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Letter of Credit Trust document sample
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ILLINOIS HOUSING DEVELOPMENT AUTHORITY
MULTIFAMILY PROGRAMS COMMON APPLICATION
INSTRUCTIONS
The Common Application may be completed on a diskette issued by the Authority or spreadsheet downloaded from its website. The
Common Application contains one Microsoft Excel file - IHDA Common Application.xls. The Common Application Checklist* may be
obtained by downloading it from the IHDA web site www.ihda.org.
*NOTE: IF YOU ARE ONLY APPLYING FOR TAX CREDITS, YOU MUST SUBMIT THE IHDA COMMON APPLICATION.xls, BUT ONLY
HAVE TO COMPLETE THE TAX CREDIT SECTIONS OF THE COMMON APPLICATION CHECKLIST.
1 Please make backup copies of the spreadsheets prior to use.
2 The IHDA Common Application.xls contains the Pages 1-11 of the application. Please see IHDA's Common Application Checklist for ALL
items necessary to submit an application.
When you electronically open the IHDA Common Application, please select "Enable Macros"
Checklist
Description Page 1 LTOS Page 6
Programs Page 2 Net Income Page 7
Team Page 3 Cash Flow Page 8
Project Page 4 Budget-Eligible Basis Page 9
Income Page 5 Sources Page 10
To access any of the pages, click the mouse on the appropriate tab at the bottom of the worksheet. Additional worksheets are "hidden"
and for IHDA use only.
3 The application has been protected so that formulas and information cannot be erased. You will not be able to add any information in
protected areas. If needed, please attach separate sheets of paper and submit them with the printout of the application.
NOTE: CHANGING FORMULAS IN THE APPLICATION WITHOUT PRIOR CONSENT FROM THE AUTHORITY MAY INVALIDATE
YOUR APPLICATION!!!
4 To submit the application, return a printed copy of the completed application and email the Excel application to
kassaria@ihda.org.
5 Each page must be printed separately and is formatted to fit on the page. To print each page click on the page and then click on the
printer icon.
DO NOT CHANGE PRINT CONFIGURATION. IF YOU ARE HAVING DIFFICULTY PRINTING CALL THE AUTHORITY!!!!
6 Please direct program and application questions to Bob Johnson (312/836-5205).
ILLINOIS HOUSING DEVELOPMENT AUTHORITY Page 1
MULTIFAMILY AND TAX CREDIT APPLICATION
PROJECT NAME: Internal Use Only
PROJECT ADDRESS: IHDA #
CITY: Date Re'd
ZIP: (9 digit zip code) Fee
COUNTY: Application Date (4/1/10)
DEVELOPER NAME:
CONTACT PERSON: Census Tract #
RELATION TO OWNER: QCT (Yes/No)
PHONE NUMBER:
FAX NUMBER:
EMAIL ADDRESS
IHDA PROGRAM: Requested
Financing Program Financing Amount Credit Enhancement Program
Mortgage Participation Certificates (MPC) Risk Sharing - FHA
Tax Exempt Bonds* MAP - FHA
HOME FNMA
Trust Fund Letter of Credit
Taxable Financing 3rd Party Guarantee
LIHTC - Federal Other
IAHTC - State
TC Exchange (Recovery Act Funds)
TCAP (Recovery Act Funds)
* Ceded Volume Cap (Enter Amount)
Operating Subsidy
Long Term Operating Support (LTOS) Enter # of LTOS Units
Other (Describe)
Financing Type
Acquisition Refinance 9% LIHTC Competitive
Acquisition/Rehabilitation Adaptive Reuse 9% LIHTC Increase
New Construction 4% LIHTC Tax-Exempt Bond
Preservation
Property Type
Elderly Supportive Housing (50% or more of the total units are SH)
Family Other (Describe)
Supportive Living Facilities (SLF)
Target Population
15% of AMI 40% of AMI 80% of AMI
20% of AMI 50% of AMI Market Rate
30% of AMI 60% of AMI
Property Description
Single Family/Townhome Single Story Multifamily
Single Family Multi-story Multifamily Enter # of Stories
Land (Enter Size of Land) # of Square Feet # of Acres
# of Residential Apartments Units # of Elevators
# of Residential Buildings
# of Accessory Buildings
Development Name: Page 2
0 IHDA #: 0
Date: 01/00/00
TAX CREDIT REQUEST IHDA DOH * No Tax Credits *
* If DOH Credits or no tax credits, please skip this section and continue in next section.
LIHTC Program Elections: (Fill out in conjunction with Qualified Allocation Plan-QAP)
Minimum Set-Aside Election
Extended Use Period (See QAP for definition of compliance period & scoring category)
Indicate # of years the development will comply with the occupancy restrictions (both income & rent) of Section 42:
Note: You will be required to sign and record an Extended Use Agreement for the full compliance period.
STATE TAX CREDIT (IAHTC)
IAHTC Set-Asides Type of Donation
ALL IHDA FINANCING REQUESTS
Set Asides (Choose Either Geographic or Disaster)
Geographic (Choose only One) Disaster
Housing Task Force Initiatives Accessibility (enter # units)
Accessible
Adaptable
Hearing/Vision Impaired
Other Information
# of Supportive Housing Units
PUBLIC NOTICE
IHDA is required to notify the following public officials of all multifamily applications received. Please provide the following contact information:
District Name/Contact Person/Address
Mayor/Chief Elected Official
Congressperson
State Senator
State Representative
Chairperson of County Board
Council Member/Alderman
County Public Housing Authority
City Public Housing Authority
Development Name: Page 3a
0 IHDA #: 0
Date: 01/00/00
DEVELOPMENT TEAM
Ownership Entity: Limited Profit Entity Non-Profit Entity
Type of Ownership Entity: Limited Partnership Land Trust
Limited Liability Corp. Sole Proprietorship
Corporation General Partnership
Local Government
Investment Goal of Developer Build-to-Suit Long Term Hold
(If goal is short term hold, please (Short Term Hold is defined
explain role at bottom of 3b) as general partner selling
100% interest < 6 years)
Ownership
Ownership Legal Name
Address
City, State, Zip Code
Principals/Signatory
Contact Person (CP)
CP Phone #
CP Fax #
CP E-mail
General Partner(s)
Name of Entity - GP
Contact Person (CP)
Address
City, State, Zip Code
CP Phone #
CP E-mail
% interest of entity in G.P.
