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NewB_Senior_4%_Final <br />Type of Residential Rental Units # of Units Sq Ft <br />120 78,000 <br />120 78,000 <br />100.00% 100.00% <br />120 78,000 <br />State Federal <br />Total Historic Basis <br />Rebates <br />Qualified Rehabilitation Expenditures <br />Applicable Percentage 20% 20% <br />Historic Tax Credits <br />Investor Ownership Percentage <br />Investor Tax Credits <br />Equity Factor <br />Historic Credit Syndication Proceeds <br />4% 9% Total <br />Total Basis 22,691,450 22,691,450 45,382,900 <br />Less federal grant(s) used to finance qualifying development costs <br />Less amount of nonqualifying nonrecourse financing <br />Less nonqualifying excess portion of higher quality units <br />Less Historic Tax Credit (Residential Portion Only) <br />Less Rebates 274,700 274,700 <br />Portion not elig for High Cost Adj: <br />Total Eligible Basis 4% 9%22,416,750 22,691,450 45,108,200 <br />Total Eligible Basis Adjusted for the High Cost 22,416,750 22,691,450 45,108,200 <br />Applicable Fraction 1.0000 1.0000 <br />Total Qualified Basis 22,416,750 22,691,450 45,108,200 <br />Applicable Percentage 3.24% <br />Tax Credit Potential For Project 726,303 <br />Annual Tax Credits From Basis Calculation <br />Applicable Sources will populate from the Capital Sources of Funding Grid <br />Amount <br />13,058,500 <br />2,835,500 <br />233,400 <br />41,300 <br />725,000 <br />Employee / Common Space Units <br />Total Number and Square Feet of Units <br />HTC Low Income Units <br />Market Rate Units / Non‐HTC Units <br />Total # HTC Low Income + Market Rate <br />Unit and Area Fractions <br />Applicable Fraction (Lesser of Unit or Area Fraction) <br />High Cost Adjustment <br />DETERMINATION OF CREDIT <br />PROJECT APPLICABLE FRACTION <br />100.00% <br />HISTORIC CREDITS <br />TAX CREDIT BASIS CALCULATION <br />726,303 <br />TAX CREDIT EQUITY GAP CALCULATION <br />Source <br />Minnesota Housing First Mortgage <br />State Historic Proceeds <br />Federal Historic Proceeds <br />Deferred Loan Request <br />Energy Rebates <br />Met Council Funding <br />MHFA HOME Funds <br />Sales Tax Rebate <br />Workbook Determination of Credit ‐ Page 24 of 32 3/26/2018 5:31 PM