Letter Introduction Real Estate

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Letter Introduction Real Estate Powered By Docstoc
					This is a multiple sheet Excel Workbook. Schedules "A" through "I" are separate
worksheets (See Tabs at bottom while in Excel.). Each of these is a required
addition to the Tax Credit Application. There are other schedules which are also
needed.
                                       MFA MULTIFAMILY PROJECT APPLICATION
                                      SCHEDULE A : DEVELOPMENT COST BUDGET

                         Project Name:                                                               Date:

 *Round figures to nearest dollar amount                                                       HTC REQUESTS ONLY
                                                                                             RESIDENTIAL COSTS ONLY
                                          TOTAL ACTUAL                                       30% HTC       70% HTC
                                                            COMMERCIAL    RESIDENTIAL
                                                COST                                           BASIS               BASIS
 ACQUISITION COSTS
 Land Acquisition
 Building Acquisition
 Other
 SUBTOTAL
 TOTALS FROM SCHEDULE "D" CONTRACTOR'S AND MORTGAGOR'S COST BREAKDOWN
 Demolition (1)
 Accessory Structures (2)
 Site Construction (3)
 Buildings and Structures (4)
 Off-Site Improvements (5)
 Other Costs (6)
 SUBTOTAL (7)
 OTHER CONSTRUCTION COSTS
 Contractor Overhead
 Contractor Profit
 General Requirements
 Construction Contingency
 SUBTOTAL
 PROFESSIONAL SERVICES/FEES
 Architect (Design)
 Architect (Supervision)
 Attorney (Real Estate)
 Engineer/Survey
 Other
 Other
 SUBTOTAL
 CONSTRUCTION FINANCING
 Hazard Insurance
 Liability Insurance
 Performance Bond
 Interest
 Origination\Discount Points
 Credit Enhancement
 Inspection Fees
 Title and Recording
 Legal
 Taxes
 SUBTOTAL
                                         --CONTINUED ON NEXT PAGE--
 FOOTNOTES                                                       4) Subtotal from Section IV. Schedule "D"
 1)   Subtotal from Section I. Schedule "D"                           5) Subtotal from Section V. Schedule "D"
 2)   Subtotal from Section II. Schedule "D"                          6) Subtotal from Section VI. Schedule "D"
 3)   Subtotal from Section III. Schedule "D"                         7) Subtotal from Section VII. Schedule "D"           Page 1 of 2




9030479b-08bb-4e1a-8065-2dc8d7238ad3.xls\Dev Cost Budget %(A)                                                                Rev. 11/2002
                                       MFA MULTIFAMILY PROJECT APPLICATION
                                      SCHEDULE A : DEVELOPMENT COST BUDGET

                        Project Name:                                                       Date:

 *Round figures to nearest dollar amount                                                 HTC REQUESTS ONLY
                                                                                       RESIDENTIAL COSTS ONLY
                                         TOTAL ACTUAL                                  30% HTC       70% HTC
                                                            COMMERCIAL   RESIDENTIAL
                                              COST                                      BASIS         BASIS
 ACQUISITION FINANCING COSTS
 PERMANENT COSTS
 Bond Premium
 Credit Report
 Origination\Discount Points
 Credit Enhancement
 Title and Recording
 Legal
 Pre-Paid MIP
 Other
 Reserves and Escrows
 SUBTOTAL
 SOFT COSTS
 Market Study
 Enviromental
 Tax Credit Fees
 Appraisal
 Accounting/Cost Certification
 Other
 SUBTOTAL
 SYNDICATION
 Organization
 Bridge Loan
 Tax Opinion
 Other
 SUBTOTAL
 RESERVES
 Rent Up
 Operating *
 Replacement
 Escrows/Working Capital
 SUBTOTAL
 DEVELOPER/SPONSOR FEES
 Overhead
 Profit
 Consultant Fee
 SUBTOTAL
 Total Development Cost

 * equal to 4 months operating expenses, debt service payments, and replacement reserve payments.


                                                                                                                Page 2 of 2




9030479b-08bb-4e1a-8065-2dc8d7238ad3.xls\Dev Cost Budget %(A)                                                     Rev. 11/2002
                                                                                 MFA MULTIFAMILY PROJECT APPLICATION
                                                                                      Schedule A-1: Sources of Funds

                 Project Name:                                 0                                                                                              Date:

                                                                             Contact Person               Construction   Permanent   Interest       Payment                     Term
Financing Sources                       Lender/Program                    Name/Telephone No.                Amount        Amount      Rate      Amount   Frequency    Amort. Yrs.      Loan Yrs.