Non-Profit (Yes/No)
Construction Guarantor(s)
Name(s)
Are there any Participating Non-Profit Entities in the Ownership Entity? (Yes or No)
Explain Ownership Relationship and % Interest
Non-Profit Entity Name
Have any of the above entities been involved in any bankruptcies, loan defaults or foreclosures
Yes No
If yes, please explain:
Professional Team Members
Syndicator Property Manager
Company Name Company Name
Address Address
City, State, Zip Code City, State, Zip Code
Phone # Phone #
Fax # Fax #
E-mail E-mail
Contact Person (CP) Non-Profit/Profit
CP Phone # Contact Person (CP)
CP E-mail CP Phone #
CP Fax # CP E-mail
Development Name: Page 3b
0 IHDA #: 0
Date: 01/00/00
General Contractor Architect
Company Name Company Name
Address Address
City, State, Zip Code City, State, Zip Code
Phone # Phone #
Fax # Fax #
E-mail E-mail
Contact Person (CP) Contact Person (CP)
CP Phone # CP Phone #
Tax Credit Accountant Attorney
Company Name Company Name
Address Address
City, State, Zip Code City, State, Zip Code
Phone # Phone #
Fax # Fax #
E-mail E-mail
Contact Person (CP) Contact Person (CP)
CP Phone # CP Phone #
Consultant Tax Credit Attorney
Firm Name Firm Name
Address Address
City, State, Zip Code City, State, Zip Code
Phone # Phone #
Fax # Fax #
E-mail E-mail
Contact Person (CP) Contact Person (CP)
CP Phone # CP Phone #
Lead Referral Agency
Firm Name
Address
City, State, Zip Code
Phone #
Fax #
E-mail
Non-Profit/Profit
Contact Person (CP)
CP Phone #
Identity of Interest and Role of Developer
Indicate any identity of interest among Development Team members and role of developer (if other than long-term hold -
i.e. "turn-key developer"):
Development Name: Page 4
0 IHDA #: 0
Date: 01/00/00
PROJECT INFORMATION
Market Rate Employee Trust Fund Low-Income Very Low Inc Total
Units Units 60%><=80% 50%><=60% Units<=50%
Number of Units: 0
Net Rentable Area-"NRA" (sq ft): 0
% = # Afford. Units/# Total Units 0.0000%
% =Total NRA of Afford/Total NRA 0.0000%
Construction Schedule: Construction: Dimensions:
Date Foundation: Total Parking Spaces:
Start Exterior Walls: # Garage Pkg Spaces
Finish Utilities: Commercial Pkg Spaces
Placed-in-Service Heat Year Built (if existing):
Stabilized Cooking
Occupancy Hot Water
Air Conditioning
Property Description Describe Improvements Gross (SqFt) Net (SqFt)
Residential Building 0
Accessory Buildings
Recreational Facilities
Commercial Facilities
Totals 0 0
Kitchen Laundry
Range Laundry facilities on Site
Refrigerator In-Unit Washers/Dryers
Dishwasher
Disposal
Microwave
Description of Building and Site Amenities:
Description of Neighborhood and Community Amenities:
Development Name: Page 5a
0 IHDA #: 0
Date: 01/00/00
UTILITY ALLOWANCE INFORMATION Low Income Units Only
Source of Estimate HUD (attach schedule) Utility (attach letter) Comparable (attach audit)
(www.huduser.org/resources/utilmodel.html)
Tenant Paid (estimated monthly payment rounded to the nearest dollar) Owner Paid (Utilities)
Utility Type (E=Electric, G=Gas, GT=Geothermal, O=Oil, OT=Other) Cooking
# of BRs Heating
Gas (Lump Sum) Hot Water
Electric (Lump Sum) Lighting
(E, G, GT, O, OT) Air Conditioning
Cooking Water
Heating Sewer
Hot Water Trash
Lighting Other utilities describe below
A/C
Water
Sewer
Trash
Other
Total 0 0 0 0 0 0
Rental Assistance Information if yes, enter x For Occupied Buildings (provide Rent Roll)
Type # Units Term Comments Current Occupancy Rate
RESIDENTIAL RENT SCHEDULE: Percent of Units # of Units
(Non-LTOS Rental Rates) Low Income Units 0.00% 0
HOME Units 0.00% 0
For Developments with Section 8 Rents, enter the LI15% Units 0.00% 0
Section 8 rents in the Schedule below LI20% Units 0.00% 0
Enter LI30% Units 0.00% 0
8 for LI40% Units 0.00% 0
Section 8 Choose One LI50% Units 0.00% 0
H for li80,li60,li50 LI60% Units 0.00% 0
HOME li40,li30,li20 LI80% Units 0.00% 0
or H8 for li15, Market
Home/Sect 8 Unit Monthly Utility Monthly
# of # of Size Unit # of Rent Allowance Gross Rent Income Annual
Units BRs BTHs (Sq Ft) Status Units (Received by Landlord) (From Above) Rent Limits (Net to Landlord)
0 Income
$0 $0 $0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
Total Income Producing Units 0 $0 $0
Development Name: Page 5b
0 IHDA #: 0
Date: 01/00/00
COMMERCIAL INCOME: (Attach separate sheets detailing individual leases)
Monthly Unit Rent
Market Size Per Annual
Type Units Rent (Sq Ft) Sq Ft Income
Office $0
Retail 0
Total 0 $0 $0
OTHER RESIDENTIAL INCOME: (Provide estimate assuming 100% project occupancy)
Gross Annual
Type Income Assumptions
Parking
Laundry
Vending
Other
Other
Other
Total $0
TOTAL PROJECT INCOME: $0
Development Name: Page 6a
0 IHDA #: 0
Date: 01/00/00
LTOS Rent Roll
Current
Rent
Restriction
or Income
Limit on LTOS Max. Utilities (if
Unit Type Unit (li30, Rental Rent Tenant
Proposed (0BR, 1BR, li40, Assistance Current Average (Published) Proposed Paid, enter
LTOS Unit # 2BR,etc.) li50,…mkt) (Y or N) Rent Market Rent * LTOS Rent amount)
Tenant
Current or LTOS LTOS Max Contribution
Tenant Proposed # of People Income Income
Proposed Proposed Vacant or Tenant in Election (Published) (Published)
LTOS Unit # LTOS Rent Occupied Income Household (li15, li30) * * LTOS Grant
Monthly 0 Monthly 0 0
Annual 0 Annual 0 0
* Long Term Operating Support Program information can be found at www.ihda.org/Multifamily Programs Rental
Housing Support Program/Long Term Operating Support Program (LTOS)/LTOS Downloads (see below):
(1) "RHS LTOS Maximum Income Limits"
(2) "RHS LTOS Maximum Rent Limits"
(3) "RHS LTOS Tenant Contribution Schedule"
Long Term Operating Support Program (LTOS)
Grant Calculation
Development Name: 0 Page 6b
County: 0 IHDA #: 0
Date: 01/00/00
Rent Escalation: 2.00%
Tenant Monthly Annual
Year Rent Contribution LTOS Grant LTOS Grant
1 $0 $0 $0 $0
2 0 0 0 0
3 0 0 0 0
4 0 0 0 0
5 0 0 0 0
6 0 0 0 0
7 0 0 0 0
8 0 0 0 0
9 0 0 0 0
10 0 0 0 0
11 0 0 0 0
12 0 0 0 0
13 0 0 0 0
14 0 0 0 0
15 0 0 0 0
Totals $0 $0
Development Name: Page 7a
0 IHDA#: 0
Date: 01/00/00
Cash Flow Analysis 1st Stabilized Year
Proforma Per Unit % Expenses
Gross Potential Rents - Residential (Non-LTOS) $0
Gross Potential Rents - Residential (LTOS Tenant Contribution) 0
Gross Potential Rents - Residential (LTOS Subsidy) 0
Other Residential Income 0
Gross Income - Residential $0
Vacancy and Uncollectable @ 7.00% 0
Rental Allowance
Effective Gross Income - Residential $0
Gross Potential Rents - Commercial $0
Vacancy and Uncollectable @ 25.00% 0
Effective Gross Income - Commercial $0
Other Income
Effective Gross Income (EGI) $0
Administrative Expense
Management Fee 5.00% $0
Administrative Salaries (Data pulled from Chart Below) 0
Office Expense
Legal/Accounting
Advertising/Marketing
Other Administrative
Total Administrative Expense $0
Operating Expense
Operating Expense Salaries (Pulled from Chart Below) $0
Janitorial Supplies
Exterminating
Rubbish Removal
Other Operating Expense
Total Operating Expense $0
Maintenance Expense
Maintenance Salaries (Pulled from Chart Below) $0
Security Expense
Maintenance Supplies
Grounds and Pool Maintenance
Elevator Maintenance
Heating and Air Conditioning Maintenance
Plumbing and Electrical Maintenance
Painting, Decorating, Carpeting
Miscellaneous Maintenance Repairs
Total Maintenance Expense $0
Utilities
Gas/Fuel Oil
Electric
Water/Sewer
Other
Total Utility Expense $0
Taxes, Insurance
Real Estate Taxes (see RE Taxes Below) $0
Insurance
Other 0
Other (LIHTC & IAHTC Compliance Fees * See Table below)
Total $0
Reserves
Replacement Reserve
FF&E Reserve (Furniture, Fixtures and Equipment)
Operating Reserve
Total $0
Total Annual Expenses $0
Net Operating Income $0 Debt Coverage Ratios
Debt Service (1st) 0
Debt Service (2nd) 0
Debt Service (3rd) 0
Debt Service (4th) 0
Cash Flow after Debt Service $0
* Table One
Monitoring Fees applicable under the Low Income Housing Tax Credit (LIHTC) and Illinois Affordable Housing Tax Credit
(IAHTC) Programs. Enter the appropriate amount in cell "I-58" above.
