Rooms for Rent Contract

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					                                                                                                                                                                                                           v.3.0
04/25/2011 - V1

                                                                             Electronic Application
 Must be saved as Minnesota Multifamily Rental Housing Common Application
     a 97-2003
####### YES       Multifamily Underwriting Division
  workbook (xls) 400 Sibley Street, Suite 300
        john                                                      Submit the completed Multifamily Rental Housing                                                                   MHFA USE ONLY
   for macros to                                                      Common Application form electronically at
                  St. Paul, MN 55101-1998                                                                                                                                       Date:
   work and for                                                 https://online2.mhfa.state.mn.us/rfp-upload/index.aspx
                                                                                                                                                                             App. No.:
  import into our
                                            MULTIFAMILY APPLICATION FORM                                                                                                     Dev. No.:
     database.                                Submission Due Date      6/14/2011                                                                                             MHFA # :
                                                                                                                                                                             HTC No.:
This form is used for multifamily first mortgage loan programs, deferred loans and housing tax credits.                                                                         HDO:
             Click where appropriate :
                                                                                                                                                                              ARCH:
                   Application                        Funding Modification                     Initial Closing/Closing               HTC 8609                                  HMO:
                   Selection Meeting                  HTC Carryover                            Final Closing                                                                  Round:
                   Board Select/Approval              LMIR Commitment                          Deferred Final

 I. PROPOSAL REQUEST
        A. DEVELOPMENT LOCATION:
                                                               Check if this project will have multiple buildings.

Development Name/Program Name:
Street Address:                                                                                                                                                    Latitude:
City:                                                      Zip:                                     County:                                                        Longitude:
        B. APPLICATION REQUEST:
                                            Amount of funds requested at this time:                                        Housing Tax Credits Only
                                                                                Complete Sections                                                                                       Issuance Date
                                  Super RFP(Deferred Loans)                         I-VIII                                        NA             Reservation

                                         * LMIR First Mortgage                      $0         I-VIII                                            Carryover

                                         * Housing Tax Credits                      $0          I-IX                                             8609

GO Bonds                                       Rent Assistance                                 I-VIII                                            Tax Exempt Bond Credits

                                             Operating Subsidy                                 I-VII                         Type of Credits
                                               MN DEED                                         I-VII                        Allocator
                                                GO Bonds
            Have you also submitted a single family application this round?
                             * Requires submission of separate application fees. See instruction page. Check(s) enclosed in the amount of:
   Have you previously applied for and/or received any of the following funds for this development?
                                                                                                                                                        Housing Tax Credits only - check one.
                  Yes            No
           If yes, complete below                                                                                                                            first request
                                                    Year                                 Amount Awarded                         Loan No.
         MHFA Single Family Homes RFP                                                                                                                        supplemental request

        MHFA Multifamily RFP (Deferred)                                                                                                                      repeat request - not selected
                     MHFA First Mortgage
          Project Based Rental Assistance
                     Housing Tax Credits                                                                                                                           Allocator
        C. HOUSING AND POPULATION TYPE
                                                  # Units in                                                                                                            # Units in
                                                 Development
                                                                      # RFP Units
                                                                                                                                                                       Development
                                                                                                                                                                                             # RFP Units   # LTH Units

Type of Housing and # of units: (Fill in all that apply)                                                                    Population Targeting: (Fill in all that apply):
Emergency Shelter                                                                                               Targeted    General Occupancy
Transitional (up to 24 months)                                                                                              Families with Children                                                         LTH Family
Perm. Rental with Support Services                                                                                          Single HH with Children
Service Enriched                                                                                                            Indv/Families of Color
Permanent Rental                                                                                                            Youth                                                                          LTH Youth
Housing Tax Credits                                                                                                         Single Men
Rental Assistance                                                                                                           Single Women
Metro HRA Project Based                                                                                                     Near Homeless                                                                  LTH Single
St. Paul PHA Project Based                                                                                                  Homeless
Minneapolis PHA Project Based                                                                                               Long Term Homeless
HOPWA (choose type below)                                                                                                   Elderly
                                                                                                                Disabled    Mental/cognitive
MHFA Rental Assistance (choose type below)                                                                                  Chemical dependency
                                                                                                                            People/families with HIV/AIDS
MHFA Operating Subsidies (choose type below)                                                                                Physical disability
                                                                                                                            Developmental disability
Other (specify below)                                                                                                       Traumatic Brain Injured
                                                                                                                            Other (specify below)




            MHFA Application Form RFP/HTC1                                                                           1                                                               7/22/2011 4:10 PM
                                                                                                                                                                                                   v.3.0
04/25/2011 - V1

                                                                             Electronic Application
II. DEVELOPMENT TEAM
 Must be saved as
      A. DEVELOPER INFORMATION/APPLICANT INFORMATION:

                 Name (s):                                                                             Social Security No.:
                  Address:                                                                       Fed. Tax ID No (Not SSI):
                     City:                                                                                           State:
                                                                                                                 Zip Code:
         Contact Person:                                                                                                                                     E-mail:
             Telephone:                                                                                Fax:                                              Cell Phone:
                              The developer must be a legal entity (e.g. partnership, corporation etc.) or individual.
                                      Developer is current owner and will retain ownership.
                                      Developer is the Project Developer and will be part of the final ownership entity
                                      Developer is the project Developer and will not be part of the final ownership entity. (Briefly describe the planned process and timing.)
                                      Applicant administering program funds.

       B. OWNERSHIP / PARTNERSHIP INFORMATION:
                   HTC Note: - The MHFA reserves tax credits to the partnership and General Partners or to the limited liability company.
                   Reservations are not transferable. Any change in the General Partner status requires MHFA approval.

                 Name (s):                                                                                    Fed. Tax ID No.:                      (not Social Security number)
                  Address:                                                                                               State:
                     City:                                                                                           Zip Code:

         Contact Person:
             Telephone:                                                                                Fax:                                                   E-mail:

           Legal Status of Ownership Entity                                                                                             Specify if 'Other' selected

Notes:     MHFA First Mortgage program requires ownership by a single asset entity.

         * POHP - requires ownership by public entity
         * For HTC Applications refer to Chapter 3 of the HTC Procedural Manual
           for non-profit qualifications. Requires IRS letters of 501(c)(3) or 501(c)(4) status.

           Name of General Partner(s) / Contact Person                                     Telephone                               Non-Profit      % Ownership




                                                                                                                                                            0.0000%

      C. DEVELOPMENT TEAM:

                                            Name                                    Contact                          Phone                                Fax                            E-mail
Processing Agent:
Attorney:
Architect:
General Contractor:
Service Provider:
Non Profit Lessee:
Management Co.:
   Does an identity of interest exist between ownership Entity and General Contractor?
             Yes                         No


    Does the above entity currently manage the property?
           Yes               Length of Time:                                   No                                        N/A

    Will the building have an on-site caretaker?
             Yes                       No




            MHFA Application Form RFP/HTC1                                                                       2                                                                 7/22/2011 4:10 PM
                                                                                                                                                                                                                v.3.0
04/25/2011 - V1

                                                                           Electronic Application
III. DEVELOPMENT INFORMATION
 Must be saved as

      A. ACTIVITY TYPE:

Type of Activity       (Check all that apply):
                                                               Scattered Site Development
         Acquisition
                                                               Refinance
         New Construction
         Rehabilitation                                        Conversion/ adaptive re-use
         Demolition                                            Historic Preservation/Renovation
         Stabilization                                         Preservation of Federally Assisted Housing
         Rental Subsidy                                                     (please specify type: (i.e.; Sec 8))
                                                               Other (Specify)


      B. BUILDING INFORMATION:

  Total Site Area Sq Ft:                     0                               Acres                                   Density:       #DIV/0!         (units/acre)
          Type of Construction:
                                                                                                                   Choose one
          Year Built                                                                         If existing:              Occupied          Vacant            NA

                          Types of Structures                         Type of           Number of             Number of           Number of              Gross              Const.          Costs              % of TDC
                                                                      Building          Buildings              Stories             Dwelling             Sq. Feet            Costs           per Sq. Ft.
                                                                                          (1).                                    Units (DU)              (2).

