. Project Type Yes No
New Construction With Federal Assistance?
Acquisition/Rehabilitation With Federal Assistance?
Substantial Rehabilitation With Federal Assistance?
Please check below all of the programs or types of
financing that apply to the proposed development.
No Federal Assistance
USDA Rural Development Sect. 515
FHA Insurance-221(d)(3) or (d)(4)
FHA Insurance-Risk-Sharing
Tax Exempt Bond Financing
Taxable Bond Financing
Project-based Section 8
McKinney Act Homeless
Historic Rehabilitation Tax Credits
Community Development Block Grant
HOME 1.0
HOPE VI
FHLB Affordable Housing Program
Tax Credit Assistance Program (TCAP) The Link below will connect you to the current Applicable Federal Rate (AFR)
Tax Credit Exchange Program (TCEP) http://novoco.com/low_income_housing/facts_figures/federal_rates.php
Other (please specify)
O. Type of Units/Housing (Check One)
Mulitfamily Apartments
Townhouse
Single Family Detached
P. Targeting of Units
Number of Units Percent of Total Units
Assisted Elderly (Only) 0
AIDS/HIV 0
Special Needs 0
Family 0
Homeless 0
Elderly Independent 0
Total Units 0 0%
End of This Section
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Development Budget (for Residential Development Costs only)
PROJECT COSTS:
Proposed Budget LIHTC Basis Calculation Last Approved Difference
Land & Buildings Total 4% Credit 9% Credit Total
Land $0 $0 $0
Existing Structures $0 $0 $0 $0
Demolition $0 $0 $0
Subtotal $0 $0 $0 $0 $0
Site Work
On Site Work $0 $0 $0 $0 $0
Off Site Work $0 $0 $0
Subtotal $0 $0 $0 $0 $0
Rehab. & New Construction
New Structures $0 $0 $0 $0 $0
Rehabilitation $0 $0 $0 $0 $0
Accessory Structures $0 $0 $0 $0 $0
General Requirements $0 $0 $0 $0 $0
Contractor Overhead $0 $0 $0 $0 $0
Contractor Profit $0 $0 $0 $0 $0
Construction Contingency $0 $0 $0 $0 $0
Permits $0 $0 $0 $0 $0
Furn/Fixtures/Equip $0 $0 $0 $0 $0
Davis Bacon Wages $0 $0 $0 $0 $0
Subtotal $0 $0 $0 $0 $0
Professional Fees
Architect, Design $0 $0 $0 $0 $0
Architect, Supervision $0 $0 $0 $0 $0
Attorney, Real Estate $0 $0 $0 $0 $0
Consultant/agent $0 $0 $0 $0 $0
Engineer/Surveyor $0 $0 $0 $0 $0
Other (Specify) $0 $0 $0 $0 $0
Other (Specify) $0 $0 $0 $0 $0
Other (Specify) $0 $0 $0 $0 $0
Subtotal $0 $0 $0 $0 $0
Construction Interim Costs
Hazard & Liability Insurance $0 $0 $0 $0 $0
Builder's Risk Insurance $0 $0 $0 $0 $0
Perform. & Pymt Bonds $0 $0 $0 $0 $0
Credit Report $0 $0 $0 $0 $0
Construction Interest $0 $0 $0 $0 $0
Constr. Origination Fees $0 $0 $0 $0 $0
Mortgagee Fee $0 $0 $0 $0 $0
Tap fees $0 $0 $0 $0 $0
Inspection fees $0 $0 $0 $0 $0
Title & Recording $0 $0 $0 $0 $0
Legal Fees $0 $0 $0 $0 $0
Prop. Taxes during const $0 $0 $0 $0 $0
Other (Specify) $0 $0 $0 $0 $0
Other (Specify) $0 $0 $0 $0 $0
Other (Specify) $0 $0 $0 $0 $0
Subtotal $0 $0 $0 $0 $0
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Permanent Financing
Bond Premium $0 $0 $0
Bond Issue 30-day lag reserve $0 $0 $0
Bond Cost of Issuance $0 $0 $0
Discount Points $0 $0 $0
Perm Loan Origination $0 $0 $0
Credit Enhancement $0 $0 $0
Title & Recording $0 $0 $0
Legal Fees $0 $0 $0
Prepaid MIP $0 $0 $0
Forward Rate Lock $0 $0 $0
Other (Specify) $0 $0 $0
Subtotal $0 $0 $0 $0 $0
Soft Costs
Feasibility Study $0 $0 $0 $0 $0
Market Study $0 $0 $0 $0 $0
Environmental Study $0 $0 $0 $0 $0
Tax Credit Fees $0 $0 $0
Compliance Fees $0 $0 $0
TCEP Asset Mgmt Fee $0 $0 $0
TCAP Asset Mgmt Fee $0 $0 $0
Cost Certification $0 $0 $0 $0 $0
Appraisal $0 $0 $0 $0 $0
Other (Specify) $0 $0 $0 $0 $0
Subtotal $0 $0 $0 $0 $0
Syndication Costs
Organization Costs $0 $0 $0
Bridge Loan $0 $0 $0
Tax Opinion $0 $0 $0
Legal Fees $0 $0 $0
Other (Specify) $0 $0 $0
Other (Specify) $0 $0 $0
Subtotal $0 $0 $0 $0 $0
Developer Fees
Developer Fee $0 $0 $0 $0 $0
Developer Overhead $0 $0 $0 $0 $0
Developer Profit $0 $0 $0 $0 $0
Other (Specify) $0 $0 $0 $0 $0
Subtotal $0 $0 $0 $0 $0
Project Reserves
Rent-up Reserves $0 $0 $0
Operating Reserves $0 $0 $0
Replacement Reserves $0 $0 $0
Other (Specify) $0 $0 $0
Other (Specify) $0 $0 $0
Subtotal $0 $0 $0 $0 $0
4% Elig Basis 9% Elig Basis
TOTAL PROJECT COSTS: $0 $0 $0 $0 $0
End of This Section
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PROJECT COSTS: Commercial
Land & Buildings Total
Land $0
Existing Structures $0
Demolition $0
Subtotal $0
Site Work
On Site Work $0
Off Site Work $0
Subtotal $0
Rehab. & New Construction
New Structures $0
Rehabilitation $0
Accessory Structures $0
General Requirements $0
Contractor Overhead $0
Contractor Profit $0
Construction Contingency $0
Other (Specify) $0
Other (Specify) $0
Other (Specify) $0
Subtotal $0
Professional Fees
Architect, Design $0
Architect, Supervision $0
Attorney, Real Estate $0
Consultant/agent $0
Engineer/Surveyor $0
Other (Specify) $0
Other (Specify) $0
Other-Accounting $0
Subtotal $0
Construction Interim Costs
Hazard & Liability Insurance $0
Builder's Risk Insurance $0
Perform. & Pymt Bonds $0
Credit Report $0
Construction Interest $0
Constr. Origination Fees $0
Mortgagee Fee $0
Bond Cost of Issuance $0
Inspection fees $0
Title & Recording $0
Legal Fees $0
Prop. Taxes during const $0