LIHTC IAHTC Total Fees
$30/Affordable Unit $7.50/Affordable Unit $30/Affordable Unit
Development Name: Page 7b
0 IHDA #: 0
Date: 01/00/00
Payroll Detail (Residential) Total
Compensation
# Housing Includes
Position (full/part) employees Salary Benefits Benefit (HB) HB
Office Model (non-rental unit) $0
Administrative
$0
0
0
Total Adm. 0.00 $0 $0 $0 $0
Operating Exp.
$0
0
0
Total Op. Exp. 0.00 $0 $0 $0 $0
Maintenance
$0
0
0
Total Maint. 0.00 $0 $0 $0 $0
Payroll Totals 0.00 $0 $0 $0 $0
Real Estate Tax Detail Name Phone
Township Assessor Last Year Reassessed
Permanent Index Number # years between reassessmts
Estimated Real Estate Tax Calculation Tax Total Per Unit
(Assume1st Full Year, 100% Assessed Value, No Tax Abatement)
Market Value
Assessment Ratio
Assessed Value $0
Equalization Factor
Millage Rate **
Estimated R/E Taxes $0
** Millage Rate History (taxes are payable in arrears)
Tax 5 years ago 4 years ago 3 years ago 2 years ago 1 year ago
Year
Rate
Describe Any Tax Abatement (include tax abatement agreement)
Abatement Period years
Abatement Cap ($ Amount - cumulative, annual)
Is Subject Located in a TIF area?
Total Amount of project costs paid by TIF
Include Copy of TIF Plan
Development Name: Inflation Rates Vacancy Rates
0 Res Income 3.00% RE Tax Inc 5.00% Res Vac 7.00%
IHDA #: 0 Section 8 3.00% Exp Increase 4.00% Com Vac 25.00%
Date: 0 Com Income 3.00% Reserves 0.00%
Page 8 Other Income 3.00%
Project Income Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
Gross Potential Rents - Residential (Non-LTOS) $0 $0 $0 $0 $0 $0 $0 $0
Gross Pot.- Residential (LTOS Tenant Contribut'n) 0 0 0 0 0 0 0 0
Gross Potential (LTOS Subsidy) 0 0 0 0 0 0 0 0
Other Residential Income 0 0 0 0 0 0 0 0
Total Gross Income $0 $0 $0 $0 $0 $0 $0 $0
Vacancy and Uncollectable @ 7.00% 0 0 0 0 0 0 0 0
Rental Allowance 0 0 0 0 0 0 0 0
Effective Gross Income (Residential) $0 $0 $0 $0 $0 $0 $0 $0
Gross Potential Rents (Commercial) $0 $0 $0 $0 $0 $0 $0 $0
Vacancy and Uncollectable @ 25.00% 0 0 0 0 0 0 0 0
Effective Gross Income (EGI) - (Commercial) $0 $0 $0 $0 $0 $0 $0 $0
Other Income $0 $0 $0 $0 $0 $0 $0 $0
Effective Gross Income (EGI) $0 $0 $0 $0 $0 $0 $0 $0
Management Fee 5.00% 0 0 0 0 0 0 0 0
Total Adm., Operating, Maint., Util. 0 0 0 0 0 0 0 0
Real Estate Taxes $0 $0 $0 $0 $0 $0 $0 $0
Insurance 0 0 0 0 0 0 0 0
Other Expenses 0 0 0 0 0 0 0 0
Replacement Reserve 0 0 0 0 0 0 0 0
FF&E Reserve 0 0 0 0 0 0 0 0
Operating Reserve 0 0 0 0 0 0 0 0
Total Annual Expenses $0 $0 $0 $0 $0 $0 $0 $0
Net Operating Income $0 $0 $0 $0 $0 $0 $0 $0
Debt Service - (1st Mtge.) $0 $0 $0 $0 $0 $0 $0 $0
Debt Service (2nd Mtge.) 0 0 0 0 0 0 0 0
Debt Service (3rd Mtge.) 0 0 0 0 0 0 0 0
Debt Service (4th Mtge.) 0 0 0 0 0 0 0 0
Cash Flow after Debt Service $0 $0 $0 $0 $0 $0 $0 $0
Debt Coverage Ratio (DCR) - (1st Mtge.)
DCR - (1st + 2nd Mtges.)
DCR - (1st + 2nd + 3rd Mtges.)
DCR - (1st + 2nd + 3rd + 4th Mtges.)
Development Name:
0
IHDA #: 0
Date: 0
Page 8
Project Income Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17
Gross Potential Rents - Residential (Non-LTOS) $0 $0 $0 $0 $0 $0 $0 $0 $0
Gross Pot.- Residential (LTOS Tenant Contribut'n) 0 0 0 0 0 0 0
Gross Potential (LTOS Subsidy) 0 0 0 0 0 0 0
Other Residential Income 0 0 0 0 0 0 0 0 0
Total Gross Income $0 $0 $0 $0 $0 $0 $0 $0 $0
Vacancy and Uncollectable @ 0 0 0 0 0 0 0 0 0
Rental Allowance 0 0 0 0 0 0 0 0 0
Effective Gross Income (Residential) $0 $0 $0 $0 $0 $0 $0 $0 $0
Gross Potential Rents (Commercial) $0 $0 $0 $0 $0 $0 $0 $0 $0
Vacancy and Uncollectable @ 0 0 0 0 0 0 0 0 0
Effective Gross Income (EGI) - (Commercial) $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Income $0 $0 $0 $0 $0 $0 $0 $0 $0
Effective Gross Income (EGI) $0 $0 $0 $0 $0 $0 $0 $0 $0
Management Fee 0 0 0 0 0 0 0 0 0
Total Adm., Operating, Maint., Util. 0 0 0 0 0 0 0 0 0
Real Estate Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0
Insurance 0 0 0 0 0 0 0 0 0
Other Expenses 0 0 0 0 0 0 0 0 0
Replacement Reserve 0 0 0 0 0 0 0 0 0
FF&E Reserve 0 0 0 0 0 0 0 0 0
Operating Reserve 0 0 0 0 0 0 0 0 0
Total Annual Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0
Net Operating Income $0 $0 $0 $0 $0 $0 $0 $0 $0
Debt Service - (1st Mtge.) $0 $0 $0 $0 $0 $0 $0 $0 $0
Debt Service (2nd Mtge.) 0 0 0 0 0 0 0 0 0
Debt Service (3rd Mtge.) 0 0 0 0 0 0 0 0 0
Debt Service (4th Mtge.) 0 0 0 0 0 0 0 0 0
Cash Flow after Debt Service $0 $0 $0 $0 $0 $0 $0 $0 $0
Debt Coverage Ratio (DCR) - (1st Mtge.)
DCR - (1st + 2nd Mtges.)
DCR - (1st + 2nd + 3rd Mtges.)
DCR - (1st + 2nd + 3rd + 4th Mtges.)
Development Name:
0
IHDA #: 0
Date: 0
Page 8
Project Income Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26
Gross Potential Rents - Residential (Non-LTOS) $0 $0 $0 $0 $0 $0 $0 $0 $0
Gross Pot.- Residential (LTOS Tenant Contribut'n)
Gross Potential (LTOS Subsidy)
Other Residential Income 0 0 0 0 0 0 0 0 0
Total Gross Income $0 $0 $0 $0 $0 $0 $0 $0 $0
Vacancy and Uncollectable @ 0 0 0 0 0 0 0 0 0
Rental Allowance 0 0 0 0 0 0 0 0 0
Effective Gross Income (Residential) $0 $0 $0 $0 $0 $0 $0 $0 $0
Gross Potential Rents (Commercial) $0 $0 $0 $0 $0 $0 $0 $0 $0
Vacancy and Uncollectable @ 0 0 0 0 0 0 0 0 0
Effective Gross Income (EGI) - (Commercial) $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Income $0 $0 $0 $0 $0 $0 $0 $0 $0
Effective Gross Income (EGI) $0 $0 $0 $0 $0 $0 $0 $0 $0
Management Fee 0 0 0 0 0 0 0 0 0
Total Adm., Operating, Maint., Util. 0 0 0 0 0 0 0 0 0
Real Estate Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0
Insurance 0 0 0 0 0 0 0 0 0
Other Expenses 0 0 0 0 0 0 0 0 0
Replacement Reserve 0 0 0 0 0 0 0 0 0
FF&E Reserve 0 0 0 0 0 0 0 0 0
Operating Reserve 0 0 0 0 0 0 0 0 0
Total Annual Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0
Net Operating Income $0 $0 $0 $0 $0 $0 $0 $0 $0
Debt Service - (1st Mtge.) $0 $0 $0 $0 $0 $0 $0 $0 $0
Debt Service (2nd Mtge.) 0 0 0 0 0 0 0 0 0
Debt Service (3rd Mtge.) 0 0 0 0 0 0 0 0 0
Debt Service (4th Mtge.) 0 0 0 0 0 0 0 0 0
Cash Flow after Debt Service $0 $0 $0 $0 $0 $0 $0 $0 $0
Debt Coverage Ratio (DCR) - (1st Mtge.)
