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Residential Rental Agreement State of Georgia

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Residential Rental Agreement State of Georgia Powered By Docstoc
					                                        Georgia Department of Community Affairs
                                            Low Income Housing Tax Credit Program


                                             CERTIFICATION CHECKLIST

The following is a checklist of all information that must be included in the Certification of The 10% Test. Please review the
list carefully. To insure that all necessary items are included, please initial each item. The Checklist should be signed by
the owner or the owner's representative and must be included in the certification package.


Project Name:

DCA Project Number:                                                                                       200X-0XX

Is this project financed by USDA/FmHA/RECD? ( Y or N ):

Is there an identity of interest between contractor and developer? ( Y or N ):

Is there an identity of interest between contractor and owner? ( Y or N ):


Required Documentation:

              Diskette Containing Completed OAH Form - 10% Test

              Certification Checklist

              General Project Information

              Owner's Certification of Property Ownership (including evidence of ownership)

              Settlement Statement

              Exhibit A: Legal Description of Property

              Development Agreement

              Independent Auditor's Report

              10% Test: Computation and Certification of Basis Expenditure

              For USDA/FmHA Projects Only:

                       Mortgage Obligation - Funds Analysis

                       Estimate and Certification of Actual Cost




Owner's Signature                                                                          Date



Owner's Name - Typed




     OAH Form - 10% Test                                  page 1 of 6
                                              Georgia Department of Community Affairs
                                                     Low Income Housing Tax Credit Program

                                                GENERAL PROJECT INFORMATION
                                                                     , 200X-0XX
Date of Certification:                                                                                             Allocation Year:        200X
Street Address:                                                                                                 County:
City:                                                                               State:        GA               Zip:

Ownership Entity:
Federal Tax ID #:                                                                                 Website:
Street Address 1:                                                                            Street Addr 2:
City:                                                                               State:                          Zip:
Contact Person:                                                                                     Email:
Office Phone #:                                                                                     Fax #:

Main Limited Partner
Federal Tax ID #:                                                                                 Website:
Street Address 1:                                                                            Street Addr 2:
City:                                                                               State:                          Zip:
Contact Person:                                                                                     Email:
Office Phone #:                                                                                     Fax #:

  Main Limited Partner's Project Investment                                           Equity Contribution Schedule
                                                            Pymt #           Equity Contribution Stage Description          Amount        % of Total
  Total Equity Investment                        0            1                                                                            #DIV/0!
  Anticipated                                                 2                                                                            #DIV/0!
  Annual LIHTC Allocation                                     3                                                                            #DIV/0!
  (Do NOT leave a formula here!)                              4                                                                            #DIV/0!
  LP price per tax credit dollar                              5                                                                            #DIV/0!
                                                              6                                                                            #DIV/0!

Other Limited Partner
Federal Tax ID #:                                                                                 Website:
Street Address 1:                                                                            Street Addr 2:
City:                                                                               State:                          Zip:
Contact Person:                                                                                     Email:
Office Phone #:                                                                                     Fax #:

  Other Limited Partner's Project Investment                                          Equity Contribution Schedule
                                                            Pymt #           Equity Contribution Stage Description          Amount        % of Total
  Total Equity Investment                        0            1                                                                            #DIV/0!
  Anticipated                                                 2                                                                            #DIV/0!
  Annual LIHTC Allocation                                     3                                                                            #DIV/0!
  (Do NOT leave a formula here!)                              4                                                                            #DIV/0!
  LP price per tax credit dollar                              5                                                                            #DIV/0!
                                                              6                                                                            #DIV/0!

Equity Factors from final Syndication/Limited Partnership Agreement:                               Federal                       State

            Please note that the Project Configuration information requested below must not have changed since Initial Application.
Total Number of Buildings Planned                                        Nbr of BUILDINGS for Low-Income Tenants
Total Number of Residential Buildings Planned                            Total Number of DCA-Assisted Buildings Planned
Total Units Planned                                                      Number of UNITS Planned for Low-Income Tenants
Total Residential Units Planned                                          Total Number of DCA-Assisted Units Planned
Total Square Footage                                                     Total Residential Square Footage
Total Nbr Residential Parking Spaces (min 1.5/unit)                      Total Residential SF for Low-Income Tenants

              Nbr of Units Unit Type          % of AMI    Sq Footage
Model Units                                   rent type                 Are Employee units included in the Common Space? (Leave box
Employee Units                                                          blank if employee units not included in common space.)

    (NOTE: Do not include: 1) employee units in rent schedule, 2) employee units' total cost in Development Budget if only requesting HOME funds.)

      OAH Form - 10% Test                                             page 2 of 6
                                        Georgia Department of Community Affairs
                                              Low Income Housing Tax Credit Program

                                      Owner Certification of Property Ownership
                                                              , 200X-0XX



Under penalty of perjury, the undersigned certifies to the Georgia Housing and Finance Authority, the designated state housing
credit agency, that                                                        0                                              is the owner
of the land or depreciable property identified above.