Other (Specify) $0
Other (Specify) $0
Other - City Fees $0
Subtotal $0
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Permanent Financing
Bond Premium $0
Bond Issue 30-day lag reserve $0
Discount Points $0
Perm Loan Origination $0
Credit Enhancement $0
Title & Recording $0
Legal Fees $0
Prepaid MIP $0
Other (Specify) $0
Other (Specify) $0
Other (Specify) $0
Subtotal $0
Soft Costs
Feasibility Study $0
Market Study $0
Environmental Study $0
Tax Credit Fees $0
Compliance Fees $0
Appraisal $0
Cost Certification $0
Other (Specify) $0
Other (Specify) $0
Other (Specify) $0
Subtotal $0
Syndication Costs
Organization Costs $0
Bridge Loan $0
Tax Opinion $0
Other (Specify) $0
Other (Specify) $0
Other - Accounting $0
Subtotal $0
Developer Fees
Developer Fee $0
Developer Overhead $0
Developer Profit $0
Other - Specify $0
Subtotal $0
Project Reserves
Rent-up Reserves $0
Operating Reserves $0
Replacement Reserves $0
Escrows $0
Other - Specify $0
Subtotal $0
TOTAL COMMERCIAL PROJECT COSTS: $0
End of This Section
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Development Financing
Tax Credit Syndication
Previously Approved Federal Equity Factor: *
* State the last approved equity factor in cell G5.
Syndicator:
Address:
City: State:
Zip Code:
Contact Person: Phone:
E-Mail Address:
Permanent Financing
List all permanent financing commitments (enforceable commitments
are defined in Section 3.B. of the Allocation Plan). Include grants,deferred fees and owner equity.
Copies of all commitments must be provided in the Development Financing Tab of the application.
DO NOT INCLUDE THE EQUITY TO BE RAISED BY THE SALE OF THE TAX CREDITS IN THE LIST BELOW.
Source of Financing Previously Current Interest Term of Amortization
Approved Amount of
Loans Only Funds Funds Rate Loan (Years) Annual Debt
1 cash flow
2 cash flow
3 cash flow
4 cash flow
5 cash flow
6 cash flow
7 cash flow
8 cash flow
9 Deferred Developer Fee
10 Other Owner Equity
Source of Financing Amount Amount
Grants Only of Funds of Funds
11
12
13
14
15
16
17
Total Amount of Funds from Total Annual
sources other than tax credits $0 $0 Debt $0
TCEP Funds Requested to Fill the Gap: $0
Enter Previous Tax Credit Equity
Total Funds for Development $0 $0
Total Development Budget $0 $0
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TCEP NEEDS ANALYSIS (for Staff Use)
DEFERRED DEVELOPER FEE
Previously Approved Developer Fee: $0
TCEP Application Developer Fee: $0
Amount Above/Below Previoulsy Approved Dev Fee: $0
DEFERRED DEVELOPER FEE TEST
Previously Approved Deferred Developer Fee: $0
TCEP Application Deferred Developer Fee: $0
Amount Above/Below Previoulsy Approved Deferred Developer Fee: $0
PERMANENT DEBT TEST
Previous Approved Perm Debt: $0
TCEP Application Permanent Debt: $0
Amount Above/Below Previoulsy Approved Permanent Debt: $0
DEVELOPMENT BUDGET TEST
Previously Approved Development Budget: $0
TCEP Application Development Budget: $0
Amount Above/Below Previously Approved Dev Budget: $0
SOFT FUNDS TEST
Previously Approved Soft Funds: $0
TCEP Application Soft Funds: $0
Amount Above/Below Previously Approved Soft Funds: $0
OTHER OWNER EQUITY TEST
Previously Approved Other Owner Equity Funds: $0
TCEP Application Soft Funds: $0
Amount Above/Below Previously Approved Soft Funds: $0
85% TEST
Eligible Basis: #VALUE!
85% Eligible Basis Test: #VALUE!
Amount Exceeding the 85% Test: #VALUE!
SUB-AWARD FRACTION TEST
1. 85% Eligible Basis Limit Cap Test:
TCEP Application Eligible Basis: #VALUE!
Eligible Basis Maximum 85% Test Amount: #VALUE!
Amount Exceeding the 85% Test: #VALUE!
2. Applicable Fraction Maxium Cap Test:
TCEP Application Applicable Fraction: 0.000%
Eligible Basis Maximum Applicable Fraction Test Amount: #VALUE!
Applicable Fraction Below 85% (Yes or No)?: Yes
NEEDS TEST
Previous Approved Equity Price: 0.00
Previous Est. TC Equity: $0
#DIV/0!
TCEP Funds Applied For: $0
Previously Approved Annual Credit Amount: #DIV/0!
TCEP App Equity Price Equivalent: #DIV/0!
Amount Above/Below Previoulsy Approved Tax Credit Equity: #DIV/0!
MAXIMUM SUB-AWARD FRACTION ALLOWED: $0
MAXIMUM SUB-AWARD Subject to CHFA Approval: #VALUE!
Amount Above/Below Previously Approved Tax Credit Equity: #VALUE!
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Unit Mix & Rents
TABLE ILLUSTRATING 2008 MEDIAN INCOMES: 0
# of % of Median Income for Area
Persons 120% 100% 80% 65% 60% 50% 40% 30%
1 Person #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
2 Persons #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
3 Persons #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
4 Persons #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
5 Persons #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
6 Persons #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
7 Persons #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
In order to complete the "Unit Mix & Rents" section, it is necessary to complete the
Tenant Utility Information below. Documentation of the source and the effective date of the
information must be included in the Unit Mix & Rents tab.