DCR - (1st + 2nd Mtges.)
DCR - (1st + 2nd + 3rd Mtges.)
DCR - (1st + 2nd + 3rd + 4th Mtges.)
Development Name:
0
IHDA #: 0
Date: 0
Page 8
Project Income Year 27 Year 28 Year 29 Year 30 Year 31 Year 32 Year 33 Year 34 Year 35
Gross Potential Rents - Residential (Non-LTOS) $0 $0 $0 $0 $0 $0 $0 $0 $0
Gross Pot.- Residential (LTOS Tenant Contribut'n)
Gross Potential (LTOS Subsidy)
Other Residential Income 0 0 0 0 0 0 0 0 0
Total Gross Income $0 $0 $0 $0 $0 $0 $0 $0 $0
Vacancy and Uncollectable @ 0 0 0 0 0 0 0 0 0
Rental Allowance 0 0 0 0 0 0 0 0 0
Effective Gross Income (Residential) $0 $0 $0 $0 $0 $0 $0 $0 $0
Gross Potential Rents (Commercial) $0 $0 $0 $0 $0 $0 $0 $0 $0
Vacancy and Uncollectable @ 0 0 0 0 0 0 0 0 0
Effective Gross Income (EGI) - (Commercial) $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Income $0 $0 $0 $0 $0 $0 $0 $0 $0
Effective Gross Income (EGI) $0 $0 $0 $0 $0 $0 $0 $0 $0
Management Fee 0 0 0 0 0 0 0 0 0
Total Adm., Operating, Maint., Util. 0 0 0 0 0 0 0 0 0
Real Estate Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0
Insurance 0 0 0 0 0 0 0 0 0
Other Expenses 0 0 0 0 0 0 0 0 0
Replacement Reserve 0 0 0 0 0 0 0 0 0
FF&E Reserve 0 0 0 0 0 0 0 0 0
Operating Reserve 0 0 0 0 0 0 0 0 0
Total Annual Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0
Net Operating Income $0 $0 $0 $0 $0 $0 $0 $0 $0
Debt Service - (1st Mtge.) $0 $0 $0 $0 $0 $0 $0 $0 $0
Debt Service (2nd Mtge.) 0 0 0 0 0 0 0 0 0
Debt Service (3rd Mtge.) 0 0 0 0 0 0 0 0 0
Debt Service (4th Mtge.) 0 0 0 0 0 0 0 0 0
Cash Flow after Debt Service $0 $0 $0 $0 $0 $0 $0 $0 $0
Debt Coverage Ratio (DCR) - (1st Mtge.)
DCR - (1st + 2nd Mtges.)
DCR - (1st + 2nd + 3rd Mtges.)
DCR - (1st + 2nd + 3rd + 4th Mtges.)
Development Name:
0
IHDA #: 0
Date: 0
Page 8
Project Income Year 36 Year 37 Year 38 Year 39 Year 40
Gross Potential Rents - Residential (Non-LTOS) $0 $0 $0 $0 $0
Gross Pot.- Residential (LTOS Tenant Contribut'n)
Gross Potential (LTOS Subsidy)
Other Residential Income 0 0 0 0 0
Total Gross Income $0 $0 $0 $0 $0
Vacancy and Uncollectable @ 0 0 0 0 0
Rental Allowance 0 0 0 0 0
Effective Gross Income (Residential) $0 $0 $0 $0 $0
Gross Potential Rents (Commercial) $0 $0 $0 $0 $0
Vacancy and Uncollectable @ 0 0 0 0 0
Effective Gross Income (EGI) - (Commercial) $0 $0 $0 $0 $0
Other Income $0 $0 $0 $0 $0
Effective Gross Income (EGI) $0 $0 $0 $0 $0
Management Fee 0 0 0 0 0
Total Adm., Operating, Maint., Util. 0 0 0 0 0
Real Estate Taxes $0 $0 $0 $0 $0
Insurance 0 0 0 0 0
Other Expenses 0 0 0 0 0
Replacement Reserve 0 0 0 0 0
FF&E Reserve 0 0 0 0 0
Operating Reserve 0 0 0 0 0
Total Annual Expenses $0 $0 $0 $0 $0
Net Operating Income $0 $0 $0 $0 $0
Debt Service - (1st Mtge.) $0 $0 $0 $0 $0
Debt Service (2nd Mtge.) 0 0 0 0 0
Debt Service (3rd Mtge.) 0 0 0 0 0
Debt Service (4th Mtge.) 0 0 0 0 0
Cash Flow after Debt Service $0 $0 $0 $0 $0
Debt Coverage Ratio (DCR) - (1st Mtge.)
DCR - (1st + 2nd Mtges.)
DCR - (1st + 2nd + 3rd Mtges.)
DCR - (1st + 2nd + 3rd + 4th Mtges.)
