Property Management Agreement Commericial Real Estate

Document Sample
Property Management Agreement Commericial Real Estate Powered By Docstoc
					                                                            CONNECTICUT HOUSING FINANCE AUTHORITY
                                                            LOW-INCOME HOUSING TAX CREDIT PROGRAM


 Information to be completed by CHFA

  CHFA Application No.:       CT-                                                    Submission Date:




A. GENERAL INFORMATION

   1. Project Name:

               Address:

   City, State, Zip Code:

  Congressional District:

           Census Tract                                                  * Is project located in a QCT or DDA (see appendix 3), Yes or No:

                  County

                              * Red items indicate a Required Field

   2. Notification of Local Government Official:

     Cheif Executive Officer / Elected Official:                                                                                     Title:

               Address:                                                                                                            Tel. #:

   City, State, Zip Code:



B. APPLICANT INFORMATION

   1. Applicant Type:
                                    Individual:                                            Partnership:

                     For-Profit Corporation:                              Limited Liability Corporation:

                    Non-Profit Corporation:

   2. Development Team Summary

       Developer/Sponsor
        (Legal Name):

                                        Address:

                                                                                                                  Website:

                                     Principal(s):

                               Contact Person:                                                             Email Address:

                            Telephone Number:                                                                 Fax Number:

     Owner/Mortgagor:

                                        Address:

                                                                                                                  Website:

                                     Principal(s):

                               Contact Person:                                                             Email Address:

                            Telephone Number:                                                                 Fax Number:




     D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                                                                          1
General Partner:

                             Address:

                                                                              Website:

                          Principal(s):

                      Contact Person:                                    Email Address:

                   Telephone Number:                                       Fax Number:


                       Identity of interest with applicant?   Yes   No
 Architect:

                             Address:

                                                                              Website:

                          Principal(s):

                      Contact Person:                                    Email Address:

                   Telephone Number:                                       Fax Number:


                       Identity of interest with applicant?   Yes   No
General Contractor:

                             Address:

                                                                              Website:

                          Principal(s):

                      Contact Person:                                    Email Address:

                   Telephone Number:                                       Fax Number:


                       Identity of interest with applicant?   Yes   No
Management Agent:

                             Address:

                                                                              Website:

                          Principal(s):

                      Contact Person:                                    Email Address:

                   Telephone Number:                                       Fax Number:


                       Identity of interest with applicant?   Yes   No
Consultant:

                             Address:

                                                                              Website:

                          Principal(s):

                      Contact Person:                                    Email Address:

                   Telephone Number:                                       Fax Number:


                       Identity of interest with applicant?   Yes   No




D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                           2
Syndicator:

                            Address:

                                                                              Website:

                         Principal(s):

                     Contact Person:                                     Email Address:

                  Telephone Number:                                        Fax Number:


                      Identity of interest with applicant?    Yes   No
Tax Counsel:

                            Address:

                                                                              Website:

                         Principal(s):

                     Contact Person:                                     Email Address:

                  Telephone Number:                                        Fax Number:


                      Identity of interest with applicant?    Yes   No
Other:

                            Address:

                                                                              Website:

                         Principal(s):

                     Contact Person:                                     Email Address:

                  Telephone Number:                                        Fax Number:


                      Identity of interest with applicant?    Yes   No
Other:

                            Address:

                                                                              Website:

                         Principal(s):

                     Contact Person:                                     Email Address:

                  Telephone Number:                                        Fax Number:


                      Identity of interest with applicant?    Yes   No
Other:

                            Address:

                                                                              Website:

                         Principal(s):

                     Contact Person:                                     Email Address:

                  Telephone Number:                                        Fax Number:


                      Identity of interest with applicant?    Yes   No




D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                           3
   3. Non-Profit Determination:

                501(c)(3) Organization:                                              501(c)(4):                                                 Exempt:

                          Describe the non-profit's participation in the development and operation of the proposed project:




                          List the names of Board Members for the non-profit organization:




                          Identify all paid, full-time staff and sources of funds for annual operating expenses and current programs:




                          To qualify for the non-profit set-aside, the applicant must be a Connecticut Housing Development Organization and materially participate in the
                          development and operation of the project throughout the compliance period and, therefore, must be a general partner in the partnership. Within the
                          meaning of IRC 469(h), "a (non-profit) shall be treated as materially participating in an activity only if the (non-profit) is involved in the operations of the
                          activity on a basis which is regular, continuous, and substantial."