Utility Allowance by Bedroom Size:
0 bedroom $ 3 bedroom $ Do Rents Include Utilities?
1 bedroom $ 4 bedroom $ Yes
2 bedroom $ 5 bedroom $ No
For the Rental Income Table below, the applicant must enter unit square footage in Column D, number
of units in Column E and Actual Rent in Column J.
Unit Projected Max. Less Max. Actual Monthly Total
Income Type of Size # of Income Gross Utility Adjusted Rent Rent Annual
Level Unit (sq. ft.) Units Limit Rent Allow. Rent per Unit per S.F. Rent
30% of Area 0-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
Median 1-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
Income 1-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
3-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
3-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
4-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
Total 30% AMI units 0
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Unit Projected Max. Less Max. Actual Monthly Total
Type of Size # of Income Gross Utility Adjusted Rent Rent Annual
Level Unit (sq. ft.) Units Limit Rent Allow. Rent per Unit per S.F. Rent
40% of Area 0-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
Median 1-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
Income 1-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
3-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
3-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
4-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
Total 40% AMI units 0
Unit Projected Max. Less Max. Actual Monthly Total
Income Type of Size # of Income Gross Utility Adjusted Rent Rent Annual
Level Unit (sq. ft.) Units Limit Rent Allow. Rent per Unit per S.F. Rent
50% of Area 0-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
Median 1-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
Income 1-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
3-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
3-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
4-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
Total 50% AMI units 0
Unit Projected Max. Less Max. Actual Monthly Total
Income Type of Size # of Income Gross Utility Adjusted Rent Rent Annual
Level Unit (sq. ft.) Units Limit Rent Allow. Rent per Unit per S.F. Rent
60% of Area 0-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
Median 1-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
Income 1-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 1 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
2-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
3-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
3-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
4-Bd; 2 Ba 0 0 $0 $0 $0 $0 $0 $0.00 $0
Total 60% AMI units 0
Unit Projected Max. Less Max. Actual Monthly Total
Income Type of Size # of Income Gross Utility Adjusted Rent Rent Annual
Level Unit (sq. ft.) Units Limit Rent Allow. Rent per Unit per S.F. Rent
Employee 1-Bd; 1 Ba 0 0 NA NA NA NA $0 $0.00 $0
Units 2-Bd; 1 Ba 0 0 NA NA NA NA $0 $0.00 $0
2-Bd; 2 Ba 0 0 NA NA NA NA $0 $0.00 $0
3-Bd; 2 Ba 0 0 NA NA NA NA $0 $0.00 $0
Total Employee units 0
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Unit Projected Max. Less Max. Actual Monthly Total
Income Type of Size # of Income Gross Utility Adjusted Rent Rent Annual
Level Unit (sq. ft.) Units Limit Rent Allow. Rent per Unit per S.F. Rent
Market 0-Bd; 1 Ba 0 0 NA NA NA NA $0 $0.00 $0
Rate 1-Bd; 1 Ba 0 0 NA NA NA NA $0 $0.00 $0
Units 1-Bd; 1 Ba 0 0 NA NA NA NA $0 $0.00 $0
2-Bd; 1 Ba 0 0 NA NA NA NA $0 $0.00 $0
2-Bd; 1 Ba 0 0 NA NA NA NA $0 $0.00 $0
2-Bd; 2 Ba 0 0 NA NA NA NA $0 $0.00 $0
2-Bd; 2 Ba 0 0 NA NA NA NA $0 $0.00 $0
3-Bd; 2 Ba 0 0 NA NA NA NA $0 $0.00 $0
3-Bd; 2 Ba 0 0 NA NA NA NA $0 $0.00 $0
4-Bd; 2 Ba 0 0 NA NA NA NA $0 $0.00 $0
Total market rate units 0 Total Unit Income $0
Total Residential S. F. 0 0 Total Units
Total Low-Income 0 0 Total Low-Income
Square Footage Units
Total Employee 0 0 Total Employee
Unit Sq. Footage Units
Total Market Rate 0 0 Total Market
Unit Sq. Footage Rate Units
Common Space S.F.
Commercial Space
Square Footage
Lowest Applicable Fraction
Square Footage Low Income Units for calculating credit amount
Applicable Fraction 0 Applicable Fraction 0 0.00%
Total # of 0 bedroom units 0 Total Development Square Footage 0
Total # of 1 bedroom units 0
Total # of 2 bedroom units 0
Total # of 3 bedroom units 0
Total # of 4 bedroom units 0
Low-Income Units Market Rate Units
Total # of 0 bedroom units 0 Total # of 0 bedroom units 0
Total # of 1 bedroom units 0 Total # of 1 bedroom units 0
Total # of 2 bedroom units 0 Total # of 2 bedroom units 0
Total # of 3 bedroom units 0 Total # of 3 bedroom units 0
Total # of 4 bedroom units 0 Total # of 4 bedroom units 0
End of This Section
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Development Income
Miscellaneous Monthly Income:
Laundry Revenue $0.00 Revenue/Unit/Month
Parking Revenue $0.00 Revenue/Unit/Month
Other (specify) $0.00 Revenue/Unit/Month
Other (specify) $0.00 Revenue/Unit/Month
Total Annual Miscellaneous Income $0
Total Annual Rental Income $0
Total Annual Residential Income $0
7% Vacancy Allowance $0
Total Residential Gross Income $0
Total Annual Retail/Commercial Income $0
10% Vacancy Allowance $0
Total Retail/Commercial Gross Income $0
Total Gross Income $0
End of This Section
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Annual Operating Expenses
(Estimated annual operating expenses as of the end of the first full year of operation)
Administration Operations
Residential Commercial Residential Commercial
Accounting $0 $0 Fuel (Heat/Water) $0 $0
Advertising $0 $0 Electricity $0 $0
Legal $0 $0 Water & Sewer $0 $0
Leased Equipment $0 $0 Gas $0 $0
Management Fees $0 $0 Trash $0 $0
Management Salaries $0 $0 Security $0 $0
Management Payroll Tax $0 $0 Cable $0 $0
Model Apartment $0 $0 Other (Specify) $0 $0
Office Supplies $0 $0 Other (Specify) $0 $0
Telephone $0 $0 Other (Specify) $0 $0
Other (Specify) $0 $0 Other (Specify) $0 $0
Other (Specify) $0 $0 Total Operations $0 $0
Other (Specify) $0 $0
Total Administration $0 $0
Maintenance Fixed Expenses
Residential Commercial Residential Commercial
Elevator $0 $0 Real Estate Taxes $0 $0
Extermination $0 $0 Payment in Lieu of Taxes $0 $0
Grounds $0 $0 Other Tax Assessments $0 $0
Repairs $0 $0 Insurance $0 $0
Maintenance Salaries $0 $0 Payroll Tax $0 $0
Maintenance Supplies $0 $0 Other (Specify) $0 $0
Contracts $0 $0 Other (Specify) $0 $0
Other (Specify) $0 $0 Total Fixed Expenses $0 $0
Other (Specify) $0 $0
Total Maintenance $0 $0
Total Annual Residential Total Number of Units 0
Operating Expenses $0 Per Unit Per Annum #DIV/0!
