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NewB_Senior_4%_Final <br />Year 1 Year 15 <br />Net Operating Income Income Inflator 2.00% 683,795 765,294 <br />Expense Inflator 3.00% <br />Income Available for Debt Service 683,795 765,294 <br />Lender/Loan <br />40 40 <br />Total Subordinated Debt Payments <br />Income Available after Subordinated Debt 683,795 765,294 <br />Minimum Debt Coverage Ratio 1.1500 1.0000 <br />Net Income Available for Debt Service 594,604 765,294 <br />Lowest Income Available for Debt Service 594,604 <br />Term (Years)40 <br />Amortization (Years)40 <br />Interest Rate 4.700% <br />Mortgage Insurance Premium (MIP)0.250% <br />Debt Service Constant (including MIP)0.057999889 <br />Maximum Calculated Mortgage 10,251,819 <br />Maximum NOI Supported Mortgage (rounded) 10,251,000 <br />Actual Mortgage if not Maximum Supported <br />Annual TIF Payment 92,803 <br />Minimum Debt Coverage Ratio 1.0000 <br />Available TIF for Debt Service 92,803 <br />Amortization (Years)25 <br />Total Permanent Note Rate 4.700% <br />Mortgage Insurance Premium (MIP)0.250% <br />Debt Service Constant (including MIP)0.070569433 <br />Maximum Calculated TIF Mortgage 1,315,059 <br />Maximum TIF Supported Mortgage (rounded) 1,315,000 <br />Actual TIF Mortgage if not Maximum Supported 2,807,500 <br />FIRST MORTGAGE CALCULATION <br />TIF MORTGAGE CALCULATION <br />Debt Service <br />Year 1 <br />Debt Service <br />Year 15 <br />MHFA <br />Check if  <br />MN Hsg Principal Rate <br />Term  <br />(Years) <br />Amort  <br />(Years) <br />MORTGAGE CALCULATION <br />INCOME AVAILABLE FOR DEBT SERVICE <br />Change on the Cash Flow tab: <br />Temporary Income (excluding TIF) <br />SUBORDINATED DEBT PAYMENTS <br />Workbook Mortgage Calc ‐ Page 12 of 32 3/26/2018 5:31 PM