First Mortgage

Second Mortgage

Third Mortgage

Other Mortgage

Other Mortgage

Grant

Grant

Deferred Developer Fee

                                                                                              Subtotal:




Other Equity

Other Equity

Tax Credit Proceeds




                                                                                                 Total:



Note: Total of Permanent Amount Column Must Equal Total Development Cost in Schedule A.




Are you willing to defer your developer fee without interest, if MFA's evaluation results in a need to do so?
              Yes            No       If yes, how much of the fee will you be willing to defer?          $
                                                      MFA MULTIFAMILY PROJECT APPLICATION
                                                    SCHEDULE B: UNIT TYPE AND RENT SUMMARY
                      Project Name: 0

Section A                                                 Restricted Units at __60___% of Median
Number BR/Unit Type                        Efficiency    1-BR        2-BR        3-BR     ____-BR      Totals
Sq, Ft./Unit
Number of Units
Gross Monthly Rent/Unit(1)
  Minus: Utility Allowance
Net Monthly Rent/Unit
Annual Rental Income (All Units)
Vacancy Allowance (%):                                                       7.00%

Section B                                                 Restricted Units at __50__% of Median
Number BR/Unit Type                        Efficiency    1-BR        2-BR        3-BR    ____-BR       Totals
Sq, Ft./Unit
Number of Units
Gross Monthly Rent/Unit(1)
  Minus: Utility Allowance
Net Monthly Rent/Unit
Annual Rental Income (All Units)
Vacancy Allowance:                                                           7.00%

Section C                                         Restricted Units at 80% of Median [542(c) only]
Number BR/Unit Type                        Efficiency       1-BR        2-BR      3-BR      ____-BR    Totals
Sq, Ft./Unit
Number of Units
Gross Monthly Rent/Unit(1)
  Minus: Utility Allowance
Net Monthly Rent/Unit
Annual Rental Income (All Units)
Vacancy Allowance:                                                           7.00%

Section D                                        Restricted Units at 120% of Median [542(c) only]
Number BR/Unit Type                        Efficiency      1-BR        2-BR       3-BR      ____-BR    Totals
Sq, Ft./Unit
Number of Units
Gross Monthly Rent/Unit(1)
  Minus: Utility Allowance
Net Monthly Rent/Unit
Annual Rental Income (All Units)
Vacancy Allowance:                                                           7.00%

Section E                                                  Market Rate / Unrestricted Units
Number BR/Unit Type                        Efficiency    1-BR       2-BR         3-BR      ____-BR     Totals
Sq, Ft./Unit
Number of Units
Gross Monthly Rent/Unit(1)
  Minus: Utility Allowance
Net Monthly Rent/Unit
Annual Rental Income (All Units)
Vacancy Allowance:                                                           7.00%

Section F                                                        Total All Units (Total Section A-E)
Number BR/Unit Type                        Efficiency    1-BR        2-BR         3-BR      ____-BR    Totals
Sq, Ft./Unit
Number of Units
Gross Monthly Rent/Unit(1)
  Minus: Utility Allowance
Net Monthly Rent/Unit
Annual Rental Income (All Units)
Units Receiving Rental Assistance
        (To be included in Sections A-E)
Non-Revenue Generating Units(2)
Vacancy Allowance:                                                   7.00%
(1)
    Not to exceed rent limits for program applied for.
(2)
    Non-Revenue Generating Units (Not to be included in Sections A-E) Specify Use:

Tenant Type Summary                        Handicapped
                                            Accessible   Other       Total
# Elderly Units
# Family Units
# Special Needs (A)                                                           (A) Specify:
# Special Needs (B)                                                           (B) Specify:
Total
                                        MFA MULTIFAMILY PROJECT APPLICATION
                                       SCHEDULE C: OPERATING EXPENSE BUDGET
                                                                                  Total Units MUST be entered/Round to nearest dollar
 Project Name:   0
                                                   Total Units:                           Total Budget           Per Unit Cost
   INCOME
            Annual Rental Income Per Schedule B/Section F
            1
            2 Less Vacancy @                                7.00%
            Parking Income
            3
            4 Less Vacancy @                                7.00%
            Commercial Space Income
            5
            6 Less Vacancy @                                7.00%
            Laundry Income
            7
            Other Income
            8                          (Specify)
            TOTAL INCOME (Lines 1,3,5,7, and 8 Minus 2,4, and 6)
            9
   EXPENSES ADMINISTRATIVE EXPENSES
         10     Accounting and Audit
         11     Advertising
         12     Legal
         13     Property Management Fee @                   5.00%
         14     Management Salaries/Taxes
         15     Office Supplies and Postage
         16     Telephone
         17     Annual Compliance Fees
         18     Other (Specify):
         19 SUB-TOTAL (Sum of Lines 10 through 19)
            OPERATING EXPENSES
        20      Fuel (Heat and Water)
        21      Electricity
        22      Water and Sewer
        23      Gas
        24      Garbage/Trash
        25      Other (Specify):
        26 SUB-TOTAL (Sum of Lines 20 through 26)
            MAINTENANCE EXPENSES
        27      Elevator
        28      Exterminating
        29      Grounds
        30      Repairs
        31      Maintenance Salaries and Taxes
        32      Maintenance Supplies
        33      Pool
        34      Snow Removal
        35      Decorating
        36 SUB-TOTAL (Sum of Lines 27 through 35)
            FIXED EXPENSES
        37      Real Estate Taxes
        38      In Lieu of Taxes
        39      Other Tax Assessments
        40      Insurance
        41      Other (Specify):
        42 SUB-TOTAL (Sum of Lines 37 through 41)
            RESERVE FOR REPLACEMENT/OTHER
        43      Reserve for Replacement (Annual) (1)
        44      Other (Specify):
        45      Other (Specify):
        46      Other (Specify):
        47      Other (Specify):
        48 SUB-TOTAL (Sum of Lines 43 through 47)

           48    TOTAL EXPENSES (Sum of Lines 19, 26, 36, 42, & 48)
           49    NET OPERATING INCOME (Line 9 Minus Line 48)
   (1) Tax Credit and 542(c) reserves per unit per year: $250/unit/year for Senior Housing (new construction only), and
   $300/unit/year for all other new construction and rehabilitation projects.

   Management Agent/Sponsor Certification: The operating budget provided above is that which will serve as the
   project's operating budget for its first year of operations, pursuant to agreement by the following parties:

                                                                                                               Dated:
   Signature, Sponsor:_________________________________________

Name/Title:___________________________________________________
                      (Please Print)
   Signature, Management Agent:________________________________                                                Dated:

Name/Title:___________________________________________________
                      (Please Print)

  Attach 15 year proforma cash flow including trend rates for rent and expense increases and
                               justifications for the rates used.
                                     MFA MULTIFAMILY PROJECT APPLICATION
                         SCHEDULE D: CONTRACTOR'S AND MORTGAGOR'S COST BREAKDOWN
                                         Project Name: 0                                                HTC Requests ONLY
                       Construction Period: Start Date:                 Completion:                     Residential Costs ONLY
                                                           Total Cost    Commercial                     30% HTC      70% HTC
                            Trade Item                           (1)
                                                                            [B]
                                                                                      Residential [C]
                                                                                                        Basis [D]    Basis [E]
                                                             [A]
I.     Demolition
II.    Accessory Structures
III.   * 2 Site Construction
           Earth Work
           Site Utilities
           Roads & Walks
           Site Improvements
           Lawns & Planting
           Unusual Site Conditions
                      Sub-total: On-Site Improvements
IV.    Buildings and Structures
       * 3 Concrete
         4 Masonry
         5 Metals
         6 Woods and Plastics
         7 Thermal and Moisture Protection
         8 Doors and Windows
         9 Finishes
        10 Specialties
        11 Equipment
        12 Furnishings
        13 Special Construction
        14 Conveying Systems
        15 Mechanical
        16 Electrical
                     Sub-total:- Building and Structures
V.     Off-Site Improvements (List)




                      Sub-total: Off-Site Improvements
VI.    Other Costs (List)
           Gross Receipts Tax


                       Sub-total: Other Fees and Costs
VII.   TOTAL CONSTRUCTION COSTS
       (1)
         Sum of Columns B and C.
       *Note: Numbering is based on the industry standard divisions


       Sponsor Signature_______________________________________                                Date