                          Are you requesting an allocation from the Non-profit set-aside?                      Yes:                                  No:



C. SITE INFORMATION

   1.a. Please indicate the following information for each that pertain to your proposal:
                                                                                    Option Agreement - Acquisition
                Deed - Acquisition Price:                                                Price and Expiration Date:
           Purchase and Sales Agreement -
                         Acquisition Price:                                      Long-Term Ground Lease Terms:


   2. Please complete the following site information:

             Exact Area of Site in Acres:

                                  Seller:

                               Address:

                         Telephone No.:

                      Present Land Use:

                          Does an identity of interest exist between the Applicant and the owner of the property? Is the seller a related person to the buyer pursuant to IRS Section 42. If yes,
                          describe below.




     D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                                                                                                                     4
   3. Zoning Information:
             Present Zoning Classification:

              Indicate one of the following:            No re-zoning is necessary:

                                                                  To be rezoned to:                        Specify:

                                               Variance or special permit required:                        Specify:

                        Local Approvals:

                                      Type of Approval                         Approval Date          Expiration Date                    Special Conditions




                     Pending Approvals:

                                      Type of Approval                         Approval Date          Expiration Date                    Special Conditions




         Has an Environmental Assessment been Prepared?                       Yes:                             No:                            If Yes, Date Prepared:

   Please indicate all potential environmental concerns specified in the environmental assessment:

     Flood Hazard Zone:                                         Hazardous Waste:                                        Asbestos:

              Wetlands:                                                 Lead Paint:                                        Other:

           Define Other:

       Explain Findings:




D. BUILDING INFORMATION (Rehabilitation and demolition only)


   1. How many existing buildings on site?

   2. Date(s) building(s) constructed
                                                                                  Address                                  Date Constructed




   3. Historical significance?                             Yes:                                No:

                If yes, describe and provide documentation:




   4.a. Has the State Historical Commission determined that the building has historical significance?                       Yes:                               No:


   4.b. Will Historic Tax Credit Proceeds be a source of funds?                                Yes:                          No:




      D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                                                                                                  5
   5. Building Type:                              Free standing                                          Semi-attached                                Duplex

                                                       Multi-unit                                          Town House                                 Walkup

                                               Other (describe):

   6. Is building demolition required?                     Yes:                                 No:

                    If yes, please describe:




   7. Is the building currently occupied?                  Yes:                                 No:

           Number of Current Occupant(s):            Business:                                               Residential:                                Other:

                              Define Other:

   8. Is relocation required:                              Yes:                                 No:                               If yes, proposed relocation and assistance plan must be provided
                                                                                                                                  under Exhibit 25.



E. ACQUISITION INFORMATION

   Building(s) acquired or to be acquired with Buyer's Basis:

                  Determined with reference to Seller's Basis:               Yes:                                   No:

   List below by building address, the date the building was previously placed-in-service ("PIS" as defined in IRS Section 42 (d)), date the building was or is planned for acquisition, and the
   number of years between the date the building was previously placed-in-service and date(s) of acquisition. In the last column, include the year of the building's most recent non-qualified
   substantial improvement. For definition of non-qualified substantial improvement, refer to IRC Section 42(d)(2)(D).

                                                                                                                                                                                       Most Recent
                                                                                                                                                                    # of Years
                                                                                        PIS Date of Building by Most                                                                   Substantial
                               Address of Building(s)                                                                          Proposed Acquisition Date*         between PIS &
                                                                                               Recent Owner                                                                           Improvement
                                                                                                                                                                   Acquisition
                                                                                                                                                                                         (Year)




   * If less than 10 years between acquisition and PIS date, please explain and provide IRS waiver under Exhibit 24.




F. MARKET TARGETING

                   Number of Elderly Units:                                             Number of Handicapped Units:

                   Number of Family Units:                                      Number of Other Special Needs Units:

 Number of Single Room Occupancy Units:                                                     Total Number of Units:                  0

                             If transitional housing or SRO, please describe target residents, social services to be provided, amount, source, and length of service funding commitments, and the
                             organization providing the services.




      D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                                                                                                                         6
  Identify Targeted Income Group:


                                                   Number of Units                       % of Total Units

                             Below 25% AMI                                                   #DIV/0!

                             25% - 50% AMI                                                   #DIV/0!

                            >50% - 80% AMI                                                   #DIV/0!

                           >80% - 100% AMI                                                   #DIV/0!

                                > 100% AMI                                                   #DIV/0!
           AMI: Area Median Income as defined by HUD. Selecting targeted income groups is an indication that qualified GROSS rents will not exceed imputed maximum
           limits. Refer to Appendix 1 for maximum rents and income levels by federal statistical area.