          Housing Space:
          New Construction                                                                                                                                                                                -                    0%
          Rehabilitation                                                                                                                                                                                  -                    0%

          Non-Housing Space:
          Covered Parking                                                                                                                                                                                 -                    0%
          Administration/Programmatic                                                                                                                                                                     -                    0%
          Commercial/Other (3)                                                                                                                                                                            -                    0%
                            TOTALS                                                            0                                         0                   0                        $0                   -


          (1). Total number of residential structures.
          (2). Count Basements and Balconies at 1/2 sq. footage.
          (3). Other includes: common space, commercial, congregate dining, day care, etc.
          Number of Parking Spaces:              Surface                                                    Monthly fee
                                                 Covered                                                    Monthly fee
                                                 TOTAL                            0
      C. PROPERTY DESCRIPTION:
Site Control:
    Does Applicant currently control the property/building?                                                                                                                      Type of Existing Loan:

            Yes                        No
                                                                                                                                                                                           Mortgage
  Type of Site Control:                                                                                                                                                                    Contract for Deed
          Number of buildings currently under control:                                                                                                                                     Other
          If Ownership:
                   Purchase Price of the Property/Building:                                            Date of Purchase:                                                                   None
          If Purchase is Proposed:
                      Date of Purchase/Option Agreement:                                                          Expiration Date of Purchase/Option Agreement:
          If Leased:
                                         Amount of Lease:                                                   Term of Lease:
          If Tribal land, have approvals been received?
Developments Involving Acquisition (Check all applicable):
        Buildings acquired or will be acquired from unrelated party

        Buildings acquired or will be acquired from related party


Existing Subsidies:
                                                                                                            * Are any of        * Are the
                                                                                                                                                    * Is the contract for federal           * Is the federal assistance at risk of
                                                                                                            these funds         assisted units at
                                                                                                                                                    assistance at risk of expiring in 2     loss due to deterioration of the
Type of Subsidy                                                        Type              # of Units         subject to long     risk of
                                                                                                                                                    years or less, or is the building at    capacity of the current
                                                                                                            term use            conversion to
                                                                                                                                                    risk due to physical deterioration?     ownership/management entity?
                                                                                                            restrictions?       market rents?




                                                                                                        0




          MHFA Application Form RFP/HTC1                                                                      3                                                                       7/22/2011 4:10 PM
                                                                                                                                                                                                               v.3.0
04/25/2011 - V1

                                                                                Electronic Application
 Must be saved as
Existing Indebtedness on the Property/Building:
                  Name and Address of                                    Original Loan           Interest              Term            Unpaid              Date of           Number of        Restricted to       Loan to be
          Lender(s) of Existing Loans, Subsidies                           Amount                 Rate                                 Balance             Maturity          Restricted         Special         Paid Off in this
           and Grants (secured and unscecured)                                                                                                                                 Units          Populations?       Transaction ?




TOTAL                                                                               $0                                                            $0

Unusual Site Features:        (Check all that apply):

                             Floodplain                                                   High-tension wires                                           Fill
                             Steep ravines or grades                                      Rock formations                                              Creek, lake, etc.
                             Near airport                                                 Poor drainage                                                High water table
                             Within 300 feet of railroad                                  Unstable soil                                                Industrial/environmental hazard

Zoning:
    Is the property in compliance with current zoning requirements?
                                                                                                                              Yes                 No

            If No, what is the proposed rezoning classification and timeline?

   Does the site require annexation actions?
                                                                                                                              Yes                 No
           Duration of the process:

Present Zoning/Classification:                                                                                                      Max. units/acre:

   Are there variances, conditional use permits or special use permits required?
                                                                                                                              Yes                 No

   Is property in historic district or designated a historic building?
                                                                                                                              Yes                 No

   Has the city approved the proposed Parking Plan?
                                                                                                                              Yes                 No

  What is the per unit parking requirement?                                               Garage/unit                            Surface per unit
Utility Information:

Is or will the development be connected to the following:
  Municipal Water                                                                   Gas
                                             Yes                  No                                                          Yes                 No

           Provider:                                                                      Provider:
  Municipal Sewer                                                                   Electric
                                             Yes                  No                                                          Yes                 No

           Provider:                                                                      Provider:
   Off-site public improvements or substantial utility extensions necessary ?

            Yes (If yes, state nature, amount and plan for construction)                                                       No




Planning and Development:
    Is the proposal consistent/in compliance with one or more of the following? (Check all that apply)
        Neighborhood or Community Revitalization Plan                        Planned Unit Development (PUD)                   Continuum of Care            RHAG Guidelines            Interagency Stabilization Group

        Tax Increment Financing (TIF)                                        Comprehensive Plan                               Other (specify):



Jurisdictions/Political Districts:
  Census Tract Number
    This project is located in a                     Qualified Census Tract                    Difficult Development Area                State Designated Basis Boost

    State Senate District                                        State House District                                                RHAG Region
  Congressional District                                                    Economic Development Region




           MHFA Application Form RFP/HTC1                                                                          4                                                                      7/22/2011 4:10 PM
                                                                                                                                                                                          v.3.0
04/25/2011 - V1

                                                                           Electronic Application
IV. ESTIMATED ANNUAL INCOME AND EXPENSES
 Must be saved as

           A. HOUSING INCOME
RFP
Unit
                                                Proposed                                                 Monthly Gross                  Total Rooms (#
Type                          Approx. Size                       Total Annual          Estimated Cost of
                                                Monthly                                                  Rent (Proposed Rental Rooms    of Units x     Rent Limit (%     Income Limit (%
(0BR,      # of DU            (Net Rentable                      Contract Rent         Monthly Utilities                                                                                 Unit Type*
                                                Contract Rent                                            Contract Rent + Per Unit***    Rooms Per      of AMI)           of AMI)
1BR,                          Sq. Ft.) of Units                  (# x rent x 12)       Paid by Occupant
                                                Per Unit                                                 Utilities)                     Unit)
2BR,
etc.)
                                                                                $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
                                                                                $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
UNITS:            0                          0 TOTAL GRP:                       $0                                     TOTAL ROOMS:           0                                      *** Eff/SRO. = 2.5 rooms
                                                                                                                                                                                         1 BR = 3.5 rooms
* Indicate if: HTC, HOME, Market Rate (MR), Employee Occupied (EO), Owner Occupied (OO),                                                                                                 2 BR = 4.5 rooms
          Project Based Assistance (PBA), Hollman (MHOP), Federally Assisted (FA)                                                                                                        3 BR = 6.0 rooms
                                                                                                                                                                                         4 BR = 7.0 rooms
                                                                                                                                                                                         5 BR = 8.5 rooms
    Utilities to be paid by Occupant (Excluding Telephone):
                                                                                                                                                                                         6 BR = 9.5 rooms
        Water & Sewer                  Heat -Type:                                                                                                                                       Bed = 2.0 rooms
      Hot Water                         Air Conditioning
      Household Electric                Other-Specify:


    Source of Utility Allowance Calculation (Treasury Reg 1.42-10, revised 07/29/08)
         Public Housing Authority                                                    Other (Specify)

         Utility Company                                                        Effective Date of Source of Information:

                           1. GROSS POTENTIAL RENT:

                              a. Rental Housing Potential                                                                          $0
                              b. Parking/Garage Rent Potential
                                           # of surface parking             0                Monthly fee             $0
                                          # of covered parking              0                Monthly fee             $0            $0
                              c. Commercial Rent Potential (specify)
                              d. Miscellaneous Rent Potential (specify)
                              e. Gross Potential Rent (Total Lines 1a thru 1d)                                                                     $0

                           2. RENTAL LOSS:
                              a. Rental Housing Vacancy
                                                Vacancy Factor      7.0%                      x Line 1a =                          $0
                              b. Parking/Garage Vacancy
                                                Vacancy Factor                                x Line 1b =                          $0
                              c. Commercial Vacancy
                                                Vacancy Factor                                x Line 1c =                          $0
                              d. Miscellaneous Unrealized Income
                              e. Employee Rent Credits
                              f. Out of Service Units
                              g. Rental Concession Adjustments
                              h. Bad Debt
                              i. Total Rental Loss (Total Lines 2a thru 2h)                                                                        $0

                           3. NET RENTAL COLLECTIONS: (Line 1e. minus 2i.)                                                                         $0




            MHFA Application Form RFP/HTC1                                                                  5                                                          7/22/2011 4:10 PM
                                                                                                                                                                  v.3.0
04/25/2011 - V1

                                                                   Electronic Application
                4.
 Must be saved as OTHER INCOME:
                         a. Tenant Fees
                         b. Other Income
                                     Laundry Equipment:        $/DU/Year                                                           $0
                                    Other (Specify) :

                      c. Total Other Income (Total Lines 4a thru 4d)                                                                       $0
                      NOTE: FOR HTC ONLY
                      If there is a separate charge for tenant facilities, offices, parking, garages, club house, swimming pool,
                      storage lockers, etc., the associated costs are not included in eligible basis.
                   5. TOTAL REVENUE (Lines 3 plus 4e.)                                                                                     $0

