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V.04-20-09 v.3.0 <br /> 3.Will the developmen[basis indude a mmmunity service facility? E I <br /> O Yes O No <br /> If yes,all the following conditions must be met: <br /> *project located in Qualified Census Tract <br /> *eligible basis of die facility canno[exceed(a)25%of so much of the eligibile basis of the project as does no[exceed <br /> $15,000,000 plus(b)]0%of so much of the eligible basis of[he project as is not taken into account under(a). See Sec <br /> 42(�)(4)(C)(�),(��),(iii) <br /> *facility must be desi�iated to serve primarily individuals including tenants and non-tenants with incomes of 60%AMI or less. <br /> G.TAX EXEMYT BOA'D FINANCING: <br /> Are Wx exempt bonds to be issued? <br /> O Yes O No Note: Applican[s requesting tax credils in conjunetion <br /> with tax credit bond financing must complete and submit to MHFA <br /> If yes,complete the following: all documents required in the MHFA Housing Tax Credit Qualified Allocation Plan <br /> Article 9. <br /> Total Aggrega[e Basis <br /> Total tax exempt bonds <br /> Name of bond issuer <br /> Date of allocation of bond volume cap <br /> H.DETERMINATION OF TAX CREDIT: <br /> I. "Cax Credit Basis Calculation COMPLLTE POR TAX CREDITS <br /> 30%PV �0%PV <br /> Basis Basis <br /> A.TOTAL BASIS(Section VI.G) A. �o �s,e6�,zoo <br /> Less portion of federal grant used to finance qualifying <br /> development costs. List Grants: <br /> Name Amount <br /> Tota1 �o <br /> Less amount of nonqualitied nonrecourse financing <br /> Less nonqualifying units of higher quality <br /> Less nonqualifying excess portion of higher quality uni[s <br /> Less Historic Tax Credit(Residential Portion Only) <br /> SI'EC1;11.:A"1"i'1;A"I'IOV!t! B.TOTAL EL[GIBLE BASIS B. $o �a,667,zoo <br /> Portion of above Basis 30% 70% <br /> NOT ELIGIBLE High Cost Adjushnent So S2,wo,�w <br /> �O�Hlgh Co5[AdJ. (ICapplicable,check QuxliGed Census Tract or DDA box in Section III.0) <br /> Total Eligible Basis Adjusted for the High Cost $o $t t,25�,360 <br /> Multiplied by the Applicable Fraction(Section IX.D) i_0000 i.00po <br /> C.TOTAL QUALIFIED BASIS C. So 00 5i i,ze�,3eo 0o SI t,267,3eo.00 <br /> Multiplied by the Applicable Percentage 9.00i <br /> U.TAX CREDIT POTENTIAL FOR PROJECT D. so 0o Si,ma,oez ao <br /> E.ANNUAL TAX CREDITS REQUESTED THIS APPLICATION E. �t,ota,o6z <br /> (Sum of 30%&70%PV Basis Columns) <br /> PLEASE NOTE: The actual amount of credit for the project is deterniined by the housing credit agency at each evaluation stage. <br /> If the project is eligible for Historic Tax Credit include a complete breakdown of the deterniination of eligible basis for the <br /> Historic Credit with the application. <br /> If die Project's basis has been adjusted because it is in a high cost or qualified census tract,the subsequent deduction for item(s) <br /> to remove them from basis must be adjusted by multiplying the amount by 130% (This does not apply to Historic Tax Credits.) <br /> High cosUqualified census tract adjusMient cannot be made to the acquisition basis of an acquisition/rehab type project. <br /> MHFA Application Form RFP/HTC1 13 4/22/2010 4:28 PM <br />