G. PROJECT CHARACTERISTICS

  1. Type of Unit:

            Number of Multifamily Rental:                                       Number of Supportive Housing Rental:

        Number of Multifamily Ownership:                                                       Number of Elderly Rental:

     Number of Single Family Ownership:                                                                 Number of Other:                        Describe Other:



  2. Do, or will any low-income units receive Rental Assistance?                                 Yes:                                     No:

                   Number of Units receiving Assistance:                    0

    If Rental Assistance is provided, indicate number of units for each type below:

                      Section 8 New Constr. or Sub. Rehab.:                                                      Section 8 Project-Based:

                                  RHS 515 Rental Assistance:                                                                State Assistance:

                                Section 8 Existing Certificates:                                            Home Investment Partnership:

                                            Subsidies (HOME)                                                                          Other :

                                                                                                                               Specify Other:
  3. Structure Types:

                             Number of Buildings                     Number of Stories                        Stick Built                          Modular           Other

    Detached Buildings

 Row House/Townhouse

   Garden Apt./Walkup

  Elevator (Mid/Hi-Rise)

                  Other

          Specify Other

            Accessory Structures (Describe):




           Recreational Facilities (Describe):




     D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                                                                                                   7
H. PERMANENT FINANCING

            Total Permanent Financing:                  $0

     1. Debt Sources:                 $0


                 Source 1:                                              Source 2:                                Source 3:

                 Principal:                                             Principal:                               Principal:

                     Rate:                                                  Rate:                                    Rate:

          Term (in years):                                       Term (in years):                         Term (in years):

        Term (in months):              0                        Term (in months):             0         Term (in months):     0

            Debt Service*:            $0                           Debt Service*:            $0            Debt Service*:     $0

     * Note, if financing source does not require repayment, type $0 over the amount of debt service.

     2. Equity Sources (not including LIHTC)                               $0


                                                               Source                                   Amount




I.   CONSTRUCTION FINANCING

            Total Permanent Financing:                  $0

     1. Debt Sources:                 $0


                 Source 1:                                              Source 2:                                Source 3:

         Principal Amount:                                      Principal Amount:                       Principal Amount:

                     Rate:                                                  Rate:                                    Rate:

          Term (in years):                                       Term (in years):                         Term (in years):

        Term (in months):              0                        Term (in months):             0         Term (in months):     0

             Debt Service:            $0                            Debt Service:            $0             Debt Service:     $0

     2. Equity Sources                $0


                                                               Source                                   Amount




       D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                                                             8
J.   PROJECT INCOME

               Number of Rental Units:                  0                                            Sustaining Occupancy Year*:

                  Total Monthly Income:                $0                                                     Total Annual Income:                 $0

          HUD Federal Statistical Area:                                                               Current HUD-Approved AMI:

     * Sustaining occupancy year is the year following substantial lease-up. For example, if substantial lease-up occurs in March of 2007, sustaining occupancy year is 2008.

     1. Qualified Rental Income (Units at or below 100% AMI)

                             Gross Rents
                                                                                                          GROSS                          PERCENT
                                                                                       SQUARE                       MAXIMUM
                              TARGET AMI         NUMBER OF         NUMBER OF                            PROPOSED               UTILITY    UNDER
                                                                                         FEET                      ALLOWABLE
                                  %1             BEDROOMS            UNITS                             TENANT PAID        2  ALLOWANCE3 MAXIMUM
                                                                                       (per unit)             2       RENT
                                                                                                          RENT                          ALLOWABLE
                                                                                                                                                   $0              #DIV/0!
                                                                                                                                                   $0              #DIV/0!
                                                                                                                                                   $0              #DIV/0!
                                                                                                                                                   $0              #DIV/0!
                                                                                                                                                   $0              #DIV/0!
                                                                                                                                                   $0              #DIV/0!
                                                                                                                                                   $0              #DIV/0!
                                                                                                                                                   $0              #DIV/0!
                                                                                                                                                   $0              #DIV/0!
                                                                                                                                                   $0              #DIV/0!
                                                                                                                                                   $0              #DIV/0!
                                                                                                                                                   $0              #DIV/0!
                                                                                                                                                   $0              #DIV/0!
                             1. Target AMI % should be the percent at the high end of the AMI range. For example, 25-50% of AMI should be entered as 50%.
                             2. Gross Proposed Tenant Paid Rent should be the proposed rent per unit for the current year, as compared to the HUD Maximum Allowable Rent. Gross
                             Proposed Tenant Paid Rent includes the rent the tenant will pay and the utilities the tenant will pay. If units have rental subsidies and exact tenant paid rent is
                             unknown, the Gross Tenant Paid Rent should equal the Maximum Allowable Rent, and the difference between the Net Tenant Paid Rent and the Net Rent Paid to
                             Owner should be included in the rental subsidy column below.
                             3. Utility allowances should be entered in section J.4. and will automatically be brought into this chart.
                             Net Rents
                                                                                                                           NET RENT
                                                                                                                            PAID TO
                                                                                       RENTAL            NET RENT            OWNER
                              TARGET AMI         NUMBER OF         NET TENANT                                                                   MONTHLY           ANNUAL
                                                                                       SUBSIDY            PAID TO          (trended to
                                  %              BEDROOMS           PAID RENT                                                                   INCOME            INCOME
                                                                                       (per unit)         OWNER            Sustaining
                                                                                                                           Occupancy
                                                                                                                              Year4)
                                    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                                   $0                $0                 $0                $0
                                    0%                 0                 $0                                   $0                $0                 $0                $0
                                              Total number of qualified units:              0                Gross Qualified Income:               $0                $0
                                                    Total qualified square feet:            0                                Vacancy:              $0                $0
                                                                   Vacancy rate:          5.0%                Net Qualified Income:                $0                $0
                             4. Rents and rental subsidies are trended up 2% per year while utility allowances are trended up at 5% per year.




