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v.3.0 <br /> V.04-20-09 <br /> Electronic Aoplication <br /> 2.Tax Credit Equity Gap Calculation <br /> A i 1 Sources from funding requirements VII.A.sources of funding. <br /> Source Amount <br /> To add or remove an entry from <br /> this table,check or uncheck the associated <br /> box labeled"HTC Gap"in the Sources of Funding table <br /> Section VILA located below cell I611. <br /> a. Total Sources of Funds above $0.00 <br /> b. Total DevelopmentCosts $9,680,633.00 (Section VI.F.) <br /> c. Funding Gap $9,680,633.00 (a minus b) <br /> d. Equity Factor(0.0000)= 0.6600 <br /> e. 10 Year Credit Gap $14,667,625.76(c divided by d) <br /> f. Annual Credit Gap $1,466,763 (e divided by 10) <br /> g. Annual Basis Credit $1,014,062 (from l.E) <br /> Maximum Tax Credit Allowed-MHFA BOARD WAIVER REQUIRED $1,014,062 ([I�e lower of line f or line g above.) <br /> ❑Requesting waiver of limit. <br /> MHFA Approved Maximum Tax Credit $780,000 <br /> Credit Amount Previousl)'Allocated and/or reserved: <br /> Maximum Credit Requested A'I"I'HIS TIIb1G: �L000.000 S 1,000,000 Ytanual Max Cre <br /> 1. TAk CREDIT SYNDICATION: <br /> Tax Credit Sy��dication(Pro��ide as much inforn�ation as is available at time of application.) <br /> 1. W ill the Tax Credits be offered to investors'7 <br /> If no,attach a description explaining how the tax benefits will be used and how that will benefit the project. <br /> [f yes,answer each of the following: <br /> �Type of offering <br /> ❑Public ❑Private <br /> Number of Annual Pay-[n Periods <br /> First Pay-in Year <br /> Interest Rate <br /> Pay-in Antount Describe the structure of syudication proeeeds pay Resene Requirements Description <br /> in <br /> �0 $0 Total <br /> HTC Syndication costs will be evaluated along with other project costa Pleasc list all estimated or actual cost of syndication associated with the project. <br /> 2.Ten Year Gross Tax Credits* $10,000,000 (*ProjecPs annual tax credit amount multiplied by 10.) <br /> 3.Gross Syndication Proceeds** $6,60Q000 ("Gross Syndication Proceeds entered on Sources Tables (VII.A.3),cell F614,see also cell M999). <br /> 4. Equity Fac[or(Line 3.divided by Line 2.) 0.6600 <br /> *Gross S}mdication Proceeds means all syndication proceeds with the exception of'upper tier transaction costs not charged to or paid to the development. <br /> 5. Does this project qualify for historic rehabilitation Gedits'? <br /> If yes,answer each of the following: <br /> What is the credit amounY? <br /> Estimated Proceeds? <br /> Proposed Syndicators or Equity Sources: <br /> Name(s): Address: City / State: Zip Code: Contact Person: Telephone: Fax: <br /> TBD <br /> MHFA Application Form RFP/HTC1 14 4/22/2010 4:28 PM <br />