          B. ANNUAL OPERATING EXPENSES:
                  1. ADMINISTRATIVE EXPENSES
                      a. Advertising and Marketing                                                              a.
                      b. Management Fee (based on 100% occupancy)
                                         $/Unit/Month Fee:                               $0.00
                                         % of Total Revenue:               0.0%                                 b.                 $0
                          c. Legal                                                                              c.
                          d. Auditing                                                                           d.
                          e. Telephone                                                                          e.
                          f. On-Site Management Payroll                                                         f.
                          g. Other Administration                                                               g.
                          h. Total Administration (Total Lines 1a thru 1g)                                                                 $0
                   2.    MAINTENANCE EXPENSES
                          a. Elevator Maintenance / Contract                                                   a.
                          b. Exterminating                                                                     b.
                          c. Rubbish Removal                                                                   c.
                          d. Other Contract Services                                                           d.
                          e. Janitor Supplies                                                                  e.
                          f. Maintenance Supplies                                                               f.
                          g. Grounds Maintenance                                                               g.
                          h. Snow Removal                                                                      h.
                          i. Heat & A/C Repair Services                                                         i.
                          j. General Repair Services                                                            j.
                          k. Paint/Decorating Materials                                                        k.
                          l. Maintenance & Jan. Payroll                                                         l.
                          m. Other Maintenance and Operating                                                   m.
                          n. Other:                                                                            n.
                          o. Total Maintenance (Total Lines 2a thru 2n)                                                              o.    $0
                   3.    UTILITIES
                          a. Electricity                                                                        a.
                          b. Water & Sewer                                                                      b.
                          c. Gas and Oil                                                                        c.
                          d. Total Utilities (Total Lines 3a thru 3c)                                                                d.    $0
                   3.5   UNIQUE OPERATING EXPENSES For Supportive Housing                                                          3.5.
                   4.    INSURANCE                                                                                                   4.

                   5. TOTAL MANAGEMENT AND OPERATING EXPENSES
                      (Add Lines B.1h, B.2o, B.3d, B.3.5 and B.4)                                                                          $0

                         a. Total Mgmt. and Operating Expenses Per Unit Per Mo. (Line B.5 / Total # Units / 12)                            $0
                         b. Total Mgmt. and Operating Expenses Per Room Annually (Line B.5 / Total # Rooms)                                $0       M & O $/Unit/Year = $0.00
                   6. RESERVES AND ESCROWS
                      a. Real Estate Taxes -               $ Per Unit                $0 X # Units=                                        LIRC         PILOT
                          Current Assessed Market Value
                          Proposed Market Value after Rehab
                          Expected LIRC percentage
                      b. Replacement Reserve -$ Per Room                                X # Rooms=                                 $0
                      c. Painting & Dec. Reserve - $/ Room                              X # Rooms=                                 $0              RR and PD Reserves = $0.00
                      d. Miscellaneous Reserves -$ Per Room                             X # Rooms=                                                                   #DIV/0!
                      e. Total Reserves & Escrows (Total Lines a thru d)                                                                   $0
                   7. EFFECTIVE GROSS EXPENSES (Add lines B.5 and B.6e)                                                                    $0
                      (Total Mgmt. and Operating Expenses plus Reserves and Escrows)
                   8. NET OPERATING INCOME (Line A.5, Total Revenue, minus Line B.7)                                                       $0




          MHFA Application Form RFP/HTC1                                                            6                                            7/22/2011 4:10 PM
                                                                                                                                                                                                   v.3.0
04/25/2011 - V1

                                                                      Electronic Application
 Must be saved SUPPORTABLE MORTGAGE
V. MAXIMUM as
          A. Net Operating Income (Line IV.B.8) -        (If zero ($0) or minus, skip this section and go to Section VI.)                               $0
          B. Debt Coverage Ratio                                                                                                                     1.2000
          C. Net Operating Income Available for Debt Service
          (Net Operating Income divided by Debt Coverage Ratio                                                                                              $0
                         1. Temporary Income
                         2. Total Net Operating Income Available for Debt Service                                                                           $0
          D. Annual Debt Service for proposed Subordinated Debt, if any:
              Other Amortized Subordinated Debt:

                                                                                                     Amortization        Annual Debt
              Lender                           Principal           Rate               Term
                                                                                                       Term                Service
          MHFA LMIR TIF Loan
          MHFA LMIR IRP Loan




                         Total Annual Subordinated Debt Service:                                                                   V.D                      $0
          E. Total Net Operating Income Available for Debt Service less Total Annual Subordinated Debt Service
              (Line V.C.2 minus Line V.D)                                                                                                                   $0
          F. Estimated Maximum Mortgage Based on Income Approach:
                        1. First Mortgage Terms                                                                          Amortization:
                                  Term:                      Years Rate:                                     Years:                             MIP Rate:
                                 a) Debt Service Factor                               0.000000000
                                 b) Plus Annual Fee                                           -             Type:
                                             c) Total Debt Service Factor             0.000000000

                         2. Maximum Mortgage                                                                                                                $0
                             (Net Operating Income ( V.E) divided by Total Debt Service Factor ( V.F.1.c)

                         3. Net Mortgage Loan (Maximum Mortgage divided by 1.04)
                            (Applies to MHFA 1st Mortgage loans only)                                                                                       $0

                         4. Development Cost Escrow (DCE)                                                                                                   $0
                            (Maximum Mortgage minus Net Mortgage Loan) (Line V.F.2 minus Line V.F.3)
VI. DEVELOPMENT COST
                                                                                                                                                                       Tax Credits Only
          A. Acquisition or Refinance Existing Debt Costs:                                                                Sub Totals          Total Costs        30% PV Basis       70% PV Basis
                   1. Acquisition/ Refinance
                        a) Land                                                                                                         a.
                        b) Existing Structures                                                                                          b.
                        c) Demolition                                                                                                   c.
                        Total Acquisition/ Refinance                      $0 $/DU
                   2. Special Assessments                                                                                               2.
                   3. Other (specify:)                                                                                                  3.
                   4. Total (Lines 1 through 3)                                                                     4.                 $0
          B. If New Construction, complete Section #1 below. If Rehabilitation, complete Section #2 below:
          *For HTC ONLY: IF a separate fee is charged for use of these facilities, the associated costs are not included in eligible basis.
          "+" Denotes Intermediary Costs
                    1. New Construction
                         a) Residential                             $0.00 $/gross sq. ft. =                                          a.
                         b) Garages*                                $0.00 $/stall =                                                  b.
                         c) Accessory Structures*                   $0.00 $/gross sq. ft. =                                          c.
                         d) On Site Work                               $0 $/DU =                                                     d.
                         e) Off Site Work                              $0 $/DU =                                                     e.
                         f) Specify Other:                                                                                           f.
                         g) Specify Other:                                                                                           g.
                         h) Net Construction                           $0 $/DU =               h.               $0
                             (Total Lines B.1.a. thru B.1.e.)
                         i) General Requirements                    0.00% % of Line B.1.h =                                          i.
                         j) Builder's General Overhead                                                                               j.
                                                                    0.00% % of Line B.1.h =
                         k) Builder's Profit                        0.00% % of Line B.1.h =                                          k.
                         l) Gross Construction (Contract Amount)
                             (Total Lines 1.h thru 1.k)                 $0 $/DU =               l.              $0
                         m) Construction Contingency (Minimum 4%, subject to MHFA review)                                           m.                      $0
                         n) Total (Lines 1.l plus 1.m)                                                            n.               $0




          MHFA Application Form RFP/HTC1                                                              7                                                                         7/22/2011 4:10 PM
                                                                                                                                                           v.3.0
04/25/2011 - V1