       D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                                                                                                                   9
2. Market Rate Rental Income (Units above 100% AMI)

                                                                                                                         NET RENT
                                                                                               GROSS                     (trended to
                                          NUMBER OF         NUMBER OF           SQUARE                    UTILITY                         MONTHLY      ANNUAL
                                                                                             PROPOSED                    sustaining
                                          BEDROOMS            UNITS              FEET                   ALLOWANCE                         INCOME       INCOME
                                                                                                RENT                     occupancy
                                                                                                                             year)

                                             0 BDRM                                                                           $0              $0         $0

                                             1 BDRM                                                                           $0              $0         $0

                                             2 BDRM                                                                           $0              $0         $0

                                             3 BDRM                                                                           $0              $0         $0

                                             4 BDRM                                                                           $0              $0         $0

                                      Total number of market rate units:           0           Gross Market Income:           $0              $0         $0

                                          Total market rate square feet:           0                      Vacancy:            $0              $0         $0

                                                           Vacancy Rate:          5.0%           Net Market Income:           $0              $0         $0
3. Other Income

             No. of parking spaces:                         No. commericial square feet:                              Gross Monthly Other Income:        $0

             Monthly income/space:                                    Monthly Income/sf:                                Net Monthly Other Income:        $0
                                                                                                                          Net Monthly Other Income
         Monthly Parking Income:                $0          Monthly Commerical Income:          $0                                                       $0
                                                                                                             (trended to Sustaining Occupancy Year):
                                                                     Additional Monthly
         Monthly Laundry Income:
                                                                              Income*:
                                                                                                                           Net Annual Other Income
 Monthly HUD Operating Subsidy:                              Estimated Loss Revenue:                                                                     $0
                                                                                                             (trended to Sustaining Occupancy Year):



* Specify Additional Monthly Income

4. Utility Allowance

                                                          "X" all that Apply                               Enter Utility Allowance for all the Apply
                                          Energy Source
                                             (ie: gas,       Owner Paid        Tenant Paid     0BR           1BR             2BR             3BR        4BR
                                             electric)

                          Heating

                          Hot Water

                          Cooking

                          Lighting

                          Air Cond.

                          Other

                                                                                 Total          $0            $0              $0              $0         $0


                            Source and Effective Date of Utility Calculation
           (provide utility schedule and/or other evidence of calculation):




  D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                                                                                        10
K. PROJECT EXPENSES

  1. Operating Budget

                         Operating Proforma Year*
  * Operating Proforma Year should be the year the expenses are based on. Depending on when the proforma was conducted, this year may differ from sustaining occupancy year.

                                           Administrative           $0                                     Operating and Other            $0

                                Conventions and Meetings                                                         Fuel (Gas / Oil )

                                 Management Consultants                                                                  Electricity

                                 Advertising and Marketing                                                      Water and Sewer

                            Office Salaries (Project Share)                                        Garbage and Trash Removal

                 Office Rent and Expenses (Incld. Phone)                                                          Snow Removal

                          Management Fee (Max. 5% EGI)                                         Property and Liability Insurance

                                Manager or Leasing Agent                                                 Fidelity Bond Insurance

                  Administrative Rent-Free / Reduced Unit                                               Worker's Compensation

                Audit and Legal Expenses (Project Share)                               Payroll (Maint., Security, Janitorial, Etc.)

