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Parrott St. Apartments 4% LIHTC
<br />SOURCES AND USES OF FUNDS
<br />SOURCES of FUNDS TOTAL Acq./Predev. Construction Permanent % of Total
<br />City 1,000,000$ 1,000,000$ ‐$ 3.0%
<br />County 4,000,000$ 4,000,000$ 12.0%
<br />Infill Infrastructure Grant 3,146,400$ 3,146,400$ 9.5%
<br />Affordable Housing and Sustainable Communi 7,640,596$ ‐$ 7,640,596$ 23.0%
<br />LIH Tax Credit‐LP Capital Contribution 14,444,942$ ‐$ 600,000$ 13,844,942$ 43.5%
<br />LIH Tax Credit‐GP Capital/Non‐Priority Deferre 1,068,745$ ‐$ ‐$ 1,068,745$ 3.2%
<br />Construction Loan 20,701,986$ (20,701,986)$ 0.0%
<br />Permanent Financing 1,627,544$ ‐$ ‐$ 1,627,544$ 4.9%
<br />Deferred Developer Fee 311,727$ ‐$ ‐$ 311,727$ 0.9%
<br />TOTAL SOURCES 33,239,954$ 5,037,094$ 24,411,293$ 3,791,568$ 100.00%
<br />USES of FUNDS TOTAL Acq./Predev. Construction Permanent Basis Eligible
<br />LAND & IMPROVEMENTS:
<br />Land Cost 3,000,000$ 3,000,000$ ‐$ ‐$ ‐$
<br />Option and Relocation 308,000$ 308,000$
<br />Site Maintenance (i.e. Security, Clean‐Up)145$ 145$ ‐$ ‐$ ‐$
<br />Title & Escrow ‐ Land Acquisition 10,000$ 10,000$ ‐$ ‐$
<br />Purchaser Legal ‐ Land Acquisition 20,000$ 20,000$ ‐$ ‐$ ‐$
<br />Total Land & Improvements 3,338,145$ 3,338,145$ ‐$ ‐$ ‐$
<br />DESIGN & CONSULTING:Acq./Predev. Construction Permanent Basis Eligible
<br />Architect/landscape architect $1,144,686 $915,749 228,937$ ‐$ 1,144,686$
<br />Engineering (civil, joint trench, geotech) 199,380$ 199,380$ ‐$ ‐$ 199,380$
<br />Construction Management Services 207,400$ 207,400$ ‐$ 207,400$
<br />Environmental 57,230$ 30,000$ 27,230$ ‐$ 57,230$
<br />Testing & Inspection 165,000$ ‐$ 165,000$ ‐$ 165,000$
<br />Total Design & Consulting 1,773,696$ 1,145,129$ 628,567$ ‐$ 1,773,696$
<br />CONSTRUCTION: Acq./Predev. Construction Permanent Basis Eligible
<br />Unit Construction 15,739,361$ ‐$ 15,739,361$ ‐$ 15,739,361$
<br />Solar PV/Thermal 370,000$ ‐$ 370,000$ ‐$ 370,000$
<br />General Requirements 1,078,917$ ‐$ 1,078,917$ ‐$ 1,078,917$
<br />Contractors Bond 210,263$ ‐$ 210,263$ ‐$ 210,263$
<br />Contractor Overhead & Profit 760,720$ ‐$ 760,720$ ‐$ 760,720$
<br />Pricing Escalation/Design Contingency 1,361,945$ ‐$ 1,361,945$ ‐$ 1,361,945$
<br />Furniture, Fixtures & Equipment (common are 92,000$ ‐$ 92,000$ ‐$ 92,000$
<br />Construction Contingency 976,060$ ‐$ 976,060$ ‐$ 976,060$
<br />Total Construction 20,589,266$ ‐$ 20,589,266$ ‐$ 20,589,266$
<br />INDIRECT COSTS:Acq./Predev. Construction Permanent Basis Eligible
<br />Permits & Fees 1,240,000$ 62,000$ 1,178,000$ ‐$ 1,240,000$
<br />Borrower Legal Fees ‐ Constr. Loan Closing 40,000$ ‐$ 40,000$ ‐$ 40,000$