                                                                      Electronic Application
                2.
 Must be saved as Rehabilitation: (if available attach a more detailed scope; otherwise, complete this section).
                         a) Site work: (grading, paving, drainage, landscape, utilities, etc.)                                   a.
                         b) Exterior: (includes roof, siding and trim, windows and doors, etc.)                                  b.
                         c) Garages*                                    $0.00 $/garage =                                         c.
                         d) Accessory Structures*                       $0.00 $/gross sq. ft. =                                  d.
                         e) Interior: (includes cabinets, appliances, fixtures, and wall,                                        e.
                             ceiling, and floor finishes, etc.)
                         f) Mechanical Systems: (includes heating, air conditioning,                                             f.
                              plumbing, and fixtures, etc.)
                         g) Electrical Systems: (includes service, wiring, and fixtures)                                         g.
                         h) Specify Other:                                                                                       h.
                         i) Specify Other:                                                                                       i.
                         j) Net Rehab (Total Line B.2.a thru                    B.2.i.)       j.    $0
                         k) General                                     0.00% (% of Line B.2.j)                                  k.
                            Requirements
                         l) Builder's General                           0.00% (% of Line B.2.j)                                  l.
                            Overhead
                         m) Builder's Profit                            0.00% (% of Line B.2.j)                                 m.
                         n) Other -         Specify:                                                                            n.
                         o) Gross Rehabilitation (Contract Amount)              (Total Lines B.2.j thru B.2.n)
                                                                            $0 $/DU =            o.            $0
                         p) Construction Contingency (Minimum 7%, subject to MHFA review)                                        p.   $0
                         q) Total (lines 2o plus 2p)                                                            q.              $0
                     3. Environmental
                        a) Abatement Contract                                                                                    a.
                        b) Abatement Contingency (Agency determined)                                                             b.
                        c) Total (Lines 3a plus 3b)                                                               c.            $0
          C. Soft Costs
                    1. Professional Fees & Other Soft Costs
                        a) Architect's Fee - Design ( 75% of Total ) +                                                           a.   $0
                        b) Architect's Fee - Supervision ( 25% of Total ) +                                                      b.   $0
                            Total Architect's Fee -
                                                                        0.0% of the total lines B.1.l + B.2.o - C.1.e - C.1.f
                        c) Marketing +                                                                                          c.
                        d) Surveys and Soil Borings                                                                             d.
                        e) Payment & Performance Bond Premium + (if not included in construction contract)                      e.
                        f) Building Permit(s) + (if not included in construction contract)                                       f.
                        g) Sewer-Water Access Charge                                                                            g.
                        h) Appraisal Fee +                                                                                      h.
                        i) Energy Audit +                                                                                        i.
                        j) Environmental Assessment +                                                                            j.
                        k) Cost Certification/Audit +                                                                           k.
                        l) Market Study +                                                                                        l.
                        m) Tax Credit Fees +                                                                                    m.
                        n) Compliance Fees +                                                                                    n.
                        o) Furnishings and Equipment                                                                            o.
                        p) Legal Fees +                                                                                         p.
                           (Syndication and permanent financing fees are not allowed in basis.)
                        q) Relocation Costs +:               Relocation Costs                                                    q.
                        r1) Other Fees - Specify:                                                                               r1.
                        r2) Other Fees - Specify:                                                                               r2.
                        s) Total (Lines 1.a thru 1.r)                                                             s.            $0

                     2. Developer's Fee
                        a) Developer's Fee +                                                                                     a.
                            1) Deferred Developer's Fee
                            2) Dev's Fee avail thru const completion                       $0
                         b) Processing Agent +                                                                                   b.
                         c) Other Consultant Fees (included in Dev. Fees) +                                                      c.
                         d) Other (Specify)                                                                                      d.
                         e) Total Developer's Fees                    0.0%                                        e.            $0
                                                            % of Line VI.D - Line VI.C.2.e
                     3. Tax Credit Syndication Fees
                         a) Organization Fees +                                                                                  a.
                         b) Bridge Loan +                                                                                        b.
                         c) Tax Opinion +                                                                                        c.
                         d) Other Fees:                                                                                          d.
                         e) Total (Lines 3.a thru 3.d)                                                            e.            $0




          MHFA Application Form RFP/HTC1                                                              8                                    7/22/2011 4:10 PM
                                                                                                                                                                                         v.3.0
04/25/2011 - V1

                                                                     Electronic Application
                4.
 Must be saved as Financing Costs
                         a) Hazard and Liability Insurance                                                                             a.
                         b) Construction Int. at: +                                               months                               b.
                         c) Taxes during construction +                                                                                c.
                         d) Agency Inspection Fee ( MHFA First Mortgage Only)                                                          d.          $0
                              (1% of gross construction cost. See VI.B.l.) +
                         e) Other Inspection Fee +                                                                                     e.
                         f) MHFA Origination Fee (2% of 1st $5m. then 1%. $25K min. fee.) +                                             f.         $0
                         g) Other Origination Fee (Permanent financing fee not eligible for basis.) +                                  g.
                         h) Mortgage Insurance Premium +                                                                               h.
                         i) Revenue Bond Premium +                                                                                      i.
                         j) Title and Recording +                                                                                       j.
                         k) MHFA DCE (Line V.F.4)                                                                                      k.          $0
                         l) Other: Specify                                                                                              l.
                         m) Other: Specify                                                                                             m.
                         n) Other: Specify                                                                                             n.
                         o) Total Financing Costs (lines 4.a thru 4.n)                                              o.                $0           $0
           D.Total Mortgageable Costs (TMC)
                        (Total of subtotal lines)                        $0 per unit                               D.                 $0           $0
           E. Non-Mortgageable Costs (For example: Syndication Reserves)
                        a. Specify:                                                                                                    1.
                        a. Specify:                                                                                                    2.
                        a. Specify:                                                                                                    3.
                                                                                                                    4.                $0
           F. Total Development Cost (TDC)                             $0.00                  $0                    F.                $0           $0
                (Total lines VI.D and VI.E)                     Per Sq Ft          Per Unit
           G. Total Basis for Tax Credits (Sum of 30% + 70% PV Basis)                                              G.                 $0                          $0              $0
           H. Total Intermediary Costs                                                                             H.                 $0 0.000%
VII. FUNDING REQUIREMENTS:
           A. Capital Sources of Funding:             Maximum Mortgage                        $0                          **Check to include in Housing Tax Credit
                                                          Calculated Gap                      $0                   $0               (HTC) gap calculation            MHFA USE ONLY
         Name of Source                          Term          Rate                Amount               Per Unit         Committed?      HTC Gap**      Finance Type  Program Units Pay Out Order
       1 LMIR 1st Mortgage                                                                                         $0     Yes             Yes                                                15
       2 General Partner Cash                                                                                      $0     Yes                                                                    1
       3 Syndication Proceeds*              Deferred Proc.->                                                       $0     Yes                                                                    4
       4                                                                                                           $0     Yes                Yes                                                 2
       5                                                                                                           $0     Yes                Yes                                                 3
       6                                                                                                           $0     Yes                Yes                                                 5
       7                                                                                                           $0     Yes                Yes                                                 6
       8                                                                                                           $0     Yes                Yes                                                 7
       9                                                                                                           $0     Yes                Yes                                                 8
      10                                                                                                           $0     Yes                Yes                                                 9
      11                                                                                                           $0     Yes                Yes                                                 10
      12                                                                                                           $0     Yes                Yes                                                 11
      13                                                                                                           $0     Yes                Yes                                                 12
      14                                                                                                           $0     Yes                Yes                                                 13
      15                                                                                                           $0     Yes                Yes                                                 14
                                          Total of Permanent Financing                        $0                   $0                   0
           * HOUSING TAX CREDIT ONLY: List syndication proceeds from historic credits separately.
           ** HOUSING TAX CREDIT ONLY: Check yes for sources of financing which must be included in the HTC equity gap calculation.

           B. Non-Capital Sources of Funding
           Type of Source                 Name of Source                                                 Term            # of Units                           Amount        $ per Unit
                                                                                                                                                                                   $0
                                                                                                                                                                                   $0
                                                                                                                                                                                   $0
                                                                                                                                                                                   $0
                                                                                Total Non-Capital Financing                     0                                  $0              $0

           C. Effective Rate of all Minnesota Housing's financing, blending amortizing and deferred loan rates

           D. Other Requirements
                        1. Working Capital Escrow (3% of MHFA Net Mortgage)*
                            MHFA 1st mortgage only                                                                                                 $0
                        2. Rent Up Escrow (3% of MHFA Net Mortgage)*
                            MHFA 1st mortgage only with unoccupied building                                                                        $0
                        3. Insurance Escrow ( MHFA determines $) for MHFA 1st Mortgage
                        4. Other - List:
                        5. Other - List:
                        *Can be Cash or Letter of Credit.




           MHFA Application Form RFP/HTC1                                                           9                                                              7/22/2011 4:10 PM
                                                                                                                                                                                                    v.3.0
04/25/2011 - V1

                                                                      Electronic Application
       E. Maximum
 Must be saved as Allowable Return on Equity
                            #VALUE!
                                                                                                                                                      $0
          F. Other Conditions:
          G. Regulatory Cost Avoidance/Cost Reduction
                        1. Regulatory Incentive - The following worksheet must be completed
                           for each project that includes Regulatory Incentives
                           which reduce the cost of producing affordable housing.                                                            FOR MHFA USE ONLY
                                                                                                    Cost Savings        Total Cost
                         Incentive                                                                                                              Devs with syndication proceeds
                                                                                                      Per Unit           Savings

                                                                                                                                                Devs with no syndication proceeds
                                                                                                                                                           x

                                                                                                                                                Devs with de minimus amt. of syndication proceeds

                                                                                                                                                Manual Entry - enter at Line VII.F


                         2. Local Contributions - Value of donations that do not appear as a funding source. Sources must be listed
                         below for inclusion in HTC scoring for Local Contributions. Includes land donation, in-kind contributions
                         and donations of labor, materials, services, etc.

