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NewB_Senior_4%_Final <br />DETERMINATION OF CREDIT <br />Total Sources of Funds from above 16,893,700 <br />Total Development Costs 24,828,375 <br />Funding Gap 7,934,675 <br />Equity Factor/Syndication Rate 0.9400 <br />10 Year Credit Gap 8,441,143 <br />Annual Credit Gap 844,114 <br />Annual Basis Credit 726,303 <br />Maximum Tax Credit Allowed 726,303 <br />MN Housing Approved Maximum Tax Credit 726,303 <br />Credit Amount Previously Allocated and/or Reserved <br />Maximum Credit Requested at this time 726,303 <br />Total Calculated Credit Allocation 726,303 <br />Manual Credits Requested at this time <br />Ten Year Gross Tax Credits 7,263,030 <br />Equity Factor 0.9400 <br />Investor Ownership Percentage 99.99% <br />Gross Syndication Proceeds 6,826,565 <br />Manual Syndication Proceeds <br />If individual, attach a description explaining how the tax benefits will be used. <br />Type of Offering: Syndicated <br />Individual/Private Placement <br />Pay‐In  <br />Amount <br />% of Pro‐  <br />ceeds <br />Anticipated  <br />Date of Pay‐In <br />Required Reserve  <br />Amounts <br />Developer Fee  <br />Amount <br />1,365,313 20.00% <br />3,413,283 50.00% <br />682,657 10.00% <br />1,365,313 20.00% <br />6,826,565 100.00% <br />Pay‐In  <br />Amount <br />% of Pro‐  <br />ceeds <br />Anticipated  <br />Date of Pay‐In <br />Required Reserve  <br />Amounts <br />Developer Fee  <br />Amount <br />Construction Completion <br />TAX CREDIT SYNDICATION <br />Housing Tax Credits <br />Describe Milestones <br />Admission <br />Requesting waiver  <br />of limit per  <br />development <br />Lease Up <br />8609 App <br />Historic Tax Credits <br />Describe Milestones <br />Workbook Determination of Credit ‐ Page 25 of 32 3/26/2018 5:31 PM