Total Annual Commercial #DIV/0!
Operating Expenses $0
Total Annual Expenses $0
Total Per Unit Annual
Replacement Reserves $0 Minimum Replacement Reserve is $300/unit
x total # of units $0
End of This Section
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TCEP Pro Forma
(Year 1 of this Pro Forma assumes full lease-up)
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
Effective Gross Income $0 $0 $0 $0 $0 $0 $0 $0
Total Project Expenses $0 $0 $0 $0 $0 $0 $0 $0
Net Operating Income $0 $0 $0 $0 $0 $0 $0 $0
First Mortgage $0 $0 $0 $0 $0 $0 $0 $0
Second Mortgage $0 $0 $0 $0 $0 $0 $0 $0
Third Mortgage $0 $0 $0 $0 $0 $0 $0 $0
Net Project Cash Flow $0 $0 $0 $0 $0 $0 $0 $0
Debt Coverage Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Flow available
for distribution $0 $0 $0 $0 $0 $0 $0 $0
Partnership Mgt. Fees $0 $0 $0 $0 $0 $0 $0 $0
Asset Mgt. Fees $3,000 $3,090 $3,183 $3,278 $3,377 $3,478 $3,582 $3,690
Cash Flow Notes $0 $0 $0 $0 $0 $0 $0 $0
Cash Flow Available
after above obligations -$3,000 -$3,090 -$3,183 -$3,278 -$3,377 -$3,478 -$3,582 -$3,690
Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15
Effective Gross Income $0 $0 $0 $0 $0 $0 $0
Total Project Expenses $0 $0 $0 $0 $0 $0 $0
Net Operating Income $0 $0 $0 $0 $0 $0 $0
First Mortgage $0 $0 $0 $0 $0 $0 $0
Second Mortgage $0 $0 $0 $0 $0 $0 $0
Third Mortgage $0 $0 $0 $0 $0 $0 $0
Net Project Cash Flow $0 $0 $0 $0 $0 $0 $0
Debt Coverage Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Flow available
for distribution $0 $0 $0 $0 $0 $0 $0
Partnerhsip Mgt. Fees $0 $0 $0 $0 $0 $0 $0
Asset Mgt. Fees $3,800 $3,914 $4,032 $4,153 $4,277 $4,406 $4,538
Cash Flow Notes $0 $0 $0 $0 $0 $0 $0
Cash Flow Available
after above obligations -$3,800 -$3,914 -$4,032 -$4,153 -$4,277 -$4,406 -$4,538
Deferred Developer Fee Underwriting Criteria
$0 Deferred Developer Fee
-$34,392 10 yr. cash flow available after obligations
Payable? True or False
-$55,797 15 yr. cash flow available after obligations
Payable? True or False
End of This Section
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Contractor/Developer Fee Limits
Builder's Profit & Overhead as a Percent of Hard Construction Costs
Identity of Interest? Yes/No
(See Section 3.F. of the Allocation Plan for the definition of Identity of Interest)
# of Units
With Identity 0 Maximum % Allowed: 0%
Without Identity 0 Maximum % Allowed: 0%
Contractor Fees:
Overhead $0
Profit $0
TOTAL Contractor Fees: $0
Other Costs:
New Structures/Rehabilitation $0
On-Site Work $0
Contingency $0
Accessory Structures $0
Total Costs for calculating
Contractor Fees: $0
Max Allowable Contractor Fees: $0
Amount of Eligible Basis Reduction: $0
Aggregate Developer Fee, Overhead, Consultant Fee Limits
Total Units: 0 Maximum % Allowed: 15%
Total Project Costs $0
Less Reduction from Above $0
Less Land $0
Less Developer Fee Category $0
Less Consultant Fees $0
Less Project Reserves $0
Total Costs for calculating
Developer Fees: $0
ALLOWABLE Developer Fees: $0
Budgeted Developer Fee: $0
Amount of Eligible Basis Reduction: $0
$0
Contractor and Developer Fees are within the CHFA limits
End of This Section
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Determination of Annual Federal Tax Credit Amount
Method One: Qualified Basis Calculation
Eligible Basis from Development Budget FALSE
Basis reduction from Fee Worksheet $0
Federal Historical Tax Credits reduced from Basis $0
HOME Funds reduced from Basis $0
Total Eligible Basis $0
Total Eligible QCT or DDA Adjusted Applicable Qualified Applicable Annual Credit
Basis Not Applicable=1.0 Eligible Basis Fraction Basis Percentage
FALSE x 1.0 = $0 x 0.00% = $0 x 0.00% = $0
Acquisition QCT or DDA Not Eligible for Applicable Qualified Applicable Acquisition
Basis Not Applicable Adjusted Basis Fraction Basis Percentage Credit
Not Applicable x 1.0 x Not Applicable = Not Applicable Not Applicable = $0
Total Basis Annual Credit = $0
Method Two: Gap Calculation
Total Uses Total Funds Gap Equity Factor Annual Credit
$0 - $0 = $0 $0.0000 = #DIV/0!
