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v.3.0 <br /> V.04-20-09 <br /> V.MAXIMUM SUPPORTABI,E MORTGAGE <br /> A. Net Operating Income(Line N.B.8) - (If zero(SO)or minus,skip this section and go to Section VI.) $84,490 <br /> B. Debt Coverage Ratio 1.2000 <br /> C. Net Operating Income Available for Debt Service <br /> (Net Operating Income divided by Debt Coverage Ratio $70,408 <br /> 1.Temporary Income <br /> 2.Total Net Operating Income Available for Debt Service $7Q408 <br /> D. Anoual Debt Service for proposed Subordinated Debt,if any: <br /> Other Amortized Subordinated DebC <br /> L.ender Principal Rate Terni Amortization Annual Debt <br /> Temi Service <br /> MHFA LMIR TIF Loan <br /> MHF.4 LMIR IRP Loan <br /> Total Annual Subordinated Debt Service: V.D $0 <br /> G. Total Net Operating Income Available for Debt Service less Total Annual Subordina[ed Debt Service <br /> (Line V.C.2 minus Line V.D) $7Q408 <br /> F. Estima[ed Maximum Mor[gage Based on Income Approach: <br /> 1. First Mortgage Terms Amortization: <br /> Temi: 15.00 Years Rate: 5.75% Ycars: 30.00 MIP Rate: 0.250% <br /> a) Debt Service Factor 0.070028743 Debt Service Factor with MIP 0.071946063 <br /> b) Plus Annual Fee - Type: <br /> c) Total Debt Service Factor o.071946063 <br /> 2. Maximum Mortgage �978,622 <br /> (Net Operadng Income(V.E)divided by Total Debt Service Factor(V.F.I.c) <br /> 3. Net Mortgage Loan(Maximum Mortgage divided by 1.04) <br /> (Applies to MHFA lst Mortgage loans only) $940,983 <br /> 4. Development Cost Escrow(DCE) $37,639 <br /> (Maximum Mortga e minus Net Mort a�e Loan)(Line V.F2 minus Line V.F3) <br /> VI.DEVELOPMENT COST <br /> Tax Credits Onlv <br /> A. Acquisition or Retinance Existing Uebt Custs: Sub Towis rowl Cos�s 3o�i�Pv sxsis �o^,o Pv e�sis <br /> l. Acquisition/Refinance <br /> a)Land a. $215.000 <br /> b)Existing Structures b. <br /> c)Demolition c. <br /> Total Acquisition/Refinance $5,119 $/DU <br /> 2. Special Assessments �. <br /> 3. Other(specify:) 3. <br /> 4. Total(Lines 1 through 3) 4. $215,000 <br /> B. lf New Construction,complete Section#1 below. If Rehabilitation,complete Section#2 below: <br /> *For HTC ONLY:IF a separate fee is charged for use of tl�ese facilities,the associated costs are not included in eligible basis. <br /> For HTC Only:"+"Denotes Intemiediary Costs <br /> l. New Construction <br /> a) Residential $0.00 $/gross sq.ft.= a. $6,300,000 $6,300,000 <br /> b) Garages* $0.00 $/stall= b. <br /> c) Accessory Structures* $0.00 $/gross sq.ft.= c. <br /> d) On Site Work $0 $/DU= d. <br /> e) Off Site Work $0 $/DU= e. <br /> �Specify Other. f. <br /> g)Specify Other: g, <br /> h) Net Construction $I SQ000 $/DU= h. $6,300,000 <br /> (Total Lines B.l.a.thru B.l.e.) <br /> i) General Requirements 0.00%%of Line B.l.h= i. <br /> j) Builder's General Overhead j. <br /> 0.00%%of Line B.l.h= <br /> k) Builder's Profit 0.00%%of Line B.l.h= k. <br /> I) Gross Construction(Contract Amount) <br /> (Total Lines l.h thru Lk) $150,000 $/DU= I. $6,300,000 <br /> m) Constructio»Contingency(Minimum 4%,subjec[to MHFA review) m. $315,000 $315,000 <br /> n) Total (Lines l.l plus l.m) n. $6,615,000 <br /> MHFA Application Form RFP/HTC1 7 4/22/2010 4:28 PM <br />