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v 3.0 <br /> V.04-20-09 <br /> E. AC [JISITION/REI�ABILITATION: <br /> L Total Rehabilitation Expense(Line VI.B.2.q) $0 <br /> 2. Lowest avg.rehabilitation attributable qualified basis per low income uniWldg. (in 5.below,you must complete details for all buildings) <br /> 3. Average rehabilitation expense per low income unit per project $0 <br /> 4. Adjusted basis x 20%_ $0 <br /> Rehabilitation expenditures must equal the greater of: <br /> -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 <br /> -An amount that is not less than 20 percent of the adjusted basis of the building as determined pursuant to Section 42(e)(3); <br /> -and- <br /> -Average at least$5,000 per unit(Minnesota Statutes Section 462A221,Subdivision 5)'. <br /> 'In Greater Minnesota and Qualified preservation projects,the$5,000/uniUproject is not applicable. <br /> 5.Com lete the followina: <br /> 1 2 3 4 5 6 7 8 <br /> Number of Years Average <br /> Date of Actual/Proposed rehabilitation <br /> Da[e of Date of Original Be[ween Placed In Is 10 year rule <br /> Address of Building Substantia] Date of a[tributable <br /> (one line per building) Rehabili[ation by Acquisition by Certificate of Rehabilita[ion by Service(Later of viola[ed for this qualified basis per <br /> Seller Occupancy column 2,3,or 4) project? <br /> Seller Applicant and Rehabilitation �o�+'�ncome unit <br /> for this building <br /> Total Buildings 0 <br /> 6.If less than 10 years since last placed in service,is the projec[eligible for a waiver from the Secretary of U.S.Department of the Treasury. <br /> O Yes O No O N/A Due to Section 42(d)(6) <br /> If 10 year rule is violated,actual or proposed waiver date'? <br /> 7.Arc any of the buildings owner-occupied single family dwelli»gs'? <br /> b'.OTHER BAS[S CONSIDERATIONS: <br /> 1. Is this project using HOME funding? <br /> O Yes O No <br /> If the project is using HOME funding elect one of the following: <br /> O Interest rate will equal or exceed the applicable Federal rate. O N/A <br /> O 4%credit <br /> O Subtrad from basis <br /> O Set aside 40%of the unitr acupied by tenantr whose income is 50%or less of AMI <br /> O For high cost area. Set aside 25%of the unitr occupied by tenants whose income is 50%or less AMI <br /> O HOME funds to be used for land only <br /> 2. Will any of the project financing be treated as or considered to be a Federal grant,tax-exempt obligation(Code Sec.103)or a below market Federal loan? <br /> O Yes O No <br /> If yes,complete the followi�g: lf yes,complete the following: <br /> Source of funds Source of funds <br /> Amount Amount <br /> If yes,elect one of the following oDtions If yes,elect one of the following options <br /> ONA ONA <br /> O 4%credit O 4%credit <br /> O Subtract from basis O Subtract from basis <br /> MHFA Application Form RFP/HTC1 12 4/22/2010 4:28 PM <br />