Method Three: Basis Limit Calculation
Number Basis Limit Total Adjusted
of Units per Unit Eligible Basis
0 bedroom 0 #N/A #N/A
1 bedroom 0 #N/A #N/A
2 bedroom 0 #N/A #N/A
3 bedroom 0 #N/A #N/A
4 bedroom 0 #N/A #N/A
#N/A
Total Adjusted QCT or DDA Applicable Adjusted Qualified Applicable Adjusted Annual
Eligible Basis Not Applicable=1.0 Fraction Basis Percentage Credit
#N/A x 1.0 x 0.00% = #N/A x 0.00% = #N/A
Maximum Credit Award as per Section II.F. of the Allocation Plan: $1,100,000
Based on the calculations performed above and the maximum award available,
this development is eligible for a total Annual Federal Credit in the amount of :
FALSE
End of This Section
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Scoring
Section 1: Primary Selection Criteria
1. Low Income Targeting: Either A. or B. Threshold must be selected below.
See Section 5.A.1. of the Allocation Plan for CHFA requirements under this Critieria.
A. Threshold: 40% at 60% of Area Median Income
% of Median Income # of Rent Restricted Units % of Rent Restricted Units Weight Points
60% 40
50% 60
40% 80
Total Restricted Units Points
Additional points for counties under $46,750 area median income
Total Points 0
B. Threshold: 20% at 50% of Area Median Income
% of Median Income # of Rent Restricted Units % of Rent Restricted Units Weight Points
50% 60
40% 80
Total Restricted Units Points
Additional points for counties under $46,750 area median income
Total Points 0
C. Targeting 30% of area median income (See Section 5.A.1.c. of the Allocation
Plan for eligibility requirements for making this selection)
Very, Very Low-Income Targeting (Select Only One)
Points
10% of Total Units at, or below, 30% of area median income 0
20% of Total Units at, or below, 30% of area median income 0
30% of Total Units at, or below, 30% of area median income 0
Total Points 0
Total Points for Low Income Targeting 0
2. Extended Low-Income Use (Select only one below.)
Selection Extended Use Period Points
15 Years Compliance + 5 Year Waiver 0
15 Years Compliance + 10 Year Waiver 0
15 Years Compliance + 15 Year Waiver 0
15 Years Compliance + 20 Year Waiver 0
15 Years Compliance + 25 Year Waiver 0
Total Points 0
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3. Developments in a Qualified Census Tract
See Section 5.A.3. of the Allocation Plan for CHFA requirements under this Critieria.
Selection Criteria Points
0
a. Developments located in a qualified census tract, the development of which contributes to
a concerted Community Revitalization Plan. (A community revitalization plan is defined in
Section 5.A.3. of the Allocation Plan)
Total Points 0
Section 2: Secondary Selection Criteria
1. Housing Needs Characteristics
See Section 5.B.1. of the Allocation Plan for CHFA requirements under this Critieria.
Score related to Household Percentage below 51% AMI with Housing Problems (the
points from the C1 table are automatically calculated for cell E73 below)
Points #N/A
Score related to the number of All Householdswith Housing Problems
( the points for the C2 table are automatically calculated for cell E77 below)
Points #N/A
2. Development Location
See Section 5.B.2. of the Allocation Plan for CHFA requirements under this Critieria.
Selection Criteria Points
a. 'Development is located in a community that has an identified community 0
housing priority; e.g. supporting a local, regional or state plan, a neighbor-
hood plan, a CHAS or some other community-sponsored needs assess-
ment, master plan, etc.. Applicant must provide evidence clearly demon-
strating the development fits into the community's needs.
Total Points 0
3. Development Characteristics
Selection Criteria Points
a. 'Development that provides housing for a mix of incomes by having no 0
more than 70% tax credit-eligible units
b. Developments of 50 or less total units 0
c. Rehabiltation of blighted buildings OR locally or federally designated 0
historic structures. See Section 5.B.3.c. of the Allocation Plan for the
definition of "blighted buildings".
d. Acquisition/ Rehabilitation of a Preservation Development. 0
See Section 5.B.3.d. of the Allocation Plan for the definition of a
"Preservation Development".
0
e. Rehabilitation of developments in an area that is part of a Community
Revitalization Plan. Points awarded only if not receiving points under Section
5.A.3. of the Allocation Plan. (A community revitalization plan is defined in
Section 5.A.3. of the Allocation Plan)
Total Points 0
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4. Applicant Characteristics
Selection Criteria Score
a. Applicant is a Colorado-based tax-exempt organization having an 0
express purpose of fostering low-income housing or a Colorado public
housing authority. The applicant is the one and only owner of the develop-
ment and will remain as the one and only general partner (either itself or
through its or a related subsidiary). The applicant will, from the time of
application through the compliance period, materially participate 1 in the
development and operation of the development. The applicant is required
to complete the following tab labeled "Non-Profit Questionnaire".
Total Points 0
5. Tenant Population with Special Housing Needs
Selection Criteria Score
a. Homeless3 (Minimum of 33% of total units set-aside for Homeless) 0
b. Supportive Housing for non-elderly Special Needs Tenants 0
Total Points 0
6. Subsidized Housing Waiting Lists
Selection Criteria Score
a. Subsidized Housing Waiting List 0
APPLICATION TOTAL POINTS #N/A
x
1
Materially participate is defined in Section 469(h) of the Code as “involved in the operation of the activity on a basis which is regular, continuous and
substantial”.
2
Significant participation by a developer (either for-profit or non-profit) that has been responsible for the construction, completion and placement in service
of a multi-family rental housing development. In order to receive points under this category, the application must include historical operating expense data
for all multi-family housing developments that the developer has placed in service.
3
Eligible Individual or Family (under Section 42 of the tax Code) who: a) Lacks a fixed, regular and adequate nighttime residence; and b) Has a primary
nighttime residence that is: 1) A supervised publicly or privately operated shelter designed to provide temporary living accommodations (including welfare
hotels, congregate shelters, and transitional housing); 2) An institution that provides a temporary residence for individuals intended to be institutionalized;
or 3) A public or private place not designed for, or ordinarily used as a regular sleeping accommodation for human beings. The term “Homeless Individual”
does not include any individual imprisoned or otherwise detained under an Act of the Congress or a State law.
End of This Section
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Applicant Information
The applicant must either be a legal entity or individual who is, or will be, a principal in the General
Partnership. The General Partnership does not have to be formed at Preliminary or Carryover Application.