                                      Administrative / Misc.                                                         Payroll Taxes

                                                                                            Health Insurance and Other Benefits

                                              Maintenance           $0            Misc.Taxes, Licenses, Permits and Insurance

                                   Decorating and Painting                                                    Security Contract/s

               Supplies (Grounds Maint ./ Janitorial / Etc. )                         Total ADMIN, MAINT. And OPERATING                   $0

        Repairs and Maint. (HVAC / Electrical / Plumbing)                                                                     Other

                         Elevator Maint. / Service Contract                                     Capital (Replacement) Reserve

                                              Exterminating                                     Sub-Total (Incld. RESERVES)               $0

                   Vehicle Equipment Operation & Repair                                                                       Other

                                Lobby and Common Areas                                                       Real Estate Taxes

                       Misc. Operating and Maintenance                                           TOTAL ANNUAL EXPENSES                    $0
                                                                                                  TOTAL ANNUAL EXPENSES
                                                                                                     (trended to Sustaining Occupancy
                                                                                                                                Year)     $0



  2. Operating Summary (Trended to Sustaining Occupancy Year)


                             ANNUAL DEBT SERVICE:                   $0

                 DEBT SERVICE COVERAGE RATIO:                    #DIV/0!                          TOTAL ANNUAL INCOME:                    $0

       ANNUAL OPERATING EXPENSES PER UNIT:                       #DIV/0!                  NET OPERATING INCOME (NOI):                     $0

                  ANNUAL OPERATING EXPENSES:                        $0                                 INITIAL CASH FLOW:                 $0




