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v.3.0
<br /> V.04-20-09
<br /> Electronic Aqplication
<br /> 4. Financing Costs
<br /> a)Hazard and Liability Insurance a.
<br /> b)Construction Int.at+ I months b. $350,000 $100,000
<br /> c)Taxes during construction+ c.
<br /> d)Agency Inspection Fee(MHFA First Mortgage Only) d. $63,000
<br /> (1%of gross construction cost See VI.B.I.)+
<br /> e)Other Inspection Fee+ e.
<br /> t)MHFA Origination Fee(2%of lst$Sm.then 1%.$25K min.fee.)+ f. $25,000
<br /> g)Odier Origination Fee(Pemianent financing fcc not eligible for basis.)+ g. $I5,000 $I5,000
<br /> h)Mortgage Insurance Premium+ h.
<br /> i)Revenue Bond Premium+ i.
<br /> j)Tide and Recording+ j. $18,000 $16,000
<br /> k)MHFA DCE(Line V.F.4) k. $37.639
<br /> I) Other.Specify 1.
<br /> m)Odier:Specify m.
<br /> n) Other:Specify n.
<br /> o)Total Financing Costs (lines 4.a thru 4.n) o. $508,639
<br /> D.Total MortQaQeable Costs(TMC)
<br /> (Total of subtotal lines) $225,610 per unit D. $9,475,639
<br /> E.Non-MortQaQeable Costs(For example:Syndication Reserves)
<br /> a.Specify: Operati�g Reserve(8 mo) 1. $185,144
<br /> a.Specify: Replaceme��t Reserve 2. $19,850
<br /> a.Specify: 3.
<br /> 4. $204,994
<br /> F.Total Development Cost(TDC) $0.00� $23Q491 F. �9,680,633
<br /> (Total lines VI.D and VI.E) Per Sq Ft Per Unit
<br /> G.Total Basis for Tax Credits(Sum of 30'%�+70'%PV Basis) G. S8,667,200 $0 $8,667,200
<br /> H.Totallntermediar��Costs H. 51,893,000 19.5�5%
<br /> VII.FUNDING REQUIREMENTS:
<br /> A. Capital Sources of Funding: 11a�imum\iurt�;a�c 9;978,622 Adj factor **Chcck to includc in Ilouain�;Tax Credit
<br /> Celculated Ga� (Y;2,673) ($2,621) IF["CC)�'a�calculatiun �tIi1�A t'�SI?ON7.A'
<br /> Name of Source Terni Rate Amount Per Unit Commi[[ed? HTC Ga *` Financing'I'ype Program Pay Oui Order
<br /> I LMIR IstMortgage $1,048,119 $24,955 ❑Yes ❑Yes 1�
<br /> _,,.,__..._,.
<br /> � General Parmer Cash ❑Yes �
<br /> 3 SyndicationProceeds* DeferredProc-> $6,600,000 $157,143 ❑O Yes .�
<br /> 4 HennepinCountyFlOME $500,000 $11,905 ❑Yes ❑Yes 2
<br /> 5 MFIPASuperRFP $1,049,187 $24,981 ❑Yes ❑Yes 3
<br /> 6 City land Douation ❑Yes ❑Yes 5
<br /> 7 IOCP Donation $150,000 $3,571 �Yes ❑Yes �
<br /> 8 CDBG $250,000 $5,952 �Yes ❑Yes �
<br /> 9 DeferredDeveloperFee $86,000 $2,048 �YeS ❑Yes �
<br /> 1� ❑Yes ❑Yes
<br /> 9
<br /> 11 ❑Yes ❑Yes
<br /> 10
<br /> lZ ❑Yes ❑Yes
<br /> 11
<br /> 13 ❑Yes ❑Yes ]Z
<br /> 14 ❑Yes ❑Yes 73
<br /> l5 ❑Yes ❑Yes 14
<br /> :�O"I'IN B;�L:1�CE Total oTPermanent Financing $9,683,306 $230,555
<br /> *HOUSING TAX CREDIT ONLY:List syndication proceeds from historic credits separately.
<br /> '"*HOUS[NG TAX CREDIT ONLY:Check yes for sources of financing which must be included in the HTC equity gap calculation.
<br /> B.Non-Capital Sources of Fundin
<br /> Type of Source Name of Source Temi #of Units Amount $per Unit
<br /> $0
<br /> $0
<br /> $0
<br /> $0
<br /> Total Non-Capital Financing 0 $0 $0
<br /> C.Effec[ive Ra[e of all Minnesota Housing's financing,blending amortizing and deferred loan rates
<br /> D. Other Requirements
<br /> 1. Working Capital Escrow(3%of MHFA Net Mortgage)*
<br /> MHFA lstmortgageonly $Zg,229
<br /> 2. Rent Up Escrow (3%of MHFA Net Mortgage)*
<br /> MHFA 1 st mortgage only with unoccupied building $28,229
<br /> 3. Insurance Escrow(MHFA determines$)for MHFA 1 st Mortgage
<br /> 4. Other-List
<br /> 5. Other-List
<br /> *Can be Cash or Letter of Credit.
<br /> MHFA Application Form RFP/HTC1 9 4/22/2010 428 PM
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