Development Name: Page 9a
0 IHDA #: 0
Date: 01/00/00
DEVELOPMENT BUDGET Eligible Basis by Credit Type
1 ACQUISITION COSTS 4% Credit 9% Credit
Land Cost 0 square feet at per square foot land cost
Existing Building
Holding RE Taxes 0
Pre-Construction Holding Please Specify 0
Legal Fees - Acquisition
Other Acquisition Costs Please Specify 0
Subtotal $0 $0 $0
2 SITE WORK
Site Improvements $0
Demolition 0
Other Site Preparation Costs 0
Subtotal $0 $0 $0
3 CONSTRUCTION/REHABILITATION COSTS Attach Construction Cost Breakdown
Rehabilitation/New Construction (Residential) /gross sq. ft. $0
Rehabilitation/New Construction (Commercial) /gross sq. ft. 0
Accessory Buildings /gross sq. ft. 0
Subtotal $0 $0 $0
TRADE PAYMENTS & SITE WORK $0 $0 $0
Max
General Requirements 6.00% of $0 $0
General Contractor's Overhead 2.00% of $0 0
General Contractor's Profit 6.00% of $0 0
Performance Bond or Letter of Credit 0
Construction Permits and Fees 0
Other Hard Costs Please Specify 0
Subtotal $0 $0 $0
GRAND TOTAL HARD COSTS $0 $0 $0
Construction
4 CONTINGENCY (3%-5% New Const.; 10% Rehabilitation) Contract
$0
5 PROFESSIONAL FEES
Architect's Fee - Design of $0 $0
Architect's Fee - Supervision of $0 0
Legal/Transactional 0
Engineering 0
Accounting 0
Survey 0
Appraisal 0
Marketing Study 0
Environmental Report 0
Lender's Cost Estimate 0
Lender's Architectural Review/Inspections 0
Consultant(s) Please Specify 0
Other Professional Please Specify 0
Other Professional Please Specify 0
Subtotal $0 $0 $0
6 OTHER SOFT COSTS
Title & Recording (Construction) $0
Title & Recording (Permanent)
Relocation Expenses 0
Marketing and Leasing
Other Soft Costs Please Specify 0
Subtotal $0 $0 $0
Development Name: Page 9b
0 IHDA #: 0
Date: 01/00/00
Eligible Basis by Credit Type
7 FINANCING COSTS 4% Credit 9% Credit
Loan Application Fee(s) Include all application fees $0
IHDA Loan Origination Fee @ 0.00% of total loan amount 0
Other Loan Origination Fees Lenders other than IHDA 0
Tax Credit Application Fee $1,000 Pre-Application; $2,500 Application
Tax Credit Reservation Fee(s) Reservation Fee = 1.0% of 10 Year Credit Amount
Lender's Legal Fees (Construction) IHDA - $0 to $10,000 depending on Program 0
Lender's Legal Fees (Permanent) IHDA - $0 to $10,000 depending on Program
Bond Issuance Costs Estimate $210,000 + $9.00/$1,000 Bond (Variable)
Credit Enhancement Fees 0
Other Financing Costs Please Specify Green Monitoring, 8609 & Subsidy Layering Fees, etc. 0
Subtotal $0 $0 $0
8 INTERIM COSTS
Construction Period Interest (IHDA) 0.00% /Year for Months $0
MIP During Construction @ 0.50% /Year for Months 0 0
Credit Enhancement During Construction @ 0.50% /Year for Months 0
Servicing During Construction @ 0.25% /Year for Months
Construction Period Real Estate Taxes 0
Construction Period Insurance 0
Working Capital/Latent Defects Letter of Credit Fee LOC Amount
Bank Escrow Fee estimate $2,500 0
Registrar & Master Paying Agent Acceptance Fee
Rating Agencies
Other Interim Costs Please Specify 0
Other Interim Costs Please Specify 0
Subtotal $0 $0 $0
9 ESCROW RESERVES
Real Estate Tax Escrow Estimate 50% + 5% reserve
Insurance Escrow Estimate 100% + 5% reserve
Rent-Up Reserve/IOD Greater of 3% of Loan Amount or projected deficit
Working Capital/Latent Defects Reserve 3% of the Construction Contract in the form of an LOC
Operating Reserve
Replacement Reserve per unit per year
Furniture, Fixtures & Equipment (FF&E) Reserves
Debt Service Reserve (Multifamily) 1-12 months
Other Reserves Please Specify
Other Reserves Please Specify
Subtotal $0 $0 $0
10 DEVELOPER FEE 12.00% of $0 $0 $0
Developer Fee = ((1 thru 7 + IOD - Consultants) x 12%) - Consultants
11 TOTAL ESTIMATED REPLACEMENT COST OF PROJECT (Total of 1 thru 9) $0 $0 $0
12 SYNDICATION COSTS
Organizational/Legal (Partnership)
Broker's Commission
Bridge Loan Fees 0
Bridge Loan Interest 0
Other Syndication Costs Please Specify
Subtotal $0 $0 $0
13 GRAND TOTAL WITH SYNDICATION $0 $0 $0
Number of D.U.'s 0 Construction Per D.U. Replacement Cost per D.U.
Development Name: Page 9c
0 IHDA #: 0
Date: 01/00/00
CALCULATION OF ANNUAL TAX CREDIT ALLOCATION
Census Tract number: 0
Qualified Census Tract: 0 yes or no
All sites in QCT: yes or no
HOME below AFR yes or no Eligible Basis by Credit Type
4% Credit 9% Credit
Eligible Basis $0 $0
- Historic Tax Credits
- Grants (Residential Portion Only)
= Estimated Eligible Basis $0 $0
x 1.3 for High Cost Adjustment (QCT) Exclusive of Acquisition Cost 0 0
x Applicable Fraction (% low income occupancy) Units vs Floor Area 0.0000% 0.0000%
= Qualified Basis $0 $0
x Tax Credit Rate (IRS Published Monthly Rate) 3.50% 9.00%
= Tax Credit Allocation $0 $0
Total Annual LIHTC Allocation Qualification $0
Net Cents Raise Rate per $1 of Annual Tax Credits
Total LIHTC Proceeds (Net - 10 Years) $0
Placed-in-Service Dates
Will you meet the 10% carryover test by November 1st? (y/n)
Estimated Placed-in-Service Date*
*Any building placed-in-service during a prior calendar year is ineligible for tax credits.
Development Name: Page 10a
0 IHDA #: 0
Date: 01/00/00
Sources and Uses
Sources (Please provide a copy of all commitment letters)
Debt Permanent
Lender Amount Interest Term Amort P&I Sources
Construction (Months) (Months)
1
2
3
4
Permanent (Years) (Years)
1 $0
2 0
3 0
4 0 $0
Grants
Construction Amount
Permanent
0
Bridge Loans (BL) Amount
0
Equity Sources Allocation Type Net $ Raise Annual Amount
0 $0 LIHTC $0
0 State TC 0
Historic 0
Developer $0
Construction Permanent
Total Sources $0 $0
Total Uses $0 $0
Total Sources must equal Total Costs Variance $0
Development Name: Page 10b
0 IHDA #: 0
Date: 01/00/00
Mortgage Loan Calculation
Net Operating Income * $0
/ Debt Coverage Ratio ("DCR") ** 0.00
= Debt Service $0
/ Loan Constant *** Interest Rate 0.00%
Amortization 0
Credit Enhancemt
Servicing Fee
Loan Constant 0.00% 0.00%
= Loan Amount $0
* The net operating income must be based upon realistic assumptions for income,
vacancy, operating expenses and reserves.
** Review the mininum debt coverage ratios for the various IHDA loan programs at
ihda.org. Please be advised, the DCRs shown on the website are minimum debt
coverage ratios and the higher DCR increases the chance of the loan being approved.
*** Loan constant = (principal + interest/loan amount) + credit enhancement fee +
servicing fee; the formula for the loan constant appears in cell K60.
lllinois Housing Development Authority
Self Scoring Form
Project Name: 0
Owner: 0
Points Self IHDA
SCORING CATEGORY Possible Score Awarded
A. ARCHITECTURAL DESIGN AND PROJECT AMENITIES
1. Development Amenities
In order to qualify for points in this category, Owners MUST choose at least two
(2) items from each amenity list in Section IX(A) as their minimum threshold
amenities. Projects will be awarded three (3) points for each item they choose
from the lists in addition to the minimum threshold amenities. Up to twelve (12)
points will be awarded in this category.
Please list selected amenities below.
Required Exterior Amenities Required Interior Amenities
1. 1.
2. 2.
Optional Amenities for Points
1. 3
2. 3
3. 3
4. 3
Documentation:
Owners seeking points in this category must submit the "Scoring -- Project
Amenities Certification" signed by a licensed architect that the amenities listed
above will be incorporated into the Project.
Owners that have chosen to substitute any amenities in this category must
provide evidence of the Authority's approval to substitute the amenity when the
Preliminary Application was approved.
2. Green Initiatives
Points are not cumulative in this category.
a. Comply with all MANDATORY criteria described in Section 7: Healthy 4
Living Environment of the Enterprise Green Communities Criteria 2008,
with the exception of Item 7.3.
b. Commit to obtaining a sustainable building certification from one of the 8
following entities:
Enterprise Green Communities certification
U.S. Green Building Council’s LEED for Homes certification
ICC 700-2008 National Green Building Standard certification
NAHB Model Green Home Building Guidelines certification
Documentation:
Owners must submit the "Scoring -- Green Initiatives Certification" signed by a
licensed architect indicating how the Project will comply with the above criteria.
3. Enhanced Accessibility
Projects must comply with both of the following requirements:
a. At least 10% of the total units in the Project are designed for persons with
mobility impairments, as defined in ICC/ANSI 117.1-2003.
AND
b. At least 2% of the total units in the Project are designed for persons with
sensory impairments (not less than one unit), as defined in ICC/ANSI 117.1-
2003.
The units designed for persons with sensory impairments must be exclusive of 8
the units designed for persons with mobility impairments. In calculating the
number of accessible units that must be made available, Owners must ALWAYS
round up to the next unit (i.e. 51 x 10% = 5.1, round up to 6 accessible units).
Units for Persons with Mobility Units for Persons with Sensory
Impairments Impairments
Total Units Total Units
% of Total Units % of Total Units
Documentation:
Owners seeking points in this category must submit the "Scoring -- Enhanced
Accessibility Certification" signed by a licensed architect that the project will
comply with the requirements listed above.