    D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                                                                                                            11
L. ESTIMATED DEVELOPMENT COST
                                            Development Budget for 9% New/Rehabilitation Credits and 4% Acquisition
                                                                                                                          Eligible Basis
                                                                                                      BUDGET      New / Rehab 9% Acquisition 4%
  CONSTRUCTION                                                                                          $0            $0          $0
                    SITE & IMPROVEMENTS (Div. 1-16) Hard Costs                                                         0     XXXXXXXXXXXX
                    GENERAL REQUIREMENTS (Max. 4% Site + Improvements)                  0.00%                          0     XXXXXXXXXXXX
                    OVERHEAD and PROFIT ( Max. 12% Site + Improverments)                0.00%                          0     XXXXXXXXXXXX
                    BOND PREMIUM / L.O.C. COST                                                                         0     XXXXXXXXXXXX
                    BUILDING PERMITS and OTHER DEVELOPMENT FEES                                                        0     XXXXXXXXXXXX
                    Other                                                                                              0     XXXXXXXXXXXX
                                      CONSTRUCTION (Form 2328) Sub-Total                                 $0           $0          $0
                    Other                                                                                              0     XXXXXXXXXXXX
                    Other                                                                                              0     XXXXXXXXXXXX
                    Other                                                                                              0     XXXXXXXXXXXX
                    CONSTRUCTION CONTINGENCY (Eligible Basis max 50%)                                                  0     XXXXXXXXXXXX
  ARCHITECTURAL and ENGINEERING                                                                          $0           $0          $0
                    ARCHITECT - Design                                                                                 0     XXXXXXXXXXXX
                    ARCHITECT                                                                                          0     XXXXXXXXXXXX
                    ENGINEERING (Civil-Site / Stuctural / Etc.)                                                        0     XXXXXXXXXXXX
                    SURVEYS                                                                                            0     XXXXXXXXXXXX
                    ENVIRONMENTAL REPORTS and TESTING                                                                  0     XXXXXXXXXXXX
                    Other                                                                                              0     XXXXXXXXXXXX
                    Other                                                                                              0     XXXXXXXXXXXX
                    CHFA CONSTRUCTION OBSERVATION                                                                      0     XXXXXXXXXXXX
  FINANCE and INTERIM COSTS                                                                              $0           $0          $0
                    INTEREST (CHFA) - Const. + 2 Mos.Lease Up @                                                        0     XXXXXXXXXXXX
                    CHFA PERM LOAN ORIG. / COMMIT. FEE @                                                         XXXXXXXXXXXXXXXXXXXXXXXX
                     INTEREST - Bridge Loan @                                                                          0     XXXXXXXXXXXX
                     FEES - Bridge Loan @                                                                              0     XXXXXXXXXXXX
                     R. E. TAXES / PILOTS - Const. Period                                                              0     XXXXXXXXXXXX
                     INSURANCE - Const. Period ( Builder's Risk / Liability / Hazard )                                 0     XXXXXXXXXXXX
                     UTILITIES - Const. Period ( If Owner Paid )                                                       0     XXXXXXXXXXXX
                     Negative Arbitrage on Bonds (If Applic.)                                                    XXXXXXXXXXXXXXXXXXXXXXXX
                     Credit Enhancement Premium (HUD or Private Perm. Mortg. Insur.)                             XXXXXXXXXXXXXXXXXXXXXXXX
                     Other                                                                                             0     XXXXXXXXXXXX
                     Other                                                                                             0     XXXXXXXXXXXX
                     Other                                                                                             0     XXXXXXXXXXXX
  SOFT COSTS - Fees & Expenses                                                                           $0           $0          $0
                     LEGAL COUNSEL - Real Estate                                                                       0     XXXXXXXXXXXX
                     TITLE INSUR. PREMIUMS + RECORDING COSTS                                                           0     XXXXXXXXXXXX
                     APPRAISALS / MARKET STUDY                                                                         0     XXXXXXXXXXXX
                     LEASE UP & MARKETING                                                                        XXXXXXXXXXXXXXXXXXXXXXXX
                     COST CERTIFICATIONS                                                                         XXXXXXXXXXXXXXXXXXXXXXXX
                     Historic Consultant                                                                               0     XXXXXXXXXXXX
                     Other                                                                                             0     XXXXXXXXXXXX
                     Other                                                                                             0     XXXXXXXXXXXX
                     Other                                                                                             0     XXXXXXXXXXXX
                     SOFT COST CONTINGENCY (5% Max.)                                      #DIV/0!                      0     XXXXXXXXXXXX
                                                              TOTAL DEVELOPMENT COSTS (TDC)              $0           $0          $0
  DEVELOPER ALLOWANCE / FEE                                           Max.10% TDC           0%                         0     XXXXXXXXXXXX
  PRE-DEVEL. FINANCING (Interest) COSTS [ Lender-Approved ]                                                      XXXXXXXXXXXXXXXXXXXXXXXX
  SITE ACQUISITION (Appraised "As Is" Value)                                                             $0      XXXXXXXXXXXXXXXXXXXXXXXX
                     Land Cost                                                                                   XXXXXXXXXXXXXXXXXXXXXXXX
                     Existing Building/s                                                                         XXXXXXXXXXXX      0
  CAPITALIZED RESERVES                                                                                   $0      XXXXXXXXXXXXXXXXXXXXXXXX
                     CHFA Operating / Debt Serv./ Coverage                                                       XXXXXXXXXXXXXXXXXXXXXXXX
                     Capital / Replacement                                                                       XXXXXXXXXXXXXXXXXXXXXXXX
                     Other                                                                                       XXXXXXXXXXXXXXXXXXXXXXXX
                                                                   RECOGNIZED LENDING COSTS              $0      XXXXXXXXXXXXXXXXXXXXXXXX
  ENTITY and SYNDICATION COSTS / OTHER                                                                   $0      XXXXXXXXXXXXXXXXXXXXXXXX
                     Entity Organizational and Legal                                                             XXXXXXXXXXXXXXXXXXXXXXXX
                     Syndicator Fees / Commissions                                                               XXXXXXXXXXXXXXXXXXXXXXXX
                     Equity Bridge Loan Interest and Fees                                                        XXXXXXXXXXXXXXXXXXXXXXXX
                     Tax Opinion and Entity Accounting                                                           XXXXXXXXXXXXXXXXXXXXXXXX
                     CHFA Tax Credit Fee (8% Ann. Credit)                                                        XXXXXXXXXXXXXXXXXXXXXXXX
                     CHFA LIHTC Application Fee ($1,000) and/or Historic Credit Applic. Fee                      XXXXXXXXXXXXXXXXXXXXXXXX
                     Other                                                                                       XXXXXXXXXXXXXXXXXXXXXXXX
                                                                                       TOTAL USES        $0           $0          $0




    D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                                                                               12
                                          Development Budget for 4% New/Rehabilitation Credits and 4% Acquisition