       Contractor Signature_______________________________________                             Date
                  MFA MULTIFAMILY PROJECT APPLICATION
                  SCHEDULE E: DEVELOPMENT SCHEDULE
       Project Name:   0

                                       Scheduled Date:
        ACTIVITY
                                         Month/Year
Site
   Option/Contract Executed
   Site Acquisition
   Zoning Approval
Financing
   Construction Loan
        Letter of Interest
      Firm Commitment
      Closing
   Permanent Loan
        Letter of Interest
        Firm Commitment
        Closing                                          Capital Contribution Schedule
   Tax Credit Equity                                      Amount             Date
        Preliminary Commitment
        Firm Commitment
        Partnership Closing
   HOME Funds
     Reservation
     Commitment
      Closing
   Other Loans & Grants
    Type/Source:
      Application
      Award
      Closing
   Other Loans & Grants
     Type/Source:
       Application
       Award
       Closing
Plans & Specifications Completed
Construction Start
Construction Completion
Lease-Up
Placed-in-Service/C of O
                                         MFA MULTIFAMILY PROJECT APPLICATION
                               SCHEDULE H: PRINCIPALS' PREVIOUS PARTICIPATION CERTIFICATE*
*To be completed by each individual Principal

                       NAME:                                   0                Role in Project:

                                                                                     For Projects Under Construction
                                                           Status                                      Amount of
                                                                     Start Date of    Construction                 # of
        Project Name                 Project Address         of                                       Construction       Type of Project   List any Co-Developers or Consultants
                                                                     Construction       Lender                     Units
                                                           Project                                       Loan
                                                                                                                              Tax Credit
                                                                                                                              Market

                                                                                                                             Tax Credit
                                                                                                                             Market

                                                                                                                             Tax Credit
                                                                                                                             Market

                                                                                                                             Tax Credit
                                                                                                                             Market

                                                                                                                             Tax Credit
                                                                                                                             Market
                                                                                                                             Tax Credit
                                                                                                                             Market
                                                                                                                             Tax Credit
                                                                                                                             Market
                                                                                                                             Tax Credit
                                                                                                                             Market

                                                                                                                             Tax Credit
                                                                                                                             Market

                                                                                                                             Tax Credit
                                                                                                                             Market

The undersigned being duly authorized, hereby represents and certifies under penalty of perjury that the foregoing information, to the best of his/her
knowledge, is true, complete and accurate.

                 Signature:                                                 Date:
                                        MFA MULTIFAMILY PROJECT APPLICATION
                                  SCHEDULE I: PREVIOUS PARTICIPATION OF MANAGEMENT

                                                                                               Status of   Status of
                                                                                    # of                                         Type of Development -HTC,
                                                          Owner          # of                 most recent most recent On-site
    Development Name         Development Address                                 Affordable                                       Market, HUD Assisted (List
                                                    Name/Address/Phone   Units                Compliance   Physical Manager
                                                                                    Units                                       Section; ie. Section 515, Other)
                                                                                                 Audit    Inspection

                                                                                                                         Yes      Tax Credit
                                                                                                                         No       Market
                                                                                                                                  HUD:

                                                                                                                         Yes      Tax Credit
                                                                                                                         No       Market
                                                                                                                                  HUD:
                                                                                                                        Yes       Tax Credit
                                                                                                                        No        Market
                                                                                                                                  HUD:

                                                                                                                        Yes       Tax Credit
                                                                                                                        No        Market
                                                                                                                                  HUD:

                                                                                                                         Yes      Tax Credit
                                                                                                                         No       Market
                                                                                                                                  HUD:

                                                                                                                         Yes      Tax Credit
                                                                                                                         No       Market
                                                                                                                                  HUD:

                                                                                                                         Yes      Tax Credit
                                                                                                                         No       Market
                                                                                                                                  HUD:
                                                                                                                        Yes       Tax Credit
                                                                                                                        No        Market
                                                                                                                                  HUD:
                                                                                                                        Yes       Tax Credit
                                                                                                                        No        Market
                                                                                                                                  HUD:


The undersigned being duly authorized, hereby represents and certifies under penalty of perjury that the foregoing information, to the best of
his/her knowledge, is true, complete and accurate. The undersigned hereby acknowledges that MFA may, at its option, verify the information
provided herein by contacting the Owner listed above.

              Signature:                                                 Date:

				
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Description: Letter Introduction Real Estate document sample