4. Unit Mix
Points are not cumulative in this category.
a. Project contains two unit types, with each unit type making up at least 20% 4
of total units.
b. Project contains three or more unit types, with each unit type making up at 6
least 10% of total units.
1BR Units = % of Total Units
2BR Units = % of Total Units
3BR Units = % of Total Units
4BR Units = % of Total Units
5. Large Units
Points will be awarded if the Project contains units with three or more bedrooms.
% of Units with 3+ BRs
3BR or Greater Units a. 31% - 50% 4
Total Units b. 20% - 30% 6
% of Total Units c. 10 - 19% 4
B. SITE SUITABILITY AND MARKETABILITY
1. Market Study Evaluation
The Authority will review the submitted site and market study in order to award 12
points in this category. In determining how many points to award a Project, the
Authority may take into account such factors including, but not limited to, the
following: development attributes; primary market area; existing rental market;
market demand.
2. Neighborhood Characteristics and Amenities
One (1) point will be awarded for each desirable activity/characteristic category
that is near a proposed Project up to a maximum of ten (10) points. One (1) point
will be deducted from the total desirable activities score for each undesirable
activity/characteristic category that is near a proposed Project. The total points 10
awarded will be determined by calculating the sum of the total desirable activity
points less the total undesirable activity points. A negative total in this category
will be awarded zero (0) points.
Desirable Activities Undesirable Activities
1. 1.
2. 2.
3. 3.
4. 4.
5. 5.
6. 6.
7. 7.
8. 8.
9. 9.
10. 10.
Documentation:
Owners must submit a site map and color photos of the desirable/undesirable
activities as described in Section I(B)(2).
If an Owner would like the Authority to consider mitigating circumstances for any
undesirable activity located near the proposed Project, a detailed explanation
must be provided.
3. Community Impact
Projects cannot receive points under both (a) and (b).
a. Local Revitalization or Redevelopment Plan
Four (4) points will be awarded to Projects whose Application demonstrates
that the Project is located within the boundaries of the area targeted by a
local revitalization or redevelopment plan that includes housing policy 4
goals. Projects covered exclusively by Consolidated Plans and Planned
Unit Developments will not receive any points in this scoring category.
b. Local Revitalization or Redevelopment Plan and QCT
6
Six (6) points will be awarded to Projects that demonstrate that the Project
is part of a local revitalization or redevelopment plan as described above
AND is located in a Qualified Census Tract as listed in Attachment 2
"Qualified Census Tracts".
0 Census Tract Number
Documentation:
A copy of the Project area’s revitalization or redevelopment plan.
A map clearly delineating the Project site within the boundaries of the
revitalization or redevelopment plan.
A currently effective binding resolution evidencing formal adoption by a local
government of the revitalization or redevelopment plan prior to September 1,
2009.
A detailed description of how the Project supports at least one goal of the
revitalization or redevelopment plan.
A letter from the chief elected municipal official or local Chicago alderman
affirming that the Project will contribute to the goals outlined in the revitalization
or redevelopment plan.
If available, any development agreement regarding the Project and the
revitalization or redevelopment plan.
c. Areas targeted by the Governor’s Team Illinois Program
Projects proposed in the following Governor’s Team Illinois Program 6
targeted areas will receive six (6) points:
Alexander County
Eastern portion of City of Aurora (as
served by TEAM Illinois)
Englewood (as defined by the City of
Chicago community area map)
Pembroke Township (in Kankakee
County)
Savanna (in Carroll County)
Venice (in Madison County)
C. INCOME TARGETING
1. Deeper Targeting for Supportive Housing Populations
The Authority will award up to fifteen (15) points to Projects whose Owners 15
commit to set aside ten percent (10%) or more of the units for Extremely Low
Income (at or below 30% of Area Median Income) Supportive Housing
Supportive Housing Population Units
Total Units
% of Total Units
Documentation:
Owners seeking points in this category must submit a draft “Referral and Support
Agreement” available on the Authority’s website (www.ihda.org).
2. Deeper Targeting for Supportive Living Facilities
SLF Projects will receive ten (10) points in this category if Owners commit to set 10
aside ten percent (10%) or more of the units for Extremely Low Income (at or
below 30% of Area Median Income) households.
Units at 30% AMI or below
Total Units
% of Total Units
Documentation:
Owners seeking points in this category must submit a letter of SLF approval from
the Illinois Department of Healthcare and Family Services.
3. Unrestricted Units
Points will be awarded to Projects that include units which are neither income nor
rent restricted by any funding source. Points will be awarded in this category
only if the site and market study presented by the Owner supports the proposed
mix of unrestricted and Tax Credit eligible units.
% of Unrestricted Units
Unrestricted Units a. 10% or Greater 6
Total Units
% of Total Units
D. DEVELOPMENT TEAM CHARACTERISTICS
Minority-, Female-, or Persons with Disabilities-Owned Business
1. Participation in Project
Projects will be awarded points if a Participant is a qualified minority-, female-, or
persons with disabilities-owned business. In order to qualify, the team member
must comply with the following requirements:
For-profit Business: The Participant must be currently certified under Illinois
Business Enterprise Program for Minorities, Females, and Persons with
Disabilities (“MAFBE”) or equivalent state program if based outside of Illinois.
Non-profit Organization: The Participant qualifies as minority-, female-, or
persons with disabilities-owned if a minimum of 51% of the members of the Board
of Directors of the non-profit are minorities, females, or persons with disabilities.
Points are not cumulative in this category.
a. If a qualified minority-, female-, or persons with disabilities-owned business 6
acts as the GENERAL CONTRACTOR, OWNER, OR PROPERTY
MANAGER.
b. If a qualified minority-, female-, or persons with disabilities-owned business 4
acts as the ARCHITECT, CONSULTANT, OR SYNDICATOR.
Name of Organization:
Role in Development Team:
Documentation:
Owners seeking points in this category must submit the MAFBE certification for
the relevant Participant or the “Scoring -- Minority-, Female-, or Persons with
Disabilities-Owned Business Participation Certification” evidencing that fifty-one
percent (51%) of the members of the Board of Directors of the relevant
Participant are minorities, females, or persons with disabilities.
2. Non-Profit Organization Participation
Points are not cumulative in this category.
a. To qualify for points in this category, a qualified non-profit corporation must 15
have an ownership interest of twenty-six percent (26%) or greater in the
general partner or member of the Owner that includes a commensurate
distribution of financial benefits as evidenced in the operating agreement.
The non-profit corporation must remain in the Project throughout the
Extended Use Period. A qualified non-profit corporation, as defined in
Section 42, is a corporation which is not affiliated with or controlled by a for-
profit corporation, has an ownership interest in the Project either directly or
through a wholly-owned subsidiary, and has as one of its exempt purposes
the fostering of low-income housing within the meaning of Section
42(h)(5)(C).
b. To qualify for points in this category, a qualified non-profit corporation must 5
have an ownership interest of fifteen to twenty-five percent (15% - 25%) in
the general partner or member of the Owner that includes a commensurate
distribution of financial benefits as evidenced in the operating agreement.
The non-profit corporation must remain in the Project throughout the
Extended Use Period. A qualified non-profit corporation, as defined in
Section 42, is a corporation which is not affiliated with or controlled by a for-
profit corporation, has an ownership interest in the Project either directly or
through a wholly-owned subsidiary, and has as one of its exempt purposes
the fostering of low-income housing within the meaning of Section
42(h)(5)(C).
c. Points will be awarded to Projects where a qualified non-profit organization, 2
as defined in Section 42, has a Material Participation in the development
and operating of the Project throughout the Extended Use Period.
Applicants must submit a written narrative detailing Material Participation
including the number of hours and corresponding activities the qualified
non-profit organization will undertake on a quarterly basis.
Non-Profit Organization:
Role in Ownership Entity:
Documentation:
Owners seeking points in this category must submit the participating non-profit
corporation’s IRS 501(c)3 determination letter and Articles of Incorporation.
If the ownership entity is comprised of a joint venture, the Owner must submit an
executed operating agreement evidencing the relationship between the entities
and the distribution of financial benefits.