                                                                                                                        Value of
                         Source                             Contact                                       Type
                                                                                                                        Donation

                                                                                                                                                                                 /



VIII. AFFIRMATIVE ACTION REQUIREMENT

The Minnesota Human Rights Act states that any person or organization having 40 or more employees in the last 12 months in the State
of Minnesota and involved in any transaction of $100,000 or more with state agency must have Affirmative Action Plan approved by the
State Department of Human Rights. Therefore, no applications for $100,000 or more will be accepted unless they include either:

          A.             A Certificate of Compliance from the State Department of Human Rights (For information call 651-296-5663)
                         (for organizations with 40 or more employees); or

          B.             A notarized statement stating that the applying organization has had less than 40 employees in the State
                         of Minnesota in the last 12 months.

          C.             Provide information on how you intend to make opportunities available for women-owned or minority-
                         owned business enterprises.


This application is submitted by the undersigned with the full knowledge and consent of the governing body and is accurate in all details, to
the undersigned's best knowledge.


          Signature                                                                                Date

The Minnesota Housing Finance Agency does not discriminate on the basis of race, color, national origin, sex, religion, age, or disability
in employment or the provision of services.

                                           Equal Opportunity Housing and Equal Opportunity Employment
          Comments




                                                                                                    Submit the completed Multifamily Rental Housing Common Application form electronically
                                                                                                    at https://online2.mhfa.state.mn.us/rfp-upload/index.aspx

                                                                                                    The Minnesota Housing will accept only one copy of the completed final Application Form.
                  IF YOU ARE NOT REQUESTING TAX CREDITS                                             Do not send incomplete or preliminary Application Forms.
                             STOP AT THIS POINT.
                                                                                                    The Application Form that is electronically submitted to the Minnesota Housing must be
                                                                                                    identical to the original signed Application Form submitted to the Minnesota Housing.

                                                                                                    Minnesota Multifamily Rental Housing Common Application forms will not be accepted
                                                                                                    after 5:00 pm on the application submission date.




          MHFA Application Form RFP/HTC1                                                             10                                                                     7/22/2011 4:10 PM
                                                                                                                                                                                                v.3.0
04/25/2011 - V1

                                                                           Electronic Application
IX. HOUSING TAX CREDIT / APPLICATION
 Must be saved as
             NOTE: Do not attempt to complete this application without reading the MHFA Tax Credit Procedural Manual, and Section 42
             of Internal Revenue Code. An incomplete Form RFP/HTC-1 will not be accepted and will be returned to the applicant/developer.

             A. SET-ASIDE OF HOUSING CREDIT REQUESTED:
    Please check the appropriate set-aside. (HDS Ranking Groups) (Nonprofits must sign application):
                                                                                                                                           * Qualifying Non-Profit must materially participate in
        Greater MN For-profit                  Greater MN Non-profit *                        Rural Development/Small Project              ownership/management of the development in a
        Metro For-profit                       Metro Non-profit *                             Tax Exempt Bond                              manner meeting requirements of Sec.469(h) of IRS Code.
                                                                                                                                           Requires IRS letters of 501(c)(3) or 501(c)(4) status
                                                                                                                                           or appropriate equivalent designation approval from the IRS.
             B. TYPE OF HOUSING CREDIT REQUESTED:

        Newly constructed and not federally subsidized                   Newly constructed and federally subsidized

        Rehabilitation expenditures not federally subsidized             Rehabilitation expenditures federally subsidized

        Existing building                                                Allocation subject to non profit set aside under sec. 42 (h)(5)

             C. MINIMUM SET ASIDE:

             At this time the owner "irrevocably" elects one of the minimum set aside requirements stated by
             Section 42 of the Internal Revenue Code

                 Check one only
                    20% of the units serving households at 50% of the area median
                    40% of the units serving households at 60% of the area median



             D. ESTIMATED PROJECT APPLICABLE FRACTION DETERMINATION:

1. Complete the section below for tenant facilities/amenities:

                                                                                                               Included in
             Common Space - Non unit                                     Sq Ft                Fee
                                                                                                                 Basis?
             Parking/Garages
             Storage Lockers
             Club House
             Swimming Pool
             Community Service Facility
             Office
             Other
2. Complete the section below for Applicable Fraction:
             Type of Residential Rental Units                                             # of Units                Sq. Ft.
        A.   HTC Low Income Units
        B.   Market Rate Units/non HTC units
        C.   TOTAL # HTC LOW INCOME + MARKET RATE                                              0                       0
        D.   Unit and Area Fractions (A. divided by C.)                                     0.00%                   0.00%
        E.   APPLICABLE FRACTION (lesser of unit
                                                                                                       0.00%
             or area fraction Line D above)
   F.        Employee/Common Space Units*
   G.        Total # and sq ft of Units                                                        0                      0

* A fulltime resident manager’s or caretakers unit is considered an employee/common space unit and must not be included in the numerator or denominator
for calculating the applicable fraction.
Use the applicable fraction in number IX.D.2.E above when calculating qualified basis in number IX.H below.
At placed-in-service, calculation of the actual credit amount and compliance monitoring is done on a building-by-building basis and will be based
on the targeted applicable fraction set forth on the Building Map.




             MHFA Application Form RFP/HTC1                                                                    11                                                          7/22/2011 4:10 PM
                                                                                                                                                                                                              v.3.0
04/25/2011 - V1

                                                                                   Electronic Application
       E. ACQUISITION/REHABILITATION:
 Must be saved as
1.   Total Rehabilitation Expense (Line VI.B.2.q)                                                                               $0
2.   Lowest avg. rehabilitation attributable qualified basis per low income unit/bldg.                                               (in 5. below, you must complete details for all buildings)
3.   Average rehabilitation expense per low income unit per project                                                             $0
4.   Adjusted basis                                                     x 20% =                                                 $0

Rehabilitation expenditures must equal the greater of:
 - An average of $6,000 in qualified basis per low income unit for a building increased annually by a cost of living adjustment per Section 42(e)(3)(d).; or
 - An amount that is not less than the greater of $5,000 / low income unit / project (Minnesota pursuant to Section $3,000
Rehabilitation expenditure must be20 percent of the adjusted basis of the building as determinedStatute 462.A.221) or42(e)(3);rehabilitation attributable qualified basis / low
    - and -
 - Average at least $5,000 per unit (Minnesota Statutes Section 462A.221, Subdivision 5)*.
  *In Greater Minnesota and Qualified preservation projects, not less than 10% of adjusted basis/building (42(e)(3)(A)(ii)(I) In Greater Minnesota and Qualified preservations,
income unit / Building or qualifying rehabilitation expenditures the $5,000/unit/project is not applicable.
the $5,000 / unit / project is not applicable.
5. Complete the following:
                  1                                        2                   3                    4                    5                    6                    7                8

                                                                                                                                                                            Average
                                                                                                                                     Number of Years
                                                                                                                                                                            rehabilitation
                                                   Date of                                                       Actual /            Between Placed
                                                                     Date of              Date of Original                                              Is 10 year rule     attributable
              Address of Building                  Substantial                                                   Proposed Date of    In Service (Later
                                                                     Acquisition by       Certificate of                                                violated for this   qualified basis
             (one line per building)               Rehabilitation by                                             Rehabilitation by   of column 2, 3, or
                                                                     Seller               Occupancy                                                     project?            per low income
                                                   Seller                                                        Applicant           4) and
                                                                                                                                                                            unit for this
                                                                                                                                     Rehabilitation
                                                                                                                                                                            building




Total Buildings                          0
     6. If less than 10 years since last placed in service, is the project eligible for a waiver from the Secretary of U.S. Department of the Treasury.
          Yes        No               N/A Due to Section 42(d)(6)
            If 10 year rule is violated, actual or proposed waiver date?


7. Are any of the buildings owner-occupied single family dwellings?

            F. OTHER BASIS CONSIDERATIONS:


     1. Will any of the project financing be treated as or considered to be a Federal grant, tax-exempt obligation (Code Sec.103)?

             Yes            No

     If yes, complete the following:                                                                                 If yes, complete the following:
          Source of funds                                                                                                           Source of funds

                     Amount                                                                                                                     Amount
            If yes, elect one of the following options                                                                       If yes, elect one of the following options
                NA                                                                                                             NA

                4% credit                                                                                                      4% credit

                Subtract from basis                                                                                            Subtract from basis


     2. Will the development basis include a community service facility?

                      Yes                 No


                                 If yes, all the following conditions must be met:
                                                     * project located in Qualified Census Tract
                                                     * eligible basis of the facility cannot exceed (a) 25% of so much of the eligibile basis of the project as does not exceed
                                                     $15,000,000 plus (b) 10% of so much of the eligible basis of the project as is not taken into account under (a). See Sec 42(
                                                     c)(4)(C)(i), (ii), (iii)
                                                   * facility must be designated to serve primarily individuals including tenants and non-tenants with incomes of 60% AMI or less.




