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NewB_Senior_4%_Final
<br />SUMMARY
<br />EXPENSE SUMMARY
<br />TOTALS
<br />UNDERWRITING ASSUMPTIONS
<br />SOURCES AND USES
<br />Uses
<br />TOTAL OF CONSTRUCTION FINANCING
<br />1BR 575
<br />1BR 6
<br />1BR 575 437 508 30% MTSP
<br />575 806
<br />Minnesota Housing First Mortgage
<br />Source
<br />233,400 1,945
<br />Energy Rebates
<br />Sales Tax Rebate
<br />Met Council Funding
<br />2,835,500
<br />41,300
<br />TOTAL PERMANENT FINANCING
<br />1,108,009 9,233
<br />Subsidy Funding Sources
<br />Name of Source
<br />Deferred Loan Request
<br />Federal Historic Proceeds
<br />State Historic Proceeds
<br />Syndication Proceeds
<br />General Partner Cash
<br />FUNDING GAP REMAINING 00
<br />24,828,374 206,903
<br />30,149,368 251,245
<br />Construction Loan
<br />Minnesota Housing Tax Exempt Bonds ‐ Short Term
<br />Source
<br />Construction Sources
<br />Deferred Developer Fee
<br />18,520,000 154,333
<br />TOTAL OF SUBSIDY FUNDING
<br />Committed
<br />96,911
<br />Per Unit Committed Amount # Unit
<br />3%
<br />725,000 6,042 24,828,375 206,903 100%
<br />841,497 7,012Reserves and Non‐Mortgageable
<br />TOTAL DEVELOPMENT COST
<br />5%
<br />23,986,877 199,891 97%
<br />1,285,677 10,714Financing Costs
<br />TOTAL MORTGAGEABLE
<br />10%
<br />12,000 100 0%
<br />344 2,435,200 20,293Developer Fees
<br />Syndicator Fees
<br />0%
<br />889,200 7,410
<br />1,465,800 12,215 6%
<br />23,629 105,000 875Environmental Abatement
<br />Professional Fees
<br />108,821 10,000 83 0%
<br />63%
<br />Acquisition or Refinance
<br />1 15,600,000 130,000New Construction
<br />Amount Per Unit % of TotalDescription
<br />DCR Year 157.0%
<br />10.0%
<br />3.00%
<br />7.00%
<br />Parking Vacancy
<br />Commercial Vacancy
<br />Expense Inflator
<br />Cap Rate
<br />Permanent Capital Funding Sources
<br />Residential Vacancy
<br />M & O/Unit/Year 5,568
<br />M & O Per Room
<br />DCR Year 1
<br />0.25%1.23 MIP
<br />1.11 Loan Rate 4.70%
<br />1,465120 1,478,047
<br />6,821Total expense per Unit($)
<br />Total expense per Unit(% of Revenue)
<br />NOI 683,795
<br />Net Operating Income
<br />Effective Gross Expense 818,515
<br />Reserves & Escrows 150,355
<br />Amount
<br />Unique Operating Expenses2BR 825 1,560 1,660 Market None
<br />Insurance 36,920
<br />2BR 825 510 610 30% MTSP
<br />Utilities 142,1302BR 36 825 1,163 1,263 60% MTSP 60% MTSP
<br />Maintenance 231,8052BR 825 917 1,017 50% MTSP 50% MTSP
<br />Expense Amount2BR 825 750 850 30% MTSP 50% MTSP
<br />Net Rental Income
<br />60% MTSP Total Other Income 75,240
<br />1BR 575 1,150 1,221 Market None Total Rental Loss 113,077
<br />50% MTSP
<br />Gross Potential Rent 1,540,147
<br />TIF 196,695
<br />Housing Income 1,478,047
<br />Unit Type
<br /># of
<br />Units
<br />Approx Sq
<br />Ft
<br />Covered Parking 62,100
<br />Surface Parking
<br />Monthly
<br />Contract
<br />Rent
<br />Monthly
<br />Gross Rent Rent Limit Income Limit
<br />Income
<br />HTCHOMEHPHEmp OccRent AsstOp SubsAmount Per Unit Committed
<br />649 720 30% MTSP 50% MTSP
<br />MHFA HOME Funds
<br />877
<br />1BR 78 575 981 1,052 60% MTSP
<br />50% MTSP
<br />50% MTSP 50% MTSP
<br />6,826,565 56,888
<br />7.0% Income Inflator
<br />9%
<br />4%
<br />2,184,000 18,200Contractor Fees
<br />Contingency
<br />Rehabilitation
<br />Commercial
<br />2.00%
<br />54%
<br />Total M & O 668,160Own OccAmount
<br />Amount
<br />11,629,368
<br />Program Type
<br />RENT GRID
<br />PWD13,058,500
<br />100
<br />1,699,005
<br />Administrative 257,305
<br />INCOME & EXPENSE
<br />Workbook Summary ‐ Page 3 of 32 3/26/2018 5:31 PM
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