3. Illinois-Based Organization Participation
Projects will be awarded points if a Participant is a qualified Illinois-based
organization. In order to qualify, the Participant must be an Illinois-based
organization whose place of business has been located in the State of Illinois for
a minimum of two (2) years.
Points are not cumulative in this category.
a. If a qualified Illinois-based organization acts as the GENERAL 6
CONTRACTOR, OWNER, OR PROPERTY MANAGER
b. If a qualified Illinois-based organization acts as the ARCHITECT, 4
CONSULTANT, OR SYNDICATOR
Name of Organization:
Role in Development Team:
Number of years in Illinois:
Documentation:
Owners seeking points in this category must submit a copy of the Secretary of
State’s Certificate of Valid Existence for the relevant Participant.
4. Unacceptable Practices
The Authority may deduct points based on any Participants who have failed to 12
demonstrate proficiency with the Tax Credit program or other government-
sponsored housing programs (“Program”). Applications will be awarded up to
twelve (12) points and points may be deducted based on the criteria described
below. A negative total in this category will be awarded zero (0) points.
• Record of unsatisfactory prior performance in any Program
Negative results on any physical inspection performed by a Program
• administrator
Failure to provide and maintain amenities as represented in a Program
• application
Failure to provide and maintain services as represented in a Program
• application
Failure to build a development according to the governing architectural and
•
construction guidelines
Failure to comply with any representations made in any application to
•
participate in a Program
Failure to make satisfactory progress on an earlier development in a
• Program
• Involuntarily termination of a Tax Credit reservation
Participation in a development that has been monitored and determined to
• have uncorrected noncompliance
• Participation in a development where an 8823 has been filed
• Failure to pay any fee or expense
Documentation:
In the event any of these unacceptable practices apply to any Participant, the
Owner may include in the Application an explanation of the circumstances
surrounding the unacceptable practice and the roles of Participants.
E. FINANCIAL CHARACTERISTICS
1. Rental Assistance
Projects that provide project-based rental assistance will be awarded points
based on the incomes of assisted tenants, number of units assisted, and the
length of committed assistance.
a. For Projects where the term of the Rental Assistance contract is LESS than
5 years:
% of Units Assisted
a. 10% - 25% 4
b. 25.1% - 50% 6
c. Greater than 50% 8
b. For Projects where the term of the Rental Assistance contract is 5 years or
GREATER:
% of Units Assisted
a. 10% - 25% 6
Type of Assistance: b. 25.1% - 50% 8
Term of Assistance: c. Greater than 50% 10
Assisted Units
Total Units
% of Total
Documentation:
Owners seeking points in this category must submit documentation evidencing a
current rental assistance contract or a commitment to provide rental assistance
to the proposed Project as described in Section I(E)(1).
2. Real Estate Tax Abatement
Projects that demonstrate a reduction in a Project’s real estate taxes will be
awarded points based on the percentage reduction and the term of the reduction.
a. For Projects where the term of the tax abatement is LESS than 5 years:
% Reduction of Real Estate Taxes
a. 10% - 15% 4
b. 15.1% - 20% 6
c. Greater than 20% 8
b. For Projects where the term of the tax abatement is 5 years or GREATER:
% Reduction of Real Estate Taxes
a. 10% - 15% 6
Type of Assistance: b. 15.1% - 20% 8
Term of Assistance: c. Greater than 20% 10
Estimated Taxes without Abatement:
Estimated Taxes with Abatement:
Percent Reduction in Taxes:
Documentation:
Owners seeking points in this category must submit documentation evidencing a
real estate tax abatement for the proposed Project as described in Section I(E)(2).
3. Financial Leveraging
Projects that leverage scarce Authority resources will be awarded points based
on the percentage of resources in the development budget that come from
sources other than the Authority’s HOME funds, Affordable Housing Trust Fund,
and the equity generated from the sale of Authority allocated low-income
housing, and state donation Tax Credits. In Projects where the acquisition is
financed in whole or in part through a seller’s note, the amount of the seller’s
financing will not be considered for financial leveraging.
Leveraged Sources as % of
Leveraged Sources (type, amt) Project Sources
1. a. 5% - 10% 4
2. b. 10.1% - 20% 6
3. c. Greater than 20% 8
4.
5.
6.
7.
Total Leveraged Sources:
Total Project Sources:
Leveraged Sources as % of Total Sources:
Documentation:
Owners seeking points in this category must provide a description of how the
proposed sources will leverage Authority resources. Authority staff will also
reference financing commitments submitted under the financial feasibility
mandatory.
4. Low Soft Costs
Projects will be awarded points based on minimizing soft costs as a percentage
of the total development budget. For purposes of this calculation soft costs will be
determined as follows: The total development budget less acquisition costs,
construction costs, construction contingency, reserves, construction period
interest, consultant fee, and developer fee.
Soft Costs as % of Total
Development Budget
a. 14.1% - 18% 4
b. 10.1% - 14% 6
c. 10% or Less 8
Total Soft Costs:
Total Development Budget:
Soft Costs as % of Total Budget:
F. HOUSING POLICY GOALS AND OBJECTIVES
1. Supportive Housing Projects
15
Projects that target fifty percent (50%) or more of the total units for Supportive
Housing Projects, excluding SLFs, will be awarded points in this category.
Supportive Housing Project units
Total Units
% of Total Units
Documentation:
Owners seeking points in this category must submit a "Supportive Housing Plan"
which includes provision of at least one (1) on-site support coordinator for the
proposed Project.
2. Veterans' Housing
5
Projects that will be marketed to veterans will receive five (5) points.
Documentation:
In order to receive points in the category, Owners must obtain a letter of support
for the Project from a local veterans’ services agency. Owners must also commit
to make ongoing efforts to market the Project to veterans and describe their
methods to do so.
A Project that receives points in this category and is awarded Tax Credits may be
required to provide additional documentation regarding marketing to veterans.
3. Rehabilitationinvolve the rehabilitation or adaptive re-use of a building not
Projects that or Adaptive Re-Use
currently occupied by residential tenants will receive points in this category. In 4
order to receive points, at least 50% of the total project construction costs must
be attributable to the rehabilitation or adaptive re-use of an existing building or
buildings.
Total Rehabilitation Costs:
Total Development Budget:
Rehabilitation Costs as % of Total Budget:
Documentation:
Owners seeking points in this category must submit a detailed construction cost
estimate indicating which costs are attributable to the rehabilitation or adaptive re-
use of the building.
4. Preservation
Projects that involve the rehabilitation of currently occupied low-income housing
developments whose conversion to market rate housing is likely to occur within
THREE (3) years will be awarded points in this category. In determining whether
a Project qualifies as preservation, the Authority will evaluate the source and
terms of the existing financing, rental assistance program, current unit rents, and
the extent to which the rent levels will remain affordable.
Section 8 of the United States Housing Act of 1937, as amended, that will 15
be renewed as part of the redevelopment process
Section 202 or 811 of the National Housing Act 15
Public housing projects that provide for a one to one (1:1) replacement of 15
public housing units and receive assistance through an annual contribution
contract
Programs under Section 514 or 515 of the Housing Act of 1949 10
Section 236 of the National Housing Act 5
Section 42 of the Internal Revenue Code 5
The Authority will also consider as preservation a Project that is currently 5
occupied, has no rent or income restrictions, and whose unit rents do not
exceed 60% of the Area Median Income as determined by HUD for the
Project’s location
Documentation:
Owners seeking points in this category must provide evidence of the current
financing program that is in place.
Owners must also include a detailed description of the likely conversion to
market rate housing in three (3) years in the event the Project does not receive
an Allocation of Tax Credits.
5. Historic Preservation
Points are not cumulative in this category.
a. Points will be awarded if building(s) on the Project site are listed individually 6
in the National Register of Historic Places and will be preserved in
accordance with SHPO requirements.
b. Points will be awarded if building(s) on the Project site are potentially 4
eligible to be listed because they are located in a "registered historic
district" or buildings are located in a potentially eligible district that
contributes to the significance of the district and will be preserved. Project
must have a State SHPO nomination/approval letter.