             MHFA Application Form RFP/HTC1                                                                        12                                                                         7/22/2011 4:10 PM
                                                                                                                                                                                                   v.3.0
04/25/2011 - V1

                                                                           Electronic Application
       G. TAX as
 Must be savedEXEMPT BOND FINANCING:
   Are tax exempt bonds to be issued?
                                                                                                                         Note: Applicants requesting tax credits in conjunction
          Yes             No
                                                                                                                               with tax credit bond financing must complete and submit to MHFA
                                                                                                                               all documents required in the MHFA Housing Tax Credit Qualified Allocation Plan
    If yes, complete the following:
                                                                                                                               Article 9.
          Total Aggregate Basis
          Total tax exempt bonds
          Name of bond issuer
          Date of allocation of bond volume cap

          H. DETERMINATION OF TAX CREDIT:

                                            1. Tax Credit Basis Calculation                                                                       COMPLETE FOR TAX CREDITS
                                                                                                                                                    30% PV       70% PV
                                                                                                                                                     Basis        Basis

                                                                                     A. TOTAL BASIS (Section VI.G)                           A.                $0             $0


                                                               Less portion of federal grant used to finance qualifying
                                                                                      development costs. List Grants:

                          Name                                                                                         Amount




                                                                                                    Total                    $0


                                                                   Less amount of nonqualified nonrecourse financing

                                                                               Less nonqualifying units of higher quality

                                                             Less nonqualifying excess portion of higher quality units

                                                                   Less Historic Tax Credit (Residential Portion Only)

                                                                                         B. TOTAL ELIGIBLE BASIS                             B.                $0             $0
          Portion of above Basis                         30%                  70%
          NOT ELIGIBLE for                                                                            High Cost Adjustment                                     $0             $0
          High Cost Adj.                        ( If applicable, check Qualified Census Tract, DDA or SDBB box in Section III.C )
                                                                        Total Eligible Basis Adjusted for the High Cost                                        $0             $0


                                                                 Multiplied by the Applicable Fraction (Section IX.D)                                       0.0000         0.0000


                                                                                       C. TOTAL QUALIFIED BASIS                              C.              $0.00          $0.00                                $0.00



                                                                                Multiplied by the Applicable Percentage

                                                                 D. TAX CREDIT POTENTIAL FOR PROJECT                                         D.              $0.00          $0.00


                                          E. ANNUAL TAX CREDITS REQUESTED THIS APPLICATION                                                   E.        $0
                                                               (Sum of 30% & 70% PV Basis Columns)

PLEASE NOTE:         The actual amount of credit for the project is determined by the housing credit agency at each evaluation stage.
If the project is eligible for Historic Tax Credit include a complete breakdown of the determination of eligible basis for the
Historic Credit with the application.
If the Project's basis has been adjusted because it is in a high cost or qualified census tract, the subsequent deduction for item(s)
to remove them from basis must be adjusted by multiplying the amount by 130%. (This does not apply to Historic Tax Credits.)
High cost/qualified census tract adjustment cannot be made to the acquisition basis of an acquisition/rehab type project.




           MHFA Application Form RFP/HTC1                                                                      13                                                              7/22/2011 4:10 PM
                                                                                                                                                                                                  v.3.0
04/25/2011 - V1

                                                                        Electronic Application
 Must be saved as 2. Tax Credit Equity Gap Calculation
                          Applicable Sources from funding requirements VII.A. sources of funding.
                                               Source                                     Amount
                          0                                                                             $0.00
                          0                                                                             $0.00
                          0                                                                             $0.00
                          0                                                                             $0.00                               To add or remove an entry from
                          0                                                                             $0.00                               this table, check or uncheck the associated
                          0                                                                             $0.00                               box labeled "HTC Gap" in the Sources of Funding table
                          0                                                                             $0.00                               Section VII.A located below cell I611.
                          0                                                                             $0.00
                          0                                                                             $0.00
                          0                                                                             $0.00
                          0                                                                             $0.00
                          0                                                                             $0.00
                          0                                                                             $0.00
                                                                        a. Total Sources of Funds above                                                $0.00
                                                                        b. Total Development Costs                                                     $0.00 (Section VI.F.)
                                                                        c. Funding Gap                                                                 $0.00 (a minus b)
                                                                        d. Equity Factor (0.0000) =
                                                                        e. 10 Year Credit Gap                                                           $0.00 (c divided by d)
                                                                         f. Annual Credit Gap                                                             $0 (e divided by 10)
                                                                        g. Annual Basis Credit                                                            $0 (from 1.E)
                                                                      Maximum Tax Credit Allowed                     $0   (the lower of line f or line g above.)
                                                                                                                              Requesting waiver of limit.
                                                         MHFA Approved Maximum Tax Credit                            $0

                                           Credit Amount Previously Allocated and/or reserved:

                                                  Maximum Credit Requested AT THIS TIME:                             $0                                                                            Manual Max Credit
          I. TAX CREDIT SYNDICATION:
         Tax Credit Syndication (Provide as much information as is available at time of application.)
1. Will the Tax Credits be offered to investors?
   If no, attach a description explaining how the tax benefits will be used and how that will benefit the project.
   If yes, answer each of the following:
       Type of offering
         Public                  Private

           Number of Annual Pay-In Periods
           First Pay-in Year
           Interest Rate
              Pay-in Amount                   Describe the structure of syndication proceeds pay in              Reserve Requirements Description




                                $0                                                                                            $0        Total
HTC Syndication costs will be evaluated along with other project costs. Please list all estimated or actual cost of syndication associated with the project.
2. Ten Year Gross Tax Credits*                                                 (* Project's annual tax credit amount multiplied by 10.)
3. Gross Syndication Proceeds**                                             $0 (** Gross Syndication Proceeds entered on Sources Tables (VII.A.3), cell F614, see also cell M999).
4. Equity Factor (Line 3. divided by Line 2.)
*Gross Syndication Proceeds means all syndication proceeds with the exception of upper tier transaction costs not charged to or paid to the development.
5. Does this project qualify for historic rehabilitation Credits?
    If yes, answer each of the following:
           What is the credit amount?
           Estimated Proceeds?

Proposed Syndicators or Equity Sources:

Federal
Name(s):                                      Address:                             City / State:                            Zip Code:       Contact Person:                          Telephone:           Fax:




           MHFA Application Form RFP/HTC1                                                             14                                                                       7/22/2011 4:10 PM
                                                                                                                                                                                            v.3.0
04/25/2011 - V1

                                                                       Electronic Application
J. Statement and Certification of Applicant/Owner
 Must be saved as
          Individually, or as the general partner(s) or officers of the applicant entity (hereinafter referred to as "Owner"), we are familiar with the provisions of the
          Tax Reform Act of 1986 and subsequent revisions with respect to the Low Income Housing Tax Credit (HTC), and to the best of our knowledge and belief,
          the applicant entity has complied, or will comply with all of the requirements which are prerequisite to issuance of the HTC by Minnesota Housing
          Finance Agency (Minnesota Housing). We understand that the HTC Program will be governed and controlled by rules and regulations issued
          by the Internal Revenue Service (IRS). We also understand that we must comply with the Minnesota Statutes 462A and Housing Tax Credit Program
          Procedural Manual and Allocation Plan of Minnesota Housing concerning Low-Income Housing Tax Credits.
          I (We) hereby make application to Minnesota Housing for allocation of HTC. The undersigned hereby acknowledges that the making of an allocation
          by Minnesota Housing does not warrant that the project is deemed qualified to receive such allocation. I (We) agree that neither Minnesota
          Housing nor any of its directors, officers, employees, and agents will not be held responsible or liable for any representations made to the undersigned
          or its investors relating to the HTC. I (We) assume the risk of all damages, losses, costs, and expenses related thereto and agree to indemnify
          and save harmless Minnesota Housing or any of its directors, officers, employees, and agents against any and all claims, suits, losses, damages, costs, and expenses
          of any kind and of any nature that the Minnesota Housing may hereinafter suffer, incur, or pay arising out of its decision concerning the application for HTC
          or the use of the information concerning the HTC Program.

          I (We) also understand and agree that Minnesota Housing has made no representations about the effect of the tax credit upon my (our) taxes
          or that of any other person connected with this project.

          I (we) understand and agree that:
          (1) The information requested on this application and any attachments hereto are being collected to determine eligibility of the project under Section 42.
          (2) Minnesota Housing may request additional information in order to evaluate this application.
          (3) An applicant who fails to complete all information requested will not be eligible for a reservation of HTC.
          (4) Certain provisions of Internal Revenue Code (IRC) Section 42 and regulations thereunder and Minnesota Statute Chapter 462A may change
          and as a result of said change may require the submission of additional documentation to Minnesota Housing.
          (5) Information requested in this application is public data which is accessible to the public pursuant to Minnesota Statutes, Chapter 13.