A. Applicant:
Address:
City:
State:
Zip Code:
Taxpayer I.D. Number:
Contact Person:
Phone Number:
FAX Number:
E-mail Address:
B. The General Partner is, or will be a:
Non-Profit Corporation
For-Profit Corporation
Public Housing Authority
Individual
Local Government
Other (specify)
Non-Profit Corporation must include the following material in "Scoring" Tab (#13) of the application:
Articles of Incorporation, IRS 501(c)(3)or 501(c)(4) status letter, non-profit Certificate of
Incorporation and Certificate of Good Standing from the Secretary of State and the completed
and signed Non-Profit Questionnaire (Exhibit C of the Application).
C. Has the applicant, or other principals of the development's ownership entity, previously
received tax credits in Colorado? Yes No
If "Yes", indicate development
name and year. Please attach
sheets as necessary.
Has the applicant, or other principals of the development's ownership entity, previously
received tax credits in other states? Yes No
If "Yes", which year(s)?
Yes No
Has the applicant placed any developments in service?
If "Yes", who is/are the limited partners using the credits?
Name
Address
City State Zip Code
Name
Address
City State Zip Code
Name
Address
City State Zip Code
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Development Team Experience
1. Development Name:
2. Applicant Name:
Describe experience in successful development of low-income housing (attach list of names and addresses of
low-income housing developments):
3. Name of General Partner:
Partnership Tax Identification #:
Partnership Contact Person:
Telephone Number Fax Number
Describe experience in successful development of low-income housing (attach list of names and addresses of
low-income housing developments):
4. Name of Developer:
Address:
City: State Zip Code
Developer Tax Identification #:
Developer Contact Person:
Telephone Number Fax Number
Describe experience in successful development of multi-family housing (attach list of names and addresses of
multi-family housing developments):
5. Name of Contractor:
Address:
City: State Zip Code
Contractor Tax Identification #:
Contractor Contact Person:
Telephone Number Fax Number
Describe experience in successful development of multi-family housing (attach list of names and addresses of
multi-family housing developments):
6. Name of Management Co.:
Address:
City: State Zip Code
Management Co. Tax I.D. #:
Management Co. Contact Person:
Telephone Number Fax Number
Describe experience in successful management of low-income housing tax credit project(s) - (attach list of names
and addresses of low-income housing tax credit developments):
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7. Name of Consultant:
Address:
City: State Zip Code
Consultant Tax I.D. #:
Contact Person (if different):
Telephone Number Fax Number
Describe experience in successful development of low-income housing tax credit project(s) - (attach list of names
and addresses of low-income housing tax credit developments):
8. Name of Tax Attorney Firm:
Address:
City: State Zip Code
Firm Tax I.D. #:
Contact Person:
Telephone Number: Fax Number
Describe experience in successful development of low-income housing tax credit project(s) - (attach list of names
and addresses of low-income housing tax credit developments):
9. Name of CPA Firm:
Address:
City: State Zip Code
Firm Tax I.D. #:
Contact Person:
Telephone Number: Fax Number
Describe experience in successful development of low-income housing tax credit project(s) - (attach list of names
and addresses of low-income housing tax credit developments):
Do any members of the development team have any direct or indirect, financial or other interest with any of the
other development team members, including owners' interest in the construction company or in any of the
subcontractors to be used?
Yes No
If yes, describe the level of participation and/or relationship of each:
Describe any default, disposition of or status of default, foreclosure or findings of non-compliance for any of the
developments listed on attachments. Use an additional sheet of paper if necessary.
End of This Section
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Non-Profit Questionnaire
The purposes of this questionnaire are as follows:
A. To provide information required to determine if an applicant is eligible for tax credits from the 10% set-aside of
the annual state tax credit ceiling under Section 42(h)(5) of the Internal Revenue Code for developments
produced by qualified non-profit organizations.
B. To provide information to determine if an application is eligible for points under Item 4a of the Scoring Criteria
worksheet, regarding "ownership by a Colorado tax-exempt organization, or public housing authority, with an
express purpose of fostering low-income housing".
Please answer every question or indicate if not applicable. Use additional sheets if necessary.
1. GENERAL INFORMATION
a. Name of Development 0
b. Name of ownership entity
c. Name of participating non-profit
or public housing authority
Legal Status: 501(c)(3)
501(c)(4)
tax-exempt under 501(a)
public housing authority
other (specify)
d. If the non-profit or public housing authority willl participate through a related subsidiary entity, enter the name
of such entity.
Legal Status: 501(c)(3)
501(c)(4)
tax-exempt under 501(a)
public housing authority
other (specify)
2. Does the applicant intend to request an allocation of tax credits from the non-profit set-aside portion of the state
credit ceiling under Section 42(h)(5)? Mark "Yes" if claiming points under 4a of the Development Selection Criteria
Yes No
3. Is the non-profit or PHA assured of owning an interest in the development throughout the compliance period?
Yes No
a. List all the general partners of the ownership entity and the percentages of their interest:
b. Describe in detail the non-profit or PHA ownership interest:
4. Describe the non-profit or PHA material participation in the development:
5. Describe the non-profit or PHA material participation in the operation of the development throughout the
extended use period:
6/27/2011 Non Profit Questionnaire 309fe9d5-c8cc-4efa-b795-091f225d3e13.xls
6. Will the non-profit or PHA be contributing funds to the development?
Yes No
If yes, explain:
7. Will the non-profit or PHA receive any part of the development or management fees paid in connection with
the development?
Yes No
If yes, explain:
8. How many full-time staff members does the non-profit or PHA have? (please specify):
Describe the type and extent of their activities:
9. The non-profit may not be affiliated with, or controlled by, any for-profit organization.
a. Has any for-profit entity (including the owner of the development or any entity directly or indirectly
related to such owner) appointed any directors to the governing board of the non-profit?
Yes No
If yes, explain:
b. Does the non-profit have any financial arrangements with any individual(s) of for-profit entity,
including anyone or any entity related, directly or indirectly, to the owner of the development?