                                                                                                                        Eligible Basis
                                                                                                    BUDGET      New / Rehab 4% Acquisition 4%
CONSTRUCTION                                                                                          $0            $0          $0
                  SITE & IMPROVEMENTS (Div. 1-16) Hard Costs                                                         0     XXXXXXXXXXXX
                  GENERAL REQUIREMENTS (Max. 4% Site + Improvements)                  0.00%                          0     XXXXXXXXXXXX
                  OVERHEAD and PROFIT ( Max. 12% Site + Improverments)                0.00%                          0     XXXXXXXXXXXX
                  BOND PREMIUM / L.O.C. COST                                                                         0     XXXXXXXXXXXX
                  BUILDING PERMITS and OTHER DEVELOPMENT FEES                                                        0     XXXXXXXXXXXX
                  Other                                                                                              0     XXXXXXXXXXXX
                                    CONSTRUCTION (Form 2328) Sub-Total                                 $0           $0          $0
                  Other                                                                                              0     XXXXXXXXXXXX
                  Other                                                                                              0     XXXXXXXXXXXX
                  Other                                                                                              0     XXXXXXXXXXXX
                  CONSTRUCTION CONTINGENCY (Eligible Basis max 50%)                                                  0     XXXXXXXXXXXX
ARCHITECTURAL and ENGINEERING                                                                          $0           $0          $0
                  ARCHITECT - Design                                                                                 0     XXXXXXXXXXXX
                  ARCHITECT                                                                                          0     XXXXXXXXXXXX
                  ENGINEERING (Civil-Site / Stuctural / Etc.)                                                        0     XXXXXXXXXXXX
                  SURVEYS                                                                                            0     XXXXXXXXXXXX
                  ENVIRONMENTAL REPORTS and TESTING                                                                  0     XXXXXXXXXXXX
                  Other                                                                                              0     XXXXXXXXXXXX
                  Other                                                                                              0     XXXXXXXXXXXX
                  CHFA CONSTRUCTION OBSERVATION                                                                      0     XXXXXXXXXXXX
FINANCE and INTERIM COSTS                                                                              $0           $0          $0
                  INTEREST (CHFA) - Const. + 2 Mos.Lease Up @                                                        0     XXXXXXXXXXXX
                  CHFA PERM LOAN ORIG. / COMMIT. FEE @                                                         XXXXXXXXXXXXXXXXXXXXXXXX
                   INTEREST - Bridge Loan @                                                                          0     XXXXXXXXXXXX
                   FEES - Bridge Loan @                                                                              0     XXXXXXXXXXXX
                   R. E. TAXES / PILOTS - Const. Period                                                              0     XXXXXXXXXXXX
                   INSURANCE - Const. Period ( Builder's Risk / Liability / Hazard )                                 0     XXXXXXXXXXXX
                   UTILITIES - Const. Period ( If Owner Paid )                                                       0     XXXXXXXXXXXX
                   Negative Arbitrage on Bonds (If Applic.)                                                    XXXXXXXXXXXXXXXXXXXXXXXX
                   Credit Enhancement Premium (HUD or Private Perm. Mortg. Insur.)                             XXXXXXXXXXXXXXXXXXXXXXXX
                   Other                                                                                             0     XXXXXXXXXXXX
                   Other                                                                                             0     XXXXXXXXXXXX
                   Other                                                                                             0     XXXXXXXXXXXX
SOFT COSTS - Fees & Expenses                                                                           $0           $0          $0
                   LEGAL COUNSEL - Real Estate                                                                       0     XXXXXXXXXXXX
                   TITLE INSUR. PREMIUMS + RECORDING COSTS                                                           0     XXXXXXXXXXXX
                   APPRAISALS / MARKET STUDY                                                                         0     XXXXXXXXXXXX
                   LEASE UP & MARKETING                                                                        XXXXXXXXXXXXXXXXXXXXXXXX
                   COST CERTIFICATIONS                                                                         XXXXXXXXXXXXXXXXXXXXXXXX
                   Historic Consultant                                                                               0     XXXXXXXXXXXX
                   Other                                                                                             0     XXXXXXXXXXXX
                   Other                                                                                             0     XXXXXXXXXXXX
                   Other                                                                                             0     XXXXXXXXXXXX
                   SOFT COST CONTINGENCY (5% Max.)                                      #DIV/0!                      0     XXXXXXXXXXXX
                                                            TOTAL DEVELOPMENT COSTS (TDC)              $0           $0          $0
DEVELOPER ALLOWANCE / FEE                                           Max.10% TDC           0%                         0     XXXXXXXXXXXX
PRE-DEVEL. FINANCING (Interest) COSTS [ Lender-Approved ]                                                      XXXXXXXXXXXXXXXXXXXXXXXX
SITE ACQUISITION (Appraised "As Is" Value)                                                             $0      XXXXXXXXXXXXXXXXXXXXXXXX
                   Land Cost                                                                                   XXXXXXXXXXXXXXXXXXXXXXXX
                   Existing Building/s                                                                         XXXXXXXXXXXX      0
CAPITALIZED RESERVES                                                                                   $0      XXXXXXXXXXXXXXXXXXXXXXXX
                   CHFA Operating / Debt Serv./ Coverage                                                       XXXXXXXXXXXXXXXXXXXXXXXX
                   Capital / Replacement                                                                       XXXXXXXXXXXXXXXXXXXXXXXX
                   Other                                                                                       XXXXXXXXXXXXXXXXXXXXXXXX
                                                                 RECOGNIZED LENDING COSTS              $0      XXXXXXXXXXXXXXXXXXXXXXXX
ENTITY and SYNDICATION COSTS / OTHER                                                                   $0      XXXXXXXXXXXXXXXXXXXXXXXX
                   Entity Organizational and Legal                                                             XXXXXXXXXXXXXXXXXXXXXXXX
                   Syndicator Fees / Commissions                                                               XXXXXXXXXXXXXXXXXXXXXXXX
                   Equity Bridge Loan Interest and Fees                                                        XXXXXXXXXXXXXXXXXXXXXXXX
                   Tax Opinion and Entity Accounting                                                           XXXXXXXXXXXXXXXXXXXXXXXX
                   CHFA Tax Credit Fee (8% Ann. Credit)                                                        XXXXXXXXXXXXXXXXXXXXXXXX
                   CHFA LIHTC Application Fee ($1,000) and/or Historic Credit Applic. Fee                      XXXXXXXXXXXXXXXXXXXXXXXX
                   Other                                                                                       XXXXXXXXXXXXXXXXXXXXXXXX
                                                                                     TOTAL USES        $0           $0          $0