Documentation:
Owners seeking points in this category must submit evidence that the proposed
Project is listed in the National Register of Historic Places or has a current IHPA
nomination/approval letter that the proposed Project is historically significant.
6. AHPAA Projects
Points are not cumulative in this category.
a. Points will be awarded if the proposed Project is not eligible for the Chicago 4
Metro AHPAA Set-Aside, but is located in an AHPAA community or a
community at-risk of being subject to AHPAA, and will be serving Elderly
populations.
b. Points will be awarded if the proposed Project is located in an AHPAA 6
community or a community at-risk of being subject to AHPAA (including
projects in the Chicago Metro AHPAA Set-Aside), and will be serving non-
elderly populations.
7. Employer Direct Assistance
Projects that receive financial assistance from area employers that are otherwise
not participating in the development of the Project will be awarded points. The
assistance must be in the form of a financial contribution that will be available
during the Project’s construction period to pay for expenses reflected in the
development budget.
Assistance as % of Total
Employer Assistance (name, amt) Development Budget
1. a. .25% - .49% 4
2. b. .50% - .99% 6
3. c. 1% or Greater 8
4.
5.
Total Employer Assistance:
Total Development Budget:
Employer Assistance as % of Total Budget:
Documentation:
Owners seeking points in this category must submit a commitment letter,
consistent with the requirements for evidencing other Project financing sources,
for each employer providing assistance to the proposed Project.
8. Live Near Work
Points will be awarded if employment data for the defined primary market area for 6
the Project shows a sufficient percentage of private sector employment to be
within various low wage industries. These low wage industries must account for
20% or more of the total private sector employment to receive points. For elderly
Projects, points will be awarded if activities and services for seniors are located
in the Project’s primary market area. Points will not be awarded for services
provided on-site by the Owner.
Documentation:
Owners seeking points in this category must provide the section from the
Project's market study that includes the required information regarding
employment and services.
9. Transit-Oriented Development
Points will be awarded if the proposed Project is located in close proximity to 6
fixed-route public transportation, excluding inter-city transportation. “Close
proximity” for this category will vary by Set-Aside and will be defined in the
following manner: Chicago (6 blocks); Chicago Metro (1 mile); Other Metro (1.5
miles); Non-Metro (2 miles).
Documentation:
Owners seeking points in this category must provide the section from the
Project's market study that includes the required information regarding
transportation routes and distance to the Project site.
10. Sustainable Communities
Up to eight (8) points will be awarded to Projects that score points in the
competitive scoring criteria that promote sustainable communities. These
scoring categories include: Development Amenities; Green Initiatives;
Neighborhood Characteristics and Amenities; Community Impact; Rehabilitation
or Adaptive Re-Use; Employer Direct Assistance; Live Near Work; and Transit-
Oriented Development.
Total Points in Sustainable
Communities Categories
Total Points in Sustainable Categories a. 46 - 56 4
b. 57 - 66 8
11. Extended Term ofaward points to projects that commit to an affordability term
The Authority will Affordability
that extends beyond the Extended Use period. Two (2) points will be awarded for
every five (5) years that an applicant adds on to the 30-year Extended Use
period.
Extension of Extended Use period Five Years 2
Total Affordability Period Ten Years 4
(30 years + extension) Fifteen Years 6
Twenty Years 8
Documentation:
Owners seeking points in this category must include a commitment stating the
total number of years the Project will be subject to the Extended Use Period.
TOTAL 0 0
I, _________________________, hereby certify that the information set forth herein, and any attachments in support
thereof, is true, correct, and complete to the best of my knowledge and belief.
Owner:
By:
Signature:
Date:
Illinois Housing Development Authority
Summary of Self Scoring Form
Project Name: 0
Owner: 0
Possible Self Points
Scoring Category Points Score Awarded Comments
A. ARCHITECTURAL DESIGN AND PROJECT AMENITIES
1. Development Amenities 12 0 0
2. Green Initiatives
a. Meet Section 7 Criteria 4 0 0
b. Obtain Sustainable Certification 8 0 0
3. Enhanced Accessibility 8 0 0
4. Unit Mix
a. Project contains at least 2 unit types 4 0 0
b. Project contains at least 3 unit types 6 0 0
5. Large Units
a. 30.1% - 50% 4 0 0
b. 20.1% - 30% 6 0 0
c. 10% - 20% 4 0 0
SUBTOTAL 40 0 0
B. SITE SUITABILITY AND MARKETABILITY
1. Market Study Evaluation 12 0 0
2. Neighborhood Characteristics
a. Desirable Activities 10 0 0
b. Undesirable Activities -10
3. Community Impact
a. Local Revitalization or Redevelopment Plan 4 0 0
b. Local Revitalization or Redevelopment Plan and QCT 6 0 0
c. Team Illinois Program Areas 6 0 0
SUBTOTAL 34 0 0
C. INCOME TARGETING
15
1. Deeper Targeting of 30% AMI Units for Supportive Housing Populations 0 0
2. Deeper Targeting of 30% AMI Units for SLFs 10 0 0
3. Unrestricted Units
a. Greater than 10% 6 0 0
SUBTOTAL 21 0 0
D. DEVELOPMENT TEAM CHARACTERISTICS
1. MBE/WBE/DBE Participation
a. General Contractor, Owner, Property Manager 6 0 0
b. Architect, Consultant, or Syndicator 4 0 0
2. Non-Profit Organization Participation
a. 26% or Greater Non-Profit 15 0 0
b. 15% - 25% Non-Profit 5 0 0
c. Material Participation 2 0 0
3. State-based Enterprise Participation
a. General Contractor, Owner, Property Manager 6 0 0
b. Architect, Consultant, or Syndicator 4 0 0
4. Unacceptable Practices 12 0 0
SUBTOTAL 39 0 0
E. FINANCIAL CHARACTERISTICS
1. Project-based Rental Assistance
a. Percent of Units Assisted for LESS than 5 Years
10.1% - 25% 4 0 0
25.1% - 50% 6 0 0
Greater than 50% 8 0 0
b. Percent of Units Assisted for 5 Years or MORE
10.1% - 25% 6 0 0
25.1% - 50% 8 0 0
Greater than 50% 10 0 0
2. Real Estate Tax Abatement
a. Tax Abatement Commitment for LESS than 5 Years
10% - 15% 4 0 0
15.1% - 20% 6 0 0
Greater than 20% 8 0 0
b. Tax Abatement Commitment for 5 Years of MORE
10% - 15% 6 0 0
15.1% - 20% 8 0 0
Greater than 20% 10 0 0
3. Financial Leveraging
5% - 10% 4 0 0
10.1% - 20% 6 0 0
Greater than 20% 8 0 0
4. Soft Costs as a Percentage of the Development Budget
14.1% - 18% 4 0 0
10.1% - 14% 6 0 0
10% or Less 8 0 0
SUBTOTAL 36 0 0
F. HOUSING POLICY GOALS AND OBJECTIVES
1. Supportive Housing Populations 15 0 0
2. Veterans' Housing 5 0 0
3. Rehabilitation / Adaptive Re-use 4 0 0
4. Preservation
a. Projects with Existing Section 8 Contracts; Section
202 or 811; Public housing 1:1 15 0 0
b. 514 Section
c. Section 236; or 515 42; Rents at 60% AMI, no rent 10 0 0
restrictions 5 0 0
5. Historic Preservation
a. Projects on National Reqister 6 0 0
b. Projects Nominated by SHPO 4 0 0
6. AHPAA Projects
a. Elderly Projects outside of AHPAA Set-Aside 4 0 0
b. Non-Elderly AHPAA Projects 6 0 0
7. Employer Direct Assistance
.25% - .499% 4 0 0
.5% - .99% 6 0 0
1% or greater 8 0 0
8. Live Near Work / Transit-Oriented Development 6 0 0
9. Transit-Oriented Development 6 0 0
10. Sustainable Communities
a. 46 - 56 Points 4 0 0
b. 57 - 66 Points 8 0 0
11. Longer Extended Use Period 8 0 0
SUBTOTAL 87 0 0
TOTAL 257 0 0
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