Yes No
If yes, explain:
c. Disclose any business or personal (including family) relationships that any of the staff members,
directors or other principals involved in the formation or operation of the non-profit have, either directly
or indirectly, with any persons or entities involved or to be involved in the development on a for-profit
basis including, but not limited to, the owner of the development, any of its for-profit general partners,
employees, limited partners or any other parties directly or indirectly related to such owner:
10. The non-profit or PHA may not have been formed by any individual(s) or for-profit entity for the principal purpose
of being included in the non-profit set-aside or earning points under the Development Selection Criteria.
a. Date of legal formation of non-profit or PHA:
b. Purpose(s) of formation of non-profit:
11. a. Provide the following required materials for the non-profit or PHA (as applicable): articles of incorporation,
by-laws, IRS determination letter, non-profit certification of incorporation and certificate of good standing from
Secretary of State and the list of current Board of Directors or Commissioners (include dates of appointment and
affiliation). Provide the above items under the "Scoring" tab of the application.
End of Section
6/27/2011 Non Profit Questionnaire 309fe9d5-c8cc-4efa-b795-091f225d3e13.xls
ARRA Applicant Certification
As part of the ARRA Application Certification, the applicant acknowledges that the application and all materials submitted by applicants
constitute public records within the meaning of the Colorado Open Records Act (Colorado Revised Statutes Section 24-72-210 et seq.).
Applicant further acknowledges and agrees, as part of the ARRA Application Certification, that CHFA will not treat any part of the
application and submissions as a record that is not subject to release to the public, unless such material is segregated and clearly
designated as falling with an exception to the Colorado Open Records Act. Otherwise, CHFA will make such material available for
inspection and copying (for a charge of $1.00 per page) upon the request of any person. As part of the ARRA Application Certification,
applicants further acknowledge and agree that even material that is so segregated and designated may become subject to release upon
a successful challenge by a member of the public.
The undersigned applicant hereby makes application to CHFA for ARRA funds in the
amount listed in the application. The undersigned agrees that CHFA will at all times be
indemnified and held harmless against all losses, costs, damages, expenses and liabilities of
whatsoever nature or kind ( including, but not limited to, attorney's fees, litigation and court costs, amounts
paids to discharge judgment, any loss from judgment from the Internal Revenue Service) directly or
indirectly resulting from, arising out of, or related to acceptance, consideration and approval or
disapproval of such ARRA funds request.
The undersigned, being duly authorized, hereby represents and certifies that the foregoing information,
including all attached and applicable exhibits, to the best of his/her knowledge, is true, complete and
accurately describes the proposed development. Misreperesentations of any kind will be grounds for
denial or loss of the tax credits and/or ARRA Funds and may affect future participations in the tax credit program in
Colorado.
The undersigned applicant hereby certifies that all consultant fees, architect fees, builder fees and
developer fees are properly disclosed and conform to the limitations of these fees as outlined in
Section 3.G. of the Qualified Allocation Plan.
IN WITNESS WHEREOF, the applicant has caused this document to be duly executed in its name on this
day of , 20
Name of Preparer (person completing the application)
By:
Name
Title
STATE OF
COUNTY OF
Acknowledged before me this day of , 20
by
as
of .
My Commission expires:
Notary Public
6/27/2011 Applicant Certification 309fe9d5-c8cc-4efa-b795-091f225d3e13.xls
IN WITNESS WHEREOF, the applicant has caused this document to be duly executed in its name on this
day of , 20
Legal Name of Applicant
By:
Name
Title
STATE OF
COUNTY OF
Acknowledged before me this day of , 20
by
as
of .
My Commission expires:
Notary Public
End of This Section
6/27/2011 Applicant Certification 309fe9d5-c8cc-4efa-b795-091f225d3e13.xls
Asset Management and Compliance Monitoring Fees
The Asset Management Fee for a 100% TCEP project will start at $3,000 per annum with a
3% annual escalator throughout the compliance period (please see TCEP Pro Forma for
total).
#VALUE!
End of This Section
6/27/2011 Application Fee 309fe9d5-c8cc-4efa-b795-091f225d3e13.xls
6/27/2011 Application Fee 309fe9d5-c8cc-4efa-b795-091f225d3e13.xls
Missing Information
Do not submit the application if any items are indicated below.
BE SURE TO SCROLL DOWN!
Minimum Underwriting Criteria
Development Operating Reserves $0
Minimum Reserve Requirement $0
The minimum operating reserve requirement has been met.
Minimum Replacement Reserve Requirement $300
Annual Replacement Reserve Per Unit $0
The minimum replacement reserve requirement is not met.
Annual Operating Expenses per Unit (PUPA) #DIV/0!
Minimum PUPA Requirement $3,900
#DIV/0!
Annual Debt Coverage Ratio (DCR) #DIV/0!
Minimum DCR Requirement 1.15
#DIV/0!
The date of the application must be entered, starting at cell E3 of the 'Development Information' worksheet.
Either cell C18 or E18 on the 'Development Information' worksheet must be marked to indicate the type of credit requested.
The development name must be entered in cell C22 of the 'Development Information' worksheet.
The development address must be entered in cell C23 of the 'Development Information' worksheet.
The city or town where the development is located must be entered in cell C24 of the 'Development Information' worksheet.
The county where the development is located must be entered in cell F24 of the 'Development Information' worksheet.
The zip code where the development is located must be entered in cell G25 of the 'Development Information' worksheet.
The census tract number where the development is located must be entered in cell C25 of the 'Development Information' worksheet.
The State Senate District where the development is located must be entered in cell C30 of the 'Development Information' worksheet.
The Congressional District where the development is located must be entered in cell C31 of the 'Development Information' worksheet.
The State House District where the development is located must be entered in cell G30 of the 'Development Information' worksheet.
The form of site control, (Deed, Option or Lease) must be indicated starting at cell C34 of the 'Development Information' worksheet.
Either cell E35 or H35 on the 'Development Information' worksheet must be marked.
Either cell F40 or H40 on the 'Development Information' worksheet must be marked.
Either cell F46 or H46 on the 'Development Information' worksheet must be marked.
The total number of buildings in the development must be entered in cell C56 of the 'Development Information' worksheet.
The number of floors in the tallest building must be entered in cell E58 of the 'Development Information' worksheet.
Either 'Yes' or 'No' must be entered in cell E61 of the 'Development Information' worksheet.
The number of parking spaces must be entered in cell C63 of the 'Development Information' worksheet.
The project type (New Construction, Acquisition/Rehabilitation or Substantial Rehabilitation) must be indicated starting
at cell C66 of the 'Development Information' worksheet.