(√ one):                 I have previously submitted evidence of ownership; or


                         As evidence of ownership, I have attached a copy of (√ one):



                                      Deed to the property
                                      Title records of the jurisdiction where the property is situated
                                      Title insurance policy on the property naming the owner
                                      Other (specify)




Owner Signature:                                                                           Date:


Typed Name:              0                                                                 Title:




     OAH Form - 10% Test                                        page 3 of 6
                                             Georgia Department of Community Affairs
                                                   Low Income Housing Tax Credit Program

                                                      10% Test:
                                    COMPUTATION AND CERTIFICATION OF BASIS EXPENDITURE
                                                                    , 200X-0XX

                                                          DEVELOPMENT BUDGET
PRE-DEVELOPMENT COSTS                                                   ITEM COST                ACCUMULATED BASIS
  Property Appraisal
  Market Study
  Environmental Report(s)
  Soil Borings
  Boundary and Topographical Survey
  Zoning/Site Plan Fees
  Other: (Type in this space)
  Other: (Type in this space)
  Other: (Type in this space)
                                                         Subtotal            0                             0
ACQUISITION
  Land
  Demolition
  Acquistion Legal Fees (if existing structures)
  Existing Structures
                                                         Subtotal            0                             0
SITE IMPROVEMENTS
  Site Preparation (On-site)
  Site Preparation (Off-site)
                                                         Subtotal            0                             0
UNIT/BUILDING CONSTRUCTION
  Unit/Building Construction/New Construction
  Unit/Building Construction/Rehab
  Project Amenities / Accessory Buildings
  Other: (Type in this space)
  Construction Contingency** - Actual %:
  **Limits: New Construction = 2% min & max, Rehabilitation = 5% min
                                                         Subtotal            0                             0

  Total Construction Hard Costs = Site Improvements + Construction - Contingency + Contractor Services =             0

CONTRACTOR SERVICES                           Check:
 Builder's Overhead (2%)
 Builder Profit (6%)
 General Requiremnts (6%)
 Payment/performance bond or
  letter-of-credit fee or premium                        Subtotal            0                             0

CONSTRUCTION PERIOD FINANCING
 Construction Loan Fee
 Construction Loan Interest
 Construction Legal Fees
 Construction Period Real Estate Tax
 Construction Insurance
 Bridge Loan Fee and Bridge Loan Interest
 Other: (Type in this space)
                                                         Subtotal            0                             0
PROFESSIONAL SERVICES
  Architectural Fee - Design
  Architectural Fee - Supervision
  Engineering
  Real Estate Attorney
  Accounting
                                                         Subtotal            0                             0




     OAH Form - 10% Test                                            page 4 of 6
                                           Georgia Department of Community Affairs
                                                  Low Income Housing Tax Credit Program

                                              10% Test:
                      COMPUTATION AND CERTIFICATION OF BASIS EXPENDITURE (continued)
                                                                    , 200X-0XX

                                                     DEVELOPMENT BUDGET (continued)
LOCAL GOVERNMENT FEES                                                    ITEM COST                 ACCUMULATED BASIS
  Building Permits
  Impact Fees
  Water Tap Fees
  Sewer Tap Fees
  Real Estate Taxes
                                                         Subtotal             0                             0
FINANCING FEES
  Permanent Loan Fees
  Permanent Loan Legal Fees
  Title and Recording Fees
  As-Built Survey
  Other: (Type in this space)
                                                         Subtotal             0                             0
DCA-RELATED COSTS
  DCA Loan Application Fee (less DCA Mkt Study fee)
  Tax Credit Application Fee (less DCA Mkt Study fee)
  DCA-Commissioned Market Study
  DCA Waiver Fees
  LIHTC Allocation Processing Fee                                                       <-- 7% of Annual LIHTC Amt from Carryover
  LIHTC Compliance Monitoring Fee                -                                      *Check Compliance Monitoring Fee
  DCA Front End Analysis Fee (HOME, if ID of Interest)                                  Compliance Fee**: $600 /unit                       -
  DCA Final Inspection Fee                                                              USDA (Sec. 515) Fee: $150 /unit                    -
  Other: (Type in this space)
                                                         Subtotal             0                             0
EQUITY COSTS
  Partnership Organization Fees
  Tax Credit Legal Opinion
  Other: (Type in this space)
                                                         Subtotal             0                             0
DEVELOPER'S FEE                Max Fee:       0
  Developer's Overhead
  Consultant's Fee
  Developer's Profit
                                                         Subtotal             0                             0
START-UP AND RESERVES
  Marketing
  Rent-Up Reserves
  Operating Deficit Reserve:
  Replacement Reserve
  Furniture, Fixtures and Equipment
  Other: (Type in this space)
                                                         Subtotal             0                             0
OTHER COSTS
 Relocation
 Other: (Type in this space)
 Other: (Type in this space)
                                                         Subtotal             0                             0

                                                         TOTAL                0                             0

  10% Test                Total Accumulated Basis:                                                          0
  Calculation:            "Reasonably Expected Basis in the Project" stated in Carryover Allocation:

                                                         % of Reasonably Expected Basis:                             Note: must be over 10.00%.


     OAH Form - 10% Test                                            page 5 of 6
                                     Georgia Department of Community Affairs
                                         Low Income Housing Tax Credit Program




                                   CERTIFICATION OF BASIS EXPENDITURE


Under penalty of perjury, I certify that, to the best of my I have verified the information provided above and have determined
knowledge, the amount stated as "Total Accumulated Basis" is that it is true, correct, and complete.
the actual cost that constitutes the project owner's basis as of
or before the date that is six months after the Carryover
Allocation.




Owner Signature                                             Accountant Signature



0

Name - Please Type                          Date            Name - Please Type                          Date




    OAH Form - 10% Test                                  page 6 of 6

				
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