          I (We) hereby certify that the information contained in this application is true, correct and complete. I (We) understand that any misrepresentations
          and/or fraudulent information made in this application may result in the termination of HTC by Minnesota Housing and may bar me(us) and
          related parties from future program participation, and reporting of such misrepresentation and fraudulent information to the IRS.

                                Signature of General Partner

                                by:

                                of:

                                its:

                                Print name
                                of signatory,
                                Date

                              The foregoing instrument was acknowledged before me this ___________ day of ___________ , 20___ ,

                                by __________________________________________ , the _____________________________________
                                              (name)                                                 (title)
                                of __________________________________ a ________________________________________ .
                                          (Name of corporation)
                                Notary Public

                                Signature of Nonprofit Partner (if applicable)

                                by:

                                of:

                                its:

                                Print name
                                of signatory,
                                Date

                         ss

                                The foregoing instrument was acknowledged before me this ___________ day of ___________ , 20___ ,

                                by __________________________________________ , the _____________________________________
                                              (name)                                                 (title)
                                of __________________________________ a ________________________________________ .
                                          (Name of corporation)
                                Notary Public

    Submit the completed Multifamily Rental Housing Common Application form electronically at https://online2.mhfa.state.mn.us/rfp-upload/index.aspx

    The MHFA will accept only one copy of the completed final Multifamily Application Form. Do not send incomplete or preliminary Application Forms.

    The Minnesota Multifamily Rental Housing Common Application that is emailed to the MHFA must be identical to the original signed Application Form submitted to the MHFA..
    Minnesota Multifamily Rental Housing Common Application forms will not be accepted after 5:00 pm on the application submission date.




          MHFA Application Form RFP/HTC1                                                               15                                                                   7/22/2011 4:10 PM
                                                                           a9189a18-e454-48df-89f0-24033b50a2421

                         A                   B           C        D                                                   E         F      G      H
                                       Federal Tax ID
 1                 Role                   (not SSI)     Name   Address 1                                           Address 2   City   State   Zip
 2   Development Company
 3   Developer Contact
 4
 5   Project Owner
 6   Owner Contact
 7
 8   General Partner 1
 9   General Partner Contact 1
10
11   General Partner 2
12   General Partner Contact 2
13
14   General Partner 3
15   General Partner Contact 3
16
17   General Partner 4
18   General Partner Contact 4
19
20   Processing Agent Company
21   Processing Agent Contact
22
23   Attorney Firm
24   Attorney Contact
25
26   Architect Firm
27   Architect Contact
28
29   Contractor Company
30   Contractor Contact
31
32   Service Provider Agency
33   Service Provider Contact
34
35   Non Profit Lessee Company
36   Non Profit Lessee Contact
37
38   Management Company
39   Management Agent
40
41   Syndicator
42   Syndicator Contact
43
44   Syndicator 2
45   Syndicator Contact 2
46
47   Rental Assitance Administrator
48   RA Administrator Contact
49
50   Operating Subsidy Administrator
51   OS Administrator Contact
52
53   Other Entity Roles
54
55
56
57
58
59




                                                                                       Page 16 of 31
                                                                       a9189a18-e454-48df-89f0-24033b50a2421

                         A                   B           C       I              J                         K         L
                                       Federal Tax ID
 1                 Role                   (not SSI)     Name   Phone          Fax                       Email   Cell Phone
 2   Development Company
 3   Developer Contact
 4
 5   Project Owner
 6   Owner Contact
 7
 8   General Partner 1
 9   General Partner Contact 1
10
11   General Partner 2
12   General Partner Contact 2
13
14   General Partner 3
15   General Partner Contact 3
16
17   General Partner 4
18   General Partner Contact 4
19
20   Processing Agent Company
21   Processing Agent Contact
22
23   Attorney Firm
24   Attorney Contact
25
26   Architect Firm
27   Architect Contact
28
29   Contractor Company
30   Contractor Contact
31
32   Service Provider Agency
33   Service Provider Contact
34
35   Non Profit Lessee Company
36   Non Profit Lessee Contact
37
38   Management Company
39   Management Agent
40
41   Syndicator
42   Syndicator Contact
43
44   Syndicator 2
45   Syndicator Contact 2
46
47   Rental Assitance Administrator
48   RA Administrator Contact
49
50   Operating Subsidy Administrator
51   OS Administrator Contact
52
53   Other Entity Roles
54
55
56
57
58
59




                                                                                    Page 17 of 31
Instructions:
 1) If buildings are located in the same city, zip and county, enter those fields once.
 2) If buildings are located in multiple cities and/or counties, enter all here. On the Application sheet select one city and one county.
 3) If buildings are scattered site, not in close proximity, enter latitude and longitude here.



Building Address                             City                Zip Code         County                      Longitude      Latitude
                                                                                 Attachment A


PROJECT:                                                                           HUD #.:
PREPARED BY:                                                                        DATE:

SOURCES
Tax Credit Proceeds (Gross Est. Syn.Proceeds PV)                                                                               $0
First Mortgage
Other Loans
Other:
TOTAL SOURCES                                                                                                                  $0

USES
To Purchase Land and Building                           VI. A. 4                                                               $0
On/Off Site Work                                        VI. B. 1. d.& e. & 2.a                                                 $0                                   Maximun Standard
Rehabilitation and New Construction
        New Structures                                  B.h. less d.&.e                                                        $0        General Req.     #DIV/0!
        Rehabilitation                                  B.2 j less a                                                           $0
        Environmental Work                              B3c                                                                    $0   Builder's Overhead    #DIV/0!
        General Requirements                            B1i+B2k                                                                $0
        Contractor Overhead                             B1j+B2l                                                                $0      Builder's Profit   #DIV/0!
        Contractor Profit                               B1k+B2m                                                                $0
        Construction Contingency                        B1m+B2p                                                                $0       Total of above    #DIV/0!
        Other (Identify)                                B2n                                                                    $0
Professional Fees                                       C1s                                                                    $0      Developer's Fee    #DIV/0!
Financing Costs                                         C4o                                                                    $0
Syndication Costs                                       C3e                                                                    $0    Syndication Costs    #DIV/0!
Developer Fees                                          C2e                                                                    $0
Project Reserves                                        E4                                                                     $0
Other
TOTAL USES                                                                                                                     $0


PROJECT GAP                                                                                                                    $0


EST. NET SYND. PROCEEDS
Total Annual Tax Credit Allocation
Tax Credit Proceeds (from Above)                                                                                               $0
Syndication Costs                                       C3e
EST. NET SYND. PROCEEDS                                                                                                        $0

Net Synd Proceeds/0% of allocated tax credits                                                % of allocated tax credits

                      $0       Divided             $0                            #DIV/0!     Pay-in per $1 credits purchased
                                                    Attachment C
                                              SUBSIDY LAYERING REVIEW



                                                           EQUITY PROCEEDS

                                              PROJECT NAME:
                                                  LOCATION:
                                              HUD PROJECT #:

Pay-In Schedule

Interest Rate (Bridge Loan, or NPV factor):
Construction Occupancy Date (Placed In Service Date):




                                                                             No. of Months from   FV or PV from
   Date of Pay-In               Description of Pay-In          Amount
                                                                             expected C.O. Date     C.O. Date



                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0
                                                                                                             $0

                                                                        $0                                   $0


Estimated Gross Syndication Proceeds                                                                         $0
0                                                                             2011                   2012              2013              2014              2015              2016              2017              2018              2019              2020              2021              2022              2023              2024              2025
                                                       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 units           0
Annual Growth Rate - Income                                    2.00%
Annual Growth Rate - Expenses                                  3.00%
Cap Rate                                                       8.00%
Vacancy Rate/Credit Allowance                                   7.0%
Months of operation                                                            12                     12                12                12                12                12                12                12                12                12                12                12                12                12                12
                        Income                                                2011                   2012              2013              2014              2015              2016              2017              2018              2019              2020              2021              2022              2023              2024              2025
Rental Income                                                            $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
Parking                                                                  $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
    Total Rental Loss                                         #DIV/0!                  -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Net Rental Income                                                        $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
Other Income (including Laundry)                                         $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                             Other Income Manual Override

Effective Gross Income                                                   $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                        Expenses
Management Fees                                               #DIV/0!    $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Administrative & Marketing                                               $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Operating/Maintenance                                                    $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Payroll                                                                  $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Utilities                                                                $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Unique Operating Expenses                                   M&O/Unit/Mo= $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Insurance                                                     #DIV/0!    $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Real Estate Taxes                                                        $             -                      -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Reserves for Replacement                                      #DIV/0!                      $0                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -                 -
Effective Gross Expense*                                      #DIV/0!    $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
Net Operating Income                                                     $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -


                                 Debt Service- A Note                        #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
            Debt Service - B Note (enter Yes or No)                      $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                             Debt Service Coverage                           #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
                                                                         $             -        $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -   $             -
                                      TOTAL DSC                              #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
                                    Net Cash Flow                            #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
                      Outstanding Loan(s) Amount                             #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
                                         RE Value                                    -                        -                 -               -                 -                   -                 -                 -               -                 -                 -                 -                 -                 -                 -
                    Value of Remaining Tax Credits                                   -                        -                 -               -                 -                   -                 -                 -               -                 -                 -                 -                 -                 -                 -
                                         Debt/Unit                           #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
                                  LTV (RE and TC)                            #DIV/0!                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
                                                                                                                                                                 7/22/2011
                      LTV (RE Only)               #DIV/0!         #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!
             Annual Tax Credit Value $      -
                 Price per tax Credit    0.0000
A Note Interest Rate and Amortization    0.00%              0 years
B Note Interest Rate and Amortization                        years




                                                                                                     7/22/2011
                                            AMRTZ-A


Name of Borrower:                  ANNUAL NOI     Interest Rate:                      0.00%
                                   $        -     Monthly Payment:              #DIV/0!
                                      $0.00       Original Principal Balance:            $0
                    Debt Service       1.2        Date of Loan:                   6/15/2011
                                                  Amort Length                             0




                                                Page 24
                                               AMRTZ-A


Rate Quote date      ANNUAL DS
                       #DIV/0!
Principal Override               Input a # here if you have a "Negotiated Mortgage"
Input




                                                Page 25
Name of Borrower:                  ANNUAL NOI   Interest Rate:
                                   $        -   Monthly Payment:              #DIV/0!
                                   $        -   Original Principal Balance:
                    Debt Service                Date of Loan:                   6/15/2011
                                                Amort Length
ANNUAL DS
  #DIV/0!
Total Sources                           Amount    Finance Type    Total Uses                                               Amount          Per Unit     % of Costs
MHFA 1st Mortgage Note              $         -               0   Acq. or Refinance Existing Debt Costs                $            -      #DIV/0!
General Partner Cash                $         -               0   Gross New Construction or Rehab Contract             $            -      #DIV/0!
Syndication Proceeds                $         -               0   Construction Contingency                             $            -      #DIV/0!       #DIV/0!
0                                   $         -               0   Environmental                                        $            -      #DIV/0!
0                                   $         -               0   Soft Costs                                           $            -      #DIV/0!
0                                   $         -               0   Financing Costs                                      $            -      #DIV/0!
0                                   $         -               0   Developer Fee                                        $            -      #DIV/0!
0                                   $         -               0   Construction Interest                                $            -      #DIV/0!
0                                   $         -               0   MH Loan Fees                                         $            -      #DIV/0!
0                                   $         -               0   MH DCE                                               $            -      #DIV/0!
0                                   $         -               0   Non-Mortgageable Costs                               $            -      #DIV/0!
0                                   $         -               0                                                        $            -      #DIV/0!
0                                   $         -               0                                                        $            -      #DIV/0!
0                                   $         -               0                                                        $            -      #DIV/0!
0                                   $         -               0
           Subtotal (Perm. Loans)   $         -


Not Committed                    $            -                   NOTES:
Committed                        $            -                   Acq. or Refinance Existing Debt Costs
                        Subtotal $            -                   (provide breakdown of payoff existing debt,          $            -
                                                                  owner cash out, etc.)                                $            -
                                                                                                                       $            -
                                                                                                                       $            -
                                                                                                                       $            -
                                                                                                                   Sum $            -

                                                                  Reserves                                                              Uses Location
                                                                  (list out prefunded reserves and where located       $            -
                                                                  above)                                               $            -
                                                                                                                       $            -
                                                                                                                       $            -
                                                                                                                       $            -
                                                                                                                   Sum $            -
                                                         Effective Rate with all MHFA funds


    Loan Desc->          NOI Loan            MHFA Other 1          MHFA Other 2                                                 Combined
Supporting Income ->        0.00
       Rate -->           0.0000%              0.0000%               0.0000%                                                     #NUM!
    Interest Type        Compound             Compound              Compound
    Term (Yrs) -->            0                    0                     0                                                         0
 Amortization (Yrs) ->        0                    0                     0
   Future Value ->                                 0                     0                                                         0
  Amortizing Loan ->        Yes                   Yes                   Yes
Debt Service Factor ->       0                     0                     0                     0                0
     MIP Rate ->             0                   0.00                  0.00
    Annual Fee ->          0.00                  0.00                  0.00
     Total DSF ->            0                     0                     0                     0                0

  Loan Amount ->            0                     0                      0                      0                0                 0
Monthly Payment ->        #DIV/0!               0.00                   0.00                   0.00             0.00
Negotiated Mortgage

             Payment              Payment              Payment                Payment                Payment          Payment          Payment
              Number                Stream              Stream                 Stream                 Stream           Stream            Stream
                   0                  0.00                  0.00                  0.00                  0.00             0.00              0.00




                                                                    Page 29 of 31
                                                                                                                   10 Year Proforma

                                                                             Base Year   Year 1   Year 2   Year 3      Year 4          Year 5   Year 6   Year 7   Year 8   Year 9   Year 10   Year 11   Year 12   Year 13   Year 14   Year 15
                                                       Annual Factor                          0        1        2           3               4        5        6        7        8         9        10        11        12        13        14
ANNUAL OPERATING INCOME:
      GROSS POTENTIAL RENT:                                            Manual Override

       Rental Housing Potential                             2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Parking/Garage Rent Potential                        2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Commercial Rent Potential (specify)                  2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Miscellaneous Rent Potential (specify)               2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Gross Potential Rent                                                        $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       RENTAL LOSS:
       Rental Housing Vacancy                               2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Parking/Garage Vacancy                               2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Commercial Vacancy                                   2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Miscellaneous Unrealized Income                      2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Employee Rent Credits                                2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Out of Service Units                                 2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Rental Concession Adjustments                        2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Bad Debt                                             2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Total Rental Loss                                                           $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       NET RENTAL COLLECTIONS:                                                     $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       OTHER INCOME:
       Tenant Fees                                          2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Laundry Equipment                                    2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Annual Tax Increment Financing (TIF) Receipts        2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                        0               2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                        0               2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                                        2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                                        2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Forfeited Security Deposits                          2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Interest Income                                      2.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Total Other Income                                                          $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       TOTAL REVENUE                                                               $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

ANNUAL OPERATING EXPENSES:
      ADMINISTRATIVE EXPENSES
      Advertising and Marketing                             3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Management Fee                                        3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Legal                                                 3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Auditing                                              3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Telephone                                             3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      On-Site Management Payroll                            3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Other Administration                                  3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Total Administration                                                         $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       MAINTENANCE EXPENSES
       Elevator Maintenance / Contract                      3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Exterminating                                        3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Rubbish Removal                                      3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other Contract Services                              3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Janitor Supplies                                     3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Maintenance Supplies                                 3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Grounds Maintenance                                  3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Snow Removal                                         3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Heat & A/C Repair Services                           3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       General Repair Services                              3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Paint/Decorating Materials                           3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Maintenance & Jan. Payroll                           3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other Maintenance and Operating                      3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other            0                                   3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Total Maintenance                                                           $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       UNIQUE OPERATING EXPENSES
       Other (Spec:)                                        3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                                        3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                                        3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Other (Spec:)                                        3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       Total Unique Operating Expenses                                             $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       UTILITIES
        a. Electricity                                      3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
        b. Water & Sewer                                    3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
        c. Gas and Oil                                      3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
        d. Total Utilities                                                         $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       INSURANCE                                            3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       TOTAL MANAGEMENT AND OPERATING EXPENSES                                     $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

ANNUAL RESERVES AND ESCROWS
      Real Estate Taxes                                     3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Replacement Reserve                                   3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Painting & Dec. Reserve                               3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Miscellaneous Reserves                                3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Other                                                 3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Other                                                 3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Other                                                 3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Other                                                 3.0%                            $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
      Total Reserves & Escrows                                                     $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0
       EFFECTIVE GROSS EXPENSES                                                    $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0

       NET OPERATING INCOME                                                        $0       $0       $0       $0          $0              $0       $0       $0       $0       $0        $0        $0        $0        $0        $0        $0




                                                                                                                       Page 30 of 31
                                                                                10 Year Proforma

                                            Annual Factor         0    1    2            3           4    5    6    7    8    9   10   11   12   13   14

ANNUAL DEBT SERVICE
      Debt Service                                               $0   $0   $0          $0           $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0
      Other

      Cash Flow                                             $0   $0   $0   $0          $0           $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0

      Requested Operating Subsidy

      Adjusted Cash Flow                                    $0   $0   $0   $0          $0           $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0

      Discount Rate
      NPV                           $0.00




                                                                                    Page 31 of 31

				
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Description: Rooms for Rent Contract document sample