The type of units (Multifamily Apartments, Townhouse or Single Family Detached) must be indicated starting
at cell C95 of the 'Development Information' worksheetThe type of units (Multifamily Apartments, Townhouse or Single Family Detached) must be indicated starting
Indicate whether, or not, rents include utilities on the 'Unit Mix & Rents' worksheet
Applicant name must be entered in Cell D7 of the 'Applicant Info-Development Team' worksheet.
Applicant address must be entered in Cell D8 of the 'Applicant Info-Development Team' worksheet.
Applicant address must include the city in Cell D9 of the 'Applicant Info-Development Team' worksheet.
Applicant address must include the state in Cell D10 of the 'Applicant Info-Development Team' worksheet.
Applicant address must include the zip code in Cell D11 of the 'Applicant Info-Development Team' worksheet.
Applicant Tax I.D. number or 'TBD' must be entered in Cell D12 of the 'Applicant Info-Development Team' worksheet.
The name of the contact person must be entered in Cell D13 of the 'Applicant Info-Development Team' worksheet.
The phone number of the contact person must be entered in Cell D14 of the 'Applicant Info-Development Team' worksheet.
The fax number, or 'N/A', of the contact person must be entered in Cell D15 of the 'Applicant Info-Development Team' worksheet.
The e-mail address, or 'N/A', of the contact person must be entered in Cell D16 of the 'Applicant Info-Development Team' worksheet.
The type of General Partner (Non-Profit Corporation, For-Profit Corporation, Public Housing Authority, etc.) must be indicated
starting at cell D19 of the 'Applicant Info-Development Team' worksheet.
Either Cell E33 or Cell G33 of the 'Applicant Info-Development Team' worksheet must be marked.
Either Cell E39 or Cell G39 of the 'Applicant Info-Development Team' worksheet must be marked.
Either Cell G49 or Cell H49 of the 'Applicant Info-Development Team' worksheet must be marked.
Cell C4 of the 'Contractor-Developer Fee Limits' worksheet must be marked 'Yes' or 'No'.
6/27/2011 Missing Information 309fe9d5-c8cc-4efa-b795-091f225d3e13.xls
The equity factor must be entered in cell G5 of the 'Development Financing' worksheet.
The name of the local jurisdiction must be entered in cell E6 of the 'Official Notification' worksheet.
The name of the chief elected official must be entered in cell E7 of the 'Official Notification' worksheet.
The address of the chief elected official must be entered in cell E8 of the 'Official Notification' worksheet.
The address must include the name of the city in cell E9 of the 'Official Notification' worksheet.
The address must include the zip code in cell I9 of the 'Official Notification' worksheet.
The phone number for the chief elected official must be entered in cell E10 of the 'Official Notification' worksheet.
The name of the local housing authority must be entered in cell E16 of the 'Official Notification' worksheet.
The name of the executive director must be entered in cell E17 of the 'Official Notification' worksheet.
The address of the executive director must be entered in cell E18 of the 'Official Notification' worksheet.
The address must include the name of the city in cell E19 of the 'Official Notification' worksheet.
The address must include the zip code in cell I19 of the 'Official Notification' worksheet.
The phone number for the executive director must be entered in cell E20 of the 'Official Notification' worksheet.
Either cell B8 or cell B19 of the 'Development Scoring' worksheet must be marked.
The name of the General Partner, if formed, must be entered in cell D80 of the 'Applicant Info-Development Team' worksheet
The name of the developer must be entered in cell D92 of the 'Applicant Info-Development Team' worksheet
The name of the contractor must be entered in cell D106 of the 'Applicant Info-Development Team' worksheet
The name of the management company must be entered in cell D120 of the 'Applicant Info-Development Team' worksheet
The name of the consultant must be entered in cell D134 of the 'Applicant Info-Development Team' worksheet
The name of the tax attorney firm must be entered in cell D149 of the 'Applicant Info-Development Team' worksheet
The name of the CPA firm must be entered in cell D163 of the 'Applicant Info-Development Team' worksheet
End of This Section
6/27/2011 Missing Information 309fe9d5-c8cc-4efa-b795-091f225d3e13.xls
Development Summary
0
0
0
0
9% Competitive Tax Credits
Applicant: 0
Contact: 0
Phone: 0
Email: 0
Low Income Targetting
Total Tax Total Units Total Units Total Units Total Units Employee Total Market
Total Units Credit units 30% AMI 40% AMI 50% AMI 60% AMI Unit Rate Units
Total # of 0 bedroom units 0 0 0 0 0 0 0
Total # of 1 bedroom units 0 0 0 0 0 0 0 0
Total # of 2 bedroom units 0 0 0 0 0 0 0 0
Total # of 3 bedroom units 0 0 0 0 0 0 0 0
Total # of 4 bedroom units 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0 0
Development Rents
Total Total Net Rent Net Rent Net Rent Net Rent Empl. Unit Net Rent
Bedroom Bath 30% AMI 40% AMI 50% AMI 60% AMI Rent MR Units
0 1 $0 $0 $0 $0 NA $0
1 1 $0 $0 $0 $0 NA $0
1 1 $0 $0 $0 $0 NA $0
2 1 $0 $0 $0 $0 NA $0
2 1 $0 $0 $0 $0 NA $0
2 2 $0 $0 $0 $0 NA $0
2 2 $0 $0 $0 $0 NA $0
3 2 $0 $0 $0 $0 NA $0
3 2 $0 $0 $0 $0 NA $0
4 2 $0 $0 $0 $0 NA $0
Development Financing
Per Unit Per S.F.
Total Project Costs: $0 #DIV/0! #DIV/0!
Hard Costs: $0 #DIV/0! #DIV/0!
Finance Sources other than Tax Credit Equity: $0
Tax Credit Equity: $0
Total Sources: $0
Total Uses: $0
Sources equal Uses? Yes
PUPA
Total Annual Residential Operating Exp: $0 #DIV/0!
Total Annual Commercial Operating Exp: $0
RR/Unit
Annual Replacement Reserve: $0 $0
Year 1 DCR: #DIV/0!
Max Allowable Developer Fee: $0
Total Developer Fee: $0
Total Deferred Developer Fee: $0
10 year cash flow after debt service: ($34,392)
Deferred Developer Fee payable within 10 years?
15 year cash flow after debt service: ($55,797)
Deferred Developer Fee payable within 15 years?
6/27/2011 Development Summary 309fe9d5-c8cc-4efa-b795-091f225d3e13.xls