  D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                                                                               13
M. CREDIT CALCULATION
   Note: only highlighted cells should be completed by applicant.

                                                                 New / Rehab      Acquisition

                                      Credit NPV of AFR % =                                       TOTALS

                          TAX CREDIT ELIGIBLE BASIS                  $0               $0            $0
                          LESS: BASIS ADJUSTMENTS                    $0
                  Federal Grants for Qualifying Devel. Costs                   XXXXXXXXXXXX         $0
                     Non-Qualified Non-Recourse Financing                      XXXXXXXXXXXX         $0
                        Non-Qualifying units of higher quality                 XXXXXXXXXXXX         $0
                Non-Qual. excess portion of higher qual. units                 XXXXXXXXXXXX         $0
                   Fed. HistoricTax Credits (Resid. Portion)                   XXXXXXXXXXXX         $0
                                                       Other                   XXXXXXXXXXXX         $0
                             PLUS: QCT / DDA INCREMENT               n/a       XXXXXXXXXXXX         n/a
                               ADJUSTED ELIGIBLE BASIS               $0             $0              $0
                               X the Applicable Fraction (%)       #DIV/0!        #DIV/0!
                                  TOTAL QUALIFIED BASIS            #DIV/0!        #DIV/0!         #DIV/0!
                  ELIGIBLE Credit from QUALIFIED BASIS             #DIV/0!        #DIV/0!         #DIV/0!

                                                                    LIHTC EQUITY GAP >              $0
                                                   ALLOWABLE Credit from GAP ANALYSIS >           #DIV/0!

                                                         MAX. ANNUAL CREDIT AMOUNT (a)            #DIV/0!
                                                                       Annual Credits Per Unit    #DIV/0!
                                                                 Equity Raise ($ Yield / $1.00)
                                                              ESTIM. LIHTC NET PROCEEDS           #DIV/0!




      D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                                       14
N. APPLICANT CERTIFICATION


   I declare the information contained in this application, including any exhibits, attachments, and any further or
   supplemental documentation is true and correct to the best of my knowledge and belief. I understand that
   misrepresentation may result in cancelation of a credit reservation or the termination of this application.
   I further declare that neither I nor any affiliate of mine is not or had not at any previous time been in default
   on any Authority or State obligations for twelve (12) or more months.
   False statements made herein are punishable pursuant to Section 53a-57b of the Connecticut General Statutes.



   Dated this _________day of ___________________ , 2006


   By:


                      Orginal Signature



            Typed or Printed Name and Title


   STATE OF CONNECTICUT                   }
                                          } ss.                                        , 2006
   COUNTY OF                              }



   Personally appeared,                                                                         of                           , duly
   authorized as aforesaid Signer and Sealer of the foregoing application and acknowledged the same to be his free act and
   deed and the free act and deed of said corporation/limited partnership before me.




                                                                       Commissioner of Superior Court
                                                                       Notary Public




     D:\Docstoc\Working\pdf\85e3cf54-a411-44a1-9daa-85aa63d3e1e3.xls                                                                  15

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:11
posted:7/27/2011
language:English
pages:15
Description: Property Management Agreement Commericial Real Estate document sample