<br />Borrower Legal Fees ‐ Perm. Loan Closing 20,000$ ‐$ ‐$ 20,000$
<br />Borrower Legal Fees ‐ Organization 6,000$ 6,000$ ‐$ ‐$
<br />Audit Fees 20,000$ ‐$ ‐$ 20,000$ ‐$
<br />Sponsor Administration 3,780,472$ ‐$ 300,000$ 3,480,472$ 3,780,472$
<br />Appraisal 5,000$ 5,000$ ‐$ ‐$ 5,000$
<br />Market Study 5,500$ 5,500$ ‐$ ‐$ 5,500$
<br />Rent/Up Marketing 77,000$ ‐$ 77,000$ ‐$ 77,000$
<br />Reserves:‐$ ‐$ ‐$ ‐$
<br />Operating Reserve 274,013$ ‐$ ‐$ 274,013$ 274,013$
<br />Soft Costs Contingency 84,376$ 35,000$ 49,376$ ‐$ 84,376$
<br />Total Indirect Costs 5,552,361$ 113,500$ 1,644,376$ 3,794,486$ 5,506,361$
<br />FINANCE & CARRYING COSTS:Acq./Predev. Construction Permanent Basis Eligible
<br />Liability/COC Insurance 122,157$ 100$ 122,057$ ‐$ 122,157$
<br />Real Estate Taxes 78,568$ 110,088$ (31,520)$ 78,568$
<br />Predevelopment Loan Interest 151,113$ 151,113$ ‐$ ‐$ 151,113$
<br />Costs of Issuance (Bonds)247,160$ ‐$ 247,160$ ‐$ ‐$
<br />Construction Loan Fee 103,510$ ‐$ 103,510$ ‐$ 103,510$
<br />Construction Lender Costs (appraisal, DD…)40,000$ ‐$ 40,000$ ‐$ 40,000$
<br />Construction Lender Legal 45,000$ ‐$ 45,000$ ‐$ 45,000$
<br />Construction Loan Interest during construction 517,550$ ‐$ 517,550$ ‐$ 517,550$
<br />Construction Loan Interest post construction 388,162$ 388,162$ ‐$
<br />Soft Lender Legal+Fees 20,000$ ‐$ 20,000$ ‐$ 20,000$
<br />Perm Loan Fee 26,275$ ‐$ 26,275$ ‐$
<br />Perm Lender Costs (appraisal, DD…) 20,000$ ‐$ 20,000$ ‐$
<br />Perm Lender Legal 35,000$ ‐$ 35,000$ ‐$
<br />Title & Escrow ‐ Construction Loan 30,000$ ‐$ 30,000$ ‐$ 30,000$
<br />Title & Escrow ‐ Permanent Loan 15,000$ ‐$ ‐$ 15,000$
<br />Lender Inspections 6,400$ 8,000$ (1,600)$ ‐$ 6,400$
<br />Total Finance & Carry Costs 1,845,895$ 269,301$ 1,561,594$ 15,000$ 1,114,297$
<br />TAX CREDITS/SYNDICATION EXPENSES:Acq./Predev. Construction Permanent Basis Eligible
<br />TCAC Application Fee 2,000$ 2,000$ ‐$ ‐$ ‐$
<br />TCAC Allocation/Reservation Fee 11,982$ 11,982$ ‐$ ‐$ ‐$
<br />TCAC Performance Deposit 47,927$ 47,927$ ‐$ ‐$ ‐$
<br />TCAC Performance Deposit Refund (47,927)$ ‐$ ‐$ (47,927)$ ‐$
<br />TCAC Monitoring Fee 25,010$ ‐$ ‐$ 25,010$ ‐$
<br />CDLAC Application Fee 600$ 600$
<br />CDLAC Performance Deposit 103,510$ 103,510$ ‐$ ‐$ ‐$
<br />CDLAC Performance Deposit Refund (103,510)$ ‐$ (103,510)$ ‐$ ‐$
<br />Syndication Consultant 45,000$ 5,000$ 35,000$ 5,000$ ‐$
<br />Syndication GP Legal Fees 56,000$ 56,000$ ‐$ ‐$
<br />Total TCAC/Syndication 140,592$ 171,019$ (12,510)$ (17,917)$ ‐$
<br />TOTAL DEVELOPMENT EXPENSES 33,239,955$ 5,037,094$ 24,411,293$ 3,791,568$ 28,983,620$
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